Document:

ex10-14.htm

Exhibit 10.14

 

AMENDMENT AND WAIVER AGREEMENT

 

THIS AMENDMENT AND WAIVER AGREEMENT (this “Agreement”), dated as of the 4th day of April, 2011, is made by and between EcoReady Corporation, a corporation incorporated under the laws of State of Florida (formerly known as Centracan Incorporated; the “Company”), and the subscribers identified on the signature pages hereto (the “Subscribers” and each a “Subscriber”).

 

W I T N E S S E T H:

WHEREAS, the Company and the Subscribers are each parties to those certain subscription agreements dated on or about May 11, 2010 and December 23, 2010 (as amended from time to time, together, collectively, the “Subscription Agreements”), pursuant to which the parties agreed to certain terms and conditions to govern, inter alia, the issuance of: (i) those certain secured convertible promissory notes listed on Schedule 1 hereto given by the Company in favor of the subscriber indicated thereon in the principal amounts indicated on Schedule 1 (together, collectively, the “Notes”); and (ii) those certain class A and class B common stock purchase warrants listed on Schedule 1, pursuant to which the Company granted the subscriber indicated thereon the right to purchase the amount of shares of the Company’s common stock at the Purchase Price (as defined in each) as indicated on Schedule 1 (together, collectively, the “Warrants”, and together with the Subscription Agreement and the Notes, collectively, the “Transaction Documents”);

WHEREAS, the Company has defaulted in one or more provision under the Transaction Documents (the “Defaults”);

WHEREAS, in settlement of the Defaults, the Company has requested and the Subscribers have agreed, in consideration of the Company delivering an aggregate of one million two hundred thousand (1,200,000) shares of the Company’s common stock (the “Settlement Shares”) to the subscribers indicated on Schedule 2 hereto, inter alia, to: (i) permit the Warrants to be exercised at a price per class A and class B share equal to $0.45; and (ii) waive any and all currently existing or previously existing breaches of any covenants, terms or conditions by the Company and any and all currently existing or previously existing defaults or events of default whatsoever under any of the Transaction Documents;

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements herein contained, the Company and the Subscribers do hereby agree as follows:

1.           The Subscribers hereby waive any and all currently existing or previously existing breaches of any covenants, terms or conditions by the Company and any and all currently existing or previously existing defaults or events of default whatsoever under any of the Transaction Documents, including, without limitation, any breach, default or event of default relating to Section 11 of the Subscription Agreements.

 

  

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2.           Pursuant to the terms and conditions contained in the Warrants, the Company hereby permanently reduces the Purchase Price (as defined therein) for all of the outstanding Warrants (i) from $0.60 for Class A shares to $0.45, subject to further reduction as provided in the Warrants; and (ii) from $1.00 for Class B shares to $0.45, subject to further reduction as provided in the Warrants.  Receipt of a copy of this Agreement shall constitute notice to the respective subscribers of such reduction in the Purchase Price.

 

3.           The Subscribers hereby agree that all registration rights included within each Subscription Agreement and all rights granted in connection therewith pursuant to Section 11 of each Subscription Agreement, shall be forever relinquished and cancelled as of the date hereof.

 

4.           Subject to the terms and conditions of this Agreement, the Subscription Agreement is hereby amended and supplemented as follows:

 

	
  

	
(a)

	
all references to “this Agreement” shall be deemed to refer to the original Subscription Agreement, as previously amended and as amended hereby;

 

	
  

	
(b)

	
the text “(collectively, the “Warrants”)” contained in recital two of the Subscription Agreement shall be deleted in its entirety and shall be replaced with “(as may be amended or restated from time to time, collectively, the “Warrants”)”;

 

	
  

	
(d)

	
Section 2(b) shall be amended by (i) deleting the text “$0.60” in its entirety and replacing it with the text “$0.45” and by (ii) deleting the text “$1.00” in its entirety and replacing it with the text “$0.45”; and

 

	
  

	
(e)

	
Exhibit B of the Subscription Agreement shall be amended and supplemented pursuant to the terms and conditions herein contained.

