Document:

ex10e.htm

 

EX-10e

 

THE SECURITIES REPRESENTED BY THIS UNSECURED PROMISSORY NOTE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION. THIS UNSECURED PROMISSORY NOTE MAY NOT BE TRANSFERRED OR ASSIGNED WITHOUT AN EFFECTIVE REGIASTRATION STATEMENT OR AN OPINION OF COUNSEL THAT SUCH TRANSFER OR ASSIGNMENT IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933.

 

 

UNSECURED PROMISSORY NOTE

 

	
$8,000.00

	
SAN DIEGO, CALIFORNIA

February 12, 2009

Page 1 of 3

 

FOR VALUE RECEIVED, the undersigned, Green Star Alternative Energy, Inc., a Nevada corporation (hereinafter called "Maker"), promises to pay to the order of Jesse De Castro, an individual (together with all subsequent holders of this Note, hereinafter called "Payee"), or at such other place as Payee may from time to time designate in writing, the principal sum of Eight Thousand Dollars ($8,000) ("Principal Amount"), together with interest thereon calculated on a daily basis (based, on a 365-day year) from the date hereof on the principal balance from time to time outstanding as hereinafter provided, principal, interest and all other sums payable hereunder to be paid in lawful money of the United States of America as follows:

 

 

A. Interest shall accrue at all times hereunder at the rate of seven percent (7.00%) per annum (simple interest) commencing upon the execution of this Note, and continuing on each anniversary thereafter until this Note is paid in full.

 

 

B. If not earlier due and payable, the unpaid Principal Amount, all accrued and unpaid interest and all other amounts payable hereunder shall be due and payable in full on February 12, 2010 (the "Maturity Date").

 

 

Maker agrees to an effective rate of interest that is the rate stated above plus any additional rate of interest resulting from any other charges in the nature of interest paid or to be paid by or on behalf of Maker, or any benefit received or to be received by Payee, in connection with this Note. This Note is not secured by any collateral or assets of Maker.

 

 

If any payment required under this Note is not paid within fifteen (15) days after the date such payment is due, then, at the option of Payee, Maker shall pay a "late charge" equal to five percent (5%) of the amount of that payment to compensate Payee for administrative expenses and other costs of delinquent payments. This late charge may be assessed without notice, shall be immediately due and payable and shall be in addition to all other rights and remedies available to Payee.

 

 

All payments on this Note shall be applied in such manner as Payee elects, and may be applied first to the payment of any costs, penalties, late charges, fees or other charges incurred in connection with the indebtedness evidenced hereby, next to the payment of accrued interest and then to the reduction of the principal balance.

 

 

This Note and any other documents or instruments relating to the indebtedness evidenced by this Note or executed or delivered in connection with the indebtedness evidenced by this Note are hereinafter called the "Loan Documents."

 

 

Time is of the essence of this Note. At the option of Payee, the entire unpaid principal balance, all accrued and unpaid interest and all other amounts payable hereunder shall become immediately due and payable without notice upon the failure to pay any sum due and owing hereunder as provided herein or upon the occurrence of any Event of Default in any of the Loan Documents. The occurrence of any of the following events or conditions shall constitute and is hereby defined to be an "Event of Default": (a) Any failure to pay any principal or interest or any other amount due in connection with this Note when the same shall become due and payable.

 

 

After Maturity Date, including maturity upon acceleration, the unpaid principal balance, all accrued and unpaid interest and all other amounts payable hereunder shall bear interest from the date of maturity until paid at the rate that is five percent (5%) above the rate that would otherwise be payable under the terms hereof. Maker shall pay all costs and expenses, including reasonable attorneys' fees and court costs, incurred in the collection or enforcement of all or any part of this Note. In the event of any court proceedings, court costs and attorneys' fees shall be set by the court and not by jury and shall be included in any judgment obtained by Payee. Upon the occurrence of an Event of Default under this Note or in any of the other Loan Documents, Payee may proceed against the undersigned in such order and manner as Payee, in its sole discretion, shall determine.

