Document:

Exhibit 10.26

 

SEPARATION AND GENERAL RELEASE AGREEMENT

 

This Separation and General Release Agreement (the “Agreement”) is made by and between Cláudia Hirawat (“you” or your”) and PTC Therapeutics, Inc. (“PTC” or the “Company”) (collectively, “the parties”).

 

WHEREAS, you were employed by PTC, pursuant to an Amended and Restated Employment Agreement between you and PTC, dated May 2013 (the “Employment Agreement”); and

 

WHEREAS, you and PTC have mutually agreed to terminate your employment, effective as of the Termination Date (as defined below); and

 

WHEREAS, you have certain post-employment obligations to PTC, including with respect to confidential information, non-competition, non-solicitation, and inventions as set forth in your Employment Agreement; and

 

WHEREAS, the parties desire to resolve any and all issues between them with respect to your employment with the Company and your termination from such employment; and

 

WHEREAS, the parties desire to enter into a new agreement which supersedes all prior agreements between the parties, including the Employment Agreement, such that any prior agreement of the parties is terminated and cancelled, except as specifically set forth herein; and

 

WHEREAS, the parties desire to have no further obligations to each other, except as specifically provided herein.

 

NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is acknowledged hereby, and in consideration of the mutual covenants and undertakings set forth herein, the parties agree as follows:

 

1.                                      Termination Date.

 

(a)                                 Your effective date of termination from the Company shall be January 16, 2015 (the “Termination Date”).

 

(b)                                 From the date you receive this Agreement through and including the Termination Date (the “Notice Period”), you shall: (i) continue to receive your Base Salary and Fringe Benefits (each, as defined in Section 3 of your Employment Agreement), (ii) continue to perform your job duties and responsibilities as directed by the Company, and (iii) continue to be governed by PTC’s policies and procedures and the terms and conditions of Sections 5 — 12 of your Employment Agreement and shall continue to conduct yourself in a manner consistent with your position as a senior officer of the Company.  During the Notice Period, you will be permitted to perform your duties and responsibilities from home, unless specifically requested by the Company to be present in the Company’s offices.

 

(c)                                  Notwithstanding anything to the contrary herein, PTC retains the right, at any time during the Notice Period, to: (i) release and suspend you from performing any or all of your job duties and responsibilities, and (ii) release and suspend you from using or accessing any of PTC’s equipment, information, systems or other property.  The parties acknowledge and agree that any such release and suspension shall not constitute a termination of your employment (for Good Reason, as defined in the Employment Agreement, or otherwise).

 

(d)                                 You will not accrue any paid time off during the Notice Period.  You acknowledge and agree that, as of the Termination Date, you will have no accrued but unused vacation (or other paid time off) to be paid out and that no such payment will be made.

 

(e)                                  The parties acknowledge and agree that you have a total of 80,000 unvested PTC stock options granted to you on January 28, 2014 (the “January 2014 Options”).  The parties further acknowledge and agree that, notwithstanding anything to the contrary in this Agreement or in any stock plan, award and/or agreement, one hundred percent (100%) of the January 2014 Options shall not vest, and shall terminate and be forfeited immediately, as of December 31, 2014, and, as of such date, you shall have no further rights with respect thereto.

 

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(f)                                   The parties acknowledge that, as of the Termination Date, you are not expected to perform additional services for PTC and that, accordingly, the Termination Date is also the date of your “separation from service” for purposes of Section 409A of the Internal Revenue Code (“Section 409A”).

 

2.                                      Compensation and Benefits.

 

(a)                                 In exchange for and in consideration of the covenants and promises contained herein, including your release of all claims against PTC and the Released Parties as set forth below, the Company shall provide you with the following severance benefits (the “Severance Benefits”):

 

(i)                                     The parties acknowledge and agree that you have a total of 25,028 unvested PTC restricted shares granted to you on March 7, 2013.  The parties further acknowledge and agree that, notwithstanding anything to the contrary in any stock plan, award and/or agreement, one hundred percent (100%) of the 25,028 unvested PTC restricted shares granted to you on March 7, 2013 shall vest on the Termination Date.  The parties further acknowledge and agree that (A) any restricted shares which have vested prior to or as of the Termination Date, shall remain governed by applicable law and the terms, conditions and rules of the applicable stock plans, awards and/or agreements; and (B) any applicable withholding amounts on such 25,028 restricted shares shall be paid by you to PTC through the sale of shares pursuant to the terms and conditions in the Rule 10b5-1 Plan Modification.  For purposes of this Agreement, the “Rule 10b5-1 Plan Modification” shall mean the PTC Therapeutics Inc. Non-Discretionary Stock Sale Plan which provides for a portion of the 25,028 PTC restricted shares to be sold on the Termination Date to cover the withholding obligations associated with the vesting of such shares and directs that the withholding amount be paid directly to PTC, which must be signed by you no later than December 16, 2014.

