Document:

sixthamendmt.htm

     

    
      

      

    

    SIXTH
AMENDMENT TO LOAN AND SECURITY AGREEMENT

    
      
        
           

           

          This
SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (“Amendment”), dated March 26,
2009, is among Resource
America, Inc., a Delaware corporation (“Borrower”), TD BANK, N.A., a national
banking association, in its capacity as agent (“Agent”), TD BANK, N.A., a national
banking association, in its capacity as issuing bank (“Issuing Bank”) and each
of the financial institutions which are now or hereafter identified as Lenders
on Schedule A (as such Schedule may be amended, modified or replaced from time
to time) attached to the Loan Agreement (as defined below) (each
such  financial institution, individually each being a “Lender” and
collectively all being “Lenders”).

           

          BACKGROUND

           

          A. Pursuant
to the terms of a certain Loan and Security Agreement dated May 24, 2007 among
Borrower, Agent and Lenders (as the same has been or may be supplemented,
restated, superseded, amended or replaced from time to time, the “Loan
Agreement”), Lenders made available to Borrower, inter alia, a
revolving line of credit (the “Loans”).  All capitalized terms used
herein without further definition shall have the respective meaning set forth in
the Loan Agreement and all other Loan Documents.

           

          B. The Loans
are secured by, inter alia, continuing
perfected security interests in the Collateral.

           

          C. Borrower
has requested that Agent and Lenders modify, in certain respects, the terms of
the Loan Agreement and Agent and Lenders have agreed to such modifications in
accordance with and subject to the satisfaction of the conditions
hereof.

           

          NOW,
THEREFORE, with the foregoing Background incorporated by reference and intending
to be legally bound hereby, the parties agree as follows:

           

          1. Amendments to Loan
Agreement.  Upon the effectiveness of this
Amendment:

           

          a. Section 1
of the Loan Agreement shall be amended by deleting the definitions of Adjusted Revolving Credit
Base Rate, Maximum Revolving Credit
Amount, Revolving Credit LIBOR
Rate and Revolving Credit Maturity
Date and replacing each as follows:

           

          Adjusted Revolving Credit
Base Rate - The Base Rate plus two hundred
twenty-five (225) basis points.

           

          Maximum Revolving Credit
Amount – Subject to Section 2.9(b), the aggregate sum of each Lender’s
Revolving Credit Pro Rata Share, which in no event shall exceed in the aggregate
Forty-Five Million Dollars ($45,000,000).

           

          Revolving Credit LIBOR
Rate - The Adjusted LIBOR Rate plus three hundred
fifty (350) basis points.

           

          Revolving Credit Maturity
Date - May 31, 2009.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          b. Schedule
A to the Loan Agreement shall be replaced in its entirety with Schedule A
as attached to this Amendment.

           

          c. Section
6.8 of the Loan Agreement shall be amended by deleting subsection (a) and
replacing it as follows:

           

          (a) Consolidated Net
Worth - Borrower shall maintain at all times Consolidated Net Worth, to
be tested quarterly at the end of each fiscal quarter, of not less than the
following amounts for the following periods:

           

          December 31, 2008 through
June 29, 2009        $135,000,000

           

          2. Representations and
Warranties.  Borrower warrants and represents to Agent and
Lenders that:

           

          a. Prior
Representations. Borrower, by its execution of this Amendment, reconfirms
all warranties and representations made to Lenders under the Loan Agreement and
the other Loan Documents and restates such warranties and representations as of
the date hereof, all of which shall be deemed continuing until all of the
obligations due to Secured Parties are indefeasibly paid and satisfied in
full.

           

          b. Authorization. The
execution and delivery by Borrower of this Amendment and the performance by
Borrower of the transactions herein contemplated (i) are and will be within its
powers, (ii) have been duly authorized by all necessary action on behalf of
Borrower and (iii) are not and will not be in contravention of any order of
court or other agency of government, of law or of any indenture, agreement or
undertaking to which Borrower is a party or by which the property of Borrower is
bound, or be in conflict with, result in a breach of or constitute (with due
notice and/or lapse of time) a default under any such indenture, agreement or
undertaking, or result in the imposition of any lien, charge or encumbrance
of  any nature on any of the properties of the Borrower.

