Document:

ex-10_1.htm

Incoming, Inc. 8-K

 

 

Exhibit 10.1

EXCHANGE AGREEMENT

This EXCHANGE AGREEMENT (the “Agreement”), dated September 30, 2009 (the “Agreement”) is entered into by and among National Association of Professional Minorities, a limited liability company organized and existing under the laws of New Jersey, (“NAPM”), Incoming, Inc., a Nevada corporation  (“ICNN”),
and the members of NAPM as listed in Exhibit A to this Agreement (collectively the “NAPM Members”) (ICNN, NAPM and each of the NAPM Members each a “Party” and collectively the “Parties”).

WHEREAS, the NAPM Members collectively own a 100% interest in NAPM (the "NAPM Units");

WHEREAS,  the Parties consider it in their best interests for the NAPM members to exchange the NAPM Units for One Million (1,000,000) shares of common stock of ICNN, par value $ 0.001 per share (the “ICNN Shares”); and

WHEREAS, it is the intention of the Parties that: (i) ICNN shall acquire 100% of the NAPM Units in exchange  for the ICNN Shares set forth herein; (ii) In addition to the ICNN Shares, the NAPM Members shall also receive as consideration options to purchase additional shares of ICNN common stock as set forth
herein (the “ICNN Options”); and (iii) said exchange shall qualify as a transaction in securities exempt from registration or qualification under regulation D of  the Securities Act of 1933, as amended and in effect on the date of this Agreement (the “Securities Act”).

NOW, THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein, and for other good and valuable consideration, the sum and sufficiency of which is hereby acknowledged, the Parties hereto hereby agree as follows:

ARTICLE I

EXCHANGE OF UNITS FOR COMMON STOCK

Section 1.1 Exchange of NAPM Units for ICNN Shares.

On the Closing Date (as hereinafter defined) and subject to the terms and conditions set forth in this Agreement, NAPM Members shall sell, assign, transfer, convey and deliver the NAPM Units (representing 100% of the issued and outstanding NAPM Units), to ICNN, and ICNN shall accept the NAPM Units from the NAPM Members
in exchange for:

	
  
	
(a)
	
the issuance to the NAPM Members of a total of One Million (1,000,000) newly issued common shares of ICNN, as allocated and set forth opposite of the names of  each of the NAPM Members in Exhibit A hereto; and

	
  
	
(b)
	
the issuance to the NAPM Members of options to purchase a total of Two Million (2,000,000)  common shares of ICNN at an exercise price of Fifty Cents ($0.50) per share, pursuant to an option agreement in the form set forth in Exhibit B hereto,  the options to be  allocated as set forth opposite of the names of  each of the NAPM Members in Exhibit A hereto.

Section 1.2 Capitalization.

On the Closing Date, immediately before the transactions to be consummated pursuant to this Agreement, ICNN shall have authorized (a) 75,000,000  shares of Common Stock, par value $ 0.001 per share, of which 9,570,000  shares shall be issued and outstanding, all of which are duly authorized, validly
issued and fully paid.

  

  

  

Section 1.3 Closing.

The closing of the transactions contemplated by this Agreement (“Closing”) shall take place at 10:00 a.m. E.S.T. on or before October 1, 2009 (“Closing Date”) at a place mutually agreed
upon by the Parties. At the Closing, NAPM Members shall deliver to ICNN  100% of the NAPM Units.  In full consideration and exchange for the NAPM Units, ICNN shall issue and exchange with NAPM Members the ICNN Shares, and the ICNN Options.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF ICNN

ICNN hereby, jointly and severally, represents, warrants and agrees as follows:

Section 2.1 Corporate Organization.

	
  
	
(a)
	
ICNN is a corporation duly organized, validly existing and in good standing under the laws of Nevada, and has all requisite corporate power and authority to own its properties and assets and to conduct its business and is duly qualified to do business in good standing in each jurisdiction in which the nature of the business conducted by ICNN or the ownership or leasing of its properties makes such qualification and
being in good standing necessary, except where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results of operation of ICNN (a "ICNN Material Adverse Effect").

	
  
	
(b)
	
Copies of the Articles of Incorporation and By-laws of ICNN, with all amendments thereto as of the date hereof, have been furnished to NAPM and the NAPM Members, and such copies are accurate and complete as of the date hereof. The minute books of ICNN are current as required by law, contain the minutes of all meetings of the Board of Directors and shareholders of ICNN from its date of incorporation to the date of
this Agreement, and adequately reflect all material actions taken by the Board of Directors and shareholders of ICNN.

Section 2.2 Capitalization of ICNN.

Immediately prior to the issuance of the ICNN Shares, the  authorized capital stock of ICNN consists of (a) 75,000,000  shares of Common Stock, par value $0.001 per share, of which 9,570,000  shares are issued and outstanding, all of which are duly authorized, validly issued and fully paid.
The Parties agree that they have been informed of the issuances of the ICNN Shares, and that all such issuances of ICNN Shares pursuant to this Agreement will be in accordance with the provisions of this Agreement. All of the ICNN Shares to be issued pursuant to this Agreement have been duly authorized and will be validly issued, fully paid and non-assessable and no personal liability will attach to the ownership thereof and in each instance, shall have been issued in accordance with the registration requirements
of applicable securities laws or an exemption therefrom.  As of the date of this Agreement there are no outstanding options, warrants, agreements, commitments, conversion rights, preemptive rights or other rights to subscribe for, purchase or otherwise acquire any shares of capital stock or any un-issued or treasury shares of capital stock of ICNN.

Section 2.3 Subsidiaries and Equity Investments.

 ICNN has no subsidiaries or equity interest in any corporation, partnership or joint venture.

