Document:

Exhibit 10.77

AMENDMENT TO THE FEBRUARY 24, 2006 SENIOR AMORITIZING
CONVERTIBLE NOTE

This Amendment dated as of August 25, 2006 (this “Amendment”)
to the Senior Amortizing Convertible Notes due February 24, 2006 (the “Notes”)
issued pursuant to the Securities Purchase Agreement dated as of February 24,
2006 (the “Purchase Agreement”) among Bulldog Technologies, Inc. (the “Company”)
and the purchasers set forth on the signature page thereto, is among the
Company and the investors as set forth in Schedule I attached hereto (the “Note
Holders”).  Capitalized terms used herein
but not defined shall have the meaning ascribed to them in the Purchase
Agreement.

IN CONSIDERATION of the
mutual covenants contained in this Amendment, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
Company and each Note Holder, severally and not jointly, agree as follows:

1.     In connection with the Note amortization payment due on August
24, 2006 (the “August Amortization Payment”), as set forth in Schedule I
attached hereto, in the amount of ONE HUNDRED FORTY-TWO THOUSAND EIGHT HUNDRED
FIFTY SEVEN U.S. DOLLARS AND FOURTEEN CENTS (US$142,857.14), the Company will
immediately (and in no event later than 1 business day following the date
hereof)  issue to the Note Holder as set
forth on Schedule I attached hereto 4,480,000 shares of the Company’s Common
Stock (the “Registered Shares”) which were registered pursuant to a Form SB-2
filed on March 21, 2006, and which number of registered shares were amended
pursuant to the Form 424B4 filed on April 3, 2006, the effective date.

2.     The conversion price, as set forth in Section 2.1 of the Note,
is $1.00 (the “Conversion Price”).  The
Conversion Price shall be amended such that any conversions of principal into
the Common Stock of the Company or principal repayments in the form of Common
Stock of the Company in lieu of cash shall be at a price equal to the lesser of
(i) US$0.05 per share or (ii) 75% of the average of the VWAP for each of the
ten (10) trading days immediately prior to the applicable conversion date or
principal repayment date.

3.     Except as specifically provided for in the amendment to the
Note, all other terms and conditions of the Agreement shall remain in full
force and effect as originally constituted.

4.     The Note Holders shall each and in the aggregate waive the Event
of Default with respect of the August Amortization Payment.  Nothing herein shall be deemed as a waiver of
any other Event of Default or any future Event of Default under the Note.

5.     The
Company agrees to use its best efforts to (i) file a supplemental registration
statement on Form SB-2, or any other registration statement available to the
Company, within thirty (30) days following the date of the amendment to the
Note, and (ii) have the registration statement declared effective by the SEC
(the “Commission”) within thirty (30) days of the filing of the registration
statement. If the Company fails to file the registration statement or have the
registration statement declared effective within the prescribed time period
(each, an “Event”), the Company shall pay the Note Holders liquidated damages
upon the occurrence of the Event and for each monthly anniversary of such Event
an amount equal to 2% of the original principal amount of the Notes until such
Event is cured (the “Event Payment”). Notwithstanding the aforementioned, in
the event the Commission provides comments on the registration statement, the
Note Holders shall provide the Company an additional fifteen (15) days from the
receipt of Commission’s comments, however not more than forty-five (45) days
from the filing of the registration statement before the Company is subjected
to the stated Event Payments.

6.     The Company shall use its best efforts to pursue any action or
remedies available to it, both legal or otherwise, against John Cockburn for
misappropriation of funds and breach of fiduciary duties and seek to 

 

recover all shares issued by the Company to Mr.
Cockburn, his family trust, or any other individual, corporation, partnership,
trust or entity which Mr. Cockburn is a direct or indirect beneficial owner,
whether domiciled domestically or in offshore accounts, including but not
limited to 3,000,000 shares held by Rosedene Investments Ltd with a registered
shareholders address of 244 Main Street, Gibraltar, Gib.  The Company shall also take all action
necessary to report to the Commission, and any other securities commission or
regulatory body having jurisdiction over the activities of the Company, any
actions undertaken by Mr. Cockburn that may represent a violation of securities
laws or violation of rules of other regulatory body regardless of the monetary
value of said violations.  Any shares
recovered by the Company pursuant to this Section 6 shall be immediately paid
to the Note Holders on the following principal amortization date.

7.     This Amendment 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, such signature shall
create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) the same with the same force and effect as
if such facsimile signature page were an original thereof.

