Document:

CERTIFICATE OF DESIGNATION OF RIGHTS AND PREFERENCES
 

 FOR SERIES F CONVERTIBLE PREFERRED STOCK
 

 OF
 

 ACCELPATH, INC.
 

 Pursuant to Section 151 of the Delaware General Corporation Law, AccelPath, Inc., a Delaware corporation (the “Company”), does hereby certify:
 

 FIRST: That pursuant to authority expressly vested in it by the Articles of Incorporation, a of the Company, the Board of Directors of the Company has adopted the following resolution establishing a new series of Preferred Stock of the Company, consisting of One Hundred (100) shares designated “Series F Convertible Preferred Stock,” with such powers, designations, preferences, and relative participating, optional, or other rights, if any, and the qualifications, limitations, or restrictions thereof, as are set forth in the resolutions:
 

 RESOLVED, that the Company's Board of Directors hereby approves the designation and issuance of the Series F Convertible Preferred Stock according to the terms and conditions as set forth in Exhibit A and authorizes and instructs the Company's Executive Officers to proceed in filing the Certificate of Designation with the State of Delaware and to take such other action as shall be appropriate in connection with the issuance of the Series F Convertible Preferred Stock.
 

 SECOND: That said resolutions of the directors of the Company were duly adopted in accordance with the provisions of Sections 141 and 151 of the Delaware General Corporation Law.
 

 IN WITNESS WHEREOF, the undersigned hereby affirms, under penalties of perjury, that the foregoing instrument is the act and deed of the Company and that the facts stated therein are true.  Dated as of the 7th day of September, 2012.
 

 	 	 	 	
	  
	 ACCELPATH, INC.,
	  

	  
	  
	  

	  
	 a Delaware corporation,
	  

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar
	  

	  
	  
	 Name: Shekhar Wadekar
	  

	  
	  
	 Title: Chief Executive Officer
	  

 

 

 

 

 

 

 

 SERIES F CONVERTIBLE PREFERRED STOCK TERMS
 

 Section 1.
 Designation, Amount and Par Value.  The series of preferred stock shall be designated as the Series F Convertible Preferred Stock (the “Series F Preferred Stock”), and the number of shares so designated and authorized shall be One Hundred (100).  Each share of Series F Preferred Stock shall have a par value of $0.001 per share and a stated value of $1,000 per share (the “Stated Value”).
 

 Section 2.
 Ranking.  The Series F Preferred Stock will, with respect to rights on liquidation, dissolution and winding-up of the Company, rank (i) junior to (A) the Company’s Series E 5% Convertible Preferred Stock (the “Series E Preferred Stock”) and (B) all capital stock issued by the Company the terms of which expressly provide that such capital stock shall rank senior to the Series F Preferred Stock (collectively, “Senior Securities”); (ii) on a parity with (A) the Company’s Series G Convertible Preferred Stock and (B) each other class or series of capital stock of the Company the terms of which do not expressly provide that such class or series shall rank senior or junior to the Series F Preferred Stock (collectively, “Parity Securities”); and (iii) senior to the Company’s Junior Securities.
 

 Section 3.
 Dividends.  Except for distributions in the event of a Liquidation in accordance with Section 5, Holders of Series F Preferred Stock shall not be entitled to receive dividends on the Series F Preferred Stock.
 

 Section 4.
 Voting Rights; Negative Covenants.  The Series F Preferred Stock shall not have the right to vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, either by written consent or by proxy.  So long as any shares of Series F Preferred Stock are outstanding, the Company shall not and shall cause its subsidiaries not to, without the affirmative vote of the Requisite Holders, (a) alter or change adversely the powers, preferences or rights given to the Series F Preferred Stock, (b) alter or amend this Certificate of Designation, (c) amend its certificate of incorporation, bylaws or other charter documents so as to affect adversely any rights of any Holders of the Series F Preferred Stock, (d) increase the authorized or designated number of shares of Series F Preferred Stock, (e) issue any additional shares of Series F Preferred Stock (including the reissuance of any shares of Series F Preferred Stock converted for Common Stock) or (f) enter into any agreement with respect to the foregoing.
 

 Section 5.
 Liquidation.  Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary or a Sale (as defined below) (a “Liquidation”), the holders of the Series F Preferred Stock shall be entitled to receive out of the assets of the Company, whether such assets are capital or surplus, for each share of Series F Preferred Stock an amount equal to the Stated Value, after any distribution or payment with respect to such Liquidation shall be made to the holders of any Senior Securities and prior to any distribution or payment with respect to such Liquidation shall be made to the holders of any Junior Securities, and if the assets of the Company shall be insufficient to pay in full such amounts and amounts payable on any Parity Securities, then the entire assets to be distributed to the holders of Series F Preferred Stock and the holders of such Parity Securities shall be distributed among the holders of Series F Preferred Stock and the holders of such Parity Securities ratably in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were 
 

 

 

 

 

 

 

 paid in full.  The Company shall mail written notice of any such Liquidation, not less than 45 days prior to the payment date stated therein, to each record Holder of Series F Preferred Stock.  A “Sale” shall mean a merger or consolidation by the Company with another corporation or other entity (in each case, other than where the Company is the surviving entity).    
 

 Section 6.
 Conversion.
 

