Document:

Blueprint

 

 

GOLDMAN SACHS SPECIALTY LENDING GROUP, L.P.

6011 Connection Drive

Irving, Texas 75039

 

 

January 9, 2017

 

Meridian Waste Solutions, Inc.

12540
Broadwell Road

Suite
1203

Milton,
GA 30004

Attention: Jeff Cosman

 

Waiver and Consent Letter

Ladies
and Gentlemen:

We
refer to that certain Credit and Guaranty Agreement, dated as of
December 22, 2015, by and among HERE TO SERVE – MISSOURI
WASTE DIVISION, LLC, a Missouri limited liability company
(“HTS
MWD”), HERE TO SERVE – GEORGIA WASTE DIVISION,
LLC, a Georgia limited liability company (“HTS GWD”), BROOKLYN
CHEESECAKE & DESSERT ACQUISITION CORP., a New York corporation
(“BCDA”), MERIDIAN LAND
COMPANY, LLC, a Georgia limited liability company
(“MLC”), CHRISTIAN
DISPOSAL, LLC, a Missouri limited liability company
(“Christian
Disposal”), and FWCD, LLC, a Missouri limited
liability company (“FWCD” and together with
HTS MWD, HTS GWD, BCDA, MLC, and Christian Disposal, the
“Companies” and each, a
“Company”), MERIDIAN WASTE
SOLUTIONS, INC., a New York corporation (“Holdings”) and certain
subsidiaries of Holdings, the Lenders from time to time party
thereto and GOLDMAN SACHS SPECIALTY LENDING GROUP, L.P., as
administrative agent for the Lenders (in such capacity, the
“Administrative
Agent”), Collateral Agent and Lead Arranger, as
amended by that certain First Amendment to Credit and Guaranty
Agreement, dated as of March 9, 2016 (the “First Amendment”), by
that certain Second Amendment to Credit and Guaranty Agreement,
dated as of July 19, 2016 (the “Second Amendment”), by
that certain Waiver and Amendment Letter, dated August 16, 2016
(the “Third
Amendment”), by that certain Fourth Amendment to
Credit and Guaranty Agreement, dated as of November 11, 2016 (the
“Fourth
Amendment”), and as may be further amended, restated,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”). Capitalized terms defined in the Credit
Agreement are used herein as defined therein.

Waiver

At your
request, the Administrative Agent and Lenders hereby waive the
required mandatory prepayment of the Loans under Section 2.13(c) of
the Credit Agreement with respect to any Cash proceeds received in
connection with the issuance, on or prior to February 28, 2017, of
common stock of Holdings offered pursuant to a Qualified Offering
(as defined in that certain Amended and Restated Warrant
Cancellation and Stock Issuance Agreement, dated as of January 9,
2017, by and between Holdings and Goldman, Sachs & Co. (the
“Warrant
Cancellation”)) under that certain Form S-1
Registration Statement filed with the Securities and Exchange
Commission on September 9, 2016 (as amended by that certain
Amendment No. 1 to Form S-1, filed with the Securities and Exchange
Commission on November 18, 2016, that certain Amendment No. 2 to
Form S-1, filed with the Securities and Exchange Commission on
December 5, 2016, that certain Amendment No. 3 to Form S-1, filed
with the Securities and Exchange Commission on December 12, 2016
and that certain Amendment No. 4 to Form S-1, filed with the
Securities and Exchange Commission on December 12,
2016).

 

 

Consents

At your
request and notwithstanding the provisions of Sections 6.5 and 6.20
of the Credit Agreement, the Administrative Agent and Lenders
consent to the payment in full of the Drury Note, on or prior to
February 28, 2017, with Cash proceeds received in connection with
the Qualified Offering (as defined in the Warrant
Cancellation).

At your
request and notwithstanding any provision of the Credit Agreement
or other Credit Documents to the contrary, upon satisfaction of the
conditions to effectiveness in Section 1 of the Warrant
Cancellation, the Administrative Agent and Lenders consent to the
cancellation of the Warrants on the terms and conditions set forth
in the Warrant Cancellation.

Nothing
herein, nor any communications among Administrative Agent, any
Lender or any Credit Party shall be deemed a waiver with respect to
any Events of Default, or any waiver of a future failure of any
Credit Party to comply fully with any provision of the Credit
Agreement or any provision of any other Credit Document (including,
but not limited to, any possible future Event of Default of which
the Administrative Agent or any Lender may have been advised).
Without limiting the generality of the foregoing, notwithstanding
the terms of the Second Amendment or that certain Waiver and
Consent Letter, dated as of September 9, 2016, by the
Administrative Agent to Holdings and the Companies, from and after
the date hereof, no additional issuances of Series C Preferred
Stock of Holdings (or any other Capital Stock of Holdings other
than common shares of Capital Stock) shall be permitted without the
prior written consent of the Administrative Agent and Requisite
Lenders.

