Document:

exhib101.htm

EXHIBIT 10.1

     

    INTELLECTUAL
PROPERTY SALES AND PURCHASE AGREEMENT

     

     

     

    TABLE
OF CONTENTS

     

     

     

     

     

     

     

     

     

     

     

     

     

                        ARTICLE
I                                                DEFINITIONS

     

                        ARTICLE
II                                               CONSIDERATION
AND PAYMENT

     

                        ARTICLE
III                                              PATENT
APPLICATIONS AND PATENTS

     

                        ARTICLE
IV                                              PUBLICITY
AND NONCOMPETE

    
       

                          ARTICLE V                       INFRINGEMENT
BY OTHERS; PROTECTION OF PATENTS

    

     

                        ARICLE
VI                                               
TERM AND TERMINATION

     

                        ARTICLE
VII                                            
ASSIGNMENT AND SALE

     

                        ARTICLE
VIII                                           
REPRESENTATION AND WARRANTIES

     

                        ARTICLE
IX                                             
RELEASES

     

                        ARTICLE
X                                               MEDIATION
AND ARBITRATION

     

                        ARTICLE
XI                                             
GENERAL

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
         

        
        

      

      
         

      

    

     

    INTELLECTUAL
PROPERTY SALES AND PURCHASE AGREEMENT

     

     

    This
Intellectual Property Sales and Purchase Agreement (hereinafter referred to as
the "Purchase Agreement"), by and among PAGIC LP, (“PG”), a company incorporated
in the State of Texas, United States and having an office at 401 West Vinton
Road, Anthony, Texas, MALCOLM GLEN KERTZ (“KERTZ”) a person and inventor both
having an office at 5151 Thornton, El Paso Texas, and WEST PEAK VENTURES of
CANADA LTD. (“WPV”), a company federally incorporated in Canada and having its
registered office at 789 West Pender Street, Vancouver, BC, Canada,
(collectively hereinafter referred to as the "Sellers") and Valcent Products
Inc., a company incorporated in Canada and having a place of business at 789
West Pender Street, Vancouver, BC Canada (hereinafter referred to as the
“Purchaser”).

     

     

    RECITALS

     

    WHEREAS,
KERTZ is the exclusive owner of certain Verticrop and TOMORROW GARDEN®
Technologies and Intellectual Property;

     

    WHEREAS,
Purchaser is the exclusive licensee of the TOMORROW GARDEN® Technologies and
Intellectual Property within the Territory;

     

    WHEREAS,
the Seller and the Purchaser wish to clarify and restructure their current
rights and responsibilities resulting from the Master License Agreement to
better align with their perceived future endeavors;

     

    WHEREAS,
Purchaser desires to own the Verticrop and TOMORROW GARDEN® Technologies and
Intellectual Property to more effectively commercialize and exploit the
Verticrop and TOMORROW GARDEN® Technologies for all industrial, commercial,
and retail applications, all as set forth in this Purchase
Agreement;

     

    WHEREAS,
Seller desires to grant to the Purchaser such ownership rights, all as set forth
in this Purchase Agreement; and

     

    NOW,
THEREFORE, in consideration of the promises, mutual covenants and obligations
hereinafter set forth and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     

     

     

    ARTICLE
I

     

    DEFINITIONS

     

    Each of
the following terms shall, whenever found in this Purchase Agreement, be used
and understood in accordance with the definition below:

     

    1.1           “Ancillary
Products” shall mean any goods or services, including any goods or services sold
to repair or sold as replacement parts, relating to Verticrop and TOMORROW
GARDEN® Technologies products.

     

    1.2           “Affiliate"
shall mean a company, sole proprietorship, partnership, joint venture or
corporation in which one of the parties hereto and/or their officers, directors
or shareholders, owns or controls, directly or indirectly, at least twenty
percent (20%) of the voting stock and/or equity, or a company, sole
proprietorship, person, partnership, joint venture, or corporation which owns at
least twenty percent (20%) of the voting stock and/or equity of one of the
parties hereto.

     

    1.3           "Effective
Date" shall mean April 1, 2009 which is the day on which this Purchase Agreement
shall begin effect.

     

    1.4           “Escrow”
shall mean the custody of designated instruments, information and/or materials
by a mutually agreed upon third person entity for delivery to a given party only
upon fulfillment of the conditions set forth in Paragraph 2.5.

     

    1.5           “Intellectual
Property” shall mean and include all proprietary or other rights throughout the
world provided under (i) patent law, including patents and patent applications
therefore pending before any relevant authority worldwide, including, without
limitation, the Patent Rights, (ii) know-how and trade secret law, including,
without limitation, the Know-How, (iii) trademark law, (iv) copyright law, (v)
design patent or industrial design law, and (vi) any equivalent right granted
under the laws of any jurisdiction in the world which provides protective or
other intellectual property rights and relating to the Verticrop and TOMORROW
GARDEN® Technologies.

     

    1.6           “IP”
shall mean Intellectual Property, Improvements, research and development data,
test data, and engineering data which are related to the Verticrop and TOMORROW
GARDEN® Technologies.

     

    1.7           “IP
Purchase Price” shall mean the aggregate of the $2.0 million cash portion
referenced in Section 2.4 plus the 3% equity interest referenced in Section
2.7.

     

    1.8           "Know-How"
shall mean all of the technical know-how, trade secrets, technical information,
and knowledge, directly or indirectly, relating to the Verticrop and TOMORROW
GARDEN®  Technologies and/or the manufacture and use thereof,
including, without limitation, configurations, formulas, engineering, materials,
scientific and practical information, whether patentable or unpatentable, and
all physical manifestations or embodiments including without limitation all data
specifications, prototypes, drawings, schematics, notes, records and other
writings; all such Know-How to be used or practiced or capable of being used or
practiced in the manufacture and use of the Verticrop and TOMORROW
GARDEN®  Technologies.

     

    1.8           “Master
License Agreement” shall mean that certain Master License Agreement, which
Seller and Purchaser agree has an effective date of July 31,
2005.

     

    1.9           “Net
Sales” of Verticrop and TOMORROW GARDEN®  Technologies products and
Ancillary Products for any given period shall mean monies actually received by
Purchaser during the said period in consideration for Verticrop and TOMORROW
GARDEN®  Technologies products and Ancillary Products, adjusted for
exchanges and returns of Verticrop and TOMORROW GARDEN®  Technologies
products and Ancillary Products sold or delivered during a previous
period.  Net Sales shall not include any charges for freight, packing,
or insurance if such charges are identified and billed separately and in
addition to the list price for the Verticrop and TOMORROW
GARDEN®  Technologies products and Ancillary Products; nor shall Net
Sales include charges or tax or duty on sales or delivery of Verticrop and
TOMORROW GARDEN®  Technologies products and Ancillary
Products.

     

    1.10           "Patent
Rights" shall mean and include patents and patent applications, including the
existing patents and patent applications and any patent applications to be filed
as set forth on Exhibit "B", attached hereto and made a part hereof, relating to
the Verticrop and TOMORROW GARDEN® Technologies and/or any divisions,
continuations or reissues thereof, all foreign patent applications corresponding
thereto, and all United States and foreign patents issued upon any such
applications.

     

    1.11           "Territory"
shall mean the entire world and each and every country, sovereign nation, and
all jurisdictions therein.

     

    1.12           “Verticrop
and TOMORROW GARDEN®  Technologies” shall mean any technologies for
industrial, commercial and retail applications, as more fully described on
Exhibit “A”.

