Document:

Standby Commitment Agreement Amendment

EXHIBIT 10.17

Joseph V. Vittoria

1616 South Ocean Boulevard

Palm Beach, FL 33480

(T) 561 659 0860 (F) 561 659 1045

Puradyn Filter Technologies, Inc.

2017 High Ridge Road

Boynton Beach, FL 33426

Attention: Alan J. Sandler, VP/CAO, Principal Financial Officer

March 20, 2016

RE:

Standby Commitment Agreement Amendment #18

Dear Mr. Sandler:

Pursuant to the Standby Commitment Agreement letters dated March 28, 2002, and March 14, 2003 and all Amendments thereto, I, Joseph Vittoria (the “Lending Party”), agree to extend the payback dates from December 31, 2016 to December 31, 2017.

All other terms defined in the original Standby Commitment Agreement letters and the Amendments thereto, not otherwise in conflict with this Amendment, shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed and delivered by the respective officers hereunto duly authorized on the date first written above.

/s/ Joseph V. Vittoria

Joseph V. Vittoria

Accepted and Agreed:

Puradyn Filter Technologies, Inc.

By:

/s/ Alan J. Sandler

Alan J. Sandler, Vice President, 

Chief Administration Officer, Principal Financial OfficerPROMISSORY NOTE

EXHIBIT 10.18

PROMISSORY NOTE

		
	 

	 

	January 6, 2016

	$25,000

Boynton Beach, Florida

FOR VALUE RECEIVED, the undersigned, PURADYN FILTER TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Maker”) having a business address at 2017 High Ridge Road, Boynton Beach, FL  33426, hereby promises to pay to the order of DOMINICK A. TELESCO, an individual (the “Payee” or “Holder”) having a business address at 150 Via Bellaria, Palm Beach, FL  33480, at the date of maturity set forth below, the principal amount of twenty-five thousand dollars ($25,0000), together with interest on the unpaid principal amount at the rate of 5% per annum, 

1.

Payments of Interest and Principal.  All principal and accrued interest shall be due and payable on January 5, 2017 the ("Maturity Date").  Interest may be paid in cash or shares of the Maker's common stock at the option of the Maker.  Any such shares shall be valued at the fair market value of the Maker's common stock at the date of issuance.  All payments made hereunder shall be applied as made first to the payment of interest then due, and the balance of said payment shall be applied to the payment of the principal sum.

2.

Prepayment.  From and after the date hereof, Maker shall have the option to prepay all, but not in part, the principal balance, together with accrued interest on the principal amount, of this Note.  There is no prepayment penalty.  

3.

Default.  The occurrence of any of the following shall constitute an event of default (“Event of Default”):

a.

Failure to Pay.  Maker fails to pay, when due, any of the obligations provided for in this Note at their due date, within two (2) business days follow written notice from the Payee to the Maker of the failure to timely pay the Note;

b.

Failure to Perform.  Maker fails to perform or observe any material covenant, term or condition of this Note, and such failure continues unremedied for a period of ten (10) days after written or facsimile notice from Payee to Maker of such failure;

c.

Petition By or Against Maker.  There is filed by or against Maker any petition or complaint with respect to its own financial condition under any state or federal bankruptcy law or any amendment thereto (including, without limitation, a petition or reorganization, arrangement or extension of debts) or under any other similar or insolvency laws providing for the relief of debtors; or

d.

Appointment of Receiver.  If proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Maker or of all or a substantial part of the property thereof, or an involuntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Maker or the debts thereof under any bankruptcy insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement; or

4.

Remedies.  Upon the occurrence of an Event of Default and for so long as such default is continuing:

a.

The total amount of: (a) the principal amount of this Note and all accrued but unpaid interest thereon; and (b) interest on the foregoing sums, at the rate of one and one-half percent (1 1⁄2%) per month, but not greater than the highest rate permitted by law, from said occurrence until paid in full (the “Default Amount”) shall, at the option of Payee, become immediately due and payable without notice or demand; and

b.

Payee may exercise any of the other remedies provided under applicable laws.

5.

Cumulative Remedies; Waivers.  No remedy referred to herein is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Payee at law or in equity.  No express or implied waiver by Payee of any default or Event of Default hereunder shall in any way be, or be construed to be, a waiver of any future or subsequent default or Event of Default.  The failure or delay of Payee in exercising any rights granted it hereunder under any occurrence of any of the contingencies set forth herein shall not constitute a waiver of any such right upon the continuation or recurrence of any such contingencies or similar contingencies, and any single or partial exercise of any particular right by Payee shall not exhaust the same or constitute a waiver of any other right provided herein.