           

          c. Valid, Binding and
Enforceable. This Amendment and any assignment or other instrument,
document or agreement executed and delivered in connection herewith, will be
valid, binding and enforceable in accordance with their respective
terms.

           

          d. No
Default.  No Default or Event of Default exists.

           

          3. Ratification of Loan
Documents.  This Amendment is hereby incorporated into and made
a part of the Loan Agreement and all other Loan Documents respectively, the
terms and provisions of which, except to the extent modified by this Amendment
are each ratified and confirmed and continue unchanged in full force and
effect.  Any reference to the Loan Agreement and all other Loan
Documents respectively in this or any other instrument, document or agreement
related thereto or executed in connection therewith shall mean the Loan
Agreement and all other Loan Documents respectively as amended by this
Amendment.  As security for the payment of the Obligations, and
satisfaction by Borrower of all covenants and undertakings contained in the Loan
Agreement, Borrower hereby confirms its prior grant to Agent, for the ratable
benefit of Secured Parties, of a continuing first lien on and security interest
in, upon and to all of Borrower's now owned or hereafter acquired, created or
arising Collateral as described in Section 3 of the Loan Agreement.

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

          4. Confirmation of
Indebtedness. Borrower confirms and acknowledges that as of the close of
business on March 25, 2009, it is indebted to Agent and Lenders under the
Loan Documents in the aggregate principal amount of $43,600,000.00 without any
deduction, defense, setoff, claim or counterclaim of any nature as of the date
of this Amendment, plus all fees, costs and Expenses incurred to date in
connection with the Loan Documents.

           

          5. Confirmation of Subsidiary
Guarantors.  By its signature below, each Subsidiary Guarantor
hereby consents to and acknowledges the terms and conditions of this Amendment
and agrees that its Surety and Guaranty Agreement dated May 24, 2007 is ratified
and confirmed and shall continue in full force and effect and shall continue to
cover all obligations of Borrower outstanding from time to time under the Loan
Agreement as amended hereby.

           

          6. Effectiveness
Conditions.  This Amendment shall become effective upon the
satisfaction of the following conditions:

           

          a. Execution
and delivery of this Amendment by the parties hereto;

           

          b. Payment
by Borrower of all of Agent’s Expenses;

           

          c. Payment
by Borrower to Agent (for the benefit of Lenders) of a non-refundable amendment
fee of $45,000, of which $15,000 is for the account of U.S. Bank, National
Association and $30,000 is for the account of TD Bank, N.A., and

           

          d. Such
other items as Agent may reasonably require.

           

          7. Governing
Law.  THIS AMENDMENT, AND ALL RELATED AGREEMENTS AND DOCUMENTS,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF
THE COMMONWEALTH OF PENNSYLVANIA. THE PROVISIONS OF THIS AMENDMENT AND ALL OTHER
AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE
INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE
REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT.

           

          8. Modification.  No
modification hereof or any agreement referred to herein shall be binding or
enforceable unless in writing and signed by Borrower and Agent or Lenders, as
required under the Loan Agreement.

           

          9. Duplicate
Originals:  Two or more duplicate originals of this Amendment
may be signed by the parties, each of which shall be an original but all of
which together shall constitute one and the same instrument.

           

          10. Release.  As
further consideration for the agreement of Agent, Issuing Bank and Lenders to
enter into this Amendment, Borrower (and by its execution below, each Subsidiary
Guarantor) hereby waives, releases, and discharges Agent, Issuing Bank and each
Lender, all affiliates of Agent, Issuing Bank and each Lender and all of the
directors, officers, employees, attorneys and agents of Agent, Issuing Bank and
each Lender and all affiliates of such Persons, from any and all claims,
demands, actions or causes of action existing as of the date hereof, arising out
of or in any way relating to this Amendment, the Loan Agreement, the Loan
Documents and/or any documents, agreements, instruments, dealings or other
matters connected with this Amendment, the Loan Agreement, the Loan Documents or
the administration thereof.

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

          11. Waiver of Jury
Trial:  BORROWER, AGENT AND EACH LENDER EACH HEREBY WAIVE ANY
AND ALL RIGHTS EACH MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION,
PROCEEDING OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE
PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT TO ANY CLAIMS ARISING
OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO
ANY PROPOSED RENEWAL, EXTENSION, AMENDMENT, MODIFICATION, RESTRUCTURE,
FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED BY THE
LOAN DOCUMENTS.

