Document:

Exhibit
10.31

 

BODY CENTRAL ACQUISITION CORP.

 

SUCCESS BONUS PLAN

 

1.               PURPOSE
AND EFFECTIVE DATE.

 

The
purpose of this Body Central Acquisition Corp. Success Bonus Plan (the “Plan”)
is to reward certain employees of Body Central Acquisition Corp. (the “Company”)
and/or its subsidiaries and to promote the success of the Company and its
subsidiaries. In order to accomplish these purposes, the Plan provides for the
total payment of up to $1,000,000 in Bonuses allocated to Participants in
amounts determined in the sole discretion of the Board of Directors of the
Company (the “Board”), and as further described below. This Plan has
been adopted as of April 10, 2007 (the “Effective Date”) and is
effective through April 10, 2012.

 

2.               DEFINITIONS.

 

“Acquiring
Person” shall mean the surviving or acquiring person or entity in
connection with any Sale.

 

“Bonus”
or “Bonuses” shall mean bonuses awarded by the Company to any
Participant or Participants in accordance with this Plan.

 

“Bonus
Payment” shall mean the amount, if any, to be paid to a Participant in
connection with the satisfaction of the Company’s obligations under the Plan.

 

“Closing
Date” shall mean the date of the closing of any IPO or Sale.

 

“Initial
Equity Value” shall be an amount equal to the sum of the Series A
Original Issue Price (as defined in the Company’s Certificate of Incorporation
as in effect from time to time) of each share of Series A Preferred Stock
and the Series B Original Issue Price (as defined in the Company’s
Certificate of Incorporation as in effect from time to time) of each share of Series B
Preferred Stock.

 

“IPO”
shall mean the initial public offering of the Company’s common stock, $0.01 par
value per share.

 

“Maximum
Bonus” with respect to each Participant shall mean the maximum bonus that
may be paid to such Participant under the Plan, as set forth in the award
letter delivered by the Company to such Participant.

 

“Per
Share Transaction Value” shall mean the price per share, as adjusted
proportionally to account for any reorganization, recapitalization,
reclassification, stock dividend, stock split, reverse stock split, or other
adjustment to the number and amount of shares of capital stock of the Company
occurring after the date hereof, and on an as if converted basis (x) at
which shares of common stock are issued and sold to the public, in the case of
an IPO, or (y) paid by any Acquiring Person for shares of capital stock
convertible into common stock of the Company pursuant to a Sale. In the event
that different prices are paid for different classes of capital stock of the
Company pursuant to a Sale, the Per Share Transaction Value for purposes of
this Plan shall be determined by the Board, giving due regard to all relevant
factors. In the event that any contingent consideration is payable after the
Closing Date of a Sale, for the purposes

 

 

of
determining the Per Share Transaction Value, the Board shall make a good faith
estimate of the net present value of such consideration, based on its
determination of the likelihood such contingent consideration will be payable
and the ultimate amount thereof, including any discounts it believes
appropriate in its sole discretion given the anticipated timing of such
payments.

 

“Proceeds
to Equity” shall mean the cash proceeds received by the holders of the Series A
Preferred Stock and Series B Preferred Stock which are attributable to
such securities (or to securities acquired in respect of the Series A
Preferred Stock and Series B Preferred Stock) net of all costs, expenses
or other obligations of such holders incurred in connection therewith.

 

“Sale”
shall mean any merger or consolidation of the Company with or into another
person or entity or the sale or transfer of all or substantially all of the
assets of the Company, in each case in a single transaction or in a series of
related transactions, in which the stockholders of the Company immediately
prior to such transaction, together with any and all of such stockholders’
affiliates, do not own or hold, immediately after consummation of such transaction,
shares of capital stock of the Acquiring Person in connection with such
transaction possessing at least a majority of the total voting power of the
outstanding capital stock of such Acquiring Person.

 

“Series A
Preferred Stock” shall mean the shares of Series A Preferred Stock,
$0.001 par value per share, issued and outstanding as of the Effective Date.

