Document:

EX-10.1

Converted Organics Inc.

137A Lewis Wharf

Boston, MA 02110

March 12, 2012

Iroquois Master Fund Ltd.

c/o Iroquois Capital Management, LLC

641 Lexington Avenue, 26th Floor

New York, New York 10022

Hudson Bay Master Fund Ltd. (“Hudson Bay”)

c/o Hudson Bay Capital Management LP

777 Third Avenue, 30th Floor

New York, New York 10017

	 	 	 	Re: Securities Purchase Agreement (the “Purchase Agreement”), dated as of January
3, 2012, by and among the Company, Iroquois Master Fund Ltd. (“Iroquois”) and Iroquois
Capital Opportunity Fund LP

Dear Messrs. Silverman and Roth:

All capitalized terms used herein and not otherwise defined herein shall have the meanings
ascribed to such terms in the Purchase Agreement. Iroquois and Hudson Bay are sometimes
collectively referred to herein as the “Purchasers” and are also sometimes individually referred to
herein as a “Purchaser.”

A. The Company and Iroquois hereby agree that notwithstanding anything contained in the
Purchase Agreement or the Security Agreement (as the case may be) to the contrary:

(i) One extra Additional Closing shall occur on March 13, 2012, on the terms set forth in the
remainder of this paragraph A.

(ii) On March 13, 2012, the Company shall issue and sell to each Purchaser, and each Purchaser
severally, but not jointly, shall purchase from the Company, Additional Notes in the original
principal amount as is set forth opposite their respective name on Schedule 1 attached
hereto, along with Warrants to initially acquire up to the aggregate number of Warrant Shares as
determined pursuant to the terms thereof. The Company shall deliver to each Purchaser the
deliveries requested to be delivered by the Company pursuant to Section 7(b) of the Purchase
Agreement. Each Purchaser shall pay their respective Additional Purchase Price set forth across
from their respective name on Schedule 1 in accordance with Section 1(d)(ii) of the
Purchase Agreement. The consummation of the purchase and sale of the Additional Notes and Warrants
contemplated by this letter agreement is (x) an Additional Closing and (y) March 13, 2012, is an
Additional Closing Date, in each case, for all purposes of the Purchase Agreement and the other
Transaction Documents.

(iii) The proceeds received by the Company from the issuance and sale of the Additional Notes
contemplated hereby shall be used solely to consummate the purchase of Series A Preferred Stock
(the “I/P Stock”) of Innovate/Protect, Inc. contemplated by that certain Securities Purchase
Agreement, dated March 12, 2012, by and among the Company and Hudson Bay. The parties acknowledge
and agree that, without implication that the contrary would otherwise be true, the I/P Stock will
constitute Collateral under the Security Agreement upon the Company’s purchase thereof, and the
Company shall take all actions reasonably requested by any Secured Party (as defined in the
Security Agreement) to perfect the Secured Parties’ Security Interest (as defined in the Security
Agreement) therein in accordance with the terms of the Security Agreement.

B. Hudson Bay hereby (i) acknowledges and agrees to its obligations contemplated by Paragraph A
above and (ii) makes, as of the date hereof, all of the representations and warranties set forth in
Section 2 of the Purchase Agreement as to itself, other than with respect to Section 2(j). In lieu
of making the representations set forth in Section 2(j), Hudson Bay hereby represents and warrants
to the Company as follows:

Certain Trading Activities. As of the time of execution of this letter
agreement by Hudson Bay, Hudson Bay has not directly or indirectly, nor has any
Person acting on behalf of or pursuant to any understanding with Hudson Bay, engaged
in any transactions in the securities of the Company (including, without limitation,
any Short Sales (as defined below) involving the Company’s securities) during the
period commencing on the date that Hudson Bay first became aware of the transaction
contemplated by this letter agreement, and ending immediately prior to the execution
of this letter agreement (it being understood and agreed that for all purposes of
this letter agreement, and without implication that the contrary would otherwise be
true, transactions shall not include the location and/or reservation of borrowable
            shares of Common Stock). “Short Sales” means all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as
amended.

