Document:

ex10_19.htm

    
      

    

     

    Exhibit
      No. 10.19

    
      

      PROMISSORY
        NOTE

      

      Dated
        as
        of January 31, 2006

      

      Amount:
        $102,009.70

      

      FOR
        VALUE
        RECEIVED, the undersigned Shearson Financial Network, Inc., a Nevada corporation
        ("Maker"), promises to pay to the order of Joseph Cosio Barron ("Lender"),
        the
        principal sum of one hundred two thousand nine dollars and seventy cents
        ($102,009.70), (the "Principal Amount") together with interest on the unpaid
        Principal Amount on maturity of this note (the "Note"). Said note shall be
        due
        on demand (the "Maturity Date"). In addition, the Maker promises to pay to
        the
        order of Lender an amount equal to ten percent (10%) of the Principal Amount
        on
        the Maturity Date (the "Maturity Payment"). The unpaid Principal Amount and
        accrued interest shall be due on maturity of this note (the
        "Note").

      

      On
        January 11, 2006, the Lender advanced the Maker $75,000. On January 31, 2006,
        the Lender advanced an additional $27,009.70, for total advanced of
        $102,009.70.

      

      1.
        WAIVERS.

      

      Except
        as
        set forth elsewhere herein, Maker, for itself and its legal representatives,
        successors, and assigns, expressly waives presentment, protest, demand, notice
        of dishonor, notice of nonpayment, notice of maturity, notice of protest,
        notice
        of intent to accelerate, notice of acceleration, presentment for the purpose
        of
        accelerating maturity, and diligence in collection.

      

      2.
        DEFAULT.

      

      The
        occurrence and continuance of one or more of the following events shall
        constitute an event of default ("Event of Default") of this Note:

      

      2.1
        The
        nonpayment of the Principal Amount or the Maturity Payment under the Note
        or any
        accrued interest thereon by Maker within five business days of when the same
        shall have become due and payable.

      

      2.2
        The
        entry of a decree or order by a court having appropriate jurisdiction adjudging
        Maker bankrupt or insolvent, or approving as
        properly filed a petition seeking reorganization, arrangement,
        adjustment or composition of or in respect of Maker under the federal Bankruptcy
        Act or any other applicable federal or state law, or appointing a receiver,
        liquidator, assignee or trustee of Maker, or any substantial part of its
        property, or ordering the winding up or liquidation of its affairs, and the
        continuance of any such decree or order unstayed and in effect for a period
        of
        sixty (60) consecutive days.

      

      2.3
        The
        institution by Maker of proceedings to be adjudicated bankrupt or insolvent,
        or
        the consent by it to the institution of bankruptcy or insolvency proceedings
        against it, or the filing by it of a petition or answer or consent seeking
        reorganization or relief under the federal Bankruptcy Act or any other
        applicable federal or state law, or the consent by it to the filing of any
        such
        petition or to the appointment of a receiver, liquidator, assignee or trustee
        of
        the Company, or of any substantial part of its property, shall become subject
        to
        the jurisdiction of a federal bankruptcy court or similar state court, or
        if
        Maker shall make an assignment for the benefit of its creditors, or if there
        is
        a receivership, execution or other material judicial seizure, or if there
        is an
        admission in writing by Maker of its inability to pay its debts generally
        as
        they become due, or the taking of corporate action by Maker in furtherance
        of
        any such action.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      2.4
        Default in the obligation of Maker for borrowed money, other than this Note,
        which shall continue for a period of sixty (60) days, or any event that results
        in acceleration of the maturity of any material indebtedness of Maker under
        any
        note, indenture, contract, or agreement.

      

      2.5
        Maker's failure to comply with any material term, obligation, covenant, or
        condition contained in this Note, within 10 days after the expiration of
        all
        cure periods and receipt of written notice from the Lender demanding such
        compliance.

      

      2.6
        Any
        warranty, covenant, or representation made to the Lender by Maker under this
        Agreement, proves to have been false in any material respect when made or
        furnished.

      

      3.
        ACCELERATION.

      

      At
        the
        option of the Lender, and without presentment, demand, protest or notice,
        all of
        which are hereby expressly waived, the Principal Amount, the Maturity Payment
        and any accrued and unpaid interest thereon shall become immediately due
        and
        payable upon an Event of Default as set forth in Section 6 above. Any reasonable
        attorneys' fees and other expenses incurred by the Lender in connection with
        Maker's bankruptcy or any of the other Event of Default described in Section
        6
        shall be additional indebtedness of Maker secured by this
        Agreement.