 (a)
 Conversion at Option of Holder.  Subject to the provisions of Section 6(d) below, at any time and from time to time, from and after the Issuance Date, each share of Series F Preferred Stock shall, at the option of the Holder, be convertible into a number of shares of Common Stock equal to the product of (i) a fraction, the numerator of which is the Stated Value and the denominator of which is the Conversion Price (as defined below) at such time, multiplied by (ii) ten (10).  A Holder shall effect a conversion by surrendering to the Company the original certificate or certificates representing the shares of Series F Preferred Stock to be converted to the Company, together with a completed form of conversion notice attached hereto as Exhibit A (the “Conversion Notice”).  Each Conversion Notice shall specify the number of shares of Series F Preferred Stock to be converted, the date on which such conversion is to be effected, which date may not be prior to the date the Holder delivers such Conversion Notice (the “Conversion Date”), and the Conversion Price determined as specified in Section 6(c) hereof.  If no Conversion Date is specified in a Conversion Notice, the Conversion Date shall be the date that the Conversion Notice is delivered pursuant to this Section 6(a).  Subject to Section 6(b) hereof, each Conversion Notice, once given, shall be irrevocable.
 

 (b)
 Not later than five (5) Trading Days after a Conversion Date, the Company will deliver to the Holder (i) a certificate or certificates representing the number of shares of Common Stock being issued upon the conversion of shares of Series F Preferred Stock, and (ii) one or more certificates representing the number of shares of Series F Preferred Stock not converted.  The Company shall, upon request of the Holder, use reasonable efforts to deliver any certificate or certificates required to be delivered by the Company under this Section electronically through the Depository Trust Company or another established clearing corporation performing similar functions (to the extent legended physical certificates are not required).  If in the case of any Conversion Notice (i) such certificate or certificates representing the number of shares of Common Stock being issued upon the conversion of shares of Series F Preferred Stock are not delivered to or as directed by the applicable Holder and (ii) the Holder or its designee has not received other evidence of its ownership of the shares of Common Stock being issued upon the conversion of shares of Series F Preferred Stock by the close of business on the fifth Trading Day after the Conversion Date, the Holder shall be entitled by written notice to the Company at any time on or before its receipt of such certificate or certificates, to rescind such conversion, in which event the Company shall immediately return the certificates representing the shares of Series F Preferred Stock tendered for conversion.
 

 (c)
 The conversion price for each share of Series F Preferred Stock (the “Conversion Price”) on any Conversion Date shall be the Per Share Market Value of the Common Stock on the Trading Day immediately preceding the date of the Conversion Notice (provided that if the Per Share Market Value on the Trading Day immediately preceding the date of the Conversion Notice is less than $0.02, then the Conversion Price shall equal $0.02), subject to Section 6(e) and Section 7 below.  All calculations under this Section 6 shall be made to the nearest whole share of common stock.
 

 

 

 

 

 

 

 (d)
 Beneficial Ownership Limitation. The Company shall not effect any conversion of the Series F Preferred Stock, and a Holder shall not have the right to convert any portion of the Series F Preferred Stock, to the extent that, after giving effect to the conversion set forth on the applicable Conversion Notice, such Holder (together with such Holder’s Affiliates, and any Persons acting as a group together with such Holder or any of such Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership Limitation (as defined herein). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of the Series F Preferred Stock with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted shares of Series F Preferred Stock beneficially owned by such Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation, the Series F Preferred Stock or any other convertible securities of the Company) beneficially owned by such Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 6, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section 6 applies, the determination of whether the Series F Preferred Stock is convertible (in relation to other securities owned by such Holder together with any Affiliates) and of how many shares of Series F Preferred Stock are convertible shall be in the sole discretion of such Holder, and the submission of a Conversion Notice shall be deemed to be such Holder’s determination of whether the shares of Series F Preferred Stock may be converted (in relation to other securities owned by such Holder together with any Affiliates) and how many shares of the Series F Preferred Stock are convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed to represent to the Company each time it delivers a Conversion Notice that such Conversion Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 6, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) a more recent public announcement by the Company or (ii) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including the Series F Preferred Stock, by such Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of Series F Preferred Stock held by the applicable Holder. A Holder, upon not less than sixty five (65) days’ prior notice to the Company, may increase the Beneficial Ownership Limitation provisions of this Section 6 applicable to its Series F Preferred Stock and the provisions of this Section 6 shall continue to apply. Any such increase will not be effective until the sixty-sixth (66th) day after such notice is delivered to the Company and 
 

 

 

 

 

 

 

 shall only apply to such Holder and no other Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of Series F Preferred Stock. 
 

 (e)
 If at any time conditions shall arise by reason of action taken by the Company which in the sole opinion of the Board of Directors are not adequately covered by the other provisions hereof and which would be reasonably expected to materially and adversely affect the rights of the holders of Series F Preferred Stock (different than or distinguished from the effect generally on rights of holders of any class of the Company's capital stock) or if at any time any such conditions would be reasonably expected to arise by reason of any action contemplated by the Company, the Company shall mail a written notice briefly describing the action contemplated and the material adverse effects of such action on the rights of the holders of Series F Preferred Stock at least 30 calendar days prior to the effective date of such action, and an Appraiser selected by the holders of majority in interest of the Series F Preferred Stock shall give its opinion as to the adjustment, if any (not inconsistent with the standards established in this Section 6), of the Conversion Price (including, if necessary, any adjustment as to the securities into which shares of Series F Preferred Stock may thereafter be convertible) and any distribution which is or would be required to preserve without diluting the rights of the holders of shares of Series F Preferred Stock; provided, however, that the Company, after receipt of the determination by such Appraiser, shall have the right to select an additional Appraiser, in good faith, in which case the adjustment shall be equal to the average of the adjustments recommended by each such Appraiser.  The Board of Directors shall make the adjustment recommended forthwith upon the receipt of such opinion or opinions or the taking of any such action contemplated, as the case may be; provided, however, that no such adjustment of the Conversion Price shall be made which in the opinion of the Appraiser(s) giving the aforesaid opinion or opinions would result in an increase of the Conversion Price to more than the Conversion Price then in effect.
 

