AGREEMENT AND PLAN OF MERGER By and Among MEDIA TECHNOLOGIES, INC. OWL ACQUISITION INC., OUR WORLD LIVE, INC., and THE MAJOR STOCKHOLDER OF OUR WORLD LIVE, INC. AS SIGNATORIES HERETO Dated as of June 14, 2011

Exhibit 2.01

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AGREEMENT AND PLAN OF MERGER

By and Among

MEDIA TECHNOLOGIES, INC.

OWL ACQUISITION INC.,

OUR WORLD LIVE, INC.,

and

THE MAJOR STOCKHOLDER OF OUR WORLD LIVE, INC.

AS SIGNATORIES HERETO

Dated as of June 14, 2011

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TABLE OF CONTENTS


			Page
ARTICLE 1 DEFINITIONS
	Section 1.1	Defined Terms	1
	Section 1.2	Construction	7
	Section 1.3	Schedules and Exhibits	8
	Section 1.4	Knowledge	8

ARTICLE 2 THE MERGER
	Section 2.1	The Merger	8
	Section 2.2	Closing	8
	Section 2.3	Effective Time of Merger	8
	Section 2.4	Effects of Merger	8
	Section 2.5	Articles of Incorporation and Bylaws	9
	Section 2.6	Directors	9
	Section 2.7	Officers	9
	Section 2.8	Effect on Capital Stock	9
	Section 2.9	[Reserved]	10
	Section 2.10	[Reserved]	10
	Section 2.11	Merger Consideration Spreadsheet	10
	Section 2.12	Vote by Major Stockholder	10
	Section 2.13	Dissenter Rights	10
	Section 2.14	Exemption from Registration	11
	Section 2.15	Surrender and Exhange Procedure	11
	Section 2.16	Rights of Holders	12

ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF OWL AND THE MAJOR STOCKHOLDER
	Section 3.1	Existence and Good Standing	12
	Section 3.2	Board Action	13
	Section 3.3	Authority and Enforceability	13
	Section 3.4	Consents and Approvals; No Violations	13
	Section 3.5	Capitalization	14
	Section 3.6	Subsidiaries and Investments	14
	Section 3.7	Financial Statements	14
	Section 3.8	Liabilities	15
	Section 3.9	Tangible Personal Property	15
	Section 3.10	Books and Records	15
	Section 3.11	Owned Real Property	15
	Section 3.12	Leased Real Property	15
	Section 3.13	Contracts	16
	Section 3.14	Litigation	16
	Section 3.15	Taxes	16
	Section 3.16	Insurance	17
	Section 3.17	Intellectual Property	17

TABLE OF CONTENTS

(Continued)


			Page
	Section 3.18	Compliance with Laws	19
	Section 3.19	Accounts Receivable; Accounts Payable	19
	Section 3.20	Inventory	19
	Section 3.21	Suppliers and Customers	19
	Section 3.22	Personnel	19
	Section 3.23	Employee Benefit Plans	20
	Section 3.24	Environmental Matters	21
	Section 3.25	Affiliate Transactions	21
	Section 3.26	Bank Accounts; Power of Attorney	22
	Section 3.27	Permits	22
	Section 3.28	Absence of Changes	22
	Section 3.29	Brokers’ or Finders’ Fees	23
	Section 3.30	Full Disclosure	23

ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE PARENT AND MERGER SUB
	Section 4.1	Existence and Good Standing	23
	Section 4.2	Authority and Enforcability	23
	Section 4.3	Consents and Approvals; No Violations	24
	Section 4.4	Brokers’ or Finders’ Fees	24

ARTICLE 5 OTHER AGREEMENTS
	Section 5.1	Reorganization of the Board of Directors	24
	Section 5.2	Appointment of Officers	25
	Section 5.3	Cancellation of Shares	25
	Section 5.4	Lock-Up Agreements	25
	Section 5.5	Additional Financial Statements	25

ARTICLE 6 COVENANTS
	Section 6.1	Public Announcements	25
	Section 6.2	Investigation by the Parent	25
	Section 6.3	Preparation of Information Statement; Stockholders’ Meeting	26
	Section 6.4	Fees and Expenses	26
	Section 6.5	Stockholder Litigation	26
	Section 6.6	Notifications, Consents and Approvals	26
	Section 6.7	Conduct Pending Closing	27
	Section 6.8	Notification of Certain Matters	27
	Section 6.9	Access to Records and Personnel	28
	Section 6.10	Tax Matters	28
	Section 6.11	Update of Schedules	28
	Section 6.12	Further Assurances	29
	Section 6.13	No Negotiation	29

TABLE OF CONTENTS

(Continued)


			Page
ARTICLE 7 CONDITIONS OF THE OBLIGATIONS OF PARENT ANDMERGER SUB
	Section 7.1	Representations and Warranties	29
	Section 7.2	Agreements and Covenants	29
	Section 7.3	Good Standing Certificates	29
	Section 7.4	No Material Adverse Change	30
	Section 7.5	No Litigation	30
	Section 7.6	Consents and Approvals	30
	Section 7.7	OWL Stockholder Approval	30
	Section 7.8	Dissenting Shares	30
	Section 7.9	No Injunction or Restraints or Litigation	30
	Section 7.10	Statutes; Orders	30
	Section 7.11	Proceedings	30
	Section 7.12	Satisfactory Due Diligence	30
	Section 7.13	Resignation of Officers and Directors ..	30
	Section 7.14	Cancellation of Shares	30
	Section 7.15	Certain Releases	31
	Section 7.16	Lock-Up Agreements	31
	Section 7.17	Minute Book and Stock Records	31
	Section 7.18	Change of Bank Account Signatures	31
	Section 7.19	Resolutions	31
	Section 7.20	Employment Agreements	31
	Section 7.21	Articles of Merger	31
	Section 7.22	Board Approval	31
	Section 7.23	Best Efforts to Satisfy Conditions	31
	Section 7.24	Waiver of Conditions	31

ARTICLE 8 CONDITIONS TO THE OBLIGATIONS OF OWL
	Section 8.1	Representations and Warranties	31
	Section 8.2	Agreements and Convenants	32
	Section 8.3	No Litigation	32
	Section 8.4	Consents and Approvals	32
	Section 8.5	Statutues; Orders	32
	Section 8.6	Proceedings	32

ARTICLE 9 SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION
	Section 9.1	Survival of Representations and Warranties; Survival of Covenants	32
	Section 9.2	Indemnification by Major Stockholder .	33
	Section 9.3	Indemnification by the Parent .	33
	Section 9.4	Limitation on Indemnification .	34
	Section 9.5	Exclusive Remedy .	34
	Section 9.6	Procedure for Indemnificaiton with Respect to Third-Party Claims .	34
	Section 9.7	Procedure for Indemnificaiton with Respect to Non-Third-Party Claims .	35
	Section 9.8	Method for Indemnification by Major Stockholder .	36

ARTICLE 10 TERMINATION
	Section 10.1	Termination Events	37
	Section 10.2	Effect of Termination	37

iii

TABLE OF CONTENTS

(Continued)


			Page
ARTICLE 11 CLOSING
	Section 11.1	Parent’s Closing Deliveries	37
	Section 11.2	OWL’s Closing Deliveries	38

ARTICLE 12 MISCELLANEOUS
	Section 12.1	Expenses	38
	Section 12.2	Governing Law	38
	Section 12.3	Consent to the Jurisidction of the Counrts of the State of California	38
	Section 12.4	Table of Contents; Captions	39
	Section 12.5	Notices	39
	Section 12.6	Assignment; Parties in Interest	40
	Section 12.7	Counterparts; Facsimile Signature	40
	Section 12.8	Entire Agreement; Amendments	40
	Section 12.9	Severability	40
	Section 12.10	Independence of Covenants and Representations and Warranties	40
	Section 12.11	Third-Party Beneficiaries	41
	Section 12.12	No Strict Construction	41
	Section 12.13	Waiver of Jury Trial	41
	Section 12.14	Stockholders’ Representative	41

EXHIBITS AND SCHEDULES

SCHEDULES


Schedule	Description
Schedule 1.1(a)	Accounts Payable
Schedule 1.1(b)	Accounts Receivable
Schedule 1.1(c)	Accrued Liabilities
Schedule 1.1(p)	Schedule of Non-Convertible Notes
Schedule 1.1(jj)	Schedule of Convertible Notes
Schedule 3.1	Foreign Qualifications of OWL
Schedule 3.4(b)	Consents and Approvals; No Violations
Schedule 3.5	Capitalization
Schedule 3.6	Subsidiaries
Schedule 3.8	Liabilities
Schedule 3.9(a)	Tangible Personal Property
Schedule 3.9(b)	Liens on Tangible Personal Property
Schedule 3.12	Leased Real Property
Schedule 3.13(a)	Contracts
Schedule 3.14	Litigation
Schedule 3.15	Taxes
Schedule 3.16	Insurance
Schedule 3.17(b)	Intellectual Property Infringement
Schedule 3.17(c)	Intellectual Property Owned by OWL
Schedule 3.17(d)	Intellectual Property Liens or Disputes
Schedule 3.17(e)	Intellectual Property Licenses
Schedule 3.18	Compliance with Laws
Schedule 3.19(a)	Accounts Receivable
Schedule 3.19(b)	Accounts Payable
Schedule 3.20	Inventory
Schedule 3.21	Suppliers and Customers
Schedule 3.22(a)	Employee matters
Schedule 3.23(a)	Employee Plans
Schedule 3.24	Environmental Matters
Schedule 3.25	Affiliate Transactions
Schedule 3.26	Bank Accounts; Powers of Attorney
Schedule 3.27	Permits
Schedule 3.28	Absence of Changes

AGREEMENT AND PLAN OF MERGER

THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) dated as of June 14, 2011, by and between MEDIA TECHNOLOGIES, INC., a Nevada corporation (“Parent”), OWL ACQUISITION INC., a Nevada corporation (“Merger Sub”), OUR WORLD LIVE, INC., a Nevada corporation (“OWL”), The MDW and GRW 2000 Irrevocable Trust (the “Major Stockholder”).

W I T N E S S E T H

WHEREAS, OWL is a Live to Internet Media Syndication Company that broadcasts in high definition and has a complete tool set that enables any web site to operate as a visual communication platform (hereinafter referred to as the “Business”).

WHEREAS, the respective Boards of Directors of Parent, Merger Sub and OWL, have each approved the merger of OWL with and into the Merger Sub with the Merger Sub continuing as the surviving corporation and as a wholly owned subsidiary of Parent (the “Merger”) and the other transactions provided herein and have adopted this Agreement, in each case after determining that the Merger and the consummation of the other transactions contemplated herein are advisable, fair to, and in the best interests of Parent, Merger Sub and OWL, respectively, and their respective stockholders; and

WHEREAS, Parent, Merger Sub and OWL desire to make certain representations, warranties, covenants and agreements in connection with the Merger and also to prescribe various conditions to the Merger.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereby agree as follows:

ARTICLE 1

DEFINITIONS

1.1

Defined Terms. When used in this Agreement, the following terms shall have the respective meanings specified below.

(a)

“Accounts Payable” means (i) all bona fide accounts payable of OWL (exclusive of any accounts payable to Affiliates of the Companies, Accrued Liabilities and Indebtedness) as of the Closing Date and (ii) all checks written on bank accounts of OWL prior to the Closing Date which have not cleared as of the Closing Date. Schedule 1.1(a) sets forth the Accounts Payable as of the date hereof, which Schedule shall be updated by OWL in accordance with Section 6.11 as of a date within two (2) Business Days prior to the Closing.

(b)

“Accounts Receivable” means all bona fide accounts receivable of OWL (exclusive of any accounts receivable attributable to Affiliates of the Companies). Schedule 1.1(b) sets forth the Accounts Receivable as of the date hereof, which Schedule shall be updated by OWL in accordance with Section 6.11 as of a date within two (2) Business Days prior to the Closing.

(c)

“Accrued Liabilities” means all accrued expenses of OWL (exclusive of Accounts Payable and Indebtedness) of a type shown on the Financial Statements. Schedule 1.1(c) sets forth the Accrued Liabilities as of the date hereof, which Schedule shall be updated by OWL in accordance with Section 6.11 as of a date within two (2) Business Days prior to the Closing.

(d)

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person; provided, however, that, for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise and provided, further, that an Affiliate of any Person shall also include (i) any Person that directly or indirectly owns more than ten percent (10%) of any class of capital stock or other equity interest of such Person, (ii) any officer, director, trustee or beneficiary of such Person, (iii) any spouse, parent, sibling or descendant of any Person described in clauses (i) or (ii) above, and (iv) any trust for the benefit of any Person described in clauses (i) through (iii) above or for any spouse, issue or lineal descendant of any Person described in clauses (i) through (iii) above.

(e)

“Books and Records” means originals or true copies of all operating data and records of OWL including, without limitation, financial, accounting and bookkeeping books and records, purchase and sale orders and invoices, sales and sales promotional data, advertising materials, marketing analyses, past and present price lists, past and present customer service files, credit files, warranty files, batch and product serial number records and files, written operating methods and procedures, specifications, operating records and other information related to OWL’s assets, properties and rights, reference catalogues, insurance files, personnel records, records relating to potential acquisitions and other records, on whatever media, pertaining to OWL or its business or operations, or to customers or suppliers of, or any other parties having Contracts or other business relationships with OWL.

(f)

“Business Day” means any day, other than a Saturday, Sunday or a day on which banks are permitted or required by law to be closed in the State of California.

(g)

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder. Section references to the Code are to the Code as in effect at the date of this Agreement.

(h)

“Common Equivalent Number” means the aggregate number of shares of OWL Common Stock immediately prior to the Effective Time issued and outstanding.

(i)

“Confidential Information” means any information (other than information which is generally available to the public, other than as a result of a breach by any Person with any confidentiality obligation to OWL) concerning the organization, business or finances of OWL or of any third party which OWL is currently under an obligation to keep confidential or that is currently maintained by OWL as confidential, including, without limitation, confidential or secret processes, products, technology, know-how, merchandising and advertising programs and plans, suppliers, services, techniques, customers and plans with respect to OWL.

(j)

“Continuing Employee” shall mean Xxxxxxx Xxxxxxxx.

