Document:

wdka_ex107.htm

EXHIBIT 10.7

 

WARRANT TERMINATION AGREEMENT

 

This Warrant Termination Agreement (this “Agreement”) dated as of June 11, 2014 is entered into by and between Agata Podedworny (“Holder”) and Panache Beverage, Inc., a Delaware corporation (the “Company”). Reference is made to that certain Restructuring Agreement dated as of the date hereof by and among the Company, Holder, Consilium Corporate Recovery Master Fund, Ltd. (“Consilium”), and certain other parties thereto (the “Restructuring Agreement”), pursuant to which Holder and the Company have agreed that the Warrant (as defined below) shall be surrendered to the Company and terminated and cancelled. Capitalized terms used and not defined herein have the meanings ascribed to them in the Restructuring Agreement.

 

The undersigned hereby acknowledges and agrees that:

 

1. Holder is the holder of a warrant, dated as of December 21, 2012, which entitles the holder to purchase 300,000 shares of the common stock of the Company (the “Warrant”).

 

2. As a condition to their willingness to enter into the Restructuring Agreement, Consilium and the Company have requested that Holder, and in order to induce Consilium and the Company to enter into the Restructuring Agreement, Holder has agreed to, enter into this Agreement.

 

3. On the Effective Date and without any further action on the part of Holder, the Warrant will be cancelled.

 

4. The parties will, from time to time, execute and deliver, or cause to be executed and delivered, such additional documents or take, or cause to be taken, such additional acts as may be necessary to give full effect to the terms and intent of this Agreement.

 

5. The parties hereto may only modify or amend this Agreement by a written agreement executed and delivered by duly authorized signatories of the respective parties with the consent of Consilium which expressly states that it is intended to modify or amend this Agreement.

 

6. This Agreement shall be governed by, and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

7. This Agreement, together with the Restructuring Agreement and the Warrant, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

8. This Agreement may be executed in multiple counterparts, all of which shall together be considered one and the same agreement.

 

[Signature Page Follows]

 

  

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

 

	
 

	
By: 

	/s/ AGATA PODEDWORNY 	 
	 	Name:	Agata Podedworny	 

 

	 	PANACHE BEVERAGE, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ MICHAEL ROMER 	 
	 	Name:	Michael Romer	 
	 	Title:	Interim CEO	 

 

[Warrant Termination Agreement (Agata Podedworny)]

 

 

2wdka_ex108.htm

EXHIBIT 10.8

 

WARRANT TERMINATION AGREEMENT

 

This Warrant Termination Agreement (this “Agreement”) dated as of June 11, 2014 is entered into by and between Sjoerd de Jong (“Holder”) and Panache Beverage, Inc., a Delaware corporation (the “Company”). Reference is made to that certain Restructuring Agreement dated as of the date hereof by and among the Company, Holder, Consilium Corporate Recovery Master Fund, Ltd. (“Consilium”), and certain other parties thereto (the “Restructuring Agreement”), pursuant to which Holder and the Company have agreed that the Warrant (as defined below) shall be surrendered to the Company and terminated and cancelled. Capitalized terms used and not defined herein have the meanings ascribed to them in the Restructuring Agreement.

 

The undersigned hereby acknowledges and agrees that:

 

1. Holder is the holder of a warrant, dated as of December 21, 2012, which entitles the holder to purchase 300,000 shares of the common stock of the Company (the “Warrant”).

 

2. As a condition to their willingness to enter into the Restructuring Agreement, Consilium and the Company have requested that Holder, and in order to induce Consilium and the Company to enter into the Restructuring Agreement, Holder has agreed to, enter into this Agreement.

 

3. On the Effective Date and without any further action on the part of Holder, the Warrant will be cancelled.

 

4. The parties will, from time to time, execute and deliver, or cause to be executed and delivered, such additional documents or take, or cause to be taken, such additional acts as may be necessary to give full effect to the terms and intent of this Agreement.

 

5. The parties hereto may only modify or amend this Agreement by a written agreement executed and delivered by duly authorized signatories of the respective parties with the consent of Consilium which expressly states that it is intended to modify or amend this Agreement.

 

6. This Agreement shall be governed by, and construed in accordance with the laws of the State of Delaware, without giving effect to any choice or conflict of laws provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

7. This Agreement, together with the Restructuring Agreement and the Warrant, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

8. This Agreement may be executed in multiple counterparts, all of which shall together be considered one and the same agreement.

