Document:

Convertible Promissory Note

 Exhibit 10.2 
  
 CONVERTIBLE PROMISSORY NOTE 
  

THIS CONVERTIBLE PROMISSORY NOTE HAS NOT 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 AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER REASONABLY SATISFACTORY TO THE PARENT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO ACTION LETTER FROM
THE SECURITIES AND EXCHANGE COMMISSION. 
  
 Solidus Networks,
Inc. 
  

			
	 $2,500,000.00
	 	March 22, 2004
	 	 	Atlanta, GA

  
 Solidus Networks,
Inc., a Delaware corporation (the “Parent”), and Payment Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of the Parent (the “Merger Sub,” and together with the Parent referred to herein as
the “Borrowers”), jointly and severally, for value received, hereby promise to pay to InterCept, Inc., with an address at 3150 Holcomb Bridge Road, Suite 200, Norcross, GA 30071 (collectively with any successor or assignee, the
“Holder”), the principal amount of TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) together with interest on the unpaid principal balance outstanding from the date hereof at the simple interest rate of eight percent (8.0%)
per annum (the “Interest Rate”), from the date written above until paid. 
  
 All agreements made in this Promissory Note (this “Note”) are expressly limited so that in no event whatsoever, whether by reason of advancement of proceeds hereof, acceleration of maturity of the
unpaid balance hereof or otherwise, shall the interest paid or agreed to be paid to the Holder for the use of the money advanced or to be advanced hereunder exceed the maximum rate permitted by law (the “Maximum Rate”). If, for any
circumstances whatsoever, the fulfillment of any provision of this Note or any other agreement or instrument now or hereafter evidencing, securing or in any way relating to the debt evidenced hereby shall involve the payment of interest in excess of
the Maximum Rate, then, ipso facto, the obligation to pay interest hereunder shall be reduced to the Maximum Rate; and if for any circumstance whatsoever, the Holder shall ever receive interest, the amount of which would exceed the amount
collectible at the Maximum Rate, such amount as would be excessive interest shall be applied to the reduction of the principal balance remaining unpaid hereunder and not to the payment of interest. This provision shall control every other provision
in any and all other agreements and instruments existing or hereafter arising between the Borrowers and the Holder with respect to the debt evidenced hereby. 
  
 1. Payment. 
  
 (a) Subject to Section 5 hereof, unless earlier converted in accordance with Section 2 hereof, the principal amount of this Convertible Promissory Note
(this “Note”) shall be due and payable in full on March 22, 2005 (the “Maturity Date”). Time is of the essence of this Note. 

 (b) Interest on this Note shall accrue at the Interest Rate from the date hereof, and shall be payable in
arrears on the Maturity Date as provided above. 
  
 (c) The
Borrowers may, at their option, prepay principal and accrued interest on this Note, in whole or in part, without payment of any premium or penalty, by giving written notice thereof to the Holder at least fifteen (15) days prior to the date selected
for prepayment; provided, however, that the Borrowers’ election to prepay the Note in whole or in part shall not affect Holder’s rights set forth in Section 2 of this Note. 
  
 (d) Payment of principal on this Note shall be made by wire transfer to the Holder according to written instructions
provided by the Holder, provided that if the Holder fails to provide such instructions at least three business days before such payment is due, then payment may be made by certified check delivered to the Holder on or before the date due by a method
permitted in this Note. 
  
 (e) The obligations to make the
payments provided for in this Note are absolute and unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment or adjustment whatsoever. Each Borrower hereby expressly waives demand and presentment for payment,
notice of non-payment, notice of dishonor, protest, notice of protest and diligence in taking any action to collect any amount called for hereunder, and shall be directly and primarily liable for the payment of all sums owing and to be owing hereon,
regardless of and without any notice, diligence, act or omission with respect to the collection of any amount called for hereunder. 
  
 2. Conversion. 
  
 The Holder may, at its option, convert this Note, in whole or in part, into a number of shares of the Parent’s Series B Preferred Stock (the
“Series B Stock”) equal to: (a) the principal amount of this Note converted, divided by (b) $0.60 (the “Conversion Price”), on the same terms and conditions as those given to existing holders of Series B Stock,
including without limitation that the Series B Stock would become Registrable Securities pursuant to (and as such term is defined in) the Parent’s Investor Rights Agreement (the “Investor Rights Agreement”) dated November 14,
2003, as it may be amended from time to time; provided that Holder agrees in writing to be bound by the Investor Rights Agreement. 
  
 3. Covenants. The Borrowers hereby covenant and agree with the Holder that, so long as any amount remains unpaid on this Note, the Borrowers shall
deliver to the Holder: 
  
 (i) promptly after either Borrower
shall obtain actual knowledge of such, written notice of all legal or arbitral proceedings, and of all proceedings by or before any governmental or regulatory authority or agency, and each material development in respect of such legal or other
proceedings, materially affecting either Borrower; 
  

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 (ii) promptly after either Borrower shall obtain actual knowledge of the occurrence of any Event of
Default (as hereinafter defined) or any event which with notice or lapse of time or both would become an Event of Default (an Event of Default or such other event being a “Default”), a notice specifying that such notice is a
“Notice of Default” and describing such Default in reasonable detail, and, in such Notice of Default or as soon thereafter as practicable, a description of the action the Borrowers have taken or propose to take with respect thereto;

  
 (iii) Within 75 days after the end of the Parent’s
fiscal year, an audited consolidated balance sheet of the Parent as of the end of such fiscal year, and audited consolidated statements of income and cash flows of the Parent for such year, prepared in accordance with generally accepted accounting
principles; 
  
 (iv) Within 45 days after the end of the
Parent’s first, second and third quarterly accounting periods in each fiscal year of the Parent, an unaudited consolidated balance sheet of the Parent as of the end of such quarterly period, and unaudited consolidated statements of income and
cash flows of the Parent for such quarterly period, subject to changes resulting from normal year-end audit adjustments, all in reasonable detail, except that such financial statements need not contain the notes required by generally accepted
accounting principles; and 
  
 (v) so that the Holder may make an
investment decision regarding whether to convert its Note into securities, all materials relating to the business, finances and operations of the Parent as reasonably requested by the Holder from time to time, along with the reasonable opportunity
to ask questions of the officers, directors, and other representatives of the Parent. 
  
 4. Events of Default. 
  
 The occurrence of any of the following events shall constitute an event of default (an “Event of Default”): 
  
 (a) A default in the performance, or a breach, of any covenant or agreement of the Borrowers with respect to any other indebtedness between either or both
Borrowers and the Holder. 
  
 (b) A default in the performance, or
a breach, of any covenant or agreement of the Borrowers in this Note and continuance of such default or breach for a period of five (5) days after written notice from the Holder of such default or breach; provided that notwithstanding anything in
this Note to the contrary, there shall be no notice or cure period required for any default of the Borrower with respect to payments required pursuant to Section 1 of this Note. 
  
