Document:

exhibit104.htm

EXHIBIT 10.4

 

 

FOURTH AMENDMENT

TO

PURCHASE AGREEMENT

 

THIS FOURTH AMENDMENT TO PURCHASE AGREEMENT (this "Fourth Amendment") is made as of this 19th day of December, 2013, by and between TPG, L.L.C. a Louisiana limited liability company ("Seller") and ASSURED PHARMACY, INC., a Nevada corporation ("Buyer"), and amends that certain Purchase Agreement dated as of December 15, 2006 by and between Seller and Buyer, as amended (the "Purchase Agreement").

 

WITNESSETH

 

WHEREAS, Seller and Buyer desire to amend the Purchase Agreement in order to revise the payment terms for amounts due related to the purchase of the Seller’s Shares, and to set forth additional terms related to such purchase.

 

NOW, THEREFORE, in consideration of the Recitals and of the mutual covenants and agreements contained herein, the Parties hereby agree as follows:

 

1.           Defined Terms.  Capitalized terms used but not defined in this Fourth Amendment shall have the meanings given to them in the Purchase Agreement.

 

2.           Amendment.  Section 1(B) is hereby amended and restated in its entirety as follows:

 

(B)           The sum of $382,500 is payable or was paid as follows:

 

(i) $322,500 was paid by Buyer prior to the execution of this Fourth Amendment;

 

(ii) The outstanding balance of $60,000 is payable as follows:

 

(a) Six (6) consecutive monthly installments of $2,000 payable on or before the 1st of each month commencing in December 2013 through May 2014; and

 

(c) Sixteen (16) consecutive monthly installments of $3,000 payable on or before the 1st of each month commencing in June 2014 through October 2015;

 

3.           Amendment.  The Agreement is hereby amended by adding new Section 1(C) which shall read as follows:

 

After the execution of this Fourth Amendment To Purchase Agreement , Buyer shall issue to Seller or Seller's designee(s) 200,000 restricted shares of the Buyer’s common stock (“Initial Shares”), the initial price per share of common stock is $0.25 per share (“Initial Price”).

 

4.           Representations and Warranties. Each Party hereby represents and warrants, on and as of the execution date of this Fourth Amendment, that (i) the representations and warranties contained in the Purchase Agreement are true and correct in all material respects on and as of the execution date of this Fourth Amendment, both immediately before and after giving effect to this Fourth Amendment, and (ii) this Fourth Amendment has been duly authorized, executed and delivered by such Party and constitutes the legal, valid and binding obligation of such Party enforceable against it in accordance with its terms.

 

 

 

 

  

Page 1 of 4

  

5.                      Certain Adjustments.

 

(a)  Stock Dividends and Stock Splits.  If Buyer, at any time prior to the completion of all payments set forth in Section 2(B) above: (i) pays a stock dividend or otherwise makes a distribution or distributions payable in shares of common stock on shares of common stock or any common stock equivalents), (ii) subdivides outstanding shares of common stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of common stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the common stock, any shares of capital stock of Buyer, then the Initial Price shall be multiplied by a fraction of which the numerator shall be the number of shares of common stock (excluding any treasury shares of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of common stock outstanding immediately after such event.  Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

(b)  Subsequent Equity Sales.  If, at any time prior to the completion of all payments set forth in Section 2(B) above,  Buyer sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues  any common stock or common stock equivalents entitling any person to acquire shares of common stock at an effective price per share that is lower than the Initial Price, subject to adjusts for stock dividends and stock splits, it will be considered a "Dilutive Issuance", then the initial stock price shall be reduced to equal the Dilutive Issuance stock price and the number of shares issued set forth in Section 3 above will be increased by multiplying the Initial Shares (200,000) by the Initial Price ($0.25 per share), then dividing by the Dilutive Issuance price for a total adjusted number of common shares. The Initial Shares of 200,000 are then subtracted from the adjusted number of common shares to determine the additional common shares  due to the Seller  ((200,000 shares x $0.25 per share) /(Dilutive Issuance price )) – 200,000 shares = additional common shares due to the Seller.  The additional common shares due to the Seller as a result of a Dilutive Issuance shall be issued to the Seller upon completion of payments set forth in Section 2 (B) above.

