Document:

Exhibit 4.5

Exhibit 4.5

SanuWave, Inc.

Promissory Note due August 1, 2015

			
	 
	 	 
	$2,000,000.00
	 	August 1, 2005

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE

SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE

SECURITIES OR “BLUE SKY” LAWS AND MAY NOT BE

OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE

REQUIREMENTS IMPOSED THEREBY.

FOR VALUE RECEIVED, the undersigned SanuWave, Inc., a Delaware corporation (the
“Borrower”), hereby promises to pay to Healthtronics, Inc., a Georgia corporation, (or its
permitted assignees, collectively, “Healthtronics”) at the address specified in Section
7.2.1. hereof, or at such other place as Healthtronics shall from time to time have designated to
Borrower in writing, on or before August 1, 2015 (the “Stated Maturity Date”), the
amount of Two million dollars ($2,000,000.00) (together with increases to such amount pursuant to
Section 2.1 hereof, the “Principal Amount”), in cash on the terms and conditions set forth
in Article 3 hereof, and with interest as provided in Article 2 hereof.

ARTICLE I

GENERAL

1.1 The Note. This Note is as contemplated by the Purchase Agreement, dated as of
August 1, 2005, among the Borrower and Healthtronics (the “Purchase Agreement”). Terms
defined in the Purchase Agreement and not otherwise defined herein are used herein as so defined
in those agreements.

1.2 Acceleration. In case an Event of Default (as defined in Section 6.1 hereof) or
Change in Control (as defined in Section 4.3.2 hereof) shall occur, the entire Principal Amount
of this Note may become or be declared to be due and payable in the manner and with the effect
provided herein.

ARTICLE II

INTEREST

2.1 Interest. This Note shall accrue daily interest from the date hereof on the
Principal Amount from time to time unpaid at a rate of six percent (6%) per annum. Such interest
shall be paid quarterly in arrears on each March 31, June 30, September 30 and December 31 of each
calendar year and on the Stated Maturity Date, or if any such day is not a business day, on the
next succeeding business day (each an “Interest Payment Date”) to the holder of record on
the date which is 15 days before the applicable Interest Payment Date.

 

 

 

2.2 Manner of Payment. On and prior to June 30, 2010, all interest on the Principal
Amount shall be payable by adding an amount equal to such interest payable on such Interest
Payment Date to the then aggregate Principal Amount outstanding on this Note on such Interest
Payment Date. On and subsequent to September 30, 2010, all interest on the Principal Amount shall
be payable in cash.

ARTICLE III

PAYMENT OF PRINCIPAL AMOUNT

3.1 Payments. The outstanding Principal Amount of this Note will be payable on the
Stated Maturity Date in cash.

ARTICLE IV

MANDATORY REDEMPTION

4.1 Change of Control of Borrower. If, after the date hereof but before the Stated
Maturity Date, there occurs a Change of Control, then the Borrower shall redeem this Note at the
Redemption Price, payable in cash, pursuant to Section 4.2 hereof.

4.2 Procedures for Redemption: Payment of Redemption Price.

4.2.1 The Borrower shall deliver a written notice to Healthtronics as soon as
practicable after the Change of Control, but in no event later than 10 days thereafter.
Written notice of redemption shall specify the date and place of the redemption of this
Note, and require Healthtronics to surrender this Note to the Borrower on the redemption
date at the Borrower’s principal place of business free and clear of all Encumbrances.
The date such written notice is delivered to Healthtronics is the “Redemption Record
Date.” The redemption date shall be as soon as practicable following the event
giving rise to such redemption, but in no event later than 30 days after the Redemption
Record Date. On the redemption date, the Redemption Price shall be paid in cash to
Healthtronics or on the order of Healthtronics to some other Person, in each case by
wire transfer of immediately available U.S. Dollars to an account designated in writing
by Healthtionics. This Note shall be thereafter canceled by the Borrower. Any notice of
redemption delivered by the Borrower to Healthtronics under this Section 3 shall be
irrevocable.

4.2.2 In the event the Borrower fails to deliver a written notice of redemption
when required to do so pursuant to Section 4.2.1, a written notice of redemption shall
be deemed to be delivered by the Borrower to Healthtronics on the date such delivery
was due, and thereafter the redemption to which such notice relates shall occur in
accordance with the terms of this Section 4.2.

