Document:

EX-10.1

Exhibit 10.1

PROMISSORY NOTE

	 	 	 	 	 
	$	100,000.00	 	 	April 16, 2015

Miami, FL

FOR VALUE RECEIVED, the undersigned, Non-Invasive Monitoring Systems, Inc., a Florida
corporation with its principal place of business at 4400 Biscayne Blvd., Miami, FL 33137 (“Maker”),
promises to pay to the order of Frost Gamma Investments Trust of 4400 Biscayne Blvd.,
15th Floor Miami, FL 33137 (“Payee”), at such place as may be designated in writing by
Payee, the principal sum of ONE HUNDRED THOUSAND AND 00/XX ($100,000.00) (this “Note”).

1. The principal amount of the loan evidenced hereby, together with any accrued and unpaid
interest, and any and all unpaid costs, fees and expenses accrued, shall be due and payable on July
31, 2015 (the “Maturity Date”).

2. All amounts outstanding from time to time hereunder shall bear interest at the rate of
eleven percent (11%) per annum until such amounts are paid.

3. This Note may be prepaid in whole or in part without penalty or premium. All payments of
principal shall be made in lawful money of the United States which shall be legal tender in payment
of all debts, public and private, at the time of payment.

4. The Maker agrees to pay all costs of collection incurred in enforcing this Note, including
attorneys’ fees and costs at both trial and appellate levels and in any bankruptcy action. In the
event any legal proceedings are instituted in connection with, or for the enforcement of, this
Note, Payee shall be entitled to recover its costs of suit, including attorneys’ fees and costs, at
both trial and appellate levels and in any bankruptcy action.

5. Each maker, endorser and guarantor or any person, firm or corporation becoming liable under
this Note hereby consents to any extension or renewal of this Note or any part hereof, without
notice, and agrees that they will remain liable under this Note during any extension or renewal
hereof, until the debts represented hereby are paid in full.

6. All persons now or at any time liable for payment of this Note hereby waive presentment,
protest, notice of protest and dishonor. The Maker expressly consents to any extension or renewal,
in whole or in part, and all delays in time of payment or other performance which Payee may grant
at any time and from time to time without limitation and without any notice or further consent of
the undersigned. The remedies of Payee as provided herein shall be cumulative and concurrent and
may be pursued singularly, successively or together, at the sole discretion of Payee, and may be
exercised as often as the occasion therefor shall arise.

7. This Note is to be governed by and construed in accordance with the applicable laws of the
State of Florida. Any action brought upon the enforcement of this Note is hereby authorized to be
instituted and prosecuted in the state and federal courts located in Miami-Dade County, Florida, at
the election of Payee.

8. This Note may not be changed orally, but only by an agreement in writing, signed by the
party against whom enforcement of any waiver, change, modification or discharge is sought. This
Note shall not be assignable or transferable by Maker without the express written consent of Payee.

9. No delay on the part of Payee in exercising any right or remedy hereunder shall operate as
a waiver of such right or remedy. No single or partial exercise of a right or remedy shall
preclude other or further exercise of that or any other right or remedy. The failure of Payee to
insist upon strict performance of any term of this Note, or to exercise any right or remedy
hereunder, shall not be construed as a waiver or relinquishment by the Payee for the future use of
that term, right or remedy. No waiver of any right of the Payee is effective unless in writing
executed by the Payee.

10. The unenforceability or invalidity of any provision of this Note as to any person or
circumstances shall not render that provision or those provisions unenforceable or invalid as to
any other provisions or circumstances, and all provisions hereof, in all other respects, shall
remain valid and enforceable.

IN WITNESS WHEREOF, the undersigned has executed this Note on the date specified below.

DATE: APRIL 16, 2015

MAKER:

NON-INVASIVE MONITORING SYSTEMS, INC.

