Document:

Unassociated Document

    EXHIBIT
10.27

     

    WAIVER

     

    THIS
WAIVER (this "Waiver") is dated as of March 13, 2008, by and among NewCardio,
Inc., a Delaware corporation (the "Company"),
and the holders identified on the signature pages hereto (collectively,
the "Holders").
Unless otherwise defined herein, all capitalized terms used herein shall
have the respective meanings provided such terms in the Registration Rights
Agreement referred to below.

     

    WHEREAS, the Company and the Holders
are parties to a Registration Rights Agreement dated as of December 27, 2007
(the "Registration
Rights Agreement");

     

    WHEREAS, pursuant to Section 2(b) of
the Registration Rights Agreement, if the Company fails to respond in writing to
comments from the Commission in respect of a Registration Statement within 20
calendar days after receipt of such comments from the Commission, the Holders are entitled to
liquidated damages equal to 2% of the aggregate purchase price paid by each Holder
pursuant to the Purchase Agreement for any unregistered Registrable Securities then held by
such Holder (the "Liquidated
Damages");

     

    WHEREAS, the Company received comments
from the Commission in respect of the Registration Statement filed with
the Commission on February 11, 2008, in a letter dated March 7, 2008 (the "Comment
Letter");

     

    WHEREAS,
the parties agree that the Company should respond to the Comment Letter after
the Company files its Annual Report on Form 10-K on March 31, 2008;

     

    WHEREAS,
the Holders hold a majority of the currently outstanding Registrable Securities
(including all Registrable Securities issuable upon exercise or conversion of
any Security) and, as such, pursuant to Section 6(f) of the Registration Rights
Agreement, the Holders may waive the right of all Holders to receive the
Liquidated Damages;

     

    WHEREAS,
the Holders hereby agree to waive the right of all Holders to receive the
Liquidated Damages in connection with the Company's failure to respond in
writing to the Comment Letter within 20 calendar days of its receipt of the
Comment Letter.

     

    WHEREAS,
subject to the terms and conditions set forth herein, the parties hereto agree
as follows.

     

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

     

    1.    Waiver.
Pursuant to Section 6(f) of the Registration Rights Agreement, the Holders
hereby waive the right of all Holders to receive the Liquidated Damages they
would otherwise be entitled to pursuant to Section 2(b)(iii) until April 15th,
2008.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.    Amendment.
Definitions of Filing Date and Effective Date are hereby amended
as follows:

     

    "Filing
Date" means, with respect to the Initial Registration Statement required
hereunder, April 15th, 2008,
with respect to any additional Registration Statements which may be required
pursuant to Section 3(c), the earliest practical date on which the Company is
permitted by SEC Guidance to file such additional Registration Statement related
to the Registrable Securities.

     

    "Effectiveness
Date" means, with respect to the Initial Registration Statement required
to be filed hereunder, May 31st, 2008
(or, in the event of a "full review" by the Commission, July 30th, 2008,
or, if such "full review" includes comments from the Commission regarding the
availability of Rule 415, August 31st, 2008)
and with respect to any additional Registration Statements which may be required
pursuant to Section 3(c), the 90th
calendar day following the date on which an additional Registration Statement is
required to be filed hereunder; provided,
however, that in the event the Company is notified by the Commission that
one or more of the above Registration Statements will not be reviewed or is no
longer subject to further review and comments, the Effectiveness Date as to such
Registration Statement shall be the fifth Trading Day following the date on
which the Company is so notified if such date precedes the dates otherwise
required above.

     

    3.    Miscellaneous.

     

    a.    This
Waiver is limited as specified and shall not constitute a modification,
acceptance or waiver of any other provision of the Registration Rights
Agreement.

     

    b.    This
Waiver may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterpart,
when executed and delivered, shall be an original, but all of which shall
together constitute one and the same instrument. A complete set of counterparts
shall be held by the Company.

