Document:

EX-10.1

 

     Exhibit 10.1

     JAG Media Holdings,
    Inc.

 

    6865 S.W. 18th Street, Suite B13

    Boca Raton, FL 33433

 

    As of August 16, 2007

 

    Cryptometrics, Inc.

    73 Main Street

    Tuckahoe, NY 10707

 

		
	    Re: 	
    Agreement Amending Merger Agreement Among JAG Media Holdings,
    Inc. (“JAG Media”), Cryptometrics Acquisition, Inc.
    (“Cryptometrics Acquisition”), Cryptometrics, Inc.
    (“Cryptometrics”), Robert Barra, Michael Vitale,
    Karlen & Stolzar, Thomas J. Mazzarisi and Stephen J.
    Schoepfer (collectively, the “Parties”) dated as of
    January 24, 2007, as Further Amended by those Certain
    Agreements Among the Parties dated as of February 26, 2007,
    April 2, 2007, April 20, 2007, May 11, 2007,
    May 18, 2007, June 15, 2007 and July 16, 2007
    (“Merger Agreement Amendment”)

 

    Gentlemen:

 

    This will confirm our understanding regarding the following
    changes to the Merger Agreement and Merger Agreement Amendment,
    which have been authorized by the directors of JAG Media,
    Cryptometrics Acquisition and Cryptometrics:

 

    1. The Closing Date set forth in the first sentence of
    paragraph 8 of the Merger Agreement Amendment is hereby
    changed to November 2, 2007.

 

    2. The Automatic Termination Date of August 16, 2007
    set forth in the first sentence of paragraph 9 of the
    Merger Agreement Amendment is hereby changed to November 7,
    2007.

 

    3. Cryptometrics shall pay up to $200,000 in additional
    transaction costs on behalf of JAG Media, in addition to the
    $150,000 in such costs set forth in paragraph 3 of the
    May 18, 2007 agreement among the Parties (“Additional
    Transaction Costs”). Cryptometrics shall pay $94,446.39 of
    the Additional Transaction Costs to JAG Media’s lawyers,
    accountants, financial printers and other parties in accordance
    with wire instructions to be furnished by JAG Media and within
    five (5) days after execution of this agreement and receipt
    of the relevant wire instructions from JAG Media. The remaining
    Additional Transaction Costs shall be paid as and when those
    payments become due and payable in accordance with
    paragraph 5 below.

 

    4. Notwithstanding anything to the contrary in the Merger
    Agreement, as amended, JAG Media may issue such options,
    warrants and shares of Common Stock as it deems necessary or
    appropriate to address payables, debt and operating expenses of
    JAG Media (“JAG Media Expenses”), as well as
    Additional Transaction Costs, provided that such issuances do
    not result in the issuance of more than 750,000 shares of
    Common Stock. Proceeds from such issuances shall be allocated
    2/3
    for JAG Media Expenses (“JAG Media Allocation”) and
    1/3
    for Additional Transaction Costs (“Cryptometrics
    Allocation”).

 

    5. The proceeds from the JAG Media Allocation shall be used
    by JAG Media for JAG Media Expenses. The proceeds from the
    Cryptometrics Allocation shall be paid to Cryptometrics promptly
    after receipt of such proceeds by JAG Media. Proceeds from the
    Cryptometrics Allocation received from time-to-time by JAG Media
    shall be applied first toward reimbursement of Cryptometrics for
    Additional Transaction Costs paid by Cryptometrics until such
    proceeds are exhausted and then toward any Additional
    Transaction Costs not due and payable at the time to the extent
    proceeds from the Cryptometrics Allocation are available. If
    proceeds from the Cryptometrics Allocation are not available at
    the time JAG Media receives invoices for Additional Transaction
    Costs Cryptometrics shall promptly pay such invoices.

