Document:

Exhibit 10.10

 

Exhibit A

 

DRIBBLE OUT AGREEMENT

 

This DRIBBLE OUT AGREEMENT (the “Agreement”),
effective as of June 3, 2016 (the “Effective Date’) between UPAY, Inc., a Nevada corporation (the “Company”),
and Ferdinand Labuschagne, a South African resident who is designated as a Consultant in the Consulting Agreement (the “Consulting
Agreement), of which this Agreement is Exhibit A to the Consulting Agreement.

 

The Company and the Consultant are referred to collectively
herein as the “Parties”.

 

WHEREAS, the Consultant has entered into
a Consulting Agreement with the Company, whereby the Company will pay the Consultant 300,000 restricted common stock shares of
the Company and grant the Consultant 2,000,000 warrants pursuant to the terms in the Consulting Agreement and this Agreement.

 

WHEREAS, pursuant to the terms of this Agreement, Agreement,
the Consultant has agreed to limit their common stock sales (the “Lock Up Shares” or the “Securities”).

 

NOW, THEREFORE, in exchange for good and valuable consideration
the receipt of which is hereby acknowledged, the parties hereby agree that the above WHEREAS clauses are incorporated as terms
to this Agreement and to the following terms:

 

1. “Dribble-Out” Agreement

 

(a)  The above clauses of this Agreement are incorporated
herein as terms of this Agreement.

 

(b)  Pursuant to this Dribble
Out Agreement and the Consulting Agreement, the Company: (a) shall pay the Consultant 300,000 restricted common stock shares (the
“Shares”) of the Company (the “Stock Compensation”) to be recorded in book entry at the Company’s
transfer agent, which shares will be recorded in book entry within 20 calendar days after the date of this Agreement; (b) shall
grant 2,000,000 warrants (the “Warrants) exercisable at S3.50 with an exercise period of 2 years following the Effectiveness
Notice, which Warrants will not be issued until the Company receives an Effectiveness Notice from the SEC regarding the Company’s
S-1 Registration Statement (the “Exercise Period”); (c) issue the Warrants in written form and provide the written
form grant of the Warrants to the Consultant. Additionally, (a) the Shares and the shares underlying the Warrants shall be locked
up for a period of two years from their issuance, respectively; and (b) the warrant and the Shares compensation term shall survive
even in the event of cancellation of the Consulting Agreement. Subject to the terms contained herein, the Company herby grants
the Consultant the right to a Cashless Exercise of the Consultant’s outstanding Warrants. For purpose hereof “Cashless
Exercise” shall mean the right of the Consultant to exchange the outstanding Warrants for the specified number of shares
of fully paid non-assessable shares of the Company’s Common Stock, without the necessity to pay the exercise price in cash.

 

2. Dribble Out. The Consultant agrees not
to sell during each quarter after the lock-up period more than 10% of its shares then held and not more than 1,500 shares per day.
Further, in accordance with the terms and conditions set forth in this Agreement:

 

(a) The Consultant hereby agrees that,
except as permitted under sections (b) and (c) below, during the Dribble Out Period (such period as defined in (c) below), that
The Consultant will sell its shares only according to 1(b) and 1(c) and will not otherwise sell their shares without the express
written consent of the Company, as follows:

 

(i) Sell any of the Lock Up Shares
or other securities of the Company that the Consultant may acquire.

 

(ii) Transfer, assign or otherwise
dispose of any of the Lock Up Shares.

 

(iii) Pledge, hypothecate, mortgage,
encumber or otherwise create a lien on or pertaining to any of the Lock-Up Shares.

 

(iv) Loan to any person or entity
any of the Lock Up Shares or other of the Company’s securities.

 

    	 	1	 

     

    

 

(v) Sell short
the Lock Up Shares or otherwise affect short sales pertaining to any Lock Up Shares or other of the Company’s securities

 

(vi) Acquire
a put option or grant a call option with respect to any of the Company’s shares or other securities.

 

(vii) Enter into
any agreement, arrangement, or otherwise concerning or directly or indirectly pertaining to any of the foregoing transactions,
or otherwise facilitate any other person or agent conducting any of the foregoing transactions.

 

(b)  For purposes of this Section,
the Dribble Out Period shall mean the period beginning on the date as provided for in 1(b) and 1(c), respectively, and ending twenty-four
(24) months thereafter (the “Dribble Out Period”). The Company’s Board of Directors by corporate resolution or
Board meeting shall approve this Agreement in form and substance on or before the Effective Date.

 

(c)  Notwithstanding the foregoing,
provided that the Company agrees in writing, the Consultant may transfer the Company’s securities without payment or other
consideration: (i) if the Consultant’s principal(s) is an individual, to any family member, (ii) to any direct or indirect
parent or subsidiary or. In each such case of transfer, assuming the Company agrees to the transfer in writing, the transferee
will be required to execute a Dribble Out Agreement and no transfer shall be effective or need be recognized by the Company until
receipt of an executed counterpart of this Agreement by the transferee.

