Document:

cellynx_ex1012.htm

EXHIBIT
10.14

    

    THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF
COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
REQUIRED.

     

    CELLYNX,
INC.

     

    CONVERTIBLE
PROMISSORY NOTE

     

    
    

     

    
      	$10,000.00 	
              Issue Date: October
      25, 2007

            
	 	
              Laguna Niguel,
      California

            

    

     

     

    FOR VALUE
RECEIVED, Cellynx, Inc., a California corporation (the "Company")
promises to pay to Tareq Risheq ("Investor"), or its registered assigns, in
lawful money of the United States of America, the principal sum of $10,000.00,
or such lesser amount as shall equal the outstanding principal amount hereof,
together with interest from the date of this Convertible Promissory Note ("Note") on the unpaid principal balance
at a rate equal to 4.00% per annum, computed on the basis of the
actual number of days elapsed and a year of 365 days. All unpaid principal,
together with any then unpaid and accrued interest and any other amounts payable
hereunder, shall be due and payable on the earlier of (i)
that date which is two years after the Issue Date listed above, or (ii) when,
upon or after the occurrence of an Event of Default (as defined below), such
amounts are declared due and payable by Investor or made automatically due and
payable in accordance with the terms hereof.

     

    The
following is a statement of the rights of Investor and the conditions to which
this Note is subject, and to which Investor, by the acceptance of this Note,
agrees:

     

    1.  Definitions.
As used in this Note, the following capitalized terms have the following
meanings:

     

    (a)  "Obligations" shall mean and include all loans,
advances, debts, liabilities and obligations, howsoever arising,
owed by the Company to Investor of every kind and description
(whether or not
evidenced by any note or instrument and whether or not for the payment of
money), now existing or hereafter arising under or pursuant to the terms of this
Note, including, all interest, fees, charges, expenses, attorneys' fees and
costs and accountants' fees
and costs chargeable to and payable by the Company hereunder,
in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether
or not arising after the commencement of a proceeding under Title 11 of the United States Code
(11 U. S. C. Section 101 et
seq.), as amended
from time to time (including post-petition interest) and whether or not
allowed or allowable as a claim in any such
proceeding.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)  "Person" shall mean and include an individual, a
partnership, a corporation (including a business trust), a joint stock company,
a limited liability company, an unincorporated association, a joint venture or
other entity or a governmental authority.

     

    2.  Prepayment. The Company may prepay this
Note in whole or in part at any time without penalty; provided that any such
prepayment will be applied first to the payment of expenses due under this Note,
second to interest accrued on this Note and third, if the amount of prepayment
exceeds the amount of all such expenses and accrued interest, to the payment of
principal of this Note.

     

    3.  Events of Default. The occurrence of any
of the following shall constitute an "Event of
Default" under this Note:

     

    (a)  Failure
to Pay. The Company shall fail to pay (1) when due any principal or
interest payment on the due date hereunder or (ii) any other payment required
under the terms of this Note on the date due and such payment shall
not have been made within five days of the Company's receipt of Investor's
written notice to the Company of such failure to pay;

     

    (b)  Voluntary
Bankruptcy or Insolvency Proceedings. The Company shall (1) apply for or
consent to the appointment of a receiver, trustee, liquidator or custodian of
itself or of all or a substantial part of its property, (ii) be unable, or admit
in writing its inability, to pay its debts generally as they mature, (iii) make
a general assignment for the benefit of its or any of its creditors, (iv) be
dissolved or liquidated, (v) become insolvent (as such term may be defined or
interpreted under any applicable statute), (vi) commence a voluntary case or
other proceeding seeking liquidation, reorganization or other relief with
respect to itself or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in. effect or consent to any such relief or to the
appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (vii) take any
action for the purpose of effecting any of the foregoing; or

     

    (c)  Involuntary Bankruptcy or
Insolvency Proceedings. Proceedings for the appointment of a
receiver, trustee, liquidator or custodian of the Company or of all or a
substantial part of the property thereof, or an involuntary case or other
proceedings seeking liquidation, reorganization or other relief with respect to
the Company or the debts thereof wider any bankruptcy, insolvency or other
similar law now or hereafter in effect shall be commenced and an order for
relief entered or such proceeding shall not be dismissed or discharged within 30
days of commencement.

