Document:

Exhibit
10.1

 

FOURTH AMENDMENT
TO CREDIT AGREEMENT

 

THIS
FOURTH AMENDMENT TO CREDIT AGREEMENT dated as of April 28, 2009 (the “Agreement”)
is entered into among GFI GROUP INC., a Delaware corporation (“GFI”),
GFI HOLDINGS LIMITED, a company incorporated under the laws of England and
Wales (the “Foreign Borrower”; together with GFI, the “Borrowers”),
the Guarantors, the Lenders party hereto and BANK OF AMERICA, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent”).  All capitalized terms used herein and not
otherwise defined herein shall have the meanings given to such terms in the
Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Borrowers, the
Guarantors, the Lenders and the Administrative Agent entered into that certain
Amended and Restated Credit Agreement dated as of February 24, 2006 (as
amended or modified from time to time, the “Credit Agreement”);

 

WHEREAS, the Borrowers have
requested and the Lenders have agreed to amend certain terms of the Credit
Agreement as set forth below;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

1.             Amendments to the Credit
Agreement.  The Credit Agreement is
hereby amended as follows:

 

(a)           The following new definitions are hereby added to Section 1.01
of the Credit Agreement in the appropriate alphabetical order to read as
follows:

 

(i)          “Restricted Stock Award” means
any grant of a share of stock underlying an award permitted under any
shareholder-approved equity incentive plan of GFI.

 

(ii)         “Fourth
Amendment Effective Date” means April 28, 2009.

 

(iii)        “Impacted
Lender” means any Lender that (a) has
defaulted in fulfilling its obligations under one or more other syndicated
credit facilities or (b) has an entity that controls such Lender which has
been deemed insolvent or become subject to a bankruptcy or other similar
proceeding.

 

(b)           The definition of “Aggregate
Revolving Commitments” in Section 1.01 of the Credit Agreement is hereby
amended to read in its entirety as follows:

 

“Aggregate
Revolving Commitments” means the Revolving Commitments of all the
Lenders.  The amount of the Aggregate
Revolving Commitments in effect on the Fourth Amendment Effective Date is ONE
HUNDRED SEVENTY-FIVE MILLION DOLLARS ($175,000,000).

 

(c)           The definition of “Applicable Margin”
in Section 1.01 of the Credit Agreement is hereby amended to read in its
entirety as follows:

 

 

“Applicable Margin” means the following
percentages per annum (as relevant to Commitment Fee, Letters of Credit and
Eurocurrency Rate Loans and Base Rate Loans), based upon the Consolidated
Leverage Ratio as set forth in the most recent Compliance Certificate received
by the Administrative Agent pursuant to Section 7.02(a) for
the most recent fiscal quarter of GFI:

 

	
  Pricing

  Tier

  	
   

  	
  Consolidated

  Leverage Ratio

  	
   

  	
  Commitment

  Fee

  	
   

  	
  Letters of Credit

  &

  Eurocurrency

  Rate Loans

  	
   

  	
  Base Rate Loans

  	
   

  
	
  1

  	
   

  	
  <
  1.0 to 1.0

  	
   

  	
  0.35

  	
  %

  	
  2.25

  	
  %

  	
  1.00

  	
  %

  
	
  2

  	
   

  	
  <
  1.5 to 1.0 but

  > 1.0 to 1.0

  	
   

  	
  0.40

  	
  %

  	
  2.50

  	
  %

  	
  1.25

  	
  %

  
	
  3

  	
   

  	
  > 1.5 to 1.0

  	
   

  	
  0.50

  	
  %

  	
  3.00

  	
  %

  	
  1.75

  	
  %

  

 

Any increase or decrease
in the Applicable Margin resulting from a change in the Consolidated Leverage
Ratio shall become effective as of the first Business Day immediately following
the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(a) in
connection with the financial statements referred to in Sections 7.01(a) and
(b); provided, however, that if a Compliance Certificate
is not delivered when due in accordance with such Section, then Pricing Tier 3
shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered and shall continue
to apply until the first Business Day
immediately following the date a Compliance Certificate is delivered in
accordance with Section 7.02(a), whereupon the Applicable Margin
shall be adjusted based upon the calculation of the Consolidated Leverage Ratio
contained in such Compliance Certificate.  The Applicable Margin in effect from the
Fourth Amendment Effective Date through the first Business Day immediately
following the date a Compliance Certificate is required to be delivered
pursuant to Section 7.02(a) for the fiscal quarter ending June 30,
2009 shall be determined based upon Pricing Tier 2.

