Document:

ex101.htm

  
Exhibit 10.1

 

 

August 13, 2012

      Sent via E-Mail and U.S. Mail

Brightline Ventures

1120 Avenue of the Americas, Suite 1505

New York, NY 10036

Dear Ed:

Pursuant to the approval of the Board of Directors, Z Trim Holdings, Inc. (the “Company”) agrees, in exchange for Brightline Ventures I, LLC agreement to convert all of its outstanding Series I and Series II Preferred Stock into shares of Common Stock upon the earlier of either (a) the maturity date of each security or (b) the closing of any approved transaction with Maxim Group, LLC, as follows:

	
1.  

	
For your shareholders who invested in your fund at a $1.50 per share of common stock, the Company will provide an additional warrant at a strike price equal to the value of the securities in any subsequent offering completed by Maxim in the event such offering is at a price point below $1.50 per share of common stock.

	
2.  

	
For warrants attached to securities owned by Brightline which have not yet been converted, all such warrants will be amended to include a cashless exercise provision on terms set forth in the attached Amendment No. 1.

	
3.  

	
For warrants attached to securities which have already been converted by Brightline, 50% of such warrants will be amended to include the same cashless exercise provision as set forth above.

 

 

	
4.  

	
The Company shall extend these same terms (as set forth in paragraphs 2 and 3 above) to all parties who currently have warrants attached to securities which have not yet been converted.

 Please indicate your acceptance of this agreement by executing the signature line below.  If you have any questions, please call us at 847.549.6002.

Best Regards,

 

s/Brian Chaiken

Brian Chaiken

Chief Financial Officer

   

s/Edward Smith

Edward Smith

Brightline Ventures I, LLC

Amendment No. 1 to Brightline Warrants

Section 5 of the Brightline Warrants shall be amended to state as follows:

(a) Cashless Exercise.  The Holder shall have the right to convert this Warrant (the “Conversion Right”) into Warrant Shares as provided in this Section 5 at any time or from time to time beginning on the 6-month anniversary of the date of this Warrant and ending at the expiration of the Exercise Period.  Upon exercise of the Conversion Right with respect to shares subject to the Warrant (the “Converted Warrant Shares”), the Company shall deliver to the Holder (without payment by the Holder of any exercise price or any cash or other consideration) that number of fully paid and nonassessable Warrant Shares computed using the following formula:

X = Y (A - B)

                          A

Where:                   X =           the number of Warrant Shares to be delivered to the Holder;

Y =           the number of Converted Warrant Shares;

A =           the fair market value of one Warrant Share on the Conversion Date (as defined below); and

B =           the Exercise Price (as adjusted on the Conversion Date).

No fractional shares shall be issuable upon exercise of the Conversion Right, and if the number of shares to be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the Holder an amount in cash equal to the fair market value of the resulting fractional share on the Conversion Date (as defined below).  Shares issued pursuant to the Conversion Right shall be treated as if they were issued upon the exercise of the Warrant.

(b) Method of Exercise.  The Conversion Right may be exercised by the Holder by the surrender of the Warrant at the principal office of the Company together with a written statement specifying that the Holder thereby intends to exercise the Conversion Right and indicating the total number of shares under the Warrant that the Holder is exercising through the Conversion Right.  Such conversion shall be effective upon receipt by the Company of the Warrant together with the aforesaid written statement, or on such later date as is specified therein (the “Conversion Date”).  Certificates for the shares issuable upon exercise of the Conversion Right shall be delivered to the Holder promptly following the Conversion Date.

(c) Determination of Fair Market Value.  For purposes of this Section 5, fair market value of a Warrant Share on the Conversion Date shall be determined as follows:

(i) If this Warrant is to be exercised contingent upon and effective immediately prior to the initial public offering of the Company’s Common Stock pursuant to an effective registration statement under the Securities Act of 1933, as amended (an “Initial Public Offering”), the fair market value of a Warrant Share shall be deemed to be equal to the price per share to the public of the shares of Common Stock sold in the Initial Public Offering as set forth on the front cover of the final prospectus relating to the Initial Public Offering;

(ii) If the Common Stock is traded on a stock exchange or the Nasdaq Stock Market (or a similar national quotation system), the fair market value of a Warrant Share shall be deemed to be the average of the closing selling prices of the Common Stock on the stock exchange or system determined by the Board to be the primary market for the Common Stock over the ten (10) trading day period ending on the date prior to the Conversion Date, as such prices are officially quoted in the composite tape of transactions on such exchange or system;

(iii) If the Common Stock is traded over-the-counter, the fair market value of a Warrant Share shall be deemed to be the average of the closing bid prices (or, if such information is available, the closing selling prices) of the Common Stock over the ten (10) trading day period ending on the date prior to the Conversion Date, as such prices are reported by the National Association of Securities Dealers through its NASDAQ system or any successor system ; and

(iv) If there is no public market for the Common Stock, then the fair market value of a Warrant Share shall be determined by the Board of Directors of the Company in good faith and, upon request of the Holder, the Board (or a representative thereof) shall, as promptly as reasonably practicable but in any event not later than 15 days after such request, notify the Holder of the Fair Market Value per share of Common Stock.XcelMobility Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exclusive License Contract on Mach5TM
Wireless Internet Accelerator Software

