Document:

ex10-1.htm

    
      Exhibit
10.1

       

       

    

    
      RELEASE AND
WAIVER

       

      THIS RELEASE AND WAIVER (this
“Release”) dated April 14, 2008, is entered into between MERIDIAN BAY LIMITED
(“Meridian”), XALLES
LIMITED (“Xalles”) and INNOVATIVE SOFTWARE TECHNOLOGIES,
INC. (“Innovative”) (hereinafter collectively, “the
Parties”).

       

      WHEREAS, the Parties entered
into a Share Purchase Agreement (the “Purchase Agreement”) dated October 1,
2007, pursuant to which the Innovative intended to purchase all of the issued
and outstanding shares of the Company owned by Seller; and

       

      WHEREAS, pursuant to Sections
6.7 of the Purchase Agreement, Innovative has determined it is not in the best
interests of its shareholders to close on the Purchase Agreement;
and

       

      WHEREAS, the Parties desire to
release each other from all obligations under the Purchase
Agreement;

       

      NOW, THEREFORE, in
consideration of the foregoing and of the terms, conditions, agreements and
other consideration hereinafter set forth, the Parties agree as
follows:

       

      
        	
                1.  

              	
                RECITALS.  The
      above recitals are true and accurate and incorporated into this
      Release.

              

      

       

      
        	
                2.  

              	
                RELEASE.  Each
      of the Parties hereby agrees that the Purchase Agreement is terminated
      effective as of the date hereof.  Each of the Parties does
      hereby (for itself, its successors and assigns), completely and
      irrevocably waive, release, acquit, and forever discharge each of the
      other Parties (and the directors, officers, agents and employees of each
      of the other Parties) (collectively, the “Released Parties”) of and from
      any and all claims, demands, proceedings, causes of action, orders,
      obligations, contracts, agreements, debts and liabilities whatsoever
      arising out of any matter occurring at any time prior to and including the
      date this Release was signed, whether known or unknown, suspected or
      unsuspected, both at law and in equity, including, but without limitation,
      any claim of contribution or other recourse against each of the other
      Parties with respect to representations, warranties or covenants made in
      the Purchase Agreement by the
Parties.

              

      

       

      
        	
                3.  

              	
                SUCCESSORS AND
      ASSIGNS.  This Release shall inure to the benefit of and
      be binding upon the parties hereto and their respective heirs, successors,
      legal representatives, and assigns.

              

      

       

      
        	
                4.  

              	
                ENTIRE AGREEMENT,
      AMENDMENT.  This Release constitutes the entire agreement
      among the Parties with respect to the subject matter hereof, and
      supersedes all prior agreements and understandings, oral and written,
      among the Parties to this Release with respect to the subject matter
      hereof.  The language of this Release shall be construed as a
      whole, according to its fair meaning, and not strictly for or against
      either party.  This Release may not be modified or otherwise
      amended except by a written instrument that expressly refers to this
      Release and executed by all of the Parties
  hereto.

              

      

       

      
        	
                5.  

              	
                REFORMATION.  If
      any provision of this Release is declared or determined by any court of
      competent jurisdiction or arbitrator to be unenforceable or invalid for
      any reason, in whole or in part, neither the validity of the remaining
      parts of such provision nor the validity of any other provision of this
      Release shall in any way be affected thereby.  In lieu of such
      invalid, illegal, or unenforceable provision, there shall be added
      automatically as part of this Release a provision as similar in terms to
      such invalid, illegal, or unenforceable provision as may be possible to be
      valid, legal, and enforceable.

              

      

       

      
        	
                6.  

              	
                WAIVER
      OF JURY TRIAL. THE
      PARTIES AGREE SHOULD ANY LEGAL ACTIONS BE FILED, ONE AGAINST THE OTHER, AT
      ANY TIME IN THE FUTURE, SELLER AND COMPANY EACH AGREE TO WAIVE TRIAL BY
      JURY.

              

      

       

       

       

       

      **********

       

       

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

       

      THEREFORE, the Parties to this
Release now voluntarily and knowingly execute this Release.

       

      MERIDIAN
BAY LIMITED

      

      

      By:           
_________________________________________

        Name:

        Its:

      

      

      XALLES
LIMITED

       

      

       

      By:           
_________________________________________

        Name:

        Its:

      

      

      INNOVATIVE
SOFTWARE TECHNOLOGIES, INC.

