Document:

ex101.htm

Exhibit 10.1

 

Consulting Agreement

 

This consulting agreement (the “Agreement”), entered into on September 15, 2010 and effective as of the Effective Date (as defined in Section 1), is made by and between China Bilingual Technology & Education Group, Inc., a Nevada corporation (together with any successor thereto, the “Company”), and Michael Toups, an independent provider of services (the “Contractor”).

 

RECITALS

 

A.           The Company desires to assure itself of the services of the Contractor, as an independent contractor, by engaging the Contractor to perform services under the terms hereof.

 

B.           The Contractor desires to provide services to the Company, as an independent contractor, on the terms herein provided.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below the parties hereto agree as follows:

 

1.Certain Definitions.

 

	
  

	
(a) “Board” shall mean the Board of Directors of the Company.

	
  

	
 

	
  

	
(b) “Company” shall, except as otherwise provided in Section 6(f), have the meaning set forth in the preamble hereto.

	
  

	
 

	
  

	
(c) “Contractor” shall have the meaning set forth in the preamble hereto.

	
  

	
 

	
  

	
(d) “Date of Termination” shall mean the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 4(b), whichever is earlier.

	
  

	
 

	
  

	
(e) “Effective Date” shall mean September 15, 2010, the date Contractor’s consulting with the Company will be deemed to commence hereunder, and in accordance with the Agreement.

	
  

	
 

	
  

	
(f) “Notice of Termination” shall have the meaning set forth in Section 4(b).

	
  

	
 

	
  

	
 (g) “Term” shall have the meaning set forth in Section 2(b).

	
  

	
 

	
  

	
(h) “SEC” shall mean the United States Securities and Exchange Commission.

	
  

	
 

 

  

1

  

 

2.Consulting.

 

	
  

	
(a) In General.  The Company shall engage the Contractor and the Contractor shall perform services on behalf of the Company upon the other terms and conditions herein provided.

	
  

	
 

	
  

	
(b) Term of Agreement.  The initial term under this Agreement (the “Initial Term”) shall be for the period beginning on the Effective Date and ending on the twelve month anniversary thereof, unless earlier terminated as provided in Section 4.

	
  

	
 

	
  

	
(c) Position and Duties.  During the Term, the Contractor shall provide services to the Company as defined in Exhibit A to the Agreement.  The Contractor will be subject to direction of the Board; shall report directly to the Board; and agrees to observe and comply with the Company’s rules and policies as adopted by the Company from time to time.

 

3.Compensation and Related Matters.

 

	
  

	
(a) Cash.  The Contractor will agree to provide services to the Company on a monthly basis as outlined in Exhibit A.  The Contractor will receive a monthly retainer for $6,000 USD in exchange for services provided to the Company each month within the term of the Agreement, $3,000 USD payable by the first day of each month and $3,000 USD payable by the last day of each month.

	
  

	
 

	
  

	
 (b) Stock Award.  On the date first written above, the Company and the Contractor agreed that the Contractor should receive a stock award of $72,000 USD in shares of the Company’s common stock (the “Stock Award”).  Such shares of common stock are issued as compensation for services to be rendered by the Contractor over the Term of the Agreement.

	
  

	
 

	
  

	
(c) Vesting. The Stock Award will be vested and issued in according to the following timeline:

 

	
1.)  

	
$18,000 USD in shares of the Company's common stock shall vest and be issued on the first day of the following calendar quarter for services rendered during the prior quarter,  beginning January 1, 2011.  The Company agrees to remove the restricted legend from the certificates at the request of the Consultant after the required 144 holding period.

 

	
  

	
 (e) Expenses.  The Company shall reimburse the Contractor for all reasonable travel and other business expenses incurred by him in the performance of his duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures, but in no case shall reimbursement payment be later than 10 days from presentment of receipts related to Company activities.  The travel needs to be approved by the Company in advance.

