Document:

cellynx_10q-ex1001.htm

 

Exhibit 10.1

 

 ADDENDUM TO THE ASSET PURCHASE AGREEMENT

THIS ADDENDUM TO THE ASSET PURCHASE AGREEMENT (the “APA”) is entered into on the 12th day of May, 2011 (the “Effective Date”), and relates to the Asset Purchase Agreement dated October 5, 2010 and entered into by and between CelLynx Group, Inc., a Nevada corporation (the “Seller”), and 5BARZ INTERNATIONAL INC., a Nevada Corporation (the “Buyer”) as assigned to the Company on December 30, 2010.  Each of the Seller and the Buyer may be referred to individually herein as a “Party” and collectively as the “Parties.”

 

 

RECITALS

 

 

	
A

	
This Agreement provides for the acquisition by the Buyer of certain of the assets, consisting of intellectual property (described more fully below), currently owned by the Seller on the terms and conditions as amended and hereafter provided.   

 

	
B 

	
Buyer is desirous of purchasing the intellectual property from the Seller.

 

	
C

	
The Parties have negotiated the purchase and sale of the Intellectual Property, discussing various terms and conditions, and desire to create an amendment to the agreed terms of this transaction.

 

AGREEMENT

 

NOW, THEREFORE, based on the stated premises, which are incorporated herein by reference, and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefit to the parties to be derived here from, it is hereby agreed as follows:

That pursuant to article 2.1 of the agreement dated for reference the 5th day of October 2010 as amended, and further assigned, that the payment of the unpaid balance of $1,154,566  payable at the date hereof be made payable, pursuant to this agreement on or before September 30, 2011.

IN WITNESS WHEREOF, the Seller and the Buyer have caused this Asset Purchase Agreement to be duly executed effective as of the Effective Date.

 

	  	
 

BUYER:

 

5BARZ INTERNATIONAL INC.,

a Nevada Corporation

 

By:    /s/ Daniel Bland

Name:  Daniel Bland

Its:  CEO

  

SELLER:

 

THE CELLYNX GROUP, INC.,

a Nevada corporation

 

By:  /s/ Norman Collins

Name:   Norman Collins

Its: CEOcellynx_10q-ex1002.htm

 

Exhibit 10.2

 

 ADDENDUM TO THE LINE OF CREDIT AGREEMENT

THIS ADDENDUM TO THE LINE OF CREDIT AGREEMENT (the “LOC”) is entered into on the 12th day of May, 2011 (the “Effective Date”), and relates to the Line of Credit agreement dated October 5, 2010 and entered into by and between CelLynx Group, Inc., a Nevada corporation (the “Borrower”), and 5BARZ INTERNATIONAL INC., a Nevada Corporation (the “Lender”) as assigned to the Company on December 30, 2010.  Each of the Lender and the Borrower may be referred to individually herein as a “Party” and collectively as the “Parties.”

 

 

RECITALS

 

 

A.           This Agreement provides for an amendment to the Line of Credit to be made available by the Lender to the Borrower on the terms and conditions hereafter provided.

 

B.           Borrower is desirous of borrowing under the terms of a revolving line of credit agreement in the aggregate amount of $2.5 million dollars and Lender is agreeable to provide those proceeds subject to the amendment of the terms provided herein.

 

AGREEMENT

 

NOW, THEREFORE, based on the stated premises, which are incorporated herein by reference, and for and in consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefit to the parties to be derived here from, it is hereby agreed as follows:

That pursuant to article 2 (a) of the agreement dated for reference the 5th day of October 2010 as amended, and further assigned, that the payment of the unpaid balance of $2,206,500  payable at the date hereof be made payable, pursuant to this agreement on or before the following dates;

	
On or before June 30, 2011

	
$160,000

	
On or before August 31,2011

	
$240,000

	
On or before October, 31,2011

	
$500,000

	
On or before December 1,2011

	
$1,306,500

IN WITNESS WHEREOF, the Lender and the Borrower have caused this Line of Credit Agreement to be duly executed effective as of the Effective Date.

 

	  	
LENDER:

 

5BARZ INTERNATIONAL INC.,

a Nevada Corporation

 

By:  /s/ Daniel Bland

Name:  Daniel Bland

Its:  CEO

  

BORROWER:

 

THE CELLYNX GROUP, INC.,

a Nevada corporation

 

By:  /s/ Norman Collins      

Name:  Norman Collins

Its:  CEOvge_10q-ex1001.htm

EXHIBIT 10.1

  

AMENDMENT TO SENIOR EXECUTIVE EMPLOYMENT AGREEMENT

This Amendment (“Amendment”) to the Senior Executive Employment Agreement (the “Agreement”) is made as of May 16, 2011 (the “Effective Date”), by and among VIASPACE Green Energy, Inc., a British Virgin Islands company (“Company”), and Carl Kukkonen, a resident of the State of California, United States of America (“Executive”).  Capitalized terms shall have the meaning ascribed thereto in the Agreement.