 

    All defined terms used in this agreement, which are not
    otherwise defined herein shall have the meaning ascribed to them
    in the Merger Agreement Amendment. Except as otherwise set forth
    in this agreement, the Merger Agreement Amendment and the Merger
    Agreement shall remain unchanged and in full force and effect.
    The company voting and
    lock-up
    agreement executed in connection with the Merger Agreement shall
    continue in full

 

    force and effect and “Merger Agreement” as defined
    therein shall include all amendments thereto, inclusive of that
    contained herein.

 

    If the foregoing accurately reflects your understanding of our
    agreement regarding the above matter, please indicate your
    agreement and acceptance by signing in the appropriate space
    below and returning a fully executed and dated copy of this
    agreement to the undersigned.

 

    [SIGNATURES APPEAR ON NEXT PAGE]

 

	 	 	 
	
    Sincerely yours,

    JAG MEDIA HOLDINGS, INC.
	
 
	
    AGREED AND ACCEPTED:
    CRYPTOMETRICS ACQUISITION, INC.

	
 
	
 
	
 

	

    By: /s/  
Thomas
    J. Mazzarisi

    
Name: Thomas
    J. Mazzarisi Title:  Chairman & CEO

    Date: September 12, 2007

	
 
	
    By: /s/  
Thomas
    J. Mazzarisi

    
Name: Thomas
    J. Mazzarisi

    Title:  President

    Date: September 12, 2007

	
 
	
 
	
 

	
    AGREED AND ACCEPTED:
    CRYPTOMETRICS, INC.
	
 
	
    The undersigned is signing
    this agreement solely in its capacity as “Escrow
    Agent” pursuant to the provisions of paragraph 10 of the
    Merger Agreement Amendment

	
 
	
 
	
 

	

    By: /s/  
Robert
    Barra

    
Name: Robert
    Barra

    Title:  Co-CEO

    Date: September 12, 2007

	
 
	
    KARLEN & STOLZAR,
    LLP

	
 
	
 
	

    By: /s/  
Michael
    Stolzar

    
Name: Michael
    I. Stolzar

    Title:  Partner

    Date: September 12, 2007

    

	
 
	
 
	
 

	

       /s/  
Robert
    Barra

    
Robert
    Barra

    Dated: September 12, 2007

	
 
	
    The undersigned are signing
    this agreement only with respect to their obligations set forth
    in paragraph 12 of the Merger Agreement Amendment

	
 
	
 
	
 

	
 
	
 
	

       /s/  
Thomas
    J. Mazzarisi

    
Thomas
    J. Mazzarisi

    Dated: September 12, 2007

    

	
 
	
 
	
 

	

       /s/  
Michael
    Vitale

    
Michael
    Vitale

    Dated: September 12, 2007

    

	
 
	
       /s/  
Stephen
    J. Schoepfer

    
Stephen
    J. Schoepfer

    Dated: September 12,
    2007EX-10.2

 

Exhibit 10.2

JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

September 10, 2007

YA Global Investments, L.P.

101 Hudson Street

Suite 3700

Jersey City, NJ 07302

-and-

Cryptometrics, Inc.

73 Main Street

Tuckahoe, NY 10707

	Re:	 	Agreement dated as of January 24, 2007 Among JAG Media Holdings, Inc. (“JAG Media”),
YA Global Investments, L.P. (formerly, Cornell Capital Partners, L.P.) (“YA Global”),
Cryptometrics, Inc., Robert Barra and Michael Vitale, as amended (“Cornell Agreement”)
/ Convertible Debentures Nos. CCP-1 and CCP-2 in the original principal amounts of $1,900,000
and $1,250,000 respectively, each dated May 24, 2006 and Convertible Debenture No. CCP-3 in
the original principal amount of $1,000,000, dated May 30, 2006 with JAG Media, as Obligor and
YA Global, as Holder thereunder (collectively, the “Original Debentures”)

Gentlemen:

This will confirm our understanding that the Cornell Agreement is amended as follows:

	 	1.	 	The automatic termination date of August 16, 2007, set forth in the last sentence of
paragraph 1 of the Cornell Agreement, is hereby changed to November 7, 2007.

