Document:

Exhibit 10.74

NOTE PURCHASE AGREEMENT

THIS NOTE PURCHASE AGREEMENT
(“Agreement”) is entered into as of June 30, 2006 between Bulldog
Technologies, Inc., a Nevada corporation (the “Company”), and the
purchaser who is a signatory hereto, and its successors and assigns (“Purchaser”).

WHEREAS, subject to the
terms and conditions set forth in this Agreement and pursuant to Section 4(2) of
the Securities Act and Rule 506 promulgated thereunder, the Company
desires to issue and sell to Purchaser, and Purchaser desires to purchase from
the Company, a promissory note of the Company as more fully described in this
Agreement.

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for
other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Company and the Purchaser agree as follows:

1.)            Definitions. The following terms shall have the meanings
set forth herein:

(a)           “Commission” shall mean the Securities and Exchange
Commission of the United States or any other U.S. federal agency at the time
administering the Securities Act.

(b)           “Debenture” refers to that certain secured Promissory
Note, in the form attached hereto and incorporated herein by reference as Exhibit A,
in the principal dollar amount equal to the Purchase Price purchased by
Purchaser and issuable by the Company to Purchaser pursuant hereto.

(c)           “Securities Act” shall mean the Securities Act of 1933, as
amended, or any similar United States federal statute and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the time.

2.)            Purchase and Sale of Debenture.

(a)           Payment of Purchase Price. Upon execution of this
Agreement, Purchaser will pay the purchase price set forth on the Purchaser
Signature Page (the “Purchase Price”) to the Company in immediately
available funds.

(b)           Sale to Purchasers. Subject to the terms and conditions
hereof, upon payment of the Purchase Price, the Company will issue and sell the
Debenture to Purchaser. If the terms of this Agreement and the terms of the
Debenture conflict, the terms of the Debenture shall prevail.

3.)            Delivery of Debenture. Upon execution of this Agreement
by Purchaser and the Company and upon payment of the Purchase Price by
Purchaser, the Company will promptly issue the Debenture to Purchaser.

4.)            Purchaser Representations and Warranties. Purchaser
represents and warrants to the Company, its directors, officers, employees and
agents as follows (by execution hereof, Purchaser acknowledges that the Company
is relying upon the accuracy and completeness of the representations contained
herein in complying with its obligations under applicable securities laws):

(a)           Purchaser has been advised that (i) the sale of the
Debenture to Purchaser has not been registered under the Securities Act on the
grounds, among others, that it will be exempt from registration under Section 4(2) of
the Securities Act as a transaction not involving a public offering; (ii) reliance
upon such exemption or other exemptions is predicated in part on Purchaser’s
representation that Purchaser is acquiring such Debenture for investment for
the Purchaser’s own account with no present intention of dividing Purchaser’s
participation with others or reselling or otherwise distributing the same, and
Purchaser alone shall have the full legal and equitable right, title and
interest in the Debenture; and (iii) Purchaser’s representations,
including the foregoing, are essential to the reliance of the Company upon
exemptions from registration or qualification of this transaction or the
Debenture under applicable state securities laws.

(b)           Purchaser understands that this transaction has not been
scrutinized by the Commission or by any state securities or other authority
and, because of the small number of persons purchasing the Debenture and the
private nature of the placement, that all documents, records, and books
pertaining to this investment have been made available to Purchaser and
Purchaser’s representatives, such as attorneys, accountants and/or purchaser
representatives.

(c)           Purchaser is purchasing the Debenture for the account of
Purchaser for investment purposes only and not with a view to their resale or
distribution. Purchaser has no present intention to divide his, her or its
participation with others or to resell or otherwise dispose of all or any part
of the Debenture. In making these representations, Purchaser understands that,
in the view of the Commission, the exemption of the sale of the Debenture from
the registration requirements of the Securities Act would not be available if,
notwithstanding the representations of Purchaser, Purchaser has in mind merely
acquiring the Debenture for resale upon the occurrence or non-occurrence of
some predetermined event.