     

     

    ARTICLE
II

     

    CONSIDERATION
AND PAYMENT

     

    2.1           In
consideration of the rights granted herein, Purchaser hereby agrees to pay the
IP Purchase Price.  The cash portion of the IP purchase price shall be
made as follows: an initial cash payment of U.S. $65,000 (the “Initial Payment”)
to KERTZ, of which $16,250, has been paid on signing of the Letter of Intent
dated March 30, 2009, $12,000 has been paid on May 15, 2009 and the balance of
the Initial Payment payable on the earlier of May 31, 2009 or pro-rata based on
U.S. $1.5 Million Dollars in new funds being raised (by debt or equity) by the
Purchaser.  Seller and Purchaser agree that the Initial Payment shall
be applied toward payment of the IP Purchase Price.  Moreover,
Purchaser shall pay reasonable pre-approved costs to the Seller in regard to
legal fees incurred with respect to preparation of this Purchase
Agreement.  Additionally, Seller and Purchaser agree that the
royalties and payments as described in this Article II shall replace any further
payments due under the Master License Agreement, and any portions of the Master
License Agreement relating to the Intellectual Property shall be void and of no
further effect.

     

    2.2           In
further consideration of the rights granted herein, Purchaser shall have
exclusive unconditional use in the Territory of the IP for research and
development and commercialization upon the signing of this Purchase
Agreement.   Within ten (10) business days after execution of
this Purchase Agreement, or some later mutually agreeable time, Seller shall
supply to Purchaser, at a mutually agreeable location, without expense to
Purchaser, all Know-How, including materials and written information related to
the Verticrop and TOMORROW GARDEN® Technologies not previously delivered, if
any.

     

    2.3           In
still further consideration of the rights granted herein, KERTZ will make
reasonable best efforts to provide scientific-related support to Purchaser in
the technology transfer of the IP pursuant to Paragraph 2.2 as may be reasonably
requested at no additional cost to Purchaser.   Thereafter, KERTZ
will make reasonable efforts to make himself available to Purchaser to support
further development of the now-existing IP on normal industry terms to be
mutually agreed.

     

    2.4           The
Seller and Purchaser agree that the cash portion of the IP Purchase Price is
U.S. $2.0 Million Dollars.  The entirety of the IP Purchase Price has
been negotiated without regard to the patentability of the Patent
Rights.

     

    2.5           In
further consideration of the rights granted herein, KERTZ shall:

    a)  execute a conditional assignment to
Purchaser of the IP per the Escrow Agreement in the form and substance as
attached hereto as Exhibit “D”, and

    
      	
               
      

            	
                         
      b)  terminate his rights under the Master License Agreement with
      respect to the Verticrop and TOMORROW GARDEN® technology and
      corresponding Ancillary Products.

            

    

    The
release of the IP from Escrow to the Purchaser is expressly conditioned upon
Purchaser making the payment in full of the cash portion of the IP Purchase
Price to Seller (the “Express Condition”).   The conditional
assignment shall be held in Escrow to be released either to Purchaser if the
Express Condition occurs within the ten years following the Effective Date of
this Purchase Agreement or to KERTZ if the Express Condition does not occur
within that timeframe.

     

    2.6           Upon
the Express Condition being met pursuant to Paragraph 2.5 above, and Purchaser
taking full ownership and title to the IP as set forth in the conditional
assignment, Seller shall receive the equity portion of the IP Purchase Price,
being a 3.0% equity interest in Purchaser, and KERTZ agrees to perform all acts
and to execute, acknowledge and deliver all instruments or writings reasonably
requested and necessary for Purchaser to perfect title to the Intellectual
Property upon such release from Escrow.

     

    2.7           Excepting
the Initial Payment, the remaining cash portion of the IP Purchase Price
(Paragraph 2.4) shall be payable from the 3% of the Purchaser’s Net Sales,
excluding capital equipment sales (the “Calculated IP Payment”), provided
however that the Purchaser shall make a minimum Calculated IP Payment to the
Seller of $12,000 per month.  Such monthly Calculated IP Payments
shall be cumulative and shall be applied toward payment of the IP Purchase
Price.

     

    2.8           Payment
of the cash portion of the IP Purchase Price or any Calculated IP Payment shall
be in U.S. Dollars by certified check or wire transfer to bank accounts of KERTZ
or PAGIC as specified by KERTZ.

     

    2.9           The
Purchaser may at any time, before the expiration of the ten years following the
Effective Date of this Purchase Agreement, elect to pay off the remaining
balance of the IP Purchase Price.

     

    2.10           The
Purchaser shall provide PAGIC and KERTZ with annual audited reports on net sales
and cost of sales and units sold as related to the use of the IP.

     

    2.11           Purchaser
defaults in paying the Calculated IP Payment shall be handled as
follows:

     

    a)  If the Purchaser defaults in paying the
Calculated IP Payment for a period equal to three months then the conditional
assignment in Escrow shall be in default.  Purchaser shall have a
period of one month (the “First Notice Period”), after receiving notice of said
default, to pay

                    
1) the three months’ of Calculated IP Payments

                    2) the Calculated IP Payment due for the month which
corresponds to the First Notice Period, and

                    
3) an additional $12,000

    to cure
the default (the total of which comprises “First Cure
Payment”).  Purchaser agrees that the failure to pay the First Cure
Payment within the First Notice Period is a substantial breach of this Purchase
Agreement.  All of the amounts paid to cure the default shall be
applied to the IP Purchase Price.

     

    b)  Provided that the Purchaser cures a
default during the First Notice Period and the Purchaser defaults in paying the
Calculated IP Payment for a period equal to two months then the conditional
assignment in Escrow shall be in default.  Purchaser shall have a
period of one month (the “Second Notice Period”), after receiving notice of said
default, to pay

    
      	
               
      

            	
              1)
      the two months’ of Calculated IP
Payments,

            

    

    
      	
               
      

            	
              2) the Calculated IP Payment due for the month
      which corresponds to the Second Notice Period, and

            

    

    
      	
               
      

            	
              3)
      an additional $12,000

            

    

    to cure
the default (the total of which comprises “Second Cure Payment”). Purchaser
agrees that the failure to pay the Second Cure Payment within the Second Notice
Period is a substantial breach of this Purchase Agreement.  All of the
amounts paid to cure the default shall be applied to the IP Purchase
Price.

     

     

     

     

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

     

     

              
c)  Provided that the Purchaser cures a default during the Second
Notice Period and the Purchaser defaults in paying the Calculated IP Payment for
a period equal to one month any time thereafter then the conditional assignment
in Escrow shall be in default.  Purchaser shall have a period of one
month (the “Notice Period), after receiving notice of said default, to
pay

              1)
the one months’ Calculated IP Payment,

                                
2) the Calculated IP Payment due for the month which corresponds to the Third
Notice Period, and

                                3)
an additional $12,000

    to cure
the default (the total of which comprises “Third Cure Payment”). Purchaser
agrees that the failure to pay the Third Cure Payment within the Third Notice
Period is a substantial breach of this Purchase Agreement.  All of the
amounts paid to cure the default shall be applied to the IP Purchase
Price.

                          

                    
d)  If the default is not cured within the First Notice Period, Second
Notice Period or Notice Period then everything in Escrow shall be returned to
KERTZ, and the Purchaser shall have no further rights with respect to the
IP.  For the avoidance of doubt, upon the return of everything in
Escrow to KERTZ, Purchaser shall have no further rights under the IP, including
but not limited to, any license or right to make, use, sell, offer for sale,
commercialize, license, or sublicense anywhere in the
Territory.