C. The parties hereto acknowledge and agree that (1) this letter agreement constitutes a
joinder to the Security Agreement and Hudson Bay will become (without any further action) a Secured
Party thereunder simultaneously with the occurrence of the extra Additional Closing contemplated by
this letter agreement; (2) Hudson Bay shall only have those rights of a Buyer under the Purchase
Agreement that are contained in Sections 4, 5 and 9 thereof (provided that Hudson Bay shall not
have any rights, or any obligations, as a Buyer under Sections 4(a), 4(h), 4(j), 4(k), 4(n), 4(o),
4(q), 4(s) and 4(t) of the Purchase Agreement; (3) without limitation of the immediately preceding
clause (2) and without implication that the contrary would otherwise be true, Hudson Bay shall not
have any obligations or rights with respect to any Additional Closing other than the extra
Additional Closing contemplated by this letter agreement; and (4) the consent of Hudson Bay shall
not be required for any amendment to the Purchase Agreement or the Security Agreement unless (x)
Hudson Bay holds an Additional Note at the time of such amendment and (y) such amendment adversely
affects Hudson Bay in a manner that is disproportionate to Iroquois, taking into account all
securities then held by Iroquois and Hudson Bay and any securities that are contemplated to be
purchased by Iroquois and/or Hudson Bay at the time of such amendment, in which case the consent of
Hudson Bay shall be required (it being understood and agreed that no amendment affecting any
Additional Closing occurring after March 13, 2012, shall require the consent of Hudson Bay). The
Company hereby acknowledges and agrees that (i) none of the rights of Hudson Bay contemplated
hereunder as a Buyer shall limit any rights of Iroquois in any manner, (ii) Hudson Bay shall be
entitled to rely on all representations and warranties contained in Section 3 of the Purchase
Agreement as if such representations and warranties were made to Hudson Bay on the date of
consummation of the transactions contemplated by this letter agreement and (iii) none of the I/P
Stock may be transferred, sold or otherwise disposed of by the Company without the prior written
consent of each Purchaser then holding Notes or April Notes. Notwithstanding the foregoing and the
provisions of Section 17 of the Security Agreement, the parties acknowledge and agree that any
proceeds received by a Secured Party from the sale or other disposition by such Secured Party of
I/P Stock that constitutes Collateral shall (i) first, be used to repay all amounts outstanding (at
the time of such sale or other disposition) under the Additional Notes issued on March 13, 2012
(pro rata based on the principal amount of such Additional Notes outstanding at the time of such
sale or other disposition) and (ii) then, if any proceeds remain after application pursuant to the
immediately preceding clause (i), be applied pursuant to, and in accordance with, Section 17 of the
Security Agreement.

D. Except as expressly set forth herein, (i) each of the Transaction Documents and each of the
obligations of the Company thereunder, and each of the rights of and benefits to Iroquois
thereunder, is, and shall continue to be, in full force and effect and each is hereby ratified and
confirmed in all respects, except that from and after the date hereof, without implication that the
contrary would otherwise be true, (A) all references in the Purchase Agreement to “this Agreement,”
“hereto,” “hereof,” “hereunder” or words of like import referring to the Purchase Agreement shall
mean the Purchase Agreement as amended by this letter agreement, (B) all references in the
Transaction Documents to “the Purchase Agreement,” “thereto,” “thereof,” “thereunder” or words of
like import referring to the Purchase Agreement shall mean the Purchase Agreement as amended by
this letter agreement, (C) all references in the Security Agreement to “this Agreement,” “hereto,”
“hereof,” “hereunder” or words of like import referring to the Security Agreement shall mean the
Security Agreement as amended by this letter agreement, (D) all references in the Transaction
Documents to “the Security Agreement,” “thereto,” “thereof,” “thereunder” or words of like import
referring to the Security Agreement shall mean the Security Agreement as amended by this letter
agreement and (E) all references in the Transaction Documents to “the Transaction Documents,”
“thereto,” “thereof,” “thereunder” or words of like import referring to the Transaction Documents
shall mean the Transaction Documents as amended by this letter agreement and (ii) the execution,
delivery and effectiveness of this letter agreement shall not operate as an amendment or waiver of
any right, power or remedy of Iroquois under any of the Transaction Documents, nor constitute an
amendment or waiver of any provision of any of the Transaction Documents and each of the
Transaction Documents shall continue in full force and effect, as amended or modified by this
letter agreement. The parties hereto agree that this letter agreement (i) amends (and constitutes
an amendment to) the Purchase Agreement and all the other Transaction Documents as expressly
contemplated by this letter agreement to give full force and effect to the terms and conditions of
this letter agreement and (ii) constitutes a Transaction Document.

E. This letter agreement may be executed in two or more 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 a portable document format (.pdf) 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 signature page were an original thereof.

F. The Company shall, on or before 8:30 a.m., New York time, on March 14, 2012, file a Current
Report on Form 8-K describing all the material terms of the transactions contemplated by this
letter agreement in the form required by the 1934 Act. From and after the filing of such 8-K, the
Company confirms that it will have disclosed all material, non-public information (if any)
regarding the Company and its Subsidiaries delivered to Iroquois and/or Hudson Bay by the Company
or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in
connection with the transactions contemplated by this letter agreement.

