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Title: |
Contribution Agreement |
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Date: |
2006 |
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Preview shows 12KB of 84KB total |
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$51 |
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ID: |
#2172754 |
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CONTRIBUTION AGREEMENT
BETWEEN
IMMUNOTECHNOLOGY CORPORATION
AND
PETALS DECORATIVE ACCENTS, LLC
June 23, 2006
{PAGE}
Table of Contents
Page
1. DEFINITIONS........................................................1
2. CONTRIBUTION OF ASSETS BY PETALS...................................4
2.1 Contribution of Assets.............................................4
2.2 Excluded Assets....................................................5
2.3 Assumption of Liabilities..........................................5
2.4 Liabilities Not Assumed............................................5
2.5 Capital Contribution...............................................5
2.6 Certain Tax Matters................................................6
2.7 Deliveries at the Closing..........................................6
3. REPRESENTATIONS AND WARRANTIES OF PETALS...........................7
3.1 Organization of Petals.............................................7
3.2 Subsidiaries.......................................................7
3.3 Authorization of Transaction.......................................7
3.4 Noncontravention...................................................7
3.5 Title to Assets....................................................7
3.6 Financial Statements of Petals.....................................8
3.7 Material Liabilities...............................................8
3.8 Tax Matters........................................................8
3.9 Compliance with Laws...............................................8
3.10 Real Property......................................................8
3.11 Intellectual Property..............................................9
3.12 Contracts..........................................................9
3.13 Accounts Receivable................................................9
3.14 Litigation.........................................................9
3.15 Consents 9
3.16 Finder's Fees......................................................9
3.17 Officers and Directors.............................................9
4. REPRESENTATIONS AND WARRANTIES OF IMMUNO..........................10
4.1 Organization......................................................10
4.2 Foreign Qualification.............................................11
4.3 Subsidiaries......................................................11
4.4 Authorization of Transaction......................................11
4.5 Noncontravention..................................................11
4.6 Financial Statements of Immuno....................................12
4.7 Operation of Business............................................12
4.8 Material Liabilities..............................................12
4.9 Tax Matters.......................................................12
4.10 Compliance with Laws..............................................12
4.11 Real Property.....................................................13
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{PAGE}
4.12 Intellectual Property.............................................13
4.13 Contracts.........................................................13
4.14 Litigation........................................................13
4.15 Employees.........................................................13
4.16 Issuance of Additional Shares of Common Stock.....................13
4.17 SEC Reports.......................................................13
4.18 Transactions with Officers and Directors..........................14
4.19 Officers and Directors............................................14
4.20 Consents 15
4.21 Finder's Fees.....................................................15
4.22 Takeover Statutes; Rights Agreement...............................15
5. PRE-CLOSING OBLIGATIONS...........................................15
5.1 Obligations of the Parties........................................15
5.2 Conduct of Business Prior to Closing..............................15
5.3 Conduct of Immuno Prior to Closing................................16
5.4 No Negotiation....................................................17
5.5 SEC Reporting.....................................................17
6. CONDITIONS TO OBLIGATION TO CLOSE.................................17
6.1 The Closing.......................................................17
6.2 Conditions to the Obligations of Immuno...........................18
6.3 Conditions to Obligations of Petals...............................18
7. ABANDONMENT.......................................................20
8. CLOSING AND TERMINATION...........................................21
8.1 Fees .........................................................21
8.2 Termination.......................................................21
9. FURTHER AGREEMENTS; 1934 ACT REPORTING............................21
10. PUBLIC DISCLOSURE.................................................21
11. INDEMNIFICATION...................................................21
12. LIMITATION ON LIABILITY; NO THIRD PARTY BENEFICIARIES.............21
13. FURTHER ASSURANCES................................................21
14. NO WAIVER.........................................................22
15. GOVERNING LAW.....................................................22
16. RULES OF CONSTRUCTION.............................................22
17. ASSIGNMENT........................................................22
18. NOTICES...........................................................22
19. BINDING AGREEMENT.................................................24
20. COUNTERPARTS......................................................24
21. SEVERABILITY......................................................24
22. DELAYS OR OMISSIONS...............................................24
-iii-
{PAGE}
CONTRIBUTION AGREEMENT
This Contribution Agreement is entered into effective as of this 23rd
day of June, 2006 by and between ImmunoTechnology Corporation, a Delaware
corporation ("Immuno"), and Petals Decorative Accents, LLC, a Delaware LLC
("Petals"). Immuno and Petals are collectively referred to herein as the
"Parties."
WHEREAS, Petals is in the business of designing, assembling, marketing
and selling silk flowers and trees by mail order and its website (the
"Business");
WHEREAS, Petals wishes to sell to Immuno, and Immuno wishes to buy from
Petals, substantially all of the assets owned by Petals that are used in
connection with or arise or at any time have arisen from the Business, on the
terms and conditions of this Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual
promises herein made, and in consideration of the representations, warranties,
and covenants herein contained, the Parties agree as follows.
1. DEFINITIONS. When used herein, the following terms shall have the following
meanings:
"Acquired Accounts Receivable" has the meaning set forth in Section
2.1(a)(iii).
"Acquired Assets" has the meaning set forth in Section 2.1.
"Acquired Inventory" has the meaning set forth in Section 2.1(a)(ii).
"Assumed Contracts" has the meaning set forth in Section 2.1(e).
"Assumed Liabilities" has the meaning set forth in Section 2.3.
"Balance Sheet" has the meaning set forth in Section 3.6.
"Balance Sheet Date" has the meaning set forth in Section 3.6.
"Business Day" means any day other than Saturday, Sunday or a day on
which banking institutions are not required to be open in Ridgefield,
Connecticut.
"Capital Contribution" has the meaning set forth in Section 2.5.
"Closing" has the meaning set forth in Section 6.1.
"Closing Date" has the meaning set forth in Section 6.1.
"Code" means the Internal Revenue Code of 1986, as amended.
"Equity Equivalents" means any and all shares, interests,
participations or other equivalents (however designated) of capital stock of the
-1-
{PAGE}
Parties and any rights to acquire the foregoing, including, without limitation,
any rights to acquire securities exercisable for, convertible into or
exchangeable for the foregoing.
"Excluded Liabilities" has the meaning set forth in Section 2.4.
"Financial Statements of Immuno" has the meaning set forth in Section
4.6.
"Financial Statements of Petals" has the meaning set forth in Section
3.6.
"GAAP" means United States generally accepted accounting principles as
in effect from time to time.
"Governmental Authorizations" means any: (a) permit, license,
certificate, franchise, concession, approval, consent, 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 Law; or (b) right under any contract with any Governmental Body.
"Governmental Body" means any (i) nation, state, county, city, town,
village, district, or other jurisdiction of any nature; (ii) federal, state,
local, municipal, foreign, or other government; (iii) governmental or
quasi-governmental authority of any nature, including any governmental agency,
branch, department, board, official, or entity and any court or other tribunal;
(iv) body exercising, or entitled to exercise, any administrative, executive,
judicial, legislative, police, regulatory, or taxing authority or power of any
nature; and any Person, directly or indirectly, owned by and subject to the
control of any of the foregoing.
"Knowledge of Immuno" means the actual knowledge of Mark A. Scharmann.
"Knowledge of Petals" means the actual knowledge of Christopher Topping
and Steve Hieber.
"Law" means any federal, state, local, municipal, foreign or other law,
statute, constitution, principle of common law, resolution, ordinance, code,
edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted,
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