 

5.           As a condition precedent to the effectiveness of this Agreement, (i) the Company shall have delivered the Settlement Shares to the subscribers indicated on Schedule 2 hereto, such that each subscriber shall receive that portion of the Settlement Shares equal to such subscriber’s pro-rata portion of total debt owed under all of the Notes issued to the subscribers indicated on Schedule 2; (ii) the Company and/or the Subscribers shall have delivered to the subscribers indicated on Schedule 1 hereto, Alpha Capital Anstalt, as collateral agent, and Grushko & Mittman, P.C., as escrow agent, a copy of this Agreement; and (iii) the Subscribers shall have received such evidence as may be reasonably required as to the authority of the officers or attorneys-in-fact executing this Agreement including copies, certified as true and complete by an officer of the Company of the resolutions of the Company’s board of directors evidencing approval of this Agreement and authorizing an appropriate officer or officers or attorney-in-fact or attorneys-in-fact to execute the same on its behalf.

6.           This Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements among them respecting the subject matter of this Agreement.

 

  

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7.           This Agreement is only effective in the specific instances set forth herein.  No other amendment or waiver by the Company or the Subscribers is granted or intended except as expressly set forth herein, and each of the Company and the Subscribers expressly reserves the right, now and at all times hereafter, to require strict compliance with the terms of the Subscription Agreement and the Warrants in all other respects.

8.           Pursuant to Section 13(j) of each of the Subscription Agreements, the holders of not less than a majority of the outstanding principal amount of the Notes on the date hereof (the “Majority in Interest”), by their execution of this Agreement, hereby consent to this Agreement and the execution and delivery of all documents required in connection herewith.

9.           This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to choice of law principles.

10.         This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument.

11.         The parties hereby consent and agree that if this Agreement, the Warrants or any other document executed in connection herewith or therewith shall at any time be deemed by the parties for any reason insufficient, in whole or in part, to carry out the true intent and spirit hereof or thereof, the parties will execute or cause to be executed such other and further assurances and documents as in the reasonable opinion of the parties may be reasonably required in order more effectively to accomplish the purposes of this Agreement, the Warrants or any other document executed in connection herewith or therewith.

12.         In case any provision of this Agreement shall be held to be invalid, illegal or unenforceable, such provision shall be severable from the rest of this Agreement, and the validity legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

[signature page follows]

 

  

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This amendment has been approved by the Company and the Majority in Interest of the Subscribers pursuant to Section 13(j) of each of the Subscription Agreements.  IN WITNESS WHEREOF, this Agreement has been executed as of this 29th day of March, 2011.

 

	 	
ECOREADY CORPORATION

	 
	 	 	 	 
	
  

	
By: 

	/s/ Boris Rubizhevsky	 
	 	
Name:

	Boris Rubizhevsky	 
	 	Title:	Chief Executive Officer	 

 

	 	

WHALEHAVEN CAPITAL FUND LIMITED

	 
	 	 	 	 
	
  

	
By: 

	/s/ Eric Weisblum	 
	 	
Name:

	Eric Weisblum	 
	 	Title:	
President

	 

 

	 	

ALPHA CAPITAL ANSTALT

	 
	 	 	 	 
	
  

	
By: 

	/s/ KONRAD ACKERMAN	 
	 	
Name:

	KONRAD ACKERMAN	 
	 	Title:	DIRECTOR	 

 

	 	

CHESTNUT RIDGE CAPITAL, LLC

	 
	 	 	 	 
	
  

	
By: 

	/s/ Kenneth Holz	 
	 	
Name:

	Kenneth Holz	 
	 	Title:	CFO	 

 

[signature page to Amendment and Waiver Agreement]

  

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SUBSCRIBERS

	SCHEDULE 1

 

Promissory Notes and Warrants executed in connection with the Subscription Agreement dated on or about May 11, 2010:

	
Name

	
Date of 

investment

	
Public  Investment

	
Shares at $0.30

	
A Warrants $0.60

	
B Warrants $1.00

	
Whalehaven Capital Fund Limited

	
5/12/2010

	
$300,000

	
1,000,000

	
750,000

	
750,000

	
Alpha Capital Anstalt

	
5/12/2010

	
$350,000

	
1,166,667

	
875,000

	
875,000

	
Chestnut Ridge Capital

	
6/3/2010

	
$400,000

	
1,333,333

	
1,000,000

	
1,000,000

	
Mulkey II Limited Partnership

	
7/9/2010

	
$150,000

	
500,000

	
375,000

	
375,000

	
Richard G. David

	
7/9/2010

	
$75,000

	
250,000

	
177,500

	
177,500

	
Philip W. David

	
7/27/2010

	
$50,000

	
166,666

	
125,000

	
125,000

	
Neurological Surgery Associates

	
7/27/2010

	
$30,000

	
100,000

	
75,000

	
75,000

	
Leonard Schiller

	
7/27/2010

	
$25,000

	
83,333

	
62,500

	
62,500

	
Austine Gleason

	
7/30/2010

	
$30,000

	
100,000

	
75,000

	
75,000

	
Barbara Stone

	
7/30/2010

	
$50,000

	
166,666

	
125,000

	
125,000

	
Donald Smith

	
7/30/2010

	
$30,000

	
100,000

	
75,000

	
75,000

	
J. Truman Bidwell

	
7/27/2010

	
$25,000

	
83,333

	
62,500

	
62,500

	
Nunley Investments

	
7/27/2010

	
$30,000

	
100,000

	
75,000

	
75,000

	
Rising Star

	
7/27/2010

	
$30,000

	
100,000

	
75,000

	
75,000

	
Martha Berkowicz

	
7/27/2010

	
$25,000

	
83,333

	
62,500

	
62,500

	
Michel & Rosamond Janis

	
8/31/2010

	
$15,000

	
50,000

	
37,500

	
37,500

	
Jayakumar & Purnima Patil

	
8/31/2010

	
$35,000

	
116,666

	
87,500

	
87,500

Promissory Notes and Warrants executed in connection with the Subscription Agreement dated on or about December 23, 2010:

	
$252,000 note

	
Date

	
Amount

	
Shares at $.30

	
Shares at closing

	
WhalehavenCapital Fund Limited

	
12/23/2010

	
$84,000

	
280,000

	
666,667

	
Alpha Capital Anstalt

	
12/23/2010

	
$84,000

	
280,000

	
666,667

	
Chestnut Ridge Capital

	
12/23/2010

	
$84,000

	
280,000

	
666,667

 

  

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SUBSCRIBERS

	SCHEDULE 1

 

	
Name

	
Date 

of investment

	
Public  Investment

	
Mulkey II Limited Partnership

	
7/9/2010

	
$150,000

	
Richard G. David

	
7/9/2010

	
$75,000

	
Philip W. David

	
7/27/2010

	
$50,000

	
Neurological Surgery Associates

	
7/27/2010

	
$30,000

	
Leonard Schiller

	
7/27/2010

	
$25,000

	
Austin Gleason

	
7/30/2010

	
$30,000

	
Barbara Stone

	
7/30/2010

	
$50,000

	
Donald Smith

	
7/30/2010

	
$30,000

	
J. Truman Bidwell

	
7/27/2010

	
$25,000

	
Nunley Investments LLC

	
7/27/2010

	
$30,000

	
Rising Star Investments, LLC

	
7/27/2010

	
$30,000

	
Marta Berkowicz

	
7/27/2010

	
$25,000

	
Michel & Rosamond Janis

	
8/31/2010

	
$15,000

	
Jayakumar & Purnima Patil

	
8/31/2010

	
$35,000

 

 6ex10-15.htm

Exhibit 10.15

 

LOCKUP AGREEMENT

This LOCK-UP AGREEMENT (the “Agreement”) is made as of this 29th day of April, 2011, by and among Perf Go-Green Holdings Inc. (the “Holder”), EcoReady Corporation, a Florida corporation (the “Company”), Whalehaven Capital Fund Limited (“Whalehaven”), Alpha Capital Anstalt (“Alpha Capital”), and Chestnut Ridge Capital LLC, a (“Chestnut Ridge,” and together with Whalehaven and Alpha Capital, the “Investor Group”), in connection with the Holder’s ownership of shares of the Company’s common stock.

W I T N E S S E T H :

WHEREAS, as of the date hereof, the Holder is the beneficial owner of [—] shares of Common Stock;

WHEREAS, on December 23, 2010, the Company issued three convertible promissory notes, in the aggregate amount of $252,000, to each respective member of the Investor Group (the “Notes”);

WHEREAS, both the Company and the Holder desire that the Investor Group convert the Notes; and

WHEREAS, in order to induce the Investor Group to convert the Notes, and in recognition of the benefit that such conversion would confer upon the Holder as a stockholder of the Company, the Holder agrees to lock-up a portion of the Holder’s shares.

NOW THEREFORE, for good and valuable consideration, the sufficiency and receipt of which consideration is hereby acknowledged, the Holder agrees as follows:

	
1.  

	
Lock-Up Period.

The Holder agrees that, for a period of eighteen (18) months, commencing on the date of this Agreement (the “Lock-Up Period”), the Holder shall be subject to the lock-up restrictions specified in Section 2 below.

