Document:

World of Tea Inc.: Exhibit 10.18 - Prepared by TNT Filings Inc.

  

Exhibit 10.18

 

PROMISSORY NOTE

	$3,000,000	
    December 7, 2007

FOR VALUE RECEIVED, BROADWEBASIA, INC., a British Virgin Islands corporation (the "Maker"), unconditionally promises to pay to the order of Brad Greenspan, having an address at 264 South Cienega, Suite 1218, Beverly Hills, CA  90211 (the "Payee"), the sum of Three Million Dollars ($3,000,000).  The Maker further agrees to pay all costs of collection, including reasonable attorneys' fees, incurred by the Payee or by any other holder of this Promissory Note (this “Note”) in any action to collect this Note, whether or not suit is brought.

All unpaid amounts owed pursuant to the terms of this Note shall bear interest at the federal short-term rate in effect during the periods in which any amount owed pursuant to the terms of this Note is outstanding, with such federal short-term rate being (i) compounded semi-annually, for the period beginning on the date of this Note through December 31, 2007, and (ii) revised for the six-month period beginning on January 1, 2008, and again revised every six-month period thereafter, in accordance with the applicable federal short-term rate published by the Internal Revenue Service that is in effect on the first month of that semi-annual period (i.e., January or July as the case may be); provided, however, that for any entire calendar year that the Note remains outstanding, this Note shall bear interest at the "blended annual rate" which is published annually by the Internal Revenue Service. 

Principal and accrued interest shall be payable within sixty (60) days following Payee’s written demand to Maker for payment.  Maker shall have the right at any time to prepay, in whole or in part, the principal and accrued interest without penalty upon fifteen (15) days prior written notice to the Payee.

The amounts due hereunder are payable without deduction or offset in lawful money of the United States of America in immediately available funds to the Payee at its address as set forth above, or at such other place as the holder of this Note shall from time to time designate. 

It shall be an event of default (“Event of Default”), and the then unpaid portion of this Note shall become immediately due and payable, at the election of Payee, upon the occurrence of any of the following events:

(a)

any failure on the part of Maker to make any payment hereunder when due, whether by acceleration or otherwise;

(b)

Maker shall commence (or take any action for the purpose of commencing) any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, moratorium or similar law or statute; or

(c)

a proceeding shall be commenced against Maker under any bankruptcy, reorganization, arrangement, readjustment of debt, moratorium or similar law or statute and relief is ordered against Maker, or the proceeding is controverted but is not dismissed within sixty (60) days after the commencement thereof.

No failure on the part of the Payee or any other holder of this Note to exercise and no delay in exercising any right, remedy or power hereunder or under any other document or agreement executed in connection herewith shall operate as a waiver thereof, nor shall any single or partial exercise by the Payee or any other holder of this Note of any right, remedy or power hereunder preclude any other or future exercise of any other right, remedy or power.

This Note shall be binding upon the Maker and the Maker’s successors and assigns.

This Note shall be governed by and construed in accordance with the laws of the State of New York, excluding the conflicts of laws principles thererof.

In the event that any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in whole or in part, or in any respect, or in the event that any one or more of the provisions of this Note shall operate, or would prospectively operate, to invalidate this Note, then, and in any such event, such provision or provisions only shall be deemed null and void and of no force or effect and shall not affect any other provision of this Note, and the remaining provisions of this Note shall remain operative and in full force and effect, shall be valid, legal and enforceable, and shall in no way be affected, prejudiced or disturbed thereby.

 

All agreements between Maker and Payee are hereby expressly limited so that in no event whatsoever, whether by reason of deferment in accordance with this Note or under any agreement or by virtue of acceleration or maturity of the Note, or otherwise, shall the amount paid or agreed to be paid to the Payee hereunder or to compensate Payee for damages to be suffered by reason of a late payment hereof, exceed the maximum permissible under applicable law.  If enforcement of any provision hereof  at the time performance of such provision shall be due, shall exceed the limit of validity prescribed by law, the relevant obligations to be fulfilled shall be deemed reduced to the limit of such validity.  This provision shall never be superseded or waived and shall control every other provision of all agreements among Maker and Payee.  

Subject to the applicable cure periods contained herein, time is of the essence of this Note. 

EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED HEREIN, THE MAKER, AND ALL OTHERS THAT MAY BECOME LIABLE FOR ALL OR ANY PART OF THE OBLIGATIONS EVIDENCED BY THIS NOTE, HEREBY WAIVES PRESENTMENT, DEMAND, NOTICE OF NONPAYMENT, PROTEST AND ALL OTHER DEMANDS AND NOTICES IN CONNECTION WITH THE DELIVERY, ACCEPTANCE, PERFORMANCE OR ENFORCEMENT OF THIS NOTE, AND DOES HEREBY CONSENT TO ANY NUMBER OF RENEWALS OR EXTENSIONS OF THE TIME OF PAYMENT HEREOF AND AGREE THAT ANY SUCH RENEWALS OR EXTENSIONS MAY BE MADE WITHOUT NOTICE TO ANY SUCH PERSONS AND WITHOUT AFFECTING THEIR LIABILITY HEREIN AND DO FURTHER CONSENT TO THE RELEASE OF ANY PERSON LIABLE WITH RESPECT TO FAILURE TO GIVE SUCH NOTICE, (ALL WITHOUT AFFECTING THE LIABILITY OF THE OTHER PERSONS, FIRMS, OR CORPORATIONS LIABLE FOR THE PAYMENT OF THIS NOTE).

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE MAKER HEREBY KNOWINGLY AND VOLUNTARILY WAIVES TRIAL BY JURY AND THE RIGHT THERETO IN ANY ACTION OR PROCEEDING OF ANY KIND ARISING UNDER OR OUT OF OR OTHERWISE RELATED TO OR CONNECTED WITH THIS NOTE OR ANY RELATED DOCUMENT.

BROADWEBASIA, INC.

By:__________________________________

Name:  Peter Schloss

Title:  Chief Executive Officer

 2World of Tea Inc.: Exhibit 10.19 - Prepared by TNT Filings Inc.

  

Exhibit 10.19

RESTRICTED STOCK
AGREEMENT 

This Restricted Stock
Agreement ("Agreement")
is made and entered into as of January 31, 2007, by and between BroadWebAsia,
Inc., a British Virgin Islands corporation (the "Company"), and
James Iacabucci ("Stockholder").

WHEREAS, pursuant to
that certain Employment Agreement, dated as of the date hereof  ("Employment
Agreement"), Stockholder has been issued three hundred forty-five
thousand (345,000) shares ("Shares")
of the capital stock of the Company, par value $.00004 per share ("Stock"),
which represents approximately three percent (3%) of the currently issued and
outstanding shares of Stock; and 

WHEREAS, in connection
with the issuance of the Shares pursuant to the Employment Agreement, the
parties desire to provide to the Company a right of repurchase for the Shares
issued to Stockholder. 

NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows: 

1.    
Scope of Repurchase Right. The Company shall have the right (but not an
obligation) to repurchase the Shares issued to Stockholder pursuant to the
Employment Agreement (the "Restricted Stock"), as provided below
(collectively, the "Right
of Repurchase"). 

2.    
Repurchase Price. The Right of Repurchase shall be exercisable at a price
equal to $.001 per share ("Repurchase
Price"). 

(a)
    
Exercise Period. Subject to subsections (b) and (c) below, the Right of
Repurchase shall be exercisable as follows: 

(i)    
In the event that Stockholder ceases to provide services to the Company as an
employee, director or consultant ("Service") for any reason, with
or without cause (subject to subsection 2(a)(iii) below), within forty-five (45)
months of the date hereof (the "Vesting
Period"), the Right of Repurchase shall apply to that number of shares
of Restricted Stock as determined pursuant to Section 2(a)(ii) below, and shall
be exercisable during the ninety (90)-day period following the date when
Stockholder ceases to provide Service to Company. 

(ii)   
The Company's Right of Repurchase shall lapse with respect to one-sixteenth
(.625%) of the shares of Restricted Stock on February 1, 2007 ("Initial
Vesting Date"), and on each three month anniversary thereafter (May 1st,
August 1st and November 1st) (each a "Vesting
Date"), ratably during the forty-five (45) month period after the
Initial Vesting Date, such that no shares of Restricted Stock shall be subject
to the Right of Repurchase on November 1, 2010, and such shares shall be fully
vested. 

(iii)
  Notwithstanding the
foregoing, in the event Stockholder's Service with the Company is terminated by
the Company for reasons other than for Cause (as such term is defined in the
Employment Agreement), then the vesting of the Restricted Stock will accelerate
so that the shares of Restricted Stock that are scheduled to vest on each of the
next four (4) Vesting Dates following such Service termination date shall vest
immediately upon such Service termination date. 