6.

Costs and Expenses.  Maker shall be liable for all costs, charges and expenses incurred by Payee by reason of the occurrence of any Event of Default or the exercise of Payee’s remedies with respect thereto.

7.

Miscellaneous.  

a.

Waivers.  No waiver of any term or condition of this Note shall be construed to be a waiver of any succeeding breach of the same term or condition.  No failure or delay of Payee to exercise any power hereunder, or it insists upon strict compliance by Maker of any obligations hereunder, and no custom or other practice at variance with the terms hereof shall constitute a waiver of the right of Payee to demand exact compliance with such terms.

b.

Invalid Terms.  In the event any provision contained in this Note shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Note, and this Note shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

c.

Successors.  This Note shall be binding upon Maker, its legal representatives, successors and assigns, and inure to the benefit of Payee, its legal representatives, successors and assigns.

d.

Controlling Law.  This Note shall be read, construed and governed in all respects in accordance with the laws of the State of Florida.

e.

Amendments.  This Note may be amended only by an instrument in writing and executed by the party against which enforcement of the amendment is sought.

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8.

Notices.  All notices, request, demands and other communications required or permitted to be given hereunder shall be sufficiently given if address to the addresses set forth above and posted in the U.S. Mail by certified or registered mail, return receipt requested or by overnight mail, including appropriate receipts.  Any party may change said address by giving the other party hereto notice of such change of address.  Notice given as hereinabove prescribed shall be deemed given on the date of its deposit in the U.S. Mail or with the overnight delivery service.

9.

Headings.  All section and subsection headings herein, wherever they appear, are for convenience only and shall not affect the construction of any terms herein.

IN WITNESS WHEREOF, the undersigned has caused this Note to be executed by its duly authorized officer and its seal affixed hereto, as of the day and year first above written.

			
	 
	PURADYN FILTER TECHNOLOGIES INCORPORATED

	 
	 
	 

	 
	 
	 

	 
	By:

	/s/ Joseph V. Vittoria

	 
	 
	Joseph V. Vittoria, Chairman and Chief Executive Officer

3ADVISORY AGREEMENT

EXHIBIT 10.19

ADVISORY AGREEMENT

THIS ADVISORY AGREEMENT (the “Agreement”) is made this 7th day of March, 2016 (the “Effective Date”), by and between PURADYN FILTER TECHNOLOGIES INCORPORATED, a Delaware corporation (the “Company”), with its principal place of business located at 2017 High Ridge Road, Boynton Beach, FL  33426 and RAINERIO J. REYES, an individual (the “Advisor”), with his principal address at 135 Cold Spring Road, Avon, CT  06001.

R E C I T A L S

WHEREAS, the Company desires to retain the Advisor to provide certain advisory services as hereinafter set forth.

WHEREAS, the Advisor has agreed to provide the advisory services to the Company in accordance with the terms and conditions contained hereinafter.

NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.

Advisory Services.  During the Term of this Agreement, the Advisor is hereby retained by the Company to provide management advisory and consulting services (the “Services“).  The Advisor shall provide such Services as reasonably requested by the Company during the Term of this Agreement. Unless otherwise agreed to by the Advisor, all Services hereunder shall be performed by the Advisor, in his sole discretion, at his principal place of business. 

2.

Term; Termination.  The Term of this Agreement shall commence on the Effective Date as set forth above and end on the six (6) month anniversary of the Effective Date (the “Expiration Date”).  Either party may terminate this Agreement prior to the Expiration Date in the event that the other party fails to perform any of its material obligations under this Agreement, or otherwise defaults in any of its material obligations under this Agreement, and such failure or default continues uncured for a period of thirty (30) days following written notice from the non-defaulting party. 

3.

Compensation; Investment Intent.  

(a)

As full and complete compensation for the Services, the Company shall issue the Advisor a five year common stock purchase warrant to purchase 350,000 shares of the Company's common stock (the "Common Stock") at an exercise price of $0.05 per share (the “Compensation Warrant”).  Notwithstanding any early termination of this Agreement pursuant to Section 2 hereof, the Compensation Warrant shall be deemed earned upon the execution of this Agreement by all parties.  The form of Compensation Warrant is attached to this Agreement as Exhibit A and incorporated herein by such reference.