 

(d)  The Consultant further agrees
that before and after termination of the Dribble Out Period, the Consultant will comply with all securities laws, rules and regulations
when purchasing or reselling the Company’s securities, including, without limitation, those prohibiting sales and purchases
of securities while in possession of material nonpublic information or that otherwise are in violation of the insider trading rules
promulgated by the Securities and Exchange Commission, and requiring the filing of accurate and truthful insider reports with the
Securities and Exchange Commission.

 

(e)  The certificate for the
Lock Up Shares of the Consultant shall have a legend in form and substance acceptable to the Company referring to the restrictions
of this Agreement and the Company may instruct the Company’s transfer agent to stop any transfer of any securities in violation
of this Agreement and may take any other action required to avoid violation of this Agreement, including, without limitation, obtaining
an injunction.

 

(f)  The provisions of this Section
shall continue in effect after the Lock Up Shares are registered pursuant to any Registration Statement filed under the Securities
Act of 1933, as amended.

 

(g)  Stop Transfer Instructions. The Consultant agrees
that the Company may issue instructions to its transfer agent that prohibits transfer in violation of this Agreement.

 

(h)  Voting of Securities. The Consultant shall maintain
voting rights attached to the Lock Up Shares. Additionally, the Consultant shall maintain voting rights to the shares underlying
the Warrants, but said voting rights will not be effective until after the Warrant Exercise and the shares underlying the warrants
are issued to the Consultant.

 

(2)  The representations, warranties, understandings,
acknowledgments and agreements in this Agreement are true and accurate as of the date hereof, shall be true and accurate as of
the date of the acceptance hereof by the Company and shall survive thereafter.

 

(3)  This Agreement shall be
enforced, governed and construed in all respects in accordance with the laws of the State of Texas, as such laws are applied by
the Texas courts to agreements entered into and to be performed in Texas, and shall be binding upon the Consultant, the Consultant’s
heirs, estate, legal representatives, successors and assigns and shall inure to the benefit of the Company and its successors and
assigns.

 

(4)  The Consultant agrees not to transfer or assign
this Agreement, or any of the Consultant’s interest herein, without the express written consent of the Company.

 

(5)  This Agreement constitutes
the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous
representations, warranties, agreements and understandings in connection therewith. Only a writing executed by all parties hereto
may amend this Agreement. This Agreement may be executed in one or more counterparts.

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, the parties have executed this Agreement
as of the Effective Date first written above.

 

	UPAY, INC.	 	THE CONSULTANT
	 	 	 	 	 
	By:	/s/ Jaco Folscher	 	By:	/s/ Ferdinand Labuschagne
	 	Jaco Folscher, President	 	 	Ferdinand Labuschagne

 

    	 	3anti_Ex_10-1

		
			Exhibit 10.1
		

		
			 
		

		
			EXECUTION VERSION
		

		
			 
		

		
			AMENDMENT NO. 1 TO 
		

		
			PURCHASE AGREEMENT
		

		
			 
		

		
			This Amendment No. 1 to the Purchase Agreement, is entered into to be effective as of July 1, 2016 (this “Amendment”), by and among National Rural Utilities Cooperative Finance Corporation, a member-owned, nonprofit financing cooperative incorporated under the laws of the District of Columbia (“Parent”), Caribbean Asset Holdings, LLC, a Delaware limited liability company (the “Company”), ATN VI Holdings, LLC, a Delaware limited liability company (the “Buyer”), and ATN International, Inc. (formerly Atlantic Tele-Network, Inc.), a Delaware corporation (“Buyer Parent”).
		

		
			 
		

		
			Preliminary Statements
		

		
			 
		

		
			WHEREAS, reference is made to that certain Purchase Agreement, dated as of September 30, 2015 (as the same may be amended from time to time, the “Purchase Agreement”), by and among, Parent, the Company, the Buyer and Buyer Parent; capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings assigned to such terms in the Purchase Agreement; and
		

		
			 
		

		
			WHEREAS, the parties hereto wish to amend the Purchase Agreement to the extent set forth herein to memorialize agreements among them pertaining to, among other matters, a reduction to the Purchase Price and the escrow of additional funds as security for certain Tax matters;
		

		
			 
		

		
			WHEREAS, in exchange therefor, the Buyer and Buyer Parent wish to waive and release indemnification and other rights with respect to certain unsatisfied conditions to the Buyer’s obligation to consummate the transactions contemplated by the Purchase Agreement;
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			 
		

		
			Article 1 – Amendments to Purchase Agreement
		

		
			 
		

		
			1.Definitions. In connection with the amendments to the Purchase Agreement set forth in this Amendment:
		

		
			 
		

		
			(a)Section 1.01 of the Purchase Agreement is amended by deleting therefrom the term “Escrow Account” and adding in alphabetical order the following definition:
		

		
			 
		

		
			“Escrow Amount” means an amount equal to the aggregate of the Tax Escrow Deposit and the Indemnity Escrow Deposit.”
		

