Waiver Agreement between Tech Laboratories, Inc. and Note Holders (July 1, 2002)

Summary

Tech Laboratories, Inc. and several note holders, including Celeste Trust Reg., Esquire Trade & Finance, Inc., and The Endeavour Capital Investment Fund, S.A., agree that the holders will waive any defaults under previous agreements if a new agreement is reached by July 30, 2002. This waiver is conditional on the successful negotiation of the new agreement by that date.

EX-10.1 3 techlabs_ex10-1.txt Exhibit 10.1 AGREEMENT --------- Agreement dated as of July 1, 2002, by and among Tech Laboratories, Inc., a New Jersey corporation (the "Company") and Celeste Trust Reg., Esquire Trade & Finance, Inc., and The Endeavour Capital Investment Fund, S.A. (the "Holders"). The Holders of certain 6.5% convertible promissory notes (and the warrant holders to the extent required) agree to waive any defaults that would otherwise occur under the Redemption Agreement dated January 11, 2002, and Amendment to Redemption and Conversion Agreement dated April 19, 2002, provided an agreement presently being negotiated by the parties is reached on or before July 30, 2002. TECH LABORATORIES, INC. By: /s/ Bernard M. Ciongoli -------------------------------- Bernard M. Ciongoli, President CELESTE TRUST REG. By: /s/ -------------------------------- ESQUIRE TRADE & FINANCE, INC. By: /s/ -------------------------------- THE ENDEAVOUR CAPITAL INVESTMENT FUND, S.A. By: /s/ --------------------------------