Document:

coyoteex101.htm

Exhibit 10.1

 

 

NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE OR OTHER SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION AVAILABLE UNDER SUCH ACT.

 

COYOTE RESOURCES, INC.

CONSOLIDATED PROMISSORY NOTE

   September __, 2012

Davie, Florida

WHEREAS, the undersigned, Coyote Resources, Inc., a Nevada corporation (“Maker”) has previously issued to _____________ (“Payee”) promissory notes dated ______________, totaling ______________ Dollars and _____ Cents ($______________) in principal (collectively, the “Initial Notes”);

WHEREAS, the Maker has received an additional ______________ Dollars ($________________) from Payee on September __, 2012 (the “Additional Loan”); and

WHEREAS, the Payee has agreed to consolidate all of the outstanding principal and accrued interest due on the Initial Notes as of September __, 2012 together with the Additional Loan on the terms and conditions hereinafter set forth, and that upon execution hereof, the Initial Notes shall be deemed terminated and replaced by this Consolidated Promissory Note (“Promissory Note”). For the purposes of this Promissory Note, the outstanding principal and accrued interest due on the Initial Notes as of September __, 2012 together with the principal of the Additional Loan shall hereinafter be referred to as the “Principal.”

 

FOR VALUE RECEIVED, the receipt and sufficiency of which are hereby acknowledged, the undersigned, the Maker hereby promises to pay to Payee the Principal and any accrued interest, in lawful money of the United States of America.

ARTICLE I.

PAYMENTS

1.1 Principal and Interest. There shall be annual interest of twelve percent (12%) on the Principal evidenced by this Promissory Note. Such interest shall accrue as of the date that those funds were received by the Maker. The Principal evidenced by this Promissory Note together with any accrued interest shall be due and payable on September __, 2014. All payments shall be made in lawful money of the United States of America.

1.2 Manner of Payment. Payment of the indebtedness evidenced by this Promissory Note shall be paid by check at such place as Payee shall designate to Maker in writing. If payment of the indebtedness evidenced by this Promissory Note is due on a day which is not a Business Day, such payment shall be due on the next succeeding Business Day. “Business Day” means any day other than a Saturday, Sunday or legal holiday in the State of Nevada.

1.3 Prepayment. Maker may prepay this Note in whole or in part on any date without premium or penalty.

ARTICLE II.

DEFAULTS

2.1 Events of Default. The occurrence of any one or more of the following events with respect to Maker shall constitute an event of default (“Event of Default”):

(a)           In the event, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a “Bankruptcy Law”), Maker shall (i) commence a voluntary proceeding; (ii) consent to the entry of an order for relief against Maker in an involuntary proceeding; (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing Maker’s inability to pay its debts as those debts become due.

(b)           In the event, a court of competent jurisdiction enters an order or decree pursuant to any Bankruptcy Law that (i) is for relief against Maker in an involuntary proceeding; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially all of Maker’s properties; or (iii) orders the liquidation of Maker, and in each event the order or decree is not dismissed within one hundred twenty (120) days.

(c)           In the event Maker fails to pay the Principal and any accrued interest (and any additional amounts provided for under Article I, Section 1.1 of this Agreement) evidenced by this Promissory Note upon demand by Payee.

2.2 Notice by Maker. Maker shall notify Payee in writing within ten (10) days after the occurrence of any Event of Default of which Maker acquires knowledge.

2.3 Remedies. Upon the occurrence of an Event of Default (unless all Events of Default have been cured or waived by Payee), Payee may, at its option, (i) by written notice to Maker, declare the entire unpaid principal balance evidenced by this Promissory Note immediately due and payable regardless of any prior forbearance, and (ii) exercise any and all rights and remedies available to Payee pursuant to applicable law, including, without limitation, the right to collect from Maker the amount due pursuant to this Promissory Note. Maker shall pay all reasonable costs and expenses incurred by or on behalf of Payee in connection with Payee’s exercise of any or all of its rights and remedies pursuant to this Promissory Note, including, without limitation, reasonable attorneys’ fees.

  

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ARTICLE III.

MISCELLANEOUS

3.1 Severability. If any provision in this Promissory Note is determined by a court of competent jurisdiction to be invalid or unenforceable, the other provisions of this Promissory Note will remain in full force and effect. Any provision of this Promissory Note determined by a court of competent jurisdiction invalid or unenforceable only in part will remain in full force and effect to the extent not determined to invalid or unenforceable.

3.2 Governing Law. This Promissory Note will be governed by the laws of the State of Nevada, without regard to conflicts of laws principles.

3.3 Parties in Interest. This Promissory Note shall not be assigned or transferred by Payee without the express prior written consent of Maker, except by operation of law.

3.4 Section Headings, Construction. The headings of sections in this Promissory Note are provided for convenience only and will not affect the construction or interpretation of the provisions of this Promissory Note. All references to “section” or “sections” refer to the corresponding section or sections of this Promissory Note unless otherwise specified. All words used in this Promissory Note will be construed to be of such gender or number as the circumstances require.

3.5 Attorney’s and Collection Fees.  Should the indebtedness evidenced by this Promissory Note or any part hereof be collected at law or in equity or in any bankruptcy, receivership or other court proceedings, or this Promissory Note be placed in the hand of attorneys for collection, the Maker agrees to pay, in addition to Principal and interest due and payable hereon, all costs of collection, including reasonable attorneys’ fees and expenses, incurred by Payee in collecting or enforcing this Promissory Note.

