SHARE PURCHASE AGREEMENT
THIS SHARE
PURCHASE AGREEMENT
(the "Agreement") is effective as of the date this agreement is signed by
all parties.
BETWEEN
FULLEAD
OVERSEAS LIMITED
Palm Grove House, P.O. Box 438, Road
Town,
Tortola, British
Virgin Islands
(“Fullead”)
AND
000 Xxxxx Xxxxxx,
Xxxxx 0000
Xxxxxxx, Xxxxxxxxxx
00000
("PWRX")
WHEREAS:
A.
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Fullead
wishes to acquire a controlling interest of PWRX, a company quoted on the
OTCBB under the symbol PWRX.OB for total consideration of
US$65,000.
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THIS AGREEMENT WITNESSES THAT
in consideration of the premises and mutual covenants contained in this
Agreement and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties, intending to be legally bound
hereby, agree as follows:
1.
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PWRX
represents that currently there are 38,043,000 common shares issued and
outstanding and no other securities issued or
outstanding.
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2.
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Fullead shall
subscribe for a private placement of newly issued 32,500,000 common shares
of PWRX for a price of US$65,000.
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3.
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It shall be a
condition precedent to closing and this Agreement being effective
that:
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a)
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Fullead shall
deposit US$65,000 into PWRX’s lawyer’s trust account to be held until
closing; and
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b)
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30,800,000
common shares of PWRX shall be
cancelled.
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1
4.
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At
closing:
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a)
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all
outstanding liabilities (including but not limited to contingent
liabilities) of PWRX shall be extinguished (using $15,000 of this $65,000
private placement with $10,000 being transferred to repay a currently
outstanding shareholder loan);
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b)
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$50,000 of
this private placement shall be transferred to PWRX’s lawyer as an initial
payment for a $75,000 flat fee for all legal work related to the change of
control and any upcoming merger;
and
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c)
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the number of
members of the Board of Directors of PWRX shall be increased to 2, and
Xxxxxx Xxxxxx shall appoint as a director an individual designated by
Fullead, and then shall resign as an officer and director of
PWRX.
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5.
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No
amendment. This
Agreement may not be amended without the written consent of each party
hereto.
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6.
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Presumption. This
Agreement or any section thereof shall not be construed against any party
due to the fact that said Agreement or any section thereof was drafted by
said party.
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7.
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Titles and
Captions. All
article, section and paragraph titles or captions contained in this
Agreement are for convenience only and shall not be deemed part of the
context nor affect the interpretation of this
Offer.
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8.
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Further
Action. The parties
hereto shall execute and deliver all documents, provide all information
and take or forbear from all such action as may be necessary or
appropriate to achieve the purposes of this
Offer.
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9.
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Good Faith,
Cooperation and Due Diligence. The parties
hereto covenant, warrant and represent to each other good faith, complete
cooperation, due diligence and honesty in fact in the performance of all
obligations of the parties pursuant to this Offer. All promises
and covenants are mutual and
dependent.
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10.
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Savings
Clause. If any
provision of this Offer, or the application of such provision to any
person or circumstance, shall be held invalid, the remainder of this
Offer, or the application of such provision to persons or circumstances
other than those as to which it is held invalid, shall not be affected
thereby.
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11.
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Assignment. This
Agreement may not be assigned by either party hereto without the written
consent of the other, but shall be binding upon the successors of the
parties.
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12.
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Notices. All notices
required or permitted to be given under this Agreement shall be given in
writing and shall be delivered, either personally or by express delivery
service, to the party to be notified. Notice to each party
shall be deemed to have been duly given upon delivery, personally or by
courier, addressed to the attention of the officer at the address set
forth heretofore, or to such other officer or addresses or by such other
means as either party may designate, upon at least five days written
notice, to the other party.
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13.
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Entire
Offer. This
Agreement and the attached Exhibit A contain the entire understanding and
Agreement among the parties. There are no other Offers, conditions or
representations, oral or written, express or implied, with regard thereto.
This Agreement may be amended only in writing signed by all
parties.
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2
14.
