Document:

January 3, 2011

 

 

 

 

Mr. Dale P. Euga

501 King Philip Road, Unit 20

Raynham, MA 02767

 

 

Re: Employment 

 

 

Dear Dale:

 

It is my pleasure to send you this letter for
your consideration. As we have discussed, this letter is a formal offer of employment. There has been no formal employee handbook
or formal hiring mechanism developed as yet. Therefore, this letter is offered in lieu thereof.

 

First, I am pleased to advise you that you
either have or will be elected President and Chief Executive Officer of Powerdyne, Inc. at the next annual meeting of the corporation’s
stockholders and directors.

 

Your employment will be as a full time employee
based on a 40 hour work week, 52 weeks of the year. Starting date is expected to be January 2011. The place of employment will
be 1 Pullman Avenue, Worcester, Massachusetts or such other location as may be designated as the company expands. You will receive
four (4) weeks paid vacation per year starting at the 50th week of employment with an additional week added every successive
year thereafter, up to eight (8) weeks maximum. In light of your responsibilities, you may not take any vacation if it would interfere
with your duties. It may be that your duties will not permit you to take a vacation. Sick days and time off granted as needed.
Sick days are compensated. Time off is uncompensated. Unusual circumstances shall be considered on a case by case basis.

 

Your responsibilities will be to supervise,
coordinate, oversee and manage the company’s business which is the design and construction of radial aircraft engines which
it will lease as prime movers in electrical generating systems of its own unique proprietary design. You will be responsible for
articulating the business plan, corporate mission and goals and to supervise and lead your executive team and the company to profitability.
As the company does not

 

/s/ DPE DPE

 

    	 

    	 

    

Mr. Dale P. Euga

January 3, 2011

Page 2 of 4

 

 

 

expect to pay dividends, you will be expected to lead the company
so that the stock price increases to the benefit of our stockholders.

 

You will report directly to the Board of Directors.

 

This letter is not intended to be exclusive
and, generally, it will be your duty to see that whatever must be done is done and done in a timely fashion. As a corporate executive
and the most crucial member of the leadership team, it is expected that you will take responsibility without direction to accomplish
the company’s goals as communicated to you.

 

Your work week is not limited to forty hours.
You are expected to do the job regardless of the number of hours per week that you work and you will therefore be paid a salary
and not paid on a commission or hourly basis.

 

Your base salary will be two hundred fifty
thousand ($250,000.00) dollars per year, paid weekly. We will withhold all necessary taxes and trust fund charges. In addition
you may be paid a bonus at the sole discretion of the Board. Its payment will depend not only upon your performance but the financial
success of the company. Your salary will be paid to you effective the week-ending January 22, 2011. However, it may not be able
to be paid to you immediately, but will accrue until such time as the Board deems that the corporation’s finances allow.

 

You have worked for the company without pay
from August 1, 2010. I have asked you to provide me with a record of the hours you worked during that period and you will be paid
for that work at the rate of one hundred ($100.00) dollars per hour. However, because the company was and currently is unable to
make such payments to you, the wages earned will not be paid until cash flow and profitability allows but will accrue as our accountant
advises.

 

You will have the following paid vacation days:
New Year’s Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving
Day and Christmas Day.

 

As further inducement to you to accept this
offer, you will receive 51% of the authorized and issued shares of common stock in the company at par value of $0.0001/share. There
are currently 300,000,000 shares of common stock authorized but only 200,000,000 will be issued initially so you will receive at
least 102,000,000 shares of common stock. As further stock is issued, you will automatically receive additional shares so that
your ownership interest will never fall below 51%, unless we come to a modification of this agreement.

 

/s/ DPE DPE

    	 

    	 

    

Mr. Dale P. Euga

January 3, 2011

Page 3 of 4

 

 

Only our Vice President and General Counsel and our Vice President
of Production/Lead Engineer have similar arrangements. As the company is in the midst of merging with another public corporation,
the terms of this contract will become binding upon the successor corporation whose name is expected to be Powerdyne International,
Inc. In that event it is anticipated that you will be elected a Director by the shareholders and Chairman of the Board of Directors
by the Directors.