By: /s/ James J. Martin

Name: James J. Martin

Its: Chief Financial OfficerEXHIBIT 10.1

 

 

 AMENDMENT NO. 2 TO AGREEMENT AND PLAN OF MERGER
 

 THIS AMENDMENT NO. 2 (the “Amendment”) to the Agreement and Plan of Merger, dated as of December 20, 2014, by and among Shorai, Inc., a Nevada corporation (the “Company”), Neah Power Systems, Inc., a Nevada Corporation (“Parent”), Neah Merger Corp., a Nevada corporation, Neah Merger Corp. II, a Nevada corporation, and the stockholders of the Company listed on Schedule A thereto (as amended by that certain Amendment to Agreement and Plan of Merger dated as of March 4, 2015, the “Agreement”), is effective as of April __, 2015.  Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Agreement.  
 W I T N E S S E T H:
 WHEREAS, the parties to the Agreement wish to amend certain provisions of the Agreement; and 
 WHEREAS, the Agreement may not be amended or modified except by an instrument in writing approved by the parties to the Agreement and signed on behalf of each of the parties thereto. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree and acknowledge that the Agreement remains in full force and effect and enforceable against each of the parties as modified by this Amendment, and to amend the Agreement and provide for additional payments as set forth below:
 1.
 Additional Payments.  In addition to any and all consideration and other payments that may be or become payable pursuant to the Agreement, Parent shall pay to the Company the sum of $60,000 in cash (the “Additional Payment”), which Additional Payment shall be paid by Parent by wire transfer of immediately available funds to an account specified by the Company (a) with respect to the first $30,000, on or before April 21, 2015 and (b) with respect to the remaining $30,000, on or before May 5, 2015. 
 2.
 Amendments to Agreement. 
 (a)
 Section 2.1(c) of the Agreement is hereby amended by deleting “April 15, 2015” and replacing it with “May 14, 2015.”
 .
 (b)
 Section 8.1 of the Agreement is hereby amended by deleting “April 15, 2015” where it appears in each of Subsections 8.1(b)(i), 8.1(c)(i), and 8.1(d), and replacing it in each such Subsection with “May 14, 2015.”  
 (c) 
 If the Company timely receives both installments of the Additional Payment in full, then, upon the Company’s receipt of the second such installment, Section 8.2 of the Agreement shall be hereby amended by deleting it in its entirety.
 (d)
 Exhibit C to the Agreement is hereby amended by adding the following to the end of Section 3(a) of the portion of Exhibit C entitled “Creation of Series D Preferred Stock”: 
 

  
 

 
  
 “Notwithstanding the foregoing, if a holder of a share of Series D Preferred Stock would receive a greater amount upon a Liquidation by converting such share of Series D Preferred Stock into Common Stock than such holder would be entitled to receive, pursuant to the foregoing provisions of this Section 3(a) as a holder of Series D Preferred Stock, then such holder shall not receive any amounts pursuant to such provisions, but shall be treated, for the purposes of determining such holder’s rights under this Section 3 (including Section 3(b) below) only, as though such holder held, in addition to any shares of Common Stock actually held by such holder, such number of shares of Common Stock that such holder would hold if such holder had converted such holder’s shares of Series D Preferred Stock into Common Stock, effective immediately prior to the Liquidation, at the then applicable Conversion Rate (as defined below).”
 3. 
 Governing Law; Effect of Amendment.  This Amendment shall be governed by and construed under the laws of the State of Nevada, without regard to conflicts of laws principles.  Except as specifically set forth in this Amendment, the Agreement remains in full force and effect, unmodified in any way.
 4.
 Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall be considered one and the same agreement.
 5.
 Entire Agreement.  The Agreement, this Amendment and the documents referred to herein and therein constitute the entire agreement among the parties.   
 [Signature Pages Follow]
 

  
  
 

 
 

 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the date first above written.
 PURCHASER

 	
	 SHORAI, INC.
 By:_________________________________
 Name: David Radford
 Title: Chief Executive Officer

	  

	 SHORAI SHAREHOLDERS
 ______________________________________
 David Radford
 ______________________________________
 Kevin Riley
 ______________________________________
James  McCormick