 

(d)           The definition of “Consolidated
EBITDA” in Section 1.01 of the Credit Agreement is hereby amended to read
in its entirety as follows:

 

“Consolidated EBITDA”
means, for any period, for GFI and its Subsidiaries on a consolidated basis, an
amount equal to Consolidated Net Income (excluding extraordinary and other
non-recurring gains and losses and interest income) for such period plus
the following to the extent deducted in calculating such Consolidated Net
Income:  (a) Consolidated Interest
Charges for such period, (b) the provision for federal, state, local and
foreign income taxes payable by GFI and its Subsidiaries for such period and (c) the
amount of depreciation and amortization expense (including any amortization
related to signing bonuses, any amortization related to any forgivable loan
made in lieu of or for the same purpose as a signing bonus and any amortization
related to Restricted Stock Awards) for such period.

 

(e)           The definition of “Consolidated Fixed
Charge Coverage Ratio” in Section 1.01 of the Credit Agreement is hereby
amended to read in its entirety as follows:

 

“Consolidated Fixed
Charge Coverage Ratio” means, as of any date of determination, the ratio of
(a) the total of (i) Consolidated EBITDA for the twelve month period
most recently ended for which GFI has delivered financial statements pursuant
to 

 

2

 

Section 7.01(a) or 7.01(b) minus (ii) capitalized signing
bonuses during such period to (b) Consolidated Fixed Charges for the
twelve month period most recently ended for which GFI has delivered financial
statements pursuant to Section 7.01(a) or 7.01(b).

 

(f)            The definition of “Consolidated
Interest Charges” in Section 1.01 of the Credit Agreement is hereby
amended to read in its entirety as follows:

 

“Consolidated Interest
Charges” means, for any period, for GFI and its Subsidiaries on a
consolidated basis, an amount equal to the sum of (i) all interest,
premium payments, debt discount, fees, charges and related expenses of GFI and
its Subsidiaries in connection with Indebtedness (including capitalized
interest and other fees and charges incurred under any asset securitization
program) or in connection with the deferred purchase price of assets, in each
case to the extent treated as interest in accordance with GAAP; plus (ii) the
portion of rent expense of GFI and its Subsidiaries with respect to such period
under Capital Leases or Synthetic Leases that is treated as interest in
accordance with GAAP.

 

(g)           Section 2.03(a)(iii)(E) of the Credit Agreement
is hereby amended to read in its entirety as follows:

 

(E)           a default of any Lender’s obligations
to fund under Section 2.03(c) exists or any Lender is at such
time a Defaulting Lender or an Impacted Lender hereunder, unless such L/C
Issuer has entered into satisfactory arrangements with GFI or such Lender to
eliminate such L/C Issuer’s risk with respect to such Lender.

 

(h)           The
following parenthetical is hereby added to the first sentence of Section 2.12  of the Credit Agreement immediately following
the words “the participations in L/C Obligations held by it” to read in its
entirety as follows:

 

(excluding any amounts received by any L/C Issuer to
secure the obligations of a Defaulting Lender or an Impacted Lender to fund
risk participations hereunder)

 

(i)            The word “and” is hereby deleted from the end of Section 8.01(p) of
the Credit Agreement, the “.” at the end of Section 8.01(q) of the
Credit Agreement is hereby replaced with “; and” and the following new Section 8.01(r) is
hereby added after Section 8.01(q) of the Credit Agreement to read in
its entirety as follows:

 

(r)            Liens, if any, in favor of any L/C Issuer to cash
collateralize or otherwise secure the obligations of a Defaulting Lender or an
Impacted Lender to fund risk participations hereunder.

 

(j)            Section 8.11(b) of the Credit Agreement is
hereby amended to read in its entirety as follows:

 

(b)           Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of
the end of each fiscal quarter of GFI to be greater than 2.00 to 1.0.