 

We do not have a profit sharing, 401(k) or
other retirement account plans for our employees. If the company becomes profitable and later offers these benefits to its employees,
you will be offered the same benefit as they will. Neither do we currently offer medical or life insurance as a benefit of employment.
Should those benefits become available later, then they will become available to you, also.

 

It may be that your duties will require you
to relocate. In that case, the company will either pay or reimburse your reasonable costs of relocation.

 

It is expected that you will require a motor
vehicle and so you will be provided with a motor vehicle suitable to your position and responsibilities and a company gasoline
card with which to pay for gasoline and maintenance. The company does not have a secure facility to garage the vehicle and, as
you will be expected to have a modest home office, you are expected to report to your home office first thing every morning to
check for emails or to attend to other business, and to then drive to whatever facility you are working at that day. You are expected
to garage the company motor vehicle provided to you at your residence at your expense. You may use the vehicle for private use.
If the vehicle is leased you will have the first option to buy the vehicle at the end of the lease term. If the vehicle is owned
by the company, you will have the first right to purchase the vehicle at the end of its useful life to the company.

 

In addition to the above cited duties, you
will develop, train and manage an executive staff that will be under your direction. These individuals will be assigned such tasks
as you or the Board of Directors may assign to them.

 

Any patentable ideas, designs, drawings or
processes of any kind which you work on or develop during your employment with the company will be the property of the company.
Should the company receive any royalties for the licensing or the other use of any patent which you were the principal of, you
will be paid a percentage of the royalties received, not to exceed twenty (20%) percent.

 

Tools and equipment needed for the shop will be purchased and owned
by the company. Personal tools and equipment may be used on the premises provided that they are clearly

 

/s/ DPE DPE

    	 

    	 

    

Mr. Dale P. Euga

January 3, 2011

Page 4 of 4

 

identified as yours and a written record of such kept by you and
provided to the company, Mr. Barton and Mr. Caromile. This requirement is necessary because of the company’s use of Bigelow
Electric’s tools and equipment as well as the use of your personal equipment.

 

Therefore, specific identification is intended
to avoid confusion. You will also have complete access to the Bigelow Electric shop.

 

Dale, this outline is a comprehensive letter
that identifies the parameters under which the company would like to engage you. Please let me know if I have left out anything
important and I will incorporate this text onto company letterhead and we can proceed from there. If this offer is acceptable to
you, please indicate your acceptance by initialing each page where indicated and by signing this letter and the duplicate originals
enclosed and returning the two copies to the company, keeping the original for your records.

 

As you know, we are very excited not only about
the business opportunities that we see but with the prospect of formalizing your relationship with the company.

 

	 	Yours truly,
	 	 
	 	/s/ Arthur M. Read, II
	 	 
	 	Arthur M. Read, II
	 	Director

 

AMR/lhm

Enclosures (2)

 

 

 

Acceptance

 

I acknowledge having received and read the
foregoing prior to signing it in triplicate originals.

 

I confirm and accept these arrangements, freely
and voluntarily.

 

 

 

 

/s/ Dale P. Euga

Dale P. Euga

Date: January 4, 2011

 

/s/ DPE DPE

    	 

    	 

    
 

 

 

June 1, 2011

 

Mr. Dale P. Euga

501 King Philip Rd, Unit 20

Raynham, MA 02767

 

Dear Dale;

 

You entered into an engagement letter with Powerdyne,
Inc. (now Powerdyne International, Inc.) on January 3, 2011.

 

This letter will serve to amend that earlier
letter.

 

Under the terms of your letter, you were to
be paid a salary. In the event that the corporation was unable to pay that salary immediately, it was to accrue to be paid to you
when the corporation’s financial situation permitted such payment, in the corporation’s sole discretion.

 

Because of the fragility of the corporation’s
finances, it is necessary to end that accrual effective April 1, 2011. Accrual and payment will only occur when the Company determines
that it has appropriate positive cash flow and/or profitability. This is in the best interest of the corporation and takes into
account unforeseen adverse tax consequences which flow to the corporation as a result of the accrual.

 

In addition, accrual and payment for expenses
and time incurred during the fiscal year ended December 31, 2010 will cease as well. If and or when the Company experiences positive
cash flow and/or profitability, the Company will address these past service items through performance bonuses at its discretion.

