Document:

ex10_4.htm

    
      

    

    Exhibit 10.4

     

    
      WATER
CHEF, INC.

      25
Fairchild Avenue

      Plainview,
New York 11803

      

      

      
        	 
      	
                August
      18, 2008

              

      

      

      Terry R.
Lazar

      34 Kristy
Drive

      Jericho,
New York 11753

      

      

      Dear Mr.
Lazar:

      

      Reference
is made to that certain Stock Purchase, Loan and Security Agreement, dated as of
April 16, 2008 (the “Lazar Agreement”), between Water Chef, Inc. (the
“Corporation”) and yourself (“Lazar”), pursuant to which the Corporation sold
and issued to Lazar 6,500,000 shares (the “Lazar Shares”), of the common stock,
par value $0.001 per share (the “Common Stock”), of the Corporation for the
aggregate purchase price of $547,950 (the “Lazar Consideration”) and loaned (the
“Lazar Loan”) Lazar an amount equal to the Lazar Consideration to be used solely
for the purpose of Lazar’s purchase of the Lazar Shares.  The
obligation of Lazar to repay the Lazar Loan is evidenced by a non-recourse
promissory note (the “Lazar Note”), payable to the Corporation and in the
original principal amount equal to the Lazar Consideration.  Based on
discussions between the Corporation and Lazar, the Corporation and Lazar have
each determined that it is in the best interests of the Corporation and Lazar
that the transactions contemplated by the Lazar Agreement, as well as the Lazar
Loan, Lazar Note and Lazar’s obligation to repay the Lazar Loan, be rescinded in
their entireties, ab
initio.

      

      This
letter agreement confirms the understanding (the “Understanding”) of the
Corporation and Lazar that the Lazar Agreement, as well as the Lazar Loan, Lazar
Note and Lazar’s obligation to repay the Lazar Loan, are, subject to the terms
and conditions set forth below, rescinded in their entireties, ab initio (collectively, the
“Rescission”).

      

      The
Rescission shall become effective automatically upon the occurrence of all of
the following matters, which the Corporation and Lazar hereby agree to use their
respective best efforts to complete at the earliest possible time:

      
        	
                (1)

              	
                Lazar’s
      execution of the duplicate copy of this letter agreement in the space
      indicated below, confirming Lazar’s confirmation of the Understanding and
      agreement to, and acknowledgement, acceptance and conformation of, all of
      the terms and provisions of this letter agreement;
  and

              

      

      
        	
                (2)

              	
                Lazar’s
      delivery to the Corporation for cancellation of the stock certificate(s)
      evidencing the Lazar Shares.

              

      

      

      The
Corporation and Lazar each agree that upon the Rescission becoming effective in
accordance with the immediately preceding paragraph:

      
        	
                (a)

              	
                the
      Lazar Agreement be deemed rescinded in all respects ab initio and shall be
      treated as if the Lazar Agreement was never entered into, and that all
      mutual promises, covenants and/or agreements contained in the Lazar
      Agreement shall be of no force and/or
effect;

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Water
Chef, Inc.

      

      Mr. Terry
R. Lazar

      August
18, 2008

      Page
2

      
        	
                (b)

              	
                the
      Lazar Loan and Lazar Note, as well as the obligations of Lazar to repay
      the Lazar Loan, be deemed cancelled in all respects ab initio and shall be
      treated as if the Lazar Loan and Lazar Note were never entered into, that
      Lazar has no obligation to repay the Lazar Loan and that all mutual
      promises, covenants and/or agreements contained in the Lazar Note shall be
      of no force and/or effect;

              

      

      
        	
                (c)

              	
                the
      Lazar Shares shall be deemed cancelled in all respects ab initio and shall be
      treated as if the Lazar Shares were never issued or
      outstanding;

              

      

      
        	
                (d)

              	
                the
      stock certificate(s) evidencing the Lazar Shares may be imprinted or
      otherwise noted on the Lazar Note with the words “cancelled and void;”
      and

              

      

      
        	
                (e)

              	
                the
      stock certificate(s) evidencing the Lazar Shares shall be delivered to the
      transfer agent and registrar for the Common Stock with instructions that
      the stock certificate(s) be cancelled in all respects ab initio and be
      treated as if the stock certificate(s) were never issued or
      outstanding.