		
			 
		

		
			(b)Section 1.02 of the Purchase Agreement is amended by adding to the table of defined terms included therein, the following in alphabetical order:
		

		
			
		

		
			

		 

 

 
		

			
					
						Indemnity Escrow Deposit

					
					
						2.03(b)

				
	
					
						Indemnity Escrow Fund

					
					
						2.03(b)

				
	
					
						Tax Escrow Deposit

					
					
						2.03(a)

				
	
					
						Tax Escrow Fund

					
					
						2.03(a)

				
	
					
						Tax Liability

					
					
						2.03(a)

				
	
					
						Tax Lien

					
					
						2.03(a)

				

		
			 
		

		
			2.Purchase Price.The Purchase Price is reduced by $1,250,000 by amending Section 2.02 of the Purchase Agreement by the following:
		

		
			 
		

		
			(a)deleting from the end of clause (vi) therein the word “and”,
		

		
			 
		

		
			(b)adding the word “and” to the end of clause (vii) therein, and
		

		
			 
		

		
			(c)adding “(viii) minus $1,250,000” as new clause (viii) thereto.
		

		
			 
		

		
			3.Flow of Funds. The Flow of Funds is modified with respect to the payment of the Closing Pension / OPEB Shortfall by amending Section 2.02(c)(iii) of the Purchase Agreement by inserting the following words immediately following “including wire instructions if applicable” :
		

		
			 
		

		
			“, it being understood that the Closing Pension / OPEB Shortfall shall, at the discretion of Buyer Parent (i) be paid to the trustee of the Pension / OPEB Plan, (ii) be paid to ATN Overseas Holdings Ltd. to be held for the benefit of the Seller Entity sponsor of the Pension / OPEB Plans, or (iii) if neither of the foregoing is practicable, be held by Buyer Parent for the benefit of such Seller Entity sponsor and paid to said trustee promptly following the Closing.”
		

		
			 
		

		
			4.Tax Escrow Deposit. The Escrow Amount is increased by $1,572,000 to secure certain Tax matters by amending and restating Section 2.03 of the Purchase Agreement as follows:
		

		
			 
		

		
			“Section 2.03 Escrows.
		

		
			 
		

		
			(a)At the Closing, the Buyer shall deposit with the Escrow Agent, by wire transfer of immediately available funds $1,572,000 of the Purchase Price (the “Tax Escrow Deposit” and, together with interest earned thereon, the “Tax Escrow Fund”), to be held in an escrow account in accordance with the Escrow Agreement and this Agreement to provide security to the Buyer solely with respect to (i) the real property tax liabilities (each, a “Tax Liability” and collectively, the “Tax Liabilities”) identified in that certain letter dated June 28, 2016 from the USVI Lieutenant Governor attached as Exhibit L hereto, and (ii) the Tax liens identified on Exhibit M hereto (each, a “Tax Lien” and together, the “Tax Liens”). The Tax Escrow Fund shall be used solely to satisfy Tax Liens and Tax
		

		
			
		

		
			

		 

		

			2

		

 

 
		

		
			Liabilities and shall not be used for any other Losses. The Tax Escrow Fund shall be disbursed at such times and in such amounts as Buyer and Parent shall mutually agree in accordance with the following:
		

		
			 
		

		
			(i)At such time that Parent provides Buyer with evidence reasonably satisfactory to Buyer that a Tax Lien has been released in full, Buyer and Parent shall execute and deliver a joint instruction letter to the Escrow Agent that instructs the Escrow Agent to disburse to Parent from the Tax Escrow Fund the amount listed on Exhibit L for such Tax Lien, unless it is determined that the amount of the Liability for other Tax Liens or Tax Liabilities that have not been released and satisfied exceed the amount listed with respect thereto on Exhibit L or M, as applicable, in which case the amount disbursed to Parent will be reduced by an amount equal to such excess.
		

		
			 
		

		
			(ii)At such time that Parent provides Buyer with evidence reasonably satisfactory to Buyer that a Tax Liability has been satisfied in full, whether by offset against credit balances for overpaid franchise taxes or otherwise, Buyer and Parent shall work together in good faith to determine the amount to be disbursed to Parent (if any) from the Tax Escrow Fund for the satisfaction of such Tax Liability and following such determination, execute and deliver a joint instruction letter to the Escrow Agent that instructs the Escrow Agent to disburse to Parent such amount.
		

		
			 
		

		
			(iii)If mutually agreed by Parent and Buyer, they shall instruct the Escrow Agent to disburse funds from the Tax Escrow Fund directly to the appropriate Tax authority to pay Liabilities for Taxes determined to be owing in excess of credit balances for overpaid franchise taxes or otherwise.
		

		
			 
		

		
			(iv)To the extent Buyer or any of its Affiliates pays or satisfies Tax Liens or Tax Liabilities by offset against Tax credits or receivables (other than via offset against Tax receivables included in the final calculation of Net Working Capital), Buyer and Parent shall execute and deliver a joint instruction
		

		
			
		

		
			

		 

		

			3

		

 

 
		

		
			to the Escrow Agent that instructs the Escrow Agent to disburse to Buyer an amount equal to the amount so paid or offset.
		