 (f)
 The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of Series F Preferred Stock, as herein provided, free from preemptive rights or any other actual or contingent purchase rights of persons other than the holders of Series F Preferred Stock, not less than 100% of such number of shares of Common Stock as shall be issuable (taking into account the adjustments and restrictions of Section 6(e)) upon the conversion of all outstanding shares of Series F Preferred Stock hereunder.  The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid and nonassessable.
 

 (g)
 Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of shares of Common Stock, but may if otherwise permitted and unless waived by the Holder of the Series F Preferred Stock, make a cash payment in respect of any final fraction of a share based on the Per Share Market Value at such time.  If the Company elects not, or is unable, to make such a cash payment, the Holder of a share of Series F Preferred Stock shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.  
 

 

 

 

 

 

 

 (h)
 The issuance of certificates for shares of Common Stock on conversion of Series F Preferred Stock shall be made without charge to the Holders thereof for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such certificate, provided that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that of the Holder of such shares of Series F Preferred Stock so converted and the Company shall not be required to issue or deliver such certificates unless or until the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid.
 

 (i)
 Shares of Series F Preferred Stock converted into Common Stock shall be canceled and shall have the status of authorized but unissued shares of undesignated preferred stock.
 

 (j)
 Any and all notices or other communications or deliveries to be provided by the Holders of the Series F Preferred Stock hereunder, including, without limitation, any Conversion Notice, shall be in writing and delivered by facsimile, sent by a nationally recognized overnight courier service, or sent by certified or registered mail, postage prepaid, addressed to the attention of the President of the Company at the facsimile telephone number or address of the principal place of business of the Company.  Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered by facsimile, sent by a nationally recognized overnight courier service or sent by certified or registered mail, postage prepaid, addressed to each Holder of Series F Preferred Stock at the facsimile telephone number or address of such Holder appearing on the books of the Company, or if no such facsimile telephone number or address appears, at the principal place of business of the Holder.  Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to 5:00 p.m. (New York time), (ii) the date after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section later than 5:00 p.m. (New York time) on any date and earlier than 11:59 p.m. (New York time) on such date, (iii) four days after deposit in the United States mails, (iv) the Business Day (as defined in Section 9) following the date of mailing, if send by nationally recognized overnight courier service, or (v) upon actual receipt by the party to whom such notice is required to be given.
 

 Section 7.
 Adjustments to Conversion Price.
 

 (a)
 The Conversion Price shall be subject to adjustment from time to time as follows: 
 

 (i).
 Spin Off.  If, for as long as any shares of Series F Preferred Stock remain outstanding  the Company consummates a spin off or otherwise divests itself of a part of its business or operations or disposes of all or of a part of its assets in a transaction (the “Spin Off”) in which the Company, in addition to or in lieu of any other compensation received by the Company for such business, operations or assets, causes securities of another entity (the “Spin Off Securities”) to be issued to security holders of the Company, then the Company shall cause (a) to be reserved Spin Off Securities equal to the number thereof which would have been issued to all Holders had all shares of Series F Preferred Stock outstanding on the record date (the “Record Date”) for determining the amount and number of Spin Off Securities to be issued to security holders of the Company (such outstanding shares of Series F Preferred 
 

 

 

 

 

 

 

 Stock, the “Outstanding Preferred Stock”) been converted as of the close of business on the Trading Day immediately before the Record Date, using, in the conversion formula, a “Conversion Price” equal to the Per Share Market Value of the Common Stock on such Trading Day (provided that if the Per Share Market Value on such Trading Day is less than $0.02, then the Conversion Price shall equal $0.02) (the “Reserved Spin Off Securities”), and (b) to be issued to each Holder upon the conversion of all or any of the Outstanding Preferred Stock, such amount of the Reserved Spin Off Securities equal to (1) the Reserved Spin Off Securities multiplied by (2) a fraction, of which (A) the numerator is the aggregate Stated Value of the Outstanding Preferred Stock then being converted by such Holder, and (B) the denominator is the aggregate Stated Value of the Outstanding Preferred Stock.
 

 (ii).
 Stock Splits, etc.  If, at any time while any shares of Series F Preferred Stock remain outstanding, the Company effectuates a stock split or reverse stock split of its Common Stock or issues a dividend on its Common Stock consisting of shares of Common Stock, the Conversion Price and any other amounts calculated as contemplated by this Certificate of Designations shall be equitably adjusted to reflect such action (unless the Conversion Price already reflects such split).  By way of illustration, and not in limitation, of the foregoing (a) if the Company effectuates a 2:1 split of its Common Stock, thereafter, with respect to any conversion for which the Company issues shares after the record date of such split, the Conversion Price shall be adjusted to equal one-half of what it had been calculated to be immediately prior to such split (unless the Conversion Price already reflects such split); (b) if the Company effectuates a 1:10 reverse split of its Common Stock, thereafter, with respect to any conversion for which the Company issues shares after the record date of such reverse split, the Conversion Price shall be adjusted to equal ten times what it had been calculated to be immediately prior to such split (unless the Conversion Price already reflects such split); and (c) if the Company declares a stock dividend of one share of Common Stock for every 10 shares outstanding, thereafter, with respect to any conversion for which the Company issues shares after the record date of such dividend, the Conversion Price shall be adjusted (unless the Conversion Price already reflects such dividend) to equal such amount multiplied by a fraction, of which the numerator is the number of shares (10 in the example) for which a dividend share will be issued and the denominator is such number of shares plus the dividend share(s) issuable or issued thereon (11 in the example).
 