	
  

	 	
(f) D&O Insurance.  The Company shall maintain adequate D&O coverage for the corporation, as well as the directors and officers individually (A-side coverage) at all times as instructed by the board of directors.

 

  

2

  

4.Termination.

 

	
  

	
(a) The Contractor’s consulting hereunder will be reviewed by the Company at the end of each quarterly SEC reporting period, upon which the Company will have the right to terminate this Agreement any day during the first 7 days following the end of a quarterly reporting period.  The Contractor may terminate this Agreement only upon prior approval from the Company.

	
  

	
 

	
  

	
(b) Notice of Termination.  Any termination of the Agreement by the Company or by the Contractor under this Section 4 shall be effective at least 30 days following the date of such notice (a “Notice of Termination”).  However, the termination of the Agreement by the Company under this Section 4 shall be effective at least 30 days following the date of such notice, for purposes of determining the pro-rata portion of the Stock Award to be earned by the Contractor.

	
  

	
 

	
  

	
(c) Termination due to Death or Disability.  If the Agreement is terminated by reason of the Contractor's death or Disability, then the Contractor or, as applicable, his estate or other legal representative, shall be entitled to receive the amounts described in Section 4(b), if the Contractor, or his legal representative, executes and does not thereafter revoke, a General Release in a form acceptable to the Company.

 

5.Governing Law.  This Agreement shall be governed, construed, interpreted and enforced in accordance with the substantive laws of the State of Florida.

 

6.Entire Agreement.  The terms of this Agreement are intended by the parties to be the final expression of their agreement with respect to the Consulting of the Contractor by the Company and may not be contradicted by evidence of any prior or contemporaneous agreement.  This Agreement (together with any other agreements and instruments contemplated hereby or referred to herein) shall supersede all undertakings or agreements, whether written or oral, previously entered into by the Contractor and the Company or any predecessor thereto or affiliate thereof with respect to the Consulting of the Contractor by the Company.  The parties further intend that this Agreement shall constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement.

 

7.Construction.  This Agreement shall be deemed drafted equally by both the parties. Its language shall be construed as a whole and according to its fair meaning.  Any presumption or principle that the language is to be construed against any party shall not apply.  The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation.  Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.

 

8.Survival.  The expiration or termination of the Term shall not impair the rights or obligations of any party hereto, which shall have accrued prior to such expiration or termination and shall remain in force for a period of five years after termination.

 

9.Stock Certificate.  The common stock certificate to be issued in accordance with Section 3 shall be delivered as follows:

	
  

	
(a) A stock certificate for $18,000 USD in shares of the Company's common stock shall be delivered in the following name and at the following address on the first day of the following calendar quarter beginning January 1, 2011 as follows:

 

Michael P. Toups

8 Hibiscus Road

Belleair, FL 33756

IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

 

	  	
CHINA BILINGUAL TECHNOLOGY & EDUCATION GROUP, INC.

 

 

 

/s/ Ren Zhiqing

____________________________________

By:     Ren Zhiqing

Title:  Chief Executive Officer

 

 

	  	  
	  	
CONTRACTOR:

 

 

/s/ Michael Toups

____________________________________

By:    Michael Toups

 

	  	  
	  	  

 

  

3

  

Exhibit A

1) Position and Duties

The Contractor shall in general have duties described below, including without limitation, the responsibility to:

	
  

	
(a) Serve as the Company's Chief Financial Officer and accept all customary duties of a Chief Financial Officer of a public company who shares of common stock are traded on the United States Over-the-Counter Bulletin Board, Nasdaq or NYSE-Amex.

	
  

	
 

	
  

	
(b) Keep a complete and accurate accounting of receipts and disbursements in the corporate accounting records.  The Company agrees to maintain an experienced controller to manage the accounting department and day-to-day transactions, as well as adequate professionals directed by the Contractor to support his duties defined herein.