       

      

       

      By:           
_________________________________________

        Name:

        Its:ex10-2.htm

    Exhibit
10.2

    
       

       

      PROMISSORY
NOTE

       

    

     

    
      
        	
                $158,079.00

              	
                Austin,
      Texas

              
	
                 

              	
                April
      14, 2008

              

      

      
 

      
        FOR VALUE
RECEIVED, Innovative Software Technologies, Inc., a Delaware corporation (the
“Borrower”), hereby agrees to pay to the order of Xalles Limited, an Irish
corporation, together with any holder hereof (collectively, the “Lender”), at
Ulysses House Foley Street, 3rd floor, Dublin 1, Ireland, or at such other place
as the holder of this Note from time to time may designate to the Borrower in
writing, the principal sum of ONE HUNDRED FIFTY-EIGHT THOUSAND SEVENTY NINE AND
NO/100 DOLLARS ($158,079), together with interest on the principal balance of
this obligation from time to time remaining unpaid, at the rates and at the
times provided in this Note.  All payments required by this Note must
be by legal tender of the United States of America.

        

        The outstanding principal amount of
this Note shall bear interest beginning on the date of this Note, calculated on
the basis of a 360-day year for the actual number of days elapsed through the
actual payment date at the following rates of interest: EIGHT percent (8%) per
annum through June 15, 2008; TEN percent (10%) per annum through August 16,
2008, TWELVE percent per annum through October 17, 2008; and FOURTEEN percent
per annum through December 18, 2008.

        

        The outstanding principal balance of
this Note, plus accrued but unpaid interest, shall be due and payable on
December 18, 2008.  This Note may be prepaid, either in whole or in
part, at any time without penalty.

        

        Failure of the Lender to exercise any
of its rights and remedies under this Note shall not constitute a waiver of the
right to exercise the same at that or any other time.  All rights and
remedies of the Lender for default under this Note shall be cumulative to the
greatest extent permitted by law. If there is any default under this Note, and
this Note is placed in the hands of an attorney for collection or is collected
through any court, including any bankruptcy court, Borrower promises to pay to
the Lender the Lender’s reasonable attorneys’ fees and court costs incurred in
collecting or attempting to collect this Note or enforcing the Lender’s rights
hereunder.

        

        This Note shall be governed by and
construed in accordance with the laws of the State of Texas, without reference
to principles of choice of law thereunder.  The venue for any judicial
or arbitration proceedings arising out of this Note or the obligations hereunder
shall be in the state courts of the State of Texas located in Travis County,
Texas.  As it is the intent of all parties to this transaction to
abide by the interest limitations of any applicable usury law, it is expressly
agreed, anything herein to the contrary notwithstanding, that the Lender shall
not be allowed or entitled to collect any interest (or any sum which is
considered interest by law) which is in excess of any legal rate applicable
hereto.  Should any amount be collected hereunder which would cause
the interest to exceed said lawful rate, such part of said amount in excess of
the lawful rate shall automatically be credited to principal, or, if all
principal amounts have been paid, shall be refunded to the
Borrower.  The provisions of this Note are hereby modified to the
extent necessary to conform with the limitations and provisions of this
paragraph.  This paragraph shall govern over all other provisions in
any document or agreement now or hereafter existing.

        

        

        IN WITNESS WHEREOF, the Borrower has
executed and delivered this Note effective as of the date stated
above.

        

        

        BORROWER:

        

        

        _____________________________________

        Christopher
J. Floyd

        Chief
Financial Officer

        Innovative
Software Technologies, Inc.Exhibit 10.13

KUHNS BROTHERS

 November 9, 2007

 

CONFIDENTIAL

Visual Management Systems

1000 Industrial Way North, Suite C 
Toms River, NJ 08755

 

	
            Attention:
 	
            Jason Gonzalez
Chief Executive Officer
 

 

This letter agreement (this "Agreement") confirms the engagement by Visual Management Systems, a New Jersey corporation ("VMS" or the "Company"), of Kuhns Brothers, Inc., including Kuhns Brothers Securities Corporation, its broker/dealer subsidiary and Kuhns Bros. & Co., Inc., its financial advisory subsidiary (altogether, "KUHNS BROTHERS") as placement agent to arrange the sale of the Company's senior debt, bridge debt financing, equity or equity-linked securities including convertible debt, convertible preferred, or common stock and warrants exercisable into shares of common stock (collectively, the "Securities") on behalf of the Company. The sale of Securities may occur through a series of one or more private placements (the "Financing" or "Financings") pursuant to one or more exemptions from registration under the Securities Act of 1933, as amended (the "Securities Act"), and in
compliance with applicable securities laws of states and other jurisdictions ("Blue Sky Laws").

