Document:

United State Securities and Exchange Commission Edgar Filing

Exhibit 10.1

March 5, 2009

Dutchess Private Equities Fund, Ltd.

50 Commonwealth Avenue

Boston, Massachusetts  02116

Re:  Waiver of Certain Events of Default and Covenants in the Transaction Documents

Ladies and Gentlemen:

Reference is hereby made to: (i) the Debenture Agreement, dated as of July 14, 2006 (the “2006 Debenture”), by and among SimplaGene USA, Inc., later renamed Dinewise, Inc., (“Company”), Dutchess Private Equities Fund, LP (“Dutchess I”) and Dutchess Private Equities Fund, II, LP (“Dutchess II” and collectively with Dutchess I, the “Lender”); (ii) the Debenture Agreement, dated as of February 16, 2007, as amended to date, by and among the Company and Dutchess I (the “2007 Debenture” and collectively with the 2006 Debenture, the “Debentures”); (iii) the Subscription Agreement, dated as of July 14, 2006, by and among the Company and the Lender (the “Subscription Agreement”); (iv) the Debenture Registration Rights Agreement, dated as of July 14, 2006,  by and among the Company and the Lender (the “Debenture Registration Rights Agreement”); and (v) any and all other documents and agreements executed in connection with the transactions contemplated by the Debentures (collectively with the Debentures, the Subscription Agreement and the Debenture Registration Rights Agreement, the “Transaction Documents”).  Capitalized terms used but not defined in this waiver letter shall have the meanings assigned to those terms in the Transaction Documents.

Company’s Listing and Reporting Obligations: 

Pursuant to the terms of the Transaction Documents, the Company is generally obligated to maintain the listing of the Company’s Common Stock on a national securities exchange, on an automated quotation system, or on the pink sheets if the Company continues to file all reports required to be filed were its Common Stock listed on the over-the-counter bulletin board, file all reports required to be filed with the SEC and comply with the rules and regulations of the Sarbanes-Oxley Act of 2002 (“S-OX”) (the “Listing and Reporting Obligations”). 

The Company’s Listing and Reporting Obligations include, but are not limited to, the following covenants and Event of Default: 

(i) Section 4(c) of the Subscription Agreement requires the Company to file all reports required to be filed with the SEC pursuant to the Securities Exchange Act of 1934 (the “1934 Act”) and to maintain its status as a reporting company under the 1934 Act.

(ii) Section 3(w) of the Subscription Agreement requires the Company to file all reports required to be filed under S-OX and to remain compliant with S-OX and its rules and regulations.

(iii) Section 4(f) of the Subscription Agreement requires the Company to make available to the Lender certain financial information.

(iv) Section 4(h) of the Subscription Agreement requires the Company to maintain the listing of the Company’s Common Stock on a national securities exchange and an automated quotation system.

 (v) Section 2(c) of the Debenture Registration Rights Agreement requires the Company to pay the Lender the sum of 2% of the Face Amount due to the Lender, in case of any suspension in the Lender’s right to sell the Registrable Securities under a   registration statement , until such suspension ceases. 

(vi) Pursuant to Section 6.1(e) of the 2006 Debenture and 2007 Debenture, an Event of Default occurs upon the suspension or delisting of the Company’s Common Stock from any recognized exchange including electronic over-the-counter bulletin board (and, in the case of the 2006 Debenture, except if the Company’s Common Stock is listed on the pink sheets and the Company furnishes the same reports it would be required to furnish to the over-the-counter bulletin board), for in excess of five (5) consecutive trading days. In the occurrence of an Event of Default, the Lender may be entitled to certain remedies and may declare the remaining Face Amounts of the Debentures immediately due and payable in full.

Waiver of Covenants and Events of Default in Connection with the Company’s Listing and Reporting Obligations

In order to enable the Company to file with the SEC a certification and notice of termination of registration under the 1934 Act or suspension of duty to file reports under the 1934 Act (SEC Form 15), the Company hereby requests that the Lender waive all covenants and Events of Default, as set forth in the Transaction Documents, in connection with the Company’s Listing and Reporting Obligations, including the above mentioned Event of Default and covenants.

Accordingly, the Lender hereby waives all covenants and Events of Default, set forth in the Transaction Documents, in connection with the Company’s Listing and Reporting Obligations, including the above mentioned Event of Default and covenants.  

The Company and the Lender acknowledge and agree that the foregoing waiver is limited as written above and, except for this waiver of the Company’s obligations in connection with the Company’s Listing and Reporting Obligations, all of the terms and conditions of the Transaction Documents remain in full force and effect in accordance with their respective terms, all of which are hereby ratified and confirmed in all respects.

Financial Reporting Obligations:

Effective with the quarter ended March 29, 2009, and each quarter thereafter, the Company shall provide the Lender with a quarterly income statement and balance sheet consistent with the format provided in previous form 10Q’s.  The quarterly income statement and balance sheet shall be provided by the 45th day following the Company’s fiscal quarter end (next business day following the 45th day if on a weekend or Holiday). 

If Lender requests, effective with the fiscal month ended May 3, 2009 (ie April), the Company shall provide a monthly income statement and balance sheet to the Lender by the 30th day following the fiscal month end (next business day following the 30th day if on a weekend or Holiday).

