Document:

EX-10.3 Form of Securities Escrow Agreement

 

Exhibit 10.3

IDEATION ACQUISITION CORP.

[FORM OF SECURITIES ESCROW AGREEMENT]

     THIS SECURITIES ESCROW AGREEMENT (this “Agreement”) is entered into as of                     ,
2007 by and among Ideation Acquisition Corp., a Delaware corporation (the “Company”), the
initial stockholders listed on Exhibit A hereto (each an “Initial Stockholder” and
collectively, the “Initial Stockholders”) and Continental Stock Transfer & Trust Company, a
New York corporation (the “Escrow Agent”).

     WHEREAS, the Company has entered into an Underwriting Agreement, dated                     , 2007
(the “Underwriting Agreement”), with Lazard Capital Markets LLC (“Lazard”) acting
as representative of the underwriters (collectively, the “Underwriters”), pursuant to
which, among other matters, the Underwriters have agreed to purchase 10,000,000 units
(“Units”) of the Company. Each Unit consists of one share of the Company’s common stock,
par value $0.0001 per share (the “Common Stock”), and one warrant to purchase one share of
Common Stock, all as more fully described in the Company’s final prospectus, dated
                    , 2007 (the “Prospectus”), which is part of the Company’s Registration
Statement on Form S-1 (File No. 333-          ) (the “Registration Statement”) under the
Securities Act of 1933, as amended, declared effective on      , 2007 (the “Effective
Date”);

     WHEREAS, the Underwriters have required as a condition to the purchase of the Units that the
Initial Stockholders deposit the number of shares of Common Stock of the Company (the “Escrow
Shares”) and the number of Insider Warrants (as defined in the Warrant Agreement dated as of
[          ], 2007 between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent
(the “Warrant Agreement”)), in each case, as set forth opposite their respective names in
Exhibit A attached hereto (the Escrow Shares and Insider Warrants are collectively referred
to herein as the “Escrow Securities”) in escrow as hereinafter provided; and

     WHEREAS, the Company and the Initial Stockholders desire that the Escrow Agent accept the
Escrow Securities, in escrow, to be held and disbursed as hereinafter provided.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. Appointment of Escrow Agent. The Company and the Initial Stockholders hereby
appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and
the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject
to such terms.

     2. Deposit of Escrow Securities. On or before the Effective Date, each of the Initial
Stockholders shall deliver or caused to be delivered to the Escrow Agent certificates representing
his, her or its respective Escrow Securities, to be held and disbursed subject to the terms and
conditions of this Agreement. Each Initial Stockholder acknowledges that the certificates
representing his, her or its Escrow Securities is legended to reflect the deposit of such Escrow
Securities under this Agreement.

 

 

     3. Disbursement of the Escrow Securities. The Escrow Agent shall hold the Escrow
Shares until the date that is one year after the consummation by the Company of an Initial Business
Combination (as defined in the Company’s Amended and Restated Certificate of Incorporation) and the
Insider Warrants until the date that is 90 days after the consummation by the Company of an Initial
Business Combination (in each case, the “Escrow Period”), on which date it shall, upon
written instructions from each Initial Stockholder, disburse each of the Initial Stockholder’s
Escrow Shares (and any applicable stock power) or Insider Warrants, as the case may be, to such
Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company
pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow
Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow
Securities held pursuant to this Agreement; provided further, however, that if, after the Company
consummates an Initial Business Combination, it (or the surviving entity) subsequently consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the
stockholders of such entity having the right to exchange their shares of Common Stock for cash,
securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed
by the Chief Executive Officer, Chairman of the Board, Treasurer, Secretary or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, that such transaction is
then being consummated, release the Escrow Shares to the Initial Stockholders so that they can
similarly participate in such transaction. The Escrow Agent shall have no further duties hereunder
after the disbursement or destruction of the Escrow Securities in accordance with this Section 3.

