ASSET PURCHASE AGREEMENT
ASSET
PURCHASE AGREEMENT
THIS AGREEMENT (together with
the exhibits and schedules attached hereto, this “Agreement”) dated as of April
15, 2009.
BETWEEN:
PHOINOS OXFORD LIFESCIENCES LIMITED,
a company incorporated under the laws of the Federation of St. Kitts
& Nevis and having a registered address c/o Global Corporate and Trust
Management Ltd., PO Box 555 Xxxxxxx Plaza, Main Street, Charlestown, Nevis, West
Indies.
(herein
called the “Seller”)
AND:
KINDER TRAVEL INC., a company
incorporated under the laws of the State of Nevada and having a registered
address at 00000 00 Xxxxxx,
Xxxxxxx, XX XXXXXX X0X 0X0
(herein
called the “Purchaser”)
WHEREAS,
the Purchaser desires to purchase and acquire from the Seller and the Seller
desires to sell and assign to the Purchaser all of the Seller’s rights, title
and interest in three (3) medical patents as set forth in Schedule A attached
hereto (the “Patents”);
and
WHEREAS,
the parties desire to enter into this Agreement to set forth their mutual
agreements concerning the above matter;
NOW,
THEREFORE, in consideration of the mutual promises of the parties hereto, and of
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is mutually agreed by and between the parties hereto as
follows:
ARTICLE
1
SALE
AND TRANSFER OF PATENTS
1.1 Sale of Patents.
Subject to the terms and conditions of this Agreement and in reliance upon the
representations, warranties, covenants and agreements contained herein, at the
closing of the transactions contemplated hereby, the Seller will sell, convey,
assign and transfer the Patents to the Purchaser, and the Purchaser will
purchase and acquire the Patents from the Seller.
1.2 Consideration. In
consideration of the sale, transfer and assignment to the Purchaser of the
Patents, the Purchaser shall, at Closing, issue in the name of the Seller or in
such other name as the Seller may otherwise direct, an aggregate of two hundred
and fifty thousand shares of common stock of the Purchaser on a fully diluted
basis (the "Shares")
which equals approximately seventy-five thousand US dollars (USD 75,000) based
on the last closing price of the Shares of $0.30 per share as reported by the
OTC Bulletin Board on October 8, 2008 (hereinafter referred to as the “Purchase Price”).
1.3 Escrow Agreement. The
Shares as described in Section 1.2 shall be subject to an Escrow Agreement which
is attached as Schedule B hereto. The Shares will be released to the Seller in
accordance with the terms of the Escrow Agreement.
1.4 The
Closing. The transfer and delivery of the documents
transferring the Patents to the Purchaser and the Shares to the Escrow Agent (as
defined in Schedule B hereto) and the exchange and delivery by the parties of
the other documents and instruments contemplated by this Agreement, (the “Closing”) will take place on
April 30, 2009 or such earlier date as may be mutually acceptable to the Seller
and the Purchaser, subject to the satisfaction or waiver (by the party receiving
the benefit thereof) of the conditions precedent set forth in Section 6 of this
Agreement (the “Closing
Date”).
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1.5 Deliveries. At
the Closing on the Closing Date:
(a)
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The
Purchaser shall deliver or cause to be delivered to the Escrow Agent a
certificate issued in the name of the Seller, or in such other name as the
Seller may otherwise direct, evidencing the
Shares.
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(b)
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The
Seller shall deliver to the Purchaser executed and duly acknowledged
assignments conveying all right, title and interest of the Seller to the
Patents to the Purchaser.
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(c)
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The
Seller and the Purchaser shall each execute and deliver such other
instruments and take such other action as may be necessary to carry out
its obligations under this Agreement; including, without limitation,
working together to cause the title to any assets to be transferred into
the name of the Purchaser in the applicable governmental
records.
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1.6 Expenses of
Seller. Any liability or obligation of the Seller arising or
incurred in connection with the negotiation, preparation and execution of this
Agreement and the transactions contemplated hereby and any fees and expenses of
counsel, accountants and other experts employed by Seller shall be paid by the
Purchaser.
ARTICLE
2
TITLE
DUE DILIGENCE
2.1 Access to
Patents. The Seller shall grant the Purchaser such access to
the Patents, including all records relating to same, as is necessary to permit
the Purchaser to conduct a thorough due diligence investigation of the title to
the Patents. The Purchaser shall have a maximum of fifteen (15) days
from the date of this Agreement to conduct its due diligence (this 15-day
period, as it may be extended in accordance with this Agreement or by other
agreement of the parties, will be referred to herein as the “Due Diligence
Period”).
2.2 The
Purchaser shall notify the Seller in writing (the “Defect Notice”) by the end of
the Due Diligence Period of any failures or defects in title (“Title Defects”) that the
Purchaser may have identified as pertaining to the Patents. The
Defect Notice shall identify the alleged defect and the nature of the
defect. If no defects are identified in said written notice, the
Purchaser will be deemed to have accepted title for said
Patents. Upon receipt of Defect Notice, the Seller shall have until
the Closing to cure any such Title Defects or, if not curable prior to the
Closing, advise the Purchaser how such Title Defects will be cured following the
Closing and provide a satisfactory commitment to the Purchaser with respect to
curing of such Title Defects. If the Seller is unable to cure any material Title
Defects to the Purchaser’s reasonable satisfaction or provide a plan and
commitment to cure such Title Defects prior to the Closing, then the Purchaser
may (i) terminate this Agreement; or (ii) proceed with the Closing with no
reduction in the Purchase Price. Title Defect, as used in this
Agreement, shall mean any lien, encumbrance, encroachment or other defect in the
Seller’s title to the Patents that would cause the Seller not to have defensible
title to such Patents.
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ARTICLE
3
REPRESENTATIONS
AND WARRANTIES OF THE SELLER
To induce
the Purchaser to execute, deliver and perform this Agreement, and in
acknowledgement of the Purchaser’s reliance on the following representations and
warranties, the Seller represents and warrants to the Purchaser as follows as of
the date hereof and as of the Closing Date:
3.1 Organization. The
Seller is a corporation duly organized, validly existing and in good standing
under the applicable laws of the Federation of St. Kitts and Nevis, with the
power and authority to conduct its business as it is now being conducted and to
own its assets.
