Document:

ex10-1.htm

Exhibit 10.1

 

AMENDMENT NUMBER 2

To The Unsecured Promissory Note

By and Between

Claimsnet.com Inc.

And Novinvest Associated S. A. 

 

This Amendment Number 2 is made to that certain Unsecured Promissory Note ("Note") made and entered into by and between Claimsnet.com Inc. and Novinvest Associated S.A. dated September 9, 2010.

The provisions set forth herein shall be deemed to modify and replace those provisions of the Note as specifically set forth. All other provisions of the Note shall remain in full force and effect.

The parties desire to change the Due Date on Unpaid Principal and Interest to September 9, 2013.

AGREED and entered into as of September 27, 2011.

CLAIMSNET.COM INC.

a Delaware corporation

By:   /s/ Don Crosbie

-------------------------------------

Don Crosbie

Chief Executive Officer

NOVINVEST ASSOCIATED S. A.

By:  /s/ J. R. Schellenberg

-------------------------------------

J.R. Schellenbergex10-2.htm

Exhibit 10.2

 

NOTE

Date:                                September 29, 2011

Maker:                             Claimsnet.com, Inc.

Payee:                              J. R. Schellenberg

	
Place for Payment:

	
 14860 Montfort Dr., Suite 250, Dallas, TX  75254

	
Principal Amount:

	
 Twenty-five Thousand U.S. dollars (USD$25,000.00)

Annual Interest Rate on Unpaid Principal from Date of Funding:  One and three quarters percent (1.75%)

Terms of Payment:  Principal and interest shall be due and payable on demand, interest being calculated on the unpaid principal balance to the date of each installment paid, and the payment made credited first to the discharge of interest accrued and the balance to the reduction of the principal.  Accrued and unpaid interest shall be computed on the basis of the actual days elapsed in a year consisting of 365 days on the principal.

Annual Interest Rate on Demanded, Unpaid Amounts:  The highest rate allowed by law.

Security for Payment:   None

Maker promises to pay to the order of Payee at the place for payment and according to the terms of payment the principal amount plus interest at the rates stated above.  All unpaid amounts shall be due upon demand.

On default in the payment of this note or in the performance of any obligation in any instrument securing or collateral to it, this note and all obligations in all instruments securing or collateral to it shall become immediately due at the election of Payee.  Maker and each surety, endorser, and guarantor waive all demands for payment, presentations for payment, notices of intention to accelerate maturity, notices of acceleration of maturity, protest, and notices of protest.

If this note or any instrument securing or collateral to it is given to an attorney for collection or enforcement, or if suit is brought for collection or enforcement, or if it is collected or enforced through probate, bankruptcy, or other judicial proceeding, then Maker shall pay Payee reasonable attorney's fees in addition to other amounts due.  Reasonable attorney's fees shall be 10.0% of all amounts due unless either party pleads otherwise.

  

  

  

Nothing in this note shall authorize the collection of interest in excess of the highest rate allowed by law.

Maker reserves the right to prepay the outstanding principal balance of this Note, in whole or in part, at any time and from time to time, without premium or penalty.  Any such pre-payment shall be made together with payment of interest accrued on the amount of principal being prepaid through the date of such prepayment, and shall be applied to the installments of principal due hereunder in the inverse order of maturity.

           Each Maker is responsible for the entire amount of this note.

The terms Maker and Payee and other nouns and pronouns include the plural if more than one.

Maker shall not be deemed to be in default of this note unless and until Maker shall have been given seven (7) days written notice and opportunity to cure such default, via certified mail return receipt requested.

Claimsnet.com, Inc.

By: /s/ Don Crosbie

Don Crosbie, CEO

MAKERex10-8.htm

Exhibit 10.8

 

GlobeTrac Inc.

610 – 1100 Melville Street

Vancouver, British Columbia

V6E 4A6

September 26, 2011

 

	
David Bernard

4525 S. Dean Martin Drive, #2007

Las Vegas, Nevada

89103

	
Michael Avatar

c/o 4525 S. Dean Martin Drive, #2007

Las Vegas, Nevada

89103

Dear Sirs:

Re:  Equities.com, Inc. - Share Purchase

This letter will confirm our numerous discussions concerning the proposed purchase of all of the shares of Equities.com, Inc. (“Equities”).

This Letter Agreement sets forth the terms and conditions of the proposed purchase, which, when accepted by you, will form a binding agreement among us, such agreement to be embodied in due course in a more formal agreement (the “Formal Agreement”).

