ASSIGNMENT AND CONSENT
EXHIBIT
10.59
This
Assignment and Consent is made this ___ day of February, 2008 among the
undersigned.
WHEREAS,
Dr. Xxxxxx Xxxxxxxxx and Xxxxx Xxxxxxxxx (collectively “Gunnerman”) on the one
hand and Xxxxx Capital LP and Iroquois Master Fund Ltd. (“Xxxxx” and “Iroquois”,
respectively) on the other hand, entered into as of February 12, 2008, a Stock
Purchase Agreement, Stock Option Agreement, Lockup Agreement, Purchase Escrow
Agreement, and Stock Option Funds Escrow Agreement (collectively, “Transaction
Documents”) in connection with the sale and purchase and option to purchase
common stock of Sulphco, Inc. (“Common Stock”); and
WHEREAS,
Gunnerman, Xxxxx and Iroquois agree to realign and assign the interests of
Xxxxx
and Iroquois in the Transaction Documents.
NOW,
THEREFORE, in consideration of the mutual covenants, conditions and agreements
herein contained, and intending to be legally bound, the parties hereto hereby
agree as follows:
1. The
interests and Proportionate Amounts of Xxxxx and Iroquois are assigned and
realigned in the amounts set forth on Schedule A hereto.
2. The
undersigned assignees agree that their signatures below are deemed to be their
signatures and consent to their being parties to the Transaction Documents
and
entitled to the rights and benefits and bound by the obligations under the
Transaction Documents in the amounts and interests set forth on Schedule A
hereto, as if the undersigned assignees had executed such Transaction
Documents.
3. Gunnerman
consents to the assignment and realignment described in this Assignment and
Consent.
4. This
Assignment and Consent may be signed by facsimile and delivered
electronically.
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
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[SIGNATURE
PAGE TO ASSIGNMENT AND CONSENT]
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Xxxxxx
Xxxxxxxxx
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 3.33%
[SIGNATURE
PAGES CONTINUE]
2
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Xxxxxx
Xxxxxxxxx
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 2%
[SIGNATURE
PAGES CONTINUE]
3
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Xxxxx
Xxxxxxx
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 2%
[SIGNATURE
PAGES CONTINUE]
4
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Xxxxx
Xxxx Irrevocable Trust
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 11.33%
[SIGNATURE
PAGES CONTINUE]
5
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Xxxx
Xxxxx
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 11.33%
[SIGNATURE
PAGES CONTINUE]
6
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Iroquois
Capital Opportunity Fund L.P.
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 26.67%
[SIGNATURE
PAGES CONTINUE]
7
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Iroquois
Master Fund Ltd.
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
000
Xxxxxxxxx Xxxxxx
Xxx
Xxxx, XX 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 13.34%
[SIGNATURE
PAGES CONTINUE]
8
[SIGNATURE
PAGES TO ASSIGNMENT AND CONSENT]
IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date
first
above written.
Name
of
Assignee: Xxxxx
Capital LP
Signature
of Authorized Signatory of Assignee:
_______________________________________
Name
of
Authorized Signatory:
____________________________________________________
Title
of
Authorized Signatory:
_____________________________________________________
Fax
Number of Assignee: 000-000-0000
Address
for Notice to Assignee:
00
Xxxx Xxxxxxx Xxxxxxx
Xxxxxx
Xxxxxx, Xxx Xxxx 00000
With
a
copy to (which shall not constitute notice):
Grushko
& Xxxxxxx, P.C.
000
Xxxxx Xxxxxx, Xxxxx 0000
Xxx
Xxxx, XX 00000
Attn:
Xxxxxxx Xxxx, Esq.
Fax:
(000) 000-0000
Email:
xxxxxxxxx@xxx.xxx
Address
for Delivery of Securities for Assignee (if not same as above):
Proportionate
Amount: 30%
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