Document:

a5579470-ex101.htm

     

    Exhibit
      10.1

     

    
      

       

      Share
        Repurchase
        Agreement

       

      This
        SHARE
        REPURCHASE AGREEMENT (this "Agreement"), dated as of December 26, 2007, is
        made
        by and between Commerce Planet, Inc. (the "Company") and Charles Gugliuzza
        ("Gugliuzza").

       

      WHEREAS,
        in November 2006, the Board of Directors of the Company approved a stock
        buyback
        program pursuant to which the Company would repurchase up to two million
        dollars
        ($2,000,000) of shares of Common Stock of the Company.

       

      WHEREAS,
        the Company desires to purchase from Mr. Gugliuzza his 1,800,000 shares of
        restricted Common Stock (the "Gugliuzza Shares") at a price per share equal
        to
        the thirty (30) calendar day trailing average market price for the shares,
        which
        is $0.34 per share.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants contained herein, intending
        to be legally bound hereby, the parties agree as follows:

       

      1.
        Repurchase of the Gugliuzza Shares.

       

      Upon
        the
        execution of this agreement, the Company shall repurchase, and Mr. Gugliuzza
        shall sell, the Gugliuzza Shares. The Company shall deliver to Mr. Gugliuzza,
        in
        exchange for the Gugliuzza Shares, $185,000 and a Promissory Note for the
        remaining amount of $427,000.00, with the following terms:

       

      
        
          	
                  
                  

                  Interest
                    Rate:

                	
                  
                  

                  8.0%
                    interest until June 30, 2008, 13.0% thereafter. All interest
                    will compound
                    daily and be due monthly.

                
	 	 
	
                  
                  

                  Maturity
                    Date:

                	
                  
                  

                  June
                    30, 2008

                
	 	 
	
                  
                  

                  Additional
                    Payment Terms:

                	
                  
                  

                  $90,400.00
                    shall be due February 15, 2008.

                
	 	 
	
                  
                  

                  Extension
                    Terms:

                	
                  
                  

                  Company
                    will have the option to extend the maturity date to December
                    31, 2008 for
                    an extension fee of $10,625.00. The interest rate payable during
                    the
                    extended term is 13% per annum compounded monthly and is due
                    monthly.

                
	 	 
	
                  
                  

                  Conversion
                    Privileges:

                	
                  
                  

                  The
                    loan may be converted into Commerce Planet, Inc. registered unrestricted
                    freely trading shares at the sole discretion of Mr. Gugliuzza
                    if the loan
                    is not paid back in full by June 30, 2008. Prior to conversion
                    Gugliuzza
                    must provide written intent to the Company
                    for conversion. Notice will be effective upon receipt by Company.
                    The date
                    of receipt will be the effective date for conversion for the
                    share
                    pricing. Gugliuzza may convert all or part
                    of any then due interest or unpaid principal into CPNE
                    shares at a
                    maximum cost per share of .34 or at the then current stock price
                    on the
                    close of
                    the date notice is provided, whichever is lower. Any unconverted
                    principal
                    or interest will continue to be governed by the terms of this
                    Agreement.

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2. Income
        Tax Reporting.

       

      Any
        IRS
        Form 1099 or W-2 issued by the Company in connection with the issuance to
        Mr.
        Gugliuzza of the repurchased shares will reflect a share value at issuance
        no
        greater than $0.34 per share.

       

      3. Miscellaneous.

       

      a. Counterparts.
        This Agreement may be executed in two or more counterparts and by the parties
        in
        separate counterparts, each of which when so executed shall be deemed to
        be an
        original, and all of which taken together shall constitute one and the same
        instrument.

       

      b. Governing
        Law. The validity, performance, construction and effect of this Agreement
        shall
        be governed by and construed in accordance with the internal laws of the
        State
        of California, without giving effect to principles of conflicts of
        law.

       

      c. Further
        Assurances. Each party shall cooperate with, and take such action as may
        be
        reasonably requested by, another party in order to carry out the provisions
        and
        purposes of this Agreement, generally, and the transactions contemplated
        hereunder.

       

      d. Headings.
        The headings in this Agreement are for convenience of reference only and
        shall
        not constitute a part of the Agreement, nor shall they affect its meaning,
        construction or effect.