Section 2.4 Authorization and Validity of Agreements.

ICNN has all corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby and upon the execution and delivery by NAPM and the NAPM Members and the performance of their obligations herein, will constitute, a legal, valid
and binding obligation of ICNN. The execution and delivery of this Agreement by ICNN and the consummation by ICNN of the transactions contemplated hereby have been duly authorized by all necessary corporate action of ICNN, and no other
corporate proceedings on the part of ICNN are necessary to authorize this Agreement or to consummate the transactions contemplated hereby.

  

  

  

Section2.5 No Conflict or Violation.

The execution, delivery and performance of this Agreement by ICNN do not and will not (i) violate or conflict with any provision of its Articles of Incorporation or By-laws, (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, (iii) violate or
result in a breach of or constitute (with due notice or lapse of time or both) a default under, or give to any other entity any right of termination, amendment, acceleration or cancellation of, any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which ICNN is a Party or by which it is bound or to which any of its respective properties or assets is subject, (iv) result in the creation or imposition of any lien, charge or encumbrance of any kind
whatsoever upon any of the properties or assets of ICNN, or (v) result in the cancellation, modification, revocation or suspension of any of the licenses, franchises or permits to which ICNN is bound.

Section 2.6 Consents and Approvals.

No consent, waiver, authorization or approval of any governmental or regulatory authority, domestic or foreign, or of any other person, firm or corporation, is required in connection with the execution and delivery of this Agreement by ICNN or the performance by ICNN of its obligations hereunder.

Section 2.7 Absence of Certain Changes or Events.

	
  
	
(a)
	
As of the date of this Agreement, ICNN does not know or have reason to know of any event, condition, circumstance or prospective development which threatens or may threaten to have a material adverse effect on the assets, properties, operations, prospects, net income or financial condition of ICNN.

	
  
	
(b)
	
There has not been any declaration, setting aside or payment of dividends or distributions with respect to shares of capital stock of ICNN; and

Section 2.8 Disclosure.

This Agreement and any certificate attached hereto or delivered in accordance with the terms hereby by or on behalf of ICNN in connection with the transactions contemplated by this Agreement, when taken together, do not contain any untrue statement of a material fact or omit any material fact necessary in order to make
the statements contained herein and/or therein not misleading.

Section 2.9 Financial Statements.

The audited balance sheet of ICNN and related statements of operations, cash flow and shareholders' equity (“ICNN Financial Statements”) fairly present in all material respects the financial position of ICNN as of the respective dates thereof.  All notes and statements contained within the Financial
Statements  fairly present in all material respects the results of operations, changes in shareholders' equity and cash flows of ICNN for the respective periods or as of the respective dates set forth therein, all in conformity with generally accepted accounting principles consistently applied during the periods involved, except as otherwise noted therein.  

Section 2.10 Absence of Changes; No Undisclosed Liabilities.

Except as disclosed in any Form 10-K and Form 10-Q, ICNN has not incurred any liability material to ICNN on a consolidated basis, except in the ordinary course of its business, consistent with past practices; suffered a change, or any event involving a prospective change, in the business, assets, financial condition,
or results of operations of ICNN which has had, or is reasonably likely to have, individually or in the aggregate, an ICNN Material Adverse Effect, (other than as a result of changes or proposed changes in federal or state regulations of general applicability or interpretations thereof, changes in generally accepted accounting principles, and changes that could, under the circumstances, reasonably have been anticipated in light of disclosures made in 

  

  

  

 

writing by ICNN to NAPM pursuant hereto); or conducted its business and operations other than in the ordinary course of business and consistent with past practices. ICNN has no liability except for (a) liabilities set forth on the face of the most recent balance sheet included in the ICNN Financial Statements, and (b)
liabilities which have arisen after the date of such balance sheet in the ordinary course of business (none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of contract, tort, infringement, or violation of law). ICNN is not aware of any basis for any present or future action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand against it giving rise to any liability which individually or in the aggregate is reasonably likely to have a
ICNN Material Adverse Effect.

Section 2.11 Litigation.

There is no action, suit, proceeding or investigation pending or threatened against the Company or any subsidiary that may affect the validity of this Agreement or the right of ICNN to enter into this Agreement or to consummate the transactions contemplated hereby.

Section 2.12 Securities Laws.

ICNN has complied in all material respects with applicable federal and state securities laws, rules and regulations, including the Sarbanes Oxley Act of 2002, as such laws, rules and regulations apply to ICNN and its securities; and all shares of capital stock of the Company have been issued in accordance with applicable
federal and state securities laws, rules and regulations. There are no stop orders in effect with respect to any of the Company’s securities.

Section 2.13 Tax.

ICNN has paid all taxes due to date, if any.

Section 2.14 34 Act Reports.

None of ICNN’s filings with the SEC contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not misleading, in light of the circumstances in which they were made.

Section 2.15Survival.

Each of the representations and warranties set forth in this Article II shall be deemed represented and made by ICNN at the Closing as if made at such time and shall survive the Closing for a period terminating on the second anniversary of the date of this Agreement.

Section 2.16 Employees.

ICNN has no employees, employee benefit plan, program or arrangement, or employment, severance or consulting agreements.  ICNN’s current officers and directors serve without compensation. ICNN has no bonus, pension, profit-sharing or other plans or commitments with respect to any of its officers, directors,
agents, or any other individuals or entities.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF NAPM AND NAPM MEMBERS

Section 3.1NAPM , represents, warrants and agrees as follows:

Section 3.1.1 Organization.