 

 

Failure of Payee to exercise any option hereunder shall not constitute a waiver of the right to exercise the same in the event of any subsequent default or in the event of the continuance of any existing default after demand for strict performance hereof.

 

 

Maker, sureties, guarantors and endorsers hereof: (a) agree to be jointly and severally bound, (b) severally waive demand, diligence, presentment for payment, protest and demand, and notice of extension, dishonor, protest, demand and nonpayment of this Note, (c) consent that Payee may extend the time of payment or otherwise modify the terms of payment of any part or the whole of the debt evidenced by this Note, at the request of any other person primarily liable hereon, and such consent shall not alter nor diminish the liability of any person, and (d) agree that Payee may set off at any time any sums or property owed to any of them by Payee.

 

 

No provision of this Note is intended to or shall require or permit Payee, directly or indirectly, to take, collect or receive in money, goods or in any other form, any interest (including amount deemed by law to be interest) in excess of the maximum rate of interest permitted by applicable law. If any amount due from or paid by Maker shall be determined by a court of competent jurisdiction to be interest in excess of such maximum rate, Maker shall not be obligated to pay such excess and, if paid, such excess shall be applied against the unpaid principal balance of this Note, or if and to the extent that this Note has been paid in full, such excess shall be remitted to Maker.

 

 

This Note shall be binding upon Maker and its successors and assigns and shall inure to the benefit of Payee and its successors and assigns.

 

 

This Note shall be governed by and construed according to the laws of the State of California.

 

 

The Payee acknowledges and agrees that: (1) He is an Accredited Investor; (2) He is sophisticated and experienced in investing in small, early-stage companies that have no history of generating revenues, positive cash-flow, or profits; (3) he has received a copy of the Company's corporate and financial books and records equivalent to that found in a registration statement; (4) he has had unrestricted access to the Company's officers and directors for the purpose of asking questions regarding the Company's affairs and receiving answers to all such questions; and (5) he understands that this Note is a "restricted security" and that he may have to hold this Note for an indefinite period of time; and (6) no liquid trading market exists for this Note and none will likely ever develop.

 

 

IN WITNESS WHEREOF, these presents are executed as of the date first written above.

 

	  	
MAKER:

	  	
By: ____/s/ Peter Gilcud__________________________

Peter Gilcud, President

	  	  
	
Acknowledged: _______________________

Jesse M. De Castroex10f.htm

 

EX-10f

 

GREEN STAR ALTERNATIVE ENERGY, INC.

 

 

(a Nevada corporation)

 

 

ACTION OF THE

 

 

BOARD OF DIRECTORS

 

 

BY UNANIMOUS WRITTEN CONSENT

 

 

March 6, 2009

 

 

The undersigned, being all of the members of the Board of Directors of Green Star Alternative Energy, Inc., a Nevada corporation (the "Company"), do hereby take the following actions by unanimous written consent as of March 6, 2009 pursuant to §78.320 of the Nevada General Corporation Law and the provisions of the Company's By-laws which grant the authority to the Company's Board of Directors to adopt resolutions and actions by unanimous written consent in lieu of a meeting:

 

 

Approval of Promissory Note

 

 

WHEREAS: This Board of Directors acknowledges the receipt of $25,000 on March 6, 2009 as received from Jesse De Castro and this Board has reviewed the terms of that certain unsecured promissory note in the amount of $25,000 and payable to Jesse De Castro.

 

 

RESOLVED: This Board of Directors hereby authorizes and instructs the Company's officers to execute and deliver that certain unsecured promissory note in the amount of $25,000 and payable to Jesse De Castro.

 

 

General Authorization

 

 

RESOLVED: This Board of Directors hereby authorizes the Company's officers to take all other action that may be necessary or prudent to accomplish the authorizations and instructions set forth in the resolutions adopted in this Action.

 

 

Each of the following persons hereby affix their signature to this Action of the Board of Directors in their individual capacity as a Director of the Company.