     

    c.    THIS WAIVER
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

     

     

    [Signature
Pages Follow]

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    [SIGNATURE
PAGE FOR THE COMPANY]

     

    IN
WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Waiver to be duly executed and delivered as of the date first above
written.

     

     

     

     

    
      
        	 	NEWCARDIO,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Richard
      D. Brounstein	 
	 	 	Richard
      D. Brounstein	 
	 	 	Chief
      Financial Officer	 
	 	 	 	 

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    [SIGNATURE
PAGE FOR HOLDERS WHICH ARE ENTITIES]

     

    IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Waiver to be
duly executed and delivered as of the date first above written.

     

     

     

     

    
      
        	 	Vision
      Opportunity Master Fund, Ltd.	 
	 	Name
      of Holder (Print or Type)	 
	 	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Adam
      Benowitz	 
	 	 	      
                Signature

              	 
	 	 	 	 
	 	Its:	Adam
      Benowitz	 
	 	 	Title:
      Director	 
	 	 	 	 

      

    

     

     

     

    4altair_8k-ex1001.htm

    Exhibit
10.1

     

    July 8,
2008

    

    

    Mr.
Daniel Elliott

    President
and Chief Executive Officer

    Phoenix
Motorcars, Inc.

    401 S.
Doubleday Ave.

    Ontario,
CA  91761

    

    Subject:    Principals of
Agreement

    

    Dear
Dan,

    

    Altairnano,
Inc. (“Altair”) and Phoenix Motorcars, Inc. (“Phoenix”) have come to an
agreement regarding the shipment and title transfer of forty-seven (47)
Generation 1 prototype batters for the use in Phoenix demonstration
vehicles.  The parties have furthermore agreed to the disposition of
2007 notes payable, which were referenced in a letter sent by Terry Copeland to
Dan Elliott on March 7, 2008.  The agreement regarding the preceding
issues is as follows:

    

    1.           Altair
will ship in total forty-seven (47) Generation 1 prototype batteries FOB to
Phoenix’s Ontario facility for exclusive use in Phoenix demonstration
vehicles.  Terms related to the use of the batteries in the
demonstration vehicles have been generally agreed to in a previous agreement
between the parties dated June 26, 2008.

    

    2.           Upon
receipt by Phoenix of any CARB ZEV credits related to the demonstration vehicles
referenced in paragraph “1” above, Phoenix will remit either ten (10) percent of
the credits to Altair or the equivalent monetized value in
dollars.  Phoenix must notify Altair that it has received such
credits, the number of credits received, and the monetized value of received
credits, if known, within thirty (30) days of receipt.

    

    3.           With
this document Altair forgives the 2007 notes payable in the amount of
$1,721,918.78 and accounts receivable in the amount of $2,072.54, and agrees
Phoenix has no further obligation to pay them.

    

    This
agreement may only be modified by mutual agreement of the parties in writing,
and it will be interpreted in accordance with California law.  The
batteries are provided to Phoenix “as is” without explicit or implied
warranties.  As noted in the agreement dated June 26, 2008, a
definitive agreement containing clauses directed to limitation of liability,
conditions of use and other terms will be subsequently negotiated and executed
using commercially reasonable efforts.

    

    AGREED:

     

     

    
      	/s/ Terry
      Copeland 	/s/ Daniel
      Elliott 
	Terry
      Copeland 	Daniel
      Elliott 
	CEO and
      President 	President and Chief
      Executive Officer 
	Altairnano,
      Inc. 	Phoenix Motorcars,
      Inc.altair_8k-ex1002.htm

     

    Exhibit
10.2

     

    July 24,
2008

    

    

    Mr.
Daniel Elliott

    President
and Chief Executive Officer

    Phoenix
Motorcars, Inc.

    Phoenix
MC, Inc.

