Document:

Exhibit 10.1

 

STOCK REDEMPTION AGREEMENT

 

THE
STOCK REDEMPTION AGREEMENT (“Agreement”) is made and entered into this 19th day
of March 2004, by and between Nucotec, Inc., a Nevada corporation
(“Corporation”), and Steven W. Hudson and certain entities controlled by Steven
W. Hudson, which are specified on the signature page of this Agreement
(collectively, the “Shareholders”).

 

RECITALS

 

A.  The Shareholders are the owner of Four
Hundred Twenty Thousand Six Hundred Fifty (420,650) shares of the $.001 par value
common stock issued by the Corporation 
(“Subject Shares”).

 

B.  The Corporation desires to redeem and
purchase from the Shareholders the Subject Shares on the terms and subject to
the conditions specified in this Agreement.

 

C.  The Shareholders desire to sell, assign,
transfer, convey, surrender, deliver, and set over to the Corporation the
Subject Shares, on the terms and subject to the conditions specified in this
Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION OF THE RECITALS SPECIFIED ABOVE THAT SHALL BE
DEEMED TO BE A SUBSTANTIVE PART OF THIS AGREEMENT, AND THE MUTUAL COVENANTS,
PROMISES, UNDERTAKINGS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES SPECIFIED IN
THIS AGREEMENT AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED
LEGALLY AND EQUITABLY, THE PARTIES DO HEREBY COVENANT, PROMISE, AGREE,
REPRESENT AND WARRANT AS FOLLOWS:

 

1. 
Redemption of Subject Shares.  On the terms and subject to all of the
conditions specified by the provisions of this Agreement and upon the
performance by each of the parties of their respective obligations created by
the provisions of this Agreement, the Shareholders hereby forever and
irrevocably sell, assign, transfer, surrender, convey, deliver, and set over to
the Corporation, and Corporation hereby purchases and redeems from the
Shareholders, the Subject Shares, by the Shareholders surrendering and
delivering to the Corporation the certificates representing and evidencing the
Subject Shares, duly endorsed for transfer or accompanied by stock powers duly
executed by the Shareholders.

 

2. 
Consideration. 
As the consideration for the Shareholders’ surrender and sale, and the
Corporation’s purchase and redemption, of the Subject Shares, the Corporation
shall pay and deliver to Shareholders, on the Effective Date $260,000. The
receipt and sufficiency of such consideration is hereby specifically
acknowledged by the Corporation. The Effective Date shall be March 19, 2004.

 

3. 
Shareholders’ Representations, Warranties and Covenants.  The Shareholders represent  and warrants to the Corporation and
covenants with the Corporation the following, the truth and accuracy of each of
which shall constitute a condition precedent to the obligations of the Corporation
pursuant hereto:

 

3.1 
Validity of Agreement.  This Agreement is valid and obligates the
Shareholders.

 

3.2 
Share Ownership.  The Shareholders are the owners, free and clear of any

 

1

 

encumbrances,
of the Subject Shares. The Shareholders have full and complete right and
authority to transfer, sell, surrender, assign, and convey the Subject Shares
to the Corporation.

 

3.3 
Brokerage and Finder’s Fees.  The Shareholders have not incurred any
liability to any broker, finder or agent for any brokerage fees, finder’s fees
or commissions with respect to the transaction contemplated by the provisions
of this Agreement.

 

3.4 
Voluntary Nature of Transaction. The surrender
and sale by the Shareholders to the Corporation of the Subject Shares is made
freely and voluntarily by the Shareholders. 
The Shareholders, in selling and surrendering the Subject Shares to the
Corporation, are not acting under fraud, duress, menace or undue influence.

 

4. 
Corporation’s Representations and Warranties.  The Corporation represents and warrants to
the Shareholders and covenants with the Shareholders the following, the truth
and accuracy of each of which shall constitute a condition precedent to the
obligations of the Shareholders pursuant hereto:

 

4.1 Validity of Agreement.  This Agreement is valid and obligates the
Corporation.  The Corporation has full
and complete power and authority to redeem the Subject Shares, as contemplated
by the provisions of this Agreement.

 

4.2  Brokerage
and Finder’s Fees. 
The Corporation has not incurred any liability to any broker, finder or
agent for any brokerage fees, finder’s fees or commissions with respect to the
transactions contemplated by the provisions of this Agreement.

 

4.3 
Voluntary Nature of Transaction. The
Corporation’s agreement to enter into the transaction contemplated by the
provisions of this Agreement is made freely and voluntarily by the
Corporation.  The Corporation in
redeeming the Subject Shares is not acting under fraud, duress, menace or undue
influence.

 

5. 
Recovery of Litigation Costs.  If any legal or equitable action or any
arbitration or other proceeding is brought for the enforcement or
interpretation of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with any of the provisions of this
Agreement, the successful or prevailing party shall be entitled to recover
reasonable attorneys’ fees and other costs incurred in such action or
proceeding, in addition to any other relief to which it may be entitled.

 

6.  Governing
Law; Venue.  This Agreement
has been executed in and shall be governed by the laws of the State of
California. Any and all actions brought under this Agreement shall be brought
in the state and/or federal courts of the United States sitting in the County
or Orange, California and each party hereby waives any right to object to the
convenience of such venue.

 

7. 
Notices. 
All notices, requests, claims, demands and other communications to be
given pursuant to the provisions hereof by any party to this Agreement to any
other party to this Agreement may be effected by personal delivery in writing
or by registered or certified mail, postage prepaid, return receipt requested,
and shall be deemed communicated as of one business day for mailing.  Mailed notices shall be addressed as set
forth below; provided, however, each party to this Agreement may change its
address by written notice in accordance with the provisions of this paragraph:

 

2

 

	
  If to the
  Shareholders:

  	
   

  	
  Steven W.
  Hudson

  
	
   

  	
   

  	
  1080 S.E. 3rd
  Avenue

  
	
   

  	
   

  	
  Ft.
  Lauderdale, FL 33316

  
	
   

  	
   

  	
   

  
	
  If to the
  Corporation:

  	
   

  	
  Nucotec,
  Inc.

  
	
   

  	
   

  	
  3841 Amador
  Way

  
	
   

  	
   

  	
  Reno,
  Nevada  89502

  

 

8. 
Entire Agreement.  This Agreement supersedes any and all other agreements, either
oral or in writing, between the parties to this Agreement with respect to the
subject matter hereof and contains all the covenants and agreements between
said parties with respect thereto, and each party to this Agreement
acknowledges that no representations, inducements, promises, or agreements,
orally or otherwise, have been made by any party, or anyone acting on behalf of
any party which are not embodied herein, and that any other agreement,
statement, or promise concerning the subject matter set forth in this Agreement
shall be of no force or effect except in a subsequent modification in writing
signed by the party to be charged.

 

9. 
Severability. 
In the event any part of this Agreement, for any reason, is declared to
be invalid, such decision shall not affect the validity of any remaining
portion of this Agreement, which remaining portion shall remain in full force
and effect as if this Agreement had been executed with the invalid portion
thereof eliminated, and it is hereby declared the intention of the parties to
this Agreement that they would have executed the remaining portion of this
Agreement without including any such part, parts, or portion which, for any
reason, may be hereafter declared invalid.