     

    2.12           Seller
and Purchaser agree that Purchaser’s signature to, benefits received and to be
received, and obligations under this Purchase Agreement are expressly subject to
consent and approval of the Board of Directors of Purchaser by May
26.  Seller and Purchaser agree that KERTZ keeps all funds paid to
date in the event Purchaser’s Board of Directors fails to approve this
Agreement.

     

     

    ARTICLE
III

     

    PATENT
APPLICATIONS AND PATENTS

     

    3.1           Seller
and Purchaser agree that they will continue to procure Patent Rights on the
Verticrop and TOMORROW GARDEN® Technologies and Improvements. Provided Purchaser
keeps Seller promptly advised of all communications and activities with respect
thereto, and Seller retains the right to select counsel for prosecution of the
Patent Rights, Purchaser shall have the sole right to prosecute, control, and
pursue such Patent Rights under the patent laws of the United States and foreign
countries while the conditional assignment of the IP remains in Escrow pursuant
to Paragraph 2.5 above, and will retain such right after the conditional
assignment of the IP is released from Escrow to the Purchaser, pursuant to the
terms of Paragraph 2.5.  Seller hereby selects the law firm of Conley
Rose, P.C. as counsel to prosecute and continue to prosecute the Patent
Rights.  Seller and Purchaser expressly agree that the counsel for
prosecution of the Patent Rights may be changed in the future only by mutual
written consent.  Should Conley Rose, P.C. resign as counsel for
prosecution of the Patent Rights for any reason, and Seller and Purchaser cannot
thereafter mutually agree on new counsel for prosecution of the Patent Rights,
then the Seller and Purchaser agree the choice for new counsel for prosecution
of the Patent Rights shall be submitted for mediation and arbitration as
described in Article X below.  Seller shall have the sole right to
prosecute, control and pursue such Patent Rights under the patent laws of the
United States and foreign countries after the conditional assignment of the IP
is released from Escrow back to the Seller, pursuant to the terms of Paragraph
2.5.  Purchaser agrees to prosecute, with good faith and due
diligence, all pending and future patent applications while the conditional
assignment of the IP is in Escrow.  All fees, costs and expenses,
including annuity or maintenance fees, shall be borne by Purchaser and the
failure of Purchaser to pay such fees, costs and expenses shall constitute a
substantial breach of this Purchase Agreement. Seller and Purchaser agree to
cooperate to whatever extent is necessary to procure such patent
protection.

     

    3.2           In
the event, while the conditional assignment of the IP is in Escrow, Purchaser
decides to abandon any pending United States or foreign patent application,
Purchaser shall give Seller thirty (30) days prior written notice of such
decision and shall allow Seller to prosecute, control and pursue such pending
United States or foreign patent application and to pay such fee.  In
the event the conditional assignment of the IP is released from Escrow to the
Seller, and Seller subsequently decides to abandon any pending United States or
foreign patent application or to not pay any annuity or maintenance fee required
by any country, Seller shall give Purchaser thirty (30) days prior written
notice of such decision and shall allow Purchaser to prosecute, control and
pursue such pending United States or foreign patent application and to pay such
fee.  Either party's decision shall have no effect on the payments due
under this Purchase Agreement.

     

    3.3           While
the conditional assignment of the IP is in Escrow, Purchaser also agrees to keep
Seller fully informed, at Purchaser’s expense, of the prosecution of all U.S.
and foreign patent applications including submitting to the Seller copies of all
official actions and responses thereto.

     

    3.4           Seller
shall have the right to conduct an audit of the IP while the conditional
assignment of the IP is in Escrow to ensure that the Patent Rights are in good
standing.  In the event that Seller determines that the Patent Rights
are not in good standing, and the Seller was not given notice as set forth in
Paragraph 3.2, then Seller shall have the right to place such Patent Rights in
good standing and if necessary, to seek relief through binding mediation and
arbitration pursuant to Article X if the failure to maintain the Patent Rights
in good standing may cause or has caused the Seller damages.

     

    3.5           Seller
and Purchaser agree to comply with any marking requirements of the other party
to insure compliance with 35 U.S.C. §287, and agree to insure compliance by the
sublicensees, if any.

     

     

    ARTICLE
IV

     

    PUBLICITY
AND NONCOMPETE

     

    4.1           PAGIC,
KERTZ and WPV separately and individually agree that all future media
communications with which he/it is directly or indirectly involved, whether
written, oral and/or visual involving the IP or the business activities of
Purchaser will require prior written approval by the Purchaser.

     

    4.2           Seller
agrees not to compete in any way against the Purchaser, including providing
consultancy or assistance to other companies, in regard to the Verticrop and
TOMORROW GARDEN® Technologies business of Purchaser from the date of this
Agreement and either:

    a) continuing for a period extending five (5) years from
the date the conditional assignment of the IP is transferred to the Purchaser
from Escrow; or

    b) terminating upon the date the conditional assignment
of the IP is returned to KERTZ from Escrow.

     

    Purchaser
agrees that any future support of Purchaser by KERTZ for further development of
the now-existing IP (pursuant to Paragraph 2.3) is not a violation of this
noncompete.

     

     

     

     

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

    ARTICLE
V

     

    INFRINGEMENT
BY OTHERS; PROTECTION OF PATENTS

     

    5.1           Seller
and Purchaser shall each promptly inform the other of any suspected infringement
of any Intellectual Property by a third party.  KERTZ and Purchaser
each shall have the right to institute an action for infringement of the Patent
Rights against such third party in accordance with the following
procedure:

     

            a)           KERTZ
shall have the right to institute suit in his name after the conditional
assignment of the IP is released from Escrow back to him pursuant to Paragraph
2.5.  KERTZ shall bear the entire cost thereof, including attorneys’
fees, and shall be entitled to retain the entire amount of the recoveries, if
any, whether by judgment, award, decree or settlement.  KERTZ shall
exercise control over such actions.  If the cause of action for the
suit involves activity occurring before the time the IP is released from Escrow
back to KERTZ, Purchaser may, if it so desires, be represented by counsel of its
own selection, the fees for which counsel shall be borne by
Purchaser.

     

            b)           Purchaser
shall have the right to institute suit in its name after the conditional
assignment of the IP is released from Escrow to it pursuant to Paragraph
2.5.  Purchaser shall bear the entire cost thereof, including
attorneys' fees, and shall be entitled to retain the entire amount of the
recoveries, if any, whether by judgment, award, decree or
settlement.  Purchaser shall exercise control over such actions;
provided, however, that KERTZ may, if he so desires, be represented by counsel
of his own selection, the fees for which counsel shall be borne by
Purchaser.

     

            c)           While
the conditional assignment of the IP is in Escrow and in the event that KERTZ
and Purchaser agree to institute suit, the suit shall be brought in both their
names, the cost thereof, including attorneys' fees, shall be borne by mutual
agreement and in the event the parties cannot reach mutual agreement, then the
cost thereof shall be borne equally.  The recoveries, if any, whether
by judgment, award, decree or settlement, shall be shared in proportion to the
costs borne by each party. KERTZ’s share of the costs of such suit shall be
deducted, at his option, from one or more of the Calculated IP Payment(s)
payable to KERTZ pursuant to Article II. Purchaser shall exercise control over
such actions; provided, however, that KERTZ may, if it so desires, be
represented by counsel of his own selection.

