Document:

Exhibit 10.15

Exhibit 10.15

PROMISSORY NOTE

Principal Amount: $250,000

Date of Note: June 16, 2011

THIS PROMISSORY NOTE (the “Note”) is entered into between Veramark Technologies, Inc.,
a corporation organized under the laws of Delaware (the “Licensee”), and Asentinel LLC, a
Tennessee limited liability company (“Asentinel”).

In consideration of the grant of the license by Asentinel to Licensee, pursuant to the
Nonexclusive Patent License and Settlement Agreement, dated as of June 16, 2011 between the
Licensee and Asentinel (“License Agreement”), Licensee hereby promises to pay to the order of
Asentinel the principal sum of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00).

Payment. The principal shall be payable to Asentinel at International Place Tower 2,
6410 Poplar Avenue, Suite 200, Memphis, Tennessee 38119, or at such other place as Asentinel or the
holder hereof may designate in writing.

Maturity Date. The maturity date of this Note is June 16, 2012 (the “Maturity
Date”).

Default and Post-Maturity Interest. If the Note is not paid on or before the Maturity
Date, interest will accrue on any unpaid balance of principal, interest and other charges arising
under this Note at the maximum lawful rate of interest permitted by applicable law on such date, or
on the date hereof, whichever is greater.

Default and Remedies. Licensee shall be in default under this Note upon the
occurrence of any one of the following events: (1) the failure to pay, when due, any amount
required to be paid pursuant to the terms of this Note; and (2) Licensee shall file, or have filed
against Licensee, or otherwise be subjected to any voluntary or involuntary bankruptcy,
receivership, arrangement or other insolvency proceeding or shall make an assignment for the
benefit of creditors. Upon default Asentinel may, at its option, declare the entire unpaid balance
of principal, and any other amounts due or remaining outstanding and unpaid under this Note
immediately due and payable without notice or demand and at any time. Upon default Asentinel shall
have all of the rights and remedies set forth herein and, in addition, all rights and remedies as
allowed and provided by applicable laws, all of which shall be cumulative and may be exercised
successively or concurrently and in any order at the election of Asentinel. Upon default,
Asentinel, at its option, may terminate the License Agreement and the license granted to the
Licensee.

Purpose. Licensee acknowledges and agrees that the purpose of this Note is part of
the Licensee’s consideration to Asentinel for acquiring the license pursuant to the License
Agreement.

Prepayment. Licensee may prepay this Note in whole or in part at any time on one
Business Day’s notice without any penalty or prepayment fee.

Costs of Collection and Enforcement. Licensee agrees to pay all costs of collection
and enforcement of this Note, including, but not limited to, reasonable attorneys’ fees and
expenses paid or incurred by Asentinel as a result of such collection or enforcement, whether or
not a lawsuit is
filed with respect thereto, and including any administrative, appellate, receivership and/or
bankruptcy proceedings.

 

 

 

No Assignment or Assumption. This Note cannot, without the express written consent of
Asentinel, be assigned or assumed by any person or entity.

Waiver. Licensee hereby waives demand, presentment, protest, notice of non-payment,
dishonor, and notice of dishonor of the Note. Licensee further waives (a) any right to immunity
from any action or proceeding relating to this Note and any immunity or exemption of any property,
wherever located, from garnishment, levy, execution, seizure or attachment prior to or in execution
of judgment, or sale under execution or other process for the collection of debts; (b) any right to
interpose any setoff or non-compulsory counterclaim or to plead laches or any statute of
limitations as a defense in any such action or proceeding; and (c) all provisions and requirements
of law for the benefit of Licensee now or hereafter in force and effect. Failure of Asentinel to
exercise any right or remedy in the event of a default hereunder shall not constitute a waiver of
the right to exercise such right or remedy in the event of a subsequent default. Waiver by
Asentinel at any time of any right conferred by this Note or any agreement securing same will not
apply to any future occasion nor affect Asentinel’s future exercise of said right or any other
rights which Asentinel may have. No waiver of any right or remedy by Asentinel shall be effective
unless made in writing and signed by Asentinel.