           

          

           

          [Signature
Pages to Follow]

           

        

        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the undersigned parties have executed this Amendment the day
and year first above written.

       

      

      

      BORROWER:

      Resource
America, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:
Thomas C. Elliott

      Title:  
Senior Vice President - Finance & Operations

      

      

      AGENT:

      TD BANK, N.A. (successor by
merger to Commerce Bank, N.A.)

      

      

      By: 
/s/ Gerard L. Grady                                                                                                                                  

      Name: 
Gerard L. Grady

      Title:   
Senior Vice President

      

      

      LENDERS:

      TD BANK, N.A. (successor by
merger to Commerce Bank, N.A.),
as
Lender

      

      
        By: 
/s/ Gerard L. Grady                                                                                                                                  

        Name: 
Gerard L. Grady

        Title:   
Senior Vice President

        

      

      

      U.S.
Bank, National Association, as Lender

      

      By: 
/s/ Joseph L. Svehla                                                                                                                            

      Name:  Joseph
L.
Svehla                                                                         

      Title:   
Vice
President                                                                        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      AGREED TO AND
ACCEPTED:

      

      SURETIES:

      

      Apidos
Capital Management, LLC

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:
Thomas C. Elliott

      Title:  
Vice President & CFO

      

      

      Chesterfield
Mortgage Investors, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: 
Alan F. Feldman

      Title:   
President

      

      

      Coredo
Capital Management, LLC

      

      

      By: 
/s/ Jeffrey Blomstrom                                                                                                                            

      Name:  Jeffrey
Blomstrom

      Title:    President

      

      

      

      Ischus
Capital Management, LLC

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name: Thomas
C. Elliott

      Title:   CFO

      

      

      

      RAI
Ventures, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name: 
Thomas C. Elliott

      Title:    SVP

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      RCP
Financial, LLC

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Credit Management, LLC

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    SVP

      

      

      Resource
Capital Manager, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    SVP

      

      

      Resource
Capital Investor, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    SVP

      

      

      Resource
Capital Partners, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:    SVP

      

      

      Resource
Credit Partners GP, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    CFO

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Resource
Financial Institutions Group,  Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    EVP

      

      

      Resource
Financial Fund Management, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    SVP
and CFO

      

      

      Resource
Housing Investors I, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  
President

      

      

      Resource
Housing Investors II, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Housing Investors III, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  
President

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Resource
Housing Investors IV, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      Resource
Leasing, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    Treasurer

      

      

      Resource
Programs, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Properties VIII, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Properties XIV, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Properties XVII, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Resource
Properties XXIV, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      Resource
Properties XXV, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Properties XXVI, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Properties XXX, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  
President

      

      

      Resource
Properties XXXI, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  
President

      

      

      Resource
Properties XXXIII, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Resource
Properties XL, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      Resource
Properties XLI, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Properties XLIX, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  
President

      

      

      Resource
Properties 54, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  President

      

      

      Resource
Properties XLVII, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: Alan
F. Feldman

      Title:  
President

      

      

      Resource
Real Estate, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Resource
Real Estate Funding, Inc.

      

      

      By: /s/ Thomas C. Elliott                                                                

      Name:  Thomas
C. Elliott

      Title:    Treasurer

      

      

      Resource
Real Estate Holdings, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Rittenhouse, Inc.

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      Resource
Real Estate Management, LLC

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

      

      

      RRE1
Duraleigh Member, LLC

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name: 
Alan F. Feldman

      Title:   
President

      

      

      RRE2
Duraleigh Member, LLC

      

      

      By: 
/s/ Alan F. Feldman                                                                                                                               

      Name:  Alan
F. Feldman

      Title:   
President

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

        SCHEDULE
“A”

      

      
         

        
          
            	
                     

                    Lenders

                  	 	
                    Pro
      Rata

                    Percentage

                  	 	
                    Revolving
      Credit

                    Pro Rata Share

                  
	 
      
	
                    TD
      Bank, N.A.