	 NEAH POWER SYSTEMS, INC.
 By:_________________________________
 Name: Gerard D’Couto
 Title: Chief Executive Officer

	  

	 NEAH MERGER CORP.
 By:_________________________________
 Name: Gerard D’Couto
 Title: Chief Executive Officer
 

 NEAH MERGER CORP. II
 By:_________________________________
 Name: Gerard D’Couto
 Title: Chief Executive Officer

 

 

 [SIGNATURE PAGE TO AMENDMENT TO MERGER AGREEMENT]Shiner International, Inc.: Exhibit 10.17 - Filed by newsfilecorp.com

Contract No: 2013109001021301 

Trust Contract 

between Zhongrong International Trust Co., Ltd.
and 

Hainan Shiner Industrial Co., Ltd.

on Stock Rights Usufruct 

 

 

 

 

Grantor: HAINAN SHINY-DAY COLOR PRINTING PACKAGING CO.,
LTD 
Legal Representative: Wu Xuesi 
Correspondence Address:
No. 6 Haide Road, Haikou Hainan 
Postal Code: 570000 
Tel:
13648656545                        
Fax: 0898-68581513 

Trustee: ZHONGRONG INTERNATIONAL TRUST CO. LTD

Legal Representative: LiuYang 
Address: No.33 Songshan
Road, Nangang District, Haerbin 
Correspondence Address: Room 2301,
Jingmao Centre, No.4028 Jintian Road, Futian District, Shenzhen 
Postal
Code: 518035 
Tel:
0755-33969121                        
Fax: 0755-33969177 

The Grantor is desirous of creating a trust for the purpose and
upon the terms and provisions hereinafter set forth. Accordingly, the Grantor
hereby transfers and delivers unto the Trustee the usufruct of legally possessed
property (rights). 

Grantor and Trustee enter into this contract through
consultation for mutual compliance. 

Article I Definitions 

1.1 Contract or Trust Contract is the contract < Trust
Contract Between Zhongrong International Trust Co., Ltd and Hainan Shiner
Industrial Co., Ltd on Stock Rights Usufruct> signed on _______ between
Grantor and Trustee, Contract NO. is 2013109001021301. 

1.2 Agreement or Bailment Agreement is the Agreement < Trust
Capital Bailment Agreement between Zhongrong International Trust Co., Ltd and
Hainan Shiner Industrial co., Ltd on Stock Rights Usufruct> ( Contract No.
: 2013109001021301-03) 

1.3 Investment Agreement: the Agreement < Investment
Agreement between Zhongrong International Trust Co., Ltd and Hainan Shiner
Industrial Co., Ltd on Stock Rights Usufruct> ( Contract No.:
2013109001021301-01) between Trustee, with the authorization of Grantor, and
Investor. 

1.4 Bailee: Bank with Trust Bank Account, here refers to ICBC
Hainan Branch. 

1.5 Property (rights): here refers to the 100% shares
(underlying share rights) of Hainan Shiner Industrial Co., Ltd legally owned by
Grantor. 

1.6 Property (rights) Usufruct: the income rights of property
(rights) during Trust Contract period. 

Article II Purpose 

2.1 Grantor makes its legally owned property (rights) usufruct
Trust and Trustee will manage and dispose it according to the Trust Contract for
the purpose of making benefits for Beneficiary. Trustee, as the representative of
Grantor, will enter into investment contract with investor and make investor the
beneficiary. 

2.2 The investment capital will be used for the project
construction of “Hainan Xiandai Packaging Industrial Park”( R&D devices
purchase, R&D office building and related) , The investment capital should
not be used for other purpose without the written permission from Trustee and
Beneficiary. 

Article III Trust 

3.1 Trust Name: Trust Contract between Zhongrong
International Trust Co., Ltd and Hainan Shiner Industrial Co., Ltd on Stock
Rights Usufruct 

3.2 Trust Property: Trustee shall manage the property
usufruct since the establishment of trust contract and related property and
interests from property usufruct management, disposition or others. 

