Document:

exv10w2

 

EXHIBIT 10.2

 

CONTAINER PURCHASE AGREEMENT

Dated as of August 31, 2005

By and
among

CRONOS CAPITAL CORP., a California corporation,

IEA INCOME FUND VIII, A California Limited Partnership

YORKCONT 1 LP, a British Virgin Islands limited partnership,

and

YORK GP, LTD., a Cayman Islands exempted company

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 	 	1.	DEFINITIONS	 	1	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	2.	SALE AND PURCHASE OF THE CONTAINERS AND THE LEASE	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	3.	CONSIDERATION FOR THE SALE; ADJUSTMENTS TO PURCHASE
PRICE; REVENUE ALLOCATIONS	 	2	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	3.01	 	 	Consideration
	 	 	2	 
	 

	 	 	3.02	 	 	Purchase Price Adjustment
	 	 	2	 
	 

	 	 	3.03	 	 	Allocation of Revenues
	 	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	4.	CLOSING	 	3	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	5.	REPRESENTATIONS AND WARRANTIES OF SELLER	 	3	 
	 
	 

	 	 	5.01	 	 	Existence, Power and Authority
	 	 	3	 
	 

	 	 	5.02

5.03	 	 	Authorization

No Conflict
	 	 	3

4	 
	 

	 	 	5.04	 	 	Consents
	 	 	4	 
	 

	 	 	5.05	 	 	Legal Proceedings
	 	 	4	 
	 

	 	 	5.06	 	 	Prior Management Agreements
	 	 	4	 
	 

	 	 	5.07	 	 	Title
	 	 	4	 
	 

	 	 	5.08

5.09	 	 	Compliance with Laws and
Regulations

Revenue Distributions
	 	 	4

5	 
	 

	 	 	5.10	 	 	Remarketing Arrangements
	 	 	5	 
	 

	 	 	5.11	 	 	No Violation of Lease
	 	 	5	 
	 

	 	 	5.12	 	 	Rights to the Leases are Assignable
	 	 	5	 
	 

	 	 	5.13	 	 	All Necessary Action Taken
	 	 	5	 
	 

	 	 	5.14	 	 	Compliance with the Lease
	 	 	5	 
	 

	 	 	5.15	 	 	Notices
	 	 	5	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	6.	REPRESENTATIONS AND WARRANTIES OF BUYER	 	5	 
	 
	 

	 	 	6.01	 	 	Existence, Power and Authority
	 	 	5	 
	 

	 	 	6.02	 	 	Authorization
	 	 	6	 
	 

	 	 	6.03	 	 	No Conflict
	 	 	6	 
	 

	 	 	6.04	 	 	Consents
	 	 	6	 
	 

	 	 	6.05	 	 	Legal Proceedings
	 	 	6	 
	 

	 	 	6.06	 	 	Compliance with Laws and Regulations
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	7.	COVENANTS	 	6	 
	 
	 

	 	 	7.01	 	 	Closing
	 	 	6	 

 i

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 

	 	7.02	 	 	 	Sales Tax
	 	 	6	 
	 
	 	 	 	 	 	 	 	 	 	 
	8.	 	CONDITIONS PRECEDENT TO THE OBLIGATION OF BUYER TO CLOSE	 	 	7	 
	 
	 

	 	8.01	 	 	 	Representations, Warranties and Covenants
	 	 	7	 
	 

	 	8.02	 	 	 	No Change in Applicable Law
	 	 	7	 
	 

	 	8.03	 	 	 	Delivery of Documents
	 	 	7	 
	 

	 	8.04	 	 	 	Consents
	 	 	7	 
	 

	 	8.05	 	 	 	Satisfaction of Statutory and Regulatory Requirements
	 	 	8	 
	 

	 	8.06	 	 	 	No Litigation
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	9.	 	CONDITIONS PRECEDENT TO THE OBLIGATION OF SELLER TO CLOSE	 	 	8	 
	 
	 

	 	9.01	 	 	 	Representations, Warranties and Covenants
	 	 	8	 
	 

	 	9.02	 	 	 	Delivery of Funds and Documents
	 	 	8	 
	 

	 	9.03	 	 	 	Satisfaction of Statutory and Regulatory Requirements
	 	 	8	 
	 

	 	9.04	 	 	 	No Litigation
	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	10.	 	DISCLAIMER OF WARRANTIES BY SELLER	 	 	8	 
	 
	 	 	 	 	 	 	 	 	 	 
	11.	 	SURVIVAL OF REPRESENTATIONS AND WARRANTIES	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	12.	 	FURTHER ASSURANCES	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	13.	 	EXPENSES	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	14.	 	BROKERS’ FEES	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	15.	 	NOTICES	 	 	9	 
	 
	 	 	 	 	 	 	 	 	 	 
	16.	 	WAIVERS AND AMENDMENTS; NON-CONTRACTUAL REMEDIES; PRESERVATION OF REMEDIES	 	 	10	 
	 
	 	 	 	 	 	 	 	 	 	 
	17.	 	GOVERNING LAW; DISPUTE RESOLUTION	 	 	10	 
	 
	 	 	 	 	 	 	 	 	 	 
	18.	 	BINDING EFFECT; ASSIGNMENT	 	 	11	 
	 
	 	 	 	 	 	 	 	 	 	 
	19.	 	COUNTERPARTS	 	 	11	 
	 
	 	 	 	 	 	 	 	 	 	 
	20.	 	SEVERABILITY	 	 	11	 
	 
	 	 	 	 	 	 	 	 	 	 
	21.	 	INDEMNITIES	 	 	11	 
	 
	 	 	 	 	 	 	 	 	 	 
	22.	 	HEADINGS; TABLE OF CONTENTS	 	 	13	 

ii

 

	 	 	 	 	 
	 

	 	Exhibits
	EXHIBIT
	 	 	 	 
	 	 	 	 	 
	LIST OF CONTAINERS
	 	 	A	 
	 
	 	 	 	 
	BILL OF SALE
	 	 	B	 
	 
	 	 	 	 
	FORM OF ASSIGNMENT
	 	 	C	 

iii

 

CONTAINER PURCHASE AGREEMENT

     This CONTAINER PURCHASE AGREEMENT is entered into as of August 31, 2005, by and among CRONOS
CAPITAL CORP., a California corporation (“CCC”), IEA INCOME FUND VIII, A California Limited
Partnership (“Seller”). YORKCONT 1LP, a British
Virgin Islands limited partnership (“Buyer”) and
YORK GP, LTD., a Cayman Islands exempted company (“York
GP”).