 

Please acknowledge your acceptance of this modification
of your letter agreement by signing the duplicate of this letter and returning it to Linda Madison and keeping the original for
your records.

 

	 	Yours truly,
	 	 
	 	/s/ Arthur M. Read, II
	 	 
	 	Arthur M. Read, II, Esq.
	 	Vice President, Director and General Counsel

 

AMR/lhm

Enclosure

/s/
DPE DPE 

 

 

    	 

    	 

    

 

Mr. Dale P. Euga

June 1, 2011

Page 2 of 2

 

 

 

Acceptance

 

 

I acknowledge having received and read the foregoing
prior to signing it in duplicate originals.

 

I confirm and accept these agreements, freely
and voluntarily.

 

 

 

 

 

/s/ Dale P. Euga

Dale P. Euga

 

 

Date: June 2, 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

___________DPEExhibit 10.23

  

THIRD AMENDED AND RESTATED

CONSOLIDATED LOAN AGREEMENT

  

This THIRD Amended Consolidated Loan Agreement
(the “Agreement”), dated February 8, 2012, is entered into by and between 4net Software, Inc., a Delaware corporation,
with offices located at 225 N.E. Mizner Boulevard, Suite 400 Boca Raton, Florida 33432 (“Borrower”) and Steven N. Bronson,
having a business address at 225 N.E. Mizner Boulevard, Suite 400 Boca Raton, Florida 33432 (the “Lender”) to update
and modify the Amended and Restated Consolidated Loan Agreement between the Borrower and the Lender, dated December 20, 2011 (the
“December 20, 2011 Agreement”).

 

WHEREAS, the Lender has loaned
(the “Loan”) and advanced the Borrower monies (each a “Principal Advance” and collectively the “Principal
Advances”) in the aggregate amount of $75,696.44 as follows:

 

	Loan Amount	 	Date of Loan
	(a)   $32,696.44	 	December 7, 20091;
	(b)   $ 3,000.00	 	May 5, 2010;
	(c)   $ 1,000.00	 	May 21, 2010;
	(d)   $ 7,000.00	 	December 9, 2010; and
	(e)   $15,000.00	 	April 28, 2011;
	(f)   $10,000.00	 	October 21, 2011; and
	(g)  $ 7,000.00	 	January 23, 2012.

 

WHEREAS, each of the Principal
Advances accrues interest at the rate of ten percent (10%) per year from the date of the Principal Advance.

 

WHEREAS, this Agreement amends,
replaces and supersedes the December 20, 2011 Agreement. Upon execution and delivery of this Agreement the December 20, 2011 Agreement
shall be null and void.

 

WHEREAS, the parties hereto desire
to memorialize the Loan and mutually agree that the Loan shall be shall be subject to the following terms and conditions.

 

NOW, THEREFORE, in consideration
of the mutual promises set forth herein, the

parties hereto agree as follows:

 

1.          Principal.
The principal amount of the Loan is $75,696.44. The principal amount and all accrued interest on the Loan is due and payable within
ten (10) business days following Borrower’s receipt of a written demand for payment from Payee or immediately upon the occurrence
of an Event of Default, as defined herein (the “Maturity Date”). The obligations of the Borrower to make payments provided
for in this Agreement are absolute and unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment
or adjustment whatsoever. Upon payment in full of all principal and interest payable hereunder, this Agreement shall be surrendered
to the Borrower for cancellation.

 

 

1             This
advance is memorialized in Amended Consolidated Loan Agreement, dated February 12, 2010.  

 

    	 

    	 

    
 

2.          Interest.
The Loan shall bear interest on the outstanding principal amount from the date of each Principal Advance until such amounts are
repaid to Lender in full, at the rate of 10% per annum. In the event any payment due hereunder
shall not be paid on the Maturity Date, then the outstanding principal amount shall bear interest at the lesser of 15% per annum
or the highest lawful rate permitted under applicable law, from the date when such payment was due until paid. Additionally, Borrower’s
failure to tender a payment, or any part thereof, in accordance with this Agreement above shall constitute an Event of Default.
If an Event of Default shall occur due to the Borrower’s failure to make a payment on the required date, Payee shall have
no obligation to serve a notice of default. In the event the Borrower fails to remedy the default within five (5) business days
after the Event of Default (the “Default Date”), then all outstanding principal and accrued interest shall automatically
accelerate and become immediately due and owing (the “Accelerated Debt”). The Accelerated Debt shall accrue interest
at the rate of 15% per annum from the Default Date until the Accelerated Debt is paid in full. Payee shall have no obligation
to provide notice to Borrower concerning the Default Date, the acceleration of the debt or the interest rate on the Accelerated
Debt.