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(b)

The Compensation Warrant and the shares of Common Stock issuable upon the exercise of the Compensation Warrant in accordance with its terms (the "Compensation Shares") are “restricted securities” as that term is defined in the Securities Act of 1933, as amended (the “Securities Act”).  The Advisor represents and warrants to the Company that he has such knowledge and experience in financial, investment and business matters that he is capable of evaluating the merits and risks of the investment in the Compensation Warrant.  The Advisor further represents and warrants to the Company that he (i) has adequate means of providing for his current financial needs and possible personal contingencies, and has no need for liquidity of investment in the Company; (ii) can afford (a) to hold unregistered securities for an indefinite period of time and (b) sustain a complete loss of the entire amount of such securities; and (iii) has not made an overall commitment to investments which are not readily marketable which is disproportionate so as to cause such overall commitment to become excessive.  The Compensation Warrant is being acquired by the Advisor solely for his account for personal investment and not with a view to, or for resale in connection with, any distribution.  The Advisor does not intend to dispose of all or any part of the Compensation Warrant, including the Compensation Shares, except in compliance with the provisions of the Securities Act and applicable state securities laws and understands that the Compensation Warrant is being issued pursuant to a specific exemption under the provisions of the Securities Act, which exemption depends, among other things, upon the compliance with the provisions of the Securities Act.

(c)

The Company may insert the following or similar legend on the face of the certificate representing the Compensation Shares, if required in compliance with the Securities Act or state securities laws:

"These securities have not been registered under any state securities laws and may not be sold or otherwise transferred or disposed of except pursuant to an effective registration statement under any applicable state securities laws, or an opinion of counsel satisfactory to counsel to Puradyn Filter Technologies Incorporated that an exemption from registration under any applicable state securities laws is available."

4.

Expenses.  The Advisor shall be responsible for all expenses incurred by him in the performance of the Services hereunder and he is not entitled to a reimbursement by the Company for any such expenses incurred by him in the performance of his duties hereunder; provided, however, should the Advisor be requested to travel on the Company's behalf, the Company shall pay all reasonable travel expenses of Advisor upon prior agreement of the parties.

5.

Return of Documents.  On termination of this Agreement or at any time upon the request of Company, Advisor shall return to Company all documents, including all copies thereof, and all other property relating to the business of Company and/or its affiliates, including without limitation, the Confidential Information (as hereinafter defined), in his possession or control.

6.

Amendment or Assignment.  No modification, waiver, amendment, discharge or change of this Agreement shall be valid unless the same is evidenced by a written instrument, 

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executed by the party against which such modification, waiver, amendment, discharge or change is sought.  This Agreement is not assignable by the Advisor without the prior written consent of the Company, which such consent may not be forthcoming.

7.

Confidentiality. 

(a)

In connection with the performance of the Services contemplated by this Agreement, the Advisor may gain access to Confidential Information (as hereinafter defined) of the Company.  Confidential Information includes information communicated orally, in writing, by electronic or magnetic media, by visual observation, or by other means, and may be marked confidential or proprietary, or bear a marking of like import, or which the Company states to be confidential or proprietary, or which would logically be considered confidential or proprietary under circumstances of its disclosure known to Advisor. No rights or licenses to trademarks, inventions, copyrights, patents or any other intellectual property rights are implied or granted under this Agreement or by the conveying of Confidential Information to Advisor.

(b)

The Advisor acknowledges and understands that (i) Confidential Information provides the Company with a competitive advantage (or that could be used to the disadvantage of the Company by a competitor), (ii) the Company has a continuing interest in maintaining the confidentiality of Confidential Information and (iii) the Company has a compelling business interest in preventing unfair competition stemming from the use or disclosure of Confidential Information.  

(c)

For purposes hereof, “Confidential Information” includes, but is not limited to, information pertaining to business plans, joint venture agreements, licensing agreements, financial information, contracts, customers, products, trade secrets, specifications, designs, plans, drawings, software, data, prototypes, processes, methods, research, development or other information relating to the business activities and operations of the Company.

(d)

The Advisor agrees to keep Confidential Information confidential and, except as authorized by the Company, in writing, Advisor shall not, directly or indirectly, use Confidential Information for any reason except to perform the Services under this Agreement.  The Advisor acknowledges that such Confidential Information could be deemed to be material non-public information that is not generally available to the public.  The Advisor further acknowledges his understanding that federal securities laws strictly prohibit any person who obtains inside information, and has a duty not to disclose it such as the Advisor, from using the information in connection with the purchase or sale of securities. 

