Document:

EX-10.1

 

Exhibit
10.1

JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

June 15, 2007

Cryptometrics, Inc.

73 Main Street

Tuckahoe, NY 10707

			
	Re:	 	Agreement Amending Merger Agreement Among JAG Media Holdings, Inc. (“JAG Media”),
Cryptometrics Acquisition, Inc. (“Cryptometrics Acquisition”), Cryptometrics, Inc.
(“Cryptometrics”), Robert Barra, Michael Vitale, Karlen & Stolzar, Thomas J. Mazzarisi and
Stephen J. Schoepfer (collectively, the “Parties”) dated as of January 24, 2007, as Further
Amended by those Certain Agreements Among the Parties dated as of February 26, 2007, April 2,
2007, April 20, 2007, May 11, 2007 and May 18, 2007 (“Merger Agreement Amendment”)

Gentlemen:

This will confirm our understanding regarding the following changes to the Merger Agreement
Amendment, which have been authorized by the directors of JAG Media, Cryptometrics Acquisition and
Cryptometrics:

1. The Closing Date set forth in the first sentence of paragraph 8 of the Merger Agreement
Amendment is hereby changed to July 16, 2007.

2. The Automatic Termination Date of June 15, 2007 set forth in the first sentence of paragraph 9
of the Merger Agreement Amendment is hereby changed to July 16, 2007.

3. The fifteen (15) day restriction regarding the release of the Merger Documents from escrow set
forth in subparagraph 10. (D) of the Merger Agreement Amendment is hereby changed to ten (10) days.

All defined terms used in this agreement, which are not otherwise defined herein shall have the
meaning ascribed to them in the Merger Agreement Amendment. Except as otherwise set forth in this
agreement, the Merger Agreement Amendment and the Merger Agreement shall remain unchanged and in
full force and effect.

If the foregoing accurately reflects your understanding of our agreement regarding the above
matter, please indicate your agreement and acceptance by signing in the appropriate space below and
returning a fully executed and dated copy of this agreement to the undersigned.

 

 

Cryptometrics, Inc.

June 15, 2007

Page -2-

	 	 	 
	Sincerely yours,

	 	AGREED AND ACCEPTED:
	JAG MEDIA HOLDINGS, INC.

	 	CRYPTOMETRICS ACQUISITION, INC.
	 
	 	 
	By: /s/ Thomas J. Mazzarisi

	 	By: /s/ Thomas J. Mazzarisi
	Name: Thomas J. Mazzarisi

	 	Name: Thomas J. Mazzarisi
	Title: Chairman & CEO

	 	Title: President
	Date: June 15, 2007

	 	Date: June 15, 2007
	 
	 	 
	AGREED AND ACCEPTED:

CRYPTOMETRICS, INC.

	 	The undersigned is signing this agreement
solely in its capacity as “Escrow Agent”
pursuant to the provisions of paragraph 10
of the Merger Agreement Amendment
	 
	 	 
	By: /s/ Robert Barra

	 	KARLEN & STOLZAR, LLP
	Name: Robert Barra
	 	 
	Title: Co-CEO

	 	By: /s/ Michael I. Stolzar
	Date: June 15, 2007

	 	Name: Michael I. Stolzar
	 

	 	Title: Partner
	 

	 	Date: June 15, 2007
	 
	 	 
	 
 

/s/
Robert Barra

Robert Barra

Dated: June 15, 2007

	 	The undersigned are signing this agreement
only with respect to their obligations set
forth
in paragraph 12 of the Merger Agreement
Amendment
	 
	 	 
	 

	 	/s/ Thomas J. Mazzarisi
	 

	 	Thomas J. Mazzarisi
	 

	 	Dated: June 15, 2007
	/s/ Michael Vitale
	 	 
	Michael Vitale
	 	 
	Dated: June 15, 2007
	 	 
	 

	 	/s/ Stephen J. Schoepfer
	 

	 	Stephen J. Schoepfer
	 

	 	Dated: June 15, 2007EX-10.2

 

Exhibit
10.2

JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

June 15, 2007

Cornell Capital Partners, LP

101 Hudson Street

Suite 3700

Jersey City, NJ 07302

-and-

Cryptometrics, Inc.

73 Main Street

Tuckahoe, NY 10707

			
	Re:	 	Agreement dated as of January 24, 2007 Among JAG Media Holdings, Inc. (“JAG Media”),
Cornell Capital Partners, L.P. (“Cornell Capital”), Cryptometrics, Inc., Robert Barra
and Michael Vitale, as amended (“Cornell Agreement”) / Convertible Debentures Nos.
CCP-1 and CCP-2 in the original principal amounts of $1,900,000 and $1,250,000 respectively,
each dated May 24, 2006 and Convertible Debenture No. CCP-3 in the original principal amount
of $1,000,000, dated May 30, 2006 with JAG Media, as Obligor and Cornell Capital, as Holder
thereunder (collectively, the “Original Debentures”)

Gentlemen:

This will confirm our understanding that the automatic termination date of June 15, 2007, set forth
in the last sentence of paragraph 1 of the Cornell Agreement, is hereby changed to July 16, 2007.