 

10.  Captions
and Interpretations. 
Captions of the paragraphs of this Agreement are for convenience and
reference only, and the words contained in those captions shall in no way be
held to explain, modify, amplify or aid in the interpretation, construction or meaning
of the terms, conditions and provisions of this Agreement.  The language and all parts to this
Agreement, in all cases, shall be construed in accordance with the fair meaning
of that language and those parts and as if that language and those parts were
prepared by all parties and not strictly for or against any party.  Each party and counsel for such party have
reviewed this Agreement and participated in the negotiation and drafting of
this Agreement.  The rule of
construction, which requires a court to resolve any ambiguities against the
drafting party, shall not apply in interpreting the provisions of this
Agreement.

 

11. 
Further Assurance.  Each party to this Agreement hereby agrees to take any and all
action necessary or appropriate to execute and discharge its responsibilities
and obligations created pursuant to the provisions of this Agreement and to
further effectuate and carry out the intents and purposes of this Agreement and
the transactions contemplated hereby.

 

12. 
Number and Gender.  Whenever the singular number is used in this Agreement, and when
required by the context, the same shall include the plural, and vice versa; the
masculine gender shall include the feminine and neuter genders, and vice versa;
and the word “person” shall include individual, company, sole proprietorship,
corporation, joint venture, association, joint stock company, fraternal order,
cooperative, league, club, society, organization, trust, estate, governmental
agency, political subdivision or authority, firm, municipality, congregation,
partnership, or other form of entity.

 

13. 
Execution in Counterparts.  This Agreement may be executed in several
counterparts and,

 

3

 

when so executed, it shall constitute one agreement binding all parties
to this Agreement, notwithstanding that all parties to this Agreement are not
signatory to the original and same counterpart.

 

14. 
Successors and Assigns.  This Agreement and each of its provisions
shall obligate the heirs, executors, administrators, successors, and assigns of
each of the parties hereto.  No
provisions of this paragraph, however, shall be a consent to the assignment or
delegation by any party to this Agreement of its respective rights and
obligations created pursuant to the provisions of this agreement.

 

15. 
Representation by Counsel. All parties have
been advised of their rights to obtain independent counsel. All parties are
either represented by independent counsel or hereby specifically waive the
right to counsel. Each party represents, warrants, and covenants that such
party executes this Agreement acting on its own independent judgment or upon
the advice of such party’s counsel, without any representation, express or
implied, of any kind from any other party, except as specified expressly in
this Agreement.

 

IN WITNESS
WHEREOF, the parties to this Stock Redemption Agreement have executed in
duplicate this Agreement of the date first above written.

 

	
  Nucotec,
  Inc.,

  
	
  a Nevada
  corporation

  
	
   

  
	
   

  
	
  /s/ Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon

  
	
  ITS:
  President

  
	
   

  
	
  Shareholders:

  
	
   

  
	
  Lady Jean
  Charters, Inc.

  
	
   

  
	
   

  
	
  /s/ Steven
  W. Hudson

  	
   

  
	
  BY: Steven
  W. Hudson

  
	
  ITS:
  Principal

  
	
   

  
	
  Briland
  Properties, Inc.

  
	
   

  
	
   

  
	
  /s/ Steven
  W. Hudson

  	
   

  
	
  BY: Steven
  W. Hudson

  
	
  ITS:  Principal

  

 

4

 

	
  Mustang
  Properties, Inc.

  
	
   

  
	
  /s/ Steven
  W. Hudson

  	
   

  
	
  BY: Steven
  W. Hudson

  
	
  ITS:
  Principal

  
	
   

  
	
   

  
	
  Dunmore
  Properties, Ltd.

  
	
   

  
	
   

  
	
  /s/ Steven
  W. Hudson

  	
   

  
	
  BY: Steven
  W. Hudson

  
	
  Principal of
  Briland Properties, Inc.,

  
	
  General partner
  of Dunmore Properties, Ltd.

  
	
   

  
	
   

  
	
  Steven W.
  Hudson

  
	
   

  
	
   

  
	
  /s/ Steven
  W. Hudson

  	
   

  
	
  BY: Steven
  W. Hudson, individually

  

 

5

 

STOCK REDEMPTION AGREEMENT

 

THE
STOCK REDEMPTION AGREEMENT (“Agreement”) is made and entered into this 19th
day of March 2004, by and between Nucotec, Inc., a Nevada corporation
(“Corporation”), and Earl T. Shannon and certain entities controlled by Earl T.
Shannon, which are specified on the signature page of this Agreement
(collectively, the “Shareholders”).

 

RECITALS

 

A.  The Shareholders are the owner of Four
Hundred Twenty Thousand Six Hundred Fifty (420,650) shares of the $.001 par
value common stock issued by the Corporation (“Subject Shares”).

 

B.  The Corporation desires to redeem and
purchase from the
Shareholders the Subject Shares on the terms and subject to the conditions
specified in this Agreement.

 

C.  The Shareholders desire to sell, assign, transfer, convey,
surrender, deliver, and set over to the Corporation the Subject Shares, on the
terms and subject to the conditions specified in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION OF THE RECITALS SPECIFIED ABOVE THAT SHALL BE
DEEMED TO BE A SUBSTANTIVE PART OF THIS AGREEMENT, AND THE MUTUAL COVENANTS,
PROMISES, UNDERTAKINGS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES SPECIFIED IN
THIS AGREEMENT AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED
LEGALLY AND EQUITABLY, THE PARTIES DO HEREBY COVENANT, PROMISE, AGREE,
REPRESENT AND WARRANT AS FOLLOWS:

 

1.  Redemption of
Subject Shares.  On the terms and subject to all of the
conditions specified by the provisions of this Agreement and upon the
performance by each of the parties of their respective obligations created by
the provisions of this Agreement, the Shareholders hereby forever and
irrevocably sell, assign, transfer, surrender, convey, deliver, and set over to
the Corporation, and Corporation hereby purchases and redeems from the Shareholders,
the Subject Shares, by the Shareholders surrendering and delivering to the
Corporation the certificates representing and evidencing the Subject Shares,
duly endorsed for transfer or accompanied by stock powers duly executed by the
Shareholders.

 

2.  Consideration.  As
the consideration for the Shareholders’ surrender and sale, and the
Corporation’s purchase and redemption, of the Subject Shares, the Corporation
shall pay and deliver to Shareholders, on the Effective Date $260,000. The receipt and sufficiency
of such consideration is hereby specifically acknowledged by the Corporation.
The Effective Date shall be March 19, 2004.

 

3.  Shareholders’
Representations, Warranties and Covenants.  The
Shareholders represent and warrant to the Corporation and covenants with the
Corporation the following, the truth and accuracy of each of which shall
constitute a condition precedent to the obligations of the Corporation pursuant
hereto:

 

3.1  Validity of
Agreement.  This Agreement is valid and obligates the
Shareholders.

 

3.2  Share Ownership.  The
Shareholders are the owner, free and clear of any

 

1

 

encumbrances, of the Subject
Shares. The Shareholders have full and complete right and authority to
transfer, sell, surrender, assign, and convey the Subject Shares to the
Corporation.

