UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): October 18, 2019

 

AMERICAN INTERNATIONAL HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

 

Nevada   000-50912   88-0225318
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)

 

3990 Vitruvian Way, Suite 1152, Addison, TX 75001

(Address of principal executive offices) (Zip Code)

 

11222 Richmond Avenue, Suite 195, Houston, Texas 77082

(Former name or former address, if changed since last report.)

 

Registrant’s telephone number, including area code: (281) 334-9479

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

 
 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

Asset Purchase Agreement

 

On October 18, 2019, Legend Nutrition, Inc. (“Legend”), a wholly owned subsidiary of American International Holdings Corp (“AMIH” or the “Company”) entered into an Asset Purchase Agreement with David Morales (the “Asset Purchase Agreement”) to acquire all of the assets associated with and related to a retail vitamin, supplements and nutrition store located in Mckinney, TX and currently identified and doing business as “Ideal Nutrition.” Pursuant to the Asset Purchase Agreement, Legend purchased a variety of assets including software, contracts, bank and merchant accounts, products, inventory, computers, security systems and other intellectual properties (the “Assets”). Legend is continuing to operate the business as Ideal Nutrition and intends to officially rebrand as Legend Nutrition in the upcoming months.

 

For consideration of the Assets, Legend issued to Mr. Morales a promissory note in the amount of Seventy-Five Thousand US Dollars ($75,000) bearing an interest rate of five percent (5%) per annum and with a maturity date of one year (the “Promissory Note”).

 

The foregoing description of the Asset Purchase Agreement and Promissory Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Asset Purchase Agreement and Promissory Note, a copy of which is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Employment Agreement with Michael Ladner

 

Concurrent with the Asset Purchase Agreement, Legend entered into an Employment Agreement with Michael Ladner to serve as its Chief Executive Officer (the “Employment Agreement”). Pursuant to the Employment Agreement, Mr. Ladner will receive an annual base salary of $60,000 per annum and shall increase to $100,000 per annum starting January 1, 2020 through October 18, 2021. In addition, Mr. Ladner shall be eligible to receive cash performance bonuses equal to five percent (5%) of the net profits generated by each Legend Nutrition store location while the Mr. Ladner is employed by Legend. Further, Mr. Ladner may participate in equity incentive programs as determined by the Company from time to time. The Employment Agreement has a two-year term, provided, however, after the end of the term, the agreement will automatically renew for successive one-year terms.

 

The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed as Exhibit 1.2 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 2.01 Completion of Acquisition or Disposition of Assets.

 

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

 

Item 7.01 Regulation FD Disclosure.

 

A press release announcing the Asset Purchase Agreement and Mr. Ladner as the Chief Executive Officer of Legend Nutrition is furnished with this report as Exhibit 99.1.

 

In accordance with General Instructions B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

 

 
 

 

(d) Exhibits.

 

Exhibit No.   Description
     
1.1   Asset Purchase Agreement and Promissory Note, dated as of October 18, 2019 by and among Legend Nutrition, Inc. and David Morales.
     
1.2   Employment Agreement, dated as of October 18, 2019 by and among Legend Nutrition, Inc. and Michael Ladner.
     
99.1   Press Release, dated as of November 12, 2019.

 

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

 

This Current Report on Form 8-K may contain forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Exchange Act. The forward-looking statements in this Current Report on Form 8-K are not historical facts, do not constitute guarantees of future performance, and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate.

 

Any forward-looking statements in this Current Report on Form 8-K do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks more fully described in AMIH’s most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. AMIH assumes no obligation to update any forward-looking information contained in this Current Report on Form 8-K.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMERICAN INTERNATIONAL HOLDINGS CORP
     
Dated: November 12, 2019 By: /s/ Jacob D. Cohen
  Name: Jacob D. Cohen
    Chief Executive Officer

 

 
 

 

 

ASSET PURCHASE AGREEMENT

 

 

THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is made effective as of this 18th day of October 2019 (the “Effective Date”) between and between Legend Nutrition, Inc., (the “Buyer”) and David Morales (the “Seller”).