Subject to the terms and conditions of the Merger Agreement, JAG Media and Cryptometrics
acknowledge that it is their present intention to consummate the Merger and, if so, agree that upon
the S-4 registration statement originally filed on March 12, 2007 being declared effective by the
SEC they will take all steps in their control required to consummate the Merger within 30 days of
such effective date and further acknowledge and agree that Cornell Capital is relying on this
statement as a material inducement to agreeing to the extension of the automatic termination date
as set forth herein.

Except as otherwise expressly set forth in this agreement, the Cornell Agreement and the
Transaction Documents shall remain unchanged and in full force and effect.

 

 

Cornell Capital Partners, LP

June 15, 2007

Page -2-

If the foregoing accurately reflects your understanding of our agreement regarding the above
matter, please indicate your agreement and acceptance by signing in the appropriate space below and
returning a fully executed and dated copy of this agreement to the undersigned.

Sincerely yours,

JAG Media Holdings, Inc.

	 	 	 	 	 
	By:

	 	/s/ Thomas J. Mazzarisi	 	 
	 

	 	Name: Thomas J. Mazzarisi	 	 
	 

	 	Title: Chairman & CEO	 	 
	 

	 	Date: June 15, 2007	 	 
	AGREED AND ACCEPTED:

Cornell Capital Partners, LP
 

By: Yorkville Advisors, LLC

Its: General Partner	 	The undersigned parties are signing
this agreement only with respect to
the obligations in Paragraph 5 of the
Cornell Agreement
	 

	 	 	 	/s/ Robert Barra
	 

	 	 	 	Robert Barra
	By:

	 	/s/ Mark Angelo
	 	Date: June 15, 2007
	 

	 	Mark Angelo, Portfolio Manager	 	 
	 

	 	Date: June 15, 2007
	 	/s/ Michael Vitale
	 

	 	 	 	Michael Vitale
	 

	 	 	 	Date: June 15, 2007
	Cryptometrics, Inc.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Robert Barra	 	 
	 

	 	Name: Robert Barra	 	 
	 

	 	Title: Co-CEO	 	 
	 

	 	Date: June 15, 2007EX-10.1

 

AMENDMENT TO THE 2005 AMENDED AND RESTATED

UNITED RETAIL GROUP

SUPPLEMENTAL RETIREMENT SAVINGS PLAN

RECITALS

     United Retail Group, Inc. (the “Company”) maintains for the benefit of its employees the
United Retail Group Supplemental Retirement Savings Plan (the “Plan”).

     The Company has adopted, effective as of January 1, 2005 an amendment and restatement of the
Plan.

     The Company wishes to revise certain provisions of the Plan to comply with Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder;

     Therefore, this Amendment to the Plan shall be adopted effective as of January 1, 2005.

AMENDMENT

	I.	 	Section 14 of the Plan shall be amended in its entirety as follows:
	 
	 	 	Section 14. 409A Compliance.

          14.1 Adoption and Effective Date. This Section 14 of the Plan is intended to reflect
certain provisions of Section 409A of the Code, as amended, and the Treasury Regulations
promulgated by the Internal Revenue Service pursuant to Section 409A of the Code.

          14.1.1 Effective Date. Provisions of this Section 14 shall be
effective as of January 1, 2005.

          14.1.2 This Section 14 shall supersede the other provisions of the
Plan to the extent those provisions are inconsistent with the requirements
of this Section.

          14.1.3 This Section 14 shall apply only to the portion of each
Account attributable to 409A Deferrals. Any portion of a Participant’s
Account which is not attributable to 409A Deferrals shall be subject to
the remaining provisions of the Plan, without regard to the application of
this Section 14.

          14.2 Elections under the United Retail Group Retirement Savings Plan. Any
changes to deferral elections in the United Retail Group Retirement Savings Plan
after a date in which elections to defer Compensation under this Plan become
irrevocable shall be disregarded for purposes of determining
Supplemental Savings Contributions and Supplemental Matching Contributions
under Sections 3.1 and 3.2 of this Plan.