Except
as expressly provided herein, the Credit Agreement shall continue
in full force and effect, and the waiver and consent set forth
above are limited solely to the matters stated above and shall not
be deemed to be a waiver or amendment of, or consent to departure
from, any other provision of the Credit Agreement. Without limiting
the foregoing, except as expressly provided herein, the
Administrative Agent and Lenders expressly reserve all of their
rights, powers, privileges and remedies under the Credit Agreement,
the other Credit Documents and applicable law. This amendment
letter is a Credit Document. This waiver letter shall be governed
by, and construed in accordance with the internal laws of the State
of New York. Delivery of an executed signature page of this letter
by facsimile transmission or electronic transmission shall be as
effective as delivery of a manually executed counterpart
hereof.

[remainder of page
intentionally left blank]

 

Very
truly yours,

GOLDMAN
SACHS SPECIALTY LENDING GROUP, L.P.,

as
Administrative Agent, Lead Arranger and Collateral
Agent

 

 

By:            
/s/ Stephen W.
Hipp                                                                

Name:
Stephen W. Hipp

Title:
Senior Vice President

 

 

 

GOLDMAN
SACHS SPECIALTY LENDING HOLDINGS, INC.,

as a
Lender

 

 

 

By:            
/s/ Stephen W.
Hipp                                                                

Name:
Stephen W. Hipp

Title:
Senior Vice President

 

 

 

ACKNOWLEDGED
AND AGREED:

 

HERE
TO SERVE – MISSOURI WASTE DIVISION, LLC

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

MERIDIAN
WASTE SOLUTIONS, INC., as Holdings

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Chief Executive Officer

 

HERE
TO SERVE – GEORGIA WASTE DIVISION, LLC

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

BROOKLYN
CHEESECAKE & DESSERT ACQUISITION CORP.

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
President

 

MERIDIAN
LAND COMPANY, LLC

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

CHRISTIAN
DISPOSAL, LLC

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
Manager

 

FWCD,
LLC

 

By:                  
/s/
Jeffrey
Cosman                                      

Name:
Jeffrey Cosman

Title:
ManagerExhibit 10.33

LOCK-UP LETTER AGREEMENT

Joseph Gunnar & Co., LLC

30 Broad Street, 11th FL

New York, NY 10004

As Representative of the several Underwriters named on Schedule 1 to the Underwriting Agreement referenced below

Ladies and Gentlemen:

The undersigned understands that you and certain other firms (the "Underwriters") propose to enter into an Underwriting Agreement (the "Underwriting Agreement") providing for the purchase by the Underwriters of shares (the "Stock") of Common Stock, par value $0.00001 per share (the "Common Stock") and warrants to buy Common Stock (the "Warrants"), of ActiveCare, Inc., a Delaware corporation (the "Company"), and that the Underwriters propose to reoffer the Stock and Warrants to the public (the "Offering").

In consideration of the execution of the Underwriting Agreement by the Underwriters, and for other good and valuable consideration, the undersigned hereby irrevocably agrees that, without the prior written consent of the Representative, on behalf of the Underwriters, the undersigned will not, directly or indirectly, (1) offer for sale, sell, pledge, or otherwise transfer or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the transfer or disposition by any person at any time in the future of) any shares of Common Stock (including, without limitation, shares of Common Stock that may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and shares of Common Stock that may be issued upon exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for Common Stock, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of shares of Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, (3) except as provided for below, make any demand for or exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock or any other securities of the Company, or (4) publicly disclose the intention to do any of the foregoing for a period commencing on the date hereof and ending on the _____ day after the date of the final prospectus relating to the Offering (such  ____ day period, the "Lock-Up Period").