 

IN CONSIDERATION of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1. Purchase of Assets. The Buyer agrees to purchase from the Seller and the Seller agrees to sell to the Buyer the properties and all assets associated with and related to that retail store as currently identified as “Ideal Nutrition” located at 2851 Craig Drive, Suite 204, Mckinney, TX 75070 and including but not limited to the website, software, contracts, bank and merchant accounts, products, inventory, computers, security systems and intellectual properties (the “Assets”).
   
2. Purchase Price and Payment Terms. The Purchase Price shall be $75,000 (the “Purchase Price”) and shall consist of a promissory note issued and dated as of the date first written above and shall have a one-year maturity bearing an interest rate of five percent (5%) per annum (the “Note”). A copy of the Note is attached hereto as Exhibit “A.”
   
3. Representations and Warranties of the Seller. The Seller represents and warrants to the Buyer as follows:

 

The Seller hereby represents and warrants to Buyer as follows:

 

3.1 Organization.

 

The Seller is an individual residing in the State of Texas and has all requisite power and authority to carry on its business as the same is now being conducted and operate its assets in the places where such business is now conducted and where such assets are now owned and operated.

 

3.2 Authorization.

 

(A) The Seller has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and to carry out the transactions contemplated hereby; (B) the Seller has taken all necessary action required by law or otherwise to be taken by the Seller to authorize the Company’s execution and delivery of this Agreement and the consummation by the Seller of the transactions contemplated hereby; and (C) this Agreement has been duly and validly executed and delivered by the Seller and constitutes a valid and binding agreement of and upon the Seller enforceable against the Seller in accordance with its terms.

 

( 1 )
 

 

3.3 No Violation.

 

Neither the execution and delivery of this Agreement by Seller nor the consummation by Seller of the transactions contemplated hereby will violate any provision of the Certificate of Incorporation or the Bylaws of the Seller, or result in the creation or imposition of any security interest, lien or other encumbrance upon any of the Assets under any agreement or commitment to be assumed by Buyer pursuant to this Agreement to which the Seller is a party or by which the Seller is bound or to which any of the Assets is subject, or violate any statute or law or any judgment, decree, order, regulation or rule of any domestic or (to the knowledge of the Seller) foreign court or domestic or (to the knowledge of the Seller) foreign government authority applicable to the Seller, or any of the Assets.

 

3.4 Disclosure.

 

No representation or warranty by Seller in this Agreement and no statement contained in the Disclosure Schedule contains any untrue statement of any material fact or omits to state any material fact necessary, in light of the circumstances under which it was made, in order to make the statements made herein or therein not misleading.

 

3.5 Consents.

 

No consent, approval, authorization or other order of, or registration, qualification or filing with, any regulatory body, administrative agency, or any other person or entity is required of Seller in connection with the execution, delivery and performance of this Agreement or the consummation by Seller of the transactions contemplated hereby which consent, approval, etc. has not been obtained or will not be obtained on or prior to the execution of this Agreement. Accurate and complete copies of each of the foregoing which have been obtained or made have been delivered to Buyer at or prior to the date of this Agreement.

 

3.6 Brokers and Finders.

 

No person has been authorized by the Seller, or by anyone acting on its behalf or by any of its officers, directors or employees, to act as a broker, finder or in any other similar capacity in connection with the transactions contemplated by this Agreement in such manner as to give rise to any valid claim against Seller or Buyer for any broker’s or finder’s fee or commission or similar type of compensation.

 

3.7 No Threatened or Pending Litigation.

 

To Seller’s knowledge, no suit, action or other proceeding, or injunction or final judgment relating thereto, is threatened or pending before any court or governmental or regulatory official, body or authority in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with the Assets, or the consummation of the transactions contemplated hereby, and no investigation that might result in any such suit, action or proceeding is pending or threatened.