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Waiver. A delay or
failure by any party to exercise a right under this Offer, or a partial or
single exercise of that right, shall not constitute a waiver of that or
any other right.
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15.
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Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same
Offer. In the event that the document is signed by one party
and faxed to another the parties agree that a faxed signature shall be
binding upon the parties to this Agreement as though the signature was an
original.
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16.
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Counsel. The parties
expressly acknowledge that each has been advised to seek separate counsel
for advice in this matter and has been given a reasonable opportunity to
do so.
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17.
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Termination. If
the funds contemplated by Section 2(a) of this Agreement are not deposited
into the PWRX’s counsel’s trust account by July 10, 2009 this Agreement
will automatically terminate.
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FULLEAD
OVERSEAS LIMITED
Per:
/s/
Xx Xxx
Authorized
Signatory
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Date: July 2,
2009
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Per:
/s/
Xxxxxx Xxxxxx
Xxxxxx
Xxxxxx, CEO
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Date: July 2,
2009
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3
EXHIBIT
A
SUBSCRIPTION
AGREEMENT
(THE
“AGREEMENT”)
The undersigned
subscriber (the “Subscriber”) hereby subscribes for and agrees to purchase
32,500,000 common shares (the “Shares”) of Protecwerx Inc. Inc. (the “Company”)
at US$0.002 per share
(the “Shares”) for aggregate proceeds of US$65,000 (the “Funds”), all on
the terms and subject to the conditions set forth in Schedule “A” attached
hereto.
EXECUTION
BY SUBSCRIBER
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G23999331
Tax ID or
social insurance number
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Fullead Overseas
Limited
Name of
Subscriber
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/s/
Xx
Xxx
Signature of
Individual Subscriber or Authorized
Signatory of Subscriber (if
Subscriber is not
an individual)
________________________________________
Number and
type of securities of the Company directly and
indirectly held by the Subscriber
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Palm Grove House, P.O. Box 438, Road
Town, Tortola, British
Virgin Islands
Address of
Subscriber
________________________________________
Xx
Xxx
Name of
Contact Person, if Subscriber not an individual
________________________________________
Telephone
Number of Subscriber or Contact Person
________________________________________
Facsimile
Number of Subscriber or Contact
Person
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Executed
by the Subscriber this 2nd day of July, 2009.
Please
complete the following section if you require the certificate(s) representing
the Shares to appear in the name of an intermediary, such as your broker, or
require the certificate(s) delivered to an address other than that shown
above.
REGISTRATION
INSTRUCTIONS
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DELIVERY
INSTRUCTIONS
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_____________________________________
Name to
appear on certificate(s)
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___________________________________
Name and
account reference, if applicable
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_____________________________________
Account
reference, if applicable
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___________________________________
Contact
Person
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_____________________________________
Address of
Intermediary
_____________________________________
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___________________________________
Address for
Delivery
___________________________________
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ACCEPTED by the
Company this 7th day
of July, 2009.
Per: /s/
Xxxxxx Xxxxxx
President
4
Schedule
“A”
In consideration of
the covenants and agreements herein, and the payment of one dollar made by each
party to the other, the receipt and sufficiency of which is acknowledged by each
party, the parties agree as follows:
Delivery of Documents and
Funds
The Subscriber
hereby delivers to the Company:
1.
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a completed
and executed copy of this Agreement;
and
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2.
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a certified
check or bank draft for the Funds made payable to counsel for Protecwerx
Inc., or confirmation of wire transfer delivered in trust for the benefit
of Protecwerx Inc.
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Closing
The closing of the
transactions contemplated by this Agreement (the “Closing”) will take place as
subscriptions are received by the Company.
At Closing, the
Company will deliver to the Subscriber the certificates representing the Shares
purchased by the Subscriber registered in the name of the Subscriber or as
directed on the cover page of this Agreement.
Subscriber’s Representations,
Warranties, Covenants, Acknowledgements and Agreements
1.
