Document:

Exhibit 10.69

		
			Exhibit 10.69
		

		
			January 29, 2015
		

		
			Kelly Walters
President and Chief Executive Officer
Supertel Hospitality, Inc.
1800 West Pasewalk Avenue, Suite 200
Norfolk, Nebraska 68701
		

		
			Dear Kelly,
		

		
			As discussed, we agree that you will extend your service as President and Chief Executive Officer to the earlier of the hiring of a new chief executive officer or February 28, 2015.  Additionally, the April 30, 2015 date set forth in the Company’s letter to you, dated December 19, 2014, is extended to May 31, 2015.  All other matters set forth in the Company’s letter remain unchanged.
		

		
			If the foregoing is acceptable to you, please sign and date below and return a signed copy to me. 
		

		
			Supertel Hospitality, Inc.

/s/ James Friend
James Friend, Chairman of
the Board of Directors
		

		
			Accepted and agreed this January 29, 2015
		

		
			/s/ Kelly A. Walters
Kelly A. Walters
		

		 

		

			1Exhibit 10.1

 

 

 

 

Memorandum of Understanding

 

This binding Memorandum of Understanding (“MOU”)
is entered into on March 13, 2015 by and between MagneGas Corporation ("MNGA") of Tarpon Springs, Florida and Old Well
Capital SA DE CV of Morelos, Mexico (“OWC”) sometimes referred to herein as the (“Parties”).

  

Recitals

 

Whereas, MNGA is a Publicly Traded corporation organized and
existing under the law of the state of Delaware with its principle place of business in the state of Florida;

Whereas, Old Well is a Company from Mexico;

Whereas, MNGA is engaged in the business of generating gaseous
fuel from liquid waste with its patented Plasma Arc Flow technology;

Whereas, MNGA and OWC are interested in entering into a collaborative
relationship to further the MagneGas technology in Mexico;

Whereas, both parties agree to the following:

  

		1.	Scope

 

1.1    OWC will purchase one 100kw Mobile Recycler for liquid waste
at the purchase of $695,000 (six hundred ninety five thousand US dollars) FOB Tampa for Mexico on or before 180 days from the signature
of this agreement.    

 

1.2    On or before March 18, 2015, OWC will pay a non-refundable
deposit of $50,000 to bind this agreement and obtain certain rights outlined in this agreement for Mexico. Should said payment
not be received in full by March 18, 2015, this agreement is null and void without recourse to either party.

 

1.3    Upon receipt of the deposit payment outlined above, OWC
will have 6 months to complete the purchase and payment in full of the recycler referenced above and said $50,000 deposit will
be applied towards the purchase price.     

 

1.4    OWC will be required to send a minimum of two technicians
at their expense to participate in the testing and training for the recycler. These technicians will be fully trained in the operation
of the recycler at no charge by MNGA.     

 

1.5     MNGA at its expense will send one technician to Mexico
a period of 2 weeks for commissioning and training upon delivery of the recycler.    

  

    	150 Rainville Rd, Tarpon Springs, FL 34689 www.MagneGas.com
PH 727-934-3448  Fax 727-934-6260
Page 1 of 4

    	

    

 

		2.	Exclusivity and Minimal Sales Requirements:

 

2.1.  With the purchase and payment in full of the first recycler
outlined above, OWC will automatically obtain exclusive distribution rights for Mexico for 12 months for all Magnegas products
and services with the exclusion of Co-Combustion for Magnegas with fossil fuels for Electric Power Plants and excluding (the one
existing relationship) for Industrial Gas Sales for Metal Cutting. In the event the (one existing relationship) buys a unit before
OWC there will be no cure right and the $50,000 would be returned.

 

2.2.    Every recycler purchased thereafter the initial purchase
of the first recycler will extend automatically exclusivity in Mexico for an additional one year.

 

2.3.    The exclusive distribution rights shall include all of
the current and future products, commercialized, manufactured, distributed and or operated by MNGA except as excluded above.

