Document:

exv10w11w1

 

Exhibit 10.11.1

NOTE CONVERSION AGREEMENT, WAIVER AND RELEASE

     This Note Conversion Agreement, Waiver and Release (this “Agreement”) is executed on this ___
day of January 2006, by and between Immediatek, Inc., a Nevada corporation (“Immediatek”), and
                     (“Lender”).

RECITALS

     WHEREAS, Immediatek has the opportunity to receive significant additional capital,
substantially increasing its resources, contingent upon the resolution of all outstanding
indebtedness and certain rights;

     WHEREAS, Immediatek is indebted to Lender in the aggregate principal amount of
                                         Dollars ($                    ) (“Total Indebtedness”);

     WHEREAS, Lender and Immediatek desire, and hereby agree, to convert                                         
($                    ) (“Convertible Indebtedness”) of the Total Indebtedness into shares of common stock
(“Common Stock”) of Immediatek at Closing (as hereinafter defined), and Immediatek will pay in cash
to Lender the difference between Total Indebtedness and Convertible Indebtedness, if any, each in
accordance with the terms hereof;

     WHEREAS, Lender also is currently, or will be after giving effect to the conversion of the
Convertible Indebtedness, the beneficial or record owner of shares of Common Stock; and

     WHEREAS, Lender and Immediatek wish to enter into this Agreement in order to waive certain
rights of Lender under the terms of Immediatek’s Articles of Incorporation (as amended, the
“Articles”) and to provide certain releases.

     NOW, THEREFORE, in consideration of the above recitals, the promises herein contained and such
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:

AGREEMENT

     1. Convertible Indebtedness.

          (a) Lender hereby agrees to convert the Convertible Indebtedness into shares of Common Stock
immediately prior to the closing (the “Closing”) of the purchase and sale of securities of
Immediatek pursuant to that certain Securities Purchase Agreement (“Purchase Agreement”) entered
into, or to be entered into, by and among Immediatek, Radical Holdings LP (or its affiliates) and
the other parties thereto. The number of shares of Common Stock issuable to Lender upon conversion
of the Convertible Indebtedness shall be equal to the amount of the principal balance of the
Convertible Indebtedness, divided by $1.25 per share of Common Stock (such conversion price is
post-reverse split occurring prior to the Closing) (“Conversion Price”).

          (b) Immediatek will issue the shares of Common Stock issuable pursuant to Section 1(a) hereof
within five (5) business days from the date of the Closing.

          (c) Immediatek shall not issue fractions of shares of Common Stock upon conversion of the
Convertible Indebtedness or scrip in lieu thereof. If any fraction of a share of Common Stock
would, except for the provisions of this Section 1(c), be issuable upon conversion of the
Convertible Indebtedness, Immediatek shall in lieu thereof pay to the person entitled thereto an
amount in cash equal to such fraction times the Conversion Price.

 

 

     2. Indebtedness Paid in Cash. Upon the release of the proceeds of the
Purchase Agreement from escrow pursuant to that certain Escrow Agreement to be entered into by and
among Immediatek, Radical Holdings LP (or its affiliates) and the Escrow Agent, Immediatek will pay
Lender the difference between the Total Indebtedness and Convertible Indebtedness, if any, in cash.

     3. Waiver and Release. Lender hereby agrees to release and waive, and does
hereby forever release and waive, all unpaid interest on the Total Indebtedness. Lender hereby
agrees to release all liens and security interests that secure the Total Indebtedness immediately
prior to the Closing. The consideration received by Lender set forth in this Agreement constitutes
full and final payment of any and all obligations Immediatek has to or with Lender.

     4. Preemptive Rights Waiver. Lender hereby waives, now and forever, any and
all rights it may have, whether past, current or future, by law or pursuant to the terms of the
Articles as they may relate to the issuance of any shares of Common Stock or any other securities
of Immediatek.