                  	 	
                    66.66666666%

                  	 	
                    $30,000,000.00

                  
	 	 	 	 	 
	
                    U.S.
      Bank, National Association

                  	 	
                    33.33333334%

                  	 	
                    $15,000,000.00

                  

          

        

        

        (Schedule
A to Loan and Security Agreement)ex10-3.htm

    Exhibit
10.3

    
      

       

      SERVICE
AND REPURCHASE AGREEMENT

       

      This
Master Services Agreement (the “Agreement”), is entered into as of January 31,
2007, by and between Optionable, Inc., a Delaware corporation (“Optionable”),
Opex International, Inc., a New York Corporation (“OPEX”), and Kevin D’Andrea, a
shareholder of OPEX.

       

      WHEREAS,
Optionable owns and operates an Over-the-Counter (“OTC”) derivatives brokerage
business;

       

      WHEREAS,
OPEX operates a Natural Gas and Crude Oil brokerage business on the floor of the
New York Mercantile Exchange (the “Floor Brokerage Business”);

       

      WHEREAS,
Optionable will provide business development, support, and administrative
services to OPEX for a fee;

       

      WHEREAS,
Kevin D’Andrea owns 51% of the issued and outstanding shares of common stock of
OPEX for an initial investment of $5,100;

       

      WHEREAS,
Optionable owns 49% of the issued and outstanding shares of common stock of OPEX
and 100% of the issued and outstanding shares of preferred stock of OPEX, for a
total investment of $494,900;

       

      WHEREAS,
the parties wish to restrict the share ownership of OPEX to its current
owners;

       

      NOW,
THEREFORE, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereby agree as follows:

       

      1.      Floor Brokerage
Services: Optionable will provide business development, support, and
administrative services to OPEX in support of the Floor Brokerage
Business.  In consideration for such services, Optionable will charge
to OPEX the following:

       

      
        	
                 
      

              	
                ·

              	
                110%
      of the business development, support, and administrative services expenses
      incurred directly and indirectly by Optionable in connection with the
      floor brokerage business of OPEX.  Such expenses include, but
      are not limited to, fixed and variable compensation of personnel
      associated with the floor brokerage business, business development
      expenses, sales and marketing expenses, seat lease, and a portion of the
      administrative costs incurred by Optionable to support the floor business
      brokerage.

              

      

       

      
        	
                 
      

              	
                ·

              	
                This
      charge is payable monthly in arrears to Optionable, out of available
      working capital of OPEX.  Optionable shall send a reasonably
      detailed invoice to OPEX on or before the tenth business day of each
      month, setting forth the charges for the immediately prior
      month.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                ·

              	
                All
      invoices shall be due and payable within 30 calendar
      days.  Unpaid amounts shall bear interest at the rate of 9% a
      month from and after such 30th
      day until paid in full.

              

      

       

      2.      Kevin
D’Andrea hereby grants Optionable an option to purchase his 5,100 shares of OPEX
for $20,400.  This option may be exercised by Optionable at any time
during a term (the “Term”) commencing on the date hereof and terminating 10
years from the date hereof.

       

      
        	
                 
      

              	
                ·

              	
                The
      option may only be exercised for the entire 5,100 shares; partial
      exercises are not permitted.

              

      

       

      
        	
                 
      

              	
                ·

              	
                The
      option shall be exercised by delivery of the Exercise Notice, attached
      hereto as Exhibit A, to Kevin D’Andrea (or to his executor or legal
      representative, in the event he is deceased or disabled), together with
      the full purchase price.

              

      

       

      
        	
                 
      

              	
                ·

              	
                Kevin
      D’Andrea shall deliver to Optionable the certificate(s) representing the
      5,100 shares within five days after delivery of the Exercise
      Notice.  If the certificates are not timely delivered, they
      shall be deemed cancelled, and Optionable shall be entitled to a new
      certificate for the 5,100 shares, and shall be deemed to be the bona fide
      owner thereof for all intents and
purposes.

              

      

       

      
        	
                 
      

              	
                ·

              	
                In
      the event Kevin D’Andrea resigns from his position at OPEX, Kevin D’Andrea
      must give 90 days notice to OPEX’s board of
  directors.

