Document:

Exhibit 10.1

4156674-006

NEITHER THIS PROMISSORY NOTE NOR THE MASTER SECURITY
AGREEMENT TO WHICH THIS NOTE IS TIED HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED.  NO SALE OR
DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID
ACT OR WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION
LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION

PROMISSORY NOTE

March 29, 2007

(Date)

FOR
VALUE RECEIVED, CombinatoRx, Incorporated
a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to
pay to the order of General Electric Capital
Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83 Wooster Heights Road, Danbury, CT 06810
or at such other place as Payee or the holder hereof may designate, the
principal sum One Million One Hundred One Thousand
One Hundred Seventy-Seven and 18/100  Dollars ($1,101,177.18), with interest on the unpaid principal
balance, from the date hereof through and including the dates of payment, at a
fixed interest rate of Ten and Twelve Hundredths percent (10.12%) per annum, to
be paid in lawful money of the United States, in Forty-Eight (48) consecutive
monthly  installments of principal and
interest as follows:

	
     Periodic

  	
   

  	
   

  	
   

  
	
  Installment

  	
   

  	
   

  	
   

  	
  Amount

  	
   

  
	
  Thirty-Six (36)

  	
   

  	
  $

  	
  32,755.43

  	
   

  
	
  Eleven (11)

  	
   

  	
  $

  	
  10,452.41

  	
   

  
							

 

each
(“Periodic Installment”) and a final installment which shall be in the amount
of the total outstanding principal and interest.  The first Periodic Installment shall be due
and payable on May 1, 2007
and the following Periodic Installments and the final installment shall be due
and payable on the same day of each succeeding month (each, a “Payment Date”).  Such installments have been calculated on the
basis of a 360 day year of twelve 30-day months.  Each payment may, at the option of the Payee,
be calculated and applied on an assumption that such payment would be made on
its due date.

The
acceptance by Payee of any payment which is less than payment in full of all
amounts due and owing at such time shall not constitute a waiver of Payee’s
right to receive payment in full at such time or at any prior or subsequent
time.

The Maker hereby expressly
authorizes the Payee to insert the date value is actually given in the blank
space on the face hereof and on all related documents pertaining hereto.

This Note may be secured by a security agreement, chattel mortgage,
pledge agreement or like instrument (each of which is hereinafter called a “Security Agreement”).

Time is of the essence
hereof.  If any installment or any other
sum due under this Note or any Security Agreement is not received within ten
(10) days after its due date, the Maker agrees to pay, in addition to the
amount of each such installment or other sum, a late payment charge of five
percent (5%) of the amount of said installment or other sum, but not exceeding
any lawful maximum.  If (i) Maker fails
to make payment of any amount due hereunder within ten (10) days after the same
becomes 

due and payable; or  (ii) Maker is in default under, or fails to
perform under any term or condition contained in any Security Agreement after
ten (10) days written notice, then the entire principal sum remaining unpaid,
together with all accrued interest thereon and any other sum payable under this
Note or any Security Agreement, at the election of Payee, shall immediately become
due and payable, with interest thereon at the lesser of eighteen percent (18%)
per annum or the highest rate not prohibited by applicable law from the date of
such accelerated maturity until paid (both before and after any judgment).

The Maker may prepay
in full, but not in part, its entire indebtedness hereunder upon payment of the
outstanding principal amount plus all accrued interest to the date of
prepayment, plus an additional sum as a premium equal to the following
percentages of the remaining principal balance for the indicated period