 (iii).
 Notice of Adjustments.  Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this Section 7, the Company, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish to each Holder of Series F Preferred Stock a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.  The Company shall, upon the written request at any time of any Holder of Series F Preferred Stock, furnish to such Holder a like certificate setting forth (a) such adjustment or readjustment, (b) the Conversion Price in effect at the time and (c) the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of a share of Series F Preferred Stock.
 

 Section 8.
 Redemption at the Option of the Company.
 

 (a)
 Optional Redemption. At any time and from time to time after the Issuance Date, and subject to the consent right of the holders of the Series E Preferred Stock (to the extent any shares of Series E Preferred Stock are outstanding at such time), the Company, at its option, may redeem, in whole 
 

 

 

 

 

 

 

 or in part, the shares of Series F Preferred Stock at the time outstanding, upon notice given as provided in Section 8(c) below, at a redemption price per share payable in cash equal to the Stated Value. The redemption price for any shares of Series F Preferred Stock shall be payable on the redemption date to the Holder of such shares against surrender of the certificate(s) evidencing such shares to the Company or its agent.  If notice of redemption has been duly given as provided in Section 8(c) and if on or before the redemption date specified in the notice all funds necessary for the redemption have been set aside by the Company, so as to be and continue to be available therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the redemption date (unless the Company defaults in the payment of the redemption price, in which case such rights shall continue until the redemption price is paid), all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares shall forthwith on such redemption date cease and terminate, except only the right of the Holders thereof to receive the amount payable on such redemption, without interest.
 

 (b)
 No Sinking Fund. The Series F Preferred Stock will not be subject to any mandatory redemption, sinking fund or other similar provisions. Holders of Series F Preferred Stock will have no right to require redemption of any shares of Series F Preferred Stock.
 

 (c)
 Notice of Redemption. Notice of every redemption of shares of Series F Preferred Stock shall be given by first class mail, postage prepaid, addressed to the Holders of the shares to be redeemed at their respective last addresses appearing on the books of the Company. Such mailing shall be at least 10 days before the date fixed for redemption; provided, that failure to give such notice by mail, or any defect in such notice or in the mailing thereof, to any Holder of shares of Series F Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of Series F Preferred Stock to be so redeemed except as to the Holder to whom the Company has failed to give such notice or except as to the Holder to whom notice was defective. Notwithstanding the foregoing, if the Series F Preferred Stock or any depositary shares representing interests in the Series F Preferred Stock are issued in book-entry form through The Depository Trust Company or any other similar facility, notice of redemption may be given to the Holders of Series F Preferred Stock at such time and in any manner permitted by such facility. Each such notice given to a Holder shall state: (1) the redemption date; (2) the number of shares of Series F Preferred Stock to be redeemed and, if less than all the shares held by such Holder are to be redeemed, the number of such shares to be redeemed from such Holder; (3) the redemption price; and (4) the place or places where certificates for such shares are to be surrendered for payment of the redemption price.
 

 (d)
 Partial Redemption. In case of any redemption of only part of the shares of Series F Preferred Stock at the time outstanding, the shares to be redeemed shall be selected on a pro rata basis or such other method as the depositary shall require that approximates a pro rata basis. If fewer than all the shares represented by any certificate are redeemed, a new certificate shall be issued representing the unredeemed shares without charge to the Holder thereof.
 

 (e)
 Conversions Prior to Redemption Date. Notwithstanding anything to the contrary in this Section 8, but subject to Section 6(d), until the applicable redemption date, a Holder may elect to convert shares of Series F Preferred Stock subject to redemption into Common Stock in accordance with Section 6.
 

 

 

 

 

 

 

 Section 9.
 Definitions.  For the purposes hereof, the following terms shall have the following meanings:
 

 “Business Day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of Delaware are authorized or required by law or other government action to close.
 

 “Closing Bid Price” shall mean the closing bid price (as reported by Bloomberg L.P.) of the Common Stock on the OTC Bulletin Board or such other exchange or trading facility on which the common stock is traded. 
 

 “Common Stock” means the common stock, $.001 par value per share, of the Company, and stock of any other class into which such shares may hereafter have been reclassified or changed.
 

 “Exchange Act” mean the Securities Exchange Act of 1934, as amended.
 

 “Issuance Date” means the earliest date on which a Holder receives shares of the Series F Preferred Stock, regardless of the number of certificates which may be issued to evidence such Series F Preferred Stock.
 

 “Holder” means a registered holder of a share or shares of Series F Preferred Stock
 

 “Junior Securities” means the Common Stock and all other equity securities of the Company ranking junior to the Series F Preferred Stock in terms of payment of liquidation proceeds.
 

 “Per Share Market Value” means on any particular date (a) the Closing Bid Price per share of the Common Stock on such date on the OTC Bulletin Board or other principal stock exchange or quotation system on which the Common Stock is then listed or quoted or if there is no such price on such date, then the Closing Bid Price on such exchange or quotation system on the date nearest preceding such date, or (b) if the Common Stock is not listed then on the OTC Bulletin Board or any stock exchange or quotation system, the Closing Bid Price for a share of Common Stock in such other over-the-counter market, as reported by the Nasdaq Stock Market or in the National Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices at the close of business on such date, or (c) if the Common Stock is not then reported by the National Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices, then the average of the "Pink Sheet" quotes for the relevant conversion period, as determined in good faith by the Board of Directors, or (d) if the Common Stock is not then publicly traded the fair market value of a share of Common Stock as determined in good faith by the Board of Directors.
 

