STOCK PURCHASE AGREEMENT by and among GETTING YOU THERE, LLC a New Jersey limited liability company, as Selling Shareholder, and Broad Street Ventures, LLC, a Colorado corporation as Purchaser Dated as of July 7, 2008
by
and among
GETTING
YOU THERE, LLC
a
New Jersey limited liability company,
as
Selling Shareholder,
and
Broad
Street Ventures, LLC,
a
Colorado corporation
as
Purchaser
Dated
as of July 7, 2008
|
Section
|
1.
|
Defined
Terms
|
2
|
1.1
|
Definitions
|
2
|
|
|
|
|
|
Section
|
2.
|
Sale
and Purchase of Stock
|
6
|
2.1
|
Purchase
of Stock
|
6
|
|
2.2
|
Purchase
Price
|
7
|
|
2.3
|
Transfer
Taxes
|
7
|
|
|
|
|
|
Section
|
3.
|
Closing
|
7
|
3.1
|
Date
of Time of Closing
|
7
|
|
3.2
|
Actions
to be Taken by the Selling Shareholder at the Closing
|
7
|
|
3.3
|
Actions
to be Taken by the Purchasers at the Closing
|
7
|
|
|
|
|
|
Section
|
4.
|
Representations
and Warranties of Selling Shareholder
|
8
|
4.1
|
Existence,
Corporate Power and Authorization of Selling Shareholder
|
8
|
|
4.2
|
Title
to Purchased Stock
|
8
|
|
4.3
|
No
Conflicts
|
8
|
|
4.4
|
Consents
|
9
|
|
4.5
|
Proceedings
|
9
|
|
4.6
|
Brokers
|
9
|
|
4.7
|
Representations
and Warranties
|
9
|
|
|
|
|
|
Section
|
5.
|
Representations
and Warranties of the Purchasers
|
9
|
5.1
|
Existence,
Corporate Power and Authorization of Selling Shareholder
|
9
|
|
5.2
|
Acquisition
for Investment
|
10
|
|
5.3
|
Acquisition
for Investment
|
10
|
|
|
|
|
|
Section
|
6.
|
Covenants
|
10
|
6.1
|
Further
Assurances
|
10
|
|
6.2
|
Access
to Records After Closing
|
10
|
|
6.3
|
Tax
Matters
|
10
|
|
|
|
|
|
Section
|
7.
|
Miscellaneous
Provisions
|
11
|
7.1
|
Expenses
|
11
|
|
7.2
|
Governing
Law
|
11
|
|
7.3
|
Venue,
Jurisdiction and Forum
|
11
|
|
7.4
|
Notices
|
11
|
|
7.5
|
Table
of Contents and Headings
|
12
|
|
7.6
|
Benefit
of Parties; Assignment
|
12
|
|
7.7
|
Representation
by Counsel
|
12
|
|
7.8
|
Severability
|
13
|
|
7.9
|
Entire
Agreement
|
13
|
|
7.10
|
Waiver
|
13
|
|
7.11
|
Amendments
|
13
|
|
7.12
|
Counterparts
and Facsimiles
|
13
|
|
7.13
|
Waiver
of Jury Trial
|
13
|
|
7.14
|
Remedies
Cumulative; Specific Performance
|
13
|
|
7.15
|
Interpretation
of Agreement
|
14
|
i
THIS
STOCK PURCHASE AGREEMENT (this “Agreement”)
is
entered into as of July 7, 2008(the “Closing
Date”),
by
and between Broad Street Ventures, LLC, a Colorado corporation (the
“Purchaser”),
and
Getting You There, LLC, a New Jersey limited liability company, as selling
shareholder (the “Selling
Shareholder”).
RECITALS
A. The
Selling Shareholder owns 100,000 shares of common stock, par value $0.0001
per
share (the “Common
Stock”),
of
Grace 2, Inc., a Delaware corporation (the “Company”),
which
represents all of the issued and outstanding shares of capital stock of the
Company.
B. The
Selling Shareholder wishes to sell 96,000 shares of common stock (the
“Purchased
Stock”).
C. The
Purchaser wishes to acquire the Purchased Stock from the Selling Shareholder
on
the terms set forth in this Agreement.
