Document:

exhibit1021.htm

 

Exhibit 10.21

 

 

AMENDMENT AGREEMENT

          THIS AMENDMENT AGREEMENT, dated as of June 22, 2012 (this "Agreement"), by and between by Assured Pharmacy, Inc., a Nevada corporation (the "Borrower") and Brockington Securities, Inc., a New York corporation (the "Lender"), amends that revolving line of credit agreement, dated March 10, 2009 (the "Line of Credit"), as amended pursuant to the terms of that certain modification and extension agreement dated March 10, 2010 and November 10, 2011 (the "Line of Credit Amendments" and together with the Line of Credit, the "Prior Agreements").

 

WITNESSETH:

 

WHEREAS, pursuant to the terms of the Line of Credit, the Lender agreed to establish a Line of Credit for Borrower for a period extending to March 10, 2010.

 

WHEREAS, pursuant to the terms of the Line of Credit Amendment, the Lender agreed to extend the Line of Credit for a period extending to March 10, 2011,

 

WHEREAS, pursuant to the terms of the Line of Credit Amendment, the Lender agreed to extend the Line of Credit for a period extending to June 30, 2012,

 

WHEREAS, the parties desire to amend the Line of Credit to extend the term of the Line of Credit from June 30, 2012 to June 30, 2014.

 

NOW THEREFORE, in consideration of the mutual benefits accruing to Lender and Company and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:

1.         DEFINITIONS.

Defined terms not herein defined shall have the meaning set forth in the Line of Credit.

 

2.         AMENDMENT.

2.1           Amendment to the Line of Credit. The first sentence of Section 1 is hereby amended in its entirety to the Line of Credit to be and read as follows:

 

"1.    LINE OF CREDIT. Lender hereby establishes for a period extending to June 30, 2014 (the "MATURITY DATE") a revolving line of credit (the "Credit Line") for Borrower in the principal amount of Three Hundred Thousand Dollars ($300,000.00) the ("Credit Limit")."

 

2.2           Effect on Prior Agreements. Subject to the amendment provided herein, all of the terms and conditions of the Prior Agreements shall continue in full force and effect after the execution of this Agreement and shall not be in any way changed, modified or superseded by the terms set forth herein. Except as expressly set forth herein, this Agreement shall not be deemed to be a waiver, amendment or modification of any provisions of the Prior Agreements or of any right, power or remedy of the Lender, or constitute a waiver of any provision of the Prior Agreements (except to the extent herein set forth), or any other document, instrument and/or agreement executed or delivered in connection
therewith, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder. The Lender reserve all rights, remedies, powers, or privileges available under the Prior Agreements, at law or otherwise.  This Agreement shall not constitute a novation or satisfaction and accord of the Prior Agreements or any other document, instrument and/or agreement executed or delivered in connection therewith.

 

 

 

 

 

  

- 1 -

  

 

 

 

3.        MISCELLANEOUS.

 

3.1        Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

3.2        Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York without regard to the choice of law principles thereof.

 

3.3        Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

3.4        Counterparts/Execution.  This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains an electronic file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or electronic file signature page (as the case may be) were an original thereof

 

3.5        Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

3.6        Notices.   Any notice, demand or request required or permitted to be given by the respective parties hereto pursuant to the terms of this Agreement shall delivered in accordance with the terms of the Purchase Agreement.

 

3.7        Expenses. The parties hereto shall pay their own costs and expenses in connection herewith.

 

3.8        Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the parties with regard to the subject matter hereof and thereof, superseding all prior agreements or understandings, whether written or oral, between or among the parties. No amendment, modification or other change to this Agreement or waiver of any agreement or other obligation of the parties under this Agreement may be made or given unless such amendment, modification or waiver is set forth in writing and is signed by Lender and Company.  Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

3.9        Headings. The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

 

[Signature pages follow]

 

 

  

- 2 -

  

 

 

 

 

             IN WITNESS WHEREOF, Borrower and Lender have each caused their respective signature page to this Agreement to be duly executed as of the date first written above.

 

BORROWER:

 

ASSURED PHARMACY INC.

 

 

By:  /s/ Brett Cormier                                                        

Name:   Brett Cormier

Title:     Chief Financial Officer

 

 

LENDER:

 

BROCKINGTON SECURITIES INC.

 

 

 

By:  /s/ Robert DelVecchio                                               

Name:   Robert DelVecchio

Title:     Chief Executive Officer

 

 

 

 

 

 

 

  

- 3 -exhibit1022.htm

Exhibit 10.22

 

 

DEBENTURE AMENDMENT

This DEBENTURE AMENDMENT, dated as of July 2, 2012 (this “Amendment”), is hereby made by and between ASSURED PHARMACY, INC., a Nevada corporation (the “Company”), and JOSEPH V. MCDEVITT (the “Purchaser”).

R E C I T A L S:

 

WHEREAS, pursuant to a Debenture Purchase Agreement dated July 15, 2010, by and between the Company and the Purchaser (the “Purchase Agreement”), the Company issued and sold to the Purchaser a 10% Convertible Debenture Due July 20, 2010 in the principal amount of $500,000 (the “Debenture”); and

 

WHEREAS, in accordance with Section 3.1 of the Debenture, the Company and the Purchaser desire to amend the Debenture as hereinafter set forth.

