Document:

Exhibit 10.9

 

Armada Water Assets, Inc.

2425 Fountain View Dr., Suite 300

Houston, TX, 77057

February 1, 2014

 

Ronald Richardson

680 Independence Valley Drive

Grand Junction, CO 815071

 

Dear Ron,

 

Thank you for your
patience as we continue to build out the infrastructure and grow Armada Water Assets, Inc. into a world-class all-inclusive water
treatment and oil field services business. The purpose of this Letter Agreement is to codify our agreement to modify certain of
the provisions of the stock purchase agreement pursuant to which we agreed to purchase the stock of Summit Holdings, Inc. on June
5, 2013.

 

In regards to the above,
reference is made to that Stock Purchase Agreement dated June 5, 2013 ( the “Stock Purchase Agreement”), by and
among Summit Holdings, Inc. and Summit Energy Services, Inc. (collectively, the “Corporation”), Ron Richardson and
Jay Haralson (collectively, “Sellers”) and Armada Water Assets, Inc. (“Buyer”), pursuant to which Buyer
purchased from the Sellers 100% of the outstanding capital stock of the Corporation. Reference is also made to the First Supplement
to the Stock Purchase Agreement (the “First Supplement”) and the Second Supplement to the Stock Purchase Agreement
(the “Second Supplement”). Collectively, the Stock Purchase Agreement, the First Supplement and the Second Supplement
shall be referred to as the “Consolidated Stock Purchase Agreements”.

 

For the purposes of
this Letter Agreement, all capitalized terms used herein shall have the meanings ascribed thereto within the Consolidated Stock
Purchase Agreements.

 

1.           Modification
of Payment Terms.

 

(a)          For
the purposes of this Letter Agreement, reference is made to the terms of payment contained within the Stock Purchase Agreement;
namely, Sections 1.02(b) and 1.02(c) which provided that a portion of the Purchase Price shall be paid to Sellers, pro rata based
on ownership of the shares, as follows:

 

		(i)	“One Million Dollars ($1,000,000) cash, payable in five (5) equal monthly installments of
Two Hundred Thousand Dollars ($200,000) each, the first such installment to be paid one month following Closing on the same day
of the month as the day of the month of the Closing Date, and each month thereafter until paid in full”; and

 

		(ii)	“One Million Dollars ($1,000,000) cash, payable fifteen (15) days following the initial public
offering ("IPO") of Buyer's stock, or by September 30, 2013, whichever comes first.”

 

    	 

    	 

    

 

Ronald Richardson

February 1, 2014

Page 2

 

(b)          Solely
for the purposes of modifying and setting forth the agreement between the Buyer and Ron Richardson (separately, “Richardson”)
as to the payment of the amounts of the Purchase Price attributable to Richardson set forth in Sections 1.02(b) and 1.02(c) of
the Stock Purchase Agreement (which the parties agree is $298,400), the Buyer hereby agrees to make the following payments to Richardson,
and Richardson agrees to accept the following payments in lieu of the amounts otherwise set forth in Sections 1.02(b) and 1.02(c)
of the Stock Purchase Agreement: The principal balance owed under the Stock Purchase Agreement (that being $298,400), together
with interest at the rate of 7.5% per annum, shall be due and owing and payable to Richardson on the earlier of: (i) the completion
by Buyer of an initial public offering (“IPO”); or (ii) December 31, 2014, and shall be evidenced by the form of the
promissory note attached hereto as Exhibit B subject to an Effective Date of February 11, 2013.

 

2.           Continuation
of Payments due under Promissory Note.

 

(a)          For
the purposes of this Letter Agreement, reference is made to the promissory note in the principal amount of $1,247,500 dated July
5, 2013, delivered by the Corporation to Richardson pursuant to Section 1.02(d) of the Stock Purchase Agreement and section 1 of
the First Supplement (the “Note”).

 

(b)          The
Corporation agrees to immediately pay to Richardson all amounts due to him under the Note (which the parties agree are the December
2013, January 2014 and February 2014 payments due, each in the amount of $36,831.17), and to remain in compliance with the payment
schedule identified thereunder. Richardson agrees to waive any and all past defaults and/or breaches under the Note only, however,
in connection with any defaults and/or breaches prior to the date hereof, and any such waiver is not intended to cover any future
defaults; provided, however, that such waiver shall not apply to any amounts due prior to the date hereof as accrued interest,
which shall remain due and payable.

