Document:

ex10-1.htm

Exhibit 10.1

 

 

SECOND AMENDED AND RESTATED

RESTRICTED STOCK AGREEMENT

AGREEMENT made as of the 4th day of December, 2013, by and between Mojo Organics, Inc., a Delaware corpora­tion (the “Company”), and  (the “Executive”).

 

WHEREAS, on May 21, 2012, the Company’s Board of Directors (“Board”) determined to issue to the Executive shares1 of common stock of the Company, $.001 par value (“Shares”);

 

WHEREAS, the Company and Executive entered into a Restricted Stock Agreement, dated as of May 21, 2012 (the “Original Agreement”), setting forth the terms by which the Shares are issued to the Executive and by which they vest;

 

WHEREAS, the Company and Executive entered into an Amended and Restated Restricted Stock Agreement, dated as of April 30, 2013 (“Amended Agreement”), revising the initial vesting period of the Shares to occur on a later date than that contained in the Original Agreement; and

 

WHEREAS, potential investors in the Company have demanded that the vesting period of the Shares be modified to occur on a date later than that contained in the Amended Agreement; and

 

WHEREAS, the Company and Executive desire to amend and restate the Amended Agreement in its entirety as set forth herein

 

IT IS AGREED:

 

1. Grant of Restricted Shares.

 

(i) The Company hereby issues to the Executive Shares on the terms and conditions set forth herein.  All of the Shares shall be subject to forfeiture during the period terminating June 30, 2016 (“Restriction Period”).  The Shares shall be represented by three stock certificates registered in the name of the Executive, each of which shall represent 883,084 Shares.  The certificates (collectively, the “Restricted Share Certificates”) shall bear the legends set forth in Sections 5(v) and 5(vi) of this Agreement.  The Restricted Share Certificates shall be deposited by the Executive with the Company, together with stock powers endorsed in blank, which will permit transfer to the Company of all or any portion of the Shares represented by such certificates (the “Restricted Shares”) that shall be forfeited or shall not become vested in accordance with the terms of this Agreement.

 

(ii) After issuance, the Restricted Shares shall constitute issued and outstanding shares of Common Stock for all corporate purposes unless and until forfeited in accordance with the terms hereof.  The Executive shall have the right to vote such Restricted Shares, to receive and retain all cash dividends as the Board may, in its sole discretion, pay on such Restricted Shares, and to exercise all of the rights, powers and privileges of a holder of Common Stock with respect to such Restricted Shares, except that (a) the Executive shall not be entitled to delivery of the Restricted Share Certificates until the Restricted Shares represented by the Restricted Share Certificates vest in accordance with subparagraph (iii) below; and (b) other than cash dividends as the Board, in its sole discretion, distributes, the Company will retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted Shares (and such Retained Distributions will be subject to the same restrictions, terms and conditions as applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been distributed have become vested.

 

1 For the avoidance of doubt, share amounts herein have not been adjusted to account for the Company’s ten-for-one reverse stock split effected on April 1, 2013.

 

  

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(iii) On January 2, 2015, if the Executive is still an advisor to the Company,of the Restricted Shares and the Retained Distributions with respect thereto shall become vested.  On January 2, 2016, if the Executive is still an advisor to the Company, of the Restricted Shares and the Retained Distributions with respect thereto shall become vested.  On June 30, 2016, if the Executive is still an advisor to the Company,  of the Restricted Shares and the Retained Distributions with respect thereto shall become vested. After the date that any of the Restricted Shares become vested, upon the request of the Executive the Company shall promptly instruct its transfer agent to issue and deliver to the Executive a new certificate for the Shares that have vested, which certificate shall not bear the legend set forth in Section 5(vi). If, at any time prior to the vesting of the Restricted Shares in accordance with this Section 1(iii), the Executive’s employment with the Company is terminated, then the Restricted Shares that have not then vested (and the Retained Distributions with respect thereto) shall be forfeited to the Company and the Executive shall not thereafter have any rights with respect to such Restricted Shares.  Notwithstanding the foregoing, if Executive’s employment with the Company is terminated at any time other than by the Company for “Cause” or by the Executive without “Good Reason” (each as defined in the Executive’s employment agreement with the Company), then all of the Restricted Shares shall automatically vest.