     5. General Release. Upon, for and in consideration of the repayment of the
Total Indebtedness, whether by shares of Common Stock or cash, or both, issued or paid to Lender by
Immediatek, and other good and valuable considerations, Lender hereby remises, releases and forever
discharges and by these presents does, for himself, herself or itself, his, her or its heirs,
executors, administrators and successors, remise, release, acquit, satisfy and forever discharge
Immediatek and its subsidiaries, their respective employees, agents and affiliates, successors and
assigns (“Releasees”), of and from all, and all manner of action and actions, cause and causes of
action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties,
covenants, contracts, controversies, agreements, promises, variances, trespasses, damages,
judgments, executions, claims and demands whatsoever in law or in equity, which against Releasees
Lender ever had, now has, or which his, her or its heirs, executors or administrators, hereafter
can, shall or may have, for, upon or by reason of any matter, cause or thing whatsoever, from the
beginning of the world to the day of the date of the Closing.

     6. Lender Representations and Warranties. Lender hereby represents and
warrants to Immediatek that:

          (a) Lender has all requisite power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated by this Agreement.

          (b) The execution of this Agreement has been duly authorized by all necessary actions on the
part of Lender, and this Agreement has been executed and delivered, and constitutes a valid, legal,
binding and enforceable agreement of Lender, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws of general application relating to or
affecting the enforcement of creditor rights.

          (c) Lender is aware that an investment in the Common Stock issuable upon the conversion of the
Convertible Indebtedness is speculative and involves a high degree of risk. Lender has carefully
considered the risks of such investment.

          (d) Lender has such knowledge and experience in financial and business matters and is capable
of evaluating the merits and risks of investing in the Common Stock and of protecting its interest
in connection with such investment.

          (e) Lender is purchasing the Common Stock for its own account, for investment purposes only
and not with a view to the resale or distribution of any of the Common Stock. Lender understands
that it must bear the economic risk of such investment for an indefinite period of time because the
issuance of the Common Stock by Immediatek to Lender has not been registered under the Securities
Act of 1933, as amended (the “Act”), pursuant to an exemption from registration thereunder, nor
under any

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applicable state securities laws, and the Common Stock may not be sold or transferred by
Lender in the absence of evidence satisfactory to Immediatek of compliance with applicable laws,
which evidence may include an opinion of counsel satisfactory to Immediatek that, among other
things, the shares of Common Stock have been registered for resale under the Act and all applicable
state securities laws or that such registrations are not required

     7. Immediatek Representations and Warranties. Immediatek hereby represents
and warrants to the Lender that the following are true on the date hereof and will be true and
correct at the Closing, as if made on that date:

          (a) Immediatek has all requisite power and authority to execute and deliver this Agreement and
to consummate the transactions contemplated by this Agreement.

          (b) The execution of this Agreement has been duly authorized by all necessary actions on the
part of Immediatek, and this Agreement has been executed and delivered, and constitutes a valid,
legal, binding and enforceable agreement of Immediatek, except as may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application
relating to or affecting the enforcement of creditor rights.

          (c) The shares of Common Stock issuable upon conversion of the Convertible Indebtedness, when
issued, will be duly authorized, validly issued, fully paid and non-assessable.

     8. Acknowledgments and Understandings. Lender hereby acknowledges and
understands that (i) Immediatek is effecting a 10-for-1 reverse stock split of the outstanding
Common Stock prior to the Closing and the Conversion Price is after giving effect to such reverse
stock split, and (ii) that a special dividend will paid by Immediatek on its outstanding shares of
Common Stock other than the shares of Common Stock issuable upon conversion of the Convertible
Indebtedness.

     9. Termination. This Agreement shall become null and void and of no further
force or effect in the event that the purchase of securities from Immediatek by Radical Holdings LP
or its affiliates does not occur on or prior to March 15, 2005.

     10. Entire Agreement; Amendment. THIS AGREEMENT EMBODIES THE FINAL, ENTIRE
AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF
AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL OR
WRITTEN AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE
PARTIES HERETO. This Agreement may not be amended or modified without the written
consent of all parties hereto and Radical Holdings LP.

     11. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

     12. 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 the 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.

     13. Governing Law. This Agreement will be governed by, and construed in
accordance with, the laws of the State of Texas, without giving effect to any choice of law
principles.

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IN WITNESS WHEREOF, the parties have set their hands on the date first above written.