 

(k)           The following new Section 11.19 is hereby added to
the end of Article XI of the Credit Agreement:

 

3

 

11.19       No Advisory or Fiduciary Responsibility.

 

In
connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), GFI acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a)(i) the
arranging and other services regarding this Agreement provided by the
Administrative Agent and BAS, are arm’s-length commercial transactions between
GFI and its Affiliates, on the
one hand, and the Administrative Agent and BAS, on the other hand, (ii) GFI
has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (iii) GFI is capable of evaluating,
and understands and accepts, the terms, risks and conditions of the
transactions contemplated hereby and by the other Loan Documents; (b)(i) the
Administrative Agent and BAS each is and has been acting solely as a principal
and, except as expressly agreed in writing by the relevant parties, has not been,
is not and will not be acting as an advisor, agent or fiduciary, for GFI or any
of Affiliates or any other Person and (ii) neither the Administrative
Agent nor BAS has any obligation to GFI or any of its Affiliates with respect
to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (c) the Administrative
Agent and BAS and their respective Affiliates may be engaged in a broad range
of transactions that involve interests that differ from those of GFI and its
Affiliates, and neither the Administrative Agent nor BAS has any obligation to
disclose any of such interests to GFI or its Affiliates.  To the fullest extent permitted by law, GFI
hereby waives and releases, any claims that it may have against the
Administrative Agent or BAS with respect to any breach or alleged breach of
agency or fiduciary duty in connection with any aspect of any transaction
contemplated hereby.

 

(l)            Schedule 2.01 to the Credit Agreement is hereby amended
to read in its entirety as provided on Schedule 2.01 attached hereto.

 

2.             Conditions
Precedent.  This Agreement shall be
effective upon satisfaction of the following conditions precedent:

 

(a)           receipt by the Administrative Agent of counterparts of
this Agreement duly executed by the Borrowers, the Guarantors and the Required
Lenders;

 

(b)           receipt by the Administrative Agent of a
certificate of a Responsible Officer of each Borrower and each other Loan
Party, in form and substance reasonably satisfactory to the Administrative
Agent and its legal counsel, (i) certifying that the Organization Documents of each Loan Party delivered
on the Closing Date have not been amended, supplemented or otherwise modified
since the Closing Date (except to the extent the Administrative Agent has been
notified thereof in such certificate or in accordance with the Credit
Agreement) and remain in full force and effect (as so amended, supplemented or
otherwise modified, as applicable) as of the Fourth Amendment Effective Date
and (ii) attaching resolutions of each Loan Party in form and
substance reasonably satisfactory to the Administrative Agent and certifying
that such resolutions have not been amended, supplemented or otherwise modified
and remain in full force and effect as of the Fourth Amendment Effective Date;

 

(c)           receipt by the Administrative Agent of a favorable opinion
of legal counsel to the Loan Parties dated as of the Fourth Amendment Effective
Date and addressed to the Administrative Agent and each Lender, in form and
substance reasonably satisfactory to the Administrative Agent;

 

4

 

(d)           receipt by the Administrative Agent, for the account of
each Lender that provides the Administrative Agent with an executed counterpart
of this Agreement on or before 5 p.m. Eastern time on April 27, 2009,
of a fee equal to twenty basis points (0.20%) on the Revolving Commitment of
each such Lender after giving effect to this Agreement (as set forth on
Schedule 2.01 hereto); and

 

(e)           receipt by the Administrative Agent and the Lenders
of any other fees and
expenses payable by GFI in connection with this Agreement.

 

3.             Miscellaneous.

 

(a)           The
Credit Agreement, and the obligations of the Loan Parties thereunder and under
the other Loan Documents, are hereby ratified and confirmed and shall remain in
full force and effect according to their terms.

 

(b)           Each Guarantor (i) acknowledges and consents to all
of the terms and conditions of this Agreement, (ii) affirms all of its
obligations under the Loan Documents and (iii) agrees that this Agreement
and all documents executed in connection herewith do not operate to reduce or
discharge its obligations under the Credit Agreement or the other Loan
Documents.

 

(c)           The
Borrowers and the Guarantors hereby represent and warrant as follows:

 

(i)            Each Loan Party has taken all necessary action to
authorize the execution, delivery and performance of this Agreement.

 

(ii)           This Agreement has been duly executed and delivered by the
Loan Parties and constitutes each of the Loan Parties’ legal, valid and binding
obligations, enforceable against it in accordance with its terms, except as
such enforceability may be subject to (A) bankruptcy, insolvency,
reorganization, fraudulent conveyance or transfer, moratorium or similar laws
affecting creditors’ rights generally and (B) general principles of equity
(regardless of whether such enforceability is considered in a proceeding at law
or in equity).

