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Put Exercise Agreement - GREEN BRIDGE INDUSTRIES, INC - 4-12-2000 - DOC

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Put Exercise Agreement - GREEN BRIDGE INDUSTRIES, INC - 4-12-2000 - DOC Powered By Docstoc
					PUT EXERCISE AGREEMENT It is hereby agreed as of this _____ day of November, 1999 among the undersigned, in connection with the Put described in Sections 11.1, 11.2, 11.3 and 11.4 of Subscription Agreements dated on or about July 20, 1999 ("Subscription Agreements") between Antra Holdings Group, Inc. (the "Company") and each of the Subscribers identified on Schedule A hereto ("Subscribers"), that each of the undersigned consents to the acceleration in part of the exercise by the Company of that amount of the Put in relation to the amount of Put Notes ("Put Notes") set forth on Schedule A hereto. For clarification, the parties agree that the amount of the part of the Put being accelerated in part and exercised hereby by the Company shall be an aggregate of $800,000, or 57.8313% of the full amount of the Put. Notwithstanding anything to the contrary herein or in any of the other agreements being executed in connection with this transaction, the Company shall continue to be entitled to exercise the balance of the Put at such time as the conditions for exercise set forth in the Subscription Agreement shall be satisifed or waived. The Subscribers are granted all the rights, remedies, liquidated damages and indemnification granted to the Subscribers in connection with the Notes purchased by the Subscribers pursuant to the Subscription Agreements, including but not limited to, the rights and procedures set forth in Sections 9.1, 9.2, 9.3, 9.5, 9.6 of the Subscription Agreements, the registration rights and liquidated damages described in Section 10 of the Subscription Agreements and the security interest described in Section 13(g) of the Subscription Agreements. The Subscribers waive the contingencies described in Sections 11.1(b)(i), 11.1(b)(ii), 11.1(b)(iii), and 11.1(c) of the Subscription Agreement with respect to the portion of the Put being exercised hereby. The Company represents and warrants the continuing truth and accuracy of all of the Company's representations, warranties, and reaffirms the Company's undertakings set forth in the Subscription Agreements, as of the date hereof (which shall be deemed the Put Date) and as of the date the purchase price of the Put Notes is transmitted to the Company (the "Put Closing Date"). The Company further represents and warrants that except as described above, all contingencies and conditions required for the exercise of the Put will have been satisfied as of the Put Date and Put Closing Date. The Placement Agents identified on Schedule B hereto will receive the cash portion of the Put Commissions (as defined in Section 11.4 of the Subscription Agreements) and the number of the Company's common stock purchase warrants which shall be deemed to be the Put Warrants in the amounts designated on Schedule B hereto.

For clarification, the parties agree that, subject to modifications approved by the Placement Agents, (a) the cash commissions payable to the placement agents as set forth on Schedule B hereto are equal to 57.8313% of the full amount of such cash commissions as set forth on the disbursement letters to the escrow agent dated July 15, 1999 and July 20, 1999, and (b) the placement warrants to be delivered to each of the placement agents as set forth on Schedule B hereto are equal to (i) 57.8313% of the full amount of such placement agent's placement warrants as set forth on Schedule B to the Subscription Agreement plus (ii) the portion of an additional 400,000 warrants in the same proportion as (x) the full amount of such placement agent's Put placement warrants received in connection with the Subscription Agreement shall bear to (y) the total amount of all the placement warrants received by placement agent in connection with the Subscription Agreement. The attorney for the Subscribers shall receive the fee described in Section 11.4 of the Subscription Agreements. This Put Exercise Agreement may be executed in any number of counterparts and on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same Put Exercise Agreement. This Put Exercise Agreement may be executed by facsimile transmission. [THIS SPACE INTENTIONALLY LEFT BLANK]

