Re: Amendment No. 1 to Advisory Services Agreement with Broadband Capital Management
Exhibit 10.11(B)
BCM
CONFIDENTIAL
September 3, 2014
Xxxxxx Xxxxxxxxx
President
Xxxxxxx Pharmaceuticals, Inc.
000 Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: Amendment No. 1 to Advisory Services Agreement with Broadband Capital Management
Dear Xx. Xxxxxxxxx:
This Amendment No. 1 (the “Amendment”) confirms certain additional terms to the BCM letter agreement by and between Broadband Capital Management LLC (“BCM”) and Zynerba Pharmaceuticals, Inc., f/k/a AllTranz, Inc., (the “Company”) dated as of July 16, 2014 (the “Agreement”) pursuant to which the Broadband Capital Management LLC (“BCM”) agreed to provide advisory services. The Amendment is being entered into in recognition of the incremental scope and duration of services that BCM is providing to the company and provides for corresponding fees for such efforts, specifically, a grant of 544,483 shares of common stock of the Company. Terms used but not defined herein will have the definition ascribed to such term in the Agreement.
Paragraph 2, which currently reads as set forth below:
BCM will provide those services as are mutually agreed between BCM and the Company, which may include strategic advisory services, advice on Company positioning, valuation analyses, advice regarding additional financing and assisting the Company in identifying and retaining managers, directors and employees (the “Services”). In exchange for such services, the Company will pay BCM a cash fee of $250,000 within thirty (30) days of the execution of this letter agreement.
Shall be amended and replaced in its entirety as set forth below:
BCM will provide those services as are mutually agreed between BCM and the Company, which may include strategic advisory services, advice on Company positioning, valuation analyses, advice regarding additional financing and assisting the Company in identifying and retaining managers, directors and employees (the “Services”). In exchange for such services, the Company will pay BCM a cash fee of $250,000 within thirty (30) days of the execution of this letter agreement and issue 544,483 shares of common stock of the Company to be structured in a tax efficient manner.
Except as specifically amended hereby, the Agreement shall remain in full force and effect.
[Signature page follows]
Broadband Capital Management LLC | 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 | tel 000.000.0000 | fax 000.000.0000
xxx.xxxxxxxxxxxxxxxx.xxx
Member FINRA, SIPC
Please confirm your agreement with the foregoing by signing and returning one copy of this letter agreement to us.
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Very truly yours, | |||
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BROADBAND CAPITAL MANAGEMENT LLC | ||
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By: |
/s/ Xxxxxxx Xxxx | ||
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Name: |
Xxxxxxx Xxxx | ||
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Title: |
Chairman | ||
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Xxxxxx and accepted as of the date first set forth above: |
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AllTranz, Inc. |
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By: |
/s/ Xxxxxx Xxxxxxxxx |
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Name: |
Xxxxxx Xxxxxxxxx |
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Title: |
President |
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