 

( 2 )
 

 

The representations and warranties of the Seller contained herein shall continue in full force and effect for the benefit of the Buyer for a period of three years following the Effective Date after which time the Seller shall be released from all obligations and liabilities hereunder in respect of such representations and warranties except with respect to any claims made by the Buyer in writing prior to the expiration of such period.

 

4. Representations and Warranties of the Buyer. The Buyer represents and warrants to the Seller that the Buyer’s decision to enter into this Agreement was based entirely upon its own research with respect to the Assets and the proposed business of the Buyer, and not upon any representations made to the Buyer by Seller with respect to the Assets or the business of the Seller.

 

Deliverables. The parties shall deliver the following, in addition to any other documents, agreements or deliverables required or provided by this Agreement. The Seller shall deliver to the Buyer possession of all the Assets and the Buyer shall deliver to the Seller all instruments, assurances and documents as the Seller considers reasonably necessary or desirable to validly and effectively complete this transaction.

 

5. General.

 

  Schedules and other documents attached or referred to in this Agreement are an integral part of this Agreement.
     
  The division of this Agreement into paragraphs and subparagraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof.
     
  This Agreement constitutes the entire agreement among the parties and except as herein stated and in the instruments and documents to be executed and delivered pursuant hereto, contains all of the representations and warranties of the respective parties. There are no oral representations or warranties amount the parties of any kind. This Agreement may not be amended or modified in any respect except by written instrument signed by both parties.
     
  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.
     
  Any notice required or permitted to be given hereunder shall be in writing and shall be effectively given if (i) mail by (a) certified mail, postage prepaid, return receipt requested and (b) first class mail, postage prepaid (ii) overnight delivery with confirmation of delivery or (iii) facsimile transmission with an original mailed by first class mail, postage prepaid, addressed to the recipient at the address of the recipient noted above. Any notice so given shall be deemed conclusively to have been received when so personally delivered or sent by telex, facsimile or other electronic communication or on the second day following the sending thereof by private courier or mail. Any party hereto or others mentioned above may change any particulars of its address for notice by notice to the others in the manner aforesaid.
     
  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.

 

( 3 )
 

 

WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above mentioned.

 

SELLER   BUYER
     
DAVID MORALES   LEGEND NUTRITION, INC.
An Individual   A Texas Corporation
     
     
David Morales   Director

 

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PROMISSORY NOTE

 

US $75,000.00 October 18th, 2019

 

This Promissory Note (this “Note” or “Promissory Note”) is a duly authorized and validly issued 8% Promissory Note of Legend Nutrition, Inc., a Texas corporation, (the “Maker”), having its principal place of business located at 3990 Vitruvian Way, Suite 1152, Addison, TX 75001.

 

FOR VALUE RECEIVED, the Company promises to pay to David Morales, or its registered assigns (the “Payee”), the principal sum of Seventy Five Thousand US Dollars ($75,000) on October 18th, 2020 (the “Maturity Date”) or such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Payee on the aggregate unconverted and then outstanding principal amount of this Note in accordance with the provisions hereof.

 

This Note is subject to the following additional provisions:

 

1. Interest on the unpaid balance of this Note shall bear interest at the rate of five percent (5%) per annum, which interest shall accrue from the effective date until the Maturity Date, unless prepaid prior to such Maturity Date.
   
2. This Note may be prepaid in whole or in part, at any time and from time to time, without premium or penalty.
   
3. If any payment of principal or interest on this Note shall become due on a Saturday, Sunday or any other day on which national banks are not open for business, such payment shall be made on the next succeeding business day.
   
4. This Note shall be binding upon and inure to the benefit of the Payee named herein and Payee’s respective successors and assigns. Each holder of this Note, by accepting the same, agrees to and shall be bound by all of the provisions of this Note. Payee may assign this Note or any of its rights, interests or obligations to this Note without the prior written approval of Maker.
   
5. No provision of this Note shall alter or impair the obligation of Maker to pay the principal of and interest on this Note at the times, places and rates, and in the coin or currency, herein prescribed.
   