     

            d)           While
the IP is in Escrow, in the absence of agreement to institute a suit jointly and
if Purchaser determines not to institute a suit, KERTZ may institute suit. KERTZ
shall bear the cost of such litigation, including attorneys' fees, and shall be
entitled to all recoveries, if any, whether by way of judgment, award, decree or
settlement; provided, however, in the event KERTZ does not recover his costs of
such litigation from all recoveries of the suit, Purchaser agrees to pay KERTZ
the difference between KERTZ’s costs of such litigation and the costs of such
litigation recovered by way of judgment, award, decree or settlement in the
suit.

     

    5.2           Should
either party commence a suit under the provisions of Paragraph 5.1 and
thereafter elect to abandon the same, it shall give timely notice to the other
party who may, if it so desires, continue prosecution of such suit; provided,
however, that the sharing of expenses and recovery in such suit shall be agreed
upon between the parties.

     

     

    ARTICLE
VI

     

    TERM
AND TERMINATION

     

    6.1           This
Purchase Agreement shall continue in full force and effect for ten years
following the Effective Date of this Purchase Agreement, unless earlier
terminated as provided in this Article VI.  If the matter is submitted
to binding mediation and arbitration pursuant to Article X, then this Purchase
Agreement shall not be terminated while the arbitration is pending and before
the arbitrator's final decision has been rendered.

     

    6.2           In
the event Seller or Purchaser commits a substantial breach of any of the
provisions of this Purchase Agreement, written notice of the substantial breach
shall be provided to the breaching party.  Except for a substantial
breach of Paragraph 2.11 regarding defaults by the Purchaser in paying the
Calculated IP Payment, which breach is specially addressed in Paragraph 6.3
below, if such breach of any other provision of this Purchase Agreement is
capable of being remedied or made good, the breaching party shall have ninety
(90) days (unless otherwise specifically set forth in this Purchase Agreement)
to remedy or make good such breach or to submit the matter to binding mediation
and arbitration pursuant to Article X.  If such breach is remedied
within such time period, this Purchase Agreement shall continue in full force
and effect.  If such breach is not remedied within such time period,
the non-breaching party may terminate this Purchase Agreement upon a further ten
(10) days written notice.  Except for any failure to cure a default of
Paragraph 2.11, any dispute as to whether a material breach has occurred, or
whether it has subsequently been cured, shall be referred to arbitration
pursuant to Article X.  If the matter is submitted to binding
mediation and arbitration pursuant to Article X, then this Purchase Agreement
shall not be terminated while the arbitration is pending and pending the
arbitrator's final decision.

     

    6.3           In
the event Purchaser fails to timely cure any of the defaults set forth in
Paragraph 2.11 of this Purchase Agreement, such failure is a substantial breach
of this Purchase Agreement, is not subject to binding mediation and arbitration
pursuant to Article X, shall result in immediate termination of this Agreement,
and everything in Escrow shall be promptly returned to KERTZ, and the Purchaser
shall have no further rights with respect to the IP.  For the
avoidance of doubt, upon the return of everything in Escrow to KERTZ, Purchaser
shall have no further rights under the IP, including but not limited to, any
license or right to make, use, sell, offer for sale, commercialize, license, or
sublicense anywhere in the Territory.

     

    6.4           This
Purchase Agreement shall automatically terminate if Purchaser shall become
bankrupt, or if a receiver shall be appointed for all of the property or assets
of Purchaser, or if Purchaser shall make a general assignment of its obligations
with its creditors, or if Purchaser files for bankruptcy
protection.

     

    ARTICLE
VII

     

    ASSIGNMENT
AND SALE

     

    7.1           Excepting
as provided in Paragraph 7.2 below, upon written notice to Purchaser, KERTZ and
PAGIC shall each have the right to sell, transfer or assign his/its interest in
this Purchase Agreement, upon written notice to Purchaser, without the prior
written consent of Purchaser.

     

    7.2           The
other party’s prior written consent shall be required in the event a party to
this Purchase Agreement desires to offer to sell or assign all or any part of
its rights, privileges and interests in this Purchase Agreement or to the
Intellectual Property to a current competitor or existing customer.

    a)  In the event Purchaser desires to sell or
assign to an Entity, other than KERTZ or PAGIC or their Affiliates, or to a
current competitor or existing customer, all or any part of its rights,
privileges and interests in this Purchase Agreement or to the Intellectual
Property, Purchaser shall first offer ("Right of First Offer") such assignment
to Seller by notifying Seller in writing of the terms and conditions upon which
Purchaser would be willing to make such an assignment; and Seller shall have the
right to acquire said rights, privileges and interests of Purchaser by accepting
the offer in accordance with said terms and conditions or equivalent
cash.  If within fifteen (15) days after receipt of Purchaser's
notice, Seller advises Purchaser of its acceptance of the offer as stated in the
notice, Purchaser agrees to promptly make the assignment to Seller on the stated
terms and conditions and shall have an additional thirty (30) business days, if
the assignment price is less than $1 Million Dollars and sixty (60) days if the
assignment price is over $1 Million Dollars, to pay for the same with delivery
against payment.

     

    
       

      
        
        

      

       

    

     

            b)  In the
event KERTZ desires to sell or assign to an Entity other than Purchaser, all or
any part of his rights, privileges and interests in this Purchase Agreement,
KERTZ shall first offer ("Right of First Offer") such assignment to Purchaser by
notifying Purchaser in writing of the terms and conditions upon which KERTZ
would be willing to make such an assignment; and Purchaser shall have the right
to acquire said rights, privileges and interests of KERTZ by accepting the offer
in accordance with said terms and conditions or equivalent cash.  If
within fifteen (15) days after receipt of KERTZ's notice, Purchaser advises
KERTZ of its acceptance of the offer as stated in the notice, KERTZ agrees to
make the assignment to Purchaser, which assignment will be effective only upon
his receipt of full payment of the Right of First Offer
price.  Purchaser shall have an additional thirty (30) business days,
if the assignment price is less than $1 Million Dollars and sixty (60) days if
the assignment price is over $1 Million Dollars, to make the Right of First
Offer payment.

     

    7.3           If
within fifteen (15) days after receipt of Purchaser's notice, Seller does not
indicate its acceptance of the offer as stated in the notice, Purchaser shall
thereafter have the right to make the assignment or sale to another person, firm
or corporation on the same terms and conditions as stated in the notice. Should
the Seller not exercise its Right of First Offer and should the terms and
conditions thereof be altered in any way that results in less desirable terms
than those set forth in the Purchaser’s notice, this Right of First Offer shall
be reinstated in any subsequent proposed assignment, or the altered terms and
conditions for the current transaction, must again be offered by Purchaser in
accordance with the terms of Paragraph 7.2.

     

     

    7.4           Immediately
prior to Purchaser going into bankruptcy, Seller shall have a Right of First
Offer on any of Purchaser's assets at fair market value.

     

    7.5           It
is hereby agreed that prior to sale by a party to this Purchase Agreement to a
third party contemplated pursuant to Paragraphs 7.2 and 7.3 above, the third
party purchaser shall agree in writing to be fully bound by the terms of this
Purchase Agreement and to assume all of the respective party’s obligations
hereunder.

     

     

    ARTICLE
VIII

     

    REPRESENTATIONS
AND WARRANTIES

     

    8.1           PAGIC
hereby represents and warrants to Purchaser that PAGIC is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Texas, USA.  WPV hereby represents and warrants to Purchaser that WPV
is a corporation duly organized, validly existing and in good standing under the
laws of Canada.