 (c) A default or event of default that remains uncured following any applicable cure period shall have occurred with respect
to any indebtedness for borrowed money of either Borrower in the amount of $250,000 or more and such indebtedness shall have been accelerated by its holder. 
  

 3 

 (d) Any representation, warranty, or certification made by the Borrowers in or pursuant to this Note
shall prove to have been false or misleading as of the date made in any material respect. 
  
 (e) The entry of a decree or order by a court having jurisdiction adjudging either Borrower a bankrupt or insolvent, or approving a petition seeking reorganization, arrangement, adjustment or composition of or in
respect of such Borrower, under federal bankruptcy law, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, and the continuance of any such decree or order unstayed and in effect for
a period of 30 days; or the commencement by either Borrower of a voluntary case under federal bankruptcy law, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency, or other similar law, or the consent by
either Borrower to the institution of bankruptcy or insolvency proceedings against it, or the filing by either Borrower of a petition or answer or consent seeking reorganization or relief under federal bankruptcy law or any other applicable federal
or state law, or the consent by either Borrower to the filing of such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or similar official of such Borrower or of any substantial part of the property of such
Borrower, or the making by either Borrower of an assignment for the benefit of creditors, or the admission by either Borrower in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by such
Borrower in furtherance of any such action. 
  
 5. Remedies
Upon Default. 
  
 (a) Upon the occurrence of an Event of
Default referred to in Section 4(e), the principal amount then outstanding of this Note, and the accrued interest thereon, shall become immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which
are hereby expressly waived by the Borrowers. Upon the occurrence of an Event of Default other than one referred to in Section 4(e), the Holder may declare the principal amount then outstanding of, and the accrued interest thereon, this Note to be
due and payable immediately, and upon such declaration the same shall become due and payable immediately, without presentation, demand, protest or other formalities of any kind, all of which are expressly waived by the Borrowers. If the maturity
date of this Note is accelerated as provided in this Section 5(a), this Note shall bear interest at the simple interest rate of twelve (12%) per annum (the “Default Rate”), commencing on the date of such acceleration without further
notice. 
  
 (b) Upon the occurrence and during the continuance of
an Event of Default, the Holder may institute such actions or proceedings in law or equity as it shall deem expedient for the protection of its rights and may prosecute and enforce its claims against all assets of the Borrowers, and in connection
with any such action or proceeding shall be entitled to receive from the Borrowers payment of the principal amount of this Note plus accrued interest to the date of payment plus reasonable expenses of collection, including, without limitation,
reasonable attorneys’ fees and expenses actually incurred. 
  

 4 

 6. Adjustment of Conversion Price, Number of Shares and Class of Shares. 
  
 The number of shares into which this Note is convertible and the Conversion
Price are subject to adjustment from time to time upon the occurrence of certain events, as follows 
  
 (a) In case of any reclassification of the Series B Stock (other than a change in par value, or as a result of a subdivision or combination), or in case
of any consolidation or merger of the Parent with or into another corporation (other than a consolidation or merger with another corporation in which the Parent is a continuing corporation and in which the Parent’s shareholders immediately
preceding such consolidation or merger own at least 50% of the voting securities of the Parent following such consolidation or merger and that does not result in any reclassification of the shares issuable upon conversion of this Note), or in the
case of any sale of all or substantially all of the assets of the Parent, the Parent, or such successor or purchasing corporation as the case may be, shall execute a new Note, providing that the Holder shall have the right to convert such new Note,
and procure upon such conversion, in lieu of the Series B Stock theretofore issuable upon conversion of this Note, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change,
consolidation, merger or sale of all or substantially all of the Parent’s assets by a holder of an equivalent number of shares of Series B Stock. Such new Note shall provide for adjustments that shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Section 6. The provisions of this subsection (a) shall similarly apply to successive reclassifications, consolidations, mergers, and the sale of all or substantially all of the Parent’s
assets. 
  
 (b) Subdivision or Combination of Shares. If
the Parent at any time while any amounts remain outstanding under this Note shall subdivide or combine the Series B Stock, the Conversion Price shall be proportionately decreased in the case of a subdivision or increased in the case of a
combination. 
  
 (c) Share Dividends. If the Parent at any
time while any amounts remain outstanding under this Note shall pay a dividend with respect to the shares of Series B Stock payable in, or make any other distribution with respect to, the Series B Stock (except any distribution specifically provided
for in the foregoing subsections 6(a) or 6(b)), then the Conversion Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the
Conversion Price in effect immediately prior to such date of determination by a fraction (1) the numerator of which shall be the total number of shares of Series B Stock outstanding immediately prior to such dividend or distribution, and (2) the
denominator of which shall be the total number of shares of Series B Stock outstanding immediately after such dividend or distribution. 
  
 (d) Adjustment Upon Automatic Conversion of Series B Stock. In the event the outstanding shares of Series B Stock are automatically converted into
Common Stock of the Parent (“Common Stock”) in accordance with the provisions of the Parent’s Amended and Restated Certificate of Incorporation (as may be amended from time to time) (the “Certificate”) (such
event, the “Automatic Conversion”), this Note shall no longer be convertible into shares of Series B Stock, but shall instead be convertible into for the number of shares of Common 
  

 5 

 Stock, rounded to the nearest whole share, equal to the product obtained by multiplying the number of shares of Series B
Stock that would be obtained upon conversion hereof immediately prior to the Automatic Conversion by the number of shares of Common Stock into which each share of Series B Stock was convertible upon the Automatic Conversion (the “Substituted
Shares”). 
  
 (e) No Duplication of Adjustments.
Notwithstanding anything to the contrary in this Note, under no circumstances shall the Parent be required to make any adjustment to the Conversion Price or the number of equity securities issuable upon conversion of this Note that would duplicate
an adjustment that is afforded to the Series B Stock generally pursuant to the Certificate. 
  
 7. Miscellaneous. 
  
 (a)
Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by certified mail, return receipt requested, or by Federal Express, Express Mail or similar overnight delivery or courier service
or delivered (in person or by telecopy, telex or similar telecommunications equipment) against receipt to the party to whom it is to be given, (i) if to the Borrowers, at their respective addresses as set forth below their signatures, Attention:
President, (ii) if to the Holder, at its address set forth on the first page hereof, or (iii) in either case, to such other address as the party shall have furnished in writing in accordance with the provisions of this Section 7(a). Any notice or
other communication given by certified mail shall be deemed given at the time of certification thereof, except for a notice changing a party’s address, which shall be deemed given at the time of receipt thereof. Any notice given by other means
permitted by this Section 7(a) shall be deemed given at the time of receipt thereof. 
  
 (b) Upon receipt of evidence satisfactory to the Borrowers, of the loss, theft, destruction or mutilation of this Note (and upon surrender of this Note if mutilated), including an affidavit of the Holder thereof that
this Note has been lost, stolen, destroyed or mutilated together with an indemnity against any claim that may be made against the Borrowers on account of such lost, stolen, destroyed or mutilated Note, and upon reimbursement of the Borrowers’
reasonable incidental expenses, the Borrowers shall execute and deliver to the Holder a new Note of like date, tenor and denomination. 
  