 

(iv) Nothing in this Agreement shall confer on the Executive any right to continue his relationship with the Company (or with any parent, subsidiary or affiliate of the Company) or limit in any way the right of the Company (or of any parent, subsidiary or affiliate of the Company) to terminate the Executive’s relationship with the Company (or with any parent, subsidiary or affiliate of the Company) at any time, with or without cause.

 

2. Withholding Tax.  The Company shall have the right to withhold from Executive that number of Shares having a Fair Market Value (as defined below) equal to the minimum amount of any federal, state or local income and/or payroll taxes required by law to be withheld and to take such other action as the Board may deem advisable to enable the Company and Executive to satisfy obligations for the payment of withholding taxes and other tax obligations relating to the vesting of Shares.  Solely for purposes of this section, “Fair Market Value” means as of any given date: (i) if the Shares are listed on a national securities exchange or The Nasdaq Stock Market, LLC (“Nasdaq”), the last sale price of the Shares in the principal trading market for the Shares on such date, as reported by the exchange or Nasdaq, as the case may be; (ii) if the Shares are not listed on a national securities exchange or Nasdaq, but are traded in the over-the-counter market, the closing bid price for the Shares on such date, as reported by the OTC Bulletin Board or Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Shares cannot be determined pursuant to clause (i) or (ii) above, such price as the Board shall determine, in good faith.

 

3. Nonassignability of Restricted Shares.  The Restricted Shares shall not be assignable or transferable until they have vested.

 

4. Company Representations.  The Company hereby represents and warrants to the Executive that:

 

(i) the Company, by appropriate and all required action, is duly authorized to enter into this Agreement and consummate all of the transactions contemplated hereunder; and

 

(ii) the Shares, when issued and delivered by the Company to the Executive in accordance with the terms and conditions hereof, will be duly and validly issued and fully paid and non-assessable.

 

5. Executive Representations.  The Executive hereby represents and warrants to the Company that:

 

  

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(i) he is acquiring the Shares for his own account and not with a view towards the distribution thereof;

 

(ii) he understands that he must bear the economic risk of the invest­ment in the Shares, which cannot be sold by him unless they are registered under the Securities Act of 1933, as amended (“Securities Act”), or an exemption therefrom is available thereunder and that the Company is under no obli­gation to register the Shares for sale under the Securities Act;

 

(iii) in his position with the Company, he has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain any additional information to the extent the Company possesses or may possess such infor­mation or can acquire it without unreasonable effort or expense;

 

(iv) he is aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Shares in the absence of registration under the Securities Act or an exemption therefrom as provided herein; and

 

(v) the certificates evidencing the Shares shall bear the following legend:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT.  THE SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM UNDER SAID ACT.”

(vi) the certificates evidencing the Restricted Shares shall also bear the following legend:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED PURSUANT TO A RESTRICTED STOCK AGREEMENT, A COPY OF WHICH IS ON FILE WITH THE COMPANY, AND MAY NOT BE TRANSFERRED, PLEDGED OR DISPOSED OF EXCEPT IN ACCORDANCE WITH THE TERMS AND CONDITIONS THEREOF.”

6. Restriction on Transfer of Shares.  Anything in this Agreement to the contrary notwithstanding, the Executive hereby agrees that he shall not sell, transfer by any means or otherwise dispose of the Shares acquired by him without registration under the Securities Act, or in the event that they are not so registered, unless (i) an exemption from the Securities Act registra­tion requirements is available thereunder, and (ii) the Executive has furnished the Company with notice of such proposed transfer and the Company’s legal coun­sel, in its reasonable opinion, shall deem such proposed transfer to be so exempt.  Further, the Executive agrees that he shall abide by all of the Company’s policies in effect at the time the Shares vest and thereafter, including the Company’s Insider Trading Policy, with respect to the ownership and trading of the Company’s securities.

 

7. Miscellaneous.

 

7.1 Notices.  All notices, requests, deliveries, payments, demands and other communications that are required or permitted to be given under this Agreement shall be in writing and shall be either delivered personally or sent by regis­tered or certified mail, or by private courier, return receipt requested, postage prepaid to the Company at its principal executive office and to the Executive at his address set forth below, or to such other address as either party shall have specified by notice in writing to the other.  Notice shall be deemed duly given hereunder when delivered or mailed as provided herein.