D. The
Purchased Stock represents 96% of the equity interests of the Company on a
fully-diluted basis.
AGREEMENT
In
consideration of the covenants and agreements contained herein and the other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Purchaser, and the Selling Shareholder agree as
follows:
Section
1. Defined
Terms.
1.1 Definitions.
For purposes of this Agreement, the following terms have the meanings ascribed
to them in this Section 1.1:
“Business
Day”
means
any day other than a Saturday, Sunday or a day in which banks in New York,
New
York are not open for business.
“Code”
means
the Internal Revenue Code of 1986, as amended.
“Common
Stock”
shall
have the meaning set forth in the recitals.
“Contemplated
Transactions”
means
the transactions contemplated by this Agreement.
“Contract”
means
any written, oral, implied or other agreement, contract, understanding,
arrangement, instrument, note, guaranty, indemnity, representation, warranty,
deed, assignment, power of attorney, certificate, purchase order, work order,
insurance policy, lease, commitment, covenant, assurance or undertaking of
any
nature.
2
“Damages”
means
any loss, damage (including consequential damages, indirect damages, punitive
damages and special damages), injury, decline in value, lost opportunity,
Liability, claim, demand, settlement, judgment, award, fire, penalty, Tax,
fee
(including any legal fee, expert fee, accounting fee or advisory fee), charge,
cost (including any cost of investigation or expense of any
nature).
“Encumbrance”
means
any lien, pledge, hypothecation, charge, mortgage, security interest,
encumbrance, equity, trust, equitable interest, claim, preference, right of
possession, lease, tenancy, license, encroachment, covenant, infringement,
interference, Order, proxy, option, right of first refusal, preemptive right,
community property interest, legend, defect, impediment, exception, reservation,
limitation, impairment, imperfection of title, condition or restriction of
any
nature (including any restriction on the voting of any security, any restriction
on the transfer of any security or other asset, any restriction on the receipt
of any income derived from any asset, any restriction on the use of any asset
and any restriction on the possession, exercise or transfer of any other
attribute of ownership of any asset).
“Entity”
means
any corporation (including any non-profit corporation), general partnership,
limited partnership, limited liability partnership, joint venture, estate,
trust, cooperative, foundation, society, political party, union, company
(including any limited liability company or joint stock company), firm or other
enterprise, association, organization or entity.
“Exchange
Act”
means
the Securities Exchange Act of 1934, as amended and the rules and regulations
promulgated thereunder.
“Financial
Statements”
mean
(i) the audited balance sheet of the Company dated May 31, 2007 and the related
audited statement of operations, stockholders’ equity and cash flows of the
Company for the period from October 27, 2005 (inception) to February 29, 2008,
including the notes thereto.
“GAAP”
means
United States generally accepted accounting principles in effect as of the
Closing Date, consistently applied.
“Governmental
Body”
means
any nation, principality, state, commonwealth, province, territory, county,
municipality, district or other jurisdiction of any nature; any federal, state,
local, municipal, foreign or other government; any governmental or
quasi-governmental authority of any nature (including any governmental division,
subdivision, department, agency, bureau, branch, office, commission, council,
board, instrumentality, officer, official, representative, organization, unit,
body or Entity and any court or other tribunal); any multi-national organization
or body; or and individual, Entity or body exercising, or entitled to exercise,
any executive, legislative, judicial, administrative, regulatory, police,
military or taxing authority or power of any nature.
“Income
Tax”
means
any federal, state or local Tax determined with respect to the net income
(taking into account capital gains) of the taxpayer.
3
“Indebtedness”
of
any
Persons means, without duplication, (a) all indebtedness of such Person for
borrowed money or for the deferred purchase price of property or services (other
than trade payables incurred in the ordinary course of business of such Person
which are not more than 30 days past due), (b) all indebtedness of such Person
evidenced by a note, bond, debenture or similar instrument, (c) the principal
amount of all obligations under or in respect of capitalized leases, (d) the
then drawable stated amount of all letters of credit issued for the account
of
such Person and, without duplication, all unreimbursed amounts drawn thereunder,
(e) all contingent obligations of such Person to the extent constituting a
Liability under GAAP, (f) all payment obligations of such Person under any
interest rate protection agreements and similar agreements to the extent
constituting a Liability under GAAP, and (g) guaranties of any of the
foregoing.
