Document:

ex101.htm

Exhibit 10.1

 

CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

The conduct of Senior Financial Officers shall be governed by this Code of Ethics, pursuant to Section 406 of the Sarbanes-Oxley Act, in order to deter wrongdoing and to promote:

	  
	
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Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

	
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Full, fair, accurate, timely and understandable disclosure in reports and documents that company files with, or submits to, the Commission and in other public communications made by the Company;

	
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Compliance with applicable governmental laws, rules and regulations;

	  

 

	
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The prompt internal reporting of violations of the Code to the appropriate person or persons identified in  the Code; and

	
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Accountability for adherence to the Code.

                    1.     The Chief Executive Officer, the Chief Financial Officer, Chief Operating Officer, the Controller, and other Senior officers performing financial management functions shall maintain the highest standards in performing their duties

 

Federal law requires the Company to set forth guidelines pursuant to which the principal executives officers andand senior financial management employees perform their duties. Employees subject to this requirement include the chief executive officer, the chief financial officer, chief operating officer, controller or chief accounting officer, and any person who performs similar functions. However, the Company expects that all employees who participate in the preparation of any part of the Company's financial statements should follow these guidelines:

	
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Act with honesty and integrity, avoiding violations of the Code, including actual or apparent conflicts of interest with the Company in personal and professional relationships.

	
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Disclose to the Governance Compliance Officer any material transaction or relationship that reasonably could  be expected to give rise to any violations of the Code, including actual or apparent conflicts of interest with the Company.

	
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Provide the Company's other employees, consultants, and advisors with information that is accurate, complete, objective, relevant, timely, and understandable.

	
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Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Company's periodic reports.

	
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Comply with rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

	
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Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated.

	
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Respect the confidentiality of information acquired in the course of your work except where you have Company approval or where disclosure is otherwise legally mandated. Confidential information acquired in the course of your work will not be used for personal advantage.

	
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Maintain skills important and relevant to the Company's needs.

	
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Proactively promote ethical behavior among peers in your work environment.

 

 

  

  

  

 

	
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Achieve responsible use of and control over all assets and resources employed or entrusted to you.

	
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Record or participate in the recording of entries in the Company's books and records that are accurate to the best of your knowledge.

2.    All known or suspected violations of the Code of Ethics shall be reported to the Governance Compliance Officer.

The Corporate Secretary and Governance Compliance Officer will maintain a record of violations of the Code that are reported and of the disposition of each violation. The Company will maintain if the employee so desires, the anonymity of the employee and the confidentiality of the information that is reported. However, in order to conduct an effective investigation, it may not be possible to maintain confidentiality and anonymity.

3.    Senior Financial Officers should assist in any investigation by any regulatory or law enforcement agency, elected officials or others responsible for such matters, concerning matters described in:

             a. Section 806 of the Sarbanes-Oxley Act, which relates to fraud,

             b. Section 301 of the Sarbanes-Oxley Act, which relates to questionable accounting, internal controls and auditing matters.

             c. Item 406 of S.E.C. Regulations S-K which relates to conduct that is not honest and ethical, conflicts of interest, and disclosures in SEC reports and other public disclosures that are not full, fair, accurate, timely and understandable, and

             d. Nasdaq listing requirements.

4.    The Company will not retaliate against an officer, director or employee who files, causes to be filed, testifies, participates in, or otherwise assists in a proceeding filed or about to be filed regarding any matter covered in paragraph 3, above.

 

5.    Any waivers of the Code for directors or executive officers must be approved by the Board and be promptly disclosed to shareholders.

6.    The Company's Audit Committee shall also issue procedures for the reporting to them of complaints regarding accounting, internal accounting controls or auditing matters and submission to them by employees of concerns regarding accounting or auditing matters. Such procedures shall be in addition to, and not in lieu of, any procedures established by this Code of Ethics.

7.    The Governance Compliance Officer shall be appointed by the CEO.

As  a Director and Officer of Universal Media Corporation, I agree to abide by this Code of Ethics in all respects.ex102.htm

Exhibit 10.2

COMBINATION AGREEMENT

This COMBINATION AGREEMENT (“Agreement”) executed as of August 18, 2009 (“Effective Date”), between Dynalyst Manufacturing Corporation, a Texas corporation ("DMC or Company") and Universal Media Corporation, a Nevada corporation and its shareholders (“UMC”), who are hereinafter collectively referred to as the “Parties.”

WITNESSETH

WHEREAS, the Parties entered have joined together for the purpose of DMC acquiring UMC by issuing DMC common stock shares for the UMC common stock shares held by the UMC shareholders and the creation of separate entities to manage and continue the pre-existing DMC design engineering and manufacturing operations distinctive from the UMC operation.

WHEREAS, Universal Media Corporation will become a subsidiary of the Company after the stock exchange and be the home of the UMC television, cable and production operations.

NOW, THEREFORE, in consideration of the mutual terms, promises, agreements, and conditions herein, the receipt and adequacy of which are hereby acknowledged, the Parties acknowledge and agree as follows:

	
1.  

	
DMC will form 2 new companies that will encompass outright ownership of the present DMC operations, facilities and assets, including ALL data rights and Intellectual Property, books-of business, as well as bank accounts and receivables of the  pre-existing DMC design engineering and manufacturing groups divisions as follows;

	
A.  