 

 

(d)           Purchaser understands that the subsequent transfer of the
Debenture will be restricted, and that the effect of the restrictions on the
transfer of the Debenture include the facts, among others, that (i) 
Purchaser will not have liquidity with respect to the Debenture for an indefinite
period of time and in no event less than one year from the date of purchase,
and (ii)  Purchaser will be unable to sell, encumber or otherwise transfer
the Debenture unless there is an effective registration statement covering such
disposition under the Securities Act, and effective registrations and
qualifications under applicable state law, or exemptions from such
registrations or qualifications under the Securities Act and state law are
applicable.

(e)           At such time as Purchaser determines to dispose of all or
any part of the Debenture, Purchaser understands that Purchaser must first
notify the Company, and that the Company may require an opinion of its
attorney, of Purchaser’s attorney, or both, that such disposition will not
negate Purchaser’s intent as expressed herein, and that, in view of the
exemption claimed, such disposition will be permissible.

(f)            Purchaser recognizes that an investment in the Debenture
involves a high degree of risk and that the purchase of the Debenture is a
long-term investment. Purchaser has a financial net worth or anticipated income
such that satisfaction of the Debenture need not be made in the foreseeable
future to satisfy any financial obligation of which Purchaser is or
contemplates Purchaser will become subject.

(g)           Purchaser understands that exemptions from the
registration and qualification requirements may not be available to Purchaser,
and, except as provided in this Agreement, the Company will have no obligation
to assist Purchaser in registering or qualifying a disposition of the Debenture
or in obtaining or establishing an exemption from such registration or
qualification requirements.

(h)           The Purchaser understands that any certificate
representing the Debenture will bear legends stating in effect that the issuance
or sale of the Debenture has not been registered under the Securities Act or
any applicable state securities laws and such legends may refer to the
restrictions on transfers and sales contained in this Agreement. Purchaser
further understands that a stop-transfer restriction may be placed in the books
and records of the Company with respect to the Debenture.

(i)            Purchaser’s purchase of the Debenture is not the result
of any general solicitation or general advertising, including, but not limited
to:  (i) any advertisement, article,
notice or other communication published in any newspaper, magazine or similar
media or broadcast over television or radio; and (ii) any seminar or
meeting whose attendees have been invited by any general solicitation or general
advertising.

(j)            Purchaser is an “Accredited Investor” as defined in Rule 501(a) of
Regulation D under the Securities Act.

(k)           Purchaser has not been formed solely for the purpose of
acquiring the Debenture.

(l)            Purchaser has such knowledge and experience in financial
and business matters that Purchaser is capable of evaluating the merits and
risks of the investment in the Debenture.

(m)          Purchaser has obtained and reviewed all information
regarding the Company and the purchase of the Debenture as Purchaser believes
necessary or appropriate. Purchaser has been given access to full and complete
information regarding the Company and has utilized such access to its
satisfaction for the purpose of obtaining information; and particularly,
Purchaser has been given the opportunity to meet with representatives of the
Company for the purpose of asking questions of, and receiving answers from,
such representatives concerning the Company and the Debenture and to obtain any
additional information, to the extent reasonably available. Purchaser
acknowledges that it has been provided all of the Company’s publicly available
reports and documents filed with the Commission through the date of this
Agreement and Purchaser has reviewed, or has had the opportunity to review, all
such filings and documents, to the extent deemed appropriate by the Purchaser.

(n)           Purchaser acknowledges and understands that any
information provided about the Company’s future plans and prospects is
uncertain and subject to all of the uncertainties inherent in future
predictions.

(o)           Purchaser understands that nothing in this Agreement or
any other material presented to Purchaser in connection with the purchase and
sale of the Debenture constitutes legal, tax or investment advice. Purchaser
has obtained, to the extent Purchaser deems necessary, personal and
professional advice with respect to the risks inherent in the investment in the
Debenture in light of Purchaser’s financial condition and investment needs.

(p)           Purchaser understands that:  (i) the Company has engaged legal
counsel to represent the Company in connection with the offer and sale of the
Debenture; (ii) legal counsel engaged by the Company does not represent
Purchaser or Purchaser’s interests; and (iii) Purchaser is not relying on
legal counsel engaged by the Company. Purchaser has had the opportunity to
engage, and obtain advice from, Purchaser’s own legal counsel with respect to
the investment contemplated herein.