G. The obligations of each Purchaser under this letter agreement and the other Transaction
Documents are several and not joint with the obligations of any other Purchaser, and no Purchaser
shall be responsible in any way for the performance of the obligations of any other Purchaser under
this letter agreement or any other Transaction Document. Nothing contained herein or in any other
Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be
deemed to constitute the Purchasers as, and the Company acknowledges that the Purchasers do not so
constitute, a partnership, an association, a joint venture or any other kind of group or entity, or
create a presumption that the Purchasers are in any way acting in concert or as a group or entity
with respect to such obligations or the transactions contemplated herein or by the other
Transaction Documents or any matters, and the Company acknowledges that the Purchasers are not
acting in concert or as a group, and the Company shall not assert any such claim, with respect to
such obligations or the transactions contemplated by this letter agreement and the other
Transaction Documents. The decision of each Purchaser to purchase Securities pursuant to this
letter agreement and the other Transaction Documents has been made by each Purchaser independently
of each other Purchaser. Each Purchaser acknowledges that no other Purchaser has acted as agent for
such Purchaser in connection with such Purchaser making its investment hereunder and that no other
Purchaser will be acting as agent of such Purchaser in connection with monitoring such Purchaser’s
investment in the Securities or enforcing its rights under this letter agreement or the other
Transaction Documents. The Company and each Purchaser confirms that each Purchaser has
independently participated with the Company and its Subsidiaries in the negotiation of the
transaction contemplated hereby and by the other Transaction Documents with the advice of its own
counsel and advisors. Each Purchaser shall be entitled to independently protect and enforce its
rights, including, without limitation, the rights arising out of this letter agreement or out of
any other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined
as an additional party in any proceeding for such purpose. The use of a single agreement to
effectuate the purchase and sale of the Securities contemplated hereby was solely in the control of
the Company, not the action or decision of any Purchaser , and was done solely for the convenience
of the Company and its Subsidiaries and not because it was required or requested to do so by any
Purchaser. It is expressly understood and agreed that each provision contained in this letter
agreement and in each other Transaction Document is between the Company, each Subsidiary and a
Purchaser, solely, and not between the Company, its Subsidiaries and the Purchasers collectively
and not between and among the Purchasers.

H. 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 letter agreement and the consummation of the transactions
contemplated hereby.

I. The Company and Iroquois hereby agree that the definitions of Fixed Conversion Price (as defined
in each of the Notes and each of the April Notes) in each of the Notes issued prior to the date
hereof and each of the April Notes are each hereby amended to: “$0.105 (subject to adjustment as
provided herein) (the “Fixed Conversion Price”)”. The Company and Iroquois further agree that no
adjustment to the exercise price of any warrant set forth on Schedule 2 attached hereto
shall occur solely as a result of the amendment contemplated by the immediately preceding sentence.

[signature page follows]

Sincerely,

/s/ Edward J. Gildea

	 	 	Edward J. Gildea,

CEO

Agreed to and accepted:

Iroquois Master Fund Ltd.

By: Iroquois Capital Management, LLC

Its: Investment Manager

	 	 	 
	By:

	 	/s/ Authorized signatory
	 

	 	 
	Name:

	 	

	
 
	 	 
	Title:

	 	

	 

	 	 

Hudson Bay Master Fund Ltd.

By: Hudson Bay Capital Management LP

Its: Investment Manager

	 	 	 
	By:

	 	/s/ Authorized signatory
	 

	 	 
	Name:

	 	

	
 
	 	 
	Title:

	 	

	 

	 	 

Schedule 1 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Number of	 	 	 	 	 	 
	 	 	Address and Facsimile Number
	 	Original Principal

Amount of

Additional Note
	 	—

Warrant Shares

underlying Warrants
	 	Additional Purchase

—

Price
	 	Legal Representative’s

—

Address and Facsimile Number

	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Iroquois Master Fund Ltd.
	 	641 Lexington Avenue, 26th Floor

New York, New York 10022

Facsimile: (212) 207-3452
	 	$	275,000	 	 	 	1,309,524	 	 	$	250,000	 	 	Greenberg Traurig, LLP

77 W. Wacker Drive, Suite 3100

Chicago, Illinois 60601

Attention: Peter H. Lieberman

Todd A. Mazur

Facsimile: (312) 456-8435

	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Hudson Bay Master Fund Ltd.
	 	777 Third Avenue, 30th Floor

New York, New York 10017

Facsimile: (212) 207-3452
	 	$275,000

	 	1,309,524

	 	$250,000

	 	Elected Not To Provide

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Schedule 2

Series A warrants issued December 17, 2010

Series A warrants issued March 7, 2011

Series B warrants issued April 15, 2011

Series A warrants issued April 15, 2011

Series C warrants issued April 15, 2011

Class C warrants

Class D warrants

Class E warrants

Class F warrants

Class G warrants

Warrants issued January 3, 2012

Warrants issued February 4, 2012

Warrants issued March 13, 2012EX-10.2

SECURITIES PURCHASE AGREEMENT dated as of March 12, 2012 (this “Agreement”) between
Hudson Bay Master Fund Ltd., a Cayman Island exempted company (the “Seller”), and Converted
Organics Inc., a Delaware corporation (the “Purchaser”).

