RE: Agreement Between Giggles n Hugs and Teacher’s Pet, Inc.Facility License and Management Agreement • August 30th, 2010 • Giggles N' Hugs, Inc. • Retail-miscellaneous retail
This Letter of Intent will confirm the intent of the parties with respect to the proposed agreement (the “Agreement”) between Teacher’s Pet, Inc. (“TPET”) and Giggles N Hugs, LLC, (“GNH”), in reference to our discussions regarding the Licensing Rights for specified locations of Giggles N Hugs restaurant facilities and the concurrent Management Agreement. On terms and conditions mutually acceptable to TPET, and GNH, the Agreement will be structured as a License whereby TPET will issue shares of its common stock in exchange for a License to operate as a Giggles N Hugs restaurant and entertainment facility, with a concurrent Management Agreement between TPET and GNH. The objective of our discussion has been the execution and consummation, as soon as feasible, a formal definitive Agreement (together with all other definitive documents pertaining thereto, collectively the "Agreement") between TPET and GNH which, among other things, would provide for the various matters set forth below.