No Usury. In no event shall any agreed or actual interest or other charge made or
taken on the Note exceed the limits (if any) imposed or provided by law applicable from time to
time to the Note. In the event the interest provisions or any other charges provided for by this
Note shall result at any time or for any reason in an effective rate of interest or a charge that
exceeds or transcends the maximum rate of interest or the maximum charge permitted by applicable
law, then without further agreement or notice the obligation to be fulfilled shall automatically be
reduced to such limit and all sums received by Asentinel in excess of those lawfully collectible as
interest or a charge shall be applied against the principal of the Note immediately upon
Asentinel’s receipt thereof, with the same force and effect as though the payor had specifically
designated such extra sums to be so applied to principal and Asentinel had agreed to accept such
extra payments as a premium-free prepayment.

Amendment; Notices. This Note cannot be modified or amended except by written
instrument signed by Asentinel. Any notice required to be given to Licensee shall be deemed
sufficient if delivered personally to Licensee or if mailed, postage prepaid, to Licensee’s address
as it appears in this Note (or, if none appears, to any address for Licensee then registered in
Asentinel’s records).

Applicable Law and Binding Effect. This Note shall be governed by the rights and
liabilities of the parties hereto determined in accordance with the internal laws (as opposed to
conflicts of law provisions) and decisions of the State of Tennessee. Licensee agrees and
stipulates that service of process in any action or proceeding brought in connection with this Note
shall be properly made if mailed by registered or certified mail, postage prepaid, to the address
for Licensee then registered in Asentinel’s records for Licensee and that any process so served
shall be effective ten (10) days after mailing. No provision of this Note shall limit Asentinel’s
right to serve legal process in any other manner permitted by law. Whenever possible each provision
of this Note shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision
of this Note shall be determined to be invalid or unenforceable under applicable law, such
provision shall be invalid or unenforceable only to the extent of such invalidity or
unenforceability, without invalidating or making unenforceable the remainder of such provision or
the remaining terms and provisions of this Note. Whenever in this Note reference is made to
Asentinel such reference shall be deemed to include its successors, transferees and assigns and the
rights and benefits of Asentinel under this Note shall inure to the benefit of said successors,
transferees and assigns. Whenever in this Note reference is made to Licensee, such reference shall
be deemed to include Licensee’s successors, and permitted transferees and assigns and the terms,
conditions and obligations of this Note shall be binding upon and shall inure to the benefit of
successors, and permitted transferees and assigns. Licensee’s successors, permitted transferees and
assigns shall include, without limitation, a receiver, trustee or debtor in possession of or for
Licensee.

 

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Jurisdiction and Venue; Waiver of Jury Trial. LICENSEE HEREBY KNOWINGLY AND
VOLUNTARILY AGREES THAT THE JURISDICTION AND VENUE FOR ANY ACTION INSTITUTED BY ASENTINEL TO
COLLECT UPON OR OTHERWISE ENFORCE THIS NOTE SHALL BE IN THE COUNTY OF SHELBY IN THE STATE OF
TENNESSEE. LICENSEE FURTHER KNOWINGLY AND VOLUNTARILY WAIVES THE RIGHT TO HAVE A TRIAL BY JURY WITH
RESPECT TO ANY LITIGATION BASED ON THIS NOTE, OR AGREEMENTS EXECUTED IN CONNECTION WITH THE NOTE,
OR ANY OTHER COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF EITHER PARTY. LICENSEE ACKNOWLEDGES AND AGREES THAT THIS PROVISION IS A MATERIAL
INDUCEMENT TO ASENTINEL IN EXTENDING CREDIT TO LICENSEE, THAT ASENTINEL WOULD NOT HAVE EXTENDED
SUCH CREDIT WITHOUT THIS PROVISION, AND THAT LICENSEE HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS
HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS PROVISION AND UNDERSTANDS
THE LEGAL EFFECT OF THIS PROVISION.

By executing this Note, Licensee acknowledges having read the terms and provisions of the Note
and having voluntarily agreed to the terms and provisions hereof.

Executed to be effective on the date first written above.