 

“Series B
Preferred Stock” shall mean the shares of Series B Preferred Stock,
$0.001 par value per share, issued and outstanding as of the Effective Date.

 

3.               ELIGIBILITY.

 

(a)           In General. Subject to subsection (b) below,
the individuals eligible to participate in the Plan shall be those key
employees of the Company and its subsidiaries as the Board determines, in its sole
discretion, to be eligible pursuant to Section 4 below (the “Participants”).

 

(b)           Effect of Termination of Employment.
Any employee who leaves the employ of the Company and its subsidiaries
voluntarily or involuntarily, for any reason or no reason, on or before the Closing
Date will forfeit any and all rights to participate in the Plan, including any
right to payment in respect of a previously awarded Bonus.

 

(c)           Determination of Continuous Employment.
Any determination of whether or not a Participant has been continually employed
(including for the purposes of Section 5(a) below) shall be made by
the Board, in its sole discretion, giving due regard to the Company’s
employment policies and applicable law.

 

4.               AWARD
OF BONUS AMOUNTS.

 

The
Board shall determine, in its sole discretion, the number and identity of
Participants (if any)  and Bonus amounts
awarded to such Participants (if any). The Board may, in its sole discretion,
change  the awards of Bonuses previously made to any
Participant, including reducing any Bonuses to  Participants.
Participants will be notified of any Bonuses awarded to them at such time as
the Board  deems appropriate.

 

5.               DETERMINATION
OF BONUS PAYMENTS AND PAYMENT OF AMOUNTS.

 

(a)           In the event of an IPO, any Participant who is employed by the Company
or one of its

 

2

 

affiliates
at the time of such IPO and who has been continually employed by the Company or
one of its  affiliates from the Effective Date through
and including the Closing Date of the IPO, shall be eligible to  receive such Participant’s Maximum Bonus.

 

(b)           In the event of a Sale, any Participant who is employed by the Company
or one of its affiliates at the time of such Sale, and who has been continually
employed by the Company or one of its affiliates from the Effective Date
through and including the Closing Date of the Sale, shall be eligible to
receive a Bonus which amount will be determined as follows:

 

(i)            If the Proceeds to Equity are less than or equal to 2 times the Initial
Equity Value, no Bonus will be paid.

 

(ii)           If the Proceeds to Equity are greater than 2 times the Initial Equity
Value, then each Participant shall receive a Bonus calculated according to the
following formula:

 

	
  A          x       

  	
  (B-C)

  
	
   

  	
  C

  

 

Where:

 

A
= such Participant’s Maximum Bonus;

 

B
= Proceeds to Equity; and

 

C
= 2 times the Initial Equity Value;

 

provided that in no event will the Bonus Payments
to all Participants in the aggregate exceed $1,000,000.

 

(b)           Bonus Payments, if any, will be paid to Participants in a lump sum
within thirty (30) days after any Closing Date, net of all required or
authorized tax or other withholdings.

 

6.               EFFECT
ON COMPANY RIGHTS.

 

Neither
the adoption of the Plan, nor any action taken pursuant to its terms, shall
confer upon any employee of the Company or its Subsidiaries any right to
continued employment, nor interfere in any way with the right of the Company to
terminate the employment of any of its employees at any time.

 

7.               ADMINISTRATION
AND INTERPRETATION.

 

The
Board will have full and exclusive authority to administer the Plan, to
interpret the terms of the Plan, to adopt, amend and rescind rules and
guidelines for the administration of the Plan and to decide all questions and
settle all controversies and disputes which arise in connection with the Plan.
Any determination of the Board under the Plan will be binding and final on all
Persons claiming an interest hereunder. The Board shall have the right to
delegate to the Compensation Committee or other Committee of the Board any and
all of its rights under the Plan. The Board shall have the right to delegate to
the Chairman and Chief Executive Officer of the Company its rights under Section 4
of the Plan.

