Termination Letter for Share Exchange and Purchase Agreement between NewBridge Global Ventures, Inc. and Stockholders of Roots Nursery, Inc.
This letter, dated September 12, 2018, is from NewBridge Global Ventures, Inc. to Eric Tran and Sam Mac, the stockholders of Roots Nursery, Inc. It formally notifies them that the Share Exchange and Purchase Agreement dated July 14, 2018, is terminated according to its terms. The agreement is no longer in effect, but any liabilities for breaches before termination remain. Any shares issued under the agreement are cancelled as of this date. The letter requests acknowledgment and agreement to the termination from the recipients.
September 12, 2018
DELIVERED VIA ELECTRONIC MAIL
Eric Tran
Sam Mac
2545 Santa Clara Avenue
Alameda, CA 94501
Re:Termination of Agreement
Dear Messrs. Tran and Mac:
Reference is made to that certain Share Exchange and Purchase Agreement dated July 14, 2018 (“Agreement”) by and among Eric Tran (“Tran”) and Sam Mac (“Mac”) as the Stockholders of ROOTS NURSERY, INC., a California corporation (“Roots”) and NEWBRIDGE GLOBAL VENTURES, INC., a Delaware corporation (“NewBridge”). Any capitalized terms used in this letter but not defined have the meanings given in the Agreement.
Please be advised that NewBridge hereby terminates the Agreement pursuant to the terms of Section 10.01(d) of the Agreement. This letter serves as notice of such termination as required under Section 10.01. Accordingly, the Agreement is of no further force or effect, however, this termination does not relieve any party from any liability for any breach of the Agreement prior to the termination. The Exchange Shares issued pursuant to the Agreement shall be cancelled as of the date hereof. Please acknowledge your receipt of this letter and agreement to the termination as set forth herein by signing and returning this letter to my attention.
Sincerely,
Mark Mersman
Chief Executive Officer
Acknowledged and Agreed:
Sam Mac
Eric Tran
Cc: Soren Jonassen
Ole Sigetty
Robert Bench
J. Martin Tate