		
			 
		

		
			(v)At such time as all Tax Liens and Tax Liabilities have been satisfied in full, Buyer and Parent shall execute and deliver a joint instruction letter to the Escrow Agent that instructs the Escrow Agent to disburse to the balance of the Tax Escrow Fund, if any, to Parent.
		

		
			 
		

		
			The Buyer and Parent acknowledge the interplay between the Tax Liens and Tax Liabilities and the tax receivables and tax liabilities included in the final Net Working Capital as determined in accordance with Section 2.05. Accordingly, at all times, Parent and Buyer shall cooperate in good faith to give proper consideration to such interplay so as to avoid either party receiving the benefit of double-counting.
		

		
			 
		

		
			(b)At the Closing, the Buyer shall deposit with the Escrow Agent, by wire transfer of immediately available funds $14,500,000 of the Purchase Price (the “Indemnity Escrow Deposit” and, together with interest earned thereon, the “Indemnity Escrow Fund”), to be held in an escrow account in accordance with the Escrow Agreement and this Agreement as security to the Buyer for Parent’s indemnification obligations under this Agreement. On the 15th month anniversary of the Closing Date, the balance of the Indemnity Escrow Fund, less any amounts subject to outstanding claims for Losses, shall be released to Parent in accordance with this Agreement and the Escrow Agreement.
		

		
			 
		

		
			(c)If on the 15th month anniversary of the Closing, any claim by Buyer for Losses to be paid from the Indemnity Escrow Fund remains outstanding or a balance remains in the Tax Escrow Fund, the Escrow Agreement and respective escrow accounts shall remain in place, and an amount equal to such Losses or other balance, if applicable, shall continue to be held by the Escrow Agent thereunder until final resolution of all of such claims and matters, as applicable, and the disbursement in full of the Escrow Amount, at which time the Escrow Agreement shall be terminated in accordance with this Agreement and the Escrow Agreement.
		

		
			 
		

		
			(d)Without limiting the foregoing, the Buyer shall afford the Parent and its designees and representatives reasonable access to the books, records (including accountants’ work papers) and employees of the Company and the Seller Entities, in each case, to
		

		
			
		

		
			

		 

		

			4

		

 

 
		

		
			the extent the Parent reasonably requests in connection with satisfying a Tax Lien or Tax Liability or a request for a disbursement from the Tax Escrow Fund, in accordance with this Agreement and the Escrow Agreement. The Buyer shall also provide Parent with prompt written notice, with reasonable supporting documentation, of its satisfaction of any Tax Lien or Tax Liability pursuant to Section 2.03(a)(iv).
		

		
			 
		

		
			5.Rate Adjustment Deletion. The Rate Adjustment to the Purchase Price is deleted in its entirety by (a) deleting Section 2.05(f) of the Purchase Agreement in its entirety and (b) deleting in its entirety each other reference to “Rate Adjustment” in the Purchase Agreement.
		

		
			 
		

		
			6.Indemnification Cross References. Cross-references in the indemnification provisions are amended and restated by amending Section 11.02(a) of the Purchase Agreement as follows:
		

		
			 
		

		
			(a)delete the reference to “Section 6.02(b)(i)” in clause (viii) thereof and replace it with “Section 6.05(b)”; and
		

		
			 
		

		
			(b)delete the reference to “Section 6.20(b)(ii)” at the end of clause (viii) thereof and replace it with “Section 6.05(b)(i)”
		

		
			 
		

		
			7.Exhibit Additions. The Exhibits to the Purchase Agreement are amended by adding thereto Exhibit L and Exhibit M attached hereto as additional Exhibits to the Purchase Agreement.
		

		
			 
		

		
			Article 2
		

		
			Waiver and Release of Claims
		

		
			 
		

		
			Each of the parties hereto acknowledge and agree that the conditions to Buyer’s obligations to consummate the transactions contemplated by this Agreement set forth on Exhibit C will not be satisfied prior to Closing (each, an “Unsatisfied Condition” and collectively, the “Unsatisfied Conditions”). The Buyer and Buyer Parent hereby knowingly waive satisfaction of each Unsatisfied Condition in full and agree to consummate the acquisition of the Membership Interest pursuant to the Agreement irrespective of the non-satisfaction of such Unsatisfied Conditions.
		

		
			 
		

		
			Notwithstanding anything to the contrary in the Purchase Agreement, in consideration of this Amendment, including the reduction of the Purchase Price and the increase in the Escrow Amount, each of the Buyer and Buyer Parent, on behalf of itself and any other Buyer Indemnified Party, knowingly waives, releases and relinquishes any and all rights (to indemnity or otherwise), claims, remedies, and causes of action, in law or in equity, that such party may have now or in the future, whether known or unknown, against Parent or its Affiliates arising from an Unsatisfied Condition.
		

