Document:

Contribution Agreement dated February 7, 2008

 Exhibit 10.32 
 Execution Copy 
 CONTRIBUTION AGREEMENT 
 This Contribution Agreement (the “Agreement”) is made as of February 7, 2008 by and among OurPet’s Company (the “Company”),
Capital One Partners LLC, Nottingham Ventures Ltd., Spirk Ventures Ltd. and LJR Limited Partnership (each a “Contributor” and collectively, the “Contributors”). 
 Recitals 
 WHEREAS, the Company is involved in litigation on certain of its SmartScoopTM products and will be incurring expenses with respect to such litigation (the
“Litigation”); and 
 WHEREAS, Contributors have agreed to loan in the aggregate $500,000 to the Company (the “Loan”) to be
used as follows: (i) Four Hundred Thousand Dollars ($400,000) for expenses related to the Litigation (“Litigation Expenses”) and (ii) One Hundred Thousand Dollars ($100,000) for certain product development as described
below (the “Project”). In connection with and as an inducement to make such Loan, the Company will issue warrants to each Contributor. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Loan. Upon receipt of the Loan from the Contributors, the Company shall issue a promissory note to each Contributor in the principal amount of such Contributor’s share of the Loan, upon the terms and
conditions set forth in the form of promissory note attached hereto as Exhibit A and incorporated herein by reference (the “Note”). Payment on each Note would be twenty-four (24) months after the date such note was
issued, with the option to prepay without penalty. In the event the Company desires to prepay a portion of the Loan, such prepayment shall be made pari passu to all Contributors. 
 2. Warrants. In connection with the Loan, the Company shall issue warrants (“Warrants”) to each Contributor as follows: for each
two dollars ($2.00) loaned, the Contributor would receive one Warrant, exercisable at $0.825 per share for a period of five (5) years. Other terms of the Warrants shall be substantially similar to the warrants issued to Pet Zone Products in
connection with its $250,000 loan to the Company at the time of the acquisition of its assets by the Company. 
 3. Project Funding.
Unless agreed otherwise in writing by a majority-in-interest of the Contributors, the portion of the Loan earmarked for the Project shall be exclusively applied to the preliminary development of a new product utilizing services of the firm of
Nottingham & Spirk or such subcontractors or consultants working under their direction or that of the Company, in either case with the specific approval in advance by a majority-in-interest of the Contributors. 

 4. Conversion of Loan. The parties hereto recognize that the Company may seek additional funding
from outside sources to cover additional expenses related to the Litigation and issue securities (whether in the form of equity or debt) in connection with such funding (“Additional Funding”). In the event Additional Funding is
obtained and at such time that an additional Five Hundred Thousand Dollars ($500,000) or more is raised, the Company will convert the principal and interest outstanding under each Note into the same security issued in connection with the Additional
Funding. If such Additional Funding results in the issuance of more than one type of security, the Company shall convert the principal and interest outstanding under each Note into such securities on a pro rata basis as to type of security at a
conversion price that is the average price of the securities sold in the Additional Funding. The Warrants issued to each Contributor issued in connection with the Loan shall not be affected by the Loan conversion. 
 5. Piggyback Registration Rights. In connection with the execution of this Agreement and as further consideration for the Loan, the Company shall
grant to the Contributors certain registration rights pursuant to the terms and conditions set forth in a Registration Rights Agreement, the form of which is attached hereto as Exhibit B and incorporated herein by reference. 
 6. Binding Obligation. The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 7. Severability. In the event that any one or more terms or provisions hereof shall be
held void or unenforceable by any court or arbitrator, all remaining terms and provisions hereof shall remain in full force and effect. 
 8.
Waiver. No waiver shall be deemed to have been made by any party of any of his or its rights hereunder unless the same shall be in writing and signed by the waiving party. Such waiver, if any, shall be a waiver only in respect to the specific
instance involved and shall in no way impair the rights of the waiving party or the obligations of the other party in any other respect and at any other time. 
 9. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Ohio without giving effect to the principles of conflicts of law. 
 10. Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, including by facsimile or electronic signature
included in an Adobe PDF file, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received original or
facsimile counterparts thereof signed by all of the other parties. 
 [signature page follows] 
  

 2 

 IN WITNESS WHEREOF, parties hereto have caused this Contribution Agreement to be made as of the date
first above written. 
  

									
	COMPANY:
				
	OURPET’S COMPANY	 		 		 	
					
	By:	 	 /s/ Steven Tsengas
	 		 		 	
		 	Dr. Steven Tsengas, President	 		 		 	
				
	CONTRIBUTORS:	 		 		 	
			
	CAPITAL ONE PARTNERS LLC	 		 	NOTTINGHAM VENTURES LTD.
					