     

    4.  Rights of Investor upon Default. Upon
the occurrence or existence of any Event of Default described in Section 3(a) and at any time thereafter during
the continuance of such Event of Default, Investor may, by written notice to the
Company, declare all outstanding Obligations payable by the Company hereunder to
be immediately due and payable without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived. Upon the
occurrence or existence of any Event of Default described in Sections 3(b) and 3(c), immediately and without
notice, all outstanding Obligations payable by the Company hereunder shall
automatically become immediately due and payable, without presentment, demand,
protest or any other notice of any kind, all of which are hereby expressly
waived. In addition to the foregoing remedies, upon the occurrence
or existence of any Event of Default, Investor may exercise any other right
power or remedy granted to it by law, either by suit in equity or by action at
law, or both.

     

    
      
        
        

      

      
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    5.  Conversion.

     

    (a)  Optional
Conversion; Number of Shares Issuable Upon Conversion. All or a portion
of the outstanding principal amount of and all accrued interest under this Note
shall be convertible at the option of the Investor into that number of shares of
the Company's Common Stock as is determined by dividing the principal amount and
accrued interest on the date of conversion by $0.10 per share (adjusted to
reflect subsequent stock dividends, stock splits, combinations or
recapitalizations).

     

    (b)  Conversion
Procedure. Before Investor shall be entitled to convert this Note into
shares of Common Stock under this Section
5, the Investor shall, at the request of the Company, execute and deliver
to the Company a common stock purchase agreement reasonably acceptable to the
Company containing customary representations and warranties and transfer
restrictions (including a 180-day lock-up agreement in connection with an
initial public offering). In addition, before Investor shall be entitled to
convert this Note into shares of Common Stock under this Section 5, it shall
surrender this Note, duly endorsed, at the office of the Company and shall give
written notice to the Company at its principal corporate office, of the election
to convert the same pursuant to this Section
5, and shall state therein the amount of the unpaid principal amount of
this Note to be converted and the name or names in which the certificate or
certificates for shares of Common Stock are to be issued. If this Note has been
lost, stolen, destroyed or mutilated, then, in the case of loss, theft or
destruction, the Holder shall deliver an indemnity agreement reasonably
satisfactory in form and substance to the Company or, in the case of mutilation,
the Holder shall surrender and cancel this Note. The Company shall, as soon as
practicable thereafter, issue and deliver at such office to Investor a
certificate or certificates for the number of shares of Common Stock to which
Investor shall be entitled upon conversion (bearing such legends as are required
by the common stock purchase agreement, and applicable state and federal
securities laws in the opinion
of counsel to the Company), together with a replacement Note (if any
principal amount is not converted) and any other securities and property to
which Investor is entitled upon such conversion under the terms of this Note,
including a check payable to Investor for any cash amounts payable as described
in Section 5(c). The conversion shall be
deemed to have been made immediately prior to the close of business on the date
of the surrender of this Note, and the Person or Persons
entitled to receive the shares of Common Stock upon such conversion shall
be treated for all purposes as the record Investor or Investors of such shares
of Common Stock as of such date.

     

    (c)  Fractional
Shares; Interest; Effect  of Conversion. No fractional shares
shall be issued upon conversion of this Note. In lieu of the Company issuing any
fractional shares to Investor upon the conversion of this Note, the Company
shall pay to Investor an amount equal to the product
obtained by multiplying the conversion price by the fraction of a share not
issued pursuant to the previous sentence. Upon conversion of this Note in full
and the payment of any amounts specified in this Section 5(c), the Company shall be forever
released from all its obligations and liabilities under this Note.

