Document:

EXHIBIT 10.1

Exhibit 10.1

Contract 

This Contract shall be made and entered into among and between MB Tech (hereinafter referred to as “MBTT”) and Eastech (hereinafter referred to as “EST”) with mutual good faith to exclusively import and distribute Active Antenna (hereinafter referred to as “Product”) invented by MB Tech. The parties hereto have caused this Agreement to be executed in duplicate originals by their respective officers duly authorized and each party shall keep one copy.

Article 1

EST shall import the Product for 1 year from the dart of signing this Contract. 

Article 2 

 

To secure MBTT’s manufacturing operations, EST shall exert its best effort to place orders purchasing 45,000 sets of Product, which equals to 675,000,000 Japanese Yen.  

Provided that, both parties shall faithfully execute the following conditions. 

1.

MBTT shall test Product in Hokkaido and Kuyshu provinces where a satellite signal is weakest.

The approval shall be given under the condition that Product shall not cause any problem when a human being watches the image of TV. 

When and if Product shall not show a good quality of image in the above areas even with Product gain of 31 to 32dB, EST shall provide an approval that Product can be distributed in the limited area as determined by mutual consent. 

2.

MBTT shall be set to deliver Product in and after March 2004. 

3.

If the condition as set forth in Paragraph 1 is fulfilled, EST shall place purchase orders as follows: 

A.

March 2004    

2,000 Sets

B.

April  2004    

3,000 Sets

C.

May  2004    

3,000 Sets

D.

In and after June 2004

5,000 Sets / Month

Article 3 

The Product price shall be 15,000 Japanese Yen. Upon the completion of field test, both parties shall determine the price in consideration of market situations. 

Article 4 

MBTT take full responsibility for the quality of Product. When and if the quality has cause damage to EST, MBTT shall pay full compensation for such loss. 

Article 5 

EST shall do its best to estimate annual import amount on a monthly basis and to provide MBTT with preliminary purchase orders.

Article 6 

The payment shall be made in Japanese Yen. EST shall open L/C in favor of MBTT.

Article 7 

EST’s distributorship shall be limited in Japan. MBTT shall not be allowed to distribute Product in Japan directly or by 3rd party. 

Article 8 

The provisions of this Contract can be modified by mutual consent when and if any event shall occur beyond the control of both parties. 

Article 9 

The term of this Contract shall be automatically extended for another one year, unless one party shall provide the other party with its intention of termination prior to three (3) months 

Article 10

Any matters are not covered in this Contract shall be settled under the international business practices and by mutual consent. 

 

September 2, 2003

MB Tech Korea

Eastech

CEO & President 

CEO & President

Tea Hyun Shin

Isobe Kenji

/s/ Tea Hyun Shin

/s/ Isobe KenjiEXHIBIT 10.2

Exhibit 10.2

Agreement 

This Agreement shall be made and entered into among and between Willtek Corperation (hereinafter referred to as “WILT”) and MB tech Inc. which listed on OTCBB under the symbol of MBTT (hereinafter referred to as “MBTT”) with mutual good faith under the following terms and conditions.

Article 1. Purpose

The purpose of this Agreement is to provide for basic terms and conditions for MBTT to acquire one hundred percent (100%) of Willtek America Inc.’s shares and sixty one percent (61% ) of Willtek Communication Holdings GmbH’s shares from WILT. And the purpose hereof is to provide for the agreement under which MBTT shall acquire the additional shares of Willtek Communication GmbH, a subsidiary of Willtek Communication Holdings GmbH. 

Article 2 Share Exchange Conditions

 

1.

MBTT shall issue sixteen million six hundred seventy nine thousand and three hundred forty (16,679,340) new common stocks in exchange for one hundred percent (100%) of Willtek America Inc.’s stocks which WILT owns.

2.

MBTT shall issue twenty six million six hundred eighty eight thousand and six hundred seventy eight (26,688,678) new common stocks in exchange for sixty one percent (61%) of Willtek America Inc.’s stocks which WILT owns.

