Document:

ex10.htm

Exhibit 10.1

 

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE  “ACT”).  THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, OR PURSUANT TO RULE 144 UNDER THE ACT OR ANY OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT.

PROMISSORY NOTE

	
$__________ 

	
March __, 2012

FOR VALUE RECEIVED, Azzurra Holdings Corporation, a Delaware corporation (the “Borrower” or the “Company”), hereby promises to pay to the order of ________ (the “Lender”), the principal sum of $________ plus interest at the rate of eight percent (8%), as set forth below.  Principal and accrued interest shall be due and payable on demand (the “Demand Date”).  Payments of principal and interest shall be made when due, at the address of the Lender, as shown on the books and records of the Borrower, in lawful money of the United States of America.

	
1.  

	
Prepayment.  The Borrower may prepay amounts due under this Note, or any portion thereof, at any time, without premium or penalty.

 

	
2.  

	
Interest.  Beginning on the issuance date of this Note (the “Issuance Date”), the outstanding principal balance of this Note shall bear interest at a rate per annum equal to seven percent (7%).  Interest shall be computed on the basis of a 360-day year of twelve (12) 30-day months and shall accrue commencing on the Issuance Date.  After the Demand Date, interest on the unpaid balance of the principal amount outstanding shall accrue at a rate per annum equal to the lesser of ten percent (10%) or the highest rate permitted by law computed on the basis of a 360-day year of twelve (12) 30-day months.

 

	
3.  

	
Notices.  The Borrower shall give immediate notice to the Lender of:

 

	
(a)  

	
the occurrence of any Event of Default (as defined below) accompanied by a certificate specifying the nature of such Event of Default, the circumstances thereof and the action that the Borrower has taken or proposes to take; or

 

	
(b)  

	
any claim, litigation or judicial proceeding which may exist at any time which, if determined adversely, could have a material adverse effect on the ability of the Borrower to perform its obligations under this Note.

 

	
4.  

	
No Conflicts.  The Borrower shall not enter into any agreement that would impair or conflict with the Borrower’s obligations hereunder without the Lender’s prior written consent.  The Borrower shall not permit the inclusion in any material contract to which it becomes a party of any provisions that could or might in any way prevent the creation of a security interest in the Borrower’s rights and interest in any property included within the definition of the Collateral acquired under such contracts, except that certain contracts may contain anti-assignment provisions that could in effect prohibit the creation of a security interest in such contracts.

 

	
5.  

	
Events of Default.  Any of the following events shall constitute an “Event of Default” under this Note:

 

	
(a)  

	
Payments.  The Borrower shall fail to make any payments due under this Note after the same shall become due and such failure shall continue for five days;

  

  

  

	
(b)  

	
Insolvency.  The Borrower shall have become insolvent or bankrupt or admit in writing its inability to pay any of this debt as they mature or make an assignment for the benefit of creditors, or a receiver or trustee shall have been appointed with respect to the Borrower or any of the Borrower’s estate; provided, that an Event of Default shall not have occurred under this Note if such action is opposed by the Borrower and is dismissed within ninety (90) days; or

 

	
(c)  

	
Bankruptcy.  Bankruptcy, reorganization arrangement, insolvency or liquidation proceedings for relief under the United States Code or any bankruptcy law or similar law now or hereafter in force for the relief of debtors shall be instituted by or against the Borrower and, solely with respect to any proceedings instituted against the Borrower by a third party, the Borrower shall fail to dismiss or to stay such proceedings within ninety (90) days of such institution.

 

	
6.  

	
Loss of Note. Upon receipt by the Borrower of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity satisfactory to the Borrower (in case of loss, theft or destruction) or surrender and cancellation of such Note (in the case of mutilation), the Borrower will make and deliver in lieu of such Note a new Note or like tenor.

 

	
7.  

	
No Presentment.  The Borrower hereby waives presentment for payment, demand, protest and notice of protest for nonpayment of this Note. The Borrower agrees to pay all costs and expenses of enforcement of this Note, including, without limitation, reasonable attorneys’ fees and expenses.

 

	
8.  

	
Governing Law.  This Note shall be governed by and construed in accordance with the internal laws of the State of California, without giving effect to any of the conflicts of law principles that would result in the application of the substantive law of another jurisdiction. This Note shall not be interpreted or construed with any presumption against the party causing this Note to be drafted.

 

	
9.  

	
Amendments. This Note may not be modified or amended in any manner except in writing executed by the Borrower and the Lender.

 

	
10.  