 

 

Date: March 6, 2009

 

	  	  
	  /s/ Jesse De Castro	  	  /s/ Peter Gilcud
	
Jesse De Castro

	
Peter Gilcud

 

 

	
Green Star Alternative Energy Inc.

Board Action: March 6, 2009

	
 

1ex10g.htm

 

EX-10g

 

JOINT VENTURE AGREEMENT

 

 

THIS JOINT VENTURE AGREEMENT (the "Agreement") is entered into and is effective as of this 12 th day of December 2008 BY AND AMONG Green Star Alternative Energy, Inc., a Nevada corporation with principal offices at 1660 Hotel Circle North, Suite 207, San Diego, California 92108 (the "Company"), AND Notos, d.o.o., an entity domiciled in the Republic of Serbia ("Notos") AND Sirius Regulus, d.o.o., an entity domiciled in the Republic of Serbia ("Sirius"). The Company, Notos and Sirius are all hereinafter jointly referred to as the "Parties."

 

 

WHEREAS:

 

 

	
  

	
The Parties seek to establish a joint venture (the "Joint Venture") for the planned operation of a wind energy generation project at the Belo Blato wind farm in the Republic of Serbia (the "Wind Farm").

 

 

	
  

	
Subject to the terms and conditions set forth in this Agreement, Notos and Sirius seek to contribute the use of the Wind Farm and provide management to the Joint Venture and Green Star seeks to provide the planned financing needed to undertake the Joint Venture.

 

 

	
  

	
The Parties acknowledge and agree that they have each reviewed and approved the plans and projections prepared for the Joint Venture and that all said plans and projections may be revised as conditions and circumstances require and upon further mutual agreement.

 

 

	
  

	
Each of the Parties warrants and represent that they are experienced and sophisticated in evaluating the risks and uncertainties associated with the formation and operation of a new business venture and each has received a copy of the business plan and related memoranda wherein the plans for this Joint Venture are set forth.

 

 

	
  

	
The Parties acknowledge and agree that in entering into this Agreement they also intend to form an entity domiciled in the Netherlands (the "Netherlands Company") and that, in so doing, all of the assets, liabilities, and business operations conducted in accordance with this Agreement shall thereafter be transferred to and acquired by the Netherlands Company with each of the Parties acquiring an equity interest in the Netherlands Company as set forth in Section 2.01 of this Agreement.

 

 

	
  

	
Subject to the terms and conditions of this Agreement, the Parties hereby enter into this Agreement.

 

 

NOW THEREFORE THE PARTIES AGREE AS FOLLOWS:

 

 

1.00 FORMATION OF JOINT VENTURE. In consideration of the promises and covenants recited herein together with other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Parties hereby agree to form this Joint Venture upon the following terms and conditions:

 

 

1.01 CONTRIBUTION OF THE USE OF THE LAND, ASSETS & MANAGEMENT. Notos and Sirius hereby agree to provide the use of the Wind Farm and all such other assets as reasonably required for the operation of the Wind Farm to the Joint Venture for its sole and exclusive use together with management services as reasonably required for the operation of the Wind Farm.

 

 

1.02 FINANCING. The Company hereby agrees to provide and arrange, on a best efforts basis and subject to compliance with applicable securities laws and other laws, the planned financing needed for the operation of the Wind Farm (the "Financing") within ninety days after completion of the wind sensor testing results are available and a copy of said results are received by the Company.

 

 

2.00 AGREEMENT TO FORM THE NETHERLANDS COMPANY. The Parties hereto further agree that upon execution of this Agreement, each of the Parties shall take reasonable steps to promptly and without unreasonable delay to form and file the requisite incorporation documents for the Netherlands Company in the Netherlands and that, upon formation of the Netherlands Company, to thereupon transfer and assign all of the assets, liabilities, and business operations relating to, used by, or involving the conduct of this Joint Venture to the Netherlands Company and the latter shall assume all debts and obligations arising out of the Joint Venture. The Parties further agree that:

 

 

