Document:

geec_ex41.htm

EXHIBIT 4.1

 

SECURED PROMISSORY NOTE

 

	$337,500.00	November __, 2013

 

FOR VALUE RECEIVED, GREAT EAST ENERGY, INC., a Nevada corporation (hereinafter referred to as “Maker”), promises to pay to the order of BEZERIUS HOLDINGS LIMITED, a private company limited by shares organized under the laws of the Republic of Cyprus (together with its permitted successors and assigns, the “Holder”), the principal sum of Three Hundred Thirty Seven Thousand Five Hundred $337,500.00) on or before December 31, 2013 (the “Maturity Date”). This Note shall bear no interest.

This Note is being issued pursuant to that certain Stock Purchase Option Agreement by and between the Company and the Holder dated July 25, 2013, as amended on November __, 2013 (the “Option Agreement”), and all capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Option Agreement. This Note is being issued as a portion of the Exercise Price under Section 4.3(b)(i) of the Option Agreement.

The obligations of the Maker to the Holder under this Note are secured pursuant to the Pledge and Security Agreement in the form of Annex A attached hereto dated as of the date hereof made by the Maker in favor of the Holder.

All sums payable hereunder are payable in lawful money of the United States of America and in immediately available funds at such place or places as the Holder may designate in writing. This Note may be prepaid at any time, in whole or in part, without penalty. All sums paid under this Note shall be applied first to any fees, expenses and other charges then due and unpaid, in such order as the Holder shall determine, with the remaining principal amount, if any, to be applied to unpaid principal.

Any failure to pay any amounts due hereunder when due shall constitute an event of default hereunder (the “Event of Default”), and upon and following such event of default, the Holder may proceed to protect and enforce its rights under applicable law, in equity or other appropriate proceeding, including, without limitation, an action for specific performance to enforce or aid in the enforcement of any provision herein. If an event of default occurs, the full principal amount of this Note and such other amounts owing in respect thereof, shall become immediately due and payable. Holder need not provide and the Maker hereby waives any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any declaration of default may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall have all rights as a noteholder until such time, if any, as the full payment shall have been received by it. No such rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon.

 

  

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The Holder may assign, transfer or negotiate this Note and any security for the performance of Maker's obligations hereunder, and in such event all provisions of this Note shall inure to the benefit of and may be exercised by or on behalf of the successor Holder, and all payments of principal and of interest, if any, due and to become due under this Note shall not thereafter be subject to any defense, counterclaim or set-off which the Maker may have against any prior Holder.

No renewal or extension granted, or any indulgence shown to, or any release of, or any dealings between the Holder and any other person, corporation, or entity now or hereafter interested in this Note or in the property securing this Note, shall discharge, extend or in any way affect the obligations of Maker hereunder.

Maker will pay the legal and other fees and expenses of the Holder reasonably incurred in connection with or incidental to the enforcement of any of the obligations of Maker or rights of the Holder under this Note, by litigation, foreclosure, or otherwise; and all such fees and expenses shall be indebtedness under this Note.

This Note may not be modified or terminated orally. This Note for all purposes shall be enforced and construed in accordance with the substantive law of the State of New York, without resort to that state's conflict of laws rules. The Maker hereby consents to the exclusive jurisdiction and venue of the state and federal courts located in New York County, New York with respect to any matters arising from enforcement of this Note.

IN WITNESS WHEREOF, the undersigned has executed this Note under seal as of the date first above written.

 

	 	Great East Energy, Inc.	 
	 	 	 
	 	By:	/s/ Michael Doron	 
	 	Name:	Michael Doron	 
	 	Title:	Chief Executive Officer	 

 

 

 

 

 

 

 

2geec_ex42.htm

EXHIBIT 4.2

 

CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS

OF

SERIES A CONVERTIBLE PREFERRED STOCK

OF

GREAT EAST ENERGY, INC.

