Document:

ex1047.htm

Exhibit 10.47

 

	 

 

COGNOV1T PROMISSORY NOTE

 

For value received, the undersigned, The Guitammer Company, an Ohio corporation ("Guitammer-Ohio"), and The Guitammer Company, a Nevada corporation and parent company to Guitammer-Ohio (collectively, "Makers"), hereby jointly and severally promise to pay to the order of the Revocable Trust created by Julie E. Jacobs under agreement dated November 25, 1999 ("Payee"), whose address is c/o 5050 Thornhill Lane, Dublin Ohio 43017, the sum of $50,000, with interest on the unpaid principal balance computed from the date of this note until paid in full at a rate equal to the WSJ Prime Rate plus 4.75% (which sum is a rate of 8.00% as of the date of this note), compounded annually. "WSJ Prime Rate" shall mean the rate of interest that the Wall Street Journal publishes from time to time as its "U.S prime rate," and any change in the WSJ Prime Rate shall be effective with respect to this note immediately as of the date published by the Wall Street Journal. All accrued and unpaid interest on this note shall be payable to Payee on January 3, 2015, and all unpaid principal and all remaining accrued and unpaid interest shall be payable to Payee in full on January 3, 2016 (the "Maturity Date").

 

This note may be prepaid in full or in part at any time. Makers shall make a mandatory prepayment of all amounts due under this note in full within two business days of the receipt after January 27, 2014 and prior to April 30, 2014 by either or both of Makers of additional new equity financing that aggregates to at least $500,000 to Makers. This mandatory prepayment obligation shall expire on April 30, 201.4 if that $500,000 aggregate amount has not been received by Makers by that date.

 

All payments and prepayments, if any, under this note shall be made to Payee at the foregoing address in Dublin, Ohio, or at such other address as may be designated by the holder of this note to Makers in writing from time to time, and shall be deemed received by Payee as of the first date that such payment is immediately available to Payee in collected federal funds.

 

Any payment or prepayment on this note shall be applied, first, to the payment of any accrued and unpaid interest, if any, as of the date of receipt and, then, to the principal balance. In all events, this note shall be paid in full by the Maturity Date.

 

Payee's rights and remedies hereunder are cumulative, and may be exercised together, separately, and in any order. No delay on the part of Payee in the exercise of any such right or remedy shall operate as a waiver. No single or partial exercise by Payee of any right or remedy shall preclude any other further exercise of it or the exercise of any other right or remedy. No waiver or indulgence by Payee shall be effective unless in writing and signed by Payee, nor shall a waiver on one occasion be construed as a waiver of any other occurrence in the future.

 

This note is secured in part by a certain Patent Pledge Agreement dated as of March 31, 2011 by Guitammer-Ohio in favor of Payee and the Doyle Trust regarding patents and patent applications of one or both of Makers (the "Pledge"). This note is deemed one of the "Obligations" secured by the Pledge.

 

 

  

  

  

 

Makers hereby assent to the release in whole or in part of any collateral held by the holder of this Note as security for the payment of this Note, and further acknowledge that the holder need not proceed against any collateral held by the holder before proceeding against either of Makers or any endorser of this Note.

 

If Makers are in default in paying in full any installment of this note when due, or if there is any default under the Pledge, then this note shall automatically bear interest thereafter until this note is paid in full at the rate of the WSJ Prime Rate plus 8.75% per annum from the first date of such default until this note is paid in full, and the entire principal of this note then remaining unpaid, together with all accrued interest, shall, at option of the holder of this note, be immediately due and payable without any further notice or demand.

 

Makers hereby waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance or default of this note. Makers hereby agree to reimburse the then holder of this note for all expenses of every kind, including reasonable attorneys' costs and fees, incurred by said holder in connection with the enforcement of the obligations under this note.

 

Makers hereby each irrevocably authorize any attorney at law to appear for each of Makers in any court in the county where either of Makers resides or signed this note, with or without process, at any time after this note becomes due (by acceleration or otherwise); to waive the issuance and service of process and confess judgment against any or all of Makers in favor of the holder of this note for the amount then appearing due, together with costs of suit, reasonable attorneys' costs and fees, and interest; and thereupon to release all errors and waive all right of second trial, appeal, and stay of execution; but no judgment against one of Makers shall be a bar to any subsequent judgment against the other of Makers against whom judgment has not yet been taken.

 

This note was executed and delivered by Makers to Payee in Franklin County, Ohio, as of January 27, 2014, and shall be construed under the laws of the State of Ohio.

 

	THE GUITAMMER COMPANY 	THE GUITAMMER COMPANY 
	an Ohio corporation 	a Nevada corporation 
	 	 
	By: 	 	By: 	 
	Mark A. Luden, President 	Mark A. Luden, President 
	 	 

 

 

WARNING -- BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE (Sec. 2323.13, O.R.C.).