Months 1 —12: No Prepayment Allowed

Months 13 — 24:  6% premium

Months 25 — 36: 5% premium

It is the intention of the
parties hereto to comply with the applicable usury laws; accordingly, it is
agreed that, notwithstanding any provision to the contrary in this Note or any
Security Agreement, in no event shall this Note or any Security Agreement
require the payment or permit the collection of interest in excess of the
maximum amount permitted by applicable law. 
If any such excess interest is contracted for, charged or received under
this Note or any Security Agreement, or if all of the principal balance shall
be prepaid, so that under any of such circumstances the amount of interest
contracted for, charged or received under this Note or any Security Agreement
on the principal balance shall exceed the maximum amount of interest permitted
by applicable law, then in such event 
(a) the provisions of this paragraph shall govern and control,  (b) neither Maker nor any other person or
entity now or hereafter liable for the payment hereof shall be obligated to pay
the amount of such interest to the extent that it is in excess of the maximum
amount of interest permitted by applicable law, 
(c) any such excess which may have been collected shall be either
applied as a credit against the then unpaid principal balance or refunded to
Maker, at the option of the Payee, and 
(d) the effective rate of interest shall be automatically reduced to the
maximum lawful contract rate allowed under applicable law as now or hereafter
construed by the courts having jurisdiction thereof.  It is further agreed that without limitation
of the foregoing, all calculations of the rate of interest contracted for, charged
or received under this Note or any Security Agreement which are made for the
purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing,
prorating, allocating and spreading in equal parts during the period of the
full stated term of the indebtedness evidenced hereby, all interest at any time
contracted for, charged or received from Maker or otherwise by Payee in
connection with such indebtedness; provided, however, that if any applicable
state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a
greater interest per annum rate than is presently allowed, the Maker agrees
that, on the effective date of such amendment or preemption, as the case may
be, the lawful maximum hereunder shall be increased to the maximum interest per
annum rate allowed by the amended state law or the law of the United States of
America.

The Maker and all sureties,
endorsers, guarantors or any others (each such person, other than the Maker, an
“Obligor”) who may at any time
become liable for the payment hereof jointly and severally consent hereby to
any and all extensions of time, renewals, waivers or modifications of, and all
substitutions or releases of, security or of any party primarily or secondarily
liable on this Note or any Security Agreement or any term and provision of
either, which may be made, granted or consented to by Payee, and agree that
suit may be brought and maintained against any one or more of them, at the
election of Payee without joinder of any other as a party thereto, and that
Payee shall not be required first to foreclose, proceed against, or exhaust any
security hereof in order to enforce payment of this Note.  The Maker and each Obligor hereby waives
presentment, demand for payment, notice of nonpayment, protest, notice of
protest, notice of dishonor, and all other notices in connection herewith, as
well as filing of suit (if permitted by law) and diligence in collecting this
Note or enforcing any of the security hereof, and agrees to pay (if permitted
by law) all expenses incurred in collection, including Payee’s actual attorneys’
fees.  Maker and each Obligor agrees that
fees not in excess of twenty percent (20%) of the amount then due shall be
deemed reasonable.

THE MAKER
HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY
OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE
SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE
RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN 

ANY COURT
(INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.)  THIS WAIVER IS IRREVOCABLE MEANING THAT IT
MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE,
ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS
TRANSACTION OR ANY RELATED TRANSACTION. 
IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT
TO A TRIAL BY THE COURT.

This Note and any Security Agreement constitute the
entire agreement of the Maker and Payee with respect to the subject matter
hereof and supercedes all prior understandings, agreements and representations,
express or implied.

No variation or modification
of this Note, or any waiver of any of its provisions or conditions, shall be
valid unless in writing and signed by an authorized representative of Maker and
Payee.  Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

Any provision in this Note or
any Security Agreement which is in conflict with any statute, law or applicable
rule shall be deemed omitted, modified or altered to conform thereto.

	
  

  	
   

  	
  CombinatoRx, Incorporated

  
	
   

  	
   

  	
   

  
	
  /s/ Jason F.
  Cole

  	
   

  	
  By:

  	
  /s/ Justin Renz

  
	
  (Witness)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Jason F. Cole

  	
   

  	
  Name:

  	
  Justin Renz

  
	
  (Print name)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  245 First
  Street, Cambridge, MA 02142

  	
   

  	
  Title:

  	
  VP, Finance, Treasurer

  
	
  (Address)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Federal Tax ID #04-3514457

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Address: 245 First Street, Cambridge, MA 02142Exhibit
10.49

	
  

  	
  PROPOSAL/MEMORANDUM
  OF UNDERSTANDING

  

 

March 26, 2007

IWT Tesoro Corp.