3.3 Usufruct values of Property (rights): total expected
cash income of RMB _______ from the trust contract establishment date to
__________. This value is adjusted by trust income. 

3.4 Trust Period: This trust contract period is 3 years
(36 months). 

Article IV Trust Contract Establishment and Effectiveness

4.1 Trust shall come into effect if below requirements both
were satisfied. 

1) Trust contract comes into effectiveness and the property
usufruct has been transferred to trustee; 

2) Investor has transferred the investment capital to trust
account according to the investment contract. 

4.2 To secure the trust income and stipulated trust benefits in
this trust contract, Grantor is willing to pledge Trustee to the underlying
share rights and details refers to <Pledge Contract> (Contract No.:
2013109001021301-04) 

4.3 To secure the trust income and stipulated trust benefits in
this trust contract, Grantor is willing to pledge Trustee to the underlying
share rights and details refers to <Pledge Contract> (Contract No.:
2013109001021301-05) 

4.4 To secure the trust income and stipulated trust benefits in
this trust contract, Hainan Xiandai Real Estate Holding Ltd makes its legally
owns state owned land user of Maiyin economic community, Yehai Road, Haikou;
Area: 65,225.99 m2; Serial No.: Haikou, state owned land
(2009)002416) security guarantee. Details refer to <Guaranty Contract>
(Contract No.: 2013109001021301-06) 

Article V Trust Usufruct 

5.1 Grantor will be the initial beneficiary when the trust
contract comes to effectiveness. 

5.2 Investor who signed the related
<Investment Agreement> with Trustee will be the beneficiary of this Trust
Contract and is entitled all usufruct of this Trust Contract.

5.3 Beneficiary of this Trust will be the beneficiary of this
Trust Contract and entitled all Trust usufruct. 

Article VI Trust Account 

6.1 Trust Account Details 
Account Name: Zhongrong
International Trust Co., Ltd 
Bank Account: ICBC Haikou Haidian Branch

Account No.: 2201020729200412055 

6.2 Trustee Fee 
Yearly trustee fee is 0.1% of the
investment capital balance. 
Periodical Trustee Fee= Current Investment
balance * 0.1% * periodical investment days / 360 

Article VII Trust Benefits Assignment and Payment 

7.1 Trust benefits: Balance after all tax and fees which should
be bear by the trust property deducted from all trust income. This balance
should be assigned to beneficiary. Calculation of trust benefit: 

Periodical Trust Benefit (Expected) = Current Trust Income –
Current tax and fees born by Trust Property 

7.2 Trust Benefits Assignment Account one: 
Account Name:
ICBC, Private Financial Products, Zhejiang Provincial Branch, Trust Account

Bank: ICBC, Zhejiang Branch,Hangzhou Chengzhan Sub-branch 
Account No.:
1202 0277 2990 0188 724 

7.3 Trust Benefits Assignment Account two: 
Account Name:
Other Account Payable Fund Liquidating Fund-Private Financial Product Fees
Account 
Bank: ICBC, Head Office, Liquidating Centre 
Account No.: 0101
0001 1120 0507 816 

7.4 Regulatary Account stipulated in <Account Regulation
Agreement> (Contract No.: 2013109001021301-02): 
Account Name:
HainanXiandai Color Printing PackagingCo., Ltd 
Bank: ICBC Haikou Haidian
Branch 
AccountNo.: 2201020719200346060 

Article VIII Dispute Settlement 

This contract shall be subject to Laws of the People's Republic
of China. 

Any dispute arising from the performance of this contract may
be settled through consultation. If the dispute cannot be resolved through
consultation, such dispute shall be resolved by the local court of financier.

Article IX Effectiveness of Contract 

This contract shall become effective upon signing by the legal
representative, principle officer or authorized representative of Grantor and
being affixed with the company chop; and signing by the legal representative,
principle officer or authorized representative of Trustee and being affixed with
the company chop of Trustee. 

Article X Miscellaneous 

This contract is made in ten originals and trustee, grantor and
beneficiary each holds two copies. Registration authority holds four copies.
They are of same validity. 