 

2.4.    OWC may only transfer these rights or contract to a third
party with written approval from MNGA not to be unreasonably withheld.

 

2.5.    Upon receipt of the $50,000 deposit referenced in clause
1.2 above, OWC will obtain first right of refusal for any Magnegas business opportunities in Mexico except as excluded in Clause
2.1. This will be in the form of an exclusive option to purchase the rights for the territory, with said option expiring without
recourse to either party 180 days after signature of this agreement. OWC will have 15 days to exercise said right when presented
with an offer, after which time the $50,000 will be refunded.

 

		3.	Obligations and General Terms

 

3.1.    In the event MNGA or OWC sells, assigns, merges, or transfers
all or substantially all of its business or this Agreement, or otherwise conveys to a third-party ownership, operation, or control
of its rights, such party’s rights and obligations pursuant to this Agreement shall survive such sale or transfer and shall
be fully enforceable against and shall be fully assumed by said successor or transferee third party.

 

3.2    This agreement replaces all oral and written agreements
and understandings with the exception of the Distributor program which has been outlined in previous communication. As an exclusive
Distributor OWC will receive a 15% to 25% discount to retail pricing of MagneGas equipment and services.

 

3.3    It is the intention of both parties to enter into definitive
agreements prior to the expiration of this agreement with general terms and conditions as outlined herein.

 

    	150 Rainville Rd, Tarpon Springs, FL 34689 www.MagneGas.com
PH 727-934-3448  Fax 727-934-6260
Page 2 of 4

    	

    

 

		4.	Website Links and Image Authorization 

 

MNGA and OWC authorize each other to be named as a “Strategic
Partner” on each others’ website and inclusive in mutual Press Releases with a corporate logo linking to its website.
PR and MNGA mutually agree to provide the other party an advance copy and obtain counter party approval of all documents, videos
and other media prior to dissemination to the public.

 

		5.	Expenses

 

Each Party will bear its own expenses and costs of the transactions
contemplated hereby, including, but not limited to, the fees of attorneys and financial advisors.

 

		6.	Governing Law

 

This MOU shall be governed by Florida law, without reference
to the Florida rules on conflict of laws.

 

		7.	Counterparts

 

For the convenience of the Parties hereto, this MOU may be executed
in multiple counterparts, each of which will be deemed an original, and all counterparts hereof so executed by the Parties hereto,
whether or not such counterpart will bear the execution of each of the Parties hereto, will be deemed to be, and will be construed
as, one and the same.

 

		8.	Term 

Unless payment of $50,000 deposit is received on or before March
16, 2015, this MOU expire without recourse to either party. Upon receipt of deposit, this MOU will expire on September 9, 2015.

 

		9.	Entire Agreement

 

This MOU constitutes the entire agreement
between the Parties pertaining to the subject matter hereof, and supersedes all negotiations, preliminary agreements, and all prior
and contemporaneous discussions and understandings of the Parties in connection herewith. No change, modification or termination
of any of the terms, provisions, or conditions of this MOU shall be effective unless made in writing and signed all Parties hereto.

 

    	150 Rainville Rd, Tarpon Springs, FL 34689 www.MagneGas.com
PH 727-934-3448  Fax 727-934-6260
Page 3 of 4

    	

    

 

		10.	Trading of Stock

 

The parties acknowledge that MNGA is a
public company listing its common stock on the NASDAQ exchange. If any material, non-public information is disclosed, Recipient
agrees that it will comply with United States Securities and Exchange Commission Regulation FD (Fair Disclosure), and refrain from
trading in MNGA stock until that material non-public information is publicly disseminated.

 

		11.	Confidentiality 

 

Nothing in this agreement constitutes a
transfer of ownership of intellectual property between the parties including, without limitation, patents, copyrights, and/or registered
trademarks. The Parties will protect the copyrights of materials used in connection with preparation for any Projects. The Parties
agree to keep the confidentiality of any proprietary information of a Party disclosed to any of the other Parties hereunder or
in connection with any Project, and to use such information solely for the purposes of carrying out their respective commitments
hereunder. Any definitive agreement between the Parties and others with respect to the any Project will contain customary confidentiality
provisions to protect each Party’s proprietary information, as well as provisions relative to the disclosure of other material
information in compliance with the requirements of the U.S. Securities and Exchange Commission as such apply to MagneGas.