 

3.3  Brokerage and
Finder’s Fees.  The Shareholders have not incurred any
liability to any broker, finder or agent for any brokerage fees, finder’s fees
or commissions with respect to the transaction contemplated by the provisions
of this Agreement.

 

3.4  Voluntary Nature
of Transaction. The
surrender and sale by the Shareholders to the Corporation of the Subject Shares
is made freely and voluntarily by the Shareholders.  The Shareholders, in selling and surrendering the Subject Shares
to the Corporation, are not acting under fraud, duress, menace or undue
influence.

 

4.  Corporation’s
Representations and Warranties.  The Corporation represents and
warrants to the Shareholders and covenants with the Shareholders the following,
the truth and accuracy of each of which shall constitute a condition precedent
to the obligations of the Shareholders pursuant hereto:

 

4.1 Validity of Agreement.  This
Agreement is valid and obligates the Corporation.  The Corporation has full and complete power and authority to
redeem the Subject Shares, as contemplated by the provisions of this Agreement.

 

4.2  Brokerage and
Finder’s Fees.  The Corporation has not incurred any
liability to any broker, finder or agent for any brokerage fees, finder’s fees
or commissions with respect to the transactions contemplated by the provisions
of this Agreement.

 

4.3  Voluntary Nature
of Transaction. The
Corporation’s agreement to enter into the transaction contemplated by the
provisions of this Agreement is made freely and voluntarily by the
Corporation.  The Corporation in
redeeming the Subject Shares is not acting under fraud, duress, menace or undue
influence.

 

5.  Recovery of
Litigation Costs.  If any legal or equitable action or any
arbitration or other proceeding is brought for the enforcement or
interpretation of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with any of the provisions of this
Agreement, the successful or prevailing party shall be entitled to recover
reasonable attorneys’ fees and other costs incurred in such action or
proceeding, in addition to any other relief to which it may be entitled.

 

6.  Governing
Law; Venue.  This Agreement
has been executed in and shall be governed by the laws of the State of
California. Any and all actions brought under this Agreement shall be brought
in the state and/or federal courts of the United States sitting in the County
or Orange, California and each party hereby waives any right to object to the
convenience of such venue.

 

7.  Notices.  All
notices, requests, claims, demands and other communications to be given
pursuant to the provisions hereof by any party to this Agreement to any other
party to this Agreement may be effected by personal delivery in writing or by
registered or certified mail, postage prepaid, return receipt requested, and
shall be deemed communicated as of one business day for mailing.  Mailed notices shall be addressed as set
forth below; provided, however, each party to this Agreement may change its
address by written notice in accordance with the provisions of this paragraph:

 

2

 

	
  If to the Shareholders:

  	
   

  	
  Earl T. Shannon

  
	
   

  	
   

  	
  1080 S.E. 3rd
  Avenue

  
	
   

  	
   

  	
  Ft.
  Lauderdale, FL 33316

  
	
   

  	
   

  	
   

  
	
  If to the Corporation:

  	
   

  	
  Nucotec, Inc.

  
	
   

  	
   

  	
  3841 Amador
  Way

  
	
   

  	
   

  	
  Reno,
  Nevada  89502

  

 

8.  Entire Agreement.  This
Agreement supersedes any and all other agreements, either oral or in writing,
between the parties to this Agreement with respect to the subject matter hereof
and contains all the covenants and agreements between said parties with respect
thereto, and each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, orally or otherwise, have been made by
any party, or anyone acting on behalf of any party which are not embodied
herein, and that any other agreement, statement, or promise concerning the
subject matter set forth in this Agreement shall be of no force or effect
except in a subsequent modification in writing signed by the party to be
charged.

 

9.  Severability.  In
the event any part of this Agreement, for any reason, is declared to be
invalid, such decision shall not affect the validity of any remaining portion
of this Agreement, which remaining portion shall remain in full force and
effect as if this Agreement had been executed with the invalid portion thereof
eliminated, and it is hereby declared the intention of the parties to this
Agreement that they would have executed the remaining portion of this Agreement
without including any such part, parts, or portion which, for any reason, may
be hereafter declared invalid.

 

10.  Captions and
Interpretations.  Captions of the paragraphs of this Agreement
are for convenience and reference only, and the words contained in those
captions shall in no way be held to explain, modify, amplify or aid in the
interpretation, construction or meaning of the terms, conditions and provisions
of this Agreement.  The language and all
parts to this Agreement, in all cases, shall be construed in accordance with
the fair meaning of that language and those parts and as if that language and
those parts were prepared by all parties and not strictly for or against any
party.  Each party and counsel for such
party have reviewed this Agreement and participated in the negotiation and
drafting of this Agreement.  The rule of
construction, which requires a court to resolve any ambiguities against the
drafting party, shall not apply in interpreting the provisions of this
Agreement.

 

11.  Further
Assurance.  Each party to this Agreement hereby agrees
to take any and all action necessary or appropriate to execute and discharge
its responsibilities and obligations created pursuant to the provisions of this
Agreement and to further effectuate and carry out the intents and purposes of
this Agreement and the transactions contemplated hereby.

 

12.  Number and
Gender.  Whenever the singular number is used in this
Agreement, and when required by the context, the same shall include the plural,
and vice versa; the masculine gender shall include the feminine and neuter
genders, and vice versa; and the word “person” shall include individual,
company, sole proprietorship, corporation, joint venture, association, joint
stock company, fraternal order, cooperative, league, club, society,
organization, trust, estate, governmental agency, political subdivision or
authority, firm, municipality, congregation, partnership, or other form of
entity.

 

13.  Execution in
Counterparts.  This Agreement may be executed in several
counterparts and,

 

3

 

when
so executed, it shall constitute one agreement binding all parties to this
Agreement, notwithstanding that all parties to this Agreement are not signatory
to the original and same counterpart.

 

14.  Successors and
Assigns.  This Agreement and each of its provisions
shall obligate the heirs, executors, administrators, successors, and assigns of
each of the parties hereto.  No
provisions of this paragraph, however, shall be a consent to the assignment or
delegation by any party to this Agreement of its respective rights and
obligations created pursuant to the provisions of this agreement.

 

15. 
Representation by Counsel. All parties have
been advised of their rights to obtain independent counsel. All parties are
either represented by independent counsel or hereby specifically waive the
right to counsel. Each party represents, warrants, and covenants that such
party executes this Agreement acting on its own independent judgment or upon
the advice of such party’s counsel, without any representation, express or
implied, of any kind from any other party, except as specified expressly in
this Agreement.

 

IN WITNESS WHEREOF, the
parties to this Stock Redemption Agreement have executed in duplicate this
Agreement of the date first above written.

 

	
  Nucotec, Inc.,

  
	
  a Nevada corporation

  
	
   

  
	
   

  
	
  /s/ Steven
  W. Hudson

  	
   

  
	
  BY: Steven
  W. Hudson

  
	
  ITS:
  Secretary

  
	
   

  
	
   

  
	
  Shareholders:

  
	
   

  
	
  Winthrop
  Venture Management, Inc.

  
	
   

  
	
   

  
	
  /s/ Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon

  
	
  ITS:
  President

  
	
   

  
	
  Alpine
  Mercantile, Inc.