Recitals

     A. Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, certain
marine cargo shipping containers owned by Seller as more particularly described on Exhibit
A attached hereto (the “Containers”), all upon and subject to the terms and conditions of this
Agreement.

     B. CCC is the general partner of Seller.

     C. York GP is the general partner of Buyer.

     D. The Containers are currently subject to Term Lease Agreement No. 90014043,
effective July 1, 2003, as amended December 1, 2004
(“Lease”) by and between Mediterranean
Shipping Co. SA (“MSC”) and Cronos Containers
Limited, an English corporation (“CCL”).
Buyer has been provided with a copy of the Lease and has reviewed the same.

     NOW, THEREFORE, in consideration of the mutual covenants, agreements, representations and
warranties herein contained, Seller, CCC, York GP and Buyer agree as follows:

     1. Definitions. For all purposes of this Agreement, the following terms shall have
the following meanings:

          “Assignment” means an assignment of Seller’s beneficial interest in the Lease with respect to
the Containers, in substantially the form attached hereto as Exhibit C.

          “Bill
of Sale” means a bill of sale substantially in the form attached hereto as Exhibit
B.

          “Business
Day” means any day except a Saturday, Sunday, or other day on which banks in New
York are authorized by law to close.

          “Closing” means the closing of the sale and purchase of the Containers contemplated by
this Agreement.

          “Closing
Date” means the date on which the Closing shall occur as fixed pursuant to Section 4.

 

 

          “Containers” means each of the cargo containers described on Exhibit A hereto,
together with any and all appliances, parts, instruments, appurtenances, accessories and other
equipment and components of whatever nature which may from time to time be incorporated or
installed in or attached to any thereof and which become the property of the owner thereof under
any applicable agreement or law.

          “Net
Revenues” means the revenues payable to the owner of the Containers periodically in
arrears based upon the utilization of such Containers, net of expenses of operation and management
fees allocated to such Containers.

          “Prior
Management Agreements” means any and all lease or management agreements
between Seller and CCC, CCL, or any affiliated person relating to the management and utilization
of the Containers.

          “Transaction Documents” means this Agreement, the Assignment and the Bill of Sale.

     2. Sale and Purchase of the Containers and the Lease. On the Closing Date, for the
consideration provided in Section 3 and subject to the terms and conditions set forth herein,
(i) Seller shall sell to Buyer all of its right, title and interest in and to the Containers,
and shall assign, transfer and convey to Buyer all of its beneficial interest in and to the Lease with
respect to the Containers, effective from and after the Closing Date; and (ii) Buyer shall purchase
from Seller all of Seller’s right, title and interest in and to the Containers and Seller’s
beneficial interest in the Lease with respect to the Containers. Effective as of the Closing, the Prior
Management Agreements shall cease to be applicable as to future periods to the Containers
acquired by Buyer, and Buyer shall neither assume nor have any liability under the Prior
Management Agreements.

     3. Consideration
for the Sale; Adjustments to Purchase Price; Revenue Allocations.

          3.01 Consideration. In consideration of the sale of the Containers and the
assignment of Seller’s beneficial interest in the Lease with respect to the Containers, Buyer,

               (a) delivered to Seller on August 22, 2005, a non-refundable sum of
$3,750 (the “Deposit”); and

               (b) shall, at the Closing, deliver to Seller by wire transfer of
immediately available funds the sum of $29,422.64 (together with the Deposit, the
“Purchase Price”).

          3.02
Purchase Price Adjustment. If the number of Containers sold by Seller to
Buyer is less than the number of Containers listed on Exhibit A hereto, then and in
such event Seller (or, if Seller is no longer in existence, CCC) shall refund the amount of any
overpayment of the Purchase Price to Buyer within five (5) business days after CCC or CCL becomes aware
of the shortfall. Upon the return of any overpayment as called for herein, Seller or CCC, as
the case may be, shall be entitled to all casualty payments and sale proceeds attributable to any
casualty loss or sale of a Container reported as part of a shortfall hereunder.

2

 

          3.03 Allocation of Revenues.

               (a) The parties acknowledge that all Net Revenues for all periods prior
to the Closing Date shall be for the account of and belong to Seller and that all Net Revenues
for all periods commencing on and after the Closing Date shall be for the account of and belong to
Buyer.

               (b) Except as otherwise provided in this Section 3.03, (i) if Seller shall
at any time receive any distribution, payment or other amount in respect of a Container
acquired by Buyer which has become, or which may become, due and payable with respect to any period
of time commencing on or after the Closing Date, or which may arise from any act, event or
circumstance which occurred after that date, then Seller agrees to hold such amount in trust
for the benefit of the Buyer and promptly to deliver said amount to Buyer; and (ii) if Buyer shall
receive any distribution, payment or other amount which was due and payable with respect to
any period of time prior to the Closing Date, then Buyer agrees to hold such amount in trust
for the benefit of Seller and promptly to deliver said amount to Seller. If CCL determines in its
final reconciliation for periods ended on or prior to August 31, 2005, that Seller has received
pursuant to the Prior Management Agreements an excess distribution or otherwise owes CCL any amount
for such periods (any such excess or debt being referred to as a “Deficiency”), and CCL
asserts against or attempts to collect from Buyer any such Deficiency, through offset or otherwise,
then Seller or if, at such time, Seller has dissolved or liquidated, CCC shall, upon demand by
Buyer, pay such Deficiency to CCL or reimburse Buyer if and to the extent such Deficiency is paid by
or assessed against Buyer.