 

(ii)                                  The parties acknowledge and agree that you have a total of 82,293 unvested PTC stock options granted to you on May 15, 2013.  The parties further acknowledge and agree that, notwithstanding anything to the contrary in any stock plan, award and/or agreement, (A) one hundred percent (100%) of the 82,293 unvested PTC stock options granted to you on May 15, 2013 shall vest on the Termination Date (to the extent not already vested), and (B) you shall be entitled to exercise such options at any time prior to 5:00 pm EST on January 31, 2016.  The parties further acknowledge and agree that (A) any stock options which have vested prior to or as of the Termination Date, shall remain governed by applicable law and the terms, conditions and rules of the applicable stock plans, awards and/or agreements, provided, however, that notwithstanding anything to the contrary in any term of such plans, awards and/or agreements, you shall be entitled to exercise any such vested options until the earlier of (x) 5:00 pm EST on January 31, 2016 and (y) the original expiration date of the option set forth in the applicable stock option agreement; and provided, further, however, that in no event shall the exercise period of any stock option be extended in a manner that, in the opinion of the Company’s tax counsel, is reasonably likely to result in the imposition of any additional tax under Section 409A; and (B) except as set forth above with respect to the 82,293 unvested PTC stock options granted to you on May 15, 2013, any stock options which have not vested as of the Termination Date shall not vest and shall be forfeited and terminated, effective as of the Termination Date and, as of such time, you shall have no further rights with respect thereto.  For the avoidance of doubt, as set forth above, none of the January 2014 Options shall vest and you shall have no further rights with respect thereto.

 

(iii)                               A lump sum payment of $141,440, less applicable taxes and withholdings, representing payment of a bonus for 2014 at 100% of your bonus target of 40%, payable in accordance with the Company’s standard payroll practices.  Such payment shall be made at the time bonuses are paid to PTC employees; provided, however, that such payment shall be paid no later than March 15, 2015.  Except for this payment, you shall not be eligible for or entitled to, and shall not receive, any other bonus payments from the Company for 2014 or any other calendar year (or time period).

 

(b)                                 Except as set forth in this Agreement, you are not entitled to receive, and shall not receive, any other payments or benefits from the Company or the Released Parties.  You acknowledge and agree that: (i) unless you enter into this Agreement, you would not otherwise be entitled to receive the Severance Benefits, and (ii) the consideration set forth in Paragraph 2 of this Agreement includes consideration in addition to anything of value to which you are already entitled and constitutes fair consideration for you signing this Agreement and agreeing to the terms and conditions set forth herein.

 

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(c)                                  You acknowledge and agree that: (i) the consideration set forth in this Agreement constitutes full accord and satisfaction for all amounts due and owing to you, including, but not limited to, all salary, incentive compensation, commissions, reimbursements, severance, or other payments which may have been due and owing to you, including any payments under the Employment Agreement; (ii) your eligibility for, entitlement to, and accrual of, any payments or benefits from the Company, including, but not limited to, paid time off, expense reimbursements, and any insurance or fringe benefits, shall terminate no later than the Termination Date, unless otherwise stated herein; (iii) you reported to the Company any and all work-related injuries, if any, incurred during your employment; and (iv) PTC properly provided you any leave of absence because of your or a family member’s health condition and you have not been subjected to any improper treatment, conduct or actions due to a request for or taking such leave.

 

(d)                                 In connection with the payments and consideration provided to you pursuant to this Agreement, the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and you shall be responsible for all applicable taxes with respect to such payments and consideration under applicable law. You acknowledge that you are not relying upon the advice or representation of the Company with respect to the tax treatment of any of the payments and consideration set forth in this Agreement.

 

3.                                      General Release.

 

In exchange for and in consideration of the covenants and promises contained herein, you, on behalf of yourself and your spouse, domestic partner, children, agents, assignees, heirs, executors, beneficiaries, legal representatives and assigns, hereby waive, discharge and release PTC and its current and former parents, subsidiaries, divisions, branches, assigns and affiliated and related companies, and its or their respective predecessors, successors, employee benefit plans, and present and former directors, officers, partners, shareholders, fiduciaries, employees, representatives, agents and attorneys, in their individual and representative capacities (“Released Parties”) from any and all actions, causes of action, obligations, liabilities, claims and demands you may have, known or unknown, contingent or otherwise, and whether specifically mentioned in this Agreement or not, regardless of when they accrued until the date you sign this Agreement.

 

You understand and agree that this is a general release and includes, but is not limited to, the release of:

 

·                                          any claims based on your employment with PTC or the termination of that employment, including, but not limited to, any claim for wrongful discharge; and

 

·                                          any claims for breach of contract (express, implied or otherwise), including, but not limited to, any claims under the Employment Agreement; and

 

·                                          any claims of alleged employment discrimination, harassment or retaliation on any basis, including age, gender, disability (or perceived disability), race, color, ethnicity, national origin, religion, sexual orientation, veteran’s status, whistleblower status, or marital status; and

 

·                                          any claims under Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act, the Family and Medical Leave Act, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act, the New Jersey equal pay law, or any other federal, state, or local laws or regulations, including any and all laws or regulations prohibiting employment discrimination, harassment or retaliation; and

 

·                                          any claims for negligence, defamation, or intentional tort.