	
  

	
(c) Render a complete financial report at the annual meeting of the shareholders if so requested;

	
  

	
 

	
  

	
(d) Be responsible to act as the main depository of the Company's accounting, finance and corporate records.  Provide such records as requested in a timely manner.

	
  

	
 

	
  

	
(e) Provide consulting services with regard to fundraising, private placements, general securities law matters (but with a full understanding that any actions on behalf of the Company or communications with the Company do not constitute legal advice or a suggestion that the Contractor can be relied upon for sound legal advice), business plan development, filings with the SEC on Form 10-K and Form 10-Q.

	
  

	
 

	
  

	
(f) Attendance with all shareholder or meetings of the Board as requested by the Company

	
  

	
 

4COMMON STOCK PURCHASE AGREEMENT

     THIS COMMON STOCK PURCHASE AGREEMENT (this "Agreement"), effective
the first day of October, 2010, between Peer Review Mediation &
Arbitration, Inc., a Florida corporation ("Buyer") and Arnold J.
Diamond, et al., shareholders of Key Vista Associates, Inc. ("Key
Vista"), a Florida corporation. (the "Sellers").

W I T N E S S E T H:

     WHEREAS, as contemplated by this Agreement, Buyer is to purchase
from Sellers, and Sellers are to sell to Buyer, all of the issued and
outstanding common shares of Key Vista as more specifically provided
herein.  Said common shares shall represent 100% of the aggregate
outstanding common shares of Key Vista.

     NOW, THEREFORE, in consideration of the mutual covenants and
undertakings contained herein, and subject to and on the terms and
conditions herein set forth, the parties hereto agree as follows:

                               ARTICLE I
                      PURCHASE AND SALE OF SHARES

1.1   Purchase and Sale.  Subject to the terms and conditions set forth
herein, Sellers will sell to Buyer, and Buyer will purchase from
Sellers, at the Closing (as hereinafter defined), all of the issued and
outstanding shares of common stock of Key Vista.  The purchase price
shall be payable as follows:

   a)  Cash Consideration.  $113,350 by Certified Checks of immediately
available funds upon execution of this Common Stock Purchase Agreement.

   b)  Promissory Note for $75,000, payable in 5 quarterly installments
of $15,000.

   c)  Equity Consideration. An aggregate of 200,000 registered common
shares of ("Payment Shares").

1.1  Upon the signing of this Agreement, Sellers shall forward to Buyer
the certificates representing the Shares duly endorsed for transfer or
accompanied by appropriate stock transfer powers duly executed in
blank, in either case with signatures guaranteed in the customary
fashion.

1.2   Upon the signing of this Agreement, Buyer shall issue
certificates representing the Payment Shares.

1.3   Closing.  The closing of the sale and purchase of the Common
Shares hereunder (the "Closing"), will be held at the offices of Buyer
on Monday November 01, 2010 or at such other  time, date and place as
agreed to by the parties.

<PAGE>2

                              ARTICLE II
              REPRESENTATIONS AND WARRANTIES OF SELLERS

	Sellers represent and warrant to the Buyer as follows:

2.1  Existence and Authority.  Sellers have all requisite power to
execute, deliver and perform this Agreement.

2.2  Financial Condition.  Sellers warrant Key Vista's balance sheet as
of September 30, 2010 will not be materially different at Closing.
Additionally, Sellers warrant that shareholders' equity of Key Vista
will not be less than $1400.

2.3  No Conflict.  The execution and delivery of this Agreement does
not, and the consummation of the transactions contemplated hereby will
not, conflict with or constitute a default under any agreement,
indenture or other instrument to which Sellers is a party or by which
Sellers may be bound or any law, regulation, order, arbitration, award,
judgment or decree applicable to Sellers.

2.4  Validity.  This Agreement has been duly executed and delivered by
Sellers and is a valid and binding agreement of Sellers enforceable
against Sellers in accordance with its terms, except as the
enforceability thereof may be limited by any applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other
laws affecting the enforcement of creditors' rights generally, and by
general principles of equity.

