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Horiyoshi Worldwide Inc. - Exhibit 10.8 - Filed by newsfilecorp.com

AGREEMENT FOR SETTLEMENT OF PREPAID ASSETS

  AND FORGIVENESS OF DEBT 

      
     This Agreement for Settlement of Prepaid
Assets and Forgiveness of Debt (the “Agreement”) is entered into effective as of
June 30, 2011, by and between Horiyoshi the Third Limited aka Horiyoshi the
Third (the “Company”), a Hong Kong Company, Lonestar Capital Limited
(“Creditor”), a Hong Kong Company, and Stone Corporation, Inc.
(“Stone”).

      
     WHEREAS, the Company entered into a
$3,000,000 revolving line of credit agreement with Creditor as evidenced by the
loan agreement between the Company and the Creditor dated July 28, 2010; and,

      
     WHEREAS, the Company holds the right to
obtain $629,168.73 of assets from Stone, for amounts that have been prepaid;
and, 

      
     WHEREAS, the Company desires to repay
$629,168.73 to Creditor for amounts outstanding under the revolving line of
credit pursuant to this Agreement; and, 

      
     WHEREAS, Creditor has agreed to forgive
$629,168.73 of the amount outstanding under the revolving line of credit
agreement in consideration of the Company absolving its rights to obtain
$629,168.73 of assets from Stone, the Creditor’s subsidiary through 80%
ownership.

       
    NOW, THEREFORE, this Agreement is made in
consideration of the premises and mutual covenants set forth herein; and each of
the parties to this Agreement agrees as follows: 

	1. 	
      Forgiveness of Indebtedness. In exchange
      for the Company absolving its rights to obtain $629,168.73 of assets from
      Stone, Creditor agrees to forgive $629,168.73 of indebtedness outstanding
      under its revolving line of credit with the Company. All outstanding
      amounts remaining under the line of credit after the forgiveness of
      indebtedness will remain collectible under the terms and conditions set
      forth in the revolving line of credit agreement between the Company and
      Creditor dated July 28, 2010.

	 	 
	2. 	
      Miscellaneous. This Agreement shall be
      binding on and inure to the benefit of the parties hereto and their
      respective successors and assigns. This Agreement may be executed in more
      than one counterpart, each of which shall be deemed to be an original but
      all of which together shall constitute one and the same
  instrument.

      
     NOW, THEREFORE, the parties hereto have
executed this Agreement effective as of the first date set forth above. 

	
      STONE CORPORATION 
	 	HORIYOSHI THE THIRD LIMITED 
	 	 	 
	(“Stone”) 	 	(“Company”) 
	 	 	 
	& 	 	  
	 	 	 
	LONESTAR CAPITAL LIMITED 	 	  
	 	 	 
	(“Creditor”) 	 	  
	 	 	 
	/s/ Steve Suk 	 	/s/
  Mitsuo Kojima 
	  	 	  
	 	 	 
	Name: Steve Suk 	 	Name: Mitsuo Kojima 
	 	 	 
	Title: Director 	 	Title: CEO of Horiyoshi Worldwide, Inc. 
	  	 	parent company of Horiyoshi The Third 
	  	 	Limitedex10_1.htm

Exhibit 10.1 

 

FIRST AMENDMENT TO STANDSTILL AGREEMENT

This FIRST AMENDMENT TO STANDSTILL AGREEMENT (“First Amendment”), dated as of August 15, 2011, is entered into by and among Toshiba America Nuclear Energy Corporation (“TANE”), Babcock & Wilcox Investment Company (“B&W”) (each an “Investor” and together, the “Investors”) and USEC Inc. (“USEC”) (each a “Party” and collectively hereinafter referred to as the Parties”).

WHEREAS, on or about May 25, 2010, Toshiba Corporation (“Toshiba”), B&W and USEC entered into that certain Securities Purchase Agreement (the “Agreement”);

WHEREAS, on or about August 10, 2010, Toshiba assigned all of its rights in the Agreement to TANE;

WHEREAS, pursuant to Section 5.2(e) of the Agreement, the obligations of each Investor to consummate the transactions contemplated by the Agreement at the Second Closing are subject to the fulfillment or waiver by such Investor on or before the Second Closing of the condition that USEC shall have entered into the Conditional Commitment with DOE; and

WHEREAS, pursuant to Section 10.2(a) of the Agreement, if the Second Closing fails to occur on or before June 30, 2011, each Investor (as to such Investor’s obligations under the Agreement) or USEC may terminate the Agreement; and

WHEREAS, the Second Closing did not occur on or before June 30, 2011;

WHEREAS, the Parties entered into the Standstill Agreement dated as of June 30, 2011 (the “Standstill Agreement”) whereby each Party agreed not to exercise its right to terminate the Agreement under Section 10.2(a) thereof prior to August 15, 2011;

WHEREAS, the Certificate of Designation of Series B-1 12.75% Convertible Preferred Stock (the “COD”) governs the convertible preferred stock of USEC purchased by the Investors on September 2, 2010; and

WHEREAS, the Parties desire to amend the Standstill Agreement as provided herein.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants contained herein, the Parties hereby agree as follows:

	
1.  