 

You hereby waive any right that you may have to seek or to share in any relief, monetary or otherwise, relating to any claim released herein, whether such claim was initiated by the you or not.  You understand that nothing in this Agreement shall be construed to prohibit you from filing a charge with, or participating in any investigation or proceeding conducted by, the Equal Employment Opportunity Commission, and/or any other federal, state, or local agency; however, by signing this Agreement, you understand that you are waiving your right

 

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to receive individual relief based on claims asserted in such a charge, except where such a waiver is prohibited.

 

This general release does not include the release of any rights you may have: (a) to unemployment benefits, workers’ compensation, or benefits under COBRA, (b) under the terms of this Agreement, (c) which cannot be released by private agreement, (d) to any vested benefits under any ERISA-covered employee benefit plan, (e) to any vested stock options or vested shares, the exercise of which shall remain governed by the terms, conditions and rules of the applicable plans, awards or agreements and applicable law, or (f) to be indemnified by the Company as provided in your Indemnification Agreement with the Company, dated May 15, 2013 (the “Indemnification Agreement”), or pursuant to the Company’s Certificate of Incorporation or bylaws.

 

4.                                      Continuing Obligations.

 

(a)                                 Confidential Information.  You hereby acknowledge and agree to adhere to your continuing contractual and legal obligations to the Company with respect to the nondisclosure, nonuse, and protection of the Company’s Confidential Information, as defined in your Employment Agreement (including as expressly set forth in Section 5(a) of the Employment Agreement).

 

(b)                                 Non-Competition and Non-Solicitation.  You hereby acknowledge and agree to adhere to your continuing contractual and legal obligations to the Company with respect to non-competition and non-solicitation, including as expressly set forth in Section 5 of the Employment Agreement.

 

(c)                                  Inventions.  You hereby acknowledge and agree to adhere to your continuing contractual and legal obligations to the Company with respect to intellectual property and Inventions, as defined in the Employment Agreement (including as expressly set forth in Section 6 of the Employment Agreement).

 

(d)                                 Return of Property.  You hereby acknowledge and agree to adhere to your continuing contractual and legal obligations to the Company with respect to the return of the Company’s property, including all Confidential Information, and including as expressly set forth in Section 8 of the Employment Agreement.  Further, you represent and warrant that, as of the date you sign this Agreement: (i) you have returned to the Company all such Company property (and any copies thereof), including, but not limited to, all identification cards, keys, credit cards, documents, computers, cell phones, and disks, as well as all materials containing Confidential Information, in any form; (ii) you have not retained any Confidential Information on your personal computer or any other personal electronic device in your possession, custody or control; and (iii) you have cancelled all accounts for your benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or wireless data accounts and computer accounts.

 

(e)                                  Survival.  You specifically acknowledge and agree that the provisions of Paragraph 4 of this Agreement (and your corresponding obligations to PTC under Sections 5, 6, 7 and 8 of the Employment Agreement) survive the termination of your employment and remain valid and binding.

 

(f)                                   Reasonable Restrictions. You acknowledge and agree that the provisions of Sections 5, 6, 7 and 8 of the Employment Agreement are reasonable and necessary to protect the legitimate business interests of the Company.  You represent and warrant that the provisions of Sections 5, 6, 7 and 8 of the Employment Agreement will not substantially impair your ability to earn a livelihood, nor will such provisions cause you undue hardship.  You acknowledge and agree that the Company retains the right to provide a copy of the provisions of Sections 5 and 6 of the Employment Agreement to third-parties, pursuant to Section 7 of the Employment Agreement.

 

(g)                                  Injunctive Relief.  You acknowledge that the injury to the Company from your breach of any of the provisions of Sections 5, 6, or 8 of the Employment Agreement cannot be remedied solely by the recovery of monetary damages and would result in irreparable injury to the Company.  You, therefore, agree that in the event of a breach or threatened breach of any of the provisions of Sections 5, 6, or 8 of the Employment Agreement, the Company shall have the right to seek in a court of competent jurisdiction, and to receive from such court, immediate injunctive relief without the posting of any bond or other security.  Nothing contained herein shall be construed as limiting or prohibiting the Company from pursuing any other remedies available to it in law or equity for any such breach or threatened breach.

 

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(h)                                 Blue-Penciling. If, at the time of enforcement of any of the provisions of Paragraph 4 of this Agreement (or the provisions of Sections 5, 6, or 8 of the Employment Agreement referenced therein), it shall be adjudged that the duration, scope, geographic area, or other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, geographic area, or other restrictions deemed reasonable under such circumstances by such court shall be substituted for the stated duration, scope, geographic area, or other restrictions.

 

5.                                      Non-Admission.  This Agreement and the consideration provided to you hereunder are not, and must not be construed as, an admission of liability or wrongdoing by the Company or any of the Released Parties.  PTC denies any liability, committing any wrongdoing or violating any legal duty with respect to you or your employment, including with respect to the termination of your employment.