6.         Waiver. Seller hereby waives any and all prior defaults, late fees or other claims for obligations of Buyer that may have accrued under the Purchase Agreement or the Promissory Note between the Parties dated December 15, 2006, prior to the execution of this Fourth Amendment.

7.            Miscellaneous.

 

 (a)           No Other Amendments.  Except as specifically set forth in this Fourth Amendment, the Purchase Agreement shall remain in full force and effect.  Each of the Parties acknowledges and agrees that the changes to the Purchase Agreement effected by this Fourth Amendment are intended to be structural only and that nothing contained in this Fourth Amendment is intended to, nor will anything contained in this Fourth Amendment be deemed or construed to, modify the substantive rights and obligations, economic and otherwise, of the Parties as set forth in the Purchase Agreement prior to this Fourth Amendment.

 

 

 

 

  

Page 2 of 4

  

 

(b)           References.  All references to the Purchase Agreement in the Purchase Agreement or any document or instrument executed or delivered pursuant thereto shall be deemed to be a reference to the Purchase Agreement as amended by this Fourth Amendment.

 

(c)           Amendment and Waiver.  This Fourth Amendment may only be amended if such amendment is set forth in a writing executed by Seller and Buyer.  No waiver of any provision of this Fourth Amendment shall be binding unless such waiver is in writing and signed by the Party against whom such waiver is to be enforced.  No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Fourth Amendment or to exercise any right or remedy consequent upon a breach thereof will constitute a waiver of any such breach or any other covenant, duty, agreement or condition.

 

(d)           Severability.  Whenever possible, each provision of this Fourth Amendment will be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Fourth Amendment is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Fourth Amendment.

 

(e)           No Strict Construction.  The language used in this Fourth Amendment will be deemed to be the language chosen by the Parties to express their mutual intent.  In the event an ambiguity or question of intent or interpretation arises, this Fourth Amendment will be construed as if drafted jointly by the Parties, and no presumption or burden of proof will arise favoring or disfavoring any Person by virtue of the authorship of any of the provisions of this Fourth Amendment.

 

 

 

 [Signature page follows.]

 

 

 

 

 

  

Page 3 of 4

  

 

 

 

 

IN WITNESS WHEREOF, the Parties have caused this Fourth Amendment to be duly executed as of the day and year first above written.

 

	  	
TPG, L.L.C.

	 	 
	  	
 

 

By: /s/        William Davis                                                                  

William Davis, Manager

	 	 
	 	 
	  	  
	  	
ASSURED PHARMACY, INC.

	 	 
	 	 
	 	 
	  	
 

By:/s/         Robert DelVecchio                                                        

    Robert DelVecchio, Chief Executive Officer

 

 

 

 

 

 

  

Page 4 of 4exhibit105.htm

EXHIBIT 10.5

 

 

AMENDMENT AGREEMENT

 

THIS AMENDMENT AGREEMENT, dated as of December 23, 2013 (this "Agreement"), by  and between by Assured Pharmacy, Inc., a Nevada corporation (the "Borrower") and Brockington Securities, Inc., a New York corporation (the "Lender"), amends that revolving line of credit agreement, dated March 10, 2009 (the "Line of Credit"), as amended pursuant to the terms of that certain modification and extension agreement dated March 10, 2010, November 10, 2011, June 22, 2012 and November 12, 2012 (the "Line of  Credit Amendments" and together with the Line of Credit, the "Prior Agreements").

 

WITNESSETH:

 

WHEREAS, pursuant to the terms of the Line of Credit, the Lender agreed to establish a Line of Credit for Borrower for a period extending to March 10, 2010.

