Document:

EXHIBIT 10.3

 

ENDORSEMENT TO 10% SENIOR SECURED CONVERTIBLE NOTE

 

Precision Optics Corporation, Inc.
 New York, New York
 January 24, 2011

 

The 10% Senior Secured Convertible Note dated June 25, 2008 and amended December 11, 2008, June 25, 2010, July 26, 2010, September 15, 2010, October 15, 2010, November 15, 2010, November 30, 2010, December 1, 2010, December 3, 2010, December 17, 2010 and January 10, 2011 (the “Note”) of Precision Optics Corporation, Inc., a Massachusetts corporation (the “Company”), payable to the order of Special Situations Fund III, QP, L.P. (the “Holder”) in an aggregate principal amount of $275,000 and to which the Endorsement is affixed is hereby amended in the following respects:

 

1.                                       The term “Stated Maturity Date” is hereby restated to be “February 7, 2011.”

 

2.                                       Except as expressly amended by this Endorsement, the Note remains in full force and effect and the Company hereby reconfirms its obligations thereunder.

 

IN WITNESS WHEREOF, the Company has caused this Endorsement to be duly executed, and the Holder has caused this Endorsement to be duly accepted, by their respective duly authorized representatives as of the day and year first above written.

 

 

	
 
    	
PRECISION   OPTICS CORPORATION, INC.
    
	
 
    	
 
    
	
 
    	
By
    	
/s/   Richard E. Forkey
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:   Richard E. Forkey
    
	
 
    	
 
    	
Title:   Chief Executive Officer
    
	
 
    	
 
    
	
Accepted:
    	
 
    
	
 
    	
 
    
	
SPECIAL   SITUATIONS FUND III QP, L.P.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   David Greenhouse
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
Name:   David Greenhouse
    	
 
    	
 
    
	
 
    	
Title:   General PartnerEXHIBIT 10.4

 

ENDORSEMENT TO 10% SENIOR SECURED CONVERTIBLE NOTE

 

Precision Optics Corporation, Inc.
 New York, New York
 January 24, 2011

 

The 10% Senior Secured Convertible Note dated June 25, 2008 and amended December 11, 2008, June 25, 2010, July 26, 2010, September 15, 2010, October 15, 2010, November 15, 2010, November 30, 2010, December 1, 2010 December 3, 2010, December 17, 2010 and January 10, 2011 (the “Note”) of Precision Optics Corporation, Inc., a Massachusetts corporation (the “Company”), payable to the order of Arnold Schumsky (the “Holder”) in an aggregate principal amount of $50,000 and to which this Endorsement is affixed is hereby amended in the following respects:

 

1.                                       The term “Stated Maturity Date” is hereby restated to be “February 7, 2011.”

 

2.                                       Except as expressly amended by this Endorsement, the Note remains in full force and effect and the Company hereby reconfirms its obligations thereunder.

 

IN WITNESS WHEREOF, the Company has caused this Endorsement to be duly executed, and the Holder has caused this Endorsement to be duly accepted, by their respective duly authorized representatives as of the day and year first above written.

 

 

	
 
    	
PRECISION   OPTICS CORPORATION, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/   Richard E. Forkey
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:   Richard E. Forkey
    
	
 
    	
 
    	
Title:   Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
Accepted:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Arnold Schumsky
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Arnold   SchumskyExhibit 10.1

 

SECOND AMENDMENT TO THE VIVUS, INC.

 

LELAND F. WILSON EMPLOYMENT AGREEMENT

 

DATED DECEMBER 20, 2007

 

This Second Amendment to the VIVUS, Inc. Leland F. Wilson Employment Agreement is made as of January 21, 2011 by and between VIVUS, Inc., a Delaware corporation (the “Company”), and Leland F. Wilson (“Executive”) dated December 20, 2007, with an effective date of June 1, 2007 (the “Effective Date”).

 

WHEREAS, the parties entered into the VIVUS, Inc. Leland F. Wilson Employment Agreement dated December 20, 2007, as amended by the first amendment thereto (the “Original Agreement”), and the Original Agreement had an initial term of three (3) years commencing upon the Effective Date (the “Initial Term”).