              

      

      

      Notwithstanding
anything to the contrary contained in this letter agreement, the Corporation and
Lazar each agree to do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of the
Rescission, the Understanding and this letter agreement and the transactions
contemplated by the Rescission, the Understanding and this letter
agreement.

      

      This
letter agreement contains the entire agreement between the parties and
supersedes all prior agreements or understandings between the Corporation and
Lazar relating to the subject matter of this Agreement.  No oral
representation, agreement or understanding made by any party hereto shall be
valid or binding upon such party or any other party hereto.  Any
amendment to or modification of this letter agreement must be in writing and
signed by the party against whom enforcement is to be sought.

      

      This
letter agreement and the rights and obligations of the parties hereunder shall
be interpreted, construed and enforced in accordance with the laws of the State
of New York, without regard to its choice and/or conflict of laws
provisions.  Any legal action resulting from, arising under, out of or
in connection with, directly or indirectly, this letter agreement shall be
commenced exclusively in the Supreme Court, State of New York, County of Nassau
or the U.S. District Court for the Eastern District of New York.  The
parties to this letter agreement hereby submit themselves to the jurisdiction of
any such court, and agree to service of process on any of them in any such
action, suit or proceeding.

      

      This
letter agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one
instrument.

      

      Lazar
acknowledges that Lazar has entered into this letter agreement knowingly and
voluntarily after a period of negotiation between the parties.  Lazar
further acknowledges that Lazar understands the terms and provisions contained
herein and has had the opportunity to review the same with attorneys of Lazar’s
own choosing.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Water
Chef, Inc.

      

      Mr. Terry
R. Lazar

      August
18, 2008

      Page
3

      If the
foregoing accurately reflects Lazar’s agreement as to the Rescission and
Understanding and the consequences of the Rescission, kindly acknowledge, accept
and confirm such by executing the duplicate copy of this letter agreement in the
space indicated below and return the executed duplicate copy to the
Corporation.

      

      
        	 
      	 
      	
                Very
      truly yours,

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                Water
      Chef, Inc.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                /s/ Leslie J. Kessler

              
	 
      	 
      	 
      	
                Leslie
      J. Kessler

              
	 
      	 
      	 
      	
                Chief
      Executive Officer

              
	 
      	 
      	 
      	 
      
	
                Agreed,
      acknowledged, accepted

              	 
      	 
      	 
      
	
                and
      confirmed in all respects:

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                /s/ Terry R. Lazar

              	 
      	 
      	 
      
	
                Terry
      R. Lazarex10_1.htm

    
      

    

    Exhibit 10.1

     

    NON-NEGOTIABLE
PROMISSORY NOTE

    

    
      	
              $835,000.00

            	
              August
      18, 2008

            

    

    

    

    FOR VALUE RECEIVED, POSITRON
CORPORATION, a publicly owned Texas corporation (“Borrower”), hereby covenants
and promises to pay to the order of IMAGIN MOLECULAR CORPORATION publicly owned
Delaware corporation (the “Holder”), Eight Hundred Thirty-Five Thousand Dollars
($835,000.00), in lawful money of the United States of America, payable before
December 31, 2008 (the “Due Date”) with interest at the rate of eight percent
(8%).  All principal, interest and other costs hereunder shall be due
and payable to the Holder of this Non-Negotiable Promissory Note (the
“Note").

