Document:

ex10-4.htm

    Exhibit
10.4

    

    Exhibit
“A-1”

    

    Promissory
Note

    

    
      	
              Date:

            	
              April
      3, 2008

            
	 
      	 
      
	
              Maker:

            	
              Calypso
      Wireless, Inc., a Delaware corporation

            
	 
      	 
      
	
              Maker's
      Mailing Address:

            
	 
      	 
      
	 
      	
              2500
      NW 79th
      Avenue, Suite 220

            
	 
      	
              Miami,
      Florida 33122

            
	 
      	 
      
	
              Payees:

            	
              Drago
      Daic and Jimmy Williamson, P.C.

            
	 
      	 
      
	
              Place
      for Payment:

            
	 
      	 
      
	 
      	
              c/o
      Jimmy Williamson

            
	 
      	
              4310
      Yoakum Boulevard

            
	 
      	
              Houston,
      Texas 77006-5818

            
	 
      	 
      
	
              Principal
      Amount:

            
	 
      	 
      
	 
      	
              $900,000.00
      (NINE HUNDRED THOUSAND AND NO/100
DOLLARS)

            

    

    

    
       
Settlement
Agreement:

    

    

    This
Note is issued pursuant to the terms of that certain Settlement Agreement
between Maker and Drago Daic dated April 3, 2008 (the “Settlement
Agreement”).

    

    Annual
Interest Rate:

    

    Interest
will accrue on the unpaid principal balance of this Note at the rate per annum
equal to (i) the lesser of the Prime Interest Rate plus 1% (as defined below),
adjusted on the first day of each calendar month based on the Prime Interest
Rate then in effect, or (ii) the maximum rate of interest allowed under
applicable law; provided, however, if at
anytime the Prime Interest Rate drops below 7.5% per annum, the Prime Interest
Rate for purposes of interest accruing on this Note shall be deemed to be 7.5%
per annum; and provided, further, that from
and after the occurrence of any Event of Default and during the continuation
thereof, the outstanding principal balance of this Note will bear interest at a
rate (herein, the “Default Rate”) equal to the lesser of (i) eighteen percent
(18%) per annum, or (ii) the maximum rate of interest allowed under applicable
law.

     

    
      
        $900K
Promissory Note

        
        

      

      
        Page 1 of
4 

        
          

        

      

      
        
        

      

    

    The Prime
Interest Rate means the annual rate of interest announced from time to time by
JPMorgan Chase Bank as its base or prime commercial lending rate. If that rate
ceases to be available, the Prime Interest Rate will be a reasonably comparable
rate to be determined by Payee.

    

    Payments
will be applied first to accrued interest and the remainder to reduction of the
principal amount hereunder.

    

    Terms
of Payment:

    

    Principal
and interest will be due and payable in one lump sum payment on May 3,
2008.  Notwithstanding the provisions under Annual Interest Rate
above, in the event this Note, including principal and interest hereon, is not
paid on or before May 3, 2008, the Annual Interest Rate hereunder from the
original Date of this Note set forth above until paid in accordance herewith
shall be at the Default Rate.

    

    Maker
promises to pay to Payee, at the Place for Payment and in accordance with the
Terms of Payment, the Principal Amount together with interest accrued thereon at
the Annual Interest Rate.

    

     

    
       
Events
of Default:

    

     

    The
principal sum evidenced by this Note, together with accrued interest, shall
become immediately due and payable at the option of Payee, without presentment
or demand or any notice to Maker or any other person obligated hereon, if any of
the following events or conditions (each of which shall constitute an "Event of
Default") shall occur or exist:

     

    
      	
              (A)

            	
              any
      failure by Maker to pay when due any installment of principal or interest
      or any other fee due hereunder when due;

               

            
	
              (B)

            	
              any
      failure of Maker to make any payments due under the terms of the
      Assignment Agreement (as defined in the Settlement Agreement) or the
      Patent Mortgage and Security Agreement (as defined in the Settlement
      Agreement) or any other agreement (other than this Note) executed pursuant
      to the terms of the Settlement Agreement and fails to cure such monetary
      default within ten (10) days from the date of written notice of same, or
      if Maker breaches any non-monetary provision of the Assignment Agreement,
      the Patent Mortgage and Security Agreement or any other agreement executed
      pursuant to the terms of the Settlement Agreement and (i) fails to cure
      such monetary default within twenty (20) days from the date of the written
      notice of same or (ii) if such non-monetary default is not of the nature
      than can reasonably be cured within twenty (20) days, fails to promptly
      commence to cure the default within twenty (20) days or fails to promptly
      completes such cure thereafter;

