Document:

ex10-1.htm

    EXHIBIT
10.1

    AGREEMENT
AND RELEASE AGREEMENT

    

    THIS AGREEMENT AND RELEASE AGREEMENT
(the "Agreement") is made and entered into as of the 12th day of November, 2008
by and between Graubard Miller (“GM”), on the one hand, and Don K. Rice (“Rice”)
and Ascend Acquisition Corp., a Delaware corporation (the "Company"), on the
other hand.

    

    Recitals

    

    WHEREAS, GM is a law firm that has
represented the Company in certain of its legal affairs;

    

    WHEREAS, the Company owes a significant
amount in legal fees and expenses to GM for legal services heretofore provided
by GM to the Company; and

    

    WHEREAS, Rice now owns 135,810 shares
of the common stock of the Company (the "Common Stock"), after taking into
account the Company’s recent one-for-10 reverse stock split;

    

    WHEREAS, Rice may after the date hereof
acquire the actual ownership of additional shares of Common Stock;
and

    

    WHEREAS, to settle all claims that GM
has or might have against the Company for legal fees and expenses, billed or
unbilled, for legal services heretofore provided by GM to the Company, (a) Rice
desires to transfer to GM 10% of the shares of Common Stock described in the two
recitals immediately preceding, subject to no liens, security interests,
encumbrances, claims, charges or restrictions on the transfer thereof (other
than those imposed by applicable securities laws), and (b) GM desires to acquire
from Rice 10% of such shares, all upon and subject to the terms, provisions and
conditions set forth herein;

    

    Agreements

    

    NOW, THEREFORE, in consideration of the
issuance to GM of 13,581 shares of Common Stock provided for herein, $10.00, and
other good and valuable consideration (the receipt, adequacy and sufficiency of
which is hereby acknowledged and confessed by GM), each party hereto hereby
agrees as follows:

    

    1.           Rice
hereby agrees to transfer promptly to GM, upon the delivery of this Agreement
signed by GM, 13,581 shares of Common Stock, free and clear of any and all
liens, security interests, encumbrances, claims, charges and restrictions on
transfer, other than those imposed by applicable securities laws.  In
the event that Rice and/or his affiliates should after the date hereof ever
acquire the actual ownership of any additional shares of Common Stock in any
manner or by any means, Rice shall use reasonable best efforts to cause to be
transferred to GM promptly (but in no case later than five business days after
Rice receives stock certificates representing such additional shares) 10% of the
additional shares so acquired.  The transfer of shares provided for by
this paragraph 1 shall constitute full payment of all legal fees and expenses,
billed or unbilled, for legal services heretofore provided by GM to the
Company.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           In
consideration of the transfer of the shares of Common Stock pursuant to
paragraph 1 above, GM and GM's successors and assigns, have this day released
and by these presents do release, acquit and forever discharge the Company and
its officers, directors, shareholders, employees, subsidiaries, affiliates,
successors and assigns, from any and all Claims.  For purposes of this
Agreement, "Claims" means all demands, complaints, claims, rights, actions,
causes of actions, suits, proceedings, damages, judgments, costs, expenses,
compensation, promises, agreements, debts, liabilities and obligations of any
kind whatsoever, at common law, by statute, contract, or otherwise which GM has,
might have, had or might have had in the past, against any person released
hereby, known or unknown, directly or indirectly arising out of, resulting from
or relating in any way to, any legal fees and expenses, billed or unbilled, for
legal services heretofore provided by GM to the Company.

    

    3.           It
is expressly understood and agreed that the terms of this Agreement are
contractual and not merely recitations and that the agreements herein contained
are to compromise doubtful and disputed Claims, avoid litigation, and buy peace
and that no releases or other consideration given shall be construed as an
admission of liability, all liability being expressly denied by each party
hereto.

    

    4.           It
is further understood and agreed that this Agreement contains the entire
agreement between the parties and supersedes any and all prior agreements,
arrangements, or understandings between the parties relating to the subject
matter hereof.  No oral understandings, statements, promises, or
inducements contrary to the terms of this Agreement exist.  This
Agreement cannot be changed or terminated except in writing signed by all
parties hereto.

    

    5.           By
execution of this Agreement, GM covenants and warrants to the Company that no
Claim that GM has, might have, had or might have had in the past against any
person released hereby, has previously been conveyed, assigned, or in any manner
transferred, in whole or in part, to any third party.  GM expressly
represents, covenants and warrants that GM has full authority to release any and
all Claims GM has, might have, had or might have had in the past against each
person released hereby.