 

Maker's Address

6117 Maxtown Road 

Westerville, Ohio 43082 

Fax No. 1-815-346-9532

 

 

  

2Exhibit 10.1

 

FIRST AMENDMENT TO AGREEMENT AND PLAN OF
MERGER

 

This FIRST AMENDMENT TO AGREEMENT AND PLAN OF
MERGER (this “Amendment”), dated as of January 29, 2014, is by and among Intrexon Corporation, a Virginia corporation
(“Parent”), XON Cells, Inc., a Nevada corporation and a wholly owned subsidiary of Parent (“Merger Sub”),
and Medistem Inc., a Nevada corporation (the “Company”).

 

WHEREAS, Parent, Merger Sub and the Company
are parties to that Agreement and Plan of Merger, dated as of December 19, 2013 (the “Agreement”);

 

WHEREAS , Parent, Merger Sub and the
Company desire to amend the Agreement on the terms and conditions set forth herein;

 

WHEREAS , Section 7.3 of the Agreement
provides that: (i) the Agreement may be amended by the parties by action taken by or on behalf of their respective Boards of Directors
at any time prior to the Closing Date; provided, however, that, after approval of the Merger by the stockholders of the Company,
no amendment may be made that, by Law or in accordance with the rules of any relevant stock exchange, requires further approval
by such stockholders; and (ii) the Agreement may not be amended except by an instrument in writing signed by the parties hereto;
and

 

WHEREAS , the respective Boards of Directors
of the parties to the Agreement have approved this Amendment prior to the approval of the Merger by the stockholders of the Company.

 

NOW, THEREFORE, in consideration of the
foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
do hereby agree as follows:

 

		1.	Definitions. Capitalized terms used and not otherwise defined herein (including in the recitals hereto) shall have the meanings
given to them in the Agreement.

 

		2.	Amendments.

 

		a.	A new Section 5.17 is hereby added to the Agreement to read as follows:

 

“Section 5.17. If, prior to the Closing,
there are any Company Stockholders who have properly exercised and preserved dissenters’ rights and such exercise has not
been withdrawn or otherwise satisfied immediately prior to the Effective Time, then, immediately following the Effective Time of
the Merger, Parent shall cause the Surviving Corporation to merge, in accordance with applicable Law, with and into a limited liability
company and wholly owned subsidiary of Parent (“Second Merger Sub”), with Second Merger Sub surviving such merger (the
“Subsequent Merger”). For these purposes, the parties hereby confirm that it is intended that the Merger and the Subsequent
Merger constitute an integrated plan of the type contemplated in IRS Revenue Ruling 2001-46, 2001-2 C.B. 321 (the “Integrated
Transaction”) and that in the event that the Integrated Transaction is to qualify as a “reorganization” within
the meaning of Section 368(a) of the Code, and the regulations promulgated thereunder, then the parties intend for this Agreement
to constitute a plan of reorganization within the meaning of Section 368(a) of the Code for U.S. federal income Tax purposes. The
parties further acknowledge and agree that in no way shall such restructuring result in any change in the Cash Consideration, the
Stock Consideration, the Merger Consideration or in the economics or other material terms of the transactions contemplated by this
Agreement to the Company or its stockholders, or Parent, Merger Sub or their shareholders and stockholders, respectively.”

 

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		b.	The reference to “Section 5.7(e)” in the last sentence of Section 5.7(d) of the Agreement is hereby amended to
be a reference to “Section 5.7(f)”.

 

		3.	Effect of Amendment. The provisions of the Agreement are amended and modified by the provisions of this Amendment. If
any provision of the Agreement is materially different from or inconsistent with any provision of this Amendment, the provision
of this Amendment shall control, and the provision of the Agreement shall, to the extent of such difference or inconsistency, be
disregarded.

 

		4.	Single Agreement. This Amendment and the Agreement, as amended and modified by the provisions of this Amendment, shall
constitute and shall be construed as a single agreement. The provisions of the Agreement, as amended and modified by the provisions
of this Amendment, are incorporated herein by this reference and are ratified and affirmed. The term “Agreement” as
used in the Agreement shall be deemed to refer to the Agreement as amended hereby.

 

		5.	Headings. The underlined headings herein are for convenience only and shall not affect the interpretation of this Amendment.

 

		6.	Governing Law. This Amendment shall be governed by, and construed in accordance with, the Laws of the State of New York
(including sections 5-1401 and 5-1402 of the New York General Obligations Law but excluding all other choice of law and conflicts
of law rules), except to the extent that mandatory provisions of federal Law apply or mandatory principles of Law require the application
of the NRS.

 

		7.	Counterparts. This Amendment may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement.

 

		8.	Entire Agreement. The Agreement, as amended and modified by this Amendment, constitutes the entire agreement between
the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral
and written, between the parties with respect to its subject matter.

 

{Signature Page to Follow}

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IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	INTREXON CORPORATION
	 
	 
	By: /s/ Randal J. Kirk
	Name: Randal J. Kirk
	Title: Chief Executive Officer
	 
	 
	XON CELLS, INC
	 
	 
	By: /s/ Randal J. Kirk
	Name: Randal J. Kirk
	Title: President
	 
	 
	MEDISTEM INC.
	 
	 
	By: /s/ Alan J. Lewis
	Name: Alan J. Lewis, Ph.D.
	Title: Chief Executive Officer
	 

 

 

 

 

 

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