	
2.  

	
Sale Restriction.

(a) Holder hereby agrees that, during the Lock-Up Period, the Holder shall not sell, transfer or otherwise dispose of more than [—] shares of Common Stock (the “Lock-Up”).  In addition, the Holder shall not sell any options, warrants or other rights to purchase shares of Common Stock or any other security of the Company which Holder owns or has a right to acquire as of the date hereof, other than in connection with an offer made to all shareholders of the Company in connection with a merger, consolidation or similar transaction involving the Company.  The Holder further agrees that the Company is authorized to and the Company agrees to place “stop orders” on its books to prevent any transfer of shares of Common Stock or other securities of the Company held by Holder in violation of this Agreement.  The Company agrees not to allow any transaction to occur that is inconsistent with this Agreement.

 

  

  

  

 

(b) Any subsequent issuance to and/or acquisition by Holder of Common Stock or options or instruments convertible into Common Stock will be subject to the provisions of this Agreement.

(c) Notwithstanding the foregoing restrictions on transfer, the Holder may, at any time and from time to time during the Lock-Up Period, transfer the Common Stock (i) as bona fide gifts or transfers by will or intestacy, (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the Holder, provided that any such transfer shall not involve a disposition for value, (iii) to a partnership which is the general partner of a partnership of which the Holder is a general partner, provided, that, in the case of any gift or transfer described in clauses (i), (ii) or (iii), each donee or transferee agrees in writing to be bound by the terms and conditions contained herein in the same manner as such terms and conditions apply to the undersigned. For purposes hereof, “immediate family” means any relationship by blood, marriage or adoption, not more remote than first cousin.

(d) Notwithstanding the foregoing restrictions on transfer, at any time during the Lock-Up Period, the Investor Group shall have the ability to waive the Lock-Up by express written consent delivered to the Company.

	
3.  

	
Miscellaneous.

(a) At any time, and from time to time, after the signing of this Agreement, Holder will execute such additional instruments and take such action as may be reasonably requested by the Company and the Investor Group to carry out the intent and purposes of this Agreement.

(b) This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state of New York.  The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based on forum non conveniens. The parties executing this Agreement and any other agreements referred to herein or delivered in connection herewith agree to submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury.  The prevailing party shall be entitled to recover from the other party its reasonable attorneys’ fees and costs.  In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.  Notices hereunder shall be given in the same manner as set forth in the Subscription Agreement.  Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under the Subscription Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

  

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(c) The restrictions on transfer described in this Agreement are in addition to and cumulative with any other restrictions on transfer otherwise agreed to by the Holder or to which the Holder is subject to by applicable law.

(d) This Agreement shall be binding upon Holder, its legal representatives, successors and assigns.

(e) This Agreement may be signed in counterparts and delivered by facsimile signature and delivered electronically.

(f) The Company agrees not to take any action or allow any act to be taken which would be inconsistent with this Agreement.

[-signature page follows-]

 

  

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IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have executed this Agreement as of the day and year first above written.

	  	  	
HOLDER:

	  	  	  	  
	  	  	
PERF GO-GREEN HOLDINGS, INC.

	  	  	  	 	  
	  	  	
By:

	/s/ Michael Caridi	  
	  	  	
Name:

	
Michael Caridi

	 
	  	  	
Title:

	
Chief Operating Officer

	 

	  	  	
COMPANY:

	  	  	  	  
	  	  	
ECOREADY CORPORATION

	  	  	  	 	  
	  	  	
By:

	/s/ Boris Rubizhevsky	  
	  	  	
Name:

	
Boris Rubizhevsky

	 
	  	  	
Title:

	
Chief Executive Officer

	 

 

	
INVESTOR GROUP:

	 
	 	 	 
	
WHALEHAVEN CAPITAL FUND LIMITED

	 
	 	 	 
	
By:

	/s/ Eric Weisblum	 
	
Name:

	

Eric Weisblum

	 
	
Title:

	President	 
	 	 	 
	
ALPHA CAPITAL ANSTALT

	 
	 	 	 
	
By:

	/s/ KONRAD ACKERMAN	 
	
Name:

	

KONRAD ACKERMAN

	 
	
Title:

	 	 
	 	 	 
	
CHESTNUT RIDGE CAPITAL LLC

	 
	 	 	 
	
By:

	/s/ Kenneth Holz	 
	
Name:

	Kenneth Holz	 
	
Title:

	CFO	 

 

 

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