“Intellectual
Property”
means
any intellectual or industrial property and other proprietary rights that may
exist or be created under the laws of any jurisdiction throughout the world,
and
any applications for registration and registrations of the foregoing property
and the foregoing rights (whether pending, existing, abandoned or expired),
including, without limitation:
(a) all
registered or unregistered trademarks, service marks, trade names and general
intangibles of a similar nature (including corporate names, logos, trade dress,
slogans, and product names), and the goodwill associated therewith, and all
rights in Internet web sites, Internet domain names, uniform resource locators,
and keywords and purchased search terms;
(b) all
patents and patent applications (including originals, divisions, continuations,
continuations-in-part, re-examinations, extensions or reissues thereof), and
all
inventions and discoveries that may be patentable;
(c) all
registered and unregistered copyrights in both published and unpublished works
and all sui
generis
rights in data and databases, and all moral rights therein; and
(d) all
information that derives economic value from not being generally known to other
Persons, and any other information that is proprietary or confidential to the
Company or its subsidiaries, including, without limitation, know-how, ideas,
processes, documentation, information, data, customer lists, software (in both
object code and source code form), data, process technology, plans, drawings,
designs, and specifications (collectively, “Proprietary
Information”).
“Legal
Requirement”
means
any federal, state, local, municipal, foreign or other law, statute,
legislation, constitution, principle of common law, resolution, ordinance,
code,
edict, decree, proclamation, treaty, convention, rule, regulation, ruling,
directive, pronouncement, requirement, specification, determination, decision,
opinion or interpretation that is, has been or may in the future be issued,
enacted, adopted, passed, approved, promulgated, made, implemented or otherwise
put into effect by or under the authority of any Governmental Body.
4
“Liability”
means,
with respect to any Person, any liability or obligation of such Person of any
kind, character or description, whether known or unknown, absolute or
contingent, accrued or unaccrued, disputed or undisputed, liquidated or
unliquidated, secured or unsecured, joint or several, whether or not the same
is
required to be accrued on the financial statements of such Person.
“Material
Adverse Change”
means
any event, change, development or occurrence that, either individually or in
the
aggregate with all other such events, changes, developments or occurrences,
has
a material adverse effect on the condition (financial or otherwise), operations,
business, properties, liabilities or assets of the Company, other than any
event, change, development or occurrence relating to (a) the economy or
financial markets in general, (b) a declaration of war or acts of terrorism,
(c)
changes in general in the industries in which the Company operates or (d)
changes in applicable law or GAAP.
“Order”
means
any order, judgment, injunction, edict, decree, ruling, pronouncement,
determination, decision, opinion, verdict, sentence, subpoena, writ or award
that is, has been or may in the future be issued, made, entered, rendered or
otherwise put into effect by or under the authority of any court, administrative
agency or other Governmental Body or any arbitrator or arbitration panel; or
any
Contract with any Governmental Body that is, has been or may in the future
be
entered into in connection with any Proceeding.
“Organizational
Documents”
means
(i) the articles of incorporation (or certificate of incorporation) of a
corporation or the articles of formation (or certificate of formation) of a
limited liability company, (ii) the bylaws of a corporation or the operating
agreement of a limited liability company, (iii) resolutions adopted by a
corporation’s board of directors or shareholders or by a limited liability
company’s members or managers, and (iv) all amendments, restatements and
modifications to the foregoing.
“Permit”
means
any: (a) permit, license, certificate, franchise, concession, ratification,
permission, clearance, confirmation, endorsement, waiver, certification,
designation, rating, registration, qualification or authorization issued,
granted, given or otherwise made available by or under the authority of any
Governmental Body or pursuant to any Legal Requirement; or (b) right under
any
Contract with any Governmental Body.
“Person”
means
any individual, corporation, association, general partnership, limited
partnership, limited liability partnership, limited liability company, venture,
trust, association, firm, organization, company (including any limited liability
company or joint stock company), business, entity, union, society, government
(or political subdivision thereof) or governmental agency, authority or
instrumentality.