 

3

 

8.               AMENDMENT
AND TERMINATION.

 

The
Board may at any time and from time to time amend or terminate the Plan in any
respect and  for any purpose it, in its sole discretion,
deems appropriate or necessary. In any event the Plan, and all  prior grants of Bonuses, shall terminate, and thereafter be of no
further force and effect, immediately  after
the Closing Date of the first IPO or Sale to occur after the effective date of
this Plan except insofar  as it remains
relevant to the determination of rights arising in that Sale or IPO.

 

9.
INTERESTS NON-ASSIGNABLE; NO FUNDING.

 

The
benefits provided hereunder will not be subject to alienation, assignment,
garnishment, attachment, execution or levy of any kind, and any attempt to
cause such benefits to be so subjected will not be recognized. Neither the
establishment of the Plan, nor the creation of any fund or account, nor the payment
of any benefits, nor the taking of any other action pursuant to the provisions
of the Plan will give or be construed to give any Participant or other Person
any legal or equitable right against the Company or the Board, provided
that, to the extent that any Person acquires a right to receive benefits from
the Company under the Plan, such right shall be no greater than the right of
any other unsecured general creditor of the Company. Except as provided herein,
the Company shall not be required to set aside or segregate any assets of any
kind to meet any of its obligations hereunder and all obligations of the
Company hereunder shall be reflected by book entries only. The Participants
shall have no rights on account of this Plan to any specific assets of the
Company.

 

4Bioshaft Water Technology, Inc.: Exhibit 10.1- Filed by newsfilecorp.com

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
"SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT"). 

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

PRIVATE PLACEMENT SUBSCRIPTION 
FOR NON U.S.
SUBSCRIBERS

BIOSHAFT WATER TECHNOLOGY INC.

PRIVATE PLACEMENT

INSTRUCTIONS TO SUBSCRIBER:

	1. 	
      COMPLETE the information on page 2 of this
      Subscription Agreement.

	 	 
	2. 	
      DELIVERY a copy of page 2 of this Subscription
      Agreement to BIOSHAFT WATER TECHNOLOGY INC.

- 2 -

BIOSHAFT WATER TECHNOLOGY INC. 

PRIVATE PLACEMENT

The Subscriber hereby irrevocably subscribes for, and on
Closing will purchase from the Company, the following securities at a price of
US$0.15 per Share:

	
_____________Shares 

The Subscriber directs the Company to issue, register and
deliver the certificates representing the Shares as follows:

	REGISTRATION
      INSTRUCTIONS: 	 	DELIVERY INSTRUCTIONS: 
	 	 	 
	 	 	 
	Name to appear on certificate 	 	Name and account reference, if applicable 
	 	 	 
	 	 	 
	Tax i.d./corporate i.d. # 	 	Contact name 
	 	 	 
	 	 	 
	Address 	 	Address 
	 	 	 
	 	 	 
	  	 	Telephone number

	EXECUTED by the Subscriber this_____  day
        of__________________, _____. By executing this Agreement, the Subscriber
        certifies that the Subscriber and any beneficial purchaser for whom
          the Subscriber is acting is resident in the jurisdiction shown as the
        “Address of the Subscriber”. The address of the Subscriber will be
            accepted by the Company as a representative as to the address of residency
      for the Subscriber. 

      

	WITNESS: 	  	EXECUTION BY SUBSCRIBER:    
	 	 	 
	  	  	X 
	Signature of witness 	  	Signature of individual (if Subscriber is an
      individual) 
	 	 	 
	  	  	X 
	Name of witness 	  	Authorized signatory (if Subscriber is not an
      individual) 
	  	  	  
	 	 	 
	Address of witness 	  	Name of Subscriber (please print) 
	  	  	  
	 	 	 
	  	     	Name of authorized signatory (please print) 
	ACCEPTED this _____ day of ___________, _____. 		  
	 	 	 
	BIOSHAFT WATER TECHNOLOGY INC. 	Address of Subscriber
      (residence) 
	Per: 	 
		  	  
	Authorized signatory 	  	Telephone number and e-mail
      address 
	 	 	 

By signing this acceptance, the Company agrees to be bound by
all representations, warranties, covenants and agreements on pages 4-12
hereof.