	
Paragraph 2 of the Standstill Agreement is hereby amended by deleting “August 15” and inserting in lieu thereof “September 30” such that Paragraph 2 shall read, in its entirety as follows:

 

Each Party hereby agrees not to exercise its right to terminate the Agreement under Section 10.2(a) prior to September 30, 2011.

 

	
2.  

	
A new Paragraph 8 shall be added to the Standstill Agreement, such that Paragraph 8 shall read, in its entirety as follows:

 

In the event that the Second Closing fails to occur by September 30, 2011 and an Investor elects to terminate the Agreement pursuant to Section 10.2(a) of the Agreement following such date, USEC hereby agrees that USEC shall exercise its right to redeem, pursuant to Section 7(f) of the COD, any and all outstanding shares of Series B-1 12.75% Preferred Stock (as such term is defined in the COD) held by such Investor that remain outstanding on August 31, 2012 (the “Redemption Date”) and shall redeem all such shares pursuant to the provisions of Section 7(f) of the COD on the Redemption Date; provided, that such Investor has, prior to the Redemption Date, made a Sale Election (as such term is defined in the COD) and has complied with the requirements of the COD with respect to such Sale Election.

 

	
3.  

	
USEC acknowledges and confirms that (a) each Investor has fulfilled all of its obligations under Section 7.2(a) of the Agreement through the date hereof, and (b) the failure of the Second Closing to occur on or prior to the date hereof has not been caused by or been the result of either Investor’s failure to fulfill any obligation under the Agreement.

 

	
4.  

	
Except as expressly amended by Section 1 and 2 hereof, the Standstill Agreement shall remain unchanged and, as amended by such Section 1 and 2, the Standstill Agreement shall remain in full force and effect.

 

	
5.  

	
Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in the Standstill Agreement.

 

[Remainder of page intentionally left blank.]

  

  

  

IN WITNESS WHEREOF, the Parties have executed this First Amendment through their duly authorized representatives as of the date first written above.

Toshiba America Nuclear Energy                                                                                     Babcock & Wilcox Investment

Corporation                                                                                                  Company

By: /s/ Akio Shioiri                                                                                              By: /s/ David S. Black                               

Name:  Akio Shioiri                                                                                                     Name:  David S. Black                             

Title:    President & CEO                                                                                                Title:VP & Chief Accounting Officer     

USEC Inc.

By:  /s/ John K. Welch                        

Name: John K. Welch                         

Title:   President & CEOFebruary 23, 2007

 May 26, 2011
 

 Michael Metcalf
 Voice Assist, Inc.
 CEO & Chairman
 2 South Pointe, Ste. 100
 Lake Forest, CA  92630
 

 Re: Proposed Private Placement of Securities
 

 Dear Mr. Metcalf:
 

 This is to confirm the understanding and agreement between Paulson Investment Company, Inc. (referred to herein as “we”, “us” or “our” and the like) and Voice Assist, Inc. (referred to herein as “you”, “your” and the like), as follows:
 

 1.
 Engagement.  We will serve as your  placement agent to place, on a best-efforts basis, in connection with a private placement of a minimum of $1,000,000 and up to a maximum of $2,000,000 of aggregate number of  the units (the “Units”) as more fully described and on the terms and conditions set forth in the Term Sheet attached hereto and made a part hereof (the “Placement”) in a transaction intended to qualify from the safe harbor exemption to the registration requirements of the Securities Act of 1933, as amended, pursuant to Regulation D promulgated thereunder (the “Placement”).  As such, the Units will be offered exclusively to persons who qualify as “accredited investors”, as such term is defined in Rule 501(a) promulgated under the Act.  
 

 2.
 Services.  As Placement Agent, we will provide the following services to you in connection with the Placement: (i) advise you as to valuation, pricing, structure and strategy; (ii) represent you in any negotiations with investors; (iii) identify persons who are accredited investors who may have an interest in the Placement; and (iv) all other services directly related to the Placement as reasonably requested by you.
 

 In order for us to advise you effectively it is necessary that you make available to us all pertinent information that we reasonably request in connection with the performance of our services hereunder, including information concerning your business, assets, operations and financial condition. You agree that we may rely upon the accuracy and completeness of information that you provide to us without independent verification and further, that we are authorized to make appropriate use of such information.
 

 3.
 Right to Retain Subagents.  We shall have the right in our sole discretion to retain one or more FINRA-registered investment banking firms to serve as subagents in connection with the Placement. Any compensation payable to subagents, if any, shall be our responsibility.
 

 Voice Assist, Inc. 
 May 26, 2011 
 Page 2
 

 

 4.
 Term. The term of our engagement hereunder will extend from the date hereof and shall be terminated on the close of business (Pacific Time) on July 31, 2011, unless extended for up to 
 two months by mutual agreement. Any obligation for our fees or expense reimbursement earned prior to termination under this agreement will survive any such termination.
 