     4. Rights of Initial Stockholders in Escrow Securities.

          4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider Letter
described in Section 4.4 hereof and except as herein provided, the Initial Stockholders shall
retain all of their rights as stockholders of the Company during the Escrow Period, including,
without limitation, the right to vote the Escrow Shares.

          4.2 Dividends and Other Distributions in Respect of the Escrow Shares. During the
applicable Escrow Period, all dividends payable in cash with respect to the Escrow Shares shall be
paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property
(“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the
Non-Cash Dividends distributed thereon, if any.

          4.3 Restrictions on Transfer. During the applicable Escrow Period, no sale, transfer
or other disposition may be made of any or all of the Escrow Securities, except (i) if the Initial
Stockholder is an entity, a dividend, distribution or contribution to any individual or entity
controlling, controlled by, or under common control with such Initial Stockholder, or to any
stockholder, member, partner or limited partner of such Initial Stockholder, for which no or
nominal consideration is received, (ii) to a member of an Initial Stockholder’s immediate family or
to a trust, the beneficiary of which is an Initial Stockholder, a stockholder, member, partner or
limited partner of an Initial Stockholder or a person related to an Initial Stockholder by blood,
marriage or adoption, (iii) by virtue of the laws of descent and distribution upon death of any
Initial Stockholder, (iv) pursuant to a qualified domestic relations order or (v) to directors,
officers and employees, or persons or entities affiliated with directors, officers and employees,
of

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the Company; provided, however, that such permissive transfers may be implemented only upon
the respective transferee’s written agreement to be bound by the terms and conditions of this
Agreement and of the Insider Letter signed by the Initial Stockholder transferring the Escrow
Securities.

          4.4 Insider Letters. Each of the Initial Stockholders has executed a letter agreement
with Lazard and the Company, dated as indicated on Exhibit A hereto, and which is filed as
an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and
obligations of such Initial Stockholder in certain events, including but not limited to the
liquidation of the Company.

     5. Concerning the Escrow Agent.

          5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or
omitted by it in good faith and in the exercise of its own best judgment, and may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and effectiveness of its
provisions, but also as to the truth and acceptability of any information therein contained) which
is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or
persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow
Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto.

          5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the
Company from and against any expenses, including counsel fees and disbursements, or loss suffered
by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services
of the Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other than expenses
or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly
after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In
the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an
action in the nature of interpleader in an appropriate court to determine ownership or disposition
of the Escrow Securities or it may deposit the Escrow Securities with the clerk of any appropriate
court or it may retain the Escrow Securities pending receipt of a final, non-appealable order of a
court having jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Securities are to be disbursed and delivered. The provisions of this
Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to
Sections 5.5 or 5.6 below.

          5.3 Compensation. The Escrow Agent shall be entitled to reasonable compensation from
the Company for all services rendered by it hereunder. The Escrow Agent shall also be entitled to
reimbursement from the Company for all expenses paid or incurred by it

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in the administration of its duties hereunder including, but not limited to, all counsel,
advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

          5.4 Further Assurances. From time to time on and after the date hereof, the Company
and the Initial Stockholders shall deliver or cause to be delivered to the Escrow Agent such
further documents and instruments and shall do or cause to be done such further acts as the Escrow
Agent shall reasonably request to carry out more effectively the provisions and purposes of this
Agreement, to evidence compliance herewith or to assure itself that it is protected in acting
hereunder.

          5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its
duties as escrow agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such resignation shall become
effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed
by the Company, the Escrow Securities held hereunder. If no new escrow agent is so appointed
within the 60 day period following the giving of such notice of resignation, the Escrow Agent may
deposit the Escrow Securities with any court it reasonably deems appropriate.

          5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from
its duties as escrow agent hereunder if so requested in writing at any time by the other parties
hereto, jointly; provided, however, that such resignation shall become effective only upon
acceptance of appointment by a successor escrow agent as provided in Section 5.5.

          5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent
shall not be relieved from liability hereunder for its own gross negligence or its own willful
misconduct.