This Subscription Agreement may be executed in any number of
counterparts, each of which, when so executed and delivered, shall constitute an
original and all of which together shall constitute one instrument. Delivery of
an executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

- 3 -

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
"SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT"). 

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

PRIVATE PLACEMENT SUBSCRIPTION
(Non U.S. Subscribers
Only)

TO: BIOSHAFT WATER TECHNOLOGY INC. (the “Company”)

1. SUBSCRIPTION

1.1 The undersigned (the "Subscriber") hereby irrevocably
subscribes for and agrees to purchase the number of common shares of the
Company's common stock (the "Shares") as set out on page 2 of this Subscription
Agreement at a price of US$0.15 per Share (such subscription and agreement to
purchase being the "Subscription"), for the total subscription price as set out
on page 2 of this Subscription Agreement (the "Subscription Proceeds"), which
Subscription Proceeds are tendered herewith, on the basis of the representations
and warranties and subject to the terms and conditions set forth herein.

1.2 The Company hereby agrees to sell, on the basis of the
representations and warranties and subject to the terms and conditions set forth
herein, to the Subscriber the Shares. Subject to the terms hereof, the
Subscription Agreement will be effective upon its acceptance by the Company.
This offering is not subject to any minimum or maximum offering.

1.3 Unless otherwise provided, all dollar amounts referred to
in this Subscription Agreement are in lawful money of the United States of
America.

2. PAYMENT

2.1 The Subscription Proceeds must accompany this Subscription
Agreement. 

2.2 The Subscriber acknowledges and agrees that this
Subscription Agreement, the Subscription Proceeds and any other documents
delivered in connection herewith will be held by the Company's lawyers on behalf
of the Company. In the event that this Subscription Agreement is not accepted by
the Company for whatever reason within 60 days of the delivery of an executed
Subscription Agreement by the Subscriber, this Subscription Agreement, the
Subscription Proceeds and any other documents delivered in connection herewith
will be returned to the Subscriber at the address of the Subscriber as set forth
in this Subscription Agreement without interest or deduction.

2.3 Where the Subscription Proceeds are paid to the Company,
the Company may treat the Subscription Proceeds as a non-interest bearing loan
and may use the Subscription Proceeds prior to this Subscription Agreement being
accepted by the Company.

- 4 -

2.4 The Subscriber must complete, sign and return to the
Company an executed copy of this Subscription Agreement, including the attached
completed Questionnaire.

2.5 The Subscriber shall complete, sign and return to the
Company as soon as possible, on request by the Company, any documents,
questionnaires, notices and undertakings as may be required by regulatory
authorities, and applicable law.

3. CLOSING

3.1 Closing of the purchase and sale of the Shares shall occur
such date as may be determined by the Company in its sole discretion (the
"Closing Date"). The Subscriber acknowledges that Shares may be issued to other
subscribers under this offering (the "Offering") before or after the Closing
Date. The Company, may, at its discretion, elect to close the Offering in one or
more closings, in which event the Company may agree with one or more subscribers
(including the Subscriber hereunder) to complete delivery of the Shares to such
subscriber(s) against payment therefore at any time on or prior to the Closing
Date.

4. ACKNOWLEDGEMENTS OF SUBSCRIBER

4.1 The Subscriber acknowledges and agrees that:

	 	(a) 	
      none of the Shares have been registered under the
      Securities Act of 1933, as amended (the "1933 Act"), or under any state
      securities or "blue sky" laws of any state of the United States, and are
      being offered only in a transaction not involving any public offering
      within the meaning of the 1933 Act, and, unless so registered, may not be
      offered or sold in the United States or to U.S. Persons (as defined
      herein), except pursuant to an effective registration statement under the
      1933 Act, or pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the 1933 Act, and in each
      case only in accordance with applicable state and provincial securities
      laws;