  

Each Party’s signature below will confirm that the foregoing
is acceptable to them. This Memorandum of Understanding contains the complete understanding of the parties with respect to the
contemplated terms of the arrangement. The definitive documents evidencing the agreements between the Parties are subject to negotiation.

 

	/s/ Alfonso Garcia Garcia	Ermanno Santilli
	
        Agreed to and accepted

        Alfonso Garcia Garcia
	
        Agreed to and accepted

        Ermanno Santilli, CEO MagneGas Corp

         

 

    	150 Rainville Rd, Tarpon Springs, FL 34689 www.MagneGas.com
PH 727-934-3448 Fax 727-934-6260
Page 4 of 4Exhibit 10.1

 

WAIVER NO. 3

 

WAIVER No. 3 (this “Waiver No. 3”), dated as of March 17, 2015, to that certain Credit Agreement, dated as of June 17, 2013 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”; capitalized terms used herein and not defined shall have the meaning set forth in the Credit Agreement), among HANGER, INC. (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and Issuer.

 

W  I  T  N  E  S  S  E  T  H :

 

WHEREAS, pursuant to Section 11.01 of the Credit Agreement, on December 12, 2014 (as further modified and continued on January 14, 2015 by Waiver No. 2 to the Credit Agreement) (the “Existing Waivers”), the Borrower and the Required Lenders agreed to the waiver of certain of the terms of the Credit Agreement and other Loan Documents.

 

WHEREAS, pursuant to Section 11.01 of the Credit Agreement, the Borrower and the Lenders party hereto agree to the further waiver of certain of the terms of the Credit Agreement and other Loan Documents as set forth herein.

 

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

 

SECTION ONE - Waiver.  Subject to the satisfaction of the conditions set forth in Section Two hereof, the Required Lenders hereby waive until the Expiration Date (as defined below), (a) any Default or Event of Default under Section 9.01(d) and Section 9.01(b) of the Credit Agreement, to the extent such Default or Event of Default arises or has arisen in connection with (i) the Borrower’s obligations under (A) Section 7.01(a) in respect of the financial information and other materials required to be delivered pursuant thereto for the period ended December 31, 2014, and (B) Section 7.01(b) in respect of the financial information and other materials required to be delivered pursuant thereto for the periods ended September 30, 2014 and March 31, 2015, as well as, in each case under this clause (i) in respect thereto, the requirement to give any notice pursuant to Section 7.03 and to deliver a Compliance Certificate pursuant to Section 7.02(b), (ii) the restatement of, or revision or adjustment to, the annual and/or quarterly consolidated financial statements substantially consistent with accounting adjustments specified in Item 4.02 of the Borrower’s Current Report on Form 8-K filed on February 17, 2015 (other than under the caption “Additional Accounting Review and Financial Statement Preparation”) (the “Review Report”), (iii) the inaccuracy of any representation or warranty, including Section 6.11 and Section 6.21, contained in the Loan Documents solely as a result of or in connection with the matters referred to in clause (ii) above and (iv) any action taken or any failure to take action while any Default or Event of Default resulting from clause (iii) above was continuing, to the extent such action or failure to take action would have been permitted but for the existence of such Default or Event of Default, including any request for any Loan (or any conversion or continuation with respect thereto) or Issuance of any Letter of Credit

 

