Document:

ex10-3.htm

 

Exhibit 10.47

PROMISSORY NOTE

	
$[●]

	
January 19, 2015

FOR VALUE RECEIVED, and intending to be legally bound, Bitcoin Shop Inc. (the “Maker”) located at 1901 North Fort Myer Drive, Suite #1105, Arlington, VA 22209, hereby unconditionally and irrevocably promises to pay to the order of [●] with an address at [●] (the “Payee”), in lawful money of the United States of America, the sum of [●] [($●)] on or before December 31, 2015 (the “Maturity Date”).

Interest shall accrue on the outstanding principal balance of this Promissory Note on the basis of a 365-day year from the date hereof until paid in full at the rate of two percent (2%) per annum, and shall be due and payable at the Maturity Date, or the prepayment date, if any, whichever is earlier. This Promissory Note may be prepaid, at the option of the Maker, without premium or penalty, in whole or in part at any time or from time to time prior to the Maturity Date.

 

For purposes of this Promissory Note, an “Event of Default” shall occur if the Maker shall: (i) fail to pay the entire principal amount of this Promissory Note when due and payable, (ii) admit in writing its inability to pay any of its monetary obligations under this Promissory Note, (iii) make a general assignment of its assets for the benefit of creditors, or (iv) allow any proceeding to be instituted by or against it seeking relief from or by creditors, including, without limitation, any bankruptcy proceedings.

In the event that an Event of Default has occurred, the Payee or any other holder of this Promissory Note may, by notice to the Maker, declare this entire Promissory Note to be forthwith immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Maker.  In the event that an Event of Default consisting of a voluntary or involuntary bankruptcy filing has occurred, then this entire Promissory Note shall automatically become due and payable without any notice or other action by Payee.

The nonexercise or delay by the Payee or any other holder of this Promissory Note of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.  No waiver of any right shall be effective unless in writing signed by the Payee, and no waiver on one or more occasions shall be conclusive as a bar to or waiver of any right on any other occasion.

Should any part of the indebtedness evidenced hereby be collected by law or through an attorney-at-law, the Payee or any other holder of this Promissory Note shall, if permitted by applicable law, be entitled to collect from the Maker all reasonable costs of collection, including, without limitation, attorneys’ fees.

All notices and other communications must be in writing to the address of the party set forth in the first paragraph hereof and shall be deemed to have been received when delivered personally (which shall include via an overnight courier service) or, if mailed, three (3) business days after having been mailed by registered or certified mail, return receipt requested, postage prepaid. The parties may designate by notice to each other any new address for the purpose of this Promissory Note.

Maker hereby forever waives presentment, demand, presentment for payment, protest, notice of protest, and notice of dishonor of this Promissory Note and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Promissory Note.

This Promissory Note shall be binding upon the successors and assigns of the Maker, and shall be binding upon, and inure to the benefit of, the successors and assigns of the Payee.

This Promissory Note shall be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York, without regard to the conflict of laws principles thereof.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned Maker has executed this Promissory Note
as of January 19, 2015.

 

	 	BITCOIN SHOP INC. (the Maker):
	 	 	 
	 	By:	 
	 	Name:	 
	 	Its:	 

 

    	 

    	 

    

 

Schedule
to Exhibit 10.47

Setting Forth
Information on

Two Substantially
Identical Promissory Notes

 

(Substantially
Identical to Exhibit 10.47 Filed Herewith)

 

The substantive
differences between the two Promissory Notes with the form filed as Exhibit 10.47 are set forth in this Exhibit. Each Promissory
Note contains the following information and are both executed by the Company’s CEO, Charles Allen:

 

	Principal Sum Value of:	 	Name of Payee:
	 	 	 
	$20,000.00	 	Michal Handerhan
	 	 	 
	$45,000.00	 	Timothy Andrew Sidieex10-7.htm

 

Exhibit 10.51

 

PROMISSORY NOTE

	
$7,990 

	
December 18, 2014

FOR VALUE RECEIVED, (in the form of the contribution of digital currency mining hardware at cost Exhibit A attached hereto), and intending to be legally bound, Bitcoin Shop Inc. (the “Maker”) located at 1901 North Fort Myer Drive, Suite #1105, Arlington, VA 22209, hereby unconditionally and irrevocably promises to pay to the order of Charles W. Allen with an address at 1881 N. Nash Street, Suite 701, Arlington VA 22209 (the “Payee”), in lawful money of the United States of America, the sum of seven thousand nine hundred and ninety dollars ($7,990) on or before December 31, 2015 (the “Maturity Date”).