     4. Closing. The Closing shall take place at the offices of Greene Radovsky Maloney
& Share LLP, Four Embarcadero Center, Suite 4000, San Francisco, California, on August 31,
2005, or at such other dates, times and places as Seller and Buyer shall mutually agree.
Immediately upon the Closing, Seller shall be deemed to have delivered the Containers to Buyer
and Buyer shall be deemed to have accepted the Containers from Seller without any further
action on the part of Buyer or Seller.

     5. Representations and Warranties of Seller. Each of CCC and Seller represents and
warrants to each of Buyer and York GP as follows:

          5.01 Existence, Power and Authority. Seller is a limited partnership, duly
organized and validly existing under the laws of the State of California, and has all
requisite partnership authority to enter into this the Transaction Documents and to consummate the
transactions contemplated hereby and thereby; and CCC is a corporation validly existing and in
good standing under the laws of the State of California, and, as its general partner, has the
full authority to bind Seller to this Agreement by execution hereof on its behalf.

          5.02 Authorization. The execution and delivery of each of the Transaction
Documents, and the performance by Seller hereunder and thereunder, have been duly authorized
by all requisite partnership or corporate action and proceedings of Seller and CCC, and in
accordance with applicable provisions of their organizational documents or applicable law.
This Agreement has been duly executed and delivered by Seller, and this Agreement is, and the Bill
of Sale and the Assignment when executed and delivered will be, the legal, valid and binding

3

 

obligations of Seller, enforceable against Seller in accordance with their respective terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws
from time to time in effect which affect creditors’ rights generally.

          5.03 No Conflict. Neither the execution and delivery of any of the Transaction
Documents by Seller, nor the performance by it hereunder or thereunder, will (i) violate,
conflict with or constitute a default under any provision of its limited partnership agreement or other
applicable charter documents, (ii) conflict with or result in a breach of any indenture or
other agreement to which Seller is a party or by which it or its properties are bound, (in) violate
any judgment, order, injunction, decree or award of any court, administrative
agency or governmental body against, or binding upon, it or its properties, or (iv) constitute a
violation by Seller of any law or regulation applicable to it or its properties, except in any case where
such violation would not have a material adverse affect on the financial condition of Seller or its
ability to perform its obligations under this Agreement.

          5.04 Consents. The execution, delivery and performance by Seller of, and the
consummation of the transactions contemplated by each of the Transaction Documents do not
require (i) any approval or notice to or consent of any person, or any holder of any
indebtedness or obligation of any of Seller or any other party to any agreement binding on the Seller, or
(ii) any notice to or filing or recording with, or any consent or approval of, any governmental
body.

          5.05 Legal Proceedings. There are no actions, suits or proceedings pending, or
to the knowledge of Seller or CCC, threatened, against Seller or the Containers before any
court, arbitrator, administrative or governmental body that, if adversely determined, would hinder or
prevent Seller’s ability to carry out the transactions contemplated by any of the Transaction
Documents or affect the right, title or interest of Seller in the Containers, and, to their
knowledge, there is no basis for any such suits or proceedings.

          5.06 Prior Management Agreements. Effective as of the Closing Date, there
shall be no Prior Management Agreements and no other agreement (other than the Lease),
letters, certificates or other documents of any kind, relating to the Containers which will be binding
on Buyer or which will create a lien, charge, security interest or other encumbrance in or on the
Containers or any part thereof after the Closing. To Seller’s knowledge, there are no
set-offs, defenses or counterclaims available against amounts owed to Seller in respect of the operation
of the Containers prior to the Closing Date. No prepayment of rent or prepayment of casualty
value under the Prior Management Agreements has been made by CCL or any other party for any
period subsequent to the Closing Date.

          5.07 Title. Seller is the lawful and rightful sole owner of the Containers and
has good right and title to sell the same to Buyer. Seller holds, and on the Closing Date
will hold, title to its Containers free and clear of all liens, charges, security interests, or
other encumbrances other than the use and possessory interests of CCL and MSC arising under the
Lease. Seller has not previously assigned any rights, title or interests of Seller in the
Containers to be conveyed to Buyer pursuant hereto.

          5.08 Compliance with Laws and Regulations. The sale of the Containers by
Seller will not violate any provision of any applicable laws, orders or regulations.

4

 

          5.09 Revenue Distributions. Seller shall be entitled to all Net Revenues earned
(on an accrual basis) as called for under the Prior Management Agreements for all periods
prior to the Closing Date, Seller has not directly or indirectly received any prepayment or
distribution of Net Revenues or other distributions (including casualty payments) for any period on or
after the Closing Date. As of the Closing Date, Seller has paid or satisfied all prior operating
deficit balances relating to periods of allocated expenses in excess of allocated revenues, and there
are no accrued deficits which could be offset against Net Revenues allocable to Buyer hereunder.

          5.10 Remarketing Arrangements. The Containers are not subject to any
remarketing, residual sharing or similar agreement which would be binding upon or enforceable
against Buyer or, following the sale of such Containers to Buyer hereunder, against the
Containers or against the proceeds of any sale, leasing or other disposition of the
Containers.

          5.11 No Violation of Lease. The sale and conveyance to Buyer of the
Containers will not violate the terms or provisions of the Lease or any other agreement to
which Seller then is a party or by which it is bound.

          5.12 Rights to the Leases are Assignable. The rights with respect to the Lease
transferred by Seller to Buyer pursuant to this Agreement are assignable by Seller without the
consent of any Person other than consents which will have been obtained on or before Closing
Date.