“Proceeding”
means
any action, suit, litigation, arbitration, proceeding (including any civil,
criminal, administrative, investigative or appellate proceeding and any informal
proceeding), prosecution, contest, hearing, inquiry, inquest, audit, examination
or investigation that is, has been or may in the future be commenced, brought,
conducted or heard by or before, or that otherwise has involved or may involve,
any Governmental Body or any arbitrator or arbitration panel.
5
“Representatives”
of
a
Person shall include:
(a) such
Person’s affiliates, shareholders, directors, officers, employees, agents,
attorneys, accountants and representatives; and
(b) all
shareholders, directors, officers, employees, agents, attorneys, accountants
and
representatives of each of such Person’s affiliates.
“Securities
Act”
means
the Securities Act of 1933, as amended and the rules and regulations promulgated
thereunder.
“Selling
Shareholder Transaction Expenses”
means
all Transaction Expenses of the Selling Shareholder and the
Company.
“Tax”
means
any tax (including any income tax, franchise tax, capital gains tax, estimated
tax, gross receipts tax, value added tax, surtax, excise tax, ad valorem tax,
transfer tax, stamp tax, sales tax, use tax, property tax, business tax,
occupation tax, inventory tax, occupancy tax, withholding tax or payroll tax),
levy, assessment, tariff, impost, imposition, toll, duty (including any customs
duty), deficiency or fee, and any related charge or amount (including any fine,
penalty or interest), that is, has been or may in the future be
(a) imposed, assessed or collected by or under the authority of any
Governmental Body, or (b) payable pursuant to any tax-sharing agreement or
similar contract.
“Tax
Return”
means
any return (including any information return), report, statement, declaration,
estimate, schedule, notice, notification, form, election, certificate or other
document or information that is, has been or may in the future be filed with
or
submitted to, or required to be filed with or submitted to, any Governmental
Body in connection with the determination, assessment, collection or payment
of
any Tax or in connection with the administration, implementation or enforcement
of or compliance with any Legal Requirement relating to any Tax.
“Transaction
Expense”
means,
with respect to any Person, all fees, costs and expenses (including all legal
fees and expenses, all fees and expenses payable to any broker or finder, and
all fees and expenses of any audit firm or accountants) that have been incurred
in connection with the negotiating this Agreement and the consummation of the
Contemplated Transactions on behalf of or for the benefit of such
Person.
Section
2. Sale
and Purchase of Stock.
2.1 Purchase
of Stock.
At the
Closing, the Selling Shareholder shall sell to the Purchaser, and the Purchaser
shall purchase from the Selling Shareholder, the Purchased Stock in accordance
with this Agreement.
6
2.2 Purchase
Price.
Upon
the
terms and subject to the conditions set forth herein, in consideration of the
Purchased Stock, the Purchaser shall pay $30,000 (the “Cash
Purchase Price”),
$10,000 of which has been previously paid (the “First
Purchase Price Installment”)
and
the remaining balance of $20,000 payable within 30 days from the first payment
(the “Cash
Purchase Price”).
2.3 Transfer
Taxes.
Any
transfer taxes, stamp duties, filing fees, registration fees, recordation
expenses, escrow fees or other similar taxes, fees, charges or expenses incurred
by the Selling Shareholder, the Company or any other party in connection with
the transfer of the Purchased Stock to the Purchaser or in connection with
any
of the Contemplated Transactions shall be borne and paid exclusively by Selling
Shareholder.
Section
3. Closing.
3.1 Date
and Time of Closing.
The
closing of the Contemplated Transactions (the “Closing”)
shall
be implemented long distance by means of facsimile, overnight mail, telephone,
telecopier and wire transfer, or by such other means and on such date and at
such time or place as the parties may agree upon in writing, and shall be
effective as of the close of business on the Closing Date.
3.2 Actions
to be Taken by the Selling Shareholder at the Closing.