 

6.                                      Non-Disclosure.  You promise not to discuss or disclose the terms of this Agreement or the amount or nature of the consideration provided to you under this Agreement to any person other than your immediate family members and your attorney(s) and/or financial advisor(s), should one be consulted, provided that those to whom you may make such disclosure agree to keep said information confidential and not disclose it to others.  You acknowledge and agree that your promise to maintain the confidentiality of this Agreement is a material term of this Agreement.  You represent and warrant that, as of the date you sign this Agreement, you have not had any discussion or made any disclosure contrary to your obligations under this Paragraph 6. Both you and the Company acknowledge that some or all terms of this Agreement may be required to be disclosed in connection with filings with the Securities and Exchange Commission, and the Company agrees that any such terms, once publicly disclosed, are no longer subject to your obligation of non-disclosure set forth in this Section 6.

 

7.                                      Non-Disparagement.  You agree not to make, or cause to be made, any critical, derogatory, disparaging, defamatory, or untruthful statements about the Company or any of the Released Parties, whether by electronic, written, or oral means, to any of the Company’s past, present, or future clients, competitors, employees, or to any other person (including, but not limited to, the press or other media).  PTC agrees to instruct PTC’s Board of Directors and PTC’s Executive Committee not to make (or cause to be made) any critical, derogatory, disparaging, defamatory, or untruthful statements about you, whether by electronic, written, or oral means, to any of the Company’s past, present, or future clients, competitors, employees, or to any other person (including, but not limited to, the press or other media).  Nothing in this Agreement is intended to prohibit, nor shall prohibit, either party from providing truthful testimony if compelled to do so by subpoena or as may otherwise be required by law.

 

8.                                      Cooperation. You agree that, during the Notice Period and after the Termination Date, you will provide all reasonable cooperation to the Company, including but not limited to, assisting the Company transition your job duties, assisting the Company in defending against and/or prosecuting any litigation or threatened litigation, and performing any other tasks as reasonably requested by the Company.  To the extent permitted by law, you agree to cooperate fully with the Company in the defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be brought in the future against or on behalf of the Company, whether before a state or federal court, any state or federal government agency, or a mediator or arbitrator.  Your full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare its claims or defenses, to prepare for trial or discovery or an administrative hearing or a mediation or arbitration and to act as a witness when requested by the Company at reasonable times designated by the Company.  You agree that you will notify the Company promptly in the event that you are served with a subpoena or in the event that you are asked to provide a third party with information concerning any actual or potential complaint or claim against the Company.

 

9.                                      Choice of Law and Forum.  This Agreement shall in all respects be interpreted, enforced and governed in accordance with and pursuant to the laws of the State of New Jersey, without regard to its conflict of law principles.  Any and all disputes, claims, or causes of action between you and the Company arising out of, concerning, or relating to your employment with PTC, the termination of such employment, or this Agreement shall be submitted exclusively to a federal or state court in the State of New Jersey, and the parties hereby submit to the exclusive jurisdiction of such courts and waive any claim of an inconvenient forum.

 

10.                               Entire Agreement.  You acknowledge and agree that this Agreement reflects the entire agreement between you and the Company regarding the subject matter hereof and fully supersedes any and all prior agreements,

 

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negotiations, promises, and understandings between you and the Company, including the Employment Agreement, except as expressly set forth in Paragraph 4 hereof and except for the Indemnification Agreement.  There is no other agreement except as stated herein.  You acknowledge that the Company has made no promises to you other than those contained in this Agreement.

 

11.                               General Provisions.  This Agreement may not be changed unless the change is in writing and signed by you and an authorized officer of the Company.  The failure of any party to insist on strict adherence to any term hereof on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term hereof.  The language and all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning, and not strictly for or against any of the parties, regardless of who drafted it.  This Agreement may be signed in counterparts, and may be delivered by facsimile or electronic mail (PDF).  The invalidity of any provision of this Agreement shall not affect the validity of any other provision hereof.

 

12.                               Review Period.  You understand that the Company has given you a period of twenty-one (21) calendar days after the date you receive this Agreement (the “Review Period”) to review and consider this Agreement before signing it.  You acknowledge and agree that you must sign and return the Agreement to the Company, c/o Mark Boulding, Executive Vice President and Chief Legal Officer, at 100 Corporate Court, South Plainfield, NJ 07080, or mboulding@ptcbio.com, no later than the last day of the Review Period, and that, if you fail to do so, the entire Agreement shall be null and void and the parties shall have no obligations under the Agreement to one another.  You acknowledge that, to the extent that you decide to sign this Agreement prior to the expiration of the Review Period, such decision was knowing and voluntary on your part.  The parties agree that any changes to this Agreement, whether material or immaterial, do not restart the running of the Review Period.

 

13.                               Revocation Period.  You may revoke this Agreement within seven (7) calendar days of the date on which you sign it (the “Revocation Period”) by delivering a written notice of revocation to the Company, c/o Mark Boulding, Executive Vice President and Chief Legal Officer, at 100 Corporate Court, South Plainfield, NJ 07080, or mboulding@ptcbio.com, no later than the close of business on the seventh day after you sign this Agreement.  If you revoke this Agreement, it shall not be effective or enforceable.

