Letter and Conversion Notice, by and between Abtech Holdings, Inc. and Tilly LLC

EX-10.2 3 tv508999_ex10-2.htm EXHIBIT 10.2

 

Exhibit 10.2
  H O L D I N G S, I N C.

 

SENT VIA EMAIL

 

November 15, 2018

 

Wendy Neu

Tilly LLC

 

Re:Debt Conversion Terms

 

Dear Wendy:

 

In a previous letter, I notified you that Abtech Holdings, Inc. (the “Company”) had granted to you the right to convert your outstanding loans to the Company into shares of the Company’s common stock (the “Common Stock”) at a conversion price of $0.00627 per share (the “Conversion Price”). This conversion right was conditioned upon the Company successfully amending its Articles of Incorporation to increase the number of authorized shares to accommodate the conversion of your loans and the conversion of debt by other debtholders who were offered the same conversion terms.

 

The purpose of this letter is to advise you that on November 6, 2018, the Company completed a reverse stock split with a corresponding adjustment to its number of authorized shares. These events activated your conversion right effective for 30 days beginning November 6, 2018 and ending December 6, 2018.

 

In addition, I am pleased to inform you that on November 15, 2018, the Company’s Board of Director’s approved an adjustment to the Conversion Price of $0.00627 per share ($1.254 per share post-split) to $1.10 per share (post-split). This revised conversion right will expire on December 6, 2018.

 

Please refer to Schedule 1 attached hereto for an updated accounting of your loans to the Company including the calculation of interest due (collectively, the “Debt”), which are eligible for the conversion right described in this letter.

 

If you intend to take advantage of this conversion right, please complete the accompanying NOTICE REGARDING INTENT TO CONVERT DEBT and send it to me on or before December 6, 2018. Upon receipt of your notice we will ask our stock transfer agent to issue a certificate to you for the appropriate number of shares.

 

If you have any questions regarding the conversion of your Debt into Common Stock, please contact me at ***@*** or Lane Castleton at ***@***.

 

  Yours truly,
     
  Abtech Holdings, Inc.
     
     
  By: /s/ Glenn R. Rink
  Name:   Glenn R. Rink
  Title:   President, C.E.O.

 

 

4110 N. Scottsdale Rd., Suite 235 Scottsdale AZ 85251

Phone ###-###-#### Toll Free ###-###-#### Fax ###-###-#### Web www.abtechindustries.com

 

 

 

Schedule 1

 

LENDER Loan Date  Loan
Amount 		Interest Rate  Interest Accrued Total Amount Due Rate Number of Shares of Common Stock to be Issued Upon Conversion
               
Tllly LLC 1/24/18       139,000.00 10%      12,033.97       151,033.97         1.10              137,304
Tllly LLC 2/23/18       131,000.00 10%      10,264.66       141,264.66         1.10              128,422
Tllly LLC 3/7/18       131,000.00 10%        9,833.97       140,833.97         1.10              128,031
Tllly LLC 3/22/18       121,000.00 10%        8,586.03       129,586.03         1.10              117,805
Tllly LLC 4/4/18       107,000.00 10%        7,211.51       114,211.51         1.10              103,829
Tllly LLC 4/18/18       121,000.00 10%        7,690.96       128,690.96         1.10              116,992
Tllly LLC 5/2/18       118,000.00 10%        7,047.67       125,047.67         1.10              113,680
Tllly LLC 5/16/18       118,000.00 10%        6,595.07       124,595.07         1.10              113,268
Tllly LLC 5/31/18       118,000.00 10%        6,110.14       124,110.14         1.10              112,827
Tllly LLC 6/14/18       118,000.00 10%        5,657.53       123,657.53         1.10              112,416
Tllly LLC 6/27/18       118,000.00 10%        5,237.26       123,237.26         1.10              112,034
Tllly LLC 7/12/18       118,000.00 10%        4,752.33       122,752.33         1.10              111,593
Tllly LLC 7/27/18       118,000.00 10%        4,267.40       122,267.40         1.10              111,152
Tllly LLC 8/9/18       118,000.00 10%        3,847.12       121,847.12         1.10              110,770
Tllly LLC 8/22/18       118,000.00 10%        3,426.85       121,426.85         1.10              110,388
Tllly LLC 9/6/18       123,000.00 10%        3,066.58       126,066.58         1.10              114,606
Tllly LLC 9/20/18       118,000.00 10%        2,489.32       120,489.32         1.10              109,536
Tilly, LLC 10/4/18       132,000.00 10%        2,278.36       134,278.36         1.10              122,071
Tilly, LLC 10/19/18       118,000.00 10%        1,551.78       119,551.78         1.10              108,683
Tilly, LLC 11/1/18       118,000.00 10%        1,131.51       119,131.51         1.10              108,301
Tllly LLC 11/15/18         95,000.00 10%           546.58         95,546.58         1.10                86,861
Tllly LLC 11/29/18         91,000.00 10%           174.52         91,174.52         1.10                82,886
               
Totals    $ 2,607,000.00    $113,801.12  $ 2,720,801.12             2,473,455

 

 

 

 

 

Exhibit 10.2

 

NOTICE REGARDING INTENT TO CONVERT DEBT

 

To the Board of Directors of Abtech Holdings, Inc.:

 

Pursuant to the terms of the debt conversion letter (the “Side Letter”) entered into with Abtech Holdings, Inc. (the “Company”) on September 16, 2018, memorializing the terms of the conversion of loans I have made to the Company into shares of the Company’s common stock, as amended by the letter from Glenn Rink dated November 15, 2018, please be advised that I am providing written notice requesting the Company to convert all debt owed to Tilly, LLC by the Company amounting to $2,607,000 plus all the interest accrued thereon, into shares of the Company’s common stock at the conversion price of $1.10 per share. Please effect this conversion as soon as it is practicable following receipt of this notice and compliance with all corporate and securities laws.

 

 

 

Sincerely,    
     
Tilly, LLC    
     
     
By: /s/ Wendy Neu  
     
Date: 12/6/18