Document:

Exhibit
10.1

 

AMENDMENT
TO

ARRANGEMENT AGREEMENT

 

THIS
AMENDING AGREEMENT is made this 28 day of February, 2020,

 

 AMONG:

 

AKERNA
CORP., a company existing under the laws of the State of Delaware (“Akerna”)

 

 AND

 

2732805
ONTARIO INC., a company existing under the laws of the Province of Ontario (“Purchaser”)

 

 AND

 

AMPLE
ORGANICS INC., a corporation existing under the laws of the Province of Ontario (“Ample”)

 

 AND

 

JOHN
PRENTICE, an individual resident in the Province of Ontario (hereinafter referred to as the “Shareholder Representative”)

 

WHEREAS:

 

	A.	The
                                         Parties entered into an Arrangement Agreement dated December 18, 2019 (the “Arrangement
                                         Agreement”) pursuant to which Akerna, through its wholly owned subsidiary, Purchaser,
                                         agreed to acquire all of the issued and outstanding Ample Shares by way of the Arrangement;
                                         and

 

	B.	the
                                         Parties wish to amend certain terms of the Arrangement Agreement as hereinafter provided.

 

NOW
THEREFORE in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each of the Parties hereto, the Parties hereto hereby covenant
and agree as follows:

 

	1.	Terms
                                         denoted with initial capital letters and not otherwise defined herein have the meanings
                                         assigned to them in the Arrangement Agreement.

 

	2.	Section
                                         1.1 of the Arrangement Agreement is hereby amended as follows:

 

		(a)	the
                                         definition of “Escrow Agent” in Section 1.1 is hereby deleted and replaced
                                         by the following:

 

““Escrow
Agent” means Odyssey Trust Company;”

 

     

     

    

 

		(b)	the
                                         definition of “Outside Date” in Section 1.1 is hereby deleted and replaced
                                         by the following:

 

““Outside
Date” means August 31, 2020 or such later date as may be agreed to in writing by Akerna and Ample;”

 

		(c)	the
                                         definition of “Paying Agent” in Section 1.1 is hereby deleted and replaced
                                         by the following:

 

““Paying
Agent” means Odyssey Trust Company;”

 

	3.	Section
                                         2.4 of the Arrangement Agreement is hereby deleted in its entirety and replaced with
                                         the following:

 

“2.4
Interim Order

 

As
soon as reasonably practicable following the execution of this Agreement, but in any event no later than June 25, 2020, Ample
shall apply to the Court in a manner acceptable to Akerna, acting reasonably, pursuant to the OBCA and prepare, file and diligently
pursue an application to the Court of the Interim Order, which shall provide, among other things:

 

		(a)	for
                                         the class of Persons to whom notice is to be provided in respect of the Arrangement and
                                         the Ample Meeting and for the manner in which such notice is to be provided;

 

		(b)	that
                                         the requisite approval for the Arrangement Resolution shall be 66 2/3% of the votes cast
                                         on the Arrangement Resolution by Ample Shareholders present in person or represented
                                         by proxy at the Ample Meeting voting together as a single class, together with the affirmative
                                         vote of the holders holding not less than a majority of the Ample Preferred Shares;

 

		(c)	that
                                         it is the intention of Akerna and Purchaser to rely upon Section 3(a)(10) of the U.S.
                                         Securities Act in connection with the offer and sale of Consideration Shares and Akerna
                                         Shares to be issued pursuant to the exchange of Exchangeable Shares, in each case in
                                         accordance with the Arrangement, based on the Court’s approval of the Arrangement,
                                         which approval through the issuance of the Final Order will constitute its determination
                                         of the fairness of the Arrangement;

 

		(d)	that
                                         the Ample Meeting may be adjourned or postponed from time to time by the Ample Board
                                         subject to the terms of this Agreement without the need for additional approval of the
                                         Court;

 

		(e)	that
                                         the record date for Ample Shareholders entitled to notice of and to vote at the Ample
                                         Meeting will not change in respect of any adjournment(s) or postponements of the Ample
                                         Meeting;

 

		(f)	that,
                                         in all other respects, other than as ordered by the Court, the terms, conditions and
                                         restrictions of the constating documents of Ample, including quorum requirements and
                                         other matters, shall apply in respect of the Ample Meeting;

 

		(g)	for
                                         the grant of the Dissent Rights to registered holders of Ample Shares as set forth in
                                         the Plan of Arrangement;

 

		(h)	for
                                         the notice requirements with respect to the presentation of the application to the Court
                                         for the Final Order; and

 

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		(i)	for
                                         such other matters as Akerna may reasonably require, subject to obtaining the prior consent
                                         of Ample, such consent not to be unreasonably withheld, conditioned or delayed.”