 

14.                               Effective Date.  This Agreement shall not be effective or enforceable and no payment will be made hereunder unless and until you have signed and returned this Agreement to the Company within the Review Period set forth above and the Revocation Period expires without you exercising your revocation right (the “Effective Date”).

 

15.                               Jury Trial Waiver.  The parties agree to waive any right to a trial by jury regarding any dispute, claim or cause of action arising out of, concerning or related to your employment with PTC, the termination of such employment, or this Agreement.

 

16.                               Legal Counsel.  You are hereby advised of your right to consult with an attorney before signing this Agreement, which includes a general release and a jury trial waiver.  You hereby acknowledge your right to consult with an attorney and further acknowledge that you have been represented by counsel in connection with the review, negotiation and signing of this Agreement.

 

17.                               Acknowledgment.  By signing this Agreement, you acknowledge that you have carefully read this Agreement, understand it, and are voluntarily entering into it of your own free will, without duress or coercion, after due consideration of its terms and conditions.

 

	
AGREED   AND ACCEPTED
    	
 
    	
AGREED   AND ACCEPTED
    
	
 
    	
 
    	
 
    
	
PTC   Therapeutics, Inc.
    	
 
    	
Cláudia   Hirawat
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Mark Boulding
    	
 
    	
By:
    	
/s/   Cláudia Hirawat
    
	
Name
    	
Mark   Boulding
    	
 
    	
Date:
    	
December 16,   2014
    
	
Title:
    	
EVP &   CLO
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
December 16,   2014
    	
 
    	
 
    

 

6form8k022715ex10-1.htm

Brisset Beer International, Inc.

REGULATION S SUBSCRIPTION AGREEMENT

SECTION 1

1.1  Subscription.

(a)           The undersigned, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase 135,000 Units (hereafter defined) to be issued by Brisset Beer International, Inc., a Nevada corporation (the "Company"), in an offshore transaction negotiated outside the U.S. and to be consummated and closed outside the U.S.  The Company is directly offering for sale 135,000 Units for an aggregate gross proceeds of $27,000.00. The Units are being sold pursuant to Regulation S of the Securities Act of 1993, as amended (the “Securities Act”).

A “Unit” shall consist of the following:

	
  

	
(1)

	
one share of Common Stock (a “Purchased Share”);

	
  

	
(2)

	
one Class A Warrant, as further described in the Class A Warrant Agreement attached hereto as Exhibit A, entitling the undersigned to purchase one share of Common Stock at an exercise price of $0.25 per share, expiring on February 17, 2020 (a “Class A Warrant”); and

	
  

	
(3)

	
one Class B Warrant, as further described in the Class B Warrant Agreement attached hereto as Exhibit B, entitling the undersigned to purchase one share of Common Stock at an exercise price of $0.30 per share, expiring on February 17, 2020 (a “Class B Warrant, and together with the Class A Warrant, the “Warrants”).

(b) For purposes of this Subscription Agreement:

	
  

	
(1)

	
“Common Stock” means the common stock of the Company.

	
  

	
(2)

	
“Securities” means the Purchased Shares, the Warrants and the Warrant Shares.

	
  

	
(3)

	
“Warrant Shares” means the shares of Common Stock issuable upon due exercise of the Warrants.

  

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1.2  Purchase of Units.

The undersigned understands and acknowledges that the purchase price to be remitted to the Company in exchange for the Units shall be Twenty Seven Thousand dollars ($27,000) or $0.20 per Unit.  Simultaneous with the execution and delivery of this Agreement, including the Investor Questionnaire annexed hereto, the undersigned shall deliver to the Company the aforementioned purchase price by check made payable to the Company or wire transfer of immediately available funds. Wire instructions are attached hereto as Appendix A.

1.3  Acceptance or Rejection.

(a)           The undersigned understands and agrees that the Company reserves the right to reject this subscription for the Units if, in its reasonable judgment, it deems such action in the best interest of the Company, at any time prior to the Closing, notwithstanding prior receipt by the undersigned of notice of acceptance of the undersigned's subscription.

(b)           The undersigned understands and agrees that its subscription for the Units is irrevocable.

(c)           In the event the sale of the Units subscribed for by the undersigned is not consummated by the Company for any reason (in which event this Subscription Agreement shall be deemed to be rejected), this Subscription Agreement and any other agreement entered into between the undersigned and the Company relating to this subscription shall thereafter have no force or effect and the Company shall promptly return or cause to be returned to the undersigned the purchase price remitted to the Company by the undersigned, without interest thereon or deduction therefrom, in exchange for the Units.

SECTION 2

2.1  Closing.   The closing (the "Closing") of the purchase and sale of the Units, shall occur simultaneously with the acceptance by the Company of the undersigned's subscription, as evidenced by the Company's execution of this Subscription Agreement.

