Exhibit 10.1 -- Shareholder Agreement
Xxxxxx X. Xxxxxxxxx
0000 Xxxxxxxx Xxxx Xxx
Xxxxx Xxx Xxxxx, Xxxxxx 00000
August 17, 2005
Hair Therapists, Inc.
0000 Xxxxxxxx Xxxx Xxx
Xxxxx Xxx Xxxxx, XX 00000
Re: Shareholder Agreement with Hair Therapists, Inc.
Gentlemen:
In consideration of the sale of the shares of Common Stock of Hair
Therapists, Inc. (the "Company") to the undersigned (the "Holder"), the Holder
hereby represents, warrants, covenants and agrees, for the benefit of the
Company and any holders of record (the "third party beneficiaries") of the
Company's outstanding securities, including the Company's Common Stock, $0.001
par value (the "Stock") at the date hereof and during the pendency of this
letter agreement, that the Holder will not transfer, sell, contract to sell,
devise, gift, assign, pledge, hypothecate, distribute or grant any option to
purchase or otherwise dispose of, directly or indirectly, her 230,000 shares of
Stock of the Company owned beneficially or otherwise by the Holder except in
connection with or following completion of a merger, acquisition or other
transaction of or by the Company meeting the definition of a business
combination as defined in the Company's registration statement on Form 10-SB or
otherwise complying with the purposes of the Company as set out in the
registration statement.
Any attempted sale, transfer or other disposition in violation of this
letter agreement shall be null and void.
The Holder further agrees that the Company (i) may instruct its transfer
agent not to transfer such securities (ii) may provide a copy of this letter
agreement to the Company's transfer agent for the purpose of instructing the
Company's transfer agent to place a legend on the certificate(s) evidencing
the securities subject hereto and disclosing that any transfer, sale, contract
for sale, devise, gift, assignment, pledge or hypothecation of such securities
is subject to the terms of this letter agreement and (iii) may issue stop-
transfer instructions to its transfer agent for the period contemplated by
this letter agreement for such securities.
This letter agreement shall be binding upon the Holder, its agents,
heirs, successors, assigns and beneficiaries.
Any waiver by the Company of any of the terms and conditions of this
letter agreement in any instance shall be in writing and shall be duly
executed by the Company and the Holder and shall not be deemed or construed
to be a waiver of such term or condition for the future, or of any subsequent
breach thereof.
Agreed and accepted this 17th day of August 2005.
THE HOLDER
By: /s/ Xxxxxx X. Xxxxxxxxx
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Xxxxxx X. Xxxxxxxxx
President
