Document:

Exhibit 10.1

Exhibit 10.1

LETTER AGREEMENT

July 8, 2013

Scott Silverman

Chief Executive Officer

VeriTeQ Acquisition Corporation

220 Congress Park Drive, Suite 200

Delray Beach, Florida 33445

Dear Mr. Silverman:

This letter agreement (“Letter Agreement”) is intended to amend certain terms contained in the following agreements, between VeriTeQ Acquisition Corporation (“VTEQ”) and PositiveID Corporation (“PSID”):

·

The Asset Purchase Agreement dated August 28, 2012, as amended April 22, 2013 (the “APA”); and

·

The Secured Promissory Note dated January 11, 2012 (the “Note”); and

·

The Shared Services Agreement dated January 11, 2012, as amended June 25, 2012 and August 28, 2012 (the “SSA”).

The terms and conditions of one or more provisions within the aforementioned agreements shall be amended as follows:

1.

Beginning in January, 2013, VTEQ has not made payments in accordance with the Note terms.  PSID and VTEQ have agreed to amend the Note as follows:

a.

As a point of clarification, the amount owed under the Note, including accrued interest is $228,690 as of July 8, 2013;

b.

The Note will be payable in full as of the date of this Letter Agreement;

c.

DIGA has agreed to assume the obligation of the Note in connection with the share exchange with VTEQ, as of the date of this Letter Agreement;

d.

The Note is payable, at the option of DIGA in either cash or common stock of DIGA; 

e.

If DIGA elects to pay in cash, it will pay the balance in full by July 12, 2013;

f.

If electing to pay in common stock, then within two (2) business days from the latter of this Letter Agreement or the closing of the VTEQ/DIGA transaction, DIGA will convert a portion of the Note into 1,500,000 shares of common stock.  The balance of the Note will be paid by issuing 3,073,800 shares of common stock as soon as possible.  No further interest will accrue until September 30, 2013.

g.

As a point of clarification, if DIGA has a stock split or reverse split of its common stock, the number of shares of common stock payable subsequent to that event will be adjusted proportionally.

2.

As a condition to completing the VTEQ and DIGA share exchange, PSID has agreed to waive minimum royalty requirements related to the intellectual property outlined in Exhibit A attached hereto.  As such VTEQ and PSID have agreed to the following amendments to Section 3.1(i) of the APA:

a.

The minimum royalty payments are eliminated in their entirety;

b.

In the event that royalty payments pursuant to Section 3.1(i) of the APA for the calendar year 2014 are not at least $800,000, then PSID shall have the option to require VTEQ to transfer the patents, as listed on Exhibit A, to PSID.  If PSID chooses to not exercise this option, PSID shall have the option to receive a non-exclusive, perpetual, world-wide, fully paid license to said patents.

3.

The parties have agreed to the following terms related to the SSA:

a.

The SSA will be terminated effective with this Letter Agreement;

b.

The final monthly shared service fee will be prorated for a partial month;

c.

The balance of approximately $290,000 due to PSID by VTEQ under the SSA shall remain a payable of VTEQ and DIGA until repaid in full; and

d.

VTEQ shall use its best efforts to repay the balance outstanding under the SSA as soon as possible. Any remaining unpaid balance is due and payable upon VTEQ completing a capital raise in excess of $3M (three million dollars and 00/100).  In the event the balance is unpaid at October 31, 2013, interest on the outstanding balance will accrue at 10%, per annum.

1

All other terms and conditions of the aforementioned agreements between VTEQ and PSID, not amended herein, shall remain in full force and effect.  The terms of this Letter Agreement all survive the planned share exchange between VTEQ and DIGA.

By signing this Letter Agreement, PSID and VTEQ agree to the terms above.

Sincerely,

/s/ William J. Caragol            

William J. Caragol

Chief Executive Officer

Agreed and accepted as of July 8, 2013:

VeriTeQ Acquisition Corporation

By:   /s/ Scott R. Silverman          
Scott R. Silverman
Chief Executive Officer

2

Exhibit A

Assigned Patents

			
	Patent #

	 
	Title

	7,125,382

	 
	“Embedded Bio-Sensor System”

	7,297,112

	 
	“Embedded Bio-Sensor System”

	2008/0033273

	 
	“Embedded Bio-Sensor System”

	7,241,266

	 
	“Transponder for Embedded Bio-Sensor using Body Energy as a Power Source”

	2011/0282175

	 
	“Wireless Molecular Sensor System and Process”

3ex10-7.htm

Exhibit 10.7

July 5, 2013

 

VIA ELECTRONIC MAIL

John M. Devlin, Jr.