 

  

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7.2 Waiver.  The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach.

 

7.3 Entire Agreement.  This Agreement constitute the entire agreement between the parties with respect to the subject matter hereof.  This Agreement may not be amended except by writing executed by the Executive and the Company.  The Original Agreement is superseded in all respects by this Agreement, and the Original Agreement is no longer of any effect.

 

7.4 Binding Effect; Successors.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to the extent not prohibited herein, their respective heirs, successors, assigns and representatives.  Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.

 

7.5 Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without regard to choice of law provisions).

 

7.6 Headings.  The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

 

IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the day and year first above written.

EXECUTIVE:                                                                                     MOJO ORGANICS, INC.

                                                                                                            By:                                                                                                                      

      Name:

      Title:

Address of Executive:

  

4ex10-15.htm

Exhibit 10.15

 

MOJO ORGANICS, INC.

 

ADVISOR AGREEMENT

 

This AGREEMENT (this “Agreement”) is made and entered into as of                                                                        , 2014 (the “Effective Date”) by and between MOJO ORGANICS, INC., a Delaware corporation having an address of 101 Hudson Street, 21st Floor, Jersey City, New Jersey  07302 (the “Company”), and                    , having an address of                                     (“Advisor”).  Each of the Company and Advisor is sometimes referred to herein as a “Party” and collectively, the “Parties.”

 

1. Advisor’s Duties.  The Company hereby engages the Advisor to advise the Company on the matters attached hereto as Exhibit A.

 

2. Reasonable Time and Effort Required.  From time to time during the engagement hereunder, Advisor shall devote such time, interest, and good faith effort to the performance of this Agreement as may be fair and reasonable in light of the advice required by the Company and the other work load of Advisor in his business activities outside of his service to the Company.

 

3. Place of Engagement.   Advisor shall perform the services required at locations to be mutually determined.  The Advisor acknowledges that the Company may from time to time require Advisor to travel temporarily to various locations on the Company’s business within reasonable limits.

 

4. Salary; Expenses.  Advisor shall receive no compensation for his efforts in the form of cash salary.  Advisor shall not be reimbursed or credited for any expenses unless such expenses were approved in writing by the Company prior to incurrence of same.  Any approved expenses are referred to here in as the “Approved Expenses.”

 

5. Restricted Stock.  As compensation for his efforts and advice during the engagement hereunder Advisor (or his designee) shall be issued   shares of restricted common stock (the “Shares”), such Shares to be held in escrow by the Company until  at which time the Shares shall vest and be released from escrow.  Such Shares shall be subject to forfeiture .

 

6. Term.  This Agreement shall be effective as of the Effective Date and continue until terminated by either Party upon 30 days’ prior written notice to the other Party.

 

7. Independent Contractor.  Advisor is not an employee of the Company.  Advisor will not be eligible for any employee benefits.  Any taxes imposed on Advisor due to activities performed hereunder will be the sole responsibility of Advisor.  Advisor shall have no authority to make representations, warranties or the like, concerning or on behalf of the Company or bind the Company in any manner.

 

8. Inventions Assignment and Confidential Information.  The Parties acknowledge that Advisor may from time to time create intellectual property in his capacity as an advisor to the Company and as such Advisor agrees that such work product is created as a “work for hire,” is the property of the Company, and Advisor hereby assigns all rights in and to such work product to the Company as part of services to the Company.  The Parties further acknowledge and agree that during Advisor’s performance of services, Advisor may be exposed to information relating to the Company that is not generally known by third parties, including without limitation information regarding the Company’s business, finances, customers, employees, technology, operations, products, and plans, whether or not designated by the Company as being proprietary or confidential (collectively, “Confidential Information”).  The Company shall retain full ownership of all Confidential Information, and nothing herein shall be construed as a license, transfer, or assignment of any Confidential Information to Advisor.  Advisor shall use Confidential Information solely as may be strictly necessary to further Advisor’s performance of services and for no other purposes whatsoever.  Advisor shall maintain the confidentiality and proprietary nature of Confidential Information using a degree of care at least as high as that degree used by Advisor for information of like sensitivity and kind in his other business dealings, and in any event, at least as high as that degree used by the Company for such Confidential Information.  Advisor shall not disclose any Confidential Information to any third parties without the Company’s prior consent.  Advisor recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.  Advisor agrees that, during the term of this Agreement and thereafter, Advisor owes the Company and such third parties a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or entity except as necessary in carrying out the services for the Company consistent with the Company’s agreement with such third party.  Upon the termination of this Agreement, or upon Company’s earlier request, Advisor will deliver to the Company all of the Company’s property, including but not limited to all electronically stored information and passwords to access such property, or Confidential Information that Advisor may have in Advisor’s possession or control.