 (c) No failure to accelerate the indebtedness evidenced hereby by reason of an Event of Default hereunder, or other indulgences granted from time to time
or course of dealing hereunder, shall be construed as a novation of this Note or as a waiver of such right of acceleration or of the right of Holder thereafter to insist upon strict compliance with the terms of this Note or to prevent the exercise
of such right of acceleration or any other right granted hereunder or by applicable law. No extension of the time for payment of the indebtedness evidenced hereby, made by agreement with any person now or hereafter liable for payment of the
indebtedness evidenced hereby, shall operate to release, discharge, modify, change, or affect the original liability of the Borrowers hereunder or that of any other person now or hereafter liable for payment of the indebtedness evidenced hereby,
either in whole or in part, unless the Holder agrees otherwise in writing. No right, power or remedy conferred by this Note upon the Holder shall be exclusive of any other right, power or remedy referred to herein or now or hereafter available at
law, in equity, by statute or otherwise, and all such remedies may be exercised singly or concurrently. 
  

 6 

 (d) This Note may be amended only by a written instrument executed by the Borrowers and the Holder.

  
 (e) THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE UNITED STATES OF AMERICA AND THE STATE OF GEORGIA, EXCLUDING CHOICE OF LAW PRINCIPLES.  
  
 (f) Any dispute, controversy or claim arising out of or relating to this Note shall be settled by binding arbitration in accordance with the commercial
arbitration rules of the American Arbitration Association in force at the time and place and in the manner described in Section 10.6 of that certain Agreement and Plan of Merger, dated as of the date hereof by and among the Parent, the Merger Sub,
InterCept Payment Solutions, LLC, and InterCept, Inc. 
  
 (g) Each
Borrower irrevocably consents to the exclusive jurisdiction of the courts of the State of Georgia and of any federal court located in such State in connection with any action or proceeding arising out of or relating to this Note, any document or
instrument delivered pursuant to, in connection with or simultaneously with this Note, or a breach of this Note or any such document or instrument. 
  
 [The remainder of this page is intentionally left blank, and signatures are on the following page.] 
  

 7 

 IN WITNESS WHEREOF, each Borrower has caused this Note to be executed and dated the day and year first
above written. 
  

			
	Solidus Networks, Inc.
		
	 By:
	 	 /s/ John Rogers

	 Name:
	 	 John Rogers

	 Title:
	 	 President

  

			
	 Address:
	 	 One Market Street

	 	 	 Spear Street Tower

	 	 	 Suite 700

	 	 	 San Francisco, CA 94105

  

			
	Payment Acquisition Corp.
		
	 By:
	 	 /s/ John Rogers

	 Name:
	 	 John Rogers

	 Title:
	 	 President

  

			
	 Address:
	 	 One Market Street

	 	 	 Spear Street Tower

	 	 	 Suite 700

	 	 	 San Francisco, CA 94105

  

 8Equipment Lease Agreement

 Exhibit 10.56 
  

			
	LESSOR	  	 MASTER EQUIPMENT
 LEASE AGREEMENT

  

			
	[GRAPHIC]	 	MASTER LEASE AGREEMENT NO. __________

  
 Lease Agreement made
this                      day of
                    ,
                     between COLONIAL PACIFIC LEASING CORPORATION, dba. GE CAPITAL COLONIAL PACIFIC LEASING (“Lessor”) with a place
of business located at 13010 SW 68th Parkway, Portland, Oregon 97223 and Shells Seafood Restaurants, Inc.
(“Lessee”) having its principal place of business located at 16313 North Dale Mabry, Suite 100, Tampa, FL 33618. 
  
 1. LEASE AGREEMENT. Lessor hereby leases to Lessee and Lessee hereby leases from Lessor all of the personal property (“Equipment”)
described in Equipment Lease Schedule(s), which are or may from time to time be executed by Lessor and Lessee and attached hereto or incorporated herein by reference (“Schedules”), upon the terms and conditions set forth in this Lease, as
supplemented by the terms and conditions set forth in the appropriate Schedule(s) identifying such items of Equipment. All terms and conditions of this Lease shall govern the rights and obligations of Lessor and Lessee except as specifically
modified in writing, Whenever reference is made herein to the “Lease”, it shall be deemed to include each of the various Schedules identifying all items of Equipment all of which constitute one undivided Lease of the Equipment and the
terms and conditions of which arc incorporated herein by reference. 
  
 2. SELECTION OF EQUIPMENT; ACCEPTANCE. Lessee will select the type, quantity and supplier of each item of Equipment designated in the appropriate Schedule, and in reliance thereon such Equipment will then be ordered by Lessor from
such supplier or Lessor will accept an assignment of any existing purchase order therefore. Lessor will have no liability for any delivery or failure by the supplier to fill the purchase order or to meet the conditions thereof. Lessee acknowledges
that Lessor has not participated and will not participate in any way in Lessee’s selection of the Equipment or of the supplier, Lessee agrees to inspect the Equipment and to execute an Acknowledgment and Acceptance of Equipment by Lessee
notice, as provided by Lessor, after the Equipment has been delivered and after Lessee is satisfied that the Equipment is satisfactory in every respect. Lessee hereby authorizes Lessor to insert in this Lease serial numbers or other identifying data
with respect to the Equipment. 
  
 3. DISCLAIMER OF WARRANTIES
AND CLAIMS; LIMITATION OF REMEDIES. LESSOR, NOT BEING THE MANUFACTURER OF THE EQUIPMENT NOR THE MANUFACTURER’S AGENT, MAKES NO EXPRESS OR IMPLIED WARRANTY OF ANY KIND WHATSOEVER WITH RESPECT TO THE EQUIPMENT, INCLUDING, BUT NOT LIMITED TO, THE
MERCHANTABILITY OF THE EQUIPMENT OR ITS FITNESS FOR ANY PARTICULAR PURPOSE; THE DESIGN OR CONDITION OF THE EQUIPMENT; THE QUALITY Y2K COMPLIANCE OR CAPACITY OF THE EQUIPMENT; THE WORKMANSHIP IN THE EQUIPMENT; COMPLIANCE OF THE EQUIPMENT WITH THE
REQUIREMENT OF ANY LAW, RULE, SPECIFICATION OR CONTRACT PERTAINING THERETO: PATENT INFRINGEMENT; OR LATENT DEFECTS. LESSEE LEASES THE EQUIPMENT “AS IS” AND WITH ALL FAULTS. Lessee accordingly agrees not to assert any claim whatsoever
against Lessor for loss of anticipatory profits or consequential damages. Lessor shall have no obligation to install, erect, test, service, or maintain the Equipment. Lessee shall look to the manufacturer and/or seller for any claims related to the
Equipment. 
  
