Document:

Unassociated Document

PROMISSORY NOTE

Amount: $100,000

Dated as of December 1, 2011

	
1.  

	
For Value Received, Q Lotus Holdings, Inc. (“Obligor”) hereby promises to pay to the order of Frank Powers (“Payee”) the principal sum of One Hundred Thousand Dollars ($100,000), together with interest accruing thereon at the Interest Rate of ten percent (10%) per annum in the manner described below with the entire remaining balance of principal and interest due on February 1, 2012 (the “Maturity Date”).  All payments due hereunder shall be made to Payee at the address provided below for notice in lawful money of the United States of America.

	
2.  

	
Payment Terms:  The principal balance of one hundred thousand dollars ($100,000) plus interest earned will be due on February 1, 2012.  No monthly payments on this note will be required.

	
3.  

	
Prepayment. This Note may be prepaid at any time, in whole or in part, without penalty.

	
4.  

	
Obligor Waiver. Obligor waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note. In any action on the Note, Payee or its assignee need not file the original of the Note, but need only file a photocopy of the Note certified by Payee or such assignee to be true and correct copy of this Note. No delay on the part of Payee in exercising any right under this Note or other undertaking affecting this Note, shall operate as a waiver of such right or any other right under this Note, nor shall any omission in exercising any right on the part of Payee under this Note operate as a waiver of any other rights.

	
5.  

	
Default. It shall be an “Event of Default” hereunder upon (i) the failure by Obligor to pay any amount as and when due hereunder, time being of the essence; or (ii) any assignment for the benefit of creditors of, or the commencement of any bankruptcy, receivership, insolvency, reorganization, dissolution, termination, or liquidation proceedings by or against the Obligor, which is not dismissed within thirty (30) days of the filing of the same; or (iii) breach by Obligor of any of the other provisions of the Note. Upon the occurrence of the Event of Default, notwithstanding any provision herein to the contrary, the outstanding indebtedness evidenced by this Note, together with all accrued interest shall be immediately due and payable, without notice to or demand upon Obligor, and Payee may exercise all of its rights and remedies reserved to it herein or available under applicable law.  Payee may attach any and all assets of the Company in order to satisfy the Default.

	
6.  

	
Application of Payments. Obligor waives the right to direct the application of any and all payments at any time or times hereafter received by Payee, and Obligor agrees that Payee shall have the continuing exclusive right to apply and reapply such payments in any manner Payee may deem advisable, notwithstanding any entry by Payee upon its books.

 

  

  

  

 

	
7.  

	
Captions. Any headings or captions in this Note are inserted for convenience of reference only. Such headings or captions shall not be deemed to constitute a part hereof, nor shall they be used to construe or interpret the provisions of this Note.

	
8.  

	
Payment of Costs. Obligor hereby expressly agrees that upon the occurrence of any Event of Default under this Note, Obligor will pay to Payee, on demand, all costs of collection and enforcement of every kind including (but not limited to) all reasonable attorneys’ fees, court costs, and other costs and expenses of every kind incurred by Payee in connection with the enforcement hereof, whether or not any lawsuit is filed with respect thereto.

	
9.  

	
Notices. Notice shall be deemed given hereunder when sent by commercial courier and received at recipient’s address, or when sent by overnight delivery by a commercial delivery service or via the US Postal Service on the date delivered to recipient’s address, or when sent by e-mail, in each case addressed to the recipient at the address appearing below or to such address of which one party notifies the other in accordance with the terms of this Paragraph:

	  	
If to Payee:

	
Frank Powers

	  	  	
1 Hughes Center Dr, Unit 1604

	  	  	
Las Vegas, NV  89169

	  	  	  
	  	
If to Obligor:

	
Q Lotus Holdings, Inc

	  	  	
500 N Dearborn St, Suite 605

	  	  	
Chicago, IL 60654

	  	  	
Attn: Gary Rosenberg

	
10.  

	
Time of the Essence. Time is hereby declared to be of the essence of this Note and of every part hereof.

	
11.  

	
Governing Law and Jurisdiction. This Note has been executed and delivered at Chicago, Illinois, and shall be governed by and construed in accordance with the internal laws (and not the choice of laws) of the State of Illinois.  Any dispute with respect to the subject matter hereof shall be submitted to the Circuit Court of Cook County, Illinois, or the United States District Court located in Cook County, Illinois, in either case located in downtown Chicago, Illinois, wherein jurisdiction and venue shall lie exclusively.

