AMENDMENT TO VARIOUS STOCK OPTION AGREEMENTS
EXHIBIT 99.2
AMENDMENT TO VARIOUS STOCK OPTION AGREEMENTS
This Amendment To Various Stock Option Agreements (“June 2009 Amendment”) is made as of June
5, 2009 relates to the Stock Option Agreement dated April 24, 2007, the Stock Option Agreement
dated April 24, 2007, the Stock Purchase Agreement dated February 12, 2008, the Stock Option
Agreement dated February 12, 2008, the Stock Purchase Agreement dated October 8, 2008, and the
Stock Option Agreement dated October 8, 2008 (each, a “Stock Option Agreement”), entered into by
and among some or all of the Optionees or Buyers as defined therein (hereinafter, the “Optionees”)
identified on Schedule A hereto and Xxxxxx and Xxxxx Xxxxxxxxx as Stockholders, as defined therein.
For mutual good and valuable consideration and the mutual covenants, conditions and agreements
herein contained, and other good and valuable consideration and intending to be legally bound, the
parties hereto hereby agree as follows:
1. The Stockholders hereby extend the Optionees’ right, obligation and/or right to cancel such
obligation to purchase common stock from the Stockholders pursuant to each Stock Option Agreement,
including the Second Closing date as defined in the Stock Purchase Agreement dated October 8, 2008,
until the later of (i) June 5, 2010, or (ii) such later date pursuant to such Stock Option
Agreement.
2. The Purchase Price of the Option Shares (each as defined in the Stock Option Agreement
dated October 8, 2008) is hereby reduced to $0.75 per share until June 15, 2009, provided each
Optionee identified on Schedule B exercises the right to purchase the number of Option Shares set
forth on Schedule B for such Optionee (the “$0.75 Option Shares”). Provided all Optionees exercise
the option to purchase the Option Shares with respect to all the $0.75 Option Shares prior to June
30, 2009, then the Purchase Price of the amount of additional Option Shares set forth on Schedule C
shall be reduced to $1.00 (“Additional Option Shares”). The Purchase Price of the remaining Option
Shares not changed pursuant to this June 2009 Agreement, shall be as set forth in the Stock Option
Agreement dated October 8, 2008.
3. Capitalized terms employed herein shall have the meanings given to them in the Stock Option
Agreements.
4. Except as modified herein, all of the terms of the Stock Option Agreements remain in full
force and effect.
5. All of the venue, jurisdiction, notice and miscellaneous provisions of the Stock Option
Agreements apply to this Amendment.
6. This June 2009 Amendment shall be effective immediately.
In Witness Whereof, the undersigned have executed this Amendment To Various Stock
Option Agreements as of the first date above written
STOCKHOLDERS
/s/ Xxxxxx Xxxxxxxxx
|
/s/ Xxxxx Xxxxxxxxx
|
OPTIONEE
_____________________
SCHEDULE A TO AMENDMENT TO
VARIOUS STOCK OPTION AGREEMENTS
VARIOUS STOCK OPTION AGREEMENTS
OPTIONEES
XXXXX CAPITAL LLC
00 Xxxx Xxxxxxx Xxxxxxx
Xxxxxx Xxxxxx, XX 00000
Fax: (000) 000-0000
00 Xxxx Xxxxxxx Xxxxxxx
Xxxxxx Xxxxxx, XX 00000
Fax: (000) 000-0000
XXXXXXX XXXXXXX, successor to Mayflower Oak LLC
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXXX XXXXX #0, LP, successor to Mayflower Oak LLC
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXXXX XXXXXXX, successor to Mayflower Oak LLC
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXXX XXXXXXX, successor to Mayflower Oak LLC
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXX LERISTON, successor to Mayflower Oak LLC
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
Xxx Xxxxx Xxxxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
IROQUOIS MASTER FUND LTD.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXX XXXXX
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXXX XXXXX XXXXX FOUNDATION INC.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXXX XXXX IRREVOCABLE TRUST
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
XXXXXX X. XXXXXXXXX
00 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
00 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Fax: (000) 000-0000
XXXXXXX XXXXXXX
00 Xxxxxx Xxxx
Xxxxxx, Xxxxxxx
Xxxxxx Xxxxxxx, XX0
Fax: 000-00-000-000-0000
00 Xxxxxx Xxxx
Xxxxxx, Xxxxxxx
Xxxxxx Xxxxxxx, XX0
Fax: 000-00-000-000-0000
XXXXXX XXXXXXXXX
0 Xxxxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
0 Xxxxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
XXXX XXXXXXXXX
000 Xxxx 00xx Xxxxxx, Xxx. 0-X
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
000 Xxxx 00xx Xxxxxx, Xxx. 0-X
Xxx Xxxx, XX 00000
Fax: (000) 000-0000
Iroquois Capital Opportunity Fund LP
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxx Xxxxxxxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxx Xxxxxxxxx
Xxxxx International LP
00 Xxxx Xxxxxxx XXX, Xxxxx 000
Xxxxxx Xxxxxx XX, 00000
(000) 000-0000
00 Xxxx Xxxxxxx XXX, Xxxxx 000
Xxxxxx Xxxxxx XX, 00000
(000) 000-0000
Xxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
Xxxx Xxxxxx Foundation Trust
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
Xxxxx Xxxx Trust
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
Xxxxxxx X. Xxxx Custodian for Xxxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
Xxxxxxx X. Xxxx Custodian for Xxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000,
Attn: Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000,
Attn: Xxxxxxx Xxxx
Xxxxxxx X. Xxxx Custodian for Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxxx Xxxx
American Capital Management LLC
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxx Xxxxxxxxx
000 Xxxxxxxxx Xxx., 00xx Xxxxx,
Xxx Xxxx XX 00000
(000) 000-0000
Attn: Xxxxxx Xxxxxxxxx
Xxxxxx Ltd.