 If the Equipment is not properly installed,
does not operate as represented or warranted by the supplier or manufacturer, or is unsatisfactory for any reason, regardless of cause or consequence, Lessee’s only remedy, if any, shall be against the supplier or manufacturer of the Equipment
and not against Lessor. 
  
 Lessor hereby acknowledges that
any manufacturer’s and/or seller’s warranties are for the benefit of both Lessor and Lessee. NOTWITHSTANDING THE FOREGOING, LESSEE’S OBLIGATIONS TO PAY THE RENTALS OR OTHERWISE UNDER THIS LEASE SHALL BE AND ARE ABSOLUTE AND
UNCONDITIONAL. To the extent permitted by the manufacturer or seller, and provided Lessee is not in default under this Lease, Lessor shall make available to Lessee all manufacturer and/or seller warranties with respect to Equipment. 

 
 Lessee specifically acknowledges that the Equipment is leased to Lessee
solely for commercial or business purposes and not for personal, family, or household purposes. 
  

					
	The parties have specifically negotiated and agreed to the foregoing section 3:	  	Lessee Initials:	  	/s/Warren R. Nelson
	 	 	 	 	

  
 4. STATUTORY
FINANCE LEASE. Lessee agrees and acknowledges that it is the intent of both parties to this Lease that it qualify as a statutory finance lease under Article 2A of the Uniform Commercial Code as adopted in Oregon. Lessee acknowledges and agrees
that Lessee has selected both (1) the Equipment; and (2) the supplier from whom Lessor is to purchase the Equipment. Lessee acknowledges that Lessor has not participated in any way in Lessee’s selection of the Equipment or of the supplier, and
Lessor has not selected, manufactured, or supplied the Equipment. 
  
 LESSEE IS ADVISED THAT IT MAY HAVE RIGHTS UNDER THE CONTRACT EVIDENCING THE LESSOR’S PURCHASE OF THE EQUIPMENT FROM THE SUPPLIER CHOSEN BY LESSEE AND THAT LESSEE SHOULD CONTACT THE SUPPLIER OF THE EQUIPMENT FOR A DESCRIPTION OF ANY
SUCH RIGHTS. 
  
 5. ASSIGNMENT BY LESSEE PROHIBITED.
WITHOUT LESSOR’S PRIOR WRITTEN CONSENT, LESSEE SHALL NOT ASSIGN THIS LEASE OR SUBLEASE THE EQUIPMENT OR ANY INTEREST THEREIN, OR PLEDGE OR TRANSFER THIS LEASE, OR OTHERWISE DISPOSE OF THE EQUIPMENT COVERED HEREBY. 
  

 6. COMMENCEMENT; RENTAL PAYMENTS; INTERIM RENTALS. This Lease shall commence upon the written
acceptance hereof by Lessor and shall end upon full performance and observance by Lessee of each and every term, condition and covenant set forth in this Lease, any Schedules hereto and any extensions hereof. Rental payments shall be in the amounts
and frequency as set forth on the face of this Lease or any Schedules hereto. In addition to regular rentals, Leasee shall pay to Lessor interim rent for the use of the Equipment prior to the due date of the first payment. Interim rent shall be in
an amount equal to 1/30th of the monthly rental, multiplied by the number of days elapsing between the date on which the
Equipment is accepted by Lessee and the commencement date of this Lease, together with the number of days elapsing between commencement of the Lease and the due date of the first payment. The payment of interim rent shall be due and payable upon
Lessee’s receipt of invoice from Lessor. The rental period under the Lease shall terminate following the last day of the term stated on the face hereof or in any Schedule hereto unless such Lease or Schedule has been extended or otherwise
modified. Lessor shall have no obligation to Lessee under this Lease if the Equipment, for whatever reason, is not delivered to Lessee within ninety (90) days after Lessee signs this Lease. Lessor shall have no obligation to Lessee under this Lease
if Lessee fails to execute and deliver to Lessor an Acknowledgement and Acceptance of Equipment by Lessee acknowledging its acceptance of the Equipment within thirty (30) days after it is delivered to Lessee, with respect to this Lease or any
Schedule hereto. 
  
 7. SECURITY DEPOSIT. As
security for the prompt and full payment of rent, and the faithful and timely performance of all provisions of this Lease, and any extensions or renewals thereof, Lessee shall pledge and deposit with Lessor the security amount set forth in the
section shown as “Security Deposit” on each respective Schedule. In the event any default shall be made in the performance of any of Lessee’s obligations under this Lease, Lessor shall have the right, but shall not be obligated, to
apply said security to the curing of such default. Within 15 days after Lessor mails notice to Lessee that Lessor has applied any portion of the Security Deposit to the curing of any default, Lessee shall restore said Security Deposit to the full
amount set forth in the Schedules. On the expiration or earlier termination of each Schedule to this Lease, or any extension or renewal thereof, provided Lessee has paid all of the rent herein called for and fully performed all other provisions of
this Lease with respect to such schedule, Lessor will return to Lessee any then remaining balance of the Security Deposit with respect to such Schedule, without interest. Said Security Deposit may be commingled with Lessor’s other funds.

  
 8. LIMITED PREARRANGED AMENDMENTS; AUTHORIZATION; SPECIFIC
POWER OF ATTORNEY. In the event it is necessary to amend the terms of this Lease or the terms of any Schedule to reflect a change in one or more of the following conditions: 
  

	 	(1)	Lessor’s actual cost of procuring the Equipment; or 

  

	 	(2)	Lessor’s actual cost of providing Equipment to Lessee; or 

  

	 	(3)	A change in the Lease payments as a result of (1) and/or (2) above; or 

  

	 	(4)	Description of the leased Equipment, 

  
 Lessee agrees that any such amendment shall be described in a letter from Lessor to Lessee, and unless within 15 days after the date of such letter Lessee objects thereto
in a writing delivered to Lessor, this Lease and any affected Schedules shall be deemed amended and such amendments shall be incorporated herein/therein as if originally set forth herein/therein. 
  
 Lessee authorizes Lessor or its designee to file a Uniform Commercial Code
financing statement without Lessee’s signature, in form and content and from time to time as Lessor deems proper, listing Lessee as Lessee or Debtor. Lessee further grants to Lessor a specific power of attorney for Lessor to sign, endorse or
negotiate for Lessor’s benefit any instrument representing proceeds from any policy of insurance covering the Equipment. 
  
 9. LESSEE’S REPRESENTATION. Lessee represents that its exact legal name, state of incorporation, location of its chief executive office and/or
its place of residence as applicable, have been correctly identified to Lessor. 
  