	 	 	 	 	 	 	 
	 	 	LICENSEE:	 	 
	 
	 	 	 	 	 	 
	 	 	Veramark Technologies, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony C. Mazzullo
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	President and CEO	 	 

 

3Exhibit 10.1

Exhibit 10.1

PENN MILLERS STOCK INCENTIVE PLAN

STOCK OPTION AGREEMENT FOR

NONQUALIFIED STOCK OPTION

FOR NON-MANAGEMENT DIRECTORS

 

BETWEEN

PENN MILLERS HOLDING CORPORATION

AND

 

(the Optionholder)

Date of Award:

Number of Shares:

Exercise Price:

Option Expiration Date:

 

 

 

NONQUALIFIED STOCK OPTION AGREEMENT

Number of shares subject to option:
 _____ 

(the “Option”).

This Agreement dated
 _____ 

, 2011, between Penn Millers Holding Corporation (the
“Corporation”) and
 _____ 

(the “Optionholder”).

WITNESSETH:

1. Award of Option

Pursuant to the provisions of the Penn Millers Stock Incentive Plan (the “Plan”) the
Corporation hereby awards to the Optionholder, subject to the terms and conditions of the Plan and
subject further to the terms and conditions herein set forth, the right and option to purchase from
the Corporation, all or any part of an aggregate of
 _____ 

shares of common stock (par value
$0.01 per share) of the Corporation (the “Common Stock”) at the exercise price of $ _____  per
share; such option to be exercised as hereinafter provided.

2. Terms and Conditions

It is understood and agreed that the Option evidenced hereby is subject to the following terms
and conditions:

	 	(a)	 	Expiration Date. Subject to the provisions of Paragraph 2(d), the Option
awarded hereby shall expire on
 _____ 

..
	 
	 	(b)	 	Exercise of Option. Except as may be provided below, no part of this
Option may be exercised until the Optionholder has remained in the continuous service
as a non-employee director of the Corporation or of a Subsidiary for the following
periods after date hereof:

	 	 	 	 	 
	Vesting Date	 	% of Shares Vesting	 	Number of Shares Vesting
	 
	 	33.3%	 	 
	 
	 	33.3%	 	 
	 
	 	33.3%	 	 

This Option may be exercised in whole at any time, or from time to time in
part, to the extent vested, prior to the expiration date specified in Paragraph
2(a) hereof. Any exercise shall be accompanied by a written notice to the
Corporation specifying the number of shares as to which the Option is being
exercised. Notwithstanding the foregoing:

(1) upon the occurrence of a Change in Control, all unvested Options then held
by the Optionholder shall vest and become immediately excisable; and

(2) if the Optionholder’s service with the Corporation or a Subsidiary
terminates on or after the date in which the Optionholder (A) reaches age 55
and (B) has completed three or more full terms as a director of the
Corporation or a Subsidiary (including a predecessor of the Corporation or a
Subsidiary), unvested Options then held by the Optionholder shall vest and
become immediately exercisable.

 

2

 

	 	(c)	 	Payment of Exercise Price upon Exercise. At the time of any exercise, the
exercise price of the shares as to which this Option may be exercised shall be paid in
cash or, subject to the conditions and limitations described in the Plan, by one of the
methods of payment set forth in the Plan for the exercise of a Nonqualified Stock
Option.

	 	(d)	 	Exercise upon Death, Being Disabled or other Termination of Service.

(1) In the event of the termination of the Optionholder’s service by reason of
death or Disability, this Option may be exercised, to the extent that the
Optionholder was entitled to do so at the date of termination of service due to
such cause, in whole at any time, or from time to time in part, within 12
months after the Optionholder’s death or Disability, but in no event later than
the expiration date specified in Paragraph 2(a) hereof.

(2) In the event the Corporation or a Subsidiary terminates the service of the
Optionholder (other than if the termination is a Termination or Dismissal for
Cause), this Option may be exercised, to the extent that the Optionholder was
entitled to do so at the date of termination of service due to such cause, in
whole at any time, or from time to time in part, within 12 months after the
date of such termination, but in no event later than the expiration date
specified in Paragraph 2(a) hereof.

(3) In the event the Optionholder’s service is voluntarily terminated by the
Optionholder, this Option may be exercised, to the extent that the Optionholder
was entitled to do so at the date of termination of service, in whole at any
time, or from time to time in part, within 12 months after the date of such
termination, but in no event later than the expiration date specified in
Paragraph 2(a) hereof.

