Document:

Exhibit
10.1

    

     

    LETTER
OF INTENT

     

    THIS LETTER OF INTENT (the
“LOI”), is entered into
by and,

     

    
      
        	
                BETWEEN:

              	
                LAURAL RESOURCES, INC.,
      a Nevada corporation having an office at 1223 Burrowhill Lane,
      Mississauga, Ontario, Canada

              

      

    

    
       

    

    (“COMPANY”) 

     

    
      	
              AND:

            	
              ABTECH INDUSTRIES, INC.,
      a Delaware corporation having an office at 4110 N. Scottsdale Road,
      Suite 235, Scottsdale, Arizona,
U.S.A.

            

    

     

    (“ABTECH”)

     

    BACKGROUND
AND PURPOSE

    

    WHEREAS,
the Company is a publicly traded company on the United States over-the-counter
(“OTC”) bulletin board securities market.

    

    WHEREAS,
ABTECH is an environmental technologies firm dedicated to providing innovative
solutions to communities and industry addressing issues of water pollutants
and contamination and its products are based on polymer technologies
capable of removing hydrocarbons, sediment and other foreign elements from
still (ponds, lakes and marinas) or flowing water (curbside drains, pipe
outflows, rivers and oceans).

    

    WHEREAS,
the parties wish to enter into a reverse acquisition transaction whereby the
Company will acquire all of the shares of outstanding capital stock of ABTECH in
exchange for the issuance of a controlling ownership interest in the Company to
the shareholders of ABTECH.

     

    AGREEMENT

    

    NOW, THEREFORE,  in
consideration of the mutual agreements and representations contained herein, and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

     

    
      	
              1.

            	
              Except
      for the provisions in paragraphs 7-17, which are intended to be binding,
      this LOI is expressly intended to be non-binding and subject to the
      satisfactory completion of due diligence and the negotiation of mutually
      acceptable definitive agreements with regard to this
      transaction.

            

    

     

    
      	
              2.

            	
              The
      Company and ABTECH agree that they will use their commercially reasonable
      efforts to enter into a definitive agreement containing substantially the
      same terms and provisions as set forth in Paragraphs 3-6 of this LOI
      within fourteen (14) days from the date of execution of this LOI (the
      “Definitive
      Agreement”).

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              Upon
      the satisfaction of the conditions set forth herein and in the Definitive
      Agreement, the Company will acquire all of the issued and outstanding
      capital stock of ABTECH (through a reverse merger of ABTECH into a
      subsidiary of the Company or other mutually acceptable mechanism) in
      exchange for the issuance to ABTECH shareholders of 46,000,000 shares of
      common stock of the Company  (the “Merger”).  Upon
      Closing, ABTECH shall become a wholly-owned subsidiary of the Company and
      ABTECH shareholders shall own approximately 78% of the outstanding shares
      of the Company on a post-Closing
basis.

            

    

     

    
      	
              4.

            	
              The
      closing of the Merger (the “Closing”) shall occur on
      or before ninety (90) days from the date on which ABTECH completes the
      audit of its financial statements as required to be filed by the Company
      upon the Closing in accordance with the Securities Exchange Act of 1934,
      as amended, and ABTECH receiving no less than an aggregate of $3,000,000
      in advances from the Company, as more fully described in paragraphs 7 and
      8, below.  Immediately after the Closing, the Company will have
      59,000,000 shares issued and
outstanding.

            

    

     

    
      	
              5.

            	
              At
      Closing, the Board of Directors of the Company shall be comprised of nine
      (9) directors. On or prior to the Closing, the Board of Directors of the
      Company shall appoint nine (9) directors of ABTECH onto the Board of
      Directors of the Company, and at Closing, the management of ABTECH shall
      be appointed as the management of the
Company.

            

    

     

    
      	
              6.

            	
              The
      Definitive Agreement shall contain customary representation and
      warranties, covenants and indemnification provisions for transactions of
      this nature.

            

    

     

    
      	
              7.

            	
              The
      Company has advanced an aggregate of $300,000 to ABTECH as of the date of
      this LOI.  Upon execution of this LOI, the Company will
      immediately advance an additional $145,000 to
  ABTECH.