     

    
      
        
        

      

      
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    6.  Successors and Assigns. Subject to the
restrictions on transfer described in Sections 8 and 9 below, the rights and obligations of
the Company and Investor shall be binding upon and benefit the successors,
assigns, heirs, administrators and transferees of the
parties.

     

    7.  Waiver and Amendment. Any provision of
this Note may be amended, waived or modified upon the written consent of the
Company and the Investor.

     

    8.  Market Stand-Off Covenant. Investor
hereby agrees that it will not, without the prior written consent of the
managing underwriter, during the period commencing on the date of the final
prospectus relating to the Company's initial public offering and ending on the
date specified by the Company and the managing underwriter (such period not to
exceed one hundred eighty (180) calendar days) (i) lend, offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any securities of the
Company, whether now owned or hereafter acquired, or (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any securities of the Company, whether now
owned or hereafter acquired, whether any such transaction described in clause
(i) or (ii) above is to be settled by delivery of securities, in cash or
otherwise. The foregoing covenants shall apply only to the Company's initial
public offering of equity securities, shall not apply to the sale of any shares
by Investor to an underwriter pursuant to an underwriting agreement. Investor
agrees to execute an agreement(s) reflecting (i) and (ii) above as may be
requested by the managing underwriters at the time of the initial public
offering, and further agrees that the Company may impose stop transfer
instructions with its transfer agent in order to enforce the covenants in (i)
and (ii) above. The underwriters in connection with the Company's initial public
offering are intended third party beneficiaries of the covenants in this Section 8 and
shall have the right, power and authority to enforce such covenants as
though they were a party hereto.

     

    9.  Assignment. Neither this Note nor any of
the rights, interests or obligations hereunder may be assigned, by operation of
law or otherwise, in whole or in part, by the Company or the Investor without
the prior written consent of the other party.

     

    10.  Notices.
All
notices, requests, demands, consents, instructions or other communications
required or permitted hereunder shall in
writing and faxed, mailed or delivered to each party at the following
addresses, or at such other address(es) or facsimile number(s)
as the Company or Investor shall have furnished to the other in
writing:

     

    
      	
              If to
      Company: 

            	27795 Country Lane,
      Suite B1 
	 	Laguna Niguel,
      California 92677 

              Attention:
      President

              Telephone:
      (949) 305-5389 

              Facsimile:
      (949) 305-5718 

            
	 	 
	If to
      Investor:   	Tareq
      Risheq 
	 	27795 Country Lane,
      Suite B1 

              Laguna
      Niguel, California 92677 

              Telephone:
      (949) 305-5389

              Facsimile:
      (949) 305-5718 

            

    

     

     

    
      
        
        

      

      
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    All
such notices and communications will be deemed effectively given the earlier of
(i) when received,
(ii) when delivered personally, (iii) one business day after being delivered by
facsimile (with receipt of appropriate confirmation), (iv) one business
day
after
being deposited with an overnight
courier service of recognized standing or (v) four days after being deposited in
the
U.S.
mail,
first class with postage prepaid.

     

    11.  Usury. In the event any interest is paid
on this Note which is deemed to be in excess of the then legal maximum rate, then
that portion of the interest payment representing an amount in
excess of the then
legal maximum rate shall be deemed a payment of principal and applied against
the principal of this
Note.

     

    12.  Waivers. The Company hereby waives
notice of default, presentment or demand for payment, protest or notice of
nonpayment or dishonor and all other notices or demands relative to this
instrument.

     

    13.  Governing Law. This Note and all actions
arising out of or in connection with this Note shall be governed by and
construed in accordance with the laws of the State of California, without regard
to the conflicts of law provisions of the State of California, or of any other
state.

     

    (Signature
Page Follows)

     

     

     

    
      
        
        

      

      
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    The
Company has caused this Convertible Promissory Note to be issued as of the date
first
written above.

