Document:

csev_ex1001.htm

Exhibit 10.01

 

EXECUTION COPY

 

 

One Bio, Corp.

19950 W Country Club Dr.

Suite 100

Aventura FL 33180

July 8, 2011

UTA Capital LLC

YZT Management LLC

c/o Mr. Udi Toledano, Managing Member

100 Executive Drive, Suite 330

West Orange, NJ 07052

Gal Dymant

Flat B, 21/F

Tower 1, Estoril Court

55 Garden Road

Hong Kong, HK

Alan Fournier

11 Spring Hollow Road

Far Hills, New Jersey 07931

Ladies and Gentlemen:

This letter confirms the mutual understanding of One Bio, Corp. (the “Company”) and UTA Capital, LLC, Gal Dymant and Alan Fournier (collectively, the “Purchasers”) as set forth below. Capitalized terms used herein and not defined shall have the meaning ascribed to such terms in the Notes (as defined below).

 

1.           Principal Reduction Payment.  On or before July 29, 2011, the Company shall make a principal reduction payment to the Purchasers in respect of the loan evidenced by an aggregate of $2,900,000 of Promissory Notes executed by the Company and each of the Purchasers on August 12, 2010 and as amended, modified and extended through and as of the date hereof (each, a “Note” and, collectively, the “Notes”) in the aggregate amount of $348,000 (the “Principal Reduction Payment”), with the amount of the Principal Reduction Payment to be allocated among the Purchasers in accordance with Schedule 1 attached hereto.  After giving effect to the payment of the Principal Reduction Payment, the outstanding principal amount of the Notes shall be reduced by $348,000 to $2,552,000 (the “Outstanding Principal Amount”).

 

2.           Further Extension and Modification of the Notes.  The Maturity Date of the Notes is hereby further extended to December 1, 2011 (the “Extended Maturity Date”).  In addition, the Company and each of the undersigned Purchasers hereby agrees that from and after June 1, 2011, interest shall continue to accrue under the Notes at an Interest Rate of eight percent (8%) per annum.  Interest from and after the date of this letter agreement shall be payable by the Company to the Purchasers on a monthly basis on the first business day of each month that the Notes remain outstanding commencing on August 1, 2011.

 

3.           Conversion of Premium Payment.  Notwithstanding the terms and conditions of any prior agreements between the Purchasers and the Company to the contrary, the Company and Purchasers acknowledge and agree that the $580,000 Premium Payment under the Notes shall be converted to 216,000 shares of the Company’s common stock (“Conversion Shares”).  The Conversion Shares shall consist of 150,000 shares of common stock previously issued to the Purchasers on or about January 31, 2011, 58,000 shares of common stock previously issued to the Purchasers on or about April 2, 2011, and 8,000 shares of common stock (the “New Shares”) to be issued pursuant to this paragraph 3 concurrently with the execution and delivery of this letter agreement by the parties hereto. The amount of the Premium Payment being converted and the New Shares to be issued shall be allocated among the Purchasers in accordance with Schedule 1 attached hereto.

 

4.           Warrants.  The following warrants previously issued by the Company to the Purchasers that are a party to this letter agreement or subject to future issuance by the Company to the Purchasers that are a party to this letter agreement are hereby cancelled, null and void:

 

(a)           Warrants to purchase an aggregate of 90,000 shares of common stock issued to the Purchasers on or about April 1, 2011;

 

(b)           Warrants to purchase an aggregate of 58,000 shares of common stock issued to the Purchasers on or about January 1, 2011; and

 

(c)           Warrants to purchase an aggregate of 98,733 shares of common stock subject to future issuance to the Purchasers.

 

 

  

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5.           Surrender of Previously Issued Shares.  In consideration of the issuance of the Conversion Shares, including the New Shares and the Principal Reduction Payment, concurrent with the execution and delivery of this letter agreement by the Purchasers, the Company’s obligation to issue an aggregate of 58,000 shares of common stock to the Purchasers on or about May 2, 2011 (the “Forfeited Shares”) is hereby terminated and the Purchasers hereby surrender, waive and forefeit all rights, title and interest in the Forfeited Shares.