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The
Subscriber represents and warrants to the Company, and acknowledges that
the Company is relying on these representations and warranties to, among
other things, ensure that it is complying with all of the applicable
securities legislation, that:
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(a)
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the
Subscriber is purchasing as principal and is either
:
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(i)
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not a U.S.
person and is not acquiring the Shares for the account or benefit of any
U.S. person; OR
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(ii)
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a U.S. person
who is purchasing the Shares in a transaction that does not require
registration under the U.S. Securities
Act.
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(b)
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if the
Subscriber is a resident of an “International Jurisdiction” (which means a
jurisdiction other than the U. S.),
then:
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(i)
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the
Subscriber is knowledgeable of, or has been independently advised as to,
the applicable securities legislation of the International Jurisdiction
which would apply to this subscription, if there are
any;
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(ii)
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the
Subscriber is purchasing the Shares pursuant to exemptions under the
securities legislation of that International Jurisdiction or, if such is
not applicable, the Subscriber is permitted to purchase the Shares under
the applicable securities legislation of the International Jurisdiction
without the need to rely on exemptions;
and
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(iii)
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the
applicable securities legislation does not require the Company to make any
filings or seek any approvals of any kind whatsoever from any regulatory
authority of any kind whatsoever in the International Jurisdiction; and
the
Subscriber will, if requested by the Company, deliver to the Company a
certificate or opinion of local counsel from the International
Jurisdiction which will confirm the matters referred to in subparagraphs
(ii) and (iii) above to the satisfaction of the Company, acting
reasonably;
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5
(c)
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if the
Subscriber is a U.S. Person (as defined under Regulation S promulgated
under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), which definition includes an individual resident in the
United States and an estate or trust of which any executor or
administrator or trustee, respectively, is a U.S. Person),
then:
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(i)
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the
Subscriber understands that the Shares have not been and will not be
registered under the U.S. Securities Act or any applicable state
securities laws, and that the sale contemplated hereby is being made in
reliance on an exemption from registration pursuant to Section 4(6) of the
U.S. Securities Act to accredited investors (as that term is defined in
Rule 501(a) of Regulation D under the U.S. Securities Act, (an “Accredited
Investor”)); AND
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(ii)
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the
Subscriber agrees that if it decides to offer, sell or otherwise transfer
any of the Shares, it will not offer, sell or otherwise transfer any of
such Shares directly or indirectly,
unless:
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(A)
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the Company’s
securities are publicly traded on a national securities exchange, the
Nasdaq Stock Market or the OTC Bulletin Board;
or
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(B)
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the Company
consents, in its sole discretion, in writing to such transfer and the
transfer is made outside the United States in a transaction meeting the
requirements of Rule 904 of Regulation S under the U.S. Securities Act
(“Regulation S”) (or such successor rule or regulation then in effect), if
applicable, and in compliance with
applicable state securities laws and it has prior to such sale
furnished to the Company an opinion
of counsel, in a form reasonably satisfactory to the Company regarding
compliance with Rule 904 and any applicable state securities laws;
or the transfer is made pursuant to an exemption from the registration
requirements under the U.S. Securities Act provided by Rule 144A or 144
thereunder, if available, and in accordance with any applicable state
securities laws and it has prior to such
sale furnished to the Company an opinion of counsel, in a form reasonably
satisfactory to the Company regarding
compliance with Rule 144A or 144, as applicable, and any applicable state
securities laws; AND
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(iii)
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the
Subscriber understands and acknowledges that upon the issuance thereof,
and until such time as the same is no longer required under applicable
requirements of the U.S. Securities Act or applicable state securities
laws, the certificates representing the Shares shall bear, the following
legends:
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If
the Subscriber is not a U.S. resident:
“THE SECURITIES
REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO
IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).
NONE OF THE
SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY
U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR
SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO
U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE
1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT.”