1

 

          14.3 Limitations of Distributions. No portion of a Participant’s Account may be
distributed earlier than:

          14.3.1 The Participant’s separation from service (as defined in Treasury
Regulation Section 1.409A-1(h) and subject to Section 14.3.7 below);

          14.3.2 the date on which the Participant becomes Disabled (as
defined in Section 14.8.2 below);

          14.3.3 the Participant’s death;

          14.3.4 a time or fixed schedule (as defined in Treasury Regulation
Section 1.409A-3(a)(i)4)) specified in the Participant’s Enrollment and
Change Designation, or otherwise specified under the Plan at the date of
Deferral;

          14.3.5 a Change in Control Event (as defined in Section 14.8.1 below); or

          14.3.6 the occurrence of an Unforeseeable Emergency (as defined in
Section 14.8.6 below)

          14.3.7 Notwithstanding the provisions of this Section 14.3 to the
contrary, distributions to any Specified Employee (as defined in Section
14.8.5 below) on account of a separation from service, may not be made
before the date which is six months after the date of the Participant’s
separation from service (or, if earlier than the end of the six-month
period, the date of death of the Participant who is a Specified Employee).

          14.4 Acceleration of Benefits. The Plan may not permit the acceleration of the time
or schedule of any payment or amount scheduled to be paid pursuant to the terms of the Plan
of a Participant’s Account except as provided in Treasury Regulation Section
1.409A-3(j)(4).

          14.5 Elections. A Participant’s election to defer Compensation to the Participant’s
Account pursuant to an Enrollment and Change Designation shall be subject to the following
requirements:

          14.5.1 Compensation for services performed during a calendar year
may be deferred at the Participant’s election only if the election to
defer such Compensation is made and becomes irrevocable not later than the
close of the preceding calendar year, or at such other time as may be
permitted in Treasury Regulation Section 1.409A-2(a).

          14.5.2 In the case of the first calendar year in which a Participant
becomes eligible to participate in the Plan, such election may be made
with respect to Compensation for services to be performed subsequent to
the election within thirty (30) days after the date on which the
Participant becomes eligible to participate in the Plan.

2

 

          14.5.3 In the case of an election to defer any Performance-Based
Compensation (as defined in Treasury Regulation Section 1.409A-1(e)) based
on services performed over a period of at least twelve months, the
election may be made on or before the date that is six months before the
end of the performance period.

          14.6 Delay in Payment. No Participant may make an election to delay the date of a
payment from the Participant’s Account or change the form of payment from the Participant’s
Account unless:

          14.6.1 the election will not take effect until at least twelve months
after the date on which the election is made,

          14.6.2 except in the case of a payment as the result of the
Participant’s becoming Disabled, the Participant’s death or the occurrence
of an Unforeseeable Emergency, the first payment with respect to such
election is deferred for not less than five years from the date on which
such payment would otherwise have been paid, and

          14.6.3 any election which is related to a payment at a specified
time or pursuant to a fixed schedule may not be made less than twelve
months prior to the date of the first scheduled payment under that
election.

          14.7 Restrictions on Trust Fund. No portion of the Trust Fund may be located outside
of the United States, or transferred outside of the United States. No portion of the Trust
Fund may be subject to any restriction based upon a change in the Company’s financial
health.

          14.8 Definitions.

          14.8.1 Change in Control Event. “Change in Control Event”
means the
occurrence of a Change in the Ownership of the Company, a Change in the Effective Control
of the Company, or a Change in the Ownership of a Substantial Portion of the Company’s
Assets. For purposes of this Section 14:

          14.8.1.1 A “Change in the Ownership of the Company” occurs on the date that any
one
person, or more than one person acting as a Group, acquires ownership of stock of the
Company that, together with stock held by such person or Group, constitutes more than fifty
percent (50%) of the total fair market value or total voting power of the stock of the
Company; provided, however, if any one person, or more than one person acting as a Group,
is considered to own more than fifty percent (50%) of the total fair market value or total
voting power of the stock of the Company, the acquisition of additional stock by the same
person or Group is not considered to cause a Change in the Ownership of the Company. For
purposes of this Section 14, “Group” shall have the meaning set forth in Treasury
Regulation Section 1.409A-3(i)(5)(v)(B), or any subsequent guidance.

          14.8.1.2 A “Change in the Effective Control of the Company” occurs only on
the date that either:

3

 

(1) Any one person, or more than one person acting as a
Group, acquires (or has acquired during the twelve (12) month period ending on the
date of the most recent acquisition by such person or persons) ownership of stock
of the Company possessing thirty percent (30%) or more of the total voting power of
the stock of the Company; or

(2) A majority of members of the Board is replaced during
any twelve (12) month period by directors whose appointment or election is not
endorsed by a majority of the members of the Board prior to the date of the
appointment or election.