SECTION 3

3.1  Investor Representations and Warranties.

The undersigned hereby acknowledges, represents and warrants to, and agrees with, the Company and its affiliates as follows:

  

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(a)           The undersigned is acquiring the Securities for his own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has a direct or indirect beneficial interest in such Securities or any portion thereof.  Further, the undersigned does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the Securities for which the undersigned is subscribing or any part of the Securities.

(b)           The undersigned has full power and authority to enter into this Agreement, the execution and delivery of this Agreement has been duly authorized, if applicable, and this Agreement constitutes a valid and legally binding obligation of the undersigned.

(c)           The undersigned is not subscribing for the Securities as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting, or any solicitation of a subscription by person previously not known to the undersigned in connection with investment securities generally.

(d)           The undersigned understands that the Company is under no obligation to register the Securities under the Securities Act, or to assist the undersigned in complying with the Securities Act or the securities laws of any state of the United States or of any foreign jurisdiction.

(e)           The undersigned is (i) experienced in making investments of the kind described in this Agreement and the related documents, (ii) able, by reason of the business and financial experience of its officers (if an entity) and professional advisors (who are not affiliated with or compensated in any way by the Company or any of its affiliates or selling agents), to protect its own interests in connection with the transactions described in this Agreement, and the related documents, and (iii) able to afford the entire loss of its investment in the Securities. The undersigned further understands that the Company currently has no business or operations and although it is contemplating entering the field of clean energy technologies, the Company currently has no agreements or arrangements with any persons in connection therewith.

(f)           The undersigned acknowledges his understanding that the offering and sale of the Purchased Shares, Warrants and the issuance of the Warrant Shares upon due exercise of the Warrants is intended to be exempt from registration under the Securities Act.  In furtherance thereof, in addition to the other representations and warranties of the undersigned made herein, the undersigned further represents and warrants to and agrees with the Company and its affiliates as follows:

	
  

	
(i)

	
The undersigned realizes that the basis for the exemption may not be present if, notwithstanding such representations, the undersigned has in mind merely acquiring the Securities for a fixed or determinable period in the future, or for a market rise, or for sale if the market does not rise.  The undersigned does not have any such intention;

 

  

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(ii)

	
The undersigned has the financial ability to bear the economic risk of his investment, has adequate means for providing for his current needs and personal contingencies and has no need for liquidity with respect to his investment in the Company;

	
  

	
(iii)

	
The undersigned has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment in the Securities.  The undersigned also represents it has not been organized for the purpose of acquiring the Securities;

	
  

	
(iv)

	
The undersigned has been provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional information concerning the offering of the Securities, the Company and all other information to the extent the Company possesses such information or can acquire it without unreasonable effort or expense;  and

	
  

	
(v)

	
The undersigned has carefully reviewed all of the Company’s filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(g)           The undersigned is not relying on the Company, or its affiliates or agents with respect to economic considerations involved in this investment.  The undersigned has relied solely on its own advisors.

(h)           No representations or warranties have been made to the undersigned by the Company, or any officer, employee, agent, affiliate or subsidiary of the Company, other than the representations of the Company contained herein, and in subscribing for Units the undersigned is not relying upon any representations other than those contained herein.

(i) Any resale of the Securities during the ‘distribution compliance period’ as defined in Rule 902(f) to Regulation S shall only be made in compliance with exemptions from registration afforded by Regulation S.  Further, any such sale of the Securities in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction.  The Investor will not offer to sell or sell the Securities in any jurisdiction unless the Investor obtains all required consents, if any.

  

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(j)           The undersigned understands that the Securities are being offered and sold in reliance on an exemption from the registration requirements of United States federal and state securities laws under Regulation S promulgated under the Securities Act and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the applicability of such exemptions and the suitability of the Investor to acquire the Securities.  In this regard, the undersigned represents, warrants and agrees that:

 

	
1.  

	
The undersigned is not a U.S. Person (as defined below) and is not an affiliate (as defined in Rule 501(b) under the Securities Act) of the Company and is not acquiring the Securities for the account or benefit of a U.S. Person.  A U.S. Person means any one of the following:

 

	
·  

	
any natural person resident in the United States of America;

 

	
·  

	
any partnership or corporation organized or incorporated under the laws of the United States of America;

 

	
·  

	
any estate of which any executor or administrator is a U.S. person;

 

	
·  

	
any trust of which any trustee is a U.S. person;

 

	
·  

	
any agency or branch of a foreign entity located in the United States of America;

 

	
·  

	
any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;

 

	
·  

	
any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or (if an individual) resident in the United States of America; and

 

	
·  

	
any partnership or corporation if:

 

(A) organized or incorporated under the laws of any foreign jurisdiction; and

 

(B) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts.

 

  

5

  

 

	
2.  

	
At the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement, the undersigned was outside of the United States.

 

	
3.  

	
The undersigned will not, during the period commencing on the date of issuance of the Purchased Shares or Warrants and ending on the first anniversary of such date, or such shorter period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”), offer, sell, pledge or otherwise transfer the Purchased Shares or the Warrants in the United States, or to a U.S. Person for the account or for the benefit of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S.

