Document:

ex10_3.htm

    

      Investment
Agreement

      

      Denver,
Colorado

      August 3,
2009

      

      This
document sets in place the investment agreement (“Agreement”) between Vista
International Technologies, Inc (“Vista”), a Delaware corporation, and Timothy
D. Ruddy (“Investor”), an individual and since October 2007 a member of the
Board of Directors of Vista International Technologies, Inc., who resides at
3885 Vale View Lane in Mead, Colorado 80542.

      

      1.           Vista
agrees that for all funds contributed by the Investor directly to the company,
as shown on Exhibit #1, the Investor will have the right to receive one of the
following options, at his discretion:

      

      a.)           Upon
demand of Investor, but on or after September 30, 2009, repayment of principal
and 8% simple interest, accrued from the date of investment.

      

      b.)           Upon
demand of Investor at any time, Common Shares of Vista (Ticker symbol - VVIT)
equal to the value of funds contributed (with no interest
accrued).  For the purposes of the conversion, the market value used
for the conversion will be the closing price on the national exchange for the
day the investment was made.  If no shares were traded on the day of
investment, then the most recent closing price will be used.

      

      c.)           Any
combination of   a. and b above representing the full amount of
contributed capital plus any applicable interest.

      

      2.           Vista
shall pay to the Investor 10% per annum of principal and interest due and owing
if Vista fails to pay the Investor or authorized agent within 10 days after the
payment is demanded.

      

      3.           Payments
received for application to this Agreement shall be applied in the following
order:

      

      A.)           to
the payment of late charges, if any,

      

      B.)           to
the payment of accrued interest at the rate specified in section 2, if
any,

      

      C.)           to
the payment of accrued interest specified in section 1a, if Investor chooses
option 1a for repayment

      

      D.)           reduction
of the principal amount.

      

      4.           Vista
may prepay the principal amount (with 8% simple interest) outstanding under this
Agreement with the consent of the Investor, in whole or in part, at any time
without penalty except any partial prepayment shall be applied against the
principal amount outstanding and shall not postpone the due date of any
subsequent payments or change the amount of such
payments.  Prepayments will count toward the most recently contributed
funds first, then toward older contributions, in reverse chronological
order.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      5.           Vista
and all other makers, sureties, guarantors, and endorsers hereby waive
presentment, notice of dishonor and protest, and they hereby agree to any
extensions of time of payment and partial payments before, at, or after
maturity. This Agreement shall be the joint and several obligation of Vista and
all other makers, sureties, guarantors and endorsers, and their successors and
assigns.

      

      6.           Any
notice to Vista  provided for in this Agreement  shall be in
writing and shall be given and be effective upon (1) delivery to Vista or (2)
mailing such notice by first-class U.S. mail, addressed to Vista at its address
stated below, or to such other address as Vista may designate by notice to the
Investor. Any notice to the Investor shall be in writing and shall be given and
be effective upon (1) delivery to the Investor or (2) by mailing such notice by
first-class U.S. mail, to the Investor at the address stated in the first
paragraph of this Agreement, or to such other address as the Investor may
designate by notice to Vista.

      

      7.           This
agreement shall also address the Komatsu skid steer which was leased by the
Investor for use by Vista at the tire processing plant in Hutchins,
Texas.  Any remaining payments on the lease will be considered to be
funds contributed to Vista at the terms of this agreement.  Once each
payment is made, that amount will be removed from the amount owed.

      

      It is
understood by both parties that this agreement may be subject to a vote and
approval by the board of directors.  If such a vote and approval is
required, then the agreement shall be submitted in its current form to the board
in a timely fashion.

      

      Agreed to
this 3rd day of August by:

      

      Investor:

      

      

      /s/
Timothy D. Ruddy

      Timothy
D. Ruddy

      

      Vista:

      

      

      /s/
Barry Kemble

      Barry
Kemble

      CEO

      Vista
International Technologies, Inc.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
#1

      

      Funds
contributed by Investor to Vista:

      
 

      
        	
                11/28/2008

              	
                $10,000.00

              
	
                12/05/2008

              	
                $10,000.00

              
	
                12/12/2008

              	
                $10,000.00

              
	
                12/22/2008

              	
                $10,000.00

              
	
                12/31/2008

              	
                $10,000.00

              
	
                01/15/2009

              	
                $10,500.00

              
	
                01/16/2009

              	
                $4,500.00

              
	
                01/23/2009

              	
                $8,000.00

              
	
                2/11/2009

              	
                $4,100.00

              
	
                02/18/2009

              	
                $5,000.00

              
	
                03/06/2009

              	
                $4,000.00

              
	
                03/13/2009

              	
                $15,900.00

              
	
                03/31/2009

              	
                $5,000.00

              
	
                04/09/2009

              	
                $4,100.00

              
	
                04/09/2009

              	
                $5,900.00

              
	
                04/20/2009

              	
                $4,100.00

              
	