     6. Miscellaneous.

          6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under
and shall be construed in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of
another jurisdiction.

          6.2 Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, none of which need contain the signatures of more than one party, but all such
counterparts taken together shall constitute one and the same agreement

          6.3 Entire Agreement. This Agreement contains the entire agreement of the parties
hereto with respect to the subject matter hereof and, except as expressly provided herein, may not
be changed or modified except by an instrument in writing signed by each party hereto.

          6.4 Headings. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation thereof.

          6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the respective parties hereto and their legal representatives, successors and assigns.

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          6.6 Notices. Any notice or other communication required or which may be given
hereunder shall be in writing and either be delivered personally or be mailed, certified or
registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two days after the date of
mailing, as follows:

     If to the Company, to:

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

Attn: Chief Executive Officer

     If to an Initial Stockholder, to his, her or its address set forth in Exhibit A.

     and if to the Escrow Agent, to:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Chairman

     A copy of any notice sent hereunder shall be sent to:

Akerman Senterfitt

One SE Third Avenue

Suite 2500

Miami, Florida 33131

Attn: Teddy D. Klinghoffer, Esq.

     and:

Lazard Capital Markets LLC

30 Rockefeller Plaza

New York, New York 10020

Attn: Robert Berger

     and:

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Chrysler Center

666 Third Avenue

New York, New York 10017

Attn: Kenneth R. Koch, Esq.

          The parties may change the persons and addresses to which the notices or other communications
are to be sent by giving written notice of any such change in the manner provided herein for giving
notice.

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          6.7 Liquidation of the Company. The Company shall give the Escrow Agent written
notification of the liquidation and dissolution of the Company in the event that the Company fails
to consummate an Initial Business Combination within the time period(s) specified in the
Prospectus.

          6.8 Waiver. The Warrant Agent hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of the Trust Account (as defined in
that certain Investment Management Trust Agreement, dated as of [the date hereof], by and between
the Company and Continental Stock Transfer & Trust Company, as trustee thereunder), and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust
Account for any reason whatsoever.

[Signature pages follow]

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

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

 

 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

FROST GAMMA INVESTMENTS TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Robert N. Fried 	 
	 	 	 
	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Rao Uppaluri 	 
	 	 	 

3

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Steven D. Rubin 	 
	 	 	 

4

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Jane Hsiao 	 
	 	 	 

5

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Thomas E. Beier 	 
	 	 	 

6

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Shawn Gold 	 
	 	 	 

7

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	David H. Moskowitz 	 
	 	 	 

8

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Thomas H. Baer 	 
	 	 	 

9

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

 	 
	 	
 	 
	 	Jarl Mohn 	 
	 	 	 

10

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	INITIAL STOCKHOLDER:

NAUTILUS TRUST DTD 9/10/99

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

11

 

	 	 	 	 	 

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

	 	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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EXHIBIT A

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Stock	 	Date of	 	Number of	 	 
	Name and Address of Initial	 	Number of	 	Certificate	 	Insider	 	Insider	 	Warrant
	Stockholder	 	Escrow Shares	 	Number	 	Letter	 	Warrants	 	Number
	Frost Gamma Investments Trust

4400 Biscayne Blvd., Suite 1500

Miami, FL 33137
	 	 	1,359,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Robert N. Fried 

100 N. Crescent Drive 

Beverly Hills, CA 90210
	 	 	617,500	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Rao Uppaluri 

4400 Biscayne Blvd., Suite 1500

Miami, FL 33137
	 	 	154,500	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Steven D. Rubin 

4400 Biscayne Blvd., Suite 1500

Miami, FL 33137
	 	 	154,500	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jane Hsiao 

4400 Biscayne Blvd., Suite 1500

Miami, FL 33137
	 	 	154,500	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thomas E. Beier
	 	 	10,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shawn Gold
	 	 	10,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	David H. Moskowitz
	 	 	10,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thomas H. Baer
	 	 	10,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Jarl Mohn
	 	 	10,000	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Nautilus Trust
dtd 9/10/99
	 	 	10,000EX-10.5 Promissory Notes

 

Exhibit 10.5

IDEATION ACQUISITION CORP.