For clarification, the parties agree that, subject to modifications approved by the Placement Agents, (a) the cash commissions payable to the placement agents as set forth on Schedule B hereto are equal to 57.8313% of the full amount of such cash commissions as set forth on the disbursement letters to the escrow agent dated July 15, 1999 and July 20, 1999, and (b) the placement warrants to be delivered to each of the placement agents as set forth on Schedule B hereto are equal to (i) 57.8313% of the full amount of such placement agent's placement warrants as set forth on Schedule B to the Subscription Agreement plus (ii) the portion of an additional 400,000 warrants in the same proportion as (x) the full amount of such placement agent's Put placement warrants received in connection with the Subscription Agreement shall bear to (y) the total amount of all the placement warrants received by placement agent in connection with the Subscription Agreement. The attorney for the Subscribers shall receive the fee described in Section 11.4 of the Subscription Agreements. This Put Exercise Agreement may be executed in any number of counterparts and on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same Put Exercise Agreement. This Put Exercise Agreement may be executed by facsimile transmission. [THIS SPACE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the undersigned have executed and delivered this Put Exercise Agreement as of the date first written above. ANTRA HOLDINGS GROUP, INC. By:________________________________ AUSTOST ANSTALT SCHAAN By:________________________________ BALMORE FUNDS, S.A. By:________________________________ BERKELEY GROUP LTD. By:________________________________ NESHER, INC. By:________________________________ UNITED SECURITIES SERVICES, INC. By:________________________________ ELLIS ENTERPRISES, LTD. By:________________________________

SCHEDULE A
================================================================================ SUBSCRIBER PRINCIPAL NOTE AMOUNT -------------------------------------------------------------------------------AUSTOST ANSTALT SCHAAN $332,530.00 7440 Fuerstentum

IN WITNESS WHEREOF, the undersigned have executed and delivered this Put Exercise Agreement as of the date first written above. ANTRA HOLDINGS GROUP, INC. By:________________________________ AUSTOST ANSTALT SCHAAN By:________________________________ BALMORE FUNDS, S.A. By:________________________________ BERKELEY GROUP LTD. By:________________________________ NESHER, INC. By:________________________________ UNITED SECURITIES SERVICES, INC. By:________________________________ ELLIS ENTERPRISES, LTD. By:________________________________

SCHEDULE A
================================================================================ SUBSCRIBER PRINCIPAL NOTE AMOUNT -------------------------------------------------------------------------------AUSTOST ANSTALT SCHAAN $332,530.00 7440 Fuerstentum Lichenstein, Landstrasse 163 Fax: 011-431-534532895 -------------------------------------------------------------------------------BALMORE FUNDS S.A. $332,530.00 P.O. Box 4603 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------BERKELEY GROUP LTD. $ 57,831.00 P.O. Box N-1836 Suite A-096 Nassau, Bahamas Fax: 415-449-3490 -------------------------------------------------------------------------------NESHER, INC. $ 38,554.00 Ragnall House 18 Peel Road Douglas, Isle of Man 1M1, 4L2, United Kingdom Fax: 011-972-36120639 -------------------------------------------------------------------------------UNITED SECURITIES SERVICES, INC. $ 28,916.00 135 West 50th Street New York, New York

SCHEDULE A
================================================================================ SUBSCRIBER PRINCIPAL NOTE AMOUNT -------------------------------------------------------------------------------AUSTOST ANSTALT SCHAAN $332,530.00 7440 Fuerstentum Lichenstein, Landstrasse 163 Fax: 011-431-534532895 -------------------------------------------------------------------------------BALMORE FUNDS S.A. $332,530.00 P.O. Box 4603 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------BERKELEY GROUP LTD. $ 57,831.00 P.O. Box N-1836 Suite A-096 Nassau, Bahamas Fax: 415-449-3490 -------------------------------------------------------------------------------NESHER, INC. $ 38,554.00 Ragnall House 18 Peel Road Douglas, Isle of Man 1M1, 4L2, United Kingdom Fax: 011-972-36120639 -------------------------------------------------------------------------------UNITED SECURITIES SERVICES, INC. $ 28,916.00 135 West 50th Street New York, New York Fax: 212-541-4410 -------------------------------------------------------------------------------ELLIS ENTERPRISES, LTD. $ 9,639.00 42A Waterloo Road London, England NW2, 7UF Fax: 011-441-014509004 -------------------------------------------------------------------------------TOTAL $800,000.00 ================================================================================