If the Subscriber
is a U.S. resident:
“NONE OF THE
SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY U.S. STATE
SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY
OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT,
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT.”
and if the Shares are
being sold outside of the United States in accordance with Rule 904 of
Regulation S, the legend Regulations S legend may be removed by providing a
declaration to the Company’s registrar and transfer agent in such form as the
Company may prescribe, including an opinion of counsel that such sale complies
with the requirements of the U.S. Securities Act;
6
(d)
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the
Subscriber acknowledges that:
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(i)
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no securities
commission or similar regulatory authority has reviewed or passed on the
merits of the Shares;
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(ii)
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there is no
government or other insurance covering the Shares;
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(iii)
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there are
risks associated with the purchase of the Shares;
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(iv)
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there are
restrictions on the Subscriber’s ability to resell the Shares and it is the responsibility of the
Subscriber to find out what those restrictions are and to comply with them
before selling the Shares;
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(v)
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the
Subscriber is restricted from using certain of the civil remedies
available under the applicable securities
legislation;
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(vi)
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the
Subscriber may not receive information that might otherwise be required to
be provided to the Subscriber under the applicable securities legislation
if the exemptions were not being
used;
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(vii)
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the Company
is relieved from certain obligations that would otherwise apply under the
applicable securities legislation if the exemptions were not being used;
and
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(e)
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the Subscriber is subscribing for the Shares as
principal for its own account and not for the benefit of any other person (within
the meaning of applicable securities laws) and not with a view to resale
or distribution of all or any of the Shares or, if it is not subscribing
as principal, it acknowledges that the Company may be required by law to
disclose to certain regulatory authorities the identity of each beneficial
Subscriber for the Shares for whom it is
acting;
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(f)
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the Shares are subject to a number of resale
restrictions, including a restriction on trading. Until the
restriction on trading expires, the
Subscriber will not be able to trade the Shares unless the Shares are
registered or the Subscriber complies with an exemption from the
prospectus requirements;
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(g)
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the offer and
sale of these Shares was not accomplished by an advertisement or other
general solicitation (and the Subscriber has not attended any seminar or
meeting whose attendees have been invited by general solicitation or
general advertisement) and the Subscriber was not induced to purchase the
Shares as a result of any advertisement or general solicitation made
by the Company; and
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(h)
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if the
Subscriber is a corporation, the Subscriber is a valid and subsisting
corporation and was not organized for the purpose of acquiring the Shares,
has the necessary corporate capacity and authority to execute and deliver
this Agreement and to observe and perform its covenants and obligations
hereunder and has taken all necessary corporate action in respect thereof,
or, if the Subscriber is an individual, a partnership, syndicate, trust or
other form of unincorporated organization, the Subscriber has the
necessary legal capacity and authority to execute and deliver this
Agreement and to observe and perform its covenants and obligations
hereunder and has obtained all necessary approvals in respect thereof,
and, in either case, upon the Company executing and delivering this
Agreement, this Agreement will constitute a legal, valid and binding
contract of the Subscriber enforceable against the Subscriber in
accordance with its terms and neither the agreement resulting from such
acceptance nor the completion of the transactions contemplated hereby
conflicts with, or will conflict with, or results, or will result, in a
breach or violation of any law applicable to the Subscriber, any
constating documents of the Subscriber or any agreement to which the
Subscriber is a party or by which the Subscriber is bound;
and
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7
2.
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this
subscription is given for valuable consideration and may not be withdrawn
or revoked by the Subscriber;
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3.
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the Company
may for any reason, at any time before acceptance of this Agreement,
terminate the offering of Shares and, upon termination, the Company will
return the Funds to the Subscriber without interest or
deduction;
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4.
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the Shares
will be subject to the following resale or transfer
restrictions:
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(a)
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the
Subscriber will not be able to resell, assign or otherwise dispose of the
Shares unless they are subsequently distributed under a prospectus,
registration statement or in compliance with all applicable resale
restrictions;
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(b)
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the Company
may be required to legend the certificates representing the Shares
regarding these and any other restrictions on resale;
and
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5.
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the
Subscriber will not resell, assign or otherwise dispose of the Shares
other than in accordance with all applicable securities legislation and
the requirements of any exchange or over-the-counter market upon which any
securities of the Company are then
listed;
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6.