WHEREAS, pursuant to the Subscription Agreement (the “Subscription Agreement”), dated as of
June 22, 2011, by and between Innovate/Protect, Inc. (formerly known as Labrador Search
Corporation), a Delaware corporation with headquarters located at 380 Madison Avenue, 22nd Floor,
New York, New York 10017 (the "Company”) and the Seller, whereby, among other things, the Seller
purchased from the Company shares of Series A Convertible Preferred Stock (the “Preferred Shares”),
the terms of which are set forth in the certificate of designations, preferences and rights of
Series A Convertible Preferred Stock (the “Certificate of Designations”) in the form attached to
the Subscription Agreement as Exhibit A, which Preferred Shares are convertible into the
Company’s common stock, par value $0.0001 per share (the “Common Stock”), in accordance with the
terms of the Certificate of Designations.

WHEREAS, it is contemplated that the Company will merge into a wholly-owned subsidiary of
Vringo, Inc., a Delaware corporation (“Parent”), pursuant to the terms and conditions of that
certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of March 12, 2012, by and
among Parent, VIP Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Parent,
and the Company (the “Merger”).

WHEREAS, the Purchaser seeks to purchase from the Seller, and the Seller seeks to sell to the
Purchaser, 150 of the Preferred Shares (the “Purchased Preferred Shares”) pursuant to an exemption
from the registration requirements of the Securities Act of 1933, as amended (the “Securities
Act”), in accordance with the terms of this Agreement.

WHEREAS, the Purchaser is a party to that certain Security Agreement (the (“Security
Agreement”), dated as of January 9, 2012 by and among the Purchaser, other grantors party thereto
and one or more secured parties thereto, as amended from time to time to include the Seller as a
secured party.

NOW, THEREFORE, in consideration of the premises and mutual benefits representations,
warranties, conditions, covenants and agreements contained herein, the parties hereto hereby agree
as set forth below.

ARTICLE I

PURCHASE AND SALE OF THE PURCHASED PREFERRED SHARES

1.1 Purchase and Sale of Purchased Preferred Shares.

Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the
Seller shall sell, convey, assign and deliver to the Purchaser, and the Purchaser shall purchase
from the Seller, the Purchased Preferred Shares and any and all rights and benefits incident to the
ownership thereof (including, without limitation, accrued and unpaid dividends thereon) for a total
purchase price equal to $495,000.00 (the “Purchase Price”), free and clear of all Claims (as
defined below).

1.2 The Closing.

The date and time of the closing (the “Closing”) shall be 10:00 a.m., New York City time, on
the date hereof, (or such other time as the parties may agree) (the “Closing Date”) after
notification of satisfaction or waiver of the conditions to the closing set forth in Sections 4.1
and 4.2 below at the office of Schulte Roth & Zabel LLP, 919 Third Avenue, New York, New York
10022. All actions taken at the Closing shall be deemed to have occurred simultaneously.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE SELLER

The Seller represents and warrants to the Purchaser as of the date hereof as set forth below
in this Article II.

2.1 Legal Capacity

The Seller is an entity duly organized and validly existing under the laws of the jurisdiction
of its formation. The Seller has the legal capacity and right to execute, deliver, enter into,
consummate and perform this Agreement.

2.2 Title to Purchased Shares.

The Seller is the owner of the Purchased Preferred Shares to be sold by it pursuant to this
Agreement and owns such Purchased Preferred Shares free from all taxes, liens, claims,
encumbrances, charges, security interests, pledges, escrows, lock-up arrangements and restrictions
on transfer (except for restrictions or limitations on transfer imposed by applicable federal or
state securities laws) (“Claims”). The Seller has good and valid title to, the Purchased Preferred
Shares. Other than this Agreement, there are no outstanding rights, options, subscriptions or
other agreements or commitments (oral or written) by which the Seller is bound relating to its sale
or transfer of the Purchased Preferred Shares, and, other than this Agreement, the Purchased
Preferred Shares are not subject to any other purchase agreement, buy/sell agreement, proxy, voting
agreement, voting trust agreement, right of first refusal, redemption or any other similar
agreement or lock-up or other restriction on their transfer or sale or on the ability of the
Purchaser to sell or transfer the Purchased Preferred Shares. Delivery to the Purchaser of the
Purchased Preferred Shares purchased by the Purchaser will (i) pass good and marketable title to
the Purchased Preferred Shares to the Purchaser, free and clear of all Claims (assuming that the
Purchaser is a bona fide purchaser within the meaning of Section 8-302 of the New York Uniform
Commercial Code regardless of whether such section is applicable), and (ii) convey, free and clear
of all Claims, any and all rights and benefits incident to the ownership of such Purchased
Preferred Shares.

