EX-10.1 2 ex10-1.htm

 

Exhibit 10.1

 

AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER

 

Amendment No. 1 to Agreement and Plan of Merger, dated November 1, 2022 (the “Amendment”), by and among Parsec Capital Acquisitions Corp., a Delaware corporation, Enteractive Merger Sub, Inc., a Canadian corporation (“Merger Sub”), and Enteractive Media Inc., a Canadian corporation (collectively, the “Parties”, and each, a “Party”.

 

WHEREAS, the Parties have entered into an Agreement and Plan of Merger, dated October 13, 2022 (the “Existing Agreement”); and

 

WHEREAS, the Parties hereto desire to amend the Existing Agreement on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1. Definitions. Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Existing Agreement.

 

2. Amendments to the Existing Agreement. As of the Effective Date (defined below), the Existing Agreement is hereby amended or modified as follows:

 

(a) The definition of “Merger Consideration” as defined in Article I of the Existing Agreement is hereby deleted in its entirety and replaced with the following:

 

“Merger Consideration” means Six Million Nine Hundred Thousand (6,900,000) shares, with an assumed price of $10.00 per share, subject to a discount of up to sixty percent (60%), of which One Million Nine Hundred Thousand (1,900,000) shares (the “Escrowed Shares”) are subject to forfeiture in the case the Company does not achieve gross revenues of at least Three Million Dollars ($3,000,000) in calendar year 2023, as reported by the Company in its Form 10-K filing for the year ended December 31, 2023. Accordingly, none of the shareholders of the Company will sell any of the Escrowed Shares until the Company reports such revenues.

 

(b) Exhibit A of the Existing Agreement is hereby deleted in its entirety and replaced with Exhibit A attached hereto to this Amendment.

 

3. Date of Effectiveness; Limited Effect. This Amendment will be deemed effective on the date first written above (the “Effective Date”). Except as expressly provided in this Amendment, all of the terms and provisions of the Existing Agreement are and will remain in full force and effect and are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the Existing Agreement or as a waiver of or consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party. On and after the Effective Date, each reference in the Existing Agreement to “this Agreement,” “the Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference to the Existing Agreement in any other agreements, documents, or instruments executed and delivered pursuant to, or in connection with, the Existing Agreement, will mean and be a reference to the Existing Agreement as amended by this Amendment.

 

 
 

 

4. Representations and Warranties. Each Party hereby represents and warrants to the other Party that:

 

(a) It has the full right, power, and authority to enter into this Amendment and to perform its obligations hereunder and under the Existing Agreement as amended by this Amendment.

 

(b) The execution of this Amendment by the individual whose signature is set forth at the end of this Amendment on behalf of such Party, and the delivery of this Amendment by such Party, have been duly authorized by all necessary action on the part of such Party.

 

(c) This Amendment has been executed and delivered by such Party and (assuming due authorization, execution, and delivery by the other Party hereto) constitutes the legal, valid, and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws and equitable principles related to or affecting creditors’ rights generally or the effect of general principles of equity.

 

EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN ARTICLES IV AND V OF THE EXISTING AGREEMENT AND IN THIS SECTION 4 OF THIS AMENDMENT, (A) NEITHER PARTY HERETO NOR ANY PERSON ON SUCH PARTY’S BEHALF HAS MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY WHATSOEVER, EITHER ORAL OR WRITTEN, WHETHER ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE, OR OTHERWISE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED, AND (B) EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS NOT RELIED UPON ANY REPRESENTATION OR WARRANTY MADE BY THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH OTHER PARTY’S BEHALF, EXCEPT AS SPECIFICALLY PROVIDED IN THIS SECTION 4.

 

2
 

 

5. Miscellaneous.

 

(a) This Amendment is governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws provisions of such State.

 

(b) This Amendment shall inure to the benefit of and be binding upon each of the Parties and each of their respective successors and assigns.

 

(c) The headings in this Amendment are for reference only and do not affect the interpretation of this Amendment.

 

(d) This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same agreement. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

 

(e) This Amendment constitutes the sole and entire agreement between the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

 

[SIGNATURE FOLLOWS]

 

3
 

 

IN WITNESS WHEREOF, the Parties have executed this Amendment as on the date first written above.

 

  PARSEC CAPITAL ACQUISITIONS CORP
     
  By: /s/ Patricia Trompeter
  Name: Patricia Trompeter
  Title: CEO
     
  ENTERACTIVE MERGER SUB, INC.
     
  By: /s/ Patricia Trompeter
  Name: Patricia Trompeter
  Title: CEO
     
  ENTERACTIVE MEDIA, INC.
     