 

3.           Security
Agreement. The parties understand and agree that Sections 1 and 2 of the Second Supplement require a Security Agreement and
UCC Financing Statement be delivered to Richardson securing in second position the assets of the Corporation. Richardson, the Buyer
and the Corporation acknowledge, however, that the existing loan agreement of the senior creditor of the Corporation restricts
any junior financing. Accordingly, the Corporation, Buyer and Richardson acknowledge and agree that until the debt owed to the
existing senior creditor is refinanced or retired, and replaced by another senior lender that permits junior financing, the Corporation
and Buyer will be under no obligation to deliver a Security Agreement, UCC, or otherwise secure repayment of the Note. Except for
a blanket lien granted to a replacement senior lender in connection with a refinancing of the existing Summit indebtedness, Buyer
and Corporation will not grant any other pledges against the assets used in connection with Summit Energy (the entity sold to Buyer
by Seller) or any other collateral that would otherwise be a violation of the senior security agreement(s).

 

    	 

    	 

    

 

Ronald Richardson

February 1, 2014

Page 3

 

4.          Equity
Incentive. In further consideration of Richardson’s agreement to modify the terms of payment of the Purchase Price otherwise
contained within the Consolidated Stock Purchase Agreements as evidenced by this Letter Agreement, Buyer hereby agrees to grant
to Richardson an option to purchase 25,000 shares of the restricted common stock of the Buyer at an exercise price per share equal
to that price at which the Buyer’s shares of common stock may be offered to the public in an initial public offering, and
if no such initial public offering occurs within two years from the date hereof, the option exercise price shall be $1.00 per share.
In all events, the terms of the Options shall be subject the terms contained within the form of Option Agreement attached hereto
as Exhibit A.

 

5.          Effect
of this Agreement. The purpose of this Letter Agreement is to amend and restate, where relevant and applicable, the terms of
the Consolidated Stock Purchase Agreements. In particular, the terms of this Agreement shall supersede in all respects the terms
of Sections 1.02(b), 1.02(c) and 1.02 (d) within the Stock Purchase Agreement, Section 1 of the First Supplement, Sections 1 and
2 of the Second Supplement, the Note, and all other provisions within the Consolidated Stock Purchase Agreements that may be inconsistent
with the terms of this Letter Agreement. In all other respects not inconsistent with the terms of this Letter Agreement, the terms
of the Consolidated Stock Purchase Agreements and Note shall remain in full force and effect.

 

6.          Miscellaneous.

 

(a)          Entire
Agreement. This Letter Agreement, including any Exhibits to this Letter Agreement and any definitions incorporated herein,
contains the entire understanding of the parties with respect to the matters contained herein and supersedes all prior and contemporaneously
made written or oral agreements between the parties relating to the subject matter hereof. There are no oral understandings, terms,
or conditions, and no party has relied upon any representation, express or implied, not contained in this Letter Agreement.

 

(b)          Waiver.
This Letter Agreement shall act as a waiver and release by Richardson of any claims of default, breach or otherwise he may have
as against the Buyer or Corporation that may have arisen prior to the date hereof under the Note of Consolidated Stock Purchase
Agreements, however, will not act as a waiver in the event of any defaults thereunder that may arise after the date hereof under
the Note or Consolidated Stock Purchase Agreements, as so modified by this Letter Agreement.

 

(c)          Amendments.
This Letter Agreement may not be amended in any respect whatsoever, nor may any provision hereof be waived by any party, except
by a further agreement, in writing, fully executed by each of the parties.

 

(d)          Counterparts.
This Letter Agreement may be executed in one or more copies, each of which shall be deemed an original. This Letter Agreement may
be executed by facsimile signature and each party may fully rely upon facsimile execution; this Letter Agreement shall be fully
enforceable against a party which has executed the agreement by facsimile.

 

    	 

    	 

    

 

Ronald Richardson

February 1, 2014

Page 4

 

(e)          Counsel
Review. Richardson acknowledges that he has read and understands the contents of this Agreement, that he understands that this
Agreement has been prepared by Fox Rothschild LLP specifically on behalf of the Company; and that he has been advised to, and afforded
the opportunity to, consult with his own counsel prior to signing this Agreement. Richardson acknowledges that he has executed
this Agreement voluntarily and of his own free will, without coercion and with full knowledge of what it means to do so.