          5.13 All Necessary Action Taken. Immediately after the sales and conveyances
to the Buyer as contemplated in this Agreement, all necessary action will have been taken by
the Seller to validly transfer and convey to the Buyer (a) all right, title and interest of the
Seller in and to payments then due under the Lease to the extent related to a Container and all
scheduled lease payments to become due thereunder which relate to a Container and (b) all right, title
and interest of the Seller in and to the related Containers.

          5.14 Compliance with the Lease. Each of MSC and Seller has performed all
obligations to be performed by it under the terms of the Lease prior to the date hereof, and
neither MSC nor Seller is in violation of its obligations under the Lease.

          5.15 Notices. Seller will immediately provide to Buyer any notice received
from CCL, including without limitation notice that any of the Containers has sustained an
event of loss, and any notice received from CCL or any other party delivered under the Prior
Management Agreements.

     6. Representations and Warranties of Buyer. Each of York GP and Buyer
represents and warrants to each of Seller and CCC, as of the date hereof, as follows:

          6.01 Existence, Power and Authority. Buyer is a limited partnership duly formed and
validly existing under the laws of the British Virgin Islands, and has all requisite partnership
power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby and thereby; and York GP is a company duly organized and validly existing under the laws of
the Cayman Islands, and, as its general partner, has the full authority to bind Buyer to this
Agreement by execution hereof on its behalf.

5

 

          6.02 Authorization. The execution and delivery by Buyer of this Agreement,
and the performance by Buyer hereunder and thereunder, have been duly authorized by all
requisite partnership or company action and proceedings of York GP and Buyer. This
Agreement has been duly executed and delivered by Buyer, and this Agreement is the legal,
valid and binding obligation of Buyer, enforceable against Buyer in accordance with its
respective terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency or similar laws from time to time in effect which affect creditors’ rights
generally. Buyer has, and as of the Closing Date shall have, the requisite financial ability or third
party financing commitment to enable it to pay the Purchase Price hereunder.

          6.03 No Conflict. Neither the execution and delivery of this Agreement by
Buyer, nor the performance by Buyer hereunder, will (i) violate, conflict with or constitute a
default under any provision of Buyer’s certificate of limited partnership and/or limited
partnership agreement, (ii) conflict with or result in a breach of any indenture or other
material agreement to which Buyer is a party or by which Buyer or its properties are bound, (iii)
violate any judgment, order, injunction, decree or award of any court, administrative agency or
governmental body against, or binding upon, Buyer or its properties, or (iv) constitute a
violation by Buyer of any law or regulation applicable to Buyer or its properties.

          6.04 Consents. The execution, delivery and performance by Buyer of this
Agreement do not require (i) the approval or consent of or notice to any person, or any holder
of any indebtedness or obligation of Buyer or any other party to any agreement binding on the
Buyer, or (ii) any notice to or filing or recording with, or any consent or approval of, any
governmental body.

          6.05 Legal Proceedings. There are no actions, suits or proceedings pending, or
to the knowledge of York GP or Buyer, threatened, against Buyer that, if adversely determined,
would materially hinder or prevent Buyer’s ability to carry out the transactions contemplated
by this Agreement, and, to their knowledge, there is no basis for any such suits or proceedings.

          6.06 Compliance with Laws and Regulations. The purchase of the Containers
by Buyer will not violate any applicable laws, orders or regulations.

     7. Covenants.

          7.01 Closing. Each of the parties shall use all reasonable efforts to fulfill or
obtain the fulfillment of conditions set forth herein as they relate to such party on or prior
to the Closing.

          7.02
Sales Tax. The parties acknowledge that the Containers are currently, and
will continue to be, subject to the Lease and therefore the Containers will remain in the
possession of MSC. Accordingly, it is the expectation of the parties that the transfer
contemplated by this Agreement shall be exempt from state and local sales, use, transfer or
similar taxes. If, however, any such sales, use, transfer or similar tax is imposed by any
state or local authority on the transfer of the Containers as contemplated herein, other than taxes
based on income of Seller, Buyer shall bear and be responsible for the payment of the amount of such
tax; provided, that any related interest and penalties payable with respect thereto shall be
paid by

6

 

Seller or by CCC if Seller has been dissolved and liquidated. Upon receipt of notice of any such
tax or imposition, the party receiving the notice shall promptly provide a copy to all other
parties. Any party may, at its own cost and expense, commence and participate in a contest of the
validity, applicability or amount of any such tax or other imposition.

     8. Conditions Precedent to the Obligation of Buyer to Close. The obligation of Buyer
to purchase the Containers pursuant to this Agreement is subject to the fulfillment on or prior to
the Closing of the following conditions, any one or more of which may be waived by it; provided,
however, that, to the extent that a condition waived would constitute a breach of a provision of
this Agreement, the waiver of such condition shall, in addition, constitute a waiver of the breach
of such provision:

          8.01
Representations, Warranties and Covenants. The representations and
warranties of each of CCC and Seller contained in this Agreement shall be true in all material
respects on and as of the Closing with the same force and effect as though made on and as of
such Closing. Each of CCC, CCL and Seller, as applicable, shall have performed and complied
with all covenants and agreements required by this Agreement and the Prior Management
Agreements to be performed or complied with by it on or prior to the Closing, At the Closing,
CCC and Seller shall deliver to Buyer a certificate, dated the Closing Date and signed by an
officer of CCC, on behalf of Seller, to the foregoing effect.

          8.02 No Change in Applicable Law. No change shall have occurred after the
date of execution and delivery of this Agreement in applicable law or regulations or
interpretations thereof by appropriate regulatory authorities which, in the opinion of Buyer
or its counsel, would make it illegal for Buyer to perform fully its obligations hereunder.