  
	
   

  
	
   

  
	
  /s/ Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon

  
	
  ITS:
  President

  

 

4

 

	
  ESHA, Inc.

  
	
   

  
	
  /s/ Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon

  
	
  ITS:
  President

  
	
   

  
	
  Don Marcos
  Trading Co.

  
	
   

  
	
   

  
	
  /s/ Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon

  
	
  ITS:
  President

  
	
   

  
	
  Earl T.
  Shannon

  
	
   

  
	
   

  
	
  Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon, an individual

  

 

5

 

STOCK REDEMPTION AGREEMENT

 

THE
STOCK REDEMPTION AGREEMENT (“Agreement”) is made and entered into this 19th day
of March 2004, by and between Nucotec, Inc., a Nevada corporation
(“Corporation”), and Scott W. Bodenweber (the “Shareholder”).

 

RECITALS

 

A.  The Shareholder is the owner of Seventy-Six
Thousand Five Hundred (76,500) shares of the $.001 par value common stock
issued by the Corporation (“Subject Shares”).

 

B.  The Corporation desires to redeem and
purchase from the Shareholder the Subject Shares on the terms and subject to
the conditions specified in this Agreement.

 

C.  The Shareholder desires to sell, assign,
transfer, convey, surrender, deliver, and set over to the Corporation the
Subject Shares, on the terms and subject to the conditions specified in this
Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION OF THE RECITALS SPECIFIED ABOVE THAT SHALL BE
DEEMED TO BE A SUBSTANTIVE PART OF THIS AGREEMENT, AND THE MUTUAL COVENANTS,
PROMISES, UNDERTAKINGS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES SPECIFIED IN
THIS AGREEMENT AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, WITH THE INTENT TO BE OBLIGATED
LEGALLY AND EQUITABLY, THE PARTIES DO HEREBY COVENANT, PROMISE, AGREE,
REPRESENT AND WARRANT AS FOLLOWS:

 

1. 
Redemption of Subject Shares.  On the terms and subject to all of the
conditions specified by the provisions of this Agreement and upon the
performance by each of the parties of their respective obligations created by
the provisions of this Agreement, the Shareholder hereby forever and
irrevocably sells, assigns, transfers, surrenders, conveys, delivers, and sets
over to the Corporation, and Corporation hereby purchases and redeems from the
Shareholder, the Subject Shares, by the Shareholder surrendering and delivering
to the Corporation the certificates representing and evidencing the Subject
Shares, duly endorsed for transfer or accompanied by stock powers duly executed
by the Shareholder.

 

2. 
Consideration. 
As the consideration for the Shareholder’s surrender and sale, and the
Corporation’s purchase and redemption, of the Subject Shares, the Corporation
shall pay and deliver to Shareholder, on the Effective Date $50,000. The
receipt and sufficiency of such consideration is hereby specifically
acknowledged by the Corporation. The Effective Date shall be March 19, 2004.

 

3. 
Shareholder’s Representations, Warranties and Covenants.  The Shareholder represents and warrants to
the Corporation and covenants with the Corporation the following, the truth and
accuracy of each of which shall constitute a condition precedent to the
obligations of the Corporation pursuant hereto:

 

3.1 
Validity of Agreement.  This Agreement is valid and obligates the
Shareholder.

 

3.2 
Share Ownership.  The Shareholder is the owner, free and clear of any encumbrances,
of the Subject Shares. The Shareholder has full and complete right and
authority to transfer,

 

1

 

sell,
surrender, assign, and convey the Subject Shares to the Corporation.

 

3.3 
Brokerage and Finder’s Fees.  The Shareholder has not incurred any
liability to any broker, finder or agent for any brokerage fees, finder’s fees
or commissions with respect to the transaction contemplated by the provisions
of this Agreement.

 

3.4 
Voluntary Nature of Transaction. The surrender
and sale by the Shareholder to the Corporation of the Subject Shares is made
freely and voluntarily by the Shareholder. 
The Shareholder, in selling and surrendering the Subject Shares to the
Corporation, is not acting under fraud, duress, menace or undue influence.

 

4. 
Corporation’s Representations and Warranties.  The Corporation represents and warrants to
the Shareholder and covenants with the Shareholder the following, the truth and
accuracy of each of which shall constitute a condition precedent to the obligations
of the Shareholder pursuant hereto:

 

4.1 Validity of Agreement.  This Agreement is valid and obligates the
Corporation.  The Corporation has full
and complete power and authority to redeem the Subject Shares, as contemplated
by the provisions of this Agreement.

 

4.2 
Brokerage and Finder’s Fees.  The Corporation has not incurred any
liability to any broker, finder or agent for any brokerage fees, finder’s fees
or commissions with respect to the transactions contemplated by the provisions
of this Agreement.

 

4.3 
Voluntary Nature of Transaction. The
Corporation’s agreement to enter into the transaction contemplated by the
provisions of this Agreement is made freely and voluntarily by the
Corporation.  The Corporation in
redeeming the Subject Shares is not acting under fraud, duress, menace or undue
influence.

 

5. 
Recovery of Litigation Costs.  If any legal or equitable action or any
arbitration or other proceeding is brought for the enforcement or
interpretation of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with any of the provisions of this
Agreement, the successful or prevailing party shall be entitled to recover
reasonable attorneys’ fees and other costs incurred in such action or proceeding,
in addition to any other relief to which it may be entitled.

 

6.  Governing
Law; Venue.  This Agreement
has been executed in and shall be governed by the laws of the State of
California. Any and all actions brought under this Agreement shall be brought
in the state and/or federal courts of the United States sitting in the County
or Orange, California and each party hereby waives any right to object to the
convenience of such venue.

 

7. 
Notices. 
All notices, requests, claims, demands and other communications to be
given pursuant to the provisions hereof by any party to this Agreement to any
other party to this Agreement may be effected by personal delivery in writing
or by registered or certified mail, postage prepaid, return receipt requested,
and shall be deemed communicated as of one business day for mailing.  Mailed notices shall be addressed as set
forth below; provided, however, each party to this Agreement may change its
address by written notice in accordance with the provisions of this paragraph:

 

2

 

	
  If to the
  Shareholder:

  	
   

  	
  Scott W.
  Bodenweber

  
	
   

  	
   

  	
  1080 S.E. 3rd
  Avenue

  
	
   

  	
   

  	
  Ft.
  Lauderdale, FL 33316

  
	
   

  	
   

  	
   

  
	
  If to the
  Corporation:

  	
   

  	
  Nucotec,
  Inc.

  
	
   

  	
   

  	
  3841 Amador
  Way

  
	
   

  	
   

  	
  Reno,
  Nevada  89502

  

 

 

8. 
Entire Agreement.  This Agreement supersedes any and all other agreements, either
oral or in writing, between the parties to this Agreement with respect to the
subject matter hereof and contains all the covenants and agreements between
said parties with respect thereto, and each party to this Agreement
acknowledges that no representations, inducements, promises, or agreements,
orally or otherwise, have been made by any party, or anyone acting on behalf of
any party which are not embodied herein, and that any other agreement,
statement, or promise concerning the subject matter set forth in this Agreement
shall be of no force or effect except in a subsequent modification in writing
signed by the party to be charged.

