SEC Contract Filing

Filing Date: 2016-08-22

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>ex10.htm
<DESCRIPTION>EXHIBIT 10.01
<TEXT>
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<TITLE>STOCK PURCHASE AGREEMENT</TITLE>
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<P align=center style='font:12pt Times New Roman;margin:0'><B>SECURITIES EXCHANGE AGREEMENT</B></P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><B>THIS SECURITIES EXCHANGE AGREEMENT</B> (the &#8220;Agreement&#8221;) is made and entered into this 16 day of August 2016, by and among <B>EXPERIENCE ART AND DESIGN, INC.</B>, a Nevada corporation (&#8220;EXAD&#8221;), <B>MBM CLEANERS, LLC, </B>a Florida limited liability company (&#8220;MBM Cleaners&#8221;)<B> </B>and the <B>PERSONS IDENTIFIED ON SCHEDULE A HERETO,</B> being the holders of all of the issued and outstanding membership interests in MBM Cleaners (each, a &#8220;Member&#8221; and, collectively, the &#8220;Members&#8221;).</P>
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<P align=center style='font:12pt Times New Roman;margin:0'><B><U>RECITALS</U>:</B></P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>A.</kbd>The Members collectively own all of the issued and outstanding membership interests in MBM Cleaners (the &#8220;MBM Cleaners Interests&#8221;) in the proportions described on Schedule A.</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>B.</kbd>EXAD desires to acquire the MBM Cleaners Interests from the Members in exchange for $450,000 minus the liabilities listed on Schedule B of $90,752, paid as follows: One Hundred Thirty Five Thousand Dollars ($135,000) in cash, deposited and paid as indicated by the schedule listed on &#8220;Exhibit A&#8221; and an aggregate of 224,248 shares of Series B Redeemable Preferred shares (with such Rights and Preferences as outline in Exhibit A-1) of EXAD the (&#8220;EXAD Shares&#8221;) to be issued to the Members pro-rata to their ownership of MBM Cleaners.</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>C.</kbd>The EXAD Shares shall remain in Escrow, and be issued in such a manner that 56,062 shares are redeemed by EXAD every 90 days from the date of closing. </P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>D.</kbd>The Members desire to exchange their MBM Cleaners Interests for the EXAD Shares upon the terms and conditions set forth herein (the &#8220;Exchange&#8221;).</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>E.</kbd>Upon consummation of the Exchange, MBM Cleaners will become a wholly-owned subsidiary of EXAD.</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>F.</kbd>It is the intention of the parties hereto that: &nbsp;(i) EXAD shall acquire the MBM Cleaners Interests solely for the consideration set forth below; (ii) the Exchange shall qualify as a transaction in securities exempt from registration or qualification under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and under the applicable securities laws of each jurisdiction where any of the Members reside; and (iii) the Exchange shall qualify as a &#8220;tax-free&#8221; transaction within the meaning of Section 368 and/or other applicable provisions of the Internal Revenue Code of 1986, as amended.</P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><B>NOW, THEREFORE, </B>in consideration of the mutual covenants, agreements, representations and warranties contained in this Agreement, the parties hereto agree as follows:</P>
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<P align=center style='font:12pt Times New Roman;margin:0'><FONT style='font-size:9.6pt'><B><U>SECTION 1. &nbsp;EXCHANGE OF SHARES</U></B></FONT></P>
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<P align=justify style='font:12pt Times New Roman;margin:0;text-indent:36pt'><kbd style='float:left;margin-bottom:-3px;margin-left:-36pt;width:36pt;font-family:"Times New Roman"'>1.1</kbd><U>Exchange of Shares</U>. &nbsp;On the Closing Date (as hereinafter defined) the Members shall tender all of the MBM Cleaners Interests to EXAD and EXAD shall issue the EXAD Shares to the Members, both of which shall remain in Escrow for redemption by EXAD every 90 days from the Closing date. &nbsp;The MBM Cleaners Interests shall be released to EXAD upon full payment of the purchase price hereunder.</P>
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