Document:

Exhibit 4.1

 

FIRST AMENDMENT TO

REIT STATUS PROTECTION RIGHTS AGREEMENT

 

This FIRST AMENDMENT TO REIT STATUS PROTECTION RIGHTS AGREEMENT (the “Amendment”) dated as of November 18, 2014, is by and between Iron Mountain Incorporated, a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation, as Rights Agent (the “Rights Agent”). Capitalized terms used herein without definition shall have the meanings ascribed thereto in the REIT Status Protection Rights Agreement, dated as of December 9, 2013 (the “Agreement”).

 

WHEREAS, the Company and the Rights Agent are parties to the Agreement;

 

WHEREAS, pursuant to Section 26 of the Agreement and resolutions adopted by the Board of Directors of the Company pursuant to a written consent dated as of November 17, 2014 (the “Written Consent”), the Company desires to amend the Agreement to extend the Final Expiration Date;

 

WHEREAS, subject to certain limited exceptions, Section 26 of the Agreement provides that the Company may, in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Agreement in any respect without the approval of the holders of the Rights;

 

WHEREAS, this Amendment is permitted by and is made in compliance with the terms of Section 26 of the Agreement; and

 

WHEREAS, pursuant to Section 26 of the Agreement and the Written Consent, the Company hereby directs that the Agreement shall be amended as set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:

 

1.                                      Clause (i) of Section 7.1 of the Agreement is hereby replaced in its entirety to read as follows:

 

“(i) the close of business on February 28, 2015 (the “Final Expiration Date”),”

 

2.                                      The first sentence of the capitalized introductory language in the Form of Right Certificate, attached to the Agreement as Exhibit B, is hereby replaced in its entirety to read as follows:

 

“NOT EXERCISABLE AFTER FEBRUARY 28, 2015 OR EARLIER IF NOTICE OF REDEMPTION OR EXCHANGE IS GIVEN, OR IF THE EXPIRATION DATE HAS OCCURRED (AS DEFINED IN SECTION 7.1 OF THE AGREEMENT).”

 

3.                                      The second sentence of the fifth paragraph in the Summary of Rights to Purchase Preferred Shares, attached to the Agreement as Exhibit C, is hereby replaced in its entirety to read as follows:

 

 

“The Rights will expire on February 28, 2015, unless they earlier expire in accordance with Section 7.1 of the Agreement, subject to the Company’s right to extend such date (the “Final Expiration Date”), unless earlier redeemed or exchanged by the Company or terminated.”

 

4.                                      This Amendment shall be effective as of the day and year first above written.  Except as amended hereby, and as so amended, the Agreement shall remain in full force and effect and shall be otherwise unaffected hereby.

 

5.                                      The officer of the Company executing this Amendment hereby certifies to the Rights Agent that the amendments and supplements to the Agreement set forth in this Amendment are in compliance with the terms of Section 26 of the Agreement, and the certification contained in this paragraph 5 shall constitute the certification required by Section 26 of the Agreement.

 

6.                                      This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by, and construed in accordance with, the laws of such State applicable to contracts made and to be performed entirely within such State.

 

7.                                      This Amendment may be executed in separate counterparts, each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument.

 

[Remainder of Page Left Blank Intentionally; Signature Page Follows Immediately.]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to REIT Status Protection Rights Agreement to be executed by their duly authorized officers as of the day and year first above written.

 

 

	
IRON   MOUNTAIN INCORPORATED  
    	
 
    	
COMPUTERSHARE, INC.  
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Ernest   W. Cloutier  
    	
 
    	
/s/ Dennis   V. Moccia 
    
	
Name: Ernest   W. Cloutier 
    	
 
    	
Name: Dennis   V. Moccia 
    
	
Title:   Executive Vice President and 
   General Counsel
    	
 
    	
Title:   Manager, Contract Administration
    

 

[Signature Page to First Amendment to REIT Status Protection Rights Agreement]glla_ex1018.htm

Exhibit 10.18

 

SECURED PROMISSORY NOTE

 

	USD $100,000	 Toronto, Ontario
	 	July 15, 2014
	 	 

 

FOR VALUE RECEIVED, Gilla, Inc. (“Gilla” or the “Borrower”), a Nevada Corporation hereby covenants and promises to pay to Gravitas Financial Inc. (“Gravitas” or the “Lender”), in the manner hereinafter provided, the principal sum of one hundred thousand United States dollars plus accrued interest ($100,000 USD) (the “Loan”).

The Loan shall be due and payable on or before July 18, 2014 and the Loan will be subject to 10% interest per annum, such interest will accrue monthly and be added to the principal. The Loan will be secured under the General Security Agreement entered into as of February 13, 2014 whereby Gilla granted the Lender a general security interest over all the assets of the Borrower.

Events of Default:  In the event of default (missed payment) the Borrower will have 15 days to liquidate sufficient assets to cover the note plus interest.  Interest will continue to accrue during the default period.