6. The Maker will do or cause to be done all things reasonably necessary to preserve and keep in full force and effect its corporate existence, rights and franchises and comply with all laws applicable to the Maker, except where the failure to comply could not reasonably be expected to have a material adverse effect on the Maker.
   
7. Notwithstanding anything to the contrary in this Note or any other agreement entered into in connection herewith, whether now existing or hereafter arising and whether written or oral, it is agreed that the aggregate of all interest and any other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction, shall under no circumstances exceed the Maximum Rate.

 

( 5 )
 

 

8. Except as provided herein, Maker and any sureties, guarantors and endorsers of this Note jointly and severally waive demand, presentment, notice of nonpayment or dishonor, notice of intent to accelerate, notice of acceleration, diligence in collecting, grace, notice and protest, and consent to all extensions without notice for any period or periods of time and partial payments, before or after maturity, without prejudice to the holder. The holder shall similarly have the right to deal in any way, at any time, with one or more of the foregoing parties without notice to any other party, and to grant any such party any extensions of time for payment of any of said indebtedness, or to grant any other indulgences or forbearance whatsoever, without notice to any other party and without in any way affecting the personal liability of any party hereunder. If any efforts are made to collect or enforce this Note or any installment due hereunder, the undersigned agrees to pay all collection costs and fees, including reasonable attorney’s fees.
   
9. A copy of this Promissory Note signed by one party and faxed to another party shall be deemed to have been executed and delivered by the signing party as though an original. A photocopy of this Promissory Note shall be effective as an original for all purposes.
   
10. This Note shall be construed and enforced under and in accordance with the laws of the State of Texas.

 

IN WITNESS WHEREOF, the Company has caused this Debenture to be duly executed by a duly authorized officer as of the date first above indicated.

 

  LEGEND NUTRITION, INC.
   
  By:  
  Name: Jacob D. Cohen
  Title: Director

 

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EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into on this 18th day of October 2019, by and between Legend Nutrition, Inc. (the “Company”) and Michael Ladner (“Employee”).

 

WHEREAS, the Company desires to employ the Employee to serve as the Company’s Chief Executive; and

 

WHEREAS, Employee wishes to be employed by the Company and provide services to the Company in return for certain compensation.

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, it is hereby agreed by and between the parties hereto as follows:

 

article I.
EMPLOYMENT AND ACCEPTANCE

 

1.1 Employment. Upon the terms and subject to the conditions set forth in this Agreement, the Company hereby engages Employee and Employee hereby accepts such engagement.

 

1.2 Duties. Employee shall serve as the Company’s Chief Executive Officer (CEO) and shall perform such employment duties as are usual and customary for such positions and such other duties as the Board of Directors of the Company (the “Board”) shall from time to time reasonably assign to Employee and shall report to the Board of Directors of the Company.

 

article II.

TERM AND TERMINATION

 

2.1 Term of Employment. This Agreement shall be effective on as of the date first mentioned above (the “Effective Date”), and shall continue for a two-year term unless sooner terminated as provided herein (the “Employment Period”). The Agreement will automatically be renewed for additional one-year terms unless either party gives written notice of non-renewal at least thirty (30) days prior to the renewal date.

 

2.2 Termination. This Agreement may be terminated at any time by the mutual written agreement of the parties or by either party for any reason with thirty (30) days advance written notice. In addition, the Company may terminate this Agreement immediately if Employee is in breach of this Agreement.

 

2.3 Effect of Termination. Upon termination of this Agreement for any reason, Employee shall only be eligible to receive the Compensation accrued as of the effective date of termination.

 

article III.
COMPENSATION

 

3.1 Compensation. During the Employment Period, Employee shall receive a starting annual base salary (the “Base Salary”) of $60,000 per annum from the Effective Date until December 31, 2019 and shall increase to $100,000 per annum starting January 1, 2020 through October 18, 2021 and shall be paid at such intervals as the Company pays executive salaries generally. During the Employment Period, the Base Salary shall be reviewed at least annually for possible increase (but not decrease) in the Company’s sole discretion, as determined by the Company’s compensation committee or Board. Any increase in Base Salary shall not serve to limit or reduce any other obligation to Employee under this Agreement. The term “Base Salary” as utilized in this Agreement shall refer to Base Salary as so adjusted.