(k)

“Contracts” means the agreements and commitments, whether written or oral, which are currently in effect and to which OWL is a party or by which OWL or its assets or properties are bound, including, without limitation, all contracts, agreements and commitments:

(i)

which contain restrictions with respect to payment of dividends or any other distribution in respect of the capital stock or other equity interests of OWL;

(ii)

relating to capital expenditures or other purchases of material, supplies, equipment or other assets or properties (other than purchase orders for inventory or supplies in the ordinary course of business) in excess of $10,000 individually, or $50,000 in the aggregate;

(iii)

involving a loan (other than accounts receivable from trade debtors in the ordinary course of business) or advance to (other than travel and entertainment allowances to the employees of OWL extended in the ordinary course of business), or investment in, any Person or relating to the making of any such loan, advance or investment;

(iv)

involving Indebtedness;

(v)

under which any Person (other than OWL) has directly or indirectly guaranteed Indebtedness;

(vi)

granting or evidencing a Lien on any properties or assets of OWL;

(vii)

providing for any management, consulting, financial advisory or any other similar service;

(viii)

limiting the ability of OWL to engage in any line of business or to compete with any Person;

(ix)

(including letters of intent) involving the future disposition or acquisition of assets or properties, or any merger, consolidation or similar business combination transaction, whether or not enforceable;

(x)

involving any joint venture, partnership, strategic alliance, shareholders’ agreement, co-marketing, co-promotion, co-packaging, joint development or similar arrangements;

(xi)

involving any resolution or settlement of any actual or threatened litigation, arbitration, claim or other dispute;

(xii)

involving a confidentiality, standstill or similar arrangement;

(xiii)

involving leases or subleases of personal property to which OWL is a party (as lessee or lessor) and involving an annual base rental payment in excess of $5,000;

(xiv)

all Contracts involving the payment or receipt by OWL of $5,000 or more which are not cancelable by OWL without penalty on thirty (30) days’ or less notice; and

(xv)

all other Contracts that are material to the Business.

(l)

“Convertible Notes” means the convertible promissory notes of OWL as set forth on Schedule 1.1(p), in the aggregate unpaid principal amount of $2,135,000 as of June 10, 2011.

(m)

“Convertible Note Holder” means a holder of a Convertible Note;

(n)

“Current Real Property” means the real property and improvements thereon leased and to be utilized by OWL located at 0000 Xxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxx 00000.

(o)

“Damages” means any and all losses, liabilities, claims, damages, demands, lost profits, suits, actions, judgments or causes of action, assessments, costs and expenses (including interest, penalties, reasonable attorney’s fees and any and all reasonable out-of-pocket expenses incurred by an Indemnified Party in investigating, preparing or defending against any litigation, commenced or threatened or any claim but not including consequential and other indirect damages), and any and all amounts paid in settlement of any claim or litigation, whether or not involving a Third-Party Claim.

(p)

“Environmental Law” means any Law, Order or other requirement of law, including any principle of common law, relating to the protection of human health or the environment, or to the manufacture, use, transport, treatment, storage, disposal, release or threatened release of petroleum products, asbestos, urea formaldehyde insulation, polychlorinated biphenyls or any substance listed, classified or regulated as hazardous or toxic, or any similar term, under such Environmental Law.

(q)

““Equityholders” means OWL Stockholders.

(r)

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder. Section references to ERISA are to ERISA as in effect at the date of this Agreement.

(s)

“Exchange Ratio” shall mean 0.3333.

(t)

“GAAP” means United States generally accepted accounting principles.

(u)

“Governmental or Regulatory Authority” means any instrumentality, subdivision, court, administrative agency, commission, official or other authority of the United States or any other country or any state, province, prefect, municipality, locality or other government or political subdivision thereof, or any quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority.

(v)

“Indebtedness” means, without duplication, (i) any obligations of OWL for borrowed money (including all obligations for principal, interest, premiums, penalties, fees, expenses and breakage costs) or indebtedness of OWL issued or incurred in substitution or exchange for obligations for borrowed money, (ii) amounts owing by OWL as deferred purchase price for property or services (other than trade payables incurred in the ordinary course of business, consistent with past practice), (iii) any obligations of OWL evidenced by any note, bond, debenture or other debt security, (iv) any obligations of a Person other than OWL secured by a Lien against any right, title and interest in and to the business, properties, assets and rights of any kind, whether tangible or intangible, real or personal, and owned by OWL or in which OWL has any interest, (v) any obligations or commitments of OWL to repay deposits or other amounts advanced by and owing to third parties, (vi) any obligations of OWL under capital leases and (vii) all obligations of the types described in clauses (i) through (vii) above of any Person other than OWL, the payment of which is guaranteed, directly or indirectly, by OWL. Indebtedness shall not, however, include (i) liabilities that may be properly classified as current liabilities in conformity with GAAP and (iii) the endorsement of negotiable instruments for collection in the ordinary course of business.

(w)

“Intellectual Property” shall mean all intellectual property used to conduct the Business including, without limitation, (i) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and re-examinations thereof, (ii) all trademarks, service marks, trade dress, logos, trade names, and corporate names, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (iii) all copyrightable works, all copyrights, and all applications, registrations and renewals in connection therewith, (iv) all mask works and all applications, registrations, and renewals in connection therewith, (v) all trade secrets and confidential business information (including ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), (vi) all computer software (including data and related documentation and including software installed on hard disk drives) other than off-the-shelf computer software subject to shrinkwrap or clickwrap licenses and (vii) all copies and tangible embodiments of any of the foregoing (in whatever form or medium).

(x)

“Inventory” means all raw materials, work-in-process and finished goods inventory of OWL.

(y)

“Law” means any statute, law, ordinance, rule or regulation of any Governmental or Regulatory Authority.

(z)

“Liens” means liens, security interests, options, rights of first refusal, claims, easements, mortgages, charges, indentures, deeds of trust, rights of way, restrictions on the use of real property, encroachments, licenses to third parties, leases to third parties, security agreements, or any other encumbrances and other restrictions or limitations on use of real or personal property or irregularities in title thereto.

(aa)

“Material Adverse Change” or “Material Adverse Effect” means:

(i)

with respect to OWL an effect that is or would reasonably be expected to be materially adverse (A) to the Business, results of operations or financial condition of OWL; or (B) to OWL’s or the Major Stockholder’s ability to perform any of their respective obligations under this Agreement or to consummate the transactions contemplated in this Agreement; or

(ii)

with respect to the Parent or Merger Sub, an effect that is or would reasonably be expected to be materially adverse (A) to the business, results of operation or financial condition of the Parent and its Affiliates, considered as a whole; or (B) to the ability of the Parent or Merger Sub to perform any of their respective obligations under this Agreement or to consummate the transactions contemplated in the Agreement;

provided, however, that in determining whether a Material Adverse Effect has occurred there shall be excluded any effect on the referenced party the cause of which is: (A) general changes in the financial markets or in the global or United States economy so long as any such change does not materially effect the referenced party to a materially different extent than other similarly situated Persons, (B) any action or omission of the parties permitted or required by the Agreement, and (C) the announcement of the transactions contemplated hereby.

(bb)

“Merger Consideration” means not more than 14,103,240 restricted shares of the Parent Common Stock issued pursuant to Section 2.8(a), below, subject to the rounding up to the next whole share of any fractional shares.

(cc)

“NRS” means the Nevada Revised Statutes, as amended from time to time, and the rules and regulations promulgated thereunder. Section references to the NRS are to the NRS as in effect at the date of this Agreement.

(dd)

“Order” means any judgment, order, injunction, decree, writ, permit or license of any Governmental or Regulatory Authority or any arbitrator.

(ee)

“OWL Certificate” means certificate(s) representing shares of OWL Common Stock.

(ff)

“OWL Common Stock” means the shares of OWL’s common stock, $0.001 par value per share.

(gg)

“OWL Stockholder” means any Person who holds issued and outstanding OWL Common Stock immediately prior to the Effective Time.

(hh)

“Parent Certificate” shall mean certificate(s) to be issued and representing shares of Parent Common Stock.

(ii)

“Parent Common Stock” shall mean shares of common stock, $0.001 par value per share of Parent.

(jj)

“Permits” shall mean all permits, licenses, consents, franchises, approvals and other authorizations required from any Governmental or Regulatory Authority in connection with the operation of the Business and necessary to conduct the Business as presently conducted.

(kk)

“Person” means and includes an individual, a partnership, a joint venture, a corporation, a limited liability company, a limited liability partnership, a trust, an incorporated organization and a Governmental or Regulatory Authority.

(ll)

“Proceeding” means any action, suit, litigation, injunction, judgment, assessment, decree, arbitral action or proceeding.

(mm)

“Representative” means any officer, director, manager, principal, attorney, accountant, agent, employee or other representative of any Person.

(nn)

“Rights” means (i) warrants, options, restricted stock, performance units, convertible securities and other arrangements or commitments which obligate OWL to issue or dispose of any of its capital stock and (ii) stock appreciation rights, performance units and other similar stock-based rights, whether they obligate OWL to issue stock or other securities or to pay cash.

(oo)

“Subsidiary” means, with respect to OWL, (i) any corporation more than 50% of whose stock of any class or classes having, by the terms thereof, ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is owned by OWL, directly or indirectly through one or more Subsidiaries and (ii) any partnership, limited liability company, association, joint venture or other entity in which OWL, directly or indirectly, through one or more Subsidiaries, has more than a 50% equity interest or more than 50% of the voting control.

(pp)

“Tangible Personal Property” means all of the tangible personal property (other than Inventory) owned or leased by OWL or in which OWL has any interest, including, without limitation, production and processing equipment, warehouse equipment, computer hardware, furniture and fixtures, tooling, transportation equipment, leasehold improvements, supplies and other tangible assets, together with any transferable manufacturer or vendor warranties related thereto.

(qq)

“Tax Return” means any return, report, information return or other document (including any related or supporting information and, where applicable, profit and loss accounts and balance sheets) with respect to Taxes.

(rr)

“Taxes” means all taxes, assessments, charges, duties, fees, levies or other similar governmental charges, including all U.S. and non-U.S. federal, state, local and other income, franchise, profits, capital gains, capital stock, transfer, sales, use, occupation, property, excise, severance, windfall profits, stamp, license, payroll, withholding and other taxes, assessments, charges, duties, fees, levies or other similar governmental charges (whether payable directly or by withholding and whether or not requiring the filing of a Tax Return), all estimated taxes, deficiency assessments, additions to tax, penalties and interest and shall include any liability for such amounts as a result either of being a member of a combined, consolidated, unitary or affiliated group or of a contractual obligation to indemnify any Person or other entity.

(ss)

“Transaction Documents” means this Agreement and all other instruments and agreements to be executed and delivered pursuant hereto.

1.2

Construction. In this Agreement, unless the context otherwise requires:

(a)

any reference in this Agreement to “writing” or comparable expressions includes a reference to facsimile transmission or comparable means of communication;

(b)

words expressed in the singular number shall include the plural and vice versa, words expressed in the masculine shall include the feminine and neuter gender and vice versa;

(c)

references to Articles, Sections, Exhibits, Schedules and Recitals are references to articles, sections, exhibits, schedules and recitals of this Agreement;

(d)

references to “day” or “days” are to business days; and

(e)

“include,” “includes,” and “including” are deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of similar import.

1.3

Schedules and Exhibits. The Schedules and Exhibits to this Agreement are incorporated into and form an integral part of this Agreement. If an Exhibit is a form of agreement, such agreement, when executed and delivered by the parties thereto, shall constitute a document independent of this Agreement.

1.4

Knowledge. Where any representation or warranty set forth in this Agreement is expressly qualified by reference to the knowledge of OWL, it means the actual knowledge, after reasonable due inquiry, of Xxxxxxx Xxxxxxxx.

ARTICLE 2
THE MERGER

2.1

The Merger. Subject to the terms and conditions contained in this Agreement, at the Effective Time, OWL shall merge with and into Merger Sub, the Merger Sub will continue as the surviving corporation with its name changed to “Our World Live, Inc.” and the separate corporate existence of OWL will cease. The surviving corporation after the Merger is hereinafter sometimes referred to as the “Surviving Corporation.”

2.2

Closing. The closing hereunder (the “Closing”) shall take place at the offices of Chachas Law Group P.C., 0000 Xxxxx Xxxxxx, Xxxxx 000, Xxx Xxxxx, XX 00000, on the first Business Day following the satisfaction (or, to the extent permitted by Law, waiver by the party or parties entitled to the benefits thereof) of all the conditions set forth in Article 7., (other than any condition that by its nature cannot be satisfied until the Closing, but subject to satisfaction of any such condition), or at such other place, time and date as shall be agreed in writing between Parent and the Company. The date on which the Closing occurs is referred to in this Agreement as the “Closing Date”.

2.3

Effective Time of the Merger. On the Closing Date, the parties shall cause Articles of Merger (the “Articles of Merger”) to be filed with the Secretary of State of the State of Nevada in form and executed in accordance with the NRS. The Merger will be effective as of the time of the filing of the Articles of Merger with the Secretary of State of the State of Nevada (the “Effective Time”). Notwithstanding the foregoing, the Effective Time of the Merger shall be deemed to have occurred at 12:01 a.m., Pacific Standard Time, on the Closing Date, it being the intent of the parties that the business of OWL on the Closing Date shall be for the account of the Surviving Corporation.

2.4

Effects of Merger. The Merger shall have the effects set forth in the applicable provisions of the NRS. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all property of the Company shall vest in the Surviving Corporation, and, subject to Section 9.2 below, all liabilities and obligations of the Company shall become liabilities and obligations of the Surviving Corporation.

2.5

Articles of Incorporation and Bylaws.

(a)

The Articles of Incorporation of the Merger Sub, as in effect immediately prior to the Effective Time, shall be the Articles of Incorporation of the Surviving Corporation until thereafter changed or amended as provided therein or by applicable Law.

(b)

The Bylaws of Merger Sub as in effect immediately prior to the Effective Time shall be the Bylaws of the Surviving Corporation until thereafter changed or amended as provided therein or by applicable Law.

2.6

Directors.

(a)

Parent. At the Effective Time the directors of Parent shall be reconstituted such that the directors of the Parent shall be Xxxxxx X. Xxxxxx, Xxxxxxx Xxxxxxxx and R. Xxxxxxx Xxxxx until the earlier of his resignation or removal or until their respective successors are duly elected and qualified, as the case may be.

(b)

Surviving Corporation. At the Effective Time the directors of Surviving Corporation shall be reconstituted such that the initial director of the Surviving Corporation shall be Xxxxxxx Xxxxxxxx until the earlier of their resignation or removal or until their respective successors are duly elected and qualified, as the case may be.

2.7

Officers.

(a)

Parent. At the Effective Time the officers of the Parent shall be reconstituted such that the officers of the Parent shall be:

President and CEO

Xxxxxx X. Xxxxxx

Chief Financial Officer

R. Xxxxxxx Xxxxx

Secretary

Xxxxxx X. Xxxxxx

(b)

Surviving Corporation. At the Effective Time the officers of the Surviving Corporation shall be reconstituted such that the initial officers of the Surviving Corporation shall be:

President and CEO

Xxxxxxx Xxxxxxxx

Chief Financial Officer

R. Xxxxxxx Xxxxx

Secretary

Xxxxxxx Xxxxxxxx

2.8

Effect on Capital Stock. At the Effective Time, by virtue of the Merger and without any action on the part of any party hereto .

(a)

Each share of OWL Common Stock issued and outstanding immediately prior to the Effective Time (other than any Dissenting Shares), shall be cancelled, extinguished and converted into and become the right to receive their pro rata portion of the Merger Consideration, which shall be equal to the number of shares of OWL Common Stock held by each OWL Stockholder multiplied by the Exchange Ratio, rounded, if necessary, up to the nearest whole share of Parent Common Stock.