 “Person” means an individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind.
 

 “Trading Day” means (a) a day on which the Common Stock is traded on the OTC Bulletin Board or other stock exchange or market on which the Common Stock has been listed, or (b) if the Common Stock is not quoted on the OTC Bulletin Board, a day on which the Common Stock is 
 

 

 

 

 

 

 

 quoted in the over-the-counter market as reported by the National Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices).
 

 

 

 

 

 

 

 EXHIBIT A
 

 CONVERSION NOTICE
 

 Date of Conversion Notice:  ___________________________
 

 (To be executed by the registered holder
 to convert shares of Series F Preferred Stock)
 

 The undersigned hereby elects, in accordance with the terms and conditions of the Certificate of Designation, to convert the number of shares of Series F Convertible Preferred Stock indicated below, into shares of Common Stock, par value $0.001 per share (the “Common Stock”), of AccelPath, Inc. (the “Company”), as of the date written below.  If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith.  No fee will be charged to the undersigned for any conversion, except for such transfer taxes, if any.
 

 Conversion calculations:
 

 Date to effect conversion:  __________________________________
 

 Number of shares of Series F Convertible Preferred Stock to be converted:  _______________________
 

 Applicable Conversion Price:  _______________________
 

 Number of shares of Common Stock to be issued:  _________________________________________
 

 Name of Holder:  ____________________________________________________________________
 

 Address of Holder:  ___________________________________________________________________
 

 	 	
	  
	  

	 Authorized SignatureSECURITIES PURCHASE AGREEMENT
 

 THIS SECURITIES PURCHASE AGREEMENT is made as of the 10th day of September, 2012, by and between AccelPath, Inc. (the “Company”), a Delaware corporation, and each of the persons whose names are set forth on the Schedule of Purchasers attached hereto as Exhibit A (the “Purchasers” and each individually as a “Purchaser”). 
 

 WHEREAS, each Purchaser wishes to purchase from the Company, and the Company wishes to sell to each Purchaser certain shares (the “Shares”) of the Company’s Series F Convertible Preferred Stock, stated value $1,000.00 per share (“Series F Preferred”), a copy of whose certificate of designation is set forth below in Exhibit B.
 

 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the parties agree as follows: 
 

 SECTION 1  Sale of Securities.
 

 1.1  Authorization of Sale of the Securities.  Subject to the terms and conditions of this Agreement, the Company has authorized the sale and issuance to the Purchasers of the total  number of Shares set forth next to each Purchaser’s name on Exhibit A hereof.  
 

 1.2  Agreement to Sell and Purchase the Shares.  At the Closing (as defined below), the Company will issue and sell the Shares to each Purchaser, severally and not jointly, and each Purchaser will buy the Shares from the Company set forth opposite such Purchaser’s name on Exhibit A, upon the terms and conditions hereinafter set forth, at the purchase price set forth on Exhibit A.  
 

 1.3  Several and not Joint Obligations.  The representations, warranties, covenants, agreements and obligations of the Purchasers under this Agreement are several and not joint.
 

 1.4  Time of the Essence.  Time is of the essence in this Agreement.  If the Closing (as hereinafter defined) has not taken place by September 30, , 2012, the Company may unilaterally and in its sole discretion terminate this Agreement as to any or all Purchasers, in which case no terminated party shall have any liability to or claim against the Company under or in connection with this Agreement or the transactions contemplated by this Agreement.
 

 1.5  Closing.  Subject to, and in reliance upon, all of the representations, warranties, covenants, terms and conditions of this Agreement, the closing shall take place at the offices of the Company located in Gaithersburg, Maryland on September 10, 2012 at 10:00 a.m., local time, or at such other date, location and time as may be agreed upon between the applicable Purchasers and the Company (such closing being called the “Closing”).  
 

 SECTION2  Conditions to Closing.  
 

 Conditions to Purchasers’ Obligations at the Closing.  Each Purchaser’s obligations to purchase the Shares at the Closing are subject to the satisfaction, at or prior to such Closing, of the following conditions:
 

 

 

 (i)
 Representations and Warranties True; Performance of Obligations.  The representations and warranties made by the Company in Section 3 hereof shall be true and correct in all material respects as of the Closing with the same force and effect as if they had been made as of such Closing, and the Company shall have performed all obligations and conditions herein required to be performed or observed by it on or prior to such Closing. 
 

 (ii)
 Filing of Certificate of Designation.  The certificate of designation, in substantially the form attached hereto as Exhibit B, shall have been filed with the Secretary of State of the State of Delaware, and shall and shall continue to be in full force and effect as of the Closing.
 

 Conditions to the Company’s Obligations at each Closing.  The Company’s obligations to issue and sell the Shares to the Purchasers at the Closing are subject to the satisfaction, at or prior to such Closing, of the following conditions:  
 

 (i)
 Representations and Warranties True; Performance of Obligations.  The representations and warranties made by each Purchaser in Section 4 hereof shall be true and correct in all material respects as of the Closing, with the same force and effect as if they had been made as of such Closing, and each Purchaser shall have performed all obligations and conditions herein required to be performed or observed by such Purchaser on or prior to such Closing. 
 

 (ii)
 Payment of Purchase Price.  Each Purchaser shall have delivered to the Company the purchase price set forth next to such Purchaser’s name on Exhibit A. 
 

