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Can B Corp. – ‘10-Q’ for 3/31/21 – ‘EX-10.30’

On:  Friday, 5/21/21, at 5:20pm ET   ·   For:  3/31/21   ·   Accession #:  1493152-21-12555   ·   File #:  0-55753

Previous ‘10-Q’:  ‘10-Q’ on 11/16/20 for 9/30/20   ·   Next:  ‘10-Q’ on 8/16/21 for 6/30/21   ·   Latest:  ‘10-Q’ on 11/20/23 for 9/30/23   ·   30 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/21/21  Can B Corp.                       10-Q        3/31/21   69:3.9M                                   M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    264K 
 3: EX-10.21    Material Contract                                   HTML     24K 
 4: EX-10.22    Material Contract                                   HTML     24K 
 5: EX-10.23    Material Contract                                   HTML    220K 
 6: EX-10.24    Material Contract                                   HTML    126K 
 7: EX-10.25    Material Contract                                   HTML     83K 
 8: EX-10.26    Material Contract                                   HTML    127K 
 9: EX-10.27    Material Contract                                   HTML     84K 
10: EX-10.28    Material Contract                                   HTML    124K 
11: EX-10.29    Material Contract                                   HTML     35K 
12: EX-10.30    Material Contract                                   HTML     33K 
13: EX-10.31    Material Contract                                   HTML     33K 
 2: EX-10.9     Material Contract                                   HTML     36K 
14: EX-31.1     Certification -- §302 - SOA'02                      HTML     22K 
15: EX-31.2     Certification -- §302 - SOA'02                      HTML     22K 
16: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
17: EX-32.2     Certification -- §906 - SOA'02                      HTML     19K 
24: R1          Document and Entity Information                     HTML     46K 
25: R2          Consolidated Balance Sheets                         HTML    143K 
26: R3          Consolidated Balance Sheets (Parenthetical)         HTML     47K 
27: R4          Consolidated Statement of Operations                HTML     79K 
28: R5          Consolidated Statement of Stockholders' Equity      HTML     82K 
29: R6          Consolidated Statement of Cash Flows                HTML    115K 
30: R7          Organization and Description of Business            HTML     24K 
31: R8          Liquidity                                           HTML     21K 
32: R9          Basis of Presentation and Summary of Significant    HTML     30K 
                Accounting Policies                                              
33: R10         Asset Acquisitions                                  HTML     24K 
34: R11         Inventories                                         HTML     23K 
35: R12         Property and Equipment                              HTML     27K 
36: R13         Goodwill and Intangible Assets                      HTML     27K 
37: R14         Notes and Loans Payable                             HTML     30K 
38: R15         Stockholders' Equity                                HTML     30K 
39: R16         Stock Options                                       HTML     28K 
40: R17         Income Taxes                                        HTML     23K 
41: R18         Related Party Transactions                          HTML     22K 
42: R19         Commitments and Contingencies                       HTML     27K 
43: R20         Subsequent Events                                   HTML     23K 
44: R21         Basis of Presentation and Summary of Significant    HTML     47K 
                Accounting Policies (Policies)                                   
45: R22         Inventories (Tables)                                HTML     24K 
46: R23         Property and Equipment (Tables)                     HTML     25K 
47: R24         Goodwill and Intangible Assets (Tables)             HTML     29K 
48: R25         Stock Options (Tables)                              HTML     31K 
49: R26         Commitments and Contingencies (Tables)              HTML     22K 
50: R27         Organization and Description of Business (Details   HTML     20K 
                Narrative)                                                       
51: R28         Liquidity (Details Narrative)                       HTML     35K 
52: R29         Asset Acquisitions (Details Narrative)              HTML     39K 
53: R30         Inventories - Schedule of Inventories (Details)     HTML     25K 
54: R31         Property and Equipment (Details Narrative)          HTML     20K 
55: R32         Property and Equipment - Summary of Property,       HTML     37K 
                Plant and Equipment (Details)                                    
56: R33         Goodwill and Intangible Assets (Details Narrative)  HTML     24K 
57: R34         Goodwill and Intangible Assets - Schedule of        HTML     28K 
                Intangible Assets (Details)                                      
58: R35         Goodwill and Intangible Assets - Schedule of        HTML     34K 
                Estimated Future Amortization Expense (Details)                  
59: R36         Notes and Loans Payable (Details Narrative)         HTML     60K 
60: R37         Stockholders' Equity (Details Narrative)            HTML     57K 
61: R38         Stock Options - Summary of Stock Options Activity   HTML     49K 
                (Details)                                                        
62: R39         Stock Options - Schedule of Non-Vested Option       HTML     35K 
                (Details)                                                        
63: R40         Related Party Transactions (Details Narrative)      HTML     20K 
64: R41         Commitments and Contingencies (Details Narrative)   HTML     57K 
65: R42         Commitments and Contingencies - Schedule of Future  HTML     25K 
                Minimum Lease Payments Under Non-cancellable                     
                Operating Leases (Details)                                       
66: R43         Subsequent Events (Details Narrative)               HTML     39K 
68: XML         IDEA XML File -- Filing Summary                      XML     98K 
67: EXCEL       IDEA Workbook of Financial Reports                  XLSX     58K 
18: EX-101.INS  XBRL Instance -- canb-20210331                       XML    592K 
20: EX-101.CAL  XBRL Calculations -- canb-20210331_cal               XML    155K 
21: EX-101.DEF  XBRL Definitions -- canb-20210331_def                XML    356K 
22: EX-101.LAB  XBRL Labels -- canb-20210331_lab                     XML    676K 
23: EX-101.PRE  XBRL Presentations -- canb-20210331_pre              XML    512K 
19: EX-101.SCH  XBRL Schema -- canb-20210331                         XSD    109K 
69: ZIP         XBRL Zipped Folder -- 0001493152-21-012555-xbrl      Zip     76K 