(b)

The “Exchange Ratio” shall be 0.3333.

(c)

Each share of OWL Common Stock held in the name of OWL or any Subsidiary prior to the Effective Time shall be cancelled and retired and cease to exist, without any conversion thereof or payment with respect thereto.

(d)

OWL’s Board of Directors (or, if appropriate, any committee thereof administering any of the Employee Plans), shall adopt such resolutions or take such other actions as may be required (i) to cause any OWL stock option plans or stock incentive plans to terminate as of the Effective Time and cause the provisions in any other Employee Plan, program or arrangement providing for the issuance or grant by OWL of any interest in respect of the capital stock of OWL or any of its Subsidiaries to terminate and have no further force or effect as of the Effective Time and (ii) to ensure that following the Effective Time no holder of any Rights or other awards or any participant in any Employee Plan, program or arrangement providing for the issuance or grant by OWL of any interest in respect of the capital stock of OWL or any of its Subsidiaries or anyone other than Parent shall hold or have any right to acquire any equity securities of OWL, the Surviving Corporation or any Subsidiary thereof.

2.9

[Reserved]

2.10

[Reserved]

2.11

Merger Consideration Spreadsheet. OWL shall deliver to Parent a spreadsheet setting forth the merger consideration calculation (the “Merger Consideration Spreadsheet”) at least two (2) Business Days prior to the Closing Date. The Merger Consideration Spreadsheet shall set forth (i) the names and address of each OWL Stockholder and (ii) the number of shares of Parent Common Stock each OWL Stockholder is entitled to receive pursuant to Section 2.8 with respect to OWL Common Stock held by such OWL Stockholder as of the Effective Time, based on the assumptions set forth therein. To the extent necessary, at the Closing, OWL shall deliver to Parent an updated Merger Consideration Spreadsheet setting forth the final calculations of the amounts due to each OWL Stockholder calculated in accordance with the provisions of this Article 2.

2.12

Vote by Major Stockholder. The Major Stockholder agrees that he will vote all shares of OWL Common Stock that they own in favor of the Merger. The Major Stockholder hereby waives, and agrees not to exercise, their rights under Sections 92A.300 through 92A.500 of the NGCL (the “Appraisal Statute”).

2.13

Dissenter Rights. Notwithstanding anything in this Agreement to the contrary, and subject to the Appraisal Statute, shares of OWL Common Stock outstanding immediately prior to the Effective Time and held by a Person (other than the Major Shareholders) who has not voted in favor of the Merger and who has not consented thereto in writing and who has delivered a written demand for appraisal of such shares in accordance with the Appraisal Statute (the “Dissenting Shares”) shall not be converted into the right to receive the Merger Consideration as provided in Section 2.8, but rather the holders of Dissenting Shares shall be entitled to payment of the fair value of such Dissenting Shares in accordance with the Appraisal Statute; provided, however, that if any such holder shall fail to perfect, or otherwise shall waive, withdraw or lose, the right to appraisal under the Appraisal Statute, then the right of such holder to be paid the fair value of such holder’s Dissenting Shares shall cease and such Dissenting Shares shall be deemed to have been converted as of the Effective Time into, and to have become exchangeable solely for the right to receive, the Merger Consideration, as provided in Section 2.8. OWL shall promptly send to Parent copies of any demands received by OWL for appraisal of any shares of OWL Common Stock, and Parent shall have the right to participate in and direct all negotiations and proceedings with respect to such demands. Prior to the Effective Time, OWL shall not, without the prior written consent of Parent, make any payment with respect to, or settle or offer to settle, any such demands, or agree to do any of the foregoing.

2.14

Exemption From Registration. Parent and OWL intend that the shares of Parent Common Stock to be issued pursuant to Section 2.8 hereof, in connection with the Merger will be issued in a transaction exempt from registration under the Securities Act of 1933, as amended, (“Securities Act”) by reason of section 4(2) of the Securities Act and/or Rule 506 of Regulation D promulgated by the SEC thereunder.

2.15

Surrender and Exchange Procedure.

(a)

Exchange Agent. Prior to the Effective Time, Parent and OWL shall retain Action Stock Transfer Company to act as the Exchange Agent (the “Exchange Agent”) for the issuance and delivery of the Merger Consideration to the OWL Stockholders (upon surrender of certificates). Parent will enter into an Exchange Agent agreement in form and substance reasonably acceptable to OWL. Parent shall reserve such number of Parent Common Stock to satisfy the issuance of Merger Consideration, and shall cause to be provided to the Exchange Agent at the Effective Time, a duly signed Directors Resolution authorizing the issuance of the shares of the Parent Common Stock to the OWL Stockholders, as set forth in the Merger Consideration Spreadsheet.

(b)

Exchange Procedure. As promptly as practicable after the Effective Time, Exchange Agent shall send or cause to be sent to each former holder of record of shares of OWL Common Stock immediately prior to the Effective Time, transmittal materials for use in exchanging such OWL Stockholder’s OWL Certificates for the consideration set forth in Section 2.8 (which shall specify that delivery shall be effected, and risk of loss and title to the OWL Certificates theretofore representing such shares of OWL Common Stock shall pass, only upon proper delivery of such certificates to the Exchange Agent, and which shall be in such form and have such other provisions as Parent and OWL may reasonably specify). Parent shall cause Parent Certificates for shares of Parent Common Stock into which shares of OWL Common Stock, are converted at the Effective Time, which a OWL Stockholder shall be entitled to receive, to be delivered to such OWL Stockholder upon delivery to the Exchange Agent of OWL Certificates representing such shares of OWL Common Stock, together with the transmittal materials, duly executed and completed in accordance with the instructions thereto. If any Parent Certificate is to be issued in a name other than that in which the OWL Certificate surrendered in exchange therefor is registered, it shall be a condition of such exchange that the Person requesting such exchange shall pay any transfer or other Taxes required by reason of the issuance of such Parent Certificate in a name other than that of the registered Holder of the OWL Certificate surrendered, or shall establish to the satisfaction of Parent and the Exchange Agent that any such Taxes have been paid or are not applicable.

(c)

Notwithstanding the foregoing, none of the Exchange Agent, Parent, or any of their respective officers and directors shall be liable to any former OWL Stockholder for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar Laws.

(d)

If any OWL Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such OWL Certificate to be lost, stolen or destroyed and, if required by Parent or the Exchange Agent, the posting by such Person of a bond in such reasonable amount as Parent or the Exchange Agent may direct as indemnity against any claim that may be made against it with respect to such OWL Certificate, Parent or the Exchange Agent shall, in exchange for the shares of OWL Common Stock represented by such lost, stolen or destroyed OWL Certificate, issue or cause to be issued a Parent Certificate and pay or cause to be paid the amounts, if any, deliverable in respect to the shares of OWL Common Stock formerly represented by such OWL Certificate pursuant to this Agreement.

(e)

The Exchange Agent will cease issuing Parent Certificates representing shares of Parent Common Stock, pursuant to Section 2.15(b), on the 120th day after the Effective Time. Any OWL Stockholders who have not theretofore complied with this Section 2.15 within said 120 period, shall thereafter be entitled to look only to Parent, for issuance of the consideration deliverable in respect of each share of OWL Common Stock, and such OWL Stockholder shall be solely responsible for any and all cost incurred by Parent and Parent’s transfer agent, including without limitation attorneys fees, taxes and any regulatory filings, associated with the issuance of Parent Common Stock, after said 120 day period.

2.16

Rights of Holders. At the Effective Time the stock transfer books of OWL shall be closed and no transfer by any OWL Stockholder shall thereafter be made or recognized. At the Effective Time, OWL Certificates presented to OWL for transfer shall be returned and such Person presenting such OWL Certificate for transfer and such OWL Stockholder shall be directed to the Exchange Agent. Until surrendered for exchange in accordance with the provisions of Section 2.15, each OWL Certificate shall from and after the Effective Time represent for all purposes only the right to receive the consideration provided in Section 2.8, in accordance with the terms of this Agreement and which remain unpaid at the Effective Time. To the extent permitted by Law, OWL Stockholders shall be entitled to vote after the Effective Time at any meeting of Parent stockholders the number of whole shares of Parent Common Stock into which their respective shares of OWL Common Stock, are converted, regardless of whether such OWL Stockholders have exchanged their certificates representing OWL Common Stock, for Parent Certificates representing Parent Common Stock in accordance with the provisions of this Agreement, but beginning 30 days after the Effective Time no such OWL Stockholder shall be entitled to vote on any matter until such OWL Stockholder surrenders such OWL Certificate for exchange as provided in Section 2.15. Whenever a dividend or other distribution, if any, is declared by Parent on Parent Common Stock, the record date for which is at or after the Effective Time, the declaration shall include dividends or other distributions on all shares of Parent Common Stock issuable pursuant to this Agreement, but no dividend or other distribution payable to the holders of record of Parent Common Stock as of any time subsequent to the Effective Time shall be delivered to the OWL Stockholder of a OWL Certificate until such OWL Stockholder surrenders such OWL Certificate for exchange as provided in Section 2.15. However, upon surrender of the OWL Certificate, both the Parent Certificate, together with all such undelivered dividends or other distributions, if any, (without interest) shall be delivered and paid with respect to each share represented by such Parent Certificate.

ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF OWL AND THE MAJOR STOCKHOLDER

OWL and the Major Stockholder, jointly and severally, represent and warrant to the Parent, as follows:

3.1

Existence and Good Standing. OWL (a) is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada, (b) has all requisite power and authority to own its property and to carry on its business as now conducted, (c) is duly qualified to do business and is in good standing in each jurisdiction in which the character or location of the properties owned, leased or operated by it or the nature of the business conducted by it makes such qualification necessary, except for such jurisdictions where the failure to be so qualified or licensed and in good standing would not have a Material Adverse Effect on OWL. Schedule 3.1 sets forth a list of each jurisdiction where OWL is qualified or authorized to do business as a foreign corporation.

3.2

Board Action. OWL’s Board of Directors, at a meeting duly called and held, at which all of the directors were present, or by written consent, duly and unanimously: (i) approved and adopted this Agreement and the transactions contemplated hereby, including the Merger; (ii) resolved to recommend that this Agreement and the transactions contemplated hereby, including the Merger, be submitted for consideration by OWL’s stockholders at a meeting of OWL’s stockholders to consider and vote upon this Agreement; (iii) resolved to recommend that the stockholders of OWL approve this Agreement and the transactions contemplated hereby, including the Merger; and (iv) determined that this Agreement and the transactions contemplated hereby, including the Merger, are fair to and in the best interests of the stockholders of OWL.

3.3

Authority and Enforceability. OWL and the Major Stockholder have the legal capacity and all necessary power and authority and have taken all action necessary to authorize, execute and deliver this Agreement and the Transaction Documents, to consummate the transactions contemplated hereby and thereby, and to perform his, her or its obligations under this Agreement and the Transaction Documents. Subject to the approval of a majority of the outstanding shares of OWL, no other action on the part of OWL or the Major Stockholder is required to authorize the execution and delivery of this Agreement and the Transaction Documents and to consummate the transactions contemplated hereby and thereby. This Agreement and the Transaction Documents, when delivered in accordance with the terms hereof, assuming the due execution and delivery of this Agreement and each such other document by the other parties hereto and thereto, shall have been duly executed and delivered by OWL and the Major Stockholder and shall be valid and binding obligations of OWL and the Major Stockholder, enforceable against him, her or it in accordance with their respective terms, except to the extent that their enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and to general equitable principles.

3.4

Consents and Approvals; No Violations.

(a)

The execution and delivery by OWL and the Major Stockholder of this Agreement and the Transaction Documents will not, and the consummation of the transactions contemplated hereby and thereby will not, result in a violation or breach of, conflict with, constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, payment or acceleration) under, or result in the creation of any Lien on any of the properties or assets of OWL under: (i) any provision of the organizational documents of OWL; (ii) any Law or Order applicable to OWL or the Major Stockholder by which any of his, her or its respective properties or assets may be bound; or (iii) any of the terms, conditions or provisions of any Contract.

(b)

Except as set forth in Schedule 3.4(b), no consent, approval or action of, filing with or notice to any Governmental or Regulatory Authority or other Person is necessary or required (i) under any of the terms, conditions or provisions of any Law or Order applicable to OWL or the Major Stockholder or by which OWL or the Major Stockholder or any of their respective assets or properties may be bound, (ii) under any of the terms, conditions or provisions of any Contract, for the execution and delivery of this Agreement and the Transaction Documents by OWL or the Major Stockholder or the performance by OWL or the Major Stockholder of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby.

3.5

Capitalization.

(a)

The authorized capitalization of OWL consists of (i) 400,000,000 shares of common stock, $0.001 par value per share and 2,000 of preferred stock, $0.001 par value per share. As of the date of this Agreement, 42,313,943 shares of OWL Common Stock are issued and outstanding. There are no shares of OWL Common Stock held by OWL or its Subsidiaries in treasury and no shares of OWL’s preferred stock are issued and outstanding. All of the issued and outstanding shares of OWL Common Stock have been duly authorized and validly issued, are fully paid and non-assessable and are not subject to, nor were they issued in violation of, any preemptive rights.

(b)

Other than the Convertible Notes, there are no other outstanding or authorized Rights pursuant to which OWL is or may become obligated to issue, deliver or sell or cause to be issued, delivered or sold any equity or voting interest in OWL.

(c)

Except for the Convertible Notes, OWL does not have any authorized or outstanding bonds, debentures, notes or other Indebtedness, the holders of which have the right to vote (or convertible into, exchangeable for, or evidencing the right to subscribe for or acquire securities having the right to vote) with OWL’s shareholders on any matter. There are no Contracts to which OWL is a party or by which it is bound to (a) repurchase, redeem or otherwise acquire any equity or voting interest in OWL or any other Person, or (b) vote or dispose of any equity or voting interest in OWL. There are no irrevocable proxies and no voting agreements with respect to any equity or voting interest in OWL.

3.6

Subsidiaries and Investments. Each Subsidiary of OWL is identified on Schedule 3.6, including as to each Subsidiary (i) the name, (ii) the jurisdiction of formation, (iii) each jurisdiction in which it is qualified or authorized to do business as a foreign entity, (iv) the number of shares of each class of equity securities that is authorized and issued and (v) the names of each director, officer and manager. All the outstanding equity interests of each Subsidiary are owned by OWL free and clear of all Liens and there are no other equity securities of any Subsidiary authorized, issued, outstanding or reserved for issuance. All of the capital stock or other equity interests of each Subsidiary has been duly authorized and is validly issued, fully paid and non-assessable and free and clear from any Liens and preemptive or other similar rights. There are no proxies or voting agreements with respect to any shares of capital stock or other equity interests of any Subsidiary. There are no outstanding or authorized Rights pursuant to which OWL or any Subsidiary is or may become obligated to issue, deliver or sell or cause to be issued, delivered or sold any equity or voting interest in any Subsidiary. Except for the ownership of the Subsidiaries of OWL, neither OWL nor any Subsidiary of OWL, directly or indirectly, owns, or has agreed to purchase or otherwise acquire, the capital stock or other equity interests of, or any interest convertible into or exchangeable or exercisable for such capital stock or such equity interests of, any corporation, partnership, joint venture or other entity.