	
Corporation #1 will likely be the home of the DMC Research & Development group and “possibly” the Company’s current Design Engineering operation and the present DMC shareholders shall be issued 100% of the shares of  Corporation #1 on a share for share basis this would be 16,216,363 common shares and 938,894 preferred shares.

	
B.  

	
Corporation #2 will be the home of the DMC manufacturing operations and the present DMC shareholders shall be issued 100% of the shares of Corporation #2 on a share for share basis this would be 16,216,363 common shares and 938,894 preferred shares.

	
C.  

	
The Intellectual Property, (“IP”) referred to in this section of the Combination Agreement shall be defined as, but is not limited to; ALL Printed Circuit Board (“PCB”) design databases, schematics, netlists, (including ALL logic and mechanical TESTER and SYMBOL libraries), Fab databases, (including ALL Fab drawings, gerber files and Building of Material, “BOM” lists), design processes distinctive and/or unique to the Company, PCB Fab equipment, instrumentation and processes that cannot be readily purchased on the open market, PCB assembly equipment, instrumentation and processes that cannot be readily purchased on the open market.

	
D.  

	
The results, effects, outcomes, and/or benefits of any and all work and collaborations performed by employees, Consultants and Contractors, (either coded, scripted, programmed, developed, invented and/or performed alone and/or in collaboration with another Company employee or outside element) of either Corporation #1 and/or Corporation #2 shall be considered the exclusive, (and confidential) property of the respective Corporation #1 and/or Corporation #2. All resulting rights, title, licenses, ownership and patents associated with such developments, inventions, collaborations, and/or instrumentations shall exclusively belong to the respective Corporation #1 and/or Corporation #2 as represented in this section of the Combination Agreement.

 

 

  

  

  

 

 

	
2.  

	
DMC will execute agreements to move the present DMC operations into the new Corporation #1 and/or Corporation #2 companies subject to the following provisions;

	
A.  

	
 The present DMC shareholders shall be issued 100% of the stock of the new  Corporation #1 and Corporation #2 companies in amounts to mirror their present share positions as set forth in 1.A. above.

	
B.  

	
The new companies are being established to manage and operate the present DMC facilities and assets, including ALL data rights and Intellectual Property, books-of business, as well as bank accounts and receivables in return for agreeing to pay off all the current and future liabilities related to the current DMC design engineering and manufacturing operations.

	
C.  

	
After these debts are paid in full or transferred to entities outside the public company, the new companies shall have the right to purchase the current DMC facilities and assets, including ALL data rights and Intellectual Property, books-of business, as well as bank accounts and receivables for $10.00 and other good and valuable consideration.   The new companies shall be responsible for the maintenance and repairs, insurance and property taxes on the facilities and equipment.

	
D.  

	
These agreements will also assume the responsibilities for current and future accounts payable, accrued expenses, contracts and the accrued and future payroll and payroll related expenses of the DMC employees.  These employees, consultants and/or contractors will resign their positions with DMC and be rehired as employees, consultants and/or contractors of the new Corporation #1 and/or Corporation #2 companies.

	
E.  

	
These agreements shall also assume the responsibility for defending any actions and lawsuits brought against the public company as the result of Corporation #1 and/or Corporation #2 operations.

	
F.  

	
The DMC Board of Directors and shareholders owning a majority of the DMC stock shall approve the issuance of 57,500,000 shares of common stock to the UMC shareholders per a list of shareholders provided by UMC.

	
G.  

	
The current DMC Board of Directors (prior to the transaction) will resign upon execution of the heretofore represented transaction between DMC and UMC except for T. Craig Takacs, who will maintain his board seat and appoint Richard Halden and Randy Moseley to fill the two (2) vacant DMC board seats.

	
H.  

	
Upon execution of the heretofore represented transaction between DMC and UMC, the DMC officers and consultants shall voluntarily resign their positions.

	
I.  

	
The DMC preferred shareholders will exchange their 938,894 preferred shares with certain designated UMC shareholders for DMC 983,894 restricted common stock on a share for share basis.

	
J.  

	
DMC shareholders owning 500,000 shares or more will execute a Shareholder’s Agreement as set forth in Exhibit A.

 

 

  

  

  

 

	
K.  

	
At the conclusion of these transactions the shareholder bases of the companies will be as follows;

	
(1)  

	
Dynalyst Manufacturing Corporation – the current public company

	
(a)  

	
UMC shareholders  - 77.1 %

	
(b)  

	
DMC shareholders  - 22.9 %

	
(2)  

	
Corporation #1 (name of Corporation #1 TBD later)

	
(a)  

	
DMC shareholders – 100 %

 

	
(3)  

	
Corporation #2 (name of Corporation #2 TBD later)

	
(a)  

	
DMC shareholders – 100 %

After 2 years Corporation #1 and Corporation #2 are may be

                             spun out as their own public company

 

	
(4)  

	
 Universal Media Corporation

	
(a)  

	
Public Company – 100 %

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the date first above written.

DYNALYST MANUFACTURING CORPORATION

By:/s/ T. Craig Takacs                                      

      T. Craig Takacs - President

By:/s/ L. Andrew Wells                                    

      L. Andrew Wells, Secretary

UNIVERSAL MEDIA CORPORATION

By: /s/ Richard Halden                                                                                                               

      Richard Halden - President

By: /s/ Randy Moseley                                                                                                              

      Randy Moseley, Chairman and CEO

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