Document:

ex10-44.htm

EXHIBIT 10.44

 

PROMISSORY NOTE

$2,866,879.18

Broward County, Florida

March 31, 2011

FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the ("Maker") promises to pay to the order of Cornelis F. Wit, his successors or assigns, (hereinafter referred to as "Payee"), the principal sum of TWO MILLION EIGHT HUNDRED SIXTY SIX THOUSAND EIGHT HUNDRED SEVENTY NINE AND 18/100 DOLLARS ($2,866,879.18), together with interest on the principal balance from time to time outstanding, at the rate of twelve percent (12.00%) per annum; principal and interest shall be payable as follows: interest shall be payable monthly and the balance of the principal sum, together with any  accrued  and unpaid accrued interest, shall be paid no later than April 01, 2014.

The Promissory Note hereby replaces the following Promissory Notes previously issued:

	
i.  

	
Promissory Note issued on April 13, 2010 for $450,000.00 with a maturity date of December 31, 2010.

	
ii.  

	
Promissory Note issued on June 29, 2010 for $115,000.00 with a maturity date of December 31, 2010.

	
iii.  

	
Promissory Note issued on September 30, 2010 for $695,000.00 with a maturity date of December 31, 2010.

	
iv.  

	
Promissory Note issued on December 31, 2010 for $1,197,500.00 with a maturity date of December 31, 2010.

	
v.  

	
Promissory Note issued on December 31, 2010 for $409,379.18 with a maturity date of April 01, 2012.

In the event that the Maker defaults in the payment of any payment of the principal sum or interest owing hereunder when and as the same shall become due and payable and such default shall continue for a period of 15 days, then this Promissory Note shall be in default and the entire principal sum and all accrued interest shall become due and payable at once without notice and demand at the option of the Payee.  While in default, amounts outstanding under this Promissory Note shall bear interest at the rate of twelve percent (12%) per annum.

This Promissory Note may be prepaid in whole or in part at any time without penalty or premium.  All payments made shall first be applied to accrued and unpaid interest and then to principal. Any prepayment shall require payment of all accrued interest thereon.

In the event of an action to enforce this Promissory Note is commenced in a court of competent jurisdiction or in the event recourse to any court shall be deemed necessary by Payee or Payee deems it necessary to employ legal counsel in order to collect or enforce the terms and provisions hereof for any reason, including but not limited to the filing of a proof(s) of claim or any other proceedings under the Acts of Congress relating to Bankruptcy Proceedings or in any other type of receivership or insolvency proceedings, Payee shall be entitled to reasonable attorney’s fees (through and including any appellate proceedings) and all costs and expenses incurred by Payee in collecting or enforcing payment hereof.

The Maker and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof, (a) severally waive presentment for payment, demand, notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Promissory Note, (b) expressly consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note or other modifications hereof from time to time prior to or after the day they became due without notice, consent or consideration to any of the foregoing, (c)  expressly agree to the addition or release of any party or person primarily or secondarily liable hereon, (d)  expressly agree that the Payee shall not be required first to institute any suit, or to exhaust  its remedies against the undersigned or any other person or party to become liable hereunder in order to enforce the payment of this Promissory Note, and (e)  expressly agree that, notwithstanding the occurrence of any of the foregoing (except the express written release by the Payee of any such person), the Maker shall be and remain, directly and primarily liable for all sums due under this Promissory Note.

 

  

  

  

 

Notwithstanding any other provisions of this Promissory Note or any other instrument executed in connection with the loan evidenced here by, it is expressly agreed that the amounts payable under this Promissory Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or other charge for the use or loan of money shall not exceed the highest rate allowed by the laws of the State of Florida, from time to time, and in the event the provisions of this Promissory Note or of such other instrument referred to above in this paragraph with respect to the payment of interest  or other payments in the nature of or which would be considered as interest or other charge for the use or loan of money shall result in exceeding such limitation, then the excess over such limitation shall not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded.  If any payment is actually made which shall result in such limitation being exceeded, the amount of the excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.

This Promissory Note shall be construed in accordance with the laws of the State of Florida.

MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREUNDER, OR ARISING OUT OF, OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER THE MAKER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE TO EXTEND THE CREDIT EVIDENCED BY THIS NOTE.

MAKER:

OMNICOMM SYSTEMS, INC.

____________________________

Ronald T. Linares

Chief Financial Officerex10-26.htm

Exhibit 10.26

Merisel, Inc.