3.7

Financial Statements

(a)

OWL has provided the Parent with (i) the audited balance sheets of OWL as of December 31, 2010 and 2009, and the related statements of income, shareholders’ equity, retained earnings and cash flows for the two years ended December 31, 2010 and 2009. The audited balance sheet of OWL at December 31, 2010, is hereinafter referred to as the “Balance Sheet” and December 31, 2010 is hereinafter referred to as the “Balance Sheet Date.” The financial statements referred to above, including the footnotes thereto (collectively, the “Financial Statements”), have and shall been prepared in accordance with GAAP.

(b)

The Financial Statements are true and correct and fairly present, in all material respects, (i) the financial condition of OWL at the dates thereof and (ii) the results of OWL’s operations and cash flows and the changes in its financial condition for the periods presented.

3.8

Liabilities. Except as set forth on the Financial Statements and on Schedule 3.8, OWL has no claims, obligations, liabilities or Indebtedness, whether absolute, accrued, contingent or otherwise, except for (i) claims, obligations, liabilities or Indebtedness set forth in the Financial Statements, or specifically disclosed in the footnotes thereto (ii) the Accrued Liabilities, (iii) the Accounts Payable, (iv) future obligations under the Contracts, (v) liabilities and obligations incurred between the Balance Sheet Date and the Closing Date in the ordinary course of business of OWL (none of which results from, arises out of or relates to any breach of contract, breach of contractual warranty, tort, infringement or violation of law) and (vi) liabilities.

3.9

Tangible Personal Property.

(a)

Schedule 3.9(a) sets forth (i) a list of each item of Tangible Personal Property owned by OWL as of the date hereof having a value in excess of $1,000, and (ii) a list of each item of Tangible Personal Property leased by OWL as of the date hereof having an annual rental in excess of $5,000. Except as set forth in Schedule 3.9(a), there is no Tangible Personal Property used in the operation of the Business other than the Tangible Personal Property reflected in the Financial Statements or thereafter acquired, except for Tangible Personal Property disposed of or consumed in the ordinary course of business, consistent with past practice, since the Balance Sheet Date. Except as set forth in Schedule 3.9(a), all of the Tangible Personal Property is located at the Current Real Property and there is no Tangible Personal Property used in the operation of the Business and located at the Current Real Property which is not owned or leased by OWL. Except as set forth in Schedule 3.9(a), the Tangible Personal Property, taken as a whole, is in reasonable working order and adequate for its intended use, ordinary wear and tear and normal repairs and replacements excepted.

(b)

Except as set forth in Schedule 3.9(b), OWL has good title to or, in the case of leased assets, a valid leasehold interest in, free and clear of all Liens, all of the Tangible Personal Property. OWL owns or has the exclusive right to use all of the Tangible Personal Property and assets necessary for the conduct of its business as currently conducted.

3.10

Books and Records. The Books and Records contain accurate records of all meetings of, and material action taken by (including action taken by written consent) the shareholders and directors in all material respects. All of the records, systems, controls, data or information of OWL, recorded, stored, maintained, operated or otherwise wholly or partly dependent on or held by any means (including all means of access thereto and therefrom) are under the exclusive ownership and direct control of OWL.

3.11

Owned Real Property. OWL does not presently own, and has never owned, any real property.

3.12

Leased Real Property. The leases referred to on Schedule 3.12 (the “Leases”) are the only leases, subleases or other agreements relating to the use or occupancy of real property to which OWL is a party or is bound. OWL has valid leasehold interests in the real property described in the Leases, free and clear of any and all Liens. With respect to each Lease, such Lease (a) is in full force and effect; (b) all rents and additional rents due to date on the Lease have been paid; (c) OWL has been in peaceable possession since the commencement of the original term of the Leases and is not in material default thereunder; (d) no waiver, indulgence or postponement of OWL’s material obligations thereunder has been granted by the lessor, and (e) there exists no material default or event, occurrence, condition or act (including the Merger) which, with the giving of notice, the lapse of time or the happening of any further event or condition, would give rise to a right of termination or any material liability on the part of OWL under such Leases. To the best of its knowledge, OWL has not violated and is not currently in violation of any of the terms or conditions under any Leases in any material respect, and, to the knowledge of OWL, all of the material covenants to be performed by OWL under the Leases have been fully performed.

3.13

Contracts. Schedule 3.13(a) sets forth a true and complete list of all Contracts. Each Contract is in full force and effect and there exists, to the knowledge of OWL, no (i) default or event of default by OWL or any other party to any such Contract with respect to any material term or provision of any such Contract or (ii) event, occurrence, condition or act (including the Merger) which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a default or event of default by OWL party thereto or any other party thereto, with respect to any material term or provision of any such Contract.

3.14

Litigation. Except as set forth in Schedule 3.14, as of the date of this Agreement there is no Proceeding by (or, to the knowledge of OWL, any investigation by) any Governmental or Regulatory Authority or any other Person, or, to the knowledge of OWL, threatened, against or affecting OWL, or any of its assets or rights, that, if decided adversely to OWL, would have a Material Adverse Effect on OWL. As of the date hereof, OWL is not subject to any Order material to the Business.

3.15

Taxes. Except as set forth on Schedule 3.15:

(a)

OWL has duly and timely filed each Tax Return required to be filed by it (taking into account extensions), and all such Tax Returns are true, correct and complete in all material respects;

(b)

OWL has timely paid all Taxes required to be paid by it with the exception of appropriate amounts of estimated tax deposits for which amounts, if any, have been treated as accrued liabilities (whether or not shown due on any Tax Return);

(c)

OWL has complied with all Laws relating to the payment and withholding of Taxes and has, within the time and manner prescribed by Law, withheld and paid over to the proper tax authorities all amounts required to be withheld and paid over by it;

(d)

no pending or, to OWL’s knowledge, threatened audit, Proceeding, examination or litigation or similar claim has been commenced or is presently pending with respect to any Taxes or Tax Return of OWL;

(e)

no written claim has been made by any tax authority in a jurisdiction where OWL does not file a Tax Return that OWL is or may be subject to taxation in that jurisdiction;

(f)

no outstanding written agreements, consents or waivers to extend the statutory period of limitations applicable to the assessment of any Taxes or deficiencies against OWL are, and no power of attorney granted by OWL with respect to any Taxes is, currently in force;

(g)

OWL is not a party to any agreement providing for the allocation or sharing of any Taxes imposed on or with respect to any Person, and OWL (A) has not been a member of an affiliated group (or similar state, local or foreign filing group) filing a consolidated U.S. federal income Tax Return or (B) has any liability for the Taxes of any Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign Law), or as a transferee or successor;

(h)

there are no Liens for Taxes upon the assets or properties of OWL or any of its Subsidiaries, except for Liens which arise by operation of law with respect to current Taxes not yet due and payable;

(i)

OWL shall delivered or make available to the Parent (A) complete and accurate copies of all Tax Returns of OWL for the prior four (4) tax years; (B) all audit reports, letter rulings, technical advice memoranda and similar documents issued by any tax authority relating to the United States Federal, state, local or foreign Taxes due from or with respect to OWL and (C) any closing agreements entered into by OWL with any tax authority in each case existing on the date hereof;

(j)

OWL is not presently and has not been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code;

(k)

OWL has not been required to include in income any adjustment pursuant to Section 481 of the Code by reason of a voluntary change in accounting method initiated by OWL, and the IRS has not initiated or proposed any such adjustment or change in accounting method;

(l)

OWL has not been a “distributing corporation” or a “controlled corporation” in a distribution intended to qualify under Section 355 of the Code within the past two years; and

(m)

OWL is not a party to any agreement that would require it to make any payment that would constitute an “excess parachute payment” for purposes of Sections 280G and 4999 of the Code.

3.16

Insurance. Set forth in Schedule 3.16 is a list and description of each insurance policy that covers OWL (including self-insurance), specifying as to each policy (a) the carrier, (b) policy number, (c) expiration date, (d) amount of annual premiums, (e) type of coverage provided, and (f) whether such policy is claims or occurrence based. Such policies are in full force and effect, all premiums thereon have been paid, and OWL is otherwise in compliance in all material respects with the terms and provisions of such policies. OWL is not in material default under any of the insurance policies set forth in Schedule 3.16 (or required to be set forth in Schedule 3.16) and, to OWL’s knowledge, there exists no event, occurrence, condition or act (including the Merger) which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a default thereunder. OWL has not received any notice of cancellation or non-renewal of any such policy or arrangement nor has the termination of any such policies or arrangements been threatened, and there exists no event, occurrence, condition or act which, with the giving of notice or the lapse of time, would entitle any insurer to terminate or cancel any such policies. Schedule 3.16 also sets forth a list of all pending claims and the claims history for OWL from December 1, 2008 to date (including with respect to insurance obtained during such period but not currently maintained).

3.17

Intellectual Property.

(a)

OWL owns, or has the right to use, all Intellectual Property necessary for the conduct of the Business as currently conducted. No claim has been asserted in writing or is pending by any Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor, to the knowledge of OWL, does any valid basis for any such claim exist. To OWL’s knowledge, OWL’s operations and business do not infringe or misappropriate the Intellectual Property rights of any Person. OWL has taken reasonable steps to maintain and protect as confidential and proprietary all of its trade secrets and other non-public proprietary information.

(b)

Except as set forth on Schedule 3.17(b), (i) to OWL’s knowledge, OWL has not interfered with, infringed upon, misappropriated or otherwise come into conflict with any Intellectual Property rights of third parties, and in the last four (4) years, OWL has not received any charge, complaint, claim, demand or notice in writing alleging any such interference, infringement, misappropriation or violation (including any claim that OWL must license or refrain from using any intangible property rights of any third party) which has not been resolved, and (ii) to OWL’s knowledge, no third party has interfered with, infringed upon, misappropriated or otherwise come into conflict with any of the Intellectual Property.

(c)

Schedule 3.17(c) identifies (i) each patent or registration which has been issued to OWL with respect to any of the Intellectual Property, (ii) each pending patent application or application for registration which OWL has made with respect to any of the Intellectual Property, and (iii) each license, sublicense or other agreement which OWL has granted to any third party with respect to any of the Intellectual Property. Schedule 3.17(c) also identifies each copyright, trademark, trade name or unregistered xxxx used by OWL in connection with the Business.

(d)

Except as set forth on Schedule 3.17(d), with respect to each item of Intellectual Property required to be identified in Schedule 3.17(c): (i) OWL possesses all right, title and interest in and to the item, free and clear of any Liens or licenses, (ii) the item is not subject to any outstanding Order, (iii) no Proceeding is pending or, to the knowledge of OWL, threatened which challenges the legality, validity, enforceability, use or ownership of the item, and (iv) other than routine indemnities given to distributors, sales representatives, dealers and customers, OWL does not have any current obligations to indemnify any Person for or against any interference, infringement, misappropriation, or other conflict with respect to the item.

(e)

Schedule 3.17(e) identifies each item of Intellectual Property that any third party owns and that OWL uses pursuant to a license, sublicense or agreement (other than off-the-shelf or “shrink-wrap” licenses). OWL has delivered to the Parent correct and complete copies of all such licenses, sublicenses and other agreements (as amended to date). Except as set forth in Schedule 3.17(e), with respect to each item of Intellectual Property required to be identified in Schedule 3.17(e): (i) each license, sublicense or other agreement covering the item is enforceable and, following the Closing, will continue to be enforceable on substantially similar terms and conditions, (ii) neither OWL nor, to the knowledge of OWL, any other party to a license, sublicense or other agreement is in material breach or default, and no event has occurred which, with notice or lapse of time, would constitute a breach or default or permit early termination, modification or acceleration thereunder, (iii) neither OWL nor, to the knowledge of OWL, any other party to a license, sublicense or other agreement has repudiated any provision thereof, (iv) to OWL’s knowledge, the underlying item of Intellectual Property is not subject to any outstanding Order, (v) no Proceeding is pending or, to the knowledge of OWL, threatened which challenges the legality, validity, enforceability or use of the underlying item of Intellectual Property, and (vi) OWL has not granted any sublicense or similar right with respect to any license, sublicense or other agreement.

3.18

Compliance with Laws. Except as set forth on Schedule 3.18, OWL (and its assets and properties) has complied and is in compliance with all applicable Laws, Orders and Permits, except for such non-compliance which, individually or in the aggregate, would not have a Material Adverse Effect on OWL. OWL has not received any written notice from a Governmental or Regulatory Authority to the effect that, or otherwise been advised in writing by a Governmental or Regulatory Authority that, OWL or any of its assets and properties are not in material compliance with any applicable Law, Order or Permit and, to the knowledge of OWL, there are no presently existing facts, circumstances or events which, with notice or lapse of time, would result in material violations of any applicable Law, Order or Permit.

3.19

Accounts Receivable; Accounts Payable.

(a)

Except as set forth on Schedule 3.19(a), the Accounts Receivable have arisen from bona fide transactions in the ordinary course of business and, subject to any reserves reflected in the Financial Statements, will be good and collectible in full in the ordinary course of business and in any event not later than 180 days after the Closing Date, and none of such accounts receivable is, or at the Closing Date will be, subject to any valid counterclaim or right of set-off.

(b)

Except as set forth on Schedule 3.19(b), the Accounts Payable have arisen in bona fide arm’s length transactions in the ordinary course of business. There are no unpaid invoices or bills representing amounts alleged to be owed by OWL, or other alleged obligations of OWL, which OWL has disputed or determined to dispute or refuse to pay.

3.20

Inventory. Except as set forth in Schedule 3.20, (i) the Inventory is in the physical possession of OWL and (ii) none of the Inventory has been pledged as collateral or otherwise is subject to any Lien (other than any Lien imposed as a matter of law) or is held on consignment from others. The Inventory was acquired or produced by OWL in the ordinary course of business, consistent with past practice. Subject to any reserves reflected in the Financial Statements, the Inventory is good and merchantable and is of a quality and quantity presently useable and salable by OWL in the ordinary course of business in all material respects.

3.21

Suppliers and Customers. Schedule 3.21 sets forth the top ten (10) customers and suppliers of OWL, based on sales volume, for the period beginning on January 1, 2009 and ending on the date hereof. The relationship of OWL with each such supplier and customer are good commercial working relationships, and except as set forth in Schedule 3.21, to the knowledge of OWL, no such supplier or customer has canceled or otherwise terminated, or threatened in writing to cancel or otherwise terminate, its relationship with OWL. Except as set forth in Schedule 3.21, no customer of OWL has any re-stocking rights or similar right to return any non-defective products to OWL for reimbursement or credit.