 

 

(q)           Purchaser certifies, under penalty of perjury, that
Purchaser is not subject to the backup withholding provisions of the Internal
Revenue Code of 1986, as amended. (Note: 
Purchaser is subject to backup withholding if:  (i) Purchaser fails to furnish its
Social Security Number or Taxpayer Identification Number herein; (ii) the
Internal Revenue Service notifies the Company that Purchaser furnished an
incorrect Social Security Number or Taxpayer Identification Number; (iii) Purchaser
is notified that it is subject to backup withholding; or (iv) Purchaser
fails to certify that it is not subject to backup withholding or Purchaser
fails to certify the Purchaser’s Social Security Number or Taxpayer
Identification Number.)

(r)            Purchaser’s principal executive offices are located (if
an entity), or Purchaser is a resident of the state (if an individual), as set
forth on the Purchaser Signature Page hereto.

(s)           During the period from the date Purchaser was first
contacted with respect to the potential purchase of the Debenture through the
date of the execution of this Agreement by Purchaser, Purchaser did not,
directly or indirectly, execute or effect or cause to be executed or effected
any short sale, option or equity swap transaction in or with respect to the
common stock of the Company or any other derivative security transaction the purpose
or effect of which is to hedge or transfer to a third party all or any part of
the risk of loss associated with the ownership of the Debenture by Purchaser.

(t)            Upon the consummation of the sale of the Debenture
contemplated by this Agreement, no agent, broker, investment banker or other
person is or will be entitled to any broker’s or finder’s fee or any other
commission or similar fee from Purchaser in connection with any of the
transactions contemplated hereby.

5.)            Lack of Availability of Rule 144 Under the
Securities Act. Purchaser understands and acknowledges that, except as set
forth in Section 6(c), the Company has no obligation to undertake or
complete a public sale of the Debenture and that the Debenture will remain
subject to the restrictions on transferability described in this Agreement. Purchaser
further understands and acknowledges that although the Company currently files
periodic reports with the Commission pursuant to the requirements of Sections
13 or 15(d) of the Exchange Act it may not be obligated to file such
reports at any time in the future. Purchaser also understands that the Company
has not agreed to supply such other information as would be required to enable
routine sales of the Company’s common stock to be made under the provisions of
certain rules respecting “restricted securities”, including Rule 144
promulgated under the Securities Act by the Commission. Thus, Purchaser has
been informed that the Company is not obligated to make publicly available or
to provide Purchaser with the information required by Rule 144.

6.)            Representations and Warranties of the Company.  The Debenture to be issued under this
Agreement, when paid for and issued in accordance with the terms hereof, shall
be duly and validly issued and outstanding, fully paid and non-assessable.

7.)            Confidentiality. Purchaser agrees that, except as
provided in this paragraph, all information disclosed by the Company to
Purchaser in connection with the sale of the Debenture is material non-public
information and shall be considered “Confidential Information.”  Purchaser agrees to maintain the confidential
nature of the Confidential Information and to prevent its unauthorized
disclosure or dissemination, and agrees not to use the Confidential Information
for any purpose other than evaluating the purchase of the Debenture hereunder. Confidential
Information shall not, however, include information that is now or subsequently
becomes generally known or available as the result of the Company’s publication
or filing of such information with the Commission. This Agreement and the
provisions hereof shall be Confidential Information, provided that the Company
may disclose this Agreement and the terms of this Agreement to the extent
reasonably required to comply with the Company’s disclosure obligations under
the Exchange Act.

8.)            Miscellaneous Provisions.

(a)           Representations Survive Delivery. The representations,
warranties and agreements of the Company and of the Purchaser contained in this
Agreement will remain operative and in full force and effect and will survive
the receipt of the Purchase Price by the Company, and the issuance to the
Purchaser of the Debenture.

(b)           Entire Agreement. This Agreement, together with the
Debenture and Security Agreement issued by the Company in favor of Purchaser,
contains the entire agreement between the parties with respect to the subject
matter hereof and supercedes all prior and contemporaneous arrangements or
understandings with respect thereto.

 

 

(c)           Correctness of Information; Changes. All of the foregoing
information which Purchaser has provided concerning Purchaser, Purchaser’s
financial position and Purchaser’s knowledge of financial and business matters,
is true, correct and complete as of the date set forth herein.