3.6 Successors and Assigns; Assignment.  Except as otherwise expressly provided 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.  Nothing in this Promissory Note, express or implied, is intended to confer upon any party, other than the parties hereto and their successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Promissory Note, except as expressly provided herein.  The Maker may not assign this Promissory Note or any of the rights or obligations referenced herein without the prior written consent of Payee.

IN WITNESS WHEREOF, Maker has executed and delivered this Promissory Note as of the date first specified above.

Coyote Resources, Inc.,

a Nevada corporation,

located at 1671 SW 105 Lane

Davie, FL 33324

By:           __________________________

Guy Martin

Its:           President

 

 

2tagg_ex101.htm

EXHIBIT 10.1

 

September 15th 2012

Attention: Peter Karsten

 

 

Dear Peter

 

Letter of Contracted Services – Chief Financial Officer

 

This letter provides draft terms of reference for employment with TagLikeMe Corp., a Nevada company (the “Company”) that is public in the United States and fully reporting under the Securities Act of 1933.  The Company’s shares trade in the US on the OTCQB market and in the Frankfurt Stock Exchange in Germany.  The reporting currency of the Company is US dollars.

 

The Company is in the process of selecting its senior management and requires a Chief Financial Officer (“CFO”) who will report to the Board of Directors.

 

Key Roles and Responsibilities

 

Primary Roles

 

Fund Raising is the primary responsibility of the CFO.  He will require numerous face to face meetings with the financial community to sell equity and debt instruments to fund company operations to fund the Company’s business plan.  The Company will be filing a Form 14A with the SEC to increase the authorized common shares the Company is able to sell to dovetail with the Company’s funding requirements.

 

Minor Review of Regulatory and Financial Reporting functions are provided by separate contracted individuals.  Regulatory and financial reporting services will provide high level presentation of applicable final documentation that will require final review and comment in order to finalize these reports and required filings.  For example draft audited statements, and draft quarterly reports on Form 10Q, draft annual report on Form 10K and all material change reports on Form 8K will be provided for review and comment by the CFO in their final stages of development. This will allow the CFO to concentrate on fund raising and secondary roles.

 

Create Business Plan to communicate blue sky revenue model, product development path, operating budgets, all aimed at a fund raising audience (internal support available).

 

Secondary Roles

 

To bring users to the TagLikeMe site and increase user capture to grow site user audience and basis for future monetization.  Ensure that we get the Company’s site receives traffic in terms of hits & eyeballs and an ever increasing return used metric.

 

Oversee software and programming development teams including existing and future contacted developers.  Ensure development milestones are obtained in time frames budgeted.

 

Create marketing and platform monetization plans (internal support available).

 

  

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Draft Remuneration Package

 

Agreed upon expenses during first three month trial period that will concentrate on fund raising will be paid promptly upon receipt of expense statements to the CFO by the Company. Expense budget for three month trial period to be outlined, detailed and agreed in advance.

 

No salary will be paid until the earlier of a) the trial period term has ended, or b) until $1 million is raised to fund corporate operations. Salary of US$15,000 per month while bank balance is greater than $1 million. Salary review after fund raising completed to US$5 million.

 

10% paid in cash from first US$10 million raised or part thereof.

 

Benefits to be negotiated after 3 month trial period and subject to adequate financing being available.

 

4,000,000 share options set at market price per share on the effective date of SEC Form 14A-DEF to increase the authorized shares of the Company which will occur during the three month trial period.  Options shall be governed by the terms and conditions of the Company’s Share Option Plan of 2006. Options shall vest semi-annually over a three year term unless earlier vesting provisions occur (1,000,000 options vest for each $5 million in funding raised for the Company).   The common shares underlying the share options will be subject to SEC Rule 144 and may be registered depending upon contractor performance.  The Company will undertake to register these options for resale after US$5 million in corporate funding has been raised.

 

Term and termination

 

During the trial period, either party can terminate this Letter of Contracted Services at 1 week’s notice.

 

It is foreseen that Peter Karsten may become a permanent employee at the end of the trial period as set out above. Term and termination terms have not yet been agreed for such employment.

 

About TagLikeMe Corp.

 

TagLikeMe Corp. is an Internet media and digital information technology company. The Company is developing online properties through its subsidiary, Glob Media Works Inc. Formed in 2012 to capture emerging opportunities in the search engine and social media sectors, TagLikeMe Corp. is investing in the development of existing operations and building out its foundational property to include online and mobile solutions.

 

TagLikeMe Corp. is headquartered with corporate offices in London, England and supported technology centers in the Western United States. Our core website, www.TagLikeMe represents the next generation of Internet search engine and offers cloud based solutions to store and share interests online. We believe it is the vital center of what will become known as Common Information Networks. Using TagLikeMe, individuals can search, tag, store and share all forms of digital information in a single, easy to use interface.

 

  

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Corporate Resources

 

The Company has internal bookkeeping, accountants, legal, auditor, and website development representatives to aid in development of business plans, corporate profiles, audited financial statements, and necessary regulatory filings.

 

Future Position

 

It is envisioned that the CFO position, if executed to expectations, will prepare the candidate for the position of CEO and a director of the Company.

 

 

	 	 	TAGLIKEME CORP.	 
	 	 	 	 
	 	 	/s/ Richard Elliot-Square	 
	 	 	Richard Elliot-Square, President	 

 

 

 

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