            

    

     

    
      	
              8.

            	
              The
      Company agrees that it will advance an aggregate of $3,000,000 in cash to
      ABTECH, which shall include the amounts advanced as described in paragraph
      7 above, and additional amounts in accordance with the following schedule:
      (a) $200,000 per month each month after the execution of this LOI until
      the Closing Date, with the first such $200,000 payment to be made within
      five (5) days after the execution of this LOI and subsequent monthly
      payments to be made on the same day of each month thereafter (or the next
      business day if such day falls on a weekend or holiday); and (b) the
      remainder upon the Closing Date; provided, however, if a
      definitive agreement has not been entered into between the Company and
      ABTECH within twenty-eight (28) days from the date of this LOI, the
      Company’s obligations to advance any additional funds shall immediately
      terminate. If, at any time prior to the execution of the Definitive
      Agreement, either party, for whatever reason, provides written notice
      (“Termination
      Notice”) to the other party that it does not intend to proceed with
      the Closing of the transaction, any funds advanced to ABTECH hereunder
      shall, at ABTECH’s sole discretion be either a) repaid to the Company, b)
      converted into an investment in the Senior Convertible Promissory Notes
      currently offered (as of the date of this LOI) to investors by ABTECH, or
      c) upon supermajority approval of ABTECH’s Board of Directors, converted
      into a common stock equity investment in ABTECH at ABTECH’s current common
      stock price of $3.75 per share.  ABTECH agrees to prepare all
      the necessary paperwork in connection with the repayment or conversion of
      the advanced funds in accordance with a), b) or c) above and to issue the
      appropriate repayment, notes or shares of its common stock to the Company,
      no later than 60 days from the date of the Termination
      Notice.  The repayment or conversion options described in a), b)
      and c) above shall be accepted by the Company in lieu of any and all
      claims, remedies or other recourse of any kind for the return of such
      advanced funds.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              9.

            	
              Upon
      the execution of the Definitive Agreement, Glenn R. Rink will be appointed
      to the Board of Directors of the
Company.

            

    

     

    
      	
              10.

            	
              Neither
      party shall have any liability whatsoever to the other with respect to the
      non-binding provisions hereof or the failure to conclude the transactions
      described in such non-binding provisions for any reason whatsoever,
      including ABTECH’s failure to obtain approval for such transactions from
      its Board of Directors

            

    

     

    
      	
              11.

            	
              No
      party hereto will make any disclosure or public announcements of the
      proposed transactions, the LOI or the terms thereof without the prior
      consent of the other parties, which shall not be unreasonably withheld, or
      except as required by relevant securities laws; provided, however, each
      party may issue press releases in the ordinary course of
      business.

            

    

     

    
      	
              12.

            	
              Each
      party agrees and acknowledges that such party and its directors, officers,
      employees, agents and representatives will disclose business information
      and information about the proposed transaction in the course of securing
      financings for the Company and ABTECH and that the parties and their
      representatives may be required to disclose that information under the
      continuous disclosure requirements of the Securities Exchange Act of
      1934.

            

    

     

    
      	
              13.

            	
              This
      LOI shall be construed in accordance with, and governed by, the laws of
      the State of Delaware, and each party separately and unconditionally
      subjects itself to the jurisdiction of any court of competent authority in
      the State of Delaware, and the rules and regulations thereof, for all
      purposes related to this agreement and/or their respective performance
      hereunder.

            

    

     

    
      	
              14.

            	
              The
      parties shall prepare, execute and file any and all documents necessary to
      comply with all applicable federal and state securities laws, rules and
      regulations in any jurisdiction where they are required to do
      so.

            

    

     

    
      	
              15.

            	
              All
      references to currency in this LOI are references to the lawful currency
      of the United States of America.

            

    

     

    
      	
              16.

            	
              This
      LOI may be executed in counterparts, by original or facsimile signature,
      with the same effect as if the signatures to each such counterpart were
      upon a single instrument; and each counterpart shall be enforceable
      against the party actually executing such counterpart.  All
      counterparts shall be deemed an original
copy.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              17.