The foregoing paragraph shall not apply to (a) transactions relating to shares of Common Stock or other securities acquired in the open market after the completion of the Offering, provided that no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), shall be required or shall be voluntarily made in connection with such transfers; (b) bona fide gifts, sales or other dispositions of shares of any class of the Company's capital stock or any security convertible into Common Stock, in each case that are made exclusively between and among the undersigned or members of the undersigned's family, or affiliates of the undersigned, including its partners (if a partnership) or members (if a limited liability company); (c) any transfer of shares of Common Stock or any security convertible into Common Stock by will or intestate succession upon the death of the undersigned; (d) transfer of shares of Common Stock or any security convertible into Common Stock to an immediate family member (for purposes of this Lock-Up Letter Agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, not more remote than first cousin) or any trust, limited partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or any immediate family member of the undersigned; provided that, in the case of clauses (b)-(d) above, it shall be a condition to any such transfer that (i) the transferee/donee agrees to be bound by the terms of this Lock-Up Letter Agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the transferee/donee were a party hereto, (ii) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act of 1933, as amended, (the "Securities Act") and the Exchange Act) to make, and shall agree to not voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of the 365-day period referred to above, and (iii) the undersigned notifies the Representative at least two business days prior to the proposed transfer or disposition; (e) the transfer of shares to the Company to satisfy withholding obligations for any equity award granted pursuant to the terms of the Company's stock option/incentive plans, such as upon exercise, vesting, lapse of substantial risk of forfeiture, or other similar taxable event, in each case on a "cashless" or "net exercise" basis (which, for the avoidance of doubt shall not include "cashless" exercise programs involving a broker or other third party), provided that as a condition of any transfer pursuant to this clause (e), that if the undersigned is required to file a report under Section 16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock during the Lock-Up Period, the undersigned shall include a statement in such report, and if applicable an appropriate disposition transaction code, to the effect that such transfer is being made as a share delivery or forfeiture in connection with a net value exercise, or as a forfeiture or sale of shares solely to cover required tax withholding, as the case may be; (f) transfers of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock pursuant to a bona fide third party tender offer made to all holders of the Common Stock, merger, consolidation or other similar transaction involving a change of control (as defined below) of the Company, including voting in favor of any such transaction or taking any other action in connection with such transaction, provided that in the event that such merger, tender offer or other transaction is not completed, the Common Stock and any security convertible into or exercisable or exchangeable for Common Stock shall remain subject to the restrictions set forth herein; (g) the exercise of warrants or the exercise of stock options granted pursuant to the Company's stock option/incentive plans or otherwise outstanding on the date hereof; provided, that the restrictions shall apply to shares of Common Stock issued upon such exercise or conversion; (h) the establishment of any contract, instruction or plan that satisfies all of the requirements of Rule 10b5-1 (a "Rule 10b5-1 Plan") under the Exchange Act; provided, however, that no sales of Common Stock or securities convertible into, or exchangeable or exercisable for, Common Stock, shall be made pursuant to a Rule 10b5-1 Plan prior to the expiration of the Lock-Up Period; provided further, that the Company is not required to report the establishment of such Rule 10b5-1 Plan in any public report or filing with the Commission under the Exchange Act during the lock-up period and does not otherwise voluntarily effect any such public filing or report regarding such Rule 10b5-1 Plan; and (i) any demands or requests for, exercise any right with respect to, or take any action in preparation of, the registration by the Company under the Securities Act of the undersigned's shares of Common Stock, provided that no transfer of the undersigned's shares of Common Stock registered pursuant to the exercise of any such right and no registration statement shall be filed under the Securities Act with respect to any of the undersigned's shares of Common Stock during the Lock-Up Period. For purposes of clause (f) above, "change of control" shall mean the consummation of any bona fide third party tender offer, merger, purchase, consolidation or other similar transaction the result of which is that any "person" (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of a majority of total voting power of the voting stock of the Company.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's securities subject to this Lock-Up Letter Agreement except in compliance with this Lock-Up Letter Agreement.

It is understood that, if the Company notifies the Underwriters that it does not intend to proceed with the Offering, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Stock, the undersigned will be released from its obligations under this Lock-Up Letter Agreement.

The undersigned understands that the Company and the Underwriters will proceed with the Offering in reliance on this Lock-Up Letter Agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions.  Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.

This Lock-Up Letter Agreement shall automatically terminate upon the earliest to occur, if any, of (1) the termination of the Underwriting Agreement before the sale of any Stock to the Underwriters or (2) February 15, 2017, in the event that the Underwriting Agreement has not been executed by that date.

[Signature page follows]

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Letter Agreement and that, upon request, the undersigned will execute any additional documents necessary in connection with the enforcement hereof.  Any obligations of the undersigned shall be binding upon the heirs, personal Representative, successors and assigns of the undersigned.

Very truly yours,

Holder:

___________________________________

Signature

Date:  _____________

Notice Address:

____________________________

____________________________

____________________________

Attention:  ___________________

Email: ______________________

 Facsimile: ___________________

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