November 22, 2013

GREAT EAST ENERGY, INC. (the "Company"), a corporation organized and existing under the laws of the State of Delaware, DOES HEREBY CERTIFY that, pursuant to the authority conferred on the Board of Directors of this Company by the Certificate of Incorporation, as amended, of this Company in accordance with Section 151 of the General Corporation Law of the State of Delaware, the Board of Directors of this Company adopted the following resolutions establishing a new series of preferred stock of this Company.

 

RESOLVED, that pursuant to the authority vested in the Board of Directors of the Company, the provisions of its Certificate of Incorporation, as amended, and in accordance with the General Corporation Law of the State of Delaware, the Board of Directors hereby establishes a series of the authorized preferred stock of the Company with par value of $.001 per share, which series shall be designated as “Series A Preferred Stock” and which will consist of One (1) share and will have powers, preferences, rights, qualifications, limitations and restrictions thereof, as follows:

1. Dividends.

 

The holders of the Series A Preferred Stock (the “Holder”) shall not be entitled to dividends, except that in the event that a dividend is declared on the Company’s common stock, par value $.001 per share (“Common Stock”), the holders of the Series A Preferred Stock shall receive the dividends that would be payable if all then outstanding shares were converted into Common Stock immediately prior to the declaration of the dividend.

 

2. Voting Rights. With respect to all matters upon which the Company’s stockholders shall vote, the holders of Series A shall vote together as a single class with the holders of Common Stock, and the holders of any other class or series of shares entitled to vote with the Common Stock, with one share being entitled to thirty percent (30%) of the total votes on all such matters.

3. Conversion. Each share of Series A Preferred Stock shall be automatically convertible into One (1) share of Common Stock of the Company upon the earlier to occur of (i) Twelve (12) months from July 25, 2013 or (ii) the Company closing financings with gross proceeds of at least $4,000,000 on a cumulative basis from July 25, 2013. Shares of Series A Preferred Stock converted into Common Stock in accordance with the terms hereof shall be canceled and may not be reissued.

4. No Liquidation Preference. The Series A shall not have any right to participate in distributions or payments in the event of any liquidation, dissolution or winding up, voluntary or involuntary, of the Company.

 

  

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5. Status of Converted Stock. Upon the conversion or extinguishment of the Series A Preferred, the shares converted or extinguished will be automatically returned to the status of authorized and unissued shares of preferred stock, available for future designation and issuance pursuant to the terms of the Articles of Incorporation.

 

6. Limitations Upon Disposition. The Series A shares issuable pursuant to this Certificate of Designations may not be transferred, sold, offered for sale, pledged or otherwise hypothecated without the unanimous vote of the Board.

7. Additional Rights. So long as any Series A shares remain outstanding, the Company shall not, without first obtaining the approval by vote or written consent of all holders of Series A, (i) alter or change the powers, preferences, privileges, or rights of the Series A shares, (ii) amend the provisions of this paragraph, (iii) create any new series or class of shares having preferences prior to, or in parity with or superior to the Series A shares as to voting rights or (iv) authorize any additional shares of Series A.

 

8. Replacement. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any certificate evidencing one or more shares of Series A Preferred Stock, and in the case of loss, theft or destruction, of any indemnification undertaking by the holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of such certificate, the Company at its expense will execute and deliver in lieu of such certificate, a new certificate of like kind, representing the number of shares of Series A Preferred Stock which shall have been represented by such lost, stolen, destroyed, or mutilated certificate.

 

9. Notices. Whenever notice is required to be given pursuant to this Certificate of Designations, unless otherwise provided herein, such notice shall be given at the address then set forth in the Company’s records.

 

RESOLVED, FURTHER, that the officers of this Company be, and each of them hereby is, authorized and empowered on behalf of the Company to execute, verify and file this Certificate in accordance with Delaware law.

 

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, the Company has caused this Certificate to be signed by its duly authorized officer this 22nd day of November, 2013.

 

 

	 	GREAT EAST ENERGY, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ Michael Doron	 
	 	Name:	Michael Doron	 
	 	Title:	Chief Executive Officer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

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