3.22

Personnel.

(a)

Schedule 3.22(a) identifies for each current employee (an “Employee”) and consultant (a “Consultant”) of OWL, his, her or its name, position or job title, base salary or wages, bonus or other compensation earned in the year ended December 31, 2010 and the current compensation arrangement with such Employees or Consultants.

(b)

(i) OWL does not have any obligations under any written or oral labor agreement, collective bargaining agreement or other agreement with any labor organization or employee group, (ii) OWL is not currently engaged in any unfair labor practice and there is no unfair labor practice charge or other employee-related or employment-related complaint against either OWL pending or, to the knowledge of OWL, threatened before any Governmental or Regulatory Authority, (iii) there is currently no labor strike, labor disturbance, slowdown, work stoppage or other material labor dispute or arbitration pending or, to the knowledge of OWL, threatened against OWL and no material grievance currently being asserted, (iv) OWL has not experienced a labor strike, labor disturbance, slowdown, work stoppage or other material labor dispute at any time during the three (3) years immediately preceding the date of this Agreement and (v) to the knowledge of OWL, there are no claims against OWL by any Person for unpaid wages, wrongful termination, accidental injury or death, sexual harassment or discrimination or violation of any Law and, to the knowledge of OWL, no valid basis for any such claim exists.

(c)

OWL has classified each individual who currently performs services for or on behalf of such OWL as a contractor or employee in accordance with all applicable Laws.

3.23

Employee Benefit Plans.

(a)

Schedule 3.23(a) sets forth a list of all “employee benefit plans” (as defined in Section 3(3) of ERISA), whether or not subject to ERISA and all other employment, compensation, consulting, bonus, stock option, restricted stock grant, stock purchase, other cash or stock-based incentive, profit sharing, savings, retirement, disability, insurance, severance, retention, change in control, deferred compensation and other compensatory plans, policies, programs, agreements or arrangements sponsored, maintained, contributed to or required to be contributed to, or entered into or made by OWL with or for the benefit of, or relating to, any current or former Employee, director or other independent contractor of, or consultant to, OWL and with respect to which OWL has or may have any direct or indirect liability (together, the “Employee Plans”).

(b)

OWL has provided the Parent true and complete copies of (i) all Employee Plans, together with all amendments thereto, (ii) the latest Internal Revenue Service determination letters obtained with respect to any Employee Plan intended to be qualified under Section 401(a) or 501(a) of the Code, (iii) the two most recent annual actuarial valuation reports, if any, (iv) the two most recently filed Forms 5500 together with all related schedules, if any, (v) the “summary plan description” (as defined in ERISA), if any, and all modifications thereto communicated to Employees, (vi) any trust or other funding governing documents for vehicles maintained as part of any Employee Plan, and (vii) the two most recent annual and periodic accountings of related plan assets.

(c)

Neither OWL nor any of its directors, officers, Employees or agents has, with respect to any Employee Plan, engaged in or been a party to any “prohibited transaction” (as defined in Section 4975 of the Code or Section 406 of ERISA), which could result in the imposition of either a penalty assessed pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Code, in each case applicable directly or indirectly (through an indemnification obligation or otherwise) to OWL or any Employee Plan.

(d)

All Employee Plans have been administered in accordance with their terms and in compliance in all material respects with Law. No compensation paid or required to be paid under any Employee Plan is or will be subject to additional tax under Section 409A(1)(B) of the Code.

(e)

There are no pending or, to the knowledge of OWL, threatened claims, arbitrations, regulatory or other Proceedings (other than routine claims for benefits), relating to any of the Employee Plans, or the assets of any trust for any Employee Plan.

(f)

Each Employee Plan intended to qualify under Section 401(a) of the Code, and the trusts created thereunder intended to be exempt from tax under the provisions of Section 501(a) of the Code has received a favorable determination or opinion letter from the Internal Revenue Service which is currently in effect. To the knowledge of OWL, nothing has occurred since the date of the determination letter that would adversely affect the qualification or tax exempt status of such Employee Plan and its related trust.

(g)

All contributions or payments required to be made before the Effective Time under the terms of any Employee Plan will have been made by the Effective Time. Contributions that are not yet due on or before the Effective Time have not been accrued on the Financial Statements.

(h)

OWL does not contribute, nor within the six-year period ending on the date hereof has it contributed or been obligated to contribute, to any plan, program or agreement which is a “multiemployer plan” (as defined in Section 3(37) of ERISA) or which is subject to Section 412 of the Code or Section 302 or Title IV of ERISA.

(i)

No Employee Plan provides medical, surgical, hospitalization, death or similar benefits (whether or not insured) for current or former Employees, directors, consultants or other personnel of OWL for periods extending beyond their retirement or other termination of service (other than group health plan continuation coverage mandated by Law), except that the Employee Plans provide for coverage through the end of the month in which an employee’s employment with such OWL terminates.

(j)

No condition exists that would prevent OWL from amending or terminating any Employee Plan providing health or medical benefits in respect of any active Employee.

3.24

Environmental Matters. Except as set forth in Schedule 3.24, (i) OWL is now, and at all times prior to the Closing Date has been, in compliance with all applicable Environmental Laws, and has obtained, and is in compliance with, all Permits required of it under applicable Environmental Laws except where the failure to be in compliance or failure to obtain would not have a Material Adverse Effect on OWL; (ii) there are no claims, Proceedings, or to OWL’s knowledge, investigations or actions by any Governmental or Regulatory Authority pending, or to the knowledge of OWL, threatened, against OWL under any Environmental Law; and (iii) to OWL’s knowledge, there are no facts, circumstances or conditions relating to the past or present business or operations of OWL (including the disposal of any wastes, hazardous substances or other materials), or to any real property or improvements now or formerly owned, leased, used, operated or occupied by OWL, that could reasonably be expected to give rise to any material liability, under any Environmental Law.

3.25

Affiliate Transactions. Except as set forth in Schedule 3.25, (i) there are no Contracts, liabilities or obligations between OWL, on the one hand, and any Affiliate of OWL on the other hand and (ii) neither OWL, nor any Affiliate of OWL nor, to OWL’s knowledge, any Major Stockholder of OWL possesses, directly or indirectly, any financial interest in, or is a director, officer or employee of, any Person which is a client, supplier, customer, lessor, lessee, or competitor or potential competitor of OWL. Ownership of securities of a company whose securities are registered under the Securities and Exchange Act of 1934, as amended, of 1% or less of any class of such securities shall not be deemed to be a financial interest for purposes of this Section 3.25.

3.26

Bank Accounts; Powers of Attorney. Set forth in Schedule 3.26 is an accurate and complete list showing (i) the name and address of each bank in which OWL has an account or safe deposit box, the number of any such account or any such box and the names of all Persons authorized to draw thereon or to have access thereto and (ii) the names of all Persons, if any, holding powers of attorney from OWL and a summary statement of the terms thereof.

3.27

Permits. Schedule 3.27 contains a complete and accurate list of all Permits obtained or possessed by OWL material to the operation of the Business as currently conducted, the date each Permit was last granted to OWL and the current term of each Permit. OWL has obtained and possesses all Permits and has made all registrations or filings with or notices to any Governmental or Regulatory Authority material to the Business as presently conducted, or necessary for the lawful ownership of its assets and properties or the operation of its business as presently conducted. All such Permits are in full force and effect. OWL is in compliance with all such Permits except for such non-compliances that would not, individually or in the aggregate, have a Material Adverse Effect on OWL. Except as set forth in Schedule 3.27, each such Permit can be renewed or transferred in the ordinary course of business. Any applications for the renewal of any such Permit which are due prior to the Closing Date will be timely made or filed by OWL prior to the Closing Date. No Proceeding to modify, suspend, revoke, withdraw, terminate or otherwise limit any such Permit is pending or, to the knowledge of OWL, threatened, and OWL does not know of any valid basis for such Proceeding, including the transactions contemplated hereby. No administrative or governmental action or Proceeding has been taken or, to the knowledge of OWL, threatened, in connection with the expiration, continuance or renewal of any such Permit and, to the knowledge of OWL, no valid basis for any such Proceeding exists.

3.28

Absence of Changes. Except as set forth in Schedule 3.28, since the Balance Sheet Date, there has not been a Material Adverse Change with respect to OWL, and OWL has not:

(a)

entered into, materially amended or become subject to any Contract or any contract or agreement outside the ordinary course of business;

(b)

permitted any of its properties or assets to be subject to any Lien (other than Permitted Liens);

(c)

sold, transferred, leased, licensed or otherwise disposed of any assets or properties except for (i) sales of Inventory in the ordinary course of business consistent with past practice and (ii) leases or licenses entered into in the ordinary course of business consistent with past practice;

(d)

acquired any business or Person, by merger or consolidation, purchase of substantial assets or equity interests, or by any other manner, in a single transaction or a series of related transactions, or entered into any Contract, letter of intent or similar arrangement (whether or not enforceable) with respect to the foregoing;

(e)

made any capital expenditure or commitment therefor in excess of $5,000 individually or $20,000 in the aggregate or otherwise acquired any assets or properties (other than Inventory in the ordinary course of business consistent with past practice) or entered into any Contract, letter of intent or similar arrangement (whether or not enforceable) with respect to the foregoing;

(f)

entered into, materially amended or become subject to any joint venture, partnership, strategic alliance, members’ agreement, co-marketing, co-promotion, co-packaging, joint development or similar arrangement;

(g)

written-off as uncollectible any notes or accounts receivable, except write-offs in the ordinary course of business consistent with past practice charged to applicable reserves;

(h)

canceled or waived any claims or rights of substantial value;

(i)

made any change in any method of accounting or auditing practice;

(j)

paid, discharged, settled or satisfied any claims, liabilities or obligations (absolute, accrued, asserted or unasserted, contingent or otherwise), other than payments, discharges or satisfactions in the ordinary course of business, consistent with past practice, or liabilities reflected in the Financial Statements;

(k)

conducted its cash management customs and practices (including the collection of receivables and payment of payables) other than in the ordinary course of business consistent with past practice; or

(l)

entered into any contract or letter of intent with respect to (whether or not binding), or otherwise committed or agreed, whether or not in writing, to do any of the foregoing.

3.29

Brokers’ or Finders’ Fees. No Person acting on behalf of OWL, the Major Stockholder or their respective officers, directors or Affiliates is, or will be, entitled to any commission or brokers’ or finders’ fees from OWL, the Surviving Corporation, Merger Sub or the Parent, or from any of their respective Affiliates, in connection with any of the transactions contemplated by this Agreement.

3.30

Full Disclosure. To the best of OWL and the Major Stockholder’s knowledge, this Agreement (including the Schedules) does not (i) contain any representation, warranty or information that is false or misleading with respect to any material fact, or (ii) omit to state any material fact necessary in order to make the representations, warranties and information contained herein and therein (in the light of the circumstances under which such representations, warranties and information were or will be made or provided) not false or misleading.

ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF THE PARENT AND MERGER SUB

The Parent represents and warrants to OWL and the Major Stockholder as follows:

4.1

Existence and Good Standing. Each of the Parent and Merger Sub (i) is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, (ii) has all requisite corporate power and authority to own its property and to carry on its business as now conducted, (iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character or location of the properties owned, leased or operated by it or the nature of the business conducted by it makes such qualification necessary, except for such jurisdictions where the failure to be so qualified or licensed and in good standing would not have a Material Adverse Effect.

4.2

Authority and Enforceability. Each of the Parent and Merger Sub has all necessary power and authority and has taken all action necessary to authorize, execute and deliver this Agreement and the Transaction Documents, to consummate the transactions contemplated hereby and thereby, and to perform its obligations under this Agreement and the Transaction Documents. No other action on the part of the Parent or Merger Sub is required to authorize the execution and delivery of this Agreement and the Transaction Documents and to consummate the transactions contemplated hereby and thereby. This Agreement and the Transaction Documents, when delivered in accordance with the terms hereof, assuming the due execution and delivery of this Agreement and each such other document by the other parties hereto and thereto, shall have been duly executed and delivered by the Parent and Merger Sub, shall be valid and binding obligations of the Parent and Merger Sub, enforceable against them in accordance with their respective terms, except to the extent that their enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and to general equitable principles.

4.3

Consents and Approvals; No Violations.

(a)

The execution and delivery of this Agreement by the Parent and Merger Sub do not, the execution and delivery by the Parent and Merger Sub of the other instruments and agreements to be executed and delivered by them as contemplated hereby will not, and the consummation by the Parent and Merger Sub of the transactions contemplated hereby and thereby will not, result in a violation or breach of, conflict with, constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, payment or acceleration) under, or result in the creation of any Lien upon any of the properties or assets of the Parent or Merger Sub under: (i) any provision of their respective formation and organizational documents; (ii) any Law or Order applicable to them or by which any of their respective properties or assets may be bound; (iii) any Contract to which the Parent or Merger Sub is a party, or by which any of their respective properties or assets is bound.

(b)

No consent, approval or action of, filing with or notice to any Governmental or Regulatory Authority or other Person is necessary or required under any of the terms, conditions or provisions of any Law or Order, any Contract to which the Parent or Merger Sub is a party or by which any of their respective properties or assets is bound, for the execution and delivery of this Agreement and the Transaction Documents by the Parent and Merger Sub, the performance by the Parent and Merger Sub of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby and thereby.

4.4

Brokers’ or Finders’ Fees. No Person acting on behalf of the Parent or Merger Sub is, or will be, entitled to any commission or brokers’ or finders’ fees from OWL or the Major Stockholder or from their respective Affiliates, in connection with any of the transactions contemplated by this Agreement.

ARTICLE 5
OTHER AGREEMENT

Satisfaction or performance of each of the additional agreements in this Article 5., is an express condition precedent to Closing.

5.1

Reorganization of the Board of Directors. At the Effective Time, the directors of the Parent shall by written consent appoint the following three (3) persons as Directors of the Parent and Surviving Corporation, respectively, at the Closing, to serve until the next annual meeting of the Stockholders or until their successors have been appointed, and the current members of the Board of Directors of Parent shall concurrently therewith resign:

Directors of Parent

Xxxxxx X. Xxxxxx

Xxxxxxx Xxxxxxxx

R. Xxxxxxx Xxxxx

Directors of Surviving Corporation

Xxxxxxx Xxxxxxxx

5.2

Appointment of Officers. At the Effective Time, the directors of the Parent shall by written consent appoint the following persons, who shall be executive officers of Parent and Surviving Corporation, respectively, at the Closing, and the current officers of shall concurrently therewith resign:

Officers of Parent

President and CEO

Xxxxxx X. Xxxxxx

Chief Financial Officer

R. Xxxxxxx Xxxxx

Secretary

Xxxxxx X. Xxxxxx

Officers of Surviving Corporation

President and CEO

Xxxxxxx Xxxxxxxx

Chief Financial Officer

R. Xxxxxxx Xxxxx

Secretary

Xxxxxxx Xxxxxxxx

5.3

Cancellation of Shares. Immediately prior to the Closing, Parent stockholders Xxxxxxx Lograsa and Maynerva Xxxxxxxxx shall have each entered into Agreement and Consents for the cancellation of 8,000,000 shares of the Parent common stock own by them

5.4

Lock-up Agreements. Prior to the Closing OWL Stockholders, The MDW and GRW 2000 Irrevocable Trust and The Xxxxx Xxxxx 2000 Irrevocable Trust, shall have entered into Lock-Up Agreements which provide that during the first 12 months following the Effective Time, such OWL Stockholders shall not sell, or be entitled to sell any shares of the Parent Common Stock. The Lock-Up Period shall end and terminate on the first anniversary date of the Effective Time.