 10. USE; EQUIPMENT LOCATION. Lessee shall use the Equipment in a careful manner, shall make all necessary repairs at Lessee’s expense, and shall comply with all laws relating to its possession, use or
maintenance, and shall not make any alterations, additions or improvements to the Equipment without Lessor’s prior written consent. All additions, repairs or improvements made to the Equipment shall belong to Lessor. The Equipment shall be kept
at the location specified above, or, if none is specified, at Lessee’s address as set forth above and shall not be removed without Lessor’s prior written consent. 
  
 11. OWNERSHIP; PERSONALITY. The Equipment is, and shall remain, the property of Lessor, and Lessee shall have no
right, title or interest therein or thereto except as expressly set forth in this Lease. The Equipment shall remain personal property even though installed in or attached to real property. 
  
 12. SURRENDER. By this Lease, Lessee acquires no ownership rights in
the Equipment and has no option to purchase same. Upon the expiration or termination of any Schedule or this Lease, or in the event of a default pursuant to Paragraph 20 hereof, Lessee, at its expense, shall return the Equipment in good repair,
ordinary wear and tear resulting from proper use thereof alone excepted, by delivering it, packed and ready for shipment, to such place as Lessor may specify. 
  

13. RENEWAL. At the expiration of the term set forth in each Schedule, Lessee shall return the Equipment subject to said Schedule in accordance
with Paragraph 12 hereof. At Lessor’s option, this Lease, with respect to each Schedule, may be continued on a month-to-month basis until 30 days after Lessee returns the Equipment subject to the Schedule to Lessor. In the event that the Lease,
with respect to a Schedule, is so continued, Lessee shall pay to Lessor rentals in the same periodic amounts as indicated under “Rental” on the Schedule. 
  
 14. LOSS AND DAMAGE. Lessee shall bear the entire risk of loss, theft, damage or destruction of the Equipment from
any cause whatsoever, and no loss, theft, damage or destruction of the Equipment shall relieve Lessee of the obligation to pay rent or to comply with any other obligation under this Lease. 
  
 In the event of damage to any item of Equipment, Lessee shall immediately
place the same in good repair at Lessee’s expense. If Lessor determines that any item of Equipment is lost, stolen, destroyed or damaged beyond repair, Lessee shall at Lessee’s option do one of the following: 
  
 (a) Replace the same with like Equipment in good repair, acceptable to
Lessor, or 
  
 (b) Pay Lessor in cash the following: (i) all
amounts due by Lessee to Lessor with respect to all affected Schedules up to the date of the loss; (ii) the unpaid balance of the total rent for the remaining term of the affected Schedules attributable to said item, reduced to present value at a
discount rate of 6% as of the date of the loss; and (iii) the Lessor’s estimate as of the time this Lease was entered into of Lessor’s residual interest in the Equipment, discounted to present value at a discount rate of 9% as of the date
of the loss. Upon Lessor’s receipt of payment as set forth above, Lessee shall be entitled to the Equipment, without any warranties. If insurance proceeds are used to fully comply with this subparagraph, the balance of any such proceeds shall
go to Lessee to compensate for loss of use of the Equipment for the remaining term of the Lease. 
  

			
	LESSEE HAS READ AND AGREES TO ALL ITEMS ON THIS PAGE 2 OF 4	  	/s/    Warren R. Nelson        
	 	 	

	 	  	Initials

 15. INSURANCE; LIENS; TAXES. Lessee shall provide and maintain insurance against loss, theft,
damage or destruction of the Equipment in an amount not less than the full replacement value of the Equipment, with loss payable to Lessor Lessee shall also provide and maintain comprehensive general all-risk liability insurance, including but not
limited to product liability coverage, insuring Lessor and Lessee with a severability of interest endorsement or its equivalent, against any and all loss or liability for damages either to persons or property or otherwise, which might result from or
happen in connection with the condition, use or operation of the Equipment, with such limits and with an insurer as are satisfactory to Lessor. Each policy shall expressly provide that said insurance as to Lessor and its assigns shall not be
invalidated by any act, omission or neglect of Lessee and cannot be canceled without 30 days written notice to Lessor. As to each policy, Lessee shall furnish to Lessor a certificate of insurance from the insurer, which certificate shall evidence
the insurance coverage required by this Paragraph and shall designate Lessor as loss payee and/or additional insured. Lessor shall have no obligation to ascertain the existence or adequacy of insurance, or to provide any insurance coverage for the
Equipment or for Lessee’s benefit. 
  
 Lessee shall keep the
Equipment free and clear of all levies, liens, and encumbrances. Lessee shall be responsible for all taxes and fees (local, state and federal) which may now or hereafter be placed on the leasing, rental, sale, possession or use of the Equipment,
excluding however, all taxes on or measured by Lessor’s net income. With respect to personal property taxes, if the purchase option set forth herein is $1.00, or if lessee is required to purchase the Equipment at the conclusion of the rental
payments, Lessee shall file any required personal property tax returns and shall provide Lessor with proof of payment. If the purchase option is other than as described in the previous sentence. Lessor shall pay personal property tax and bill Lessee
for reimbursement. If Lessor is billed for such charges or taxes or if Lessee falls to pay such charges or taxes. Lessor shall make payment, shall notify Lessee of Such payment, and Lessee shall repay to Lessor the amount thereof with 15 days after
such notice is mailed to Lessee. 
  
 If Lessee fails to procure or
maintain said insurance or to pay said charges or taxes, Lessor shall have the right, but shall not be obligated, to effect such insurance, or pay such charges or taxes. In that event, Lessor shall notify Lessee of such payment and Lessee shall
repay to Lessor the cost thereof within 15 days after such notice is mailed to Lessee. 
  
 16. INDEMNITY. Lessee shall indemnify Lessor against any claims, actions, damages or liabilities, including all attorney fees, arising out of or connected with the Equipment, without limitation. Such
indemnification shall survive the expiration, cancellation or termination of this Lease. Lessee waives any immunity Lessee may have under any industrial insurance act with regard to indemnification of Lessor. 
  
 17. ASSIGNMENT BY LESSOR. Any assignee of Lessor shall have all of the
rights but none of the obligations or Lessor under this Lease. Lessee shall recognize and hereby consents to any assignment of this Lease by Lessor, and Lessee shall not assert against the assignee any defense, counterclaim or set-off that Lessee
may have against Lessor. Subject to the foregoing, this Lease insures to the benefit of and is binding upon the heirs, devisees, personal representatives, survivors, successors in interest and assigns of the parties hereto. 
  
 18. SERVICE CHARGES; INTEREST. If Lessor does not receive any payment
required by this Lease within three (3) days of the due date thereof, or such greater time period as required by applicable law, Lessee shall pay to Lessor, as a charge for servicing of a delinquent account and not as a penalty, a charge of ten
percent (10%) of the amount due or $22, whichever is greater, or such lesser amount equal to the maximum allowable under applicable law for such charges. No more than one such service charge shall be made on any delinquent payment regardless of the
length of the delinquency. In addition to the foregoing service charge. Lessee shall pay to Lessor a $100 default fee with respect to any payment which becomes thirty (30) days past due. In addition, Lessee shall pay to Lessor any actual additional
expenses incurred by Lessor in collection efforts, including but not limited to long-distance telephone charges and travel expenses. 
  
