Document:

f8k121712ex10i_skinny.htm

Exhibit 10.1

 

AMENDMENT NO. 1

TO STANDSTILL AGREEMENT

 

This Amendment No. 1 (the “Amendment”) dated as of December 18, 2012 by and among Skinny Nutritional Corp., a Nevada corporation (the “Company”) and Trim Capital LLC, a limited liability company organized under the laws of the State of Delaware (“Trim Capital” or the “Purchaser”), amends that certain Standstill Agreement dated October 19, 2012 (the “Standstill Agreement”) between the Company and the Purchaser.  The Company and the Purchaser may each be referred to separately as a “Party” and collectively as the “Parties”.

 

WHEREAS, Trim Capital and the Company entered into a Securities Purchase Agreement, dated June 28, 2012, as amended on August 14, 2012 (together, the “Purchase Agreement”);

 

WHEREAS, pursuant to the Purchase Agreement, the Company sold to Trim Capital Senior Secured Promissory Notes in the aggregate principal amount of $1,270,000 (the “Notes”);

 

WHEREAS, among other transactions expressed therein, the Purchase Agreement contemplated that Trim Capital would purchase $7,730,000 of additional securities of the Company in accordance with the terms and conditions of the Purchase Agreement;

 

WHEREAS, the Parties entered into the Standstill Agreement on October 19, 2012 in order to enable the Parties to reserve their rights and to provide an opportunity for the Parties to discuss the resolution of the obligations of the Parties under the Purchase Agreement;

WHEREAS, the Standstill Agreement will expire on December 18, 2012; and

WHEREAS, the Parties mutually desire to extend the duration of the Standstill Agreement to provide the Parties with additional time to continue their discussions pursuant to the Standstill Agreement.

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1.           The Parties hereby agree that effective at 11:59 p.m. (New York Time) on December 18, 2012, the definition of the term “Standstill Period”, as set forth in Section 1 of the Standstill Agreement, is hereby amended and restated to provide that it means the period of time commencing on the Effective Date of the Standstill Agreement and continuing until the earliest of (a) the ninetieth (90th) day following the Effective Date of the Standstill Agreement, (b) the mutual agreement of the Parties or (c) the institution of any proceeding by or against the Company seeking to adjudicate it a bankrupt or insolvent or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, composition of it or its debts or any similar order, in each case under any law relating to bankruptcy, insolvency or reorganization or relief of debtors.

2.           No amendment or waiver of any provision of this Amendment will be valid and binding unless it is in writing and signed, in the case of an amendment, by the Company and the Purchaser, or in the case of a waiver, by the Party against whom the waiver is to be effective.

3.           This Amendment may be executed in any number of counterparts, which may be exchanged by PDF or facsimile each of which will be deemed an original, but all of which together will constitute but one and the same instrument. This Amendment shall be effective upon its execution by the Company and the Purchaser.

 

  

  

  

 

4.           This Amendment constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral.  Except as specifically set forth herein, this Amendment does not modify the Standstill Agreement, which remains in full force and effect in accordance with its terms. This Amendment shall be governed by all of the provisions of the Standstill Agreement, unless the context otherwise requires, including but not limited to all provisions concerning notices, construction, enforcement and governing law.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

SKINNY NUTRITIONAL CORP.

	
By: 

	/s/ Michael Salaman                           	 
	Name:   	Michael Salaman	 
	Title:  	Chief Executive Officer	 

 

TRIM CAPITAL LLC

 

BY: DACHSHUND LLC

 

	
By: 

	/s/ Marc Cummins        	 
	Name:   	Marc Cummins	 
	Title:  	Managing Memberex10_9.htm

	
 

 

 

Name of Grantee:

	 
`Exhibit 10.9

 

 

 
No. of Stock Units: ______

                                                                                

 

NATIONAL PATENT DEVELOPMENT CORPORATION

STOCK UNIT AGREEMENT

2007 INCENTIVE STOCK PLAN

 

NATIONAL PATENT DEVELOPMENT CORPORATION, a Delaware corporation (the “Company”), hereby grants to _________ (the “Grantee”), an “eligible person” under the National Patent Development Corporation 2007 Incentive Stock Plan, a copy of which is annexed hereto as Appendix A (the “Plan”), on , 2012 (the “Grant Date”), __________ Stock Units (“RSUs”), each representing the initial right to receive, on the settlement date(s) set forth herein, one share of common stock, par value $.01 per share, of the Company (the “Common Stock”), subject to the terms and conditions set forth in this Agreement (this “Agreement”).

 

The provisions of the Plan are incorporated by reference herein and shall govern all matters not expressly provided for in this Agreement.  Capitalized terms used but not defined herein have the meanings ascribed to them in the Plan.  In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall govern, except to the extent that the Board determines otherwise.

 

1.           Vesting and Settlement.

 

(a)        Grantee shall become vested in the RSUs as follows:

 

(b)        To the extent Grantee is not vested in the RSUs as of the date of Grantee’s termination of employment, Grantee shall forfeit such non-vested RSUs without consideration.