 SECTION 3  Representations, Warranties and Covenants of the Company.  The Company hereby represents and warrants to, and covenants with, the Purchasers as of the date of each Closing as follows: 
 

 3.1  Organization and Qualification.  The Company is a corporation, validly existing and in good standing under the laws of the State of Delaware; and the Company is duly qualified to do business as a foreign corporation and is in good standing in each other jurisdiction in which qualification is required, except where the failure to be so qualified will not have a material adverse effect.  
 

 3.2  Issuance, Sale and Delivery of the Shares.  Both the Shares being purchased hereunder, and the underlying shares of Common Stock into which the Shares may be converted are duly authorized and, when issued, delivered and paid for in the manner set forth in this Agreement and Exhibit B, will be duly authorized, validly issued, fully paid and nonassessable, and will be free of any liens or encumbrances other than liens or encumbrances created by or imposed upon the Purchasers.  
 

 3.3  Due Execution, Delivery and Performance of the Agreements.  The Company has full corporate power and authority to enter into this Agreement, to issue and sell the Shares, and perform the transactions contemplated by this Agreement.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the 
 

 - 2 -
 

 

 

 transactions therein contemplated will not violate any provision of the Restated Articles of Incorporation or by-laws of the Company. 
 

 3.4  SEC Filings.  Each report, schedule, registration statement and definitive proxy statement filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), since January 1, 2011 is available on EDGAR (as such documents have since the time of their filing been amended, the “Information Documents”), which are all the documents (other than preliminary material) that the Company was required to file with the Commission since such date.  Except as disclosed to the Purchasers, as of their respective dates, the Information Documents complied in all material respects with  the requirements of the Exchange Act and the rules and regulations of the Commission thereunder applicable to the Information Documents, and none of the Information Documents contained at the time they were filed, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.  
 

 3.5 Authorized Shares.  The authorized capital stock of the Company consists of (i) 495,000,000 shares of Common Stock, par value $.001 per share, of which 124,280,074 are issued and outstanding, fully paid and non-assessable and (ii) 5,000,000 shares of Preferred Stock, par value $.001 per share, 300 of which have been designated as Series E 5% Convertible Preferred Stock and 100 of which are issued and outstanding, fully paid and non-assessable, 100 have been designated as Series F Preferred, none of which are outstanding immediately prior to the Closing, with 4,999,800 shares of Preferred Stock available for future issuance.  As of the date hereof, (i) the 100 shares of Series E 5% Convertible Preferred Stock are convertible into 2,251,391 shares of Common Stock, (ii) the Company has issued options to purchase 46,930,000 shares of Common Stock under its 2011 Equity Incentive Plan (the “Equity Plan”) and has committed to issue 2,500,000 shares of Restricted Stock under the Equity Plan, leaving 3,570,000 shares of Common Stock available for future grants under the Equity Plan, (iii) there are warrants to purchase 2,000,000 shares of Common Stock outstanding, and (iv) the Company has issued certain convertible promissory notes that are convertible into shares of Common Stock as more fully described in Exhibit C.
 

 3.6  Brokers, Finders.  The Company has taken no action which would give rise to any claim by any person for brokerage commission, finder's fees or similar payments in connection with this Agreement or the transactions contemplated hereby.  
 

 SECTION 4  Representations, Warranties and Covenants of the Purchasers.  The Purchaser as of the date of the Closing, severally and not jointly, represents and warrants to, and covenants with, the Company as follows:
 

 4.1  Requisite Power and Authority.  The Purchaser has all necessary power and authority to execute and deliver this Agreement and to carry out all such Purchaser’s obligations hereof.  All actions on the Purchaser’s part required for the lawful execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been taken.  Upon its execution and delivery, this Agreement will be the valid and binding obligation of the Purchaser, enforceable in accordance with its terms.
 

 - 3 -
 

 

 

 4.2  Experience; Accredited Investor Status.   
 

 (a) The Purchaser is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), 
 

 (b) The Purchaser understands that the Shares have not been registered under the Securities Act, and that such Shares are being offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Purchaser’s representations contained in the Agreement.
 

 (c) The Purchaser is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities representing an investment decision like that involved in the purchase of the Shares, including investments in securities issued by the Company, and has requested, received, reviewed and understood all information he deems relevant in making an informed decision to purchase the Shares.  The Purchaser represents that by reason of his, her or its, business or financial experience, such Purchaser has the capacity to protect its own interests in connection with the transactions contemplated in this Agreement.  Further, the Purchaser is aware of no publication of any advertisement in connection with the transactions contemplated in the Agreement.
 

 (d) The Purchaser acknowledges that the offering of the Shares pursuant to this Agreement has not been reviewed by the Securities and Exchange Commission or any state regulatory authority.
 

 (e) The Purchaser is acquiring the Shares set forth next to such Purchaser’s name on Exhibit A hereto, for such Purchaser’s own account for investment only and with no intention of effecting a distribution any of such Shares or any arrangement or understanding with any other persons regarding the distribution of such Shares.
 

 (f) The Purchaser will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Shares except in compliance with the Securities Act, the rules and regulations promulgated under the Securities Act and any applicable state securities or blue sky laws.
 

 (g) The Purchaser understands that the Shares are “restricted securities” under applicable U.S. federal and state securities laws, and that such Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available.  The Purchaser has been advised or is aware of the provisions of Rule 144, which permits limited resale of shares purchased in a private placement subject to the satisfaction of certain conditions, including, among other things:  the availability of certain current public information about the Company, the resale occurring following the required holding period under Rule 144 and the number of shares being sold during any three-month period not exceeding specified limitations.  The Purchaser understands that the Company has no obligation, plan or present intention to register the resale of the Shares under the Securities Act.  The Purchaser understands that there is no assurance that any exemption from registration under the Securities Act will be available and that, even if available, such exemption may not allow such Purchaser to transfer all or any portion of the Shares under the circumstances, in the amounts or at the times such Purchaser might propose. 
 