 

WHEREAS, pursuant to the terms of the Line of Credit Amendment, the Lender agreed to extend the Line of Credit for a period extending to March 10, 2011,

 

WHEREAS, pursuant to the terms of the Line of Credit Amendment, the Lender agreed to extend the Line of Credit for a period extending to June 30, 2012,

 

WHEREAS, pursuant to the terms of the Line of Credit Amendment, the Lender agreed to extend the Line of Credit for a period extending to June 30, 2014,

 

WHEREAS, pursuant to the terms of the Line of Credit Amendment, the Lender agreed to increase the Line of Credit from $300,000 to $500,000,

 

WHEREAS, the parties desire to amend the Line of Credit to extend the term of the Line of Credit from June 30, 2014 to August 30, 2016.

 

NOW THEREFORE, in consideration of the mutual benefits accruing to Lender and Company and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:

 

1.DEFINITIONS.

 

Defined terms not herein defined shall have the meaning set forth in the Line of Credit.

 

2.AMENDMENT

2.1           Amendment to the Line of Credit. The first sentence of Section 1 is hereby amended in its entirety to the Line of Credit to be and read as follows:

"1. LINE OF CREDIT. Lender hereby establishes for a period extending to August 30, 2016 (the "MATURITY DATE") a revolving line of credit (the "Credit Line") for Borrower in the principal amount of Three Hundred Thousand Dollars ($500,000.00) the ("Credit Limit")."

 

2.2          Effect on Prior Agreements. Subject to the amendment provided herein, all of the terms and conditions of the Prior Agreements shall continue in full force and effect after the execution of this Agreement and shall not be in any way changed, modified or superseded by the terms set forth herein. Except as expressly set forth herein, this Agreement shall not be deemed to be a waiver, amendment or modification of any provisions of the Prior Agreements or of any right, power or remedy of the Lender, or constitute a waiver of any provision of the Prior Agreements (except to the

 

 

  

Page 1 of 3

  

 

extent herein set forth), or any other document, instrument and/or agreement executed or delivered in connection therewith, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder. The Lender reserve all rights, remedies, powers, or privileges available under the Prior Agreements, at law or otherwise.  This Agreement shall not constitute a novation or satisfaction and accord of the Prior Agreements or any other document, instrument and/or agreement executed or delivered in connection therewith.

 

3.MISCELLANEOUS.

 

3.1 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

 

3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York without regard to the choice of law principles thereof.

 

3.3 Severability. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

 

3.4 Counterparts/Execution.  This Agreement may be executed in two or more identical counterparts, all of which 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. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains an electronic file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or electronic file signature page (as the case may be) were an original thereof.

 

3.5 Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

3.6 Notices.   Any notice, demand or request required or permitted to be given by the respective parties hereto pursuant to the terms of this Agreement shall delivered in accordance with the terms of the Purchase Agreement.

 

3.7  Expenses. The parties hereto shall pay their own costs and expenses in connection herewith.

 

3.8  Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the parties with regard to the subject matter hereof and thereof, superseding all prior agreements or understandings, whether written or oral, between or among the parties. No amendment, modification or other change to this Agreement or waiver of any agreement or other obligation of the parties under this Agreement may be made or given unless such amendment, modification or waiver is set forth in writing and is signed by Lender and Company.  Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

3.9 Headings. The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

 

 

[Signature pages follow] 

 

 

  

Page 2 of 3

  

 

 

IN WITNESS WHEREOF, Borrower and Lender have each caused their respective signature page to this Agreement to be duly executed as of the date first written above.

 

BORROWER:

 

ASSURED PHARMACY INC.

 

By:  /s/ Brett Cormier_________________________

Name:   Brett Cormier

Title:     CFO

 

LENDER:

 

BROCKINGTON SECURITIES INC.

 

By:  /s/  Robert DelVecchio                                                             

Name:   Robert DelVecchio

Title:     CEO

 

 

 

  

Page 3 of 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]