Document:

Unassociated Document

 

First Amendment to July 30, 2012 Restricted Stock Agreement

 

This FIRST AMENDMENT TO RESTRICTED STOCK AGREEMENT (this “Amendment”), is made as of June 1, 2013, by and between Spiral Energy Tech., Inc. (the “Company”) and Mohit Bhansali (the “Grantee”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Original Agreement (defined below).

RECITALS

 

WHEREAS, the Company and the Grantee entered into that certain Restricted Stock Agreement dated July 30, 2012  (the “Original Agreement”), pursuant to which the Company issued 85,824,470 shares of its common stock to the Grantee, upon the terms and subject to the conditions set forth in the Original Agreement Agreement; and 

WHEREAS, the parties wish to amend the Original Agreement in the manner set forth herein.

NOW THEREFORE, in consideration of the respective covenants and promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows, intending to be legally bound hereby:

	
  

	
1.

	
Section I “Notice of Grant” of the Original Agreement is hereby deleted in its entirety and replaced with the following:

 

	

Grantee’s Name

	

Mohit Bhansali

 

You have been granted an award of shares (the “Shares”) of Restricted Stock of the Company, subject to the terms and conditions of this Agreement, as follows:

 

	
Grant Date

	
July 30, 2012

	 	 
	
Total number of Shares Granted

	
85,824,470

	 	 
	
Vesting Provisions

	

The Shares shall be unvested and shall vest upon the occurrence of a Qualified Transaction (as defined below), unless accelerated by the Board of Directors or any committee designated by the Board of Directors.  If vesting has not occurred by the close of business on June 1, 2016, the Shares shall be forfeited and the ownership thereof shall revert back to the Company.  The Shares may not be sold, pledged or otherwise transferred until the Shares become vested as set forth above.  Until so vested, the Grantee shall have all of the rights of a stockholder with respect to the Shares except for the right to sell, pledge or otherwise transfer as set forth above.

 

  

  

  

 

	 	

“Qualified Transaction” shall mean one or more acquisitions or dispositions by the Company of any business, assets, stock, licenses, interests or properties (including, without limitation, intellectual property rights) approved by the stockholders of the Company or any acquisition involving assets, shares of capital stock, any purchase, merger, consolidation, recapitalization, or reorganization or involving any licensing, royalties, sharing arrangement or otherwise, which value of such Qualified Transaction is in excess of $25,000,000 for the Company’s interest therein.  For purposes hereof, the value of a Qualified Transaction shall take into account all cash, stock, present value of all royalties, settlement amounts, future payments, license fees received or owed, and all other consideration associated with such acquisition of any kind whatsoever.

	
  

	
2.

	
Except as otherwise provided herein, the Original Agreement shall remain in full force and effect.

	
  

	
3.

	
This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same Amendment.

[Signatures appear on following page.]

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written.

 

 

	
GRANTEE

	 	
SPIRAL ENERGY TECH, INC.

	  	 	  
	
 
/s/ Mohit Bhansali

	 	
By: 

	  	
/s/ Ezra Green

	 	 	  	  	
Ezra Green

	  	 	  
	
Mohit Bhansali

	 	
Title: 

	  	
Chief Executive Officer

	
Name

	 	  	  	  
	
Address:Unassociated Document

 

DEBT FORGIVENESS AGREEMENT

 

This Debt Forgiveness Agreement ("Agreement"), entered into effective June 1, 2013, by and among Spiral Energy Tech., Inc. (formerly Solid Solar, Inc.) (the "Company"),  Clear Skies Solar, Inc. (“Clear Skies”) and Clear Skies’ wholly owned subsidiary Clear Skies Financial Corp. (“FC” and, together with Clear Skies, the “Seller”), in reference to the following:

 

WHEREAS, the parties entered into an agreement of sale  (the "Debt") dated as of December 9, 2011 (the “Agreement of Sale”) pursuant to which Company purchased from the Sellers a residential power plan solar customer agreement dated as of September 9, 2011 (the “Solar Agreement”) for the design, permitting, construction, installation, testing and activation of a solar photovoltaic system for a purchase price of Twenty Five Thousand Dollars ($25,000) (the “Purchase Price”) consisting of an initial payment of Ten Thousand Dollars ($10,000) and a final payment of Fifteen Thousand Dollars ($15,000) (the “Final Payment” or “Debt”);

 

WHEREAS, the Company has not paid the Sellers the Final Payment;

 

WHEREAS, subject to certain conditions contained herein, the Sellers have determined to forgive the Debt in its entirety; and

 

WHEREAS, Company has determined that the forgiveness of the Debt is in the best interest of Company.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the parties agree as follows:

 

1. Debt Forgiveness and Release of Collateral. Sellers hereby forgive the Debt in its entirety.

 

2. Representations and Warranties of Sellers. Sellers hereby severally and jointly represent and warrant to Company as follows:

 

	
  

	
a.