 

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3.2 Equity. Employee shall receive an initial equity grant in the amount of twenty thousand (20,000) shares of the Company’s common stock (the “Equity Shares”). In addition to the Equity Shares, Employee shall be eligible to participate in equity grants and/or stock option award programs as determined by the Company from time to time.

 

3.3 Bonuses. In addition to the Base Salary, Employee shall be eligible to earn a cash performance bonus equal to five percent (5%) of the net profits generated by each Legend Nutrition store location while the Employee is employed by the Company. Net profits shall be defined as Gross Receipts – (COGS + SG&A Expenses) and shall be paid to the Employee on a quarterly basis starting on January 1, 2020.

 

3.4 Welfare Benefit Plans. During the Employment Period, Employee and Employee’s eligible family members shall be eligible for participation in the welfare benefit plans, practices, policies and programs (including, if applicable, medical, dental, disability, employee life, group life and accidental death insurance plans and programs) maintained by the Company for its senior executives.

 

3.5 Expenses. During the Employment Period, Employee shall be entitled to receive prompt reimbursement for all reasonable and approved business expenses incurred by Employee in accordance with the policies, practices and procedures of the Company provided to senior executives of the Company.

 

3.6 Fringe Benefits. During the Employment Period, Employee shall be entitled to such fringe benefits and perquisites as are provided by the Company to its senior executives from time to time, in accordance with the policies, practices and procedures of the Company.

 

ARTICLE IV

CONFIDENTIALITY; PROPRIETARY RIGHTS

 

4.1 Definition of Confidential Information. “Confidential Information” means all information of any kind, type or nature (written, stored on electronic or other media or oral) which is or has been compiled, prepared, devised, developed, designed, discovered or otherwise learned of by Employee in connection with Employee’s relationship or employment with the Company, to the extent that such information relates to the Company or any of its affiliated entities. Without limiting the generality of the foregoing, Confidential Information includes information included within or relating to any patient files, products or services, finances, business plans, marketing plans, legal affairs, suppliers, customers, potential customers, prospects, opportunities, contracts or assets of the Company or any of its respective affiliates. Confidential Information also includes any information made available to the Company by its clients or other third parties and which it is obligated to keep confidential.

 

4.2 Duty to Safeguard Confidential Information. At all times during the Term of this Agreement and thereafter, Employee will hold in strictest confidence and will not disclose, use, provide access to, or publish any Confidential Information, except as such disclosure, use or publication may be required in connection with Employee’s services for the Company. Employee agrees that all Confidential Information, whether prepared by Employee or otherwise coming into Employee’s possession, shall remain the exclusive property of the Company during Employee’s employment with the Company. Employee will obtain the Company’s written approval before publishing or submitting for publication any material (written, oral, or otherwise) that relates to Employee’s work at the Company, any Confidential Information and/or any material that incorporates any Confidential Information.

 

4.3 Return of Company Property. When Employee’s employment with the Company terminates for any reason, Employee will promptly (within seven (7) days) deliver to the Company any and all the Company Property. “the Company Property” includes, without limitation, Confidential Information, notes, memoranda, specifications, products, and samples, together with all copies thereof. the Company has the right to offset any loss incurred for failure to return property against any remaining and/or future unpaid wages. This offset does not limit employee liability.

 

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ARTICLE V

COMPLIANCE

 

5.1 Compliance Affirmation. As an inducement to the Company to enter into this employment relationship with the Employee, the Employee does hereby represent and warrant that in performing services under this Agreement the Employee has and at all times will continue to adhere to each of the following provisions:

 

(a) Comply with all state and federal laws, rules and regulations pertaining to making or receiving any bribe, kickback payment or other illegal payment. Further, Employee and the Company each warrant and represent to the other that no direct or indirect payment shall be made by Employee or the Company to or from the other to induce the referral of a patient for services.