 Further, Lessee shall pay to Lessor interest on any delinquent payment or amount due under this Lease from the due date thereof until paid, at the lesser
of the maximum rate of interest allowed by law or 18% per annum. 
  
 19. TIME OF ESSENCE. Time is of the essence of this Lease, and this provision shall not be impliedly waived by the acceptance on occasion of late or defective performance. 
  
 20. DEFAULT. Lessee shall be in default of this Lease if: 
  
 (a) Lessee shall fail to make any payment due under the terms of this Lease
for a period of 10 days from the due date thereof; or 
  
 (b)
Lessee shall fail to observe, keep or perform any other provision of this Lease, and such failure shall continue for a period of 10 days; or 
  
 (c) Lessee has made any misleading or false statement, or representation in connection with application for or performance of this Lease; or 

 
 (d) The Equipment or any part thereof shall be subject to any lien, levy,
seizure, assignment, transfer, bulk transfer, encumbrance, application, attachment, execution, sublease, or sale without prior written consent of Lessor, or if Lessee shall abandon the Equipment or permit any other entity or person to use the
Equipment without the prior written consent of Lessor; or 
  
 (e)
Lessee dies or ceases to exist; or 
  
 (f) Lessee changes its
name, state of incorporation, chief executive office and/or place of residence without providing Lessor with 30 days written notice of such change; 
  
 (g) Lessee defaults on any other agreement it has with Lessor; or 
  

(h) Any guarantor of this Lease defaults on any obligation to Lessor, or any to the above-listed events of default occur with respect to any guarantor,
or any such guarantor files or has filed against it a petition under the bankruptcy laws. 
  
 21. REMEDIES. If Lessee is in default, Lessor, with or without notice to Lessee, shall have the right to exercise any one or more of the following remedies, concurrently or separately and without any election
of remedies being deemed to have been made; 
  
 (a) Lessor may
enter upon Lessee’s premises and without any court order or other process of law may repossess and remove the Equipment, or render the Equipment unusable without removal, either with or without notice to Lessee. Lessee hereby waives any
trespass or right of action for damages by reason of such entry, removal or disabling. Any such repossession shall not constitute a termination of this Lease; 
  

(b) Lessor may require Lessee, at its expense, to return the Equipment in good repair, ordinary wear and tear resulting from proper use thereof alone
excepted, by delivering it, packed and ready for shipment, to such place as Lessor may specify; 
  
 (c) Lessor may cancel or terminate this Lease and may retain any and all prior payments paid by Lessee; 
  
 (d) Lessor may declare all sums due and to become due under this Lease
immediately due and payable, including as to any or all items of Equipment, without notice or demand to Lessee; 
  
 (e) Lessor may re-lease the Equipment to any third party, without notice to Lessee, upon such terms and conditions as Lessor alone shall determine, or may
sell the Equipment without notice to Lessee, at private or public sale, at which sale Lessor may be the purchaser; 
  
 (f) Lessor may sue for and recover from Lessee the sum of all unpaid rents and other payments due under this Lease then accrued, plus all accelerated
future payments due under this Lease, reduced to their present value using a discount rate of 6% as of the date of default, plus Lessor’s estimate at the time this Lease was entered into of Lessor’s residual interest in the Equipment,
reduced to present value at a discount rate of 6%, as of the date of default, less the net proceeds of disposition, if any, of the Equipment; 
  
 (g) To pursue any other remedy available at law, by statute or equity. 
  
 No right or remedy conferred upon or reserved to Lessor is exclusive of any other right or remedy herein, or by law or by equity provided or
permitted, but each shall be cumulative of every other right or remedy given herein or now or hereafter existing by law or equity or by statute or otherwise, and may be enforced concurrently therewith or from time to time. No single or partial
exercise by Lessor of any right or remedy hereunder shall preclude any other or further exercise of any other right or remedy. 
  

			
	LESSEE HAS READ AND AGREES TO ALL ITEMS ON THIS PAGE 3 OF 4	  	/s/    Warren R. Nelson        
	 	 	

	 	  	Initials

 22. MULTIPLE LESSEES. Lessee and each of them are jointly and severally responsible and liable to
Lessor under this Lease, Lessor may, with the consent of any one of the Lessees hereunder, modify, extend or change any of the terms hereof without consent or knowledge of the others, without in any way releasing, waiving or impairing any right
granted to Lessor against the others. 
  
 23. EXPENSE OF
ENFORCEMENT. In the event of any legal action with respect to this Lease, the prevailing party in any such action shall be entitled to reasonable attorney fees, including attorney fees incurred at the trial level, including action in bankruptcy
court, on appeal or review, or incurred without action, suits or proceedings, together with all costs and expenses incurred in pursuit thereof. 
  
 24. MISCELLANEOUS. 
  
 (1) LESSEE HEREBY ACKNOWLEDGES THAT THIS LEASE IS NONCANCELABLE FOR THE ORIGINAL RENTAL TERM SET FORTH IN EACH SCHEDULE. 
  
 (2) LESSEE UNDERSTANDS AND ACKNOWLEDGES THAT NO BROKER OR SUPPLIER NOR ANY SALESMAN, BROKER
OR AGENT OF ANY BROKER OR SUPPLIER IS AN AGENT OF LESSOR. NO BROKER OR SUPPLIER, NOR ANY SALESMAN, BROKER OR AGENT OF ANY BROKER OR SUPPLIER IS AUTHORIZED TO WAIVE OR ALTER ANY TERM OR CONDITION OF THIS LEASE, AND NO REPRESENTATION AS TO THE
EQUIPMENT OR ANY OTHER MATTER BY A BROKER OR SUPPLIER OR ANY SALESMAN, BROKER OR AGENT OF ANY BROKER OR SUPPLIER SHALL IN ANY WAY AFFECT LESSEE’S DUTY TO PAY THE RENTALS AND TO PERFORM LESSEE’S OBLIGATIONS SET FORTH IN THIS LEASE.

  
 (3) Lessee authorizes Lessor, its successors, assigns and potential assigns,
to obtain a personal credit profile from a national credit bureau for purposes of update, renewal or extension of credit and for reviewing or collecting this Lease. 
  
 (4) Any notices required by this Lease or the UCC shall be deemed to be delivered when a record properly directed to the intended recipient
has been (a) deposited with US Postal Service, (b) transmitted by facsimile, (c) transmitted through the internet, or (d) has been personally delivered. 
  
 25. SEVERABILITY. This Lease is intended to constitute a valid and enforceable legal instrument. In the event any provision hereof is declared
invalid, such provision will be deemed severable from the remaining provisions of this Lease, all of which will remain in full force and effect. 
  
