Document:

Exhibit 10.36

 

AGREEMENT AND WAIVER

 

THIS AGREEMENT
AND WAIVER (this “Agreement”), dated as of December 10, 2014, is made by and between Safety Quick Lighting &
Fans Corp., a Florida corporation (the “Company”) and the undersigned holder
of the Note (as hereinafter defined) (“Investor”, and together with the Company, the “Parties”,
and each, a “Party”).

 

RECITALS

 

WHEREAS,
on November 26, 2013, the Company issued to Investor that certain Secured Convertible Promissory Note in the principal amount
as specified therein (the “Note”);

 

WHEREAS,
the Note was issued in connection with the Company’s offering of up to $3,000,000 in secured convertible notes and warrants
to purchase shares of the Company’s common stock, which closed on November 26, 2013 (the “2013 Offering”);

 

WHEREAS,
pursuant to the 2013 Offering, the Investor and the Company entered into the Note, Common Stock Purchase Warrant, Note Subscription
Agreement, Security Purchase Agreement, and Registration Rights Agreement (collectively, the “2013 Offering Documents”);

 

WHEREAS,
pursuant to Section 1 and Section 6(i) of the Note, the Company is required to pay Investor all interest accrued under the Note
on the one year anniversary of the date funds were received from Investor (the “First Interest Payment”), and quarterly
thereafter (each, a “Quarterly Payment”), with each such payment being due by 1:00 p.m. New York time on the date
that such payment becomes due (each such date, a “Due Date”);

 

WHEREAS,
if the First Interest Payment is not paid under the Note by the Due Date, the interest rate of the Note shall increase by 2% above
the current interest rate and shall increase by 2% each thirty (30) day period thereafter until the First Interest Payment is
made (the “Penalty Interest”);

 

WHEREAS,
the Company has not made the First Interest Payment to Investor (the “Late Payment”);

 

WHEREAS,
the Company has requested that Investor waive the requirements of Section 6(i) to pay the First Interest Payment on the Due Date,
and to agree to amend the provision to extend the Due Date and the accrual of Penalty Interest to ninety (90) days following the
first anniversary of the Issuance Date of the Note;

 

WHEREAS,
the Company has requested that Investor waive and agree that the Late Payment shall not be deemed an Event of Default under Section
8 of the Note; and

 

WHEREAS,
pursuant to Section 13 of the Note, the waivers and amendments requested by the Company must also be consented to in writing by
the holders of a majority of the currently outstanding principal amount of all Notes issued pursuant to the 2013 Offering.

    	 	 	 

    	 

    

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises set forth above and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

 

	1.		Definitions. Capitalized terms used and not defined in this Agreement have
the respective meanings assigned to them in the Note.

	2.		Waiver and Amendment of Section 6(i) of the Note. Upon Effectiveness (as hereinafter
defined), the Company’s obligation to make the First Interest Payment on the Due Date, as provided under Section 6(i) of
the Note, is hereby waived, and for the purposes of the First Interest Payment and the first Quarterly Payment, the parties hereby
agree that the Due Date shall be extended by amendment of the Note to ninety (90) days following the first anniversary of the
Issuance Date of the Note (the “Extended Due Date”) and that the accrual of Penalty Interest for such payments shall
begin as of the Extended Due Date, with each subsequent Quarterly Payment to continue quarterly thereafter.

	3.		Extension Penalty. The Company shall pay an additional twelve percent (12%)
on all interest due under the First Interest Payment (the “Extension Penalty”). The Extension Penalty shall be payable,
upon Investor’s election, in cash on the Extended Due Date or in shares of the Company’s common stock at a conversion
price of twenty-five cents ($0.25) per share, issuable within thirty (30) days of the Extended Due Date. If the Company does not
receive notice from Investor in writing at least fifteen (15) days prior to the Extended Due Date of its election to receive the
Extension Penalty in cash, the Extension Penalty shall be payable in shares as set forth in this Section 3.

	4.		Waiver of Default. Upon Effectiveness, Investor hereby agrees that the Late
Payment, or any failure by the Company to make a payment of interest or penalties as of the date hereof and through the Extended
Due Date as provided in this Agreement or under the Note, shall not be deemed an “Event of Default” pursuant to Section
8 of the Note or any of the 2013 Offering Documents.

