Document:

f10q0211ex10iii_soupman.htm

Exhibit 10.3

 

Amendment to Contract dated April 27, 2004, between IGS , KIOSK, AND AY,

 

Notwithstanding any language to the contrary in the Contract between the Parties, the Parties now hereby agree as follows:

 

1.             Al Y hereby agrees to be known as the “Soupman” of the Company. If any other position, or office in the Company is to be offered to Al Y, it will be accepted only in his sole discretion. Al Y hereby disclaims any representation that he has any expertise in "franchising", and cannot act as “consultant” in this area.

 

2.             (A)         All time and work required of Al Y to comply with the requirements of the Contract between the Parties, shall be deemed XXX. Further requests by the Company for time to be given for any other work to be performed by Al Y will be subject to his sole discretion

 

 (B)          Al Y hereby agrees to finalize and approve these designated soups to be manufactured in the "Indiana Facility". Al Y will complete the process of finalizing the recipes and approval of the finished product(s) working with the appropriate personnel of the "Indiana Facility" as soon as practicable depending on the availability of the personnel of this facility. XXX.

 

(C)           XXX.

 

3.             Website (Para. 12) The Parties Agree that the Company(s) shall maintain one (1) website to be called “Original Soup Man”, for the sale of soup products only, together with sales information for Franchise to be licensed for the retail sale of such soups and other product manufactured or distributed by the Company pursuant to the Agreement between the Parties. It is agreed that the Parties shall initially agree upon the content of the website on or before January 31, 2005 with time being of the essence, and that all subsequent changes and/or additions must be approved by the Company AI Y. The cost of the organizations, production and maintenance of this web site shall be borne by the Company, www.therealsoupman.com and AY shall maintain his existing website at this own expense.

 

4.             Book Rights. (Para. 11) This paragraph of the Contract providing AY with the right to author and cause to be published a Book or Books is hereby XXX.

 

XXX - redacted pursuant to a confidentiality request with the United States Securities and Exchange Commission

 

  

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5.             Life Insurance (Para. 16) XXX.

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6.             Media Services. Upon the soonest possible notice by email to him by the Company after notification to the Company of a request for any media appearance by AI Y on behalf of the Company, AI Y shall, in his sole discretion, decide whether or not to participate. Any refusal or acceptance by AI Y to make such appearance shall not preclude the Company from providing to the media a spokesman to present the message of the Company on such occasions.

 

7.             Sale by IGS (Para. 15) Paragraph 15 on Page 15 of the Contract is hereby amended to change subparagraph (iii) XXX.

 

8             A.            IGS or its affiliates are prohibited from using any confidential recipe, or confidential techniques and any ingredients, spices, or herbs, if any, which are confidential, which have been made available to the Company form the confidential recipes provided by AI Yeganeh pursuant to the Contract between the Parties for the manufacture and distribution of any soups except Soups approved by AI Y. All soup products manufactured by IGS or any of its affiliates, including Manhattan Soup Chef, for commercial distribution are subject to this prohibition. XXX.

 

B.             The company hereby agrees XXX.

 

9.             Confidentiality and Non-Disclosure (Para. 17) It is hereby agreed by the Parties that the intent and meaning of the Contract does not preclude the public criticisms by either of the Parties after the facts are established by judicial process, public prosecutor or an Arbitrator appointed pursuant to the Agreement, when said decision, award, or judgment is final regarding any “wrong doing” or “fraud” or “attempted fraud” of any other party and/or Franchisees or other third Parties.

 

10.           Royalty Payment (Para 15-b) The royalty payment payable to AI Y of XXX received by the Company(s) shall be paid over a Charity(ies) to be specially named AI Y which must be a Federally approved (#501(c)) tax exempt food related Charity supplying food to the people in need. The Company(s) agree to also make a contribution to the same Charity at the same time licensed Franchise inaugurates its opening of it’s stores(s) in a combined amount totaling in accordance with the following schedule:

 

XXX - redacted pursuant to a confidentiality request with the United States Securities and Exchange Commission

 

  

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At no time shall AY pay more that 1/2 the money.  (DONATION)

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A.  

	
$XXX.

	
B.  

	
$XXX.

	
C.  

