Document:

ex10-53.htm

 

Exhibit 10.53

DIGITAL ANGEL CORPORATION

February 1, 2012

MEG Properties, LLC

Attention:  Joseph Grillo

New London, Connecticut

Dear Joe:

This letter outlines our agreement with regard to your role as a consultant to Digital Angel Corporation (the “Company”).  The Company desires your continuing involvement in a consulting capacity to oversee UK wind-down/divestiture and contract performance issues with the Signature Industries business, as well as advising on alternatives for wind-down or other strategic alternatives for the Company.  You will deliver these services to the Company as an independent contractor through your consulting company, MEG Properties, LLC.

In your capacity as consultant, you will report to the Chairman of the Company’s Board of Directors.  The term of this agreement shall be 12 months from the date set forth above.  This agreement may be (a) terminated by either party upon 90 days prior written notice, and (b) extended beyond the initial 12 month term upon written agreement.

In consideration for your services, you will be paid a consulting fee in the amount of $25,000 on a monthly basis.  The Company will also cover up to $25,000 of executive outplacement services for you via direct engagement of a service provider of your choice.  In addition to the consulting fee, you will be reimbursed for reasonable business expenses incurred in connection with the delivery of the consulting services outlined above, all in accordance with Company policies and practices.

It is understood and agreed that you will perform services as an independent contractor, and as such you and the Company are not and will not be partners or joint venturers and the Company will not otherwise owe you a fiduciary duty.  You agree not to knowingly do anything that will alter your status as an independent contractor, the Company having relied on this status in entering into this agreement with you.  You will complete an IRS Form W-9 or such other tax forms as may be required by the Company as evidence of your independent contractor status.  You are not and will not be deemed to be an employee of the Company; you will be responsible for your own workers’ compensation coverage, disability, social security, federal and state unemployment insurance, and all federal, state, and local taxes incurred during this engagement as applicable; you agree that you will file and pay your taxes as required by law.

  

  

  

 

As an independent contractor, you acknowledge and agree that you will not be entitled to any benefits from the Company.  Notwithstanding the foregoing, the Company acknowledges that you receive health insurance benefits through the Company’s former affiliated entity, Destron Fearing Corporation, under the Consolidated Omnibus Budget Reconciliation Act (COBRA).  The Company agrees that it will reimburse to you 100% of your medical insurance premiums for such continued COBRA coverage during the term of this agreement.

You agree to indemnify, defend and hold the Company harmless from any liability for, or assessment of, any claims or penalties with respect to taxes, labor or employment requirements, including any liability for, or assessment of, taxes imposed on the Company by the relevant taxing authorities with respect to any compensation paid to you under the terms of this agreement.

In the course of this engagement, we may provide you with information that is either non-public or proprietary in nature about the Company and its affiliates.  You agree to treat this information (which may include but not be limited to information regarding the Company and its products, technologies, customers, development initiatives, or any other information that would customarily be treated as trade secrets) as confidential and proprietary in nature and to use this information only in furtherance of your representation of the Company pursuant to this agreement.  You agree that you will abide and be bound by the terms of the Company’s Code of Conduct and Corporate Ethics Policy Statement, a copy of which has been provided to you.

We appreciate your service to the Company and we look forward to your continuing contributions as a consultant to the Company.

If this letter reflects your understanding of the terms discussed, please indicate so below.

Sincerely,

Daniel Penni

Chairman of the Board of Directors

AGREED AND ACCEPTED:

 

 

	
/s/ Joseph Grillo

	 	
 

	 	
 

	
Joseph Grillo

	 	 	 	 
	MEG Properties, LLCex10-54.htm

 

Exhibit 10.54

DIRECTOR / OFFICER INDEMNIFICATION

This Director/Officer Indemnification is granted to Ms. Lorraine Breece (“D-O”), an individual residing in the State of Texas and currently serving as Chief Financial Officer of Digital Angel Corporation, as well all as an officer or director of one or more of its affiliates or subsidiaries (“DIGA”).

DIGA shall indemnify and hold harmless D-O to the fullest extent permitted by applicable law against all costs (including reasonable attorneys’ fees and costs), judgments, penalties, fines, amounts paid in settlements, interest, and all other liabilities incurred or paid by D-O in connection with the investigation, defense, prosecution, settlement, or appeal of any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and to which D-O was or is a party or is threatened to be made a party by reason of the fact that D-O is or was an officer, employee, director or agent of DIGA or its affiliates or subsidiaries, or by reason of anything done or not done by D-O in any such capacity or capacities, provided that the D-O acted in good faith and in a manner D-O reasonably believed to be in or not opposed to the best interests of the DIGA or any of its affiliates or subsidiaries and, with respect to any criminal action or proceeding, had no reasonable cause to believe his/her conduct was unlawful.

DIGA also shall pay any and all expenses (including reasonable attorney’s fees) incurred by D-O as a result of D-O being called as a witness in connection with any matter involving DIGA and/or any of its officers or directors.  Nothing herein shall limit or reduce any rights of indemnification to which D-O might be entitled under the organizational documents of DIGA, its affiliates or subsidiaries, or as allowed by applicable law.  This indemnification shall be governed by Delaware law.

Signed this 6th day of March, 2012.

