Waiver Agreement between Tech Laboratories, Inc. and Note Holders (June 28, 2002)

Summary

Tech Laboratories, Inc. and several holders of its 6.5% convertible promissory notes agree that the holders will waive any defaults under previous agreements, provided that a new agreement currently being negotiated is finalized by July 15, 2002. This waiver is conditional and will only apply if the new agreement is reached by the specified date.

EX-10.1 3 techlabs_ex10-1.txt EXHIBIT 10.1 AGREEMENT Agreement dated as of June 28, 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 15, 2002. TECH LABORATORIES, INC. By: /s/ -------------------------------- Bernard M. Ciongoli, President CELESTE TRUST REG. By: /s/ -------------------------------- ESQUIRE TRADE & FINANCE, INC. By: /s/ -------------------------------- THE ENDEAVOUR CAPITAL INVESTMENT FUND, S.A. By: /s/ --------------------------------