     

    8.2         
Each of PAGIC, KERTZ and WPV separately and independently represents and
warrants that it has not heretofore made any license, commitment or agreement,
or will make any license, commitment or agreement for the term of this Purchase
Agreement which is inconsistent with this Purchase Agreement and the rights
granted herein, and that it has full and complete power and authority to enter
into and carry out its obligations under this Purchase Agreement and under any
agreements and documents which may be executed in connection herewith. PAGIC
agrees to indemnify and hold Purchaser harmless of any liabilities, costs and
expenses (including attorneys' fees and expenses), obligations and causes of
action solely arising out of or relating to any breach of its representations
and warranties made by PAGIC herein.  KERTZ agrees to indemnify and
hold Purchaser harmless of any liabilities, costs and expenses (including
attorneys' fees and expenses), obligations and causes of action solely arising
out of or relating to any breach of its representations and warranties made by
KERTZ herein. WPV agrees to indemnify and hold Purchaser harmless of any
liabilities, costs and expenses (including attorneys' fees and expenses),
obligations and causes of action solely arising out of or relating to any breach
of its representations and warranties made by WPV herein.

     

    8.3           Seller
does not represent and warrant to Purchaser that patents will issue or be
granted on any of the Patent Rights; or that any of the marks associated with
the Verticrop and TOMORROW GARDENS® Technologies are registrable as a trademark;
or that any of the Know-How is copyrightable. Further Seller does not represent
and warrant to Purchaser that any of the Intellectual Property has commercial
value.

     

    8.4           Purchaser
hereby represents and warrants to Seller that Purchaser is a corporation duly
organized, validly existing and in good standing under the laws of British
Columbia, Canada.  Purchaser further represents and warrants that it
has not heretofore made any license, commitment or agreement, or will Licensee
make any license, commitment or agreement for the term of this Purchase
Agreement which is inconsistent with this Purchase Agreement and the rights
granted herein, and that it has full and complete power and authority to enter
into and carry out its obligations under this Purchase Agreement and under any
agreements and documents which may be executed in connection
herewith.  Purchaser agrees to indemnify and hold Seller harmless of
any liabilities, costs and expenses (including attorneys' fees and expenses),
obligations and causes of action arising out of or relating to any breach of the
representations and warranties made by Purchaser herein.

     

     

    ARTICLE
IX

     

    RELEASES

     

    9.1           The
Purchaser and Seller shall execute mutual releases for:

     

                
a) all past acts and future claims related to the Master License
Agreement;

            

    b) all past acts and future claims against KERTZ as an
individual, which acts are related to any aspect of his consulting and/or
employment with Purchaser, including as an employee, officer and/or director of
Purchaser; and

     

    c) all past acts and future claims against Perry A.
Martin as an individual, which acts are related to any aspect his consulting
and/or employment with Purchaser, including as an employee, officer and/or
director of Purchaser.

    These
releases will include all parties to those agreements, and shall be of the form
and content as the Release attached to this Purchase Agreement as Exhibit
“C”.

     

    9.2           Pursuant
to the Master License Agreement, WPV shared certain royalty rights with PAGIC
and to date WPV has not received any consideration.  It is hereby
acknowledged and agreed WPV has forfeited any past or future royalty rights
relating to the IP that it may have had.

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

     

    ARTICLE
X

     

    MEDIATION
AND ARBITRATION AGREEMENT

     

     

    10.1     If
a dispute arises between the parties regarding this Agreement, the parties agree
to resolve the dispute in the following manner:

     

                    
a)           Negotiation

     

    1) The
parties shall attempt in good faith to resolve any dispute arising out of or
relating to this Agreement promptly by negotiation between executives of the
parties who have authority to settle the controversy. Any party may give the
other party written notice of any dispute not resolved in the normal course of
business. Within 15 days after delivery of the notice, the receiving party will
submit to the other a written response. The notice and the response will include
(i) a statement of each party's position and a summary of arguments supporting
that position, and (ii) the name and title of the executive who will represent
that party and of any other person who will accompany the executive. Within 30
days after delivery of the disputing party's notice, the executives of both
parties will meet at a mutually acceptable time and place, and thereafter as
often as they reasonably deem necessary, to attempt to resolve the dispute. All
reasonable requests for information made by one party to the other will be
honored.

     

                           
2) All negotiations pursuant to this clause are confidential and will be treated
as compromise and settlement negotiations for purposes of applicable rules of
evidence.

     

        
b)         Non-binding
Mediation

     

    If the
dispute has not been resolved by negotiation within 60 days of the disputing
party's notice, or if the parties failed to meet within 45 days, the parties
will endeavor to settle the dispute by mediation under the presently effective
Center for Public Resources ("CPR") Model Procedure for Mediation of Business
Disputes. The neutral third party will be selected from the CPR Panels of
Distinguished Neutrals with the assistance of CPR.

     

        
c)         Arbitration

     

    Any
controversy or claim arising out of or relating to this Purchase Agreement, or
the enforcement, breach, termination or validity thereof, that has not been
resolved by mediation pursuant to the preceding paragraph within 90 days from
the appointment of a neutral third party will be settled by arbitration in
accordance with the CPR Rules for Non-Administered Arbitration of Business
Disputes in effect on the date of this Purchase Agreement, by a sole arbitrator.
If the parties cannot agree upon an arbitrator for a panel recommended by CPR,
then CPR will select the arbitrator. Any other choice of law clause to the
contrary in this Purchase Agreement notwithstanding, the arbitration will be
governed by the United States Arbitration Act, 9 U.S.C. § 1-16, and judgment
upon the award rendered by the Arbitrator may be entered by any court having
jurisdiction thereof. The place of the arbitration will be Houston, Texas.
Insofar as the proceeding relates to patents, it will also be governed by 35
U.S.C. 294, to the extent applicable. The arbitrator is not empowered to award
trebled, punitive or any other damages in excess of compensatory damages, and
each party irrevocably waives any claim to recover any such damages. The
arbitrator will make a reasoned award. If the result achieved in arbitration by
the party instituting the arbitration is not more favorable to that party than
the last offer made by the other party during the mediation, the former party
will reimburse the legal fees, expert fees and other expenses reasonably
incurred by the latter in the arbitration.

     

    ARTICLE
XI

    GENERAL

     

    11.1            Binding
Agreement. This Purchase Agreement shall be binding upon the successors
and assigns of the parties hereto.  Nothing contained in this Purchase
Agreement shall be construed to place the parties in the relationship of legal
representatives, partners, or joint venturers.

     

    11.2            Applicable
Law. This Purchase Agreement shall be construed, interpreted and applied
in accordance with the laws of the State of Texas.

     

    11.3            Notices.
All notices, demands or other writings in this Purchase Agreement provided to be
given or made or sent, or which may be given or made or sent, by either party
hereto to the other, shall be deemed to have been fully given or made or sent
when made in writing and deposited in the United States mail, first class,
postage prepaid, sent certified or registered mail, and addressed to the
addresses first hereinabove given or at such other address as either party
hereto may specify by notice given in accordance with this
paragraph.

     

    11.4            Waiver.
Each party covenants and agrees that if the other party fails or neglects for
any reason to take advantage of any of the terms hereof providing for the
termination of this Purchase Agreement, or if, having the right to declare this
Purchase Agreement terminated, such other party shall fail to do, any such
failure or neglect shall not be or be deemed or be construed to be a waiver of
any subsequently occurring cause for the termination of this Purchase Agreement,
or as a waiver of any of the terms, covenants or conditions of this Purchase
Agreement or the performance thereof. None of the terms, covenants or conditions
of this Purchase Agreement can be waived except by the written consent of the
waiving party.  Except as otherwise stated herein, each of the parties
hereby waives any claims which it might have against the other prior to the date
of execution of this Purchase Agreement.