(d)           Indemnification. Purchaser agrees to indemnify the Company
against and to hold the Company harmless from any damage, loss, liability,
claim or expense including, without limitation, reasonable attorneys’ fees
resulting from or arising out of the inaccuracy or alleged inaccuracy of any of
the representations, warranties or statements of Purchaser contained in this
Agreement, including without limitation any violation or alleged violation of
the registration requirements of the Securities Act or applicable state law in
connection with any subsequent sale of the Debenture.

(e)           Additional Information. Purchaser shall supply such
additional information and documentation relating to Purchaser and any persons
who have any rights or interest in Purchaser as may be requested by the Company
in order to ensure compliance by the Company with applicable laws.

(f)            Arbitration. Any dispute regarding this Agreement or
Purchaser’s purchase of the Debenture (including without limitation claims
pursuant to federal or state securities laws), shall be resolved by arbitration
which shall be the sole forum for resolution of any such disputes. Unless
otherwise agreed by the parties, any such proceedings shall be brought in the
State of New York, pursuant to the Rules and Code of Arbitration of the
America Arbitration Association. The foregoing notwithstanding, any party may
seek equitable relief from a court of competent jurisdiction.

(g)           Governing Law; Venue; Jurisdiction. All questions
concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by and construed and enforced in accordance with
the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of
New York for any relief sought by a party hereto which is not required to be
submitted to arbitration in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or inconvenient venue for such proceeding. Each
party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner
permitted by law.

(h)           Assignment. This Agreement may not be pledged, assigned or
otherwise transferred by Purchaser except by operation of law but all the terms
and provisions of this Agreement shall be binding upon and inure to the benefit
of and be enforced by the successors in interest of the parties hereto.

(i)            Successors and Assigns. The representations and
warranties made by the Purchaser in this Agreement are binding on the Purchaser’s
successors and assigns and are made for the benefit of the Company and any
other person who may become liable for violations of applicable securities laws
as a result of the inaccuracy or falsity of any of the Purchaser’s
representations or warranties.

(j)            Notice. All notices, requests, consents and other
communications hereunder to any party shall be deemed to be sufficient if
contained in a written instrument delivered in person or sent by telecopy,
nationally recognized overnight courier or first class registered or certified
mail, return receipt requested, postage prepaid, addressed to such party at the
address set forth below or such other address as may hereafter be designated in
writing by such party to the other party:

If to the Company, to:

Bulldog Technologies, Inc.

301-11120 Horseshoe Way

Richmond, British Columbia, Canada V7A 5H7

Attention: CEO

With a copy to:

Ellenoff Grossman &
Schole LLP

370 Lexington Avenue, Suite 1900

New York, NY 10017

Attention: Barry Grossman, Esq.

 

 

If to a Purchaser, to:

the address set forth on the
signature page of this Agreement

(k)           Amendments. No amendment, modification, waiver, discharge
or termination of any provision of this Agreement nor consent to any departure
by a Purchaser or the Company therefrom shall in any event be effective unless
the same shall be in writing and signed by the party to be charged with
enforcement, and then shall be effective only in the specific instance and for
the purpose for which given.

(l)            Counterparts; Execution. This Agreement may be executed
by the Company and by Purchaser in separate and several counterparts, each of
which shall be deemed an original. Any signature delivered by facsimile
transmission shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect
as if such facsimile signature page were an original thereof.

SIGNATURE PAGE

IN WITNESS WHEREOF, the
parties have caused this Note Purchase Agreement to be duly executed and
delivered by their proper and duly authorized representatives as of the day and
year first above written.

BULLDOG TECHNOLOGIES, INC.

/s/ Robin Wald

Robin Wald, Chief Technology
Officer and

Acting Chief Executive
Officer

PURCHASER SIGNATURE PAGE

The undersigned Purchaser
hereby executes the Note Purchase Agreement with Bulldog Technologies, Inc.
(the “Company”) and hereby authorizes this signature page to be attached
to a counterpart of such document executed by a duly authorized officer of the
Company.

	
  Purchaser:

  	
   

  	
  TRELLUS PARTNERS, LP

  
	
  Signature

  	
   

  	
              /s/ Adam Usdan

  
	
   

  	
   

  	
  [Print Name]

  
	
  Its

  	
   

  	
              President

  
	
   

  	
   

  	
   

  
	
  Principal Amount
  of Debenture (Purchase Price):

  	
   

  	
  $750,000

  
	
  Name in which
  Debenture

  	
   

  	
   

  
	
  is to be
  registered:

  	
   

  	
  Trellus Partners, L.P.