 

WHEREAS, the parties wish to amend the Original Agreement to extend the Initial Term up to and including June 1, 2011.

 

WHEREAS, the Original Agreement, as set forth in Section 20 provides that any amendments to the Original Agreement must be in a writing executed by the parties.

 

WHEREAS, the parties enter this Second Amendment to amend the Original Agreement as set forth below to allow for an Initial Term commencing on the Effective Date and ending on June 1, 2011.

 

NOW THEREFORE, the parties agree as follows:

 

1.             Section 3 of the Original Agreement shall be amended and restated in its entirety to read as follows:

 

3.           Term of Agreement.  This Agreement will have an initial term commencing on the Effective Date and ending on June 1, 2011 (the “Initial Term”).  On the fourth anniversary of the Effective Date, this Agreement will renew for an additional one (1) year term (the “Additional Term”) unless either party provides the other party with written notice of non-renewal at least ninety (90) days prior to the date of automatic renewal.  If the Company provides Executive with a notice of non-renewal, and such non-renewal is for reasons other than Cause, Executive will be entitled to the amounts and benefits specified in Section 8 of this Agreement.

 

2.             This Second Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument.  This Second Amendment may be executed by facsimile signature, which shall be deemed to be effective.

 

1

 

3.             Upon the execution of this Second Amendment by the Company and Executive, this Second Amendment shall be binding upon the parties to the Original Agreement.

 

4.             Except as set forth above, the remainder of the Original Agreement shall remain in full force and effect and shall be binding on all parties thereto.  All terms not otherwise defined in this Second Amendment shall have the meanings prescribed to them in the Original Agreement.

 

IN WITNESS WHEREOF, the parties have duly executed this Second Amendment to the VIVUS, Inc. Leland F. Wilson Employment Agreement dated December 20, 2007, as amended to date, as of the date set forth below.

 

	
COMPANY
    	
 
    	
EXECUTIVE
    
	
 
    	
 
    	
 
    
	
VIVUS, Inc.
    	
 
    	
 
    
	
a   Delaware corporation
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Mark B. Logan
    	
 
    	
/s/   Leland F. Wilson
    
	
(Signature)
    	
 
    	
(Signature)
    
	
 
    	
 
    	
 
    
	
Mark   B. Logan
    	
 
    	
Leland   F. Wilson
    
	
(Print   Name)
    	
 
    	
(Print   Name)
    
	
 
    	
 
    	
 
    
	
Chairman   of the Board
    	
 
    	
N/A
    
	
(Print   Title if signing on behalf of an entity)
    	
 
    	
(Print   Title if signing on behalf of an entity)
    
	
 
    	
 
    	
 
    
	
Dated:   January 21, 2011
    	
 
    	
Dated:   January 21, 2011
    

 

2ex41.htm

 

	
NUMBER

     00

	SHARES

 

YELLOW7 INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF TEXAS

This Certifies That ____________________________________ is the register owner of __________________________________________ Shares of fully paid and non-assessable shares of the capital stock of said Corporation transferable only on the books of the Corporation by the holder hereof in person or by duly authorized Attorney upon surrender of this Certificate properly endorsed.

 

In Witness Whereof, the said Corporation has caused this Certificate to be signed by its duly authorized officer and its Corporate Seal to be hereunder affixed this ______ day of _________A.D._______.

 

 

	
_________________________

Secretary

	

_________________________

Presidentex10_43.htm

EXHIBIT 10.43

SETTLEMENT AGREEMENT made this 29th day of December, 2010 by and between Hidell-Eyster International, 195 Whiting Street, Hingham, Massachusetts 02043 (HEI) and PureSafe Water Systems, Inc., 25 Fairchild Avenue, Plainview, New York 11803 (PureSafe).

WITNESSETH:

WHEREAS, HEI and PureSafe are parties to a certain General Management Service Agreement, dated January 1, 2010, as amended by a Modification Agreement, dated October 23, 2010 (the Agreement);

WHEREAS, various disputes and differences have arisen between the parties; and,

WHEREAS, the parties have determined that it is in their mutual best interests to terminate the Agreement upon the terms and condition set forth below,

NOW, THEREFORE, in consideration of the premises and of the mutual promises set out below, intending themselves to be bound hereby, the parties agree as follows:

1.            The Agreement shall be deemed to have been terminated, by mutual consent of

the parties, as of November 15, 2010. Notwithstanding such termination, Paragraphs 16, 17, 18, 19, 20, and 21 of the Agreement shall continue in full force and effect.