	 	 	 
	 	(b) 	
      the Company will refuse to register any transfer of any
      of the Shares not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from, or in a transaction not subject
      to, the registration requirements of the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Subscription Agreement and
      purchase the Shares agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Company and such decision is based solely upon a review
      of information regarding the Company provided by the Company to the
      Subscriber (the "Company Information");

	 	 	 
	 	(d) 	
      the Subscriber and the Subscriber's advisor(s) have had a
      reasonable opportunity to review the Company Information and to ask
      questions of and receive answers from the Company regarding the Offering,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information contained in the Company Information, or any
      other document provided to the Subscriber;

	 	 	 
	 	(e) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business and that all documents, records and books
      pertaining to this Offering have been made available for inspection by the
      Subscriber, the Subscriber's attorney and/or advisor(s);

	 	 	 
	 	(f) 	
      by execution hereof the Subscriber has waived the need
      for the Company to communicate its acceptance of the purchase of the
      Shares pursuant to this Subscription
Agreement;

- 5 -

	 	(g) 	
      the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Subscriber contained
      in this Subscription Agreement and the Subscriber will hold harmless the
      Company from any loss or damage it may suffer as a result of the
      Subscriber's failure to correctly complete this Subscription
    Agreement;

	 	 	 	 
	 	(h) 	
      the Subscriber will indemnify and hold harmless the
      Company and, where applicable, its respective directors, officers,
      employees, agents, advisors and shareholders from and against any and all
      loss, liability, claim, damage and expense whatsoever (including, but not
      limited to, any and all fees, costs and expenses whatsoever reasonably
      incurred in investigating, preparing or defending against any claim,
      lawsuit, administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any acknowledgment,
      representation or warranty of the Subscriber contained herein or in any
      other document furnished by the Subscriber to the Company in connection
      herewith, being untrue in any material respect or any breach or failure by
      the Subscriber to comply with any covenant or agreement made by the
      Subscriber to the Company in connection therewith;

	 	 	 	 
	 	(i) 	
      the issuance and sale of the Shares to the Subscriber
      will not be completed if it would be unlawful or if, in the discretion of
      the Company acting reasonably, it is not in the best interests of the
      Company;

	 	 	 	 
	 	(j) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Shares and with respect to the
      applicable resale restrictions, and it is solely responsible (and the
      Company is not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the Shares
      hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(k) 	
      the Subscriber has not acquired the Shares as a result
      of, and will not itself engage in, any "directed selling efforts" (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of any of the Shares which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      any of the Shares; provided, however, that the Subscriber may sell or
      otherwise dispose of any of the Shares pursuant to registration of any of
      the Shares pursuant to the 1933 Act and any applicable state securities
      laws or under an exemption from such registration requirements and as
      otherwise provided herein;

	 	 	 	 
	 	(l) 	
      the Subscriber is outside the United States when
      receiving and executing this Subscription Agreement and is acquiring the
      Shares as principal for its own account, 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 Shares;

	 	 	 	 
	 	(m) 	
      none of the Shares may be offered or sold to a U.S.
      Person or for the account or benefit of a U.S. Person (other than a
      distributor) prior to the end of the expiration of a period of one year
      after the date of original issuance of the Shares;

	 	 	 	 
	 	(n) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer and sale of the Shares, although in technical
      compliance with Regulation S, would not be available if the offering is
      part of a plan or scheme to evade the registration provisions of the 1933
      Act;

	 	 	 	 
	 	(o) 	
      none of the Shares are listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Subscriber that any of the Shares will become listed on any stock
      exchange or automated dealer quotation system;

- 6 -

	 	(p) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of any
      of the Shares;

	 	 	 
	 	(q) 	
      no documents in connection with this Offering have been
      reviewed by the SEC or any state securities administrators;

	 	 	 
	 	(r) 	
      there is no government or other insurance covering any of
      the Shares; and

	 	 	 
	 	(s) 	
      this Subscription Agreement is not enforceable by the
      Subscriber unless it has been accepted by the Company, and the Subscriber
      acknowledges and agrees that the Company reserves the right to reject any
      subscription for any reason.

