Document:

Exhibit 10.2

Exhibit 10.2

ADDENDUM TO MANAGEMENT AGREEMENT

THIS ADDENDUM TO MANAGEMENT AGREEMENT (the “Agreement”) is made on March 8 2010 by and between UNIVERSAL CAPITAL MANAGEMENT, INC., a Delaware corporation (“Manager”); MEDIAVIX, INC., a Delaware corporation (“Mediavix” or “Company”) and PR SPECIALISTS, INC., Inc., a Delaware corporation (“PR Specialists”). 

1.

This Agreement amends and modifies that certain Management Agreement (“Management Agreement”) dated December 16, 2009 made and entered into by the parties hereto as follows:

Section 3(a) is deleted and replaced with the following:

(a) Management Fees. PR Specialists shall pay Manager for the services to Mediavix by delivering to Manager two million five hundred thousand (2,500,000) shares common stock of PR Specialists prior to March 10, 2010, which shares PR Specialists intends to include, to the extent practicable, in PR Specialist’s next registration of its shares with the Securities and Exchange Commission. All compensation described in this section 3(a) shall be considered earned when paid.

If the term of this Agreement extends beyond the Term, Mediavix and Manager shall discuss the continuing Services and the compensation required for those services.

2.

Capitalized terms herein have the same meaning as used in the Management Agreement unless otherwise noted. 

3.

All other provisions of the Management Agreement remain in full force and effect, other than any provision that conflicts with the terms and spirit of this Agreement, which shall be deemed to be amended appropriately in order to be consistent with this Agreement.

IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.

PR Specialists, Inc.,

_______________

By: _____________________

Witness 

      Marjorie DeHey Daleo, 

      Chief Executive Officer

Mediavix Inc.,

_______________

By: _____________________

Witness 

      Marjorie DeHey Daleo, 

      Chief Executive Officer

 

Universal Capital Management, Inc.,

_______________

By: _____________________

Witness 

      Robert Oberosler, Presidentexh10-1_amd.htm

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.1

 

AMENDMENT TO CREDIT AND SECURITY AGREEMENT 

AND PROMISSORY NOTE DATED MARCH 5, 2010

 

  

  

  

AMENDMENT TO CREDIT AND SECURITY AGREEMENTS

AND PROMISSORY NOTE

THIS AMENDMENT (this “Amendment”) is made as of March 5, 2010, between PetroHunter Energy Corporation, a Maryland corporation (the “Company”), and Global Project Finance AG (the “Lender”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Lender entered into those certain Credit and Security Agreements dated January 9, 2007 and May 21, 2007 (the “Agreements”), pursuant to which the Company issued to the Lender, among other things, secured promissory notes; and

 

WHEREAS, the Company delivered a promissory note dated October 10, 2007 to the Lender in the principal amount of $850,000 (the “Note”), which Note is currently due and owing; and

 

WHEREAS, the Agreements contain various affirmative covenants that require the Company to provide financial and other information to the Lender, as well as negative covenants that prohibit the Company from taking certain types of action; and

 

WHEREAS, the Company and the Lender entered into a Waiver and Consent dated December 31, 2008, pursuant to which the Lender agreed to waive and release the Company from any and all payments, liabilities and obligations (collectively, the “Obligations”) of any nature which the Company currently owes or might owe in the future to the Lender pursuant to the Agreements for all periods through January 1, 2010, regardless of the date on which such obligation was owed or due; and

 

WHEREAS, the Company and the Lender desire to extend the maturity dates of the Agreements with respect to the amounts owed thereunder and the Note and amend other terms of the Agreements;

 

NOW, THEREFORE, in consideration of the agreements, provisions and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the undersigned agrees as follows:

 

1.  For all periods through December 31, 2014, the Lender agrees to waive and release the Company from any and all payments, liabilities and Obligations of any nature which the Company currently owes or might owe in the future to the Lender pursuant to the Agreements and the Note, regardless of the date on which such obligation was owed or due.

 

2.  The Company shall issue 5,000,000 restricted shares of its common stock in consideration for Lender’s agreement contained in paragraph 1 above.