 

(iii)          No consent, approval, authorization or order of, or filing,
registration or qualification with, any court or governmental authority or
third party is required in connection with the execution, delivery or
performance by any Loan Party of this Agreement other than those which have
been obtained and are in full force and effect.

 

(iv)          The
representations and warranties of the Loan Parties set forth in Article VI
of the Credit Agreement and in each other Loan Document are true and correct in
all material respects as of the date hereof with the same effect as if made on
and as of the date hereof, except to the extent such representations and
warranties expressly relate solely to an earlier date.

 

(v)           No event has
occurred and is continuing which constitutes a Default or an Event of Default.

 

(d)           This
Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute
one and the same instrument.  Delivery of
an executed counterpart of this Agreement by telecopy shall be effective as an
original and shall constitute a representation that an executed original shall
be delivered.

 

5

 

(e)           THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[remainder of page intentionally
left blank]

 

6

 

Each
of the parties hereto has caused a counterpart of this Agreement to be duly
executed and delivered as of the date first above written.

 

	
  GFI:

  	
  GFI
  GROUP INC.,

  
	
   

  	
  a
  Delaware corporation, as a Borrower and, with

  
	
   

  	
  respect
  to the Foreign Obligations, as a Guarantor

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  FOREIGN
  BORROWER:

  	
  GFI
  HOLDINGS LIMITED,

  
	
   

  	
  a
  company incorporated under the

  
	
   

  	
  laws
  of England and Wales

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  DOMESTIC
  GUARANTORS:

  	
  GFI
  GROUP LLC,

  
	
   

  	
  a
  New York limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  GFINET
  INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  GFI
  BROKERS LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  INTERACTIVE
  VENTURES LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

GFI GROUP INC.

FOURTH AMENDMENT

 

 

	
  DOMESTIC
  GUARANTORS:

  	
  FENICS
  SOFTWARE INC.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  AMEREX
  BROKERS LLC,

  
	
   

  	
  a
  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  FOREIGN
  GUARANTORS:

  	
  FENICS
  LIMITED,

  
	
   

  	
  a
  company incorporated under the

  
	
   

  	
  laws
  of England and Wales

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  FENICS
  SOFTWARE LIMITED,

  
	
   

  	
  a
  company incorporated under the

  
	
   

  	
  laws
  of England and Wales

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  GFINET
  EUROPE LIMITED,

  
	
   

  	
  a
  company incorporated under the

  
	
   

  	
  laws
  of England and Wales

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

GFI GROUP INC.

FOURTH AMENDMENT

 

 

	
  ADMINISTRATIVE

  	
   

  
	
  AGENT:

  	
  BANK
  OF AMERICA, N.A.,

  
	
   

  	
  as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  LENDERS:

  	
  BANK
  OF AMERICA, N.A.,

  
	
   

  	
  as
  a Lender and an L/C Issuer

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK
  OF MONTREAL,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BARCLAYS
  BANK PLC,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BROWN
  BROTHERS HARRIMAN & CO.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  ROYAL BANK OF SCOTLAND PLC,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

GFI GROUP
INC.

FOURTH AMENDMENT

 

 

Schedule 2.01

 

COMMITMENTS AND
PRO RATA SHARES

 

	
  Lender

  	
   

  	
  Revolving

  Commitment

  	
   

  	
  Pro Rata Share

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bank of America,
  N.A.

  	
   

  	
  $

  	
  49,528,301.89

  	
   

  	
  28.301886792

  	
  %

  
	
  The Royal Bank
  of Scotland PLC

  	
   

  	
  $

  	
  42,924,528.30

  	
   

  	
  24.528301887

  	
  %

  
	
  Barclays Bank
  PLC

  	
   

  	
  $

  	
  41,273,584.91

  	
   

  	
  23.584905660

  	
  %

  
	
  Bank of Montreal

  	
   

  	
  $

  	
  29,716,981.13

  	
   

  	
  16.981132075

  	
  %

  
	
  Brown Brothers
  Harriman & Co.

  	
   

  	
  $

  	
  11,556,603.77

  	
   

  	
  6.603773585

  	
  %

  
	
  Total:

  	
   

  	
  $

  	
  175,000,000.00

  	
   

  	
  100.000000000

  	
  %

  

 

GFI GROUP
INC.