3.2 Power and
Authority. The Seller has the power and authority to execute,
deliver, and perform this Agreement and the other agreements and instruments to
be executed and delivered by them in connection with the transactions
contemplated hereby, and the Seller will have taken all necessary action to
authorize the execution and delivery of this Agreement and such other agreements
and instruments and the consummation of the transactions contemplated hereby,
including but not limited to the receipt of all necessary regulatory
approvals. The execution, delivery and performance by the Seller of
the Agreement has been duly authorized. This Agreement is, and the other
agreements and instruments to be executed and delivered by the Seller in
connection with the transactions contemplated hereby, when such other agreements
and instruments are executed and delivered, shall be, the valid and legally
binding obligations of the Seller enforceable against the Seller in accordance
with their respective terms.
3.3 Non-Contravention. To
the Seller’s knowledge, neither the execution, delivery and/or performance of
this Agreement, nor the consummation of the transactions contemplated hereby,
will:
(a) conflict
with, result in a violation of, cause a default under (with or without notice,
lapse of time or both) or give rise to a right of termination, amendment,
cancellation or acceleration of any obligation contained in or the loss of any
material benefit under, or result in the creation of any lien, security
interest, charge or encumbrance upon any of the material properties or assets of
Seller under any term, condition or provision of any loan or credit agreement,
note, debenture, bond, mortgage, indenture, lease or other agreement,
instrument, permit, license, judgment, order, decree, statute, law, ordinance,
rule or regulation applicable to Seller, or any of its material property or
assets;
(b) violate
any provision of the articles or bylaws of Seller; or
(c) violate
any order, writ, injunction, decree, statute, rule, or regulation of any court
or governmental or regulatory authority in the Netherlands Antilles that would
result in a Seller Material Adverse Effect (defined below).
3.4 Actions and
Proceedings. To the knowledge of Seller, (i) there is no basis for and
there is no action, suit, judgment, claim, demand or proceeding outstanding or
pending, or threatened against or affecting Seller or which involves any of the
business, or the properties or assets of Seller that, if adversely resolved or
determined, would have a material adverse effect on the Patents (a “Seller Material Adverse
Effect”), and
(ii) there is no reasonable basis for any claim or action that, based upon the
likelihood of its being asserted and its success if asserted, would have such a
Seller Material Adverse Effect.
3.5 Compliance.
(a) To
the knowledge of Seller, Seller is in compliance with, is not in default or
violation in any material respect under, and has not been charged with or
received any notice at any time of any material violation of any statute, law,
ordinance, regulation, rule, decree or other regulation in the Federation of St.
Kitts & Nevis that would constitute a Seller Material Adverse
Effect;
(b) To
the knowledge of Seller, Seller is not subject to any judgment, order or decree
entered in any lawsuit or proceeding applicable to its business and operations
that would result in a Seller Material Adverse Effect; and
(c) To
the knowledge of Seller, Seller has duly filed all reports and a return required
to be filed by it with governmental authorities in the Federation of St. Kitts
& Nevis and has obtained all governmental permits and other governmental
consents, except as may be required after the execution of this
Agreement. To the knowledge of Seller, all of such permits and
consents are in full force and effect, and no proceedings for the suspension or
cancellation of any of them, and no investigation relating to any of them, is
pending or to the knowledge of Seller, threatened, and none of them will be
adversely affected by the consummation of this Agreement.
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3.6 Filings, Consents and
Approvals. To the knowledge of Seller, no filing or registration with, no
notice to and no permit, authorization, consent, or approval of any public or
governmental body or authority or other person or entity is necessary for the
consummation by Seller of the transactions contemplated by this Agreement, other
than filing a change of title to the Patents.
3.7 Investor
Representations. The Seller acknowledges and agrees that the
Shares representing the Purchase Price will be offered and sold to the Seller
without such offers and sales being registered under the United States
Securities Act of 1933, as amended (the “Securities
Act”). As such, the Seller further acknowledges and agrees
that all Shares will, upon issuance, be “restricted securities” within the
meaning of the Securities Act.
3.8 Share
Certificates. The Seller acknowledges and agrees that legend
in substantially the following form will be placed on any certificate(s)
evidencing the Shares:
THE
SHARES OF COMMON STOCK EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 'ACT'), OR UNDER ANY STATE
SECURITIES LAWS. THE SHARES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE
DISPOSED OF UNLESS A REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS WITH RESPECT TO SUCH DISPOSITION IS THEN IN EFFECT OR
UNLESS THE PERSON PROPOSING TO MAKE THE DISPOSITION SHALL FURNISH, WITH RESPECT
TO SUCH DISPOSITION, AN OPINION OF COUNSEL (BOTH COUNSEL AND OPINION TO BE
SATISFACTORY TO THE CORPORATION) TO THE EFFECT THAT SUCH SALE, TRANSFER,
ASSIGNMENT OR OTHER DISPOSITION WILL NOT INVOLVE ANY VIOLATION OF THE
REGISTRATION PROVISIONS OF THE ACT (OR ANY SUPERSEDING STATUTE) OR ANY
APPLICABLE STATE SECURITIES LAWS.