 

NOW, THEREFORE, in consideration of the foregoing recitals and for good and other valuable consideration hereinafter set forth, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

A G R E E M E N T:

1.             Amendment to Caption.  The caption on the first page of the Debenture  is amended and restated in its entirety to read in full as follows:

ASSURED PHARMACY, INC.

CONVERTIBLE DEBENTURE

Due July 20, 2013

 

2.            Amendment of Non-Numbered Paragraph Beneath Caption on First Page of Debenture.  The date “July 20, 2012” in the first sentence of the non-numbered paragraph beneath the caption on the first page of the Debenture is hereby deleted and replaced with the date “July 20, 2013”.

 

3.             Amendment of Section 1.2 of Debenture.  Section 1.2 of the Debenture is hereby amended and restated in its entirety to read in full as follows:

 

1.2           Payment of Interest

 

(a)           Simple interest shall accrue on the unconverted principal amount outstanding from time to time at the rate of sixteen percent (16%) per annum (the “Stated Interest Rate”), and shall become payable to the Holder each ninety (90) days following the Closing Date and the Maturity Date (each such date is hereinafter referred to as an “Interest Payment Date”).  Interest shall be paid in shares of the Company’s common stock, $0.001 par value per share (the 

 

 

 

 

 

 

  

- 1 -

  

 

 

 

 

 

 

“Common Stock”).  The number of shares of Common Stock to be issued as payment of accrued and unpaid interest (“Interest Conversion Shares”) shall be determined by dividing (i) the total amount of accrued and unpaid interest by (ii) 90% of the lesser of (i) the average of the VWAPs for the 20 consecutive Trading Days ending on the Trading Day that is immediately prior to the applicable Interest Payment Date or (ii) the average of the VWAPs for the 20 consecutive Trading Days ending on the Trading Day that is immediately prior to the date the
applicable Interest Conversion Shares are issued and delivered if such delivery is after the Interest Payment Date.

 

(b)           The term “Trading Day” means a day on which the principal Trading Market is open for trading.

 

(c)           The tem “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board (or any successors to any of the foregoing).

 

(d)           The term “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if the OTC Bulletin Board is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Company, the fees and expenses of which shall be paid by the Company.

 

4.             Amendment of Section 1.3 of Debenture.  Section 1.3 of the Debenture is hereby amended and restated in its entirety to read in full as follows:

 

1.3           Payment on Non-Business Days.  If the outstanding principal and accrued but unpaid interest under this Debenture becomes due and payable on a Saturday, Sunday or public holiday under the laws of the State of New York, the due date hereof shall be extended to the next succeeding full business day and interest shall be payable at the rate of sixteen (16%) percent per annum during such extension.

 

 

 

 

 

 

  

- 2 -

  

 

 

 

5.          Replacement of Annex I to Debenture.  Annex I to the Debenture is hereby deleted in its entirety and replaced with Annex I attached hereto.

 

6.          Ratification.  Except as expressly amended by this Amendment, all terms and conditions of the Debenture and the Purchase Agreement are hereby ratified and confirmed in all respects and shall continue in full force and effect.  All references to the Debenture in the Debenture and the Purchase Agreement shall hereafter refer to the Debenture, as amended by this Amendment.

 

7.          Governing Law.  This Amendment and the rights and obligations of the parties hereto, shall be governed, construed and interpreted according to the laws of the State of New York. IN ANY LAWSUIT IN CONNECTION WITH THIS DEBENTURE, THE UNDERSIGNED CONSENTS AND AGREES THAT THE STATE AND FEDERAL COURTS WHICH SIT IN THE STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION OF ALL CONTROVERSIES AND DISPUTES ARISING HEREUNDER.  THE COMPANY WAIVES THE RIGHT IN ANY LITIGATION ARISING HEREUNDER WITH THE HOLDER (WHETHER OR NOT ARISING OUT OF OR RELATING TO THIS
DEBENTURE) TO TRIAL BY JURY.

 

8.         Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which taken together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed by their respective authorized representatives as of the day and year first above written.

COMPANY:

 

ASSURED PHARMACY, INC.

 

 

/s/            Brett Cormier                                                     

Name:     Brett Cormier

Title:       Chief Financial Officer

 

 

HOLDER:

 

 

/s/           Joseph V. McDevitt                                             

               Joseph V. McDevitt

 

 

 

 

 

  

- 3 -

  

 

 

ANNEX I

 

 

ASSIGNMENT

 

For value received, the undersigned hereby assigns, subject to the provisions of that certain Debenture Purchase Agreement dated as of July 15, 2010, by and between Assured Pharmacy, Inc., a Nevada corporation (the “Company”), and Joseph V. McDevitt (the “Purchaser”), as may be amended or modified from time to time, to ________ $_________________ principal amount of, and $_________________ in accrued but unpaid interest under, the  Convertible Debenture issued by the Company on July 20, 2010 in favor of Purchaser, and hereby irrevocably appoints
_______________ attorney to transfer the Debenture (or such portion thereof) on the books of the Company with full power of substitution in the premises.

 

Dated:

 

In the presence of:

 

 

____________________________________                     _______________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

A - 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00205-of-00352.parquet"}]]