8.     This Amendment shall be governed under New York law and shall be
subject to the provisions set forth in Section 7.9 of the Purchase Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOLLOWS]

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed by their
respective authorized signatories as of the date first indicated above.

	
  

  	
  BULLDOG TECHNOLOGIES INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul G. Harrington

  
	
   

  	
   

  	
  Name: Paul G. Harrington

  
	
   

  	
   

  	
  Title: President and CEO

  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES OF PURCHASERS FOLLOW.]

 

 

	
  

  	
  IROQUOIS MASTER FUND LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Silverman

  
	
   

  	
   

  	
  Name: Joshua Silverman

  
	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RAQ, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lindsay A. Rosenwald, M.D.

  
	
   

  	
   

  	
  Name: Lindsay A. Rosenwald, M.D.

  
	
   

  	
   

  	
  Title: Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RHP MASTER FUND, LTD.

  
	
   

  	
  By:

  	
  Rock Hill Investment Management, L.P.

  
	
   

  	
  By:

  	
  RHP General Partners, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith Marlowe

  
	
   

  	
   

  	
  Name: Keith Marlowe

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NITE CAPITAL

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keith A. Goodman

  
	
   

  	
   

  	
  Name: Keith A. Goodman

  
	
   

  	
   

  	
  Title: Manager of the General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Otto W. Hoernig, III

  
	
   

  	
   

  	
  Name: Otto W. Hoernig, III

  
	
   

  	
   

  	
  Title:

  

 

 

	
  

  	
  ALPHA CAPITAL AG

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Konrad Ackermann

  
	
   

  	
   

  	
  Name: Konrad Ackermann

  
	
   

  	
   

  	
  Title: Director

  

[Signature
page to Amendment]

 

 

 

	
  

  	
  OMICRON MASTER TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Olivier Morali

  
	
   

  	
   

  	
  Name: Olivier Morali

  
	
   

  	
   

  	
  Title: As authorized signatory for Omicron Master
  Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ENABLE GROWTH PARTNERS LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adam Epstein

  
	
   

  	
   

  	
  Name: Adam Epstein

  
	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PIERCE DIVERSIFIED STRATEGY 

  MASTER FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adam Epstein

  
	
   

  	
   

  	
  Name: Adam Epstein

  
	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ENABLE OPPORTUNITY PARTNERS LP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Adam Epstein

  
	
   

  	
   

  	
  Name: Adam Epstein

  
	
   

  	
   

  	
  Title: Principal

  

 

[Signature page to Amendment]

 

 

Schedule I

BULLDOG
TECHNOLOGIES, INC.

FEBRUARY
24, 2006 CONVERTIBLE NOTES

SCHEDULE
OF AUGUST 2006 AMORTIZATION PAYMENT CONVERSION

 

	
  Note Holders

  	
   

  	
  Convertible 

  Note 

  Principal by 

  Note Holder

  	
   

  	
  Total 

  Number of 

  Installments

  	
   

  	
  Monthly 

  Amortization 

  Payable

  	
   

  	
  Allocation 

  of 

  Principal 

  (%)

  	
   

  	
  Allocation of 

  Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Omicron Master
  Fund Ltd

  	
   

  	
  $

  	
  250,000

  	
   

  	
  14

  	
   

  	
  $

  	
  17,857.14

  	
   

  	
  12.50

  	
  %

  	
  560,000

  	
   

  
	
  RHP Master Fund
  Ltd

  	
   

  	
  $

  	
  250,000

  	
   

  	
  14

  	
   

  	
  $

  	
  17,857.14

  	
   

  	
  12.50

  	
  %

  	
  560,000

  	
   

  
	
  Iroquios Master
  Fund

  	
   

  	
  $

  	
  350,000

  	
   

  	
  14

  	
   

  	
  $

  	
  25,000.00

  	
   

  	
  17.50

  	
  %

  	
  784,000

  	
   

  
	
  Nite Capital LP

  	
   

  	
  $

  	
  250,000

  	
   

  	
  14

  	
   

  	
  $

  	
  17,857.14

  	
   

  	
  12.50

  	
  %

  	
  560,000

  	
   

  
	
  Otto Hoernig III

  	
   

  	
  $

  	
  250,000

  	
   

  	
  14

  	
   

  	
  $

  	
  17,857.14

  	
   

  	
  12.50

  	
  %

  	
  560,000

  	
   

  
	
  Alpha Capital AG

  	
   

  	
  $

  	
  250,000

  	
   