 

(b) Do nothing that will create a conflict of interest with the Company or any of its affiliates or create a default under any agreement, contract, instrument, order or judgment to which the undersigned is a party or otherwise subject.

 

(c) Comply with all policies and procedures established by the Company and any amendments thereto.

 

5.2 Non-Competition/Non-Solicitation.

 

(a) The Employee acknowledges that during the Employee’s relationship with the Company, the Company will be providing the Employee, and the Employee will receive from the Company, special training and knowledge, including Confidential Information (as defined herein above). The Employee acknowledges that this Confidential Information is valuable to the Company and, therefore, its protection and maintenance constitutes a legitimate interest to be protected by this covenant not to compete. Therefore, the Employee agrees while employed by, contracted, with, or otherwise engaged with the Company or any of its affiliated entities and for a period of two (2) years after the termination of such relationship, the Employee shall not, without the Company’s prior written consent, directly or indirectly: become an owner, partner, employee, independent contractor, agent, or otherwise involved with any business that competes with the Company or provides management services to any the Company within a twenty (20) mile radius of the Company’s location(s).

 

(b) The Employee agrees and covenants that while employed by or otherwise engaged with the Company and for a period of two (2) years after the termination of such relationship, the Employee shall not either (i) directly as a partner, employer, agent, independent contractor, or employee, or (ii) indirectly through a corporation, partnership, affiliate, subsidiary, or otherwise, unless approved by the Company:

 

  (a) solicit, induce, or attempt to induce, in connection with any business competitive with that of the Company, patients of the Company to cease using the Company; or
     
  (b) solicit, induce, or attempt to induce, any employee, consultant, referral source, owner, or other persons associated with the Company to leave the employment of, or to discontinue their association with the Company.

 

Failure to adhere to the covenants herein will result in discipline, up to and including immediate termination of this Agreement, and may result in other legal action being taken by the Company with respect to any breach of the covenants contained herein.

 

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ARTICLE VI
MISCELLANEOUS

 

6.1 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by nationally-recognized overnight delivery service or sent by certified or registered mail, postage prepaid, return receipt requested, to the address as set forth below; receipt shall be deemed to occur on the earlier of the date of actual receipt or receipt by the sender of confirmation that the delivery was completed or that the addressee has refused to accept such delivery or has changed its address without giving notice of such change as set forth herein:

 

if to the Company, to:

 

3990 Vitruvian Way, Suite 1152

Addison, TX 75001

 

if to Employee, to:

 

1681 River Road, #3213

Boerne, TX 78006

 

Either party may change its address for notice hereunder by written notice to the other party hereto.

 

6.2 Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior discussions and agreements, written or oral, with respect thereto.

 

6.3 Waivers and Amendments. This Agreement may be amended, suspended, cancelled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by both parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof. Nor shall any waiver on the part of any party of any such right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

 

6.4 Assignment. This Agreement shall inure to the benefit of and shall be binding upon Employee and his or her executor, administrator, heirs, personal representative and assigns, and the Company and its successors and assigns (including, without limitation, any successor to the assets of the Company); provided, however, that Employee shall not be entitled to assign any of his or her rights or delegate any of his or her duties under this Agreement. Employee agrees that this Agreement may be freely assigned by the Company to any person or entity which succeeds to all or any significant portion of the Company’s assets or business, whether pursuant to a sale of assets, sale of stock, merger or other similar transaction.

 

6.5 Severability: Construction. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held by a court of competent jurisdiction to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. Use of the word “including” shall not be limited by the terms following such word. All references to singular or plural terms shall mean the other where appropriate.

 

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6.6 Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

 

6.7 Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

6.8 Counterparts. This Agreement may be executed in separate counterparts, each of which when executed and delivered shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

 

EXECUTIVE   LEGEND NUTRITION, INC.
         