          8.03 Delivery of Documents. The following documents shall have been
delivered to Buyer:

               (a) a Bill of Sale for the Containers being sold by Seller on the
Closing Date, executed by such Seller (in the form of Exhibit B attached hereto);

               (b) (i) Equipment Lease Agreement with Buyer executed by CCL, and
(ii) an Assignment executed by and among Seller, Buyer and CCL governing the utilization of
the Containers after the Closing Date (in the form of
Exhibit C attached hereto);

               (c) documents evidencing the release of any liens, encumbrances and
security interests in the Containers, in form and substance
satisfactory to Buyer; and

               (d) all other agreements, instruments, certificates and other documents
reasonably requested by Buyer prior to the Closing Date to effect the transactions
contemplated by this Agreement.

          8.04 Consents. Any required consent or approval of CCL and any other third
person to the sale and transfer of the Containers to Buyer shall have been obtained, and Buyer
shall have received evidence satisfactory to it of the same.

7

 

          8.05 Satisfaction of Statutory and Regulatory Requirements. All statutory and
other legal requirements for the valid consummation of the transactions contemplated by this
Agreement shall have been fulfilled.

          8.06 No Litigation. No action or proceedings shall have been instituted nor
shall any action be threatened before any court or governmental agency, nor shall any order,
judgment or decree have been issued or proposed to be issued by any court or governmental
agency, at the time of the Closing questioning the validity or legality of this Agreement or
the transactions contemplated hereby or the ability of the parties hereto to consummate the
transactions contemplated hereby.

     9. Conditions Precedent to the Obligation of Seller to Close. The obligation of
Seller to sell its Containers pursuant to this Agreement is subject to the fulfillment on or
prior to the Closing of the following conditions, any one or more of which may be waived by it;
provided, however, that, to the extent that a condition waived would constitute a breach of a
provision of this Agreement, the waiver of such condition shall, in addition, constitute a
waiver of the breach of such provision:

          9.01 Representations, Warranties and Covenants. The representations and
warranties of each of York GP and Buyer contained in the Agreement shall be true in all
material respects on and as of the Closing with the same force and effect as though made on and as of
such Closing. Each of York GP and Buyer shall have performed and complied with all
covenants and agreements required by this Agreement to be performed or complied with by it on
or prior to the Closing. At the Closing, York GP, on behalf of Buyer, shall deliver to CCC, on
behalf of Seller, a certificate, dated the Closing Date and signed by a director of York GP,
to the foregoing effect.

          9.02  Delivery of Funds and Documents. The Purchase Price required by
Section 3.01 shall have been duly delivered to CCC for the account of Seller; and Buyer shall
have duly executed and delivered to CCC all other agreements, instruments, certificates and
other documents reasonably requested by Seller prior to the Closing Date to effect the
transactions contemplated by this Agreement.

          9.03 Satisfaction of Statutory and Regulatory Requirements. All statutory and
other legal requirements for the valid consummation of the transactions contemplated by the
Agreement shall have been fulfilled.

          9.04 No Litigation. No action or proceeding shall have been instituted nor shall
any governmental action be threatened before any court or governmental agency, nor shall any
order, judgment or decree have been issued or proposed to be issued by any court or
governmental agency, at the time of the Closing questioning the validity or legality of this
Agreement or the transactions contemplated hereby or the ability of the parties hereto to
consummate the transactions contemplated hereby.

     10. Disclaimer of Warranties by Seller. EXCEPT AS EXPRESSLY SET FORTH
HEREIN, NEITHER CCC NOR TRANSFEROR SHALL BE DEEMED TO HAVE MADE
ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, NOW OR

8

 

HEREAFTER, AS TO THE CONDITION, DESIGN, OPERATION, MAINTENANCE, VALUE, MARKETABILITY,
MERCHANTABILITY OR FITNESS FOR USE OR FOR A PARTICULAR PURPOSE OF ANY OF THE CONTAINERS OR AS TO
THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF ANY OF THE CONTAINERS AND ANY IMPLIED WARRANTY
ARISING FROM COURSE OF PERFORMANCE, DEALING OR USAGE OF THE TRADE. Except as expressly set forth
herein, each of Seller and CCC disclaims any liability to Buyer with respect to Container
condition, including, without limitation, any liability in tort or arising from negligence, strict
liability or for loss or interruption of use, profit or business or other consequential injury, and
Buyer waives, releases, renounces and disclaims expectation of or reliance upon any such warranty
or warranties.

     11. Survival of Representations and Warranties. All representations and warranties
made herein, and the agreements set forth herein, shall survive the Closing.

     12. Further Assurances. Each of CCC, Seller, York GP and Buyer agrees to execute,
acknowledge, deliver, file and record, or cause to be executed, acknowledged, delivered,
filed and recorded, such further documents or other papers, and to do all such things and acts, as
the other parties may reasonably request in order to carry out the provisions and purposes of this
Agreement and the transactions contemplated hereby. Seller shall send Buyer, upon its
receipt thereof, all payments, notices, communications and any other documents with respect to the
Containers which any of them receives subsequent to the Closing Date.

     13. Expenses. Each party shall bear its expenses incurred in connection with the
preparation, execution and performance of this Agreement and the transactions contemplated
hereby, including, without limitation, all fees and expenses of its agents, representatives,
counsel and accountants. Buyer shall bear all costs associated with its own inspection and appraisal
of the Containers prior to the Closing. Seller shall bear all costs associated with filing and
recording the termination statements, assignments, releases and terminations described in
Section 8.03(c) of this Agreement.

     14. Brokers’ Fees. Except as disclosed by a party in writing to the other parties
prior to the Closing, each of CCC and Seller (jointly and severally), on the one hand, and each of
York GP and Buyer, on the other, represents and warrants to the other that neither it nor any of
its affiliates have incurred any obligation or liability, directly or indirectly, for brokerage or
finders’ fees or agents’ commissions or like payment in connection with this Agreement or the
transactions contemplated hereby, and hereby indemnifies and each holds the other harmless
therefor.

