Document:

Notes Payable dated June 23, 2010

 Exhibit 10.1 

AMPIO PHARMACEUTICALS, INC. 

PROMISSORY NOTE 
  

			
	Greenwood Village, Colorado	 	June 23, 2010

FOR VALUE RECEIVED, the undersigned, AMPIO PHARMACEUTICALS, INC., a Delaware corporation (the “Company”),
promises to pay to DMI BIOSCIENCES, INC., a Colorado corporation, or its registered permitted assigns (the “Holder”), the principal sum of TWO HUNDRED THOUSAND DOLLARS ($200,000.00) on the Maturity Date (as defined below),
with interest thereon as provided herein. 
 1. Interest. Subject to the terms and conditions hereof, the Company
promises to pay interest on the principal amount of this Note at the rate of 6.0% per annum. Interest on this Note shall accrue from the date of issuance until repayment of the principal. Payment of all accrued interest shall be computed
monthly on the basis of a 360-day year of twelve 30-day months. Notwithstanding the foregoing provisions of this Section 1, but subject to applicable law, upon the occurrence and during the continuance of an Event of Default (as defined below),
the principal of and interest on this Note shall bear interest, from the date of the occurrence of such Event of Default until such Event of Default is cured or waived, or until all principal and interest (including default interest) hereunder is
paid. 
 2. Maturity Date. The entire unpaid principal balance and accrued and unpaid interest of this Note shall be due
and payable on the earlier of: (i) the closing and receipt by the Company of debt or equity financing totaling $5 million or more, or (ii) September 2, 2010 (in either case, the “Maturity Date”). 

3. Defaults and Remedies. 

(a) Event of Default. An “Event of Default” shall occur hereunder if: 

(i) the Company is in default in the payment of principal or interest when due under this Note, whether at maturity or at
a date fixed for prepayment or by acceleration or otherwise, or the Company shall fail to comply with any material provision of this Note; 

(ii) an involuntary proceeding shall be commenced or an involuntary petition shall be filed in a court of competent
jurisdiction seeking: (A) relief in respect of the Company or of a substantial part of its property or assets, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy,
insolvency, receivership or similar law, (B) the appointment of a receiver, trustee, custodian, sequestrator, conservator or a similar official for the Company or for a substantial part of its property or assets, or (C) the winding up or
liquidation of the Company; and such proceeding or petition shall continue undismissed for 45 days, or an order or decree approving or ordering any of the foregoing shall be entered; or 

 

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 (iii) the Company shall: (A) voluntarily commence any proceeding or
file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy, insolvency, receivership or similar law, (B) consent to the institution of, or fail to
contest in a timely and appropriate manner, any proceeding for the filing of any petition described in paragraph (ii) of this Section 5(a), (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for the Company, or for a substantial part of its property or assets; (D) file an answer admitting the material allegations of a petition Filed against it in any such proceeding; (E) make a general
assignment for the benefit of creditors, (F) become unable, admit in writing its or their inability or fail generally to pay its debts as they become due or (G) take any action for the purpose of effecting any of the foregoing. 

(b) Acceleration. If an Event of Default occurs under Section 4(a)(ii) or (iii), then the outstanding principal of and
interest (including default interest) on this Note shall automatically become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are expressly waived. If any other Event of Default occurs and is
continuing, the Holder by written notice to the Company may declare the principal of and interest (including default interest) on this Note to be due and payable immediately. Upon any such declaration of acceleration, such principal and interest
shall become immediately due and payable and the Holder shall be entitled to exercise all of its rights and remedies hereunder whether at law or in equity. 

(c) Default Rate. If an Event of Default occurs the entire principal amount outstanding and accrued interest thereon shall at once
become due and payable at the option of the Holder, and the total indebtedness shall bear interest at the rate of Eight Percent (8%) per annum from the date of the Event of Default. 

4. Suits for Enforcement. Upon the occurrence of any one or more Events of Default, the Holder may proceed to protect and enforce
its rights and remedies hereunder by suit in equity, action at law or by other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in the Agreement or this Note or in aid of the exercise of any power
granted in the Agreement or this Note, or may proceed to enforce the payment of the Note, or to enforce any other legal or equitable right of the Holder, and the Company shall pay to the Holder all expenses and costs incurred by the Holder in
collection or enforcement of the rights of the Holder hereunder, including reasonable attorneys fees. 
 5. Remedies
Cumulative. No remedy herein conferred upon the Holder is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing
at law or in equity or by statute or otherwise. To the extent permitted by applicable law, the Company and the Holder waive presentment for payment, demand, protest and notice of dishonor. 

6. Payment. All payments of principal of and interest and premium on this Note shall be made in lawful money of the United States
of America. This Note may be pre-paid at any time prior to the Maturity Date. 
 7. Covenants Bind Successors and
Assigns. All the covenants, stipulations, promises and agreements contained in this Note by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. 

 

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 8. Governing Law. This Note shall be governed by and construed in accordance with the
laws of the State of Colorado, without regard to conflicts of laws principles. 
 9. Variation in Pronouns. All pronouns
and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require. 
 10.
Headings. The headings in this Note are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

11. Time of the Essence. Time is of the essence for all terms, provisions and conditions of this Note. 

IN WITNESS WHEREOF, this Note has been executed by the Company by its duly authorized officer effective as of June 23, 2010.