 

	
4.  

	
The undersigned will, after expiration of the Restricted Period, offer, sell, pledge or otherwise transfer the Purchased Shares or Warrants only pursuant to registration under the Securities Act or an available exemption therefrom and, in accordance with all applicable state and foreign securities laws.

 

	
5.  

	
The undersigned was not in the United States, engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling of or any hedging transaction with respect to the Securities, including without limitation, any put, call or other option transaction, option writing or equity swap.

 

	
6.  

	
Neither the undersigned nor or any person acting on his behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person with respect to the Securities and the Investor and any person acting on his behalf have complied and will comply with the “offering restrictions” requirements of Regulation S under the Securities Act.

 

	
7.  

	
The transactions contemplated by this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

	
8.  

	
Neither the undersigned nor any person acting on his behalf has undertaken or carried out any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States, its territories or possessions, for any of the Securities.  The undersigned agrees not to cause any advertisement of the Securities to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Securities, except such advertisements that include the statements required by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only in compliance with any local applicable securities laws.

 

  

6

  

 

	
9.  

	
Each certificate representing the Securities shall be endorsed with the following legends, in addition to any other legend required to be placed thereon by applicable federal or state securities laws:

 

“THE SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

 

“TRANSFER OF THESE SECURITIES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

 

“THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN OR FROM A JURISDICTION OF CANADA UNLESS THE CONDITIONS IN SECTION 13 OF MULTILATERAL INSTRUMENT 51-105 “ISSUERS QUOTED IN THE U.S. OVER THE COUNTER MARKETS” ARE MET.”

 

	
10.  

	
The undersigned consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company in order to implement the restrictions on transfer of the Securities set forth in this Section 2.

Cross out if inapplicable

(k)  The undersigned is an “accredited investor” as that term is defined in Rule 501 of the General Rules and Regulations under the Securities Act by reason of Rule 501(a)(3).

 

  

7

  

 

(l)  The undersigned understands that an investment in the Securities is a speculative investment which involves a high degree of risk and the potential loss of his entire investment.

(m)  The undersigned's overall commitment to investments which are not readily marketable is not disproportionate to the undersigned's net worth, and an investment in the Securities will not cause such overall commitment to become excessive.

(n)  The undersigned has received all documents, records, books and other information pertaining to the undersigned’s investment in the Company that has been requested by the undersigned.  The undersigned has reviewed all reports and other documents filed by the Company with the Securities and Exchange Commission (the “SEC Documents”).

(o)  The undersigned represents and warrants to the Company that all information that the undersigned has provided to the Company, including, without limitation, the information in the Investor Questionnaire attached hereto or previously provided to the Company (the “Investor Questionnaire”), is correct and complete as of the date hereof.

(p)  Other than as set forth herein, the undersigned is not relying upon any other information, representation or warranty by the Company or any officer, director, stockholder, agent or representative of the Company in determining to invest in the Securities.  The undersigned has consulted, to the extent deemed appropriate by the undersigned, with the undersigned’s own advisers as to the financial, tax, legal and related matters concerning an investment in the Securities and on that basis believes that his or its investment in the Securities is suitable and appropriate for the undersigned.

(q)  The undersigned is aware that no federal or state agency has (i) made any finding or determination as to the fairness of this investment, (ii) made any recommendation or endorsement of the Securities or the Company, or (iii) guaranteed or insured any investment in the Securities or any investment made by the Company.

(p)  The undersigned understands that the price of the Securities offered hereby bear no relation to the assets, book value or net worth of the Company and were determined arbitrarily by the Company.  The undersigned further understands that there is a substantial risk of further dilution on his or its investment in the Company.

SECTION 4

The Company represents and warrants to the undersigned as follows:

4.1  Organization of the Company.  The Company is a corporation duly organized and validly existing and in good standing under the laws of the State of Nevada, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted.

 

  

8

  

 

4.2  Authority.   (a)  The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to issue the Securities; (b) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors is required; and (c) this Agreement has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such  enforceability  may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

4.3  SEC Documents.  To the best of Company's knowledge, the Company has not provided to the undersigned any information that, according to applicable law, rule or regulation, should have been disclosed publicly prior to the date hereof by the Company, but which has not been so disclosed. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, and other federal, state and local laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply as to form and substance in all material respects with applicable accounting requirements and the published rules and regulations of the Securities and Exchange Commission (the “SEC”) or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved (except (a) as may be otherwise indicated in such financial statements or the notes thereto or (b) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

4.5  Exemption from Registration; Valid Issuances.  The sale and issuance of the Securities, in accordance with the terms and on the bases of the representations and warranties of the undersigned set forth herein, may and shall be properly issued by the Company to the undersigned pursuant to Section 4(2), Regulation S and/or any applicable U.S state law. When issued and paid for as herein provided, the Securities shall be duly and validly issued, fully paid, and nonassessable. Neither the sales of the Securities pursuant to, nor the Company's performance of its obligations under, this Agreement shall (a) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Securities or any of the assets of the Company, or (b) entitle the other holders of the Common Stock of the Company to preemptive or other rights to subscribe to or acquire the Common Stock or other securities of the Company. The Securities shall not subject the undersigned to personal liability by reason of the ownership thereof.