2.            HEI will forthwith return to PureSafe all "confidential or proprietary information (as that term is defined in Paragraph 18 of the Agreement) of PureSafe in HEI custody or possession, or under its control, and all copies thereof. For the purposes of this provision, documents and things in the possession of HEI’s employees, agents, servants, sub-contractors, attorneys, and advisors shall be deemed to be under HEI control, Notwithstanding, HEI may maintain such copies hereof if any, as are required for HEI’s tax, accounting or legal purposes.

3.            HEI and PureSafe agree, and by their countersignatures below Henry R. Hidell III, Richard Pellerito, Carroll S. Keim, Kathleen Ransome, and John Clemmens each confirm that he/she has terminated his/her position(s) or services, as the case may be, with PureSafe

and/or any of its parents, subsidiaries, or affiliates whether as officer, director, employee, or consultant, effective no later than November 15, 2010.

4.            HEI agrees that, subject to its timely receipt of the consideration provided for in Paragraphs 6 and 7 hereof and payment within 30 days of invoices, to be rendered monthly for payments due, if any pursuant to this Paragraph 4: (a) for a period of 6 months from the execution of this Settlement Agreement, it will make its officers, employees, agents, and subcontractors reasonably accessible to PureSafe, by email or telephone, for reasonable consultation and advice in connection with the transition of the services previously provided to PureSafe by HEI pursuant to the Agreement to PureSafe or its designee, without cost or expense to PureSafe for a total of up to 60 hours during that six month period, and at a cost of $100 per hour for each hour in excess of 60 for the first six months and (b) in the event PureSafe requires such transitional consultation and advice services beyond said six-month period, HEI agrees to provide such services at its customary hourly rates, as set forth in the Fee Schedule to the Agreement, for an additional period of 6 months. Transitional services shall not include any software modification or design, business plans or projections, unit redesign, mechanical design activities, or preparation of operating manuals. The transitional services will be rendered in a commercially reasonable manner. Absent fraud or misconduct, HEI will not be liable for indirect, consequential, or exemplary damages including, but not limited to, lost profits, even if advised of the possibility thereof. HEI assumes no responsibility to the extent the acts or conduct of PureSafe may affect its ability to provide the transitional services.

  

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5.            HEI hereby agrees to defend, at its sole cost and expense, and indemnify and hold harmless PureSafe (including its officers, directors, agents, employees, parents subsidiaries, and affiliates) from claims for compensation by Henry R. Hidell III, Richard Pellerito, Carroll S. Keim, Kathleen Ransome, and John Clemmens for services rendered to or for the benefit of PureSafe (its parents, subsidiaries and affiliates) all times up to and including November 15, 2010.

6.            In full satisfaction of all claims for payments due under the Agreement or otherwise, PureSafe will pay the total sum of Two Hundred-Fifty Thousand ($250,000) Dollars, in accordance with the following schedule of payments:

Within 2 business days of receipt by PureSafe of a copy or counterparts of this Settlement Agreement executed by HEI, Pellerito, Keim, Ransome

	
and Clemmens

	
$20,000.00

	
January 15, 2011

	
15,000.00

	
February 15, 2011

	
15,000,00

	
March 15, 2011

	
15,000.00

	
April 15, 2011

	
20,000.00

	
May 15, 2011

	
20,000.00

	
June 15, 2011

	
20,000.00

	
July 15, 2011

	
20,000.00

	
August 15, 2011

	
25,000.00

	
September 15, 2011

	
25,000.00

	
October 15, 2011

	
25,000.00

	
November 15, 2011

	
30,000.00,

and, in addition, will issue and deliver to HEI or its designee, within ten days of the execution of this Settlement Agreement, 86,670 shares of its common stock. Payments shall be made by wire transfer to:

Name and Address of Bank: Citizens Bank of Rhode Island Providence, Rhode Island

Account Name: Hidell-Eyster Technical Services, Inc. D/B/A Hidell-Eyster International General Administration Account

Account Number: 1105092221

ABA Number: 011500120 (for domestic wires)

SWIFT Code: CTZIUS33 (for international wires)

PureSafe acknowledges that the payments provided for and delivery of the stock are due and payable without offset, defense, or counterclaim based upon any matter related to the services provided for in paragraph 4 of this Settlement Agreement.