 

9. 
Severability. 
In the event any part of this Agreement, for any reason, is declared to
be invalid, such decision shall not affect the validity of any remaining
portion of this Agreement, which remaining portion shall remain in full force
and effect as if this Agreement had been executed with the invalid portion
thereof eliminated, and it is hereby declared the intention of the parties to
this Agreement that they would have executed the remaining portion of this
Agreement without including any such part, parts, or portion which, for any
reason, may be hereafter declared invalid.

 

10. 
Captions and Interpretations.  Captions of the paragraphs of this Agreement
are for convenience and reference only, and the words contained in those
captions shall in no way be held to explain, modify, amplify or aid in the
interpretation, construction or meaning of the terms, conditions and provisions
of this Agreement.  The language and all
parts to this Agreement, in all cases, shall be construed in accordance with
the fair meaning of that language and those parts and as if that language and
those parts were prepared by all parties and not strictly for or against any
party.  Each party and counsel for such
party have reviewed this Agreement and participated in the negotiation and
drafting of this Agreement.  The rule of
construction, which requires a court to resolve any ambiguities against the
drafting party, shall not apply in interpreting the provisions of this
Agreement.

 

11. 
Further Assurance.  Each party to this Agreement hereby agrees to take any and all
action necessary or appropriate to execute and discharge its responsibilities
and obligations created pursuant to the provisions of this Agreement and to
further effectuate and carry out the intents and purposes of this Agreement and
the transactions contemplated hereby.

 

12. 
Number and Gender.  Whenever the singular number is used in this Agreement, and when
required by the context, the same shall include the plural, and vice versa; the
masculine gender shall include the feminine and neuter genders, and vice versa;
and the word “person” shall include individual, company, sole proprietorship,
corporation, joint venture, association, joint stock company, fraternal order,
cooperative, league, club, society, organization, trust, estate, governmental
agency, political subdivision or authority, firm, municipality, congregation,
partnership, or other form of entity.

 

13. 
Execution in Counterparts.  This Agreement may be executed in several
counterparts and, when so executed, it shall constitute one agreement binding
all parties to this Agreement, notwithstanding that all parties to this
Agreement are not signatory to the original and same counterpart.

 

3

 

14. 
Successors and Assigns.  This Agreement and each of its provisions
shall obligate the heirs, executors, administrators, successors, and assigns of
each of the parties hereto.  No
provisions of this paragraph, however, shall be a consent to the assignment or
delegation by any party to this Agreement of its respective rights and obligations
created pursuant to the provisions of this agreement.

 

15. 
Representation by Counsel. All parties have
been advised of their rights to obtain independent counsel. All parties are
either represented by independent counsel or hereby specifically waive the
right to counsel. Each party represents, warrants, and covenants that such
party executes this Agreement acting on its own independent judgment or upon
the advice of such party’s counsel, without any representation, express or
implied, of any kind from any other party, except as specified expressly in
this Agreement.

 

IN WITNESS
WHEREOF, the parties to this Stock Redemption Agreement have executed in
duplicate this Agreement of the date first above written.

 

	
  Nucotec,
  Inc.,

  
	
  a Nevada
  corporation

  
	
   

  
	
   

  
	
  /s/ Earl T.
  Shannon

  	
   

  
	
  BY: Earl T.
  Shannon

  
	
  ITS:
  President

  
	
   

  
	
  Shareholder:  Scott W. Bodenweber

  
	
   

  
	
   

  
	
  /s/ Scott W.
  Bodenweber

  	
   

  
	
  BY: Scott W.
  Bodenweber

  

 

4Exhibit 10.2

 

PLAN OF
REORGANIZATION AND ACQUISITION

BY WHICH

SALTY’S WAREHOUSE, INC.

(A FLORIDA CORPORATION)

SHALL BE ACQUIRED FROM

NUCOTEC, INC.

(A NEVADA CORPORATION)

 

This PLAN OF REORGANIZATION AND ACQUISITION
(“Agreement”) is made and dated this 19th day of March 2004 by and
between the Parties, as described below, and shall become effective on the
“Closing Date” as defined herein.

 

I.              THE
INTERESTED PARTIES

 

A.                                   THE
PARTIES TO THIS AGREEMENT

 

1.               Nucotec, Inc., a
Nevada corporation (“Nucotec”).

 

2.               Salty’s Warehouse,
Inc., a Florida corporation (“Salty’s”).

 

3.               Steven W. Hudson
and Earl T. Shannon (the “Salty’s Shareholders”).

 

4.               Nucotec, Salty’s
and the Salty’s Shareholders may be referred to collectively herein as the
“Parties.”  Nucotec and Salty’s may be
referred to collectively herein as the “Corporations.”

 

II.            RECITALS

 

A.                                   THE
CAPITAL OF NUCOTEC AND SALTY’S

 

1.               The capital of
Nucotec consists of 10,000,000 shares of common stock, $ .001 par value,
authorized, of which 6,076,000 are issued and outstanding as of the date of
this Agreement.

 

2.               The capital of
Salty’s consists of 100 shares of common stock, no par value, authorized, of
which 100 shares are issued and outstanding (the “Salty’s Shares”), and which
are owned as follows:

 

(a)          Steven W. Hudson owns 10
shares of Salty’s common stock;

 

(b)         Earl T. Shannon owns 10
shares of Salty’s common stock; and

 

(c)          Nucotec owns 80 shares
of Salty’s common stock.

 

1

 

B.                                     THE
BACKGROUND FOR THE ACQUISITION

 

The Salty’s Shareholders
desire to acquire the 80 shares of common stock of Salty’s owned by Nucotec and
Nucotec desires to acquire 5,110,200 shares of Nucotec common stock which is
currently owned by the Salty’s Shareholders. 
The Salty’s Shareholders wish to exchange their 5,110,200 shares of
Nucotec with Nucotec for 80 shares of Salty’s.

 

III.           CONDITIONS
PRECEDENT TO REORGANIZATION

 

A.                                   DIRECTOR
APPROVAL

 

If required, the Board of Directors of each of the
Corporations respectively shall have determined that it is advisable and in the
best interests of each of them and both of them to proceed with the exchange by
Nucotec of Salty’s common stock for Nucotec common stock, in accordance with
IRS Section 354(a) and 368(a).

 

B.                                     SHAREHOLDER
APPROVAL

 

If required, the shareholders of the Corporations
shall have approved the acquisition and this Agreement in a manner consistent
with the laws of its respective jurisdiction and its respective constituent
documents.

 

C.                                     EFFECTIVE
DATE

 

This Plan of Reorganization and Acquisition shall
become effective on a date designated hereinafter as the “Closing Date,”
provided that the following conditions precedent shall have been met, or waived
in writing by the Parties:

 

1.             Each
Party shall have furnished to the other Party all corporate and financial
information which is customary and reasonable, to conduct its respective due
diligence, normal for this kind of transaction.  If any Party determines that there is a reason not to complete
this Plan of Reorganization and Acquisition as a result of their due diligence
examination, then they must give written notice to the other Parties prior to
the expiration of the due diligence examination period.  The Due Diligence period, for purposes of
this paragraph, shall expire on a date determined by the Parties, which shall
be no later than five days after the Closing Date.

 

2.             The
Board of Directors of each Corporation shall have determined to proceed with
this Plan of Reorganization and Acquisition.