	
12.  

	
Severability. In the event any one or more of the provision 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 any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then, and in either of such events, such provision or provisions only shall be deemed null and void 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.

	
13.  

	
Business Loan. Obligor hereby represents and warrants that the purpose of the loan evidenced by this Note is for the business of Obligor and not for any consumer purposes whatsoever.

 

  

  

  

 

	
14.  

	
Confessions of Judgment. The Obligor hereby waives presentment, dishonor, protest and demand, diligence, notice of protest, demand and of dishonor, and any other notice otherwise required to be given under the law in connection with the delivery, acceptance, performance or default of this Notice, and expressly agrees that this Notice or any payment hereunder may be extended or subordinated, by forbearance or otherwise, from time to time, without in any way affecting the liability of the Obligor. No consent or waiver by the holder hereof with respect to any action or failure to act which, without such consent or waiver, would constitute a breach of any provision of this Notice, shall be valid and binding unless in writing and signed by the Obligor and the holder thereof.

	
15.  

	
Representation of Counsel. Obligor hereby represents and warrants that it has consulted and conferred with competent legal counsel of its choice before executing this Note. Obligor further represents and warrants that it has read and understood the terms of this Note and intends to be bound hereby.

	
16.  

	
Waiver of Jury Trial.   Obligor hereby knowingly, voluntarily and intentionally waives the right to a trial by jury in respect of any litigation based hereon, arising out of, under or in connection with this note or any course of conduct, course of dealings, statements (whether verbal or written) or actions of either party.  Obligor hereby expressly acknowledges this waiver is a material, inducement for Payee to accept this Note and to make the loan evidenced hereby.

	  	
OBLIGOR:

	  	
Q Lotus Holdings, Inc.

	  	  	  
	  	  	  
	  	
By:

	
/S/ Gary Rosenberg

	  	  	
Gary Rosenberg, CEO

Wire Instructions

	 	 
	
Bank:

	
Chase Bank

 

	
Branch Address:

	
600 N Dearborn St, Chicago, IL  60654

 

	
Branch Phone:

	
(312) 787-2260

 

	
Routing Number:

	
0710 00 013

 

	
Account Number:

	
  

 

	
For Credit To:

	
Q Lotus Holdings, Inc.

 

	  	
500 N Dearborn St, Suite 605

 

	  	
Chicago, IL  60654

 

	  	
Tel: (312) 379-1800Unassociated Document

	
Q Lotus Holdings, Inc.

 

A Diversified Financial

 

Holding Company

	

	
500 N Dearborn St, Suite 605

 

Chicago, IL  60654

 

(312) 379-1800

 

 January 5, 2012

Frank Powers

1 Hughes Center Dr, Unit 1604

Lasa Vegas, NV  89169

Re:  Amendment to Promissory Note

Dear Frank:

In accordance with our discussions, Q Lotus Holdings, Inc. and Frank Powers hereby agree to amend the Promissory Note dated December 1, 2011 between Q Lotus Holdings, Inc. and Frank Powers in the amount of one hundred thousand dollars ($100,000) such that, notwithstanding anything contained in the Promissory Note to the contrary:

	
1.  

	
Q Lotus Holdings, Inc. (“Obligor’) hereby promises to pay to the order of Frank Powers (“Payee’) the principal sum of One Hundred Thirty Thousand Dollars ($130,000).

Please acknowledge your acceptance of the above change by executing this amendment below.

Q Lotus Holdings, Inc.                                           

	
By:

	
/S/ Gary Rosenberg

	  	
Gary Rosenberg

	
Its:

	
CEO

Understood and Agreed to this 5th day of January, 2011.

	
By:

	
/S/ Frank Powers

	  	
Frank PowersEMPLOYMENT AGREEMENT

This Agreement made and entered into this 1st day of June, 2011, by and between Nyxio Technologies ("employer"), and Giorgio E.W. Johnson ("employee"). The parties recite that:

 

A. NYXIO TECHNOLOGIES is engaged in, Manufacturing/Retail Consumer Electronics and maintains business premises at, 2156 NE Broadway, Portland, OR 97232.