2.3 Authority.

The Seller has all requisite power and authority to execute and deliver this Agreement and to
carry out and perform all of its obligations under the terms of this Agreement, including, without
limitation, the full power and authority to sell and transfer the Purchased Preferred Shares. This
Agreement has been duly and validly authorized, executed and delivered on behalf of the Seller, and
this Agreement constitutes the legal, valid and binding obligation of the Seller enforceable
against the Seller in accordance with its terms, except as such enforceability may be limited by
general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of
applicable creditors’ rights and remedies.

2.4 Accredited Investor Status.

The Seller is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D
under the Securities Act.

2.5 Noncontravention.

The execution, delivery and performance by the Seller of this Agreement and the consummation
by the Seller of the transactions contemplated hereby will not (a) result in a violation of the
organizational documents of the Seller, (b) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or give to others any
rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which the Seller is a party, or (c) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to
the Seller, except in the case of clauses (b) and (c) above, for such conflicts, defaults, rights
or violations which would not, individually or in the aggregate, reasonably be expected to have a
material adverse effect on the ability of the Seller to perform its obligations hereunder.

2.6 Consents.

Except for the approvals required to be obtained by the Closing in accordance with Article IV,
no consent, approval, permit, order, notification or authorization of, or any exemption from
registration, declaration or filing with, any person (governmental or private) is required in
connection with the execution, delivery and performance by the Seller of this Agreement or the
consummation by the Seller of the transactions contemplated hereby.

2.7 Seller Status.

The Seller (a) is a sophisticated person with respect to the sale of the Purchased Preferred
Shares; (b) has adequate information concerning the business and financial condition of the Company
to make an informed decision regarding the sale of the Purchased Preferred Shares; and (c) has
independently and without reliance upon the Purchaser, and based on such information as the Seller
has deemed appropriate, made its own analysis and decision to enter into this Agreement, except
that the Seller has relied upon the Purchaser’s express representations, warranties and covenants
in this Agreement and would not enter into this Agreement in the absence of such representations,
warranties and covenants. The Seller acknowledges that the Purchaser has not given the Seller any
investment advice, credit information or opinion on whether the sale of the Purchased Preferred
Shares is prudent.

2.8 Absence of Litigation.

There is no action, suit, claim, proceeding, inquiry or investigation before or by any court,
public board, government agency or self regulatory organization or body pending or, to the
knowledge of the Seller, threatened against or affecting the Seller that could reasonably be
expected to have a material adverse affect on the ability of the Seller to perform its obligations
hereunder.

2.9 No Brokers.

No placement agent, financial advisor or broker has been engaged by the Seller in connection
with the offer or sale of the Purchased Preferred Shares. The Seller has not taken any action that
would give rise to any claim by any person for brokerage commissions, finder’s fees or similar
payments relating to this Agreement or the transactions contemplated hereby.

2.10 No General Solicitation.

The Seller did not offer or sell the Purchased Preferred Shares by any form of general
solicitation or general advertising.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser represents and warrants to the Seller as of the date hereof as set forth below
in this Article III.

3.1 Legal Capacity

The Purchaser is an entity duly organized and validly existing under the laws of the
jurisdiction of its formation. The Purchaser has the legal capacity and right to execute, deliver,
enter into, consummate and perform this Agreement.

3.2 Authority.

The Purchaser has all requisite power and authority execute and deliver this Agreement and to
carry out and perform all of its obligations under the terms of this Agreement, including, without
limitation, the full power and authority to purchase the Purchased Preferred Shares. This
Agreement has been duly and validly authorized, executed and delivered on behalf of the Purchaser,
and this Agreement constitutes the legal, valid and binding obligation of the Purchaser enforceable
against the Purchaser in accordance with its terms, except as such enforceability may be limited by
general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation and other similar laws relating to, or affecting generally, the enforcement of
applicable creditors’ rights and remedies.

3.3 Accredited Investor Status.

The Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D under the Securities Act.

3.4 Noncontravention.

The execution, delivery and performance by the Purchaser of this Agreement and the
consummation by the Purchaser of the transactions contemplated hereby will not (a) result in a
violation of the organizational documents of the Purchaser, (b) conflict with, or constitute a
default (or an event which with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or cancellation of, any
agreement, indenture or instrument to which the Purchaser is a party, or (c) result in a violation
of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws) applicable to the Purchaser, except in the case of clauses (b) and (c) above, for such
conflicts, defaults, rights or violations which would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the ability of the Purchaser to perform
its obligations hereunder.