 

3.             All
of the terms, covenants and conditions of this Plan of Reorganization and
Acquisition to be complied with or performed by each Party for Closing shall
have been complied with, performed or waived in writing.

 

4.             The
representations and warranties of the Parties, contained in this Plan of Reorganization
and Acquisition, as herein contemplated, except as amended, altered or waived
by the Parties in writing, shall be true and correct in all material respects
at the Closing Date with

 

2

 

the same force and effect
as if such representations and warranties are made at and as of such time.

 

D.                                    TERMINATION

 

This Plan of Reorganization and Acquisition may be
terminated at any time prior to the Closing Date, whether before or after
approval by the shareholders of the Parties: (i) by mutual consent of the
Parties; or (ii) by any Party if any other Party is unable to meet the specific
conditions precedent applicable to its performance within a reasonable
time.  In the event that termination of
this Plan of Reorganization and Acquisition occurs, as provided above, this
Plan of Reorganization and Acquisition shall forthwith become void and there
shall be no liability on the part of any Party or its respective officers and
directors.

 

IV.           PLAN
OF ACQUISITION

 

A.                                   REORGANIZATION
AND ACQUISITION

 

Nucotec and Salty’s are hereby reorganized, such that
the Salty’s Shareholders shall acquire all of the issued and outstanding
capital stock of Salty’s with all of its current assets, liabilities and
businesses from Nucotec, and Salty’s shall then become wholly owned by the
Salty’s Shareholders (the “Reorganization”).

 

B.                                     SURVIVING
CORPORATIONS

 

Both Nucotec and Salty’s shall survive the
Reorganization herein contemplated and shall continue to be governed by the
laws of their respective jurisdiction.

 

C.                                     SURVIVING
ARTICLES OF INCORPORATION

 

The Articles of Incorporation of both Nucotec and
Salty’s shall remain in full force and effect, unchanged, except as specified
herein.

 

D.                                    SURVIVING
BYLAWS

 

The Bylaws of both Nucotec and Salty’s shall remain in
full force and effect, unchanged.

 

E.                                      ISSUANCE
OF STOCK

 

At Closing, Nucotec shall return stock certificate
number 8, dated May 10, 2002, representing 80 shares of Salty’s to Salty’s and
Salty’s shall issue and deliver stock certificates of Salty’s to the Salty’s
Shareholders, representing a total of 80 newly issued shares of its common
stock as follows:

 

1.                     Earl T.
Shannon shall receive 40 shares of Salty’s common stock; and

 

2.                     Steven W.
Hudson shall receive 40 shares of Salty’s common stock.

 

3

 

Also at the Closing, the Salty’s Shareholders shall
return stock certificates totaling 5,110,200 shares of Nucotec common stock to
Nucotec.

 

F.                                      FURTHER
ASSURANCE, GOOD FAITH AND FAIR DEALING

 

The Directors of each Corporation and each Salty’s
Shareholder shall and will execute and deliver any and all necessary documents,
acknowledgments and assurances and do all things proper to confirm or
acknowledge any and all rights, titles and interests created or confirmed
herein; and all Parties covenant hereby to deal fairly and in good faith with
each other and each others shareholders.

 

V.            GENERAL
MUTUAL REPRESENTATIONS AND WARRANTIES

 

The purpose and general import of the Mutual
Representations and Warranties are that each Party has made appropriate full
disclosure to the others, that no material information has been withheld, and
that the information exchanged is accurate, true and correct.

 

A.                                   ORGANIZATION
AND QUALIFICATION

 

Each Corporation warrants and represents that it is
duly organized and in good standing, and is duly qualified to conduct any
business it may be conducting, as required by law or local ordinance.

 

B.                                     CORPORATE
AUTHORITY

 

Each Party warrants and represents that it has
corporate authority, under the laws of its jurisdiction and its constituent
documents, to do each and every element of performance to which it has agreed,
and which is reasonably necessary, appropriate and lawful, to carry out this
Agreement in good faith.

 

C.                                     OWNERSHIP
OF ASSETS AND PROPERTY

 

Each Corporation warrants and represents that it has
lawful title and ownership of its property as reported to the other, and as
disclosed in its financial statements.

 

D.                                    ABSENCE
OF CERTAIN CHANGES OR EVENTS

 

Each Party warrants and represents that there are no
material changes of circumstances or events which have not been fully disclosed
to the other Party, and which, if different than previously disclosed in
writing, have been disclosed in writing as currently as is reasonably
practicable.

 

4

 

E.                                      ABSENCE
OF UNDISCLOSED LIABILITIES

 

Each Corporation warrants
and represents specifically that it has, and has no reason to anticipate
having, any material liabilities which have not been disclosed to the other
parties, in the financial statements or otherwise in writing.

 

F.                                      LEGAL
PROCEEDINGS

 

Each Corporation warrants and represents that there
are no legal proceedings, administrative or regulatory proceeding, pending or
suspected, which have not been fully disclosed in writing to the other.

 

G.            NO BREACH OF OTHER
AGREEMENTS

 

Each Party warrants and represents that this
Agreement, and the faithful performance of this Agreement, will not cause any
breach of any other existing agreement, or any covenant, consent decree, or
undertaking by either, not disclosed to the other.

 

G.                                     CAPITAL
STOCK

 

Each Corporation warrants and represents that the
issued and outstanding shares and all shares of capital stock of such
Corporation, is as detailed herein, that all such shares are in fact issued and
outstanding, duly and validly issued, were issued as and are fully paid and
non-assessable shares, and that, other than as represented in writing, there
are no other securities, options, warrants or rights outstanding, to acquire
further shares of such Corporation, except as has been disclosed to the other
parties.

 

H.                                    BROKERS’
OR FINDER’S FEES

 

Other than as described herein, each Party warrants
and represents that it is aware of no claims for brokers’ fees, or finders’
fees, or other commissions or fees, by any person not disclosed to the other,
which would become, if valid, an obligation of any Party.

 

VI.           REPRESENTATIONS
AND WARRANTIES OF SALTY’S SHAREHOLDERS.

 

Each Salty’s Shareholder represents and warrants to
Nucotec that:

 

A.                                   INVESTMENT

 

Each Salty’s Shareholder:

 

1.             Understands
that the Salty’s Shares have not been, and will not be, registered under the
Securities Act of 1933, as amended, (the “Securities Act”), or under any state
securities laws, and are being offered and sold in reliance upon federal and
state exemptions for transactions not involving any public offering, which
depends upon, among other things, the accuracy of the required representations
and warranties of Shareholders;

 

5

 

2              Understands
that there shall be imprinted on the face of each certificate representing the
Salty’s Shares acquired by Salty’s Shareholders the following legend:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”).  THE SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF A CURRENT AND EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
WITH RESPECT TO SUCH SECURITIES, OR AN OPINION OF THE ISSUER’S COUNSEL TO THE
EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

 

3              Understands
that the Salty’s Shares must be held indefinitely unless subsequently
registered under the Securities Act or an exemption from such registration is
available, and Shareholders acknowledge that neither Nucotec nor Salty’s has
any obligation whatsoever to register the Salty’s Shares under that Act;

 

4              Understands
the provisions of Rule 144 (the “Rule”) promulgated under the Act permit
limited resale of securities purchased in a private transaction, subject to the
satisfaction of certain conditions as set forth in the Rule;

 

5              Is
acquiring the Salty’s Shares solely for the account of such Salty’s Shareholder
for investment purposes, and not with a view to the distribution thereof;

 

6              Is
an accredited investor with knowledge and experience in business and financial
matters;

 

7              Has
had the opportunity to obtain such information as such Shareholder desired in order
to evaluate the merits and the risks inherent in acquiring and holding the
Salty’s Shares;

 

8              Is
able to bear the economic risk and lack of liquidity inherent in holding the
Salty’s Shares; and

 

9              Is
familiar with the requirements required to be designated as an Accredited
Investor, and is such an Accredited Investor.