PROMISSORY NOTE

			
	Principal Amount: $112,500.00
	 	Issuance Date: June 12, 2007

     IDEATION ACQUISITION CORP., a Delaware corporation (the “Maker”) promises to pay to the order
of Frost Gamma Investments Trust (the “Payee”) the principal sum of One Hundred
Twelve Thousand Five Hundred Dollars ($112,500.00) in lawful money of the United States of America,
on the terms and conditions described below.

     1. Principal. The principal balance of this Promissory Note (this “Note”) shall be
payable on the earlier of (a) the first anniversary of the issuance date of this Note and (b) the
date on which Maker consummates an initial public offering of its securities under the Securities
Act of 1933, as amended.

     2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

     3. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the reduction of the unpaid principal of this Note.

     4. Events of Default. Each of the following shall constitute an event of default
(“Event of Default”) under this Note:

          (a) Failure to Make Required Payments. Failure by Maker to pay the principal amount of
this Note within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal
or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of sixty (60) consecutive days.

     5. Remedies.

     (a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by
written notice to Maker, declare this Note to be immediately due and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

     (b) Upon the occurrence of an Event of Default specified in either Section 4(b) or Section
4(c) hereof, the unpaid principal balance of this Note, and all other amounts payable hereunder,
shall automatically and immediately become due and payable, in all cases without any action on the
part of Payee, including presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived.

 

 

     6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from
any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

     7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to it or affecting its liability hereunder.

     8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

If to Maker:

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

If to Payee:

Frost Gamma Investments Trust

4400 Biscyane Boulevard

Suite 1500

Miami, Florida 33137

Fax: (305)-575-6016

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed
delivery receipt, or (v) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

     9. Governing Law; Construction. This Note, the legal relations between the Maker and
Payee, and the adjudication and the enforcement hereof shall be governed by and construed in
accordance with the laws of the State of Florida, without regard to the conflicts of law provisions
thereof to the extent such principles or rules would require or permit the application of the laws
of another jurisdiction.

     10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

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     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed on the day and year first above written.

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By: 	/s/ Robert N. Fried 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

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IDEATION ACQUISITION CORP.

PROMISSORY NOTE

			
	Principal Amount: $50,000.00
	 	Issuance Date: June 12, 2007

     IDEATION ACQUISITION CORP., a Delaware corporation (the “Maker”) promises to pay to the order
of Robert N. Fried (the “Payee”) the principal sum of Fifty Thousand Dollars
($50,000.00) in lawful money of the United States of America, on the terms and conditions described
below.

     1. Principal. The principal balance of this Promissory Note (this “Note”) shall be
payable on the earlier of (a) the first anniversary of the issuance date of this Note and (b) the
date on which Maker consummates an initial public offering of its securities under the Securities
Act of 1933, as amended.

     2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

     3. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the reduction of the unpaid principal of this Note.

     4. Events of Default. Each of the following shall constitute an event of default
(“Event of Default”) under this Note:

          (a) Failure to Make Required Payments. Failure by Maker to pay the principal amount of
this Note within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal
or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of sixty (60) consecutive days.

     5. Remedies.

          (a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by
written notice to Maker, declare this Note to be immediately due and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

          (b) Upon the occurrence of an Event of Default specified in either Section 4(b) or Section
4(c) hereof, the unpaid principal balance of this Note, and all other amounts payable hereunder,
shall automatically and immediately become due and payable, in all cases without any action on the
part of Payee, including presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived.

 

 

     6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from
any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

     7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to it or affecting its liability hereunder.