     

     

    
      	 	

              CELLYNX,
      INC.

              a
      California corporation 

            
	 	 
	 	By:       /s/
      Tareq
      Risheq                       
      
	 	 
	 	Name:  Tareq
      Risheq                             
      
	 	 
	 	Title:    CEO                                            
      
	 	 

    

     

     

     

    -6-cellynx_ex1015.htm

    Exhibit
10.15

     

    CELLYNX,
INC.

     

    Incentive
Stock Option Agreement

    Granted Under 2007 Stock
Incentive Plan

     

    1.           Grant of
Option.

     

    This
agreement evidences the grant by Cellynx, Inc., a California corporation (the
“Company”), on October
1, 2007 (the
“Grant Date”) to Daniel
Ash, an employee of the Company (the “Participant”), of an option to
purchase, in whole or in part, on the terms provided herein and in the Company’s
2007 Stock Incentive Plan (the “Plan”), a total of 3,333,333
shares (the “Shares”) of common stock of the Company (“Common Stock”) at
$0.099 per
Share.  Unless earlier terminated, this option shall expire at 5:00
p.m., Pacific time, on the day prior to the fifth
anniversary of this Agreement (the “Final Exercise Date”).

     

    It is
intended that the option evidenced by this agreement shall be an incentive stock
option as defined in Section 422 of the Internal Revenue Code of 1986, as
amended, and any regulations promulgated thereunder (the
“Code”).  Except as otherwise indicated by the context, the term
“Participant”, as used in this option, shall be deemed to include any person who
acquires the right to exercise this option validly under its terms.

     

    2.           Vesting
Schedule.

     

    This
option will become exercisable (“vest”) as to 33.3%
of the original number of Shares on the first anniversary of the Grant
Date and as to an additional 66.7%
of the original number of Shares at the end of each successive monthly period following the
first
anniversary of the Grant Date until the third
anniversary of the Grant Date.

     

    The right
of exercise shall be cumulative so that to the extent the option is not
exercised in any period to the maximum extent permissible it shall continue to
be exercisable, in whole or in part, with respect to all Shares for which it is
vested until the earlier of the Final Exercise Date or the termination of this
option under Section 3 hereof or the Plan.

     

    3.           Exercise of
Option.

     

    (a)           Form of
Exercise.  Each election to exercise this option shall be in
writing, signed by the Participant, and received by the Company at its principal
office, accompanied by this agreement, and payment in full in the manner
provided in the Plan.  The Participant may purchase less than the
number of shares covered hereby, provided that no partial exercise of this
option may be for any fractional share.

     

    (b)           Continuous Relationship with
the Company Required.  Except as otherwise provided in this
Section 3, this option may not be exercised unless the Participant, at the
time he or she exercises this option, is, and has been at all times since the
Grant Date, an employee or officer of, or consultant or advisor to, the Company
or any parent or subsidiary of the Company as defined in Section 424(e) or (f)
of the Code (an “Eligible Participant”).

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (c)           Termination of Relationship
with the Company.  If the Participant ceases to be an Eligible
Participant for any reason, then, except as provided in paragraphs (d) and
(e) below, the right to exercise this option shall terminate three months after such
cessation (but in no event after the Final Exercise Date), provided that this option
shall be exercisable only to the extent that the Participant was entitled to
exercise this option on the date of such cessation.  Notwithstanding
the foregoing, if the Participant, prior to the Final Exercise Date, violates
the provisions of any employment contract, confidentiality and nondisclosure
agreement or other agreement between the Participant and the Company, the right
to exercise this option shall terminate immediately upon such
violation.