3.9 Issuance of
Shares. The Seller represents and warrants to the Purchaser as
follows, and acknowledges that the Purchaser is relying upon such covenants,
representations and warranties in connection with the issuance of the Shares to
the Seller:
(a) the
Seller has such knowledge, sophistication and experience in business and
financial matters such that it is capable of evaluating the merits and risks of
the investment in the Shares. The Seller has evaluated the merits and risks of
an investment in the Shares. The Seller can bear the economic risk of
this investment, and is able to afford a complete loss of this
investment;
(b) the
Seller acknowledges that the Purchaser’s success is subject to a number of
significant risks, including the risk that the Purchaser will not be able to
finance its plan of operations. The Seller further acknowledges that
(i) the Purchaser has limited cash and working capital, (ii) the Purchaser will
have to raise additional capital in order to finance its plan of operations
which capital may be raised by the issuance of additional shares of its common
stock which will result in dilution to the Seller, and (iii) the Purchaser is
working on the Financing but there is no assurance that the Financing will be
completed;
(c) the
Shares will be acquired by the Seller for investment for the Seller's own
account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and, that the Seller does not have any
contract, undertaking, agreement or arrangement with any person to sell,
transfer or grant participations to such person or to any third person, with
respect to any of the Shares;
(d) the
Seller has been afforded access to information about the Purchaser and the
Purchaser’s financial condition, results of operations, business, properties,
management and prospects sufficient it to evaluate its investment in the
Shares. The Seller further represents that it has had an opportunity
to ask questions and receive answers from representatives of the Purchaser
regarding the terms and conditions of the offerings completed by the Purchaser
and the business, properties, prospects and financial condition of the
Purchaser, each as is necessary to evaluate the merits and risks of investing in
the Shares. The Seller believes it has received all the information
it considers necessary or appropriate for deciding whether to purchase the
Shares. The Seller has had full opportunity to discuss this
information with the Seller’s legal and financial advisers prior to execution of
this Agreement;
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(e) the
Seller acknowledges that the Purchaser will rely on these representations in
completing the issuance of the Shares to the Seller;
(f) the
Seller acknowledges that the offering of the Shares by the Purchaser has not
been reviewed by the United States Securities and Exchange Commission or any
state securities regulatory authority; and
(g) this
Agreement has been duly authorized, validly executed and delivered by the
Seller.
ARTICLE
4
REPRESENTATIONS
AND WARRANTIES OF PURCHASER
To induce
the Seller to execute, deliver and perform this Agreement, and in
acknowledgement of Seller’s reliance on the following representations and
warranties, the Purchaser hereby represents and warrants to the Seller as
follows as of the date hereof and as of the Closing Date:
4.1 Organization. The
Purchaser is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Nevada, with the power and authority to
conduct its business as it is now being conducted and to own and lease its
properties and assets.
4.2 Share Capital. The
Purchaser has authorized capital consisting of 65,000,000 shares of Common Stock
and 10,000,000 shares of Preferred Stock of which 2,400,000 shares of Common
Stock and zero shares of Preferred Stock are issued and outstanding prior to
Closing. Upon the completion of the transactions contemplated by this Agreement,
the Purchaser will have 2,650,000 shares of Common Stock and zero shares of
Preferred Stock issued and outstanding. There are no options,
warrants, calls, rights, commitments or agreements of any character, written or
oral, to which the Purchaser is a party or by which it is obligated to issue,
deliver, sell, repurchase or redeem, or cause to be issued, delivered, sold,
repurchased or redeemed, any shares of the capital stock of the Purchaser or
obligating the Purchaser to grant, extend, accelerate the vesting of, change the
price of, otherwise amend or enter into any such option, warrant, call, right,
commitment or agreement. The Purchaser has no outstanding or
authorized stock appreciation, phantom stock, profit participation, or other
similar rights or plans.
4.3 Issuance of the
Shares. The Shares are duly authorized and, when issued and
paid for in accordance with this Agreement, will be duly and validly issued,
fully paid and non-assessable, free and clear of all liens.
4.4 Listing. The
Purchaser is a reporting company under the United States Securities and Exchange
Act of 1934, as amended, and its shares of Common Stock are registered for sale
and are quoted for trading on the OTC Bulletin Board under the symbol
KNDT.
4.5 SEC Reports; Financial
Statements. The Purchaser has filed all reports required to be
filed by it under the Securities Act and the Securities Exchange Act of 1934, as
amended, including pursuant to Section 13(a) or 15(d) thereof, for the two years
preceding the date hereof (or such shorter period as the Purchaser was required
by law to file such material) (the foregoing materials, including the exhibits
thereto, being collectively referred to herein as the “SEC Reports”) on a timely
basis or has received a valid extension of such time of filing and has filed any
such SEC Reports prior to the expiration of any such extension. As of
their respective dates, the SEC Reports complied in all material respects with
the requirements of the Securities Act and the Exchange Act and the rules and
regulations of the Commission promulgated thereunder, and none of the SEC
Reports, when filed, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading. The financial statements of the
Purchaser included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the
Commission with respect thereto as in effect at the time of
filing. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles applied on a
consistent basis during the periods involved (“GAAP”), except as may be
otherwise specified in such financial statements or the notes thereto and except
that unaudited financial statements may not contain all footnotes required by
GAAP, and fairly present in all material respects the financial position of the
Purchaser and its consolidated subsidiaries as of and for the dates thereof and
the results of operations and cash flows for the periods then ended, subject, in
the case of unaudited statements, to normal, immaterial, year-end audit
adjustments.
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4.6 Power and
Authority. The Purchaser has the power and authority to
execute, deliver, and perform this Agreement and the other agreements and
instruments to be executed and delivered by it in connection with the
transactions contemplated hereby, and the execution, delivery and performance of
the Agreement by the Purchaser has been duly authorized. This
Agreement is, and, when such other agreements and instruments are executed and
delivered, the other agreements and instruments to be executed and delivered by
the Purchaser in connection with the transactions contemplated hereby shall be,
the valid and legally binding obligations of the Purchaser, enforceable in
accordance with their respective terms.
4.7 Broker’s or Finder’s
Fees. The Purchaser has not authorized any person to act as
broker, finder, or in any other similar capacity in connection with the
transactions contemplated by this Agreement and other than the fee to Pacific
Wave and the Escrow Shares Agent, the Seller shall have no liability for payment
of any such fee arising through the Purchaser.
4.8 No
Conflict. Neither the execution and delivery by the Purchaser
of this Agreement and of the other agreements and instruments to be executed and
delivered by the Purchaser in connection with the transactions contemplated
hereby or thereby, nor the consummation by the Purchaser of the transactions
contemplated hereby, will or do violate or conflict with: (a) any foreign or
local law, regulation, ordinance, governmental restriction, order, judgment or
decree applicable to the Purchaser; (b) any provision of any charter, bylaw, or
(c) under any material agreement to which the Purchaser is a party.
