Document:

solarenergy_ex0401.htm

Exhibit 4.1

 

 

AMENDMENT NO. 1

TO

CONVERTIBLE PROMISSORY NOTE

 

 

This Amendment No. 1 to the Convertible Promissory Note (this "Amendment") is executed as of October 17, 2011, by SOLAR ENERGY INITIATIVES, INC., a Nevada corporation (the “Maker”); and ASHER ENTERPRISES, INC., a Delaware corporation, or its assigns ("Holder") to amend the Convertible Promissory Note dated May 25, 2011 among those parties (the "Note").

 

The Maker and the Holder desire to amend the Note and further agree as follows:

 

 

1.   Capitalized Terms. Except as expressly provided in this Amendment, all capitalized terms used in this Amendment have meanings ascribed to them in the Note and those definitions are incorporated by reference into this Note.

 

2.   Section 1.2 of the Note shall be deleted and the following shall be substituted therefor:

 

“Conversion Price.

 

Calculation of Conversion Price.  The conversion price (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein)(subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events).  The "Variable Conversion Price" shall mean 35% multiplied by the Market Price (as defined herein)(representing a discount rate of 65%).  “Market Price” means the average of the lowest three (3) Trading Prices (as defined below) for the Common Stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the Holder to the Borrower via facsimile (the “Conversion Date”).  “Trading Price” means, for any security as of any date, the closing bid price on the Over-the-Counter Bulletin Board, or applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Borrower and Holder and hereafter designated by Holders of a majority in interest of the Notes and the Borrower or, if the OTCBB is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc.  If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes.  “Trading Day” shall mean any day on which the Common Stock is traded for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.

3.   Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all the parties reflected hereon as the signatories.

4.   Third Parties. Except as specifically set forth or referred to herein, nothing herein express of implied is intended or shall be construed to confer upon or give to any person other than the parties hereto and their permitted successors or assigns, any claims, rights, remedies under or by reason of this Amendment.

5.   Governing Law.  This Amendment shall be governed and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such State and the federal laws of the United States of America, without regard to the conflict of laws rules thereof.

 

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

 

 

SOLAR ENERGY INITIATIVES, INC.

 

By: /s/ David Fann      

DAVID FANN

Chief Executive Officer

 

ASHER ENTERPRISES, INC.

By: /s/ Curt Kramer         

Name: Curt Kramer

Title:   President

1 Linden Pl., Suite 207

Great Neck, NY. 11021solarenergy_ex0402.htm

Exhibit 4.2

 

 

AMENDMENT NO. 1

TO

CONVERTIBLE PROMISSORY NOTE

 

 

This Amendment No. 1 to the Convertible Promissory Note (this "Amendment") is executed as of October 17, 2011, by SOLAR ENERGY INITIATIVES, INC., a Nevada corporation (the “Maker”); and ASHER ENTERPRISES, INC., a Delaware corporation, or its assigns ("Holder") to amend the Convertible Promissory Note dated July 8, 2011 among those parties (the "Note").

The Maker and the Holder desire to amend the Note and further agree as follows:

1. Capitalized Terms. Except as expressly provided in this Amendment, all capitalized terms used in this Amendment have meanings ascribed to them in the Note and those definitions are incorporated by reference into this Note.

2. Section 1.2 of the Note shall be deleted and the following shall be substituted therefor:

“Conversion Price.

Calculation of Conversion Price.  The conversion price (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events).  The "Variable Conversion Price" shall mean 35% multiplied by the Market Price (as defined herein)(representing a discount rate of 65%).  “Market Price” means the average of the lowest three (3) Trading Prices (as defined below) for the Common Stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the Holder to the Borrower via facsimile (the “Conversion Date”).  “Trading Price” means, for any security as of any date, the closing bid price on the Over-the-Counter Bulletin Board, or applicable trading market (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Borrower and Holder and hereafter designated by Holders of a majority in interest of the Notes and the Borrower or, if the OTCBB is not the principal trading market for such security, the closing bid price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc.  If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes.  “Trading Day” shall mean any day on which the Common Stock is traded for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.

3.   Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all the parties reflected hereon as the signatories.

4.   Third Parties. Except as specifically set forth or referred to herein, nothing herein express of implied is intended or shall be construed to confer upon or give to any person other than the parties hereto and their permitted successors or assigns, any claims, rights, remedies under or by reason of this Amendment.

5.   Governing Law.  This Amendment shall be governed and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such State and the federal laws of the United States of America, without regard to the conflict of laws rules thereof.

 

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

 

 

SOLAR ENERGY INITIATIVES, INC.

 

By: /s/ David Fann      

DAVID FANN

Chief Executive Officer

 

ASHER ENTERPRISES, INC.