NAPM is a Limited Liability Company, duly organized, validly existing and in good standing under the laws of the state of New Jersey, USA,  and has all requisite  power and authority to own its properties and assets and to conduct its
business as now conducted and is duly qualified to do business, is in good standing in each jurisdiction wherein the nature of the business conducted by NAPM or the ownership or leasing of its properties makes such qualification and being in good standing necessary, except where the failure to be so qualified and in good standing will not have a material adverse effect on the business, operations, properties, assets, condition or results of operation of NAPM (a “NAPM Material Adverse Effect”).  Copies
of the Operating Agreement of NAPM with all amendments thereto to as of the date hereof, have been furnished to ICNN, and such copies are accurate and complete as of the date hereof. The books of NAPM are current and adequately reflect all material actions taken by the NAPM Members.

  

  

  

Section 3.1.2 Authorization and Validity of Agreements.

NAPM has all  power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by NAPM and the consummation of the transactions contemplated hereby have been duly authorized by
all necessary  action and no other proceedings on the part of NAPM are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. The NAPM Members have approved this Agreement on behalf of NAPM and no other approvals are required to consummate the transactions contemplated hereby. NAPM Members are competent to execute this Agreement, and have the power to execute and perform this Agreement. No other proceedings on the part of NAPM or NAPM Members are necessary to authorize
this Agreement or to consummate the transactions contemplated hereby.

Section 3.1.3 No Conflict or Violation.

The execution, delivery and performance of this Agreement by NAPM or NAPM Members does not and will not violate or conflict with any provision of the constituent documents of NAPM, and does not and will not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory
authority, nor violate, result in a breach of or constitute (with due notice or lapse of time or both) a default under or give to any other entity any right of termination, amendment, acceleration or cancellation of any contract, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which NAPM or NAPM Members is a Party or by which it is bound or to which any of its respective properties or assets is subject, nor result in the creation or imposition of any lien,
charge or encumbrance of any kind whatsoever upon any of the properties or assets of NAPM or NAPM Members, nor result in the cancellation, modification, revocation or suspension of any of the licenses, franchises, permits to which NAPM or NAPM Members is bound.

Section 3.1.4 Capitalization.

The column of Exhibit A setting forth ownership percentages of the NAPM Members is a complete and accurate representation of the capitalization of NAPM before consummation of the transactions contemplated by this Agreement.

Section 3.2Each of the NAPM Members severally represents, warrants and agrees as follows:

Section 3.2.1 Investment Representations.

The ICNN Shares will be acquired hereunder solely for the account of the NAPM Members, for investment, and not with a view to the resale or distribution thereof. NAPM Members understand and are able to bear any economic risks associated with such investment in the ICNN Shares. NAPM Members have had full access to all
the information such members consider necessary or appropriate to make informed investment decisions with respect to the ICNN Shares to be acquired under this Agreement. NAPM Members further have had an opportunity to ask questions and receive answers from ICNN’s directors regarding ICNN and to obtain additional information (to the extent ICNN’s directors possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to such shareholder
or to which such shareholder had access. NAPM Members are at the time of the offer and execution of this Agreement, either domiciled and resident outside the United States (a “Foreign Shareholder”) and or are each an “accredited investor” (as such term is defined in Rule 501(a) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act).

  

  

  

Section 3.2.2 Brokers’ Fees. 

NAPM Members have no liability to pay any fees or commissions or other consideration to any broker, finder, or agent with respect to the transactions contemplated by this Agreement.

Section 3.2.3 Disclosure.

This Agreement, the exhibits hereto and any certificate attached hereto or delivered in accordance with the terms hereby by or on behalf of NAPM or the NAPM Members in connection with the transactions contemplated by this Agreement, when taken together, do not contain any untrue statement of a material fact or omit any
material fact necessary in order to make the statements contained herein and/or therein not misleading.

Section 3.3 Survival.

Each of the representations and warranties set forth in this Article III shall be deemed represented and made by NAPM and the NAPM Members at the Closing as if made at such time and shall survive the Closing for a period terminating on the second anniversary of the date of this Agreement.

ARTICLE IV

COVENANTS

Section 4.1 Certain Changes and Conduct of Business.

From and after the date of this Agreement and until the Closing Date, ICNN shall conduct its business solely in the ordinary course consistent with past practices and, in a manner consistent with all representations, warranties or covenants of ICNN, and without the prior written consent of NAPM will not, except as required
or permitted pursuant to the terms hereof:

	
  
	
i.
	
make any material change in the conduct of its businesses and/or operations or enter into any transaction other than in the ordinary course of business consistent with past practices;

	
  
	
ii.
	
make any change in its Articles of Incorporation or By-laws; issue any additional shares of capital stock or equity securities or grant any option, warrant or right to acquire any capital stock or equity securities or issue any security convertible into or exchangeable for its capital stock or alter in any material term of any of its outstanding securities or make any change in its outstanding shares of capital stock
or its capitalization, whether by reason of a reclassification, recapitalization, stock split or combination, exchange or readjustment of shares, stock dividend or otherwise;

 

	
  
	
iii.
	
incur, assume or guarantee any indebtedness for borrowed money, issue any notes, bonds, debentures or other corporate securities or grant any option, warrant or right to purchase any thereof, or issue any securities convertible or exchangeable for debt or equity securities of ICNN;

 

	
  
	
iv.
	
acquire any assets, raw materials or properties, or enter into any other transaction, other than in the ordinary course of business consistent with past practices;

 

	
  
	
v.
	
 make or commit to make any material capital expenditures;

 

	
  
	
vi.
	
guarantee any indebtedness for borrowed money or any other obligation of any other person;

  

  

  

 

	
  
	
vIi.
	
take any other action that would cause any of the representations and warranties made by it in this Agreement not to remain true and correct in all material respects;

 

Section 4.2 Access to Properties and Records.