 

1. Retention. Subject to the terms and conditions of this Agreement, VMS hereby engages KUHNS BROTHERS to act on behalf of the Company as its non-exclusive placement agent during the Authorization Period (as defined below) to arrange the sale of Securities in an amount and on terms and conditions satisfactory to the Company and KUHNS BROTHERS hereby accepts such engagement.

 

During the Authorization Period, KUHNS BROTHERS will have exclusivity over certain investors as reflected on Exhibit B attached hereto which from time to time may be added to by email correspondence from KUHNS BROTHERS and email acceptance by VMS.

 

 

 

 

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

2.          Authorization Period.       KUHNS BROTHERS’s engagement shall become effective on the date hereof and, unless extended by VMS and KUHNS BROTHERS, shall expire upon completion of the Financings. The period from the date hereof through the expiration of this Agreement is called the "Authorization Period." In the event that there has not been an initial closing on a Financing within sixty (60) days of the execution of this Agreement, the Company may terminate this Agreement in writing upon ten (10) days notice. Not withstanding the foregoing, the Authorization Period shall automatically be extended for an additional twenty (20) business days upon notification from KUHNS BROTHERS that it has identified investors who are interested in investing
in VMS and require additional time to complete due diligence of VMS or otherwise require additional time to complete any closing documents or procedures.

 

	
            3.
 	
            Compensation. VMS shall pay KUHNS BROTHERS the compensation set forth below:
 

 

a.          Cash Fee for Equity. VMS shall pay KUHNS BROTHERS a cash placement fee equal to ten percent (10%) on any gross proceeds received by the Company in connection with the sale of the Securities sold to a purchaser or purchasers ("the Purchaser" or "Purchasers") other than a Carve-Out Party. The cash placement fee shall be paid by wire transfer from an escrow account to be used for the closing on the closing date on which the Company receives such aggregate consideration. Kuhns Brothers shall act as solicitation agent on behalf of VMS in connection with the exercise of any investor warrants or greenshoes with a life of one year or less in connection with the financings (other than a financing by or through a Carve-Out Party) and shall pay Kuhns Brothers a cash fee of ten percent (10%)
of the aggregate consideration received by VMS in connection with the exercise of such warrants or greenshoes.

 

b.         Placement Agent Warrants for Equity. On each closing date of a Financing on which aggregate consideration is paid or becomes payable to the Company for the Securities, VMS shall issue to KUHNS BROTHERS or its permitted assigns warrants (the "Placement Agent Warrants") to purchase such number of shares of the common stock of the Company equal to eight percent (8%) of the aggregate number of shares of common stock of the Company issued and issuable by the Company under and in connection with the Financings. The number of shares of common stock issuable upon exercise of the Warrants shall include all shares of common stock issuable under the Securities, including, without limitation, shares issuable upon conversion or exercise of the Securities. The Warrants shall provide for cashless
exercise (even if the Purchasers do not have such right) and have terms and conditions identical to the warrants purchased by the Purchasers in the Financing. The exercise price per share of the Placement Agent Warrants shall be equal to the effective price per share of the Securities (or in the event of a convertible security, the conversion price or exercise price per share of common stock on the closing date). The Placement Agent Warrants shall be exercisable after the date of issuance and shall expire within five years with respect to the Warrants issued in the Financings, unless otherwise extended by the Company. The Warrants shall not be callable or redeemable and shall have piggyback registration rights. The Warrants shall be transferable within KUHNS BROTHERS, at KUHNS Brother’s discretion.

 

c.         Tail Period. VMS shall and shall cause its affiliates to, pay to KUHNS BROTHERS all compensation described in this Section 3 with respect to all Securities sold to a purchaser or purchasers ("the Purchaser" or "Purchasers") at any time prior to the expiration of twelve (12) months after the expiration or termination of this Agreement (the "Tail Period") if (i) such Purchaser or Purchasers were introduced to the Company by KUHNS BROTHERS during the Authorization Period.  In addition, the Tail Period shall apply to all affiliates or assigns of said Purchaser or Purchasers.