    

    Borrower
shall have the right to prepay, without penalty, all or any part of the unpaid
balance of this Note at any time on five (5) days prior written notice;
provided, however, that any partial prepayment shall be applied upon the
installments of principal and interest in the inverse order of their becoming
due, and upon making any such prepayment in full, Borrower shall pay to the
Holder all interest owing pursuant to this Note.  Borrower shall not
be entitled to re-borrow any prepaid amounts of the principal, interest or other
costs or charges. Borrower is duly authorized to enter into this
Note.  This Note may not be assigned without the Holder’s prior
written permission.

    

    Further,
it is agreed that if any installment of principal and/or interest on this Note
is not paid when due, the entire unpaid portion of this Note and all sums
payable hereunder may be declared immediately due and payable at the option of
the Holder.  After the Due Date, whether by acceleration or otherwise,
interest shall accrue on the principal amount, and accrued interest thereon
remaining unpaid at an interest rate equal to 15% per annum or the highest
lawful rate, whichever is lower, until paid.  All payments of
principal and interest under this Note are to be made to the Holder at 104W.
Chestnut Street, #315, Hinsdale, Illinois 60521, or at such other address as the
Holder may, from time to time, designate in writing.

    

    Borrower
and the Holder acknowledge that the Note is enforceable, valid and binding upon
and by the parties hereto.  If for any reason, any court authority or
governmental entity declares this Note invalid, unlawful or against public
policy, then, the parties hereto acknowledge that the obligation of the Borrower
to repay the Note shall not be affected by such declaration.

    

    Borrower
shall pay to the Holder, on demand, each cost and expense (including, without
limitation, reasonable attorneys' fees and all costs of suit) incurred by the
Holder in (a) collecting any of the outstanding principal of this Note, any
interest owing pursuant to this Note and remaining unpaid, or any other amount
owing by Borrower to the Holder pursuant to this Note and remaining unpaid or
(b) preserving or exercising any right or remedy of the Holder pursuant to this
Note.

    

    All
amounts owing pursuant to this Note and remaining unpaid shall, without notice,
demand, presentment or protest of any kind (each of which is waived by Borrower)
automatically become due (a) if any of Borrower commences or has commenced
against it any bankruptcy or insolvency proceedings, (b) if all or substantially
all of the business, assets or interests of Borrower, are sold or transferred by
Borrower in any manner, or (c) an event of default occurs under the Pledge
Agreement.

    

    Failure
or delay by the Holder in exercising, or a single or partial exercise of any
power or right hereunder, shall not operate as a waiver thereof or of any other
power or right or preclude any future exercise of that or any other power or
right.  A waiver of any power or right hereunder shall be in writing,
shall be limited to the specific instance, and shall not be deemed a waiver of
such power or right in the future, or a waiver of any other power or
right.

    

    This Note
may only be amended, canceled or discharged, except upon satisfaction by the
Borrower of the obligations herein, in a writing signed by parties
herein.  This Note shall be binding upon and inure to the benefit of
(a) the heirs, executors and legal representatives of either Holder upon such
Holder’s death and (b) any successor of the Borrower.  Any such
successor of Borrower shall be deemed substituted for Borrower under the terms
of this Note for all purposes.  As used herein, “successor” shall
include any person, firm, corporation or other business entity which at any
time, whether by purchase, merger or otherwise, directly or indirectly acquires
all or substantially all of the assets or business of the Borrower.

    

    This Note
shall be construed and interpreted in accordance with the laws of the State of
New York without reference to conflict of laws principle.  Venue for
any action commenced by a party herein shall be proper if brought in the
appropriate court of competent jurisdiction in either the County New York
County, State of New York, United States.

    

    
      	
              Dated:  
      

            	
              Houston,
      Texas

            	 
      
	 
      	
              August
      18, 2008

            	 
      

    

    

    
      	 
      	
              POSITRON
      CORPORATION

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
              By:

            	 
      	 
      
	 
      	
              Name:  
      

            	
              Patrick
      Rooney

            	 
      
	 
      	
              Title:

            	
              Chairman

            	 
      

    

    
Initials: 
___

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