Document:

addendum_no1oracoandjyork.htm

 

 

ADDENDUM NO. 1 TO

SHARE EXCHANGE AGREEMENT AND PLAN OF REORGANIZATION

BETWEEN

ORACO RESOURCES, INC. (Nevada corporation),

AND

JYORK INDUSTRIES INC. LTD. (Sierra Leone company)

THIS ADDENDUM NO. 1 TO SHARE EXCHANGE AGREEMENT AND PLAN OF REORGANIZATION (“Addendum No. 1”) is made and entered into effective this 28th day of April, 2011, by and among ORACO RESOURCES, INC, a Nevada Corporation (“ORACO”), and JYORK INDUSTRIES INC. LTD., a Sierra Leone company (“JYORK”).

RECITALS

A. On March 7, 2011, ORACO entered into a Share Exchange Agreement and Plan of Reorganization (“Original Agreement”) with JYORK, whereby ORACO intends to issue Three Million (3,000,000) shares of its common stock in exchange for all of the issued and outstanding Shares of JYORK. Pursuant to the terms of the Original Agreement, upon closing, will provide ORACO with the ownership of One Hundred Percent (100%) of JYORK, whereby JYORK will become a wholly owned subsidiary of ORACO.

B. Subject to the terms and conditions set forth in the Share Exchange Agreement, the Exchange was anticipated to become effective on April 8, 2011.

 

C. As of the date of this Addendum No. 1, the conditions to closing have not been met by all parties.

 

D. ORACO and JYORK have determined that they require additional time to complete the conditions set forth in the Original Agreement and it is in the best interest of all the parties to extend the effective date from April 8, 2011 to May 10, 2011

 

NOW, THEREFORE, for and in consideration of the foregoing, and of the mutual covenants, agreements, undertakings, representations and warranties contained herein, the parties hereto agree as follows:

1. The Closing described in Section 2.3 of the Original Agreement is hereby extended from April 8, 2011 to May 10, 2011.

2. The 3,000,0000 shares of restricted common stock to be issued in exchange for 100% of the issued and outstanding Shares of JYORK as described in Section 2.1 of the Original Agreement shall be issued to the JYORK shareholders within 10 days after the effective time.

3. Other than as specifically provided in this Addendum No. 1, all other provisions of the Original Agreement shall remain in full force and effect, the Original Agreement is amended by this Addendum No. 1 constituting the sole and entire agreement between the parties as to the matters contained herein, and superseding any and all conversations, letters and other communications which may have been disseminated by the parties relating to the subject matter hereof, all of which are void and of no effect.

  

1

  

IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first above written.

Oraco Resources, Inc.

a Nevada corporation

By:                                                                

Name: Steve Subick

Title: President

Jyork Industries Inc. Ltd.

a Sierra Leone company

By: /S/ Charles Huggins                                            

Name: Charles Huggins

Title: President

 

2exhibit.htm

 

AMENDMENT NO. 3

TO

STOCK PURCHASE AGREEMENT

THIS AMENDMENT NO. 3 TO STOCK PURCHASE AGREEMENT (this “Amendment”) is made and entered into effective as of this 2nd day of May, 2011, by and among InsWeb Corporation, a Delaware  corporation (the “Buyer”), Potrero Media Corporation, a California corporation (the “Company”), and Rick Natsch and Heather Natsch (the “Stockholders”).

 

 

RECITALS

 

WHEREAS, the parties hereto previously entered into that certain Stock Purchase Agreement dated as of August 31, 2010 (the “Agreement”) pursuant to which the Buyer acquired the Company;

WHEREAS, Buyer has operated the Company as a separate company since the acquisition, primarily due to contingent consideration provisions in the Agreement;

WHEREAS, the parties recognize that additional value could be achieved by combining the two operating units.

NOW, THEREFORE, the parties, intending to be legally bound, hereby amend the Agreement as follows:

 

1.           All capitalized terms used herein shall have the same meaning as assigned in the Agreement unless otherwise defined herein.