            	
              The
      delay or failure of a party to enforce at any time any provision of this
      LOI shall in no way be considered a waiver of any such provision, or any
      other provision of this LOI.  No waiver of, delay or failure to
      enforce any provision of this LOI shall in any way be considered a
      continuing waiver or be construed as a subsequent waiver of any such
      provision, or any other provision of this
LOI.

            

    

    

    
      	
              DATED
      EFFECTIVE: June 10, 2010

            	 
      
	 
      	 
      
	
              LAURAL
      RESOURCES, INC.

            	 
      
	 
      	 
      
	
              /s/ Mandi
      Luis

            	 
      
	
              Mandi
      Luis

            	 
      
	 
      	 
      
	
              ABTECH
      INDUSTRIES, INC.

            	 
      
	 
      	 
      
	
              /s/ Glenn R.
      Rink

            	 
      
	
              Glenn
      R. Rink

            	 
      

    

     

    
      
         

      

      
        4Unassociated Document

    Exhibit
10.45

    

    THIRD
AMENDMENT TO

    AMENDMENT
TO DEBENTURES AND WARRANTS,

    AGREEMENT
AND WAIVER

    

    THIS
THIRD AMENDMENT TO AMENDMENT TO DEBENTURES AND WARRANTS, AGREEMENT AND WAIVER
(this “Agreement”) is
entered into as of October 31, 2009 (the “Effective Date”) by and among
Ecotality, Inc., a
Nevada corporation (the “Company”), on the one
hand, and Enable Growth
Partners LP (“EGP”), Enable Opportunity Partners LP (“EOP”), Pierce
Diversified Strategy Master Fund LLC, Ena (“Pierce”, together with EGP, EOP and Pierce, the “Enable Funds”), Shenzhen Goch
Investments Ltd. (“SGI”)
and BridgePointe Master Fund Ltd. (“BridgePointe,” together with
the Enable Funds and SGI, each individually referred to as an “Existing Holder” and collectively as the
“Existing Holders” or the
“Existing Investors”).  Capitalized terms not defined in this
Agreement shall have the meanings ascribed to such terms in the May 2009
Amendment (as defined below).

    

    Recitals

    

    WHEREAS, the Debtors and the
Existing Holders entered into an Amendment to Debentures and Warrants, Agreement
and Waiver on or about May 15, 2009, as amended by the First
Amendment and the Second Amendment (the “May 2009
Amendment”);

    

    WHEREAS, on or about July 2,
2009, the Existing Investors entered into a First Amendment to Amendment to
Debentures and Warrants, Agreement and Waiver (the “First
Amendment”);

    

    WHEREAS, on or about July 2,
2009, the Existing Investors entered into a Second Amendment to Amendment to
Debentures and Warrants, Agreement and Waiver (the “Second Amendment”);

    

    WHEREAS, the Company met the
First Management Incentive Target on September 30, 2009, but has not yet issued
to Jonathan Read, President and Chief Executive Officer of the Company, any
shares of Common Stock or warrants to purchase shares of Common Stock as
permitted by Section 30(a) of the May 2009 Amendment;

    

    WHEREAS, the Company and the
Investors now desire that the terms of Section 30 of the May 2009 Amendment be
further modified and clarified and have entered into this Agreement to document
their agreement regarding such modifications.

    

    NOW THEREFORE, in
consideration of the mutual promises and agreements contained herein, and
intending to be legally bound hereby, the undersigned parties hereby agree as
follows:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    A.         Incorporation of Preliminary
Statements. The Recitals set forth above by this reference hereto are
hereby incorporated into this Agreement.