    By:  
Name: Michael Ladner   Name:  Esteban Alexander
      Title: Director

 

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AMIH Subsidiary, Legend Nutrition, Inc., Executes Asset Purchase Agreement to Acquire Assets of Nutritional Supplement Retail Store

 

ADDISON, TX, November 12, 2019 — American International Holdings Corp. (OTC: AMIH, or the “Company”) is pleased to announce that its newly formed subsidiary, Legend Nutrition, Inc. (“Legend”) has entered into an asset purchase agreement (the “Asset Purchase Agreement”) to acquire all of the assets associated with and related to a retail vitamin, supplements and nutrition store located in Mckinney, TX currently identified and doing business as “Ideal Nutrition.”

 

Pursuant to the Asset Purchase Agreement, Legend purchased a variety of assets including software, contracts, bank and merchant accounts, products, inventory, computers, security systems and other intellectual properties (the “Assets”) in exchange for a promissory note in the amount of Seventy-Five Thousand US Dollars ($75,000) bearing an interest rate of five percent (5%) per annum and with a maturity date of one year. Legend is continuing to operate the business as Ideal Nutrition and intends to officially rebrand as Legend Nutrition in the upcoming months.

 

Concurrent with the execution of the Asset Purchase Agreement, Legend entered into an Employment Agreement with Michael Ladner and has appointed Mr. Ladner to serve as Legend’s Chief Executive Officer.

 

“We are extremely excited to have appointed Michael Ladner as the CEO of Legend Nutrition, Inc. and to establish our first branded Legend Nutrition retail store by means of this asset purchase agreement,” comments Jacob Cohen, the Company’s President and CEO. “Michael has a proven track record of working in the retail nutritional supplement industry where he was instrumental in the management, success and profitability of multiple unit supplement stores located across and throughout the United States”, further comments Mr. Cohen.

 

About Michael Ladner

 

Mr. Ladner started his career as a professional athlete as a two-time International Powerlifting Federation (IPF) power lifter and football player after his graduation from University of North Texas. His experience as an athlete transcended him to a knowledge of the health, wellness, and nutritional industry where he strived and succeeded for over 10 years. Starting from the very bottom as a retail salesman for a local family owned store, Mr. Ladner quickly worked his way up to become the regional director of a large corporate supplement company where he oversaw the growth and development of over 35 retail stores with more than 200 employees. Michael brings to Legend his unique management, sales, training and operational experiences with a vision to establish additional Legend Nutrition stores across the United States and developing a proprietary, branded nutritional supplement line.

 

About The Company

 

American International Holdings Corp (OTC:AMIH) is a diversified holding company dedicated to acquiring, managing and operating health, wellness, beauty, and lifestyle companies, businesses and/or brands located both in the United States and abroad. The Company seeks opportunities to acquire and grow businesses that possess strong brand values and that can generate long-term sustainable free cash flow and attractive returns in order to maximize value for the Company and its stakeholders.

 

     
 

 

Legal Disclaimer

 

This press release may contain forward-looking statements including words such as “may,” “can,” “could,” “should,” “predict,” “aim,” “potential,” “continue,” “opportunity,” “intend,” “goal,” “estimate,” “expect,” “expectations,” “project,” “projections,” “plans,” “anticipates,” “believe,” “think,” “confident,” “scheduled,” or similar expressions, as well as information about management’s view of American International Holding Corp’s future expectations, plans and prospects. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of American International Holding Corp, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents American International Holding Corp files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on American International Holding Corp’s future results. American International Holding Corp cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Such forward-looking statements should not be relied upon as indicative of current value or as a guarantee of future results, herein, and shall not be relied upon as a promise or representation.

 

Further, the Company shall not be responsible for statements made on Novopelle’s website at www.Novopelle.com.

 

In this release, we may rely on and refer to information regarding our industry and the market for our products in general from market research reports, analyst reports and other publicly available information. Although we believe that this information is reliable, we cannot guarantee the accuracy and completeness of this information, and we have not independently verified any of it. Some data is also based on our good faith estimates.

 

SOURCE: American International Holdings Corp.

 

Contact information at: info@amihcorp.com