3.5 Purchaser Status.

The Purchaser (a) is a sophisticated person with respect to the purchase of the Purchased
Preferred Shares; (b) has had the opportunity to ask questions of and receive answers from
representatives of the Company, the Seller, Parent, its respective officers, directors, employees
and agents concerning the Company, Parent and the Merger in order for the Purchaser to make an
informed decision with respect to its investment in the Purchased Preferred Shares; (c) has
adequate information concerning the business and financial condition of the Company, Parent and
sufficiently understands the Merger to make an informed decision regarding the purchase of the
Purchased Preferred Shares;(d) is able to bear the economic risk associated with the purchase of
the Purchased Preferred Shares, has such knowledge and experience, and has undertaken transactions
regarding investments of similar nature, so as to be aware of the risks and uncertainties inherent
in the purchase of the Purchased Preferred Shares, including in the risks inherent to the Merger,
including, without limitation, the risk that the transactions contemplated by the Merger Agreement
will not be consummated; and (e) has independently and without reliance upon the Seller, and based
on such information as the Purchaser has deemed appropriate, made its own analysis and decision to
enter into this Agreement, except that the Purchaser has relied upon the Seller’s express
representations, warranties and covenants in this Agreement and would not enter into this Agreement
in the absence of such representations, warranties and covenants. The Purchaser acknowledges that
the Seller has not given the Purchaser any investment advice, credit information or opinion on
whether the purchase of the Purchased Preferred Shares is prudent.

3.6 Absence of Litigation.

There is no action, suit, claim, proceeding, inquiry or investigation before or by any court,
public board, government agency or self-regulatory organization or body pending or, to the
knowledge of the Purchaser, threatened against or affecting the Purchaser that could reasonably be
expected to have a material adverse affect on the ability of the Purchaser to perform its
obligations hereunder.

3.7 No Brokers.

The Purchaser has not taken any action that would give rise to any claim by any person for
brokerage commissions, finder’s fees or similar payments relating to this Agreement or the
transactions contemplated hereby.

3.8 Material Nonpublic Information.

The Purchaser understands and acknowledges that the Seller may have confidential and/or
material non-public information with respect to the Company, Parent and the Merger, the financial
condition of the foregoing and details related to the foregoing and the Merger (the “Information”).
The Purchaser further understands and acknowledges that the Information might be material to the
Seller’s decision-making in connection with the transaction contemplated by this Agreement. The
Purchaser is acquiring the Purchased Preferred Shares for its own account solely for the purpose of
investment and without a view to any resale or other distribution, and does not have a present
arrangement to effect any distribution of the Purchased Preferred Shares to or through any person
or entity in violation of applicable securities laws; provided, however, by making
the representations herein, the Purchaser does not agree, or make any representation or warranty,
to hold any of the Purchased Preferred Shares for any minimum or other specific term and reserves
the right to dispose of the Purchased Preferred Shares at any time in accordance with or pursuant
to a registration statement or an exemption from registration under the Securities Act. The
Purchaser expressly releases the Seller, its affiliates and each of their respective officers,
directors, employees, agents and controlling persons from any and all liabilities arising from
their respective possession or use of the Information in connection with the transactions
contemplated by this Agreement, and the Purchaser agrees to make no claim against the Seller, its
affiliates and its respective officers, directors, employees, shareholders, partners, agents,
representatives or affiliates with respect to such transactions, relating to its respective
possession or use of the Information in connection with such transactions.

ARTICLE IV

CONDITIONS TO CLOSING

4.1 Conditions to the Seller’s Obligation to Sell.

The obligation of the Seller hereunder to sell the Purchased Preferred Shares to the Purchaser
on the Closing Date is subject to the satisfaction, on or before the Closing Date, of each of the
following conditions, provided, that these conditions are for the Seller’s sole benefit and
may be waived by the Seller at any time in its sole discretion by providing the Purchaser with
prior written notice thereof:

(a) The Purchaser shall have executed and delivered this Agreement to the Seller.

(b) Contemporaneously with the Closing, the Purchaser shall have delivered the Purchase Price
with respect to the Purchased Preferred Shares being purchased in the Closing to the Seller by wire
transfer of immediately available funds pursuant to the written wire instructions provided by the
Seller.

(c) The Purchaser shall have executed and delivered to the Seller a proxy (the “Proxy”) in the
form attached hereto as Exhibit I.

(d) The representations and warranties of the Purchaser shall be true and correct in all
respects as of the date when made and as of the applicable Closing Date as though made at that
time, and the Purchaser shall have performed, satisfied and complied in all respects with the
covenants, agreements and conditions required by this Agreement to be performed, satisfied or
complied with by the Purchaser at or prior to the Closing Date.

4.2 Conditions to the Purchaser’s Obligation to Purchase.

The obligation of the Purchaser hereunder to purchase the Purchased Preferred Shares on the
Closing Date is subject to the satisfaction, on or before the Closing Date, of each of the
following conditions, provided, that these conditions are for the Purchaser’s sole benefit
and may be waived by the Purchaser at any time in its sole discretion by providing the Seller with
prior written notice thereof:

(a) The Seller shall have executed and delivered this Agreement to the Purchaser.

(b) The representations and warranties of the Seller shall be true and correct in all respects
as of the date when made and as of the applicable Closing Date as though made at that time, and the
Seller shall have performed, satisfied and complied in all respects with the covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied with by the Seller
at or prior to the Closing Date.