	Party A: Shenzhen ZET Joygor Information
      Technologies Co., Ltd. 
	Legal Representative: Hou Zhengzhi 
	Address: Floor 11, Tower A, Dazu Chuangxin Building, 9018
      Beihuan Avenue, High-Tech Park, 
	Nanshan District, Shenzhen 
	Postal Code: 518057 
	Tel: 0755-86360200-8090 
	  
	Party B : Shenzhen CC Power Corporation 
	Legal Representative: Wang Xili 
	Address: 706, Tower B, Cyber Times, Tiaran Road, Futian
      District, Shenzhen 
	Postal Code: 518040 
	Tel: 0755-8348 7878 

Regarding the license of Mach5TM Wireless Internet
Accelerator Software(“Software”) granted by Party B to Party A, upon negotiation
based on equality, mutual benefit and good faith, and according to the relevant
PRC laws and regulations, both Parties hereby enter into this agreement : 

The date of signature of this agreement is: April 10, 2012.

1. Representations and Warranties

Each Party hereby represents, states and warrants to the other
Party that:

	1.1 	
      It is an independent legal entity legally established and
      validly existing under the applicable laws;

	 	 
	1.2 	
      The authorized representative has obtained all the
      necessary authorization to conclude this agreement on behalf of the
      Party;

	 	 
	1.3 	
      It is capable to fulfill the relevant obligations under
      this agreement, without violation of any binding restrictions under
      applicable laws or of lawful rights and interests of any third
    party.

2. License and Cooperation

2.1 Scope of License

2.1.1 Party B agrees to grant to Party A the exclusive license
of the Software, including the rights of selling and operation;

2.1.2 Party B permits Party A to publish the software via
media, websites or other channels;

2.1.3 Party B will provide the customization manual of the Software and the custom development to Party A, for the purpose of meeting the requirements of the market. Where the custom development is out the developing scope defined by Party B, the
relevant expenses incurred shall be assumed by Party A;

2.1.4 Party B agrees Party A to use the company name of Party B, the trademark and logo of the Software, and the relevant shop names for the purpose of marketing the Software;

2.2 Territory of License: the Republic of Indonesia

2.3 Term of License: One year, commencing on April 10, 2012 and ending on April 10, 2013.

3. Rights and Obligations of Both Parties

3.1 Rights and Obligations of Party A

3.1.1 Party A guarantees that concluding this agreement will not constitute any violation of any binding legal document;

3.1.2 Party A shall fairly use the Software pursuant to the provisions on the scope of license, the instructions on use, and the term of license stipulated in this agreement;

3.1.3 Party B guarantees the selling amount during the term of the exclusive license shall be no less than 100,000 licenses.

3.2 Rights and Obligations of Party B

3.2.1 Party B owns all the intellectual property rights and the relevant rights and interests existing in the Software and related services, company names, trademarks, etc., as provided by Party B;

3.2.2 Party B guarantees the legality of the Software, and there is no infringement of the copyrights and business secrets of any third party. Party B shall resolve the relevant disputes on the intellectual property rights, and be liable for all the
incurred losses of Party A.

3.2.3 Party B is obligated to provide technical support to Party A, including providing products documents, project technical supports, after-sales support, etc. In addition, Party A shall assign particular personnel to provide necessary technical
support in Indonesia.

4. Term and Termination of License

4.1 Effectiveness of this Agreement: This agreement shall take into effect upon the signature of the legal/authorized representatives and the company seals of both Parties;

4.2 Termination of this Agreement: Where either Party breaches any provision of this agreement, the dispute of which could not be solved through consultation, the other Party shall have the right to terminate this agreement. 

4.3 Renewal of this Agreement: Both Parties may negotiate on the termination and renewal of this agreement 30 days before the expiration of this agreement; otherwise, this agreement shall be renewed for one year automatically upon the expiry date of
this agreement. 

5. Liabilities of Breach

5.1 Unless otherwise stipulated, where either Party violates any provision of this agreement directly or indirectly, or fails to perform, or fails to promptly and adequately perform the obligations under this agreement, which constitutes a breach of
contract, the other Party shall have the right to require the Party at fault to make rectifications, take adequate, effective and timely measures to eliminate the consequences of the breach of contract, and compensate the non-defaulting Party for
the losses caused by the breach of contract. 

6. Miscellaneous

6.1 This agreement is executed with two counterparts, each of which shall be held by each Party;

6.2 Issues that are not covered by this agreement shall be resolved by mutual consultation of both Parties.

	
Party A: Shenzhen ZET Joygor Information Technologies Co., Ltd.
	
	
[Seal of Shenzhen Joygor Information Technologies Co., Ltd.]
	
	
Legal/Authorized Representative:
	
	
Date:
	
	 

	
	 

	
	
Party B: Shenzhen CC Power Corporation
	
	
[Seal of Shenzhen CC Power Corporation]
	
	
Legal/Authorized Representative: Ryan Ge
	
	
Date:

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