Document:

SECOND AMENDMENT TO THE RIDER TO AMENDED AND RESTATED
REVENUE SHARING AND NOTE PURCHASE AGREEMENT
 May 10, 2019

Reference is hereby made to: (a) the
Revenue Sharing and Note Purchase Agreement, originally dated as of February 14, 2014, and amended and restated as of
December 24, 2014 (as so amended and restated, the “Original Agreement”; and, the Original Agreement, as
supplemented by the Amended Rider referred to below and otherwise amended, restated, supplemented or modified from time to
time, the “Agreement”), by and among ANDREA ELECTRONICS CORPORATION, a New York corporation (the
“Company”), AND34 FUNDING LLC, as collateral agent (the “Collateral Agent”), and the
financial institutions party thereto as “Purchasers”; and (b) the Rider to the Amended and Restated Revenue Sharing
and Note Purchase Agreement, originally dated as of August 10, 2016 as amended by that certain First Amendment to the Rider
to Amended and Restated Revenue Sharing and Note Purchase Agreement dated October 24, 2017 (as amended or modified from time
to time, the “Original Rider”), by and among the Company, the Collateral Agent and the Purchasers party
thereto. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original
Agreement as supplemented by the Original Rider.

This Second Amendment to the Original Rider (this “Second Amendment”; together with the Original Rider, as amended by this Second Amendment, the “Amended Rider”) is dated as of May 10, 2019, and, upon execution by the parties identified on the signature pages hereto, will hereafter be part of the Original Agreement and the Original Rider.

WHEREAS, the Company has requested to amend the Original Rider as contemplated hereby; and

WHEREAS, the Collateral Agent, the Revenue Participants party hereto and the Noteholders party hereto are willing to amend the Original Rider, subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties hereto hereby agree to amend the Original Rider as follows:

1. Amendment to Recitals to the Original Rider. The parenthetical in the second recital of the Original Rider is hereby amended and restated in its entirety to read as follows:

(including the 2016 Notes (as defined below) and the 2019 Notes (as defined below), hereafter, the “Additional Notes”)

2. Amendment to Section C.l to the Original Rider. Section C.1 of the Original Rider is hereby amended and restated in its entirety as follows:

C.1. Purchase and Sale of Additional Notes.

C.1.1. On August 10, 2016 (the “Rider Date”) and from time to time thereafter as provided herein, the Company agreed to issue and sell, and each Note Purchaser agreed to purchase additional Notes (the “2016 Notes”) in an aggregate original principal amount of up to $7,500,000. The Company acknowledges and agrees that a portion of the 2016 Notes in an aggregate principal amount equal to $7,400,000 has already been purchased and sold under the Original Agreement (as supplemented by the Original Rider).

C.1.2. On and after May 10, 2019, the Company agrees to issue and sell, and each Note Purchaser agrees to purchase, additional Notes (the “2019 Notes”) in an aggregate original principal amount not to exceed $4,000,000, bringing the total availability of Additional Notes to an aggregate principal amount of $4,100,000 (excluding any PIK Interest).

C.1.3 Any Additional Note shall be in a minimum amount of $100,000, and the Company may not request Additional Notes to be acquired more than one time in any calendar month. The purchase and sale of the Additional Notes will occur at least 10 Business Days after which a written request is received by the Note Purchasers at the addresses set forth on Schedule 9.3 to the Original Agreement or by such other means (including by electronic mail) as may be agreed upon by the parties hereto, subject to the terms and conditions hereof. Additional Notes shall be payable in immediately available funds by wire transfer to the deposit account of the Company as identified in writing by the Company to the Note Purchasers. No Note Purchaser shall be responsible for any default by any other Note Purchaser in its obligation to purchase Additional Notes hereunder. The Company may subsequently request, and the Note Purchasers may in their sole discretion agree to, the sale and purchase of Additional Notes in excess of such amount. The obligation of each Note Purchaser to purchase Additional Notes shall be subject to the satisfaction of the conditions contained in Section 3.3 of the Original Agreement and the delivery of such other documents as reasonably requested by the Collateral Agent and/or the Note Purchasers (including, without limitation, customary resolutions and legal opinions and confirmation of collateral matters). The proceeds of the Additional Notes shall be applied solely to the payment of Monetization Expenses (or to reimburse the Company for the payment of Monetization Expenses).

3. Amendment to Section C.3.1. to the Original Rider. Section C.3.1 of the Original Rider is hereby amended to replace the reference to “August 31, 2020” to “August 31, 2022”.

4. Reaffirmation of Original Rider and the Agreement. Except as expressly amended hereby, each of the Original Rider and the Original Agreement, as amended by the Original Rider, and the other Documents shall continue in full force and effect. This Second Amendment, the Original Agreement and the Original Rider shall hereafter be read and construed together as a single document, and all references in the Agreement, any other Document or any agreement or instrument related to the Agreement shall hereafter refer to the Original Agreement as amended by Amended Rider. This Second Amendment and the Amended Rider each shall constitute a Document.