              

      

       

      3.      Kevin
D’Andrea may only sell his shares to Optionable.  In addition, it is
the intent of the parties that, upon exercise of its option, Optionable will be
transferred ownership of the 5,100 shares free and clear of all liens and
encumbrances.  Accordingly, Kevin D’Andrea agrees not to borrow
against, permit a lien to be placed on, or otherwise directly or indirectly
encumber his shares.  In addition, during the Term of the option OPEX
shall not issue any additional shares of its capital stock (including
instruments exercisable for, or convertible into, shares of its capital stock),
without the prior written consent of Optionable.

       

      4.      Representations and
Warranties

       

      
        	
                 
      

              	
                a.

              	
                Optionable
      hereby represents and warrants
that:

              

      

       

      
        	
                 
      

              	
                i.

              	
                it
      has all requisite corporate or other power and authority to execute and
      deliver this Agreement and to perform its obligations hereunder;
      and

              

      

       

      
        	
                 
      

              	
                ii.

              	
                this
      Agreement has been duly executed and delivered by Optionable and
      constitutes the legal, valid and binding obligation of Optionable,
      enforceable against it in accordance with its terms, except as
      enforceability may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other laws relating to or affecting the
      rights and remedies of creditors generally and by general principles of
      equity (regardless of whether in equity or at
  law).

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                 
      

              	
                b.

              	
                OPEX
      hereby represents and warrants
that:

              

      

       

      
        	
                 
      

              	
                i.

              	
                it
      has all requisite corporate or other power and authority to execute and
      deliver this Agreement and to perform its obligations hereunder;
      and

              

      

       

      
        	
                 
      

              	
                ii.

              	
                this
      Agreement has been duly executed and delivered by OPEX and constitutes the
      legal, valid and binding obligation of OPEX, enforceable against it in
      accordance with its terms, except as enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or other
      laws relating to or affecting the rights and remedies of creditors
      generally and by general principles of equity (regardless of whether in
      equity or at law).

              

      

       

      
        	
              	
                c. 

              	
                Kevin
      D’Andrea hereby represents and warrants
that:

              

      

       

      
        	
                 
      

              	
                i.

              	
                he
      has all requisite power and authority to execute and deliver this
      Agreement and to perform his obligations
  hereunder;

              

      

       

      
        	
                 
      

              	
                ii.

              	
                this
      Agreement has been duly executed and delivered by him and constitutes the
      legal, valid and binding obligation of him, enforceable against him in
      accordance with its terms, except as enforceability may be limited by
      applicable bankruptcy, insolvency, reorganization, moratorium or other
      laws relating to or affecting the rights and remedies of creditors
      generally and by general principles of equity (regardless of whether in
      equity or at law);

              

      

       

      
        	
                 
      

              	
                iii.

              	
                he
      is the record and beneficial owner of the 5,100 shares, which he owns free
      and clear of all liens and
encumbrances.

              

      

       

      5.      Board of
Directors

       

      
        	
                 
      

              	
                a.

              	
                The
      Board of Directors of OPEX shall consist of three members, two of whom
      shall be designees of Optionable (the “Optionable Directors”) and one of
      whom shall be a designee of Kevin D’Andrea (the “OPEX
      Director”).  The Optionable Directors may not be removed or
      replaced, except (i) by action of Optionable or (ii) upon termination or
      expiration of this Agreement.

              

      

       

      
        	
                 
      

              	
                b.

              	
                The
      initial Optionable Directors shall be Kevin Cassidy and Edward J.
      O’Connor.  The initial OPEX Director shall be Kevin
      D’Andrea.

              

      

       

      
        	
                 
      

              	
                c.

              	
                OPEX
      and Kevin D’Andrea shall take all appropriate action to ensure that the
      OPEX charter documents are appropriately modified, if necessary, to
      effectuate the actions required by this Section
  5.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      6.      Termination

       

      The
obligations of the parties under Section 1 of this Agreement shall terminate
upon the occurrence of the following events:

      
        	
                 
      

              	
                ·

              	
                Bankruptcy,
      receivership, or dissolution of OPEX or
  Optionable;

              

      

      
        	
                 
      

              	
                ·

              	
                The
      purchase by Optionable of all the stock of
OPEX

              

      

      
        	
                 
      

              	
                ·

              	
                The
      death, disability, expulsion, bankruptcy, resignation, or retirement and
      the payment in full of the purchase price
  therefore.