3.

A total of 43,368,018 of new common stocks shall be issued to exchange with two subsidiary companies of WILT as set forth in Paragraphs 1 and 2, which equals to fifty one percent (56%) of MBTT’s total outstanding and issued common stocks. 

Article 3 Additional Transaction

WILT shall process to acquire additional fifty one percent (51%) of shares owned by Willtek communication GmbH, a subsidiary of Willtek Communication Holdings GmbH located in German. And MBTT shall take responsibility for additional financing which required for WILT to acquire additional shares of Willtek communication GmbH. 

Article 4 Financing

To progress this agreement smoothly, MBTT shall finance more than US$ 10,000,000 within fifty (50) days after both parties shall sign this agreement.

Article 5 Uses of Fund

1.

US$ 4,500,000 from the fund as provided for in Article 4 hereof shall be used only for the acquisition of fifty one percent (51%) of Willtek Communication GmbH’s shares as set forth in Article 3 hereof. 

2.

US$ 3,000,000 from the fund shall be used for restructuring R&D part which shall be required for the transaction as set forth in Articles 2 and 3.

3.

US$ 500,000 from the fund shall be used for the operational expenses of MB Tech Korea. 

4.

Eight percent (8%) of fund shall be used for expenses and commission for financing. 

5.

The remaining amount after deductions as set forth Paragraphs 1,2,3 and 4 shall be used for the operational expenses of US Company.

 

Article 6 Board of Directors

Upon the transaction as set forth in Article 2 hereof, the Board of Directors of MBTT shall be composed of new 5 directors, 2 from MBTT and 3 from WILT. 

Article 7 Management

Upon the transaction as provided for in Article 2 hereof, Management shall be determined and appointed by the new Board of Directors as set forth in Article 6 hereof. 

Article 8 Principle of Faithfulness and Sincerity 

Upon the execution of this Agreement, both parties hereto shall efficiently manage and operate their own company’s businesses and properties. When and if any act which may have a material effect on each party’s properties and obligations shall be committed, both parties hereto shall settle through negotiation. 

Article 9 Share Exchange Contract

Both parties shall sign new share exchange contract no later than September 30. 2003. The share exchange contract will provide for more detailed terms and conditions which include those failed to set forth in this Agreement. 

Article 10 Effect and Termination

This agreement shall be valid until Sep 30. 2003. Both parties can extend the term and change conditions by mutual consent. If the obligations as set forth in Articles 2, 3, 4 and 5 shall not be performed, one party may terminate this agreement by providing the other party with it’s written notice of termination prior to ten (10) days. 

Article 11 Others

JJ Consulting shall be appointed as a consultant for the transaction as provided for in this Agreement. When and if a majority of WILT’s shares shall be acquired, MBTT shall pay a certain amount of its newly issued stock for JJ Consulting’s service.  

Article 12 Effective Date

 

This Agreement shall come into force from the date of signing this Agreement. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate originals by their respective officers duly authorized and each party shall keep one copy. 

October 11, 2003

Willtek Corporation  

MB Tech Inc

CEO & President 

CEO & President

B.K. Chang 

Hanwook Bae 

/s/ B.K. Chang

/s/ Hanwook BaeEXHIBIT 10.3

Exhibit 10.3

Agreement 

This Agreement shall be made and entered into among and between MB tech Inc. (hereinafter referred to as “MBTT”) and i-Plus Technologies Co., Ltd (hereinafter referred to as “IPT”) with mutual good faith under the following terms and conditions.

Article 1. Purpose

The purpose of this Agreement is to build comprehensive cooperative relationship between both Parties hereto under which MBTT shall acquire IPT by the means of cash or stock, and list on NASDAQ. 

Article 2. Cooperative Matters

Both Parties shall cooperate with each other in performing the following matters hereunder. 