4.9 Required
Consents. No permit or approval, authorization, consent,
permission, or waiver to or from any person, or notice, filing, or recording to
or with, any person is necessary for the execution and delivery of this
Agreement and the other agreements and instruments to be executed and delivered
by the Purchaser in connection with the transactions contemplated hereby, or the
consummation by the Purchaser of the transactions contemplated
hereby.
4.10 Litigation. There
are no proceedings pending or, to the knowledge of the Purchaser, threatened
against the Purchaser which (i) seek to restrain or enjoin the consummation of
the Agreement or the transactions contemplated hereby or (ii) could reasonably
be expected to have a material adverse effect on the Purchaser or its abilities
to perform its obligations under the Agreement and the other agreements and
instruments to be executed and delivered by the Purchaser in connection with the
transactions contemplated hereby.
4.11 Tax
Matters. All Federal, state and other tax returns and reports
of the Purchaser required by law to be filed have been duly filed, and all
federal, state and other taxes, assessments, fees and other governmental charges
upon the Purchaser with respect to its properties, assets, incomes, franchises
or business which are due and payable have been paid or a reasonable reserve for
such payment established on the Purchaser’s balance sheet.
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ARTICLE
5
COVENANTS
OF THE SELLER PRIOR TO CLOSING
5.1 Required
Approvals. As promptly as practicable after the date of this
Agreement, the Seller shall make all filings required by foreign or local law to
be made by them in order to consummate the transactions contemplated
hereby. The Seller shall cooperate with the Purchaser with respect to
all filings that the Purchaser elects to make or is required by law to make in
connection with the transactions contemplated hereby.
5.2 Prohibited
Actions. Except as provided herein below, in no event, without
the prior written consent of the Purchaser, shall the Seller:
(a) permit
any of the Patents to be subjected to any claim or encumbrance, except claims or
encumbrances that the Seller believes, in its sole judgment, are necessary to
continue development of the Patents in the ordinary course of business and
consistent with past practice;
(b) waive
any claims or rights respecting the Patents, or sell, transfer, or otherwise
dispose of any of the Patents; or
(c) dispose
of any interest in any of the Patents, or permit any rights in any of the
Patents to lapse into default or in non-compliance with all and any regulatory
or governmental requirement.
5.3 Access. From
the date of this Agreement to the Closing Date, the Seller shall provide the
Purchaser with such information and access as the Purchaser may from time to
time reasonably request regarding the Patents.
ARTICLE
6
CONDITIONS
TO THE SELLER’S OBLIGATIONS
Each of
the obligations of the Seller to be performed hereunder shall be subject to the
satisfaction (or waiver by the Seller) at or prior to the Closing Date of each
of the following conditions:
6.1 Representations and
Warranties; Performance. The Purchaser shall have performed
and complied in all respects with the covenants and agreements contained in this
Agreement required to be performed and complied with by it at or prior to the
Closing Date, the representations and warranties of the Purchaser set forth in
this Agreement shall be true and correct in all respects as of the date hereof
and as of the Closing Date as though made at and as of the Closing Date (except
as otherwise expressly contemplated by this Agreement), and the execution and
delivery of this Agreement by the Purchaser and the consummation of the
transactions contemplated hereby shall have been duly and validly authorized by
the Purchaser’s Board of Directors, and the Seller shall have received a
certificate to that effect signed by the secretary of the
Purchaser.
6.2 Consents. All
required approvals, consents and authorizations shall have been
obtained.
6.3 Litigation. No
Litigation shall be threatened or pending against the Purchaser or the Seller
that, in the reasonable opinion of counsel for the Seller, could result in the
restraint or prohibition of any such party, or the obtaining of damages or other
relief from such party, in connection with this Agreement or the consummation of
the transactions contemplated hereby.
6.4 Documents Satisfactory in
Form and Substance. All agreements, certificates, and other
documents delivered by the Purchaser to the Seller hereunder shall be in form
and substance satisfactory to counsel for the Seller, in the exercise of such
counsel’s reasonable judgment.
6.5 Due
Diligence. The Seller shall have completed its due diligence
review of the Purchaser and shall have been satisfied with the findings
thereof.
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ARTICLE
7
CONDITIONS
TO THE PURCHASER’S OBLIGATIONS
Each of
the obligations of the Purchaser to be performed hereunder shall be subject to
the satisfaction (or the waiver by the Purchaser) at or prior to the Closing
Date of each of the following conditions:
7.1 Representations and
Warranties; Performance. The Seller shall have performed and
complied in all respects with the covenants and agreements contained in this
Agreement required to be performed and complied with by them at or prior to the
Closing Date, the representations and warranties of the Seller set forth in this
Agreement shall be true and correct in all respects as of the date hereof and as
of the Closing Date as though made at and as of the Closing Date (except as
otherwise expressly contemplated by this Agreement), and the execution and
delivery of this Agreement by the Seller and the consummation of the
transactions contemplated hereby shall have been duly and validly authorized by
the Seller’s Board of Directors, and the Purchaser shall have received a
certificate to that effect signed by the secretary of the Seller.
7.2 Consents. All
required approvals, consents and authorizations shall have been
obtained.
7.3 No
Litigation. No Litigation shall be threatened or pending
against the Purchaser or the Seller that, in the reasonable opinion of counsel
for the Purchaser, could result in the restraint or prohibition of any such
party, or the obtaining of damages or other relief from such party, in
connection with this Agreement or the consummation of the transactions
contemplated hereby.
7.4 Due
Diligence. The Purchaser shall have completed its due
diligence review of the Patents and shall have been satisfied with the findings
thereof.
7.5 Proof of Ownership of the
Assets. The Seller shall have delivered to the Purchaser
copies of instruments evidencing its ownership of the Patents.
ARTICLE
8
COVENANTS
OF THE SELLER AND THE PURCHASER FOLLOWING CLOSING
8.1 Allocation of Purchase
Price; Transfer Taxes.
(a) Consistent
with applicable tax rules, the Purchaser shall allocate the Purchase Price to
the Patents. The Purchaser shall prepare and file, in a timely
fashion, forms in a manner consistent with such allocation with the relevant tax
authority.
(b) All
sales, transfer, and similar taxes and fees (including all recording fees, if
any) incurred in connection with this Agreement and the transactions
contemplated hereby shall be borne by the Seller and the Seller shall file all
necessary documentation with respect to such taxes.