    401 S.
Doubleday Ave.

    Ontario,
CA  91761

    

    Subject:    Termination of
Agreement

    

    Dear
Dan,

    

    Reference
is hereby made to the Supply Agreement dated January 8, 2007, as amended to date
(the “Supply
Agreement”) by and between Altairnano Inc., a Nevada corporation (“Altair”) and Phoenix
MC, Inc. (“Phoenix
MC”) as successor-in-interest to Phoenix Motorcars, Inc. (“Phoenix”).  The
purpose of this letter of agreement (this “Agreement”) is to
formally terminate the Agreement and to clarify certain issues related to the
Agreement. In consideration of the mutual covenants set forth herein, the
parties hereby covenant and agree as follows:

    

    1.   Termination of
Agreement.  The Supply Agreement is hereby terminated, and all
representations, warranties, covenant and obligations arising under the Supply
Agreement are hereby terminated.

    

    2.           Mutual
Releases.

    

    (a) Each of
Altair and Altair Nanotechnologies Inc. (“Altair Parent”), on
behalf of itself, its predecessors, its successors, its assigns, its direct and
indirect subsidiaries and its direct and indirect parent companies,
hereby  irrevocably, unconditionally, and completely releases,
discharges, and agrees to hold harmless Phoenix, Phoenix MC and each officer,
director, subsidiary, shareholder and affiliate of Phoenix or Phoenix MC (the
“Phoenix
Releasees”) from any and all claims, liabilities, charges, demands,
grievances and causes of action of any kind or nature whatsoever, including,
without limitation, any claims for payment, delivery, breach of a
representation, warranty or covenant, indemnification, negligence, gross
negligence or willfulness, whether direct or indirect, liquidated or
unliquidated, accrued or unaccrued, known or unknown, in each case in which the
releasing party had, has, or may come or claim to have against any of the
Phoenix Releases; provided, however, the foregoing shall not apply to any claims
arising under the Principles of Agreement dated July 8, 2008 (the “Side Agreement”)
between Phoenix and Altair or constitute the relinquishment of any ownership
interest in Phoenix or Phoenix MC.

    

    (b) Each of
Phoenix and Phoenix MC, on behalf of itself, its predecessors, its successors,
its assigns, its direct and indirect subsidiaries and its direct and indirect
parent companies, hereby  irrevocably, unconditionally, and completely
releases, discharges, and agrees to hold harmless Altair, Altair Parent and each
officer, director, subsidiary, shareholder and affiliate of Altair or Altair
Parent (the “Altair
Releasees”) from any and all claims, liabilities, charges,
demands,grievances
and causes of action of any kind or nature whatsoever, including, without
limitation, any claims for payment, delivery, breach of a representation,
warranty or covenant, indemnification, negligence, gross negligence or
willfulness, whether direct or indirect, liquidated or unliquidated, accrued or
unaccrued, known or unknown, in each case which the releasing party had, has, or
may come or claim to have against any of the Altair; provided, however, the
foregoing shall not apply to any claims arising under the Side Agreement or
constitute the relinquishment of any ownership interest in Altair
Parent.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.           Misc.  This
Agreement may be signed in counterparts, including by facsimile, and all
counterparts together with the body of this Agreement shall constitute a single,
integrated agreement.  This Agreement may only be modified by mutual
agreement of the parties in writing, and it will be interpreted in accordance
with California law.

     

     

    Altair
Nanotechnologies Inc.

     

    /s/ Terry
Copeland                                                       

    By:  Terry
Copeland, its Chief Executive Officer

    

    Altairnano,
Inc.

     

    /s/ Terry
Copeland                                                      

    By:  Terry
Copeland, its Chief Executive Officer

    

    

    Accepted
and Agreed:

    

    Phoenix
Motorcars, Inc.

    

    /s/ Daniel
Elliot                                                             

    By:  Daniel
Elliot, its Chief Executive Officer

    

    Phoenix
MC, Inc.

     

    /s/ Daniel
Elliot                                                                                                                                     

    By:  Daniel
Elliot, its Chief Executive Officer

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