		
			 
		

		
			From and following the Closing, Parent shall use good faith efforts (without the incurrence of out-of-pocket costs) to cooperate with Buyer and Buyer’s Affiliates with 
		

		
			
		

		
			

		 

		

			5

		

 

respect to reasonable efforts undertaken by Buyer or Buyer’s Affiliates to satisfy the Unsatisfied Conditions.
		

		
			 
		

		
			The parties hereto agree that, except as herein expressly amended, all terms and provisions of the Purchase Agreement are and shall remain in full force and effect. All issues and questions concerning the construction, validity, interpretation and enforceability of this Amendment and the exhibits hereto shall be governed by and construed in accordance with the laws of the United States applicable thereto and the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  This Amendment shall become effective when each party hereto shall have received a counterpart hereof signed by the other parties hereto.
		

		
			 
		

		
			{Remainder of page left intentionally blank. Signature page(s) to follow.}
		

		
			 
		

		
			 
		

		
			

		 

		

			6

		

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers to be effective as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						COMPANY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CARIBBEAN ASSET HOLDINGS, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						National Rural Utilities Cooperative Finance Corporation, its sole and managing member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Steven L. Lilly

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						STEVEN L. LILLY

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						SENIOR VICE PRESIDENT

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PARENT:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NATURAL RURAL UTILITIES COOPERATIVE

				
	
					
						 

					
					
						FINANCE CORPORATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						[ILLEGIBLE]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BUYER:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ATN VI HOLDINGS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Michael T. Prior

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BUYER PARENT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ATN INTERNATIONAL, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Michael T. Prior

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			Signature Page to Amendment to Purchase Agreement

		

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers to be effective as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						COMPANY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CARIBBEAN ASSET HOLDINGS, LLC

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						National Rural Utilities Cooperative Finance Corporation, its sole and managing member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PARENT:

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						NATURAL RURAL UTILITIES COOPERATIVE

				
	
					
						 

					
					
						FINANCE CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BUYER:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ATN VI HOLDINGS, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Michael T. Prior

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BUYER PARENT:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ATN INTERNATIONAL, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Michael T. Prior

				
	
					
						 

					
					
						Title:

					
					
						Chief Executive Officer

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			Signature Page to Amendment to Purchase Agreement

		

 

Exhibit L
		

		
			 
		

			
					
						 

					
					
						 

					
						 

					
						 

				
	
					
						

					
					
						OFFICE OF THE LIEUTENANT GOVERNOR

					
						UNITED STATES VIRGIN ISLANDS

					
						EXECUTIVE OFFICE

				

		
			 
		

		
			Tuesday, June 28, 2016
		

		
			 
		

		
			VIA ELECTRONIC MAIL
		

		
			 
		

		
			Nathania Bates, Esq.
		

		
			Vice President, Legal affairs
		

		
			INNOVATIVE
		

		
			4006 Estate Diamond
		

		
			Christiansted, St. Croix
		

		
			United States Virgin Islands 00820
		

		
			 
		

			
					
						Re:

					
					
						Office of the Lieutenant Governor

					
						Preliminary Calculations of Monies Owed To and By Innovative Entities

				

		
			 
		

		
			Dear Attorney Bates:
		

		
			 
		

		
			Pursuant to a review of the business records of the Innovative Entities [“Innovative”], the Office of the Lieutenant Governor, Division of Corporation and Trademarks, has determined that Innovative has a credit balance for franchise tax payments in excess of its stated capital. The amount of the credit balance per entity is as set forth below.
		

		
			 
		

			
					
						COMPANY

					
					
						    

					
					
						AMOUNT OF REFUND

				
	
					
						1.GROUP B200, INC.

					
					
						 

					
					
						$ 7,569.00

				
	
					
						2. ICC TV, INC.

					
					
						 

					
					
						$ 562.95

				
	
					
						3. VI POWERNET, LLC

					
					
						 

					
					
						$ 141,465.99

				
	
					
						4. CARIBBEAN COMMUNICATIONS CORP.

					
					
						 

					
					
						$ 166,018.50

				
	
					
						5. VITELCOM CELLULAR, INC.

					
					
						 

					
					
						$ 70,489.92

				
	
					
						6. INNOVATIVE LONG DISTANCE, INC.

					
					
						 

					
					
						$ 33,636.00

				
	
					
						7. ST. CROIX CABLE TV, INC.

					
					
						 

					
					
						$ 86,338.68

				
	
					
						8. VIRGIN ISLANDS TELEPHONE CORPORATION

					
					
						 

					
					
						$ 196,914.84

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$ 702,995.88

				
	
					
						LESS 2016 GOOD STANDING, COPY & EXPEDITE

					
					
						 

					
					
						($ 2,375.00)

				
	
					
						FEES

					
					
						 

					
					
						 

				
	
					
						FINAL TOTAL

					
					
						 

					
					
						$ 700,620.88

				

		
			 
		

		
			NUMBER 5049 KONGENS GADE, ST. THOMAS, VIRGIN ISLANDS 00802  TEL 340.774.2991  FAX 340.776.4612
		

		
			NUMBER 1105 KING STREET, CHRISTIANSTED  ST. CROIX, VIRGIN ISLANDS 00820  TEL 340.773.6449  FAX 340.773.0330
		

		
			WWW.LTG.GOV.VI
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			Preliminary Calculations of Balances 

		

		

			Innovative Entities

		

		

			Page 2 of 3

		

		

			 

		

A complete breakdown of the actual amounts paid by each entity, and the amounts that are to be credited is attached to this letter as Exhibit A, however, please note the following:
		

		
			 
		

		
			1.The credit includes a balance of $23,400.00 for Virgin Islands Telephone Corporation from the June 30, 2009 filing date.
		