     15. Notices. Any notice, demand, or communication required or permitted to be
given by any provision of this Agreement shall be in writing or transmitted electronically and
shall be deemed to have been duly given when received, if personally delivered; upon
confirmation of receipt (by use of “confirmation to sender” or other means), if transmitted by
telecopy or by electronic or digital transmission method; or on the next business day after it
is sent, if sent for overnight delivery by a recognized overnight delivery service, charges
prepaid, addressed as follows:

9

 

	 	 	 
	If to York GP

or Buyer, to:

	 	York GP, Ltd.

Suite 203 Lagoon Court 

Sandyport

PO Box N-1717

Nassau

Bahamas

Attention: S. Nicholas Walker

	 
	 	 
	If to CCC or Seller, to:

	 	Cronos Capital Corp.

One Front Street, Suite 925

	 

	 	San Francisco, California 94111

	 

	 	Attention: John Kallas, Chief Financial Officer

Any party by notice given in accordance with this Section to the other parties may
designate another address or person for receipt of notices hereunder.

     16. Waivers
and Amendments; Non-Contractual Remedies; Preservation
of Remedies. This Agreement may be amended, superseded, modified,
supplemented or terminated, and the terms hereof may be waived, only by written instrument signed by the
parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof. No
waiver on the part of any party of any such right, power or privilege, nor any single or partial
exercise of any such right, power or privilege, shall preclude any further exercise thereof or the
exercise of any other such right, power or privilege. The rights and remedies herein provided are
cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or
in equity.

     17. Governing Law; Dispute Resolution. This Agreement will be governed by and
construed under the laws of the State of California. Should any dispute or controversy
arising from or relating to this Agreement arise between the parties that the parties are incapable
of resolving themselves through good faith negotiation, then such dispute or controversy shall
be submitted for resolution by JAMS in San Francisco, California, or at such other location as
is agreed upon by the parties. Any dispute shall first be submitted to JAMS for mediation
pursuant to the mediation services provided by JAMS. Should the dispute between the parties not be
successfully mediated by JAMS within sixty (60) days of its submission (subject to any
extension agreed to by the parties) then and in such event the dispute shall be submitted
for binding arbitration by JAMS pursuant to the rules and practices of JAMS. Unless agreed to
by the parties, the representative of JAMS who attempts to mediate any dispute between the
parties shall not be the representative of JAMS who arbitrates the dispute. Judgment upon any award
by the arbitrator(s) may be entered in the superior court in and for the County of San
Francisco or the federal district court for the Northern District of California. It is agreed that the
prevailing

10

 

party in any such arbitration or other action arising from or relating to this Agreement
shall be entitled to reimbursement of its reasonable costs and expenses, including its attorneys’
fees. Each party consents to the exercise over it or personal jurisdiction by the arbitrator(s)
selected by JAMS to resolve any dispute hereunder, and by the superior court in and for the County
of San Francisco and the federal district court for the Northern District of California.

     18. Binding Effect; Assignment. No party shall assign this Agreement to any other
person without the prior written consent of all other parties. This Agreement shall be
binding upon and inure to the benefit of the parties and their respective successors and permitted
assigns. No assignment of this Agreement or of any rights hereunder shall relieve the assigning party
of any of its obligations or liabilities hereunder. This Agreement, the Bill of Sale, the
Assignment and the certificates, schedules, annexes and other documents executed and delivered at or
before the Closing in connection herewith are the complete agreement of the parties regarding the
subject matter hereof and thereof and supersede all prior understandings (written or oral),
communications and agreements.

     19. Counterparts. This Agreement may be executed by the parties in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument.

     20. Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision
will be effective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement, and the remainder
of such provision and the remaining provisions of this Agreement shall be interpreted, to the
maximum extent possible, so as to conform to the original intent of this Agreement.

     21. Indemnities.

               (a) York GP and Buyer jointly and severally will indemnify Seller and
hold Seller harmless from any liability, loss, cost or expense
(“Claim”), including reasonable
attorneys’ fees, which shall result from (i) the incorrectness of any representation or breach
of any warranty of York GP or Buyer contained in this Agreement or in any other agreement,
instrument, certificate or other document delivered by York GP or Buyer pursuant hereto; (ii)
a breach by York GP or Buyer of any of its covenants or agreements contained in this Agreement,
any other agreement, instrument, certificate or other document delivered by York GP or Buyer
in connection with the transactions contemplated by this Agreement; or (iii) any Claim or legal
proceedings with respect to any Containers relating to any period after the Closing Date with
respect to such Containers. Upon payment of such indemnity, York GP or Buyer, as the case
may be, shall be subrogated to the indemnitee’s rights against any third parties respecting
the Claims. Anything contained in this Agreement to the contrary notwithstanding, neither York GP
or Buyer shall be required to indemnify Seller if and to the extent Seller is indemnified and
fully compensated for its Claim by a third party.

               (b) CCC and Seller jointly and severally will indemnify Buyer and
hold Buyer harmless from any Claim, including reasonable attorneys’ fees, which shall result

11

 

from (i) the incorrectness of any representation or breach of any warranty of CCC or Seller
contained in this Agreement or in any certificate or other document delivered by CCC or Seller
pursuant hereto; (ii) a breach by CCC or Seller of any of its covenants or agreements contained in
this Agreement, any other agreement, instrument, certificate or other document delivered by CCC or
Seller in connection with the transactions contemplated by this Agreement; or (iii) any Claim or
legal proceedings with respect to any Containers (or any part thereof) arising or relating to any
period prior to and including the Closing Date, including Claims of limited partners in Seller or
other third parties based upon or arising out of Seller’s ownership, management, disposition or
sale of the Containers. Upon payment of such indemnity, CCC or Seller, as the case may be, shall be
subrogated to Buyer’s rights against any third parties respecting the Claims.

