Dated December 10,
2008
Between
Mr. Robin List, born on March 28,
1971 in Zaandam, The Netherlands and living in Belgium, Boerestraat
13, 9850-Hansbeke,
hereinafter referred to as
“Robin List” or the “Purchaser”, on one
hand
and
REMEDENT, INC., a public company
incorporated under the laws of Nevada, with its registered offices
at Xavier de Cocklaan 42, 9831 Deurle, Belgium, and registered with
the company registrar under number C2807329,
represented by Mr Guy De Vreese as
Chairman of its board of directors
duly authorised for the purposes
hereof pursuant to a board of directors' resolutions dated December
3, 2008 attached hereto as Schedule 1,
hereinafter referred to as
“Remedent Inc.” or the “Seller” on the
other hand
Seller or Purchaser will be referred
to as a “party” or, together will be referred to as the
“parties”
Recitals
A WHEREAS
REMEDENT OTC B.V., a Dutch company validly existing and
incorporated under the Laws of the Netherlands (hereinafter
referred to as “Remedent OTC BV” or the
“Company”), the capital stock of which amounts to
18,000 Euros, with corporate seat at Rotterdam and address at 3062
ME Rotterdam, Lichtenauerlaan 102-120, a holding company owning 100
% of the shares of SYLPHAR N.V., SYLPHAR USA, Inc. and SYLPHAR ASIA
Pte Ltd.
B WHEREAS
the Company's registered capital is divided in 18,000 shares with a
par value of 1€ per share (the "Shares"). The shares are
fully paid up.
C
WHEREAS the allotment of the Shares is the following:
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Remedent N.V. : 18,000 shares
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D. WHEREAS
the Seller so owns 18,000 Shares and wishes to sell 9,000 of them,
being 50 % to the Purchaser. The Purchaser wishes to purchase the
said 9,000 Shares from the Seller.
EXECUTION COPY
Now, therefore, the Parties have agreed on the
terms, provisions and conditions contained in this purchase
agreement relating to the Shares (hereinafter referred to as the
"Agreement").
It is agreed:
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1.
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SALE AND PURCHASE OF THE SHARES
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1.1.
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Sale and
Purchase of the Shares
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The Seller sells 9,000 Shares to the Purchaser,
and the Purchaser purchases 9,000 Shares, free and clear of all
encumbrances and security interests or restrictions of any kind
whatsoever.
The sale and purchase of 9,000 Shares, which
constitutes a sole and unique contract, will be executed on the
date set forth above, hereafter referred to as “Closing
Date”.
Robin List will have full property and
possession of 9,000 Shares on Closing Date.
All rights and obligations related to the
Company shares are transferred on Closing Date.
The purchase price for the 9,000 Company shares
sold and acquired on the Closing Date in accordance with article
1.1. above, amounts to 831,450 USD.
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1.3.
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Payment of
the Purchase Price
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The purchase price for 9,000 shares sold and
acquired on the Closing Date in accordance with article 1.1. above
shall be paid in kind by delivery of 723,000 shares of Remedent
Inc. (“List Shares”). The value of these shares is for
the purpose of this agreement fixed on 1.15 $ per share, being the
52 week average of the NASDAQ quotation of the Remedent Inc. shares
of common stock.
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2.
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CLOSING AND SUBSEQUENT OPERATIONS
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The sale and purchase of 9,000 shares, as
provided for in article 1.1. above shall be completed on the
Closing Date, at any location agreed upon by the
parties.
2.2.1 Delivery of the shares to the Purchaser on
the Closing Date:
Delivery will be done by delivery deed before a
Dutch notary, in order to produce all its effects vis-à-vis
the Company and third parties.
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2.2.2.
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Delivery of the Remedent Inc. shares to the
Seller on the Closing Date:
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Delivery will be done by delivery of original
stock certificates representing endorsed in the back with guarantee
by Remedent, Inc.
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2.2.3.
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Execution and delivery of the
Voting Agreement, attached hereto as Exhibit A
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2.3.
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Subsequent Operations
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The Seller undertakes to sign all necessary
documents and to accomplish all necessary formalities including
voting in favour of