 

B. Employee is willing to be employed by Nyxio Technologies, and Nyxio Technologies is willing to employ employee, on the terms and conditions hereinafter set forth. For the reasons set forth above, and in consideration of the mutual covenants and promises of the parties hereto, Nyxio Technologies and employee covenant and agree as follows:

 

1. AGREEMENT TO EMPLOY AND BE EMPLOYED

 

Nyxio Technologies hereby employs employee as a Chief Executive Officer at the above-mentioned premises, and employee hereby accepts and agrees to such employment.

 

2. DESCRIPTION OF EMPLOYEE'S DUTIES

 

Subject to the supervision and pursuant to the orders, advice, and direction of Nyxio Technologies, employee shall perform such duties as are customarily performed by one holding such position in other businesses or enterprises of the same or similar nature as that engaged in by Nyxio Technologies. Employee shall additionally render such other and unrelated services and duties as may be assigned to him from time to time by Nyxio Technologies.

 

3. MANNER OF PERFORMANCE OF EMPLOYEE'S DUTIES

 

Employee shall at all times faithfully, industriously, and to the best of his ability, experience, and talent, perform all duties that may be required of and from him pursuant to the express and implicit terms hereof, to the reasonable satisfaction of Nyxio Technologies. Such duties shall be rendered at the above mentioned premises and at such other place or places as Nyxio Technologies shall in good faith require or as the interests, needs, business, and opportunities of Nyxio Technologies shall require or make advisable.

 

4. COMPENSATION; REIMBURSEMENT

 

Nyxio Technologies shall pay employee and employee agrees to accept from Nyxio Technologies, in full payment for employee's services hereunder, compensation at the rate of Twenty Four Thousand Dollars ($24,000) per annum, payable bimonthly. In addition to the foregoing, Nyxio Technologies will reimburse employee for any and all necessary, customary, and usual expenses incurred by him/her while traveling for and on behalf of the Nyxio Technologies pursuant to Nyxio Technologies directions.

 

2156 NE Broadway   •   PORTLAND, OR 97232   •   503.719.4132  •  WWW.NYXIO.COM

Mail to address: P.O. BOX 33558 PORTLAND, OR 97292-3558

  

 

  

5.EMPLOYEE'S LOYALTY TO NYXIO TECHNOLOGIES INTERESTS

 

Employee shall devote all of his time, attention, knowledge, and skill solely and exclusively to the business and interests of Nyxio Technologies, and Nyxio Technologies shall be entitled to all benefits, emoluments, profits, or other issues arising from or incident to any and all work, services, and advice of employee. Employee expressly agrees that during the term hereof he/she will not be interested, directly or indirectly, in any form, fashion, or manner, as partner, officer, director, stockholder, advisor, employee, or in any other form or capacity, in any other business similar to Nyxio Technologies business or any allied trade, except that nothing herein contained shall be deemed to prevent or limit the right of employee to invest any of his/her surplus funds in the capital stock or other securities of any corporation whose stock or securities are publicly owned or are regularly traded on any public exchange, nor shall anything herein contained by deemed to prevent employee from investing or limit employee's right to invest his/her surplus funds in real estate.

 

6. NONDISCLOSURE OF INFORMATION CONCERNING BUSINESS

 

Employee will not at any time, in any fashion, form, or manner, either directly or indirectly divulge, disclose, or communicate to any person, firm, or corporation in any manner whatsoever any information of any kind, nature, or description concerning any matters affecting or relating to the business of Nyxio Technologies, including, without limitation, the names of any its customers, the prices it obtains or has obtained, or at which it sells or has sold its products, or any other information concerning the business of Nyxio Technologies, its manner of operation, or its plans, processes, or other date of any kind, nature, or description without regard to whether any or all of the foregoing matters would be deemed confidential, material, or important. The parties hereby stipulate that, as between them, the foregoing matters are important, material, and confidential, and gravely affect the effective and successful conduct of the business of Nyxio Technologies, and its good will, and that any breach of the terms of this section is a material breach of this agreement.