     

    (d)           Exercise Period Upon Death
or Disability.  If the Participant dies or becomes disabled
(within the meaning of Section 22(e)(3) of the Code) prior to the Final
Exercise Date while he or she is an Eligible Participant and the Company has not
terminated such relationship for “cause” as specified in paragraph (e) below,
this option shall be exercisable, within the period of one year following the
date of death or disability of the Participant, by the Participant (or in the
case of death by an authorized transferee), provided that this option
shall be exercisable only to the extent that this option was exercisable by the
Participant on the date of his or her death or disability, and further provided
that this option shall not be exercisable after the Final Exercise
Date.

     

    (e)           Discharge for
Cause.  If the Participant, prior to the Final Exercise Date,
is discharged by the Company for “cause” (as defined below), the right to
exercise this option shall terminate immediately upon the effective date of such
discharge.  “Cause” shall mean willful misconduct by the Participant
or willful failure by the Participant to perform his or her responsibilities to
the Company (including, without limitation, breach by the Participant of any
provision of any employment, consulting, advisory, nondisclosure,
non-competition or other similar agreement between the Participant and the
Company), as determined by the Company, which determination shall be
conclusive.  The Participant shall be considered to have been
discharged for “Cause” if the Company determines, within 30 days after the
Participant’s resignation, that discharge for cause was warranted.

     

    4.           Registration.

     

    Once the
Company’s shares of common stock are publicly traded, the Company shall file a
registration statement on S-8 relating to the Shares and shall file any and all
amendments to such registration statement in order that the Participant may sell
or otherwise transfer the Shares upon exercise to the fullest extent permitted
under applicable federal and state securities laws.

     

    5.           Agreement in Connection with
Public Offering.

     

    The
Participant agrees, in connection with the initial underwritten public offering
of the Company’s securities pursuant to a registration statement under the
Securities Act, (i) not to sell, make short sale of, loan, grant any options for
the purchase of, or otherwise dispose of any shares of Common Stock held by the
Participant (other than those shares included in the offering) without the prior
written consent of the Company or the underwriters managing such initial
underwritten public offering of the Company’s securities for a period of 180
days from the effective date of such registration statement, and (ii) to execute
any agreement reflecting clause (i) above as may be requested by the Company or
the managing underwriters at the time of such offering.

     

    
      
         

      

      
        - 2
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    6.           Tax
Matters.

     

    (a)           Withholding.  No
Shares will be issued pursuant to the exercise of this option unless and until
the Participant pays to the Company, or makes provision satisfactory to the
Company for payment of, any federal, state or local withholding taxes required
by law to be withheld in respect of this option.

     

    (b)           Disqualifying
Disposition.  If the Participant disposes of Shares acquired
upon exercise of this option within two years from the Grant Date or one year
after such Shares were acquired pursuant to exercise of this option, the
Participant shall notify the Company in writing of such
disposition.

     

    7.           Nontransferability of
Option.

     

    This
option may not be sold, assigned, transferred, pledged or otherwise encumbered
by the Participant, either voluntarily or by operation of law, except by will or
the laws of descent and distribution, and, during the lifetime of the
Participant, this option shall be exercisable only by the
Participant.

     

    8.           Provisions of the
Plan.

     

    This
option is subject to the provisions of the Plan, a copy of which is furnished to
the Participant with this option.

     

    IN
WITNESS WHEREOF, the Company has caused this option to be executed under its
corporate seal by its duly authorized officer.  This option shall take
effect as a sealed instrument.

     

    
      	 
      	
              Cellynx,
      Inc.

            
	
              Dated:
      _________

            	By:
      ____________________________________
	 
      	
              Name:
      __________________________

            
	 
      	
              Title:
      ____________________________

            

    

     

    PARTICIPANT’S
ACCEPTANCE

     

    The
undersigned hereby accepts the foregoing option and agrees to the terms and
conditions thereof.  The undersigned hereby acknowledges receipt of a
copy of the Company’s 2007 Stock Incentive Plan.

     

    
      	
              PARTICIPANT:

            
	
              ____________________________

            
	
              Address:

            	
              ____________________________________

            
	 
      	
              ____________________________________

            

    

    

     

     

     

     

     

    - 3 -

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