SCHEDULE B - PUT COMMISSION SCHEDULE
================================================================================ PLACEMENT AGENT CASH COMMISSION PLACEMENT WARRANTS -------------------------------------------------------------------------------LIBRA FINANCE S.A. $42,602.00 598,555 P.O. Box 4603 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------HYETT CAPITAL LTD. 10,313.00 52,048 1510 51st Street Brooklyn, New York 11219 Fax: 718-972-6196 -------------------------------------------------------------------------------INTERNATIONAL GLOBAL 40,000.00 -0COMMUNICATIONS, INC. 142 Mineola Avenue, Suite 2D Roslyn Heights, New York Fax: 212-643-1998 -------------------------------------------------------------------------------J. HAYUT -0-01116 Potomac Road Atlanta, GA 30338 Fax: 404-636-0501

SCHEDULE B - PUT COMMISSION SCHEDULE
================================================================================ PLACEMENT AGENT CASH COMMISSION PLACEMENT WARRANTS -------------------------------------------------------------------------------LIBRA FINANCE S.A. $42,602.00 598,555 P.O. Box 4603 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------HYETT CAPITAL LTD. 10,313.00 52,048 1510 51st Street Brooklyn, New York 11219 Fax: 718-972-6196 -------------------------------------------------------------------------------INTERNATIONAL GLOBAL 40,000.00 -0COMMUNICATIONS, INC. 142 Mineola Avenue, Suite 2D Roslyn Heights, New York Fax: 212-643-1998 -------------------------------------------------------------------------------J. HAYUT -0-01116 Potomac Road Atlanta, GA 30338 Fax: 404-636-0501 -------------------------------------------------------------------------------ELLIS ENTERPRISES, LTD. 386.00 8,674 42A Waterloo Road London, England NW2, 7UF Fax: 011-441-014509004 -------------------------------------------------------------------------------TALBIYA B. INVESTMENTS, INC. 2,699.00 60,723 Ragnall House 18 Peel Road Douglas, Isle of Man 1M1, 4L2, United Kingdom Fax: 011-972-36120639 -------------------------------------------------------------------------------TOTALS $96,000.00 720,000 ================================================================================

PUT EXERCISE AGREEMENT It is hereby agreed as of this _____ day of February, 2000 among the undersigned, in connection with the Put described in Sections 11.1, 11.2, 11.3 and 11.4 of Subscription Agreements dated on or about July 20, 1999 ("Subscription Agreements") between Antra Holdings Group, Inc. (the "Company") and each of the Subscribers identified on Schedule A hereto ("Subscribers"), that each of the undersigned consents to the acceleration in part of the exercise by the Company and an increase in the amount of the Put to that amount of the aggregate Put Notes ("Put Notes") set forth on Schedule A hereto. For clarification, the parties agree that the amount of the Put being accelerated, increased and exercised hereby by the Company shall be an aggregate of $1,300,000. The Subscribers are granted all the rights, remedies, liquidated damages and indemnification granted to the Subscribers in connection with the Notes purchased by the Subscribers pursuant to the Subscription Agreements, including but not limited to, the rights and procedures set forth in Sections 9.1, 9.2, 9.3, 9.5, 9.6 of the Subscription Agreements, the registration rights and liquidated damages described in Section 10 of the Subscription Agreements and the security interest described in Section 13(g) of the Subscription Agreements. The Subscribers waive the contingency described in Section 11.1(b)(i) of the Subscription Agreement with respect to the portion of the Put being exercised hereby. However, it shall be deemed an occurrence of a NonRegistration Event if all the Company Shares and Common Stock components of the Securities and Put