 

	4.	Section
                                         2.5 of the Arrangement Agreement is hereby deleted in its entirety and replaced with
                                         the following:

 

“2.5
Akerna Shareholder Meeting

 

Subject
to the terms of this Agreement and receipt of the Interim Order, Akerna shall:

 

		(a)	convene
                                         and conduct the Akerna Meeting in accordance with its constating documents and Applicable
                                         Laws, as soon as reasonably practicable, and in any event on or before June 30, 2020;

 

		(b)	in
                                         consultation with Ample, fix and publish a record date for the purposes of determining
                                         Akerna Shareholders entitled to receive notice of and vote at the Akerna Meeting and
                                         give notice to Ample of the Akerna Meeting;

 

		(c)	allow
                                         Ample’s Representatives and counsel to attend the Akerna Meeting;

 

		(d)	not
                                         adjourn, postpone or cancel (or propose or permit the adjournment, postponement or cancellation
                                         of) the Akerna Meeting without Ample’s prior written consent (such consent not be unreasonably
                                         withheld, conditioned or delayed), except;

 

		(i)	as
                                         required for quorum purposes (in which case the meeting shall be adjourned and not cancelled),
                                         by Applicable Law or by a Governmental Entity or by valid Akerna Shareholder action (which
                                         action is not solicited or proposed by Akerna or the Akerna Board); or

 

		(ii)	as
                                         otherwise expressly permitted under this Agreement;

 

		(e)	provide
                                         Ample with copies of or access to information regarding the Akerna Meeting generated
                                         by any dealer or proxy solicitation firm engaged by Akerna, as requested from time to
                                         time by Ample;

 

		(f)	use
                                         commercially reasonable efforts to solicit proxies in favour of the Akerna Shareholder
                                         Matters;

 

		(g)	promptly
                                         advise Ample, at such times as Ample may reasonably request, as to the aggregate tally
                                         of the proxies received by Akerna in respect of the Akerna Shareholder Matters;

 

		(h)	unless
                                         otherwise agreed to in writing by Ample or this Agreement is terminated in accordance
                                         with its terms or except as required by Applicable Law or by a Governmental Entity, Akerna
                                         shall continue to take all steps reasonably necessary to hold the Akerna Meeting and
                                         to cause the Akerna Shareholder Matters to be voted on at such meeting and shall not
                                         propose to adjourn or postpone the Ample Meeting other than as contemplated by Section
                                         2.5(d); and

 

		(i)	not
                                         change the record date for the Akerna Shareholders entitled to vote at the Akerna Meeting
                                         in connection with any adjournment or postponement of the Akerna Meeting unless required
                                         by Applicable Law or with the written consent of Ample, such consent not to be unreasonably
                                         withheld, conditioned or delayed.”

 

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	5.	Section
                                         2.6 of the Arrangement Agreement is hereby deleted in its entirety and replaced with
                                         the following:

 

“2.6
Ample Shareholder Meeting

 

Subject
to the terms of this Agreement and receipt of the Interim Order, Ample shall:

 

		(a)	convene
                                         and conduct the Ample Meeting in accordance with its constating documents, the Interim
                                         Order and Applicable Laws, as soon as reasonably practicable, and in any event on or
                                         before June 30, 2020;

 

		(b)	in
                                         consultation with Akerna, fix and publish a record date for the purposes of determining
                                         Ample Shareholders entitled to receive notice of and vote at the Ample Meeting and give
                                         notice to Akerna of the Ample Meeting;

 

		(c)	allow
                                         Akerna’s Representatives and counsel to attend the Ample Meeting;

 

		(d)	not
                                         adjourn, postpone or cancel (or propose or permit the adjournment, postponement or cancellation
                                         of) the Ample Meeting without Akerna’s prior written consent (such consent not be unreasonably
                                         withheld, conditioned or delayed), except;

 

		(i)	as
                                         required for quorum purposes (in which case the meeting shall be adjourned and not cancelled),
                                         by Applicable Law or by a Governmental Entity or by valid Ample Shareholder action (which
                                         action is not solicited or proposed by Ample or the Ample Board); or