Except as otherwise expressly provided herein, any notice, report or other communication which may be or is required to be given or made pursuant to this Agreement shall be in writing and shall be deemed to have been validly served, given or hand delivered or sent by facsimile, or other electronic communication, or three (3) days after deposit in the mail with Canada Post, with proper first class postage prepaid and addressed to the party to be notified or to such other address as any party hereto may designate for itself by like notice, as follows:

if to the Borrower, at:

Gilla Inc.

110 Yonge Street

Suite 1602

Toronto, ON

M5C 1T4

Attention:  Ashish Kapoor

Email: ashish@gillainc.com

 

if to the Lender, at:

Gravitas Financial Inc.

333 Bay Street,

Suite 650

Toronto, ON

M5H 2S5

Attention:  David Carbonaro

This Note is intended as a contract under and shall be construed and enforceable in accordance with the laws of the Province of Ontario, and the laws of Canada applicable therein.

[signature page follows]

  

1

  

 

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly authorized officer as of the date and at the place first above written.

	 	
GILLA INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ashish Kapoor	 
	 	 	Ashish Kapoor	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	
GRAVITAS FINANCIAL INC.

	 
	 	 	 	 
	 	 	 	 
	 	
By: 

	/s/ David Carbonaro	 
	 	 	David Carbonaro	 
	 	 	Director	 
	 	 	 	 

 

 

2glla_ex1019.htm

Exhibit 10.19

 

AMENDMENT

TO THE

SECURED PROMISSORY NOTES

 

THIS AMENDMENT (this “Amendment”) is entered into on this 10th day of November, 2014 (the “Effective Date”) by and between Gilla Inc. (“Gilla” or the “Company”), and Gravitas Financial Inc. (“Gravitas”) to amend the terms of the CAD$500K Secured Promissory Note (the “Secured CDN Note”), dated February 13, 2014, and the US$100K Secured Promissory Note (the “Secured USD Note”), dated July 15, 2014, (collectively, the “Secured Promissory Notes”).

RECITALS:

A. On February 13, 2014, Gilla and Gravitas entered into the Secured CDN Note whereby the Company promised to pay Gravitas the aggregate unpaid principal amount of five hundred thousand Canadian dollars (CAD $500,000) on or before August 13, 2014, bearing an interest rate of 10% per annum, such Secured CDN Note attached hereto as Exhibit “A”.

B. On July 15, 2014, Gilla and Gravitas entered into the Secured USD Note whereby the Company promised to pay Gravitas the aggregate unpaid principal amount of one hundred thousand United States dollars (US $100,000) on or before July 18, 2014, bearing an interest rate of 10% per annum, such Secured USD Note attached hereto as Exhibit “B”.

C. Gilla and Gravitas intend to amend the maturity dates of the Secured Promissory Notes by entering into this Amendment.

NOW, THEREFORE, for and in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Gilla and Gravitas, intending to be legally bound hereby, agree as follows:

1. Recitals and Secured Promissory Notes. The foregoing recitals are true and correct and, together with the Secured Promissory Notes, attached hereto as Exhibit “A” and Exhibit “B”, are incorporated herein by this reference.

2. Maturity Dates. Gravitas and Gilla acknowledge and agree to extend the maturity dates of the Secured Promissory Notes to January 1, 2016.

3. Early Repayment. In the event that Gilla completes an equity raise greater than or equal to one million United States dollars (US $1,000,000) prior to the repayment of the Secured Promissory Notes, Gravitas shall have the ability to elect for an early repayment of the Secured Promissory Notes from the net proceeds of such equity raise.

 

4. Warrants. Upon execution of this Amendment, Gravitas shall receive two hundred and fifty thousand (250,000) fully vested purchase warrants (each a “Warrant” and collectively the “Warrants”), each Warrant entitling Gravitas tor purchase one (1) common share of Gilla, a publicly listed company trading on the OTCQB under the symbol “GLLA”. The Warrants shall have an exercise price of twenty United States cents (US $0.20) per share and shall expire on January 1, 2016. The securities, if exercised and issued, will be subject to the standard restrictions as required by the regulators, the stock exchange and the U.S. Securities and Exchange Commission.

5. Entire Agreement. The provisions of this Amendment along with the unaltered provisions of the Secured Promissory Notes, incorporated herein by reference, collectively constitutes the entire agreement (the “Entire Agreement”) between the parties with respect to its subject matter. All prior or contemporaneous oral and written agreements, memoranda and representations relating to Secured Promissory Notes are superseded by this Entire Agreement.

6. Amendments. The Entire Agreement may be amended only by a subsequent writing signed by authorized representatives of both parties hereto, indicating an intent to amend the Entire Agreement.

7. Counterparts. This Amendment may be executed by each party upon a separate counterpart, each of which shall be deemed an original and all of which together shall constitute one agreement. Facsimile signature pages shall be acceptable as originals.

[signature page follows]

  

1

  

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their duly authorized representatives as of the day and year first written above.

	 	 
GILLA INC.

	 
	 	 	 	 
	
Date

	
 
Per:

	 
/s/ J. Graham Simmonds

	 
	 	 	 
J. Graham Simmonds

	 
	 	 	 
CEO

	 
	 	 	 	 
	 	 	 	 
	 	 
GRAVITAS FINANCIAL INC.