 5.
 Fees and Expenses.  You agree to pay us a cash placement agent fee equal to 10% of the aggregate funds raised in the Placement and five-year placement agent warrants for 10% of the aggregate funds raised in the Placement.  Such compensation shall be payable at each closing in proportion to the aggregate funds raised at such closing.  In addition, up front, upon signing this letter, you agree to pay us an expense allowance in an amount equal to $5,000 to cover our legal and other expenses.  We will also receive an additional $10,000 upon the first closing of our escrow account for the remainder of our expense allowance. If the Placement is not consummated for any reason, we will be entitled, upon a presentation of a written accounting therefore in reasonable detail (but without the need to include the underlying statements or evidence of payment), to prompt reimbursement of our actual, reasonable, out-of-pocket expenses related to the Placement, including but not limited to fees and expenses of our legal counsel up to a maximum amount of $15,000 (less the amount of the expense allowance which you have advanced hereunder).
 

 6.
 Indemnification.  You agree to indemnify and hold us and our subagents (collectively, for purposes of this Section 6, the “Placement Agents”, which term includes our and their respective  directors, controlling persons (as such term is defined under the Securities Act of 1933), officers, employees and agents) harmless against and from all losses, claims, damages or liabilities, and all actions, claims, proceedings and investigations in respect thereof, arising out of or in connection with this engagement or the Placement Agents’ services rendered in connection with this engagement, and to reimburse the Placement Agents for all reasonable legal and other out-of-pocket expenses as incurred by the Placement Agents in connection with investigating, preparing or defending any such action, claim, proceeding or investigation; provided, however, you shall not be so liable to the extent that any such loss, claim, damage or liability is finally judicially determined to have resulted primarily and directly from the Placement Agents’ gross negligence or willful misconduct.  
 

 If for any reason the foregoing indemnification or reimbursement is unavailable to the Placement Agents or insufficient to hold it harmless (except by reason of the Placement Agents’ gross negligence or willful misconduct), then you shall contribute to the amount paid or payable by the Placement Agents as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative benefits received by them on the one hand and the Placement Agents, on the other hand, the relative fault of the parties and any relevant equitable considerations; provided that, in no event, will the aggregate contribution of the Placement Agents hereunder exceed the amount of cash fees that were actually received by us pursuant to this agreement. 
 

  
 

 

 Voice Assist, Inc. 
 May 26, 2011 
 Page 3
 

 Your reimbursement, indemnity and contribution obligations under this Agreement shall be in addition to any liability that you may otherwise have, shall survive any termination of this 
 Agreement and shall be binding upon and extend to the benefit of any your successors, assigns, heirs and personal representatives.
 

 We agree to indemnify you and hold you and your officers, directors, employees and controlling persons (as such term is defined under the Securities Act of 1933), harmless against and from all losses, claims, damages or liabilities, and all actions, claims, proceedings and investigations  in respect thereof, arising out of or in connection with any action or omission by any Placement Agent in connection with this engagement, and to reimburse you for all reasonable legal and other out-of-pocket expenses as incurred by you in connection with investigating, preparing or defending any such action, claim, proceeding or investigation; provided, however, we shall not be so liable unless such loss, claim, damage or liability is finally
 judicially determined to have resulted primarily and directly from such Placement Agent’s gross negligence or willful misconduct.
 

 Our reimbursement, indemnity and contribution Obligations hereunder shall be in addition to any liability that we may otherwise have, shall survive any termination
 of this agreement and shall be binding upon and extend to the benefit of any of our successors, assigns, heirs and personal representatives.
 

 7. 
 Right of First Refusal. The Company will give us the right of first refusal for any future financings (public or private) commencing on the first escrow closing for this private placement.  We will have 30 days to respond as to whether we accept or waive this right.  This right of first refusal will expire five years after the first escrow closing of this private placement.
 

 

 8.
 Our Duty. You acknowledge and agree that we are being engaged hereunder solely to provide the services described above to you, and that we are not acting as a fiduciary of, and shall have no duties or liabilities to, your equity holders or any other third party in connection with our engagement hereunder, all of which are hereby expressly waived.  
  
 9.
 Miscellaneous. This Agreement may not be modified except in writing.  This agreement represents the entire understanding between you and us as to the subject matter hereof, and all prior discussions and negotiations are merged into them.  This agreement shall be governed by and construed in accordance with the laws of the State of Oregon.  In the event that any dispute among the parties to this agreement should result in arbitration or litigation, the prevailing party shall be entitled to recover from the non-prevailing party all of its related fees, costs and expenses, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals.   
 

  
 

 

 Voice Assist, Inc. 
 May 26, 2011 
 Page 4
 

 

 If this letter correctly sets forth the understanding between us, please so indicate by signing on the designated space below and returning a signed copy to us, whereupon this letter shall constitute the agreement between us.
 

 

 

 

 

 

 

 

 Sincerely,
 

 

 

 

 PAULSON INVESTMENT COMPANY, INC.
 

 

 By: 
 /S/ Lorraine Maxfield                               
 Title: 
 Senior VP, Corporate Finance                 
 

 

 Agreed and accepted this ___ day of May, 2011
 

 VOICE ASSIST, INC.
 

 

 By: 
 /S/ Michael Metcalf                                 
 Title: 
 CEO

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