Board of Directors Compensation Plan

On April 27, 2011, the Board of Directors approved a new compensation plan for the non-employee directors.  Under the new plan, Messrs. Bradley J. Hoecker, Kenneth B. Sawyer, Terry A. Tevis, and Joseph Yang were each granted cash compensation of $50,000 per annum, to be paid quarterly.  Bradley J. Hoecker, as Chair of the Audit Committee was granted an additional $8,000 per annum, also payable quarterly.exh10-18.htm

 

Exhibit 10.18

 

Loan Agreement

Party A (Borrower): Zhejiang Red Green Blue Education Group Co., Ltd

Party B (Lender): Shaoxing China Textile City Middle School

After fair negotiations, the parties have agreed on the following terms, and the parties agree to abide by the following agreement:

1. Party B shall loan to Party A the amount of 2,353,391.89RMB, to be transfered to Party A before March 24, 2011.

2. Loan interest: None.

3. Loan term: For the total period of three (3) month, starting March 24, 2011 and ending on June 23, 2011.

4. Repayment date and method: June 23, 2011.

5. Breach of contract:

6. Dispute resolution:

a. The parties shall resolve through consultation, if consultation fails, the parties agrees to submit to Shaoxing City People’s Court ( terms including plaintiff, defendant, subject matter,  agreement signing location, agreement execution location and etc shall not be a violation to any area or level jurisdiction).

b. Submit to Shaoxing City Arbitration Committee for arbitration.

7. This agreement shall be effective as of the date of signing. This agreement shall have 2 copies with the same format, each party holds one copy, and both shall be legally binding equally.

Party A

Zhejiang Red Green Blue Education Group Co., Ltd

<Seal>

2011/3/24

Party B

Shaoxing China Textile City Middle School

<Seal>

2011/3/24ex10_95.htm

Exhibit 10.95

 

SURGE GLOBAL ENERGY, INC.

74-333 HIGHWAY #111, SUITE 101

PALM DESERT, CA 92260

Mr. E. Jamie Schloss                                                                                                        May  5, 2011

2961 Industrial Road, Suite # 676

Las Vegas NV 89109

RE:  AMENDED EMPLOYMENT AGREEMENT

Dear Mr. Schloss:

The following are the terms of the amended employment agreement between you as Chief Executive Officer of Surge Global Energy, Inc., Cold Flow Energy, Inc.  and Surge  Energy Resources, Inc. (hereafter “Surge”):

 

	
1.  

	
On April 29, 2011 the Surge Board of Directors agreed to extend the term of your amended employment Agreement by two months from May 1, 2011 until June 30, 2011.

 

	
2.  

	
For this extended term, your gross salary shall remain at $10,500 per month, payable $5,250 on the first and fifteenth day of each month if funds are available, or accrued at Surge’s election upon written notice to you prior to the commencement of each calendar month.  

 

	
3.  

	
If Surge receives additional financing, sells assets, collects receivables or has the availability of cash on hand (hereafter “Liquidity Event”) from any source, Surge will repay all accrued salary, out-of-pocket expenses and advances  (hereafter “Advances”) owed to you in cash, check or wire transfer, at your election, immediately upon receipt of those funds.

 

	
4.  

	
If such a Liquidity Event does not occur before June 30, 2011, you have the right, but not the obligation, to convert all or part of all accrued salary into Andora Energy, Inc. (“Andora”) common stock based on a price of $0.60 per Andora share upon written notice to Surge’s Compensation Committee. This right shall continue until you have converted all Advances into Andora shares or all of the Advances have been repaid.  It is our mutual understanding that if Andora has a Change of Control Event  (i.e. a sale, merger, IPO, etc) which occurs after June 30, 2011 that establishes a fair market value for  Andora shares, all converted shares will be sold, if possible, and any cash proceeds received in excess of $1.00 per share be paid immediately to Surge.

 

	
5.  

	
This amended agreement does not affect your rights regarding the prior 33,333 Andora shares you earned under your prior employment agreement for the period from September 1, 2010 through April 30, 2011.

 

	
6.  

	
All other terms and conditions not amended herein shall be the same as your Amended Employment Agreement executed on April 22, 2010.

 

	
7.  

	
The Compensation Committee of the Board also agrees to review this amended employment agreement and meet with you directly prior to June 15, 2011 to negotiate a new employment agreement.

 

	
8.  

	
If your employment agreement is not extended beyond June 30, 2011 then all unpaid vacation and sick pay will be immediately paid to you pursuant to California law.

 

	
9.  

	
Both you and Surge agree to execute any other documents necessary to facilitate the terms set forth herein. 

 

Yours truly,

/s/ Charles V. Sage

Charles V. Sage, Chairman Surge Compensation Committee

 

AGREED AND ACCEPTED:

 

/s/ E. Jamie Schloss

E. Jamie Schloss

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