 

RECITALS

 

The parties entered into the Agreement on May 14, 2010.

The parties desire to change the manner of payment in the second year of the Agreement.

AGREEMENT

The parties hereby agree to amend the Agreement as follows:

1.4 Compensation and Benefits.

 

(a)           Base Compensation.  In consideration of the Services to be rendered to Company by Executive and Executive's covenants under this Agreement, Company agrees to pay Executive during the Employment Term a salary at the annual rate of no less than Two Hundred Forty Thousand Dollars ($240,000) (the “Base Compensation”), less statutory deductions and withholdings, payable in accordance with Company's regular payroll practices.  Notwithstanding the foregoing, for the first consecutive twenty-four (24) calendar month period from May 14, 2010, Executive’s Base Compensation shall be paid by VIASPACE Inc., in the form of VIASPACE common stock as approved by the VIASPACE Board on October 22, 2008.

 

Except to the extent the Agreement is modified by this Amendment, the remaining terms and conditions of the Agreement shall remain unmodified and be in full force and effect.

 

[signature page follows]

 

 

  

Page 1

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date first set forth above.

 

 

	 	
VIASPACE Green Energy Inc.

	 	
Signature: /s/ Sung Hsien Chang

	 	
Printed Name: Sung Hsien Chang

	 	
Title: President

 

 

	 	

EXECUTIVE

	 	

Signature: /s/ Carl Kukkonen

	 	

Printed Name: Carl Kukkonen

 

VIASPACE Inc. hereby agrees to pay Executive the compensation described in the second sentence of Section 1.4(a) of this Agreement by issuing to Executive shares of VIASPACE common shares having a value required to satisfy such obligation; and (b) be subject to the terms and conditions of Section 3 of this Agreement as a party hereto, including, without limitation, Sections 3.12 and 3.13.

 

 

	 	
AGREED AND ACKNOWLEDGED:

	 	 
	 	
VIASPACE Inc.

	 	 
	 	
Signature: /s/ Carl Kukkonen

	 	
Printed Name: Carl Kukkonen

	 	
Title: President & CEO

 

 

 

 

 

Page 2vge_10q-ex1002.htm

EXHIBIT 10.2

 

 

AMENDMENT TO SENIOR EXECUTIVE EMPLOYMENT AGREEMENT

This Amendment (“Amendment”) to the Senior Executive Employment Agreement (the “Agreement”) is made as of May 16, 2011 (the “Effective Date”), by and among VIASPACE Green Energy, Inc., a British Virgin Islands company (“Company”), and Stephen Muzi, a resident of the State of California, United States of America (“Executive”).  Capitalized terms shall have the meaning ascribed thereto in the Agreement.

 

RECITALS

 

The parties entered into the Agreement on May 14, 2010.

The parties desire to change the manner of payment in the second year of the Agreement.

AGREEMENT

The parties hereby agree to amend the Agreement as follows:

1.4 Compensation and Benefits.

 

(a)           Base Compensation.  In consideration of the Services to be rendered to Company by Executive and Executive's covenants under this Agreement, Company agrees to pay Executive during the Employment Term a salary at the annual rate of no less than One Hundred Eighty Thousand Dollars ($180,000) (the “Base Compensation”), less statutory deductions and withholdings, payable in accordance with Company's regular payroll practices.  Notwithstanding the foregoing, for the first consecutive twenty-four (24) calendar month period from May 14, 2010, Executive’s Base Compensation shall be paid by VIASPACE Inc., in the form of VIASPACE common stock as approved by the VIASPACE Board on October 22, 2008.

 

Except to the extent the Agreement is modified by this Amendment, the remaining terms and conditions of the Agreement shall remain unmodified and be in full force and effect.

 

[signature page follows]

 

 

  

Page 1

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date first set forth above.

 

 

	 	

VIASPACE Green Energy Inc.

	 	

Signature: /s/ Sung Hsien Chang

	 	

Printed Name: Sung Hsien Chang

	 	

Title: President

 

 

	 	

EXECUTIVE

	 	

 
Signature: /s/ Stephen Muzi

	 	

 
Printed Name: Stephen Muzi

 

VIASPACE Inc. hereby agrees to pay Executive the compensation described in the second sentence of Section 1.4(a) of this Agreement by issuing to Executive shares of VIASPACE common shares having a value required to satisfy such obligation; and (b) be subject to the terms and conditions of Section 3 of this Agreement as a party hereto, including, without limitation, Sections 3.12 and 3.13.

 

 

	 	

AGREED AND ACKNOWLEDGED:

	 	 
	 	

VIASPACE Inc.

	 	 
	 	

Signature: /s/ Carl Kukkonen

	 	

Printed Name: Carl Kukkonen

	 	

Title: President & CEO

 

 

 

Page 2

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