8.2 Further
Assurances. Subject to the terms and conditions of this
Agreement, each party agrees to use all of its reasonable efforts to take, or
cause to be taken, all actions and to do or cause to be done, all things
necessary and proper or advisable to consummate and make effective the
transactions contemplated by this Agreement (including the execution and
delivery of such further instruments and documents) as the other party may
reasonably request.
8.3 Nondisclosure of Proprietary
Data. The Parties shall hold in a fiduciary capacity for the
benefit of each other all secret or confidential information, knowledge or data
relating to each other or any of their affiliated companies, and their
respective businesses, which shall not be or become public
knowledge. Neither Party, without the prior written consent of the
other, or as may otherwise be required by law or legal process, shall
communicate or divulge either before or after the Closing Date any such
information, knowledge or data to anyone other than the other Party and those
designated by the other Party in writing, or except as required by applicable
law.
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ARTICLE
9
SURVIVAL
AND INDEMNITY
9.1 Survival of Representations,
Warranties, etc. Each of the representations, warranties,
agreements, covenants and obligations herein is material and shall be deemed to
have been relied upon by the other party or parties and shall survive for a
period of twelve (12) months after the Closing and shall not merge in the
performance of any obligation by any party hereto. All rights to
indemnification contained in this Agreement shall survive the Closing
indefinitely.
9.2 Indemnification by the
Seller and Purchaser. The parties shall indemnify, defend, and
hold harmless each other, and the each others representatives, stockholders,
controlling persons and affiliates, at, and at any time after, the Closing, from
and against any and all demands, claim, actions, or causes of action,
assessments, losses, damages (including incidental and consequential damages),
liabilities, costs, and expenses, including reasonable fees and expenses of
counsel, other expenses of investigation, handling, and litigation , and
settlement amounts, together with interest and penalties (collectively, a “Loss” or “Losses”), asserted against,
resulting to, imposed upon, or incurred by the either party, directly or
indirectly, by reason of, resulting from, or arising in connection with: (i) any
breach of any representation, warranty, or agreement of either party contained
in or made pursuant to this Agreement, including the agreements and other
instruments contemplated hereby; (ii) any breach of any representation,
warranty, or agreement of either party contained in or made pursuant to this
Agreement, including the agreements and other instruments contemplated hereby,
as if such representation or warranty were made on and as of the Closing Date;
(iii) any claim by any person for brokerage or finder’s fees or commissions or
similar payments based upon any agreement or understanding alleged to have been
made by any such person with either party in connection this Agreement or any of
the transactions contemplated hereby; and (iv) to the extent not covered by the
foregoing, any and all demands, claims, actions or causes of action,
assessments, losses, damages, liabilities, costs, and expenses, including
reasonable fees and expenses of counsel, other expenses of investigation,
handling, and litigation and settlement amounts, together with interest and
penalties, incident to the foregoing.
The
remedies provided in this Section 9.2 will not be exclusive of or limit any
other remedies that may be available to the either party to this
Agreement.
ARTICLE
10
TERMINATION
10.1 Termination. This
Agreement may be terminated at any time prior to the Closing Date:
(a) by
mutual written consent of the Seller and the Purchaser;
(b) by
either the Seller or the Purchaser if (i) there shall have been a material
breach of any representation, warranty, covenant or agreement set forth in this
Agreement, on the part of the Purchaser, in the case of a termination by the
Seller, or on the part of the Seller, in the case of a termination by the
Purchaser, which breach shall not have been cured, in the case of a
representation or warranty, prior to Closing or, in the case of a covenant or
agreement, within ten (10) business days following receipt by the breaching
party of notice of such breach, or (ii) any permanent injunction or other order
of a court or other competent authority preventing the consummation of the
transactions contemplated hereby shall have become final and
non-appealable;
9
(c) by
either the Seller or the Purchaser if the transactions contemplated hereby shall
not have been consummated on or before the Closing Date; provided, however, that the
right to terminate this Agreement pursuant to this Section 10.1(c) shall not be
available to any party whose failure to fulfill any obligation under this
Agreement has been the cause of, or resulted in, the failure of the consummation
of the transactions contemplated hereby to have occurred on or before the
aforesaid date; or
(d) By
the Purchaser in the event of an uncured Title Defect as provided in Section 2.2
of this Agreement.
10.2 Effect of
Termination. Each party’s right of termination under Section
10.1 is in addition to any other rights it may have under this Agreement or
otherwise, and the exercise of a right of termination will not be an election of
remedies. If this Agreement is terminated pursuant to
Section 10.1, unless otherwise specified in this Agreement, all further
obligations of the parties under this Agreement will terminate; provided, however, that if this
Agreement is terminated by a party because of the breach of this Agreement by
the other party or because one or more of the conditions to the terminating
party’s obligations under this Agreement is not satisfied as a result of the
other party’s failure to comply with its obligations under this Agreement, the
terminating party’s rights to pursue all legal remedies will survive such
termination unimpaired.
ARTICLE
11
MISCELLANEOUS
11.1 Entire
Agreement. This Agreement, and the other certificates,
agreements, and other instruments to be executed and delivered by the parties in
connection with the transactions contemplated hereby, constitute the sole
understanding of the parties with respect to the subject matter hereof and
supersede all prior oral or written agreements with respect to the subject
matter hereof.
11.2 Parties Bound by Agreement;
Successors and Assigns. The terms, conditions, and obligations
of this Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns.
11.3 Amendments and
Waivers. No modification, termination, extension, renewal or
waiver of any provision of this Agreement shall be binding upon a party unless
made in writing and signed by such party. A waiver on one occasion
shall not be construed as a waiver of any right on any future
occasion. No delay or omission by a party in exercising any of its
rights hereunder shall operate as a waiver of such rights.