  
	
  Address of
  registered holder:

  	
   

  	
  350 Madison Ave — 9th Fl

  
	
   

  	
   

  	
  NY, NY 10017

  
	
  Social Security
  or Tax ID No. of registered holder:

  	
   

  	
   

  
	
  Contact name and
  telephone number regarding

  	
   

  	
   

  
	
  settlement and
  registration:

  	
   

  	
  Tony Miller, CFO

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
  212-389-8783

  
	
   

  	
   

  	
  Telephone NumberExhibit 10.75

90
DAY SUBORDINATED SECURED

PROMISSORY NOTE

This Note has not been registered under the Securities Act of 1933, as
amended, any state securities laws or the securities laws of any other
jurisdiction. This note may not be sold, offered for sale, pledged, or
hypothecated by the holder in the United States or to U.S. persons in the absence of a registration statement in
effect with respect to the note under such act and such applicable state laws
or an exemption from the registration requirements of such act and such laws or
an opinion of counsel satisfactory to the company that such registration is not
required.

____________________________________________________________

BULLDOG TECHNOLOGIES, INC.

Note No. _________                                                                                                                                                                 $750,000

Date: June 30, 2006

90 DAY SUBORDINATED SECURED

PROMISSORY NOTE

BULLDOG TECHNOLOGIES, INC., a Nevada corporation (“Maker”),
the principal office of which is located at 301-11120 Horseshoe Way,
Richmond, British Columbia, Canada V7A 5H7, for value received, hereby promises
to pay to the order of  Trellus Partners,
LP, or its registered assigns (the “Holder”), at
______________________________________, the sum of Seven Hundred Fifty Thousand
Dollars ($750,000.00) (the “Principal Amount”), together with interest
on the unpaid principal balance of this Note from time to time outstanding
until such Principal Amount is paid in full, such interest to be due and
payable as set forth herein.

1.             Principal and
Interest, Payment. The
Principal Amount, and any unpaid accrued interest hereon, shall be due and
payable on September 28, 2006 (the “Maturity Date”), or such
earlier date of prepayment, as provided herein. Payment for all amounts due
under this Note shall be made by mail to the registered address of the Holder. Each
payment by Maker pursuant to this Note shall be made without set-off or
counterclaim and shall be made in lawful currency of the United States of
America and in immediately available funds.

2.             Note Purchase
Agreement. This
Note (the “Note”) is issued pursuant to that certain Note Purchase
Agreement of Holder dated as of the date hereof, a copy of which agreement is
available for inspection at Maker’s principal office. Notwithstanding any
provision to the contrary contained herein, this Note is subject and entitled
to those terms, conditions, covenants and agreements contained in the Note
Purchase Agreement that are expressly applicable to the Note. Any transferee of
this Note, by its acceptance hereof, assumes the obligations of the Holder in
the Note Purchase Agreement with respect to the conditions and procedures for
transfer of this Note.

3.             Rights of Holder. The following is a statement of the rights
of the Holder of this Note and the conditions to which this Note is subject,
and to which the Holder hereof, by the acceptance of this Note, agrees:

(a)           Interest.
Maker shall pay simple interest (the “Interest”) at the rate of one
percent (1%) per annum above the prime lending rate per annum of Citibank N.A.
(or of its successor or of such other national banking association(s) as
may be referred to by The Wall Street Journal or any successor
publication as indicator(s) of the prime lending rate) as of the date
hereof.

(b)           Prepayment.
The Principal Amount may be prepaid in whole or in part at any time upon five (5) days’
prior written notice to the Holder.

 

 

4.             Grant of
Security Interest. Maker’s
obligations under the Note are secured by a lien on Maker’s assets pursuant to
a security agreement (the “Security Agreement”) of even date herewith
between Maker and Holder.