5. REPRESENTATIONS, WARRANTIES AND COVENANTS OF
THE SUBSCRIBER

5.1 The Subscriber hereby represents and warrants to and
covenants with the Company (which representations, warranties and covenants
shall survive the Closing Date) that:

	 	(a) 	
      the Subscriber is not a U.S. Person (as defined
      herein);

	 	 	 
	 	(b) 	
      the Subscriber is not acquiring the Shares for the
      account or benefit of, directly or indirectly, any U.S. Person (as defined
      herein);

	 	 	 
	 	(c) 	
      the Subscriber is resident in the jurisdiction set out on
      page 2 of this Subscription Agreement;

	 	 	 
	 	(d) 	
      the Subscriber:

	 	(i) 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulators having
      application in the jurisdiction in which the Subscriber is resident (the
      “International Jurisdiction”) which would apply to the acquisition of the
      Shares,

	 	 	 
	 	(ii) 	
      is purchasing the Shares pursuant to exemptions from
      prospectus or equivalent requirements under applicable securities laws or,
      if such is not applicable, the Subscriber is permitted to purchase the
      Shares under the applicable securities laws of the securities regulators
      in the International Jurisdiction without the need to rely on any
      exemptions,

	 	 	 
	 	(iii) 	
      acknowledges that the applicable securities laws of the
      authorities in the International Jurisdiction do not require the Company
      to make any filings or seek any approvals of any kind whatsoever from any
      securities regulator of any kind whatsoever in the International
      Jurisdiction in connection with the issue and sale or resale of any of the
      Shares, and

	 	 	 
	 	(iv) 	
      represents and warrants that the acquisition of the
      Shares by the Subscriber does not trigger:

	 	A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction, or

	 	 	 
	 	B. 	
      any continuous disclosure reporting obligation of the
      Company in the International Jurisdiction, and

the Subscriber will, if requested by
the Company, deliver to the Company a certificate or opinion of local counsel
from the International Jurisdiction which will confirm the matters referred to
in subparagraphs (ii), (iii) and (iv) above to the satisfaction of the Company,
acting reasonably;

- 7 -

	 	(e) 	
      the Subscriber is acquiring the Shares as principal for
      investment only and not with a view to, or for, resale, distribution or
      fractionalization thereof, in whole or in part, and, in particular, it has
      no intention to distribute either directly or indirectly any of the Shares
      in the United States or to U.S. Persons (as defined herein);

	 	 	 
	 	(f) 	
      the Subscriber is outside the United States when
      receiving and executing this Subscription Agreement;

	 	 	 
	 	(g) 	
      the Subscriber understands and agrees not to engage in
      any hedging transactions involving any of the Shares unless such
      transactions are in compliance with the provisions of the 1933 Act and in
      each case only in accordance with applicable state securities
  laws;

	 	 	 
	 	(h) 	
      the Subscriber acknowledges that it has not acquired the
      Shares as a result of, and will not itself engage in, any "directed
      selling efforts" (as defined in Regulation S under the 1933 Act) in the
      United States in respect of any of the Shares which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of any of the Shares; provided, however, that the
      Subscriber may sell or otherwise dispose of any of the Shares pursuant to
      registration of any of the Shares pursuant to the 1933 Act and any
      applicable state securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(i) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Subscriber is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Subscriber;

	 	 	 
	 	(j) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or, if applicable, the
      constating documents of, the Subscriber, or of any agreement, written or
      oral, to which the Subscriber may be a party or by which the Subscriber is
      or may be bound;

	 	 	 
	 	(k) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Subscriber enforceable against the Subscriber;

	 	 	 
	 	(l) 	
      the Subscriber has received and carefully read this
      Subscription Agreement;

	 	 	 
	 	(m) 	
      the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the Shares
      for an indefinite period of time, and can afford the complete loss of such
      investment;

	 	 	 
	 	(n) 	
      the Subscriber has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Shares and the Company, and the
      Subscriber is providing evidence of knowledge and experience in these
      matters through the information requested herein;

