Document:

Unassociated Document

 

First Amendment to July 20, 2012 Restricted Stock Agreement

 

This FIRST AMENDMENT TO RESTRICTED STOCK AGREEMENT (this “Amendment”), is made as of June 1, 2013, by and between Icarus Wind Energy, Inc. (the “Company”) and Mohit Bhansali (the “Grantee”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Original Agreement (defined below).

RECITALS

WHEREAS, the Company and the Grantee entered into that certain Restricted Stock Agreement dated July 20, 2012  (the “Original Agreement”), pursuant to which the Company issued 84,824,470 shares of its common stock to the Grantee, upon the terms and subject to the conditions set forth in the Original Agreement Agreement; and 

WHEREAS, the parties wish to amend the Original Agreement in the manner set forth herein.

NOW THEREFORE, in consideration of the respective covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows, intending to be legally bound hereby:

	
  

	
1.

	
Section I “Notice of Grant” of the Original Agreement is hereby deleted in its entirety and replaced with the following:

	
Grantee’s Name

	
Mohit Bhansali

 

You have been granted an award of shares (the “Shares”) of Restricted Stock of the Company, subject to the terms and conditions of this Agreement, as follows:

 

	
Grant Date

	
July 20, 2012

	
 

Total number of Shares Granted

	
 

84,824,470

	
 

Vesting Provisions

	

 

The Shares shall be unvested and shall vest upon the occurrence of a Qualified Transaction (as defined below), unless accelerated by the Board of Directors or any committee designated by the Board of Directors.  If vesting has not occurred by the close of business on June 1, 2016, the Shares shall be forfeited and the ownership thereof shall revert back to the Company.  The Shares may not be sold, pledged or otherwise transferred until the Shares become vested as set forth above.  Until so vested, the Grantee shall have all of the rights of a stockholder with respect to the Shares except for the right to sell, pledge or otherwise transfer as set forth above.

 

 

  

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The Shares shall be unvested and shall vest upon the occurrence of a Qualified Transaction (as defined below), unless accelerated by the Board of Directors or any committee designated by the Board of Directors.  If vesting has not occurred by the close of business on June 1, 2016, the Shares shall be forfeited and the ownership thereof shall revert back to the Company.  The Shares may not be sold, pledged or otherwise transferred until the Shares become vested as set forth above.  Until so vested, the Grantee shall have all of the rights of a stockholder with respect to the Shares except for the right to sell, pledge or otherwise transfer as set forth above.

“Qualified Transaction” shall mean one or more acquisitions or dispositions by the Company of any business, assets, stock, licenses, interests or properties (including, without limitation, intellectual property rights) approved by the stockholders of the Company or any acquisition involving assets, shares of capital stock, any purchase, merger, consolidation, recapitalization, or reorganization or involving any licensing, royalties, sharing arrangement or otherwise, which value of such Qualified Transaction is in excess of $25,000,000 for the Company’s interest therein.  For purposes hereof, the value of a Qualified Transaction shall take into account all cash, stock, present value of all royalties, settlement amounts, future payments, license fees received or owed, and all other consideration associated with such acquisition of any kind whatsoever.

 

 

	
  

	
2.

	
Except as otherwise provided herein, the Original Agreement shall remain in full force and effect.

	
  

	
3.

	
This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same Amendment.

[Signatures appear on following page.]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written.

 

 

	
GRANTEE

	  	  	  	
ICARUS WIND ENERGY, INC.

	  	  	  	  	  
	
/s/ Mohit Bhansali

	  	  	  	
By: 

	
/s/ Mohit Bhansali

	
 

	
Signature

	  	  	  	  	  	
Mohit Bhansali

	  	  	  	  	  
	
Mohit Bhansali

	  	  	  	
Title: 

	  	
Chief Executive Officer

	
Name

	  	  	  	  	  	  
	
Address:Unassociated Document

 

DEBT FORGIVENESS AGREEMENT

 

This Debt Forgiveness Agreement ("Agreement"), entered into effective December 31, 2012, by and among Icarus Wind Energy, Inc. (the "Company"),  Clear Skies Solar, Inc. (“Clear Skies”) and Clear Skies’ wholly owned subsidiary Clear Skies Financial Corp. (“FC” and, together with Clear Skies, the “Seller”), in reference to the following:

 

WHEREAS, the parties entered into an agreement of sale  (the "Debt") dated as of December 9, 2011 (the “Agreement of Sale”) pursuant to which Company purchased from the Sellers a residential power plan solar customer agreement dated as of September 9, 2011 (the “Solar Agreement”) for the design, permitting, construction, installation, testing and activation of a solar photovoltaic system for a purchase price of Twenty Five Thousand Dollars ($25,000) (the “Purchase Price”) consisting of an initial payment of Ten Thousand Dollars ($10,000) and a final payment of Fifteen Thousand Dollars ($15,000) (the “Final Payment” or “Debt”);

 

WHEREAS, the Company has not paid the Sellers the Final Payment;

 

WHEREAS, subject to certain conditions contained herein, the Sellers have determined to forgive the Debt in its entirety; and

 

WHEREAS, Company has determined that the forgiveness of the Debt is in the best interest of Company.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the parties agree as follows:

 

1. Debt Forgiveness and Release of Collateral. Sellers hereby forgive the Debt in its entirety.

 

2. Representations and Warranties of Sellers. Sellers hereby severally and jointly represent and warrant to Company as follows:

 

	
  

	
a.

	
Organization and Standing. Sellers are each a corporation duly organized, validly existing and in good standing under the laws of the states of their jurisdictions.

 

	
  

	
b.

	
Authority. Sellers have full legal capacity and authority to enter into this Agreement and to perform the transactions contemplated herein. This Agreement is the legal, valid and binding obligation of Sellers and is enforceable in accordance with its terms.

 

	
  

	
c.

	
Litigation. There are no legal actions, suits, arbitration or other legal or administrative proceedings or governmental investigations pending or contemplated which would prevent the enforcement of this Agreement.

 

3. Representations and Warranties of Company. Company hereby represents and warrants to Sellers as follows:

 

	
  

	
a.

	
Organization and Standing. Company is a corporation duly organized, validly existing and in good standing under the laws of Nevada.

 

  

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b.

	
Corporate Authority. Company has all the required corporate power and authority to enter into this Agreement and to perform the transactions contemplated herein. The execution and delivery by Company of this Agreement and the consummation of all transactions contemplated herein have been duly and validly authorized. This Agreement is the legal, valid and binding obligation of Company enforceable in accordance with its terms.

 

3. Survival of Representations and Warranties. All representations and warranties of each party shall survive after the conclusion of this Agreement.

 

4.   Governing Law. This Agreement shall be governed and construed in accordance with the laws of the New York, United States of America.

 

5. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein, and may be amended or modified only by an instrument in writing signed by the parties hereto.

 

6.  Notices. All notices and other communication to be given under or by reason of this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or by internationally recognized courier service, addressed as follows:

 

	
if to Sellers:

	
Clear Skies Solar, Inc.

	 	
3665 Merrick Road, Seaford, New York 11783

 

Clear Skies Financial Corp.

3665 Merrick Road, Seaford, New York 11783

 

	
if to Company:

	
Icarus Wind Energy., Inc.

	 	
3665 Merrick Road, Seaford, New York 11783

 

7. Legal Representation.  Each party hereto acknowledges that it has been represented by independent legal counsel in the preparation of this Agreement.  Each party hereby explicitly waives any conflict of interest and other allegations that it has not been represented by its own counsel.

 

 

  

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IN WITNESS HEREOF, the parties hereto have executed this Agreement on the day and year first written above.

 

                                        SELLERS:

 

                                        Clear Skies Solar Inc.

 

                                        By: /s/ Ezra Green

                                        Name: Ezra Green

                                        Title: CEO

 

 

                                        Clear Skies Financial Corp.

 

                                        By: /s/ Ezra Green

                                        Name: Ezra Green

                                        Title: CEO

 

 

                                        COMPANY:

 

                                        ICARUS WIND ENERGY., INC.

 

                                        By: /s/ Mohit Bhansali

                                        Name: Mohit Bhansali

                                        Title: Chief Executive Officer

 

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