‘EX-10.30’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 

Exhibit 10.30

 

ADDENDUM TO INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

This Addendum to Intellectual Property Security IP Security Agreement (“Addendum”) is entered into this May 17, 2021, by and between Can B Corp., a Florida corporation (the “Company”), the Subsidiaries of the Company set forth on the signature pages hereto (such subsidiaries, the Subsidiaries and, together with the Company, the “Debtors”) on the one hand, and Arena Special Opportunities Partners I, LP, a Delaware limited partnership, and Arena Special Opportunities Fund, LP, a Delaware limited partnership (each, a “Secured Party” and, collectively, the “Secured Parties”), on the other hand.

 

R E C I T A L S

 

WHEREAS, the parties hereto (the “Parties”) entered into that certain Intellectual Property Security IP Security Agreement dated December 10, 2020 (the “IP Security Agreement”) in connection with the Secured Parties’ purchase from the Company of Original Issue Discount Senior Secured Convertible Promissory Notes due nine (9) months following their issuance, in the aggregate principal amount of up to $2,777,778.00 (the “Original Notes”);

 

WHEREAS, the maturity dates of the Original Notes have been extended to January 31, 2022;

 

WHEREAS, the Parties have entered into a subsequent transaction whereby the Secured Parties purchased from the Company Original Issue Discount Senior Secured Convertible Promissory Notes due January 31, 2022, in the aggregate principal amount of up to $1,500,000.00 (the “New Notes”); and

 

WHEREAS, the Parties hereby wish to enter into this Addendum to extend the IP Security Agreement to the New Notes, pursuant to the terms and conditions of this Addendum.

 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties hereby agree that the following constitutes additional terms and conditions of the IP Security Agreement.

 

1. Addition of New Notes. The IP Security Agreement is amended to specifically incorporate the New Notes within the definition of “Obligations.”

 

2. Joinder of Botanical Biotech. In March 2021, the Company formed Botanical Biotech, LLC, a Nevada limited liability company. By its signature hereunder, Botanical Biotech, LLC hereby agrees to (a) be bound by the IP Security Agreement as amended hereby, and (b) have all the rights and obligations of the Debtors under the IP Security Agreement as amended hereby as fully and to the same extent as if the undersigned was an original signatory thereto. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, BOTANICAL BIOTECH, LLC SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY INTEREST IN THE COLLATERAL AS MORE FULLY SET FORTH IN THE IP SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH THEREIN.

 

3. Removal of Lifeguard. The Secured Parties agree to remove any and all Intellectual Property relating to the Company’s license agreement to use the LIFEGUARD® trademark or LIFEGUARD® brand from the definition from “Collateral” under the IP Security Agreement.

 

4. General Terms. This Addendum may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when two or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. This Addendum may be signed and delivered by electronic means, including e-mail. Capitalized terms used in this Addendum without definition shall have the meanings assigned to such terms in the IP Security Agreement. In the event of any discrepancy between the IP Security Agreement and this Addendum, then this Addendum shall control. Except as provided in this Addendum, all terms and conditions of the IP Security Agreement remain unchanged.

 

[Remainder of page intentionally left blank; signature pages to follow.]

 

 C: 
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IN WITNESS WHEREOF, the Parties have executed this Addendum on the date first above written.

 

CAN B CORP.   DURAMED MI, LLC  
      (f/k/a DURAMEDNJ LLC)
By: /s/ Marco Alfonsi    
Name: Marco Alfonsi   /s/ Can B Corp., its Manager
Title: Chief Executive Officer    
      By: /s/ Marco Alfonsi
DURAMED INC.     Name: Marco Alfonsi
      Title: Authorized Representative
By: /s/ Marco Alfonsi      
Name: Marco Alfonsi   PIVT LABS, LLC
Title: Authorized Representative   (f/k/a NY HEMP DEPOT LLC)
         
PURE HEALTH PRODUCTS, LLC     /s/ Can B Corp., its Manager
     
By: /s/ Marco Alfonsi   By: /s/ Marco Alfonsi
Name: Marco Alfonsi   Name: Marco Alfonsi
Title: Authorized Representative   Title: Authorized Representative
         
      IMBIBE WELLNESS SOLUTIONS, LLC
BOTANICAL BIOTECH, LLC     (f/k/a RADICAL TACTICAL LLC)
       
/s/ Can B Corp., its Manager   /s/ Can B Corp., its Manager
     
By: /s/ Marco Alfonsi   By: /s/ Marco Alfonsi
Name: Marco Alfonsi   Name: Marco Alfonsi
Title: Authorized Representative   Title: Authorized Representative
     
GREEN GROW FARMS, INC.    
     