(b)
    Acceleration of
Vesting. In the event a "Change of Control" (as defined below) transaction
occurs, then the vesting of the Restricted Stock will accelerate so that fifty
percent (50%) of the shares of Restricted Stock that are scheduled to vest on
each Vesting Date following such Change of Control shall vest immediately prior
to the closing of such Change of Control transaction. For purposes hereof, "Change
in Control" means (i) a change in the ownership of the Company, or (ii)
a change in the ownership of a substantial portion of the assets of the Company.

A change in the
ownership of the Company occurs on the date that any one person or more than one
person acting as a group acquires ownership of shares of Stock of the Company
that, together with shares of Stock held by such person or group, constitutes
more than fifty percent (50%) of the total fair market value or total voting
power of the total outstanding shares of Stock of the Company. However, if any
person or group is considered to own more than fifty percent (50%) of the total
fair market value or total voting power of the Stock of the Company, the
acquisition of additional shares of Stock by the same person or persons or the
transfer of shares by such person or persons to an entity, at least 50% of the
total value or voting power of which is owned immediately after such transfer,
directly or indirectly, by such person or persons, is not considered to cause a
change in the ownership of the Company. Also, there is no Change in Control
event when there is an acquisition of Stock by the Company or an employee
benefit plan maintained by the Company, or when there is a transfer of Stock
from any person or group to another person, group, or trust for estate planning
purposes, or where, after the transfer of Stock, the Stock so transferred does
not remain outstanding. Also there is no Change in Control event when and if
Brad Greenspan transfers any of his ownership interest in the Company to
LiveUniverse or a subsidiary of LiveUniverse. 

A change in the
ownership of a substantial portion of the Company's assets occurs on the date
that any one person, or more than one person acting as a group acquires assets
from the Company that have a total gross fair market value of at least 50% of
the total gross fair market value of all of the assets of the Company
immediately prior to such acquisition. For this purpose, gross fair market value
means the value of the assets of the Company, or the value of the assets being
disposed of, determined without regard to any liability associated with such
assets. There is no Change in Control when there is a transfer to an entity that
is controlled by the Company's shareholders immediately after the transfer. The
transfer of assets by the Company is not treated as a change in ownership of
such assets if the assets are transferred to: (a) a shareholder of the Company
(immediately before the asset transfer) in exchange for or with respect to Stock
of the Company; (b) an entity, 50% or more of the total value or voting power of
which is owned immediately after the transfer, directly or indirectly, by the
Company; (c) a person, or more than one person acting as a group, that owns
immediately after the transfer, directly or indirectly, 50% or more of the total
value or voting power of all the outstanding shares of Stock of the Company; or
(d) an entity, at least 50% of the total value or voting power of which is owned
immediately after the transfer, directly or indirectly, by a person described in
(c) above. 

Notwithstanding
anything contained herein to the contrary, no Change in Control shall be
considered to have occurred unless a "change in control event" would have
occurred with respect to the Company under Internal Revenue Service Notice
2005-1 or any successor guidance or regulation. 

In addition to the
foregoing, if the Company sells, or otherwise transfers for value, one hundred
percent (100%) of its interests in one or more of its portfolio companies or
other assets to a third party (resulting in a change in ownership of such
assets, but not constituting a Change of Control with respect to the Company) (a
"Portfolio Transfer"),
then the vesting of the Restricted Stock will accelerate so that Portfolio
Percent (as defined below) of the shares of Restricted Stock that are scheduled
to vest on each Vesting Date following such Portfolio Transfer shall vest
immediately prior to the closing of such Portfolio Transfer. For Purposes
hereof, "Portfolio
Percent" shall mean the gross fair market value of the assets
transferred in such Portfolio Transfer divided by the gross fair market value of
the Company immediately prior to such Portfolio Transfer, as determined in the
good faith judgment of the board of directors of the Company. 

(c)    
Non Applicability of Right
of Repurchase. The Right of Repurchase shall not exist with respect to
shares of Restricted Stock in the event that a determination is made by counsel
for Company that such Right of Repurchase is not permitted under applicable
federal or state securities laws. 