4.3 Definitions.

4.3.1 “Redemption Price” means a redemption price for this Note or
any portion thereof equal to the sum of (x) 100% of the Principal Amount thereof
plus
(y) accrued but unpaid interest thereon, in each case to and including the
date of redemption.

 

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4.3.2 “Change of Control” means (i) the merger, consolidation or other
combination of the Borrower with any person in which the stockholders of the Borrower
immediately prior to such transaction in the aggregate cease to own at least 50% of the
voting power of the voting securities of the person surviving or resulting from such
transaction (or the ultimate parent thereof), (ii) the sale, conveyance or other
transfer of all or substantially all of the assets of the Borrower, or (iii) any
transaction or series of transactions in which more than 50% of the voting power of the
Borrower’s voting securities is transferred to any person or group, in each case
resulting in the payment of aggregate net proceeds to Borrower or its affiliates in
excess of $50,000,000 in cash or stock (calculated based upon the fair market value of
such stock).

ARTICLE V

CANCELLATION

5.1 If, as of the two year anniversary of the date hereof, Healthtronics or its Affiliates
have not (i) purchased or otherwise obtained ownership of, any and all assets, rights, properties,
claims and contracts of HMT High MediCal Technologies AG relating to the Business, including
without limitation any and all rights and claims of HMT High Medical Technologies AG with respect
to the Switzerland Litigation (as defined in the Letter Agreement) or any other Patent Litigation
(as defined in the Letter Agreement) (if any), (ii) conveyed, transferred, assigned and delivered
any such assets, rights, properties, claims and contracts to the Borrower pursuant to Section 2.5
of the Letter Agreement dated as of August 1, 2005, among the Borrower and Healthtronics (the
“Letter Agreement”), and (iii) come to a reasonable agreement with Borrower that such
provision has been complied with, this Note shall thereafter be canceled by the Borrower and be of
no further force and effect and, notwithstanding anything to the contrary contained in this Note,
Borrower shall have no obligation with respect to any payments hereunder, including with respect
to any accrued and unpaid interest or principal.

ARTICLE VI

EVENTS OF DEFAULT

6.1 Events of Default; Remedies. If any of the following events (each such
event
herein termed an “Event of Default”) shall happen, that is to say:

6.1.1 the Borrower shall fail to make any payment of Principal Amount of this
Note when due, whether at maturity by acceleration or otherwise;

6.1.2 The Borrower shall:

(a) commence a voluntary case under Title 11 of the United States
Code as from time to time in effect, or authorize, by appropriate proceedings of its
board of managers or other governing body, the commencement of such a
voluntary case;

 

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(b) have filed against it a petition under said Title 11 which shall not have
been dismissed within 30 days after the date on which said petition is filed, or
file an answer or other pleading within said 30-day period admitting or failing to
deny the material allegations of such a petition, or seeking, consenting to or
acquiescing in the relief therein provided, or fail to controvert timely the
material allegations of any such petition;

(c) have entered against it an order for relief in any involuntary case
commenced under said Title 11;

(d) seek relief as a debtor under any applicable law, other than said Title
11, of any jurisdiction relating to the liquidation or reorganization of debtors
or to the modification or alteration of the rights of creditors, or consent to or
acquiesce in such relief;

(e) have entered against it any order by a court of competent. jurisdiction
(i) finding it to be bankrupt or insolvent, (ii) ordering or approving its
liquidation, reorganization or any modification or alteration of the rights of its
creditors or (iii) assuming custody of, or appointing a receiver or other
custodian for, all or a substantial part of its property; or

(f) make an assignment for the benefit of, or enter into a composition with,
its creditors or appoint or consent to the appointment of a receiver or other
custodian for all or a substantial part of its property.

then and in each and every such case, Healthtronics shall notify the Borrower of such Event of
Default and, in the event such Event of Default is not cured by Borrower within thirty (30) days
of the date of such notice, Healthtronics may declare all or any part of the unpaid Principal
Amount to be forthwith due and payable (unless there shall have occurred an Event of Default
under Section 6.1.2 hereof; in which case the unpaid balance of this Note shall automatically
become due and payable), and thereupon such unpaid Principal Amount or part thereof, together
with interest accrued thereon and all other sums, if any, payable under this Note, shall become
so due and payable without presentation, presentment, protest or further demand or notice of any
kind, all of which are hereby expressly waived to the extent not prohibited by applicable law
that cannot be waived, and Healthtronics, may proceed to enforce payment of such amount or part
thereof in such manner as it or they may elect, and if additional Principal Amount and interest
remain outstanding under this Note, Healthtionics may proceed to protect and enforce its or their
rights by suit in equity, action at law and/or other appropriate proceeding either for specific
performance of any covenant, provision or condition contained in this Note, or in aid of the
exercise of any power granted in this Note.