	
Parties in Interest. This Note shall be binding upon, inure to the benefit of and be enforceable by the Borrower, the Lender and their respective successors and permitted assigns.

 

	
11.  

	
Headings. Article and section headings in this Note are included herein for purposes of convenience of reference only and shall not constitute a part of this Note for any other purpose.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

  

  

  

 

 

                                                                AZZURRA HOLDINGS CORPORATION

 

 

By: ________________________________

 

Name: ______________________________

 

Title: Presidentex10-5.htm

Exhibit 10.5

 

AMENDED PAYMENT SCHEDULE

BETWEEN ANTHUS LIFE CORP AND STAKOOL, INC

Pursuant to the scheduled payments in the Purchase Agreement entered into between Anthus Life Corp and Stakool, Inc. in July 2011, and the Amended Agreement, entered into in October 2011, and executed in November 2011, Peter Hellwig, and Kyle Gotshalk, have agreed to a revised schedule of payments, as well as certain revised terms, in satisfaction of the Purchase Agreement and the Amended Agreement with regard to the Purchase and Sale of Stakool, Inc.

1.           Revised Payment Schedule

	
2/15/2012

	
$15,000

	
3/15/2012

	
$30,000

	
4/15/2012

	
$30,000

	
5/15/2012

	
$25,000

	
6/15/2012

	
$25,000

	
7/15/2012

	
$25,000

	
8/15/2012

	
$25,000

	
9/15/2012

	
$25,000

	
10/15/2012

	
$25,000

TOTAL        $225,000

2.           Preferred Shares

All of the Issued and Outstanding Preferred Shares, currently held in an Escrow Account, and to the Company’s understanding, with an attorney in Oregon, shall be returned to the Company following the 3/15/2012 payment of $30,000.  The $30,000 will be held in escrow with Sharon Mitchell until the Preferred Shares are sent and received to and by Sharon Mitchell.

 

3.           CEDE SHARES AND ENDER’S NOTE

 

(a) Proceedings toward taking the 2.5 million shares that Richard Charbit holds in CEDE will be initiated upon execution of this Agreement.

 

(b) The 20 million note held by Richard Charbit in the name of Ender will be returned to Peter Hellwig as soon as possible following the execution of this Agreement.

 

4.           Issuance of Shares

Immediate issuance of 2,650,000 Shares to the following:

	
Kyle Gotshalk

	
182,000

	
Cherish Adams   

	182,000
	
Clinton Hall

	
2,286,000

  

  

  

Further, and as contemplated in the original Agreement, the share price at issuance is based on $0.10 per share and shall be adjusted monthly for four months to the trailing five day bid price for the one hundred twenty (120) preceding days after issuance. If the share price maintains a level of $0.10 per share or greater, there shall be no new issuance of shares by Anthus Life.

Should the share price exceed the $0.10 per share, the parties agree to a leak out agreement of no more than ten percent (10 %) of the beneficiaries holding in any given month.

5.           Collateral

As collateral, and as assurance of payments, Sharon Mitchell will hold, in escrow, medallion guaranteed certificates that have been issued to the three Officer/Directors and that equal nine million (9,000,000) shares of Common Stock, fully endorsed and transferable to Clinton Hall, Kyle Gotshalk, and Cherish Adams, and in event that payments are not made.

Further, Sharon D. Mitchell shall hold in escrow the following documents:

	
1.  

	
Board Resolution effecting above-referenced action of medallion guaranteed shares;

	
2.  

	
Board Resolution regarding issuance of shares; and

	
3.  

	
Any necessary supporting documents

No dilution of Clinton Hall, Kyle Gotshalk’s, or Cherish Adams’ shall take place during the pendency of this Agreement.

6.           Cancellation of Endorsement of Nine Million of Common Shares

Upon payment made on 4/15/2012, one third of the endorsed nine million common shares will be turned back over to the Company.  Upon payment made on 7/15/2012, two thirds of the endorsed nine million common shares shall be turned back over to the Company.  Upon the last payment, on 10/15/2012, the final third of the endorsed nine million common shares shall be turned back over to the Company.

7.           Payment to Mr. Maher

Payments in the amount of $5,000 will be made monthly and totaling $25,000, to Mr. Maher commencing on the _____ day of ___________, 2012.

	
PETER HELLWIG

	
KYLE GOTSHALK

	  	  
	  	  
	  	  
	
By:  /s/ Peter Hellwig

	
By:  /s/ Kyle Gotshalk

	
Peter Hellwig

	
Kyle Gotshalk

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