PUT EXERCISE AGREEMENT It is hereby agreed as of this _____ day of February, 2000 among the undersigned, in connection with the Put described in Sections 11.1, 11.2, 11.3 and 11.4 of Subscription Agreements dated on or about July 20, 1999 ("Subscription Agreements") between Antra Holdings Group, Inc. (the "Company") and each of the Subscribers identified on Schedule A hereto ("Subscribers"), that each of the undersigned consents to the acceleration in part of the exercise by the Company and an increase in the amount of the Put to that amount of the aggregate Put Notes ("Put Notes") set forth on Schedule A hereto. For clarification, the parties agree that the amount of the Put being accelerated, increased and exercised hereby by the Company shall be an aggregate of $1,300,000. The Subscribers are granted all the rights, remedies, liquidated damages and indemnification granted to the Subscribers in connection with the Notes purchased by the Subscribers pursuant to the Subscription Agreements, including but not limited to, the rights and procedures set forth in Sections 9.1, 9.2, 9.3, 9.5, 9.6 of the Subscription Agreements, the registration rights and liquidated damages described in Section 10 of the Subscription Agreements and the security interest described in Section 13(g) of the Subscription Agreements. The Subscribers waive the contingency described in Section 11.1(b)(i) of the Subscription Agreement with respect to the portion of the Put being exercised hereby. However, it shall be deemed an occurrence of a NonRegistration Event if all the Company Shares and Common Stock components of the Securities and Put Securities (as defined in the Subscription Agreement) are not included in a registration statement as described in Section 10.1(iv) of the Subscription Agreement, declared effective on or before March 15, 2000. The Company represents and warrants the continuing truth and accuracy of all of the Company's representations, warranties, and reaffirms the Company's undertakings set forth in the Subscription Agreements, as of the date hereof (which shall be deemed the Put Date) and as of the date the purchase price of the Put Notes is transmitted to the Company (the "Put Closing Date"). The Company further represents and warrants that except as described above, all contingencies and conditions required for the exercise of the Put will have been satisfied as of the Put Date and Put Closing Date. The term Note as employed in Section 9.5 of the Subscription Agreement shall be deemed also to refer to Put Note. The Subscriber shall have the right to allocate which of the equity of the Company deemed beneficially owned by the Subscriber shall be allocated to the 9.9% amount described in Section 9.5 of the Subscription Agreement and similar restrictive agreements and which shall be allocated to the excess above 9.99%.

The Placement Agents identified on Schedule B hereto will receive the cash portion of the Put Commissions (as defined in Section 11.4 of the Subscription Agreements) and the number of the Company's common stock purchase warrants which shall be deemed to be the Put Warrants in the amounts designated on Schedule B hereto. Nothing herein shall constitute a waiver of any of the Subscriber's rights set forth in any agreement or document prior to the date hereof. The Company acknowledges that the Put Notes issued prior to the date hereof and the Put Notes described herein are, among others, "Obligations" as that term is defined in a Security Agreement dated July 20, 1999 among the Company, Subscribers and a Collateral Agent. This Put Exercise Agreement may be executed in any number of counterparts and on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same Put Exercise Agreement. This Put Exercise Agreement may be executed by facsimile transmission. [THIS SPACE INTENTIONALLY LEFT BLANK]

The Placement Agents identified on Schedule B hereto will receive the cash portion of the Put Commissions (as defined in Section 11.4 of the Subscription Agreements) and the number of the Company's common stock purchase warrants which shall be deemed to be the Put Warrants in the amounts designated on Schedule B hereto. Nothing herein shall constitute a waiver of any of the Subscriber's rights set forth in any agreement or document prior to the date hereof. The Company acknowledges that the Put Notes issued prior to the date hereof and the Put Notes described herein are, among others, "Obligations" as that term is defined in a Security Agreement dated July 20, 1999 among the Company, Subscribers and a Collateral Agent. This Put Exercise Agreement may be executed in any number of counterparts and on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same Put Exercise Agreement. This Put Exercise Agreement may be executed by facsimile transmission. [THIS SPACE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the undersigned have executed and delivered this Put Exercise Agreement as of the date first written above. ANTRA HOLDINGS GROUP, INC. AUSTOST ANSTALT SCHAAN BALMORE FUNDS, S.A. BERKELEY GROUP LTD. NESHER, INC. UNITED SECURITIES SERVICES, INC. ELLIS ENTERPRISES, LTD.