ICNN shall afford to NAPM's (and each of the NAPM Members’) accountants, counsel and authorized representatives full access during normal business hours throughout the period prior to the Closing Date (or the earlier termination of this Agreement) to all of ICNN’s books, contracts, commitments and records
and, during such period, shall furnish promptly to the requesting Party all other information concerning ICNN's business as the requesting Party may reasonably request, provided that no investigation or receipt of information pursuant to this Section 4.2 shall affect any representation or warranty of or the conditions to the obligations of any Party.

Section 4.3 Consents and Approvals. The Parties shall:

use their reasonable commercial efforts to obtain all necessary consents, waivers, authorizations and approvals of all governmental and regulatory authorities, domestic and foreign, and of all other persons, firms or corporations required in connection with the execution, delivery and performance by them of this Agreement.

Section 4.4 Public Announcement.

Unless otherwise required by applicable law, the Parties hereto shall consult with each other before issuing any press release or otherwise making any public statements with respect to this Agreement and shall not issue any such press release or make any such public statement prior to such consultation.

ARTICLE V

TERMINATION AND ABANDONMENT

Section 5.1 Methods of Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time before the Closing:

	
  
	
(a)
	
By the mutual written consent of NAPM, NAPM Members, and ICNN;

	
  
	
(b)
	
By ICNN, upon a material breach of any representation, warranty, covenant or agreement on the part of NAPM or NAPM Members set forth in this Agreement.

	
  
	
(c)
	
By NAPM, upon a material breach of any representation, warranty, covenant or agreement on the part of ICNN set forth in this Agreement

	
  
	
(d)
	
By either ICNN or NAPM, if the Closing shall not have consummated on or before the Closing Date, provided, however, that this Agreement may be extended by written consent of both  NAPM and ICNN.

	
  
	
(e)
	
By either NAPM or ICNN if a court of competent jurisdiction or governmental, regulatory or administrative agency or commission shall have issued an order, decree or ruling or taken any other action (which order, decree or ruling the Parties hereto shall use its best efforts to lift), which permanently restrains, enjoins or otherwise prohibits the transactions contemplated by this Agreement.

Section 5.2Procedure Upon Termination.

In the event of termination and abandonment of this Agreement by NAPM or ICNN pursuant to Section 5.1, written notice thereof shall forthwith be given to the other Parties, this Agreement shall terminate and the transactions contemplated hereby shall be abandoned, without further action. If this Agreement is terminated
as provided herein, no Party to this Agreement shall have any liability or further obligation to any other Party to this Agreement; provided, however, that no termination of this Agreement pursuant to this Article V shall relieve any Party of liability for a breach of any provision of this Agreement occurring before such termination.

  

  

  

ARTICLE VI

MISCELLANEOUS PROVISIONS

Section 6.1 Survival of Provisions.

The respective representations, warranties, covenants and agreements of each of the Parties to this Agreement (except covenants and agreements which are expressly required to be performed and are performed in full on or before the Closing Date) shall survive the Closing Date and the consummation of the transactions contemplated
by this Agreement.   In the event of a breach of any of such representations, warranties or covenants, the Party to whom such representations, warranties or covenants have been made shall have all rights and remedies for such breach available to it under the provisions of this Agreement or otherwise, whether at law or in equity, regardless of any disclosure to, or investigation made by or on behalf of such Party on or before the Closing Date.

Section 6.2 Successors and Assigns.

This Agreement shall inure to the benefit of, and be binding upon, the Parties hereto and their respective successors and assigns; provided, however, that no Party shall assign or delegate any of the obligations created under this Agreement without the prior written consent of the other Parties.

Section 6.3 Fees and Expenses.

Except as otherwise expressly provided in this Agreement, all legal and other fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such fees, costs or expenses.

Section 6.4 Notices.

All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been given or made if in writing and delivered personally or sent by registered or certified mail (postage prepaid, return receipt requested) to the Parties or to such other persons or at such other addresses
as shall be furnished by any Party by like notice to the others, and such notice or communication shall be deemed to have been given or made as of the date so delivered or mailed. No change in any of such addresses shall be effective insofar as notices under this Section 6.4 are concerned unless  notice of such change shall have been given to such other Party hereto as provided in this Section 6.4

Section 6.5 Entire Agreement.

This Agreement, together with the exhibits hereto, represents the entire agreement and understanding of the Parties with reference to the transactions set forth herein and no representations or warranties have been made in connection with this Agreement other than those expressly set forth herein or in the exhibits, certificates
and other documents delivered in accordance herewith. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the Parties relating to the subject matter of this Agreement and all prior drafts of this Agreement, all of which are merged into this Agreement. No prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into evidence in any action or suit involving this Agreement.

Section 6.6 Severability.

This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the Parties hereto intend
that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid and enforceable.

  

  

  

 

Section 6.7 Titles and Headings.

The Article and Section headings contained in this Agreement are solely for convenience of reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof.

Section 6.8 Counterparts.

This Agreement may be executed in two or more counterparts, each of which shall be deemed one and the same agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation of the Party executing (or on whose behalf such signature
is executed) the same with the same force and effect as if such facsimile signature were the original thereof.

Section 6.9 Convenience of Forum; Consent to Jurisdiction.

The Parties to this Agreement, acting for themselves and for their respective successors and assigns, without regard to domicile, citizenship or residence, hereby expressly and irrevocably elect as the sole judicial forum for the adjudication of any matters arising under or in connection with this Agreement, and consent
and subject themselves to the jurisdiction of the courts of the State of Nevada in respect of any matter arising under this Agreement. Service of process, notices and demands of such courts may be made upon any Party to this Agreement by personal service at any place where it may be found or giving notice to such Party as provided in Section 6.4.