 

This paragraph shall
not be deemed to extend or otherwise modify or amend the date when such payments are due hereunder. The obligations of the Borrower
under this Agreement are subject to the limitation that payments of interest shall not be required
to the extent that the charging of or the receipt of any such payment by the holder of this Agreement would
be contrary to the provisions of law applicable to the holder of this Agreement limiting the
maximum rate of interest which may be charged or collected by the holder of this Agreement.
In no event shall any interest to be paid hereunder exceed the maximum rate permitted by law. In any such event, this Agreement
shall automatically be deemed amended to permit interest charges at an amount equal to, but no greater than, the maximum rate permitted
by law.

 

		3.	Representations and Warranties. The Borrower represents and warrants as follows:

 

(a)          The
Borrower has all requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.
This Agreement has been duly executed and delivered by the Borrower and constitutes a valid and binding obligation of the Borrower,
enforceable in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally and (b) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies.

 

(b)          This
Agreement is the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms and the terms of
the Security Agreement, except as limited by applicable bankruptcy, insolvency, and other similar laws affecting creditors’
rights generally.

 

4.          Events
of Default.

 

The principal amount and all
accrued interest on this Loan is due and payable upon the Maturity Date, as defined above. Additionally, the principal amount and
all accrued interest on this Loan shall automatically become immediately due and payable upon the occurrence of any of the following
events, each of which shall be deemed an “Event of Default”:

 

(a)          When
there is any misstatement or false statement in connection with, noncompliance with or nonperformance of any of the Borrower’s
obligations, representation, warranties or covenants under or emanating from this Agreement;

 

    	 

    	 

    

 

(b)          If
the Borrower shall make an assignment for the benefit of creditors or shall admit in writing his inability to pay his debts as
they become due or if the Borrower shall file a voluntary petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent,
or shall file any petition or answer seeking any reorganization arrangement, composition, readjustment, liquidation, dissolution,
or similar relief under the present or any future federal bankruptcy code or other applicable federal, state or similar statute,
law or regulation, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Borrower
or of all or any substantial part of its properties.

 

5.          Notices.
Any notice, other communication or payment required or permitted hereunder shall be in writing and shall be delivered personally
or sent by FedEx mail or similar overnight delivery, postage prepaid to the parties at the addresses set forth above. Each of the
above addressees may change its address for purposes of this paragraph by giving to the other addressee notice of such new address
in conformance with this paragraph.

 

6.          Waivers.
The Borrower hereby waives presentment, demand for performance, notice of non-performance, protest, notice of protest and notice
of dishonor. No delay on the part of Lender in exercising any right hereunder shall operate as a waiver of such right or any other
right. This Agreement is being delivered in and shall be construed in accordance with the laws of the State of Florida, without
regard to the conflicts of laws provisions thereof.

 

7.          Attorneys’
Fees. If the indebtedness represented by this Agreement or any part thereof is collected in bankruptcy, receivership or other
judicial proceedings or if this Loan is placed in the hands of attorneys for collection after default, the Borrower agrees to pay,
in addition to the principal payable hereunder, the reasonable attorneys’ fees and collection costs incurred by Lender in
attempting to collect the Loan.

 

8.          No
Changes. This Agreement may not be changed or terminated orally, but only by an agreement in writing signed by the party against
whom enforcement of any change, modification, termination, waiver, or discharge is sought.

 

Signatures appear on the next page.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of  the date first above written.

 

	 	BORROWER – 4net Software, Inc.
	 	 
	 	____________________________
	 	Leonard Hagan, Director
	 	4net Software, Inc.
	 	 
	 	LENDER – Steven N. Bronson
	 	 
	 	_____________________________
	 	Steven N. Bronson

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