 

[Signature Page Follows]

 

  

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

 

	
 

	
By: 

	/s/ SJOERD DE JONG 	 
	 	Name:	Sjoerd de Jong	 

 

	 	PANACHE BEVERAGE, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ MICHAEL ROMER 	 
	 	Name:	Michael Romer	 
	 	Title:	Interim CEO	 

 

[Warrant Termination Agreement (Sjoerd de Jong)]

 

 

2wdka_ex109.htm

EXHIBIT 10.9

 

PROMISSORY NOTE

 

	$245,000.00	June 11, 2014 

New York, NY

 

FOR VALUE RECEIVED, the undersigned WODKA, LLC, a New York limited liability company (the “Borrower”), promises to pay to the order of CONSILIUM CORPORATE RECOVERY MASTER FUND, LTD. (the “Holder”), in lawful currency of the United States of America, the principal sum of TWO HUNDRED FORTY-FIVE THOUSAND DOLLARS ($245,000.00) (the “Principal Amount”). No interest shall accrue on the Principal Amount and the Principal Amount shall only be payable as set forth below.

 

This Promissory Note evidences a loan made by James Dale to the Borrower in the original principal amount of $245,000 which was documented by a book entry on the Borrower’s general ledger (the “Dale Loan”). On the date hereof, the Dale Loan has been assigned to the Holder pursuant to that certain Assignment Agreement by James Dale in favor of the Holder.

 

1. PAYMENTS.

 

Until such times as (i) the Borrower’s Board of Managers has unanimously consented to a payment under this Promissory Note, and (ii) all of the equity interests in the Borrower or all or substantially all of the assets of the Borrower are sold to a third party unaffiliated with the Borrower or Panache Beverage, Inc., no payments of the Principal Amount shall be permitted. Upon the satisfaction of the preceding conditions, the Principal Amount shall be payable on demand by the Holder. All payments under this Promissory Note shall be made in lawful money of the United States of America, in certified funds, without offset, deduction, or counterclaim of any kind, at 3101 N. Federal Highway, Suite 502, Fort Lauderdale, FL 33306, or at such other place as the Holder may designate in writing from time to time.

 

2. WAIVER OF PRESENTMENT; DEMAND.

 

The Borrower hereby waives presentment, demand, notice of dishonor, notice of default or delinquency, notice of protest and nonpayment, notice of costs, expenses or losses and interest thereon, notice of interest on interest and late charges, and diligence in taking any action to collect any sums owing under this Promissory Note, including (to the extent permitted by law) waiving the pleading of any statute of limitations as a defense to any demand against the undersigned. Acceptance by the Holder or any other holder of this Promissory Note of any payment differing from the designated lump-sum payment listed above does not relieve the undersigned of the obligation to honor the requirements of this Promissory Note.

 

3. TIME OF THE ESSENCE.

 

Time is of the essence for every obligation under this Promissory Note.

 

4. GOVERNING LAW.

 

This Promissory Note shall be construed and enforced in accordance with the laws of the State of New York.

 

  

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5. COLLECTION COSTS AND ATTORNEYS’ FEES.

 

The Borrower agrees to pay any and all costs and expenses of the collection of indebtedness evidenced by this Promissory Note, including reasonable attorneys’ fees and court costs in addition to other amounts due, without protest of any kind.

 

6. ASSIGNMENT.

 

The Borrower may not assign any of its rights under this Promissory Note.

 

7. SEVERABILITY.

 

If any one or more of the provisions contained in this Promissory Note is, for any reason, held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Promissory Note, but this Promissory Note shall be construed as if such invalid, illegal, or unenforceable provisions had never been contained herein, unless the deletion of such provision or provisions would result in such a material change so as to cause completion of the transactions contemplated herein to be unreasonable.

 

8. NOTICES.

 

Each party giving or making any notice, request, demand, or other communication required or permitted by this Promissory Note shall give that notice in writing and use one of the following types of delivery, each of which is a writing for purposes of this Promissory Note: personal delivery, mail (registered or certified mail, postage prepaid, return-receipt requested), or nationally recognized overnight courier. A party shall address notices under this Section 8 to a party at the following addresses:

 

If to the Borrower:

 

Wodka, LLC

150 Fifth Avenue, 3rd Floor

New York, NY 10011

Attention: Mike Romer

 

If to the Holder:

 

Consilium Corporate Recovery Master Fund, LTD.

c/o Consilium Investment Management LLC

3101 N. Federal Highway, Suite 502

Fort Lauderdale, FL 33306

Attention: Charles T. Cassell III

 

9. WAIVER.

 

No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this Promissory Note will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless the writing so specifies.

 

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, undersigned has caused this Promissory Note to be executed and delivered by its duly authorized officer on the date first above written.

 

	 	WODKA, LLC	 
	 	 	 	 
	 	
By: 

	/s/ MICHAEL ROMER	 
	 	Name:	Michael Romer	 
	 	Title:	Interim CEO	 

 

 

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