  	
  14

  	
   

  	
  $

  	
  17,857.14

  	
   

  	
  12.50

  	
  %

  	
  560,000

  	
   

  
	
  RAQ LLC

  	
   

  	
  $

  	
  150,000

  	
   

  	
  14

  	
   

  	
  $

  	
  10,714.29

  	
   

  	
  7.50

  	
  %

  	
  336,000

  	
   

  
	
  Enable Growth
  Partners LP

  	
   

  	
  $

  	
  182,500

  	
   

  	
  14

  	
   

  	
  $

  	
  13,035.71

  	
   

  	
  9.13

  	
  %

  	
  408,800

  	
   

  
	
  Enable
  Opportunity Partners

  	
   

  	
  $

  	
  30,000

  	
   

  	
  14

  	
   

  	
  $

  	
  2,142.86

  	
   

  	
  1.50

  	
  %

  	
  67,200

  	
   

  
	
  Pierce
  Diversified Strategy

  	
   

  	
  $

  	
  37,500

  	
   

  	
  14

  	
   

  	
  $

  	
  2,678.57

  	
   

  	
  1.88

  	
  %

  	
  84,000

  	
   

  
	
   

  	
   

  	
  $

  	
  2,000,000

  	
   

  	
   

  	
   

  	
  $

  	
  142,857.14

  	
   

  	
  100.00

  	
  %

  	
  4,480,000Exhibit 10.1

CONFIDENTIAL

August 23, 2006

Mr. Jeffery W. Sprick

4211 W. Boy Scout Blvd.

Tampa, FL  33607

Dear Jeff:

Confirming our
recent discussions, we are pleased that you will be continuing as Senior Vice
President and Chief Financial Officer for Mueller Water Products, Inc.  The following outlines the terms of your
employment.  This document supersedes all
previous agreements you had with Walter Industries, Inc., Mueller Water
Products, Inc., Mueller Group, Inc., Anvil International, Inc. and any related
business units.

1.                                       You
will serve as Senior Vice President and Chief Financial Officer reporting to
the President and Chief Executive Officer of Mueller Water Products, Inc.  You will be responsible for all financial
matters affecting the company including financial reporting, balance sheet
management, capital structure, and strategic issues affecting the Company’s
financial position.

2.                                       Your
compensation package will be as follows:

(a)                                  Effective
as of May 25, 2006 your base salary will be $276,000 per year.  Your salary and performance will be reviewed
once per year.

(b)                                 Annual
target bonus is 50% of your base salary with a maximum bonus potential of 100%
of your base salary.  The amount of your
incentive will fluctuate based upon actual performance under the Company’s
Executive Incentive Plan as in effect from time to time.

(c)                                  You
will receive a car allowance of $1500 per month subject to usual withholding
taxes, effective May 25, 2006.

 

(d)                                 You
will be eligible for the Mueller Water Products, Inc. long term incentive
program as it applies to other executives.

(e)                                  You
will receive four weeks annual vacation to be used in accordance with policy
generally applicable to executives employed in the location in which you are
primarily based as it may change from time to time.

(f)                                    You
will receive the following additional benefits:

·                  Reimbursement
for all reasonable and customary business-related travel and entertainment
expenses in accordance with the terms of the policy generally applicable to the
executives in the location in which you are primarily based, as it may change
from time to time.

·                  Participation
in the group life and health insurance benefit programs, generally applicable
to executives employed in the location in which you are primarily based, in
accordance with their terms, as they may change from time to time.

3.                                       In
the event of your involuntary termination, other than for “cause”, you will be
eligible for the following severance benefits:

·                  Eighteen
months of salary continuance, including base and target bonus, at the
applicable rate in effect at the time of termination.

·                  Eighteen
months of continuing fringe benefits to the extent plans permit continued
participation. In any event, health and life insurance will continue for the
period of your contractual severance and the COBRA election period will not
commence until the expiration of that period.

4.                                       You
agree that all inventions, improvements, trade secrets, reports, manuals,
computer programs, systems, tapes and other ideas and materials developed or
invented by you during the period of your employment with the Company, either
solely or in collaboration with others, which relate to the actual or
anticipated business or research of the Company, which result from or are
suggested by any work you may do for the Company, or which result from use of
the Company’s premises or the Company’s or its customers’ property
(collectively, the “Developments”) shall be the sole and exclusive property of
the Company.  You hereby assign to the
Company your entire right and interest in any Developments and will hereafter
execute any documents in connection therewith that the company may reasonably
request.  This section does not apply to
any inventions

 2
 

 

that you made prior to your employment by the Company,
or to any inventions that you develop entirely on your own time without using
any of the Company’s equipment, supplies, facilities or the Company’s or its
customers’ confidential information and which do not relate to the Company’s
business, anticipated research and developments or the work you have performed
for the Company.