5.5

Additional Financial Statements. Within the applicable time following the Closing OWL shall prepare and file such required financial statements of the Business Acquired pursuant to Rule 8-04 of Regulation S-X.

ARTICLE 6
COVENANTS

6.1

Public Announcements. Neither the Parent, Merger Sub, OWL nor the Major Stockholder will, nor will any of their respective Affiliates, without the approval of the other parties, issue any press releases or otherwise make any public statements with respect to the transactions contemplated by this Agreement, except as may be required by applicable law or regulation or by obligations pursuant to any listing agreement with any national securities exchange. Notwithstanding the foregoing, following the Closing, the Parent and OWL will be permitted to issue a press release with respect to the Merger consistent with their normal practice.

6.2

Investigation by the Parent. During the period beginning on the date of this Agreement and ending on the Closing Date, the Parent and each of its Representatives will continue to conduct a review of OWL and the Business. In connection with such review, OWL shall grant to the Parent and each of its Representatives full access to the Books and Records, property, assets and personnel of OWL upon reasonable prior notice and during normal business hours. In connection with such review, OWL agrees, and shall cause its management personnel, upon reasonable prior notice, to (i) cooperate with the Parent and each of its Representatives, (ii) provide all information, and all documents and other data relating to such information, reasonably requested by the Parent or any of its Representatives and (iii) permit the Parent and each of its Representatives to inspect any assets of OWL or the Business.

6.3

Preparation of Information Statement; Stockholders’ Meeting.

(a)

OWL shall, as reasonably practicable following the date of this Agreement, but no later than two (2) days after the date of this Agreement, prepare an information statement for the OWL Stockholders to review which describes the transactions contemplated by this Agreement (the “Information Statement”). OWL: (i) shall provide Parent with a reasonable opportunity to review and comment on the Information Statement and any amendment thereto and (ii) shall consider all comments reasonably proposed by Parent. OWL shall use its reasonable efforts to cause the Information Statement to be mailed to the OWL Stockholders as promptly as practicable after the date of this Agreement, but no event later than five (5) days after the date of this Agreement.

(b)

If necessary, pursuant to applicable law, OWL shall, as promptly as practicable following the date of this Agreement, duly call, give notice of, convene and hold a meeting of its stockholders (the “OWL Stockholders’ Meeting”) for the purpose of obtaining the approval of the Stockholders of the merger and the transactions contemplated by this Agreement (the “OWL Stockholder Approval”). The Information Statement shall include the Board Recommendation. OWL shall not postpone or the OWL Stockholders’ Meeting without having taken a vote on the approval and adoption of this Agreement (other than as a result of the absence of a quorum) without prior consultation with Parent.

6.4

Fees and Expenses. Parent and OWL shall each bear their respective fees, commissions and other expenses incurred by them in connection with the negotiation and preparation of this Agreement and in preparing to consummate the transactions contemplated hereby, including, without limitation, the fees and expenses of their respective counsel, accountants and consultants.

6.5

Stockholder Litigation. OWL shall promptly advise Parent of any litigation commenced after the date hereof against the Company or any of its directors (in their capacity as such) by any Stockholder (on their own behalf or on behalf of OWL) relating to this Agreement or the transactions contemplated hereby, and shall keep Parent reasonably informed regarding any such litigation. OWL shall give Parent the opportunity to participate in the litigation, shall consult with Parent regarding the defense or settlement of any such Stockholder litigation and shall consider Parent’s views with respect to such Stockholder litigation. OWL shall not settle any such litigation without Parent’s prior written consent (which shall not be unreasonably withheld, delayed or conditioned). All obligations in this Section 6.5 shall be subject to the obligations of OWL under applicable Law relating to attorney-client communications and privilege.

6.6

Notifications, Consents and Approvals. As soon as practicable, the Parent and OWL shall commence all reasonable actions to obtain the consents and approvals and to make the filings required to consummate the transactions contemplated by this Agreement.

6.7

Conduct Pending Closing. From the date of this Agreement through the Closing Date, and except as otherwise specifically provided in this Agreement or consented to or approved by the Parent in advance in writing, such consent or approval not to be unreasonably withheld or delayed:

(a)

OWL shall carry on the Business substantially in the same manner as heretofore conducted and shall not engage in any transaction or activity, enter into or amend any agreement or make any commitment except in the ordinary course of business;

(b)

OWL shall use reasonable commercial efforts to preserve OWL’s existence and business organization intact and to preserve the Business and OWL’s properties, assets and relationships with its personnel, suppliers, customers and others with whom it has business relations;

(c)

OWL shall not hire any employees or enter into or establish any Employee Benefit Plan;

(d)

OWL shall not (A) grant any special conditions with respect to any Accounts Receivable other than in the ordinary course of business, (B) fail to pay any Account Payable on a timely basis in the ordinary course of business consistent with past practice, (C) except as disclosed in this Agreement, make or commit to make any capital expenditures in excess of $10,000 in the aggregate or (D) start up or acquire any new business or product line which is not similar to or directly complementary to any existing business or product line;

(e)

OWL shall not enter into any settlement with respect to any Proceeding against or relating to OWL;

(f)

OWL shall not make any distribution of property, except for distributions of cash and cash equivalents to pay Accounts Payable, Accrued Liabilities and Indebtedness; and

(g)

OWL shall not voluntarily take any action which would cause, or voluntarily fail to take any action the failure of which would cause, any representation or warranty of OWL set forth in this Agreement to be breached or untrue in any material respect.

6.8

Notification of Certain Matters.

(a)

OWL shall give prompt written notice to the Parent of (i) any fact or circumstance, or any occurrence or failure to occur of any event of which OWL has knowledge, which fact, circumstance, occurrence or failure causes or, with notice or the lapse of time, would cause any representation or warranty of OWL or the Major Stockholder set forth in this Agreement to be breached or untrue or inaccurate in any respect any time from the date of this Agreement to the Closing Date and (ii) any failure of OWL or the Major Stockholder to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by he, she or it under this Agreement.

(b)

The Parent shall give prompt written notice to OWL of (i) any fact or circumstance, or any occurrence or failure to occur of any event of which the Parent has knowledge, which fact, circumstance, occurrence or failure causes or, with notice or the lapse of time, would cause any representation or warranty of the Parent or Merger Sub set forth in this Agreement to be breached or untrue or inaccurate in any respect any time from the date of this Agreement to the Closing Date and (ii) any failure of the Parent or Merger Sub to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by the Parent or merger Sub under this Agreement.

6.9

Access to Records and Personnel. For a period of six (6) years after the Closing Date, the Stockholders’ Representative will have reasonable access to (including the right to make copies of) all Books and Records of OWL to the extent that such access may reasonably be required in connection with matters relating to (i) all matters as to which the Major Stockholder are required to provide indemnification under this Agreement, if any or (ii) the preparation of any Tax Returns required to be filed by OWL and its Subsidiaries with respect to any period, whether ending prior to, on or after the Closing. Such access will be afforded by the Parent upon receipt of reasonable advance notice and during normal business hours, provided such access does not unduly disrupt the normal business operations of the Parent or the Surviving Corporation. The Stockholders’ Representative will be solely responsible for any costs or expenses incurred by it pursuant to this Section 6.9. If the Parent wishes to dispose of any Books and Records prior to the expiration of the six-year period, the Parent shall, prior to such disposition, give the Stockholders’ Representative a reasonable opportunity, at the Stockholders’ Representative’s expense, to segregate and remove such Books and Records as the Stockholders’ Representative may select.

6.10

Tax Matters. The following provisions will govern the allocation of responsibility for certain Tax matters following the Closing Date:

(a)

The Parent shall prepare, or cause to be prepared, and file, or cause to be filed, by the original due date all Tax Returns for OWL for all periods ending prior to the Closing Date which are filed after the Closing Date. Except as otherwise required by applicable Laws, each of such Tax Returns must be prepared in a manner consistent with Tax Returns prepared and filed by OWL prior to the Closing Date. The Parent shall provide a copy of such Tax Returns to the Stockholders’ Representative for review a reasonable period of time prior to their filing.

(b)

The Parent shall prepare or cause to be prepared and file or cause to be filed any Tax Returns of OWL for Tax periods which begin before the Closing Date and end after the Closing Date. Except as otherwise required by applicable Law, such Tax Returns will be prepared in a manner consistent with Tax Returns prepared and filed by OWL prior to the Closing Date. The Parent shall provide a copy of such Tax Returns to the Stockholders’ Representative for review a reasonable period of time prior to their filing.

(c)

The Parent and the Stockholders’ Representative shall cooperate fully, as and to the extent reasonably requested by the other party, in connection with the filing of Tax Returns pursuant to this Section 6.10 and any Proceeding with respect to Taxes. Such cooperation will include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such Proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. The Parent and the Stockholders’ Representative agree, upon request, to use their reasonable best efforts to obtain any certificate or other document from any Governmental or Regulatory Authority as may be reasonably necessary to mitigate, reduce or eliminate any Tax that could be imposed (including with respect to the transactions contemplated hereunder).

6.11

Update of Schedules. From time to time prior to the Closing Date, OWL may provide updates of all Schedules attached hereto to reflect changes thereto, including changes to any representations and warranties set forth in Article 3., as to which no Schedules have been created as of the date hereof but as to which a Schedule would have been required to have been created on or before the date hereof if such changes had existed on the date hereof; provided, however, that OWL shall deliver such updated Schedules not less than two (2) Business Days prior to the Closing Date and shall provide any additional information with respect to such updated Schedules that the Parent may reasonably request within one (1) Business Day after such request. If any such updated Schedule represents a Material Adverse Change from such Schedule as attached to this Agreement on the date hereof, the Parent may terminate this Agreement in reliance on Section 10.1.

6.12

Further Assurances. Subject to the terms and conditions set forth in this Agreement, each of the parties hereto shall use its reasonable best efforts (subject to, and in accordance with, applicable Law) to take promptly, or cause to be taken, all actions, and to do promptly, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable under applicable Laws to consummate and make effective the Merger and the other transactions contemplated by this Agreement, including (i) the obtaining of all necessary actions or non-actions, waivers, consents and approvals from Governmental Authorities and the making of all necessary registrations and filings and the taking of all steps as may be necessary to obtain an approval or waiver from, or to avoid a Proceeding by, any Governmental Authority, (ii) the obtaining of all necessary consents, approvals or waivers from third parties, (iii) the defending of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation of the transactions contemplated by this Agreement and (iv) the execution and delivery of any additional instruments necessary to consummate the transactions contemplated by this Agreement.

6.13

No Negotiation. Until such time as this Agreement may be terminated pursuant to Section 10.1, the Major Stockholder shall not, and shall cause OWL not to, directly or indirectly, solicit, initiate, encourage or entertain any inquiries or proposals from, or discuss or negotiate with any Person other than the Parent or its Representatives relating to an acquisition or other disposition of OWL Common Stock or the assets, properties and rights of OWL (other than the sale of products in the ordinary course of business).

ARTICLE 7
CONDITIONS TO THE OBLIGATIONS OF PARENT AND MERGER SUB

The consummation of the Merger by the Parent and Merger Sub on the Closing Date is conditioned on satisfaction by OWL, or waiver by the Parent, at or prior to the Closing, of the following conditions:

7.1

Representations and Warranties. The representations and warranties of OWL and the Major Stockholder set forth in this Agreement shall be true and correct on and as of the Closing Date as though made on and as of the Closing Date (except for representations and warranties that are made as of a specific date, which shall be true and correct as of that date, except for changes contemplated by this Agreement), and OWL and the Major Stockholder shall have delivered to the Parent a certificate, dated the Closing Date, to such effect.

7.2

Agreements and Covenants. OWL and the Major Stockholder shall have performed or complied with all agreements and covenants required by this Agreement to be performed or complied in all material respects with by it on or prior to the Closing Date, and OWL and the Major Stockholder shall have delivered to the Parent a certificate, dated the Closing Date, to such effect.

7.3

Good Standing Certificate. OWL shall have delivered to the Parent (a) a certificate of existence and/or good standing for OWL and each Subsidiary (with tax clearance) from the Secretary of State of jurisdiction of organization, dated as of a date not earlier than the date of this Agreement and (b) a certificate of qualification, authority and/or good standing for OWL (with tax clearance) from the Secretary of State of each jurisdiction where OWL and/or each Subsidiary is qualified or authorized to do business as a foreign entity.

7.4

No Material Adverse Change. Since the Balance Sheet Date, there shall have been no Material Adverse Change with respect to the Business.

7.5

No Litigation. No Proceedings shall have been instituted or threatened before a court or other Governmental or Regulatory Authority to restrain or prohibit or materially delay any of the transactions contemplated hereby.

7.6

Consents and Approvals. All governmental and third-party consents, waivers and approvals, if any, or otherwise necessary to permit the consummation of the transactions contemplated by this Agreement shall have been received.

7.7

OWL Stockholder Approval. OWL shall have obtained the OWL Stockholder Approval.

7.8

Dissenting Shares. As of the Closing Date, OWL Stockholders holding no more than an aggregate of forty nine percent (49%) of the issued and outstanding OWL Common Stock shall have demanded appraisal rights under the NRS.

7.9

No Injunctions or Restraints or Litigation. No temporary restraining order, preliminary or permanent injunction or other order issued by any court of competent jurisdiction or other legal restraint or Law prohibiting the consummation of the Merger or the transactions contemplated hereby shall be in effect. There shall not have been instituted or, to the knowledge of any Party threatened any action or proceeding to restrict or prohibit the transactions contemplated by this Agreement and the Parties shall have received at the Closing a certificate to that effect from each other.

7.10

Statutes; Orders. No Law or Order of any kind shall have been enacted, entered, promulgated or enforced by any court or Governmental or Regulatory Authority which would prohibit or materially delay the consummation of the transactions contemplated by this Agreement or has the effect of making them illegal.

7.11

Proceedings. All proceedings to be taken in connection with the transactions contemplated by this Agreement and all documents incident thereto shall be reasonably satisfactory in form and substance to the Parent and its counsel, and the Parent shall have received copies of all such documents and other evidences as it or its counsel may reasonably request in order to establish the consummation of such transactions and the taking of all proceedings in connection therewith.

7.12

Satisfactory Due Diligence. The Parent and its Representatives shall have completed their environmental, tax, accounting, appraisal, legal and other due diligence review of OWL, and the Parent shall be satisfied in its sole discretion with the results of such due diligence review.

