FIRST AMENDMENT TO AMENDED AND RESTATED LOCK-UP AGREEMENT
Exhibit
10.8
FIRST
AMENDMENT
TO
AMENDED
AND RESTATED LOCK-UP AGREEMENT
This
First Amendment (this “First Amendment”) to Amended and Restated Lock-Up
Agreement (the “Restated Original Lock-Up Agreement”), dated as of May
31, 2007, is by and among New World Brands, Inc., a Delaware corporation (the
“Company”), Qualmax, Inc., a Delaware corporation (“Qualmax”), M.
Xxxxx Xxxxxx, an individual (“X. Xxxxxx”), Xxxx Xxxxxx, an individual
(“X. Xxxxxx”), Xxxx Xxxxxx, an individual (“X. Xxxxxx”), Xxxxx
Xxxxxxxx, an individual (“X. Xxxxxxxx” and together with X. Xxxxxx, X.
Xxxxxx and X. Xxxxxx the “Kamrat Family”, and together with the Kamrat
Family and Qualmax, the “Qualmax Holders”), Xx. Xxxxxx Xxxxxx, an
individual (“Xx. Xxxxxx”), Oregon Spirit, LLC, a Nevada limited liability
company (“Oregon Spirit”), P&S Spirit, LLC, a Nevada limited
liability company (“P&S” and together with Xx. Xxxxxx and Oregon
Spirit, the “P&S Holders”). All capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the
Restated Original Lock-Up Agreement.
RECITALS:
WHEREAS,
on December 29, 2006, the parties entered into an Amended and Restated Lock-Up
Agreement;
WHEREAS,
the parties recognize with extreme sadness the passing of Xxxxxx Xxxxxx on
March
14, 2007, and the shares of stock of the Company previously owned by Xxxxxx
and
Xxxxxx Xxxxxx, TBTE, are now owned by Xx. Xxxxxx; and
WHEREAS,
in relation to that First Amendment to Amended and Restated Stock Subscription
and Share Transfer Agreement of even date herewith among the Company and P&S
Spirit, the parties desire to amend the Restated Original Lock-Up Agreement
as
provided herein.
NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
set
forth, the parties hereto desire to amend the Restated Original Lock-Up
Agreement to reflect the aforementioned and certain other changes thereto as
set
forth herein:
1. Section
4 of the Restated Original Lock-Up Agreement shall be deleted in its entirety
and replaced with the following: “This Agreement shall terminate on the earlier
to occur of: (a) the mutual agreement by the Qualmax Representatives and the
P&S Representatives hereto; and (b) December 31, 2008.”
2. By
execution of this First Amendment, all of the parties to this First Amendment
acknowledge that P&S is contemplating transferring a portion of the
membership interests of P&S to Xxxx X. Xxxxx and agree that the transfer of
such interests, if it occurs, shall be permitted notwithstanding anything to
the
contrary in the Restated Original Lock-Up Agreement as amended by this First
Amendment, and all of the parties to this First Amendment waive any right that
any of them may have to object to such transfer.
3. The
reference to “Xxxxxx and Xxxxxx Xxxxxx, TBTE” in the definition of “Company
Shares” shall be replaced with “Xx. Xxxxxx”.
4. Except
as specifically amended hereby, the Restated Original Lock-Up Agreement is
hereby ratified and confirmed in all respects and shall remain in full force
and
effect.
5. To
the extent of any inconsistency between the terms of the Restated Original
Lock-Up Agreement and this First Amendment, the terms of this First Amendment
will control. Each reference in the Restated Original Lock-Up
Agreement to “this Agreement,” “herein,” “hereunder” or words of similar import
shall be deemed to be a reference to the Restated Original Lock-Up Agreement
as
amended by this First Amendment, and the Restated Original Lock-Up Agreement
as
so amended shall be read as a single, integrated document.
6. This
First Amendment may be executed in two or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Facsimile transmission of any
signed original counterpart and/or retransmission of any signed facsimile
transmission shall be deemed the same as the delivery of an
original. The introductory Recitals are incorporated into and made a
substantive part of this First Amendment.
[Signature
page follows]
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IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment as of
the
day and year first above written.
COMPANY:
NEW
WORLD BRANDS,
INC.
By:
/s/
M. Xxxxx
Xxxxxx
Name: M.
Xxxxx Xxxxxx
Title: CEO
QUALMAX
HOLDERS:
QUALMAX,
INC.
By:
/s/
M. Xxxxx
Xxxxxx
Name: M.
Xxxxx Xxxxxx
Title: CEO
/s/
M. XXXXX
XXXXXX
M.
XXXXX
XXXXXX
/s/
XXXX
XXXXXX
XXXX
XXXXXX
/s/
XXXX
XXXXXX
XXXX
XXXXXX
/s/
XXXXX
XXXXXXXX
XXXXX
XXXXXXXX
[signatures
continued]
P&S
HOLDERS:
P&S
SPIRIT,
LLC
By:
/s/
Xxxxxx
Xxxxxx,
M.D.
Name:
Xxxxxx
Xxxxxx, M.D.
Title: Manager
XXXXXX
XXXXXX,
M.D.
By:
/s/
Xxxxxx
Xxxxxx,
M.D.
Xxxxxx
Xxxxxx,
M.D.
OREGON
SPIRIT,
LLC
By:
/s/
Xxxxxx Xxxxxx,
M.D.
Name:
Xxxxxx
Xxxxxx, M.D.
Title: Manager
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