            
	 
      	 
      
	 
      	 
      
	
              (C)

            	
              the
      filing by Maker of a voluntary petition in bankruptcy, the adjudication of
      Maker as a bankrupt or insolvent, the filing by Maker of any petition or
      answer seeking or acquiescing in any reorganization, arrangement,
      composition, readjustment, liquidation, dissolution or similar relief
      under any present or future federal, state or other statute, law or
      regulation relating to bankruptcy, insolvency or other relief for debtors,
      or the appointment of any trustee, receiver or liquidator or the making of
      any general assignment for the benefit of creditors for the benefit of
      Maker or Maker’s admission in writing of its inability to pay its debts
      generally as they become due.

            

    

     

     

    
      
        $900K
Promissory Note

        
        

      

      
        Page 2 of
4 

        
          

        

      

      
        
        

      

    

    Usury:

    

    It is the intention of the parties
hereto to conform strictly to applicable usury laws as in effect from time to
time during the term of this Note.  Accordingly, if any transaction or
transactions contemplated hereby would be usurious under applicable law
(including the laws of the United States of America, or of any other
jurisdiction whose laws may be mandatorily applicable), then, in that event,
notwithstanding anything to the contrary in this Note, it is agreed as
follows:  (i) the provisions of this paragraph shall govern and
control; (ii) the aggregate of all interest under applicable laws that is
contracted for, charged or received under this Note shall under no circumstances
exceed the maximum amount of interest allowed by applicable law, and any excess
shall be promptly credited to Maker by Payee (or, if such consideration shall
have been paid in full, such excess shall be promptly refunded to Maker by
Payee) (iii) neither Maker nor any other person or entity now or hereafter
liable in connection with this Note shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum interest permitted by
the applicable usury laws; and (iv) the effective rate of interest shall be
ipso facto reduced to the
maximum lawful interest rate.

    

    Prepayment:

    

    Maker shall have the privilege to
prepay this Note at any time, and from time to time, in whole or in part,
without penalty or fee.  Any prepayment of principal under this Note
shall include accrued interest to the date of prepayment on the principal amount
being prepaid.

    

    Waiver:

    

    Maker and any other co-makers,
endorsors, guarantors and sureties severally (i) waive notice (including, but
not limited to, notice of protest, notice of dishonor and notice of intent to
accelerate or notice of acceleration), demand, presentment of payment, protest
and filing of suit for the purpose of fixing liability, (ii) consent that the
time of payment hereof may be extended without notice to them or any of them,
(iii) expressly agree that it will not be necessary for any holder hereof, in
order to enforce payment of this Note by them, to first institute suit or
exhaust its remedies against Maker or any others liable herefor, or to enforce
its rights against any security herefor and (iv) consent to any extensions or
postponements of time of payment of this Note or any other indulgences with
respect hereto without notice thereof to any of them.

     

    
      
        $900K
Promissory Note

        
        

      

      
        Page 3 of
4 

        
          

        

      

      
        
        

      

    

    Security:

    

    This Note
is secured by the pledge of certain assets of Payee pursuant to the terms of
that certain Patent Mortgage and Security Agreement dated of even date herewith
between Maker and Payee.

    

    Governing
Law:

    

    This Note
will be construed under the laws of the state of Texas, without regard to
choice-of-law rules of any jurisdiction.