7.13

Resignation of Officers and Directors. Except with regard to those person who shall serve as the directors and officers of the Parent and Surviving Corporation, post Closing, all other existing directors and officers of OWL and each Subsidiary will have resigned from all of their respective positions as officers and/or members of Board of Directors of OWL and the Subsidiaries and as officers of OWL, effective as of the Closing Date.

7.14

Cancellation of Shares. The cancellation of shares as set forth in Section 5.3 shall have been completed to the satisfaction of Parent.

7.15

Certain Releases. Parent shall have received from Xxxxxxx Xxxxxxxx and Xxxxx Xxxxx, a general release of the Company, the Company Subsidiaries, as applicable, in form and content reasonably acceptable to the Parent.

7.16

Lock-Up Agreements. The Lock-up Agreements as set forth in Section 5.4 shall have been completed to the satisfaction of Parent.

7.17

Minute Book and Stock Records. OWL will have delivered to the Parent the original minute book and stock records of OWL and each Subsidiary.

7.18

Changes in Bank Account Signatures. The Parent shall have received written verification of changes of signatories on all bank accounts of OWL and each of OWL Subsidiaries

7.19

Resolutions. Parent shall have received certified copies of: (i) resolutions of OWL Board and the board of directors and members and managers of each of OWL Subsidiaries, as applicable, authorizing the transactions contemplated by this Agreement; (ii) the Articles of Incorporation and By-Laws of OWL and the organizational documents of OWL Subsidiaries; and (iii) an incumbency certificate setting forth the officers of OWL authorized to execute and deliver all closing agreements and documents.

7.20

[Reserved]

7.21

Articles of Merger. OWL shall have duly executed and filed the Articles of Merger.

7.22

Board Approval. Parent shall have obtained: (i) the approval of its Board of Directors to enter into this Agreement and to consummate the transactions contemplated herein.

7.23

Best Efforts to Satisfy Conditions. The parties will use their best efforts to promptly secure the satisfaction of the conditions to Closing.

7.24

Waiver of Conditions. OWL and the Major Shareholders on one hand, and the Parent on the other may, at their respective options, waive any conditions to their respective obligations to close.

ARTICLE 8
CONDITIONS TO OWL’S OBLIGATIONS

The consummation of the Merger by OWL on the Closing Date is conditioned upon satisfaction by the Parent and/or Merger Sub, or waiver by OWL, at or prior to the Closing, of the following conditions:

8.1

Representations and Warranties. Each of the representations and warranties of the Parent and Merger Sub set forth in this Agreement shall have been true and correct on and as of the Closing Date as though made on and as of the Closing Date (except for representations and warranties that are made as of a specific date, which shall be true and correct as of that date, except for changes contemplated by this Agreement), and the Parent shall have delivered to the Stockholders’ Representative a certificate of the Parent, dated the Closing Date, to such effect.

8.2

Agreements and Covenants. The Parent shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date, and the Parent shall have delivered to the Stockholders’ Representative a certificate of the Parent, dated the Closing Date, to such effect.

8.3

No Litigation. No Proceedings shall have been instituted or threatened against the Parent or Merger Sub before a court or other Governmental or Regulatory Authority to restrain or prohibit any of the transactions contemplated hereby.

8.4

8.5

Statutes; Orders. No Law or Order of any kind shall have been enacted, entered, promulgated or enforced by any court or Governmental or Regulatory Authority which prohibits the consummation of the transactions contemplated by this Agreement or has the effect of making them illegal.

8.6

Proceedings. All proceedings to be taken in connection with the transactions contemplated by this Agreement and all documents incident thereto shall be reasonably satisfactory in form and substance to OWL and its counsel, and OWL shall have received copies of all such documents and other evidences as he or his counsel may reasonably request in order to establish the consummation of such transactions and the taking of all proceedings in connection therewith.

ARTICLE 9

SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

9.1

Survival of Representations and Warranties. Survival of Covenants.

(a)

Except as set forth in subparagraph (b) below, the respective representations and warranties of the parties, and the related indemnification obligations of the parties pursuant to Section 9.2(a) or Section 9.3(a), as applicable, with respect to any inaccuracy or breach of any representation or warranty contained in contained in this Agreement will survive the Closing until the second anniversary of the Closing Date.

(b)

The representations and warranties, and the related indemnification obligations of the parties pursuant to Section 9.2(a) or Section 9.3(a), as applicable, with respect to any inaccuracy or breach of any representation or warranty contained in:

(i)

Section 3.1 (Existence and Good Standing), Section 3.2 (Board Action), Section 3.3 (Authority and Enforceability), Section 3.5 (Capitalization), Section 3.6 (Subsidiaries and Investments), Section 3.9(b) (Tangible Personal Property), Section 3.29 (Brokers’ or Finders’ Fees), Section 4.1 (Existence and Good Standing), Section 4.2 (Authority and Enforceability) and Section 4.4 (Brokers’ or Finders’ Fees) will survive the Closing indefinitely (collectively, the “Excluded Representations”);

(ii)

Section 3.15 (Taxes) and Section 3.23 (Employee Benefit Plans) will survive the Closing until sixty (60) days after the expiration of the applicable statute of limitations period (after giving effect to any waivers and extensions thereof); and

(iii)

Section 3.24 (Environmental Matters) will survive the Closing until the first anniversary of the Closing Date.

(c)

Except as otherwise specifically provided in this Agreement, all covenants, agreements and obligations in this Agreement will survive the Closing indefinitely.

9.2

Indemnification by Major Stockholder. Subject to the limitations set forth in Section 9.4, with regard to any claim pursuant to Section 9.2(a) the Major Stockholder(s) will jointly and severally indemnify and hold harmless the Parent, the Surviving Corporation, Merger Sub and their respective Affiliates, officers, directors, agents, employees, successors, representatives and assigns (each, a “Buyer Indemnified Party”) from and against any and all Damages asserted against, resulting to, imposed upon, or incurred or suffered by any Buyer Indemnified Party, directly or indirectly, as a result of or arising from any of the following (each, a “Seller Indemnifiable Claim”):

(a)

Any breach or inaccuracy of any representation or warranty by OWL or the Major Shareholder to Parent and Merger Sub contained in this Agreement, the Schedules or Exhibits attached hereto, or any agreements, documents or certificates delivered by any of the Major Shareholders pursuant to this Agreement, ignoring, for the purposes of determining the inaccuracy or breach thereof, any qualification as to materiality or Material Adverse Effect contained in such representation or warranty;

(b)

Any breach or violation of any covenant, obligation or agreement by any of the Major Shareholders or OWL contained in this Agreement, the Schedules or Exhibits attached hereto, or any agreements, documents or certificates delivered by any of the Major Shareholders pursuant to this Agreement

(c)

Any liability for Taxes, arising out of the operation of the business of the Company prior to the Closing Date;

(d)

Any brokerage or finder’s fees or commissions or similar payments based upon any agreement or understanding made, or alleged to have been made, by any person with any of the Shareholders (or any person acting on their behalf) in connection with the transactions contemplated by this Agreement;

(e)

Any actions, claims or suits by, or obligations to Bandcrashers, Xxxxx Xxxxxx or Xxxxx Xxxxxx Consulting, LLC;

9.3

Indemnification by the Parent. Subject to the limitations set forth in this Section 9.4, the Parent will indemnify and hold harmless OWL and each of the Major Stockholder and their respective Affiliates, officers, directors, agents, employees, successors, representatives and assigns (each, a “Seller Indemnified Party”), and will reimburse each Seller Indemnified Party, for any Damages asserted against, resulting to, imposed upon, or incurred or suffered by any Seller Indemnified Party, directly or indirectly, as a result of any of the following (each, a “Buyer Indemnifiable Claim”):

(a)

any inaccuracy in or breach of any of the representations or warranties made by the Parent or Merger Sub in this Agreement or any other Transaction Document; and

(b)

any breach or non-performance of any covenant, agreement or obligation to be performed by the Parent or Merger Sub pursuant to this Agreement or any other Transaction Document.

9.4

Limitation on Indemnification.

(a)

Dollar Limitations. Notwithstanding anything contained in Section 9.2(a) to the contrary, the Major Shareholders shall be required to indemnify and hold harmless the Parent Group under this Article IX with respect to claims for Losses arising under Section 9.2(a) only if the aggregate amount of such Losses suffered or incurred by the Buyer Indemnified Parties for all such matters exceeds Fifty Thousand Dollars ($50,000) but in the event that such amount is exceeded, the Buyer Indemnified Parties shall be entitled to indemnification with respect to all Losses incurred. Notwithstanding anything contained in Section 9.3(a) to the contrary, the Parent shall be required to indemnify and hold harmless the Major Shareholder(s) under this Article IX with respect to claims for Losses arising under Section 9.3(a) only if the aggregate amount of such Losses suffered or incurred by the Seller Indemnified Parties for all such matters exceeds Fifty Thousand Dollars ($250,000) but in the event that such amount is exceeded, the Buyer Indemnified Parties shall be entitled to indemnification with respect to all Losses incurred.

(b)

Cap on Indemnification. Notwithstanding anything contained in Article 9 to the contrary, a Major Shareholder shall not be required to indemnify and hold harmless a Buyer Indemnified Party under this Article 9 for any aggregate Losses in excess of the dollar amount that such Major Shareholder received as Merger Consideration. Notwithstanding anything contained in Article 9 to the contrary, Parent shall not be required to indemnify and hold harmless a Seller Indemnified Party under this Article 9 for any aggregate Losses in excess of One Million Dollars ($1,000,000).

(c)

Exception. Notwithstanding the provisions of this Section 9.4, neither time limitations set forth in Section 9.1, nor dollar thresholds and limitations set forth in Section 9.4(a), nor the cap set forth under Section 9.4(b) shall apply in the event of fraud, intentional misrepresentation or willful misconduct.

9.5

Exclusive Remedy. The indemnification provided for in this Article 9 shall be the sole and exclusive remedy of the parties (including all Indemnified Parties) after the Closing for any inaccuracy of any representation or breach of any warranty, covenant or agreement contained in this Agreement or any of the Transaction Documents; provided, however, that nothing in this Agreement shall limit in any way a Party’s remedies with respect to fraud by any other party in connection with this Agreement or the transactions contemplated hereby or thereby.

9.6

Procedure for Indemnification with Respect to Third-Party Claims. If the Indemnified Party determines to seek indemnification under this Article 9 resulting from the assertion of liability by any third party (including any Governmental Authority), it shall promptly deliver a certificate to the Indemnifying Party signed by the Indemnified Party (a “Third Party Claim Notice”) stating that Damages exist with respect to indemnification obligations of the Indemnifying Party set forth in this Article 9, and specifying in reasonable detail the individual items of such Damages included in the amount so stated, the date each such item was paid, accrued or alleged, and the nature of the misrepresentation, breach of warranty, covenant or claim to which such item is related. The failure to promptly notify the Indemnifying Party will not relieve the Indemnifying Party of any liability that it may have to any Indemnified Party, except to the extent that the Indemnifying Party demonstrates that the defense of such Third-Party Claim is prejudiced by the Indemnified Party’s failure to deliver such certificate as required above. If any such liability is asserted against the Indemnified Party and the Indemnified Party notifies the Indemnifying Party of such liability, the Indemnifying Party shall be entitled, if it so elects by written notice delivered to the Indemnified Party within thirty (30) days after receiving the Third Party Claim Notice, to assume the defense of such asserted liability with counsel reasonably satisfactory to the Indemnified Party, unless the Indemnifying Party fails to provide reasonable assurance to the Indemnified Party of its financial capacity to assume such defense. Notwithstanding the foregoing, the Indemnified Party shall have the right to employ its own counsel in any such case, but the reasonable fees and expenses of such counsel shall be payable by the Indemnified Party, provided, however, that the Indemnifying Party shall only be obligated to pay the reasonable fees and expenses of one counsel, regardless of the number of Indemnified Parties. With respect to any assertion of liability by a third party that results in an Indemnifiable Claim, the parties shall make available to each other all relevant information in their possession that is material to any such assertion and otherwise cooperate in the defense of the Indemnifiable Claim.

(a)

If the Indemnifying Party disputes its liability with respect to such claim, it shall, within twenty (20) days after receiving the Third Party Claim Notice with respect to such claim, give written notice of such dispute to the Indemnified Party, in which event the parties will endeavor in good faith to agree to resolve such dispute. If the parties are unable to resolve the claim within twenty (20) days after the Indemnifying Party delivers such notice, then each of the parties shall be entitled to pursue all available remedies to prosecute the alleged Indemnifiable Claim. Pending resolution of any such dispute, the Indemnified Party shall have the right to defend, compromise or settle such Indemnifiable Claim at the risk of the Indemnifying Party, but only to the extent that it is determined that the Indemnified Party is entitled to indemnification from the Indemnifying Party for such claim under this Article 9 and only if the Indemnifying Party has not assumed the defense of such claim pursuant to Section 9.6(a).

(b)

Notwithstanding anything in this Section 9.6 to the contrary: (i) if there is a reasonable probability that a claim may materially and adversely affect the Indemnified Party, including OWL after the Closing if the Parent or Merger Sub is the Indemnified Party, other than as a result of money damages or other money payments, then the Indemnified Party shall have the right, at the cost and expense of the Indemnifying Party, to defend, compromise or settle such Indemnifiable Claim, provided, however, that the Indemnifying Party will not be bound by any determination of any Third-Party Claim so defended for the purposes of this Agreement or a compromise or settlement effected without its written consent (which may not be unreasonably withheld or delayed); and (ii) the Indemnifying Party shall not, without the Indemnified Party’s prior written consent (which shall not be unreasonably withheld or delayed), settle or compromise any Indemnifiable Claim or consent to entry of any judgment in respect of any Indemnifiable Claim unless such settlement, compromise or consent (A) includes as an unconditional term the giving by the claimant or the plaintiff to the Indemnified Party (and its Affiliates including OWL after the Closing if Parent or Merger Sub is the Indemnified Party) a release from all liability in respect of such Indemnifiable Claim and (B) does not include a finding or admission by the Surviving Corporation or the Parent of any violation of Applicable Laws or any violation of the rights of any Person.

9.7

Procedure for Indemnification with Respect to Non-Third-Party Claims.

(a)

In the event that the Indemnified Party asserts the existence of an Indemnifiable Claim giving rise to Damages (but excluding Indemnifiable Claims resulting from the assertion of liability by third parties), it shall promptly deliver a certificate signed by the Indemnified Party to the Indemnifying Party stating that Damages exist with respect to indemnification obligations of the Indemnifying Party set forth in this Article 9, and specifying in reasonable detail the individual items of such Damages included in the amount so stated, the date each such item was paid, accrued or arose, and the nature of the misrepresentation, breach of warranty, covenant or claim to which such item is related (also a “Claim Notice”). If the Indemnifying Party, within twenty (20) days after receiving such Claim Notice, has not given written notice to the Indemnified Party announcing its intent to contest such assertion by the Indemnified Party, such assertion shall be deemed accepted and the amount of Indemnifiable Claim shall be deemed a valid Indemnifiable Claim.