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the
Subscriber’s investment in the Shares is speculative and involves a high
degree of risk, substantial financing for the Company may be required in
the future, and there is no assurance that any such additional financing
can be obtained;
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7.
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the
Subscriber is able to bear the economic risks of an investment in the
Shares, including, without limiting the generality of the foregoing, the
risk of losing part or all of the Funds, and the inability to sell,
convert, exchange or transfer the Shares at a price which would enable the
Subscriber to recoup his, her or its investment in the
Shares;
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8.
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other than any persons to whom the
Company has agreed to pay a brokerage
or finder’s fee, there is no person acting or purporting to
act in connection with the transactions contemplated herein who is
entitled to any brokerage or finder’s
fee. If any person establishes a claim that any fee or
other compensation is payable in connection with this
subscription for the Shares, the Subscriber covenants to indemnify and
hold harmless the Company with respect thereto and with respect to all
costs reasonably incurred in the defence
thereof;
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9.
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the Subscriber, and each beneficial person for whom it is
contracting hereunder, have been advised to consult their own legal
advisors with respect to trading in the Shares and with respect to the
resale restrictions imposed by the securities laws of the state in
which the Subscriber resides, the U.S. Securities Act
and the rules and regulations thereunder, and any other applicable
securities laws, and acknowledges that no representation has been made
respecting the applicable hold periods or other resale restrictions
applicable to such securities which restrict the
ability of the Subscriber (or others for whom it is contracting hereunder)
to resell such securities, that the Subscriber (or others for whom it is
contracting hereunder) is solely responsible to find out what these
restrictions are and the Subscriber is solely responsible (and the Company
is not in any way responsible) for compliance with applicable resale
restrictions and the Subscriber is aware that it (or beneficial persons
for whom it is contracting hereunder) may not
be able to resell such securities except in accordance with limited
exemptions under the securities laws (including the U.S. Securities Act)
and other applicable securities
laws;
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10.
|
the
Subscriber will execute, deliver, file and otherwise assist the Company in
filing, any report, undertaking or document with respect to the purchase,
sale, conversion or exchange of the Shares as required by counsel for the
Company;
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8
11.
|
the
Subscriber hereby authorizes the Company to correct any minor errors in,
or complete any minor information missing from, any document which has
been executed by the Subscriber and delivered to the Company with respect
to this Subscription;
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12.
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if, for any
reason, the offering of Shares is terminated or the Subscriber’s
subscription is rejected, the Subscriber will have no claims against the
Company, its directors and officers, shareholders, agents, advisors, and
affiliates and shall have no interest in the Company or in any property or
assets of the Company;
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13.
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Subscriber acknowledges that there are risks associated with the purchase of and
investment in the Shares and the Subscriber, and each beneficial person
for whom it is contracting hereunder, is knowledgeable, sophisticated and
experienced in business and financial matters and is capable of
evaluating the merits and risks of an investment in the Shares, fully
understands the restrictions on resale of the Shares and is able to bear
the economic risk of an investment in the
Shares;
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14.
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the
Subscriber is familiar with the aims and objectives of the Company and the
proposed use of the proceeds received by the Company from the sale of the
Shares and is aware of the risk and
other characteristics of an investment in the
Shares;
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15.
|
in evaluating
the merits and risks of an investment in the Shares, the Subscriber has
relied solely upon the advice of his, her or its legal, tax and investment
advisors and not any oral or written statement made by, or on behalf of,
the Company or its advisors;
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16.
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THE
SUBSCRIBER IS RESPONSIBLE FOR OBTAINING HIS, HER OR ITS OWN LEGAL,
INVESTMENT AND TAX ADVICE;
|
17.
|
the Company
may pay a commission or fee in respect of the sale of the
Shares;
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18.
|
the
Subscriber and each beneficial person for whom it is acting is a resident
in the jurisdiction set out on the face page of this
Agreement. Such address was not created and is not used solely
for the purpose of acquiring the Shares and the Subscriber and any beneficial
person was solicited to purchase in such jurisdiction and is acquiring the
Shares for its own account or
for the account of another Accredited Investor (as defined in Rule 501(a) of Regulation D under
the U.S. Securities Act) over which the Subscriber exercises sole
investment discretion, and as to which the Subscriber has the authority to
make the statements set forth in this Agreement, in each case not with a
view to, or for offer or sale in connection with, any resale, distribution
or other disposition of the Shares in any transaction that would be in
violation of the U.S. Securities Act or applicable state securities laws;
and
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19.