Interest shall accrue on the outstanding principal balance of this Promissory Note on the basis of a 365-day year from the date hereof until paid in full at the rate of two percent (2%) per annum, and shall be due and payable at the Maturity Date, or the prepayment date, if any, whichever is earlier. This Promissory Note may be prepaid in whole or in part at any time or from time to time prior to the Maturity Date.

 

For purposes of this Promissory Note, an “Event of Default” shall occur if the Maker shall: (i) fail to pay the entire principal amount of this Promissory Note when due and payable, (ii) admit in writing its inability to pay any of its monetary obligations under this Promissory Note, (iii) make a general assignment of its assets for the benefit of creditors, or (iv) allow any proceeding to be instituted by or against it seeking relief from or by creditors, including, without limitation, any bankruptcy proceedings.

In the event that an Event of Default has occurred, the Payee or any other holder of this Promissory Note may, by notice to the Maker, declare this entire Promissory Note to be forthwith immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Maker.  In the event that an Event of Default consisting of a voluntary or involuntary bankruptcy filing has occurred, then this entire Promissory Note shall automatically become due and payable without any notice or other action by Payee.

The nonexercise or delay by the Payee or any other holder of this Promissory Note of any of its rights hereunder in any particular instance shall not constitute a waiver thereof in that or any subsequent instance.  No waiver of any right shall be effective unless in writing signed by the Payee, and no waiver on one or more occasions shall be conclusive as a bar to or waiver of any right on any other occasion.

Should any part of the indebtedness evidenced hereby be collected by law or through an attorney-at-law, the Payee or any other holder of this Promissory Note shall, if permitted by applicable law, be entitled to collect from the Maker all reasonable costs of collection, including, without limitation, attorneys’ fees.

All notices and other communications must be in writing to the address of the party set forth in the first paragraph hereof and shall be deemed to have been received when delivered personally (which shall include via an overnight courier service) or, if mailed, three (3) business days after having been mailed by registered or certified mail, return receipt requested, postage prepaid. The parties may designate by notice to each other any new address for the purpose of this Promissory Note.

Maker hereby forever waives presentment, demand, presentment for payment, protest, notice of protest, and notice of dishonor of this Promissory Note and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of this Promissory Note.

This Promissory Note shall be binding upon the successors and assigns of the Maker, and shall be binding upon, and inure to the benefit of, the successors and assigns of the Payee.

 

This
Promissory Note shall be governed as to validity, interpretation, construction, effect and in all other respects by the internal
laws of the State of New York, without regard to the conflict of laws principles thereof.

 

    	-1-

    	 

    

IN WITNESS WHEREOF, the undersigned Maker has executed this Promissory Note as of December 18, 2014.

	 	BITCOIN SHOP INC.  (the Maker):
	 	 	  

	 	By:	/s/ Michal Handerhan
	 	Name: 	Michal Handerhan
	 	Its: 	Chief Operating Officer

 

    	-2-OPTION
CANCELATION AND RELEASE

 

This
option cancelation and release (the “Agreement”), dated as of July 2, 2015 (the “Effective Date”),
is entered by Bitcoin Shop, Inc., a Nevada corporation (the “Company”), and Charles W. Allen (the “Executive”
and collectively with Company, the “Parties”).

