Document:

Exhibit
10.1

     

     

    
      This Agreement (this “Agreement”) is
made and entered into as of August 3, 2010 by and among Neah Power Systems,
Inc., a Nevada corporation (the “Company”), and CAMHZN Master LLC, a Delaware
limited liability company (the "Ínvestor”).  Capitalized terms not
otherwise defined herein shall have the meanings ascribed them in the
Agreement.

      

      RECITALS

       

      

      WHEREAS, the Company and the
Investor desire to provide for the controlled sale of 1,018,305 shares of the
Company’s common stock, par value $.001 per share ("Common Stock"), held by
Investor and 240,000 shares of the Company’s Common Stock delivered herewith to
Investor (collectively, the “Shares") until the Investor has recovered the “Payoff Amount”. The Payoff Amount will be
negotiated and finalized between the Investor and the Company at a future
date.

      

      NOW, THEREFORE, in
consideration of the above recitals and the mutual covenants made herein, the
parties agree as follows:

       

      1.           Limited Sale of the
Shares.  The Investor agrees that from the date of this
Agreement it will limit the number of  Shares sold on a daily basis to
no more than 5% of the average daily volume of Common Stock, at or above the
daily market price, traded on the OTC Bulletin Board based upon an average of
such volume for the trailing 10-day period (the "Daily Volume"), provided, however, that the
Investor shall be deemed to not be in violation of the foregoing provisions as a
result of any sale of Shares if at the time of such sale, the Investor
reasonably assumed that they would not be in violation of the foregoing
provisions and such sale does not exceed 7% of the Daily Volume.

       

      2.           Maximum Recovery.  The
Investor agrees that upon recovering the Payoff Amount either (i) from the sale
of the Shares pursuant to section 1 of this Agreement or (ii) a combination of
the sale of the Shares and payment of cash by the Company to the Investor, the
Investor will return any unsold Shares to the Company. The Company agrees that
until the Investor receives the Payoff Amount upon sale of all of the Shares
described herein, the Company will issue additional shares to the Investor,
which the Investor agrees to sell in accordance with terms
hereof.  The Investor agrees to execute any documents necessary to
remove any existing liens on the Company's assets or any other claims against
the Company upon payment in full of the Payoff Amount. Upon recovery of the entire Payoff Amount, the
Investor agrees that it will no longer have any security interest in the assets
of the Company and all obligations to the Investor will be deemed fully and
finally paid.

      

      3.           Rescinding of Notice of
Default.  Upon signing this Agreement and receiving the 240,000
shares, the Investor agrees to rescind the “Notice of Default” delivered by them
to the Company on March 16, 2010 and to not declare a default for a period of a
minimum of thirty days from the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Agreement

        Page
2

      

       

       

      4.           Conditions
Precedent.  The Company shall have received an agreement
substantially in the form hereof from its senior lenders pursuant to which such
lenders agree not to sell more than 5% of the average daily volume of Common
Stock based on the formula set forth above and the Company will make a best
effort basis to have shares available to the Investor in proportion to the
amount of monies received by such lenders.

       

      5.           Acounting for Sale of the
Shares. The Investor agrees to report on a monthly basis to the
Company the number of Shares sold and the amount of money received in connection
with such sales, net of commissions paid in connection with such sales, and to
allow the Company to inspect, with reasonable notice and during normal business
hours, the Investor’s books and records to verify the accuracy of such monthly
reports.

       

      6.           Cooperation.  The
Company agrees to cooperate in all respects in regard to the Investor’s sale of
Shares hereby, including, without limitation, delivering all requisite opinions
of counsel and instructing the transfer agent to transfer such shares in
accordance with instructions from the Investor or its designee.

       

      7.           Miscellaneous.

       

      7.1           Successors and
Assigns.  Except as otherwise provided herein, this Agreement
and the rights and obligations of the parties hereunder shall inure to the
benefit of, and be binding upon, the parties’ respective successors, assigns and
legal representatives.