	 	 	 
	 	(o) 	
      the Subscriber understands and agrees that the Company
      and others will rely upon the truth and accuracy of the acknowledgements,
      representations, warranties, covenants and agreements contained in this
      Subscription Agreement, and agrees that if any of such acknowledgements,
      representations and agreements are no longer accurate or have been
      breached, the Subscriber shall promptly notify the Company;

	 	 	 
	 	(p) 	
      the Subscriber is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment;

- 8 -

	 	(q) 	
      the Subscriber is purchasing the Shares for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such Shares,
      and the Subscriber has not subdivided his interest in the Shares with any
      other person;

	 	 	 	 
	 	(r) 	
      the Subscriber is not an underwriter of, or dealer in,
      the shares of the Company's common stock, nor is the Subscriber
      participating, pursuant to a contractual agreement or otherwise, in the
      distribution of the Shares;

	 	 	 	 
	 	(s) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Shares and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in anyway whatsoever for the
      Subscriber's decision to invest in the Shares and the Company;

	 	 	 	 
	 	(t) 	
      if the Subscriber is acquiring the Shares as a fiduciary
      or agent for one or more investor accounts, the Subscriber has sole
      investment discretion with respect to each such account, and the
      Subscriber has full power to make the foregoing acknowledgements,
      representations and agreements on behalf of such account;

	 	 	 	 
	 	(u) 	
      the Subscriber is not aware of any advertisement of any
      of the Shares and is not acquiring the Shares as a result of any form of
      general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 	 
	 	(v) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares,

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Shares,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Shares,
      or

	 	 	 	 
	 		(iv) 	
      that any of the Shares will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Shares of the
      Company on any stock exchange or automated dealer quotation system;
    and

	 	 	 	 
	 	(w) 	
      the Subscriber acknowledges and agrees that the Company
      shall not consider the Subscriber's Subscription for acceptance unless the
      undersigned provides to the Company, along with an executed copy of this
      Subscription Agreement and such other supporting documentation that the
      Company or its legal counsel may request to establish the Subscriber's
      qualification as a qualified investor.

5.2 In this Subscription Agreement, the term "U.S. Person"
shall have the meaning ascribed thereto in Regulation S promulgated under the
1933 Act and for the purpose of the Subscription Agreement includes any person
in the United States.

6. ACKNOWLEDGEMENT AND WAIVER

6.1 The Subscriber has acknowledged that the decision to
purchase the Shares was solely made on the Company Information. The Subscriber
hereby waives, to the fullest extent permitted by law, any rights of withdrawal,
rescission or compensation for damages to which the Subscriber might be entitled
in connection with the distribution of any of the Shares.

- 9 -

7. REPRESENTATIONS AND WARRANTIES WILL BE RELIED
UPON BY THE COMPANY

7.1 The Subscriber acknowledges that the acknowledgements,
representations and warranties contained herein are made by it with the
intention that they may be relied upon by the Company and its legal counsel in
determining the Subscriber's eligibility to purchase the Shares under applicable
securities legislation, or (if applicable) the eligibility of others on whose
behalf it is contracting hereunder to purchase the Shares under applicable
securities legislation. The Subscriber further agrees that by accepting delivery
of the certificates representing the Shares, it will be representing and
warranting that the acknowledgements representations and warranties contained
herein are true and correct as of the date hereof and will continue in full
force and effect notwithstanding any subsequent disposition by the Subscriber of
such Shares.

8. RESALE RESTRICTIONS

8.1 The Subscriber acknowledges that any resale of the Shares
will be subject to resale restrictions contained in the securities legislation
applicable to the Subscriber or proposed transferee. The Subscriber acknowledges
that none of the Shares have been registered under the 1933 Act or the
securities laws of any state of the United States. None of the Shares may be
offered or sold in the United States unless registered in accordance with
federal securities laws and all applicable state securities laws or exemptions
from such registration requirements are available.