    

    

    
      	 
      	
              MAKER:

            
	 
      	 
      
	 
      	 
      
	 
      	
              CALYPSO
      WIRELESS, INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              BY:
      /s/ Cheryl L. Dotson

            
	 
      	
              Name:
      Cheryl L.
      Dotson

            
	 
      	
              Title:
      CFO &
      Director

            

    

    

    

    

    

    
      
        $900K
Promissory Note

        
        

      

      
        Page 4 of
4ex10-5.htm

    Exhibit
10.5

    

    Exhibit
“A-2”

    

    Promissory
Note

    

    
      	
              Date:

            	
              April
      3, 2008

            
	 
      	 
      
	
              Maker:

            	
              Calypso
      Wireless, Inc., a Delaware corporation

            
	 
      	 
      
	
              Maker's
      Mailing Address:

            
	 
      	 
      
	 
      	
              2500
      NW 79th
      Avenue, Suite 220

            
	 
      	
              Miami,
      Florida 33122

            
	 
      	 
      
	
              Payees:

            	
              Drago
      Daic and Jimmy Williamson, P.C.

            
	 
      	 
      
	
              Place
      for Payment:

            
	 
      	 
      
	 
      	
              c/o
      Jimmy Williamson

            
	 
      	
              4310
      Yoakum Boulevard

            
	 
      	
              Houston,
      Texas 77006-5818

            
	 
      	 
      
	
              Principal
      Amount:

            
	 
      	 
      
	 
      	
              $350,000.00
      (THREE HUNDRED FIFTY THOUSAND AND NO/100
  DOLLARS)

            

    

    

    
       
Settlement
Agreement:

    

    

    This
Note is issued pursuant to the terms of that certain Settlement Agreement
between Maker and Drago Daic dated April 3, 2008 (the “Settlement
Agreement”).

    

    Annual
Interest Rate:

    

    Interest
will accrue on the unpaid principal balance of this Note at the rate per annum
equal to (i) the lesser of the Prime Interest Rate plus 1% (as defined below),
adjusted on the first day of each calendar month based on the Prime Interest
Rate then in effect, or (ii) the maximum rate of interest allowed under
applicable law; provided, however, if at
anytime the Prime Interest Rate drops below 7.5% per annum, the Prime Interest
Rate for purposes of interest accruing on this Note shall be deemed to be 7.5%
per annum; and provided, further, that from
and after the occurrence of any Event of Default and during the continuation
thereof, the outstanding principal balance of this Note will bear interest at a
rate (herein, the “Default Rate”) equal to the lesser of (i) eighteen percent
(18%) per annum, or (ii) the maximum rate of interest allowed under applicable
law.

     

    
      
        $350K
Promissory Note

        
        

      

      
        Page 1 of
4

        
          

        

      

      
        
        

      

    

    The Prime
Interest Rate means the annual rate of interest announced from time to time by
JPMorgan Chase Bank as its base or prime commercial lending rate. If that rate
ceases to be available, the Prime Interest Rate will be a reasonably comparable
rate to be determined by Payee.

    

    Payments
will be applied first to accrued interest and the remainder to reduction of the
principal amount hereunder.

    

    Terms
of Payment:

    

    Principal
and interest will be due and payable in one lump sum payment on June 2,
2008.  Notwithstanding the provisions under Annual Interest Rate
above, in the event this Note, including principal and interest hereon, is not
paid on or before June 2, 2008, the Annual Interest Rate hereunder from the
original Date of this Note set forth above until paid in accordance herewith
shall be at the Default Rate.

    

    Maker
promises to pay to Payee, at the Place for Payment and in accordance with the
Terms of Payment, the Principal Amount together with interest accrued thereon at
the Annual Interest Rate.

    

     

    
       
Events
of Default:

    

     

    The
principal sum evidenced by this Note, together with accrued interest, shall
become immediately due and payable at the option of Payee, without presentment
or demand or any notice to Maker or any other person obligated hereon, if any of
the following events or conditions (each of which shall constitute an "Event of
Default") shall occur or exist:

     

    
      	
              (A)

            	
              any
      failure by Maker to pay when due any installment of principal or interest
      or any other fee due hereunder when due;

               

            
	
              (B)

            	
              any
      failure of Maker to make any payments due under the terms of the
      Assignment Agreement (as defined in the Settlement Agreement) or the
      Patent Mortgage and Security Agreement (as defined in the Settlement
      Agreement) or any other agreement (other than this Note) executed pursuant
      to the terms of the Settlement Agreement and fails to cure such monetary
      default within ten (10) days from the date of written notice of same, or
      if Maker breaches any non-monetary provision of the Assignment Agreement,
      the Patent Mortgage and Security Agreement or any other agreement executed
      pursuant to the terms of the Settlement Agreement and (i) fails to cure
      such monetary default within twenty (20) days from the date of the written
      notice of same or (ii) if such non-monetary default is not of the nature
      than can reasonably be cured within twenty (20) days, fails to promptly
      commence to cure the default within twenty (20) days or fails to promptly
      completes such cure thereafter;