    

    6.           Should
any court, by judgment or decree, determine that this Agreement does not fully
and finally discharge all Claims which GM has, might have, had or might have had
in the past against any person released hereby, prior to the date of this
Agreement, then GM agrees to reform this document to release any such Claims not
hereby released.

    

    7.           GM
warrants and represents that GM understands that this is a full, final, and
complete settlement with each party released hereby of all known and unknown
Claims that GM has, might have, had or might have had in the past, whether under
statute or common law, or otherwise.  GM warrants and represents that
it has been a law firm that has represented the Company, and that as such it is
familiar with the business and financial condition, properties, operations and
prospects of the Company, it has been given full access to all material
information concerning the condition, properties, operations and prospects of
the Company, it has had an opportunity to ask such questions of, and to receive
such information from, the Company as it has desired and to obtain any
additional information necessary to verify the accuracy of the information and
data received, and it is satisfied that there is no material information
concerning the condition, 

     

    
      
         

      

      
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    properties,
operations and prospects of the Company, of which it is unaware; it has such
knowledge, skill and experience in business, financial and investment matters so
that it is capable of evaluating the merits and risks of and an acquisition of
the shares of Common Stock; it has reviewed its financial condition and
commitments and that, based on such review, it is satisfied that it (a) has
adequate means of providing for contingencies, (b) has no present or
contemplated future need to dispose of all or any of the shares of the Common
Stock to be acquired, to satisfy existing or contemplated undertakings, needs or
indebtedness, (c) is capable of bearing for the indefinite future the economic
risk of the ownership of the shares of Common Stock to be acquired, and (d) has
assets or sources of income which, taken together, are more than sufficient so
that it could bear the loss of the entire value of the shares of Common Stock to
be acquired; it is and will be acquiring the shares of Common Stock solely for
its own beneficial account, for investment purposes, and not with a view to, or
for resale in connection with, any distribution of the shares of Common Stock;
it understands that the shares of Common Stock to be acquired have not been and
are not likely to be registered under the Securities Act of 1933 or any state
securities laws and therefore the shares of Common Stock to be acquired are and
will be "restricted" under such laws and may not be resold without registration
or an exemption therefrom, and all stock certificates representing shares of
Common Stock to be issued to it will bear a legend to such effect; and it has
not offered or sold and will not offer or sell any shares of Common Stock to be
acquired and has no present intention of reselling or otherwise disposing of any
shares of Common Stock to be acquired either currently or after the passage of a
fixed or determinable period of time or upon the occurrence or non-occurrence of
any predetermined event or circumstance.

    

    8.  (a)    For
purposes of this Section 8, the term "Business Combination" shall mean an
acquisition by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise, of an operating business by the
Company.

    

    (b)         Whenever
Rice believes a proposed Business Combination is in the best interests of the
Company and its stockholders, Rice shall give written notice to such effect to
GM.  In such event, GM agrees that it will not take any action to
hinder or prevent the consummation of the related Business Combination, and that
it will vote all shares of Common Stock owned by it in favor of the related
Business Combination if the consideration of the same is put to the Company’s
stockholders for their approval.

    

    9.           If
in the future GM wishes to dispose of any of its shares of Common Stock acquired
pursuant to this Agreement, GM shall first offer in writing to sell such shares
of Common Stock to Rice, at a purchase price and on such terms as GM intends in
good faith to sell to a bona fide third party.  Following the receipt
of the written offer provided for hereinabove, Rice shall have an option,
exercisable for fifteen (15) days, to purchase all or any portion of the shares
of Common Stock proposed to be sold at the price and on the terms set forth in
the notice.  In the event that all of the shares of Common Stock
proposed to be sold by GM is not purchased in accordance herewith before the
expiration of the time period esta­blished herein therefor, all of the
shares of Common Stock may be sold, at a price no lower and upon terms no more
favorable than the price and terms that the shares of Common Stock could have
been purchased pursuant to the option that it was subject to.  Such
sale shall be free and clear of the terms of this Agreement during the
three-month period beginning after the expiration of the aforementioned 15-day
period, but thereafter any shares of Common Stock not so sold shall again be
subject to the terms and conditions of this 

     

    
      
         

      

      
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    Agreement.  The
closing of the sale and purchase of any shares of Common Stock pursuant hereto
shall occur within fifteen (15) days after the option is exercised in accordance
herewith.  At the closing, (a) GM shall deliver the appropriate stock
certificates, properly endorsed or accom­panied by a properly prepared and
executed stock power, and (b) Rice shall deliver the consideration required
herein.  All certificates representing shares of Common Stock now
owned or that may hereafter be acquired by each Purchaser shall have a legend on
the back thereof substantially as follows:

    

    
      	
               
      

            	
              SHARES
      OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF
      FIRST REFUSAL AGREEMENT THAT PROVIDES SIGNIFICANT RESTRICTIONS ON THE
      TRANSFERABILITY OF THE SHARES OF COMMON STOCK REPRESENTED
      HEREBY.