 

(f)          Applicable
Law. This Letter Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Colorado
without regard to principles of comity or conflicts of laws or provisions of any jurisdiction.

 

We thank you for your
cooperation and patience in this process.

 

    	 

    	 

    

 

Ronald Richardson

February 1, 2014

Page 5

 

Would you kindly place your signature on the line provided below,
indicating your agreement to be legally bound by the terms of this Letter Agreement.

 

	ARMADA WATER ASSETS, INC.
	 
	By:	/s/ Maarten Propper
	 	Maarten Propper

 

	SUMMIT HOLDINGS, INC.
	 
	By:	/s/ Maarten Propper
	 	 

	SUMMIT ENERGY SERVICES, INC.
	 
	By:	/s/ Maarten Propper
	 	 

 

	Acknowledged and Agreed:
	 
	/s/ Ronald Richardson
	RONALD RICHARDSONExhibit
10.10

 

PROMISSORY
NOTE

 

 

	$[___________]	Grand Junction, Colorado
	 	 
	 	Effective Date: January 24, 2014

 

FOR VALUE RECEIVED,
the undersigned jointly and severally promise to pay to the order of [______________], at [__________________], or such other place
as the holder hereof may designate, the sum of [_________________], together with interest at the rate of four (4) percent per
annum from the effective date of December 5, 2013 until paid, payable in monthly installments in the amount of [_______________]
Dollars ($[_________]) commencing February 15, 2014, and continuing on the 15th day of each month thereafter until January 15,
2017, at which time, the entire outstanding amount of principal and any unpaid interest shall be due and payable in full. Makers
may prepay, in whole or in part, at any time without penalty. Any partial prepayment shall be applied against the principal amount
outstanding and shall not postpone the due date of any subsequent payments or change the amount of such payment.

 

The makers, endorsers,
sureties and guarantors of this note severally waive demand, presentment, notice, protest and the right of subrogation and consent
that, after any installment or the entire unpaid balance hereunder is due, the time for payment may be extended by agreement between
the holder and any of them without notice, and that, after such extension or extensions, the liabilities of all parties shall remain
as if no extension has been made. Acceptance by holder of a late payment shall not act as a waiver of any rights hereunder as to
a subsequent late payment. The failure to pay any installment or interest when due, following failure to cure after not more than
10 days following the due date, with no requirement of written notice from holder to Maker , shall cause the full amount remaining
unpaid to mature and become due and payable at once, at the option of the holder of this note. In the event an installment or the
entire unpaid balance hereunder is not paid when due, the unpaid balance and accrued interest under this note shall be considered
principal and shall draw interest at the rate of eight (8) percent per annum, compounded annually, until paid. In case payment
of any installment or the entire unpaid balance hereunder shall not be made when due and legal process to enforce payment becomes
necessary, it is agreed that a reasonable amount shall be added to and become a part of this note as holder’s costs of collection,
including reasonable attorney fees and costs (including those incurred on appeal and in collecting the amount due Haralson).

 

This note or any portion
of this note shall be convertible, at the option of the holder, at any time after an IPO and prior to February 15, 2015, into that
number of fully-paid, non-assessable shares of Common Stock equal to the product obtained by multiplying the dollar amount being
converted by the IPO Price. The foregoing capitalized terms shall have the following meanings:

 

“Corporation”
means Armada Water Assets, Inc.

 

“IPO”
means an initial public offering through an underwriter in a transaction registered under the Securities Act of 1933.

 

“IPO Price”
means the price at which the Common Stock is first issued to the public by an underwriter in an IPO, if the Corporation shall effect
an IPO.

 

    	 

    	 

    

 

“Common
Stock” means the Common Stock, $0.0001 par value per share, of the Corporation.

 

No fractional shares
of Common Stock shall be issued upon conversion of this note. In lieu of any fractional shares to which the holder would otherwise
be entitled, the Corporation shall pay cash equal to such fraction multiplied by the IPO Price. Before any holder of this note
shall be entitled to convert the same into full shares of Common Stock, and to receive certificates therefor, he shall (i) submit
the conversion notice in the form attached hereto as Appendix A; and (ii) either (A) surrender this note therefor, duly
endorsed, at the office of the Corporation or (B) notify the Corporation that such note has been lost, stolen or destroyed and
execute an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with
such note, and shall give written notice to the Corporation at such office that he elects to convert the same.