              

      

      

      Notwithstanding
the foregoing, Optionable’s rights under its option shall not terminate until
the expiration of the option’s Term.

      

      Termination
of this Agreement does not affect a party’s accrued rights and obligations at
the date of termination.

      

      7.      Miscellaneous

       

      
        	
                 
      

              	
                a.

              	
                Neither
      party shall make any disclosure relating to this Agreement or its terms
      (collectively, “Confidential Information”) to a third party (other than
      the party’s employees, agents, affiliates, accountants or professional
      advisors who have a need to know such information and have agreed to keep
      such terms confidential) without the prior approval of the other party,
      except (i) as may be required by law or otherwise in connection with
      discussions with regulators or other governmental authorities, including
      any regulated exchange, or (ii) at such time as such Confidential
      Information becomes known by the general public (or generally known within
      the financial services, trading or commodity markets communities) other
      than through violation of this
paragraph.

              

      

       

      
        	
                 
      

              	
                b.

              	
                This
      Agreement may not be modified or amended except by an instrument or
      instruments in writing signed by each of the parties, and no provision of
      this Agreement may be waived except in a writing signed by the relevant
      party.

              

      

       

      
        	
                 
      

              	
                c.

              	
                This
      Agreement constitutes the entire agreement and understanding of the
      parties with respect to its subject matter and supersedes all oral
      communication and prior writings with respect
  thereto.

              

      

       

      
        	
                 
      

              	
                d.

              	
                All
      notices required or permitted hereunder shall be in writing and shall be
      deemed effectively given: (a) upon personal delivery to the party to be
      notified, (b) when sent by confirmed electronic mail, telex or facsimile
      if sent during normal business hours of the recipient, if not, then on the
      next business day, (c) five days after having been sent by registered or
      certified mail, return receipt requested, postage prepaid, or (d) one day
      after deposit with a nationally recognized overnight courier, specifying
      next day delivery, with written verification of receipt. All
      communications shall be sent:

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      If to
Optionable:

       

      Optionable,
Inc.

      465
Columbus Avenue, Suite 280

      Valhalla,
NY 10695

      Attn:  Kevin P. Cassidy,
Chief Executive Officer

      Fax:  (914)
773-1890

      

      If to
OPEX:

       

      465
Columbus Avenue, Suite 280

      Valhalla,
NY 10695

      Attn:  _____________________

      Fax:  (914)
773-1890

       

      If to
Kevin D’Andrea:

       

      465
Columbus Avenue, Suite 280

      Valhalla,
NY 10695

      Fax:  (914)
773-1890

      

      or at
such other address the Company or the Purchaser may designate by ten days
advance written notice to the other parties hereto.

       

      
        	
                 
      

              	
                e.

              	
                This
      Agreement shall be governed by and construed under the laws of the State
      of New York in all respects as such laws are applied to agreements among
      New York residents entered into and performed entirely within New York,
      without giving effect to conflict of law principles
    thereof.

              

      

       

      

       

      [Signatures
appear on the following page]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the
parties as of the day first above written.

       

      

      OPTIONABLE,
INC.

      

      

      By:   /s/
Kevin P.
Cassidy                                           

      Name: Kevin P. Cassidy

      Title: Chief Executive
Officer

      

      

      OPEX
INTERNATIONAL, INC.

      

      

      By:   /s/
Kevin
D’Andrea                                                      

      Name: Kevin D’Andrea

      

      

      

      KEVIN
D’ANDREA

      

      

      /s/ Kevin
D’Andrea

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
A

      

       

      OPEX
INTERNATIONAL, INC.

       

      NOTICE OF
EXERCISE OF STOCK PURCHASE OPTION

       

      The undersigned hereby exercises the
Stock Purchase Option granted by Kevin D’Andrea and hereby purchases 5,100
shares of Common Stock of Opex International, Inc. pursuant to said
Option.

       

      Enclosed is a check in the sum of
$20,400 in full payment for such shares.

       

      

       

      OPTIONABLE,
INC.

       

       

      By:______________________________

      Name:

      Title:

       

       

      Date:____________________________

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