     

    11.5            Force
Majeure. Neither party hereto shall be liable to the other party for
failure or delay in the performance of any duties or obligations hereunder due
to strikes, lockouts, acts of God, acts of war, fire, flood, explosions,
embargo, litigation or labor disputes, Government or any other laws and
regulations, or any other cause beyond the control or without the fault of such
party.

     

    11.6            Scope of
Agreement. This Purchase Agreement constitutes the entire agreement
between the parties pertaining to the subject matter hereof.

     

    11.7            Construction.
The parties acknowledge that each party and its counsel have reviewed and
revised this Purchase Agreement and that the normal rule of construction to the
effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of this Purchase Agreement or any
amendments or exhibits hereto.

     

    11.8            Headings.
The subject headings of the paragraphs of this Purchase Agreement are included
for purposes of convenience only, and shall not effect the construction or
interpretation of any of its provisions.

     

    11.9            Counterparts.
This Purchase Agreement may be executed in one or more counterparts, and also
executed shall constitute one agreement, binding on both parties hereto,
notwithstanding that both parties are not signatory to the same
counterpart.

     

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

     

     

    11.10          Severability.
If any part or parts of this Purchase Agreement are found to be illegal or
unenforceable, the remainder shall be considered severable, shall remain in full
force and effect, and shall be enforceable.

     

    11.11          Further
Documents. Each of the parties shall take all necessary actions,
including the execution and delivery of all necessary documents or instruments,
as may be reasonably requested by the other party in order to effectuate the
intent of this Purchase Agreement.

     

    11.12          Entire
Agreement. This Purchase Agreement, including any exhibits hereto,
constitutes the entire agreement of the Parties with respect to the subject
matter of this Purchase Agreement and supersedes all previous communications,
representations, understandings and agreements, whether oral or written, between
the Parties with respect to the subject matter hereof.  For the
avoidance of doubt, the

    Letter of
Agreement dated March 30, 2009 is terminated and of no further force and
effect.

     

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Purchase Agreement in
duplicate originals, individually, or by their duly authorized officers or
representatives, as of the date of the last party to execute this Purchase
Agreement.

     

     

     

    Valcent
Products,
Inc.                                                    Malcolm
Glen Kertz

     

    Signed:
s// "F.George
Orr"                                          Signed:s//"M Glen Kertz"__

     

    Name:  F.George
Orr                                                     Name:
Malcolm Glen Kertz

     

    Title:
Director                                                                
Title: Individual

     

    Date:_______________                                               Date:__________________

     

     

     

    Pagic
LP                                                                     
West Peak Ventures of Canada

     

    Signed: s//"Perry
Martin"                                   
Signed:s// "Timothy Brock"

    Name: 
Perry
Matin                                         
Name:Timothy B Brock

     

    Title:Partner                                         Title:President

     

    Date:_________________                                          Date:_________________

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
         

        
        

      

      
         

      

    

    EXHIBIT
“A”

     

    DESCRIPTION
OF THE VERTICROP AND

    TOMORROW GARDEN®
TECHNOLOGY

     

     

    The
“Verticrop and TOMORROW GARDEN® Technology” shall mean technologies directed
toward high density vegetable growing systems and plant tissue culture/micro
propagation systems as described below.

     

    Verticrop
Technology:  Relates to High Density Vegetable Growing
System(s) (HDVGS) for the production of all plants and plant crops, such
production undertaken in a vertical plane and all watering, nutrient feeding,
together with all the relevant manual and/or computerized controls employed in
the system.

     

    TOMORROW GARDEN®
Technology:   Relates to plant tissue
culture/micro-propagation systems used in the production of plant growing
kits/systems marketed under the TOMORROW GARDEN trademark, and all nutrients,
nutrient preparation systems, gas permeable bags in which the plants are kept
and all packaging and packaging designs related to the TOMORROW GARDEN®
kits.  PTC or ‘micro-propagation’ is a laboratory process that allows
for the rapid production of mass quantities of genetically identical plants.
This process removes the randomness of genetics by using the plant’s own cells
that already exhibit the identified desirable traits.

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
         

      

      
         

        
        

      

      
         

      

    

    EXHIBIT
“B”

    PATENTS
AND APPLICATIONS

     

    File
No.:                      2405-00102

    Country:                      United
States

    Serial
No.:                                08/474,872

    File
Date:                      June
7, 1995

    For:                      Plant
Growing Room

    Pat.
No.:                      5,664,369

    Issue
Date:                                September
9, 1997

     

    File
No.:                      2405-00105

    Country:                      United
States

    Serial
No.:                                08/813,933

    File
Date:                      March
10, 1997

    For:                      Plant
Growing Room

    Pat.
No.:                      6,173,529

    Issue
Date:                                January
16, 2001

     

    File
No.:                      2405-00900

    Country:                      United
States

    Serial
No.:                                29/321,473

    File
Date:                      July
17, 2008

    For:                      Plant
Acclimatizing Enclosure Design

     

    File
No.:                      2405-02100

    Country:                      United
States

    Serial
No.:                                07/943,264

    File
Date:                      September
10, 1992

    For:                      Plant
Growing Room

    Pat.
No.:                      5,511,340

    Issue
Date:                                April
30, 1996

     

    File
No.:                      2405-02400

    Country:                      United
States

    Serial
No.:                                61/084,311

    File
Date:                      July
29, 2008

    For:                      Plant
Growing Assembly

     

    File
No.:                      2405-02600

    For:                      Tissue
Culturing Container

    Unfiled

     

    File
No.:                      2405-02800

    Country:                      United
States

    Serial
No.:                                61/084,308

    File
Date:                      July
29, 2008

    For:                      Plant
Acclimatizing Enclosure

     

    File
No.:                      2405-02900

    For:                      Re-Usable
Micro-Propagation Containers

    Unfiled

     

    File
No.:                      2405-03100

    For:                      Water
Conserving Hydroponics

    Unfiled

     

    File
No.:                      2405-03300

    For:                      Self-Watering
Pot

    Unfiledfs1ex10i_finditall.htm

     

     

    Exhibit
10.1

    

    EMPLOYMENT
AGREEMENT

    

    

    Employment Agreement ("Agreement") made
and entered into as of May 27, 2008 by and between FindItAll, Inc., a Nevada
corporation with offices at 41 Owatonna Street, Haworth, New Jersey 07641 (the
"Company"), and Corie Weisblum, an individual residing at 41 Owatonna Street,
Haworth, New Jersey 07641 (the "Executive").

    

    The Executive is being employed by the
Company as President, Treasurer and Secretary.  The parties desire to
enter into an employment agreement and to set forth herein the terms and
conditions of the Executive's continued employment by the Company and its
subsidiaries.

    

    NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein and the mutual benefits to be
derived here from, the Company and the Executive agree as follows:

    

    1.            
Employment.

    

    (a)           Duties.  The Company
shall employ the Executive, on the terms set forth in this Agreement, as its
President, Treasurer and Secretary.  The Executive accepts such
employment with the Company and shall perform and fulfill such duties as are
assigned to her hereunder consistent with her status as a senior executive of
the Company devoting her best efforts and a substantial portion of her time and
attention to the performance and fulfillment of her duties and to the
advancement of the interests of the Company, subject only to the direction,
approvals, control and directives of the Company's Board of Directors (the
"Board").  Nothing contained herein shall be construed, however, to
prevent the Executive from trading in or managing, for her own account and
benefit, in stocks, bonds, securities, real estate, commodities or other forms
of investments (subject to law and Company policy with respect to trading in
Company securities) or engaging in any other business or
occupation.   Unless otherwise indicated by the context, the term
"Company" shall include the Company and all its subsidiaries.

