Document:

Ohr Pharmaceutical 8-K

Exhibit 10.39

 

AMENDMENT
1 TO COMMON STOCK PURCHASE WARRANT

This
AMENDMENT 1 (this “Amendment”), dated as of March 11, 2014, to the Class J Common Stock Purchase Warrants (the
“Warrants”), originally issued by the Company on December 16, 2011;

 

WITNESSETH:

 

WHEREAS,
for its convenience, the Company wishes to amend the terms of the Warrants to provide for cashless exercise;

 

WHEREAS,
under the terms of Sections 18 and 19 of the Warrants, the Warrants may be amended with the consent (the “Required Consent”)
of a majority in interest of the holders of the Warrants;

 

WHEREAS,
the holders of Warrants who execute this Amendment (the “Holder Parties”) constitute the Required Consent; and

 

WHEREAS,
capitalized terms not otherwise defined herein shall have the meaning set forth in the Warrants;

 

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth, the parties hereto agree as follows:

 

1.                 
Effective upon receipt by the Company of the Required Consent, the Holder Parties and the Company agree that the Warrants are
hereby amended to provide:

 

(a)            
The following term shall be added as defined term in the Warrants:

 

			“Fair Market Value”
shall mean the value of a share of Common Stock as determined in accordance with the following provisions:

 

			(1) If the Common Stock is
                                                                                                                                                 listed or admitted to unlisted trading privileges on the NYSE or is traded on the Nasdaq Stock Market, the Fair Market
                                                                                                                                                 Value of a share of Common Stock shall be equal to the average of the closing sale price of the Common Stock during the five
                                                                                                                                                 (5) trading days immediately preceding the date of the event which requires the determination of Fair Market Value on
                                                                                                                                                 whichever of such exchanges or Nasdaq Stock Market had the total highest daily trading volume for the Common Stock during
                                                                                                                                                 such five (5) day trading period.

 

			(2) If the Common Stock is not
                                                                                                                                                 listed or admitted to unlisted trading privileges on the NYSE or the Nasdaq Stock Market, but is listed or admitted
                                                                                                                                                 to unlisted trading privileges on the BSE or another national securities exchange (other than the NYSE or the Nasdaq Stock
                                                                                                                                                 Market), the Fair Market Value of a share of Common Stock shall be the average of the closing sale price of the Common Stock
                                                                                                                                                 during the five (5) trading days immediately preceding the date of the event which requires the determination of Fair Market
                                                                                                                                                 Value.

 

    	 

    	 

    

 

			(3)
                                                                            If the Common Stock is not listed or admitted to unlisted trading privileges on any national securities exchange, or listed
                                                                            for trading on Nasdaq Stock Market or quoted or reported on the BSE or another national securities exchange (other than the
                                                                            NYSE or the Nasdaq Stock Market), but is traded in the over-the-counter market, the Fair Market Value of a share of Common
                                                                            Stock shall be the average of the average of the last reported bid and asked prices of the Common Stock reported by National
                                                                            Quotation Bureau, Inc. for the five (5) trading days immediately preceding the date of the event which requires the
                                                                            determination of Fair Market Value.

 

			(4)
                                                                            If the Common Stock is not listed or admitted to unlisted trading privileges on any national securities exchange, or listed
                                                                            for trading on Nasdaq Stock Market or quoted or reported on the BSE or another national securities exchange (other than the
                                                                            NYSE or the Nasdaq Stock Market), and bid and asked prices of the Common Stock are not reported by National Quotation Bureau,
                                                                            Inc., the Fair Market Value of a share of Common Stock shall be an amount, not less than the book value thereof as of the end
                                                                            of the most recently completed fiscal quarter of the company ending prior to the date requiring a determination of fair
                                                                            market value, determined in accordance with general accepted accounting principles, consistently applied.”