            

    

    

    Such certificates shall state on the
front thereof sub­stantially as follows:

    

    SEE RESTRICTIONS ON TRANSFER HEREOF ON
REVERSE SIDE.

    

    10.           This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, except that no party may assign or
transfer its rights or obligations under this Agreement without the prior
written consent of the other parties hereto.  This Agreement contains
the entire understanding among the parties hereto with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements and
understandings, inducements, or conditions, express or implied, oral or written,
except as herein contained.  The express terms hereof control and
supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together constitute one and the same instrument.

    

    IN
WITNESS WHEREOF, the undersigned have set their hands hereunto as of the first
date written above.

    

    
      	
              GRAUBARD
      MILLER

            	 	
              ASCEND
      ACQUISITION CORP.

            
	 
      	 	 	 
      	 
      
	 
      	 	 	 
      	 
      
	
              By:

            	 	 	
              By:

            	 
      
	 
      	 	 	 
      	
              Don
      K. Rice,

            
	
              Name:

            	 	 	 
      	
              Chief
      Executive Officer

            
	 
      	 	 	 
      	 
      
	
              Title:

            	 	 	
              Address:

            	
              517
      Fisher Road

            
	 
      	 	 	 
      	
              Bryn
      Mawr, PA 19010

            

    

    
 

    4Unassociated Document

    EXHIBIT
10.2

    PROMISSORY
NOTE

    (Wayne,
Pennsylvania)

    
      

      
        	
                $195,000.00

              	
                November
      18, 2008

              

      

    The undersigned, Ascend Acquisition
Corp., a Delaware corporation (hereinafter called "Maker" or the “Corporation”),
whose address for purposes hereof is 435 Devon Park Drive, Bldg. 400, Wayne, PA
19087, for value received, without grace, in the manner, on the dates and in the
amounts herein stipulated, promises to pay to Don K. Rice (hereinafter called
"Payee"), at 435 Devon Park Drive, Bldg. 400, Wayne, PA 19087, or at such other
place as Payee may hereafter designate, the sum of ONE HUNDRED NINETY-FIVE
THOUSAND DOLLARS ($195,000.00), in lawful money of the United States of America,
with interest at the rate herein specified.

    

    SECTION
1.  INTEREST ACCRUAL.  The unpaid principal amount from time
to time outstanding hereunder shall bear interest from and after the date hereof
until such amount is paid in full at a fixed rate per annum equal FIVE PERCENT
(5%).  Interest on this Note shall be computed on the basis of a
365-day year for the actual number of days elapsed.

    

    SECTION
2.  PAYMENT OBLIGATION AND PREPAYMENT.  The unpaid principal
balance of this Note with all accrued but unpaid interest thereon shall be due
and payable in full on DEMAND, or in the event there is no demand, on or before
midnight on fifth annual anniversary of the date of this Note (the “Maturity
Date”).

    

    The principal amount of this Note and
all accrued interest thereon may be prepaid in cash at any time.  Any
payment shall be applied first, to accrued interest, and second, to
principal.  No further interest will accrue on the portion of this
Note to be prepaid from and after the date fixed for prepayment if payment of
the prepayment amount has been made or duly provided for.

    

    At any time prior to the Maturity Date
and prior to payment or redemption of this Note, and, in the event that the
Corporation elects to redeem or pay this Note prior to maturity, within ten days
after Payee’s receipt of any redemption or prepayment notice, Payee may at his
sole discretion convert the entire principal amount of this Note, or any portion
thereof, together with accrued and unpaid interest, if any, into shares of
common stock of the Corporation (“Common Stock”) at the
conversion price as defined in section 3.5 below, subject to adjustments as
described below (the “Conversion
Price”).  The right to convert this Note by Payee after it is
called for redemption will terminate at the close of the tenth day following
receipt by Payee of a redemption notice; provided that such period for
Conversion may be extended by the Corporation at its sole and absolute
discretion.