                04/30/2009

              	
                $5,300.00

              
	
                05/14/2009

              	
                $4,000.00

              
	
                06/02/2009

              	
                $2,500.00

              
	
                06/08/2009

              	
                $7,500.00

              
	
                06/26/2009

              	
                $5,000.00

              

      

      

       

      This
exhibit may be amended as additional funds from the Investor are provided to
Vista.  These funds will be contributed under same terms listed in
this agreement.ex10_4.htm

    

     

    PROMISSORY
NOTE

     

    

      
        	 
      	
                Denver,
      Colorado

              
	
                $375,000.00

              	
                August
      11, 2009

              

      

    Vista
International Technologies, Inc., a Delaware corporation with its principal
place of business at 4704 Harlan Street, Suite 685, Denver, Colorado 80212 (the
"Payor"), for value received, hereby unconditionally promises to pay to the
order of RICHARD C. STRAIN,
an individual residing at 15 Loockerman Avenue, Poughkeepsie, New York
12601 (the "Payee"), on the
earlier of (i) the date of commencement of any bankruptcy, insolvency or similar
proceedings in respect of the Payor and (ii) December 31, 2011, in lawful money
of the United States of America, the maximum principal sum of THREE HUNDRED
SEVENTY- FIVE THOUSAND and 00/100 ($375,000.00) DOLLARS (the “Maximum Principal
Amount”) or such lesser amount as shall have been advanced by Payee to Payor,
together with interest thereon as hereinafter provided.

     

    SECTION
1.  Interest. Interest
shall accrue on the outstanding principal amount of this Promissory Note at the
rate of nine percent (9%). Interest shall be computed based upon a 365 day
year.

     

    SECTION
2.  Advances. From time
to time, Payee may make advances, or loans, to Payor up to the Maximum Principal
Amount to enable Payor to repay certain of its trade creditors on teiins
favorably negotiated by Payor. Each such advance will be subject to the terms
and conditions of this Note. Each advance will be supported by submission
of a Request for Advance in the form annexed as Exhibit A hereto.

     

    SECTION
3.  Repayments.
Repayments of principal and interest shall be made by Payor monthly beginning on
October 1, 2009 in monthly installments of $8,000.00, with a final repayment of
all outstanding principal and accrued interest, if any, due and payable on
December 31, 2011. In addition, ten (10%) of all equity funds raised by the
Payor during the term hereof shall be used to repay outstanding principal and
interest hereunder, if any. All repayments shall be applied in the following
order of priority: (i) outstanding unpaid fees and costs for which Payee may be
responsible pursuant to the Security Agreement referenced in Section 5 herein,
(ii) accrued and unpaid interest and (iii) principal.

     

    SECTION
4.  Priority. This
Promissory Note shall not be subordinated or junior in right of payment or
distribution to any other indebtedness, liabilities or obligation of any kind or
nature whatsoever and shall be senior or pari passu in right
of payment and distribution to any and all such other indebtedness, liabilities
and obligations of the Payor.

     

    SECTION
5.  Security. The
obligations under this Note are secured by the Security Agreement between Payor
and Payee of even date herewith.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
6.  Equity
Redemption; Salary Reduction. As additional consideration for the loan
evidenced by this Note, (i) Payor shall provide Payee with certain equity
redemption rights with respect to Payor's stock owned by Payee, on terms and
conditions to be agreed upon by the parties and (ii) Payor's officers and
directors, Barry Kemble and Timothy Peach, shall agree to a reduction of both
accrued, unpaid salary and ongoing salary on tellus and conditions to be agreed
upon by the parties.

     

    SECTION
7.  Miscellaneous. (a)
The Payor hereby waives presentment, demand, protest and notice of any kind
whatsoever in connection with this Promissory Note. The nonexercise by the
holder of any of its rights hereunder in any particular instance shall not
constitute a waiver thereof in that or any subsequent instance.

     

    (b) The Payor
may prepay all or part of the principal hereof at any time without
penalty.

     

    (c) This
Promissory Note shall be construed in accordance with and governed by the law of
the State of New York.

     

    (d) All
borrowings evidenced by this Promissory Note and all payments and prepayments of
the principal hereof and interest hereon shall be recorded by such holder in its
internal records, provided, however,
that the failure of the holder hereof to make such a notation or any
error in such a notation shall not affect the obligation of the Payor under this
Promissory Note. All payments and prepayments payments received by the Payee
shall be applied first to accrued interest and, thereafter, to
principal.

     

    IN
WITNESS WHEREOF, the undersigned has caused this Promissory Note to be duly
executed as of the day and year first above written.

     

    
      
        	 	
              	 
	 	 	VISTA
      INTERNATIONAL TEHNOLOGIES, 

                INC.

                 

              	 
	
                 

              	
                 

              	/s/ Barry
      J. Kemble	 
	 	 	By:
      Barry J. Kemble	 
	 	 	Title:
      CEO

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