2.5  Litigation. There are no actions, suits, proceedings or
arbitrations or investigations pending, or to Sellers' best knowledge,
threatened in any court or before any governmental agency or
instrumentality or arbitration panel or otherwise against or by the
Buyer which seek to or could restrain, prohibit, rescind or declare
unlawful, or result in substantial damages in respect of this Agreement
or the performance hereof by Sellers (including, without limitation,
the delivery of the Common Shares).

                            ARTICLE III
             REPRESENTATIONS AND WARRANTIES OF THE BUYER

     Buyer hereby represents and warrants to Sellers as follows:

3.1 Existence and Authority.  Buyer has all requisite power to execute,
deliver and perform this Agreement.

3.2 No Conflict.  The execution and delivery of this Agreement does
not, and the consummation of the transactions contemplated hereby will
not, conflict with or constitute a default under any agreement,
indenture or other instrument to which Buyer is a party or by which
Buyer may be bound or any law, regulation, order, arbitration, award,
judgment or decree applicable to Buyer.

<PAGE>3

3.3 Validity.  This Agreement has been duly executed and delivered by
Buyer and is a valid and binding agreement of Buyer enforceable against
Buyer in accordance with its terms, except as the enforceability
thereof may be limited by any applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other laws
affecting the enforcement of creditors' rights generally, and by
general principles of equity.

3.4 Litigation. There are no actions, suits, proceedings or
arbitrations or investigations pending, or to Buyer's best knowledge,
threatened in any court or before any governmental agency or
instrumentality or arbitration panel or otherwise against or by the
Buyer which seek to or could restrain, prohibit, rescind or declare
unlawful, or result in substantial damages in respect of this Agreement
or the performance hereof by Buyer (including, without limitation, the
delivery of the Common Shares).

                             ARTICLE IV
             RESTRICTIONS ON DISPOSITION OF THE COMMON SHARES

4.1 Restricted Securities.  Buyer acknowledges that Buyer is acquiring
the Common Shares pursuant to a transaction exempt from registration
under the 1933 Act.  Buyer represents, warrants and agrees that all
Common Shares acquired by Buyer pursuant to this Agreement are being
acquired for investment without any intention of making a distribution
thereof, or of making any sale or other disposition thereof which would
be in violation of the 1933 Act or any applicable state securities law,
and that Buyer will not dispose of any of the Common Shares.

4.2 Legend. Until such time as the Common Shares are registered
pursuant to the provisions of the 1933 Act, any certificate or
certificates representing the Common Shares delivered pursuant to
Section 1.3 will bear a legend in substantially the following form:

"The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended, and may not be sold,
transferred or otherwise disposed of unless they have first been
registered under such Act or unless an exemption from registration is
available."

Sellers may place stop transfer orders against the registration or
transfer of any shares evidenced by such a certificate or certificates
until such time as the requirements of the foregoing are satisfied.

                            ARTICLE V
                      CONDITIONS TO CLOSING

5.1  Conditions to Obligations of Buyer.  The obligation of Buyer to
purchase the Common Shares is subject to the satisfaction of the
following conditions on the date of Closing:

<PAGE>4

   (a)  Other than the excluded assets listed on Exhibit A, Sellers, as
majority holders of the current and outstanding common shares of Key
Vista shall have provided a list of all assets, property, rights,
interests of any kind and description, tangible or intangible used in
the operation of Key Vista.

    (b) The representations and warranties of Sellers set forth in
Article II hereof shall be true and correct; and if the Closing shall
occur on a date other than the date of this  Agreement,  Buyer shall
have been furnished with a  certificate, dated the date of  Closing, to
such effect, signed by an authorized officer of Sellers; and

   (c) All  permits, approvals, authorizations and consents of third
parties necessary for the consummation of the transactions herein shall
have been obtained, and no order of any court or administrative agency
shall be in effect which restrains or prohibits the transactions
contemplated by this Agreement,  and no suit, action or other
proceeding by any governmental  body or other  person shall have been
instituted  which questions the validity or legality of the
transactions contemplated by this Agreement.