       

      7.2           Amendments and
Waivers.  Any term of this Agreement may be amended or waived
only with the written consent of the parties hereto.

      

      7.3           Notices.  Any
notice required or permitted by this Agreement shall be in writing and shall be
deemed sufficient on the date of delivery, when delivered personally or by
overnight courier or sent by fax, or forty-eight (48) hours after being
deposited in the mail, as certified or registered mail, with postage prepaid,
and addressed to the party to be notified at such party’s address or fax number
as set forth above or as subsequently modified by written notice.

      

      7.4           Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, the parties agree to renegotiate such provision in good
faith.  In the event that the parties cannot reach a mutually
agreeable and enforceable replacement for such provision, then (a) such
provision shall be excluded from this Agreement, (b) the balance of the
Agreement shall be interpreted as if such provision were so excluded and
(c) the balance of the Agreement shall be enforceable in accordance with
its terms.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          Agreement

          Page
3

           

           

        

      

      7.5           Governing
Law.  This Agreement and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of New York,
without giving effect to principles of conflicts of law.

      

      7.6           Jurisdiction;
Venue.  With respect to any disputes arising out of or related
to this Agreement, the parties consent to the exclusive jurisdiction of, and
venue in, the state courts in New York City (or in the event of exclusive
federal jurisdiction, the courts of the Southern District of New
York).

      

      7.7           Jury
Trial.  Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, any and all right to trial by jury in
any legal proceeding (whether sounding in contract, tort or otherwise) arising
out of or related to this agreement.

      

      7.8           Attorney
Fees.   In the event of any litigation arising under this
Agreement, the non-prevailing party shall reimburse the prevailing party for all
reasonable attorney fees and costs resulting therefrom.

       

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

       

      7.10         Titles and
Subtitles.  The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or
interpreting this Agreement.

      

       

      

       

      [Signature Page
Follows]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          Agreement

          Page
4

        

         

      

      

      
        
          
            
              
                
                  	
                           

                        	 
      	 
      	 
	 
      	
                          NEAH
      POWER SYSTEMS, INC.

                        	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                          By:

                        	/s/
      Gerard C. D’Couto	 
	 
      	 
      	
                          Name:
      Gerard C. D’Couto

                        	 
	 
      	 
      	
                          Title:
      President

                        	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                          CAMHZN
      Master LLC

                        	 
	 
      	 
      	 
      	 
	 
      	 
      	 
      	 
	 
      	
                          By:

                        	/s/
      Richard Smithline	 
	 
      	 
      	
                          Name:
      Richard Smithline

                        	 
	 
      	 
      	
                          Title:
      Directora6387476ex10-1.htm

Exhibit 10.1

iParty Corp.

COMPENSATION ARRANGEMENTS WITH INDEPENDENT DIRECTORS FOR SERVICE

COMMENCING AFTER ELECTION AT THE ANNUAL MEETING OF STOCKHOLDERS

June 2, 2010

Equity Compensation

     Each independent director (i.e., each of Daniel DeWolf, Frank Haydu, Eric Schindler, and Joseph Vassalluzzo) shall be granted an option as of June 2, 2010 exercisable for the purchase of 25,000 shares of iParty's common stock in respect of his service as a director. Each such option shall have an exercise price equal to $0.30 per share, the market price of iParty's common stock at the close of business on the grant date (i.e., June 2, 2010) and shall vest quarterly in equal parts over one year, vesting in full on June 2, 2011.

     Each of these stock option grants shall be made pursuant to iParty's 2009 Stock Incentive Plan.

Cash Compensation

     Each independent director shall be paid $25,750 in cash, payable in equal quarterly installments, for his service as a director for the year beginning on the date of his election at the stockholders meeting on June 2, 2010.

     Each independent director shall be paid an annual fee of the following amount in cash, payable in equal quarterly installments, for service on the various committees of the Board of Directors:

	
Joseph Vassalluzzo

	
$25,750

	
Eric Schindler

	
$10,300

	
Daniel DeWolf

	
$10,300

	
Frank Haydu

	
$20,600

 

- 30 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]