The
Selling Shareholder shall deliver, or cause to be delivered, the following
documents to the Purchaser at Closing:
(a) the
Selling Shareholder shall deliver the certificate representing the Purchased
Stock, duly endorsed or accompanied by a duly executed stock power assigning
the
Purchased Stock to such Purchaser and otherwise in good form for transfer,
such
documents being sufficient to vest good title to the Purchased Stock in the
Purchaser;
(b) resignations,
effective as of the Closing Date, of each director and officer of the
Company;
(c) a
certificate of an authorized officer of the Selling Shareholder, certifying
as
to the accuracy as of the Closing Date of each of the representations and
warranties of this Agreement and as to the performance by Selling Shareholder
on
or prior to the Closing Date of each of the covenants and agreements required
to
be performed by Selling Shareholder hereunder.
(d) the
delivery of all other customary documents, instruments or certificates as shall
be reasonably requested by the Purchaser and as shall be consistent with the
terms of this Agreement.
3.3 Actions
to be Taken by the Purchaser at the Closing.
The
Purchaser shall deliver, or cause to be delivered, the following to the Selling
Shareholder at Closing via wire transfer:
(a) The
First
Purchase Price Installment;
7
(b) the
delivery of all other customary documents, instruments or certificates as shall
be reasonably requested by the Selling Shareholder and as shall be consistent
with the terms of this Agreement.
Section
4. Representations
and Warranties of Selling Shareholder.
As
a
material inducement to the Purchaser to enter into this Agreement and to
consummate the transactions contemplated hereby, the Selling Shareholder
represents and to the Purchaser as follows:
4.1 Existence,
Corporate Power and Authorization of Selling Shareholder.
(a) The
Selling Shareholder is a limited liability company duly formed, validly existing
and in good standing under the laws of the State of New Jersey. The Selling
Shareholder has all requisite power and authority to own and operate its
property and its assets, including without limitation, the Purchased Stock,
and
to conduct the business in which it is currently engaged, and has the power
and
authority to execute, deliver and perform its allegations under this Agreement.
The execution, delivery and performance of this Agreement by the Selling
Shareholder has been duly authorized by all necessary action on the part of
the
Selling Shareholder, and no other action on the part of the Selling Shareholder
is necessary to authorize the consummation of the Contemplated Transactions.
This Agreement has been duly and validly executed and delivered by the Selling
Shareholder and constitutes the legal, valid and binding obligation of the
Selling Shareholder, enforceable against the Selling Shareholder in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally.
4.2 Title
to Purchased Stock.
The
Selling Shareholder has good and valid title to the shares of Purchased Stock,
free and clear of all Encumbrances. Other than this Agreement, such shares
of
Purchased Stock are not subject to any purchase option, call option, right
of
first refusal, preemptive right, subscription right, voting trust agreement
or
other Contract, including any Contract restricting or otherwise relating to
the
voting, dividend rights or disposition of such shares of Purchased Stock. Other
than the Purchased Stock, the Selling Shareholder does not have any other equity
interests or rights to acquire equity interests in the Company.
4.3 No
Conflicts. The
execution and delivery by the Selling Shareholder of this Agreement, the
performance of their respective obligations under this Agreement and the
consummation of the Contemplated Transactions do not and shall not:
(a) Conflict
with or result in a violation or breach of any of the terms, conditions or
provisions of the Selling Shareholder’s Organizational Documents;
(b) Conflict
with or result in a material violation or breach of any term or provision of
any
law or Order applicable to the Selling Shareholder; or
8
(c) Conflict
with or result in a material violation or breach of, or constitute a material
default under, any Contract to which the Selling Shareholder is a
party.
(d) Result
in
the creation or imposition of any Encumbrance upon any of the Purchased
Stock.
4.4 Consents. No
consent or approval of or registration declaration or filing with any Person
or
Governmental Body is required for the Selling Shareholder to enter into, deliver
and perform its respective obligations under this Agreement or to consummate
the
Contemplated Transactions.
4.5 Proceedings. There
is
no Proceeding or investigation pending, or currently threatened, orally or
in
writing, against the Selling Shareholder that questions the validity of this
Agreement or the right of the Selling Shareholder to enter into this Agreement
or to consummate the Contemplated Transactions, or that either individually
could reasonably be expected to result in a Material Adverse Change. The Selling
Shareholder is not a party or subject to the provisions of any Order of any
Governmental Body.