(c) The Seller shall have obtained all governmental, regulatory or third party consents and
approvals, if any, necessary for the sale of the Purchased Preferred Shares.

ARTICLE V

COVENANTS

5.1 Required Conversion; Delivery of Purchased Preferred Shares; Voting Restriction.

As soon as practicable after Closing, but in no event later than two (2) business days
following the Closing, the Purchaser shall deliver a conversion notice to the Company (with a copy
to Seller) pursuant to the terms of the Certificate of Designations to effect the conversion in
full of the Purchased Preferred Shares into shares of Common Stock. The conversion notice that the
Purchaser delivers to the Company shall give instructions to the Company, in lieu of delivering
shares of Common Stock issuable upon such conversion to the Purchaser, to deliver one-half of the
shares of Common Stock issuable upon conversion of the Purchased Preferred Stock to Iroquois Master
Fund Ltd., as a secured party under the Security Agreement and one-half of the shares of Common
Stock issuable upon conversion of the Purchased Preferred Shares to Seller, in its capacity as a
secured party under the Security Agreement. In compliance with the Purchaser’s obligations under
the Security Agreement, Purchaser hereby (i) covenants and agrees to deliver a blank stock power
with respect to such Common Stock to each of Iroquois and the Seller contemporaneously with the
Closing and (ii) gives instructions to the Seller to deliver the Purchased Preferred Shares being
purchased in the Closing to the Company (with a copy to the Purchaser) so that the Company can take
the actions contemplated below. In accordance with such instructions, the Seller shall use its
best efforts to cause the Purchased Preferred Shares being purchased in the Closing to be delivered
as soon as practicable following the Closing but in no event later than five (5) business days
following the Closing, to the Company along with all transfer documents reasonably requested by the
Company to enable the Company to register the Common Stock issuable upon conversion of the
Purchased Preferred Shares in the denominations and registered in the name of the Purchaser, and to
deliver such shares of Common Stock in accordance with the instructions contained in the conversion
notice contemplated in the first sentence of this Section.

In accordance with the terms of the Proxy, the Purchaser hereby covenants not to vote the
Purchased Preferred Shares or any shares of Common Stock issued upon conversion of the Purchased
Preferred Shares, to support, oppose or abstain from any resolution put to the vote of the
Company’s holders of Preferred Shares, and/or the Company’s holders of Common Stock, and any
successors thereto from and after the date hereof and until immediately prior to the filing of the
certificate of merger contemplated by the Merger Agreement.

5.2 Fees.

Each party hereto shall pay its own legal fees and expenses in connection with the
transactions contemplated hereby.

5.3 Best Efforts.

Each party shall use its best efforts timely to satisfy each of the covenants and conditions
to be satisfied by it as provided in Articles IV and V of this Agreement.

5.4 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.

ARTICLE VI

MISCELLANEOUS PROVISIONS

6.1 Governing Law; Jurisdiction; Jury Trial.

All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the
state and federal courts sitting in The City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit,
action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof to such party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY.

6.2 Headings.

The headings of this Agreement are for convenience of reference and shall not form part of, or
affect the interpretation of, this Agreement.

6.3 Severability.

If any provision of this Agreement is prohibited by law or otherwise determined to be invalid
or unenforceable by a court of competent jurisdiction, the provision that would otherwise be
prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that
it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Agreement so long as this Agreement as
so modified continues to express, without material change, the original intentions of the parties
as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the
provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the parties or the practical realization of the benefits that would otherwise be
conferred upon the parties. The parties will endeavor in good faith negotiations to replace the
prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which
comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

6.4 Entire Agreement; Amendments.

This Agreement supersedes all other prior oral or written agreements among the Purchaser and
the Seller, their affiliates and persons acting on their behalf solely with respect to the matters
discussed herein, and this Agreement and the instruments referenced herein contain the entire
understanding of the parties solely with respect to the matters covered herein and therein and,
except as specifically set forth herein or therein, neither the Seller nor the Purchaser makes any
representation, warranty, covenant or undertaking with respect to such matters. No provision of
this Agreement may be amended other than by an instrument in writing signed by the Seller and the
Purchaser. No provision hereof may be waived other than by an instrument in writing signed by the
party against whom enforcement is sought.

6.5 Notices.

Any notices, consents, waivers or other communications required or permitted to be given under
the terms of this Agreement must be in writing and will be deemed to have been delivered: (a) upon
receipt, when delivered personally; (b) when sent, if sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the sending party);
(c) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether
electronically or otherwise) by the sending party and the sending party does not receive an
automatically generated message from the recipient’s e-mail server that such e-mail could not be
delivered to such recipient); or (d) one business day after deposit with an overnight courier
service, in each case properly addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be:

If to the Purchaser:

Converted Organics, Inc.

