Effects of the Share Exchange. Upon completion of delivery of consents and shares described in Section 1.1: (a) PETLIFE shall be a wholly owned subsidiary of the Company; (b) PETLIFE Shareholders and their designees shall hold 40,000,000 shares of the Company Common Stock, which shall constitute not less than eighty percent (80%) of the issued and outstanding stock of the Company, to be distributed among PETLIFE Shareholder as set forth in Schedule 1.1; (c) the certificate of incorporation of the Company shall be amended to effect the name change to PETLIFE Inc.; (d) the directors of PETLIFE immediately prior to the Closing Date shall remain the directors and officers of the PETLIFE, to hold office until their respective death, permanent disability, resignation or removal or until their respective successors are duly elected and qualified, all in accordance with the certificate of incorporation and Bylaws of the Company and applicable Law; (e) The Board of Directors of the Company shall be increased by appropriate action to accommodate additional directors; and (f) The directors of PETLIFE shall be appointed to the Board of Directors of the Company and, upon such appointment, shall constitute the majority of the Board.
Appears in 2 contracts
Sources: Share Exchange Agreement (PetLife Pharmaceuticals, Inc.), Share Exchange Agreement (Eco Ventures Group, Inc.)