3.  Commencing December 31, 2014 and continuing thereafter, the Company’s Obligations that were deferred by this Amendment for all periods prior to such date shall be due and owing to Lender, and the Obligations, as well as the Lender’s rights, shall resume under the Agreements and the Note.

4.  The Lender agrees to the transfer of the 25% interest in the Beetaloo Basin Permits held by the Company’s subsidiary, Sweetpea Petroleum Pty Ltd. (“Sweetpea”), to Falcon Oil & Gas Australia Pty Ltd (“Falcon Australia”) in exchange for an initial 25% ownership in Falcon Australia and waives such transfer as a breach under the Agreements.  Sweetpea will own the Falcon Australia shares to be received.

  

  

  

5.  The Company confirms that the Lender and the holders of convertible debentures issued in November 2007 in the aggregate principal amount of $6,956,387 (the “Renn Capital investors”) share a first priority lien on the Company’s Sweetpea shares on a pari passu basis, The Company shall issue separate convertible promissory notes in the aggregate principal amount of $6,500,000, in the form attached hereto as Exhibit A, made payable as designated by Lender and reflecting the terms of this Amendment, the repayment of which is secured by this security interest.

6.  Interest that has accrued on the entire amount loaned under the Agreements and the Note through the date of this Amendment (March 5, 2010) (the “Accrued Interest”) shall be paid through the issuance of restricted shares of the Company’s common stock, the amount of which shall be calculated by dividing the Accrued Interest by $0.125, as full and complete payment of the Accrued Interest.  The calculation is attached hereto as Exhibit B.

7.  From and after the date of this Amendment, interest shall accrue on the principal amounts owed to the Lender under the Agreements and the Note at the rate of 8.5% per annum and shall be paid at maturity.

8.  From the date of this Amendment through December 31, 2011, $6,500,000 of the principal amount owed under the Agreements and the Note may be converted into shares of the Company’s common stock at a price of $0.125 per share.  From January 1, 2012 through December 31, 2014, this conversion price shall be reduced to $0.10 per share.

9.   Warrants GPF-002 and GPF-003 granting the Lender the right to purchase a total of 1,300,000 shares at $2.10 per share, which were issued in connection with advances totaling $6,500,000 under the Agreements, shall be cancelled.  A new warrant evidencing the right to purchase 1,300,000 shares of the Company’s common stock at a price of $0.175 per share through December 31, 2011 and $0.12 through December 31, 2014 shall be issued to the Lender.

10.  Beginning March 31, 2010, the Company shall pay the Lender $25,000 per quarter to the extent the Company has funds available to do so.  Such payments shall be credited to advance fees owed by the Company to the Lender in the amount of $796,000.

11.  If the Company (through Sweetpea) should receive proceeds from an initial public offering of Sweetpea or from the sale of Sweetpea’s shares of Falcon Australia, the Lender shall be entitled to request that 25% of such net proceeds be used to repay the indebtedness owed to Lender.

12.  If the Company should fail to enter into agreements by March 31, 2010 with the Renn Capital investors to extend the maturity date of the debt owed to them by the Company to December 31, 2014, this Amendment, with the exception of paragraphs 5 and 6 hereof, may be cancelled prospectively at the option of the Lender.

13.  If the Company (a) applies for or consents to the appointment of, or if there shall be a taking of possession by, a receiver, custodian, trustee or liquidator for the Company or any of its property; (b) makes a general assignment for the benefit of creditors; (c) files or is served with any petition for relief under the Bankruptcy Code or any similar federal or state statute; or (d) has any judgment entered against it in excess of $2,000,000 in any one instance, then the Lender shall have the right to accelerate the maturity date of the Agreements and the Note, notwithstanding the provisions of paragraph 1 above.

  

  

  

IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by each of the undersigned as of the date first above written.