	 	 	 	 	 	 	 
	IMMEDIATEK, INC.:	 	LENDER:
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	 

	 	 
	 	 	 	 

4exv10w11w2

 

EXHIBIT 10.11.2

FIRST AMENDMENT TO

NOTE CONVERSION AGREEMENT, WAIVER AND RELEASE

     THIS FIRST AMENDMENT TO NOTE CONVERSION AGREEMENT, WAIVER AND RELEASE (this
“Amendment”) is made and entered into as of March 15, 2006, by and between Immediatek,
Inc., a Nevada corporation (“Immediatek”), and (“Lender”). Each initially
capitalized term used, but not otherwise defined, herein shall have the same meanings assigned to
it in the Note Conversion Agreement (hereinafter defined).

RECITALS:

     WHEREAS, Immediatek and Lender are parties to that certain Note Conversion Agreement, Waiver
and Release, dated as of January 9, 2006 (the “Note Conversion Agreement”); and

     WHEREAS, Immediatek and Lender desire to amend the Note Conversion Agreement to the
extent provided in this Amendment.

AGREEMENT:

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this
Amendment and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Amendments to the Note Conversion Agreement. (a) Section 1(a) of the Note Conversion
Agreement is hereby deleted in its entirety and replaced with the following:

     “(a) Lender hereby agrees to convert the Convertible Indebtedness into shares
of Common Stock immediately prior to the closing (the “Closing”) of the purchase
and sale of securities of Immediatek pursuant to that certain Securities Purchase
Agreement, dated as of January 24, 2006, by and among Immediatek, Radical Holdings
LP (or its affiliates) and the other parties thereto (as amended, modified or
supplemented, from time to time, the “Purchase Agreement”). The number of shares
of Common Stock issuable to Lender upon conversion of the Convertible Indebtedness
shall be equal to the amount of the principal balance of the Convertible
Indebtedness, divided by $12.50 per share of Common Stock (such conversion price
is after giving effect to a 100-for-1 reverse stock split occurring prior to the
Closing) (“Conversion Price”).”

     (b) Section 2 of the Note Conversion Agreement is hereby deleted in its entirety and replaced
with the following:

     “2. Indebtedness Paid in Cash. At or prior to the Closing,
Immediatek will pay Lender the difference between the Total Indebtedness and
Convertible Indebtedness, if any, in cash.”

     (c) Section 8 of the Note Conversion Agreement is hereby deleted in its entirety and replaced
with the following:

 

 

     “8. Acknowledgments and Understandings. Lender hereby acknowledges
and understands that Immediatek is effecting a 100-for-1 reverse stock split of
the outstanding Common Stock prior to the Closing and the Conversion Price is
after giving effect to such reverse stock split.”

     (d) Section 9 of the Note Conversion Agreement is hereby deleted in its entirety and replaced
with the following:

     “9. Termination. This Agreement shall become null and void and of no
further force or effect in the event that the purchase of securities from
Immediatek by Radical Holdings LP or its affiliates does not occur on or prior to
May 15, 2006.”

2. Miscellaneous.

     (a) Effect of Amendment. Immediatek and Lender hereby agree and acknowledge that,
except as expressly provided in this Amendment, the Note Conversion Agreement remains in full force
and effect and has not been modified or amended in any respect, it being the intention of
Immediatek and Lender that this Amendment and the Note Conversion Agreement be read, construed and
interpreted as one and the same instrument. To the extent that any conflict exists between this
Amendment and the Note Conversion Agreement, the terms of this Amendment shall control and govern.

     (b) This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original but all of which together shall constitute one and the same instrument. This Amendment
will become effective when one or more counterparts have been signed by each of the parties and
delivered to the other parties. For purposes of determining whether a party has signed this
Amendment or any document contemplated hereby or any amendment or waiver hereof, only a handwritten
original signature on a paper document or a facsimile copy of such a handwritten original signature
shall constitute a signature, notwithstanding any law relating to or enabling the creation,
execution or delivery of any contract or signature by electronic means.

SIGNATURE PAGE FOLLOWS

 

 

     IN WITNESS WHEREOF, Immediatek and Lender have executed this Amendment as of the day and year
first above written.

	 	 	 	 	 	 	 	 	 
	 	 	Immediatek:	 	IMMEDIATEK, INC.,	 	 
	 	 	 	 	a Nevada corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Name:
	 	 

Paul Marin
	 	 
	 

	 	 	 	Title:
	 	Chief Operating Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Lender:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:

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