      

      4.
        SECURITY INTERESTS.

      

      It
        is
        further understood that this Note is not secured by a personal
        guarantee.

      

      5.
        ATTORNEYS' FEES.

      

      In
        the
        event it should become necessary to employ counsel to collect any amounts
        owed
        by Maker under this Note, Maker agrees to pay the reasonable attorneys' fees
        and
        costs of the Lender, incurred in connection with the Lender's collection
        efforts, irrespective of whether suit is brought.

      

      6.
        SECTION HEADINGS.

      

      Headings
        and numbers have been set forth for convenience only. Unless the contrary
        is
        compelled by the context, everything contained in each paragraph applies
        equally
        to this entire Note.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      7.
        AMENDMENTS IN WRITING.

      

      Subject
        to applicable law, this Note may be amended, modified, or supplemented only
        by a
        written agreement signed by the Lender and the Maker.

      

      8.
        CHOICE
        OF LAW

      

      This
        Note
        and all transactions hereunder and/or evidenced hereby shall be governed
        by and
        construed under the laws of the State of Nevada without regard to the conflicts
        of law principles thereof.

      

      9.
        ARBITRATION.

      

      If
        at any
        time during the term of this Note any dispute, difference, or disagreement
        shall
        arise upon or in respect of the Note, and the meaning and construction hereof,
        every such dispute, difference, and disagreement shall be referred to a single
        arbiter agreed upon by the parties hereto, or if no single arbiter can be
        agreed
        upon, an arbiter or arbiters shall be selected in accordance with the rules
        of
        the American Arbitration Association and such dispute, difference, or
        disagreement shall be settled by binding arbitration in accordance with the
        then
        prevailing commercial rules of the American Arbitration Association, and
        judgment upon the award rendered by the arbiter may be entered in any court
        having jurisdiction thereof The parties hereto each jointly and severally
        waive
        any and all rights to appeal the judgment or award of such
        arbiter(s).

      

      10.
        TRANSFERABILITY.

      

      The
        right
        to principal and interest under this Note may be transferred only through
        a book
        entry system maintained by Maker. Any other means of transfer, including,
        without limitation, transfers by endorsement, shall be null and void. Ownership
        of the obligation must be reflected in a book entry. A book entry is a record
        of
        ownership that identifies the owner of an interest in this Promissory
        Note.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, the Maker has caused its duly authorized representative
        to
        execute this Note as of the date first written above.

      

      

      
        	 	
                SHEARSON
                  FINANCIAL NETWORK, INC.

              
	 	 
	 	
                /s/  Michael
                  A. Barron

              
	 	
                Michael
                  A. Barron

              
	 	
                CEOExhibit 10.8

    EXHIBIT
      10.8

    
 

    AMENDMENT
      NO. 1 TO POINT AGREEMENT

    

    

    THIS
      AGREEMENT is made this 17th
      day of
      September 2004 between NovAtel Inc. (“NovAtel”) and SOKKIA CO. Ltd
      (“Sokkia”).

    

    WHEREAS
      Sokkia
      and NovAtel entered into a Point Agreement dated July 20, 1999;

    

    WHEREAS,
      NovAtel
      and Sokkia are willing to amend the Point Agreement and the current structure
      of
      their relationship, based on a memorandum of understanding dated June
      15th,
      2004;

    

    THE
      PARTIES AGREE AS FOLLOWS:

    

    1. Section
      5 of the Point Agreement is amended by the addition of the following paragraph:
      

    

    
      	5.6      	
              NovAtel
                will continue to develop, in the normal course of its business, at
                its
                cost, its core standard products, namely GNSS receivers and enclosures,
                sensors and antennas (the “GNSS Products”). NovAtel shall have the right
                to sell the GNSS Products into all markets and to all
                customers.

            

    

    

    2. Section
      6 of the Point Agreement is amended by the addition of the following paragraphs:
      

    

    
      	
              6.8

            	
              Point
                will start developing the GSR-2700-IS, by March 31, 2004. In order
                to
                support this next generation product development, NovAtel and Sokkia
                will
                provide US$1.0 million of Non-Recurring Engineering (“NRE”) funding in
                2004. This US$1.0 million shall include the current level of funding
                of
                approximately US$500,000 related to the Level 6 data collection software.
                NovAtel and Sokkia will agree on their share of NRE funding on a
                project-by-project basis, and will also agree on payment dates or
                milestones. NovAtel and Sokkia will review the amount of NRE funding
                on an
                annual basis and will, upon both parties’ approval, adjust the amount of
                NRE funding as appropriate. 