	 	
DIGITAL ANGEL CORPORATION

	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
By: 

	/s/ Patricia Petersen	 
	 	 	Patricia Petersen	 
	 	 	Corporate Secretary	 
	 	 	(pursuant to Board authorization)exh10-23.htm

Exhibit 10.23

Working Capital Loan Agreement

Party A: Zhucheng Ziyang Ceramic Co., Ltd.

Party B: Shandong Zhucheng Rural Cooperation ("SZRC") Bank

Clause 1 Loan

	
  

	
1.

	
Type: Short term loan

	
  

	
2.

	
The use of loan:  Buy Raw Materials

	
  

	
3.

	
Loan  Amount: RMB 9,500,000

	
  

	
4.

	
Loan period: From July 26, 2011 to July 25, 2012.

	
  

	
5.

	
Interest rate:  Use floating rate and floats 30% of the benchmark interest rate.

	
  

	
6.

	
Interest Settlement: Interest is paid monthly at the 20th of every month. Borrower should pay the interest at every interest settlement day.

	
  

	
7.

	
This agreement is pledged by property, plant and equipment

Clause 2 The rights and obligations of lender

	
  

	
1.

	
The lender has rights to know the production operation, financial activities, inventories, usage of loan of the borrower, and required borrower to provide files and information such as financial statements on time.

	
  

	
2.

	
According to the agreement, when the lender takes back principal, interest, default interest, compound interest and other expenses of borrower, lender has rights to take from any bank accounts of borrower.

	
  

	
3.

	
If the amount isn’t enough to clear off the amounts payable of this agreement, lender can use this amount to repay principal, interest, default interest, compound interest and other expenses.

	
  

	
4.

	
If borrower doesn’t fulfill the duty of repayment, lender can disclose the breach of contract of borrower to public.

	
  

	
5.

	
Give loan to borrower according to the agreement on schedule and in full amount.

Clause 3 The rights and obligations of borrower

	
  

	
1.

	
Have rights to get and use loan according to the agreement.

	
  

	
2.

	
Use the basic bank account of the lender to settle up the repayment.

	
  

	
3.

	
If the agreement involves foreign exchange, the borrower must get the approval and registration according to the provisions.

	
  

	
4.

	
Pay back the principal and amount on time. If borrower needs extension, borrower must send written application to borrower before the fifteen day of the due date of this agreement. After the approval of borrower, both sides sign the loan extension agreement.

	
  

	
5.

	
Use the loan according to the agreement, no tie up of appropriation of loan.

	
  

	
6.

	
Provide real, complete and valid financial statements or other information to borrower monthly, and cooperate with lender to survey its production operation, financial activities and usage of loans.

	
  

	
7.

	
If borrower carries out merge, bankrupt or some other behaviors which may cause the change of credit and debt relationship, borrower must notify lender in advance in written. The borrower is not allowed to carry out above-mentioned behavior until the approval of lender and the settle down of debt.

  

  

  

 

	
  

	
8.

	
If other circumstances (such as stop production, go out of business) which will have harmful influence on the repayment duty occurs, borrower must notify lender in writing, and implement the procedure to maintain the creditor’s rights.

	
  

	
9.

	
If borrower provides guarantee for others and pledge its main properties to others, when this behavior may have effect on the capability of repayment under this agreement, the borrower must notify lender in advance in writing and get the approval of borrower.

	
  

	
10.

	
Borrower and its investors are not allowed to draw out capital illegally, transfer assets or stocks to escape from debt.

	
  

	
11.

	
If borrower has changes on name, location, business range, etc, borrower must notify lender in writing in time.

	
  

	
12.

	
If guarantor of this agreement lost the guarantee capability, or the value of guaranty decreases, borrower must provide lender with other guarantee measures upon approval of lender.

	
  

	
13.

	
Borrower must pay for the lawyer services under this agreement, such as insurance, freight, evaluation, registration expenses.

	
  

	
14.

	
During the loan period, the asset-liability ratio of borrower is not allowed to access 70%

Clause 4 Responsibility of breach of contract

	
  

	
1.

	
If lender doesn’t offer loans according to the agreement and causes the loss of borrower, lender must pay penalty to borrower according to the amount and extension date. The calculation of penalty is the same as the interest calculation of overdue.

	
  

	
2.

	
If borrower doesn’t pay back the principal according to the deadline of agreement, the interest rate of default interest is 50% plus the original interest rate from the overdue date.

	
  

	
3.

	
If borrower doesn’t use the loan according to the agreement, the interest rate of default interest is 100% plus the original interest rate from the date of breach.

	
  

	
4.

	
For the outstanding interest, lender collects compound interest according to the provision of the People’s Bank of China.

	
  

	
5.

	
If borrower breaches the duty of this agreement, lender has rights to require borrower to correct behaviors, stop providing loans, take back provided loans in advance.

	
  

	
6.

	
If the guarantor breaches the agreement, lender has rights to stop providing loans or take back provided loans in advance.

	
  

	
7.

	
If lender file lawsuit to protect creditor’s right due to the breach of contract of borrower, borrower must pay for the expenses of lawsuit, travel expenses and other expenses.

Party A: Zhucheng Ziyang Ceramic Co., Ltd.

Legal Representative Signature: /s/ Lingbo Chi

Party B: Shandong Zhucheng Rural Cooperation ("SZRC") Bank

Legal Representative Signature: /s/ Wei Zhao

July 26, 2011

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