SEC Contract Filing

Filing Date: 2017-05-24

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101.htm
<DESCRIPTION>LETTER OF INTENT
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">April 29, 2017</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Ga-Du Bank Inc.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Eco Science Solutions, Inc.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1135 Makawao Avenue, Suite 103-188</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Makawao, Hawaii 96768</font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">RE: Letter of Intent concerning the proposed acquisition of Ga-Du Bank Inc., by Eco Science Solutions, Inc.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Dear Jeff;</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Thank you for the time and effort you have expended to date in considering our proposal and your work and efforts in accommodating questions and discussions.&#160;&#160;&#160;One of the reassuring things about working with your team is the speed with which you have responded to date. We have considered your prior expressed desire to have Eco Science Solutions, Inc. (&#8220;ESSI&#8221;) acquire Ga-Du Bank Inc. (&#8220;Bank&#8221;), when mentioned collectively within this document both will be referred to as the &#8220;Parties&#8221;, and propose the following outline of a Letter of Intent (&#8220;LOI&#8221;).</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">This LOI is intended to embody the framework and general terms of an Acquisition transaction between the Parties. It is not intended as a binding contract but will simply outline an understanding to allow the Parties to proceed to develop the binding documentation outlined herein.&#160;&#160;Accordingly, execution of this LOI shall act only as a framework for a detailed purchase and sale agreement of the Bank interests not as a binding contract. Either Party may determine to require clarification, greater details or differing terms as details of the Acquisition prior to executing final acquisition documents.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">General Terms.</font>&#160;&#160;&#160;As proposed, ESSI will acquire the Bank for a combination of cash and stock consideration (the &#8220;Consideration&#8221;) on the following general terms:</font></div>

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<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">a.&#160;&#160;</font></div>
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<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Cash and Equity Consideration.&#160;&#160;</font>Upon completion of a formal opportunity valuation and asset analysis, all assets, including the stock ownership interest (as the case may be) of the Bank, together with any and all affiliates will be purchased by ESSI at a mutually agreed upon cash and equity purchase price (the &#8220;Purchase Price&#8221;). It is understood that the purchase price will be milestone based in terms of cash payout and vesting based in terms of equity payout;</font></div>
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