7.            In the event any payment called for under Paragraph 6 of this Settlement Agreement is not made on or before the date due, and such payment remains unpaid for three business days after the date due, HEI may give notice of default. If the default is not cured within ten business days of the receipt of such notice, the remaining payments shall automatically accelerate and become immediately due and payable, with interest on the total amount from the date the defaulted payment was due at 9% per annum. HEI shall be entitled to recover all reasonable costs of collection including its reasonable legal fees. The provisions of Paragraph 4 shall not be binding on HEI during any period oftime during which PureSafe is in default of its payment obligations under Paragraph 6 and 7.

8.            Notwithstanding any default in payment by PureSafe, except as otherwise provided, this Settlement Agreement shall remain in full force and effect.

  

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9.              Nothing in this Agreement is intended or should be construed to be an acknowledgement of fault or wrongdoing by any party.

10.            No party to this Settlement Agreement shall defame or denigrate the other. Unless otherwise required by law, the parties shall state only that their relationship has been terminated by mutual agreement. The foregoing shall also apply to each party's officers, directors, agents, representatives, and employees.

11.            The parties have agreed upon the text of  a jointly-issued press release, a copy of which is attached as Appendix 1. Neither party shall issue any press release or other public statement inconsistent therewith.

12.            In the event of any action or proceeding involving the construction, interpretation or enforcement of this Settlement Agreement, the parties agree that the substantive laws of the State of New York will control.

13.            Subject to HEI's (and/or related individuals' or entities') compliance with Rule 144, PureSafe will cooperate in removing any restrictive legend to facilitate the sale(s) of all stock issued to HEI (or related individuals and entities) including the stock to be issued pursuant to this Settlement Agreement. PureSafe, at its sole cost and expense, shall cause its attorneys to issue and deliver to its transfer agent such opinions of counsel as may be necessary to remove any restrictive legend thereon.

14.            PureSafe shall, at its sole cost and expense, maintain (and renew) its existing Directors and Officers insurance policies (Liberty Insurance Underwriters Inc., "Executive Advantage Policy" Number: DO4N516527004, Coverage Limit $4 Million), or equivalent policies, at coverage levels no less than those currently in effect. Such policies sleet provide continuing coverage for acts or omissions occurring between January 1, 2010 and November 15, 2010.

15.            Each of the parties acknowledges and agrees that, except for the obligations of the parties as set forth herein, it has no claims of any kind or nature against the other including, but not limited to, breach of the Agreement. This Settlement Agreement shall constitute a full and complete mutual general release as between HEI and PureSafe. The foregoing includes the officers, directors, agents, employees, parents subsidiaries, and affiliates of the parties including, but not limited to: as to HEI, Henry R. Hidell III, Richard Pellerito, Carroll S. Keim, Kathleen Ransome, and John Clemmens and, as to PureSafe, Leslie Kessler and Terry Lazar.

16.            Any notice required or permitted to be given under this Settlement Agreement shall be in writing,  addressed as follows:

If to HEI:

Hidell-Eyster International P.O. Box 325

Accord, Massachusetts 02018 hidell@hidelleyster.com

with a copy to:

Labaton Sucharow, LLP

140 Broadway

New York, NY 10005

Attn: Joseph H. Einstein, Esq.

  

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If to PureSafe:

PureSafe Water Systems, Inc.

25 Fairchild Avenue, Suite 250

Plainview, NY 11803 Attn: Leslie Kessler

with a copy to Ruskin Moscou Paltischek, P.C. 1425 RXR Plaza Uniondale, NY 11556 Attn: Douglas J. Good, Esq.

dgood@rmfpc-com.

If by mail, notice will be deemed "given" three business days after mailing. If by overnight courier, notice will be deemed "given" the business day after acceptance by the carrier for overnight delivery. If by email, notice will be deemed "given" the business day after transmission, provided that a hard copy is transmitted within one day thereafter by mailing or overnight courier.