    

    (b)           Place of
Performance.  In connection with her employment by the Company,
the Executive shall be based at the Company's principal place of business in New
Jersey, except when required for travel on Company business.

    

    2.          
 Term.  The
Executive's employment under this Agreement shall commence as of May 27, 2008
(the "Commencement Date") and shall, unless sooner terminated in accordance with
the provisions hereof, continue uninterrupted for thirty-six (36) months
("Term").  As used herein "Year" shall refer to a twelve month period
ending the last day of February.  Unless notice of non-renewal is
given by either party at least sixty (60) days prior to the end of the Term or
prior to the end of any Year thereafter, the Term of this Agreement shall be
automatically extended for an additional period of one
year.  Compensation for successive terms shall be agreed upon by the
parties.

    

    3.           Compensation.  Executive
shall receive 1,000,000 shares of the Company’s $.0001 par value common stock as
compensation for this Term.  Additional compensation will be agreed
upon for extension of the Term.

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
 

    4.           Insurance.

    

    (a)           Health Insurance and Other
Benefits.  During the Term, the Executive shall be entitled to
all employee benefits generally offered by the Company to its executive officers
and key management employees, including, without limitation, all pensions,
profit sharing, retirement, stock option, salary continuation, deferred
compensation, disability insurance, hospitalization insurance, major medical
insurance, medical reimbursement, survivor income, life insurance or any other
benefit plan or arrangement established and maintained by the Company, subject
to the rules and regulations then in effect regarding participation
therein.  As of the date of this Agreement, the Company offers none of
the foregoing to its employees.

    

    (b)           Keyman
Insurance.  The Company may obtain keyman life insurance upon
the life of the Executive in amounts to be determined from time to time by the
Company.

    

    5.           Expenses.  The
Executive shall be reimbursed for all items of travel, entertainment and
miscellaneous expenses that the Executive reasonably incurs in connection with
the performance of her duties hereunder, provided the Executive submits to the
Company such statements and other evidence supporting said expenses as the
Company may reasonably require.

    

    6.           Vacation.  The
Executive shall be entitled to not less than four (4) weeks of vacation in any
calendar year.  Any unused vacation time in a year shall be
accumulated and increase the amount of vacation time in subsequent
years.

    

    7.           Termination of
Employments.

    

    (a)           Death or Total
Disability.  In the event of the death of the Executive during
the Term, this Agreement shall terminate as of the date of the Executive's
death.  In the event of the Total Disability (as that term is defined
below) of the Executive for sixty (60) days in the aggregate during any
consecutive nine (9) month period during the Term, the Company shall have the
right to terminate this Agreement by giving the Executive thirty (30) days'
prior written notice thereof, and upon the expiration of such thirty (30) day
period, the Executive's employment under this Agreement shall
terminate.  If the Executive shall resume her duties within thirty
(30) days after receipt of such a notice of termination and continue to perform
such duties for four (4) consecutive weeks thereafter, this Agreement shall
continue in full force and effect, without any reduction in Base Salary and
other benefits, and the notice of termination shall be considered null and void
and of no effect.  Upon termination of this Agreement under this
Paragraph 7(a), the Company shall have no further obligations or liabilities
under this Agreement, except to pay to the Executive's estate or the Executive,
as the case may be, (i) the portion, if any, that remains unpaid of the Base
Salary for the Year in which termination occurred, but in no event less than six
(6) months' Base Salary; and (ii) the amount of any expenses reimbursable in
accordance with Paragraph 4 above, and any automobile allowance due under
Paragraph 5 above; and (iii) any amounts due under any Company benefit, welfare
or pension plan.  Except as otherwise provided by their terms, any
stock options not vested at the time of the termination of this Agreement under
this Paragraph 7(a) shall immediately become fully vested.

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
 

    The term "Total Disability" as used
herein, shall mean a mental or physical condition which in the reasonable
opinion of an independent medical doctor selected by the Company renders the
Executive unable or incompetent to carry out the material duties and
responsibilities of the Executive under this Agreement at the time the disabling
condition was incurred.  In the event the Executive disagrees with
such opinion, the Executive may, at her sole expense, select an independent
medical doctor and, in the event that doctor disagrees with the opinion of the
doctor selected by the Company, they shall select a third independent medical
doctor, and the three doctors shall, by majority vote, determine whether the
employee has suffered Total Disability.  The expense of the third
doctor shall be shared equally by the Company and the
Executive.  Notwithstanding the foregoing, if the Executive is covered
under any policy of disability insurance under Paragraph 3(c) above, under no
circumstances shall the definition of Total Disability be different from the
definition of that term in such policy.

    

    (b)           Discharge for
Cause.  The Company may discharge the Executive for "Cause"
upon notice and thereby immediately terminate her employment under this
Agreement.  For purposes of this Agreement, the Company shall have
"Cause" to terminate the Executive's employment if the Executive, in the
reasonable judgment of the Company, (i) materially breaches any of her
agreements, duties or obligations under this Agreement and has not cured such
breach or commenced in good faith to correct such breach within thirty (30) days
after notice; (ii) embezzles or converts to her own use any funds of the Company
or any client or customer of the Company; (iii) converts to her own use or
unreasonably destroys, intentionally, any property of the Company, without the
Company's consent; (iv) is convicted of a crime; (v) is adjudicated an
incompetent; or (vi) is habitually intoxicated or is diagnosed by an independent
medical doctor to be addicted to a controlled substance (any disagreement of
Executive shall be resolved using the procedure provided in Paragraph 7(a)
above).

    

    (c)           Termination by
Executive.  Executive may terminate this Agreement for the
failure by the Company to comply with the material provisions of this Agreement
which failure is not cured within thirty (30) days after notice ("Good
Reason").

    

    (d)           No Mitigation.  The
Executive shall not be required to mitigate the amount of any payment or benefit
provided for in this Agreement by seeking other employment or otherwise, not
shall the amount of any payment provided for in this Agreement be reduced by any
compensation earned by the Executive as the result of her employment by another
employer.

    

    8.           Restrictive
Covenant.

    

    (a)           Competition.  As
used herein "Company Business" shall mean any business which the Company is
actively pursuing or actively considering while the executive was employed by
the Company provided that upon termination or execution of this agreement the
term "Company Business" shall refer to any arrangement or contract or relation
of the Company or any subsidiary existing or actually pursued at the time of
termination or expiration of the Agreement.  The Executive undertakes
and agrees that during the term of this Agreement and for a period of one year
after the date of termination or expiration of this Agreement he will not
compete, directly or indirectly, with respect to a Company Business or
participate as a director, officer, employee, agent, consultant, representative
or otherwise, or as a stockholder, partner or joint venturers, or have any
direct or indirect financial interest, including, without limitation, the
interest of a creditor, in any business competing with respect to a Company
Business.  Executive acknowledges that such prospects represent a
corporate opportunity or are the property of the Company and Executive should
have no rights with respect to such properties on projects.  Executive
further undertakes and agrees that during the term of the Agreement and for a
period of one year after the date of termination or expiration of this Agreement
he will not, directly or indirectly employ, cause to be employed, or solicit for
employment any of Company's or its subsidiaries'
employees.  Notwithstanding the foregoing, the provisions of the
Paragraph 7(a) shall not apply to termination by the Executive pursuant to
Section 7(c) or by the Company without cause.