6.2 Annulment of Defaults. An Event of Default shall not be deemed to be in
existence for any purpose of this Note if Healthtronics shall have waived such event in writing
or stated in writing that the same has been cured to its or their reasonable satisfaction. No
waiver or
statement of satisfactory cure pursuant to this Section 6.2 shall extend to or affect any
subsequent or other Event of Default not specifically identified in such waiver or statement of
satisfactory cure or impair any of the rights of Healthtronics upon the occurrence thereof.

 

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6.3 Waivers. The Borrower hereby waives to the extent not prohibited by provisions of
applicable law which cannot be waived (a) all presentments, demands for performance and notices of
nonperformance (except to the extent specifically required by the provisions hereof), (b) any
requirement of diligence or promptness on the part of Healthtronics in the enforcement of its
rights under the provisions of this Note, (c) any and all notices of every kind and description
which may be required to be given by any legal requirement, and (d) any defense of any kind (other
than payment) which it may now or hereafter have with respect to its obligations and liability
under this Note.

6.4 Course of Dealing. No course of dealing between the Borrower on the one hand,
and Healthtronics on the other hand, shall operate as a waiver of the parties’ rights under this
Note. No delay or omission in exercising any right under this Note shall operate as a waiver of
such right or any other right. A waiver on any one occasion shall not be construed as a waiver of
or bar to any right or remedy on any other occasion. No waiver or statement of satisfactory cure
or consent shall be binding upon Healthtronics unless it is in writing and signed by Healthtronics
as may be required by the provisions of this Note.

ARTICLE VII

MISCELLANEOUS

7.1 GOVERNING LAW. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

7.2 Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if delivered
personally, telecopied (with confirmation of receipt), delivered by nationally-recognized
overnight express service or sent by registered or certified mail (postage prepaid, retain
receipt requested) to the parties at the following addresses:

7.2.1 If to Healthtronics, to:

HealthTronics, Inc.

1301 S. Capital of Texas Hwy., Suite B-200

Austin, Texas 78746

Attention: James Whittenburg

Facsimile No.: (512) 314-4305

 

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7.2.2 If to the Borrower, to:

SanuWave, Inc.

44 Montgomery Street, Suite 860

San Francisco, California 94104

Attention: Chris Puscasiu

Facsimile No.: (617) 507-0438

With a copy to:

Simpson Thacher & Bartlett LLP

3330 Hillview Avenue

Palo Alto, CA 94304

Attention: Michael J. Nooney, Esq.

Telecopy: (650) 251-5002

or to such other address as the person to whom notice is to be given may have previously
furnished to the other in writing in the manner set forth above, provided that notice of a
change of address shall be deemed given only upon receipt.

7.3 Expenses. Each party hereto shall be solely responsible for all expenses
incurred by it or on its behalf in connection with the preparation and execution of this Note
and the consummation of the transactions contemplated hereby, including, without limitation, the
fees and expenses of its counsel, accountants, brokers, finders, financial advisors and other
representatives; provided, however, that in the event of any non-payment by Borrower of
principal or interest due hereunder, which non-payment is finally judicially determined by a
court of competent jurisdiction to have been the result of a breach solely by Borrower of the
terms hereunder, Borrower agrees to reimburse Healthtronics for its reasonable costs and
expenses in connection with the enforcement of its rights hereunder.

7.4 Specific Performance. Without limiting the rights of each party hereto to pursue
all other legal and equitable rights available to such party for the other parties’ failure to
Perform their obligations under this Note, the parties hereto acknowledge and agree that the
remedy at law for any failure to perform their obligations hereunder would be inadequate and that
each of them, respectively, shall be entitled to specific performance, injunctive relief or other
equitable remedies in the event of any such failure.

7.5 Descriptive Headings:, Interpretation. The headings contained in this Note are
for reference purposes only and shall not affect in any way the meaning or interpretation of this
Note. References in this Note to Sections mean Sections of this Note, unless otherwise indicated.
The term “person” shall mean and include an individual, a partnership, a joint venture, a
corporation, a trust, a governmental entity or an unincorporated organization. The parties
hereto agree that they have been represented by counsel during the negotiation and execution of
this Note and, therefore, waive the application of any law, regulation, holding or rule of
construction providing that ambiguities in a document will be construed against the party
drafting the document.