	 
	 	 	 	 
	 	 
Per:

	 
/s/ David Carbonaro

	 
	 	 	 
David Carbonaro

	 
	 	 	 
Director

	 

  

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Exhibit “A”

[exhibit follows]

  

3

  

 

SECURED PROMISSORY NOTE

 

	 CAD $500,000 	Toronto, Ontario
	 	 February 13, 2014
	 	 

 

FOR VALUE RECEIVED, Gilla, Inc. (“Gilla”), a Nevada Corporation hereby covenants and promises to pay to Gravitas Financial Inc. (the “Lender”), in the manner hereinafter provided, the principal sum of five hundred thousand Canadian dollars plus accrued interest ($500,000 CAD) (the “Loan”).

The Loan shall be due and payable on or before August 13, 2014 and the Loan will be subject to 10% interest per annum, such interest will accrue monthly and be added to the principal. The Loan will be secured by a General Security Agreement. The Lender will have the right to convert the Loan into any future financing prior to full repayment of the Loan.

Events of Default:  In the event of default (missed payment) the Borrowers will have 15 days to liquidate sufficient assets to cover the note plus interest.  Interest will continue to accrue during the default period.

Except as otherwise expressly provided herein, any notice, report or other communication which may be or is required to be given or made pursuant to this Agreement shall be in writing and shall be deemed to have been validly served, given or hand delivered or sent by facsimile, or other electronic communication, or three (3) days after deposit in the mail with Canada Post, with proper first class postage prepaid and addressed to the party to be notified or to such other address as any party hereto may designate for itself by like notice, as follows:

if to the Borrowers, at:

Gilla Inc.

110 Yonge Street

Suite 1602

Toronto, ON

M5C 1T4

Attention:  Ashish Kapoor

Email: ashish@gillainc.com

if to the Lender, at:

Gravitas Financial Inc.

333 Bay Street,

Suite 650

Toronto, ON

M5H 2S5

Attention:  David Carbonaro

This Note is intended as a contract under and shall be construed and enforceable in accordance with the laws of the Province of Ontario, and the laws of Canada applicable therein.

[signature page follows]

 

  

4

  

 

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly authorized officer as of the date and at the place first above written.

 

	 	
GILLA INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ashish Kapoor	 
	 	 	Ashish Kapoor	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	
GRAVITAS FINANCIAL INC.

	 
	 	 	 	 
	 	 	 	 
	 	
By: 

	/s/ David Carbonaro	 
	 	 	David Carbonaro	 
	 	 	Director	 
	 	 	 	 

 

 

  

5

  

 

Exhibit “B”

[exhibit follows]

 

 

 

 

 

 

 

  

6

  

 

SECURED PROMISSORY NOTE

 

	USD $100,000	Toronto, Ontario
	 	 
 July 15, 2014

 

FOR VALUE RECEIVED, Gilla, Inc. (“Gilla” or the “Borrower”), a Nevada Corporation hereby covenants and promises to pay to Gravitas Financial Inc. (“Gravitas” or the “Lender”), in the manner hereinafter provided, the principal sum of one hundred thousand United States dollars plus accrued interest ($100,000 USD) (the “Loan”).

The Loan shall be due and payable on or before July 18, 2014 and the Loan will be subject to 10% interest per annum, such interest will accrue monthly and be added to the principal. The Loan will be secured under the General Security Agreement entered into as of February 13, 2014 whereby Gilla granted the Lender a general security interest over all the assets of the Borrower.

Events of Default:  In the event of default (missed payment) the Borrower will have 15 days to liquidate sufficient assets to cover the note plus interest.  Interest will continue to accrue during the default period.

Except as otherwise expressly provided herein, any notice, report or other communication which may be or is required to be given or made pursuant to this Agreement shall be in writing and shall be deemed to have been validly served, given or hand delivered or sent by facsimile, or other electronic communication, or three (3) days after deposit in the mail with Canada Post, with proper first class postage prepaid and addressed to the party to be notified or to such other address as any party hereto may designate for itself by like notice, as follows:

if to the Borrower, at:

Gilla Inc.

110 Yonge Street

Suite 1602

Toronto, ON

M5C 1T4

Attention:  Ashish Kapoor

Email: ashish@gillainc.com

if to the Lender, at:

Gravitas Financial Inc.

333 Bay Street,

Suite 650

Toronto, ON

M5H 2S5

Attention:  David Carbonaro

This Note is intended as a contract under and shall be construed and enforceable in accordance with the laws of the Province of Ontario, and the laws of Canada applicable therein.

[signature page follows]

 

  

7

  

 

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly authorized officer as of the date and at the place first above written.

	 	
GILLA INC.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ashish Kapoor	 
	 	 	Ashish Kapoor	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	
GRAVITAS FINANCIAL INC.

	 
	 	 	 	 
	 	 	 	 
	 	
By: 

	/s/ David Carbonaro	 
	 	 	David Carbonaro	 
	 	 	Director	 
	 	 	 	 

 

8

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