	 	2.	 	Upon the Effective Date, the “Conversion Shares Reservation” as set forth in
paragraph 7 (G) of the Cornell Agreement is hereby reduced from 20 million shares to 10
million shares (which amount shall not include any shares issued prior to the Effective
Date). References to the “Conversion Shares Reservation” in Section 8 of the Cornell
Agreement shall hereinafter refer to 10 million shares.
	 
	 	3.	 	The first sentence of paragraph 11 of the Cornell Agreement shall be amended to read
as follows:
	 
	 	 	 	11. Nothing contained herein shall limit YA Global’s ability to convert the
Debentures in accordance with their terms; provided, however, that in
no event shall YA Global, prior to the Effective Date or the termination of this
Agreement, which ever occurs first, convert any

 

 

	 	 	 	portion of the Debentures resulting in an issuance of more than 4,000,000 shares of
Common Stock or exercise any of the Warrants (in whole or in part).

	 	4.	 	Subject to the terms and conditions of the Merger Agreement, JAG Media and
Cryptometrics acknowledge that it is their present intention to consummate the Merger and,
if so, agree that upon the S-4 registration statement originally filed on March 12, 2007
being declared effective by the SEC they will take all steps in their control required to
consummate the Merger within 30 days of such effective date and further acknowledge and
agree that YA Global is relying on this statement as a material inducement to agreeing to
the extension of the automatic termination date as set forth herein.
	 
	 	5.	 	Paragraph 7. E. of the Cornell Agreement (as amended by the May 18, 2007 amendment)
is deleted in its entirety and is replaced by a new paragraph 7. E., which shall read as
follows:
	 
	 	 	 	E. A new defined term entitled “Exercise Restriction Date” shall be added to Section 1 (b)
of the Warrants, each of which shall read as follows:
	 
	 	 	 	Warrant No. CCP-2

	 	 	 	(xv) “Exercise Restriction Date” means December 31, 2007, the first date
upon which this Warrant may be exercised.

	 	 	 	Warrant No CCP-3 

	 	 	 	(xv) “Exercise Restriction Date” means March 31, 2008, the first date upon
which this Warrant may be exercised.

	 	 	 	Warrant No. CCP-4

	 	 	 	(xv) “Exercise Restriction Date” means June 30, 2008, the first date upon
which this Warrant may be exercised.

	 	 	 	Warrant No. CCP-5

	 	 	 	(xv) “Exercise Restriction Date” means September 30, 2008, the first date
upon which this Warrant may be exercised.

Except as otherwise expressly set forth in this agreement, the Cornell Agreement and the
Transaction Documents shall remain unchanged and in full force and effect.

If the foregoing accurately reflects your understanding of our agreement regarding the above
matter, please indicate your agreement and acceptance by signing in the appropriate space below and
returning a fully executed and dated copy of this agreement to the undersigned.

 

 

YA Global Investments, L.P.

September 10, 2007

Page -2-

Sincerely yours,

JAG Media Holdings, Inc.

	By:  	 	/s/ Thomas J. Mazzarisi

Name: Thomas J. Mazzarisi

Title: Chairman & CEO

Date: September 12, 2007

	 	 	 
	AGREED AND ACCEPTED:

YA Global Investments, L.P. (formerly,
Cornell Capital Partners, L.P.)

	 	The undersigned parties are signing
this agreement only with respect to
the obligations in Paragraph 5 of the Cornell
Agreement
	 
	 	 
	By: Yorkville Advisors, LLC

Its: Investment Manager

	 	/s/ Robert Barra

          Robert Barra

     Date: September 12, 2007
	 
	 	 
	By: /s/ Mark Angelo

Mark Angelo, Portfolio Manager

Date: September 10, 2007

	 	/s/ Michael Vitale

          Michael Vitale

     Date: September 12, 2007

Cryptometrics, Inc.

	By:  	 	/s/ Robert Bara

Name: Robert Barra

Title: Co-CEO

Date: September 12, 2007

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