Section 6.10 Governing Law.

This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Nevada without giving effect to the choice of law provisions thereof.

Section 6.11 Amendments and Waivers.

No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the Parties hereto. No waiver by any Party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

[SIGNATURE PAGE FOLLOWS]

  

  

  

 

IN WITNESS WHEREOF, the Parties hereto have executed this EXCHANGE AGREEMENT as of the date first above written.

 

	
NAPM  Holdings,Ltd.
	  
	  	  	  
	
By:
	  /s/ Guy Avivi	  
	  	  	  
	
Print Name:
	  Guy Avivi	  
	  	  	  
	
Title:
	  President	  

 

 

NAPM Members :

 

 

	  /s/ Joseph DiCostanzo	 	  /s/ Guy Avivi
	
JOSEPH DiCOSTANZO
	  	
GUY AVIVI

 

	  /s/ David Gutman	 	  /s/ Ephren Taylor
	
DAVID GUTMAN
	  	
EPHREN TAYLOR

 

	  /s/ Eyal Avivi	 	  /s/ Richard Cuccinello
	
EYAL AVIVI
	  	
RICHARD CUCCINELLO

 

 

	
Incoming, Inc.
	  
	  	  	  
	
By:
	  /s/ Ephren Taylor	  
	  	  	  
	
Print Name:
	  Ephren Taylor	  
	  	  	  
	
Title:
	  President, Director	  

 

  

  

  

EXHIBIT A

 

Exhibit A, to that certain Share Exchange Agreement, dated September 23, 2009, between Incoming, Inc., a Nevada corporation (“Incoming”), the National Association of Professional Minorities (“NAPM”), and the the members of NAPM (the “NAPM Members”).

 

 

	
NAPM Member
	
NAPM % Held/Transferred to ICNN
	
ICNN Shares Issued to NAPM Member
	
ICNN Options issued to NAPM member

	
JOSEPH DiCOSTANZO
	
10.83%
	
108,300
	
216,600

	
DAVID GUTMAN
	
10.83%
	
108,300
	
216,600

	
EYAL AVIVI
	
21.67%
	
216,700
	
433,400

	
GUY AVIVI
	
21.67%
	
216,700
	
433,400

	
EPHREN TAYLOR
	
25.00%
	
250,000
	
500,000

	
RICHARD CUCCINELLO
	
10.00%
	
100,000
	
200,000

	
TOTAL:
	
100%
	
1,000,000
	
2,000,000

 

  

  

  

EXHIBIT B   to that certain Share Exchange Agreement, dated September 23, 2009, between Incoming, Inc., a Nevada corporation (“Incoming”), the National Association of Professional Minorities (“NAPM”), and the the members of NAPM (the “NAPM
Members”).

 

OPTION AGREEMENT

 

This Option Agreement is entered into as of this 1st day of October 2009 by and between Incoming, Inc., a Nevada corporation (the “Company”), and ______________ (the "Holder") with reference to the following:

 

WHEREAS, concurrently with the execution of this Option Agreement, Holder and the Company have executed an Exchange Agreement whereby the Holder exchanged 100% of the Holder’s interest in the National Association of Professional Minorities, a limited liability company organized and existing under the laws of New
Jersey (“NAPM”), for certain shares of the Company’s common stock; and

 

WHEREAS, Pursuant to the terms and conditions of the Exchange Agreement, the Company grants to Holder an option to purchase additional shares of the Company upon the terms and conditions set forth in this Option Agreement.

 

NOW, THEREFORE, the Company and Holder hereby agree as follows:

 

1. Grant of Option. In consideration of the Holder’s acceptance of the Company’s offer to exchange the Holder’s interest in NAPM for the Company’s common stock, the Company hereby grants to Holder an option (the "Option") to
purchase up to ___________ shares of the Company's common stock (the “Shares”). The Option shall also extend to and encompass any and all shares of common stock or other securities which may be paid or issued by the Company with respect to the Shares, whether by reason of a stock split, stock dividend, merger, reorganization or similar transaction. The Option shall vest and may be exercised according to the Vesting Schedule (the “Vesting Schedule”) set forth in Section 3, below.

 

2. Exercise Price; Term; Manner of Exercise. The Option, which shall vest and may be exercised according to the Vesting Schedule provided for in Section 3, entitles Holder to purchase vested Shares from the Company at any time after the first anniversary
of this Option Agreement (the "First Exercise Date"). Subject to adjustments as provided for herein, the exercise price of the Shares is Fifty Cents ($0.50) per share.  The Option for any vested shares must be exercised within five years of full vesting of all Shares.  The Holder may exercise the vested portion of the Option at any time during the term of the Option after the First Exercise Date by providing the Company with a written notice stating that the Option has been exercised and by
delivering to the Company a check in the amount of the purchase price for each share purchased upon the exercise of the Option. The per share exercise price shall be subject to adjustment for stock splits, stock dividends, mergers, recapitalizations or other similar events. For example, if there is a two-for-one stock split of the Company's Common Stock prior to the exercise of the Option, the exercise price per share of previously vested Option shares shall be adjusted to half that amount, and the number of
shares subject to the Option will double.

 

  

  

  

3. Vesting Schedule. Provided that the Option has not been terminated prior to such date, the Option shall vest and may be exercised on the following schedule: One-fifth (1/5) of all of the Options (initially, __________ Shares) shall vest and may
be exercised on or after the first anniversary of this Option Agreement; thereafter, for each of the next 4 years, an additional one-tenth (1/5) of all of the Options shall vest and may be exercised on or after each anniversary of this Option Agreement. Options that have become vested and are exercisable shall, after the date of vesting, remain subject to exercise during the term of the Option.  All ____________ Shares of the Option will have vested and may be exercised on or after the fifth anniversary
of this Option Agreement until the fifteenth anniversary of this Option Agreement.

