JOINDER AGREEMENT
Exhibit
10.3
Joinder
Agreement, dated as of the 13th
day of
June, 2006, by and between Solomon Technologies, Inc., a Delaware corporation
(the “Debtor”),
and
the undersigned (the “Investor”).
Reference
is made to that certain Amended and Restated Security Agreement, dated as of
March 16, 2005, by and among the Debtor, Woodlaken LLC, Jezebel Management
Corporation and the other investors listed on Schedule
A
thereto
(the “Security
Agreement”).
Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the Security Agreement.
Investor
has purchased Senior Secured Promissory Note(s) of the Debtor in the aggregate
principal amount of $25,000.00 from the Debtor. As a condition to permitting
the
Investor to share in the security interest in the Debtor’s assets described in
the Security Agreement, the Debtor has required that the Investor execute this
Joinder Agreement for the purpose of binding the Investor to the Security
Agreement.
With
the
execution of this Joinder Agreement by the Investor, (i) the Investor hereby
agrees to be bound by the terms of the Security Agreement as if the Investor
was
an original signatory to such agreement, (ii) the Investor shall be deemed
to be
a “Secured Party” under such agreement, and (iii) the Senior Secured Promissory
Note(s) purchased by the Investor shall be deemed to be a “Note” under such
agreement.
IN
WITNESS WHEREOF, the parties hereto have executed this Joinder Agreement as
of
the date first above written.
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DEBTOR:
SOLOMON
TECHNOLOGIES, INC.
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| By: | /s/ Xxxxx X. XxXxxxxxx, Xx. | |
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Name:
Xxxxx X. XxXxxxxxx, Xx.
Title:
President
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INVESTOR:
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| /s/ Xxxxxx Xxxxxxxx | ||
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Xxxxxx
Xxxxxxxx
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