            
	 
      	 
      
	 
      	 
      

    

     

     

    
      
        $350K
Promissory Note

        
        

      

      
        Page 2 of
4

        
          

        

      

      
        
        

      

    

     

    
      	
              (C)

            	
              the
      filing by Maker of a voluntary petition in bankruptcy, the adjudication of
      Maker as a bankrupt or insolvent, the filing by Maker of any petition or
      answer seeking or acquiescing in any reorganization, arrangement,
      composition, readjustment, liquidation, dissolution or similar relief
      under any present or future federal, state or other statute, law or
      regulation relating to bankruptcy, insolvency or other relief for debtors,
      or the appointment of any trustee, receiver or liquidator or the making of
      any general assignment for the benefit of creditors for the benefit of
      Maker or Maker’s admission in writing of its inability to pay its debts
      generally as they become due.

            

    

     

    Usury:

    

    It is the intention of the parties
hereto to conform strictly to applicable usury laws as in effect from time to
time during the term of this Note.  Accordingly, if any transaction or
transactions contemplated hereby would be usurious under applicable law
(including the laws of the United States of America, or of any other
jurisdiction whose laws may be mandatorily applicable), then, in that event,
notwithstanding anything to the contrary in this Note, it is agreed as
follows:  (i) the provisions of this paragraph shall govern and
control; (ii) the aggregate of all interest under applicable laws that is
contracted for, charged or received under this Note shall under no circumstances
exceed the maximum amount of interest allowed by applicable law, and any excess
shall be promptly credited to Maker by Payee (or, if such consideration shall
have been paid in full, such excess shall be promptly refunded to Maker by
Payee) (iii) neither Maker nor any other person or entity now or hereafter
liable in connection with this Note shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum interest permitted by
the applicable usury laws; and (iv) the effective rate of interest shall be
ipso facto reduced to the
maximum lawful interest rate.

    

    Prepayment:

    

    Maker shall have the privilege to
prepay this Note at any time, and from time to time, in whole or in part,
without penalty or fee.  Any prepayment of principal under this Note
shall include accrued interest to the date of prepayment on the principal amount
being prepaid.

    

    Waiver:

    

    Maker and any other co-makers,
endorsors, guarantors and sureties severally (i) waive notice (including, but
not limited to, notice of protest, notice of dishonor and notice of intent to
accelerate or notice of acceleration), demand, presentment of payment, protest
and filing of suit for the purpose of fixing liability, (ii) consent that the
time of payment hereof may be extended without notice to them or any of them,
(iii) expressly agree that it will not be necessary for any holder hereof, in
order to enforce payment of this Note by them, to first institute suit or
exhaust its remedies against Maker or any others liable herefor, or to enforce
its rights against any security herefor and (iv) consent to any extensions or
postponements of time of payment of this Note or any other indulgences with
respect hereto without notice thereof to any of them.

     

    

    
      
        $350K
Promissory Note

        
        

      

      
        Page 3 of
4

        
          

        

      

      
        
        

      

    

     

    

    Security:

    

    This Note
is secured by the pledge of certain assets of Payee pursuant to the terms of
that certain Patent Mortgage and Security Agreement dated of even date herewith
between Maker and Payee.

    

    Governing
Law:

    

    This Note
will be construed under the laws of the state of Texas, without regard to
choice-of-law rules of any jurisdiction.

    

    

    
      	 
      	
              MAKER:

            
	 
      	 
      
	 
      	 
      
	 
      	
              CALYPSO
      WIRELESS, INC.

            
	 
      	 
      
	 
      	 
      
	 
      	
              BY: /s/
      Cheryl L. Dotson

            
	 
      	
              Name: Cheryl
      L. Dotson

            
	 
      	
              Title: CFO
      & Director

            

    

    

    

    

    

    
      
        $350K
Promissory Note

        
        

      

      
        Page 4 of
4

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