	
Organization and Standing. Sellers are each a corporation duly organized, validly existing and in good standing under the laws of the states of their jurisdictions.

 

	
  

	
b.

	
Authority. Sellers have full legal capacity and authority to enter into this Agreement and to perform the transactions contemplated herein. This Agreement is the legal, valid and binding obligation of Sellers and is enforceable in accordance with its terms.

 

	
  

	
c.

	
Litigation. There are no legal actions, suits, arbitration or other legal or administrative proceedings or governmental investigations pending or contemplated which would prevent the enforcement of this Agreement.

 

3. Representations and Warranties of Company. Company hereby represents and warrants to Sellers as follows:

 

	
  

	
a.

	
Organization and Standing. Company is a corporation duly organized, validly existing and in good standing under the laws of Nevada.

 

  

1

  

 

	
  

	
b.

	
Corporate Authority. Company has all the required corporate power and authority to enter into this Agreement and to perform the transactions contemplated herein. The execution and delivery by Company of this Agreement and the consummation of all transactions contemplated herein have been duly and validly authorized. This Agreement is the legal, valid and binding obligation of Company enforceable in accordance with its terms.

 

3. Survival of Representations and Warranties. All representations and warranties of each party shall survive after the conclusion of this Agreement.

 

4. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the New York, United States of America.

 

5. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein, and may be amended or modified only by an instrument in writing signed by the parties hereto.

 

6. Notices. All notices and other communication to be given under or by reason of this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or by internationally recognized courier service, addressed as follows:

 

	
if to Sellers:

	
Clear Skies Solar, Inc.

	
  

	
3665 Merrick Road, Seaford, New York 11783

	
  

	
Clear Skies Financial Corp.

	
  

	
3665 Merrick Road, Seaford, New York 11783

	
if to Company:

	
Spiral Energy Tech., Inc.

	
  

	
3665 Merrick Road, Seaford, New York 11783

 

7. Legal Representation.  Each party hereto acknowledges that it has been represented by independent legal counsel in the preparation of this Agreement.  Each party hereby explicitly waives any conflict of interest and other allegations that it has not been represented by its own counsel.

 

  

2

  

 

IN WITNESS HEREOF, the parties hereto have executed this Agreement on the day and year first written above.

 

 

SELLERS:

 

Clear Skies Solar Inc.

 

By: /s/ Ezra Green

Name: Ezra Green

Title: Chief Executive Officer

 

 

Clear Skies Financial Corp.

 

By: /s/ Ezra Green

Name: Ezra Green

Title: Chief Executive Officer

 

 

COMPANY:

 

SPIRAL ENERGY TECH., INC.

 

By: /s/ Ezra Green

Name: Ezra Green

Title: Chief Executive OfficerExhibit 10.3 SMG 06.29.2013 Q3F13

Exhibit 10.3

14111 Scottslawn Road
Marysville,  OH  43041
937-644-7001 

May 9, 2013

Dr. Michael Porter
Harvard Business School
Ludcke House
Soldiers Field Road  
Boston, MA 02163

Dear Mike:

This letter sets forth our agreement (the “Agreement”) regarding a consulting engagement between you and The Scotts Miracle-Gro Company (“Scotts” or “the Company”).  These consulting services are separate and distinct from the services you are and will be providing as a member of the Scotts Board of Directors and the Company’s Finance and Innovation Committees (or any other Committees on which you may subsequently serve).

I.    Scope of Services

You agree to provide the consulting services to Scotts described below.

		
	1.
	You agree to provide consulting services to Scotts in the area of business strategy.  You will be expected to have sufficient knowledge of the dynamics of the global lawn and garden business so as to advise the Company on strategies concerning a variety of areas  (“Areas of Expertise”) including:       Sales Growth; Profit Enhancement; Effective Competitive Positioning; Diversification, including of products as well as geographies; and Consumer and Customer Relationships.  

		
	2.
	In providing consulting services on the Areas of Expertise, it is anticipated that you will generally undertake the following work and activities pursuant to this Agreement:

		
	•
	Provide advice and consultation to Jim Hagedorn on an as needed basis on issues of business strategy.

Dr. Michael Porter    Page 2 of 2

		
	•
	Serve as strategy mentor and coach to support other Scotts executives with responsibility for strategy as designated by Jim Hagedorn or Denise Stump.

		
	•
	Periodically participate in strategy meetings to support the successful execution of the anticipated strategic initiatives of the Company.

		
	•
	Participate in discussions of other strategic issues as required.

You and the Company may agree to modifications of these work activities from time to time as necessary to affect the purpose of the Agreement.  

		
	3.
	In addition to providing Scotts with one-on-one business strategy consulting, you agree to provide up to four quarterly half-day strategic consulting sessions for senior management and/or the Board of Directors.  Where and to the extent feasible, these sessions will generally be held at your office at the Harvard Business School, and, where not feasible, Scotts will provide for your transportation.  You agree to provide the consulting services contemplated herein in a manner acceptable to the Company in the exercise of its reasonable discretion.