    

    B.     
    Amendment to Section 30(a)
of the May 2009 Amendment.

    

    (1)         Section
30(a) of the May 2009 Amendment is hereby amended and replaced with the
following:

    

    Issuances Upon Satisfaction
of First Management Incentive Target.  As of September 30,
2009, the Company shall be entitled to grant to Jonathan Read, President and
Chief Executive Officer of the Company, 40,410,312 shares of Common Stock (the
“First Incentive Common Stock
Grant”), subject to such conditions and vesting schedule as the Company
may, in its reasonable discretion, impose on the First Incentive Grant Amount;
provided,
however, that in no event shall such grant occur later than January 15,
2010 (the “Latest First Grant
Date”).  In lieu of the First Incentive Common Stock Grant, the
Company shall be entitled to instead grant to Jonathan Read any combination of
the following (the “Substitution First Incentive
Grant”), so long as the economic value of such Substitution First
Incentive Grant is equal to the value of the First Incentive Common Stock Grant
had it had been granted on such date and subject to similar conditions: (i)
40,410,312 shares of Series A Convertible Preferred Stock of the Company (“Series A Preferred Stock”); or
(ii)(A) options to acquire, at fair market value on the date of grant, up to
40,410,312 shares of Common Stock, Series A Preferred Stock or a combination of
shares of Common Stock and Series A Preferred Stock; and (B) an amount of cash
or shares of Common Stock or Series A Preferred Stock (or any combination
thereof) with a fair market value equal to the fair market value of the First
Incentive Common Stock Grant on such date.  Any Substitution First
Incentive Grant may be subject to such conditions and vesting schedule as the
Company may, in its reasonable discretion, impose on the Substitution First
Incentive Grant; provided, however,
that in no event shall such grant occur later than the Latest First Incentive
Grant Date.  For purposes hereof, the “First Management Incentive
Target,” the “Second
Management Incentive Target” and the “Third Management Incentive
Target” shall each have the respective meanings set forth on Schedule I attached
hereto shall be referred to as the “Management Incentive Target
Schedule.”

    

    (2)         Amendment to Section 30(b)
of the May 2009 Amendment.  Section 30(b) of the May 2009
Amendment is hereby amended and replaced with the following:

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Issuances Upon Satisfaction
of First and Second Management Incentive Targets.  “If and when
the Company has met both the First Management Incentive Target and the Second
Management Incentive Target hereto on the respective dates specified next to
each such Management Incentive Target in the Management Incentive Target
Schedule, the Company shall be entitled to issue to the employees, officers or
directors of the Company, in addition to anything issued pursuant to Section
30(a) hereof, 49,951,714 shares of Common Stock (the “Second Incentive Common Stock
Grant”), subject to such conditions and vesting schedule as the Company
may, in its reasonable discretion, impose on the Second Incentive Grant Amount;
provided,
however, that in no event shall such grant occur later than six (6)
months after the date that the Company meets the Second Management Incentive
Target (the “Latest Second
Grant Date”).  In lieu of the Second Incentive Common Stock
Grant, the Company shall be entitled to instead grant to such employees,
officers and directors any combination of the following (the “Substitution Second Incentive
Grant”), so long as the economic value of such Substitution Second
Incentive Grant is equal to the value of the Second Incentive Common Stock Grant
had it had been granted on such date and subject to similar conditions: (i)
49,951,714 shares of Series A Preferred Stock; or (ii)(A) options to acquire, at
fair market value on the date of grant, up to 49,951,714 shares of Common Stock,
Series A Preferred Stock or a combination of shares of Common Stock and Series A
Preferred Stock; and (B) an amount of cash or shares of Common Stock or Series A
Preferred Stock (or any combination thereof) with a fair market value equal to
the fair market value of the Second Incentive Common Stock Grant on such
date.  Any Substitution Second Incentive Grant may be subject to such
conditions and vesting schedule as the Company may, in its reasonable
discretion, impose on the Substitution Second Incentive Grant; provided, however,
that in no event shall such grant occur later than the Latest Second Incentive
Grant Date].”

    

    (3)         Amendment to Section 30(c)
of the May 2009 Amendment.  Section 30(c) of the May 2009
Amendment is hereby amended and replaced with the following:

    

