Chase Packaging Corp. (WHLT)

[Enterprising Investor]

Majority of Series A 10% Convertible Preferred Holders Waive Liquidation Rights (3/30/12)

On March 30, 2012, Chase Packaging Corporation (the “Company”) entered into an agreement (the “Agreement”) with the holders of approximately 50.1% of the Company’s Series A 10% Convertible Preferred Stock (the “Preferred Stock”) pursuant to which such holders agreed to waive their right to request liquidation of the Preferred Stock prior to August 2, 2016. The Company’s Statement of Resolution Establishing the Series A 10% Convertible Preferred Stock provides that at any time after August 2, 2011, the holders of 66 2/3% or more of the Preferred Stock then outstanding may request liquidation of their Preferred Stock.

Holders of the Preferred Stock who entered into the Agreement with the Company include the following affiliates of the Company: (i) William J. Barrett, secretary and director of the Company, and his wife; (ii) Edward L. Flynn, director of the Company, and his wife; (iii) Herbert M. Gardner, vice president and director of the Company, and his wife; (iv) Ann C.W. Green, chief financial officer and assistant secretary of the Company; and (v) Allen T. McInnes, chairman of the board, president and treasurer of the Company.

The foregoing description of the Agreement is qualified in its entirety by reference to the form of Agreement filed by the Company as Exhibit 10.1 to this Current Report on Form 8-K.

http://sec.gov/Archives/edgar/data/1025771/000110465912024066/a12-9206_18k.htm

http://sec.gov/Archives/edgar/data/1025771/000110465912024066/a12-9206_1ex10d1.htm