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5. Incorporation by Reference. EACH PARTY HERETO HEREBY AGREES THAT THE PROVISIONS OF SECTIONS 9.7, 9.8 and 9.9 OF THE ORIGINAL AGREEMENT SHALL APPLY TO THIS SECOND AMENDMENT AND THE AMENDED RIDER.

6. Execution in Counterparts. This Second Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or by electronic .pdf copy of an executed counterpart of a signature page to this Second Amendment shall be effective as delivery of an original executed counterpart of this Second Amendment. The Collateral Agent may also require that any such documents and signatures delivered by telecopier be confirmed by a manually signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier.

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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to the Original Rider to the Original Agreement to be duly executed and delivered as of the day of the year first above written.

ANDREA ELECTRONICS CORPORATION,
as the Company

	By:	
		Name: Corisal Guiffre
		Title: Vice President and CFO

AND34 FUNDING LLC,
as a Revenue Participant

	By: 	
		Name: CONSTANTINE M. DAKOLIAS
		Title: PRESIDENT

AND34 FUNDING LLC,
as a Noteholder

	By: 	
		Name: CONSTANTINE M. DAKOLIAS
		Title: PRESIDENT

AND34 FUNDING LLC,
as Collateral Agent

	By: 	
		Name: CONSTANTINE M. DAKOLIAS
		Title: PRESIDENTex_144981.htm

Exhibit 10.1

 

AGREEMENT AND PLAN OF MERGER

 

This Agreement and Plan of Merger (the “Agreement”) is entered into the 1st day of April, 2019, by and between Petrogress Int’l LLC (the “Surviving Company”), a Delaware limited liability company and Petrogres Co. Limited (the “Merging Company”), a corporation organized in the Republic of the Marshall Islands, said entities being hereinafter sometimes collectively referred to as the “Constituent Entities.”

 

WHEREAS, the Surviving Company is a limited liability company duly organized and existing under the laws of the State of Delaware with 100% of its membership interests being owned by Petrogress, Inc. (“Petrogress”), a Delaware corporation.

 

WHEREAS, the Merging Company is a corporation duly organized and existing under the laws of the Republic of the Marshall Islands with 100% of its capital stock being owned by Petrogress.

 

WHEREAS, the sole member of the Surviving Company and Christos Traios, the sole director of the Merging Company have determined that it is advisable that the Merging Company be merged with and into the Surviving Company on the terms and conditions hereinafter set forth (the “Merger”).

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, it is agreed that, in accordance with the applicable statutes of the State of Delaware and the Republic of the Marshall Islands, the Merging Company will be, as of the Effective Date (defined hereafter), merged with and into the Surviving Company, with the Surviving Company being the surviving limited liability company governed under the laws of the State of Delaware, and that the terms and conditions of such Merger, the mode of carrying it into effect, and the manner of converting securities will be as follows:

 

ARTICLE I

MERGER

 

On the Effective Date, the Merging Company will be merged with and into the Surviving Company, the separate existence of the Merging Company will cease, and the Surviving Company will be the surviving limited liability company governed under the laws of the State of Delaware, and such Merger will in all respects have the effect provided for in Title 6, Section 18-209 of the Delaware Limited Liability Act.

 

Prior to and from and after the Effective Date, the Constituent Entities will take all such action as will be necessary or appropriate to effectuate the Merger. If at any time after the Effective Date, any of the Constituent Entities are advised that any further assignments, conveyances, or assurances in law are necessary or desirable to carry out the provisions hereof, the officers, directors or members, as appropriate, of the Constituent Entities will execute and deliver any and all proper deeds, assignments, and assurances in law, and do all things necessary or proper to carry out the provisions hereof.

 

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ARTICLE II

TERMS OF MERGER

 

On the Effective Date:

 

(a)     Effect of Merger. The separate existence of the Merging Company shall cease and the Merging Company shall be merged with and into the Surviving Company, and the Surviving Company shall succeed to, without further act or deed, and without any transfer or assignment having occurred, and shall possess all the rights, privileges, powers and franchises, whether of a public or of a private nature, and be subject to all the restrictions, disabilities and duties of each of the Constituent Entities; and all and singular, the rights, privileges, powers and franchises of each of the Constituent Entities, and all property, real, personal and mixed, and all debts due to each of the Constituent Entities on whatever account, whether for stock subscriptions or for any other things in action or belonging to each of the Constituent Entities, shall be vested in the Surviving Company; and all property, rights, privileges, powers and franchises, and all and every other interest of the Constituent Entities shall be thereafter the property of the Surviving Company; and the title to any real estate vested by deed or otherwise in each of the Constituent Entities shall not revert or be in any way impaired by reason of the Merger; provided, that all rights of creditors and all liens upon any property of the Constituent Entities shall be preserved unimpaired, and all debts, liabilities and duties of each of the Constituent Entities shall attach to the Surviving Entity and may be enforced against it to the same extent as if said debts, liabilities and duties had been incurred or contracted by the Surviving Company.