9. LEGENDING AND REGISTRATION OF SUBJECT
SECURITIES

9.1 The Subscriber hereby acknowledges that upon the issuance
thereof, and until such time as the same is no longer required under the
applicable securities laws and regulations, the certificates representing any of
the Shares will bear a legend in substantially the following form:

	
      THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
      OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED
      HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF
      1933, AS AMENDED (THE "1933 ACT"). 

NONE OF THE SECURITIES
      REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S.
      STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR
      SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR
      TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
      UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
      THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
      TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT
      AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
      IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND
      "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.
  

9.2 The Subscriber hereby acknowledges and agrees to the
Company making a notation on its records or giving instructions to the registrar
and transfer agent of the Company in order to implement the restrictions on
transfer set forth and described in this Subscription Agreement.

- 10 -

10. COLLECTION OF PERSONAL INFORMATION

10.1 The Subscriber acknowledges and consents to the fact that
the Company is collecting the Subscriber's personal information for the purpose
of fulfilling this Subscription Agreement and completing the Offering. The
Subscriber's personal information (and, if applicable, the personal information
of those on whose behalf the Subscriber is contracting hereunder) may be
disclosed by the Company to (a) stock exchanges or securities regulatory
authorities, (b) the Company's registrar and transfer agent and (c) any of the
other parties involved in the Offering, including legal counsel, and may be
included in record books in connection with the Offering. By executing this
Subscription Agreement, the Subscriber is deemed to be consenting to the
foregoing collection, use and disclosure of the Subscriber's personal
information (and, if applicable, the personal information of those on whose
behalf the Subscriber is contracting hereunder) and to the retention of such
personal information for as long as permitted or required by law or business
practice. Notwithstanding that the Subscriber may be purchasing Shares as agent
on behalf of an undisclosed principal, the Subscriber agrees to provide, on
request, particulars as to the identity of such undisclosed principal as may be
required by the Company in order to comply with the foregoing.

11. COSTS

11.1 The Subscriber acknowledges and agrees that all costs and
expenses incurred by the Subscriber (including any fees and disbursements of any
special counsel retained by the Subscriber) relating to the purchase of the
Shares shall be borne by the Subscriber.

12. GOVERNING LAW

12.1 This Subscription Agreement is governed by the laws of the
State of Nevada and the federal laws of the United States applicable thereto.
The Subscriber, in its personal or corporate capacity and, if applicable, on
behalf of each beneficial purchaser for whom it is acting, irrevocably attorns
to the exclusive jurisdiction of the Courts of the State of Nevada.

13. SURVIVAL

13.1 This Subscription Agreement, including without limitation
the representations, warranties and covenants contained herein, shall survive
and continue in full force and effect and be binding upon the parties hereto
notwithstanding the completion of the purchase of the Shares by the Subscriber
pursuant hereto.

14. ASSIGNMENT

14.1 This Subscription Agreement is not transferable or
assignable.

15. SEVERABILITY

15.1 The invalidity or unenforceability of any particular
provision of this Subscription Agreement shall not affect or limit the validity
or enforceability of the remaining provisions of this Subscription
Agreement.

16. ENTIRE AGREEMENT

16.1 Except as expressly provided in this Subscription
Agreement and in the agreements, instruments and other documents contemplated or
provided for herein, this Subscription Agreement contains the entire agreement
between the parties with respect to the sale of the Shares and there are no
other terms, conditions, representations or warranties, whether expressed,
implied, oral or written, by statute or common law, by the Company or by anyone
else.

- 11 -

17. NOTICES

17.1 All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed or transmitted by
any standard form of telecommunication. Notices to the Subscriber shall be
directed to the address on page 2 and notices to the Company shall be directed
to it at the first page of this Subscription Agreement.

18. COUNTERPARTS AND ELECTRONIC MEANS

18.1 This Subscription Agreement may be executed in any number
of counterparts, each of which, when so executed and delivered, shall constitute
an original and all of which together shall constitute one instrument. Delivery
of an executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

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