 

  

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9. Nonsolicitation; Nondisparagement.  As consideration for and to induce the Company to enter into this Agreement, Advisor hereby covenants and agrees that for a period commencing on the Effective Date and ending on the second anniversary of the date of termination of this Agreement (“Restriction Period”), he will not, alone or as a partner, joint venturer, officer, director, employee, consultant, agent, independent contractor or stockholder of any company or business, or in any other capacity:

 

(a) induce any person or entity that is a customer, distributor or supplier of the Company or advise any person or entity which has a business relationship with the Company or any of its subsidiaries or affiliates to withdraw, curtail, qualify or cancel any business with such entity;

 

(b) induce any person who is employed by or a  consultant to the Company or any of its subsidiaries or affiliates to leave his or her employment or engagement;

 

(c) make any statement, publicly or privately, to any individual or entity, including, without limitation, clients, customers, employees, financial or credit institutions or news agencies, in any case, which could reasonably be expected to disparage, defame, libel or slander the Company or any of its subsidiaries, affiliates or any of their respective employees, officers or directors.

 

  

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10. Release and Waiver.  In consideration of this Agreement and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Advisor, on behalf of himself and his affiliates, representatives, agents, trustees, successors, predecessors, and assigns (collectively the “Advisor Parties”), hereby acknowledges that except as specifically provided by this Agreement, the Company has no other obligations of any type or form to any of the Advisor Parties, including under any other agreement executed prior to the Effective Date, or to the extent any such obligations exist same are deemed hereby terminated and waived by the Advisor on his behalf and on behalf of the other Advisor Parties.  Advisor, on his behalf and behalf of each of the other Advisor Parties, releases and discharges the Company and its officers, directors and affiliates and their successors, predecessors and assigns from, any and all obligations, debts, liabilities, demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money owed, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities of every kind and nature and description whatsoever, whether or not now known, suspected or claimed, liquidated or unliquidated, which any of the Advisor Parties ever had, now has or may thereafter acquire, by reason of any matter, cause, event, or thing whatsoever occurring or arising at any time on or before the Effective Date.  As a condition to transfer of any of the Shares issued hereby (other than as a result of an open market sale of same), at the request of the Company, the transferee shall execute and deliver to the Company a release and waiver in substance materially similar to that contained in this Section 9.  The certificate evidencing the Shares shall bear a restrictive legend referencing this Agreement and the provisions of this Section 9.

 

11. Indemnity.  Advisor shall indemnify the Company and its officers, managers and affiliates for any damages or losses incurred by them relating to his role with the Company or his receipt or ownership of the Shares.

 

12. General Terms.  Neither Party shall transfer or assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the other Party.  This Agreement shall be construed in accordance with the laws of the State of New York applicable to contracts entered into and wholly to be performed therein, without regard to that body of law pertaining to conflicts of laws.  Any controversies between the Parties arising hereunder shall be adjudicated before a court of competent jurisdiction located in New York, New York.  This Agreement may be amended by the Parties solely by an instrument in writing signed on behalf of each Party.  Unenforceable provisions hereof, if any, as applied to particular circumstances shall be reformed to the extent strictly necessary to render such provisions enforceable when applied to such particular circumstances.  This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof.  This Agreement may be executed in any number of counterparts and delivered by facsimile, each of which shall be an original but all of which together shall constitute one and the same instrument.

 

  

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IN WITNESS WHEREOF, the Parties, personally or by their duly authorized representatives, have caused this Advisor Agreement to be executed as of the date first written above.

 

	
THE COMPANY:

	
MOJO ORGANICS, INC.

 

By:                                                                                                                                                

Glenn Simpson, Chief Executive Officer

 

ADVISOR:                                                                                                                                                         

 

 

  

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