 

	"Company"	 	 	"Lender"	 
	PETROHUNTER ENERGY CORPORATION	 	 	GLOBAL PROJECT FINANCE AG 	 
	 	 	 	 	 
	
By:   /s/ Martin Oring                        

	 	 	
By:  /s/ Christian Russenberger                 

	 
	
Name:    Martin Oring                     

	 	 	
Name:  Christian Russenberger               

	 
	
Title:   CEO/President                                      

	 	 	
Title:  Directorexh10-2_formwaiver.htm

 

 

 

 

 

 

 

 

 

EXHIBIT 10.2

 

FORM OF WAIVER AND AMENDMENT AGREEMENT

DATED MARCH 8, 2010

 

  

  

  

WAIVER AND AMENDMENT AGREEMENT

THIS WAIVER AND AMENDMENT AGREEMENT (this “Agreement”) is made as of March 8, 2010, among PetroHunter Energy Corporation, a Maryland corporation (“PetroHunter” or the “Company”), and the several purchasers signatory hereto (each such purchaser, a “Purchaser” and, collectively, the “Purchasers”).

 

W I T N E S S E T H:

 

WHEREAS, from November 5, 2007 through November 16, 2007, the Company and the Purchaser entered into Securities Purchase Agreements (the “Securities Purchase Agreements”), pursuant to which the Company issued to the Purchaser, among other things, Series A 8.5% Convertible Debentures in the aggregate principal amount of $6,956,387( the “Debentures”) and warrants (the “Warrants”), to purchase an aggregate of 46,375,914 shares (the “Warrant Shares”) (subject to adjustment as provided therein) of the Common Stock of the Company and, in connection therewith, entered into Registration Rights Agreements (the “Registration Rights Agreements”), with the Purchaser; and

 

WHEREAS, the Company agreed initially to register (i) all of the shares of Common Stock issuable upon conversion in full of the Debentures (the “Debenture Shares”), (ii) all shares of Common Stock issuable as interest on the Debentures (the “Interest Shares”) assuming all permissible interest payments are made in shares of Common Stock and the Debentures are held until maturity, (iii) all Warrant Shares, (iv) any additional shares of Common Stock issuable in connection with any anti-dilution provisions in the Debentures or the Warrants (in each case, without giving effect to any limitations on conversion set forth in the Debentures or limitations on exercise set forth in the Warrants), and (v) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing (collectively, the “Registrable Securities”); and

 

WHEREAS, the Company agreed to prepare and file with the Securities and Exchange Commission (the “Commission”) a registration statement covering the resale of all or such portion of the Registrable Securities as permitted by SEC Guidance on or before the 120th calendar day following the date of the Registration Rights Agreements (the “Filing Date”) and to use its best efforts to cause such registration statement to be declared effective as promptly as possible after the filing thereof, but in any event prior to 240th calendar day following the date of the Registration Rights Agreements (the “Effective Date”); and

 

WHEREAS, the Company and the Purchaser entered into various Waiver and Amendment Agreements that waived the Company’s obligation to register the Debenture Shares and extended the deadlines for the Filing Date and Effective Date to such time as the Warrants are “in the money”; and

 

WHEREAS, the Company agreed to pay the quarterly interest installments due January 2, 2009 and April 1, 2009 by October 1, 2009, but has not paid such installments; and

 

WHEREAS, the Company has not paid the quarterly payments of interest due October 1, 2009 and January 1, 2010 under the Debentures;

 

  

  

  

NOW, THEREFORE, in consideration of the agreements, provisions and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the undersigned agrees as follows:

 

1.           Extension of Maturity Date.  Purchaser hereby agrees to extend the Maturity Date of its Debenture to December 31, 2014 (the “New Maturity Date”).

 

2.           Waiver of Default.  Purchaser hereby waives the Company’s failure to pay interest originally due January 2, 2009, April 1, 2009, October 1, 2009 and January 1, 2010 (the “Late Installments”) as Events of Default under the Debentures.

 

3.           Payment and Accrual of Interest.

 

(a)           The Company shall pay the Late Installments and any interest accrued through the date of this Agreement through the issuance of its restricted shares of common stock, based on a value of $0.125 per share.

 

(b)           Purchaser agrees to waive the receipt of interest installments due under the Debenture from the date of this Agreement.  Interest will accrue under the Debenture, but will be paid at the New Maturity Date.