 

B.                                     INFORMATION

 

Salty’s Shareholders understand that they are
acquiring the Salty’s Shares without being furnished any offering literature or
prospectus.  The Salty’s Shareholders acknowledges that Salty’s Shareholders have
obtained such information or data as Salty’s Shareholders may deem appropriate
in order to provide the Salty’s Shareholders with the basis of making an
informed investment decision with respect to the acquisition of the Salty’s
Shares.  The Salty’s Shareholders
have been given the opportunity to meet with representatives of Nucotec and

 

6

 

Salty’s and to have such
representatives answer any questions and provide any additional information
regarding the terms and conditions of an investment in the Salty’s Shares as
deemed relevant by the Salty’s Shareholder or as a result of any independent
investigations made by any Salty’s Shareholder or by any Salty’s Shareholder’s
representative.

 

C.                                     SALTY’S
SHARES

 

Each Shareholder holds of record and owns beneficially
the number of Salty’s Shares set forth in Section II A 2 of this Agreement,
free and clear of any restrictions on transfer (other than any restrictions
under the Securities Act and state securities laws), taxes, security interests,
options, warrants, purchase rights, contracts, commitments, equities, claims,
and demands.  No Salty’s Shareholder is
a party to any option, warrant, purchase right, or other contract or commitment
that could require the Shareholder to sell, transfer, or otherwise dispose of
any Salty’s Shares (other than this Agreement).  The Salty’s Shares held by each such Salty’s Shareholder
represents all of the issued and outstanding capital stock of Salty’s owned by
such Salty’s Shareholder.

 

VII.         INDEMNIFICATION

 

Both Corporations shall,
and from and after the Closing Date, indemnify, defend and hold harmless each
person who is now, or has been at any time prior to the date hereof or who
becomes prior to the Closing Date, an officer or director of either Corporation
(the “Indemnified Parties”) against all losses, claims, damages, costs,
expenses (including reasonable attorneys’ fees and expenses), liabilities or
judgments or amounts that are paid in settlement with the approval of the
indemnifying Corporation of or in connection with any threatened or actual
claim, action, suit, proceeding or investigation based on or arising out of the
fact that such person is or was a director or officer of either Corporation
whether pertaining to any matter existing or occurring at or prior to the
Closing Date and whether asserted or claimed prior to, or at or after, the
Closing Date (“Indemnified Liabilities”), including all Indemnified Liabilities
based on, or arising out of, or pertaining to this Agreement or the
transactions contemplated hereby, in each case, to the full extent each
Corporation is permitted under the laws of its respective state of
incorporation to indemnify directors or officers.

 

Without limiting the foregoing, in the event any such
claim, action, suit, proceeding or investigation is brought against any
Indemnified Parties (whether arising before or after the Closing Date), (i) the
Indemnified Parties may retain counsel satisfactory to them and the Corporations
shall pay all fees and expenses of such counsel for the Indemnified Parties
promptly as statements therefore are received; and (ii) each party shall use
all reasonable efforts to assist in the vigorous defense of any such matter,
provided that each party shall not be liable for any settlement effected
without its prior written consent. Any Indemnified Party wishing to claim
indemnification under this section, upon learning of any such claim, action,
suit, proceeding or investigation, shall notify the Parties (but the failure so
to notify shall not relieve a party from any liability which it may have under
this section except to the extent such failure prejudices such party). The
Indemnified Parties as a group may retain only one law firm to represent them
with respect to each such matter unless there is, under applicable standards of
professional conduct, a conflict on any significant issue between the positions
of any two or

 

7

 

more Indemnified Parties.
The Parties agree that all rights to indemnification, including provisions
relating to advances of expenses incurred in defense of any action or suit,
existing in favor of the Indemnified Parties with respect to matters occurring
through the Closing Date, shall survive the reverse acquisition and shall
continue in full force and effect for a period of not less than seven years
from the Closing Date; provided, however, that all rights to indemnification in
respect of any Indemnified Liabilities asserted or made within such period
shall continue until the disposition of such Indemnified Liabilities.

 

The provisions of this section are intended to be for
the benefit of, and shall be enforceable by, each Indemnified Party, his or her
heirs and his or her personal representatives and shall be binding upon all
successors and assigns of all Parties.

 

VIII.        DEFAULT,
AMENDMENT AND WAIVER

 

A.            DEFAULT

 

Upon a breach or default under this Agreement by any
of the Parties (following the cure period provided herein), the non-defaulting
Parties shall have all rights and remedies given hereunder or now or hereafter
existing at law or in equity or by statute or otherwise. Notwithstanding the
foregoing, in the event of a breach or default by any Party hereto in the observance
or in the timely performance of any of its obligations hereunder which is not
waived by the non-defaulting Parties, such defaulting Party shall have the
right to cure such default within 15 days after receipt of notice in writing of
such breach or default.

 

B.                                     WAIVER
AND AMENDMENT

 

Any term, provision, covenant, representation,
warranty, or condition of this Agreement may be waived, but only by a written
instrument signed by the Parties entitled to the benefits thereof. The failure
or delay of any party at any time or times to require performance of any
provision hereof or to exercise its rights with respect to any provision hereof
shall in no manner operate as a waiver of or affect such party’s right at a
later time to enforce the same. No waiver by any Party of any condition, or of
the breach of any term, provision, covenant, representation, or warranty
contained in this Agreement, in any one or more instances, shall be deemed to
be or construed as a further or continuing waiver of any such condition or
breach or waiver of any other condition or of the breach of any other term,
provision, covenant, representation, or warranty. No modification or amendment
of this Agreement shall be valid and binding unless it be in writing and signed
by all Parties hereto.

 

D.            MISCELLANEOUS

 

A. EXPENSES

 

Whether or not the transactions contemplated hereby
are consummated, each of the Parties hereto shall bear all taxes of any nature
(including, without limitation, income, franchise, transfer, and sales taxes)
and all fees and expenses relating to or arising from its compliance with the
various provisions of this Agreement and such Party’s covenants to be performed
hereunder,

 

8

 

and except as otherwise
specifically provided for herein, each of the Parties hereto agrees to pay all
of its own expenses (including, without limitation, attorneys and accountants’
fees, and printing expenses) incurred in connection with this Agreement, the
transactions contemplated hereby, the negotiations leading to the same and the
preparations made for carrying the same into effect, and all such taxes, fees,
and expenses of the Parties hereto shall be paid prior to Closing.

