EXHIBIT 10.53
AGREEMENT TO
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TERMINATE RIGHT OF FIRST REFUSAL AGREEMENT ANDAMENDREGISTRATION RIGHTS AGREEMENT
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THIS AGREEMENT TO TERMINATE RIGHT OF FIRST REFUSAL AGREEMENT AND AMEND
REGISTRATION RIGHTS AGREEMENT (the "Amendment"), dated as of March 17, 2005 (the
"EFFECTIVE DATE"), is made by and among (i) American Leisure Holdings, Inc. (the
"ALHI"), American Leisure Marketing & Technology, Inc., a Florida corporation
("ALMT"), Orlando Holidays, Inc., a Florida corporation ("OHI"), American
Leisure, Inc., a Florida corporation ("AL"), Welcome To Orlando, Inc., a Florida
corporation ("WTO"), American Travel & Marketing Group, Inc., a Florida
corporation ("ATMG"), Hickory Travel Systems, Inc., a Florida corporation
("HTS"), Caribbean Leisure Marketing Limited, an Antiguan limited company
("CLM"), Castlechart Limited, a United Kingdom private limited company ("CC")
(ALHI, ALMT, OHI, AL, WTO, ATMG, HTS, CLM, and CC collectively referred to
herein as the "BORROWERS" and individually as a "BORROWER"); (ii) Xxxxxxx Pi
("PI"), Xxxxxx X. Xxxxx ("XXXXX"), Xxxxxx X. Xxxxx ("XXXXX"), Xxxxxxx X.
Xxxxxxxxxx ("FUSSELMANN") (Pi, Xxxxx, Xxxxx and Fusselmann collectively, the
"WARRANT HOLDERS"); (Hi) Xxxxxxx Xxxxxx, a shareholder of the Company (the
"SHAREHOLDER"); and (iv) Stanford Venture Capital Holdings, Inc. ("LENDER"). AH
other capitalized terms used in this Amendment and not otherwise defined have
the meanings set forth in that certain Registration Rights Agreement (the
"REGISTRATION RIGHTS AGREEMENT," attached hereto as Exhibit A), dated June 17,
2004, by and between ALHI and Lender.
RECITALS:
WHEREAS, the Shareholder and the Warrant Holder entered into that certain Right
of First Refusal Agreement, dated as of May 27, 2004 (the "RIGHT OF FIRST
REFUSAL AGREEMENT," attached hereto as Exhibit B), pursuant to which the
Shareholder was granted a right of first refusal to purchase the shares of
common stock underlying certain warrants owned by the Warrant Holders; and
WHEREAS, ALHI and Lender entered into the Registration Rights Agreement pursuant
to which the Lender was granted certain registration rights with respect to
certain Securities; and
WHEREAS, all of the parties hereto wish to cause, authorize, and/or consent to
the termination of the Right of First Refusal Agreement and the amendment to the
Registration Rights Agreement as provided below.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein, and other good and valuable consideration exchanged
between the parties, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. TERMINATION OF THE RIGHT OF FIRST REFUSAL AGREEMENT
(a) The Right of First Refusal Agreement is hereby terminated and all
commitments, terms, and conditions thereof are terminated, released and
discharged effective upon the date hereof.
2. AMENDMENT TO REGISTRATION RIGHTS AGREEMENT
(a) Section 4(a) of the Registration Rights Agreement is amended by
extending the date by which ALHI agrees to prepare and file a Registration
Statement with Securities and Exchange Commission to no later than June 30,
2005.
3. MISCELLANEOUS.
(a) The Registration Rights Agreement is reaffirmed and ratified in all
respects, except as expressly provided herein.
(b) In the event of any conflict between the terms or provisions of
this Amendment and the Registration Rights Agreement, this Amendment shall
prevail in all respects. Otherwise, the provisions of the Registration Rights
Agreement shall remain in full force and effect.
(c) The parties shall execute and deliver any other instruments or
documents and take any further actions after the execution of this Amendment,
which may be reasonably required for the implementation of this Amendment and
the transactions contemplated hereby.
(d) This Amendment may be executed in multiple counterparts, each of
which shall be deemed an original, but all of which, taken together, shall
constitute one and the same instrument. For purposes of authenticating this
Amendment, facsimile signatures shall be deemed original.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
Terminate Right of First Refusal Agreement and Amend Registration Rights
Agreement to be effective on the date first written above.
BORROWERS:
Signed, sealed and delivered AMERICAN LEISURE HOLDINGS, INC.,
a Nevada corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered ORLANDO HOLIDAYS, INC.,
a Florida corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered AMERICAN LEISURE MARKETING &
TECHNOLOGY, INC.,
a Florida corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered AMERICAN LEISURE, INC.,
a Florida corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered WELCOME TO ORLANDO, INC.,
a Florida corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered AMERICAN TRAVEL & MARKETING
GROUP, INC., a Florida corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered HICKORY TRAVEL SYSTEMS, INC.
a Delaware corporation
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: PRES./CEO
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Signed, sealed and delivered CARIBBEAN LEISURE MARKETING
LIMITED, an Antiguan limited company
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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Signed, sealed and delivered CHASTLECHART LIMITED, a United
Kingdom private limited company
/s/ Xxxxx -Xxxxxx Xxxxxx
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(Signature of Witness)
Xxxxx -Xxxxxx Xxxxxx By: /s/ X X Xxxxxx
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(Printed Name of Witness) Name: X X Xxxxxx
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Title: CEO
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WARRANT HOLDERS:
Signed, sealed and delivered
/s/ Xxxxxxx Pi
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(Signature of Witness) Xxxxxxx Pi
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(Printed Name of Witness)
Signed, sealed and delivered
/s/ Xxxxxx X. Xxxxx
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(Signature of Witness) Xxxxxx X. Xxxxx
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(Printed Name of Witness)
Signed, sealed and delivered
/s/ Xxxxxx X. Xxxxx
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(Signature of Witness) Xxxxxx X. Xxxxx
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(Printed Name of Witness)
Signed, sealed and delivered
/s/ Xxxxxxx X. Xxxxxxxxxx
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(Signature of Witness) Xxxxxxx X. Xxxxxxxxxx
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(Printed Name of Witness)
SHAREHOLDER
Signed, sealed and delivered
/s/ Xxxxx -Xxxxxx Xxxxxx /s/ Xxxxxxx Xxxxxx
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(Signature of Witness) Xxxxxxx Xxxxxx
Xxxxx -Xxxxxx Xxxxxx
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(Printed Name of Witness)
LENDER
Signed, sealed and delivered STANFORD VENTURE CAPITAL
HOLDINGS, INC., a Delaware corporation
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(Signature of Witness)
By: /s/ Xxxxx X. Xxxxx
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(Printed Name of Witness) Name: Xxxxx X. Xxxxx
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Title: President
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