11.4 Severability. If
for any reason any term or provision of this Agreement is held to be invalid or
unenforceable, all other valid terms and provisions hereof shall remain in full
force and effect, and all of the terms and provisions of this Agreement shall be
deemed to be severable in nature. If for any reason any term or
provision containing a restriction set forth herein is held to cover an area or
to be for a length of time which is unreasonable, or in any other way is
construed to be too broad or to any extent invalid, such term or provision shall
not be determined to be null, void and of no effect, but to the extent the same
is or would be valid or enforceable under applicable law, any court of competent
jurisdiction shall construe and interpret or reform this Agreement to provide
for a restriction having the maximum enforceable area, time period and other
provisions (not greater than those contained herein) as shall be valid and
enforceable under applicable law.
11.5 Attorneys’
Fees. Should any party hereto retain counsel for the purpose
of enforcing, or preventing the breach of, any provision hereof including, but
not limited to, the institution of any action or proceeding, whether by
arbitration, judicial or quasi-judicial action or otherwise, to enforce any
provision hereof or for damages for any alleged breach of any provision hereof,
or for a declaration of such party’s rights or
obligations hereunder, then, whether such matter is settled by negotiation, or
by arbitration or judicial determination, the prevailing party shall be entitled
to be reimbursed by the losing party for all costs and expenses incurred
thereby, including, but not limited to, reasonable attorneys’ fees for the
services rendered to such prevailing party.
10
11.6 Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall for
all purposes be deemed to be an original and all of which shall constitute the
same instrument.
11.7 Headings. The
headings of the sections and paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction hereof.
11.8 Expenses. Except
as specifically provided herein, the Seller and the Purchaser shall each pay all
costs and expenses incurred by it or on its behalf in connection with this
Agreement and the transactions contemplated hereby, including fees and expenses
of its own financial consultants, accountants, and counsel.
11.9 Notices. All
notices, requests, demands, claims, and other communications which are required
or may be given under this Agreement shall be in writing and shall be deemed to
have been duly given five business days after such notice, request, demand,
claim or other communication is sent, if sent by registered or certified mail,
return receipt requested, postage prepaid; and, in any case, all such
communications must be addressed to the intended recipient at the address set
forth on the first page of this Agreement. Any party may send any
notice, request, demand, claim, or other communication hereunder to the intended
recipient at the address set forth above using any other means, but no such
notice, request, demand, claim, or other communication shall be deemed to have
been duly given unless and until it actually is received by the intended
recipient. Any party may change the address to which notices, requests, demands,
claims, and other communications hereunder are to be delivered by giving the
other party notice in the manner herein set forth.
11.10 Governing
Law. This Agreement shall be construed in accordance with and
governed by the laws of the State of Nevada without giving effect to the
principles of choice of law thereof.
11.11 Arbitration. Any
dispute arising under or in connection with any matter related to this Agreement
or any related agreement shall be resolved exclusively by arbitration in the
City of Las Vegas, Nevada. The arbitration shall be in conformity
with and subject to the applicable rules and procedures of the American
Arbitration Association. All parties agree to be (1) subject to the
jurisdiction and venue of the arbitration in the State of Nevada, (2) bound by
the decision of the arbitrator as the final decision with respect to the
dispute, and (3) subject to the jurisdiction of the Superior Court of the State
of Nevada for the purpose of confirmation and enforcement of any award made by
the arbitrator or for any actions seeking injunctive relief.
11.12 References,
etc.
(a) Whenever
reference is made in this Agreement to any Article, Section, or paragraph, such
reference shall be deemed to apply to the specified Article, Section or
paragraph of this Agreement.
(b) Wherever
reference is made in this Agreement to a Schedule, such reference shall be
deemed to apply to the specified Schedule attached hereto, which are
incorporated into this Agreement and form a part hereof. All terms
defined in this Agreement shall have the same meaning in the Schedules attached
hereto.
(c) Any
form of the word “include” when used herein is not intended to be exclusive
(e.g., “including” means “including, without limitation”).
11
11.13 No Strict
Construction. The language used in this Agreement will be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction will be applied against any
person.
11.14 No Third Party Beneficiary
Rights. No provision in this Agreement is intended or shall
create any rights with respect to the subject matter of this Agreement in any
third party.
11.15 Such Other
Acts. The parties hereto shall do all things, take such acts
and execute such documents as are necessary to give effect to the intention
herein contemplated.
11.16 Electronic
Means. Delivery of an executed copy of this Agreement by
electronic facsimile transmission or other means of electronic communication
capable of producing a printed copy will be deemed to be execution and delivery
of this Agreement as of the date first indicated above.
IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be
executed on its behalf as of the date first indicated above.
KINDER
TRAVEL INC.
|
|||
By:
|
|||
Xxxxx
Xxxxxxxx
|
|||
Title:
President
|
|||
PHOINOS
OXFORD LIFESCIENCES LIMITED
|
|||
By:
|
|||
Name:
Xxxx Xxxxxxxxxxxx
|
|||
Title:
Director
|
|||
12
DESCRIPTION
OF PATENTS
All
patents are registered with the Danish Patent-og Varemaerkestyrelsen (Patent and
Trademark Office) at Xxxxxxxxx Xxxx 00, 0000 Xxxxxxxx, Xxxxxxx and the United
Kingdom Intellectual Property Office at Xxxxxxx Xxxxx, Xxxxxxx Xxxx, Xxxxxxx,
Xxxxx Xxxxx, Xxxxxx Xxxxxxx.
DK
Patent #
|
UK
Patent #
|
Description
|
PA200900070
|
GB0906484.1
|
Use
of prostaganin for treatment of prostate
cancer
|
This
invention relates to our novel prostate cancer peptide called prostaganin.
Prostaganin is a 21-amino compound which is highly active toward both
androgen-dependent and androgen-independent human prostate cancer
cells. Hence, prostaganin can specifically target prostate cancer
cells and accordingly, prostaganin has the potential to cure both primary and
methastatic tumors.
DK
Patent #
|
UK
Patent #
|
Description
|
PA200900071
|
GB0906490.8
|
Use
of tetanolic acid for treatment of breast
cancer
|
This
invention relates to a novel lipid designated tetanolic acid which induces the
start of cell death and stops the cell cycle progression in breast tumor cells.
Thus, tetanolic acid shows the potential for curing breast cancer by stopping
cell growth at a very early time point after detection of cancerous breast
cells.