2.01 Management of Joint Venture Prior to Netherlands Company. Prior to the transfer of the assets, liabilities, and business operations relating to, used by, or involving the conduct of this Joint Venture to the Netherlands Company, all plans and proposals involving or relating to this Joint Venture shall be jointly reviewed and evaluated by each of the Parties and that in the event of any lack of mutual agreement with respect to any such matters, the Parties agree that the Company shall have the right to make any final determination as to all such matters. A copy of all books and records relating to or arising out of this Joint Venture shall be maintained and shared among the Parties and the Parties shall, by subsequent written agreement, determine and assign responsibilities for the preparation of all documents and filings needed or appropriate for the formation of the Netherlands Company.

 

 

2.02 Ownership of the Netherlands Company. The Netherlands Company shall be owned as follows: (a) the Company shall own fifty-one percent (51%) of the outstanding voting equity interests of the Netherlands Company; and (b) Notos and Sirius shall jointly own forty-nine percent (49%) of the outstanding voting equity interests of the Netherlands Company. The Company, Notos, and Sirius shall be the sole stockholders of the Company (the "Stockholders").

 

 

2.03 Governance of the Netherlands Company. The Netherlands Company shall be governed by a Board of Directors, a majority of which shall be elected by the Company.

 

 

2.04 Financing and Distributions. The Parties agree that all arrangements for any planned Financing shall be structured so that each provider of any portion of the Financing shall receive, prior to any distribution to the Stockholders, repayment of principal and all accrued and unpaid interest as set forth in the terms of said Financing.

 

 

3.00 COVENANT NOT TO COMPETE. Each of the Parties hereto acknowledge and agree that each has received and has had access to and each will continue to receive and access to certain records, existing business plans, and business research that each other party has conducted in connection with the plans and strategies of the Joint Venture (all said information is hereinafter referred to as "Proprietary Information"). Each of the Parties also acknowledges that each will have access to confidential information about the Joint Venture and the proposed business and strategy of the Joint Venture together with access to other Proprietary Information relating to the plans, proposals, and arrangements relating to the subject matter of this Agreement.

 

 

4.00 MUTUAL NON-COMPETITION. Each of the Parties agree that for a period of two (2) years from the date of this Agreement, each Party shall not, unless acting with the express written consent of each other Party to this Agreement, directly or indirectly own, manage, operate, join, control or participate in the ownership, management, operation or control of or be connected as an officer, employee, partner or otherwise with any business engaged in the development, sale or distribution of goods or services incorporating the proposed business, products, services, or strategy of this Joint Venture, the Netherlands Company, or both of them within the geographic region of the Joint Venture.

 

 

5.00 NON-DISCLOSURE. It is understood and agreed that, in the course of the mutual efforts that each Party has undertaken in connection with effecting the purposes of this Agreement hereunder and through their separate but shared activities for the Joint Venture, each Party agrees to hold and protect all Proprietary Information in trust and confidence for each other Party to this Agreement. Each Party agrees that he shall not, during the term of this Agreement or thereafter, in any fashion, form or manner, directly or indirectly, retain, use, make copies of, divulge, disclose or communicate to any person, in any manner whatsoever, except when necessary or required in the normal course hereunder and for the benefit of the Joint Venture, the Netherlands Company, or both of them.

 

 

6.00 TERMINATION OF PRIOR AGREEMENTS. This Agreement terminates and supersedes any and all prior agreements and understandings between the Parties with respect to the formation of the Joint Venture, the Netherlands Company, or both of them.

 

 

7.00 ASSIGNMENT. This Agreement is personal in nature and no Party shall, without the prior written consent of each other Party, assign or transfer this Agreement or any rights or obligations hereunder.

 

 

8.00 Miscellaneous.

 

 

8.01 Successors. The provisions of this Agreement shall be deemed to obligate, extend to and inure to the benefit of the successors of each of the parties to this Agreement.