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The
Subscriber, if an individual, is at least 18 years of age. If
Subscriber is an association or entity, each individual member of the
association or entity is at least 18 years of age. If
Subscriber is acquiring the Shares for the account of another person, such
person, if an individual is at least 18 years of age, or if such person is
an association or entity, each individual member of the association or
entity is over 18 years of age.
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9
Reliance Upon
Representations, Warranties, Covenants, Acknowledgements and
Agreements
The Subscriber
acknowledges that the representations, warranties, covenants, acknowledgements
and agreements contained in this Agreement are made with the intent that they
may be relied upon by the Company, and the Subscriber hereby agrees to indemnify
the Company, its officers, directors, employees
and agents against all losses, claims, costs, expenses and damages or
liabilities which they may suffer or incur
caused or arising from their reliance
thereon. The Subscriber covenants that the foregoing representations,
warranties, covenants, acknowledgements and agreements will be true at the time of execution of this Agreement and at
the date of issuance of the Shares and agrees that they shall survive the
purchase by the Subscriber of the Shares.
Representations and
Warranties of the Company
The Company
represents and warrants that:
(a)
|
the Company
is a valid and subsisting corporation duly incorporated and in good
standing under the laws of the jurisdiction in which it is
incorporated;
|
(b)
|
the Company
is duly registered and licensed to carry on business in the jurisdictions
in which it carries on business or owns property where required under the
laws of those jurisdictions;
|
(c)
|
the Company
will reserve or set aside sufficient shares in its treasury to issue the
Shares and any shares of common stock resulting from exercising the
Warrants;
|
(d)
|
the issue and
sale of the Shares by the Company does not and will not conflict with, and
does not and will not result in a breach of, any of the terms of the
Company’s incorporating documents or any agreement or instrument to which
the Company is a party; and
|
(e)
|
this
Agreement has been or will be by the Closing, duly authorized by all
necessary corporate action on the part of the Company, and the Company has
full corporate power and authority to undertake the
offering.
|
3
|
Indemnity
|
The Subscriber
agrees to indemnify and hold harmless the Company and its directors, officers,
employees, agents, advisers and shareholders from and against any and all loss,
liability, claim, damage and expense whatsoever including, but not limited to,
any and all fees, costs and expenses whatsoever reasonably incurred in
investigating, preparing or defending against any litigation, administrative
proceeding or investigation commenced or threatened or any claim whatsoever
arising out of or based upon any representation or warranty of the Subscriber
contained herein or in any document furnished by the Subscriber to the Company
in connection herewith being untrue in any material respect or any breach
or failure by the Subscriber to comply with any covenant or agreement made
by the Subscriber herein or in any document furnished by the Subscriber to the
Company in connection herewith.
Costs
The Subscriber
acknowledges and agrees that all costs and expenses incurred by the Subscriber,
including any fees and disbursements of any advisor retained by the Subscriber
relating to the purchase of the Shares, shall be borne by the
Subscriber.
Survival
The
representations, warranties, covenants, acknowledgements and agreements
contained in this Agreement shall survive the Closing and will continue in full
force and effect and be binding upon the Subscriber notwithstanding any
subsequent disposition by the Subscriber of the Shares.
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Enurement
This Agreement will
enure to the benefit of and be binding upon the Subscriber and the Company and
their respective heirs, administrators, representatives, successors and
permitted assigns.
Assignment
This Agreement is
not transferable or assignable.
Amendment
This Agreement may
only be amended with the written consent of the Subscriber and the
Company.
Counterparts
This Agreement may
be executed in as many counterparts as may be necessary and by facsimile, each
of such counterparts so executed will be deemed to be an original and such
counterparts together will constitute one and the same instrument.
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