(4) Notwithstanding anything herein to the contrary, in the event the
Optionholder’s termination of service is a Termination or Dismissal for Cause,
all rights to exercise this Option shall lapse upon the date of such
termination of service.

	 	(e)	 	Nontransferability. This Option shall not be transferable other than by
will or by the laws of descent and distribution. During the lifetime of the
Optionholder, this Option shall be exercisable only by the Optionholder.

 

3

 

	 	(f)	 	Adjustments. In the event that the shares of Common Stock, as presently
constituted, shall be changed into or exchanged for a different number or kind of
 shares of stock or other securities of the Corporation, or if the number of such shares
of Common Stock shall be changed through the payment of a stock dividend, stock split,
or reverse stock split, then the shares of Common Stock then subject to this
Option and the exercise price thereof shall be increased, decreased, or otherwise
changed to such extent and in such manner as may be necessary or appropriate to reflect
any of the foregoing events. If there shall be any other change in the number or kind
of the outstanding shares of the Common Stock, or of any stock or other securities into
which such Common Stock shall have been changed, or for which it shall have been
exchanged, and if a majority of the disinterested members of the Board shall, in its
sole discretion, determine that such change equitably requires an adjustment to the
terms of this Option, then such adjustment shall be made in accordance with such
determination. Any adjustment so made shall be final and binding upon the
Optionholder.
	 
	 	(g)	 	No Rights as Shareholder. The Optionholder shall have no rights as a
shareholder with respect to any shares of Common Stock subject to this Option prior to
the date of issuance of a certificate or certificates for such shares.
	 
	 	(h)	 	No Right to Continued Service. This Option shall not confer upon the
Optionholder any right to continue in the service, nor shall it interfere in any way
with the right of the Corporation or any Subsidiary to terminate the Optionholder’s
service at any time and for any reason.
	 
	 	(i)	 	Compliance with Law and Regulations. This Option and the obligation of
the Corporation to sell and deliver shares hereunder shall be subject to all applicable
federal and state laws, rules, and regulations and to such approvals by any government
or regulatory agency as may be required. The Corporation shall not be required to
issue or deliver any certificates for shares of Common Stock prior to (1) the listing
of such shares on any stock exchange on which the Common Stock may then be listed and
(2) the completion of any registration or qualification of such shares under any
federal or state law, or any rule or regulation of any government body which the
Corporation shall, in its sole discretion, determine to be necessary or advisable.

3. Investment Representation

The Corporation may require the Optionholder to furnish to the Corporation, prior to the
issuance of any shares upon the exercise of all or any part of this Option, an agreement (in such
form as the Corporation may specify) in which the Optionholder represents that the shares acquired
upon exercise are being acquired for investment and not with a view to the sale or distribution
thereof.

4. Optionholder Bound by Plan

The Optionholder acknowledges receipt of a copy of the Plan and agrees that this award shall
be subject to all of the terms and conditions set forth in the Plan, including future amendments
thereto, if any, pursuant to the terms thereof, which Plan is incorporated herein by reference as a
part of this Agreement. Capitalized terms used in this Agreement without definition shall have the
meanings assigned to them in the Plan.

 

4

 

5. Notices

Any notice hereunder to the Corporation shall be addressed to it at its office, 72 North
Franklin Street, P.O. Box P, Wilkes Barre, PA 18773 0016; Attention: Chief Financial Officer (or to
such different address as the Corporation may designate in writing) and any notice hereunder to
Optionholder shall be addressed to him or her at the most recent address as shown in the stock
records of the Corporation.

IN WITNESS WHEREOF, Penn Millers Holding Corporation has caused this Agreement to be executed
by a duly authorized officer and the Optionholder has executed this Agreement, both as of the day
and year first above written.

	 	 	 	 	 
	PENN MILLERS	 	 
	HOLDING CORPORATION 	 	OPTIONHOLDER
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Douglas A. Gaudet
	 	(Signature)
	 

	 	President and Chief Executive Officer	 	 
	 

	 	 	 	 
	 

	 	 	 	(Print Address)

 

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