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Exhibit 10.4
 
World Surveillance Group, Inc
 
Term Sheet
 
May 5, 2014
 

 
Issuer:                                                   World Surveillance
Group, Inc (the “Company”)
 
Listing/Ticker:                                   WSGI
 
Issue Size:                                            Up to $1,000,000
 
Type of Offering:                                 Registered direct offering of
up to $1,000,000 of Common Stock.
 
Price:
Investors in this Issue will negotiate a price with the Company at the time the
Company’s registration goes effective.

 
Investors:
One or more accredited investors (the “Investors”).  All of the Investors will
invest on the same terms.

 
Registration Requirements:
The Company must file a registration statement with the Securities and Exchange
Commission with respect to registering shares of Common Stock for resale.  Upon
the registration statement going effective, the Investors will negotiate one or
more direct investments into the company in exchange for registered shares of
Common Stock.  The registration statement shall not include any other securities
of the Company except for consulting shares issued in conjunction with the
contemplated transaction.

 
Non-Binding:
This term sheet is for discussion purposes only, does not represent an offer and
is not binding on the parties hereto or any other investor and no party will be
obligated or bound in any manner unless and until a final, definitive agreement
is executed by authorized representatives of the parties.  Further, this term
sheet does not create any obligation on the parties to commence or continue
negotiations with the other parties or to enter into any agreements.  Each party
will be responsible for all of its own costs and expenses relating to discussing
this term sheet and negotiating and entering into the proposed agreements.  The
provisions below regarding “Confidentiality”, “No Shop” and “Governing Law”
shall be legally binding obligations on the parties hereto.

 
Confidentiality:
No party will make any public announcement of the signing of this term sheet or
the transactions contemplated hereby or of the pendency of discussions between
the parties or disclose the contents of this term sheet without the consent of
the other party hereto (other than to an Investor or its legal and other
advisors), except as otherwise required by law.

 
 
 

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No Shop:
The Company agrees to keep the contents of this term sheet and the names of the
parties with whom it has been negotiating with in confidence until the Closing.

 
Governing Law:
This term sheet will be governed by and construed in accordance with the laws of
New York without regard to the principles of conflicts of law of any
jurisdiction.

 

 

 

The foregoing accurately summarizes the understanding and agreement of the
parties with respect to the matters covered by this term sheet as of the day and
year first above written.

World Surveillance Group, Inc

By:/s/ Glenn D. Estrella
Name: Glenn D. Estrella
Title: President

Investors

By:­­­­­­­­­­­­­­­­­­­­________________________
Name:
Title:
 
 

 

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