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

4. Reimbursements. Regardless of whether the Financing or sales of Securities are consummated, the Company shall reimburse KUHNS BROTHERS for all of its reasonable out-of-pocket expenses (excluding legal and due diligence expenses), not to exceed $1,000 for any single expense or $10,000 in the aggregate without the written consent of VMS, incurred in connection with its engagement, including the expenses of any travel that may be necessary. In the case of legal and due diligence fees in connection with the Financings, the Company shall reimburse KUHNS BROTHERS, an amount not to exceed $ 30,000 for reasonable out-of-pocket expenses.

 

    5.                    Representations, Warranties and Covenants of VMS. VMS represents and warrants to, and covenants with, KUHNS BROTHERS as follows:

 

a.          Neither the Company nor to the Company's knowledge any person acting on its behalf has taken, and VMS shall not and shall not permit its affiliates to take, directly or indirectly, any action so as to cause any of the transactions contemplated by this Agreement to fail to be entitled to exemption from registration or qualification under all applicable securities laws or which constitutes general advertising or general solicitation (as those terms are used in Regulation D under the Securities Act) with respect to the Securities.

 

b.         VMS shall take and shall cause its affiliates to take such actions as may be required to comply with this Agreement. KUHNS BROTHERS acknowledges that VMS may cause its affiliates to perform any of its obligations hereunder; provided, however, that VMS's intention to do so (or any action by VMS or KUHNS BROTHERS in respect thereof) shall not relieve VMS from its obligation to perform such obligations when due.

 

c.         The Company will furnish, or cause to be furnished, to KUHNS BROTHERS such information as the Company believes appropriate for the Financings contemplated hereunder (all such information, the "Information"), and the Company represents that to the best of its knowledge all such Information will be accurate and complete in all material respects. The Company will promptly notify KUHNS BROTHERS of any change that may be material in such Information. It is understood that KUHNS BROTHERS will be entitled to rely on and use the Information and other information that is publicly available without independent verification, and will not be responsible in any respect for the accuracy, completeness or reasonableness of all such Information or to conduct any independent verification or any appraisal or physical inspection of properties or assets.

 

	
             
 	
            6.
 	
            Representations,
 	
            Warranties and Covenants of KUHNS BROTHERS.  KUHNS
 

BROTHERS represents and warrants to, and covenants with , VMS as follows:

 

a. None of KUHNS BROTHERS, its affiliates or any person acting on behalf of KUHNS BROTHERS or any of such affiliates has engaged or will engage in any general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) with respect to the Securities.

 

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

b.         KUHNS BROTHERS will cause its employees and affiliates to use its best efforts to conduct the offering and sale of Securities so that Securities are sold in a transaction or series of transactions exempt from registration under the Securities Act.

 

c.         KUHNS BROTHERS will send Information related to the Financings only to persons that the KUHNS BROTHERS reasonably believes are "accredited investors" (as defined under Rule 501(a) of the Securities Act).

 

d.         KUHNS BROTHERS agrees that, except as otherwise required by law, regulation or court order or as contemplated by its engagement hereunder, the non-public Information furnished to KUHNS BROTHERS by the Company shall be held by KUHNS BROTHERS as confidential.

 

e.         KUHNS BROTHERS is a member in good standing of the National Association of Securities Dealers, Inc. (the "NASD") and has, and at all times while taking any actions constituting an offer or sale of the Securities will have, all governmental licenses (including both federal and state broker dealer licenses) required to act as placement agent for the Securities. KUHNS BROTHERS agrees to comply with all applicable federal and state laws and applicable rules of the NASD in connection with its activities as placement agent for the Securities.

 

7.         Indemnification. The Company agrees to the indemnification and other agreements set forth in the attached Indemnification Agreement, the provisions of which are incorporated herein by reference.

