EXTENSION AGREEMENT

EX-10.1 2 f8k033112ex10i_attitude.htm EXTENSION AGREEMENT (EXHIBIT B FILED AS EXHIBIT 10.2 TO THIS REPORT) f8k033112ex10i_attitude.htm
EXHIBIT 10.1

EXTENSION AGREEMENT
 
This Extension Agreement is made as of the 31st day of March, 2012 (“Agreement”) among Attitude Drinks Inc., a Delaware corporation (the “Company”), and the noteholders (“Noteholders”) of the Notes as described on Schedule A hereto.

WHEREAS, the Maturity Date of the Notes is March 31, 2012; and

WHEREAS, the Company wishes to extend the Maturity Date of the Notes to March 31, 2014 and wishes the Noteholders to consent to such extension.

NOW THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby consent and agree as follows:

1.           The Maturity Date of the Notes is extended to March 31, 2014.

2.           In consideration of the extension of the Maturity Date of the Notes, the Company shall issue to each Noteholder a convertible note in the principal amount representing ten percent (10%) of the principal amount owed to each Noteholder and as further described on Schedule A (“Ten Percent Notes”) in the form annexed hereto as Exhibit B.  The Conversion Price of such Ten Percent Notes shall be equal to seventy-five percent (75%) of the average of the three lowest closing bid prices for the Common Stock as reported by Bloomberg L.P. for the Principal Market for the ten trading days preceding a Conversion Date, but in no event greater than $0.02, subject to further reductions as described in the Ten Percent Notes.

3.           This Agreement constitutes the entire agreement among the parties, and supersedes all prior and contemporaneous agreements and understandings of the parties in connection herewith.  No changes, modifications, terminations or waivers of any of the provisions hereof shall be binding unless in writing and signed by all of the parties thereto.

4.           This Agreement may be executed in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  This Agreement may also be executed by either party hereto by facsimile signature, which shall be deemed to be an original signature of such party hereon.
 
[Signatures to Follow]

 
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IN WITNESS WHEREOF, the undersigned have executed and delivered this Extension Agreement as of the date first written above.

"COMPANY"
ATTITUDE DRINKS INC.
a Delaware corporation

By: /s/ Roy G. Warren
Its: President and Chief Executive Officer
 
/s/ Smivel LLC
SMIVEL, LLC
By: Joseph Smith, Partner
 
/s/ Alpha Capital Anstalt      /s/ CMS Capital
ALPHA CAPITAL ANSTALT
CMS CAPITAL
 
/s/ Whalehaven Capital Fund Limited /s/ Libra Finance, S.A
WHALEHAVEN CAPITAL FUND LIMITED LIBRA FINANCE, S.A.

 
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SCHEDULE A TO EXTENSION AGREEMENT
 
SUBSCRIBER
ORIGINAL ISSUE DATE
 
OUTSTANDING PRINCIPAL AMOUNT
   
TEN PERCENT
NOTE AMOUNT
 
NEW MATURITY
DATE
                 
ALPHA CAPITAL ANSTALT
February 2008
    271,150          
Pradafant 7
August 2008  original debt
               
9490 Furstentums
  assigned November, 2009
    253,750          
Vaduz, Lichtenstein
September 2008
    263,333          
Attn: Konrad Ackerman
December 2008
    60,833          
Fax: 011-42-32323196
January 2009 & Allonges
    120,000          
 
January 2009 (Redemption)
    70,834              
 
March 2009 & Allonges
    414,834          
 
November 2009
    111,111          
 
January 2010
    50,000          
 
Libra January 2008
    5,000          
 
  Total
    1,620,845       162,085  
3/31/2014
                     
WHALEHAVEN  CAPITAL FUND LIMITED
February 2008
    78,392            
560 Sylvan Avenue, 3rd Fl.
March 2009 & Allonges
    20            
Englewood Cliffs, NJ 07632
      78,412       7,841  
3/31/2014
Attn: Michael Finkelstein
                   
Fax: (201) 408-5125
                   
SMIVEL LLC
February 2008
    4,000       400  
3/31/2014
12642 SW 103rd Court
                   
Miami, Florida 33176
                   
                     
CMS CAPITAL, INC.
January 2008
    18,852       1,885  
3/31/2014
9612 Van  Nuys Blvd. #108
                   
Panorama City, CA 91402
                   
 
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