 26. ENTIRE AGREEMENT; WAIVER. This instrument and the Schedules executed by Lessor and Lessee constitute the entire agreement between Lessor and
Lessee with respect to the Equipment and the subject matter of this Lease. No provision of this Lease shall be modified unless in writing signed by an authorized representative of Lessor. Waiver by Lessor of any provision hereof in one instance
shall not constitute a waiver of any other instance. 
  
 Lessee
initials:         /s/    Warren R. Nelson         
  
 27. CHOICE OF LAW; JURISDICTION IN OREGON. This Lease shall not be effective until signed by Lessor at its office in Portland, Oregon. This Lease shall
be considered to have been made in the State of Oregon and shall be interpreted in accordance with the laws and regulations of the State of Oregon. 
  
 Lessor agrees to jurisdiction in the State of Oregon in any action, suit or proceeding arising out of this Lease, and concedes that it, and each of
them, transacted business in the State of Oregon by entering into this Lease. In the event of legal action to enforce this Lease, Lessee agrees that venue may be laid in Washington County, Oregon. 
  
 Lessee initials:
        /s/    Warren R. Nelson         
  

											
	 LESSEE: Shells Seafood Restaurants, Inc.
	  	 LESSOR: COLONIAL PACIFIC LEASING CORPORATION

						
	 /s/Warren R. Nelson
	  	Date	  	11-8-02	  	 	  	Date	  	 
	
	 	 	 	 	 	
	 	 	 	

	Warren R. Nelson            C.F.O	  	 	  	 	  	 	  	 	  	 
						
	 	  	Date	  	 	  	 	  	 	  	 
	
	 	 	 	
	 	 	 	 	 	 
						
	 	  	Date	  	 	  	 	  	 	  	 
	
	 	 	 	
	 	 	 	 	 	 
						
	 	  	Date	  	 	  	 	  	 	  	 
	
	 	 	 	
	 	 	 	 	 	 
						
	 	  	Date	  	 	  	 	  	 	  	 
	
	 	 	 	
	 	 	 	 	 	 

  

 EXHIBIT “A” 
  
 The following Exhibit “A” is attached to and made a part of 
  
 GE Capital Colonial Pacific Leasing Lease
#                    . 
  

			
	 SUPPLIER OF EQUIPMENT:
	  	 PINNACLE HOSPITALITY SYSTEMS
 2001 W. CYPRESS CREEK
ROAD
 FT. LAUDERDALE, FL 33309
 (800)
771-7100

  
 EQUIPMENT LOCATION: Shells Store #14,
221, S. Semoran Blvd., Winter Park, FL 32792 (407)865-6667 
  
 STORE #14 EQUIPMENT
DESCRIPTION: 
  

					
	 5
	  	-	  	Book Size PC Work Station 1Ghz celeron, 128MB, 20GB H/D, No O/S
			
	 5
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	5 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC B Port 10/100 Switch with Uplink, (13) 10 Base T Patch cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  
 EQUIPMENT LOCATION: Shells Store #47, 11825 Pines Blvd., Pembroke Pines, FL 33026
(954)436-4667 
  
 STORE #47 EQUIPMENT DESCRIPTION: 
  

					
	 5
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 5
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	5 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC B Port 10/100 Switch with Uplink, (13) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  
 EQUIPMENT LOCATION: Shells Store #37, 4606 S. Cleveland Ave. Ft. Myers, FL33907 (941)278-9011

  
 STORE #37 EQUIPMENT DESCRIPTION: 
  

					
	 5
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 5
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	5 Terminal RDC 16Bit to 32Bit Relicense, Full Version, Upgrade, Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC B Port 10/100 Switch with Uplink, (11) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  

									
	 LESSOR: GE Capital Colonial Pacific Leasing
	 	 	 	 
					
	BY:	 	 	 	 	 	DATE:	 	 
	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 

  

									
	 LESSEE: Shells Seafood Restaurants, Inc.
	 	 	 	 
					
	BY:	 	 /s/ Warren R. Nelson
	 	 	 	DATE:	 	 11 - 8 - 02

	 	 	
	 	 	 	 	 	 
	 	 	 Warren R. Nelson, C.F.O.
	 	 	 	 	 	 
					
	BY:	 	 	 	 	 	DATE:	 	 
	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 

  

 Page 1 of 3 pages. 

 EXHIBIT “A” 
  
 The following Exhibit “A” is attached to and made a part of 
  
 GE Capital Colonial Pacific Leasing Lease
#                    . 
  

 EQUIPMENT LOCATION: Shells Store #48, 2015 Okeechobee Blvd., West Palm Beach, FL 33409 (561)616-0667 
  
 STORE #48 EQUIPMENT DESCRIPTION: 
  

					
	 6
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 6
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	6 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, (2) Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC 8 Port 10/100 Switch with Uplink, (13) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  
 EQUIPMENT LOCATION: Shells Store #5, 852 Lee Road, Orlando, FL 32810 (407)628-3968

  
 STORE #5 EQUIPMENT DESCRIPTION: 
  

					
	 4
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 4
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	6 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, (2) Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC 8 Port 10/100 Switch with Uplink, (13) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  
 EQUIPMENT LOCATION: Shells Store #44, 2000 S. University Dr., Davie, FL 33324 (954)473-2044

  
 STORE #44 EQUIPMENT DESCRIPTION: 
  

					
	 4
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 4
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	5 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, (2) Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC 8 Port 10/100 Switch with Uplink, (11) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  
 EQUIPMENT LOCATION: Shells Store #20, 200 S. Atlantic, Daytona Beach, FL 32118 (954)473-2044

  
 STORE #20 EQUIPMENT DESCRIPTION: 
  

					
	 6
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 6
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	6 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, (2) Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC 8 Port 10/100 Switch with Uplink, (13) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer

  
 Including Installation 
  

									
	 LESSOR: GE Capital Colonial Pacific Leasing
	 	 	 	 
					
	BY:	 	 	 	 	 	DATE:	 	 
	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 

  

									
	 LESSEE: Shells Seafood Restaurants, Inc.
	 	 	 	 
					
	BY:	 	 /s/ Warren R. Nelson
	 	 	 	DATE:	 	 11-8-02

	 	 	
	 	 	 	 	 	 
	 	 	 Warren R. Nelson, C.F.O.
	 	 	 	 	 	 
					
	BY:	 	 	 	 	 	DATE:	 	 
	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 

  

 Page 2 of 3 pages. 