/s/ Can B Corp., its Manager    
     
By: /s/ Marco Alfonsi  
Name: Marco Alfonsi      
Title:  Authorized Representative  

 

[SIGNATURE PAGE OF SECURED PARTIES FOLLOWS]

 

 C: 
2 of 3

 

 

[SIGNATURE PAGE OF SECURED PARTIES]

 

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

 

Name of Investing Entity: Arena Special Opportunities Fund, LP

 

Signature of Authorized Signatory of Investing entity: /s/ Lawrence Cutler

 

Name of Authorized Signatory: Lawrence Cutler

 

Title of Authorized Signatory: Authorized Signatory

 

 

Name of Investing Entity: Arena Special Opportunities Partners I, LP

 

Signature of Authorized Signatory of Investing entity: /s/ Lawrence Cutler

 

Name of Authorized Signatory: Lawrence Cutler

 

Title of Authorized Signatory: Authorized Signatory

 

 C: 
3 of 3

 


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
1/31/22
Filed on:5/21/21
5/17/21NT 10-Q
For Period end:3/31/21NT 10-K,  NT 10-Q
12/10/208-K
 List all Filings 


21 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/15/24  Can B Corp.                       10-K       12/31/23   71:6.8M                                   M2 Compliance LLC/FA
11/20/23  Can B Corp.                       10-Q        9/30/23   61:5.7M                                   M2 Compliance LLC/FA
 8/21/23  Can B Corp.                       10-Q        6/30/23   60:5.1M                                   M2 Compliance LLC/FA
 5/22/23  Can B Corp.                       10-Q        3/31/23   61:4.7M                                   M2 Compliance LLC/FA
 5/12/23  Can B Corp.                       S-1                    4:493K                                   M2 Compliance LLC/FA
 4/17/23  Can B Corp.                       10-K       12/31/22   80:10M                                    M2 Compliance LLC/FA
11/21/22  Can B Corp.                       10-Q        9/30/22   63:5.4M                                   M2 Compliance LLC/FA
 8/22/22  Can B Corp.                       10-Q        6/30/22   62:5.5M                                   M2 Compliance LLC/FA
 6/30/22  Can B Corp.                       S-1/A                 70:8.7M                                   M2 Compliance LLC/FA
 5/25/22  Can B Corp.                       S-1/A                 71:8.7M                                   M2 Compliance LLC/FA
 5/17/22  Can B Corp.                       10-Q        3/31/22   62:4.4M                                   M2 Compliance LLC/FA
 4/15/22  Can B Corp.                       10-K       12/31/21   66:5.8M                                   M2 Compliance LLC/FA
 2/14/22  Can B Corp.                       S-1/A       2/11/22  102:14M                                    M2 Compliance LLC/FA
 2/11/22  Can B Corp.                       S-1/A                101:14M                                    M2 Compliance LLC/FA
11/08/21  Can B Corp.                       S-1                    1:3M                                     M2 Compliance LLC/FA
11/05/21  Can B Corp.                       10-Q        9/30/21   57:4.9M                                   M2 Compliance LLC/FA
 9/01/21  Can B Corp.                       253G2                  1:2.3M                                   M2 Compliance LLC/FA
 8/24/21  Can B Corp.                       1-A POS     8/23/21    3:2.4M                                   M2 Compliance LLC/FA
 8/16/21  Can B Corp.                       10-Q        6/30/21   62:4.5M                                   M2 Compliance LLC/FA
 8/09/21  Can B Corp.                       1-A POS                5:2.3M                                   M2 Compliance LLC/FA
 6/30/21  Can B Corp.                       S-1                    3:2.1M                                   M2 Compliance LLC/FA


9 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/14/21  Can B Corp.                       10-K       12/31/20  102:84M                                    M2 Compliance LLC/FA
11/23/20  Can B Corp.                       8-K:5,9    11/17/20    2:4.6M                                   M2 Compliance LLC/FA
 9/11/20  Can B Corp.                       1-A POS                5:1.8M                                   M2 Compliance LLC/FA
 7/17/20  Can B Corp.                       1-A/A                  7:5.1M                                   M2 Compliance LLC/FA
 4/02/20  Can B Corp.                       10-K       12/31/19   83:40M                                    M2 Compliance LLC/FA
12/06/19  Can B Corp.                       8-K:1,9    12/04/19    2:271K                                   M2 Compliance LLC/FA
 1/30/19  Can B Corp.                       8-K:5,9     1/14/19    3:367K                                   Printing & Proxy, LLC/FA
 1/15/19  Can B Corp.                       8-K:1,2,3  12/28/18    3:123K                                   Printing & Proxy, LLC/FA
12/02/15  Can B Corp.                       S-1                   15:64M                                    Printing & Proxy, LLC/FA
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Filing Submission 0001493152-21-012555   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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