 - 4 -
 

 

 

 (h) The Purchaser has, in connection with such Purchaser’s decision to purchase Shares, not relied upon any representations or other information (whether oral or written) other than as set forth in the representations and warranties of the Company contained herein.
 

 (i) The Purchaser has had an opportunity to discuss (i) the Company’s business, management and financial affairs with directors, officers and management of the Company and (ii) this investment with representatives of the Company and ask questions of them and such questions have been answered to such Purchaser’s full satisfaction.
 

 (j) If Purchaser is an individual, then Purchaser resides in the state or province identified in the address of Purchaser set forth on Exhibit A; if Purchaser is a partnership, corporation, limited liability company or other entity, then the office or offices of Purchaser in which its investment decision was made is located at the address or addresses of Purchaser set forth on Exhibit A.
 

 4.2  Acknowledgement of Risk.  The Purchaser, severally and not jointly, recognizes that an investment in the Shares is speculative and involves a high degree of risk, including a risk of total loss of the Purchaser’s investment.  The Purchaser, severally and not jointly, represents and warrants that it can bear the economic risk of this investment and must hold the Shares indefinitely unless the Shares are registered pursuant to the Securities Act, or an exemption from registration is available.  The Purchaser, severally and not jointly, acknowledges that such Purchaser has been afforded an opportunity to ask questions and to review any documents that might be necessary to evaluate the degree of risk involved in the transactions contemplated by this Agreement.
 

 4.3  Acknowledgement of Company’s Reliance.  The Purchaser, severally and not jointly, represents and warrants that all of the information provided to the Company or its agents or representatives concerning such Purchaser’s suitability to invest in the Company and the representations and warranties contained herein, are complete, true, and correct as of the date hereof, and understands that the Company is relying on the statements contained herein to establish an exemption from registration under U.S. federal and state securities laws.  The Purchaser, severally and not jointly, represents and warrants that the address set forth in the signature page hereto is such Purchaser’s true and correct domicile.
 

 4.4  Brokers, Finders.  The Purchaser, severally and not jointly, represents and warrants that such Purchaser has taken no action which would give rise to any claim by any person for brokerage commission, finder’s fees or similar payments in connection with to this Agreement or the transactions contemplated hereby.  Each Purchaser, severally and not jointly, shall indemnify and hold harmless each of the Company, its employees, officers, directors, agents, and partners, and their respective affiliates, from and against all claims, losses, damages, costs (including the costs of preparation and attorney’s fees) and expenses suffered in respect of any such claimed or existing fees arising out of this Agreement or the transactions contemplated hereby and resulting from an act of, or failure to act by, such Purchaser, as and when incurred.
 

 4.5  Restrictions on Transfer; Legends.
 

 (a) The Purchaser agrees to not, without the prior written consent of the Company, directly or indirectly, make any offer, sale, assignment, transfer, encumbrance,
 

 - 5 -
 

 

 

 contract to sell, grant of an option to purchase or other disposition of any Shares beneficially owned (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) by such Purchaser on the date hereof or hereafter acquired for a period of six months subsequent to the date hereof.  The Purchaser agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent against the transfer of Shares except in compliance with this Agreement.
 

 (b) The Purchaser acknowledges and agrees that the certificates or other evidence representing such Purchaser’s ownership of the Shares shall bear legends in substantially the following form: (in addition to any other legend which may be required by other agreements between the parties hereto):
 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED.  THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”
 

 SECTION 5.  Certain Covenants of the Company
 

 5.1 Filings. The Company undertakes and agrees to promptly and timely make all necessary filings and other applications in connection with the sale of the Shares to the Purchasers under any United States laws and regulations applicable to the Company, or by any domestic securities exchange or trading market, and to provide a copy thereof to the Purchasers promptly after such filing.  Notwithstanding the foregoing, each Purchaser acknowledges and agrees that this Section 5.1 shall not impose an obligation on the Company to register the Shares under the Securities Act, that the Company has no such obligation to register the Shares under the Securities Act, and that the Company has no present intention to do so.
 

 5.2 Reporting Status. So long as any Purchaser beneficially owns any of the Shares, the Company shall file all reports required to be filed with the SEC pursuant to Section 13 or 15(d) of the 1934 Act, and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would permit such termination.  The Company will take all reasonable action under its control to obtain and to continue the listing and trading of its Common Stock on the principal exchange where its Common Stock is traded.
 

 5.3 Available Shares. The Company shall have at all times hereafter authorized and reserved for issuance, free from preemptive rights, shares of Common Stock sufficient to issue one hundred percent (100%) of the number of shares of Common Stock as may be required to satisfy the conversion rights of the Purchasers pursuant to the terms and conditions in Exhibit B attached hereto. 
 

 SECTION 6  Expenses.  Each party hereto will pay its own expenses in connection with the transactions contemplated hereby, whether or not such transactions shall be consummated.  
 

 - 6 -
 

 

 

 SECTION 7   Notices.  All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be delivered by hand, sent via overnight courier, sent by facsimile, or mailed by first class certified or registered mail, return receipt requested, postage prepaid:
 

 if to the Company, to: 
 

 AccelPath, Inc.
 352A Christopher Avenue
 Gaithersburg, MD 20879
 

 or to such other person at such other place as the Company shall designate to the Purchasers in writing; and if to the Purchasers, at each Purchaser’s address as set forth on Exhibit A, or at such other address or addresses as may have been furnished to the Company in writing pursuant to this Section 7.
 