	
$XXX

 

11.           Sale of Merchandise other than Soup Products

 

A.  It is reiterated again, that only AI Y for his designated Agent has the right to sell merchandise using the name, likeness persona, etc. of AI Yeganeh that he does not use the Logo or Trade Name, trademark or service marks owned by IGS or Kiosk. Such sales of merchandise by AI Yeganah or his designated representative may be made on his existing website, and/or store (but not company owned or franchise locations), and/or any commercial outlet available for his purpose. IGS or KIOSK retain all merchandising rights that do not exploit the name, likeness or person of AY. Said materials not in Original Soupman website or stores.

 

B.  It is agreed that the parties may conduct further negotiations to provide an opportunity for the Company(s) or its designated Agent to cause to be manufactured and sold such merchandise.

 

12.           Compensation (Para. 14. Pg. 14.) Change Compensation Paragraph by amending last sentence of Paragraph in middle of Page 14. Language to after amended will be as follows: “Subsequent Advance Payments shall be consistent with the above schedule. (Quarterly Payment)”

 

13.           Representations. (Para. D Pg. 3) Delete “...sales of soup stores” and substitute “...sales of soup stores”

 

14.           Right to Audit (Paragraph 19. Pg. 18)

 

A.  The parties hereby agree that AI Y or his designated agent, shall receive a copy of the Financial Reports of the Company on a weekly basis, relating to all financial activities of IGS and Kiosk, which are prepared and distributed by the financial department for the financial officers of the Corporation(s), reporting on all sales of soups and related activities.

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XXX - redacted pursuant to a confidentiality request with the United States Securities and Exchange Commission

 

  

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B.  AI Y shall have the right toF inspect all financial records and books of the Company(s) and designated Agents, on monthly basis, upon reasonable notice to the Company(s) and during normal business hours at AI Y’s own expense. The financial records to be inspected by AI Yeganeh or his designated representative, will be those financial records relating to the commercials sales of all soup products and costs attendant thereto, including sales to Franchise Holders, Supermarkets, and over the internet. The Company(s) shall supply to AI Y with copies of Financial Reports on such financial activities from the date of execution of the Contract between Parties to date as soon as possible.

Except as specifically set forth herein, the terms and conditions of the Agreement are ratified by the parties. Nothing herein shall be deemed to be a waiver by any Parties of its rights prior to the date hereof.

 

INTERNATIONAL GOURMET SOUPS, INC.

By: /s/ Seb Rametta                                                                                                         Date: 12/20/04                                                     

SEB RAMETTA, Vice President Business Development

KIOSK CONCEPTS, INC.

By: /s/ Seb Rametta                                                                                                         Date: 12/20/04                                                     

SEB RAMETTA, Chairman and Chief Executive Officer

       /s/ Al Yeganeh                                               

AL YEGANEH

 

  

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EXHIBIT “A”

 

All registered and unregistered trademarks and service marks of AY, YFI, and its related entities including by way of example and not limitation “The Soup Man” Soup Kitchen International.

 

 

 

 

 

 

5f10k2010ex4i_ironmining.htm

Exhibit 4.1

 

 

SENIOR CONVERTIBLE PROMISSORY NOTE

US$__________                                                                                                                                                                                               Dated as of December 20, 2010

For value received, Iron Mining Group, Inc., a Florida corporation (“Borrower”), hereby promises to pay to the order of _________________ (herein referred to as “Holder”), _____________________, or at such other place as the Holder may from time to time designate, the principal sum of ___________________ US Dollars and No Cents (US$_____________________) (the “Loan”), with interest thereon at the time and in the manner set forth herein.  Principal and interest are payable in lawful money of the United States.

1.           Principal and Interest.

1.1           The unpaid principal balance of this Convertible Promissory Note (the “Note”) shall bear interest at a rate equal to fifteen percent (15%) per annum, provided that if the unpaid principal balance of the Note is paid within 90 days of the date of the Note the interest rate shall be reduced to ten percent (10%) per annum.  In the event of prepayment, interest shall be paid for the full term at the applicable interest rate.

1.2           If full payment of the principal and interest is not made when due, the amount of the unpaid interest shall be added to the principal of the indebtedness evidenced by this Note and both the unpaid interest and the principal shall then bear interest at the rate of seventeen percent (17%) per annum until paid.