137A Lewis Wharf

Boston, MA 02110

Facsimile: (617) 624-0333

Telephone: (617) 624-0111

E-Mail: egildea@convertedorganics.com

Attention: Edward J. Gildea, President

If to the Seller:

Hudson Bay Master Fund Ltd.

c/o Hudson Bay Capital Management, L.P.

777 Third Avenue, 30th Floor

New York, NY 10017

Facsimile: (646) 214-7946

Telephone: (212) 571-1244

E-Mail: investments@hudsonbaycapital.com

Attention: Yoav Roth

with a copy to (for information purposes only):

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Eleazer Klein, Esq.

Telephone: (212) 756-2000

Facsimile: (212) 593-5955

or to such other address, facsimile number or e-mail address and/or to the attention of such
other person as the recipient party has specified by written notice given to each other party five
(5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by
the recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date and recipient
facsimile number or (C) provided by an overnight courier service shall be rebuttable evidence of
personal service, receipt by facsimile or receipt from an overnight courier service in accordance
with clause (a), (b) or (d) above, respectively. A copy of the e-mail transmission containing the
time, date and recipient e-mail address shall be rebuttable evidence of receipt by e-mail in
accordance with clause (c) above.

6.6 Successors and Assigns.

This Agreement shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns. Neither the Seller nor the Purchaser shall assign
this Agreement or any of their respective rights or obligations hereunder without the prior written
consent of the other party.

6.7 No Third Party Beneficiaries.

This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and permitted assigns, and is not for the benefit of, nor may any provision
hereof be enforced by, any other person.

6.8 Survival.

Unless this Agreement is terminated by mutual consent of the Seller and the Purchaser, the
representations and warranties of the Seller and the Purchaser contained in Articles II and III
shall survive the Closing Date and the delivery, in whole or in part, of the Purchased Preferred
Shares.

6.9 Termination.

In the event that the Closing shall not have occurred with respect to the Purchaser on or
before five (5) business days from the date hereof due to the Seller’s or the Purchaser’s failure
to satisfy the conditions set forth in sections 4.1 and 4.2 above (and the nonbreaching party’s
failure to waive such unsatisfied condition(s)), the nonbreaching party shall have the option to
terminate this Agreement with respect to such breaching party at the close of business on such date
without liability of any party to any other party.

6.10 No Strict Construction.

The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

6.11 Counterparts.

This Agreement may be executed in two or more 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 a portable document format (.pdf) 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
signature page were an original thereof.

[The remainder of the page is intentionally left blank]

IN WITNESS WHEREOF, the parties hereto have executed this Securities Purchase Agreement
as of the date first written above.

SELLER:

	 	 	 	 	 
	 	 	HUDSON BAY MASTER FUND LTD.
	By:
	 	 	 	Hudson Bay Capital Management LP, as its

	 	 	 	 	Investment Manager

	By:
	 	 	 	/s/ Yoav Roth

	 	 	 	 	 

	 	 	 	 	Name: Yoav Roth

	 	 	 	 	Title: Authorized Signatory

	 	 	PURCHASER:

	 	 	 
	CONVERTED ORGANICS INC.
	 	 	/s/ Edward J. Gildea

	 	 	 

	 	 	Name: Edward J. Gildea

	 	 	Title: Chief Executive Officer

EXHIBIT I

PROXY

The undersigned is the beneficial owner of, and effective as of the transfer of the Proxy
Shares (as defined below) from Hudson Bay Master Fund Ltd. to the undersigned on the books and
records of the Company (as defined below), the undersigned will be the sole record owner of, 150
shares (the “Proxy Shares”) of Series A Convertible Preferred Stock (the “Preferred Shares”) of
Innovate/Protect, Inc., a Delaware corporation with headquarters located at 380 Madison Avenue,
22nd Floor, New York, New York 10017 (the “Company”), and does hereby constitute and appoint Hudson
Bay Master Fund Ltd., a Cayman exempted company, as true and lawful substitute and proxy, with full
power of substitution and revocation, of the undersigned with respect to the Proxy Shares and any
shares of common stock of the Company issued upon conversion of the Proxy Shares, for and in the
name, place and stead of the undersigned, in all voting matters put before holders of Preferred
Shares of the Company and/or holders of common stock of the Company.

This Proxy is irrevocable and shall remain in effect until immediately prior to the filing of
the certificate of merger contemplated by that certain Agreement and Plan of Merger, dated as of
March 12, 2012, by and among Vringo, Inc., a Delaware corporation (“Parent”), VIP Merger Sub, Inc.,
a Delaware corporation and wholly-owned subsidiary of Parent and the Company.

IN WITNESS WHEROF, signed this 12th day of March 2012

	 	 	 
	CONVERTED ORGANICS INC.
	 	 	Name:

	 	 	Title:

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