 EXHIBIT “A” 
  
 The following Exhibit “A” is attached to and made a part of 
  
 GE Capital Colonial Pacific Leasing Lease #
                     
  

 EQUIPMENT LOCATION: Shells Store #28, 7390 SW 117th Ave., Miami, FL 33183 (305)274-5552 
  
 STORE #28 EQUIPMENT DESCRIPTION: 
  

					
	 5
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S
			
	 5
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	5 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC 8 Port 10/100 Switch with Uplink, (11) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer Including Installation

  
 EQUIPMENT LOCATION: Shells Store #17,
3200 East Bay Dr. Holmes Beach, FL 34217 (941)778-5597 
  
 STORE #17 EQUIPMENT
DESCRIPTION: 
  

					
	 7
	  	-	  	Book Size PC Work Station lGhz Celeron, 128MB, 20GB H/D, No O/S
			
	 1
	  	-	  	Book Size PC Work Station 1Ghz Celeron, 128MB, 20GB H/D, No O/S w/Multi media kit
			
	 7
	  	-	  	Mini Mag 1 & 2 Track PS/2 Cardreader, Ivory
			
	 1
	  	-	  	6 Terminal RDC 16Bit to 32Bit Relicense, Full Version Upgrade, (2) Microsoft Windows 2000 Professional Client License, 5 Pak
			
	 1
	  	-	  	SMC 16 Port 10/100 Switch with Uplink, (13) 10 Base T Patch Cable 6Ft W/Ends
			
	 1
	  	-	  	4 Port RCS Remote Printer Including Installation

  

									
	 LESSOR: GE Capital Colonial Pacific Leasing
	 	 	 	 
				
	BY:	 	 	 	 	 	DATE: __________
	 	 	
	 	 	 	 	 

  

									
	 LESSEE: Shells Seafood Restaurants, Inc.
	 	 	 	 
				
	BY:	 	 /s/ Warren R. Nelson
	 	 	 	DATE: 11-8-02
	 	 	
	 	 	 	 	 
	 	 	 Warren R. Nelson, C.F.O.
	 	 	 	 	 	 
				
	 BY:
	 	 	 	 	 	 DATE: __________

	 	 	
	 	 	 	 	 

  

 Page 3 of 3 pages. 

					
	[GRAPHIC]	  	 	  	LEASE SCHEDULE
			
	 	  	 MASTER EQUIPMENT
 LEASE AGREEMENT NO.
	  	 
	 	 	 	 	

	 	  	LEASE SCHEDULE NO.	  	 
	 	 	 	 	

  
 BETWEEN Colonial Pacific Leasing
Corporation, dba GE Capital Colonial Pacific Leasing (LESSOR) and Shells Seafood Restaurants, Inc. (LESSEE). 
  

	1.	DESCRIPTION OF EQUIPMENT 

  

					
	Quantity

	  	 Item

	  	Model/Serial No.

	 	  	 SEE ATTACHED EXHIBIT “A”
	  	 

  

	2.	EQUIPMENT LOCATION: The above Equipment is to be located and delivered to Lessee’s premises at SEE ATTACHED EXHIBIT “A” . 

  

	3.	RENTAL TERM: 36 months. 

  

	4.	RENTAL; The first payment in the amount of $1,992.49 (plus applicable tax) is due ___, ___. Subsequent rental payments will be in the same amount and due on the same day
monthly (monthly, quarterly, etc.) thereafter. 

  

	5.	NUMBER AND AMOUNT OF ADVANCE RENTAL PAYMENTS: NUMBER: 1@ $1,992.49. 

  

	6	SECURITY DEPOSIT: $1,992.49. 

  

	7.	EQUIPMENT COST: $59,931.85. 

  

	8.	THIS SCHEDULE AND ITS TERMS AND CONDITIONS ARE HEREBY INCORPORATED BY REFERENCE IN THE ABOVE MASTER EQUIPMENT LEASE AGREEMENT. LESSEE PERMITS LESSOR TO INSERT MODEL AND SERIAL
NUMBERS OF EQUIPMENT WHEN DETERMINED BY LESSOR. 

  
 LEASE CHARGE
RATE. Lessee is aware that the Equipment may be purchased from Lessor for cash (“Equipment Cost”) or it may be leased from Lessor. By signing this Lease, Lessee acknowledges that it has chosen to lease the Equipment from Lessor for the
Lease Term and it, agrees to pay rent to the Lessor, If this Lease provides for any payment option other than a Fair Market Value payment option, each rental payment includes a principal amount based on the Equipment Cost and the lease charge rate.
The lease charge rate can be determined by applying to the Equipment Cost the rate which will amortize the Equipment Cost to the Purchase Option Amount, by payment of the rental payments and any interim rent over the Lease Term. Lessee and Lessor
intend to comply with all applicable laws. If it is determined that rental payments under this Lease result in an interest payment higher than that allowed by applicable law, then any excess interest collected will be applied to the repayment of
principal and interest will be charged at the rate allowed by law. 
  

									
	 LESSEE:
 Shells Seafood Restaurants, Inc.
	  	 	  	 	  	 LESSOR:
 Colonial Pacific Leasing Corporation, dba GE Capital
 Colonial Pacific Leasing

	
	 	 	 	 	 
	 (Must be signed by Authorized Corporate
 Officer, Partner, or Proprietor)
	  	 	  	 	  	 	  	 
					
	 /s/ Warren R. Nelson
	  	 CFO
	  	 	  	 	  	 
	
	 	 	 	

	 Warren R. Nelson
	  	 (Title) C.F.O.
	  	 	  	 	  	 (Title)

					
	 	  	 	  	 	  	 	  	 
	
	 	 	 	 	 	 
	 	  	 (Title)
	  	 	  	 	  	 
					
	 	  	 	  	 	  	Accepted this                      day of
                    ,              at Portland, OR	  	 
	
	 	 	 	 	 	 
	 	  	 (Title)
	  	 	  	 	  	 
					
	 	  	 	  	 	  	 	  	 
	
	 	 	 	 	 	 
	 	  	 (Title)
	  	 	  	 	  	 

  

	Lessee:	Shells Seafood Restaurants, Inc. 

	  	16313 North Dale Mabry, Suite 100 

	  	Tampa, FL 33618 

  

	RE:	Addendum to Lease Agreement No. ______________________. 

  
 It is hereby agreed that the Lease Agreement entered into by and between GE Capital Colonial Pacific Leasing, as Lessor, and the below referenced Lessee is hereby amended
to include the following: 
  
 Lessee shall have the option to
purchase all of the equipment described in said Lease Agreement upon the expiration of the initial lease term. The equipment may be purchased for a price that shall be $150.00, plus applicable sales tax and any other tax applicable to such sale,
provided that Lessee has performed all terms and conditions of said Lease. The parties hereto have agreed that the above-referenced option to purchase represents an option to purchase at a price which the Lessee and Lessor believe represents an
estimate of the fair market value which the equipment will have at the end of the lease. 
  

									
	 LESSOR: GE Capital Colonial Pacific Leasing
	 	 	 	 LESSEE: Shells Seafood Restaurants, Inc.

					
	BY:	 	 	 	 	 	BY:	 	 /s/ Warren R. Nelson

	 	 	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Warren R. Nelson. C.F.O.

									
					
	 DATE:
	 	 	 	 	 	 BY:
	 	 
	 	 	
	 	 	 	 	 	

				
	 	 	 	 	 	 	 DATE : 11-8-02

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