Effective for the Company’s fiscal year end December 27, 2009, should the Lender request an external accountant’s compilation report, that report shall be provided to the Lender by the 90th day following the fiscal year end (next business day following the 90th day if on a weekend or Holiday) and shall be provided at the Company’s own expense.  However, the Lender shall provide the Company with at least 60 days written notice of this request.

Stock Issuance:

In consideration of this Agreement, the Company shall immediately issue to Dutchess three hundred and seventy thousand (370,000) shares of the Company’s Common Stock.

 

This letter shall become effective upon its execution by the Company and the Lender.

				
	 
	 
	Very truly yours,

	 
	 
	 
	 

	 
	 
	DINEWISE, INC. 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By: 

	/S/ PAUL A. ROMAN

	 
	 
	Print Name:

	Paul A. Roman

	 
	 
	Print Title:

	President and Chief Executive Officer

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By: 

	/S/ THOMAS MCNEILL

	 
	 
	Print Name:

	Thomas McNeill

	 
	 
	Print Title:

	Vice President and Chief Financial Officer

Accepted and Agreed:

DUTCHESS PRIVATE EQUITIES FUND, LTD.

		
	By: 

	/S/ DOUGLAS H. LEIGHTON

	Print Name:

	Douglas H. Leighton

	Print Title:

	A Managing MemberExhibit 10.53

Exhibit 10.53

March 3, 2009

John Campbell

Chief Operating Officer

Voyager Expanded Learning, Inc.

1800 Valley View Lane

Dallas, TX 75234

Dear John:

I am pleased to inform you that on February 25, 2009, the Compensation Committee of the Board of
Directors of Voyager Learning Company (the “Company”) approved a bonus for you in the event a
Change of Control (“CIC”) occurs on or before December 31, 2009. For purposes of this letter, a
CIC shall be determined as defined in the Company’s 2003 Strategic Performance Plan. The amount
of this CIC bonus shall be equal to $265,500 (the “CIC Bonus”). Payment of the CIC bonus is
expressly contingent on you being employed by the Company or one of its successors, or their
affiliates, on March 1, 2010. In the event you voluntarily terminate your employment or are
terminated for cause, as defined in the Company’s Separation Benefits Plan, prior to March 1,
2010, you shall not be entitled to receive the CIC Bonus. In the event you are terminated without
cause prior to March 1, 2010, the CIC Bonus shall be paid to you on March 1, 2010.

The CIC Bonus shall be in addition to the following enhanced severance benefits. You will be
entitled to enhanced severance benefits if you are involuntarily terminated without cause prior to
December 31, 2009, as defined in the Company’s Separation Benefits Plan. This enhanced severance
benefit is being provided to you because you perform important, specialized duties that are
critical to Voyager Expanded Learning, Inc. (“Voyager”). Effective January 1, 2010, this enhanced
arrangement will terminate and be replaced with a severance term of six months per a prior
agreement between you and the Company.

Your enhanced severance benefits shall consist of the following:

	 	•	 	Payment of your then current base salary for one year, according to the regular payroll
cycle; and
	 
	 	•	 	Subject to your continued co-payment of premiums, continued participation for one year
in all medical, dental and vision plans which cover you (and eligible dependents) upon the
same terms and conditions (except for the requirements of your continued employment) in
effect for active employees of Voyager. If you obtain other employment that offers
substantially similar or improved benefits, as to any particular medical, dental or vision
plan, such continuation of coverage by the Company for such similar or improved benefit
under such plan under this subparagraph shall immediately cease. The continuation of
health benefits under this subparagraph shall reduce and count against your rights under
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

Enhanced severance benefits shall be in lieu of any severance benefits for which you would have
otherwise been eligible, including but not limited to the Company’s Separation Benefits Plan. Your
enhanced severance benefits are subject to you executing a general release in substantially the
form attached to this letter.

Unless the Company is required to publicly report this letter, you acknowledge and agree that the
contents of this letter shall be deemed to be confidential and you shall not disclose the contents
hereof to any third person, except for family members and legal or financial advisors. In the
event you breach this obligation, Voyager may immediately terminate this agreement and you will
forfeit any and all benefits.

All payments under this letter will be subject to applicable tax withholding and deductions.
Payments will be excluded for purposes of determining all other compensation and employee
benefits.

You acknowledge that your employment is “at will” and this letter should not be construed as
a guarantee of employment.

 

 

 

As requested, you shall cooperate with Voyager with respect to any legal or investigatory
proceeding or any litigation or other dispute relating to matters in which you were involved or
had knowledge during your employment with Voyager or its affiliates, subject to your reasonable
personal and business schedules.

You agree that this letter supersedes the letter entered into between you and Voyager dated August
21, 2007 and such letter shall be of no further force or effect.

I would like to extend my personal thanks and appreciation to you for your hard work and
contributions to our business — past and future.

Sincerely,

/s/ Ronald Klausner

Ronald Klausner

President

Voyager Expanded Learning, Inc.

			
	Cc:	 	Richard Surratt

Accepted:

	 	 	 	 	 
	/s/ John Campbell
	 	March 4, 2009
	 	 
	 
	 	 	 	 
	John Campbell
	 	Date

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