    (d)  Sellers shall have entered into a two (2) year lock-up of the
Payment Shares.

5.2 Conditions to Obligations of Sellers.  The obligation of Sellers to
sell and deliver the Common Shares to Buyer is subject to the
satisfaction of the following conditions on the date of Closing:

   (a) Buyer shall have assumed and agreed to pay, perform and
discharge, when due, the executory liabilities and commitments included
in or pertaining to the items disclosed in item 2.1, but only to the
extent of lease obligations that were incurred by Key Vista, excluding
the liabilities listed on Exhibit B.

    (b) The representations and warranties of the Buyer set forth in
Article V hereof shall be true and correct; and if the Closing shall
occur on a date other than the date of this Agreement, Sellers shall
have been furnished with a certificate dated the date of Closing, to
such effect, signed by an authorized officer of Buyer; and

    (c) No order of any court or administrative agency shall be in
effect which restrains or prohibits the transactions contemplated by
this Agreement, and no suit, action or other proceeding by any
governmental body or other person shall have been instituted which
questions the validity or legality of the transactions contemplated by
this Agreement.

                               ARTICLE VI
                             MISCELLANEOUS

   6.1 Expenses.  Each party shall pay all of its own expenses in
connection with the authorization, preparation, execution and
performance of this Agreement.

<PAGE>5

   6.2   Survival of Sellers' Representations and Warranties.  All
representations and warranties made by Sellers to Buyer in this
Agreement shall survive the Closing.

   6.3 Notices.  All notices, requests or other communications required
or permitted to be delivered hereunder shall be in writing, delivered
by registered or certified mail, return receipt requested, as follows:

          (a) To Sellers:

		Arnold J. Diamond
		301 Yamato Rd Suite #2160
		Boca Raton, FL 33431

          (b) To the Buyer:

		Willis Hale, President
		778 S Military Trail
		Deerfield Beach, FL 33442

Any party hereto may from time to time, by written notice given as
aforesaid, designate any other address to which notices, requests or
other communications addressed to it shall be sent.

   6.4  Specific Performance.  The parties hereto acknowledge that
damages would be an inadequate remedy for any breach of the provisions
of this Agreement and agree that the obligations of the parties
hereunder shall be specifically enforceable, and neither party will
take any action to impede the other from seeking to enforce such rights
of specific performance.

   6.5  Successors and Assigns; Integration; Assignability.  This
Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto, and their respective legal
representatives, successors and assigns.  This Agreement (a)
constitutes, the entire agreement between the parties hereto and
supersedes all other prior agreements and understandings, both written
and oral, among the parties, with respect to the subject matter hereof;
(b) shall not confer upon any person other than the parties hereto any
rights or remedies hereunder; and (c) shall not be assignable by
operation of law or otherwise.

   6.6  Governing  Law.  This Agreement shall be governed by and
construed in accordance with the laws of the state of Florida.

   6.7  Further Assurances.  Subject to the terms and conditions herein
provided, each of the parties hereto agrees to use all reasonable
efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper or advisable to consummate and
make effective the transactions contemplated by this Agreement.

   6.8 Amendment and Waiver.  No amendment or waiver of any provision
of this Agreement or consent to departure therefrom shall be effective
unless in writing and signed by Buyer and Sellers.

<PAGE>6

   6.9  Counterparts.  This Agreement may be executed in any number of
counterparts with the same effect as if the signatures thereto were
upon one instrument.

     IN WITNESS WHEREOF, the undersigned have duly executed this
Agreement on the date and year first above written.

SELLER:

       /s/Arnold Diamond
       ---------------------

BUYER:

Peer Review Mediation and Arbitration, Inc.

By:   /s/Willis Hale
      ---------------------
      Willis Hale, President

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