		
			2.Based on the annual filings for the eight Innovative entities, the franchise tax amount of $8,905.53, which is due by June 30,  2016,  has been deducted from the credit on file.
		

		
			3.In addition, the payment amount of $2,375.00 for Certificated of Good Standing, copies and expedite fees for document requests have also been deducted from the credit on file.
		

		
			 
		

		
			Further, pursuant to the request from Innovative, the Office of the Lieutenant Governor is willing to apply the franchise tax credit balance to the outstanding tax arrearages for real property owned by Innovative.
		

		
			 
		

		
			Accordingly, the Office has performed a  review of outstanding amounts and determined that Innovative owes the following amounts on real property taxes, payable to the Office of the Tax Collector. Please note that these are preliminary balances that are subject to change once all Innovative properties are properly identified and prior years' bills, interest and penalties are properly  calculated.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Balance Due - June 30,

					
					
						Balance Due - July 31,

				
	
					
						Parcel ID Number

					
					
						2016

					
					
						2016

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1-02304-0143-01

					
					
						$4,271.22

					
					
						$4,280.16

				
	
					
						1-02602-0146-00

					
					
						$11,301.21

					
					
						$11,380.93

				
	
					
						1-05302-2432-00

					
					
						$244,302.85

					
					
						$245,233.19

				
	
					
						1-05302-2432-01

					
					
						$69,052.66

					
					
						$69,236.14

				
	
					
						1-05601-0418-00

					
					
						$274.54

					
					
						$275.45

				
	
					
						1-05604-0107-00

					
					
						$39,119.08

					
					
						$39,237.99

				
	
					
						1-07403-0416-00

					
					
						$8,863.98

					
					
						$8,905.23

				
	
					
						1-07704-0502-00

					
					
						$11,656.85

					
					
						$11,712.11

				
	
					
						2-03300-0263-00

					
					
						$6,712.36

					
					
						$6,743.93

				
	
					
						2-04404-0528-00

					
					
						$1,178.44

					
					
						$1,181.27

				
	
					
						2-04404-0529-00

					
					
						$300,367.72

					
					
						$300,449.78

				
	
					
						2-04404-0550-00

					
					
						$1,301.87

					
					
						$1,304.16

				
	
					
						2-04404-0553-00

					
					
						$1,178.44

					
					
						$1,181.27

				
	
					
						2-04903-1707-01

					
					
						$118,909.87

					
					
						$119,007.79

				
	
					
						3-04103-0102-02

					
					
						$229.50

					
					
						$229.50

				
	
					
						3-06103-0416-00

					
					
						$11,656.85

					
					
						$26,613.56

				
	
					
						3-06003-0217-01

					
					
						$1,575.00

					
					
						$1,575.00

				
	
					
						4-06207-0321-01

					
					
						$2,733.28

					
					
						$2,742.67

				
	
					
						4-07601-1219-00

					
					
						$39,781.05

					
					
						$39,819.88

				
	
					
						4-07900-0213-00

					
					
						$18,263.73

					
					
						$18,327.27

				
	
					
						4-09301-0508-00

					
					
						$538.07

					
					
						$539.69

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Total

					
					
						$908,225.28

					
					
						$909,976.98

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			Preliminary Calculations of Balances 

		

		

			Innovative Entities

		

		

			Page 3 of 3

		

		

			 

		

Please review the information and get back to me so that we may continue our discussions with an aim to formally concluding this matter.
		

		
			 
		

		
			Sincerely,
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Dolace Mclean, Ph.D., Esq.

					
					
						 

				
	
					
						Legal Counsel to the Lieutenant Governor

					
					
						 

				
	
					
						United States Virgin Islands

					
					
						 

				
	
					
						5049 Kongens Gade

					
					
						 

				
	
					
						St. Thomas VI 00802

					
					
						 

				
	
					
						340.774.2991xt. 4111

					
					
						 

				
	
					
						Do/ace. Mclean@/go.vi.gov

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

			
					
						COMPANY

					
					
						AMOUNT OF REFUND

				
	
					
						 

					
					
						$

					
7,569.00 
				
	
					
						GROUP B200, INC.

					
					
						$

					
562.95 
				
	
					
						ICC TVI,INC.