    “Issuances
Upon Satisfaction of First, Second and Third Management Incentive
Targets.  “If
and when the Company has met the First Management Incentive Target, the Second
Management Incentive Target and the Third Management Incentive Target hereto on
the respective dates specified next to each such Management Incentive Target in
the Management Incentive Target Schedule, the Company shall be entitled to issue
to the employees, officers or directors of the Company, in addition to anything
issued pursuant to Sections 30(a) and 30(b) hereof, 49,951,713 shares of Common
Stock (the “Third Incentive
Common Stock Grant”),
subject to such conditions and vesting schedule as the Company may, in its
reasonable discretion, impose on the Second Incentive Grant Amount; provided,
however, that in no
event shall such grant occur later than six (6) months after the date that the
Company meets the Third Management Incentive Target (the “Latest Third
Grant Date”).  In lieu of the Third
Incentive Common Stock Grant, the Company shall be entitled to instead grant to
such employees, officers and directors any combination of the following (the
“Substitution
Third Incentive Grant”), so long as the economic value of
such Substitution Third Incentive Grant is equal to the value of the Third
Incentive Common Stock Grant had it had been granted on such date and subject to
similar conditions: (i) 49,951,713 shares of Series A Preferred Stock; or
(ii)(A) options to acquire, at fair market value on the date of grant, up to
49,951,713 shares of Common Stock, Series A Preferred Stock or a combination of
shares of Common Stock and Series A Preferred Stock; and (B) an amount of cash
or shares of Common Stock or Series A Preferred Stock (or any combination
thereof) with a fair market value equal to the fair market value of the Third
Incentive Common Stock Grant on such date.  Any Substitution Third
Incentive Grant may be subject to such conditions and vesting schedule as the
Company may, in its reasonable discretion, impose on the Substitution Third
Incentive Grant; provided,
however, that in no
event shall such grant occur later than the Latest Third Incentive Grant
Date].”

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    C.          No Further
Amendments.  Except as set forth above, the May 2009 Amendment
shall remain in full force and effect in accordance with its terms.

    

    D.          Counterparts.  This
Agreement may be executed in counterparts and delivered by facsimile and all so
executed and delivered shall constitute a single original.

    

    [signature
pages follow]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

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

    

    ECOTALITY, INC., a Nevada
corporation

    

    
      
        
          	
                  By: 

                	
                  /s/ Barry
      S. Baer

                

        

      

    

    
      
        	
                Name: 

              	
                Barry S. Baer    

              

      

    

    
      
        	
                Title:
      Chief
      Financial Officer

              

      

    

    

    [signature page of Holders/Investors
follows]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Convertible
Debenture Holders’ Signature Page

    

    BRIDGEPOINTE MASTER FUND
LTD.

    

    
      
        	
                 By: 

              	
                /s/ Eric
      S. Swartz

              

      

    

    
      
        	
                Name: 

              	
                      
                  Eric
      S. Swartz

                

              

      

    

    
      
        	
                Title: 

              	
                      
                  Director

                

              

      

    

    

    ENABLE GROWTH PARTNERS
LP

    
      
        

        
          
            	
                     By: 

                  	
                          
                      /s/ Brendan
      O’
Neil

                    

                  

          

        

        
          
            	
                    Name: 

                  	
                          
                      Brendan O’
      Neil

                    

                  

          

        

        
          
            	
                    Title: 

                  	
                          
                      President
      and
CIO

                    

                  

          

        

      

    

     

    ENABLE OPPORTUNITY PARTNERS
LP

    
      

      
        
          	
                   By: 

                	
                  /s/ Brendan
      O’ Neil

                

        

      

      
        
          	
                  Name: 

                	
                  Brendan O’
Neil

                

        

      

      
        
          	
                  Title: 

                	
                        
                    President
      and
CIO

                  

                

        

      

    

     

    PIERCE DIVERSIFIED STRATEGY MASTER
FUND LLC, ENA

    
      

      
        
          	
                   By: 

                	
                        
                    /s/ Brendan
      O’
Neil

                  

                

        

      

      
        
          	
                  Name: 

                	
                  Brendan O’
Neil

                

        

      

      
        
          	
                  Title: 

                	
                        
                    President
      and
CIO

                  

                

        

      

    

    

    SHENZHEN GOCH INVESTMENT
LTD.

    
      

      
        
          	
                   By: 

                	
                        
                    /s/ Daryl
      Magana

                  

                

        

      

      
        
          	
                  Name: 

                	
                        
                    Daryl
      Magana

                  

                

        

      

      
        
          	
                  Title: 

                	
                        
                    Authorized
      Representative

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