Waiver And Consent

Fourth Amendment, Waiver and Consent

 

Exhibit 10.20

 

FOURTH AMENDMENT, WAIVER AND CONSENT

 

This Fourth Amendment, Waiver and Consent (“Fourth Consent”) is made and entered into as of May ___, 2016, by and among Accelerated Pharma, Inc., a Delaware corporation (the “Company”), and the parties identified on the signature page hereto (each a “Purchaser” and collectively, “Purchasers”). Capitalized terms used but not defined herein will have the meanings assigned to them in the Securities Purchase Agreements and Transaction Documents (as defined below). Capitalized terms defined herein shall be incorporated in the Transaction Documents, as appropriate.

 

WHEREAS, the Company and Purchasers identified on Schedule A entered into Securities Purchase Agreements (“Securities Purchase Agreements”) and other Transaction Documents (collectively, “Transaction Documents”) dated as of December 23, 2014, May 8, 2015, June 11, 2015, November 6, 2015, and April 20, 2016; and

 

WHEREAS, the Transaction Documents were previously amended and certain consents and waivers were granted pursuant to a certain Amendment, Waiver and Consent entered into as of May 8, 2015 and as further amended on November 6, 2015 pursuant to a Second Amendment, Waiver and Consent and as further amended on April 20, 2016 pursuant to a Third Amendment, Waiver and Consent; and

 

WHEREAS, the Company issued to the Purchasers Secured Convertible Notes (“Notes”) and Warrants (the “Warrants”); and

 

WHEREAS, the Company wishes to amend the definition of Qualified Offering as it appears in the Securities Purchase Agreements and Transaction Documents; and

 

WHEREAS, the Company and Purchasers agree to the following amendments, waivers, and consents, which amendments, waivers and consents shall be effective, the approval of a Majority in Interest which shall be binding on all Purchasers (“Effective Date”).

 

NOW, THEREFORE, the Company and Purchasers hereby agree as follows:

 

1.          The definition of “Qualified Offering” in Section 1.1 of the Securities Purchase Agreements is deleted and replaced with the following:

 

““Qualified Offering” means the occurrence of an offering of the Company’s Common Stock which closes in one or more closings in connection with which the Company receives not less than $5,000,000 of gross cash proceeds from the sale of Common Stock on or before November 15, 2016.”

 

2.          The undersigned represents to the Company that it is the holder of the Notes and Warrants in the amounts set forth on Schedule A hereto, it has not sold, transferred or otherwise assigned any of the Notes and Warrants and it has the authority to enter into and deliver this Consent.

 

3.          The Company represents that Schedule A hereto identifies all of the holders and sets forth the amounts as of the date herein of all of the securities issued or issuable pursuant to the Securities Purchase Agreements and that the Transaction Documents have not been previously amended nor any waiver of any term thereof granted by any party thereto other than as set forth in the Amendment Waiver and Consent, the Second Amendment, Waiver and Consent, the Third Amendment, Waiver and Consent and this Fourth Consent.

 

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4.          This Fourth Consent may be executed in counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same instrument. This Fourth Consent may be signed and delivered by facsimile or electronically and such facsimile or electronically signed and delivered Fourth Consent shall be enforceable.

 

5.          This Fourth Consent shall be included in the definition of Transaction Documents as such term is defined in the Securities Purchase Agreements.

 

6.          Sections 5.4, 5.5, 5.12 and 5.21 of the Securities Purchase Agreements are incorporated herein by reference.

 

7.          Except as expressly set forth herein, this Fourth Consent shall not be deemed to be a waiver, amendment or modification of any provisions of the Transaction Documents or of any right, power or remedy of the Purchaser, or constitute a waiver of any provision of the Transaction Documents (except to the extent herein set forth), or any other document, instrument and/or agreement executed or delivered in connection therewith and any other agreement to which the Purchaser may be parties to, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder. Except as set forth herein, the Purchaser reserves all rights, remedies, powers, or privileges available under the Transaction Documents and any other agreement to which the Purchaser may be parties to, at law or otherwise. This Fourth Consent shall not constitute a novation or satisfaction and accord of the Transaction Documents or any other document, instrument and/or agreement executed or delivered in connection therewith and any other agreement to which the Purchaser may be a party to.