000, Xxxxxxxxxxxxxxxxxxxx
Xxxxxx, Xxxxxxxxxxx, 0000
Attn: Xxxxx Xxxxx
000, Xxxxxxxxxxxxxxxxxxxx
Xxxxxx, Xxxxxxxxxxx, 0000
Attn: Xxxxx Xxxxx
Rainmaker Associates Inc.
00 X 00xx Xx. Xxxxx 000
Xxx Xxxx, XX 00000
(000) 000-0000
Attn: Xxxxxxxx Xxxxxx
00 X 00xx Xx. Xxxxx 000
Xxx Xxxx, XX 00000
(000) 000-0000
Attn: Xxxxxxxx Xxxxxx
Xxx Xxxxxxx
00-00 Xxxxxxxxxx Xxx
Xxxxxxxxx XX, 00000
(201) 943- 5468
00-00 Xxxxxxxxxx Xxx
Xxxxxxxxx XX, 00000
(201) 943- 5468
Xxxxxx Xxxxxxx
00-00 Xxxxxxxxxx Xxx
Xxxxxxxxx XX, 00000
(201) 943- 5469
00-00 Xxxxxxxxxx Xxx
Xxxxxxxxx XX, 00000
(201) 943- 5469
Empire Group, Ltd.
do Primeway SA
0 xxx xx Xx’Xxx
0000 Xxxxxx Xxxxxxxxxxx
011 41 22 307 37 24
Attention Xxxxxx Xxxxx
do Primeway SA
0 xxx xx Xx’Xxx
0000 Xxxxxx Xxxxxxxxxxx
011 41 22 307 37 24
Attention Xxxxxx Xxxxx
Mayflower Oak LLC
Xxx Xxxxx Xxxxxx Xxxxx 00xx xxxxx
Xxx Xxxx XX 00000
Attn: Xxxxxx Xxxxxxx
Xxx Xxxxx Xxxxxx Xxxxx 00xx xxxxx
Xxx Xxxx XX 00000
Attn: Xxxxxx Xxxxxxx
SCHEDULE B TO AMENDMENT TO
VARIOUS STOCK OPTION AGREEMENTS
VARIOUS STOCK OPTION AGREEMENTS
$0.75 | ||||
Option | ||||
Optionee | Shares | |||
Iroquois Master Fund Ltd. |
207,254 | |||
Iroquois Capital Opportunity Fund LP |
207,251 | |||
Xxxx Xxxxx |
193,437 | |||
Xxxxx Xxxx Irrevocable Trust |
27,634 | |||
Xxxxxx Xxxxxxxxx |
13,817 | |||
Xxxx Xxxxxx Foundation Trust |
11,054 | |||
American Capital Management, LLC |
55,268 | |||
Xxxxxx Xxxx |
6,908 | |||
Xxxxxx Xxxxxxxxx |
55,268 | |||
Xxxxx Xxxx Trust |
13,817 | |||
Xxxxxxx X. Xxxx Custodian for Xxxxxxxx Xxxx |
5,527 | |||
Xxxxxxx X. Xxxx Custodian for Xxxxx Xxxx |
5,527 | |||
Xxxxxxx X. Xxxx Custodian for Xxxxxxx Xxxx |
5,527 | |||
Xxxxx International LP |
221,071 | |||
Xxxxxx Ltd. |
55,268 | |||
Rainmaker Associates, Inc. |
27,634 | |||
Xxx Xxxxxxx |
27,634 | |||
Xxxxxx Xxxxxxx |
27,634 | |||
Mayflower Oak, LLC |
138,169 | |||
Xxxxxxx Xxxxxxx |
0 | |||
Empire Group, Ltd |
27,634 | |||
Total |
1,333,333 | |||
SCHEDULE C TO AMENDMENT TO
VARIOUS STOCK OPTION AGREEMENTS
VARIOUS STOCK OPTION AGREEMENTS
Additional | ||||
Option | ||||
Optionee | Shares | |||
Iroquois Master Fund Ltd. |
542,746 | |||
Iroquois Capital Opportunity Fund LP |
542,749 | |||
Xxxx Xxxxx |
506,563 | |||
Xxxxx Xxxx Irrevocable Trust |
72,366 | |||
Xxxxxx Xxxxxxxxx |
36,183 | |||
Xxxx Xxxxxx Foundation Trust |
28,946 | |||
American Capital Management, LLC |
144,732 | |||
Xxxxxx Xxxx |
18,092 | |||
Xxxxxx Xxxxxxxxx |
144,732 | |||
Xxxxx Xxxx Trust |
36,183 | |||
Xxxxxxx X. Xxxx Custodian for Xxxxxxxx Xxxx |
14,473 | |||
Xxxxxxx X. Xxxx Custodian for Xxxxx Xxxx |
14,473 | |||
Xxxxxxx X. Xxxx Custodian for Xxxxxxx Xxxx |
14,473 | |||
Xxxxx International LP |
578,929 | |||
Xxxxxx Ltd. |
144,732 | |||
Rainmaker Associates, Inc. |
72,366 | |||
Xxx Xxxxxxx |
72,366 | |||
Xxxxxx Xxxxxxx |
72,366 | |||
Mayflower Oak, LLC |
361,831 | |||
Xxxxxxx Xxxxxxx |
8,333 | |||
Empire Group, Ltd |
72,366 | |||
Total |
3,500,000 | |||