Re:  First Amendment to Agreement dated March 5, 2012

Dear John:

 

    The purpose of this agreement is to amend the compensation that you are to receive in consideration for your service to Augme Technologies, Inc. (the "Company"), and specifically to amend that certain agreement (the "Original Agreement") between you and the Company dated March 5, 2012.

 

    You agree to enter into this Amendment to the Original Agreement (the “First Amendment”), effective March 22, 2013, the date of Board approval.

 

    The following paragraph was included in your Original Agreement, which states:

you will receive one-percent (1%) Transaction Fee for your participation in the realization of the monetization of the Company’s intellectual property either through: a) a settlement agreement; b) license agreement (except for licenses entered into in the ordinary course of the Company’s business); or c) asset sale during the period of directorship and extending six months thereafter.

Shall be deleted in its entirety and nothing shall appear in its place.

 

    The Company affirms that all of the other terms and conditions of the Original Agreement shall continue in full force and effect.

 

    Thank you for your attention to this matter.

Very truly yours,

AUGME TECHNOLOGIES, INC.

 

By:  /s/ Ivan Braiker                                                                

        Ivan Braiker, Chief Executive Officer

July 9, 2013

 

    I have read the agreement above.  By my signature below I confirm that I agree with the First Amendment to the Original Agreement and the modification of my compensation as a Director effected thereby.

/s/ John M. Devlin, Jr.                                                                           

John M. Devlin, Jr.ex10-8.htm

Exhibit 10.8

July 5, 2013

VIA ELECTRONIC MAIL

Donald Stout

Re:  Third Amendment to Agreement dated January 4, 2011

Dear Don:

 

    The purpose of this agreement is to amend that certain agreement (the "Original Agreement") between  you and Augme Technologies, Inc. (the "Company") dated January 4, 2011, which outlined the compensation you are to receive in consideration for your service to the Company as a Director.

 

    On March 16, 2011, you and the Company entered into an Amendment to the Original Agreement (the “First Amendment”); and on November 28, 2011, you and the Company entered into an Amendment to the Original Agreement (the “Second Amendment”). Therefore, you agree to enter into this Third Amendment to further amend the Original Agreement, as amended, effective March 22, 2013, the date of Board approval.

 

    The following paragraph was included in your Second Amendment, which states:

you will receive one-percent (1%) Transaction Fee for your participation in the realization of the monetization of the Company’s intellectual property either through: a) a settlement agreement; b) license agreement (except for licenses entered into in the ordinary course of the Company’s business); or c) asset sale during the period of directorship and extending six months thereafter.

    Shall be deleted in its entirety and nothing shall appear in its place.

 

    The Company affirms that all of the other terms and conditions of the Original Agreement, as amended, shall continue in full force and effect.

 

    Thank you for your attention to this matter.

Very truly yours,

AUGME TECHNOLOGIES, INC.

By:   /s/ Ivan Braiker                                                                

        Ivan Braiker, Chief Executive Officer

July 9, 2013

 

    I have read the agreement above.  By my signature below I confirm that I agree with the Third Amendment to the Original Agreement, as amended, and to the modification of my compensation as a Director effected thereby.

/s/ Donald E. Stout                                                                

Donald E. Stoutex10-9.htm

Exhibit 10.9

July 5, 2013

VIA ELECTRONIC MAIL

Todd E. Wilson

 

Re:  Second Amendment to Agreement dated June 8, 2010

Dear Todd:

 

    The purpose of this agreement is to amend that certain agreement (the "Original Agreement") between to you and Augme Technologies, Inc. (the "Company") dated June 8, 2010, which outlined the compensation you are to receive in consideration for your service to the Company as Director.

 

    On November 30, 2010, you and the Company entered into an Amendment to the Original Agreement (the “First Amendment”). Therefore you agree to enter into this Second Amendment to further amend the Original Agreement, as amended, effective March 22, 2013, the date of Board approval.

 

    The following paragraph was included in your Original Agreement, which states:

you will receive one-percent (1%) Transaction Fee for your participation in the realization of the monetization of the Company’s intellectual property either through: a) a settlement agreement; b) license agreement (except for licenses entered into in the ordinary course of the Company’s business); or c) asset sale during the period of directorship and extending six months thereafter.

    Shall be deleted in its entirety and nothing shall appear in its place.

 

    The Company affirms that all of the other terms and conditions of the Original Agreement, as amended, shall continue in full force and effect.

 

    Thank you for your attention to this matter.

Very truly yours,

AUGME TECHNOLOGIES, INC.

By:  /s/ Ivan Braiker                                                                           

        Ivan Braiker, Chief Executive Officer

July 9, 2013

 

    I have read the agreement above.  By my signature below I confirm that I agree with the Second Amendment to the Original Agreement, as amended, and to the modification of my compensation as a Director effected thereby.

 

/s/ Todd E. Wilson                                                                

Todd E. Wilson

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