5.             Covenants of
Maker. Maker
covenants and agrees that, so long as this Note remains outstanding and unpaid,
in whole or in part:

(a)           Maker
will not, and will not permit any of its Subsidiaries (as defined below) to,
sell, transfer or in any other manner alienate or dispose of all or
substantially all of its assets; provided, however, that Maker or any of its
Subsidiaries may effect such a transaction if payment of this Note is duly
provided for from such sale proceeds;

(b)           Maker
will, and will cause each of its Subsidiaries to, promptly pay and discharge
all lawful taxes, assessments and governmental charges or levies imposed upon
it, its income and profits, or any of its property, before the same shall
become in default, as well as all lawful claims for labor, materials and
supplies which, if unpaid, might become a lien or charge upon such properties
or any part thereof. Maker, or such Subsidiary, shall not be required to pay
and discharge any such tax, assessment, charge, levy or claim so long as the
validity thereof shall be contested in good faith by appropriate proceedings
and Maker or such Subsidiary, as the case may be, shall set aside on its books
adequate reserves with respect to any such tax, assessment, charge, levy or
claim so contested;

(c)           Maker
will, and will cause each of its Subsidiaries to, do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate
existence, rights and franchises and comply with all laws applicable to Maker
as its counsel may advise;

(d)           Maker
will, promptly following the occurrence of an Event of Default (as defined
below) or of any condition or event which, with the giving of notice or the
lapse of time or both, would constitute an Event of Default, furnish a
statement of Maker’s Chief Executive Officer or Chief Financial Officer to
Holder setting forth the details of such Event of Default or condition or event
and the action which Maker intends to take with respect thereto;

(e)           Maker
will, and will cause each of its Subsidiaries to, at all times maintain books
of account in which all of its financial transactions are duly recorded in
conformance with generally accepted accounting principles;

(f)            Maker,
until payment in full of all Principal Amount and Interest due on the Note,
will not pay or declare any cash or in kind dividends or other distributions
with respect to its capital stock;

(g)           Maker
will not, and will not permit any of its Subsidiaries to, make any loan to any
executive officer or any person who is or becomes a holder of 5% of the capital
stock of Maker, other than for reasonable advances for expenses in the ordinary
course of business;

(h)           Maker
will not, and will not permit any of its Subsidiaries to, purchase or otherwise
redeem any of Maker’s common stock, except in connection with the termination
of services of an employee-shareholder or the settlement of any dispute with a
shareholder; provided, however, that in the event shares of a shareholder
owning 5% or more of Maker’s capital stock, are repurchased in connection with
such shareholder’s disassociation from Maker, such repurchase price shall not
exceed $100,000;

(i)            After
an Event of Default, Maker will not, and will not permit any of its
Subsidiaries to, pay or prepay any amounts under any outstanding indebtedness
or other obligations for money borrowed or any indebtedness or other obligation
for money borrowed incurred subsequent to the date hereof, whether or not such
indebtedness becomes due, past due or accelerated, other than (i) the Note
and (ii) Excluded Indebtedness. For purposes of this Note, “Excluded
Indebtedness” shall mean all accounts receivable financing, and any
deferrals, renewals or extensions of any such indebtedness and notes or other
instruments or evidences of indebtedness issued in respect of or in exchange
for any such 

 

 

indebtedness or any funding to pay or replace any such
indebtedness or credit unless in the instrument creating or evidencing the
same, or pursuant to which it is outstanding, it is provided that such
indebtedness or such deferral, renewal or extension thereof is not senior in
right of payment to this Note.

(j)            Maker
shall cause any Subsidiary existing as of the date hereof or organized after
the date of this Note to be bound by the terms hereof to the same extent as
Maker. “Subsidiary” or “Subsidiaries” shall mean any corporation or other
organization, whether incorporated or unincorporated, in which Maker owns,
directly or indirectly, any equity or other ownership interest and in which
such ownership interest entitles Maker to elect a majority of the Board of
Directors or similar governing body or otherwise controls the management of
such entity.