 AMPIO PHARMACEUTICALS, INC., a Delaware corporation 
  

			
	By:	 	 /s/ Donald B. Wingerter, Jr.

		 	Donald B. Wingerter, Jr., Chief Executive Officer

  

 3Unassociated Document

     

    
      Exhibit
10.1

      

      Unofficial
English Translation Solely for Convenience

      

      M&A
Agreement

      

      
        	
                Party
      A: 

              	
                Shouguang
      Haoyuan Chemical Co., Ltd
("Haoyuan")

              

      

      
        	
                Party
      B: 

              	
                LI
      Jinjin, WANG Qiuzhen

              

      

      

      1.           Party
A acquires from Party B all the assets (see attached table of itemized assets)
of the bromine factory (annual bromine production  capacity of 3,000
ton and annual salt production capacity of 100,000 ton) located at east side of
Yangzhuang Village, Yangkou Township, Shouguang City; the final consideration of
the acquisition is determined to be RMB 95 million (of which 95% to be paid in
cash and 5% in stocks issued by Haoyuan's US parent company with the stock price
based on the average price of the last 30 trading days prior to the transaction
date).   As of June 7, 2010, the effective date, the average
price of the last 30 trading days of the stock is $9.859; and, based on the
average currency rate of $1=RBM6.8281 published by Bank of China, Haoyuan's US
parent must issue to Party B 70,560 shares, of which 65,560 shares shall be
issued to LI Jinjin and 5,000 shares to WANG Qiuzhen.  Party A must
issue those shares to Party B within 20 days upon the completion of the delivery
date.

      

      2.           Upon
completion of the M&A, the ownership of all the factory buildings,
production facilities, water wells, underwater cables, electricity provision
facilities that are currently in Party B's ownership shall belong to Party
A.  Party B shall be responsible for its original debt claims and loan
obligations.  In addition, Party B shall ensure that the unusable
wells listed on the table of itemized assets) must not exceed 10 and the length
of unusable water ditches must not exceed 200 meters; otherwise, there shall be
a deduction, from the total consideration hereunder, at the rate of 2 times the
replacement cost.

      

      3.           Party
B promises that Party B will automatically dissolve the land lease contract
between Party B and the village in the production area with regard to 3.07
km2 land
and that Party B shall assist our company [sic, meaning Haoyuan] in entering
into a new land lease contract with the village for the remaining term of the
lease; otherwise, Party B shall pay 10% of the security deposit as compensation
to Party A.  Party B shall pay the lease rent of the land lease for
the term prior to July 1, 2010 and Party A shall pay the lease rent
thereafter.

      

      4.           Party
B promises that it will dissolve the employment contracts with its original
factory workers and pay them their salaries and compensation pursuant to the
relevant laws and statutes of the State; Party A has the right
to  recruit its own employees based on its need.

      

      5.           Party
B promises that it will settle all the contracts with its original suppliers and
customers, and resolve all corresponding debt claims and loan
obligations.  Party A has the right to choose its new suppliers and
customers and enter into new contract with them.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      6.           Party
A only purchases the production-related facilities and inventories, which has no
relationship with the original operating entity , and will not assume any rights
and obligations from the original operating entity.

      

      7.           Upon
execution of this Agreement, Party A shall pay 20% of the cash portion of the
consideration in the total amount of RMB 18.08 million as security deposit; upon
payment of the deposit, Party A will enter the premise to commence the
production organization.  Within 3 days upon the execution of this
agreement, Party A and Party B shall form an assets inventory group to take
inventory of Party A's [sic] assets on the premise.  Upon completion
of the asset inventory,  and on the condition that there is no
dispute, Party B [sic] shall pay the cash portion of the
total  transfer consideration.  If Party B [sic] fails to
pay the remaining cash portion of the acquisition consideration on time, Party A
[sic] has the right to terminate the M&A agreement, and Party A [sic] shall
keep the security deposit, recover all the assets of the bromine factory and
have no legal responsibility.

      

      8.           If
Party A fails to pay the remaining cash portion of the acquisition consideration
on time pursuant to Article 7 above, Party B has the right to terminate the
M&A agreement, and Party B shall keep the security deposit, recover all the
assets of the bromine factory and have no legal responsibility.

      

      9.           The
two parties shall discuss supplemental agreement regarding other matters not
covered herein and the supplemental agreement shall have the same legal
effect.  Any dispute about this agreement may be submitted to the
People's Court of Shouguang City.

      

      10.         This
agreement is in duplicate, with one to each party.

      
 

      
        	
                Party
      A: 

              	
                Shouguang
      Haoyuan Chemical Co., Ltd (company
seal)

              

      

      Legal
Representative: /s/
Ming Yang

      

      
        	
                Party
      B: 

              	
                LI
      Jinjin /s/ Li
      Jinjin

              

      

      WANG
Qiuzhen /s/ Wang
Qiuzhen

      

      

      June 7,
2010

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