					
					
						$

					
141,465.99 
				
	
					
						VI POWERNET, LLC

					
					
						$

					
166,018.50 
				
	
					
						CARIBBEAN COMMUNICATIONS CORP.

					
					
						$

					
70,489.92 
				
	
					
						VITELCOM CELLULAR, INC.

					
					
						$

					
33,636.00 
				
	
					
						ST. CROIX CABLE TV, INC.

					
					
						$

					
86,338.68 
				
	
					
						VIRGIN ISLANDS TELEPHONE CORPORATION

					
					
						$

					
196,914.84 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						$

					
702,995.88 
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						LESS RECENT GOOD STANDING, COPY & EXPEDITE FEES

					
					
						$

					
(2,375.00)
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						FINAL TOTAL

					
					
						$

					
700,620.88 
				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Page 1 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			GROUP B200, INC.
		

			
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

				
	
					
						6/30/2009

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
2,773.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
2,623.00 
				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
2,773.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
2,623.00 
				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
2,773.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
2,623.00 
				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
8,319.00 
					
					
						 

					
					
						$

					
750.00 
					
					
						 

					
					
						$

					
47,569.00 
				

		
			 
		

		
			 
		

		
			

		 

		

			Page 2 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			ICC TV, INC.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
437.65 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
287.65 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
437.65 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
287.65 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
437.65 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
287.65 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
1,762.95 
					
					
						 

					
					
						$

					
1,200.00 
					
					
						 

					
					
						$

					
562.95 
					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Page 3 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			VI POWERNET, LLC
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
47,655.33 
					
					
						 

					
					
						$

					
300.00 
					
					
						 

					
					
						$

					
47,355.33 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
47,655.33 
					
					
						 

					
					
						$

					
300.00 
					
					
						 

					
					
						$

					
47,355.33 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
47,655.33 
					
					
						 

					
					
						$

					
300.00 
					
					
						 

					
					
						$

					
47,355.33 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
300.00 
					
					
						 

					
					
						$

					
(300.00)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
300.00 
					
					
						 

					
					
						$

					
(300.00)
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
142,965.99 
					
					
						 

					
					
						$

					
1,500.00 
					
					
						 

					
					
						$

					
141,465.99 
					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			Page 4 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			CARIBBEAN COMMUNICATIONS CORP.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
55,732.50 
					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
55,408.50 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
55,953.00 
					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
55,629.00 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
55,953.00 
					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
55,629.00 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
(324.00)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
324.00 
					
					
						 

					
					
						$

					
(324.00)
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
168,610.50 
					
					
						 

					
					
						$

					
2,592.00 
					
					
						 

					
					
						$

					
166,018.50 
					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			Page 5 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			VITELCOM CELLULAR, INC.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
23,746.64 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
23,596.64 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
23,746.64 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
23,596.64 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
23,746.64 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
23,596.64 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
71,689.92 
					
					
						 

					
					
						$

					
1,200.00 
					
					
						 

					
					
						$

					
70,489.92 
					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			Page 6 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			INNOVATIVE LONG DISTANCE, INC.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
11,462.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
11,312.00 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
11,462.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
11,312.00 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
11,462.00 
					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
11,312.00 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
150.00 
					
					
						 

					
					
						$

					
(150.00)
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
34,836.00 
					
					
						 

					
					
						$

					
1,200.00 
					
					
						 

					
					
						$

					
33,636.00 
					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			Page 7 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			ST. CROIX CABLE TV, INC.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
					
						 

					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
29,020.11 
					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
28,838.58 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
29,113.11 
					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
28,931.58 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
29,113.11 
					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
28,931.58 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
(181.53)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
181.53 
					
					
						 

					
					
						$

					
(181.53)
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
87,790.92 
					
					
						 

					
					
						$

					
1,452.24 
					
					
						 

					
					
						$

					
86,338.68 
					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			Page 8 of 9

		

 

		

			 

		

INNOVATIVE ENTITIES
		

		
			 
		

		
			VIRGIN ISLANDS TELEPHONE CORPORATION
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						DUE DATE:

					
					
						    

					
					
						AMOUNT PAID

					
					
						    

					
					
						CORRECT TAX

					
					
						    

					
					
						AMOUNT OF REFUND

					
					
						 

				
	
					
						6/30/2009

					
					
						 

					
					
						$

					
158,400.00 
					
					
						 

					
					
						$

					
135,000.00 
					
					
						 

					
					
						$

					
23,400.00 
					
					
						 

				
	
					
						6/30/2010

					
					
						 

					
					
						$

					
158,400.00 
					
					
						 

					
					
						$

					
135,000.00 
					
					
						 

					
					
						$

					
23,400.00 
					
					
						 

				
	
					
						6/30/2011

					
					
						 

					
					
						$

					
158,400.00 
					
					
						 

					
					
						$

					
135,000.00 
					
					
						 

					
					
						$

					
23,400.00 
					
					
						 

				
	
					
						6/30/2012

					
					
						 

					
					
						$

					
54,738.28 
					
					
						 

					
					
						$

					
7,500.00 
					
					
						 