		
	4.
	In providing consulting services to Scotts under this Agreement, you will be an independent contractor and will not be an employee, servant, agent, partner, or joint venturer of Scotts or of any of Scotts’ affiliates, or of any of its or their respective officers, directors or employees . Except as provided as a member of the Board of Directors, you will not participate in or receive benefits under any of Scotts’ employee fringe benefit programs or receive any other fringe benefits from Scotts, including, without limitation, health, disability, life insurance, retirement, pension and profit sharing benefits on account of the consulting services you provide to Scotts.

II.    Length of Letter Agreement

The term of this letter agreement commenced on January 1, 2013 and will end on December 31, 2013 and, thereafter, may be renewed on an annual basis by mutual written agreement.

III.    Authority

In providing consulting services to Scotts under this Agreement, you will have no authority at any time to assume or create any obligation or liability, express or implied, on Scotts’ behalf or in Scotts’ name or to bind Scotts in any manner whatsoever. 

IV.Consulting Fees and Expenses

Dr. Michael Porter    Page 3 of 3

		
	1.
	In exchange for providing the consulting services hereunder, during the term of this letter agreement, Scotts shall pay you a cash-based retainer of $100,000, payable in $25,000 quarterly installments during the quarters in which you provide consulting services as requested by Scotts hereunder. You shall be required to submit your invoices including days/hours worked with brief descriptions of the services provided.  Scotts shall pay you within thirty days of its receipt of your invoices.  

		
	2.
	Scotts also will pay or reimburse you for all reasonable expenses incurred by you in connection with providing consulting services to Scotts as contemplated herein, including, without limitation, all reasonable (a) telephone and fax expenses, and (b) travel expenses, including, without limitation, transportation, food and lodging, incurred in connection with attending Scotts approved meetings pursuant to this consulting agreement. You must incur and account for expenses in accordance with the policies and procedures established by Scotts as a precondition to Scotts’ obligation to pay or reimburse you for such expenses pursuant to the terms of the preceding sentence.  Scotts will provide private transportation when practical and economically reasonable.

		
	3.
	You agree to provide, at your own expense, all equipment necessary to provide the consulting services contemplated herein and to be responsible for your own overhead costs and expenses except for those expenses that Scotts has expressly agreed to pay pursuant to the terms of the preceding paragraph.

V.    Termination

		
	1.
	Scotts shall be permitted to terminate this letter agreement and its consulting relationship with you under any of the following circumstances: (a) your death or disability, (b) your material breach of your obligations to Scotts if such breach is not cured within thirty (30) days after you receive notice thereof, (c) your indictment for a felony or serious misdemeanor, (d) your commission of an act of fraud or bad faith toward Scotts, or (e) your misappropriation of any funds, property or rights of Scotts.

		
	2.
	The termination of this letter agreement and your consulting relationship with Scotts shall not affect Scotts’ obligation to pay you for the amounts you have earned prior to the date of such termination or reimburse you for the expenses you have incurred pursuant to the terms of this letter agreement prior to the date of such termination.

VI.    Confidential Information

		
	1.
	In providing the consulting services contemplated herein, you will be privy to Confidential Information about Scotts and its affiliates. Maintaining the 

Dr. Michael Porter    Page 4 of 4

confidential nature of this information is very important to Scotts. As used in this letter agreement, “Confidential Information” is any information about Scotts, or its affiliates, to which you gain access in connection with your provision of consulting or other services to Scotts, including as a member of the Board of Directors. Confidential Information does not include information you can show (a) was already in your possession prior to the time you received such information as a consultant to Scotts, or (b) is publicly available or otherwise in the public domain by means other than your violation of the terms of this letter.

		
	2.
	You agree to not at any time hereafter, without the prior written consent of Scotts, disclose, directly or indirectly, any Confidential Information or use any Confidential Information for any purpose other than providing consulting services to Scotts as contemplated herein.

		
	3.
	You agree to promptly return to Scotts, upon Scotts’ request, all electronic or tangible documents that contain any Confidential Information and to retain no copies for yourself.

		
	4.
	These confidentiality obligations are in addition to, and not in place of, any and all confidentiality obligations arising as a result of your membership on the Board of Directors and applicable Board Committees.

VII.    Other

		
	1.
	You understand and agree that this letter agreement does not obligate Scotts to utilize your consulting services, but it is intended to set forth the terms pursuant to which Scotts may utilize your consulting services in its discretion.

		
	2.
	You are not permitted to assign, sell or otherwise transfer any of your rights or obligations hereunder.

THE SCOTTS MIRACLE-GRO COMPANY

By: __/s/ JAMES HAGEDORN____
James Hagedorn
Chairman of the Board & Chief Executive Officer

ACKNOWLEDGED AND AGREED:

__/s/ MICHAEL PORTER_________
Dr. Michael Porter

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