          14.8.1.3 A “Change in the Ownership of a Substantial Portion of
the Company’s Assets” occurs on the date that any one person, or more than one person
acting as a Group, acquires (or has acquired during the twelve (12) month period ending on
the date of the most recent acquisition by such person or persons) assets from the
corporation that have a total Gross Fair Market Value equal to or more than forty percent
(40%) of the total Gross Fair Market Value of all of the Company’s assets immediately prior
to such acquisition or acquisitions. For purposes of this Section 14, the term “Gross Fair
Market Value” means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets. However, a
Change in the Ownership of a Substantial Portion of the Company’s Assets does not occur if
the assets are transferred to one or more of the following (as determined immediately after
the asset transfer):

(1) a shareholder of the Company (immediately before the
asset transfer) in exchange for or with respect to such shareholder’s stock;

(2) an entity, fifty percent (50%) or more of the total
value or voting power of which is owned, directly or indirectly, by the Company;

(3) a person, or more than one person acting as a Group,
that owns, directly or indirectly, fifty percent (50%) or more of the total value
or voting power of all the outstanding stock of the Company; or

(4) an entity, at least fifty percent (50%) of the total
value or voting power of which is owned, directly or indirectly, by a person
described in paragraph (3).

In determining whether a Change in Control has occurred, the Plan shall apply
the rules set forth in Treasury Regulation Section 1.409A-3(i), or any subsequent
guidance.

               14.8.2 Disabled. A Participant shall be considered
“Disabled” if the Participant:

               14.8.2.1 is unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which
can be expected to result in death or can be expected to last for a
continuous period of not less than twelve months, or

4

 

               14.8.2.2 is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve months,
receiving income replacement benefits for a period of not less than three
months under an accident and health plan covering employees of the
Participant’s employer.

In determining whether a person is “Disabled,” the Plan shall apply the
meaning of such term set forth in Treasury Regulation Section
1.409A-3(a)(i)(4), or any subsequent guidance.

               14.8.3 409A Deferrals. “409A Deferrals” shall
mean amounts
which were deferred to a Participant’s Account or became vested on or
after January 1, 2005. Except in the event of a material modification,
409A Deferrals shall not include any deferrals allocated to a
Participant’s Account prior to January 1, 2005, or any increase in a
Participant’s Account as the result of investment gains attributable to
such deferrals. For this purpose, the existence of a material
modification shall be determined under the provisions of Internal Revenue
Service Notice 2005-1 or other guidance promulgated by the Secretary of
the Treasury.

               14.8.4 Performance-Based Compensation.
“Performance-Based
Compensation” shall mean Compensation where (i) the payment of the
Compensation or the amount of the Compensation is contingent on the
satisfaction of pre-established organizational or individual performance
criteria, and (ii) the performance criteria are not
substantially certain to be met at the time a deferral election is
permitted. Performance-Based Compensation may include payments based upon
subjective performance criteria, but (i) any subjective performance
criteria must relate to the performance of the Participant, a group of
service providers that includes the Participant, or a business unit for
which the Participant provides services (which may include the entire
organization); and (ii) the determination that any subjective performance
criteria have been met must not be made by the Participant or a family
member of the Participant (as defined in § 267(c)(4) of the Code, applied
as if the family of an individual includes the spouse of any member of the
family), or a person under the effective control of the Participant or a
family member of the Participant, and no amount of the Compensation of the
person making such determination is effectively controlled in whole or in
part by the Participant or a family member of the Participant.
Performance-Based Compensation may also include payments based on
performance criteria that are not approved by a compensation committee of
the Board of Directors or by the stockholders of the Company.
Notwithstanding the foregoing, Performance-Based Compensation does not
include any amount or portion of any amount that will be paid either
regardless of performance, or based upon a level of performance that is
substantially certain to be met at the time the criteria is established,
or that is based

5

 

solely on the value of, or appreciation in value of, the
Company or the stock of the Company.

In determining whether Compensation is “Performance-Based Compensation,”
the Plan shall apply the meaning of such term set forth in Treasury
Regulation Section 1.409A-1(e), or any subsequent guidance.

               14.8.5 Specified Employee. A “Specified Employee”
shall mean
a key employee (as defined in Code Section 416(i), but without regard to
Code Section 416(i)(5)) of the Company determined in accordance with
Treasury Regulation Section 1.409A-1(i). Provided, however, that no
Participant shall be considered to be a Specified Employee unless the
stock of the Company is publicly traded on an established securities
market or otherwise.

               14.8.6 Unforseeable Emergency. “Unforseeable
Emergency”
means a severe financial hardship to the Participant resulting from an
illness or accident of the Participant, the Participant’s spouse, or a
dependent (as defined in Section 152(a) of the Code) of the Participant,
loss of the Participant’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant.

In determining whether an “Unforseeable Emergency” has occurred, the Plan
shall apply the meaning of such term set forth in Treasury Regulation
Section 1.409A-1(i)(3), or any subsequent guidance.

	II.	 	In all other respects, the Plan shall remain unchanged.

Dated
this    21st   
day of     JUNE    , 2007.

	 	 	 	 	 	 	 
	 	 	UNITED RETAIL GROUP, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/  GEORGE R.
REMETA	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	CHIEF ADMINISTRATIVE OFFICER	 	 
	 

	 	 	 	 	 	 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]