 

 

8.02 Independent Counsel. Each of the parties to this Agreement acknowledges and agrees that it has been represented by independent counsel of its own choice throughout all negotiations which preceded the execution of this Agreement and the transactions referred to in this Agreement, and each has executed this Agreement with the consent and upon the advice of said independent counsel. Each party represents that he or it fully understands the provisions of this Agreement, has consulted with counsel concerning its terms and executes this Agreement of his or its own free choice without reference to any representations, promises or expectations not set forth herein.

 

 

8.03 Integration. This Agreement, after full execution, acknowledgment and delivery, memorializes and constitutes the entire agreement and understanding between the Parties and supersedes and replaces all prior negotiations and agreements of the Parties, whether written or unwritten, or related thereto. Each of the parties to this Agreement acknowledges that no other party, nor any agent or attorney of any other party has made any promises, representations, or warranty whatsoever, express or implied, which is not expressly contained in this Agreement; and each party further acknowledges that he or it has not executed this Agreement in reliance upon any belief as to any fact not expressly recited herein above.

 

 

8.04 Attorneys Fees. In the event of a dispute between any two or more of the Parties concerning the enforcement or interpretation of this Agreement, the prevailing party in such dispute, whether by legal proceedings or otherwise, shall be reimbursed immediately for the reasonably incurred attorneys' fees and other costs and expenses by the other Parties to the dispute.

 

 

8.05 Interpretation. Wherever the context so requires: the singular number shall include the plural; the plural shall include the singular; and the masculine gender shall include the feminine and neuter genders.

 

 

8.06 Captions. The captions by which the sections and subsections of this Agreement are identified are for convenience only, and shall have no effect whatsoever upon its interpretation.

 

 

8.07 Amendments. No amendment to this Agreement shall be effective unless the same shall be in writing executed by the party against whom enforcement is sought.

 

 

8.08 Severance. If any provision of this Agreement is held to be illegal or invalid by a court of competent jurisdiction, such provision shall be deemed to be severed and deleted; and neither such provision, nor its severance and deletion, shall affect the validity of the remaining provisions.

 

 

8.09 Counterparts. This Agreement may be executed in any number of counterparts.

 

 

8.10 Expenses Associated With This Agreement. Each of the Parties hereto agrees to bear its own costs, attorneys' fees and related expenses associated with this Agreement.

 

 

8.11 Arbitration. Any dispute or claim arising to or in any way related to this Agreement shall be settled by arbitration in San Diego, California.

 

 

8.11.01 All arbitration shall be conducted in accordance with the rules and regulations of the American Arbitration Association ("AAA"). AAA shall designate an arbitrator from an approved list of arbitrators following the Parties' review and deletion of those arbitrators on the approved list having a conflict of interest with either party. Each party shall pay its own expenses associated with such arbitration (except as set forth in Section 8.04 above).

 

 

8.11.02 A demand for arbitration shall be made within a reasonable time after the claim, dispute or other matter has arisen and in no event shall such demand be made after the date when institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statutes of limitations. The decision of the arbitrators shall be rendered within 60 days of submission of any claim or dispute, shall be in writing and mailed to all the parties included in the arbitration. The decision of the arbitrator shall be binding upon the parties and judgment in accordance with that decision may be entered in any court having jurisdiction thereof.

 

 

8.12 Power to Bind. A responsible officer of each of the Parties has read and understands the contents of this Agreement and is empowered and duly authorized to execute it.

 

 

[The remainder of this page has been left intentionally blank.]

 

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date set forth above.

 

	
FOR THE COMPANY:

	  
	  	  
	
By: __/s/ Jesse De Castro___________________________

Jesse M. De Castro

	
Date: _________________

	
Its: Chief Financial Officer

	  

 

 

	
FOR NOTOS:

	  
	  	  
	
By: _____________________________

	
Date: _________________

	
Its: _____________________________

	  

 

 

	
FOR SIRIUS:

	  
	  	  
	
By: _____________________________

	
Date: _________________

	
Its: _____________________________

	  

 

[SIGNATURE PAGE TO JOINT VENTURE AGREEMENT]

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