     8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

If to Maker:

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

If to Payee:

Robert N. Fried

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed
delivery receipt, or (v) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

     9. Governing Law; Construction. This Note, the legal relations between the Maker and
Payee, and the adjudication and the enforcement hereof shall be governed by and construed in
accordance with the laws of the State of Florida, without regard to the conflicts of law provisions
thereof to the extent such principles or rules would require or permit the application of the laws
of another jurisdiction.

     10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

2

 

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed on the day and year first above written.

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By:  	/s/ Robert N. Fried 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

3

 

IDEATION ACQUISITION CORP.

PROMISSORY NOTE

			
	Principal Amount: $12,500.00
	 	Issuance Date: June 12, 2007

     IDEATION ACQUISITION CORP., a Delaware corporation (the “Maker”) promises to pay to the order
of Rao Uppaluri (the “Payee”) the principal sum of Twelve Thousand Five Hundred
Dollars ($12,500.00) in lawful money of the United States of America, on the terms and conditions
described below.

     1. Principal. The principal balance of this Promissory Note (this “Note”) shall be
payable on the earlier of (a) the first anniversary of the issuance date of this Note and (b) the
date on which Maker consummates an initial public offering of its securities under the Securities
Act of 1933, as amended.

     2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

     3. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the reduction of the unpaid principal of this Note.

     4. Events of Default. Each of the following shall constitute an event of default
(“Event of Default”) under this Note:

          (a) Failure to Make Required Payments. Failure by Maker to pay the principal amount of
this Note within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal
or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of sixty (60) consecutive days.

     5. Remedies.

          (a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by
written notice to Maker, declare this Note to be immediately due and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

          (b) Upon the occurrence of an Event of Default specified in either Section 4(b) or Section
4(c) hereof, the unpaid principal balance of this Note, and all other amounts payable hereunder,
shall automatically and immediately become due and payable, in all cases without any action on the
part of Payee, including presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived.

 

 

     6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from
any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

     7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to it or affecting its liability hereunder.

     8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

If to Maker:

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

If to Payee:

Rao Uppaluri

4400 Biscyane Boulevard

Suite 1500

Miami, Florida 33137

Fax: (305)-575-6444

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed
delivery receipt, or (v) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

     9. Governing Law; Construction. This Note, the legal relations between the Maker and
Payee, and the adjudication and the enforcement hereof shall be governed by and construed in
accordance with the laws of the State of Florida, without regard to the conflicts of law provisions
thereof to the extent such principles or rules would require or permit the application of the laws
of another jurisdiction.

     10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

2

 

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed on the day and year first above written.

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By:  	/s/ Robert N. Fried 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

3

 

IDEATION ACQUISITION CORP.

PROMISSORY NOTE

			
	Principal Amount: $12,500.00
	 	Issuance Date: June 12, 2007

     IDEATION ACQUISITION CORP., a Delaware corporation (the “Maker”) promises to pay to the order
of Steven D. Rubin (the “Payee”) the principal sum of Twelve Thousand Five Hundred
Dollars ($12,500.00) in lawful money of the United States of America, on the terms and conditions
described below.

     1. Principal. The principal balance of this Promissory Note (this “Note”) shall be
payable on the earlier of (a) the first anniversary of the issuance date of this Note and (b) the
date on which Maker consummates an initial public offering of its securities under the Securities
Act of 1933, as amended.

     2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

     3. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the reduction of the unpaid principal of this Note.

     4. Events of Default. Each of the following shall constitute an event of default
(“Event of Default”) under this Note:

          (a) Failure to Make Required Payments. Failure by Maker to pay the principal amount of
this Note within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal
or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of sixty (60) consecutive days.

     5. Remedies.

          (a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by
written notice to Maker, declare this Note to be immediately due and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

          (b) Upon the occurrence of an Event of Default specified in either Section 4(b) or Section
4(c) hereof, the unpaid principal balance of this Note, and all other amounts payable hereunder,
shall automatically and immediately become due and payable, in all cases without any action on the
part of Payee, including presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived.