5.                                       Non-Compete.
It is understood and agreed that the Employer is in the water transmission
products business.  The nature and
methods employed in the Employer’s business are such that the Employee will
have substantial relationships with specific businesses and personnel,
prospective and existing, vendors, contractors, customers, and employees of the
Employer that result in the creation of customer goodwill.  Therefore, following the termination of
employment under this Agreement for any reason and continuing for a period of
twelve (12) months from the date of such termination, so long as the Employer
or any affiliate, successor or assigns thereof carries on the name or like
business within the Restricted Area (defined as the states in which Mueller
Water Products, Inc., Mueller Group, Inc. and 
U.S. Pipe operate in as of the Employee’s date of separation), Employee
shall not, directly or indirectly, for himself or herself or on behalf of, or in
conjunction with, any other person, persons, company, partnership, corporation,
business entity or otherwise:

a.               Call upon, solicit,
write, direct, divert, influence, or accept business (either directly or
indirectly) with respect to any account or customer or prospective customer of
Employer or any corporation controlling, controlled by, under common control
with, or otherwise related to Employer, including but not limited to Mueller
Water Products, Inc., Mueller Group, Inc., U.S. Pipe or any other affiliated
companies; or

b.              Hire away any
independent contractors or personnel of Employer and/or entice any such persons
to leave the employ of Employer or its affiliated entities without the prior
written consent of Employer.

6.                                       Non-Disparagement.  Following the termination of employment under
his Agreement for any reason and continuing for so long as the Employer or any
affiliate, successor or assigns thereof carries on the name or like business
within the Restricted Area, Employee shall not, directly or indirectly, for
himself or herself or on behalf of, or in conjunction with, any other person,
persons, company, partnership, corporation, business entity or otherwise:

a.               Make any statements
or announcements or permit anyone to make any public statements or announcements
concerning Employee’s termination with Employer, or

 3
 

 

b.              Make any statements
that are inflammatory, detrimental, slanderous, or negative in any way to the
interests of the Employer or its affiliated entities.

7.                                       As
an inducement to the Company to make this offer to you, you represent and
warrant that you are not a party to any agreement or obligation for personal
services and that there exists no impediment or restraint, contractual or
otherwise on your power, right or ability to accept this offer and to perform
the duties and obligations specified herein.

8.                                       You
acknowledge and agree that you will respect and safeguard the Company’s
property, trade secrets and confidential information.  You acknowledge that the Company’s electronic
communication systems (such as email and voicemail) are maintained to assist in
the conduct of the Company’s business and that such systems and data exchanged
or stored thereon are Company property. 
In the event that you leave the employ of the Company, you will not disclose
any trade secrets or confidential information you acquired while an employee of
the Company to any other person or entity, including without limitation, a
subsequent employer, or use such information in any manner.

9.                                       Definition
of “Cause” shall mean your (i) conviction or guilty plea of a felony involving
fraud or dishonesty, (ii) theft or embezzlement of property from the company,
(iii) willful and continued refusal to perform the duties of your position
(other than any such failure resulting from your incapacity due to physical or
mental illness) or (iv) fraudulent preparation of financial information of the
Company.

10.                                 It
is agreed and understood that this offer letter, if and when accepted, shall
constitute our entire agreement with respect to the subject matter herein and
shall supersede all prior agreements, discussions, understandings and proposals
(written or oral) relating to your employment with the Company, Mueller Water
Products, Inc., Mueller Group, Inc. and any related business unit.

 4
 

 

We are delighted
that you will be continuing with Mueller Water Products, Inc.  If the terms of the proposal are acceptable,
please sign one of the enclosed copies and return it to Jennifer Thomas in the
envelope provided.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  /s/ Gregory E.
  Hyland

  
	
   

  	
   

  
	
   

  	
  Gregory E.
  Hyland

  
	
   

  	
  Chairman,
  President and Chief Executive Officer

  

 

GH:tp

Agreed and
Accepted

	
  /s/ Jeffery W. Sprick

  	
   

  
	
  Jeffery W.
  Sprick

  	
   

  
	
   

  	
   

  
	
  8/23/06

  	
   

  

Date

 

 5

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