4.6 Brokers.
Neither
the Selling Shareholder or any Representative of the Selling Shareholder has
retained any Person to act as a broker or agreed or become obligated to pay,
or
has taken any action that might result in any Person claiming to be entitled
to
receive, any brokerage commission, finder’s fee or similar commission or fee in
connection with any of the Contemplated Transactions.
4.7 Representations
and Warranties.
The
representations and warranties contained in this Section 4 do not contain any
untrue statement of a fact or omit to state a fact necessary in order to make
the statements made not misleading.
Section
5. Representations
and Warranties of the Purchaser.
The
Purchaser represents and warrants as follows:
5.1 Existence,
Corporate Power and Authorization of Purchaser.
(a) The
Purchaser is a corporation duly formed, validly existing and in good standing
under the laws of the State of Colorado. The execution, delivery and performance
of this Agreement by the Purchaser has been duly authorized by all necessary
action on the part of the Purchaser, and no other action on the part of the
Purchaser is necessary to authorize the consummation of the Contemplated
Transactions. This Agreement has been duly and validly executed and delivered
by
the Purchaser and constitutes the legal, valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights
generally.
9
5.2 Acquisition
for Investment.
Such
Purchaser is acquiring the Purchased Shares
for such Purchaser’s own account, for investment and not for distribution or
resale to others.
5.3 Accredited
Investor.
Such
Purchaser is an “Accredited Investor” within the meaning of Regulation D of the
Securities Act.
Section
6. Covenants.
6.1 Further
Assurances.
At any
time and from time to time from and after the Closing, the Selling Shareholder
and the Purchaser shall, at the request of any of the other parties, execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered,
such instruments and other documents and perform or cause to be performed such
acts and provide such information, as may reasonably be required to evidence
or
effectuate the Contemplated Transactions or for the performance by the Selling
Shareholder or the Purchaser of any of their other respective obligations under
this Agreement.
6.2 Access
to Records After Closing.
From
and after the Closing Date, each party hereto shall have reasonable access
for a
valid business purpose to inspect and copy all books and records relating to
the
Company that the other parties hereto may retain after the Closing Date. Such
access shall be afforded by the party maintaining such records upon receipt
of
reasonable advance notice and during normal business hours.
6.3 Tax
Matters.
The
following provisions shall govern the allocation of responsibility as between
Purchaser and Selling Shareholder for certain tax matters following the Closing
Date:
(a) The
Company shall be responsible for preparing and filing all Tax Returns for Taxes
other than Income Taxes for all periods ending on or prior to the Closing Date
that are filed after the Closing Date.
(b) The
Purchaser and the Selling Shareholder shall cooperate fully, as and to the
extent reasonably requested by the other party, in connection with the filing
of
Tax Returns (including amendments thereto) and any audit, litigation or other
proceeding with respect to Taxes. Such cooperation shall include the retention
and (upon the other party’s request) the provision of records and information
reasonably relevant to any such audit, litigation or other proceeding and making
employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder. The Selling
Shareholder and the Purchaser agree (a) to retain all books and records
with respect to Tax matters pertinent to the Company relating to any taxable
period beginning before the Closing Date until expiration of the statute of
limitations (and, to the extent notified by the Purchaser or the Selling
Shareholder, any extensions thereof) of the respective taxable periods, and
to
abide by all record retention agreements entered into with any taxing authority,
and (b) to give the other party reasonable written notice prior to
transferring, destroying or discarding any such books and records and, if the
other party so requests, the Purchaser or the Selling Shareholder, as the case
may be, shall allow the other party to take possession of such books and
records.
10
(c) The
Purchaser and the Selling Shareholder further agree, upon request, to use their
reasonable best efforts to obtain any certificate or other document from any
Governmental Body or any other Person as may be necessary to mitigate, reduce
or
eliminate any Tax that could be imposed (including with respect to the
transactions contemplated hereby).