C/O H W Boucher

101 Post Road Rest

Suite 10

Westport, CT 06880

Re: Media Campaign for IWT
Tesoro Corp

Global Media Fund, Inc.
(GMF) is pleased to present this offer to produce and distribute a total of
Five Million Dollars ($5,000,000) worth of nationally syndicated newspaper
features, nationally syndicated radio features and other media on behalf of IWT
Tesoro Corp. (IWTT), using the industry standard advertising rates currently
utilized by GMF, over a Thirty-Six (36) month time frame. IWTT will have the option
to choose at its discretion the balance ($5,000,000) of print, radio and other
media features as outlined below. GMF has summarized some expected exposure
values in the paragraphs below assuming that IWTT chooses to utilize print
features only. These exposure values are not guaranteed numbers, but are based
upon current average results displayed over the selected time frame for
illustrative purposes. They do not factor in media campaign ramp up times, or
the fact that the print features will continue to run for up to eighteen months
after the last feature is distributed.

FORMS OF
MEDIA AVAILABLE

1. Newspaper Features

The newspaper features will
be specifically about your company and distributed to 10,000 daily and weekly
newspapers, news, and wire services. Our services will include: feature
consultation and development, writing and editing, printing, delivery,
clippings and readership reports including comparable advertising space value
reports. You will have final approval on all copy.

Your features will be
distributed on computer disks, by direct electronic feed and in a hard copy
cameraready format. GMF will deliver clipping reports beginning ten (10) weeks
after media pick up; these reports will continue to be sent on a monthly basis
for one (1) calendar year from delivery (date feature was distributed).

Newspaper
Distribution Guarantee. Although
placement is subject to individual editorial discretion, GMF offers the
following guarantee: each print feature must receive placements in at
least one hundred (100) newspapers (we currently average 648 placements per
feature). If the placements do not total 100 within a six (6) month period of
your sign-off on the feature, GMF will re-write and/or re-distribute that feature
at no cost to you until the guaranteed minimum of 100 is obtained.

Expected
Print Exposure Assuming
that IWTT chooses to utilize print features only and to run the print features
evenly over the one (1) year time frame, the print features would reach an
estimated audience of One Hundred and One Million Three Hundred Seventy Six
Thousand (101,376,000) readers per month for twenty-four (24) months.

 1
 

2.             Radio Features

The radio features will be nationally syndicated radio features
specifically about your company. Your scripts will be written by media and
radio professionals, read by radio professionals, produced on a CDROM and sent
to over 6,000 radio stations around the country. In addition to the CD, a
script of your public service message is distributed as well, so that
announcers can “localize” the material.

Radio Features consist of
two 30-second scripts under one heading written to your approval. You will have
final approval on all radio features. GMF will deliver radio exposure reports
on a monthly basis for the duration of the media campaign that details each
radio station that played the feature.

3.             Television Media

The television spots will
normally be 30 second, 60 second or television format standard time spots. Your
television ad will be produced by television media professionals and will be
distributed on television networks. Some examples of television networks are
ESPN, Fox Sports, Lifetime, NBC, etc. You will have final approval on all
television spots and media values will be applied from the rate card.

4.             Internet Media, Marketing
and Services

The internet media category
may include many forms of media. These forms include professional services to
build or enhance customers’ websites, services to optimize websites, search
engine optimization, email marketing and other services. We can also provide
custom designed Internet campaigns for each of our clients. The customer will
have final approval on all internet marketing services and media values will be
applied from industry standards.

5.             Marketing Services

GMF provides marketing
services including: creating marketing pieces, creating advertisements,
creating marketing promotions, events management, travel services and is
committed to continuously adding to our marketing portfolio. As we add more
marketing categories, our clients will have an opportunity to take advantage of
the new offerings. Customers will have final approval on all new marketing
activities and values will be applied from industry standards.