 

8.         Advertisements. VMS agrees that KUHNS BROTHERS has the right to place advertisements in financial and other newspapers, journals, and websites at its own expense describing its services to the Company hereunder upon three (3) days advance notice to and consent of VMS, which consent will not be unreasonably withheld, conditioned or delayed. The foregoing shall also include placement of a tombstone on the KUHNS BROTHERS corporate website. Conversely, VMS agrees that it shall not use KUHNS Brother's name, nor the name of any of its employees, representatives or affiliates in any public manner without prior written consent from KUHNS BROTHERS. Such consent will not be unreasonably withheld, conditioned or delayed.

 

9          Survival of Certain Provisions.    
The expense, indemnification, reimbursement, advertisements, and contribution obligations of VMS provided herein and in the attached Indemnification Agreement in Exhibit A and KUHNS BROTHERS rights to compensation (which term includes all fees, amounts and Warrants due or which may become due) shall remain operative and in full force and effect regardless of (i) any withdrawal, termination or consummation of or failure to initiate or consummate any transaction described herein or (ii) any termination or the completion or expiration of this Agreement.

 

10.        Notices. Notice given pursuant to any of the provisions of this Agreement shall be given in writing and shall be sent by certified mail, return receipt request or recognized overnight courier or personally delivered (a) if to the Company, to Visual Management Services office at 1000 Industrial Way North, Suite C, Toms River, NJ 08755, Attention: Jason Gonzalez, Chief Executive Officer; and (b) if to KUHNS BROTHERS, to its office at the Graybar Building, 420 Lexington Avenue, Suite 860, New York, New York 10017.  Attention:  John D. Kuhns, Chairman.

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

11.        Confidentiality. No financial advice rendered by KUHNS BROTHERS or any Information that constitutes material non-public information of the Company pursuant to this Agreement may be disclosed publicly by VMS or KUHNS BROTHERS, as the case may be (the "disclosing party"), in any manner without the other party's (the "non-disclosing party") prior written consent, except as may be required by law, regulation or court order but subject to the limitation below. If the disclosing party is required or reasonably expects to be so required to disclose any advice, the disclosing party shall provide the non-disclosing party with prompt notice thereof so that the non-disclosing party may seek a protective order or other appropriate remedy and take reasonable efforts to assure that all of such advice disclosed will be
covered by such order or other remedy. Whether or not such a protective order or other remedy is obtained, the disclosing party will and will cause its affiliates to disclose only that portion of such advice which the disclosing party is so required to disclose.

 

12.        Miscellaneous. This Agreement (including the attached Indemnification Agreement on Exhibit A) sets forth the entire agreement between the parties, supersedes and merges all prior written or oral agreements with respect to the subject matter hereof, may only be amended in writing and shall be governed by the laws of the State of New York applicable to agreements made and to be performed entirely within such State. The parties shall make reasonable efforts to resolve any dispute concerning this Agreement, its construction or its alleged breach by face-to-face negotiations. If such negotiations fail to resolve the dispute, the dispute shall be finally decided by arbitration in accordance with the rules then in effect of the American Arbitration Association. Any
arbitration will be conducted in the New York City metropolitan area. VMS and KUHNS BROTHERS each hereby irrevocably waives any right it may have to trial by jury in respect of any claim arising out of this Agreement or the transactions contemplated hereby.

 

This Agreement may be assigned by either party with the prior written consent of the other party.

 

If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not effect such provision in any other respect or any other provision of this Agreement.

 

KUHNS BROTHERS is delighted to accept this engagement and looks forward to working with you on this assignment. Please confirm that the foregoing correctly sets forth our agreement by signing and returning to KUHNS BROTHERS the enclosed duplicate copy of this Agreement.

 

	 	Very truly yours, Kuhns Brothers, Inc.

By:                                                                  
Name:
Title: 

 

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

ACCEPTED AND AGREED TO this 
9th day of November, 2007.

Visual Management Systems

	

By:                                                            
Name: Jason Gonzalez Title: Chief 
Executive Officer 

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

EXHIBIT A

 

TO:  Kuhns Brothers, Inc.