FOURTH AMENDMENTex10three.htm

     

     

    
      

      

    

     

    
 

    Consulting
Agreement

    

    

    This is
an agreement dated and effective this ______th day of March 2009 by and between
International Investment Consulting Company S.A. (hereinafter referred to as
The Company), whose
address is 30, rue Dernier Sol, L-2543 Luxembourg and Edgewater Foods
International, Inc. (OTCBB: EDWT), whose address is 400 Professional Drive,
Suite 310, Gaithersburg, MD 20879 (hereinafter referred to as The Client).

    

    

    Recitals

    

    
      	
               
      

            	
              I.

            	
              The Client desires to
      obtain consulting services from The Company as more
      particularly described herein (“Scope of Services and Manner of
      Performance”).

            

    

    
      	
               
      

            	
              II.

            	
              The Company is in the
      business of providing such consulting services and has agreed to provide
      the services on the terms and conditions set forth in this
      agreement.

            

    

    

    Now,
therefore, in consideration of the faithful performance of the obligations set
forth herein and other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, The Company and The Client hereby agree as
follows.

    

    

    Terms

    

    
      	
               
      

            	
              1.

            	
              Scope of
      Services.  The Company will
      perform consulting for and on behalf of The Client in relation
      to interactions with the press, institutions, broker-dealers, shareholders
      and members of the public, subject to the covenants set forth in Section 8
      herein, and will consult with The Client on matters
      pertaining to public relations, corporate exposure/investor awareness,
      business modeling and development and can perform services in Canada and
      Europe including:

            

    

     

    
      	
               
      

            	
              A.

            	
              Telephone
      marketing/advertising campaigns

            

    

    
      	
               
      

            	
              B.

            	
              web
      based dissemination of Corporate Profile, business idea and corporate news
      to target groups

            

    

    
      	
               
      

            	
              C.

            	
              Newspaper
      and media interviews

            

    

    
      	
               
      

            	
              D.

            	
              Road-show
      presentations

            

    

    
      	
               
      

            	
              E.

            	
              Investor
      conference calls

            

    

     

    Subject
to the covenants set forth in Section 8 herein, it is intended that The Company will distribute
company material to institutions, portfolio managers, broker-dealers, financial
advisors and other persons whom The Company determines in its
sole discretion, are capable of disseminating such information to the general
public.  The
Company will also advise The Client concerning
marketing and promotional matters relating to its business.  Subject
to the covenants set forth in Section 8 herein, The Company will act upon
The Client’s behalf in
the investment community, with existing shareholders, and the
public.  It is expressly agreed and acknowledged that The Company will not be
expected to provide investment advice or recommendations regarding EDWT to
anyone.  The
Company will focus on contacting persons, generally through conventional
communications in order to familiarize them with information concerning
EDWT.  Additionally, The Company shall be
available for advice and counsel to the officers and directors of EDWT at such
reasonable and convenient times and places as may be mutually agreed
upon.  Except as aforesaid, the time, place and manner of performance
of the services hereunder, including the amount of time allocated by The Company, shall be
determined at the sole discretion of The Company.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    

    
      	
               
      

            	
              2.

            	
              Compensation.  As
      compensation for The
      Company’s services, EDWT shall issue options to purchase common
      stock of EDWT exercisable at the following strike prices and vesting
      schedule.

            

    

     

    Amount                                      Strike
Price                                                      Vesting
Schedule

     

    
      	
                                     50,000

            	
               $    0.15

            	
              Vests
      immediately

            
	
                                     50,000

            	
               $    0.20

            	
              Vests
      immediately

            
	
                                     50,000

            	
               $    0.25

            	
              Vests
      immediately

            
	
                                     50,000

            	
               $    0.30

            	
              Vests
      immediately

            
	
                                     75,000

            	
               $    0.35

            	
              Vests
      immediately

            
	
                                     75,000

            	
               $    0.40

            	
              Vests
      immediately

            
	
                                     75,000

            	
               $    0.45

            	
              Vests
      immediately

            
	
                                     75,000

            	
               $    0.50

            	
              Vests
      immediately

            
	
                                   200,000

            	
               $    0.55

            	
              Vests
      immediately

            
	
                                   200,000

            	
               $    0.60

            	
              Vests
      immediately

            
	
                                   500,000

            	
               $    0.80

            	
              Vests
      immediately

            
	
                                   800,000

            	
               $   1.00

            	
              Vests
      immediately

            
	
                                1,000,000

            	
               $   1.20

            	
              Vests
      immediately

            

    

    

     

    EDWT
agrees to grant piggy back registration rights on the underlying share of common
stock for the warrants.  The options shall be exerciseable for a
period of three years from the date of vesting.