Other marketing services
such as printing, food and catering for events, sales or marketing goods and services
are not in the scope of this agreement and if provided will be billed on a
monthly basis. Any such services provided will be approved in advance by IWTT.
If these payments are made in unrestricted free trading shares then these
shares shall valued as outlined below in the “Unrestricted Stock Valuation (Market
Price)” section of the Unrestricted Stock Terms.

6.             Golf Events and Sponsorships

Golf events and sponsorships
are offered to GMF clients on an event by event basis based on inventory. These
golfing events are typically nationally televised and include things like
signage, localized media, purse, an events ceremony and a full range of
offerings around each event. GMF clients will have an opportunity to take
advantage of these offerings. Customers will have final approval on all new
events and values will be applied from industry standards.

7.             Other Media

GMF is committed to
continuously adding to our portfolio of media. As we add more media to our portfolio,
our clients will have an opportunity to take advantage of the new offerings.
Customers will have final approval on all new media.

 2
 

In Consideration of Media Campaign

The total all-inclusive cost
for this media campaign is Two Million Dollars ($2,000,000). Payment will be in
two forms, (i) One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) in
shares of restricted common stock of Company (the “Restricted Shares”) and (ii)
Two Hundred Fifty Thousand Dollars ($250,000) in cash or unrestricted common
stock of Company (the “Unrestricted Shares”). The number of Restricted Shares
to be issued as payment for the $1,750,000 shall be calculated using the “Restricted
Stock Valuation (Market Price)” defined below. If the cash/Unrestricted stock
payment is paid in Unrestricted stock than the number of Unrestricted Shares to
be issued as payment for the $250,000 shall be calculated using the “Unrestricted
Stock Valuation (Market Price)” defined below.

Restricted Stock Payment.

The restricted shares portion of this Memorandum of Understanding (“MOU”)
shall be paid as follows:

One Million Seven Hundred
Fifty Thousand Dollars ($1,750,000) worth in shares of restricted common stock
of IWTT (the “Restricted Shares”) to be paid upon execution of this document.
The number of shares to be issued as payment for this $1,750,000 shall be
calculated using the “Restricted Stock Valuation (Market Price)” defined below

Cash and/or Unrestricted Shares Payment

The cash and/or unrestricted
shares portion of this Memorandum of Understanding (“MOU”) shall be paid as
follows: (i) Two Hundred Fifty Thousand Dollars ($250,000) to be paid upon
execution of this document. If these payments are made in unrestricted free
trading shares then these shares shall valued as outlined below in the “Unrestricted
Stock Valuation (Market Price)” section of the Unrestricted Stock Terms.

The restricted stock shall
be governed by the “Restricted Stock Terms” as outlined herein. The unrestricted
stock shall be governed by the “Unrestricted Stock Terms” as outlined herein.
Fulfillment of this MOU by GMF is conditional on the receipt of all payments
owed in the specified time frame. Failure to pay as agreed may trigger a
default as per the included “Default Provisions”. All media will have a shelf
life of thirty-six months from the date of contract. Media unused during the
life of the Agreement will be expunged.

Restricted Stock Terms

The shares of Restricted Shares of Common Stock specified as payment
are to be issued within ten days from the date of the execution of this MOU.
All the Restricted Shares of Common Stock shall be issued as of the Effective
Date.

Restricted Stock Valuation
(Market Price)

For the purposes of this MOU, the Market Price of the restricted stock
shall be the fair market price as represented by One Hundred percent (100%) of
the closing price of IWTT’s Common Stock on the day of the signing of this
agreement, as reported by the principal national or regional stock exchange on
which the common stock is listed. The total number of restricted shares to be
issued to GMF for each payment due shall be calculated by dividing the amount
due by the Market Price.

Registration Provisions.

The Restricted Shares issued
to GMF under this MOU shall be subject to the following registration provisions:

IWTT grants to GMF piggyback registration rights with respect to all
Restricted Shares mentioned in this MOU. IWTT shall give prompt written notice
to GMF of any intended registration and will automatically include GMF’s
Restricted Shares in such registration unless notified to the contrary by GMF.
IWTT furthermore agrees to accept and represent to

 3
 

IWTT’s transfer agent as valid, an opinion letter from GMF’s counsel
regarding restricted stock status.