 

		(ii)	as
                                         otherwise expressly permitted under this Agreement;

 

		(e)	provide
                                         Akerna with copies of or access to information regarding the Ample Meeting generated
                                         by any dealer or proxy solicitation firm engaged by Ample, as requested from time to
                                         time by Akerna;

 

		(f)	use
                                         commercially reasonable efforts to solicit proxies in favour of the Arrangement Resolution;

 

		(g)	promptly
                                         advise Akerna, at such times as Akerna may reasonably request, as to the aggregate tally
                                         of the proxies received by Ample in respect of the Arrangement Resolution;

 

		(h)	promptly
                                         advise Akerna of any written communication from any Ample Shareholder in opposition to
                                         the Arrangement, written notice of dissent, purported exercise or withdrawal of Dissent
                                         Rights, and written communications sent by or on behalf of Ample to any Ample Shareholder
                                         exercising or purporting to exercise Dissent Rights;

 

		(i)	not
                                         make any payment or settlement offer, or agree to any payment or settlement prior to
                                         the Effective Time with respect to Dissent Rights without the prior written consent of
                                         Akerna;

 

		(j)	notwithstanding
                                         the receipt of an Acquisition Proposal or an Ample Change in Recommendation, unless otherwise
                                         agreed to in writing by Akerna or this Agreement is terminated in accordance with its
                                         terms or except as required by Applicable Law or by a Governmental Entity, Ample shall
                                         continue to take all steps reasonably necessary to hold the Ample Meeting and to cause
                                         the Arrangement Resolution to be voted on at such meeting and shall not propose to adjourn
                                         or postpone the Ample Meeting other than as contemplated by Section 2.6(d); and

 

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		(k)	not
                                         change the record date for the Ample Shareholders entitled to vote at the Ample Meeting
                                         in connection with any adjournment or postponement of the Ample Meeting unless required
                                         by Applicable Law or with the written consent of Akerna, such consent not to be unreasonably
                                         withheld, conditioned or delayed.”

 

	6.	Section
                                         2.12 of the Arrangement Agreement is hereby deleted in its entirety and replaced with
                                         the following:

 

“2.12
Effective Date

 

The
Arrangement shall become effective at the Effective Time on the Effective Date. The certificate of arrangement shall be conclusive
evidence that the Arrangement has become effective as of the Effective Time. The Parties shall use their commercially reasonable
efforts to cause the Effective Date to occur on or about July 3, 2020 or as soon thereafter as reasonably practicable and, in
any event, by the Outside Date.”

 

	7.	Subsections
                                         3.6(b) and (c) of the Arrangement Agreement are hereby deleted in their entirety and
                                         replaced with the following:

 

	 	“(b)
                                         	use
         its commercially reasonable efforts to take all such steps as are necessary to set the record date for the Akerna Meeting
         as a date not later than May 29, 2020;
	 	 	 
		(c)	subject
                                         to the terms of this Agreement, use their commercially reasonable efforts take all such
                                         steps as are necessary to convene and hold the Akerna Meeting in accordance with Applicable
                                         Laws not later than June 30, 2020 for the purpose of considering the Akerna Shareholder
                                         Matters and, unless this Agreement will have been terminated in accordance with subsection
                                         8.1(a), Akerna will not cancel the Akerna Meeting or fail to put the Akerna Shareholder
                                         Matters before the Akerna Shareholders for their consideration without Ample’s
                                         prior written consent, other than as may be required under Applicable Laws; and Akerna
                                         will not propose to adjourn or postpone the Akerna Meeting without the prior consent
                                         of Ample except as required by Applicable Laws or by a Governmental Entity and except
                                         as required under subsections 2.5(d) or 5.4(b); and Akerna shall, if requested by Ample
                                         (acting reasonably), adjourn the Akerna Meeting one or more times for the purposes of
                                         obtaining any required quorum or attempting to obtain the requisite approval of the Akerna
                                         Shareholder Matters;”

 

	8.	Subsections
                                         3.7(d) and (e) of the Arrangement Agreement are hereby deleted in their entirety and
                                         replaced with the following:

 

	 	“(d)
                                         	use
         its commercially reasonable efforts to take all such steps as are necessary to set the record date for the Ample Meeting
         as a date not later than May 29, 2020;
	 	 	 