1.3           Interest shall be payable on the Maturity Date (as defined below).  Interest shall be computed on the basis of the actual number of days elapsed over a 360-day year.

1.4           If all or any portion of the principal balance or any of the accrued interest under this Note shall not be paid for any reason by the Maturity Date or on such earlier date that payment becomes due by reason of acceleration pursuant to Section 10, then all accrued and unpaid interest at such date shall be added to and become part of the unpaid principal balance at the Maturity Date or the date of acceleration, whichever is earlier.

1.5           The foregoing notwithstanding, in no event shall the amount paid or agreed to be paid to Holder for the use, forbearance or detention of money advanced hereunder exceed the highest lawful rate permissible under any law which a court of competent jurisdiction may deem applicable hereto.

2.           Term.  The entire principal balance of this Note, together with all accrued interest thereon, shall be due and payable on June 16, 2011, unless (a) accelerated as set forth in Section 10 or (b) the Agent, in its sole and absolute discretion, extends the due date on a month-to-month basis until the securities issuable upon conversion pursuant to Section 8.1 of the Loan Agreement have been subject to an effective registration statement under the Securities Act of 1933, as amended for a period of not less than six months (the “Maturity Date”).

3.           Loan Agreement.  This Note is governed by a Loan Agreement dated as of even date here­with between Borrower, the Lenders and the Agent (the “Loan Agreement”) and is one of a series of Notes issued pursuant thereto.

4.           Prepayment.  The Borrower may prepay the Note, in whole or in part, at the aforesaid rates at any time upon ten (10) business days prior written notice delivered to the Holder.

5.           Application of Payments.  All payments made hereunder shall be applied first to the reason­able expenses, if any, including reasonable attorney’s fees, of the Holder incurred in the collection of this Note following default, then to accrued interest, which shall be due and payable upon any prepayment, and then to principal.

6.           Conversion.  This Note is subject to, and entitled to the benefits of, a conversion privilege set forth in Section 8.1 of the Loan Agreement.  Nothing in this Note is intended to limit such conversion privilege and to the extent of any inconsistency between the terms of this Note and such conversion privilege, the terms of such conversion privilege shall govern.

  

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7.           Events of Default.  If any of the “Events of Default” as that term is defined in Section 9 of the Loan Agreement, shall occur and shall not be cured within the time limits set forth in said Section 9, then, the principal amount of this Note, together with all accrued and unpaid interest thereon and all other amounts payable under this Note may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Loan Agreement.

8.           Payment of Costs and Expenses.  The Borrower agrees to pay on demand all losses, costs and expenses including reasonable attorneys fees in connection with the enforcement of this Note, the Loan Agreement and any other instruments and documents delivered in connection herewith, including, without limitation, losses, costs and expenses sustained as a result of a default by the Borrower in the performance of its obligations contained in this Note or any other instrument or document delivered in con­nection herewith.

9.           Amendments; Waiver.  The terms of this Note are subject to amendment only in the manner provided in the Loan Agreement.

10.           Invalidity of any Provisions in Note.  If, for any reason, any of the terms or provisions (or any part of any provision) hereof are found to be invalid, illegal, unenforceable or contrary to any applicable law, such invalidity, illegality or unenforceability shall not affect any other provision (or any remaining part of any provision) of this Note, but this Note shall be construed as if such invalid, illegal or unenforceable provision (or any part thereof) had never been contained herein, and the Borrower hereby agrees that this Note shall still remain in full force and effect subject only to the exclusion of those terms or provisions (and only to the extent to which such terms or provisions) shall have been found invalid, illegal, unenforceable or contrary to any such applicable law.

11.           Presentment, Demand and Notice Waived.  The Borrower waives presentment for payment, demand and notice of demand, notice of non-payment, protest and notice of protest, notice of dis­honor and trial by jury in any litigation arising out of, relating to, or connected with this Note, the Loan Agreement or any instrument given as security hereof.

12.           Governing Law.  This Note shall be governed and construed in accordance with the laws of the State of New York (but not including the choice of law rules thereof).

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed by its officer there­unto duly authorized as of the date first above written.

IRON MINING GROUP, INC.

By: _________________________

 

 

 

 

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