    

    SECTION
3.  CONVERSION.

    

    3.1           Conversion.
On a date (the "Conversion Date") on which any amount remains outstanding on
this Note and on which Payee gives to Maker
written notice that Payee wishes for the entire principal amount of this Note,
or any portion thereof, together with accrued and unpaid interest, if any, to be
converted into Maker’s Common, this Note shall, without any action required on
the part of either Maker or Payee, automatically convert into, and Payee shall
be entitled to receive in lieu of payment of the indebtedness evidenced hereby,
a number of shares of 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Common
Stock equal to the quotient of (a) a sum equal to the outstanding principal
amount of and accrued interest on this Note that Maker desires to so convert,
divided by (b) the "Conversion Price" (as defined in Section 3.5 below) in
effect at the Conversion Date.

    

    3.2           Issuance
of Certificates. As promptly after the Conversion Date as reasonably practicable
and after Payee’s surrender of this Note marked "Cancelled", Maker shall
instruct its transfer agent to issue and deliver to Payee at the address of
Payee set forth above, without any charge to Payee, a certificate or
certificates (issued in the name of Payee) for the number of full shares of
Common Stock of Maker issuable upon the conversion of this Note.

    

    3.3           Status
on Conversion. Upon conversion of this Note, Payee shall be deemed to have
become the stockholder of record of the shares of Common Stock into which this
Note is converted on the Conversion Date (unless the transfer books of Maker are
closed on that date, in which event Payee shall be deemed to have become the
stockholder of record on the next succeeding day on which the transfer books are
open and the conversion shall be at the rate in effect on such
date).

    

    3.4           Elimination
of Fractional Interests. No fractional shares of Common Stock shall be issued
upon conversion of this Note, nor shall Maker be required to pay cash in lieu of
fractional interests, it being the intent of the parties that all fractional
interests shall be eliminated and that all issuances of Common Stock shall be
rounded up to the nearest whole share.

    

    3.5           Conversion
Price.

    

    (a)           The
initial Conversion Price of this Note shall be $0.04.

    

    (b)           
The Conversion Price shall be adjusted from time to time as follows: if Maker
shall at any time after the date hereof (i) issue any shares of Common Stock by
way of a dividend or other distribution on any stock of Maker and without
consideration, or (ii) subdivide or combine its outstanding shares of Common
Stock, the Conversion Price shall be adjusted (to the nearest full cent) by
multiplying (x) the Conversion Price in effect immediately prior to the
adjustment by (y) a fraction, the numerator of which is the total number of
shares of Common Stock outstanding immediately before the issuance of shares,
and the denominator of which is the total number of shares of Common Stock
outstanding immediately after such issuance or sale.  For the purposes
of any computation to be made in accordance with this Section 3, shares of
Common Stock issuable by way of dividend or other distribution on any stock of
Maker shall be deemed to have been issued immediately after the opening of
business on the day following the record date for the determination of
stockholders entitled to receive such dividend or other
distribution.

    

    3.6           Effect
of Reclassification, Consolidation, Merger, etc.  In case of the
reclassification or change of outstanding shares of Common Stock (other than a
change in par value, or from no par value to par value or vice versa, or as a
result of a subdivision or combination), or in the case of any consolidation or
merger of Maker with or into a corporation (other than a consolidation or merger
into which Maker is the surviving corporation and which does not result in any
reclassification or change of outstanding shares of Common Stock except a change
as a result of a subdivision or combination of such shares or a change in par
value as described above), or in the case of a sale or 

     

    
      
         

      

      
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    conveyance
to another corporation of all or substantially all of the assets of Maker, this
Note shall be converted on the Conversion Date into the kind and number of
shares of stock and/or other securities or property receivable upon such
reclassification, change, consolidation, merger, sale or conveyance by a holder
of the number of shares of Common Stock into which this Note might have been
converted immediately before the time of determination of the stockholders of
Maker entitled to receive such shares of stock and/or other securities or
property. Maker shall be obligated to retain and set aside, or otherwise make
fair provision for exercise of the right of Payee to receive, the shares of
stock and/or other securities or property provided for in this Section
3.6.

