Document:

Exhibit 10.1

FORM OF AGREEMENT

THIS AGREEMENT (this “Agreement”), dated as of _________ is entered into by and between _________ (“Warrant Holder”) and Z Trim Holdings, Inc. (the “Corporation”).

WITNESSETH:

WHEREAS, Warrant Holder is the beneficial owner of a warrant (“Warrant”) that is exercisable for _______ shares the Corporation’s Common Stock, par value $0.00005 (the “Common Stock”) at an exercise price of $0.35; and

WHEREAS, Warrant Holder and the Corporation are willing to either (i) exchange the Warrant (the “Exchange”) for shares of Common Stock of the Corporation (such number of shares to be equal to the number of shares that would have been received by the Warrant Holder upon a cashless exercise of the Warrant at an exercise price of $0.00005) (the “Warrant Shares”) (“Option 1”), (ii) amend the Warrant (the “Amendment”) to (x) add a waiver on a one-time basis of the anti-dilution provisions contained in the Warrant  that are trigged by the Exchange, (y) increase the number of shares of Common Stock for which the Warrant is exercisable  such that the Warrant Holder receives  an additional 17.5% of shares of Common Stock and (z) extend the  expiration date of the Warrant for an additional two years (“Option 2”), or (iii) exchange a portion of the Warrant that they so designate for Warrant Shares and the remainder of the Warrant that is not exchangeable shall be  amended to (x) add a waiver on a one-time basis of the anti-dilution provisions contained in the Warrant  that are trigged by the Exchange, (y) increase the number of shares of Common Stock for which the Warrant is exercisable  such that the Warrant Holder receives  an additional 17.5% of shares of Common Stock and (z) extend the  expiration date of the Warrant for an additional two years (“Option 3”)

NOW, THEREFORE, in consideration for the foregoing, the parties hereto agree as follows:

1.                 Exchange and/or Amendment.  By signing the signature page hereto and selecting either Option 1, Option 2 or Option 3, the Warrant Holder hereby agrees that the Warrant and rights appertaining thereto held by Warrant Holder are either (i) exchanged for the Warrant Shares, if Option 1 is selected, (ii) amended to contain the terms set forth above for the Amendment, if Option 2 is selected, or (iii) the portion of the Warrant designated by Warrant Holder is exchanged for the applicable Warrant Shares and the remainder of the Warrant that is not exchangeable shall be amended to contain the terms set forth above for the Amendment, if Option 3 is selected. The Warrant Holder’s election shall be effective as of the later of the date of acceptance of this Agreement by the Corporation, which shall be evidenced by its signature hereto, and, for Option 1 and Option 3, our receipt of the Lock-Up Agreement referred to in Section 4.  If on or prior to May 31, 2015 (subject to extension in the Company’s sole discretion), this Agreement and if Option 1 or Option 3 is selected, the Lock-Up Agreement is not received by the Corporation and accepted by the Corporation, this Agreement shall terminate on May 31, 2015 (subject to extension in the Corporation’s sole discretion).

2.                 Warrant Holder’s Representations and Warranties.  Warrant Holder represents and warrants to the Corporation as follows:

a.            Warrant Holder, if he, she or it chooses Option 1 or Option 3 is exchanging the Warrant for the Warrant Shares for Warrant Holder’s own account, for investment only and not with a view towards the public sale or distribution thereof, and not with a view to or for sale in connection with any distribution thereof;

b.            Warrant Holder is: (i) an “accredited investor” as that term is defined in Rule 501 of the General Rules and Regulations under the Securities Act of 1933, as amended, by reason of Rule 501(a)(3), (ii) experienced in making investments of the kind described in this Agreement and the related documents hereto, and (iii) able to afford the entire loss of Warrant Holder’s investment in the Warrant Shares or Amended Warrant;

c.            Warrant Holder is the sole owner of all rights, title and interest in and to the rights to the Warrant and Warrant Holder has not assigned, transferred, licensed, pledged or otherwise encumbered such rights or agreed to do so;

d.            Warrant Holder has full power and authority to enter into this Agreement and to exchange the Warrant or enter into the Amendment as provided for herein;

e.            There are no current challenges with respect to the ownership of the Warrant; and

h.            By entering into this Agreement, Warrant Holder will not breach the terms of any agreement or arrangement with any third party.

3.                  Corporation’s Representations and Warranties.  The Corporation represents and warrants to Warrant Holder as follows:

a.            Upon issuance, the Warrant Shares, if Option 1 or Option 3 is selected, will be duly authorized and validly issued;

b.            The Corporation has full power and authority to enter into this Agreement and to issue the Warrant Shares as provided for herein;

c.            By entering into this Agreement, the Corporation will not breach the terms of any agreement or arrangement with any third party.

4.                   Lock-Up Agreement. You acknowledge and agree that the issuance of the Warrant Shares in exchange for the Warrant, if Option 1 or Option 3 is selected, is conditioned upon your exercise of a Lock-Up Agreement, which you agree to execute simultaneously with the execution of this Agreement.

