AMENDMENT TO INVESTORRIGHTS AGREEMENT
EXHIBIT 4.4
AMENDMENT TO
INVESTOR RIGHTS AGREEMENT
This Amendment (the Amendment) to Investor Rights Agreement (the Agreement), dated as of May 30, 2014 (Effective Date) by and among Pacific DataVision (the Company) and the Holders representing at least a majority of the Registrable Securities outstanding, (as defined in the Agreement). Capitalized terms used but not otherwise defined herein shall have the same meanings as set forth in the Agreement.
WHEREAS, Section 5.6 of the Agreement provides that the Agreement may be amended or modified only upon the written consent of the Company and the holders of at least a majority of the Registrable Securities, which amendment shall be binding and effective upon all holders of Registrable Securities.
WHEREAS, the parties hereto agree that in connection with certain private placement of shares of the common stock of the Company in connection with the purchase of spectrum assets from Sprint Corporation, it is in the best interest of the Company to amend the Agreement in order terminate certain information and other rights and obligations of the Holders and to exclude the Offering from certain rights of first refusal held by the Holders
NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, the parties hereby agree as follows:
1. Amendment to Section 3. Section 3.14 shall be amended and restated in its entirety as follows:
3.14 Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement shall expire and terminate in full upon the earlier of (i) the effective date of the registration statement pertaining to the Initial Offering, which results in the Series A Preferred Stock and Series AA Preferred Stock being converted into Common Stock, (ii) the closing of that certain private placement of shares of the common stock of the Company (the Offering), with sufficient proceeds to accomplish the purchase of spectrum assets from Sprint Corporation to the Company pursuant to that certain Asset Purchase Agreement, dated May 13, 2014, by and between Sprint Corporation and the Company (the Sprint APA), or (iii) upon (a) the sale, lease or other disposition of all or substantially all of the assets of the Company or (b) an acquisition of the Company by another corporation or entity by consolidation, merger or other reorganization in which the holders of the Companys outstanding voting stock immediately prior to such transaction own, immediately after such transaction, securities representing less than fifty percent (50%) of the voting power of the corporation or other entity surviving such transaction, provided that this Section 3.14(ii)(b) shall not apply to a merger effected exclusively for the purpose of changing the domicile of the Company (a Change in Control).
2. Amendment to Section 4. A new Section 4.6(h) shall be added as follows:
(g) any Equity Securities issued the Offering, which Offering is approved by the Board of Directors.
3. Approval of Amendment. By its signature below, the Company hereby adopts this Amendment.
4. Necessary Acts. Each party to this Amendment hereby agrees to perform any further acts and to execute and deliver any further documents that may be necessary or required to carry out the intent and provisions of this Amendment and the transactions contemplated hereby.
5. Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the laws of the State of California.
6. Continued Validity. Except as otherwise expressly provided herein, the Agreement shall remain in full force and effect.
7. Counterparts. This Amendment may be executed by facsimile and in any number of counterparts by the parties hereto all of which together shall constitute one instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the Effective Date.
PACIFIC DATAVISION
By: | /s/ John Pescatore | |
John Pescatore | ||
President and Chief Executive Officer | ||
Address: 100 Hamilton Plaza, Lobby Floor | ||
Paterson, New Jersey 07505 |
HOLDER:
THE SIGNATURE PAGE TO PACIFIC DATAVISION CONSENT ACTION EXECUTED BY THE HOLDER IS HEREBY APPENDED HERETO AS EVIDENCE OF SUCH HOLDERS EXECUTION AND ADOPTION OF THIS AMENDMENT TO INVESTOR RIGHTS AGREEMENT.
HOLDERS:
Alicia Rygiel
Amie & Robert Yabroff
AMK International, Inc.
Ann Poh
Arthur L. Cahoon
Benjamin & Susan Frishberg
Brian D. McAuley
Brian D. McAuley, as Trusteee for Beth Kathryn McAuley
Brian D. McAuley, as Trusteee for Christian Brian McAuley
Brian D. McAuley, as Trusteee for Mary Elizabeth McAuley
Brian D. McAuley, as Trusteee for Tricia Florence McAuley
Curtis A. Gulbro
Darryl K. Korn, Trustee, Darryl K. Korn Living Trust U/A dated 12/14/91
David Lasensky
David Lasensky Irrevocable Trust
Douglas Gardner
Douglas Grissom
Edward E. Hicks & Teresa Hicks-Nuzzi
Eileen Gildea
Elby Loyd
Eric C. Mollman & Mary C. Mollman
Eric Mollman
Finch Family Trust Dated Nov. 23, 1987
Frank Creede
Glenn Carpenter
Goolock Associates
Halsey Family Tust
James H. Dahl
James M. Davidson Revocable Deed of Trust 9/1/99
James Perry
Jane McAuley
John C. Pescatore
John D. and Claudia J. Larsen
John L. Smaha
John Major
John Sites Jr.
Jonathan Butler
Joseph Lasensky
Joseph Oakes
Ken G. Secemski
Las Aguillas Holdings, LLC (Account BW-53560)
LeRoy Kirchner, Jr.
Lisa and Barry Marks
Lisa Giadini
Lorenz Fischer-Zernin
Marcus Rhodes
Mark L. Creede
Melanie Kirchner
Mercedes Iglesias
Michael Carey and Mary Carey
Michelle K. Pescatore
Morgan OBrien
Nextone, LLC
Northwood Capital Partners, LLC
Northwood Ventures, LLC
Orhan Sadik-Khan
Paul Finnegan
Paul Mastroianni and Noreen Mastroianni
Peter Joel Lasensky
RaptorTrust u/a/d December 28, 2004
Revocable Trust of Jack Markell
Richard E. Rohmann, Trustee of the Richard E. Rohmann Trust, dated April 23, 1991
Richard P. Miklau
Richard Somers
Robert A. Vickery
Schabarum Family Trust
SK Partners
Southfield Communications
Stan De Cosmo
Stelca A. Somerville, Trustee of the Trust A/Somerville Family Trust dated February 27, 1980
Steve Schreiber
Sutton Family Trust dated 6-5-95
TRG Consulting
UBS Financial Services, Inc. as IRA Custodian for Joseph A Lozito, MD
Ulrich E. Keller, Jr. and Anne L. Confair
Wayland Hicks