 

2.           Effect of Certain Transactions. In the event of (i) the liquidation or dissolution of the Company, (ii) a merger or consolidation in which the Company is not the surviving corporation or (iii) the sale or disposition of all or substantially all of the Company’s assets, provision shall be made in connection with such transaction for the assumption of the Plan and the RSUs, or the substitution for such RSUs of new stock units or awards of the successor, with appropriate adjustment as to the number and kind of shares thereunder.  Notwithstanding the foregoing, any other provision in the Plan or in this Agreement, in the event of a transaction listed above or a change in control, the Committee, with the approval of the Board (to the extent that the Board is not the Committee), shall have the right and authority, but not an obligation, to cancel and terminate the RSUs (or any then outstanding portion thereof) by paying the Grantee in cash the Fair Market Value of the shares of Common Stock underlying the RSUs on the date of the consummation of the transaction or change in control. A decision to exercise its right and authority, the manner of exercising its right and authority, and interpretations by the Committee or the Board, as applicable, under the foregoing provision shall be final and binding on the Company and the Grantee.

 

  

  

  

 

3.           Acceptance of Stock Unit Agreement.  The execution of this Agreement by the Grantee indicates the Grantee’s acceptance of and willingness to be bound by all of its terms.

 

4.           No Rights as Stockholder.  No person shall have any rights as a stockholder with respect to any Common Stock underlying the RSUs until such Common Stock has been issued to such person.  Except as otherwise expressly provided herein, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock is issued.

 

5.           Adjustments. The number and kind of shares issuable upon settlement of the RSUs represented hereby shall be subject to adjustment as provided in the Plan.

 

6.           No Assignments or Transfers. The RSUs may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of by Grantee, except by will or the laws of descent and distribution.

 

7.           Reservation of Shares. The Company shall at all times reserve and keep available out of its authorized Common Stock the full number of shares of Common Stock issuable upon settlement of the RSUs.

 

8.           RSUs Subject to Terms of Plan; Questions or Controversies Regarding Terms of Plan.  The RSUs are subject to all of the terms and conditions of the Plan and in the event of any question or controversy relating to the terms of the Plan or otherwise hereunder, the decision or interpretation of the Committee or the Board, as applicable, shall be final, binding and conclusive on the Company and the Grantee, except as expressly set forth in this Agreement.

 

9.           Tax Withholding.  The Company shall deduct and withhold from the payment of the RSUs an amount sufficient to satisfy any federal, state and local taxes required by law to be withheld with respect to RSUs.

 

10.         Section 409A of the Code. The RSUs are intended to comply with the requirements of  Section 409A of the Code and the regulations and guidance issued thereunder from time to time by the Department of the Treasury and shall be interpreted and construed accordingly.

 

11.         Listing.  If at any time the Committee or the Board shall determine, in its discretion, that the listing, registration, or qualification of the Common Stock underlying the RSUs upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the issue of such Common Stock, the RSUs may not be settled in Common Stock in whole or in part unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to the Committee or the Board, as applicable.

 

  

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12.         Trading Black Out Periods.  By entering into this Agreement, the Grantee expressly agrees that: (i) during all periods of service of the Grantee as an officer, director or employee of the Company and its affiliates, or otherwise while the Grantee is otherwise maintained on the payroll of the Company or its affiliates, the Grantee shall abide by all trading “blackout” periods with respect to purchases or sales of Common Stock or exercises of stock options for Common Stock established from time to time by the Company (“Trading Blackout Periods”) and (ii) upon any cessation or termination of service with the Company for any reason, the Grantee agrees that for a period of six (6) months following the Grant Date of any such cessation or termination or, if later, for a period of six (6) months following the date as of which the Grantee no longer serves the Company as an officer, director or employee, or is no longer on the payroll of the Company or its affiliates, the Grantee shall continue to abide by all such Trading Blackout Periods established from time to time by the Company.

 

13.         Notices. Except as specifically provided in the Plan, all notices hereunder shall be in writing, and (a) if to the Company, shall be delivered personally to the Secretary of the Company or mailed to its principal office, addressed to the attention of the Secretary or (b) if to the Grantee, shall be delivered personally or via courier or mailed via certified mail, postage prepaid, return receipt requested to the Grantee at the last address of the Grantee appearing on the records of the Company.  Such addresses may be changed at any time by notice from one party to the other.

 

14.         Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company.

 

15.         Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to rules governing the conflict of laws.

 

 

[Remainder of Page Intentionally Omitted]

  

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	 
NATIONAL PATENT DEVELOPMENT 

CORPORATION

	 	 
	 	 	 	 	 
	 	
By: 

	 	 	 
	 	 	
Name:

	 	 
	 	 	
Title:

	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	Address:	 	 

 

 

 

 

 

  

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APPENDIX A

 

NATIONAL PATENT DEVELOPMENT CORPORATION

2007 INCENTIVE STOCK PLAN

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