	5.		Consent. For purposes of satisfying Section 13 of the Note, the undersigned
Investor hereby consents to the amendments and waivers as provided in this Agreement and further consents to the amendments and
waivers associated with all other Notes issued in the 2013 Offering, on the same terms and conditions as provided in this Agreement.

	6.		Effectiveness of Waiver. This Agreement shall only become effective upon receipt
of the consents, as set forth in Section 13 of the Note and Section 5 hereof, from the holders of a majority of the currently
outstanding principal amount of Notes issued in the 2013 Offering (“Effectiveness”).

	7.		Limited Effect; No Modifications. The waivers and amendment set forth above
shall be limited precisely as written and relate solely to the provisions of Sections 6(i) and Section 8 of the Note in the manner
and to the extent described above, and nothing in this Agreement shall be deemed to constitute a waiver of compliance by either
Party with respect to any other term, provision or condition of the Note or any of the 2013 Offering Documents or any other document
or instrument issued to Investor pursuant to the 2013 Offering. Except as set forth herein, nothing contained in this Agreement
will be deemed or construed to amend, supplement or modify the Note or otherwise affect the rights and obligations of any Party
thereto, all of which remain in full force and effect.

	8.		Miscellaneous.

	(a)		This Agreement is governed by, and construed in accordance with, the laws of the State
of Florida, without regard to the conflict of laws provisions of such State.

	(b)		This Agreement shall inure to the benefit of and be binding upon each of the Parties
and each of their respective permitted successors and permitted assigns.

	(c)		The headings in this Agreement are for reference only and do not affect the interpretation
of this Agreement.

	(d)		This Agreement may be executed in counterparts, each of which is deemed an original,
but all of which constitutes one and the same agreement. Delivery of an executed counterpart of this Agreement electronically
or by facsimile shall be effective as delivery of an original executed counterpart of this Agreement.

	(e)		This Agreement constitutes the sole and entire agreement of the Parties with respect
to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations
and warranties, both written and oral, with respect to such subject matter.

[Signatures
on following page]

    	 

    	 

    

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first written above.

 

 

	 	THE COMPANY:
	 	SAFETY QUICK LIGHTING & FANS CORP.
	 	 	 
	 	By:	 
	 	 	John P. Campi
	 	 	Chief Executive Officer
	 	 	 
	 	INVESTOR:
	 	 
	 	 
	 	(entity name, if applicable)
	 	 	 
	 	By:	 
	 	Print Name:	 
	 	Title:January 23, 2015

[NOTEHOLDER]

[ADDRESS]

 

Dear [NOTEHOLDER],

 

In my December 11, 2014 communication to you,
I told you that Safety Quick Lighting & Fans Corp. (the “Company”, “we”, “us” or “our”)
was scheduled to make its first interest payment under the Secured Convertible Promissory Note dated November 26, 2013 (the “Note”)
issued to [NOTEHOLDER] on the one year anniversary of the date that you submitted payment for your Note. In the communication,
among other things, we requested that you grant the Company a grace period (the “Extension”), deferring the Company’s
obligation to make payment of the interest that was due to you under the Note as of November 26, 2014 (the “Interest Due”)
until February 24, 2015, during which time the deferment of interest payment would not be considered an Event of Default as defined
in the Note. In return for granting the Extension, we offered to capitalize the Interest Due at a rate of 12% (the “Additional
Interest”) and offered you the right to convert the Additional Interest into shares of the Company’s common stock at
the conversion price of $0.25 per share any time up to and including February 24, 2014.

 

We sought the Extension to provide sufficient
time to formulate my strategic plan for the roll-out of products using our patented technology and in an effort to conserve capital
as we advance the commercialization of our technology and products. The Extension does not alter the amount of interest due to
you under your Note; it only modifies the timing of payments.

 

On December 11, 2014, we also sent to you an
Agreement and Waiver signed by the Company to effectuate the Extension and the Additional Interest (the “Agreement &
Waiver”), and asked that you return a signed copy if you were in agreement with its terms. [By this letter, we acknowledge
receipt of your signed Agreement & Waiver.][Enclosed is a signed Agreement & Waiver, please return a copy in the enclosed
self-addressed return envelope if you agree with its terms.][We received notice from you in [DATE], declining the Agreement &
Waiver and indicating your preference to receive the Interest Due in cash, which was paid to you in the amount of [AMOUNT].]