  By: /s/ Kelly Kellner
  Name: Kelly Kellner
  Title: CEO

 

4
 

 

EXHIBIT A

 

Shareholder and Merger Consideration

 

Enteractive Media Inc.   Capitalization Table  
          Percent of     Number of Parsec (1)  
Shareholder   Shares     Fully Diluted     Shares Rec’d  
AGN Holding     4,800,000       8.00 %     552,000  
                         
Raphael Verdugo     5,678,500       9.46 %     653,028  
                         
Penfold Capital Markets LP     9,000,000       15.00 %     1,035,000  
                         
The Ridge Investment LP     8,376,000       13.96 %     963,240  
                         
Dufer Enterprise Ltd     3,000,000       5.00 %     345,000  
                         
Hunter Beechwood Investments     3,624,000       6.04 %     416,760  
                         
Terry DeBono     4,000,000       6.67 %     460,000  
                         
Katelyn Kellner     525,000       0.88 %     60,375  
                         
Kyle Kellner     200,000       0.33 %     23,000  
                         
Justin O’Heir     27,500       0.05 %     3,163  
                         
Dong Shim     24,000       0.04 %     2,760  
                         
Evans and Evans     24,000       0.04 %     2,760  
                         
Vakees Vallipuram Consulting     232,000       0.39 %     26,680  
                         
Bryce Boucher     100,000       0.17 %     11,500  
                         

Century Properties

(Robert Cunningham)

     150,000       0.25 %     17,250  
                         
Patrick M.B. Chan     150,000       0.25 %     17,250  
                         
1992689 Alberta Inc.     5,600,000       9.33 %     644,000  
                         
Chris Clisby     100,000       0.17 %     11,500  
                         
Dylan Johnson     50,000       0.08 %     5,750  
                         

Target Directories Corp

(Evan Heltay)

     500,000       0.83 %     57,500  
                         

Opal Odyssey Corporation

(Indra L. Maharaj)

     50,000       0.08 %     5,750  
                         
Derrick Law     50,000       0.08 %     5,750  
                         
Finlay Mah     600,000       1.00 %     69,000  
                         
Don Moroz     1,360,000       2.27 %     156,400  
                         

JB Metcalfe Holding Co.

(James Metcalfe)

     310,000       0.52 %     35,650  
                         
Michael William Skorpack     174,000       0.29 %     20,010  
                         

924755 Alberta Inc.

(Tim Down)

     1,000,000       1.67 %     115,000  
                         
Dawn Welykochy     50,000       0.08 %     5,750  
                         
Emmanuel Aladi     350,000       0.58 %     40,250  
                         
Julika Bond     125,000       0.21 %     14,375  

 

5

 

 

Enteractive Media Inc.   Capitalization Table  
          Percent of     Number of Parsec (1)  
Shareholder   Shares     Fully Diluted     Shares Rec’d  
                         
Veronika Slabyj     125,000       0.21 %     14,375  
                         
Deborah Lazareff     500,000       0.83 %     57,500  
                         
Robert Dikeukwu Professional Corporation     100,000       0.17 %     11,500  
                         

Excelsus International Inc.

(Joseph Osuji)

     50,000       0.08 %     5,750  
                         
John Anderson     150,000       0.25 %     17,250  
                         
Michael Wang     100,000       0.17 %     11,500  
                         
Nancy Wiseman     50,000       0.08 %     5,750  
                         
Alexandra Ross and Kenneth Kolodka     100,000       0.17 %     11,500  
                         
Tom Luzzi     50,000       0.08 %     5,750  
                         
James Nelles (Jamie)     100,000       0.17 %     11,500  
                         
Andrew Nelles     450,000       0.75 %     51,750  
                         
Douglas C. Johnson     85,000       0.14 %     9,775  
                         

PD Metcalfe Professional Corp.

(Peter Metcalfe)

     50,000       0.08 %     5,750  
                         

Metcalfe Professional Corp

(Charles Metcalfe)

     30,000       0.05 %     3,450  
                         

Dr. MJ Metcalfe Professional Corp.

(Michael Metcalfe)

     20,000       0.03 %     2,300  
                         
Cavell Holdings Inc.
(Timothy Melton)		     150,000       0.25 %     17,250  
                         
Brady Chernoff     10,000       0.02 %     1,150  
                         
Robert Rothenberg     100,000       0.17 %     11,500  
                         
Apotheon Group Ventures Ltd     450,000       0.75 %     51,750  
                         
HeadsUp Entertainment International Inc.     500,000       0.83 %     57,500  
                         
Katherine Wilson     2,500,000       4.17 %     287,500  
                         
Kelly Kellner     2,125,000       3.54 %     244,375  
                         
James Harty Nelles (Jim)     200,000       0.33 %     23,000  
                         
Lynne Kellner     1,375,000       2.29 %     158,125  
                         
Achille Colasanti     200,000       0.33 %     23,000  
                         
Malcolm Dunlop     200,000       0.33 %     23,000  
                         
Subtotal: Total Shares O/S     60,000,000       100 %     6,900,000  

 

6