(d)    
Rights of Repurchase
Adjustments. If there is any change in the number of outstanding shares of
capital stock by reason of a stock split, reverse stock split, stock dividend,
an extraordinary dividend payable in a form other than stock, recapitalization,
combination or reclassification, or a similar transaction affecting the
Company's outstanding securities without receipt of consideration, then (i) any
new, substituted or additional securities or other property (including money
paid other than as an ordinary cash dividend) distributed with respect to any
Restricted Stock (or into which such Restricted Stock thereby become
convertible) shall immediately be subject to the Right of Repurchase in the
proportion that unvested shares of Restricted Stock bears to the all shares of
Restricted Stock; and (ii) appropriate adjustments to reflect the distribution
of such securities or property shall be made to the number and/or class of the
Restricted Stock and to the price per share to be paid upon the exercise of the
Right of Repurchase; provided, however, that the aggregate Repurchase Price
payable for the Restricted Stock shall remain the same. 

(e)
    
Termination of Rights as Shareholder. If Company makes available, at the
time and place and in the amount and form provided in this Agreement, the
consideration for the shares of Restricted Stock to be repurchased in accordance
with the terms hereof, then after such time the person from whom such shares are
to be purchased shall no longer have any rights as a holder of such shares of
Restricted Stock (other than the right to receive payment of such consideration
in accordance with this Agreement). Such shares of Restricted Stock shall be
deemed to have been purchased in accordance with the applicable provisions
hereof, whether or not the certificate(s) therefor have been delivered to
Company. 

(f)    
Escrow. Upon issuance,
the certificates for shares of Restricted Stock shall be deposited in escrow
with the Company to be held in accordance with the provisions of this Agreement.
Any new, substituted or additional securities or other property described in 
Section 2(d) above shall immediately be delivered to the Company to be held
in escrow. All regular cash dividends on Restricted Stock (or other securities
at the time held in escrow) shall be paid directly to the Purchaser and shall
not be held in escrow. The shares of Restricted Stock, together with any other
assets or securities held in escrow hereunder, shall be surrendered to the
Company for repurchase and cancellation upon the Company's exercise of its Right
of Repurchase. In any event, all shares of Restricted Stock (and any other
vested assets and securities attributable thereto) shall be released following
90 days after the earlier of (i) the Purchaser's cessation of Service or (ii)
the lapse of the Right of Repurchase, to the extent not otherwise repurchased by
the Company in accordance with the terms hereof. 

(g)
    
Retention of Shares. Purchaser shall immediately deliver to the Company the
collateral instruments of transfer for the shares of Restricted Stock executed
in blank, to be held by the Company until such time as all shares of Restricted
Stock are no longer subject to the Right of Repurchase and any indebtedness with
respect to those shares has been paid in full. 

3.
    
Miscellaneous/General. 

(a)    
Amendment. No
modification or amendment hereof shall be valid and binding, unless it be in
writing and signed by Stockholder and the Company. 

(b)    
Benefit. Except as
otherwise expressly limited herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the successors, assigns, heirs, executors, and
administrators of the parties hereto. None of the rights, privileges, or
obligations set forth in, arising under, or created by this Agreement may be
assigned or transferred without the prior consent in writing of Stockholder and
the Company. 

(c)
    
Headings. Section headings are inserted herein for convenience only and
shall not control or affect the meaning or construction of any of the provisions
hereof. 

(d)    
Governing Law;
Jurisdiction. This Agreement shall be construed in accordance with, and
governed by, the laws of the State of California, without reference to the
conflict of laws principles thereof. Any dispute arising under or in relation to
this Agreement shall be resolved in any competent court located in Los Angeles
County, California, and each of the parties hereby submits irrevocably to the
jurisdiction of any such court. 

(e)    
Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and enforceable against the parties actually executing such
counterpart, and all of which together shall constitute one and the same
instrument. 

(f)
    Entire
Agreement. This Agreement represents the entire understanding and agreement
between the parties hereto with respect to the subject matter hereof and all
prior conversations, negotiations, understandings and agreements between the
parties hereto concerning the subject matter hereof are hereby expressly
superseded. 

[Signature Page Follows] 

IN WITNESS WHEREOF, the parties have executed
this Agreement on the day and year first above written. 

	 	"COMPANY"
	 	BroadWebAsia, Inc.,
	 	a British Virgin
    Island corporation
	 	 
	 	By:
    ________________________________
	 	Name:
	 	Title:
	 	 
	 	 
	 	 
	 	 
	 	"STOCKHOLDER"
	 	 
	 	
    ___________________________________
	 	James Iacabucci

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]