By: /s/ Curt Kramer      

Name: Curt Kramer

Title:   President

1 Linden Pl., Suite 207

Great Neck, NY. 11021amacore_ex1001.htm

Exhibit 10.1

 

PAYMENT AGREEMENT

 

This Payment Agreement (the “Agreement”) is entered into this 14th day of October 2011, by and between John Zubak and Harvey Mitgang (“Plaintiffs”) and The Amacore Group, Inc., a Delaware corporation, (“Amacore”) (Plaintiffs and Amacore are collectively referred to as the “Parties”).

Recitals

 

WHEREAS, Plaintiffs filed an action against Amacore in the Superior Court of New Jersey, Law Division, Mercer County, Docket No. Mer-L-001730-09 (the “Litigation”); and

 

WHEREAS, the Court entered a final judgment dated September 29, 2011 in the amount of $299,344.90 in favor of Plaintiffs (the “Judgment”);

 

WHEREAS, the Parties desire to amicably resolve any potential collection issues and agree to payment terms with respect to the Judgment; and

 

WHEREAS, each Party acknowledges that each has been advised by their respective counsel as to the contents and meaning of the terms and conditions set forth in this Agreement or had an opportunity to obtain counsel to do so.  Each Party further acknowledges that it has entered into this Agreement on each Party’s own volition.

 

NOW THEREFORE, in consideration of the performance of the covenants and agreements herein recited, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, the Parties agree as follows:

 

Agreement

 

1. Recitals Incorporated.  The recitals set forth above are hereby acknowledged as being true and correct and each is incorporated into the body of this Agreement.

2. Payments.  Upon execution of this Agreement, Amacore shall make or cause payments to be made to counsel for Plaintiffs until the Judgment is paid in full as follows:

 

	
(a)  

	
One Hundred Thousand Dollars and No Cents ($100,000.00)  payable on October 21, 2011;

 

	
(b)  

	
Seventy Five Thousand Dollars and No Cents ($75,000.00)  payable on November 21, 2011;

 

	
(c)  

	
Seventy Five Thousand Dollars and No Cents ($75,000.00)  payable on December 21, 2011;  and

 

	
(d)  

	
Fifty Thousand Dollars and No Cents ($50,000.00) payable on or before January 6, 2012.

 

3. Place of Payment.  All payments identified in the preceding paragraph shall be made by wire transfer to Avolio & Hanlon, P.C Attorney Trust Account on or before the dates indicated in Paragraph 2, above.

 

4. Prepayment.  Amacore shall be entitled to prepay all or any part of the outstanding sums due at any time without penalty but shall include written notice of prepayment with such prepayment.

 

5. Default and Remedies.  If Amacore fails to timely deliver any required payment, Plaintiffs may domesticate the New Jersey Judgment in any state they deem applicable and immediately commence execution of the Judgment. Amacore also agrees in the event of such breach, to voluntarily provide to Plaintiffs any and all requested documentation regarding their assets, including bank account numbers, equipment, accounts receivable, and documentation relating to any other personal or real property owned by Amacore.

 

  

  

  

 

6. Miscellaneous Provisions.

 

	
(a)  

	
Each Party agrees that time is of the essence with regard to all dates, deadlines and time periods, especially those referenced in Paragraph 2 above.  The timing of delivery of the judgment proceeds referenced in Paragraph 2 above is absolute with no opportunity to cure.

 

	
(b)  

	
Each Party agrees that, in the event of any litigation between them which is in any way related to or arising out of this Agreement, Plaintiffs only shall be entitled to recover attorneys’ fees and costs (both at the trial court and appellate court levels) from Amacore.

 

	
(c)  

	
Each Party agrees that this Agreement represents their entire agreement.  The Parties hereby represent to each other that they are not parties to, and have not relied upon any agreements, covenants, representations, inducements, promises, or commitments of any kind, other than as set forth in this Agreement.  This Agreement may be amended only by a writing signed by all Parties to it.

 

	
(d)  

	
Each Party agrees that a facsimile of a signature will be considered an original.  The Parties also agree that because of logistical issues, all signatures may not appear on the same page.  Nevertheless, a Party’s signature on a signature page will be deemed to be a valid acknowledgment of that Party’s execution of this Agreement.

 

	
(e)  

	
Each Party agrees that this Agreement is enforceable only upon Amacore’s execution of this Agreement, which does not require Plaintiffs to execute this Agreement and the covenants contained herein shall be binding upon the successors and assigns of each Party.

 

	
(f)  

	
Each Party agrees that if any provision of this Agreement is deemed invalid and/or unenforceable, for any reason, the remainder and/or remaining provisions of this Agreement will be valid and enforceable.

 

The remainder of this page has been intentionally left blank

with the signature page to follow

 

  

  

  

IN WITNESS WHEREOF, Amacore acknowledges that it has the ability to make the payments set forth herein and has indicated its approval and acceptance of the terms and conditions of this Agreement.

 

	
The Amacore Group, Inc.

 

 

By: ______________________      Date:      

 

Print Name: _______________________________

 

Title: ____________________________________

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