Background

For the purposes of our proposed acquisition, we have each relied upon the following information:

	
(a)

	
Equities is a Nevada corporation duly organized and validly subsisting and in good standing;

	
(b)

	
GlobeTrac Inc. is a Delaware corporation duly organized and validly subsisting and is a SEC reporting company in good standing;

	
(c)

	
there are no options, rights or other agreements to purchase any or all of the shares issued and outstanding in the capital of Equities (the “Shares”), and you have not granted anyone else the right to purchase any of the Shares;

	
(d)

	
except for accounts payable incurred in the ordinary course of Equities business and any loan payments owed by Equities before or after the signing of this Letter Agreement (the “Loans”), there are no known liabilities, contingent or otherwise, affecting Equities; and

	
(e)

	
you are the only officers, directors, and shareholders of Equities.

  

  

  

 

Proposed Acquisition

Based on the foregoing information, we agree as follows:

	
1.

	
We will purchase from you all of the Shares.  Included in the business assets at the time of purchase will be the Loan, if any, and all cash, property, contracts, equipment, goodwill, intellectual property, and any other assets used in or related to the business of Equities, including the exclusive use of the domain name “equities.com” (collectively the “Assets”).

	
2.

	
The aggregate purchase price of the Shares will be negotiated and agreed upon closing.  We will issue each of you a number of post-consolidated restricted shares that will represent an aggregate of at least 60% of the issued and outstanding shares at the time of closing, with an allocation to be agreed upon and contained within the Formal Agreement.

	
3.

	
You or your nominees will be appointed to our Board of Directors.

	
4.

	
It is understood that contained in the Formal Agreement will be the normal and usual covenants and warranties for a transaction of this nature, including among other things, but without limitation, the ownership of the Assets and the Shares, and the right of you to sell the Shares.  The Formal Agreement will also disclose and contain warranties concerning, without limitation, the nature of ownership of and good title to the Assets; the holdings of permits, licences, consents and authorities necessary for the use of the Assets and to carry on the business; all purchase orders and other obligations dealing with the Assets; and all outstanding guarantees and performance bonds attached to the Assets.

	
5.

	
The Formal Agreement will also contain customary conditions precedent to closing, including, without limitation, the following:

	
  

	
a.

	
We will conduct our due diligence on the Shares and the Assets and evaluate the Shares and Assets and obtain satisfactory results from our due diligence and evaluation.

	
  

	
b.

	
We will complete the due diligence and evaluation within 45 calendar days of the date this Letter Agreement is accepted by you.

	
  

	
c.

	
You and Equities will obtain any required consents for the transfer of title of the Shares and the change of control of Equities.

	
  

	
d.

	
Prior to closing, you will provide audited financial statement of Equities for a period to be determined by our auditor.

	
  

	
e.

	
We will obtain shareholder approval to a 4:1 consolidation of the issued and outstanding shares of GlobeTrac Inc.

	
  

	
The Formal Agreement will provide that if these conditions are not fulfilled or waived prior to closing, the obligations of the parties thereunder will be null and void unless the fulfilment of any such condition was not reasonably capable of being performed.

	
6.

	
Pending the closing of the transaction, we and our representatives will have, at reasonable times and with minimal disruption, access to Equities and to its books and records, financial and operating data, material contracts and other information with respect to the business as we will reasonably request.

	
7.

	
All information will be kept confidential and will be divulged by the parties only to their respective principals and professional advisors.

 

  

  

  

 

	
8.

	
Prior to execution of the Formal Agreement and so long as negotiations on this proposal continue and are being pursued in good faith, you agree neither to solicit expressions of interest nor offers from any other parties concerning the sale of the Shares or the Assets nor to negotiate same or to take any steps in furtherance thereof.

Miscellaneous

	
9.

	
Each of the parties hereby will pay their own costs, expenses and fees (including, without limitation, legal counsel) incurred in connection with the preparation, execution and the consummation of this Letter Agreement and the Formal Agreement.

	
10.

	
This Letter Agreement and the Formal Agreement will be interpreted in accordance with the laws of the Province of British Columbia and will enure to the benefit of and be binding upon us and you and our respective heirs, successors and permitted assigns.

	
11.

	
All parties agree to sign such further and other deeds and documents, including without limitation, the Formal Agreement and to give such further and other assurances as may be necessary to fully implement this Letter Agreement.

	
12.

	
If the foregoing accurately sets forth your understanding of our agreement, please sign this Letter Agreement where indicated below which will then form a binding agreement among us, subject only to the terms and conditions aforesaid.  We will then immediately begin our due diligence and preparation of the Formal Agreement.

Yours truly,

GlobeTrac Inc.

 

Per:      /s/ John daCosta                                                      c/s

John daCosta - President

 

ACCEPTED AND AGREED TO THIS 26TH DAY OF SEPTEMBER, 2011:

	
/s/ David Bernard 

	
/s/ Michael Avatar

	
David Bernard

	
Michael Avatar

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