     

    In the
event of termination of unexercised vested options expire 45 days from
termination.

     

    Upon
execution of this agreement, EDWT shall immediately issue the Company 200,000 restricted
shares of common stock.  The full 200,000 shares shall be deemed
earned by the Company
upon issuance, however will vest 50,000 per quarter.   EDWT agrees to grant piggy
back registration rights on the shares of common stock.  The
filing of the registration statement shall have no bearing on the Vesting Period
requirements hereunder for the shares.

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    Beginning
120 days from the date of this agreement and the exercise of  at least
175,000 of the $.55 options, EDWT will pay $10,000 per month on the first day of
the month to The
Company until the end of the term of the agreement or until the agreement
is otherwise terminated pursuant to Section 12.

     

    If the
Client receives
financing, whether debt, equity or otherwise, from a funding source introduced
to it by the Company in
consultation with the Company, the Company agrees
to pay a Finder’s Fee to the Company  as follows:  five (5%)
percent of the first $2,000,000, four (4%) of the next $2,000,000three (3%)
percent of the next $2,000,000, two (2%) percent of the next two million and one
(1%) percent of the balance of such financing over $8,000,000, assuming such
financing occurs within twenty four (24) months of the
introduction.  Payment of the Finder’s Fee is due and payable at the
time of closing of any such funding transaction.

     

    

     

    
      	
               
      

            	
              3.

            	
              Expenses. EDWT
      shall pay all reasonable costs and expenses incurred by The Company, its
      officers, employees and agents, in carrying out its duties and obligations
      pursuant to the provision of this Agreement, excluding The Company’s general
      and administrative expenses and costs, but including and not limited to
      the following costs and expenses; provided all costs and expense items in
      excess of $100.00 (One Hundred U.S. Dollars) must be approved by the
      Company in writing prior to the Company’s
      incurrence of the same

            

    

     

    
      	
               
      

            	
              4.

            	
              Status of
      Consultant.  The Company shall act
      as an independent Consultant and not as an agent or employee of The Client and The Company shall make
      no representation as an agent or employee of The
      Client.  The Company shall
      furnish insurance and be responsible for all taxes as an independent
      Consultant.  The Company shall have
      no authority to bind The
      Client or incur other obligations on behalf of The
      Client.  Likewise, The Client shall have
      no authority to bind or incur obligations on behalf of The
      Company.

            

    

     

    
      	
               
      

            	
              5.

            	
              Sub
      Contractors.  The Company shall hire
      sub contractors to assist in the completion of the performance of this
      agreement. The
      Company shall be responsible for all payments to any sub
      contractors.  The Company will
      provide a written list of sub contractors in advance of any hiring for
      Client
      approval.  An initial list of sub contractors is indicated in
      Schedule A

            

    

     

    
      	
               
      

            	
              6.

            	
              Disclosure of Material
      Events.  The Client agrees to
      promptly disclose to The
      Company those events/discoveries which are known and/or anticipated
      that may or conceivably may have an impact on the stock, business
      operations, future business, or public perception of EDWT, as this has
      material impact on the ability and effectiveness of The Company and service
      rendered.  It shall be understood that excluded from this
      disclosure shall be information deemed to be non-public or “inside”
      information.

            

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
      	
               
      

            	
              7.

            	
              Confidentiality
      Agreement.  In the event The Client discloses
      information to The
      Company that The
      Client considers to be secret, proprietary or non-public and so
      notifies The Company,
      The Company agrees to hold said information in
      confidence.  Proprietary information shall be used by The Company only in
      connection with services rendered under this
      Agreement.  Proprietary information shall not be deemed to
      include information that a) is in or becomes in the public domain without
      violation of this Agreement by The Client, or b) is
      rightfully received from a third entity having no obligation to The Client and without
      violation of the Agreement.  In reciprocal, The Client agrees to
      hold confidential all trade secrets of and methods employed by The Company in
      fulfillment of services rendered.

            

    

     

    
      	
               
      

            	
              8.