       

      e. Additional
        Payments Due Gugliuzza. All Payments due under Gugliuzza's 2007 Employment
        Agreement signed April 4, 2007 and amended November 5, 2007 will be made
        in
        accordance with the agreed upon terms and conditions up to the date of
        cancellation of the 2007 Gugliuzza Employment Agreement and November 5, 2007
        Amendment per the approval by the Commerce Planet, Inc. Board of
        Directors.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      f. Entire
        Agreement. This Agreement, sets forth the entire agreement and understanding
        among the parties as to the subject matter hereof and merges with and supercedes
        all prior discussions and understandings of any and every nature among
        them.

       

      g. Attorneys
        Fees Recovery. If either party institutes any court action to enforce or
        interpret the terms of this agreement, the prevailing party in the action
        shall
        be awarded its attorneys fees and court costs incurred in the action in addition
        to any judgment obtained.

       

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

       

      Commerce
        Planet, Inc.

       

      /s/
        Tony Roth

      Tony
        Roth

      President
        and CEO

       

      /s/
        Charles Gugliuzza

      Charles
        Gugliuzzaa5579470-ex102.htm

     

    Exhibit
      10.2

     

    
      

       

      PROMISSORY
        NOTE

       

      
        
          	
                  $427,000

                	
                  December
                    26, 2007

                
	 	
                  Goleta,
                    California

                

        

      

       

      FOR
        VALUABLE CONSIDERATION, Commerce Planet, Inc. ("Borrower") promises to pay
        to
        the order of Charles Gugliuzza (together with his successors and assigns,
        individually and collectively, "Gugliuzza") at 17 Chardonnay Dr., Ladera
        Ranch,
        California 92694 or such other place as Gugliuzza may specify in writing,
        the
        principal sum of Four Hundred Twenty Seven Thousand Dollars ($427,000) together
        with interest at the rate of eight percent (8.00%) per annum compounded monthly
        until the Maturity Date, subject to the terms and conditions set forth in
        this
        Promissory Note. All obligations under this Promissory Note are payable in
        lawful money of the United States. The entire outstanding principal balance,
        together with all accrued and unpaid interest thereon, shall be due and payable
        on June 30, 2008 (the "Maturity Date"), unless the extension option is exercised
        in which case the entire outstanding principal balance, together with all
        accrued and unpaid interest will be due on December 31, 2008 (the "Extended
        Maturity Date"). This loan may also be converted in accordance with the
        Gugliuzza Share Repurchase Agreement bearing the same date as this document
        and
        which terms are incorporated herein by reference 

       

      Interest
        shall be calculated on the basis of a 365-day year and compounded monthly.
        Borrower shall pay accrued interest monthly in arrears on the 1 day of each
        calendar month beginning February 1, 2008.

       

      Borrower
        shall pay at least $90,400.00 of the principal sum by February 15,
        2008.

       

      Borrower
        shall have the right to prepay all or any portion of the outstanding balance
        under this Promissory Note without penalty at any time. All payments received
        shall be first credited to interest due and owing, and then to principal.
        Borrower will have the option to extend the maturity date to December 31,
        2008
for an extension
fee
of
        $10,625.00. The interest rate
payable
from
        July 1, 2008
to
        the
        Extended Maturity Date shall be 13.00% per annum compounded
        monthly.

       

      Borrower
        hereby waives presentment, demand, notice of dishonor, protest, notice of
        protest and all other demands, protests and notices in connection with the
        execution, delivery, performance, collection and enforcement of this Note.
        Gugliuzza shall have full recourse against the undersigned, and shall not
        be
        required to proceed against the collateral securing this Note in the event
        of
        default.

       

      No
        failure
        by Gugliuzza to act with respect to the exercise of any of its rights or
        enforcement of any of the terms of this Promissory Note shall constitute
        a
        waiver of any breach, default or failure of condition under this Promissory
        Note. No single or partial exercise of any power hereunder shall preclude
        any
        other or further exercise thereof of the exercise of any other right or power.
        No delay or omission on the part of Gugliuzza in exercising any right or
        power
        that Gugliuzza may have in the event of any default by Borrower shall operate
        as
        a waiver of such right or power, or of any other right
        or
        power under this Promissory Note, or that otherwise may be available to
        Gugliuzza at law or in equity.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Attorneys
        Fees Recovery. If either party institutes any court action to enforce or
        interpret the
        terms of this agreement, the prevailing party
in
        the action shall be awarded its attorneys fees and court costs
        incurred in the action in addition to any judgment obtained.

       

      This
        Promissory Note shall be governed by California law.

       

      
        
          	 	BORROWER:
	 	 	 
	 	COMMERCE
                  PLANET,
                  INC. 
	 	 	 
	 	By:
	/s/
                  Tony
                  Roth
	 	 	Tony
                  Roth,
                  CEO

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