 

(Signatures to follow)

 

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IN WITNESS WHEREOF, the Company and the undersigned Purchasers have caused this Fourth Consent to be executed as of the date first written above.

 

  ACCELERATED PHARMA, INC.
  the “Company”
     
  By:  

 

“PRIOR PURCHASER”

 

Name of Prior Purchaser: ____________________________________________________________________________

 

Signature of Authorized Signatory of Prior Purchaser: ______________________________________________________

 

Name of Authorized Signatory: _______________________________________________________________________

 

Title of Authorized Signatory: ________________________________________________________________________

 

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Exhibit A

List of Prior Purchasers

 

SCHEDULE A

 

PURCHASERS OF DECEMBER 23, 2014  PURCHASE PRICE
AND PRINCIPAL
AMOUNT OF NOTE
   WARRANTS 

CURBER INTERNATIONAL LTD.

William House, 2nd Floor

Hibiscus Square, Pond Street

P.O. Box 156

Grand Turk Truks and Caicos Island

Attn: M. Goldschmid

Mgoldshmid48@gmail.com

  $400,000.00    27,778 

MORRIS FUCHS

1109 East 22nd Street

Brooklyn, New York 11210

Email: lenoxxmorris@aol.com

  $50,000.00    3,472 

NACHUM STEIN

444 Madison Avenue, Suite 501

New York, NY 10022

Email: ns11238193@aol.com

  $100,000.00    6,944 

AMERICAN EUROPEAN INSURANCE CO.

444 Madison Avenue, Suite 501

New York, NY 10022

Email: ns11238193@aol.com

  $100,000.00    6,944 

HSI PARTNERSHIP

444 Madison Avenue, Suite 501

New York, NY 10022

Email: ns11238193@aol.com

  $50,000.00    3,472 

RR INVESTMENT 2012 LP

c/o Ken Gliedman

Licht Gliedman Investments PC

551 5th Avenue

New York, NY 10176

  $50,000.00    3,472 
TOTALS  $750,000.00      

 

 

  

SCHEDULE A (continued)

 

PURCHASERS OF MAY 8, 2015 AND JUNE 11, 2015 

PURCHASE PRICE

AND PRINCIPAL

AMOUNT OF NOTE

   WARRANTS 
2004 LEON SCHARF IRREVOCABLE TRUST CORP.
3839 Flatlands Ave., Suite 201
Brooklyn, NY 11234
Attn: Willy Beer
Tax ID# 20-665-6152
  $100,000.00    50,000 
HOCH FAMILY EQUITIES LLC
125-10 Queens Boulevard, Suite 224
Kew Gardens, NY 11415
Attn: Joseph Hoch, Member
Tax ID# 263694206
  $50,000.00    25,000 
RR INVESTMENT 2012 LP
285 Central Park West
New York, NY 10024
Attn: Ralph Rieder, Manager
Tax ID# 30-0759589
  $500,000.00    250,000 
API BIO INVESTORS, LLC
7 Glenwood Avenue, Suite 4190
East Orange, NJ 07017
Attn: AJ Ginsburg, Member
AJginsburg12@gmail.com
Tax ID# 47-3876371
  $340,000.00    170,000 
ABRAHAM BELSKY
16 Boxwood Lane
Lawrence, NY 11559
Fax: 718 313-9880
Tax ID# ###-##-####
  $50,000.00    25,000 
EDWIN W. COLMAN CHILDREN’S TRUST
50 Adams Gulch Road
Ketchum, ID 83340
Attn: Robert S. Colman, Trustee
Email: bcolman@colman-partners.com
Tax ID# 39-6330570
  $100,000.00    50,000 