(e)

The restrictions in subsection (d) of this Section shall not apply to any Confidential Information if Advisor can demonstrate that the Confidential Information: (i) is or becomes available to the public through no breach of this Agreement; (ii) was previously known by Advisor without any obligation to hold it in confidence; (iii) is received from a third party free to disclose such information without restriction; (iv) is independently developed by Advisor without the use of the Confidential Information; (v) is approved for release by written authorization of the Company; (vi) is required by law or regulation to be disclosed, but only to the extent and for the purposes of such required disclosure; or (vii) is disclosed in response to a 

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valid order of a court or lawful request of a governmental agency, but only to the extent of and for the purposes of such order or request, provided that Advisor notifies the Company of the order or request ten (10) days prior to disclosure and permits the Company to seek an appropriate protective order.

8.

Waiver. Unless agreed in writing, the failure of either party, at any time, to require performance by the other of any provisions hereunder shall not affect its right thereafter to enforce the same, nor shall a waiver by either party of any breach of any provision hereof be taken or held to be a waiver of any other preceding or succeeding breach of any term or provision of this Agreement. No extension of time for the performance of any obligation or act shall be deemed to be an extension of time for the performance of any other obligation or act hereunder.

9.

Notices.  All notices, demands or other communications given hereunder shall be in writing and shall be deemed to have been duly given on the day when delivered in person or transmitted by confirmed facsimile transmission or on the third (3rd) calendar day after being mailed by United States registered or certified mail, return receipt requested, postage prepaid, to the addresses hereinabove first mentioned or to such other address as any party hereto shall designate to the other for such purpose in the manner herein set forth.

10.

Entire Agreement.  This Agreement contains all of the understandings and agreements of the parties with respect to the subject matter discussed herein.  All prior agreements, whether written or oral, are merged herein and shall be of no force or effect.

11.

Survival. Any termination of this Agreement shall not, however, affect the ongoing provisions of this Agreement which shall survive such termination in accordance with their terms.

12.

Severability.  The invalidity, illegality or unenforceability of any provision or provisions of this Agreement will not affect any other provision of this Agreement, which will remain in full force and effect, nor will the invalidity, illegality or unenforceability of a portion of any provision of this Agreement affect the balance of such provision.  In the event that any one or more of the provisions contained in this Agreement or any portion thereof shall for any reason be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be reformed, construed and enforced as if such invalid, illegal or unenforceable provision had never been contained herein.

13.

Governing Law. This Agreement shall become valid when executed and accepted by Company. This Agreement shall be construed in accordance with the laws of the State of Florida, without an application of the principles of conflicts of laws.  Anything in this Agreement to the contrary notwithstanding, the Advisor shall conduct the Advisor's business in a lawful manner and faithfully comply with applicable laws or regulations of the state, city or other political subdivision in which the Advisor is located. 

14.

Enforcement.  Any suit, action or proceeding with respect to this Agreement shall be brought in the state or federal courts located in Palm Beach County in the State of 

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Florida.  The parties hereto hereby accept the exclusive jurisdiction and venue of those courts for the purpose of any such suit, action or proceeding.  The parties hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection that any of them may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any judgment entered by any court in respect thereof brought in Palm County, Florida, and hereby further irrevocably waive any claim that any suit, action or proceeding brought in Palm Beach County, Florida has been brought in an inconvenient form.

15.

Binding Nature, No Third Party Beneficiary.  The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties, and their respective successors and assigns.  This Agreement is not assignable by the Advisor without the prior written consent of the Company.

16.

Counterparts.  This Agreement may be executed in any number of counterparts, including facsimile signatures which shall be deemed as original signatures.  All executed counterparts shall constitute one agreement, notwithstanding that all signatories are not signatories to the original or the same counterpart.

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

			
	 
	THE COMPANY

	 
	 
	 

	 
	PURADYN FILTER TECHNOLOGIES INCORPORATED.

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	By: 

	/s/ Alan J. Sandler

	 
	 
	Alan J. Sandler, 

	 
	 
	Principal Financial Officer

	 
	 
	Vice President

	 
	 
	Chief Administrative Officer

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	/s/ Rainerio J. Reyes

	 
	RAINERIO J. REYES

	 
	 
	 

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