 

The Corporation shall,
upon the delivery set forth in the prior paragraph, issue and deliver at such office to such holder, a certificate or certificates
for the number of shares of Common Stock to which the holder shall be entitled as aforesaid and a check payable to the holder in
the amount of any cash amounts payable as the result of a conversion into fractional shares of Common Stock. Such conversion shall
be deemed to have been made immediately prior to the close of business on the date of such surrender of the note to be converted,
and the person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all
purposes as the record holder or holder of such shares of Common Stock on such date.

 

In the event the outstanding
shares of Common Stock shall be subdivided (by stock split, by payment of a stock dividend or otherwise), into a greater number
of shares of Common Stock following the IPO, the IPO Price in effect immediately prior to such subdivision shall, concurrently
with the effectiveness of such subdivision, be proportionately decreased. In the event the outstanding shares of Common Stock shall
be combined (by reclassification or otherwise) into a lesser number of shares of Common Stock following the IPO, the IPO Price
in effect immediately prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately
increased. Upon the occurrence of each adjustment or readjustment, the Corporation at its expense shall promptly compute such adjustment
or readjustment in accordance with the terms hereof and furnish to the holder of the note a certificate setting forth such adjustment
or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.

 

    	2

    	 

    

 

	ARMADA WATER ASSETS, INC.	 	SUMMIT HOLDINGS, INC.
	 	 	 
	By:	 	 	By:	 
	 	Maarten Propper, CEO	 	 	Maarten Propper, CEO
	 	 	 
	 	 	SUMMIT ENERGY SERVICES, INC.
	 	 	 
	 	 	By:	 
	 	 	 	Maarten Propper, CEO
	 	 	 
	AGREED AND ACCEPTED BY:	 	 
	 	 	 
	 	 	 
	[___________________]	 	 

 

    	3

    	 

    

 

Appendix A

 

CONVERSION
NOTICE

[insert date]

 

Armada Water Assets, Inc.         

Attn. Mitch Burroughs

419 Canyon Avenue, Suite 310

Ft. Collins, CO 80521

 

Pursuant to the terms
of the Promissory Note executed on January 7, 2014, with an effective date of December 5, 2013, in the principal amount of $1,273,793
(the “Promissory Note”), I, [_______________] at [________________], hereby elect to convert $[insert
amount converted] into Common Stock, $0.0001 par value per share (the “Shares”), of Armada Water
Assets, Inc. (the “Corporation”) at the IPO Price (as such term is defined in the Promissory Note).

 

In connection with such conversion, I hereby
represent and warrant to the Corporation as follows:

 

(i)          I
am purchasing the Shares for my own account for investment only, and not for resale or with a view to the distribution thereof.

 

(ii)         I
have had such an opportunity as I have deemed adequate to obtain from the Corporation such information as is necessary to permit
me to evaluate the merits and risks of my investment in the Corporation and have consulted with my own advisers with respect to
my investment in the Corporation.

 

(iii)        I
have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase
of the Shares and to make an informed investment decision with respect to such purchase.

 

(iv)        I
can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite
period of time.

 

(v)         I
understand that the Shares will not be registered under the Securities Act of 1933 (it being understood that the Shares are being
issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue
sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement
under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the
registration requirements thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting
the foregoing.

 

(vi)        I
understand that any resale of the Shares must comply with the resale provisions of Rule 144 and removal of the restrictive legends
shall require a legal opinion necessary from counsel to the Corporation.

 

    	4

    	 

    

 

(vii)       I
understand and agree that, if requested by the Corporation and any underwriter engaged by the Corporation, I shall not sell or
otherwise transfer or dispose of any Shares (including, without limitation, pursuant to Rule 144 under the Securities Act) for
such period following the effective date of any registration statement of the Corporation filed under the Securities Act as the
Corporation or such underwriter shall specify reasonably and in good faith, not to exceed 180 days in the case of the Corporation’s
IPO or 90 days in the case of any other public offering.

 

	 	Sincerely yours,
	 	 
	 	[_________________]:
	 	 	 
	 	By:	 
	 	 	(signature)
	 	 	 
	 	 	[Address]

 

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