(d) All
transfer, documentary, sales, use, stamp, registration and other such Taxes
and
fees (including any penalties and interest) incurred in connection with this
Agreement shall be paid by the Selling Shareholder when due, and the Selling
Shareholder shall, at its own expense, file all necessary Tax Returns and other
documentation with respect to all such transfer, documentary, sales, use, stamp,
registration and other Taxes and fees, and, if required by applicable law,
the
Purchaser shall join in the execution of any such Tax Returns and other
documentation.
Section
7. Miscellaneous
Provisions.
7.1 Expenses.
The
Purchaser hereto shall pay all of the Transaction Expenses including all the
filing fees to file the Form 8-K with the SEC after the Closing and any other
forms to be filed with the SEC for and after the Closing (except for Selling
Shareholder’s Schedule 13D/A and Form 4 or 5).
7.2 Governing
Law.
This
Agreement and its validity, construction and performance shall be governed
in
all respects by the laws of the State of New Jersey without giving effect to
principles of conflicts of law.
7.3 Venue,
Jurisdiction and Forum.
Unless
otherwise specifically provided in this Agreement, any Proceeding or other
legal
action relating to this Agreement or the enforcement of any provision of this
Agreement may be brought or otherwise commenced in any state or federal court
located in New Jersey. Each party to this Agreement:
(a) expressly
and irrevocably consents and submits to the personal jurisdiction of each state
and federal court located in New Jersey (and each appellate court located in
the
State of New Jersey) in connection with any such legal proceeding;
(b) agrees
that each state and federal court located in New Jersey shall be deemed to
be a
convenient forum; and
(c) agrees
not to assert (by way of motion, as a defense or otherwise), in any such legal
proceeding commenced in any state or federal court located in New Jersey, any
claim that such party is not subject personally to the jurisdiction of such
court, that such legal proceeding has been brought in an inconvenient forum,
that the venue of such proceeding is improper or that this Agreement or the
subject matter of this Agreement may not be enforced in or by such
court.
7.4 Notices.
All
notices, requests, demands and other communications provided for by this
Agreement shall be in writing and shall be deemed to have been given when hand
delivered, when received if sent by facsimile or by same day or overnight
recognized commercial courier service addressed to the address of the parties
stated below or to such changed address as such party may have fixed by
notice:
11
To
the Selling Shareholder
|
|
Getting
You There, LLC
|
|
Xxx
Xxxxxxxx
|
|
0
Xxxxxx Xxxxxx
|
|
Xxxxxxxx
0, 0xx
Xxxxx
|
|
Attention:
|
Xxxxxxxx
X. Xxxxxxx
|
Facsimile:
|
(000)
000-0000
|
To
the Purchaser:
|
|
Broad
Street Ventures, LLC
|
|
000
Xxxxx Xxxxxx
|
|
Xxxxx
000
|
|
Xxxxxxxxxxx,
XX 00000
|
|
Attention:
|
Xxxxx
X. Xxxxxxx, III
|
Facsimile:
|
(000)
000-0000
|
provided,
that any notice of change of address shall be effective only upon
receipt.
7.5 Table
of Contents and Headings.
The
table of contents of this Agreement and the underlined headings contained in
this Agreement are for convenience of reference only, shall not be deemed to
be
a part of this Agreement and shall not be referred to in connection with the
construction or interpretation of this Agreement.
7.6 Benefit
of Parties; Assignment.
This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and its respective successors, legal representatives and permitted
assigns. The Agreement may not be assigned by either party except with the
prior
written consent of the other party. With the exception of the rights of the
Indemnitees under this Agreement, nothing herein contained shall confer or
is
intended to confer on any third party or entity that is not a party to this
Agreement any rights under this Agreement.
7.7 Representation
by Counsel.
Each
party hereto represents and agrees with the other that it has been represented
by independent counsel of its own choosing; it has had the full right and
opportunity to consult with its respective attorneys and other advisors and
has
availed itself of this right and opportunity; its authorized officers have
carefully read and fully understand this Agreement in its entirety and have
had
it fully explained to it by such party’s counsel; it is fully aware of the
contents hereof and the meaning, intent and legal effect thereof; and its
authorized officer is competent to execute this Agreement and has executed
this
Agreement free from coercion, duress or undue influence. Each party and its
counsel cooperated in the drafting and preparation of this Agreement and the
documents referred to herein. Accordingly, any rule of law or any legal decision
that would require interpretation of any ambiguities in this Agreement against
the party that drafted it is of no application and is hereby expressly waived.