2.           Within 7 days of the effective date of this Amendment No. 3, Buyer agrees to make a one-time payment of $2,100,000 to Stockholders (the “Buyout Payment”).

3.           In exchange for the Buyout Payment, Stockholders agree to forever waive their right to receive, and hereby release Buyer from the obligation to pay, all amounts described as Deferred Transaction Consideration and Installment Cash Payment in the Agreement and Exhibit A to the Agreement. Stockholders acknowledge that: (i) their waiver and release are voluntary and irrevocable; (ii) they have independently evaluated the fairness of the Buyout Payment, and (iii) they have been presented with the opportunity to consult with legal counsel prior to executing this Amendment No. 3.  Buyer confirms that as of the date of this Agreement, Buyer has no claims of any kind against the Stockholders, including but not limited to, claims for indemnification against the Stockholders pursuant to Article VI of the Agreement.

4.           Amendment No. 2 is deleted and of no further force or effect.

 

5.           By signing below and in consideration for the Buyout Payment, Stockholders are waiving any rights they may have under Section 1542 of the California Civil Code. Section 1542 provides that:

A General Release Does Not Extend To Claims Which The Creditor Does Not Know Or Suspect To Exist In His Favor At The Time Of Executing The Release, Which If Known By Him Must Have Materially Affected His Settlement With The Debtor.

 

 

6.           Except as provided herein, the terms and conditions of the Agreement, as amended, remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day and year first written above.

BUYER:                                                                INSWEB CORPORATION

By:  /S/ Hussein A. Enan                                                                

Name: Hussein A. Enan                                                                

 

Title: CEO                                                                

	
  

	
COMPANY:

	
POTRERO MEDIA CORPORATION.

By:  /S/ Richard A. Natsch______________

Name: Richard A. Natsch                                                                

 

Title: President_______________________

	
  

	
STOCKHOLDERS:

	
_/S/ Rick Natsch_____________________

Rick Natsch

/S/ Heather Natsch____________________

Heather NatschWebFilings | EDGAR view

 

Exhibit 10.1
 
March 11, 2011
 
Jim Judson
 
Dear Jim: 
We are pleased to offer you a position with Extreme Networks (the “Company”) as Interim Vice President, Chief Financial Officer (“Interim CFO”), reporting to Oscar Rodriguez. Should you decide to join us, you will receive a semi-monthly salary of $14,583.33 (which would equal $350,000 on an annualized basis), less applicable taxes and withholdings, in accordance with the Company's normal payroll procedures.  
The term of your employment will be up to six months.  You will be eligible to participate in the Executive Incentive Plan (“EIP”) with an annual target of 60% of your annual base salary. This annual target amount will be pro-rated by your amount of time as a regular employee in your first fiscal year of participation in the plan (FY11). The pro-rata EIP target bonus will be paid to you only  if the Company meets established performance objectives tied to Revenue and Operating Profit performance (the “EIP Goals”).You will be eligible for total payout under the EIP of up to 150% of your Fiscal 2011 base salary if the Company exceeds the EIP Goals by amounts specified under the EIP.  The Company retains the right to change or amend the EIP at any time.  The payment to you under the EIP will be made in restricted stock (the “Restricted Stock”).  The number of shares of Restricted Stock issued will have a value equal to 150% of your target EIP payout as of the opening price on the first trading day of FY11, and all or a portion of those shares will vest based upon achievement against the EIP Goals, with the vesting date for the Restricted Stock, if any, to be August 15, 2011.
 
As a Company employee, you are also eligible to receive certain employee benefits including stock options.  Subject to the approval of the Board or the Compensation Committee, we are pleased to offer you a one-time option to acquire 100,000 (one hundred thousand) shares of common stock (the “Options”). Generally, grants are reviewed for approval once a quarter, and are awarded at an exercise price equal to the closing price of the Company's common stock on the second business day after we publicly announce our financial results for the quarter. One half (1/2) of these shares will vest 6 months from your first date of employment, provided that you are still employed by the Company at that time, or earlier if the Company terminates you for any reason other than for cause. The remaining shares will vest one year from your date of hire, provided you are hired as the permanent Chief Financial Officer and employed by the Company as such at that time. All vesting and rights to exercise under any Options offered hereunder will also be subject to your continued employment with the Company at the time of vesting. 
 
