Mutual Termination Agreement between Tree Top Industries, Inc. and Stemcom d/b/a Pipeline Nutrition (March 23, 2012)
Tree Top Industries, Inc. and Stemcom d/b/a Pipeline Nutrition have mutually agreed to terminate their previous agreement, which was intended for Tree Top to acquire all units, assets, and liabilities of Stemcom in exchange for stock in a Tree Top subsidiary. Both parties decided that the original acquisition model was not suitable and have formally disengaged from the transaction as of March 23, 2012.
March 23, 2012
Mr. KC Quintana
Stemcom d/b/a Pipeline Nutrition
18606 Chemille Drive
Lutz, FL 3358
| Re: | Agreement dated March 23, 2012 |
By and between Tree Top Industries, Inc., and
Stemcom d/b/a Pipeline Nutrition
Termination of a Material Definitive Agreement
On March 23, 2012, Tree Top Industries, Inc. (“Tree Top”) and Stemcom d/b/a Pipeline Nutrition (“Stemcom”) agreed to mutually disengage from their previously executed binding term sheet agreement of March 1, 2012. The agreement was intended to facilitate the acquisition by Tree Top of 100% of the units of Stemcom and their corresponding assets and liabilities. In exchange for the units, Stemcom was to have been issued stock in GoHealth.MD, a subsidiary of Tree Top. Subsequent to the signing of the agreement, both parties decided that the acquisition model described in the term sheet was not appropriate to the transaction both parties had envisioned.
Agreed to on March 23, 2012
| Tree Top Industries, Inc. | Stemcom d/b/a Pipeline Nutrition |
| By: /s/ David Reichman | By: KC Quintana |
| David Reichman, Chairman & CEO | KC Quintana, President |