 

4. Covenants of the Company. The Company covenants and agrees with Holder that the Company shall not take or suffer any action that would jeopardize Holder's rights under this Option Agreement and that the Company shall, at all times during the term
of this Option Agreement, keep a number of the Company Shares equal to the shares subject to the Option free and clear of any liens, claims, encumbrances or interests of any kind.

 

5. Successors and Assigns. This Option Agreement shall inure to the benefit of the successors and assigns of Holder and shall be binding on the successors and assigns of the Company.

 

6. Governing Law; Disputes. This Option Agreement shall be governed by and construed in accordance with the internal laws of the State of Nevada, without regard to conflicts of law principles, according to its fair meaning and not in favor of or against
either the Company or Holder.

 

7. Legend on Shares of Common Stock. Holder hereby acknowledges and agrees that the shares to be received by Holder upon the exercise of the Option have not been registered under the Securities Act of 1933, and that the stock certificates representing
such shares shall bear such restrictive legends as the Company or the Company's counsel deem necessary or advisable under applicable law. Accordingly, Holder hereby agrees and acknowledges that the shares purchased upon the exercise of the Option may not be sold until a registration statement under the Securities Act of 1933 shall have become effective for such shares or until an exemption from registration is available under the Securities Act of 1933.

 

  

  

  

IN WITNESS WHEREOF, Holder and the Company have executed this Option Agreement on the date and year first above written.

 

 

	  	  	
COMPANY

	  	  	  
	  	  	
By:
	  
	  	  	  	  
	  	  	
Ephren W. Taylor II, President

	  	  	  	  
	  	  	  	  
	  	  	
HOLDER

	  	  	  
	  	  	
By:ex10-194.htm

    Exhibit
10.194

     

    
      THE
SHARES OF COMMON STOCK SUBSCRIBED FOR BY THIS AGREEMENT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER APPLICABLE STATE
SECURITIES LAWS AND TRANSFER OF SUCH SHARES IS RESTRICTED BY THE TERMS OF THIS
AGREEMENT.

       

      SUBSCRIPTION
AGREEMENT

       

      This SUBSCRIPTION AGREEMENT (the
"Agreement")
is made by and between the
subscriber hereto (the
"Subscriber")
and Calypte Biomedical
Corporation, a Delaware corporation (the "Company").

       

      The
Subscriber hereby agrees to purchase, and the Company hereby agrees to issue and
to sell to the Subscriber, the number of shares (the "Shares")
of common stock of the Company, par value $.03 per share (the "Common
Stock"), set forth on the signature page, for a purchase price in cash
equal to $0.03 per share (the aggregate amount to be paid by the Subscriber
shall be referred to as the "Purchase
Price"). After acceptance of this Agreement by the Company and payment
and delivery by the Subscriber to the Company of the Purchase Price in the form
of wire transfer pursuant to the terms of Section 7(b) of this Agreement, the
Company shall issue and deliver to the Subscriber the Shares.

       

      NOW,
THEREFORE, in order to implement the foregoing and in consideration of the
mutual representations, warranties, covenants and agreements contained herein
and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto agree as follows.

       

      1.  
Subscriber's
Representations and Warranties. The Subscriber hereby represents
and warrants to and agrees with the Company that:

       

      (a)       
Access to
Information. The Subscriber acknowledges that it has been
furnished with the Company's Form 10-K for the year ended December 31, 2008 as
filed with the Securities and Exchange Commission (the "Commission")
together with all subsequently filed Forms 10-Q, 8-K, and other publicly
available filings made with the Commission (hereinafter referred to collectively
as the "Reports")
and has been afforded (i) the opportunity to ask such questions as it has
deemed necessary of, and to receive answers from, representatives of the Company
concerning the terms and conditions of the offering of the Securities and the
merits and risks of investing in the Company; (ii) access to information about
the Company and its subsidiary and their respective financial condition, results
of operations, business, properties, management and prospects sufficient to
enable it to evaluate its investment; and (iii) the opportunity to obtain such
additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment
decision with respect to the investment. Neither such inquiries nor any other
investigation conducted by or on behalf of the Subscriber or its representatives
or
counsel shall modify, amend or affect the Subscriber's right to rely on
the truth, accuracy and completeness of the Reports and the Company's
representations and warranties contained herein.

       

      Initials:
______

      ______

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      (b)           Information
on Subscriber. The Subscriber is and was not a "U.S.
person," as defined in Regulation S of the Securities Act of 1933, as amended
(the "1933
Act"),
at the time the offer or sale of the Securities is made. Additionally,
the Subscriber is an "accredited investor," as such term is defined in
Regulation D of the 1933 Act or is part of a group that is experienced in
investments and business matters, has made investments of a speculative nature
and has purchased securities of United States publicly-owned companies in
private placements in the past and, with its representatives, has such knowledge
and experience in financial, tax and other business matters as to enable the
Subscriber to utilize the information made available by the Company, to evaluate
the merits and risks of an investment in the Company and to make an informed
investment decision with respect to the proposed purchase, which represents a
speculative investment. The Subscriber is a natural person or an entity duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with the requisite corporate or partnership
power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations
hereunder. The execution, delivery and performance by the Subscriber of the
transactions contemplated by this Agreement has been duly authorized by all
necessary corporate or, if the Subscriber is not a corporation, such
partnership, limited liability company or other applicable like action, on the
part of the Subscriber. This Agreement has been duly executed by the Subscriber
and when delivered by the Subscriber in accordance with terms hereof, will
constitute the valid and legally binding obligation of the Subscriber,
enforceable against it in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of, creditors' rights and remedies or by
other equitable principles of general application. The Subscriber is able to
bear the risk of such investment for an indefinite period and to afford a
complete loss thereof. The information set forth on the signature page hereto
regarding the Subscriber is accurate.

