Nice find. Here is the link for Form 8-K, Agreemen
Post# of 2155
Posted On: 02/09/2015 9:14:09 AM
Re: MattySimone #1643
Nice find. Here is the link for Form 8-K, Agreement For The Exchange of Securities & Product Distribution Agreement mCig filed Friday: http://www.sec.gov/Archives/edgar/data/152585...-index.htm
You hit upon some great parts from the filing:
In accordance with the Distribution Agreement, the Company will sell its products and can sell VitaCig, Inc. (a controlled entity) products to Café, pursuant to the terms and conditions of the Distribution Agreement, including but not limited to, providing sixty (60) percent of the products carried in the Café stores and the right of first refusal to provide needed products to Café. The Distribution Agreement can be terminated by either party with notice except that Café cannot terminate the Distribution Agreement for the initial fifteen (15 months).
The Agreement provides, among other things, that (i) the Café will issue ten million (10,000,000) restricted shares of Café common stock to mCig, (ii) mCig will issue three million (3,000,000) restricted shares of mCig’s Common stock to Café, subject to satisfaction of certain conditions, including but not limited to , confirmation of the filing of Form 10 or a Registration Statement on Form S-1 by Café such that Café becomes a reporting company on equal status with mCig and appointment of a designee of the Company to the Board of Directors of Café (with best efforts used to retain this designee during the duration of the time in which the Company holds Café shares of common stock or three (3) years, whichever is sooner). If the Agreement conditions are not satisfied or waived on or before December 31, 2015, the obligations of the parties will terminate.
AND here is another part that I found interesting:
In the event that FOFU does not sell a minimum of Twenty-Five (25) franchises in the eighteen months from the date of this Agreement, at the sole discretion of MCIG, all MCIG Shares shall be returned to MCIG for cancellation and MCIG will return an equal (in value up) number of FOFU Shares to FOFU. In the event the FOFU Shares held by MCIG exceeds the value of the MCIG shares returned, MCIG shall retain the difference.
Paul and team hit a home run with this agreement!
You hit upon some great parts from the filing:
In accordance with the Distribution Agreement, the Company will sell its products and can sell VitaCig, Inc. (a controlled entity) products to Café, pursuant to the terms and conditions of the Distribution Agreement, including but not limited to, providing sixty (60) percent of the products carried in the Café stores and the right of first refusal to provide needed products to Café. The Distribution Agreement can be terminated by either party with notice except that Café cannot terminate the Distribution Agreement for the initial fifteen (15 months).
The Agreement provides, among other things, that (i) the Café will issue ten million (10,000,000) restricted shares of Café common stock to mCig, (ii) mCig will issue three million (3,000,000) restricted shares of mCig’s Common stock to Café, subject to satisfaction of certain conditions, including but not limited to , confirmation of the filing of Form 10 or a Registration Statement on Form S-1 by Café such that Café becomes a reporting company on equal status with mCig and appointment of a designee of the Company to the Board of Directors of Café (with best efforts used to retain this designee during the duration of the time in which the Company holds Café shares of common stock or three (3) years, whichever is sooner). If the Agreement conditions are not satisfied or waived on or before December 31, 2015, the obligations of the parties will terminate.
AND here is another part that I found interesting:
In the event that FOFU does not sell a minimum of Twenty-Five (25) franchises in the eighteen months from the date of this Agreement, at the sole discretion of MCIG, all MCIG Shares shall be returned to MCIG for cancellation and MCIG will return an equal (in value up) number of FOFU Shares to FOFU. In the event the FOFU Shares held by MCIG exceeds the value of the MCIG shares returned, MCIG shall retain the difference.
Paul and team hit a home run with this agreement!
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