 

6.           Waiver of Default.  In consideration of the foregoing agreements and covenants of the Company and the Purchasers set forth in this letter agreement, the Purchasers hereby waive any event of default by the Company under the Notes arising solely from the nonpayment of the principal amount of the Notes at the June 1, 2011 Maturity Date.

 

7.           Fees and Expenses.  The Company shall promptly reimburse Purchasers for all of Purchasers’ legal fees and other out-of-pocket expenses incurred in connection with the preparation and negotiation of this letter agreement.   The Company concurrently with the execution of this Agreement is advancing $20,000 to Purchasers’ counsel as a full reimbursement of such legal expenses and all prior accrued and unpaid legal expenses and $10,000 to Gal Dymant, or his assignee designated in writing to the Company, to cover his expenses to conduct an on-site due diligence visit at the Company on behalf of the Purchasers, and the extension of the Extended Maturity Date contemplated by this letter agreement shall be ineffective if such payments are not received within five days of the execution and delivery of this letter agreement.

 

8.           Enforceability.  Except as specifically modified herein, all prior written agreements between the Company and the Purchasers remain in full force and effect.

 

9.           Amendment and Waiver.  No term, covenant, agreement or condition of this letter agreement may be amended unless in a writing and executed by all of the parties hereto affected thereby.  No waiver of any term, covenant, agreement or condition of this letter agreement by a party shall be effective unless in writing executed by the waiving party.

 

10.           Successors and Assigns.  This letter agreement shall be binding on and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not, and shall be subject to the terms and conditions of any prior written agreements between the parties.

 

11.           Counterparts.  This letter agreement may be executed by one or more of the parties to this letter agreement in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument.

 

12.           Severability.  In case any one or more of the provisions contained in this letter agreement or in any instrument contemplated hereby, or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein, and any other application thereof, shall not in any way be affected or impaired thereby.

 

 

 

  

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13.           Conflict with Existing Loan Documents.  Notwithstanding any provision to the contrary contained in this letter agreement or any other written agreement between the parties, if any of the provisions of any other written agreement between the parties conflict with or are inconsistent with the provisions of this letter agreement, this letter agreement shall control and govern.

 

14.           Captions.  The captions and headings of this letter agreement are for convenience of reference only and shall not affect the interpretation of this letter agreement.

 

15.           Governing Law.  WITH RESPECT TO ANY ACTION OR DISPUTE BETWEEN COMPANY AND THE PURCHASERS THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

16.           Loan Extension Agreement.  It is the intention and understanding of the parties hereto that this letter agreement shall act as an extension of the loan evidenced by the Notes and that this letter agreement shall not act as a novation of such loan.

 

17.           Effective Date.  This letter agreement shall become effective and its terms and conditions shall become enforceable by or against the parties hereto upon the Purchasers’ written confirmation of the satisfactory completion of their on-site due diligence visit at the Company.

 

[Signature Page to Immediately Follow]

 

 

 

  

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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

 

	 	COMPANY:	 
	 	 	 
	 	ONE BIO, CORP.	 
	 	 	 	 
	
 

	
By: 

	/s/Marius Silvasan	 
	 	 	Name : Marius Silvasan	 
	 	 	Title :   CEO	 
	 	 	Address:     8525 NW 53rd Terr., Suite C101	 
	 	 	                      Doral, Fl 33166	 
	 	 	Attention:   Chief Executive Officer	 

 

	 	
PURCHASERS:

	 
	 	 	 
	 	UTA CAPITAL LLC,	 
	 	a Delaware limited liability company	 
	 	 	 
	 	By: YZT Management LLC, its Managing Member	 
	 	 	 	 
	
 

	
By: 