 

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7.6 Counterparts. This Note may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one instrument.

7.7 Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the parties shall negotiate in good faith with a
view to the substitution therefor of a suitable and equitable solution in order to carry out, so
far as may be valid and enforceable, the intent and purpose of such invalid provision,
provided, however, that the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions contained herein shall not be in
any way impaired thereby, it being intended that all of the rights and privileges of the parties
hereto shall be enforceable to the fullest extent permitted bylaw.

7.8 Entire Agreement; Third-Party Beneficiaries. This Note constitutes the entire
agreement among the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the
subject matter hereof, and is not intended to confer upon any person other than the parties
hereto and their permitted assigns any rights or remedies hereunder.

7.9 Assignment. No party hereto may assign its rights or obligations under this
Note.

7.10 Further Assurances. The Borrower and Healthtronics agree to execute and deliver
such other documents, certificates, agreements and other writings and to take such other actions
as may be necessary or desirable in order to implement the transactions contemplated by this Note.

[The remainder of this page is intentionally blank]

 

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The undersigned has caused this Note to be executed and delivered by its duly authorized
officer as of the date first written above.

	 	 	 	 	 
	 	SANUWAVE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Christian Puscasiu 	 
	 	 	Title:  	President 	 
	 
	 	HEALTHTRONICS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	James Whittenburg 	 
	 	 	Title:  	Senior Vice President Development,
General Counsel and Secretary 	 

 

8Exhibit 10.1

Exhibit 10.1

STOCK REPURCHASE AGREEMENT

This Stock Repurchase Agreement is entered into as of this                      day of September, 2009, by and
between Rub Music Enterprises, Inc., a Nevada corporation (the “Company”), and
                                        , a resident of the state of                                          (the “Stockholder”).

BACKGROUND

Stockholder owns                      shares of the Company’s common stock, $0.001 par value per
share (the “Shares”) and the Company is willing to repurchase the Shares for the Purchase Price (as
defined below) upon the terms and subject to the conditions set forth in this Agreement.

AGREEMENT

NOW, THEREFORE, the Stockholder and the Company agree as follows:

SECTION 1

REPURCHASE AND SALE OF SHARES

1.1 Repurchase and Sale of Shares. On the terms and subject to the conditions set
forth in this Agreement, the Company agrees to purchase from the Stockholder and the Stockholder
agrees to sell, transfer, convey and deliver to the Company the Shares at a price equal to
                     per Share.

1.2 Payment for Shares. The total purchase price for the Shares shall be
                     United States Dollars ($                    ) (the “Purchase Price”), payable in
cash. Upon receipt of the Purchase Price, the Stockholder agrees to deliver the certificates
representing the Shares to the Company and irrevocably appoints any officer, employee or agent of
the Company as his attorney to cancel or transfer the Shares on the books of the Company with full
power of substitution.

SECTION 2

REPRESENTATIONS AND WARRANTIES

2.1 Representations and Warranties of the Stockholder. The Stockholder
represents and warrants to the Company as follows:

2.1.1 Power and Authority. The Stockholder has the power and authority to execute
and deliver this Agreement and consummate the transactions contemplated hereby.

2.1.2 Validity; Enforceability. This Agreement and all other instruments or
documents executed by the Stockholder in connection herewith have been duly executed by the
Stockholder, and constitute legal, valid and binding obligations of the Stockholder, enforceable in
accordance with their respective terms.

2.1.3 No Encumbrances. The Stockholder is the owner of record of all right, title
and interest (legal and beneficial), free and clear of all liens, in and to the Shares. Upon
delivery of certificates representing the Shares to be sold by the Stockholder to the Company
hereunder and payment therefor pursuant to this Agreement, good, valid and marketable title to such
Shares, free and clear of all
liens, encumbrances, equities, claims, liabilities or obligations, whether absolute, accrued,
contingent or otherwise, will be transferred to the Company.

 

 

 

2.1.4 Knowledge; Access. The Stockholder has such knowledge and experience in
financial and business matters and has been furnished access to such information and documents
concerning the Company that it is capable of evaluating the merits and risks of accepting the
Purchase Price in exchange for the Shares and the other terms and conditions of this Agreement.
The Stockholder has had an opportunity to ask questions and receive answers concerning the terms
and conditions of this repurchase and to obtain additional information regarding the Company’s
plans and future prospects.