    

    3.7           Certificate
Concerning Adjusted Conversion Price. Whenever the Conversion Price is adjusted
pursuant to this Section 3, Maker promptly shall: (i) place on file at its
principal executive office an officer's certificate signed by the chief
financial officer or controller of Maker showing in appropriate detail the facts
requiring such adjustment, the computation thereof, and the adjusted Conversion
Price, and shall exhibit the certificate from time to time to Payee of this Note
if Payee desires to inspect the same; and (ii) mail or cause to be mailed to
Payee, in the manner provided for giving notice pursuant to this Note, a notice
stating that such adjustment has been made and setting forth the adjusted
Conversion Price.

    

    3.8           Reservation
and Listing of Shares for Issuance. Maker shall reserve and keep available out
of its authorized and unissued shares of Common Stock, for the purpose of
effecting the conversion of this Note, such number of its duly authorized shares
as shall from time to time be sufficient to effect the conversion of this Note.
Maker covenants that all shares of Common Stock issued upon conversion of this
Note in compliance with the terms hereof will be duly and validly issued and
fully paid and non-assessable.  As long as this Note shall be
outstanding, Maker shall use its reasonable best efforts to cause all shares of
Common Stock issuable upon conversion of this Note to be listed (subject to
official notice of issuance) on all securities exchanges on which the Common
Stock is then listed, if any.

    

    3.9           Investment
Intent, Restrictions on Transfer, Legends etc. Payee acknowledges that this Note
and the Common Stock to be issued upon conversion have not been registered under
the Securities Act of 1933, as now in force or hereafter amended, or any
successor legislation (the "Act"), and agrees not to sell, pledge, distribute,
offer for sale, transfer or otherwise dispose of this Note or any Common Stock
issued upon conversion in the absence of (i) an effective registration statement
under the Act as to this Note or the Common Stock and registration or
qualification of this Note or the Common Stock under any applicable blue sky or
state securities law then in effect, or (ii) an opinion of counsel, satisfactory
to Maker, that such registration and qualification are not
required.  Without limiting the generality of the foregoing, unless
the offering and sale of Common Stock issued upon conversion to be issued shall
have been effectively registered under the Act, Maker shall be under no
obligation to issue the shares covered by such conversion unless and until Payee
shall have executed an investment letter in form and substance satisfactory to
Maker, including a warranty at the time of such exercise that he is acquiring
such shares for his own account, for investment and not with a view to, or for
sale in connection with, the distribution of any such shares, in which event
Payee shall be bound by the provisions of a legend to such effect on the
certificate(s) representing Common Stock to be issued upon
conversion.  In addition, without limiting the generality of the
foregoing, Maker may delay issuance of Common Stock to be issued upon conversion
until completion of any action or obtaining of any consent, which Maker believes
necessary or advisable under any applicable law (including without limitation
state securities or 

     

    
      
         

      

      
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    "blue
sky" laws).

    

    SECTION
4. DEFAULTS AND REMEDIES.

    

    Time is of the essence concerning this
Note.  If this Note is not timely paid at maturity, then Payee may
institute in any court of competent jurisdiction an action for
collection.  In such event, Maker agrees to pay all expenses incurred,
including reasonable attorneys' fees, all of which shall become a part of the
principal hereof.

    

    Maker and each and all other liable
parties expressly and specifically, (i) severally waive grace, presentment for
payment, demand for payment, notice of intent to accelerate and notice of
acceleration, notice of dishonor, protest and notice of protest, notice of
nonpayment, and any and all other notices, the filing of suit and diligence in
collecting this Note or enforcing any of the security herefor, (ii) severally
agree to any substitution, subordination, exchange or release of any security
held for the payment of this Note or any other obligation to Payee and release
of any party primarily or secondarily liable hereon, (iii) severally agree that
Payee shall not be required first to institute suit or exhaust Payee's remedies
hereon against Maker or other parties liable hereon or to enforce Payee's rights
against them or any security herefor in order to enforce payment of this Note by
any of them, and (iv) severally agree to any extension or postponement of time
of payment of this Note and to any other indulgence with respect hereto without
notice thereof to any of them.

    

    SECTION
5. MISCELLANEOUS.

    

    The invalidity, or unenforceability in
particular circumstances, of any provision of this Note shall not extend beyond
such provision or such circumstances and no other provision of this Note shall
be affected thereby.

    

    THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND THE
APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

    

    IN WITNESS WHEREOF, the undersigned has
set his hand hereunto as of as of the day and year first above
written.

    

    

    
      	 
      	 
      	 
      	
              ASCEND
      ACQUISITION CORP.

            	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              By:_______________________

            	 
      
	 
      	 
      	 
      	 	
              Don
      K. Rice, Chief Executive Officer

            	 
      

    

    

    
4

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