	By:	 	 /s/ James D. Ireland, III
	 		 	By:	 	 /s/ John Nottingham

		 	James D. Ireland, III, Chairman	 		 		 	John Nottingham, Member
			
	SPIRK VENTURES LTD.	 		 	LJR LIMITED PARTNERSHIP
					
	By:	 	 /s/ John Spirk
	 		 	By:	 	 /s/ Steven L. Nutt

		 	John Spirk, Member	 		 		 	 Steven L. Nutt, Managing Director of
 Moreland
Management Co.
 Non-Member Manager of the General
 Partner of the
LJR Limited Partnership

  

 3Contribution Agreement dated February 7, 2008

 Exhibit 10.33 
 Execution Copy 
 CONTRIBUTION AGREEMENT 
 This Contribution Agreement (the “Agreement”) is made as of February 7, 2008 by and among OurPet’s Company (the “Company”),
Senk Properties, an Ohio general partnership, and Dr. William M. Fraser (each a “Contributor” and collectively, the “Contributors”). 
 Recitals 
 WHEREAS, the Company is
involved in litigation on certain of its SmartScoopTM products and will be incurring expenses with respect to such litigation (the “Litigation”); and 
 WHEREAS, Contributors have agreed to loan in the aggregate $100,000.00 to the Company (the “Loan”) to be used for expenses related to the Litigation
(“Litigation Expenses”). In connection with and as an inducement to make such Loan, the Company will issue warrants to each Contributor. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Loan. Upon receipt of the Loan from the Contributors, the Company shall issue a promissory note to each Contributor in the principal amount of such Contributor’s share of the Loan, upon the terms and
conditions set forth in the form of promissory note attached hereto as Exhibit A and incorporated herein by reference (the “Note”). Payment on each Note would be twenty-four (24) months after the date such note was
issued, with the option to prepay without penalty. In the event the Company desires to prepay a portion of the Loan, such prepayment shall be made pari passu to all Contributors. 
 2. Warrants. In connection with the Loan, the Company shall issue warrants (“Warrants”) to each Contributor as follows: for each
two dollars ($2.00) loaned, the Contributor would receive one Warrant, exercisable at $0.825 per share for a period of five (5) years. Other terms of the Warrants shall be substantially similar to the warrants issued to Pet Zone Products in
connection with its $250,000 loan to the Company at the time of the acquisition of its assets by the Company. 
 3. Conversion of
Loan. The parties hereto recognize that the Company may seek additional funding from outside sources to cover additional expenses related to the Litigation and issue securities (whether in the form of equity or debt) in connection with such
funding (“Additional Funding”). In the event Additional Funding is obtained and at such time that an additional Five Hundred Thousand Dollars ($500,000) or more is raised, the Company will convert the principal and interest
outstanding under each Note into the same security issued in connection with the Additional Funding. If such Additional Funding results in the issuance of more than one type of security, the Company shall convert the principal and interest
outstanding under each Note into such securities on a pro rata basis as to type of security at a conversion price that is the average price of the securities sold in the Additional Funding. The Warrants 

 
issued to each Contributor issued in connection with the Loan shall not be affected by the Loan conversion. 
 4. Piggyback Registration Rights. In connection with the execution of this Agreement and as further consideration for the Loan, the Company shall
grant to the Contributors certain registration rights pursuant to the terms and conditions set forth in a Registration Rights Agreement, the form of which is attached hereto as Exhibit B and incorporated herein by reference. 
 5. Binding Obligation. The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 6. Severability. In the event that any one or more terms or provisions hereof shall be
held void or unenforceable by any court or arbitrator, all remaining terms and provisions hereof shall remain in full force and effect. 
 7.
Waiver. No waiver shall be deemed to have been made by any party of any of his or its rights hereunder unless the same shall be in writing and signed by the waiving party. Such waiver, if any, shall be a waiver only in respect to the specific
instance involved and shall in no way impair the rights of the waiving party or the obligations of the other party in any other respect and at any other time. 
 8. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Ohio without giving effect to the principles of conflicts of law. 
 9. Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, including by facsimile or electronic signature
included in an Adobe PDF file, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. This Agreement shall become effective when each party hereto shall have received original or
facsimile counterparts thereof signed by all of the other parties. 
 [signature page follows] 
  

 2 

 IN WITNESS WHEREOF, parties hereto have caused this Contribution Agreement to be made as of the date
first above written. 
 COMPANY: 
  

			
	OURPET’S COMPANY
		
	By:	 	 /s/ Steven Tsengas

		 	Dr. Steven Tsengas, President
	
	CONTRIBUTORS:
	
	SENK PROPERTIES
		
	By:	 	 /s/ Nicholas S. Tsengas

		 	Nicholas S. Tsengas, Managing Partner
		
	By:	 	 /s/ Dr. William M. Fraser

		 	DR. WILLIAM M. FRASER

  

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