 

7. OPTION TO TERMINATE ON PERMANENT DISABILITY OF EMPLOYEE

 

Not withstanding anything in this agreement to the contrary, Nyxio Technologies is hereby given the option to terminate this agreement in the event that during the term hereof employee shall become permanently disabled, as the term "permanently disabled" is hereinafter fixed and defined. Such option shall be exercised by Nyxio Technologies giving notice to employee by registered mail, addressed to him/her in care of Nyxio Technologies at the above stated address, or at such other address as employee shall designate in writing, of its intention to terminate this agreement on the last day of the month during which such notice is mailed. On the giving of such notice this agreement and the term hereof shall cease and come to an end on the last day of the month in which the notice is mailed, with the same force and effect as if such last day of the month were the date originally set forth as the termination date. For purposes of this agreement, employee shall be deemed to have become permanently disabled if, during any year of the term hereof, because of ill health, physical or mental disability, or for other causes beyond his/her control, he/she shall have been continuously unable or unwilling or have failed to perform his/her duties hereunder for thirty (30) consecutive days, or if, during any year of the term hereof, he/she shall have been unable or unwilling or have failed to perform his/her duties for a total period of thirty (30) days,whether consecutive or not.

 

8. DISCONTINUANCE OF BUSINESS AS TERMINATION OF EMPLOYMENT

 

Anything herein contained to the contrary notwithstanding, in the event that Nyxio Technologies  shall discontinue operations at the premises mentioned above, then this agreement shall cease and terminate as of the last day of the month in which operations cease with the same force and effect as if such last day of the month were originally set forth as the termination date hereof.

 

9. EMPLOYEE'S COMMITMENTS BINDING ONNYXIO TECHNOLOGIES ONLY ON WRITTEN CONSENT

 

Employee shall not have the right to make any contracts or other commitments for or on behalf of Nyxio Technologies without the written consent of Nyxio Technologies.

 

2156 NE Broadway   •   PORTLAND, OR 97232   •   503.719.4132  •  WWW.NYXIO.COM

Mail to address: P.O. BOX 33558 PORTLAND, OR 97292-3558

  

 

  

10. AT-WILL EMPLOYMENT

 

Nyxio Technologies does not offer tenured or guaranteed employment. Either Nyxio Technologies or the employee can terminate the employment relationship at any time, with or without cause, with or without notice. This is called, “Employment At Will.”This Employment At Will relationship exists regardless of any other written statements or policies or any other Nyxio Technologies documents or any verbal statement to the contrary. While Nyxio Technologies may elect to follow its progressive discipline procedure, Nyxio Technologies is in no way obligated to do so. Using progressive discipline is at the sole discretion of Nyxio Technologies.

 

11. CONTRACT TERMS TO BE EXCLUSIVE

 

This written agreement contains the sole and entire agreement between the parties, and supersedes any and all other agreements between them. The parties acknowledge and agree that neither of them has made any representation with respect to the subject matter of this agreement or any representations inducing the execution and delivery hereof except such representations as are specifically set forth herein, and each party acknowledges that he or it has relied on his or its own judgment in entering into the agreement. The parties further acknowledge that any statements or representations that may have heretofore been made by either of them to the other are void and of no effect and that neither of them has relied thereon in connection with his or its dealings with the other.

 

12. WAIVER OR MODIFICATION INEFFECTIVE UNLESS IN WRITING

 

No waiver or modification of this agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith. Furthermore, no evidence of any waiver or modification shall be offered or received in evidence in any proceeding, arbitration, or litigation between the parties arising out of or affecting this agreement, or the rights or obligations of any party hereunder, unless such waiver or modification is in writing, duly executed as aforesaid. The provisions of this paragraph may not be waived except as herein set forth.

 

13. CONTRACT GOVERNED BY LAW

 

This agreement and performance hereunder shall be construed in accordance with the laws of the State of Oregon.

 

14. BINDING EFFECT OF AGREEMENT

 

This agreement shall be binding on and inure to the benefit of the respective parties and their respective heirs, legal representatives,successors, and assigns.

 

	
Executed on the date first above written.

	  	  	 
	  	  	  	 
	 	 	 	 
	
Giorgio E.W. Johnson

	  	
Date

	 
	  	  	  	 
	 	 	 	 
	
Nyxio Technologies Representative/Mirjam Metcalf, CFO

	  	
Date

	 

 

2156 NE Broadway   •   PORTLAND, OR 97232   •   503.719.4132  •  WWW.NYXIO.COM

Mail to address: P.O. BOX 33558 PORTLAND, OR 97292-3558

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