6.             Events of
Default. If any
of the events specified in this Section 6 shall occur (herein individually
referred to as an “Event of Default”), the Holder of the Note may, so
long as such condition exists, declare the entire Principal Amount and unpaid
accrued Interest thereon immediately due and payable, by notice in writing to
Maker:

(i)            Default
in the payment of the Principal Amount or accrued Interest on this Note when
due and payable if such default is not cured by Maker within ten (10) days
after the due date of such payment; or

(ii)           The
institution by Maker of proceedings to be adjudicated as bankrupt or insolvent,
or the consent by it to institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking
reorganization or release under the United States Bankruptcy Code, or any other
applicable federal or state law, or the consent by it to the filing of any such
petition or the appointment of a receiver, liquidator, assignee, trustee, or
other similar official of Maker, or of any substantial part of its property, or
the making by it of an assignment for the benefit of creditors, or the taking
of corporate action by Maker in furtherance of any such action; or

(iii)          If,
within sixty (60) days after the commencement of an action against Maker (and
service of process in connection therewith on Maker) seeking any bankruptcy,
insolvency, reorganization, liquidation, dissolution, or similar relief under
any present or future statute, law, rule or regulation, such action shall
not have been resolved in favor of Maker or all orders or proceedings
thereunder affecting the operations or the business of Maker stayed, or if the
stay of any such order or proceeding shall thereafter be set aside, or if,
within sixty (60) days after the appointment without the consent or
acquiescence of Maker of any trustee, receiver, or liquidator of Maker or of all
or any substantial part of the properties of Maker, such appointment shall not
have been vacated; or

(iv)          There
occurs a “Change of Control” in Maker, defined to mean the occurrence of an
acquisition (other than directly from Maker) of any voting securities of Maker
(the “Voting Securities”) by any “Person” (as the term person is
used for purposes of Section 13(d) or 14(d) of the Securities
Exchange Act of 1934, as amended (the “1934 Act”)) immediately after
which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3
promulgated under the 1934 Act) of fifty percent (50%) or more of the combined
voting power of Maker’s then outstanding Voting Securities.

(v)           There
occurs a “Corporate Control Transaction” which shall be defined to mean (A) a
sale of all or substantially all of Maker’s assets or (B) a transaction
(or series of transactions, including a merger, consolidation or other
reorganization of Maker, or issuance of additional shares of capital stock of
Maker other than in connection with capital raising transactions) which results
in the holders of Maker’s capital stock prior to the transaction owning less
than 50% of the voting power, on a combined, fully diluted, as-converted basis
for all outstanding classes thereof, of Maker’s capital stock after the
transaction; or

(vi)          An
Event of Default is declared or occurs under the Security Agreement; or

 

 

(vii)         There
occurs a breach by Maker of any covenant contained in this Note and/or any
provision of the Note Purchase Agreement executed in connection with the sale
and purchase of the Note.

In any such event, Holder, upon written notice to Maker, may accelerate
the payment of the Principal Amount and Interest due under the Note and may
exercise any and all remedies available thereto at law or equity.

7.             Assignment. Subject to the restrictions on transfer
described in Section 8 below, the rights and obligations of Maker and the
Holder shall be binding upon and benefit the successors, assigns, heirs,
personal and legal representatives, and transferees of the parties. Furthermore,
the Holder may only assign this Note to a person or entity that is an
accredited investor under applicable securities laws and who is either a holder
of a substantially similar promissory note issued by Maker or a person or
entity reasonably acceptable to Maker.

8.             Transfer of this
Note. With respect to any offer, sale or other
disposition of this Note, Holder will give written notice to Maker prior
thereto, describing briefly the proposed manner thereof, together with a
written opinion of such Holder’s counsel in form and substance satisfactory to
Maker, to the effect that such offer, sale, or other disposition may be
effected without registration or qualification (under any U.S. federal or
applicable state securities law then in effect) and that the requirements of
this Note have been met. Upon receiving such written notice and opinion, Maker,
as promptly as practicable, shall notify such Holder that such Holder may sell
or otherwise dispose of this Note, all in accordance with the terms of the
notice delivered to Maker. If a determination has been made pursuant to this Section 8
that the opinion of counsel for Holder is not reasonably satisfactory to Maker,
Maker shall so notify the Holder promptly after such determination has been
made. Each Note transferred as permitted hereby shall bear a legend as to the
applicable restrictions on transferability in order to ensure compliance with
the Securities Act of 1933, as amended (the “Act”), unless in the
opinion of counsel for Maker such legend is not required in order to ensure
compliance with the Act. Maker may issue stop transfer instructions to its
transfer agent in connection with such restrictions.