2.2 Representations and Warranties of the Company. The Company represents and
warrants to the Stockholder as follows:

2.2.1 Power and Authority. The Company has the power and authority to execute and
deliver this Agreement and consummate the transactions contemplated hereby.

2.2.2  Organization and Qualification. The Company is a corporation, duly
organized, validly existing and in good standing under the laws of the State of Nevada.

2.2.3 Validity; Enforceability. This Agreement and all other instruments or
documents executed by the Company in connection herewith have been duly executed by the Company,
and constitute legal, valid and binding obligations of the Company, enforceable in accordance with
their respective terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and general principles of equity (whether considered in an action at law or in
equity). The terms of this Agreement and the underlying transactions comply with all applicable
laws of the United States of America and of any applicable state thereof, and no consent, approval,
order or authorization of, or registration, qualifications, designation, declaration or filing
with, any federal, state or local governmental authority on the part of the Company is required in
connection with the consummation of the repurchase of shares contemplated by this Agreement.

SECTION 3

MISCELLANEOUS

3.1 Notices. In order to be effective, any notice or other communication
required or permitted hereunder, shall, unless otherwise stated herein, be in writing and shall be
transmitted by messenger, delivery service, mail or telecopy, as specified below:

	 	 	 	 	 	 	 
	 	 	If to the Company to:	 	 
	 
	 	 	 	 	 	 
	 	 	Rub Music Enterprises, Inc.

5555 North Star Ridge Way

Star, Idaho 83669
	 	 
	 

	 	Fax:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	with a copy (which shall not constitute

notice) to:
	 
	 	 	 	 	 	 
	 	 	Cletha A. Walstrand, Esq.

Attorney at Law

1322 West Pachua Circle

Ivans, Utah 84738
	 	 
	 

	 	Fax:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	If to the Stockholder to:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Fax:	 	 	 	 
	 

	 	 	 	 	 	 

or at such other address as a party shall designate in a written notice to the other parties hereto
given in accordance with this Section 3.1. All notices and other communications shall be
effective (a) if sent by messenger or delivery service, when delivered, (b) if sent by mail, five
(5) days after having been sent by certified mail, with return receipt requested, or (c) if sent by
facsimile with receipt acknowledged, when sent.

 

 

 

3.2 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective permitted successors and assigns.

3.3 Entire Agreement, Amendment. This Agreement constitutes the entire agreement
between the Company and Stockholder with respect to the transactions contemplated hereby;
supersedes all prior or contemporaneous negotiations, communications, discussions and
correspondence concerning the subject matter hereof; and may be amended or modified only with the
written consent of the Company and the Stockholder.

3.4 Severability of Provisions. If any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be ineffective only to the
extent of such prohibition or invalidity without invalidating the remainder of such provision or
any remaining provisions of this Agreement, and the parties shall use their respective best efforts
to negotiate and enter into an amendment to this Agreement whereby such provision will be modified
in a manner that is consistent with the intended economic consequences of the invalid provision and
that, as modified, is legal and enforceable.

3.5 Governing Law. This agreement shall be governed by and construed in accordance
with the internal laws of the State of Nevada without giving effect to any choice of law or
conflict, provision or rule (whether of the State of Nevada or any other jurisdiction) that would
cause the laws of any jurisdiction other than the State of Nevada to be applied.

3.6 Counterparts. This Agreement may be executed in separate counterparts, either of
which, when so executed, shall be deemed to be an original and both of which, when taken together,
shall constitute but one and the same agreement. In the execution of this Agreement, facsimiled or
scanned and emailed manual signatures shall be effective for all purposes.

3.7 Survival. The representations, warranties, covenants and agreements made herein
shall survive the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby, notwithstanding any investigation made by either party.

3.8 Further Assurances. Each party shall at any time and from time to time after the
date hereof take whatever actions the other party or its affiliates or agents reasonably request to
effectuate, record, evidence or perfect its transfer of the Shares to the Company pursuant to this
Agreement or to otherwise effectuate or consummate any of the transactions contemplated hereby.

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and
year first written above.

	 	 	 	 	 
	RUB MUSIC ENTERPRISES, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ 	 	 
	 

	 	 	 	 
	 

	 	Cornelius Hofman	 	 
	 

	 	President	 	 
	 
	 	 	 	 
	Shareholder	 	 
	 
	 	 	 	 
	By:

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