 

(b)            Commencing
on the date of receipt of the Required Consent, in addition to the exercise rights set forth in Section 3.1 and 3.2 of the Warrants,
Holders of the Warrants may exercise the Warrants as follows:

 

			“In addition to the method
of payment set forth in Section 3.1 or 3.2 of the Warrants and in lieu of any cash payment required thereunder, the Holder(s)
of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering
shares of Common Stock or Warrants in the manner and at the place specified in Section 3.1 of the Warrants as payment of the aggregate
Purchase Price per share for the Warrants to be exercised. The number of Warrants or shares of Common Stock to be surrendered
in payment of the aggregate Purchase Price for the Warrants to be exercised shall be determined by multiplying the number of Warrants
to be exercised by the Purchase Price per share, and then dividing the product thereof by an amount equal to the Fair Market Value
per share of Common Stock on the date that all documents and instruments required to be delivered or surrendered to the Company
for exercise of the Warrant have been so delivered or surrendered.”

 

(c)            
The Holder Parties hereby consent to this Amendment.

 

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2.                 
Miscellaneous. (a) Except as specifically provided herein, (i) the Agreement and Warrants shall continue to be in
full force and effect and are hereby in all respects ratified and confirmed, (ii) the execution, delivery and effectiveness of
this Amendment shall not constitute a waiver of any provision of any of the Warrant, (iii) all references to the Warrant in the
Warrant and this Amendment shall refer to the Warrant as amended hereby and as amended from time to time, and (iv) this Amendment
shall be subject to Sections 17 through 19 of the Warrants.

 

 (b)               
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall
constitute one and the same instrument. This Amendment shall be accepted, effective and binding, for all purposes, when the parties
shall have signed and transmitted to each other, by fax, .pdf or otherwise, copies of this Amendment.

 

[Signature Page Follows]

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers, as
of the date and year first above written.

 

	OHR PHARMACEUTICAL, INC.	 	Holder Party:
	 	 	 	Name: 	
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name: 	

	Title:	 	 	Title:	 

 

	 	 	 		
	Holder Party:	 	 	 	 
	Name:	 	 	 	 
	 	 	 	 	 
	By:	 	 		 
	Name:	 	 		

	Title:	 	 		 

	 	 	 		
	Holder Party:	 	 	 	 
	Name:	 	 	 	 
	 	 	 	 	 
	By:	 	 		 
	Name:	 	 		

	Title:	 	 		 

 

 

4ex-10.18

 
 

 

 

 Bioshaft Water Technology Inc.
 111 West Ocean Blvd 4th Fl
 Long Beach, CA 90802
 

 	 	
	 RE: 
	 AGREEMENT BETWEEN

	  
	 BIOSHAFT WATER TECHNOLOGY INC. (the “Company”)

	  
	 AND WALTER ZURAWICK 

 

 Further to the discussion between Bioshaft Water Technology Inc. and WALTER ZURAWICK, below are the terms of the agreement between the Company and Walter Zurawick.
 

 AGREEMENT
 

 DATED on the 1st day of February, 2014 by BioShaft Water Technology Inc. a State of Nevada Corporation with offices in Long Beach, CA (the “Company”) and WALTER ZURAWICK (the “Consultant”) an individual with East Coast office located at 182 Grand Oak Circle, Venice, Florida 34292.
 

 A.) The Company hereby retains the services of Walter Zurawick to to render his services as Vice President, Sales (U.S. East Coast Operations) of Bioshaft , Duties to include::
 

 1.
 Develop and impliment a marketing and business development plan for the Eastern United States (the “Territory”).
 2.
 Responsible for managing sales in the municipal, industrial marketplace.
 3.
 Support the Company’s marketing and strategic planning efforts.
 4.
 Support sales efforts worldwide.
 5.
 Recruit and train sales representatives in the Territory.
 6.
 Supervise, motivate and monitor sales representatives.
 7.
 Establish budgets/targets.
 8.
 Generate new leads.
 9.
 Assist in proposal process.
 10.
 Responsible for closing sales.
 11.
 Liaison with other managers.
 12.
 Maintain detailed knowledge of Company products and services.
 13.
 Upon the Company’s request, organize and manage trade shows for the company.
 14.
 Monitor and stay active regarding competitors.
 

 All the above services shall be performed exclusively within the Territory except as otherwise agreed in advance by the Company and Consultant.
 