 

(c)           Purchaser agrees to waive the payment and accrual of Late Fees under the Debenture from the date of this Agreement.

 

(d)           The Company agrees to pay the accrued Late Fees on the Late Installments at the New Maturity Date.

 

4.           Reduction of Warrant Exercise Price and Extension of Warrant Termination Date.  In consideration for the Purchaser’s waivers and agreements, the Company agrees that all Warrants owned by Purchaser shall be exercisable at $0.175 per share through December 31, 2011 and at $0.12 through December 31, 2014.

 

5.            Reduction of Conversion Price.  In consideration for the Purchaser’s waivers and agreements, the Company agrees that the Conversion Price under the Debenture shall be reduced to $0.125 through December 31, 2011 and from January 1, 2012 through December 31, 2014, the Conversion Price shall be $0.10.

 

6.           Confirmation of Security Interest.  Purchaser acknowledges that it has been advised by the Company that the Company and its wholly-own subsidiary, Sweetpea Petroleum Pty Ltd (“Sweetpea”), have agreed to transfer the 25% working interest in the Beetaloo Basin Project, currently held of record by Sweetpea, to Falcon Oil & Gas Australia Pty Ltd (“Falcon Australia”) for an initial 25% equity ownership in Falcon Australia.  Falcon Oil & Gas Ltd., which owns a 75% working interest in the Beetaloo Basin Project, will receive an initial 75% equity ownership in Falcon Australia.  The Company confirms to Purchaser that it, together with all of the holders of the Debentures, has a first lien on the Company’s shares of Sweetpea.  This first lien position is shared with Global Project Finance AG to secure the repayment of up to $6.5 million advanced by Global to the Company under Credit and Security Agreements dated January 9, 2007 and May 21, 2007.

 

  

  

  

7.           If the Company (a) applies for or consents to the appointment of, or if there shall be a taking of possession by, a receiver, custodian, trustee or liquidator for the Company or any of its property; (b) makes a general assignment for the benefit of creditors; (c) files or is served with any petition for relief under the Bankruptcy Code or any similar federal or state statute; or (d) has any judgment entered against it in excess of $2,000,000 in any one instance, then the Purchaser shall have the right to accelerate the maturity date of its Debenture, notwithstanding the provisions of paragraph 1 above.

 

8.           Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together 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, it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

9.           Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Securities Purchase Agreements.

 

10.           Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

11.           Expenses.  Each party shall pay the fees and expenses of its counsel, and all other expenses, incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement, provided that the Company shall pay all actual attorneys’ fees and expenses (including disbursements and out-of-pocket expenses) incurred by RENN Capital Group, Inc. in connection with the preparation, negotiation, execution and delivery of this Agreement.  Such fees and expenses shall be paid upon the execution of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed this Waiver and Amendment as of the date first written above.

 

PETROHUNTER ENERGY CORPORATION

By:    /s/ Martin Oring                                             

Name:  Martin Oring

Title:    President/CEO

 

[SIGNATURE PAGE OF PURCHASERS FOLLOWS]

 

Waiver and Amendment Agreement – page 3

  

  

  

[SIGNATURE PAGE OF PURCHASERS TO PETROHUNTER WAIVER AND AMENDMENT AGREEMENT]

RENN Global Entrepreneurs Fund, Inc.

(formerly Renaissance Capital & Income Fund III, Inc.)

By:    /s/ Russell Cleveland                                          

Russell Cleveland

President

Renaissance US Growth Investment Trust PLC

By:     /s/ Russell Cleveland                                         

Russell Cleveland

Director

Global Special Opportunities Trust PLC

(formerly US Special Opportunities Trust PLC)

By:       /s/ Russell Cleveland                                        

Russell Cleveland

US Portfolio Manager

Premier RENN Entrepreneurial Fund Limited

(formerly Premier RENN US Emerging Growth Fund Limited)

By:           RENN Capital Group, Inc.

Its:           Investment Adviser

By:        /s/ Russell Cleveland                                              

Russell Cleveland

President

 

Waiver and Amendment Agreement - page 4

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