	/s/ Udi Toledano	 
	 	 	Name: Udi Toledano	 
	 	 	Title:  Managing Member	 
	 	 	Address:    100 Executive Drive, Suite 330	 
	 	 	                     West Orange, NJ 07052	 

  

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	 	PURCHASERS  CONT’D:	 
	 	 	 
	 	GAL DYMANT	 
	 	 	 	 
	 	
By: 

	/s/ Gal Dymant	 
	 	 	Gal Dymant	 
	 	 	 	 
	 	 	Address:      Flat B, 21/F	 
	 	 	                      Tower 1, Estoril Court	 
	 	 	                      55 Garden Road	 
	 	 	                      Hong Kong, HK	 
	 	 	 	 

 

	 	 	 
	 	 	 
	 	ALAN FOURNIER	 
	 	 	 	 
	
 

	
By: 

	/s/ Alan Fournier	 
	 	 	Alan Fournier	 
	 	 	 	 
	 	 	Address:       11 Spring Hollow Road	 
	 	 	                       Far Hills, New Jersey 07931	 

 

  

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Schedule 1

 

	
Purchasers

	
Percentage of Principal Reduction Payment

	

Number of New Shares

	
UTA Capital LLC

	

68.965%

	

5,517

	
Gal Dymant

	

12.069%

	

966

	
Alan Fournier

	

18.966%

	

1,517

	
Total

	

100%

	
8,000

 

 

6csev_ex1002.htm

Exhibit 10.02

 

EXECUTION COPY

 

One Bio, Corp.

19950 W Country Club Dr.

Suite 100

Aventura FL 33180

July 8, 2011

UTA Capital LLC

YZT Management LLC

c/o Mr. Udi Toledano, Managing Member

100 Executive Drive, Suite 330

West Orange, NJ 07052

Gal Dymant

Flat B, 21/F

Tower 1, Estoril Court

55 Garden Road

Hong Kong, HK

Alan Fournier

11 Spring Hollow Road

Far Hills, New Jersey 07931

Ladies and Gentlemen:

One Bio, Corp. (the “Company”) and UTA Capital, LLC, Gal Dymant and Alan Fournier (collectively, the “Consulting Firms”) are parties to that certain consulting letter agreement dated as of February 28, 2011 (the “Prior Agreement”).  This letter confirms the mutual understanding of the Company and the Consulting Firms with respect to certain provisions of the Prior Agreement effective as of the date of this letter agreement.   Capitalized terms used herein and not defined shall have the meaning ascribed to them in the Prior Agreement.  In consideration of the mutual promises contained herein and under the Prior Agreement and the continued performance of the parties of their continuing obligations under the Prior Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Share Put Right.  The Put Right under paragraph 3(a) of the Prior Agreement is hereby amended and modified as follows:

 

(a)           The Company hereby agrees to purchase from each of the Consulting Firms, severally and not jointly, and each Consulting Firm hereby agrees to sell to the Company, severally and not jointly, the shares of the Company’s common stock identified on Schedule 1 attached hereto (the “Put Shares”) on the terms set forth below (the “Put Right”):

 

(i)           Price. The price per share to be paid by the Company for the Put Shares shall be $5.3893 per share, net of any taxes and transfer fees; and

 

  

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(ii)           Closing. The issuance and sale of the Put Shares shall be completed as follows:

 

(A)            up to 79,788 shares for $430,000 on the earlier to occur of (1) the Extended Maturity Date, or (2) such earlier date as the Notes are repaid in full by the Company (the earlier of such dates, the “First Put Date”);

 

(B)           up to 108,881 shares for $586,800 on the four month anniversary of the First Put Date; and

 

(C)           up to 111,331 shares for $600,000 on the seven month anniversary of the First Put Date.

 

(b)           Security.  As security for the Company’s obligations with respect to the Put Right set forth above, the pledge and security obligations of the Company to the Consulting Firms set forth in that certain Securities Purchase and Registration Rights Agreement dated January 8, 2009, as extended, modified and amended through the date hereof, shall survive and continue in full force and effect until such time as all amounts owing to the Consulting Firms under this letter agreement or any other agreement or instrument have been paid in full.