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
 

    (b)           Scope of
Covenant.  Should the duration, geographical area or range or
proscribed activities contained in Paragraph 8(a) above be held unreasonable by
any court of competent jurisdiction, then such duration, geographical area or
range of proscribed activities shall be modified to such degree as to make it or
them reasonable and enforceable.

    

    (c)           Non-Disclosure of
Information.

    

    (i)           The
Executive shall (i) never, directly or indirectly, disclose to any person or
entity for any reason, or use for her own personal benefit, any "Confidential
Information" (as hereinafter defined) either during her employment with the
Company or following termination of that employment for any reason (ii) at all
times take all precautions necessary to protect from loss or disclosure by her
of any and all documents or other information containing, referring or relating
to such Confidential Information, and (iii) upon termination of her employment
with the Company for any reason, the Executive shall promptly return to the
Company any and all documents or other tangible property containing, referring
or relating to such Confidential Information, whether prepared by her or
others.

    

    (ii)           Notwithstanding
any provision to the contrary in this Paragraph 8(c), this paragraph shall not
apply to information which the Executive is called upon by legal process regular
on its face (including, without limitation, by subpoena or discovery
requirement) to disclose or to information which has become part of the public
domain or is otherwise publicly disclosed through no fault or action of the
Executive.

    

    (iii) For purposes of this Agreement,
"Confidential Information" means any information relating in any way to the
business of the Company disclosed to or known to the Executive as a consequence
of, result of, or through the Executive's employment by the Company which
consists of technical and nontechnical information about the Company's products,
processes, computer programs, concepts, forms, business methods, data, any and
all financial and accounting data, marketing, customers, customer lists, and
services and information corresponding thereto acquired by the Executive during
the term of the Executive's employment by the Company.  Confidential
Information shall not include any of such items which are published or are
otherwise part of the public domain, or freely available from trade sources or
otherwise.

    

    (iv)           Upon
termination of this Agreement for any reason, the Executive shall turn over to
the Company all tangible property then in the Executive's possession or custody
which belongs or relates to the Company.  The Executive shall not
retain any copies or reproductions of computer programs, correspondence,
memoranda, reports, notebooks, drawings, photographs, or other documents which
constitute Confidential Information.

     

    9.           Arbitration.

    

    (a)           Any
and all other disputes, controversies and claims arising out of or relating to
this Agreement, or with respect to the interpretation of this Agreement, or the
rights or obligations of the parties and their successors and permitted assigns,
whether by operation of law or otherwise, shall be settled and determined by
arbitration in New York City, New York pursuant to the then existing rules of
the American Arbitration Association ("AAA") for commercial
arbitration.

     

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
 

    (b)           In
the event that the Executive disputes a determination that Cause exists for
terminating her employment hereunder pursuant to Paragraph 7(b), or the Company
disputes the determination that Good Reason exists for the Executive's
termination of this Agreement pursuant to Paragraph 7(c), either party disputing
this determination shall serve the other with written notice of such dispute
("Dispute Notice") within thirty (30) days after the date the Executive is
terminated for Cause or the date the Executive terminates this Agreement for
Good Reason.  Within fifteen (15) days thereafter, the Executive or
the Company, as the case may be, shall, in accordance with the Rules of the AAA,
file a petition with the AAA for arbitration of the dispute, the costs thereof
to be shared equally by the Executive and the Company unless an order of the AAA
provides otherwise.  If the Executive serves a Dispute Notice upon the
Company, an amount equal to the portion of the Base Salary Executive would be
entitled to receive hereunder shall be placed by the Company in an
interest-bearing escrow account mutually agreeable to the parties or the Company
shall deliver an irrevocable letter of credit for such amount plus interest
containing terms mutually agreeable to the parties.  If the AAA
determines that Cause existed for the termination, the escrowed funds and
accrued interest shall be paid to the Company.  However, in the event
the AAA determines that the Executive was terminated without Cause or that
Executive resigned for Good Reason, the escrowed funds and accrued interest
shall be paid to the Executive.

    

    (c)           Any
proceeding referred to in Paragraph 9(a) or (b) shall also determine Executive's
entitlement to legal fees as well as all other disputes between the parties
relating to Executive's employment.

    

    (d)           The
parties covenant and agree that the decision of the AAA shall be final and
binding and hereby waive their right to appeal therefrom.

    

    10.           Indemnity.  The
Company shall indemnify and hold Executive harmless from all liability to the
full extent permitted by the laws of its state of incorporation.

    

    11.           Miscellaneous.

    

    (a)           Notices.  Any
notice, demand or communication required or permitted under this Agreement shall
be in writing and shall either be hand-delivered to the other party or mailed to
the addresses set forth below by registered or certified mail, return receipt
requested or sent by overnight express mail or courier or facsimile to such
address, if a party has a facsimile machine.  Notice shall be deemed
to have been given and received when so hand-delivered or after three (3)
business days when so deposited in the U.S. Mail, or when transmitted and
received by facsimile or sent by express mail properly addressed to the other
party.  The addresses are:

    

    To the
Company:                                 
FindItAll, Inc.

    41
Owatonna Street

    Haworth,
New Jersey 07641

    

    To the
Executive:                                 Corie
Weisblum

    41
Owatonna Street

    Haworth,
New Jersey 07641

    

    The
foregoing addresses may be changed at any time by notice given in the manner
herein provided.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
 

    (b)           Integration;
Modification.  This Agreement constitutes the entire
understanding and agreement between the Company and the Executive regarding its
subject matter and supersedes all prior negotiations and agreements, whether
oral or written, between them with respect to its subject
matter.  This Agreement may not be modified except by a written
agreement signed by the Executive and a duly authorized officer of the
Company.

    

    (c)           Enforceability.  If
any provision of this Agreement shall be invalid or unenforceable, in whole or
in part, such provision shall be deemed to be modified or restricted to the
extent and in the manner necessary to render the same valid and enforceable, or
shall be deemed excised from this Agreement, as the case may require, and this
Agreement shall be construed and enforced to the maximum extent permitted by law
as if such provision had been originally incorporated herein as so modified or
restricted, or as if such provision had not been originally incorporated herein,
as the case may be.

    

    (d)           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of the parties, including and their respective heirs, executors,
successors and assigns, except that this Agreement may not be assigned by the
Executive.

    

    (e)           Waiver of
Breach.  No waiver by either party of any condition or of the
breach by the other of any term or covenant contained in this Agreement, whether
by conduct or otherwise, in any one (1) or more instances shall be deemed or
construed as a further or continuing waiver of any such condition or breach or a
waiver of any other condition, or the breach of any other term or covenant set
forth in this Agreement.  Moreover, the failure of either party to
exercise any right hereunder shall not bar the later exercise thereof with
respect to other future breaches.

    

    (f)           Governing
Laws.  This Agreement shall be governed by the internal laws of
the State of New York.

    

    (g)           Headings.  The
headings of the various sections and paragraphs have been included herein for
convenience only and shall not be considered in interpreting this
Agreement.

    

    (h)           Counterparts.  This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
instrument.

    

    (i)           Due
Authorization.  The Company represents that all corporate
action required to authorize the execution, delivery and performance of this
Agreement has been duly taken.

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
 

    IN WITNESS WHEREOF, this Agreement has
been executed by the Executive and, on behalf of the Company, by its duly
authorized officer on the day and year first above written.

    

    FINDITALL, INC.

    

    

    By: /s/ Corie
Weisblum

    Name: Corie Weisblum

    Title:
President

    

    

    

    /s/ Corie
Weisblum

    CORIE WEISBLUM

    
 

     

     

     7

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