               (c) A party seeking indemnification pursuant to Sections 21(a) or (b)
above (an “Indemnified Party”) shall give prompt notice to the party from whom such
indemnification is sought (the “Indemnifying Party”) of the assertion of any Claim, or the
commencement of any action, suit or proceeding, in respect of which indemnification may be
sought hereunder and will give the Indemnifying Party such information with respect thereto as
the Indemnifying Party may reasonably request; but no failure to give such notice shall
relieve the Indemnifying Party of any liability hereunder (except to the extent the Indemnifying Party
has suffered actual prejudice thereby). The Indemnifying Party may, at its expense,
participate in or assume the defense of any such action, suit or proceeding involving a third party;
provided, however, that such defense is conducted with counsel mutually satisfactory to the Indemnified
Party and the Indemnifying Party. The Indemnified Party and the Indemnifying Party shall
consult with each other regarding the conduct of such defense. The Indemnified Party shall
have the right (but not the duty) to participate in the defense thereof, and to employ counsel, at
its own expense (except that the Indemnifying Party shall pay the fees and expenses of such counsel to
the extent the Indemnified Party reasonably concludes that there is a conflict of interest
between the Indemnified Party and the Indemnifying Party), separate from counsel employed by the
Indemnifying Party in any such action. The Indemnifying Party shall be liable for the fees
and expenses of counsel employed by the Indemnified Party if the Indemnifying Party has not
assumed the defense thereof. Whether or not the Indemnifying Party chooses to defend or
prosecute any Claim involving a third party, all the parties hereto shall cooperate in the
defense or prosecution thereof and shall furnish such records, information and testimony, and attend
at such conferences, discovery proceedings, hearings, trials and appeals, as may be reasonably
requested in connection therewith. The Indemnifying Party shall not be liable under Sections
21 (a) or 21(b) for any settlement effected without its written consent (as contemplated
above) for any Claim, litigation or proceeding in respect of which indemnity may be sought hereunder. No
Claim for indemnification, except Claims based on (i) a breach of the representations
contained in Section 5.07 hereof or (ii) the assessment of taxes, interests or penalties contemplated in
Section 7.02 hereof, may be first initiated or asserted by any Indemnified Party against any
Indemnifying Party (including CCC) after the second anniversary of the Closing Date;
notwithstanding the foregoing, no Claim for indemnification may be initiated or asserted
against Seller after the Closing Date.

               (d) Each of the parties (i) acknowledges that under the Prior
Management Agreements the owner of the Containers may be indemnified and insured for
various liabilities, casualties and losses, and (ii) agrees that (as between Seller and Buyer)
each

12

 

party hereto shall be entitled to enforce and collect such indemnities and insurance
directly from the indemnitor or insurer to the extent arising from a loss suffered by
such party because of its interest, or prior interest, as owner of the Containers.

     22. Headings; Table of Contents. The headings and the Table of Contents
contained in this Agreement are for convenience of reference only, and shall not effect in
any way the meaning or interpretation of this Agreement.

     IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as
of the date first above written.

	 	 	 	 	 	 	 	 	 
	Buyer:	 	 	 	Seller:
	 
	 	 	 	 	 	 	 	 
	YORKCONT 1 LP,
	 	 	 	IEA INCOME FUND VIII,

	a British Virgin Islands limited partnership	 	 	 	A California Limited Partnership
	 
	 	 	 	 	 	 	 	 
	By:

	 	York GP, Ltd.,

its general partner
	 	 	 	By:
	 	CRONOS CAPITAL CORP., its
general partner
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ S. Nicholas Walker
	 	 	 	By:
	 	/s/ Dennis J. Tietz
	 

	 	 
	 	 	 	 	 	 
	 

	 	S. Nicholas Walker,

Managing Director
	 	 	 	 	 	Dennis J. Tietz, President
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ John Kallas
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	John Kallas, Chief Financial Officer
	 
	 	 	 	 	 	 	 	 
	York GP:	 	 	 	CCC:
	 
	 	 	 	 	 	 	 	 
	YORK GP, LTD.,
	 	 	 	CRONOS CAPITAL CORP.

	a Cayman Islands exempted company	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Dennis J. Tietz
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Dennis J. Tietz, President
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ S. Nicholas Walker	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	S. Nicholas Walker,
Managing Director

	 	 	 	By:
	 	/s/ John Kallas
	 

	 	 	 	 	 	 	 	 
	 

	 	
	 	 	 	 	 	John Kallas, Chief Financial Officer

13

 

Exhibit A

List of Containers

 

 

Exhibit B

Bill of Sale

 

 

Exhibit B

Form of Bill of Sale

     For valuable consideration, the receipt and sufficiency of which is hereby acknowledged, IEA
INCOME FUND VIII, A California Limited Partnership
(“Seller”) does hereby sell, assign and transfer
unto YORKCONT 1 LP, a British Virgin Islands limited partnership
(“Buyer”), and its successors and
assigns, all right, title and interest of Seller in and to the marine cargo containers and related
equipment listed on Schedule 1 hereto (the “Equipment”) to have and to hold the same unto
Buyer, its successors and assigns, forever.

     Seller hereby warrants that it has good and marketable title to the Equipment, and that
Seller’s title thereto is free and clear of all liens, charges, security interests, or other
encumbrances other than the use and possessory rights of third party lessees as contemplated under
Seller’s lease or management agreements with Cronos Containers
Limited, an English corporation.