 

(c)           Allocation.  Put Shares shall be allocated among the Consulting Firms in accordance with Schedule 1 attached hereto.

 

2. Enforceability.  Except as specifically modified herein, all prior written agreements between the Company and the Consulting Firms remain in full force and effect.

 

3. Amendment and Waiver.  No term, covenant, agreement or condition of this letter agreement may be amended unless in a writing and executed by all of the parties hereto affected thereby.  No waiver of any term, covenant, agreement or condition of this letter agreement by a party shall be effective unless in writing executed by the waiving party.

 

4. Successors and Assigns.  This letter agreement shall be binding on and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not, and shall be subject to the terms and conditions of any prior written agreements between the parties.

 

5. Counterparts.  This letter agreement may be executed by one or more of the parties to this letter agreement in any number of separate counterparts, each of which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument.

 

6. Severability.  In case any one or more of the provisions contained in this letter agreement or in any instrument contemplated hereby, or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein, and any other application thereof, shall not in any way be affected or impaired thereby.

 

  

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7. Conflict with Existing Loan Documents.  Notwithstanding any provision to the contrary contained in this letter agreement or any other written agreement between the parties, if any of the provisions of any other written agreement between the parties conflict with or are inconsistent with the provisions of this letter agreement, this letter agreement shall control and govern.

 

8. Captions.  The captions and headings of this letter agreement are for convenience of reference only and shall not affect the interpretation of this letter agreement.

 

9. Governing Law.  WITH RESPECT TO ANY ACTION OR DISPUTE BETWEEN COMPANY AND THE PURCHASERS THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[Signature Page to Immediately Follow]

 

  

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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

 

	 	COMPANY:	 
	 	 	 
	 	ONE BIO, CORP.	 
	 	 	 	 
	
 

	
By: 

	/s/Marius Silvasan	 
	 	 	Name :	 
	 	 	Title :	 
	 	 	Address:     8525 NW 53rd Terr., Suite C101	 
	 	 	                      Doral, Fl 33166	 
	 	 	Attention:   Chief Executive Officer	 

 

	 	CONSULTING FIRMS:	 
	 	 	 
	 	UTA CAPITAL LLC,	 
	 	a Delaware limited liability company	 
	 	 	 
	 	By: YZT Management LLC, its Managing Member	 
	 	 	 	 
	
 

	
By: 

	/s/ Udi Toledano	 
	 	 	Name: Udi Toledano	 
	 	 	Title:  Managing Member	 
	 	 	Address:    100 Executive Drive, Suite 330	 
	 	 	                     West Orange, NJ 07052	 

  

4

  

	 	GAL DYMANT	 
	 	 	 	 
	 	
By: 

	/s/ Gal Dymant	 
	 	 	Gal Dymant	 
	 	 	 	 
	 	 	Address:      Flat B, 21/F	 
	 	 	                      Tower 1, Estoril Court	 
	 	 	                      55 Garden Road	 
	 	 	                      Hong Kong, HK	 
	 	 	 	 

 

	 	CONSULTING FIRMS CONT’D:	 
	 	 	 
	 	ALAN FOURNIER	 
	 	 	 	 
	
 

	
By: 

	/s/ Alan Fournier	 
	 	 	Alan Fournier	 
	 	 	 	 
	 	 	Address:       11 Spring Hollow Road	 
	 	 	                       Far Hills, New Jersey 07931	 

 

  

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Schedule 1

 

	
Purchaser

	
Number of  Put Shares

	
Percentage Interest in Put Share Tranches

	
UTA Capital LLC

	
206,896 Shares

	
68.965%

	
Gal Dymant

	
36,208 Shares

	
12.069%

	
Alan Fournier

	
56,896 Shares

	
18.966%

	
Total

	
300,000 Shares

	
100%

 

 

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