		(e)	subject
                                         to the terms of this Agreement and in accordance and compliance with the Interim Order,
                                         use its commercially reasonable efforts to take all such steps as are necessary to convene
                                         and hold the Ample Meeting in accordance with the Interim Order and Applicable Laws not
                                         later than June 30, 2020 for the purpose of considering the Arrangement Resolution and,
                                         unless this Agreement will have been terminated in accordance with subsection 8.1(a),
                                         Ample will not cancel the Ample Meeting or fail to put the Arrangement Resolution before
                                         the Ample Shareholders for their consideration without Akerna and Purchaser’s prior written
                                         consent, other than as may be required under the Interim Order or Applicable Laws and
                                         Ample will not propose to adjourn or postpone the Ample Meeting without the prior consent
                                         of Akerna and Purchaser except as required by Applicable Laws or by a Governmental Entity
                                         and except as required under subsections 2.6(d) or 5.4(b); and Ample shall, if requested
                                         by Akerna and Purchaser (each acting reasonably), adjourn the Ample Meeting one or more
                                         times for the purposes of obtaining any required quorum or attempting to obtain the requisite
                                         approval of the Arrangement Resolution;”

 

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	9.	This Amendment will
                                         be deemed effective as of February 19, 2020.

 

	10.	Except
                                         as specifically amended herein, all other terms of the Arrangement Agreement remain in
                                         full force and effect unamended as of the date hereof, and time shall remain of the essence.

 

	11.	This
                                         Amending Agreement may be executed in any number of counterparts, which taken together
                                         shall form one and the same agreement, and may be executed and delivered by electronic
                                         mail or facsimile transmission, which shall be binding on the Parties as though originally
                                         executed and delivered.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF the Parties hereto have executed this Agreement as of the date first above written.

 

	2732805
    ONTARIO INC.	 	AKERNA
    CORP.
	 	 	 
	Per:	 	 	Per:	 
	 	Name:

        Title:
	 	 	Name:

        Title:

 

	 	AMPLE
    ORGANICS INC.
	 	 	 
	 	Per:	 
	 	 	Name:
	 	 	Title:

 

	 	 
	 	JOHN
    PRENTICE

 

[Amending
Agreement to Arrangement Agreement]ex_175174.htm

Exhibit 10.4

 

AMENDMENT NO. 3 TO 

EMPLOYMENT AGREEMENT

 

This Amendment No. 3 to Employment Agreement dated effective as of June 13, 2018 (this “Amendment”) is entered into by and between Christos P. Traios (“Executive”) and Petrogress, Inc. (“Employer”, and together with Executive, the “Parties” and each individually, a “Party”).

 

WHEREAS, the Parties entered into that certain Employment Agreement dated as of April 1, 2016 as further amended by that certain Amendment to Employment Agreement dated January 12, 2018 and that certain Amendment No. 2 to Employment Agreement dated May 9, 2018 (as amended, the “Agreement”); and

 

WHEREAS, the Parties desire to amend certain provisions of the Agreement relating to compensation payable to the Executive;

 

NOW THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree to modify and amend the Agreement as follows:

 

1.           Amendment of Section 4(b). Section 4(b) of the Agreement is hereby amended and restated in its entirety to read as follows:

 

“(b) In addition to his Base Salary, as consideration for services rendered hereunder, on October 11, 2017, the Company issued to the Executive One Hundred (100) shares of Series A Preferred stock;”

 

2.         Duplicative Employment Agreement. The parties hereby acknowledge and confirm that the Employment Agreement dated April 1, 2017 between the Parties was duplicative, is null and void, and is deemed terminated ab initio.

 

3.           Miscellaneous.

 

3.01     Effect. Except as amended hereby, the Agreement shall remain in full force and effect.

 

3.02     No Waiver. This Amendment is effective only in the specific instance and for the specific purpose for which it is executed and shall not be considered a waiver or agreement to amend as to any provision of the Agreement in the future.

 

3.03     Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms in the Agreement unless the context clearly indicates or dictates a contrary meaning.

 

3.04     Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware, without regard to conflicts of laws principles.

 

3.05     Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and each of the parties hereto may execute this Amendment by signing any of such counterparts.     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

 

 

 

 

	 	Employer:	 
	 	 	 	 
	 	Petrogress, Inc.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name: Christos P. Traios	 
	 	Title: Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	Executive:	 
	 	 	 	 
	 	 	 	 
	 	Christos P. Traios

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