     This Bill of Sale is being delivered in connection with the Container Purchase Agreement
between Seller, Cronos Capital Corp., a California corporation, York GP, Ltd., a Cayman Islands
exempted company and Buyer dated as of August 31, 2005 (the “Purchase Agreement”). EXCEPT FOR THE
WARRANTY OF TITLE SET FORTH IN THIS BILL OF SALE AND THE REPRESENTATIONS AND WARRANTIES OF
TRANSFEROR SET FORTH IN THE PURCHASE AGREEMENT, THE EQUIPMENT IS BEING SOLD TO TRANSFEREE BY
TRANSFEROR “AS-IS” “WHERE-IS”, WITHOUT ANY OTHER REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN,
ORAL OR IMPLIED, AND TRANSFEROR SHALL NOT, BY VIRTUE OF HAVING SOLD THE EQUIPMENT HEREWITH, BE
DEEMED TO HAVE MADE ANY REPRESENTATIONS OR WARRANTY, EXPRESS OR IMPLIED, NOW OR HEREAFTER, AS TO
THE CONDITION, DESIGN, OPERATION, MAINTENANCE, VALUE, MARKETABILITY, MERCHANTABILITY, OR FITNESS
FOR USE OR FOR A PARTICULAR PURPOSE OF ANY OF THE CONTAINERS OR AS TO THE QUALITY OF THE MATERIAL
OR WORKMANSHIP OF ANY OF THE CONTAINERS AND ANY IMPLIED WARRANTY ARISING FROM COURSE OF
PERFORMANCE, DEALING OR USAGE OR THE TRADE.

[Signature page follows.]

 

 

     IN
WITNESS WHEREOF, the undersigned has executed this Bill of Sale as of
the____________
day of
                                        , 2005.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Seller:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	IEA INCOME FUND VIII,

A California Limited Partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CRONOS CAPITAL CORP., its
general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Dennis J. Tietz, President	 	 
	 
	 	 	 	 	 	 
	 

	 	And:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	John Kallas, Chief Financial Officer	 	 

 

 

Schedule 1

to

Bill of Sale

List of Equipment

 

 

Exhibit C

Form of Assignment

 

 

Exhibit C

Assignment

     For valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
IEA INCOME FUND VIII, A California Limited Partnership (“Assignor”) does hereby assign all of its
beneficial interest in and to the Term Lease Agreement No. 90014043, effective July 1, 2003, as
amended December 1, 2004 (“Lease”) by and between Mediterranean Shipping Co. SA and CRONOS
CONTAINERS LIMITED, an English corporation (“CCL”), with respect to the marine cargo containers and
related equipment listed on Schedule 1 hereto (the “Equipment”), unto YORKCONT 1
LP, a British Virgin Islands limited partnership (“Assignee”), and its successors and assigns, to have and to hold the same
unto Assignee, its successors and assigns, forever. Assignee
hereby agrees to assume and discharge all duties and obligations of Assignor with respect to the
Equipment subject to the Lease, from and after this date.

     This Assignment is being delivered in connection with the Container Purchase Agreement
between Assignor, Cronos Capital Corp., a California corporation, York GP, Ltd., a Cayman Islands
exempted company and Assignee dated as of August 31, 2005.

     Each of the parties hereto agrees to promptly execute and deliver any and all further
agreements, documents, or instruments necessary to effectuate this assignment and the transaction
referred to herein or reasonably requested by the other party to perfect or evidence its rights
and duties hereunder.

     This Assignment shall be governed by and construed in accordance with the laws of the State
of California.

[Signature Page Follows.]

 

 

     IN WITNESS WHEREOF, the undersigned has executed this Assignment as of the                     
day of                                         , 2005

	 	 	 	 	 	 	 	 	 
	Assignor:	 	 	 	Assignee:
	 
	 	 	 	 	 	 	 	 
	IEA INCOME FUND VIII,
	 	 	 	YORKCONT 1 LP,

	A California Limited Partnership	 	 	 	a British Virgin Islands limited partnership
	 
	 	 	 	 	 	 	 	 
	By:

	 	CRONOS CAPITAL CORP., its
general partner
	 	 	 	By:
	 	York GP, Ltd.,

its general partner
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Dennis J. Tietz, President
	 	 	 	 	 	S. Nicholas Walker,

Managing Director
	 
	 	 	 	 	 	 	 	 
	And:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	John Kallas, Chief Financial Officer	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	CCL:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	CRONOS CONTAINERS LIMITED,

an English corporation	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	John C. Kirby, Director	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	And:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Timothy W. J. Courtenay, Director	 	 	 	 	 	 

 

 

Schedule 1

to

Assignment

List of Equipmentexv10w01

 

Exhibit 10.01

INSIGNIA SOLUTIONS PLC

41300 Christy Street

Fremont, CA 94538

Telephone: 510-360-3700

Facsimile: 510-360-3701

August 31, 2005

Fusion Capital Fund II, LLC

222 Merchandise Mart Plaza

Suite 9-112

Chicago, Illinois 60654

Re: Securities Subscription Agreement Dated as of February 10, 2005

Gentlemen:

This letter is being delivered to confirm our understanding with respect to certain issues under
that certain Securities Subscription Agreement, dated as of February 10, 2005 (the “Subscription
Agreement”), by and between INSIGNIA SOLUTIONS PLC, a company incorporated under the laws of
England and Wales (the “Company”) and FUSION CAPITAL FUND II, LLC (“Fusion”), pursuant to which the
Company has agreed to issue to Fusion the Ordinary Shares, 20 pence nominal value per share, of the
Company represented by American Depository Shares (“ADSs”) in an amount up to Twelve Million
Dollars ($12,000,000) in accordance with the terms of the Subscription Agreement. All capitalized
terms used in this letter that are not defined in this letter shall have the meanings set forth in
the Subscription Agreement.

Fusion and the Company hereby agree that the Company shall have until September 15, 2005 to file
the registration statement referenced in Section 4(a) and that the June 30, 2005 date referred to
in Section 11 shall be deemed to be November 30, 2005. The provisions set forth in Section 11 of
the Subscription Agreement are hereby incorporated by reference herein.

	 	 	 	 	 
	 	INSIGNIA SOLUTIONS PLC 

 	 
	 	By:  	/s/ Mark McMillan
 	 
	 	 	Name:  	Mark McMillan 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	FUSION CAPITAL FUND II, LLC 

BY: FUSION CAPITAL PARTNERS, LLC

BY: SGM HOLDINGS CORP.

 	 
	 	By:  	/s/ Steven G. Martin
 	 
	 	 	Name:  	Steven G. Martin 	 
	 	 	Title:  	President

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