Unrestricted Stock Terms

The initial shares of Unrestricted Shares of Common Stock specified as
payment are to be issued within ten days from the execution of this MOU.

Unrestricted Stock Valuation
(Market Price)

For the purposes of this MOU, the Market Price of the unrestricted
stock shall be the fair market price calculated as One Hundred percent (100%)
of the closing price of IWTT’s Common Stock on the day of signing of this
Agreement, as reported daily by the principal national or regional stock
exchange on which the common stock is listed. The total number of unrestricted
shares to be issued to GMF for each payment due shall be calculated by dividing
the amount due by the Market Price.

Investment
Intent

GMF is acquiring all the
shares of IWTT’s Common Stock (“Shares”) for its own account for investment purposes
only and not with a view to or for distributing or reselling such Shares, or
any part thereof or interest therein. GMF, either alone or together with its
representatives, has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of
an investment in the Shares to be acquired by it hereunder, and has so
evaluated the merits and risks of such investment. GMF is able to bear the
economic risk of an investment in the Shares to be received by it hereunder
and, at the present time, is able to afford a complete loss of such investment.

Default
Provisions

Any default by IWTT in the
payment of any amount when due under this MOU, shall entitle GMF to place a
hold on all work specified in this MOU, at its sole option, to terminate this
MOU upon Thirty (30) days written notice and declare this MOU null and void. No
media advertising will be distributed unless all payments outlined in this MOU
have been received by GMF in the time frame specified. IWT shall not be in
default as a result of any delays or obligations that are directly or
indirectly the result of actions of GMF, or failure to act on the parts of GMF,
including without limitation, such GMF’s failure to obtain agreed upon media
services or to provide agreed upon services in a timely and professional
manner.

Any default by GMF in
providing services to IWTT, as contemplated by this MOU shall entitle IWTT to
receive back from GMF, such number of Shares (on a pro-rata basis between
Restricted Shares and Unrestricted Shares), that would equal the value of the
services not so provided by GMF to IWTT. IWTT has the right to cancel this MOU
with thirty (30) days written notice, In the event of such cancellation by IWTT,
IWTT shall not be responsible for any additional payments owed under this MOU.
In the event that GMF cancels this MOU for any reason, GMF shall remit to IWTT
such number of Shares (on a pro-rata basis between Restricted Shares and
Unrestricted Shares), that would equal the value of the services not so provided
by GMF to IWTT.

With respect to the default
provisions described in this section, GMF shall not be in default as a result
of any delays in services that are directly or indirectly the result of actions
of IWTT, or failure to act on the parts of IWTT, such as failure to approve
copy submitted by GMF for distribution in a reasonable yet timely manner
(generally defined as within two weeks of receipt but can be altered if both
parties agree), or failure to submit materials periodically (at least monthly)
to GMF to develop features.

 4
 

This Agreement will be
governed, construed and enforced in accordance with and governed by the laws of
the state of New York applicable to agreements made and to be performed in such
jurisdiction without reference to conflicts of law principles. The Parties
irrevocably consent that any legal action or proceeding against them under,
arising out of or in any manner relating to this Agreement or any other agreement,
document or instrument arising out of or executed in connection with this
Agreement may be brought only in a court with jurisdiction located in, or the
federal district court the district of which include Suffolk County in New York
and the Parties each irrevocably consent to that venue and to the personal
jurisdiction thereof.

The offer contained in this
MOU supersedes any previous offers submitted to IWTT and is valid for a period
of 14 days from the date in the footnote at the bottom of the page. Please
indicate your acceptance of this MOU by signing below, and then please fax the
original, followed by mailing of two executed copies, at your earliest
convenience to: Don L Rose, CEO/President, Global Media Fund, Inc., PO Box 78,
Mt. Sinai, NY 11766; Ph: 631/791-5126, Fax: 631/389-2367.

SIGNATURES

 

	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  IWT Tesoro Corp.

  	
   

  
	
   

  	
  Signature

  
	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Global Media Fund, Inc.

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  
						

 

 5

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