SCHEDULE A
================================================================================ SUBSCRIBER PRINCIPAL NOTE AMOUNT -------------------------------------------------------------------------------AUSTOST ANSTALT SCHAAN $540,410.00 7440 Fuerstentum Lichenstein, Landstrasse 163 Fax: 011-431-534532895 -------------------------------------------------------------------------------BALMORE FUNDS S.A. P.O. Box 4603 $540,410.00 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------BERKELEY GROUP LTD. $ 93,990.00

IN WITNESS WHEREOF, the undersigned have executed and delivered this Put Exercise Agreement as of the date first written above. ANTRA HOLDINGS GROUP, INC. AUSTOST ANSTALT SCHAAN BALMORE FUNDS, S.A. BERKELEY GROUP LTD. NESHER, INC. UNITED SECURITIES SERVICES, INC. ELLIS ENTERPRISES, LTD.

SCHEDULE A
================================================================================ SUBSCRIBER PRINCIPAL NOTE AMOUNT -------------------------------------------------------------------------------AUSTOST ANSTALT SCHAAN $540,410.00 7440 Fuerstentum Lichenstein, Landstrasse 163 Fax: 011-431-534532895 -------------------------------------------------------------------------------BALMORE FUNDS S.A. P.O. Box 4603 $540,410.00 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------BERKELEY GROUP LTD. $ 93,990.00 P.O. Box N-1836 Suite A-096 Nassau, Bahamas Fax: 415-449-3490 -------------------------------------------------------------------------------NESHER, INC. $ 62,660.00 Ragnall House 18 Peel Road Douglas, Isle of Man 1M1, 4L2, United Kingdom Fax: 011-972-36120639 -------------------------------------------------------------------------------UNITED SECURITIES SERVICES, INC. $ 46,930.00 135 West 50th Street New York, New York Fax: 212-541-4410 -------------------------------------------------------------------------------ELLIS ENTERPRISES, LTD. $ 15,600.00 42A Waterloo Road London, England NW2, 7UF Fax: 011-441-014509004 -------------------------------------------------------------------------------TOTAL $1,300,000.00 ================================================================================

SCHEDULE A
================================================================================ SUBSCRIBER PRINCIPAL NOTE AMOUNT -------------------------------------------------------------------------------AUSTOST ANSTALT SCHAAN $540,410.00 7440 Fuerstentum Lichenstein, Landstrasse 163 Fax: 011-431-534532895 -------------------------------------------------------------------------------BALMORE FUNDS S.A. P.O. Box 4603 $540,410.00 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------BERKELEY GROUP LTD. $ 93,990.00 P.O. Box N-1836 Suite A-096 Nassau, Bahamas Fax: 415-449-3490 -------------------------------------------------------------------------------NESHER, INC. $ 62,660.00 Ragnall House 18 Peel Road Douglas, Isle of Man 1M1, 4L2, United Kingdom Fax: 011-972-36120639 -------------------------------------------------------------------------------UNITED SECURITIES SERVICES, INC. $ 46,930.00 135 West 50th Street New York, New York Fax: 212-541-4410 -------------------------------------------------------------------------------ELLIS ENTERPRISES, LTD. $ 15,600.00 42A Waterloo Road London, England NW2, 7UF Fax: 011-441-014509004 -------------------------------------------------------------------------------TOTAL $1,300,000.00 ================================================================================