 

(b)     Certificate of Formation. The Certificate of Formation, as amended, of the Surviving Company shall be the Certificate of Formation of the Surviving Company from and after the Merger until the same shall thereafter be altered, amended or repealed in accordance with law, the Certificate of Formation and the Company Agreement of the Surviving Company.

 

(c)     Company Agreement. The Company Agreement of the Surviving Company shall be the Company Agreement of the Surviving Company from and after the Merger until the same shall thereafter be altered, amended or repealed in accordance with law, the Certificate of Formation and said Company Agreement of the Surviving Company.

 

(d)     Conversion of Shares. All of the outstanding shares of capital stock of the Merging Company will be automatically canceled without any consideration being exchanged therefor and all of the outstanding membership interest of the Surviving Company shall be identical to the outstanding membership interest of the Surviving Company immediately prior to the Effective Date.

 

(e)     Managing Member. The managing member of the Surviving Company (who holds such position subject to the provisions of the Certificate of Formation and Company Agreement of the Surviving Company from the Effective Date until their successors are elected and qualified) shall be the managing member of the Surviving Company in office immediately prior to the Effective Date.

 

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(f)     Officers. The officers of the Surviving Company (who shall hold their respective offices subject to the provisions of the Company Agreement of the Surviving Entity from the Effective Date until their successors are elected and qualified) shall be the officers of the Surviving Company in office immediately prior to the Effective Date.

 

(g)     Employees. The employees, if any, of the Merging Company immediately prior to the Effective Date shall become, commencing upon the Effective Date, employees of the Surviving Company, entitled to benefits substantially equivalent to those which they enjoyed as employees of the Merging Company.

 

(h)     Books and Records. The assets, liabilities, reserves and accounts of the Constituent Entities shall be taken up on the books of the Surviving Company at the amounts at which they are then carried on the respective books of the Constituent Entities, subject to such adjustments or eliminations of intercompany items as may be appropriate in giving effect to the Merger.

 

(i)     Plans and Policies. All corporate acts, plans, policies, approvals, obligations and authorizations of the Merging Company, and its directors, officers and agents, which were valid and effective immediately prior to the Effective Date, shall be taken for all purposes as the acts, plans, policies, approvals, obligations and authorizations of the Surviving Company and shall be as effective and binding thereon as the same were with respect to the Merging Company.

 

(j)     Contracts. All right, title and interest in and to all outstanding contracts and agreements entered into by the Constituent Entities and in effect on the Effective Date shall vest in the Surviving Company, without further act or deed, and without transfer or assignment having occurred; provided, however, that if any contracts or agreements of the Constituent Entities cannot be transferred by their terms or because of the inability to obtain a required consent, the proper managers, officers or authorized agents of the Constituent Entities will use their best efforts to provide the Surviving Entity with the economic and other benefits accruing under such contracts or agreements.

 

ARTICLE III

OWNERSHIP CERTIFICATES

 

After the Effective Date, each holder of an outstanding certificate or certificates theretofore representing shares of capital stock of the Merging Company, if any, may surrender the same to the Surviving Company for cancellation.

 

ARTICLE IV

APPROVAL; EFFECTIVENESS OF MERGER

 

This Agreement will be submitted to the respective members of each of the Constituent Entities as provided by the applicable laws of the State of Delaware and the laws of the Republic of the Marshall Islands, as applicable. If this Agreement is duly authorized and adopted by the requisite votes of such members and is not terminated and abandoned pursuant to the provisions of Article V, then at such time as the proper officers of the Surviving Company shall deem proper, a Certificate of Merger shall promptly be executed and filed in accordance with the laws of the State of Delaware. The Merger will become effective as of the date of filing of the Certificate of Merger with the Delaware Secretary of State (the “Effective Date”).

 

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ARTICLE V

TERMINATION

 

At any time prior to the Effective Date, the officers of the Constituent Entities may terminate and abandon this Agreement for any reason deemed appropriate by such officers notwithstanding favorable action on the Merger by the sole member or sole director of the Constituent Entities.

 

ARTICLE VI

AMENDMENT

 

To the extent permitted by law, this Agreement may be amended, supplemented or interpreted at any time by action taken by the sole member and sole director of the Constituent Entities, as the case may be, and in the case of an interpretation, the actions of such member and director shall be binding.

 

ARTICLE VII

MISCELLANEOUS

 

This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original, and such counterparts will together constitute but one and the same instrument. Electronic signatures will be considered original signatures.

 

 

 

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EXECUTED as of the date first above written.

 

	
			 

				
			Petrogress Int’l LLC, a Delaware limited liability company

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			 

				
			Christos Traios, President

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	 	 	 	 
	 	
			Petrogres Co. Limited, a corporation organized

			in the Republic of the Marshall Islands

				 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Christos Traios, President	 

 

 

AGREEMENT AND PLAN OF MERGER

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