					
					
						$

					
47,238.28 
					
					
						 

				
	
					
						6/30/2013

					
					
						 

					
					
						$

					
54,738.28 
					
					
						 

					
					
						$

					
7,500.00 
					
					
						 

					
					
						$

					
47,238.28 
					
					
						 

				
	
					
						6/30/2014

					
					
						 

					
					
						$

					
54,738.28 
					
					
						 

					
					
						$

					
7,500.00 
					
					
						 

					
					
						$

					
47,238.28 
					
					
						 

				
	
					
						6/30/2015

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
7,500.00 
					
					
						 

					
					
						$

					
(7,500.00)
					
					
						 

				
	
					
						6/30/2016

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						$

					
7,500.00 
					
					
						 

					
					
						$

					
(7,500.00)
					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						TOTAL

					
					
						 

					
					
						$

					
639,414.84 
					
					
						 

					
					
						$

					
442,500.00 
					
					
						 

					
					
						$

					
196,914.84 
					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Page 9 of 9

		

 

		

			 

		

 
		

		
			Exhibit M
		

		
			 
		

		
			1.Tax Lien on Parcel #2-04404-0529-00 Plot Nos 21 Estate Mon Bijou and Plot No. 22 Estate mon Bijou - $ 272,326.35
		

		
			 
		

		
			2.Tax lien on Parcel #1-05304-0203-00 Kronprindsens Gade 49a, 49ba, 50a, 50ba, 51A, 51As and 51B, Freeway 51B, 51Aa, 51A, 49a, 49ba, 50a, 50ba, 48b, 49bb, 50bb and 50c - $388,328.33
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

Exhibit C
		

		
			 
		

		
			Section 9.01(r) in respect of the following:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Spill Prevent, Control and Countermeasure Plan Certificates for fuel storage tanks from Department of Planning & Natural Resources Division of Environmental Protection US Virgin Islands.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Renewal of Air Pollution Control Permit to Operate No. STT-1-059-A-12, to be issued to Vitelco, issued by the Department of Planning & Natural Resources Division of Environmental Protection – US Virgin Islands.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Facility Fire Inspection, to be performed by the Virgin Islands Fire Service, for Vitelco (St. Croix).

		
			 
		

			
	
			
				 ·
			

			
	
			
			FCC License Nos. WLY-863, WLY-864, WLY-865, WLY-866 and WHZ-442, issued to Caribbean Communications Corporation re: CARS Service.

		
			 
		

		
			Section 9.01(u) in respect of non-compliance by the applicable Seller Entities with the Repair (912) call answer rate Quality of Service metric during the month of May 2016.
		

		
			 
		

		
			Section 9.01(c) in respect of the following.
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			Showtime Network Services Agreements between Showtime Networks Inc. and (i) Caribbean Communications Corp. d/b/a Innovative Cable TV St. Thomas - St. John, and (ii) St. Croix Cable TV Inc. d/b/a Innovative Cable TV St. Croix, each dated as May 1, 2010 and each as amended as of February 1, 2014 (notice and waiver of termination right).

		
			 
		

			
	
			
				 ·
			

			
	
			
			License Agreements for Pole Attachments between Virgin Islands Water and Power Authority with (a) St. Thomas-John Cable TV dated April 13, 1987 and (b) St. Croix Cable TV dated August 15, 1986. Each requires consent of the Water and Power Authority prior to transfer of control of the licensee.

		
			 
		

		
			Owned Real property
		

		
			 
		

		
			Registration Section:  East Central
		

		
			Block: 3039B
		

		
			Parcel: 149
		

		
			 
		

		
			Consent of the British Virgin Islands Ministry of Natural Resources and Labour with respect to the following:
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

 

Real Property in Process of finalizing transfer and registration process
		

		
			 
		

			
					
						

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						REGISTRATION

					
					
						 

					
					
						 

				
	
					
						PROPERTY

					
					
						SECTION

					
					
						PROPRIETOR

					
					
						Status

				
	
					
						Block 6070B Parcel 58

					
					
						Anegada

					
					
						Ernest Faulkner, Anegada

					
					
						An undated Bill of Sale was entered into between Luanne Hodge for and on behalf of BVI Cable and Ernest Faulkner to purchase a portion of the Property measuring 50 x 50. It does not appear that any formal Transfer of Land was executed or registered with the Department of Land Registry in the British Virgin Islands therefore the transfer process is incomplete.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Steps are being taken to finalize the transfer and registration process.

				
	
					
						Block 3039B Parcel 282

					
					
						East Central

					
					
						George Lewis Smith

					
					
						An executed but undated Transfer of Land was entered into between BVI Cable T.V. Ltd. and George Smith but it does not appear that the Transfer of Land was registered with the Department of Land Registry in the British Virgin Islands therefore the transfer process is incomplete.

					
						 

					
						Steps are being taken to finalize the transfer and registration process

				

		
			 
		

		
			Written consent by VIPM, LLC in respect of the Sunny Isle Lease.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]