            	
              Indemnification.  The Client agrees to
      indemnify and hold harmless The Company against any
      losses, claims, damages, liabilities and/or expenses (including any legal
      or other expenses reasonably incurred in investigating or defending any
      action or claim in respect thereof) to which The Company may become
      subject, because of the actions of The Client or its
      agents.  Likewise, The Company agrees to
      indemnify and hold harmless The Client against any
      losses, claims, damages, liabilities and/or expenses (including any legal
      or other expenses reasonably incurred in investigating or defending any
      action or claim in respect thereof) to which The Client may become
      subject, because of the actions of The Company or its
      agents (including the subcontractors listed on Schedule A, as amended from
      time to time).  The Company is willing
      and capable of providing services of a “Best Efforts”
      basis.  Payment by The Client to The Company is
      irrevocable and irreversible.

            

    

     

    
      	
               
      

            	
              9.

            	
              The
      Company’s
      Responsibilities, Representations and Warranties.  The Company agrees that
      it will only communicate regarding The Client to licensed
      brokerage professionals and will not engage in any solicitation of the
      public with regard to The Client or its
      securities.  Notwithstanding the foregoing, The Company may provide
      approved information regarding The Client (i) in
      response to unsolicited inquiries by The Client’s
      shareholders; (ii) to valid trade and industry publications, newspapers
      and periodicals; and (iii) otherwise engage in communications which are
      normal and customary for an investor relations firm and which do not
      involve solicitation of investors in connection with its role as an
      investor relations firm for The
      Client.  The Company further
      agrees that it will only disclose information specifically provided to it
      by The Client
      regarding The
      Client for dissemination and will keep confidential any information
      marked as such by The
      Client.  The Company agrees that
      it will not make any undisclosed payments to brokers or others and will
      generally act within the letter and the spirit of U.S. securities laws,
      rules and regulations at all times.

            

    

     

    

    Neither The
Company nor any of its
principals is subject to any sanction or restriction imposed by the SEC, FINRA,
any state securities commission or department, or any other regulatory or
governmental body or agency, which would prohibit, limit or curtail The
Company’s execution of
this Agreement or the performance of its obligations
hereunder.  Likewise, neither The Company nor any of its
principals is aware of any action or contemplated action by any regulatory or
governmental body or agency that may in the future limit or curtail The
Company’s execution of
this Agreement or the performance of its obligations
hereunder.

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    The Company shall provide a
detailed written report regarding its activities to The Client on a quarterly
basis.  Such written report shall contain a written affirmation from
The Company that it is
in compliance with the terms of this Agreement on the date of such
report.

    

     

    
      	
               
      

            	
              10.

            	
              Conflict of
      Interest. The
      Company shall be free to perform services for other
      persons.  The
      Company will notify The Client of its
      performance of consulting services for any other Client that could
      conflict with its obligations under this
  agreement.

            

    

     

    
      	
               
      

            	
              11.

            	
              Severability.  This
      agreement may be dissolved at any time at the express consent of both
      parties subject to Section 12.  In the event any part of this
      agreement shall be held to be invalid by any competent court or
      arbitration panel, this agreement shall be interpreted as if only that
      part is invalid and that the parties to this agreement will continue to
      execute the rest of this agreement to the best of their abilities unless
      both parties mutually consent to the dissolution of this
      agreement.

            

    

     

    This
agreement shall be interpreted in accordance with the laws of the State of New
York.  This agreement and attached schedules constitutes the entire
contract of the parties with respect to the matters addressed herein and no
modifications of this agreement shall be enforceable unless in writing signed by
both The Company and
The
Client.  This agreement is not assignable by either party
without the consent of the other.

    

    In
witness whereof The
Company and The
Client have caused this agreement to be executed on the
date.

    

    
      	
               
      

            	
              12.

            	
               Term.  The
      term of this agreement is twenty four months. Either party hereto
      may terminate this engagement as
  follows:

            

    

               

    Either
party hereto may terminate this agreement at the conclusion of initial three
months from the execution date of the agreement by providing the other party a
30-day written notification.

    

    

    

    

    Edgewater
Foods International, Inc..

    

    Authorized
person  x­­­­­­­­­­­­­­­­­­­­­­­­­­­­­__________________________  Title­­­­­­__________________
Date________

    I hereby
certify that I agree to the terms of the contract above and am authorized to
enter into a binding contract.

    

    

    

    

    Gale
Capital

    

    Authorized
person  x­­­­­­­­­­­­­­­­­­­­­­­­­­­­­__________________________  Title­­­­­­__________________
Date________

    I hereby
certify that I agree to the terms of the contract above and am authorized to
enter into a binding contract.

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