       

      (c)           Purchase of
Shares and Investment Intent. The Subscriber is purchasing
the Shares for its own account for the Purchase Price. The Subscriber is
acquiring the Shares as principal for its own account for investment purposes
only and not with a view to or for distributing or reselling such Shares or
Warrant or any part thereof, without prejudice, however, to the Subscriber's
right at all times to sell or otherwise dispose of all or any part of such
Shares in compliance with applicable federal and state securities laws. The
Subscriber does not have any agreement or understanding, directly or indirectly,
with any person to distribute any of the Shares. The Subscriber also represents
that its purchase of the Shares is intended to be made as an "Offshore
Transaction" as defined in Regulation S.

       

      (d)           Compliance
with Securities Act. The Subscriber understands and
agrees that the Shares have not been registered under the 1933 Act, by reason of
their issuance in a transaction that does not require registration under the
1933 Act (based in part on the accuracy of the representations and warranties of
the Subscriber contained herein), and that such Shares must be held unless a
subsequent disposition is registered under the 1933 Act or is exempt from such
registration.

       

      (e)           Legend on
Shares. The Shares shall bear the following legend (or
something comparable for the Warrant), unless the Shares shall have been
included in an effective registration statement under the 1933 Act:

       

       

      
        Initials:
______

        ______

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      "THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THESE SHARES MAY NOT
BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT
REQUIRED."

       

      (f)            Communication
of Offer. The offer to sell the Shares was directly communicated to the
Subscriber. At no time was the Subscriber presented with or solicited by any
leaflet, newspaper or magazine article, radio or television advertisement, or
any other form of general advertising or solicited or invited to attend a
promotional meeting otherwise than in connection and concurrently with such
communicated offer.

       

      (g)            Certain
Trading Activities. The Subscriber has not directly or indirectly, nor
has any person acting on behalf of or pursuant to any understanding with the
Subscriber, engaged in any trading in any securities of the Company (including,
without limitation, any Short Sales (defined below) involving the Company's
securities) during the 20 trading days immediately preceding the Closing. For
purposes of this Section, "Short Sales" include, without
limitation, all "short sales" as defined in Rule 3b-3 of the Securities Exchange
Act of 1934, as amended (the "1934 Act") and include all
types of direct and indirect stock pledges, forward sale contracts, options,
puts, calls, short sales, swaps and similar arrangements (including on a total
return basis), and sales and other transactions through non-U.S. broker dealers
or foreign regulated brokers having the effect of hedging the securities or
investment made under this Agreement. As of the date of this Agreement, the
Subscriber has no open short position in the Common Stock, and covenants that
neither it nor any person acting on its behalf or pursuant to any understanding
with it will engage in any Short Sales prior to the public disclosure of the
material terms of this transaction by the Company.

       

      (h)            Correctness
of Representations. The Subscriber represents that the foregoing
representations and warranties are true and correct. The foregoing
representations and warranties shall survive the date hereof.

       

      2.     
Company
Representations and Warranties. The Company represents and warrants
to and agrees with the Subscriber that:

       

      (a)            Due
Incorporation. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware
and has the requisite corporate power to own its properties and to carry on its
business as now being conducted. The Company is duly qualified as a foreign
corporation to do business and is in good standing in each jurisdiction where
the nature of the business conducted or property owned by it makes such
qualification necessary, other than those jurisdictions in which the failure to
so qualify would not have a material adverse effect on the business, operations
or financial condition of the Company.

       

       

      
        Initials:
______

        ______

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (b)            Outstanding Stock.
All issued and outstanding shares of capital stock of
the Company have been duly authorized and validly issued and are fully paid and
non- assessable.

       

      (c)            Authority;
Enforceability. This Agreement has been duly authorized,
executed and delivered by the Company and is a valid and binding agreement
enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors' rights generally and to
general principles of equity; and the Company has full corporate power and
authority necessary to enter into this Agreement and to perform its obligations
hereunder.

       

      (d)            Shares Duly
Authorized. The Shares when issued and delivered in
accordance with the terms of this Agreement, will be duly authorized, validly
issued, fully paid and non-assessable.

       

      (e)            Stop Transfer. The
Shares are restricted securities as of the date of this
Agreement. The Company will not issue any stop transfer order or other order
impeding the sale, resale or delivery of the Stock, except as may be required by
federal securities laws.

       

      (f)            No General
Solicitation. Neither the Company, nor any of its affiliates,
nor to its knowledge, any person acting on its or their behalf, has engaged in
any form of general solicitation or general advertising (within the meaning of
Regulation S or D under the 1933 Act) in connection with the offer or sale of
the Shares.

       

      3.            Regulation S
Offering. This offering is being made pursuant to the exemption
from the registration provisions of the 1933 Act afforded by Regulation S
thereunder.

       

      4.            Reissuance of Shares.
The Company will cause the removal of the legend
set forth in Section 1(e) above at such time as (a) the Subscriber is permitted
to, and disposes of, the Shares pursuant to an exemption to the registration
requirements of the 1933 Act or Rule 144 of the 1933 Act, in the opinion of
counsel reasonably satisfactory to the Company, or (b) upon sale of the Shares
pursuant to an effective registration statement under the 1933 Act. The Company
agrees to cooperate with the Subscriber in connection with all sales pursuant to
Rule 144 of the 1933 Act and provide legal opinions necessary to allow such
sales provided the Company and its counsel receive requested written
representations from the Subscriber and selling broker, if any. The Company will
pay for its costs in connection with the removal of the legend
hereunder.