 B.) Consultant hereby accepts such retention on the terms and conditions herein set forth and agree to use their best efforts to perform these services at the request of the Company.
 

 C.) Consultant shall not be required to devote any minimum or specific expenditure of time in performing these services, provided that the Consultant shall be reasonably accessible to the Company during normal business hours and shall devote such efforts to the effective performance of such services as may be commensurate therewith.
 

  
 

 
 
 

 

 TERM
 

 The term from of this Agreement shall be effective as of February 1, 2014 on a month to month basis.  Either party may terminate this Agreement without cause by giving 30 days written notice to the other.
 

 COMPENSATION
 

 In full consideration and compensation for the consulting services to be rendered to the Company by the Consultant, the Consultant shall be remunerated as follows (all figures are in US dollars)
 

 1.
 The Company shall pay the Consultant Five thousand dollars ($5,000.00) per month during which the services are rendered by the Consultant pursuant to this Agreement on the Company’s behalf (the “Compensation”).   Compensation shall be payable in arrears with Company’s payroll following the completion of each month during the term and will be pro-rated on a daily basis for partial months based on a 30 day calendar month.  
 

 2.
 Additionally, the Company shall pay to the Consultant a commission of (i) Three percent (3%) of the gross proceeds actually received by the Company from sales leads identified by the Consultant prior February 1, 2014 (“Existing Opportunities”); or (ii) five percent (5%) of the gross proceeds actually received by the Company from sales leads identified by the Consultant after February 1, 2014 (“New Opportunities”).  
 

 Upon any sale, Consultant must promptly give written notice to the Company of any Existing Opportunities, accompanied by verifiable documentation (i.e. email records, fax records, date stamped correspondence, courier receipts etc.) supporting the identification and contact of such lead prior to February 1, 2014.  Unsupported or non-objectively verifiable leads shall be deemed New Opportunities. 
 

 EXPENSES
 

 The Compensation shall be inclusive of Consultant’s overhead expenses in connection with the services described herein, including but not limited to telephone, facsimile, postage, photocopying, healthcare insurance, federal and state income taxes, travel and courier expenses. The Company agrees to reimburse the Consultant for any additional pre-approved and documented expenses incurred by the Consultant in relation to the services. 
 

 COMPANY’S OBLIGATIONS
 

 The Company shall make available to the Consultant during the term of this Agreement such information concerning the business, assets, operations and financial condition of the Company, which the Consultant reasonably requests in connection with the performance of its obligations.  So long as the Company maintains current public information in accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company’s obligations in this regard shall be deemed satisfied.  The Consultant may rely on the accuracy of all such information without independent verification.
 

 

 2
 

 
 
 

 

 CONFIDENTIALITY
 

 The Consultant hereby agrees to maintain in the strictest confidence all such information provided to it by the Company, provided that such information is first identified by the Company as confidential information.
 

 INDEMNIFICATION
 

 The Company shall indemnify and hold harmless the Consultant against any and all loss, liability, damage, cost or expense arising out of any claim or lawsuit, actual or threatened, which the Consultant may suffer, sustain or become subject to, as a result of, or in connection with, the performance of their obligations under this Agreement, except for any loss, liability or expense which is suffered as the result of, or in connection with, the Consultant’s willful misconduct, provided that the Consultant shall give prompt written notice to, and shall cooperate with and render assistance to, the Company regarding any such claim or lawsuit, and provided further the Company shall have the option to undertake and conduct the defense of any such claim or lawsuit.
 

 ENTIRE AGREEMENT
 

 This Agreement constitutes the entire Agreement between the parties and replaces all previous agreements, written or oral between the parties.  This agreement can only be amended in writing and both parties must sign all amendments.
 

 

 Please indicate acceptance of these terms by signing below where indicated. 
 

 	 	 	
	 Walter Zurawick 
	  
	 BioShaft Water Technology, Inc.

	  
	  
	  

	 /s/ Walter Zurawick_
	  
	 /s/ Bashar Amin

	  
	  
	  

	  
	  
	  

	  
	  
	  

 

 

 

 

 

 

 

 

 

 

 

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