ELI INZLICHT-SPREI

1121 East 21st Street

Brooklyn, NY 11210

Fax: 718-859-5717

Tax ID# ###-##-####

  $25,000.00    12,500 
HARVEY LANG
783 Montgomery Street
Brooklyn, NY 11213
Fax: 718-773-1283
Tax ID# ###-##-####
  $25,000.00    12,500 
ALPHA CAPITAL ANSTALT
Lettstrasse 32
9490 Vaduz, Liechtenstein
Attn: Konrad Ackermann, Director
Fax: 011-423-2323196
  $750,000.00    375,000 
BRIO CAPITAL MASTER FUND LTD.
C/O Brio Management LLC
100 Merrick Road, Suite 401C
Rockville Centre, NY 11570-4800
Fax: 646-390-2158
Tax ID# 98-1072321
  $110,000.00    55,000 

BERNHARD LAZARUS

42 Herbert Samuel St., Apt. 40

Tel Aviv 68018, Israel

Email: lazarusb@netvision.net.il

Tax ID#: ###-##-####

  $50,000.00    25,000 
TOTALS  $2,100,000.00    1,050,000 

 

 

 

SCHEDULE A (continued)

 

PURCHASERS OF NOVEMBER 6, 2015  PURCHASE PRICE
AND PRINCIPAL
AMOUNT OF NOTE
   WARRANTS 

API BIO INVESTORS, LLC

1 Skyline Terrace

Spring Valley, NY 10977

Attn: A.J. Ginsburg, Member

Email: AJGinsburg12@gmail.com

Tax ID#:

  $220,000.00    6,659 
MORDECHAI MARC BELSKY
270 Forest Avenue
Woodmere, NY 11598
Tel.: (516) 375-6000
Tax ID# ###-##-####
  $50,000.00    1,513 
KEREN BROCHA
26 Commonwealth Drive
Lakewood, NJ 08701
Attn: Chaim Stefansky, Manager
Tel.: (718) 362-1634
Tax ID#: 32-0012556
  $35,000.00    1,059 
CHAIM GROSS
1980 Swarthmore Avenue, Unit 1
Lakewood, NJ 08701
Tel.: (732) 930-9805
Tax ID#: ###-##-####
  $30,000.00    908 
HOCH FAMILY EQUITIES, LLC
125-10 Queens Boulevard, Suite 224
Kew Gardens, NY 11415
Attn: Ari Hoch, Member
Fax: (718) 374-3872
Tax ID# 26-3694206
  $100,000.00    3,027 

MORRIS FUCHS

1109 East 22nd Street

Brooklyn, New York 11210

Email: gcmf47@gmail.com

  $50,000.00    1,513 

ELI INZLICHT-SPREI

1121 East 21st Street

Brooklyn, NY 11210

Fax: 718 859-5717

Tax ID# ###-##-####

  $15,000.00    454 
TOTALS  $500,000.00    15,133 

 

 

 

SCHEDULE A (continued)

 

PURCHASERS OF APRIL 20, 2016  PURCHASE PRICE
AND PRINCIPAL
AMOUNT OF NOTE
   WARRANTS 
2004 LEON SCHARF IRREVOCABLE TRUST CORP.
3839 Flatlands Ave., Suite 201
Brooklyn, NY 11234
Attn: Willy Beer
Tax ID# 20-665-6152
  $100,000.00    2,579 
VENTURE CAP GROUP LLC
730 Eastern Parkway
Brooklyn, NY 11213
  $50,000.00    1,289 

NACHUM STEIN

444 Madison Avenue, Suite 501

New York, NY 10022

Email: ns11238193@aol.com

  $40,000.00    1,031 

AMERICAN EUROPEAN INSURANCE CO.

444 Madison Avenue, Suite 501

New York, NY 10022

Email: ns11238193@aol.com

  $40,000.00    1,031 

HSI PARTNERSHIP

444 Madison Avenue, Suite 501

New York, NY 10022

Email: ns11238193@aol.com

  $20,000.00    516 
TOTALS  $250,000.00    6,446