 

WHEREAS,
on November 7, 2014, the Company and Executive entered into a nonqualified stock option agreement (the “Option Agreement”)
whereby the Executive was given the opportunity to purchase up to an aggregate of 9,500,000 shares of the Company’s common
stock, par value $0.001, (the “Common Shares”) at a per share price of $0.10 purchase if certain performance
metrics are achieved as set forth in the Option Agreement, (the “Share Award”); and

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement, the Company and the Executive agree that the Executive shall
return the Share Award to the Company for cancellation in full.

 

NOW,
THEREFORE, in consideration of the mutual conditions and covenants contained in this Agreement, and for other good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, it is hereby stipulated, consented to, and agreed
by and between the Parties as follows:

 

1.Cancellation
of Options. On the Effective Date, the Executive shall forfeit the Share Award and such Share Award shall be deemed cancelled
and of no further force or effect.

 

2.Limited
Release. The Executive hereby releases and discharges Company and its heirs, executors, administrators, parent company, holding
company, subsidiaries, successors, assigns, predecessors, past and present, officers, directors, principals, control persons,
past and present employees and registered representatives, insurers, representatives, and attorneys (the “Releasees”),
from and against any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions,
claims, and demands whatsoever, in law, admiralty or equity, against Releasees, that the Executive, on its own behalf and on behalf
of its heirs, executors, administrators, successors and assigns ever had, now have or hereafter can, shall or may, have for, upon,
or by reason of the Share Award, and any and all matters related thereto, whether or not known or unknown. The Release provided
in this Paragraph 2 shall be effective on the Effective Date.

 

    	 

    	 

    

 

3.No
assignment. The Executive represents and warrants that no other person or entity has any interest in the matters released
herein, and that he has not assigned or transferred, or purported to assign or transfer, to any person or entity all or any portion
of the matters released herein.

 

4.Fees
and Expenses. Each party shall be responsible for his or its own attorneys’ fees and costs.

 

5.Reliance.
The Parties acknowledge and represent that: (a) they have read the Agreement; (b) they clearly understand the Agreement and each
of its terms; (c) they fully and unconditionally consent to the terms of this Agreement; (d) they have had the benefit and advice
of counsel of their own selection; (e) they have executed this Agreement, freely, with knowledge, and without influence or duress;
(f) they have not relied upon any other representations, either written or oral, express or implied, made to them by any person;
and (g) the consideration received by them has been actual and adequate.

 

6.Entire
Agreement. This Agreement contains the entire agreement and understanding concerning the subject matter hereof between the
parties and supersedes and replaces all prior negotiations, proposed agreement and agreements, written or oral. Each of the parties
hereto acknowledges that none of the parties hereto, agents or counsel of any party, has made any promise, representation or warranty
whatsoever, express or implied, not contained herein concerning the subject hereto, to induce it to execute this Agreement and
acknowledges and warrants that it is not executing this Agreement in reliance on any promise, representation or warranty not contained
herein.

 

7.Amendments.
This Agreement may not be modified or amended in any manner except by an instrument in writing specifically stating that it is
a supplement, modification or amendment to the Agreement and signed by each of the Parties hereto against whom such modification
or amendment shall be claimed to be effective.

 

8.Enforceability.
Should any provision of this Agreement be declared or be determined by any court or tribunal to be illegal or invalid, the validity
of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision
shall be severed and deemed not to be part of this Agreement.

 

9.Governing
Law. This Agreement shall be governed, interpreted, and construed in accordance with the laws of the State of New York.

 

10.Counterparts.
This Agreement may be executed in facsimile counterparts, each of which, when all parties have executed at least one such counterpart,
shall be deemed an original, with the same force and effect as if all signatures were appended to one instrument, but all of which
together shall constitute one and the same Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	- 2 -

    	 

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first indicated above.

 

	BITCOIN
    SHOP, INC.	 	CHARLES
    W. ALLEN
	 	 	 	 
	By:	/s/
    Michal Handerhan	 	/s/
                                         Charles w. Allen

	Name:	Michal
    Handerhan	 	 
	Title:	Chief
    Operating Officer	 	 

 

    	- 3 -

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