 

after the occurrence and during the continuance of any such Default or Event of Default and (b) any Default under Section 9.01(e)(ii) to the extent such Default arises or has arisen as a result of the Borrower’s failure to timely furnish its (i) Quarterly Reports on Form 10-Q for the quarters ended September 30, 2014 and March 31, 2015 and (ii) Annual Report on Form 10-K for the period ended December 31, 2014, in each case, to the holders of the notes and the Trustee (as defined below) under the Indenture (as defined below).  Furthermore, subject to the satisfaction of the conditions set forth in Section Two hereof, the Required Lenders hereby waive until the earliest of the Expiration Date and May 31, 2015, any Default or Event of Default under Section 9.01(b) of the Credit Agreement, to the extent such Default or Event of Default arises or has arisen in connection with (a) the inaccuracy of any representation or warranty, including Section 6.11 and Section 6.21, contained in the Loan Documents solely as a result of or in connection with any inventory related adjustments in connection with the ongoing review thereof described under the caption “Additional Accounting Review and Financial Statement Preparation” in the Review Report and (b) any action taken or any failure to take action while any Default or Event of Default resulting from clause (a) above was continuing, to the extent such action or failure to take action would have been permitted but for the existence of such Default or Event of Default, including any request for any Loan (or any conversion or continuation with respect thereto) or Issuance of any Letter of Credit after the occurrence and during the continuance of any such Default or Event of Default.  “Expiration Date” shall mean the date of the earliest to occur of (w) compliance with Sections 7.01(a), 7.01(b) and 7.02(b) (the “Compliance Date”), (x) the close of business on August 17, 2015, (y) thirty (30) days after the date on which, pursuant to that certain Indenture, dated as of November 2, 2010 (the “Indenture”), among the Borrower, certain of the Borrower’s subsidiaries and Wilmington Trust Company, as trustee (the “Trustee”), written notice (the “Default Notice”) in respect of the Borrower’s failure to perform or comply with Section 4.03 of the Indenture has been given to the Borrower by the Trustee or to the Borrower and the Trustee by the holders of at least 25% in the aggregate principal amount of the outstanding notes under the Indenture (and, for the avoidance of doubt, for purposes of complying with Section 7.03(a), the Borrower shall notify the Administrative Agent of the giving of such Default Notice on the next succeeding Business Day); provided that from the date hereof and until the Compliance Date, no Credit Extensions shall be permitted without the consent of the Required Lenders unless (i) no Default Notice has been given and (ii) after giving effect to any such Credit Extension, the Outstanding Amount of all Revolving Loans, Swing Line Loans and L/C Obligations, taken together, would not exceed $146.3 million, and (z) an occurrence of any event of default under and as defined in the Indenture.  It is understood and agreed that, unless the Compliance Date has occurred, the foregoing and all other prior Existing Waivers shall be null and of no effect on and following the Expiration Date.  It is further understood and agreed that, unless the Compliance Date has occurred, on or prior to the 15th day of each month, the Borrower shall participate in conference calls with Lenders to provide updates in connection with the foregoing matters as well as financial updates and updates on the Borrower’s cash position.

 

SECTION TWO - Conditions to Effectiveness.  This Waiver No. 3 shall become effective (the “Waiver No. 3 Effective Date”) upon satisfaction of each of the following conditions:

 

(a)                            the Administrative Agent shall have received counterparts hereof signed by each of the Required Lenders and the Borrower;

 

2

 

(b)                            after giving effect to this Waiver No. 3, no Default or Event of Default will have occurred and be continuing on such date;

 

(c)                             the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower as to the satisfaction of the condition set forth in Section 2(b).

 

(d)                            All fees and expenses payable on or before the date hereof by the Borrower to the Administrative Agent (or its Affiliates) in connection with this Waiver No. 3 in accordance with Section 11.04 of the Credit Agreement and/or the Lenders (or their respective Affiliates) pursuant to this Waiver No. 3 shall have been paid, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, to the extent invoiced to the Borrower prior to the date hereof.

 

SECTION THREE — Consent Fee.  Each Lender under the Credit Agreement who submits a signature page to this Waiver No. 3 to the Administrative Agent shall receive a non-refundable fee equal to 0.10% of the aggregate principal amount of its Loans and/or Commitments immediately prior to the Waiver No. 3 Effective Date, which fee will be earned on the Waiver No. 3 Effective Date and due and payable in full on the next succeeding Business Day.