1. Financing in domestic and overseas markets for manufacturing and management. 

2. Merge & Acquisition through stock swap and cash investment. 

3. Marketing of any and all IPT’s products in North America (including United States, Canada, Mexico)  

4. Development of any and all matters that are to be carried out in mutual cooperation. 

Article 3. Action Plan 

1.

MBTT shall acquire 100 hundred percent (100%) of IPT shares at the estimated value of eight billion Korean Won (\8,000,000,000). 

2.

MBTT shall, no later than March 31, 2004, invest two billon Korean Won (\2,000,000,000) into IPT’s new common stocks, which is equivalent to the amount of twenty five percent (25%) of total stock issued.

3.

MBTT shall issue new common stocks valued six billion Korean Won (\ 6,000,000,000) in exchange for one hundred percent (100%) of IPT shareholder’s stocks. The price of MBTT stock shall be fixed at the average of the closing bid price for 3 trading weeks immediately before the closing day, March 31. 2004. MBTT shall guarantee IPT the minimum number of eleven million and three hundred thousand (11,300,000) MBTT’s common stock even though the total market value of MBTT share exceeds six billion Korean Won. Foreign exchange rate shall be applied on the basis of the rate as publicly notified by the Bank of Korea dated on March 31. 2004.

4. The fund to be made through the issuance of new common stock shall be used only for the regular course of corporate operation, such as developing products and technologies, manufacturing, marketing, etc. 

5. MBTT shall take full responsibility for any and all additional financing which may be required for R&D, manufacturing and operation of IPT after the acquisition as mentioned herein.

6. The representative director of IPT as one of the board members of MBTT shall take the same responsibility and right as the other MBTT’s board members to determine the company’s critical issues. 

7. Both Parties shall with mutual good faith exert their utmost efforts to list MBTT on NASDAQ within two (2) years.

Article 4. Treatment of IPT Executive Officers and Employees after Acquisition 

1.

MBTT shall guarantee to protect managerial and legal independence of the existing IPT’s management, staff and organization for seven (7) years after acquiring one hundred percent (100%) of IPT’s shares.

2.

IPT shall make its own stock compensation plan for IPT employees within one (1) year after acquisition. The specific action plan shall be designed by considering corporate objectives and the evaluation and performance of employees, which shall be confirmed by IPT’s CEO. 

Article 5. Exclusive Negotiation Right 

For sixty (60) days after the execution of this Agreement, IPT shall give MBTT an exclusive right to negotiate the cooperative matters as described in Article 2 hereof. IPT shall not negotiate the matters with any third party without MBTT’s prior consent. 

Article 6. Dispute Settlement 

Any and all disputes which may be raised in connection with this Agreement shall be settled with both Parties’ mutual agreement. 

Article 7. Confidentiality 

1. Any and all information or document furnished between both Parties shall be used only for such purposes as stated in agreements which already executed or to be executed among or between both Parties hereto, such as LOI, MOU, Agreement, and Contract. 

2. In the event that one party shall be enforced to provide a 3rd party with the relevant information or document due to some unavoidable circumstances, the party shall provide the other party with a prior notice thereof who shall take all the preventive measures. 

3. In the event that any damage shall be caused in breach of the provisions above, the breaching party shall be civilly and criminally liable for such damage whose amount shall be determined with mutual consultation. 

.

Article 8. Expenses

Each Party shall bear its own expenses that may be raised in connection with the business carried out hereunder. 

Article 9. Effect and Termination 

1. This Agreement shall come into force from the date of signing, and remain valid until one party shall provide the other party with its intention of termination prior to three (3) months. 

2. Termination of this Agreement shall not affect any business that may be carried out under the terms and conditions hereunder. 

3. Both Parties shall perform the obligation as set forth in Article 7 hereof for two (2) years after the termination of this Agreement. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate originals by their respective officers duly authorized and each party shall keep one copy. 

January 17th. 2004

MB Tech Inc 

iPlus Technologies Co. Ltd

CEO & President 

CEO & President

Hanwook Bae 

Daniel T. Hwang 

/s/ Hanwook Bae

/s/ Daniel T. Hwang

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