(b)

If the Indemnifying Party contests the assertion of an Indemnifiable Claim under Section 9.7(a) by giving such written notice to the Indemnified Party within such 20-day period, then the parties shall endeavor in good faith to resolve the Indemnifiable Claim. If the parties are unable to resolve the Indemnifiable Claim within twenty (20) days after the Indemnifying Party delivers such notice, then each of the parties shall be entitled to pursue all available remedies to prosecute the Indemnifiable Claim.

9.8

Method of Indemnification by Major Shareholder.

(a)

In order provide a mechanism and fund for the payment of any Seller Indemnifiable Claim, the MDW and GRW 2000 Irrevocable Trust and the Xxxxx Xxxxx 2000 Irrevocable Trust (each an “Indemnifying Shareholder” and collectively the “Indemnifying Shareholders”, shall concurrently with the Closing each deliver one or more certificates representing an aggregate of 500,000 shares each for a total of 1,000,000 post-merger shares (the “Indemnity Shares”) of the Parent Common Stock, 500,000 shares of which shall be registered to the MDW and GRW 2000 Irrevocable Trust and 500,000 shares of which shall be registered to the Xxxxx Xxxxx 2000 Irrevocable Trust along with five (5) duly executed Irrevocable Stock Power executed in blank in favor of the Parent, with signatures Medallion Guaranteed.

(b)

In the event of a valid or settlement Seller Indemnifable Claim, the Parent shall have the right to cancel such number of the Indemnity Shares which value is equal to the amount of the Seller Indemnifiable Claim, and such cancellation shall be made equally from the shares held by each of the Indemnifying Shareholders. For the purpose of this Section the value of one (1) Indemnity Share shall be fifty percent (50%) of the average of the closing bid and closing ask of the Parent’s Common Stock, as report by the OTCBB, on the date that such Seller Indemnifiable Claim is determined to be valid or settled.

(c)

Provided that no claim has been made with the six (6) month period following the Closing, at the end of said six (6) month period 50% of each of the Indemnity shares shall be return to each of Indemnifying Shareholders. If there has been any claim due said period, or there is a pending Claim, then no such shares shall be released until all of such pending or threatened claims have been fully resolved.

(d)

Provided that no claim has been made with the twelve (12) month period following the Closing, at the end of said twelve (12) month period all, or any balance of the Indemnity shares shall be return to each of Indemnifying Shareholders. If there has been any claim due said period, or there is a pending Claim, then no such shares shall be released until all of such pending or threatened claims have been fully resolved.

ARTICLE 10
TERMINATION

10.1

Termination Events. This Agreement may, by notice given prior to or at the Closing, be terminated:

(a)

by the Parent if (i) the representations and warranties of OWL and the Major Stockholder contained in this Agreement shall not be true and correct, or (ii) OWL and/or the Major Stockholder shall have failed to perform any obligation or to comply with any agreement or covenant to be performed or complied with by he, she or it under this Agreement, in each case such that the conditions set forth in Sections 7.1 (Representations and Warranties) or Section 7.2 (Agreements and Covenants) would not be satisfied, provided, however, that (i), such untruth or incorrectness or such failure cannot be or has not been cured within ten (10) days after the giving of written notice thereof to the Stockholders’ Representative;

(b)

by OWL if (i) the representations and warranties of the Parent and Merger Sub contained in this Agreement shall not be true and correct, or (ii) the Parent or Merger Sub shall have failed to perform any obligation or to comply with any agreement or covenant to be performed or complied with by he, she or it under this Agreement, in each case such that the conditions set forth in Sections 8.1 (Representations and Warranties) or Section 8.2 (Agreements and Covenants) would not be satisfied, provided, however, that such untruth or incorrectness or failure cannot be or has not been cured within ten (10) days after the giving of written notice thereof to the Parent;

(c)

by the mutual consent of the Parent and OWL; or

(d)

by either the Parent if the Closing has not occurred (other than through the failure of the party seeking to terminate this Agreement to comply fully with its obligations under this Agreement) on or before June 30, 2011, or such later date as the parties may agree upon.

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, 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 the 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 all of its obligations under this Agreement, the terminating party’s right to pursue all legal remedies will survive such termination unimpaired. Notwithstanding the foregoing, if the Agreement is terminated pursuant to Section 10.1(d), termination shall be the sole and exclusive remedy and no party shall have any additional rights or remedies available to it.

ARTICLE 11
CLOSING

11.1

Parent’s Closing Deliveries.

The following items shall be delivered to the Shareholders at Closing:

(a)

Merger Consideration. The Director’s Resolution authorizing issuance and delivery of the Merger Consideration pursuant to Section 2.15(a).

(b)

Documents. The Articles of Merger required by Section 2.3.

11.2

OWL’s Closing Deliveries. The following items shall be delivered to Parent at Closing:

(a)

Documents, Certificates and Opinions. The Articles of Merger required by Section 2.3 and the Certificates required by Section 7.3.

(b)

Miscellaneous. All documents, agreements or certificates requested to be executed or delivered by the Shareholders, OWL or OWL Subsidiaries pursuant to this Agreement.

ARTICLE 12
MISCELLANEOUS

12.1

Expenses. Whether or not the transactions contemplated by this Agreement are consummated, the parties hereto shall pay all of their own expenses relating to the transactions contemplated by this Agreement, including the fees and expenses of their respective counsel and financial advisers.

12.2

Governing Law. The interpretation and construction of this Agreement, and all matters relating hereto, shall be governed by the laws of the State of Nevada applicable to agreements executed and to be performed solely within such State.

12.3

Consent to the Jurisdiction of the Courts of the State of Nevada

(a)

All Parties hereto hereby consents to the jurisdiction of all state and federal courts having jurisdiction in Xxxxx County, State of Nevada as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, for the purpose of any Proceeding arising out of, or in connection with, this Agreement or any of the related agreements or any of the transactions contemplated hereby or thereby, including any Proceeding relating to ancillary measures in aid of arbitration, provisional remedies and interim relief, or any Proceeding to enforce any arbitral decision or award. For purposes of this section, “Proceeding” includes any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened, or completed proceeding, whether brought by or in the right of any Party or otherwise and whether civil, criminal, administrative, or investigative, in a Party was, is, or will be involved as a party or otherwise.

(b)

Each Party covenants that it shall not challenge or set aside any decision, award, or judgment obtained in accordance with the provisions hereof.

(c)

Each of the Parties hereto hereby expressly waives any and all objections it may have to venue, including the inconvenience of such forum, in any of such courts. In addition, each of the Parties consents to the service of process by personal service or any manner in which notices may be delivered hereunder in accordance with Section 12.05.

12.4

Table of Contents; Captions. The table of contents and the Article and Section captions used herein are for reference purposes only, and shall not in any way affect the meaning or interpretation of this Agreement.

12.5

Notices. Any notice or other communication required or permitted under this Agreement shall be deemed to have been duly given (i) five (5) Business Days following deposit in the mails if sent by registered or certified mail, postage prepaid, (ii) when sent, if sent by facsimile transmission, if receipt thereof is confirmed by telephone, (iii) when delivered, if delivered personally to the intended recipient and (iv) two (2) Business Days following deposit with a nationally recognized overnight courier service, in each case addressed as set forth below, or such other address or number as shall be furnished in writing by any such party.

If to OWL, addressed to:

OUR WORLD LIVE, INC.

Attn: Xxxxxxx Xxxxxxxx

0000 Xxxxxxxxx Xxxxxx

Xxxxx 000

Xxxxxxxxx, Xxxxxx 00000

Facsimile: (000) 000-0000

If the Major Stockholder or Stockholders’ Representative, a notice

addressed, as follows:

Attn: Xxxxxxx Xxxxxxxx

0000 Xxxx Xxx Xxxxx Xxxxx

Xxx Xxxxx, Xxxxxx 00000

Facsimile: (000) 000-0000

with a copy to, counsel for OWL, addressed to:

Carrillo, Huettel, & Zouvas

Attn: Xxxx X. Xxxxxxx

0000 Xxxxx Xxxxxx, Xxxxx 000

Xxx Xxxxx, XX 00000

Facsimile: (000) 000-0000

If to the Parent or Merger Sub, addressed to:

MEDIA TECHNOLOGIES, INC.

Attn: Xxxxxx X. Xxxxxx

0000 Xxxxx Xxxxxxx Xxxxxx

Xxxxxxxxxx, Xxxx 00000

Facsimile: (000) 000-0000

with a copy to counsel for Parent and Merger Sub, addressed to:

Chachas Law Group P.C.

Attn: Xxxxxx X. Xxxxxxx

0000 Xxxxx Xxxxxx, Xxxxx 000

Xxx Xxxxx, XX 00000

Facsimile: (000) 000-0000

12.6

Assignment; Parties in Interest. This Agreement may not be transferred, assigned, pledged or hypothecated by any party hereto without the express written consent of the other party hereto, other than by operation of law; provided, however, that the Parent may assign its rights, interests and obligations hereunder to any direct or indirect wholly owned Subsidiary or to any Affiliate; provided, further, that if the Parent makes any assignment referred to above, the Parent shall remain liable under this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

12.7

Counterparts; Facsimile Signatures. This Agreement may be executed in two (2) or more counterparts, all of which taken together shall constitute one (1) instrument. The parties agree that this Agreement may be executed by facsimile transmission and that the reproduction of signatures by facsimile or similar device shall be treated as binding as if originals, and each party agrees and undertakes to provide the other party with a copy of the Agreement bearing original signatures forthwith upon demand by the other party.

12.8

Entire Agreement; Amendments. This Agreement, including the other documents referred to herein which form a part hereof, contains the entire understanding of the parties hereto with respect to the subject matter contained herein and therein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. This Agreement may not be changed, and any of the terms, covenants, representations, warranties and conditions cannot be waived, except pursuant to an instrument in writing signed by the Parent, Merger Sub, OWL, the Major Stockholder and the Stockholders’ Representative, or, in the case of a waiver, by the party waiving compliance.

12.9

Severability. If any term, provision, agreement, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to affect the original intent of the parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby may be consummated as originally contemplated to the fullest extent possible.

12.10

Independence of Covenants and Representations and Warranties. All covenants hereunder shall be given independent effect so that if a certain action or condition constitutes a default under a certain covenant, the fact that such action or condition is permitted by another covenant shall not affect the occurrence of such default, unless expressly permitted under an exception to such initial covenant. In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness or a breach of such initial representation or warranty.

12.11

Third-Party Beneficiaries. Each party hereto intends that this Agreement shall not benefit or create any right or cause of action in or on behalf of any Person other than the parties hereto.

12.12

No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

12.13

Waiver of Jury Trial. The Parent, Merger Sub, OWL, the Major Stockholder and the Stockholders’ Representative hereby waive, to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in respect of any litigation as between the parties directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby or disputes relating hereto. The Parent, Merger Sub, OWL, the Major Stockholder and the Stockholders’ Representative (i) certify that no representative, agent or attorney of the other party has represented, expressly or otherwise that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledge that it and the other party have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 12.13.

12.14

Stockholders’ Representative.

(a)

Effective upon the approval and adoption of this Agreement and the Merger by OWL Stockholders, OWL’s stockholders will be conclusively presumed to have appointed Xxxxxxx Xxxxxxxx, as agent and attorney-in-fact (the “Stockholders’ Representative”) for and on behalf of each OWL Stockholder, to (i) give and receive notices and communications in connection with this Agreement, and the Merger, (ii) receive payments from the Parent under this Agreement, (iii) execute and deliver all ancillary agreements, certificates and documents that the Stockholders’ Representative deems necessary or appropriate in connection with the consummation of the transactions contemplated by this Agreement, (iv) receive service of process in connection with any claims under this Agreement and (v) take all actions necessary or appropriate in the judgment of the Stockholders’ Representative for the accomplishment of any of the foregoing. All actions of the Stockholders’ Representatives shall be in writing signed by the above-named individuals, or their successors, acting in his, her or its capacity as Stockholders’ Representatives. Each OWL Stockholder shall be bound by all actions taken by the Stockholders’ Representatives consistent with this Section 12.14 in his, her, or its capacity as the Stockholders’ Representatives, and neither the Parent, Merger Sub nor the Surviving Corporation shall be liable to any of OWL Stockholders for any action taken or omitted to be taken by it in such reliance or for any action taken or omitted to be taken by the Stockholders’ Representative.

(b)

The appointment of the Stockholders’ Representative shall be deemed coupled with an interest and shall be irrevocable, and the Parent, Merger Sub, the Surviving Corporation and any other Person may conclusively and absolutely rely, without inquiry, upon any action of the Stockholders’ Representative in all matters referred to herein. The Stockholders’ Representative shall not be responsible to OWL Stockholders for any loss or damages OWL Stockholders may suffer by the performance by the Stockholders’ Representative of its duties under this Agreement, other than loss or damage arising from willful violation of the law by the Stockholders’ Representative of its duties under this Agreement.

(c)

If any OWL Stockholder should die or become incapacitated, if any trust or estate should terminate or if any other such event should occur, any action taken by the Stockholders’ Representative pursuant to this Section 12.14 shall be as valid as if such death or incapacity, termination or other event had not occurred, regardless of whether or not such OWL Stockholder, the Parent or the Surviving Corporation shall have received notice of such death, incapacity, termination or other event.

[Signature Page Follows]

IN WITNESS WHEREOF, each of the parties hereto has caused its corporate name to be hereunto subscribed by its officer thereunto duly authorized all as of the day and year first above written.

PARENT:

MEDIA TECHNOLOGIES, INC.

/s/ Xxxxxx X. Xxxxxx

_______________________________________

By: Xxxxxx X. Xxxxxx

Its: President

MERGER SUB:

OWL ACQUISITION INC.

/s/ Xxxxxx X. Xxxxxx

_______________________________________

By: Xxxxxx X. Xxxxxx

Its: President

OWL:

OUR WORLD LIVE, INC.

/s/ Xxxxxxx Xxxxxxxx

_______________________________________

By: Xxxxxxx Xxxxxxxx

Its: President and CEO

MAJOR STOCKHOLDER:

/s/ Xxxxxxx Xxxxxxxx

_______________________________________

The MDW and GRW 2000 Irrevocable Trust

By: Xxxxxxx Xxxxxxxx

Its: Trustee

STOCKHOLDERS’ REPRESENTATIVE:

/s/ Xxxxxxx Xxxxxxxx

_______________________________________

Xxxxxxx Xxxxxxxx

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AGREEMENT AND PLAN OF MERGER By and Among MEDIA TECHNOLOGIES, INC. OWL ACQUISITION INC., OUR WORLD LIVE, INC., and THE MAJOR STOCKHOLDER OF OUR WORLD LIVE, INC. AS SIGNATORIES HERETO Dated as of June 14, 2011

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