 

As we have discussed with some of the Note
holders, and as is more fully described in the Company’s Registration Statement on Form S-1 (the “Registration Statement”)
filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 1, 2014, as amended, and declared effective
on October 22, 2014, the following penalties due to you have accrued under the Registration Rights Agreement between the Company
and you (the “RRA”) as a consequence of the Company’s inability to file the Registration Statement and have it
declared effective by the dates set forth in the RRA.

 

	 	 	Amount ($)	Equivalent Shares	 
	 	 	 	 	 
	 	Principal Investment	$[AMOUNT]	[SHARES]	 
	 	 	 	 	 
	 	[  ]% Interest Due as of November 26, 2014	$[AMOUNT]	[SHARES]	 
	 	Penalty for Late Registration Filing 1	$[AMOUNT]	[SHARES]	 
	 	Penalty for Late Registration Effectiveness 2	$[AMOUNT]	[SHARES]	 
	 	Total Penalties and Interest	$[AMOUNT] 	[SHARES]	 

 

Please note, if you signed and delivered to
the Company the Agreement & Waiver, the Additional Interest, not listed above, will also accrue on the Interest Due at a rate
of 12% until paid in shares of the Company’s common stock, or in cash if you have so elected, on or about February 24, 2015.

 

The Company invites you to convert the Interest Due into [SHARES] shares of
the Company’s common stock, and the penalties for Late Registration Filing and Late Registration Effectiveness accrued under
the RRA into [SHARES] shares of the Company’s common stock, in lieu of cash as payment, at the conversion price of
$0.25 per share.

    	 	 	 

    	 

    

While this invitation will remain open until
February 24, 2015, we ask that you respond promptly by indicating whether you accept or decline the Company’s invitation
below, and returning one fully executed copy of this letter in the enclosed self-addressed return envelope. We also ask that you
scan a copy of the fully executed letter and email it to [CONTACT].

 

If you accept the Company’s invitation
to receive shares of the Company’s common stock in lieu of cash for the Late Registration Filing and Late Registration Effectiveness
accrued under the RRA, we will instruct the Company’s transfer agent to issue the shares to you within thirty (30) days following
February 24, 2015.

 

This letter agreement may be executed in separate
counterparts (including by facsimile or other electronic transmission), each of which shall be deemed to be an original but together
shall constitute but one and the same instrument.

 

	1		This amount reflects penalties accrued under the RRA.
Because the Company was unable to file its Registration Statement with SEC by the Mandatory Filing Date (as defined in Section
2(a) of the RRA), penalties equal to 2% of the aggregate gross proceeds of your Note accrued for each 30 day period until the
Registration Statement was filed with the SEC on August 1, 2014.

	2		This amount reflects penalty interest accrued under
the RRA. Because the Company was unable to have its Registration Statement declared effective by the SEC by the Mandatory Effectiveness
Date (as defined in Section 2(a) of the RRA), the interest rate of your Note increased by 2% each 30 day period until the Registration
Statement was declared effective on October 22, 2014.

On behalf of our management team and our Board
of Directors, thank you for your investment in Safety Quick Lighting & Fans Corp. As noted in our December 19, 2014 conference
call, the Company has entered its commercialization phase, and we look forward to keeping you abreast of its progress.

 

Sincerely,

/s/ John P. Campi

John P. Campi, Chief Executive Officer

Safety Quick Lighting & Fans Corp.

 

AGREED AND ACCEPTED BY:

 

[ENTITY]

 

I, [NAME, an authorized representative of NOTEHOLDER], __ accept / __ decline
(please check one) the Company’s invitation, and instruct the Company to convert the Interest Due under the Note into [SHARES]
shares of the Company’s common stock, in lieu of cash as payment, at the conversion price of $0.25 per share and pursuant
to the terms hereof.

By:

Name:

Title:

 

AGREED AND ACCEPTED BY:

 

[ENTITY]

 

I, [NAME, an authorized representative of NOTEHOLDER], __ accept / __ decline
(please check one) the Company’s invitation, and instruct the Company to convert the penalties for Late Registration Filing
and Late Registration Effectiveness accrued under the RRA into SHARES] shares of the Company’s common stock, in lieu of
cash as payment, at the conversion price of $0.25 per share and pursuant to the terms hereof.

By:

Name:

Title:

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