AGREEMENT TO EXTEND CLOSING DATE UNDER STOCK PURCHASE AGREEMENT
Exhibit 10.1
AGREEMENT TO
EXTEND CLOSING DATE
UNDER
STOCK PURCHASE AGREEMENT
THIS AGREEMENT TO EXTEND CLOSING DATE UNDER STOCK PURCHASE AGREEMENT (this “Agreement”), is made as of the 28th day of October, 2011, by and among Web Merchants Atlanta, LLC, a Georgia limited liability company (the “Purchaser”); Liberator, Inc. (f/k/a XXX Consulting, Inc.), a Florida corporation (“Seller”); Web Merchants Inc., a Delaware corporation (the “Company”); Xxxxx X. Xxxxxxxx, a resident of the State of Georgia and a principal shareholder of Seller (“Xxxxxxxx”); Xxxxxx Xxxxxxxx, a resident of the State of Georgia and a principal owner of Purchaser (“Petrenko”). In this Agreement, Purchaser, Seller, Company, Xxxxxxxx and Xxxxxxxx are sometimes referred to individually as a “Party” and collectively as the “Parties”.
WITNESSETH:
WHEREAS, the Parties entered into that certain Stock Purchase Agreement, dated as of October 6, 2011 (the “Purchase Agreement”) (capitalized terms not otherwise defined herein shall have the same meanings as set forth in the Purchase Agreement);
WHEREAS, the Parties have entered into that certain Agreement to Extend Closing, dated as of October 14, 2011, pursuant to which the Parties agreed to extend the Closing Date to October 21, 2011; and
WHEREAS, the Parties have entered into that certain Agreement to Extend Closing, dated as of October 21, 2011, pursuant to which the Parties agreed to extend the Closing Date to October 28, 2011; and
WHEREAS, the Parties desire to extend the Closing for an additional fourteen (14) days to November 11, 2011, in exchange for the payment to the Seller of a fully refundable deposit of Fifty Thousand Dollars and No Cents ($50,000.00) (the “Closing Extension”);
NOW, THEREFORE, in consideration of the covenants, agreements, and promises herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto do hereby covenant and agree as follows:
1. Recitals. The recitals set forth above are incorporated by reference and the Parties agree that they are true and correct.
2. Extension of Closing Date. The Parties hereby agree that the Closing shall take place at the offices of Purchaser’s counsel Xxxxx, Slipakoff & Xxxxx, LLP, 0000 Xxxxxxxxx Xxxx, Xxxxx 0000, Xxxxxxx, XX 00000, commencing at 6:00 p.m., local time, on November 11, 2011, or such other place, time and date as is mutually agreeable to the Parties, but shall be deemed effective October 1, 2011.
3. Payment. In consideration for the Closing Extension, Purchaser is paying to Seller, on the date hereof, a fully refundable deposit of Fifty Thousand Dollars and No Cents ($50,000.00). In the event that the Parties consummate the Purchase Agreement on or before the Closing Date, the amount to be paid to the Seller at Closing under Section 1.4(e)(ii) of the Purchase Agreement shall be reduced to Four Hundred Thousand Dollars and No Cents ($400,000.00) and the Seller shall retain the $50,000.00 deposit. In the event that the Parties do not consummate the Purchase Agreement on or before the Closing Date, the fully refundable deposit of Fifty Thousand Dollars and No Cents ($50,000.00) shall be returned to Purchaser.
4. Reaffirmation. Except as provided herein, the Purchase Agreement shall remain in full force and effect as originally set forth.
5. Counterparts. This Agreement may be executed and delivered by the Parties in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
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By:
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/s/ Xxxxx X. Xxxxxxxx
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Name:
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XXXXX X. XXXXXXXX
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Title:
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President and Chief Executive Officer
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By:
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/s/ Xxxxxx Xxxxx
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Name:
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XXXXXX XXXXX
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Title:
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Chief Financial Officer
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XXXXXXXX:
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/s/ Xxxxx X. Xxxxxxxx
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XXXXX X. XXXXXXXX, personally
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WEB MERCHANTS INC.
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By:
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/s/ Xxxxx X. Xxxxxxxx
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Name:
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XXXXX X. XXXXXXXX
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By:
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/s/ Xxxxxx Xxxxx
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Name:
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XXXXXX XXXXX
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WEB MERCHANTS ATLANTA, LLC
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By:
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/s/ Xxxxxx Xxxxxxxx
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Name:
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XXXXXX XXXXXXXX
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Title:
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Sole Member
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PETRENKO:
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/s/ Xxxxxx Xxxxxxxx
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XXXXXX XXXXXXXX, personally
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