       

      5.            "Piggy-Back" Registration
Rights.

       

      (a)          
The Company agrees that when it registers any Common Stock under the
1933 Act by registration on Form S-1 or other similar form for sale for the
account of one or more holders of Common Stock, the Company will use its best
efforts to register all or some portion of the Shares in such registration
statement as the Company may reasonably determine feasible. The Company will pay
all expenses incident to the registration of the Shares hereunder and the
Company's performance of or compliance with this Agreement.

       

       

      
        Initials:
______

        ______

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (b)          
The Seller will furnish to the Company in writing such information
and representation letters with respect to itself and the proposed distribution
by it as reasonably shall be necessary in order to assure compliance with
federal and state securities laws.

       

      6.           Fees
and Expenses. Each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement.
The Company shall pay all stamp and other taxes and duties levied in connection
with the issuance
of the Shares.

       

      7.           Miscellaneous.

       

      (a)           Notices. All notices,
demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing and, unless
otherwise specified herein, shall be (i) personally served, (ii) deposited in
the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery or facsimile, addressed as set forth below or to
such other address as such party shall have specified most recently by written
notice. Any notice or other communication required or permitted to be given
hereunder shall be deemed effective (a) upon hand delivery or delivery by
facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business
day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such
communications
shall be: (i) if to the Company to Calypte Biomedical Corporation, 16290 SW
Upper Boones Ferry Road, Portland, Oregon 97224, facsimile number: (503)
601-6299, and (ii) if to the Subscriber, to the name, address and facsimile
number set forth on the signature page hereto.

       

      (b)           Closing.
The Subscriber shall deliver the Purchase Price in two installments, the
first on June 9, 2009 in the amount of $100,000, and the
second on July 21, 2009 in the amount of $100,000. Each such delivery by
the Subscriber and acceptance by the Company shall constitute a closing of the
transactions contemplated by this Agreement. At each closing, the Subscriber
shall deliver to the Company the agreed upon portion of the Purchase Price in
United States dollars and in immediately available funds, by wire transfer to
the following account:

       

      
        	
                Pay
      to:

                 

                 

                Routing
      & Transit #:

                Swift
      Code:

                For
      Credit of:

                Final
      Credit Account #:

              	
                FC
      — Silicon Valley Bank

                3003
      Tasman Drive

                Santa
      Clara, CA 95054, USA

                \\FW:121140399  

                SVBKUS6S

                Calypte
      Biomedical Corporation

                FNC
      — 3300349200

              

      

       

      Upon
receipt of the Purchase Price, the Company shall deliver to the Subscriber, the
Shares.

       

       

      
        Initials:
______

        ______

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (c)           Entire Agreement;
Assignment. This Agreement represents the entire agreement between the
parties hereto with respect to the subject matter hereof and may be amended only
by a writing executed by both parties. No right or obligation of either party
shall be assigned by that party without the written consent of the other
party.

       

      (d)           Execution. This
Agreement may be executed in separate counterparts, each of which shall be
deemed an original and both of which shall constitute one and the same document.
This Agreement may be executed by facsimile transmission.

       

      (e)           Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Oregon without regard to principles of conflicts of laws. Any action
brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of
Oregon or in the federal courts located in the state of Oregon. Both parties and
the individuals executing this Agreement agree to submit to the jurisdiction of
such courts and waive trial by jury. The prevailing party shall be entitled to
recover from the other party its reasonable attorney's fees and costs. In the
event that any provision of this Agreement or any other agreement delivered in
connection herewith is invalid or unenforceable under any applicable statute or
rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such
statute or rule of law. Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of
any other provision of any agreement.

       

      (f)           Specific Enforcement,
Consent to Jurisdiction. The Company and the Subscriber acknowledge and
agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that the
parties shall be entitled to an injunction or injunctions to prevent or cure
breaches of the provisions of this Agreement and to enforce specifically the
terms and provisions hereof or thereof, this being in addition to any other
remedy to which any of them may be entitled by law or equity. Subject to Section
7(e) hereof, each of the Company and the Subscriber hereby waives, and agrees
not to assert in any such suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of such court, that the suit, action or
proceeding is brought in an inconvenient forum or that the venue of the suit,
action or proceeding is improper. Nothing in this Section shall affect or limit
any right to serve process in any other manner permitted by law.

       

      [REMAINDER
OF PAGE INTENTIONALLY BLANK]

       

       

       

      
        Initials:
______

        ______

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      IN WITNESS WHEREOF,
the parties have hereby executed this Agreement as of the day set forth
in the acceptance set forth below.

       

      
        	7,000,000	 	SUBSCRIBER
      NAME:
	
                Number
      of Shares

              	 	 
	 	 	 
	$210,000 	 	 
	
                Dollar
      Amount of Subscription Tendered by Subscriber

              	 	
                Carolina
      Lipascu

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Street
      Address)
	 	 	 
	 	 	 
	 	 	(City
      and Country)
	 	 	 
	 	 	 
	 	 	Telephone
      Number

      

       

       

       

      ACCEPTANCE

       

      The
foregoing subscription is hereby accepted, subject to the terms and conditions
hereof, as of September 14,
2009.

       

      
        	$210,000	 	CALYPTE BIOMEDICAL
      CORPORATION
	
                Amount
      of Subscription Accepted

              	 	 
	 	 	 
	7,000,000	By: 	 
	
                Number
      of Shares

              	 	
                
                  Name:
      Adel Karas

                  Title:
      Chief Executive Officer

                

              

      

       

       

       

      
        Initials:
______

        ______

      

       

      7

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