9.             Registered
Holder. Maker may
consider and treat the person in whose name this Note shall be registered as
the absolute owner thereof for all purposes whatsoever (whether or not this
Note shall be overdue) and Maker shall not be affected by any notice to the
contrary. In case of transfer of this Note by operation of law, the transferee
agrees to notify Maker of such transfer and of its address, and to submit
appropriate evidence regarding such transfer so that this Note may be
registered in the name of the transferee. This Note is transferable only on the
books of Maker by the Holder hereof, in person or by attorney, on the surrender
hereof, duly endorsed. Communications sent to any registered owner shall be
effective as against all Holders or transferees of the Note not registered at
the time of sending the communication.

10.          Amendments and
Waivers. The
provisions of this Note, including, but not limited to, any change to the
conversion price, may from time to time be amended, modified or waived, if such
amendment, modification or waiver is in writing and consented to by Maker and
Holder. After any waiver or amendment becomes effective, Maker shall mail to
Holder a copy thereof.

11.          Accounting
Treatment of Note. As envisioned by generally accepted
accounting principles, Maker will treat, account and report the Note as debt
and not equity for accounting purposes and with respect to any returns filed
with federal, state, or local tax authorities.

12.          Notices. Any
notice, request, or other communication required or permitted hereunder shall
be in writing and shall be deemed to have been duly given if personally
delivered, or if mailed by registered or certified mail, postage prepaid, or if
delivered by nationally recognized overnight delivery service at the respective
addresses of the parties as set forth herein. Any party hereto may by notice so
given change its address for future notice hereunder.

 

 

13.          No Stockholder
Rights. Nothing contained in this Note shall be
construed as conferring upon the Holder or any other person the right to vote
or to consent or to receive notice as a stockholder in respect of meetings of
stockholders for the election of directors of Maker or any other matters or any
rights whatsoever as a stockholder of Maker; and no dividends shall be payable
or accrued in respect of this Note.

14.          Denominations.
At the request of the
Holder, upon surrender of this Note, the Maker shall promptly issue new Notes
in the aggregate outstanding Principal amount hereof, in the form hereof, in
such denominations of at least $50,000 as the Holder shall request.

15.          Replacement of
Note. Upon
receipt of evidence reasonably satisfactory to the Maker of the loss, theft,
destruction or mutilation of this Note and, in the case of any such loss, theft
or destruction, upon delivery of an indemnity agreement reasonably satisfactory
in form and amount to the Maker, or, in the case of any such mutilation, upon
surrender and cancellation of this Note, the Maker, at its expense, will
execute and deliver, in lieu thereof, a new Note of like tenor.

16.          Governing Law.
This Agreement shall
be governed by and construed in accordance with the laws of the State of New
York, excluding that body of law relating to conflict of laws.

17.          Submission to
Jurisdiction. Maker
and Holder (i) agree that any legal suit, action or proceeding arising out
of or relating to this Note shall be instituted exclusively in a state or
federal court located in the State of New York, (ii) waive any objection
which Maker and Holder may have now or hereafter based upon forum non
conveniens or to the venue of any such suit, action or proceeding, and (iii) 
irrevocably consent to the jurisdiction of the federal or state courts of the
State of New York in any such suit, action or proceeding. Maker and Holder
further agree to accept and acknowledge service of any and all process which
may be served in any such suit, action or proceeding and agrees that service of
process upon the Maker or Holder, as the case may be, mailed by certified mail
to the Maker’s or Holder’s address, will be deemed in every respect effective
service of process upon Maker and/or Holder, in any suit, action or proceeding.
FURTHER, BOTH MAKER AND HOLDER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION TO
ENFORCE THIS NOTE AND IN CONNECTION WITH ANY DEFENSE, COUNTERCLAIM OR CROSS
CLAIM ASSERTED IN ANY SUCH ACTION.

18.          Interest Rate.
If any interest rate
specified herein is held to be impermissible, then the rate charged on the
indebtedness represented hereby shall be reduced to the highest rate then
permitted by law.

IN WITNESS WHEREOF, Maker
has caused this Note to be signed in its name by a duly authorized officer.

BULLDOG TECHNOLOGIES, INC.

By: /s/
Robin Wald                                                                     

Robin Wald, Chief Technology
Officer and 

Acting Chief Executive Officer

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