 

You agree that once paid, the fees or any part thereof payable under this Waiver No. 3 will not be refundable under any circumstances. All fees payable under this Waiver No. 3 will be paid in immediately available funds and shall be in addition to any reimbursement of expenses to the extent reimbursable pursuant to this Waiver No. 3.  All amounts payable under this Waiver No. 3 will be made in United States dollars and shall not be subject to counterclaim or set-off for, or be otherwise affected by, any claim or dispute relating to any other matter. In addition, all such payments shall be made without deduction for any taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any national, state or local taxing authority, or will be grossed up by the Borrower for such amounts.

 

SECTION FOUR - Governing Law.  This Waiver No. 3 shall be governed by, and construed in accordance with, the law of the State of New York.

 

SECTION FIVE — Full Force and Effect.  Except as expressly set forth herein, this Waiver No. 3 shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

 

SECTION SIX — Counterparts.  This Waiver No. 3 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.

 

[SIGNATURE PAGE FOLLOWS]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Waiver No. 3 to be duly executed and delivered as of the day and year first above written.

 

	
 
    	
HANGER, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Thomas E. Kiraly
    
	
 
    	
 
    	
Name:
    	
Thomas E. Kiraly
    
	
 
    	
 
    	
Title:
    	
Executive Vice President and
    
	
 
    	
 
    	
 
    	
Chief Financial Officer
    

 

[Hanger Waiver No. 3]

 

 

	
Acknowledged and consented to
    	
 
    
	
as of the date first set forth above:
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA, N.A.,
    	
 
    
	
as Administrative Agent
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Christine Trotter
    	
 
    
	
 
    	
Name:
    	
Christine Trotter
    	
 
    
	
 
    	
Title:
    	
Assistant Vice President
    	
 
    
	
 
    	
 
    
	
BANK OF AMERICA, N.A.,
    	
 
    
	
as Issuer and Swing Line Lender
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Whitney M. Fraga
    	
 
    
	
 
    	
Name:
    	
Whitney M. Fraga
    	
 
    
	
 
    	
Title:
    	
Senior Vice President
    	
 
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
Bank of America N.A.,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Whitney M. Fraga
    
	
 
    	
 
    	
Name:
    	
Whitney M. Fraga
    
	
 
    	
 
    	
Title:
    	
Senior Vice President
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
SunTrust Bank,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mary E. Coke
    
	
 
    	
 
    	
Name:
    	
Mary E. Coke
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
BRANCH BANKING AND TRUST COMPANY,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Janet L. Wheeler
    
	
 
    	
 
    	
Name:
    	
Janet L. Wheeler
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
COMPASS BANK,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ D. Sowards
    
	
 
    	
 
    	
Name:
    	
Debbie Sowards
    
	
 
    	
 
    	
Title:
    	
Sr. Vice President
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
Wells Fargo Bank National Association,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kirk Tesch
    
	
 
    	
 
    	
Name:
    	
Kirk Tesch
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
Royal Bank of Canada,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Amy S. Promaine
    
	
 
    	
 
    	
Name:
    	
Amy Promaine
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
Sumitomo Mitsui Banking Corporation,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Shuji Yabe
    
	
 
    	
 
    	
Name:
    	
Shuji Yabe
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
BOKF, NA dba Bank of Texas,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Chris O’Brien
    
	
 
    	
 
    	
Name:
    	
Chris O’Brien
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
Fifth Third Bank,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Thomas Avery
    
	
 
    	
 
    	
Name:
    	
Thomas Avery
    
	
 
    	
 
    	
Title:
    	
Relationship Manager
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
ASSOCIATED BANK, N.A.,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Goody
    
	
 
    	
 
    	
Name:
    	
James A. Goody
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Hanger Waiver No. 3]

 

 

	
 
    	
Regions Bank,
    
	
 
    	
as a Lender (type name of the legal entity)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robert B. Harrington
    
	
 
    	
 
    	
Name:
    	
Robert B. Harrington
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Hanger Waiver No. 3]

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