 

 

     6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from
any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

     7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to it or affecting its liability hereunder.

     8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

If to Maker:

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

If to Payee:

Steven D. Rubin

4400 Biscyane Boulevard

Suite 1500

Miami, Florida 33137

Fax: (305)-575-6444

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed
delivery receipt, or (v) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

     9. Governing Law; Construction. This Note, the legal relations between the Maker and
Payee, and the adjudication and the enforcement hereof shall be governed by and construed in
accordance with the laws of the State of Florida, without regard to the conflicts of law provisions
thereof to the extent such principles or rules would require or permit the application of the laws
of another jurisdiction.

     10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

2

 

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed on the day and year first above written.

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By:  	/s/ Robert N. Fried 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

3

 

IDEATION ACQUISITION CORP.

PROMISSORY NOTE

			
	Principal Amount: $12,500.00
	 	Issuance Date: June 12, 2007

     IDEATION ACQUISITION CORP., a Delaware corporation (the “Maker”) promises to pay to the order
of Jane Hsiao (the “Payee”) the principal sum of Twelve Thousand Five Hundred Dollars
($12,500.00) in lawful money of the United States of America, on the terms and conditions described
below.

     1. Principal. The principal balance of this Promissory Note (this “Note”) shall be
payable on the earlier of (a) the first anniversary of the issuance date of this Note and (b) the
date on which Maker consummates an initial public offering of its securities under the Securities
Act of 1933, as amended.

     2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

     3. Application of Payments. All payments shall be applied first to payment in full of
any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the reduction of the unpaid principal of this Note.

     4. Events of Default. Each of the following shall constitute an event of default
(“Event of Default”) under this Note:

          (a) Failure to Make Required Payments. Failure by Maker to pay the principal amount of
this Note within five (5) business days following the date when due.

          (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal
or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee,
trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part
of its property, or the making by it of any assignment for the benefit of creditors, or the failure
of Maker generally to pay its debts as such debts become due, or the taking of corporate action by
Maker in furtherance of any of the foregoing.

          (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court
having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of sixty (60) consecutive days.

     5. Remedies.

          (a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by
written notice to Maker, declare this Note to be immediately due and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

          (b) Upon the occurrence of an Event of Default specified in either Section 4(b) or Section
4(c) hereof, the unpaid principal balance of this Note, and all other amounts payable hereunder,
shall automatically and immediately become due and payable, in all cases without any action on the
part of Payee, including presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived.

 

 

     6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note
waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with
regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee
under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present
or future laws exempting any property, real or personal, or any part of the proceeds arising from
any sale of any such property, from attachment, levy or sale under execution, or providing for any
stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees
that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on
any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any
order desired by Payee.

     7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to it or affecting its liability hereunder.

     8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent
by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any
form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by facsimile or (v) sent by e-mail, to the following addresses or to such other address as
either party may designate by notice in accordance with this Section:

If to Maker:

Ideation Acquisition Corp.

100 North Crescent Drive

Beverly Hills, California 90210

If to Payee:

Jane Hsiao

4400 Biscyane Boulevard

Suite 1500

Miami, Florida 33137

Fax: (305)-575-6444

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a facsimile transmission confirmation, (iii) the date on which an e-mail transmission
was received by the receiving party’s on-line access provider, (iv) the date reflected on a signed
delivery receipt, or (v) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

     9. Governing Law; Construction. This Note, the legal relations between the Maker and
Payee, and the adjudication and the enforcement hereof shall be governed by and construed in
accordance with the laws of the State of Florida, without regard to the conflicts of law provisions
thereof to the extent such principles or rules would require or permit the application of the laws
of another jurisdiction.

     10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

2

 

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed on the day and year first above written.

	 	 	 	 	 
	 	IDEATION ACQUISITION CORP.

 	 
	 	By:  	/s/ Robert N. Fried 	 
	 	 	Name:  	Robert N. Fried 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

3

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