AGREEMENT
Exhibit
10.63
AGREEMENT
AGREEMENT
(this
“Agreement”)
dated
as of April 28, 2006 by and among Solomon Technologies, Inc., a
Delaware corporation (the “Company”),
Woodlaken LLC (“Woodlaken”),
Jezebel Management Corporation (“Jezebel”),
Pinetree (Barbados) Inc. (“Pinetree”),
Xxxxx
Family LLC (“Xxxxx”),
F.
Xxx Xxxxxxx (“Xxxxxxx”),
Xxxxx
and Xxxxxxx Xxxxxxxxx (“Xxxxxxxxx”)
and
Pascal Partners, LLC (“Pascal”
and,
together with Woodlaken, Jezebel, Pinetree, Xxxxx, Xxxxxxx and Xxxxxxxxx,
the
“Investors”).
WITNESSTH:
WHEREAS,
the
Company has sold $1,247,000 aggregate principal amount of Senior Secured
Promissory Notes to the Investors in the amounts set forth on Schedule 1
(the
“Notes”);
WHEREAS,
the
maturity date of each of the Notes is April 30, 2006, as set forth in an
agreement between the Company and certain of the Investors dated as of March
15,
2006;
WHEREAS,
the
Investors and the Company now wish to amend the Notes to extend their maturity
date to June 30, 2006;
and
WHEREAS,
in
consideration of the Investors’ willingness to extend the maturity of the Notes,
the Company intends to issue to each of the Investors shares of common stock
of
the Company, par value $.001 per share (“Common
Stock”),
in an
amount equal to 10,000 shares for each $100,000 in principal amount of Notes,
or
fraction thereof, held by such Investor.
NOW,
THEREFORE,
in
consideration of the premises and the mutual covenants and agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending
to
be legally bound, hereby agree as follows:
1. AMENDMENT
OF NOTES.
1.1. Extension
of Maturity Date.
Each of
the Notes is hereby amended by striking the maturity date of April 30, 2006
and
substituting therefor a new maturity date of June 30, 2006.
1.2. Full
Force and Effect.
Except
as amended hereby, the terms of the Notes, as previously amended, remain
in full
force and effect.
2. Issuance
of Common Stock.
Promptly upon execution of this Agreement by the Investors, and in consideration
thereof, the Company shall cause its transfer agent to issue new shares of
Common Stock to each of the Investors in an amount equal to 10,000 shares
of
Common Stock for each $100,000 in principal amount of Notes, or fraction
thereof, held by such Investor.
3. MISCELLANEOUS.
3.1. Law
Applicable.
This
Agreement shall be governed by and construed pursuant to the laws of the
State
of New York, without giving effect to conflicts of laws principles.
3.2. Counterparts.
This
Agreement may be executed in counterparts, each of which shall be an original,
but all of which together shall constitute one and the same instrument and
it
shall not be necessary in making proof of this Agreement to account for all
such
counterparts.
[Signatures
appear on following pages]
2
IN
WITNESS WHEREOF,
the
undersigned have hereunto set their hands to this Agreement as of the day
and
year first above written.
COMPANY:
SOLOMON
TECHNOLOGIES, INC.
By:
/s/
Xxxxx X. XxXxxxxxx, Xx.
Name:
Xxxxx X. XxXxxxxxx, Xx.
Title:
President
WOODLAKEN
LLC
By:
/s/
Xxxx X. Xxxxxxxxx
Name:
Xxxx X. Xxxxxxxxx
Title:
Manager
JEZEBEL
MANAGEMENT CORPORATION
By:
/s/
Xxxxxxx X. X’Xxxxxx
Name:
Xxxxxxx X. X’Xxxxxx
Title:
President
PINETREE
(BARBADOS) INC.
By:
/s/
J.
Xxxxxx Xxxxxx
Name:
J.
Xxxxxx Xxxxxx
Title:
President
XXXXX
FAMILY LLC
By:
/s/
Xxxxxxx X. Xxxxx
Name:
Xxxxxxx
X. Xxxxx
Title:
Manager
3
/s/
F.
Xxx Xxxxxxx
F.
Xxx
Xxxxxxx
/s/
Xxxxx Xxxxxxxxx
Xxxxx
Xxxxxxxxx
/s/
Xxxxxxx Xxxxxxxxx
Xxxxxxx
Xxxxxxxxx
PASCAL
PARTNERS, LLC
By:
/s/
Xxxx Xxxxxxxxx
Name:
Xxxx
Xxxxxxxxx
Title:
Managing Member
4
SCHEDULE
1
Senior
Notes
Name
of Investor
|
Date
Issued
|
Principal
Amount
|
Woodlaken
LLC
|
March
7, 2005
|
$
40,000.00
|
Jezebel
Management Corporation
|
March
16, 2005
|
$
100,000.00
|
Pinetree
(Barbados) Inc.
|
April
1, 2005
|
$
50,000.00
|
Woodlaken
LLC
|
April
1, 2005
|
$
10,000.00
|
Jezebel
Management Corporation
|
April
18, 2005
|
$
75,000.00
|
Xxxxx
Family LLC
|
May
25, 2005
|
$
100,000.00
|
Jezebel
Management Corporation
|
July
8, 2005
|
$
75,000.00
|
Jezebel
Management Corporation
|
August
16, 2005
|
$
150,000.00
|
Jezebel
Management Corporation
|
September
15, 2005
|
$
150,000.00
|
Jezebel
Management Corporation
|
November
18, 2005
|
$
100,000.00
|
Pinetree
(Barbados) Inc.
|
November
18, 2005
|
$
100,000.00
|
F.
Xxx Xxxxxxx
|
March
20, 2006
|
$
25,000.00
|
Woodlaken
LLC
|
March
31, 2006
|
$
72,000.00
|
Xxxxx
and Xxxxxxx Xxxxxxxxx
|
April
7, 2006
|
$
100,000.00
|
Pascal
Partners, LLC
|
April
10, 2006
|
$
100,000.00
|
5