            

    

    

    The
      board
      of directors of Point shall review and approve the GSR-2700-IS development
      plan.

    

    
      	
              6.9

            	
              Point
                shall be responsible for developing end-user application software,
                interfaces and systems integration.

            

    

    

    
      	6.10   	
              Upon
                agreement of the parties on a project by projects basis, NovAtel
                will
                develop customized products for Point/Sokkia who will provide funding
                to
                NovAtel for these customized products through either NRE fees or
                product
                pricing (with minimum volume commitments). Point/Sokkia will have
                the
                exclusive rights, as detailed in each project agreement, to the customized
                product.

            

    

    

    
      	6.11      	
              Minimum
                Annual Purchases

            

    

    6.11.1 Subject
      to 6.11.2, Point will
      purchase
      a minimum annual quantity/$value of US$2.5 million of GNSS Products from NovAtel
      starting in 2004. Thereafter, the annual purchase value will increase by 5%
      per
      year.

    

    6.11.2 If
      a
      significant change in the market for GNSS Products develops that would
      materially affect Point’s ability to purchase the minimum annual purchase value,
      NovAtel and Sokkia will review and amend the minimum annual purchase value,
      as
      appropriate. 

    

    6.12
       NovAtel
      as Exclusive Vendor

    6.12.1 NovAtel
      shall be the exclusive supplier of GNSS Products for Point/Sokkia, as long
      as:

    (i) NovAtel
      can provide a competitive product, based on price, technology and
      features.

    (ii) Point/Sokkia
      does not experience a significant supply interruption, within the control of
      NovAtel, of NovAtel’s GNSS Products

    

    6.12.2 The
      GNSS
      Products will be available to Point/Sokkia at the best pricing terms (at
      comparable volumes and conditions). 

    

    6.13 Sokkia's
      Marketing Role for Point Products.

    6.13.1 Sokkia
      (Japan) will undertake to provide a stronger role for the distribution and
      marketing of Point's products throughout Sokkia's worldwide distribution network
      by realizing
      that
      Point’s products receive adequate promotion, regional technical customer support
      and training and inventory stocking, amongst other support
      initiatives.

    

    6.14 Point's
      Solvency

    6.14.1 Point
      must not become insolvent.

    

    While
      NovAtel and Sokkia agree that Point should strive to break even on an Operating
      Profit basis, this objective may not be always possible, particularly if Point
      undertakes significant new product development. NovAtel and Sokkia recognize
      that to remain solvent, Point may require future financial support through
      such
      means as, loans and equity contributions. In no event shall either party be
      required to provide future financial support without approval by its respective
      Board of Directors.

    

    6.15 Strategic
      Plan for Point

    6.15.1 NovAtel,
      Sokkia and Point will develop a strategic plan for Point, no later than March
      31, 2005.

    

    3. Problem
      solving

    

    In
      the
      event any of the conditions contained in this amendment to the Point Agreement
      are not implemented or a subsequent breach of these conditions occurs, including
      the condition contained in 6.14.1 above, then NovAtel and Sokkia will enter
      into
      the discussion and/or negotiations, on a good faith basis, to solve the problems
      and/or difficulties for the mutual benefit of both parties. As part of these
      negotiations, NovAtel and Sokkia would discuss the possible sale of NovAtel’s
      49% equity interest in Point, to Sokkia.

    

    4.
       General

    

    4.1 This
      Agreement may not be amended except by an instrument in writing signed by
      NovAtel and Sokkia. 

    

    4.2 This
      Agreement and the rights and obligations hereunder may not be transferred or
      assigned by one party without the prior written consent of the other party
      hereto which consent may not be unreasonably withheld.

    

    4.3 The
      specific conditions and provisions of this Agreement supersede those contained
      in all prior agreements and understandings relating to such subject matter.
      

    

    4.4 This
      Agreement shall be governed, construed and interpreted in accordance with the
      laws of the State of Kansas, USA, which shall be deemed to be the proper law
      of
      this Agreement.

    

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Agreement to be duly executed by their respective
      duly
      authorized representatives on the day and year first above written.

    

     

    

    
      	
              NOVATEL
                INC.

            	 	
              SOKKIA
                CO. LTD

            
	 	 	 
	
              BY:
                /s/ Jonathan W. Ladd

            	 	
              BY:
                /s/ Hitoshi ITO

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