 SECTION 8  Severability.  In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.  
 

 SECTION 9  Governing Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts for contracts to be wholly performed in such state and without giving effect to the principles thereof regarding the conflict of laws. Each of the parties consents to the exclusive jurisdiction of the federal courts whose districts encompass Boston, Massachusetts or the state courts of the Commonwealth of Massachusetts sitting in Boston, Massachusetts in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions.  Each party hereto agrees to waive its right to a trial by jury in any proceeding in connection with any dispute associated with this Agreement.
 

 SECTION 10  Entire Agreement.  This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersedes and is in full substitution for any and all prior oral or written agreements and understandings between them related to such subject matter, and neither party hereto shall be liable or bound to the other party hereto in any manner with respect to such subject matter by any representations, indemnities, covenants or agreements except as specifically set forth herein. 
 

 - 7 -
 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC. .

	  
	  
	  

	  
	 By:
	 /s/Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  

	  
	 Behram Baxter Revocable Living Trust

	  
	  
	  

	  
	 By:
	 /s/ Behram Baxter

	  
	  
	  

	  
	 Name: 
	 Behram Baxter

	  
	  
	  

	  
	 Title:  
	 Trustee

 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  

	  
	 Geoffrey E Clark Revocable Trust

	  
	  
	  

	  
	 By:
	 /s/ Geoffrey E. Clark

	  
	  
	  

	  
	 Name: 
	 Geoffrey E. Clark

	  
	  
	  

	  
	 Title:  
	 Trustee

 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  

	  
	 Mani Family Limited Partnership

	  
	  
	  

	  
	 By:
	 /s/ Ravi Mani

	  
	  
	  

	  
	 Name: 
	 Ravi Mani

	  
	  
	  

	  
	 Title: 
	 Partner

 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  
	  

	  
	 By:
	 /s/ Manish Rungta

	  
	  
	  

	  
	 Name: 
	 Manish Rungta

	  
	  
	  

	  
	 Title:  
	  

 

 - 2 -
 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  

	  
	 Aundh Family Limited Partnership

	  
	  
	  

	  
	 By:
	 /s/ Nikhil Inamdar

	  
	  
	  

	  
	 Name: 
	 Nikhil Inamdar

	  
	  
	  

	  
	 Title:  
	 Partner

 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  
	  

	  
	 By:
	 /s/ Ravi Mani

	  
	  
	  

	  
	 Name: 
	 Ravi Mani

	  
	  
	  

	  
	 Title:  
	  

 

 - 2 -
 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  
	  

	  
	 By:
	 /s/ Syed Jafri

	  
	  
	  

	  
	 Name: 
	 Syed Jafri

	  
	  
	  

	  
	 Title:  
	  

 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers:

	  
	  
	  

	  
	 By:
	 /s/ Timothy B. King

	  
	  
	  

	  
	 Name: 
	 Timothy B. King

	  
	  
	  

	  
	 Title:  
	  

 

 

 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be executed as of the date first above written by their duly authorized representatives shown below:
 

 	 	 	
	  
	 ACCELPATH, INC.

	  
	  
	  

	  
	 By:
	 /s/ Shekhar Wadekar

	  
	  
	  

	  
	 Name: 
	 Shekhar Wadekar

	  
	  
	  

	  
	 Title: 
	 President

	  
	  
	  

	  
	 Purchasers

	  
	  
	  

	  
	 By:
	 /s/ Sezen Altug

	  
	  
	  

	  
	 Name: 
	 Sezen Altug

	  
	  
	  

	  
	 Title:  
	  

 

 - 2 -
 

 

 

 Exhibit A
 

 SCHEDULE OF PURCHASERS FOR CLOSING
 

 	 	 	 	 	 	 	 	 	
	 Name and Address:
	  
	  
	 Shares:
	  
	  
	 Purchase Price:
	  

	  
	  
	  
	  
	  
	  
	  
	  

	 Geoffrey E Clark Revocable Trust
 Geoffrey E. Clark, Trustee
 152 Middle Street
 Portsmouth, NH 03801
	  
	  
	15
	  
	  
	$
	15,000
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Behram Baxter Revocable Living Trust
 Behram Baxter, Trustee
 1430 7th Avenue, Suite A
 San Diego, CA 92101
	  
	  
	7.5
	  
	  
	$
	7,500
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Mani Family Limited Partnership
 Ravi Mani, Partner
 6420 Vanderbilt
 Houston, TX 77005
	  
	  
	5
	  
	  
	$
	5,000
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Manish Rungta
 5212 Holly Street
 Bellaire, TX 77401
	  
	  
	10
	  
	  
	$
	10,000
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Aundh Family Limited Partnership
 Nikhil Inamdar, Partner
 3505 University
 Houston, TX 77005
	  
	  
	10
	  
	  
	$
	10,000
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Ravi Mani
 6420 Vanderbilt
 Houston, TX 77005
	  
	  
	5
	  
	  
	$
	5,000
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Syed Jafri
 250 Blalock
 Houston, TX 77024
	  
	  
	7.5
	  
	  
	$
	7,500
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Timothy B. King
 16 Warren Road
 Dedham, MA 02026
	  
	  
	15
	  
	  
	$
	15,000
	  

	  
	  
	  
	 
	  
	  
	 
	 
	  

	 Sezen Altug
 903 Timber Creek Court,
 Friendswood, TX 77546
	  
	  
	15
	  
	  
	$
	15,000
	  

 

 - 3 -

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