The Graybar Building

420 Lexington Avenue

Suite 860

New York, New York 10170

In connection with your engagement pursuant to our letter agreement of even date herewith (the "Engagement"), we agree to indemnify and hold harmless Kuhns Brothers, Inc. ("Kuhns Brothers" or "you") and its affiliates, the respective directors, officers, partners, agents and employees of Kuhns Brothers and its affiliates, and each other person, if any, controlling Kuhns Brothers or any of its affiliates (collectively, "Indemnified Persons"), from and against, and we agree that no Indemnified Person shall have any liability to us or our owners, parents, affiliates, security holders or creditors for, any losses, claims, damages or liabilities (including actions or proceedings in respect thereof) (collectively "Losses") (A) related to or arising out of (i) our actions or failures to act (including statements or omissions made, or information provided, by us or our agents) or (ii) actions
or failures to act by an Indemnified Person with our consent or in reliance on our actions or failures to act, or (B) otherwise related to or arising out of the Engagement or your performance thereof, except that clauses (A) and (B) shall not apply to any Losses that are finally judicially determined to have resulted primarily from your willful misconduct, bad faith, gross negligence or breach of the letter agreement. If such indemnification is for any reason not available or insufficient to hold you harmless, we agree to contribute to the Losses involved in such proportion as is appropriate to reflect the relative benefits received (or anticipated to be received) by us and by you with respect to the Engagement or, if such allocation is judicially determined unavailable, in such proportion as is appropriate to reflect other equitable considerations such as the relative fault of us on the one hand and of you on the other hand; provided,
however, that, in no event shall the amount to be contributed by you exceed the fees actually received by you under the Engagement.

We will reimburse each Indemnified Person for all reasonable and documented expenses (including reasonable fees and disbursements of counsel) as they are incurred by such Indemnified Person in connection with investigating, preparing for or defending any action, claim, investigation, inquiry, arbitration or other proceeding ("Action") referred to above (or enforcing this agreement or any related engagement agreement), whether or not in connection with pending or threatened litigation in which any Indemnified Person is a party, and whether or not such Action is initiated or brought by you, except if such Action is the result of your willful misconduct, bad faith, gross negligence or breach of the letter agreement. We further agree that we will not settle or compromise or consent to the entry of any judgment in any pending or threatened Action in respect of which indemnification may be
sought hereunder (whether or not an Indemnified Person is a party therein) unless we have given you reasonable prior written notice thereof and used all reasonable efforts, after consultation with you, to obtain an unconditional release of each Indemnified Person from all liability arising there from.

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

If multiple claims are brought against you in any Action with respect to at least one of which indemnification is permitted under applicable law and provided for under this agreement, we agree that any judgment, arbitration award or other monetary award shall be conclusively deemed to be based on claims as to which indemnification is permitted and provided for, except to the extent that any judgment, arbitration award or other monetary award states that such award, or any portion thereof, is based solely on a claim as to which indemnification is not available. In the event that you are called or subpoenaed to give testimony in a court of law, we agree to pay your reasonable and documented expenses related thereto in preparation thereof. Our obligations hereunder shall be in addition to any rights that any Indemnified Person may have at common law or otherwise. Solely for the purpose of
enforcing this agreement, we hereby consent to personal jurisdiction and to service and venue in any court in which any claim which is subject to this agreement is brought by or against any Indemnified Person. We acknowledge that in connection with the Engagement you are acting as an independent contractor with duties owing solely to us.

 

YOU HEREBY AGREE TO WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, COUNTER-CLAIM OR ACTION ARISING OUT OF TIIE ENGAGEMENT, YOUR PERFORMANCE THEREOF OR THIS AGREEMENT.

 

The provisions of this agreement shall apply to the Engagement and any modification thereof and shall remain in full force and effect regardless of the completion or termination of the Engagement. This agreement and any other agreements relating to the Engagement shall be governed by and construed in accordance with the laws of the state of New York, without regard to conflicts of law principles thereof.

 

Very truly yours,

 

John D. Kuhns

Chairman

Kuhns Brothers, Inc.

ACCEPTED AND AGREED TO

this 9th day of November, 2007

 

By:                                          
   

Name: Jason Gonzalez 

Title: Chief Executive Officer

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420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

EXHIBIT B

Enable

Laurus Master Funds

Cornell

Roswell Partners

Vision

NIR

Centrecourt

 

ACCEPTED AND AGREED TO

this 9th day of November, 2007

 

By: ____________________

Name: Jason Gonzalez 

Title: Chief Executive Officer

 

 

THE GRAYBAR BUILDING

420 LEXINGTON AVENUE SUITE 860

NEW YORK, NEW YORK 1 01 70

TELEPHONE (646) 467-9800 FACSIMILE (21 2) 433-1449

W WW.KUHNSBROTHERS.COM

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