17.            This Settlement Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall be deemed one and the same document. Email and facsimile signatures shall have the same force and effect as original ink signatures.

18.            This Settlement Agreement may not be amended, modified or supplemented except by a writing duly executed by the party(ies) to be charged with any such amendment modification or supplement.

19.            This Settlement Agreement constitutes the complete understanding of the parties with respect to matters set forth above, and all prior and contemporaneous understandings, negotiations, promises, and agreements regarding settlement of the parties' dispute regarding the Agreement are merged in this Settlement Agreement. There are no understandings, promises, representations, undertakings, or agreements regarding the subject matter that are not set forth in this Settlement Agreement.

20.            The provisions of this Settlement Agreement are binding upon and shall inure to the benefit of the named parties and their respective heirs, successors, transferees, and assigns.

WHEREFORE, and intending themselves to be bound hereby, the parties have set their hands and seals as of the date first above written.

	
H1DELL-EYSTER INTERNATIONAL

	
PURESAFE WATER SYSTEMS, INC.

	  	  
	
By: /s/ Henry R. Hidell

	
By:

	  	  
	
Henry R. Hidell, its Chairman

	  

Agreed to and Confirmed as to Paragraphs 3, 10, and 15

/s/ Leslie Kessler

/s/ Terry Lazar

/s/ Henry R. Hidell, III

/s/ Kathleen Ransome

/s/ Richard Pellerito

/s/ Carroll S. Keim

/s/ John Clemmens

  

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Appendix 1

PureSafe Water Systems, Inc. (PSWS) and Hidell-Eyster International, Inc. (HEI) have announced that they have signed a settlement agreement, amicably resolving any open issues between the patties. HEI will no longer render services to PSWS and Henry Hidell has resigned as a Board member and COO. Both parties expect to cooperate into the future.

January 11, 2011

By Email

Joseph Einstein, Esq. Labaton Sueharow LLP 140 Broadway

New York, NY 10005

Re:. PureSafe Water Systems, Inc. v. Hidell-Evster International, at al.  Dear

Joe:

This letter is written in conjunction with, and as a supplement to, the Settlement Agreement dated December 23, 2010 we have been working on. When countersigned by you, this letter agreement will bind our respective clients to the following additional terms:

1.            With respect to the video that is currently displayed on PureSafe's website home page, it is agreed that HEI will interface with the video production company to remove all sections (audio and video) that contain Mr. Hide11's image (but, to the extent, if any, Mr. Hidell's voice is heard elsewhere in the video (i.e., for narration, and not simultaneously with the display of his image), that narration will not be deleted). HEI will bear the full expense of such removal and re-edit (only in order to assure the video maintains a coherent sequence, but not for the filming and insertion of new material) of the video. The removal and re-edit shall require the approval of PureSafe, which will not be unreasonably withheld. PureSafe will cooperate in the prompt accomplishment of the foregoing.

2.            For purposes of the payment schedule set forth in 6 of the Settlement Agreement, PureSafe's receipt of an executed copy of the Settlement Agreement shall be deemed to be the date on which counsel for the parties exchange by email executed counterparts of this letter/agreement, provided, however, that unless such exchange occurs prior to 6 p.m. on Tuesday, January 11, 2011, this letter/agreement shall be of no force or effect, and the parties shall retain the claims and defenses they possessed prior to the negotiation and execution of this letter/agreement.

3.            At the time PureSafe's counsel sends an executed counterpart of this

letter/agreement to HEI counsel, it will also transmit to HEI's counsel a

counterpart of the Settlement Agreement executed by PureSafe and countersigned by Leslie Kessler and Terry Lazar.

4.            Paragraphs 16-20 of the Settlement Agreement are incorporated into this

letter/agreement by reference, as if set forth in full hereat.

	  	
Sincerely,

	  	
/s/ Douglas J. Good

	  	
Douglas J. Good

	  	
For the Firm

  

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CONFIRMED, ACCEPTED AND AGREED TO:

	
/s/ Joseph Einstein

	  
	
Joseph Einstein, Esq.

	  

 

 

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