The appendixes confirmed shall become effective and are
inseparable parts of the contract. 

Appendix I: < Trust Property Management Risk Statement>

Appendix II: < Payment Plan of Expected Trust Income> 

Appendix III: < Investment Agreement between Zhongrong
International Trust Co., Ltd and Hainan Shiner Industrial co., Ltd on Stock
Rights Usufruct> ( contract no.: 2013109001021301-01) 

Appendix IV: <Account Regulation Agreement> (contract
no.: 2013109001021301-02) 

Appendix V: <Trust Capital Bailment Agreement between
Zhongrong International Trust Co., Ltd and Hainan Shiner Industrial co., Ltd on
Stock Rights Usufruct>(Contract No.:2013109001021301-03) 

Appendix VI: <Pledge Contract> (Contract No.:
2013109001021301-03) 

Appendix VII: <Pledge Contract> (Contract No.:
2013109001021301-05) 

Appendix VIII: <Guaranty Contract> (Contract No.:
2013109001021301-06) 

This contract is made by both grantor and trustee and both
parties are fully understood all articles of this contract and the trust
relationship and related rights, obligation and duties. 

Grantor: Hainan Shiny-Day Color Printing Packaging Co.,
Ltd 
Legal Representative or Authorized Representative ( Signature or
Chop): 

Trustee: Zhongrong International Trust Co., Ltd

Legal Representative or Authorized Representative ( Signature or Chop)

Date:

Appendix II: <Payment Plan of Expected Periodical Trust
Income> 

As stipulated in < Investment Contract Between Zhongrong
International Trust Co., Ltd and Hainan Shiner Industrial Co., Ltd on Stock
Rights Usufruct> (Contract No: 2013109001021301-01), the periodical trust
incomes of the expected investment amount(total investment is RMB120,000,000.00)
below: 

	  	Investment of 	Trust Income of 	  		 
	  	Period K 	Period K 	  	  	  
		Interest accrue 			Including: Due 	
		day 	Pay day 	Due Trust Income Payment 	Payment Amount of 	
	Period 	(Including due 	(Excluding due 	by Grantor (RMB) at Period 	Investment at Period 	Annual Adjustment 
	K 	day) 	day) 	  K 	K (RMB)   	Amount( if Applicable)   
	1 	Trust Establishment Day 	Trust Establishment
      Day 	Based on contract article3.6 		Based on contract
      article3.6 
	2 	Trust Establishment Day 	2014-6-21 	Based on contract article3.6 		
	3 	2014-6-21 	2014-9-21 	2254000.00 	0.00 	  
	4 	2014-9-21 	2014-12-21 	2254000.00 	0.00 	  
	5 	2014-12-21 	2015-3-21 	43567833.33 	40000000.00 	1342000.00 
	6 	2015-3-21 	2015-6-21 	1470000.00 	0.00 	  
	7 	2015-6-21 	2015-9-21 	1502666.67 	0.00 	  
	8 	2015-9-21 	2015-12-21 	1502666.67 	0.00 	  
	9 	2015-12-21 	2016-3-21 	Based on contract article 3.6 	40000000.00 	Based on contract
      article3.6 
	10 	2016-3-21 	2016-6-21 	743166.67 	0.00 	  
	11 	2016-6-21 	2016-9-21 	751333.33 	0.00 	  
	12 	2016-9-21 	2016-12-21 	751333.33 	0.00 	  
	13 	2016-12-21 	2017-3-21 	743166.67 	0.00 	  
	14 	2017-3-21 	Trust termination day 	Based on contract article3.6 	40000000.00 	
	Remark: 
	1
      Expected Due Payment Amount of Trust Income at Period K = Current
      Investment Balance * 7.35% 
	*periodical investment
      days / 360 + Due Payment Amount of Investment at Period K + Annual
      Adjustment 
	Amount
      (if Applicable) 
	2 Interest accrue days of every Period starts from
      the first day of Period K and the last day is excluded. Periodical
Investment days includes the due day and the last day is excluded.
  

1

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