  

9

  

4.6  No General Solicitation or Advertising in Regard to this Transaction. Neither the Company nor any of its affiliates nor any person acting on its or their behalf (a) has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising with respect to any of the Securities, or (b) made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require registration of the Common Stock under the Securities Act.

4.7  No Conflicts.The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby, including without limitation the issuance of the Securities, do not and will not (a) result in a violation of the Certificate or By-Laws of the Company or (b) conflict with, or constitute a material default (or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, indenture, instrument or any "lock-up" or similar provision of any underwriting or similar agreement to which the Company is a party, or (c) result in a violation of any federal, state, local or foreign law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations)applicable to the Company or by which any property or asset of the Company is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a material adverse effect on the business, operations, properties, prospects or condition (financial or otherwise) of the Company) nor is the Company otherwise in violation of, conflict with or in default under any of the foregoing. The Company is not required under U.S. federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement or issue and sell the Common Stock in accordance with  the terms hereof (other than any SEC, NASD or state securities filings that may be required to be made by the Company subsequent to the Closing); provided that, for purposes of the representation made in this sentence, the Company is assuming and relying upon the accuracy of the relevant representations and agreements of the undersigned herein.

SECTION 5

5.1  Indemnity.  The undersigned agrees to indemnify and hold harmless the Company, its officers and directors, employees and its affiliates and their respective successors and assigns and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty or breach or failure by the undersigned to comply with any covenant or agreement made by the undersigned herein or in any other document furnished by the undersigned to any of the foregoing in connection with this transaction.

5.2  Modification.  Neither this Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

  

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5.3  Notices.  Any notice, demand or other communication which any  party hereto may be required, or may elect, to give to anyone interested hereunder shall be sufficiently given if (a) deposited, postage prepaid, in a United States mail letter box, registered or certified mail, return receipt requested, addressed to such address as may be given herein, or (b) delivered personally at such address.

5.4  Counterparts.  This Agreement may be executed through the use of separate signature pages or in any number of counterparts and by facsimile, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart. Signatures may be facsimiles.

5.5  Binding Effect.  Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns.  If the undersigned is more than one person, the obligation of the undersigned shall be joint and several and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and his heirs, executors, administrators and successors.

5.6  Entire Agreement.  This Agreement and the documents referenced herein contain the entire agreement of the parties and there are no representations, covenants or other agreements except as stated or referred to herein and therein.

5.7  Assignability.  This Agreement is not transferable or assignable by the undersigned.

5.8  Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of law principles.

5.9  Pronouns.  The use herein of the masculine pronouns "him" or "his" or similar terms shall be deemed to include the feminine and neuter genders as well and the use herein of the singular pronoun shall be deemed to include the plural as well.

  

11

  

IN WITNESS WHEREOF, the undersigned has executed this Agreement on the 17 day of February, 2015.

Amount of Investment:

$27,000____________________

INDIVIDUAL INVESTOR:

___________________________

Signature

Name: 

PARTNERSHIP, CORPORATION, TRUST,

CUSTODIAL ACCOUNT, OTHER INVESTOR

___________________________

(Print Name of Entity)

By:__________________

Name:

Title:

Address:

Taxpayer Identification Number:_____________

  

12

  

ACCEPTANCE OF SUBSCRIPTION

(to be filled out only by the Company)

The Company hereby accepts the above application for subscription for Units on behalf of the Company.

BRISSET BEER INTERNATIONAL, INC.                                                                                                Dated: ____________

Signature:______________________________

Name: Stephane Pilon

Title: President, CEO

  

13

  

ACCREDITED INVESTOR QUESTIONNAIRE

 

The undersigned subscriber represents that it is an Accredited Investor on the basis that it is (check one):

 

_____(i)  A bank as defined in Section 3(a)(2) of the Act, or a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; an insurance company as defined in Section 2(13) of the Act; an investment company registered under the Investment Company Act of 1940 (the “Investment Company Act”) or a business development company as defined in Section 2(a)(48) of the Investment Company Act; a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000; an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment advisor, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

 

_____(ii)  A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

_____(iii)  An organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.

 

_____(iv)  A director or executive officer of the Company.

 

_____(v)  A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his or her purchase exceeds $1,000,000.

 

_____(vi)  A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

 

_____(vii)  A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) (i.e., a person who has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment).

 

_____(viii)  An entity in which all of the equity owners are accredited investors.  (If this alternative is checked, the Subscriber must identify each equity owner and provide statements signed by each demonstrating how each is qualified as an accredited investor.  Further, the Subscriber represents that it has made such investigation as is reasonably necessary in order to verify the accuracy of this alternative.)

________________________________

Signature

 

________________________________

Date

________________________________

Address

 

 

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