 

B.            NOTICES

 

Any notice, request,
instruction, or other document required by the terms of this Agreement, or
deemed by any of the Parties hereto to be desirable, to be given to any other
party hereto shall be in writing and shall be given by facsimile, personal
delivery, overnight delivery, or mailed by registered or certified mail,
postage prepaid, with return receipt requested, to the following addresses:

 

	
  TO NUCOTEC:

  	
   

  	
  Nucotec, Inc.

  
	
   

  	
   

  	
  Attn: Earl W. Abbott

  
	
   

  	
   

  	
  3841 Amador Way

  
	
   

  	
   

  	
  Reno, Nevada 
  89502

  
	
   

  	
   

  	
   

  
	
  TO SALTY’S:

  	
   

  	
  Salty’s Warehouse, Inc.

  
	
   

  	
   

  	
  Attn: Earl T. Shannon

  
	
   

  	
   

  	
  1080 S.E. 3rd Avenue

  
	
   

  	
   

  	
  Ft. Lauderdale, FL 33316

  
	
   

  	
   

  	
   

  
	
  TO STEVEN W. HUDSON:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Steven W. Hudson

  
	
   

  	
   

  	
  c/o Salty’s Warehouse, Inc.

  
	
   

  	
   

  	
  1080 S.E. 3rd Avenue

  
	
   

  	
   

  	
  Ft. Lauderdale, FL 33316

  
	
   

  	
   

  	
   

  
	
  TO EARL T. SHANNON:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Earl T. Shannon

  
	
   

  	
   

  	
  c/o Salty’s Warehouse, Inc.

  
	
   

  	
   

  	
  1080 S.E. 3rd Avenue

  
	
   

  	
   

  	
  Ft. Lauderdale, FL 33316

  
	
   

  	
   

  	
   

  
	
  WITH COPY TO:

  	
   

  	
  Oswald & Yap

  
	
   

  	
   

  	
  Attn: Lynne Bolduc, Esq.

  
	
   

  	
   

  	
  6148 Sand Canyon Avenue

  
	
   

  	
   

  	
  Irvine, CA 92618

  

 

The persons and addresses set forth above may be
changed from time to time by a notice sent as aforesaid. If notice is given by
facsimile, personal delivery, or overnight delivery in accordance with the
provisions of this Section, said notice shall be conclusively deemed given at

 

9

 

the time of such
delivery. If notice is given by mail in accordance with the provisions of this
Section, such notice shall be conclusively deemed given seven days after
deposit thereof in the United States mail.

 

C.                                     ENTIRE
AGREEMENT

 

This Agreement, together with any schedules and
exhibits hereto, sets forth the entire agreement and understanding of the
Parties hereto with respect to the transactions contemplated hereby, and
supersedes all prior agreements, arrangements and understandings related to the
subject matter hereof. No understanding, promise, inducement, statement of
intention, representation, warranty, covenant, or condition, written or oral,
express or implied, whether by statute or otherwise, has been made by any party
hereto which is not embodied in this Agreement, or in the schedules or exhibits
hereto or the written statements, certificates, or other documents delivered
pursuant hereto or in connection with the transactions contemplated hereby, and
no party hereto shall be bound by or liable for any alleged understanding,
promise, inducement, statement, representation, warranty, covenant, or
condition not so set forth.

 

D.            SURVIVIAL OF
REPRESENTATIONS

 

All statements of fact (including financial
statements) contained in the schedules, the exhibits, the certificates, or any
other instrument delivered by or on behalf of the Parties hereto, or in
connection with the transactions contemplated hereby, shall be deemed
representations and warranties by the respective Party hereunder. All
representations, warranties, agreements, and covenants hereunder shall survive
the Closing and remain effective regardless of any investigation or audit at
any time made by or on behalf of the Parties or of any information a party may
have in respect hereto. Consummation of the transactions contemplated hereby
shall not be deemed or construed to be a waiver of any right or remedy
possessed by any party hereto, notwithstanding that such party knew or should
have known at the time of Closing that such right or remedy existed.

 

E.                                      INCORPORATION
BY REFERENCE

 

The schedules, exhibits, and all documents (including,
without limitation, all financial statements) delivered as part hereof or
incidents hereto are incorporated as a part of this Agreement by reference.

 

F.                                      REMEDIES
CUMULATIVE

 

No remedy herein conferred upon the Parties is
intended to be exclusive of any other remedy and each and every such remedy
shall be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing at law or in equity or by statute or
otherwise.

 

10

 

G.                                     EXECUTION OF ADDITIONAL DOCUMENTS

 

Each Party hereto shall make, execute, acknowledge,
and deliver such other instruments and documents, and take all such other
actions as may be reasonably required in order to effectuate the purposes of
this Agreement and to consummate the transactions contemplated hereby.

 

H.                                    GOVERNING
LAW

 

This Agreement has been negotiated and executed in the
State of California and shall be construed and enforced in accordance with the
laws of such state.

 

I.                                         FORUM

 

Each of the Parties hereto agrees that any action or
suit which may be brought by any party hereto against any other party hereto in
connection with this Agreement or the transactions contemplated hereby may be
brought only in a federal or state court in Orange County, California.

 

J.                                        PROFESSIONAL
FEES

 

In the event any Party hereto shall commence legal
proceedings against the other to enforce the terms hereof, or to declare rights
hereunder, as the result of a breach of any covenant or condition of this
Agreement, the prevailing party in any such proceeding shall be entitled to
recover from the losing party its costs of suit, including reasonable
attorneys’ fees, accountants’ fees, and experts’ fees.

 

K.            BINDING EFFECT AND
ASSIGNMENT

 

This Agreement shall inure to the benefit of and be
binding upon the Parties hereto and their respective heirs, executors,
administrators, legal representatives, and assigns.

 

L.              COUNTERPARTS;
FACSIMILE SIGNATURES

 

This Agreement may be
executed simultaneously in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. The Parties agree that facsimile signatures of this Agreement shall
be deemed a valid and binding execution of this Agreement.

 

M.           TAX-FREE
EXCHANGE

 

The Parties agree that the
acquisition of Salty’s by the Salty’s Shareholders shall be treated as a
“tax-free transaction” under Section 351 of the Internal Revenue Code.

 

11

 

This PLAN OF REORGANIZATION AND ACQUISITION is
executed on behalf of each Party by its duly authorized representatives, and
attested to, pursuant to the laws of its respective place of incorporation and
in accordance with its constituent documents.

 

	
  NUCOTEC, INC.,

  
	
  a Nevada corporation

  
	
   

  
	
   

  
	
  /s/ Earl T. Shannon

  	
   

  
	
  BY: Earl T. Shannon

  
	
  ITS: President

  
	
   

  
	
  SALTY’S WAREHOUSE, INC.,

  
	
  a Florida corporation

  
	
   

  
	
  /s/ Earl T. Shannon

  	
   

  
	
  BY: Earl T. Shannon

  
	
  ITS: President

  
	
   

  
	
  SALTY’S SHAREHOLDERS

  
	
   

  
	
   

  
	
  /s/ Steven W. Hudson

  	
   

  
	
  Steven W. Hudson

  
	
   

  
	
   

  
	
  /s/ Earl T. Shannon

  	
   

  
	
  Earl T. Shannon

  

 

12

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