All vesting under any Option or Restricted Stock grants offered hereunder will be subject to your continued service with the Company at the time of vesting.  You may exercise any Options no later than the ninetieth day following the cessation of your service to the Company.  Your Option grant and any Restricted Stock grant are each further conditioned on your execution of the Company's standard form of employee stock option and restricted stock agreement, respectively, and will be governed by and subject to the terms of those agreements. 
You will not be eligible for participation in the Company's Change in Control Severance Plan nor will you be entitled to any severance payment at the end of the six-month term. In addition to the foregoing benefits, you will be eligible to participate in various other Company benefit plans, including its group health, short-term disability, long-term disability, and life insurance plans, as well as its 401(k) and employee stock purchase plans. Your participation in the Company's benefit plans will be subject to the terms and conditions of the specific benefit plans. As a Vice President of the Company, you are not eligible to participate in the Company's Flexible Time Off (“FTO”) program, and you will not accrue any FTO hours. You will, however, be eligible to take paid time off from time-to-time as reasonably necessary for vacation, sick time, or other personal purposes, subject to the needs of your position and the approval of your manager. 
If you choose to accept this offer, your employment with the Company will be voluntarily entered into. As a result, you will be free to resign at any time, for any reason or for no reason, as you deem appropriate. The Company will have a similar right and may conclude its employment relationship with you at any time, with or without cause.  
You agree to terminate any other consulting or similar engagement you may now have.  Unless otherwise determined by the Board.
In the event of any dispute or claim relating to or arising out of this agreement, our employment relationship, or the termination of our employment relationship (including, but not limited to, any claims of wrongful termination or age, gender, disability, race or other discrimination or harassment), you and the Company agree that all such disputes shall be fully, finally and 

 

 

exclusively resolved by binding arbitration conducted by the American Arbitration Association (“AAA”) in Santa Clara County, California, and we waive our rights to have such disputes tried by a court or jury. The arbitration will be conducted by a single arbitrator appointed by the AAA pursuant to the AAA's then-current rules for the resolution of employment disputes, which can be reviewed at www.adr.org. 
This offer is contingent upon the completion of a customary background check with the results being satisfactory to the Company, your signing the enclosed Employee Inventions and Proprietary Rights Assignment Agreement, and upon your ability to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Please bring this documentation, such as a passport or driver's license and an original social security card, to your Employee Orientation. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 
To indicate your acceptance of the Company's offer, please sign and date this letter in the space provided below and return to Human Resources at Extreme Networks at 3585 Monroe Street, Santa Clara, CA 95051. A duplicate original is in enclosed for your records. This offer of employment, if not accepted, will expire in 2 business days. Based on our discussions, it is anticipated that you will begin employment no later than March 14, 2011. 
All new employees receive a benefits package from the HR Department. If you have any benefit related questions, please contact Lori Stahl. 
This agreement, along with any agreements referenced above, constitute the entire agreement between you and the Company concerning the terms and conditions of your employment with the Company. This agreement cannot be modified or amended except by a subsequent written agreement signed by you and the Company; provided, however, that the Company may, in its sole discretion, elect to modify your title, compensation, duties, or benefits without any further agreement from you. 
Jim, we look forward to welcoming you to Extreme Networks and we believe you will make an important contribution to the company, in what should be a rich and rewarding experience. If you have any questions, please feel free to contact Oscar Rodriguez or myself. 
Sincerely, 
 
	
	
	 

	/s/    Vicki Beumeler

	EXTREME NETWORKS INC.
Vicki Beumeler
Human Resources

 
 
I agree to and accept employment with Extreme Networks, Inc. on the terms set forth in this agreement. 
 
	
					
	 
	 
	 
	 
	 

	/s/ Jim Judson
	 
	 
	  
	March 12, 2011

	Jim Judson
	 
	 
	  
	Date

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