DK
Patent #
|
UK
Patent #
|
Description
|
PA200900074
|
GB0906496.5
|
Method
for inducing breast carcinoma stem cell
death
|
This
invention relates to an improved method for the purification of undifferentiated
stem cells from solid breast carcinomas that are normally resistant to
conventional therapies. Such stem cells are valuable for identifying new tumor
markers and novel therapeutic targets both for early diagnosis and for targeted
therapeutic strategies. Such therapeutic strategies are based on cytokine
neutralizing antibodies against interleukin-4 (IL-4) and interleukin-10 (IL-10)
and antibodies reactive with HMW-MAA which are found in high levels in stem
cells from solid breast carcinomas.
13
SCHEDULE
B
SECURITIES ESCROW AGREEMENT,
dated as of April 15, 2009 (this “Agreement”), by and
among KINDER TRAVEL INC., a company organized under the laws of Nevada (the
“Company”),
PHOINOS OXFORD LIFESCIENCES LIMITED, a company organized under the laws of the
Federation of St. Kitts & Nevis (“Phoinos”), and WALL
STREET TRANSFER AGENTS, INC. (“Escrow
Agent”).
WHEREAS, the Company has
entered into an Asset Purchase Agreement, dated the date hereof (the “Purchase Agreement”),
with Phoinos pursuant to which the Company has agreed to purchase three (3)
patents registered to Phoinos.
WHEREAS, at closing of the
Purchase Agreement, the Company will issue 250,000 shares of the common stock of
the Company in the name of Phoinis (the “Escrow Shares”),
WHEREAS, Phoinos has agreed as
a condition of the Purchase Agreement to deposit all of the Shares in escrow as
hereinafter provided.
WHEREAS, the Company and
Phoinos desire that the Escrow Agent accept the Escrow Shares, in escrow, to be
held and disbursed as hereinafter provided.
THEREFORE,
IT IS AGREED:
ARTICLE
1 Appointment of Escrow
Agent.
The
Company and Phoinos hereby appoint the Escrow Agent to act in accordance with
and subject to the terms of this Agreement and the Escrow Agent hereby accepts
such appointment and agrees to act in accordance with and subject to such
terms.
ARTICLE
2 Term of Escrow
Agreement.
This
Agreement shall terminate on the issuance of all the Escrow Shares to
Phoinos.
ARTICLE
3 Deposit of Escrow
Shares.
On the
date hereof, the Company shall deliver to the Escrow Agent certificates
representing the Escrow Shares, to be held and disbursed subject to the terms
and conditions of this Agreement.
ARTICLE
4 Disbursement of the Escrow
Shares.
Phoinos
shall provide the Escrow Agent with a written notice of request for the issuance
of Escrow Shares, with a copy to the Company, such notice to include, the name,
address, and Tax Identification Number, if applicable, of the registered holder
of the Warrant Shares, and the name and address of the party to whom the Escrow
Shares shall be delivered to, provided, that in no event shall the aggregate
number of shares released in any 3 month period exceed 10% of the total number
shares placed in escrow. Upon receipt of the Notice, the Company shall have
three business days to notify the Escrow Agent and Phoinos, in writing, of its
objection (and the reason therefor) to the release of the Escrow Shares, in
which case, the Escrow Agent shall not release any Escrow Shares until it
receives joint written instructions from the Company and Phoinos to do
so. Absent such objection, the Escrow Agent shall release that number
of Escrow Shares equal to the number of Shares set forth in the Notice to the
applicable party set forth in the Notice on the fourth business day following
its receipt of the Notice.
14
ARTICLE
5 Legend.
Each
certificate for Warrant Shares issued under this Agreement shall bear a legend
as follows:
THE
SHARES OF COMMON STOCK EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 'ACT'), OR UNDER ANY STATE
SECURITIES LAWS. THE SHARES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE
DISPOSED OF UNLESS A REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS WITH RESPECT TO SUCH DISPOSITION IS THEN IN EFFECT OR
UNLESS THE PERSON PROPOSING TO MAKE THE DISPOSITION SHALL FURNISH, WITH RESPECT
TO SUCH DISPOSITION, AN OPINION OF COUNSEL (BOTH COUNSEL AND OPINION TO BE
SATISFACTORY TO THE CORPORATION) TO THE EFFECT THAT SUCH SALE, TRANSFER,
ASSIGNMENT OR OTHER DISPOSITION WILL NOT INVOLVE ANY VIOLATION OF THE
REGISTRATION PROVISIONS OF THE ACT (OR ANY SUPERSEDING STATUTE) OR ANY
APPLICABLE STATE SECURITIES LAWS.
ARTICLE
6 Rights in the Escrow
Shares.
6.1 Voting Rights as a
Shareholder. Phoinos’s agrees that it only has the right to
vote the Escrow Shares that have been distributed by the Escrow Agent to
Phoinos. Phoinos irrevocably waives its rights to vote any Escrow shares still
held by the Escrow Agent (the “Remaining Shares”) and irrevocably assigns the
right to vote the Remaining Shares to Global Developments Inc., a Delaware
Corporation
6.2 Dividends and Other
Distributions in Respect of the Escrow Shares. All dividends
and other distributions payable in cash, securities or other property with
respect to the Escrow Shares shall be paid to Phoinos and shall become part of
the Escrow Shares.
6.3 Restrictions on
Transfer. Except as permitted under the terms of this
Agreement, Phoinos shall have no right whatsoever to transfer all or a portion
of the Escrow Shares. During the term of this Agreement, Phoinos shall not
pledge or grant a security interest in the Escrow Shares or grant a security
interest in its rights under this Agreement.
ARTICLE
7 Concerning the Escrow
Agent.
7.1 Good Faith
Reliance. The Escrow Agent shall not be liable for any action
taken or omitted by it in good faith and in the exercise of its own best
judgment, and may rely conclusively and shall be protected in acting upon any
order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or
persons. The Escrow Agent shall not be bound by any notice or demand,
or any waiver, modification, termination or rescission of this Agreement unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party
or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.