SCHEDULE B - PUT COMMISSION SCHEDULE
================================================================================ PLACEMENT PLACEMENT AGENT CASH COMMISSION WARRANTS -------------------------------------------------------------------------------LIBRA FINANCE S.A. $ 43,228.00 P.O. Box 4603 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------HYETT CAPITAL LTD. $ 16,759.00 1510 51st Street Brooklyn, New York 11219 Fax: 718-972-6196 -------------------------------------------------------------------------------INTERNATIONAL GLOBAL $ 65,000.00 220,000 COMMUNICATIONS, INC. 142 Mineola Avenue, Suite 2D Roslyn Heights, New York Fax: 212-643-1998 --------------------------------------------------------------------------------

SCHEDULE B - PUT COMMISSION SCHEDULE
================================================================================ PLACEMENT PLACEMENT AGENT CASH COMMISSION WARRANTS -------------------------------------------------------------------------------LIBRA FINANCE S.A. $ 43,228.00 P.O. Box 4603 Zurich, Switzerland Fax: 011-411-201-6262 -------------------------------------------------------------------------------HYETT CAPITAL LTD. $ 16,759.00 1510 51st Street Brooklyn, New York 11219 Fax: 718-972-6196 -------------------------------------------------------------------------------INTERNATIONAL GLOBAL $ 65,000.00 220,000 COMMUNICATIONS, INC. 142 Mineola Avenue, Suite 2D Roslyn Heights, New York Fax: 212-643-1998 -------------------------------------------------------------------------------J. HAYUT $ 26,000.00 1116 Potomac Road Atlanta, GA 30338 Fax: 404-636-0501 -------------------------------------------------------------------------------ELLIS ENTERPRISES, LTD. $ 627.00 42A Waterloo Road London, England NW2, 7UF Fax: 011-441-014509004 -------------------------------------------------------------------------------TALBIYA B. INVESTMENTS, INC. $ 4,386.00 Ragnall House 18 Peel Road Douglas, Isle of Man 1M1, 4L2, United Kingdom Fax: 011-972-36120639 -------------------------------------------------------------------------------TOTALS $156,000.00 2,433,333 ================================================================================

ARTICLE 5 This schedule contains summary financial information extracted from the Unaudited Consolidated Balance Sheet and Statement of Operations as of and for the year ended December 31, 1999 and is qualified in its entirety by reference to such financial statements.

PERIOD TYPE FISCAL YEAR END PERIOD END CASH SECURITIES RECEIVABLES ALLOWANCES INVENTORY CURRENT ASSETS PP&E DEPRECIATION TOTAL ASSETS CURRENT LIABILITIES BONDS PREFERRED MANDATORY

YEAR DEC 31 1999 DEC 31 1999 343,399 0 14,009 0 0 1,438,587 109,185 0 6,396,964 4,105,047 0 0

ARTICLE 5 This schedule contains summary financial information extracted from the Unaudited Consolidated Balance Sheet and Statement of Operations as of and for the year ended December 31, 1999 and is qualified in its entirety by reference to such financial statements.

PERIOD TYPE FISCAL YEAR END PERIOD END CASH SECURITIES RECEIVABLES ALLOWANCES INVENTORY CURRENT ASSETS PP&E DEPRECIATION TOTAL ASSETS CURRENT LIABILITIES BONDS PREFERRED MANDATORY PREFERRED COMMON OTHER SE TOTAL LIABILITY AND EQUITY SALES TOTAL REVENUES CGS TOTAL COSTS OTHER EXPENSES LOSS PROVISION INTEREST EXPENSE INCOME PRETAX INCOME TAX INCOME CONTINUING DISCONTINUED EXTRAORDINARY CHANGES NET INCOME EPS BASIC EPS DILUTED

YEAR DEC 31 1999 DEC 31 1999 343,399 0 14,009 0 0 1,438,587 109,185 0 6,396,964 4,105,047 0 0 0 12,344 1,274,059 6,396,964 85,366 85,366 788,439 393,402 964,580 0 79,714 (1,508,276) 0 0 0 0 0 (1,508,276) (0.14) 0