5.                   Governing Law; Miscellaneous.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of Illinois.  A facsimile transmission of this signed Agreement shall be legal and binding on all parties hereto.  This Agreement may be signed in one or more counterparts, each of which shall be deemed an original.  The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.  If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this Agreement in any other jurisdiction.  This Agreement may be amended only by an instrument in writing signed by the party to be charged with enforcement.  This Agreement contains the entire agreement of the parties with respect to the subject matter hereto, superseding all prior agreements, understandings or discussions.

[Signature page follows]

2

IN WITNESS WHEREOF, the parties have executed this Agreement on the date as first written above.

	 	
Z TRIM HOLDINGS, INC.

	 	 	   
	 	
By:

	    
	 	
Name: Edward B. Smith, III

	 	
Title:  Chief Executive Officer

	 	 	 
	 	
WARRANT HOLDER

	 	 	 
	 	
By:

	   
	 	
Name:

	 	
Title:

TO BE COMPLETED BY THE WARRANT HOLDER:  Please choose one of the following options:

☐  Option Number 1:  Issue _______ Shares in exchange for entire Warrant

☐  Option Number 2: Amendment to entire Warrant (one time waiver of anti-dilution protection for the Exchange, the right to 17.5% additional shares of Common Stock (_______ additional Shares for the right to a total of ________ Shares), plus a two (2) year extension of the Warrant expiration date)

☐  Option Number 3:  Issue   _______Shares in exchange for ___% of the Warrant and amendment to the remaining ____% of the Warrant (one time waiver of anti-dilution protection for the Exchange, the right to 17.5% additional shares of Common Stock (_______additional Shares for the right to a total of ______ Shares) plus a two (2) year extension of the Warrant expiration date)

 

 

 

3exhibit4-1sunshine_07072015.htm

Exhibit 4.1

INCORPORATED UNDER THE LAWS OF MARYLAND

 

 

	
No. 1

	
Sunshine Bancorp, Inc.

 

	
Five Thousand and

Seven Hundred

(5,700)

Shares

FULLY PAID AND NON-ASSESSABLE

PAR VALUE $0.01 PER SHARE

LIQUIDATION PREFERENCE $1,000.00 PER SHARE

 

	  	  	
THE SHARES REPRESENTED BY THIS

CERTIFICATE ARE SUBJECT TO

RESTRICTIONS, SEE REVERSE SIDE

THIS CERTIFIES that the Secretary of the Treasury is the owner of

FIVE THOUSAND AND SEVEN HUNDRED (5,700) FULLY PAID AND NON-ASSESSABLE SHARES OF SENIOR NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES A

of

Sunshine Bancorp, Inc.

a Maryland corporation

The shares evidenced by this certificate are transferable only on the books of Sunshine Bancorp, Inc. by the holder hereof, in person or by attorney, upon surrender of this certificate properly endorsed.   The capital stock evidenced hereby is not an account of an insurable type and is not insured by the Federal Deposit Insurance Corporation or any other Federal or state governmental agency.

IN WITNESS WHEREOF, Sunshine Bancorp, Inc. has caused this certificate to be executed by its duly authorized officers and has caused its seal to be hereunto affixed this 30th day of June, 2015.

	
By   _______________________________                                                   

	[SEAL]	
By   _______________________________________                                                     

	
VICKIE J. HOULLIS

	  	
ANDREW S. SAMUEL

	
CORPORATE SECRETARY

	  	
PRESIDENT AND CHIEF EXECUTIVE OFFICER

SBLF0353

  

  

 

  

THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER (THE “144A EXEMPTION”).  IF ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS ADVISED BY THE TRANSFEROR THAT SUCH TRANSFEROR IS RELYING ON THE 144A EXEMPTION, SUCH TRANSFEREE BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE ISSUER OF THESE SECURITIES AND TREASURY, A COPY OF WHICH IS ON FILE WITH THE ISSUER.  THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENT.  ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

The following abbreviations when used in the inscription on the face of this certificate shall be construed as though they were written out in full according to applicable laws or regulations.

 

	 	
TEN COM

	
-  as tenants in common

	
UNIF GIFT MIN ACT

	
- _________ Custodian __________

	  	  	  	
       (Cust)                           (Minor)

	 	
TEN ENT

	
-  as tenants by the entireties

	  	  
	  	  	  	
Under Uniform Gifts to Minors Act

	 	
JT TEN

	
-  as joint tenants with right of survivorship and not as tenants in common

	  	_____________________________  
	  	  	  	
                         (State)

Additional abbreviations may also be used though not in the above list

For value received, ____________________________________________hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER

 

	
 

 

	  

 

_________________________________________________________________________________________________________________________________________________________________

(please print or typewrite name and address including postal zip code of assignee)

 

______________________________________________________________________ Shares of the Preferred Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint ______________________________________________ Attorney to transfer the said shares on the books of the within named corporation with full power of substitution in the premises.

Dated, ________________________________________                                                      

	
In the presence of

 

_____________________________________________

 

 

	
Signature:

 

_______________________________________________

 

 

NOTE:  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME OF THE STOCKHOLDER(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

SBLF 0353

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