15
7.2 Indemnification. The
Escrow Agent shall be indemnified and held harmless, jointly and severally, by
the Company and Phoinos from and against any expenses, including reasonable
counsel fees and disbursements, or loss suffered by the Escrow Agent in
connection with any action, suit or other proceeding involving any claim which
in any way, directly or indirectly, arises out of or relates to this Agreement,
the services of the Escrow Agent hereunder, or the Escrow Shares held by it
hereunder, other than expenses or losses arising from the gross negligence or
willful misconduct of the Escrow Agent. Promptly after the receipt by
the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall notify the other parties
hereto in writing. In the event of the receipt of such notice, the
Escrow Agent, in its sole discretion, may commence an action in the nature of
interpleader in an appropriate court to determine ownership or disposition of
the Escrow Shares or it may deposit the Escrow Shares with the clerk of any
appropriate court or it may retain the Escrow Shares pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the parties
hereto directing to whom and under what circumstances the Escrow Shares are to
be disbursed and delivered. The provisions of this Section 8.2 shall
survive in the event the Escrow Agent resigns or is discharged pursuant to
Sections 8.5 or 8.6 below.
7.3 Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for
all services rendered by it hereunder, as set forth on Exhibit A hereto. The Escrow
Agent shall also be entitled to reimbursement from the Company for all expenses
paid or incurred by it in the administration of its duties hereunder including,
but not limited to, all reasonable counsel, advisors’ and agents’ fees and
disbursements and all taxes or other governmental charges.
7.4 Further
Assurances. From time to time on and after the date hereof,
the Company and Phoinos shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done
such further acts as the Escrow Agent shall reasonably request to carry out more
effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting
hereunder.
7.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow
agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such
resignation shall become effective at such time that the Escrow Agent shall turn
over to a successor escrow agent, appointed by the Company, the Escrow Shares
held hereunder. If no new escrow agent is so appointed within the 60
day period following the giving of such notice of resignation, the Escrow Agent
may deposit the Escrow Shares with any court it reasonably deems
appropriate. Upon resignation, the Escrow Agent shall reimburse the
Company pro-rata for any annual fees paid as set forth in Exhibit A
7.6 Discharge of Escrow
Agent. The Escrow Agent shall be discharged from its duties as
escrow agent hereunder if so requested in writing at any time by the other
parties hereto; provided, however, that such
resignation shall become effective only upon acceptance of appointment by a
successor escrow agent as provided in Section 8.5.
16
7.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence or its own willful
misconduct.
ARTICLE
8 Miscellaneous.
8.1 Governing
Law. This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of
Nevada. Each of the parties hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of Nevada, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
Each of the parties hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any such process or
summons to be served upon each of the Company, Phoinos and the Escrow Agent may
be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in
Section 9.6 hereof. Such mailing shall be deemed personal service and shall be
legal and binding upon each of the Company, Phoinos and the Escrow Agent in any
action, proceeding or claim.
8.2 No Third Party
Beneficiaries. This Agreement is intended for the benefit of
the parties hereto and their respective successors and permitted assigns and is
not for the benefit of, nor may any provision hereof be enforced by, any other
person or entity.
8.3 Entire
Agreement. This Agreement contains the entire agreement of the
parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to the charged.
8.4 Headings. The
headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.
8.5 Binding
Effect. This Agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their legal representative,
successors and assigns.
8.6 Notices. Any
notice or other communication required or which may be given hereunder shall be
in writing and either be delivered personally or by private national courier
service, or be mailed, certified or registered mail, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if
sent by private national courier service, on the next business day after
delivery to the courier, or, if mailed, two days after the date of mailing, as
follows:
If to the Company, to: | ||
Kinder
Travel Inc.
00000
00 Xxxxxx
Xxxxxxx,
XX X0X0X0
Fax:
(000) 000-0000
Attention:
Xxxxx Xxxxxxxx
|
||
If to Phoinos, to: | ||
Phoinos
Oxford Lifesciences Limited
c/o
Global Corporate and Trust Management Ltd.
XX Xxx
000 Xxxxxxx Plaza, Main Street,
Charlestown, Nevis,
West Indies.
Fax: (000)
000-0000
Attention:
Xxxx Xxxxxxxxxxxx
|
||
If to the Escrow Agent, to: | ||
Wall
Street Transfer Agents, Inc.
00000
Xxxxxx Xxxx
Xxxx
Xxxxxxx, XX
Xxxxxx X0X
0X0
Fax: (000)
000-0000
|
||
And, if to Global Developments Inc., for the purposes of Section 6.1 only, to: | ||
Global
Developments Inc.
0000 – 000 Xxxxxx
Xxxxxx,
XX
Xxxxxx X0X
0X0
Fax:
000-000-0000
Attn:
Xxxxxx Xxxxxx
|
||
The
parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.
8.7 Counterparts. This
Agreement may be executed in several counterparts each one of which shall
constitute an original and may be delivered by facsimile transmission and
together shall constitute one instrument.
[Signature page
follows]
17
IN WITNESS WHEREOF, the
execution of this Securities Escrow Agreement as of the date first above
written.
KINDER TRAVEL INC. | |||
________________________ | |||
Xx. Xxxxx Xxxxxxxx, President | |||
PHOINOS OXFORD LIFESCIENCES LIMITED | |||
________________________ | |||
Xxxx Xxxxxxxxxxxx, Director | |||
WALL STREET TRANSFER AGENTS, INC. | |||
________________________ | |||
Xxxxxx Xxxxx, Director | |||
For
purposes of Section 6.1 only:
GLOBAL
DEVELOPMENTS INC.
|
|||
________________________ | |||
Xxxxxx Xxxxxx, Director | |||
EXHIBIT
A
Escrow Agent
Fees
$250
initial fee, to be paid at closing, for acting agent escrow fee.
An annual
fee equal to one-quarter of one percent (0.25%) of the value of the remaining
escrow shares then held by the escrow agent based upon the average closing price
of the Company’s common stock, as reported by the OTC Bulletin Board, for the 10
trading days preceding the closing date and each subsequent anniversary
thereafter (the “determination date”). The annual fee will be payable within 15
days of the determination date with the exception of the first annual fee which
shall be payable at closing. Notwithstanding the foregoing, in no event shall an
annual fee exceed $3,000 for any one year period, nor be less than $500 for any
one year period (subject, however, to pro-ration as described in paragraph
7.5).
18