The provisions of this Agreement shall be interpreted in a reasonable manner
to
effect the intentions of the parties and this Agreement.
12
7.8 Severability.
In the
event that any provision of this Agreement, or the application of such provision
to any Person or set of circumstances, shall be determined to be invalid,
unlawful, void or unenforceable to any extent, the remainder of this Agreement,
and the application of such provision to Persons or circumstances other than
those as to which it is determined to be invalid, unlawful, void or
unenforceable, shall not be affected and shall continue to be valid and
enforceable to the fullest extent permitted by law.
7.9 Entire
Agreement.
This
Agreement sets forth the entire understanding of Purchaser and the Selling
Shareholder and supersedes all other agreements and understandings among those
parties relating to the subject matter hereof and thereof.
7.10 Waiver.
No
failure on the part of either party hereto to exercise any power, right,
privilege or remedy under this Agreement, and no delay on the part of either
party hereto in exercising any power, right, privilege or remedy under this
Agreement, shall operate as a waiver thereof; and no single or partial exercise
of any such power, right, privilege or remedy shall preclude any other or
further exercise thereof or of any other power, right, privilege or
remedy.
7.11 Amendments.
This
Agreement may not be amended, modified, altered or supplemented except by means
of a written instrument executed on behalf of the Purchaser and the Selling
Shareholder.
7.12 Counterparts
and Facsimiles.
This
Agreement may be executed in one or more counterparts, each of which shall
be
deemed an original, and all of which together shall constitute one and the
same
instrument. The parties hereto may execute the signature pages hereof and
exchange such signature pages by facsimile transmission.
7.13 Waiver
of Jury Trial.
Each
party hereby waives to the fullest extent permitted by applicable Legal
Requirements, any right it may have to a trial by jury in respect to any
litigation directly or indirectly arising out of, under or in connection with
this Agreement or any Contemplated Transaction. Each party (a) certifies that
no
representative, agent or attorney of any 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 (b) acknowledges that it and the other
parties hereto have been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this Section 7.13.
7.14 Remedies
Cumulative; Specific Performance.
The
rights and remedies of the parties hereto shall be cumulative (and not
alternative). The parties agree that: (a) in the event of any breach or
threatened breach by any party of any covenant, obligation or other provision
set forth in this Agreement, the other parties shall be entitled (in addition
to
any other remedy that may be available to it under this Agreement) to (i) a
decree or order of specific performance or mandamus to enforce the observance
and performance of such covenant, obligation or other provision, and (ii) an
injunction restraining such breach or threatened breach; and (b) no party shall
be required to provide any bond or other security in connection with any such
decree, order or injunction or in connection with any related action or
Proceeding.
13
7.15 Interpretation
of Agreement.
(a) Whenever
required by the context hereof, the singular number shall include the plural,
and vice versa; the masculine gender shall include the feminine and neuter
genders; and the neuter gender shall include the masculine and feminine
genders.
(b) As
used
in this Agreement, the words “include” and “including,” and variations thereof,
shall not be deemed to be terms of limitation, and shall be deemed to be
followed by the words “without limitation.”
(c) References
herein to “Sections”
and
“Exhibits”
are
intended to refer to Sections of and Exhibits to this Agreement.
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]
14
This
Agreement has been duly executed and delivered by the Purchaser and the Selling
Shareholder as of the date set forth above.
PURCHASER:
|
||
BROAD
STREET VENTURES, LLC
|
||
By:
|
/s/
XXXXX X. XXXXXXX, III
|
|
Name:
|
Xxxxx
X. Xxxxxxx, III
|
|
Title:
|
Chief
Executive Officer and Chairman
|
|
SELLING
SHAREHOLDER:
|
||
GETTING
YOU THERE, LLC
|
||
By:
|
/s/
XXXXXXXX X. XXXXXXX
|
|
Name:
|
Xxxxxxxx
X. Xxxxxxx
|
|
Title:
|
Managing
Member
|
15