Document:

Exhibit 10.11

 

FIRST AMENDMENT TO

PROMISSORY NOTE

 

THIS FIRST AMENDMENT to
Promissory Note dated January 23, 2015 issued by Penny Auction Solutions, Inc. to Indeglia & Carney, a professional corporation
(now known as IC Capital Fund) in the principal amount of $54,123.64 (the “First Amendment”) is made and entered
into as of August 13, 2015, by and among Penny Auction Solutions, Inc., a Nevada corporation (the “Company”), and
IC Capital Fund (f/k/a Indeglia & Carney, P.C.) (“Holder”). The Company and Holder are sometimes collectively
referred to herein as the “Parties” or individually as a “Party”.

 

RECITALS

 

WHEREAS, on January
23, 2015, the Company issued Holder a 10% Note in the amount of $54,123.64 (as amended, the “Note”). The Note
is incorporated into this First Amendment by this reference and all defined terms in the Agreement shall have the same meaning
in this First Amendment.

 

WHEREAS, the Maturity
Date under the Note was July 23, 2015.

 

WHEREAS, the Parties
desire to extend the Maturity Date under the Note until January 23, 2016.

 

WHEREAS, the Parties
now wish to modify and amend the Note in accordance with this First Amendment.

 

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties hereto agree as follows:

 

AGREEMENT

 

1.          Incorporation
of Recitals. The Recitals set forth above are herein incorporated into this First Amendment.

 

2.          Extension of Maturity
Date. The Parties hereby agree that the Maturity Date set forth in the Note is hereby extended until January 23, 2016.
Accordingly, the Note is hereby amended by deleting the reference to “July 23, 2015” immediately before the defined
term “Maturity Date” in the paragraph beginning “FOR VALUE RECEIVED” on the first page of the Note and
inserting “January 23, 2016” in lieu thereof.

 

3.          Counterparts.
This First Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

    	1

    	 

    

 

IN WITNESS
WHEREOF, the Parties hereto, intending, to be legally bound, have each executed this First Amendment on the dates set
forth above.

 

	COMPANY:	PENNY AUCTION SOLUTIONS, INC.
	 	 	 
	 	By:	
	 	Name: Michael Holt 
	 	Title: Chief Executive Officer 
	 	 	 
	HOLDER:	IC CAPTIAL FUND f/k/a Indeglia & Carney, P.C.
	 	 	 
	 	By:	 
	 	Name: Greg Carney
	 	Title: Secretary

 

    	2Exhibit 10.12

 

UNSECURED PROMISSORY NOTE

Commitment Fees Due to Kodiak Capital

	 	 
	$100,000 (Representing Kodiak Commitment Fee)	March 1st, 2015

 

FOR
VALUE RECEIVED, Penny Auction Solutions, Inc., a Nevada Corporation (the “Maker”) herby promises to pay to the
order of Kodiak Capital Group, LLC located at 260 Newport Center Drive, Ste 100, Newport Beach, CA 92660 the principal sum of One
Hundred Thousand Dollars ($100,000) at an annual interest rate of 0% per annum, payable principal only on or before 12/31/2017.

 

Supersedes Clause: This unsecured
promissory note hereby supersedes any and all other unpaid promissory notes and makes null and void any such past notes or other
monetary debts owed to Kodiak Capital. This unsecured promissory note is established as payment for consideration of the newly
established line of credit agreements (dated March 1st, 2015) from Kodiak Capital as the Commitment Fee.

	 	 	 	 
	 	1.	Right of Prepayment. Maker has the right to pay any portion of this Note at any time without a prepayment penalty. 
	 	 	 	 
	 	2.	Default. Any of the following shall constitute a default by Maker hereunder: 
	 	 	 	 
	 	 	(a)	The failure of Maker to make any payment of principal required hereunder on or before December 31st, 2017.

 

Upon the occurrence of a default hereunder, Payee may, at its
option, declare immediately due and payable the entire unpaid principal sum of this Note owing at the time of such declaration
pursuant to this Note.

	 	 	 
	 	3.	Note to Nonrecourse. In the event that Maker defaults on this Note, Payee shall look solely to Penny Auction Solutions, Inc. for repayment. 
	 	 	 
	 	4.	Cost of Collections. Payee shall be entitled to collect reasonable attorney’s fees and costs from Maker, as well as other costs and expenses reasonably incurred, in curing any default or attempting collection of any payment due on this Note. 
	 	 	 
	 	5.	Inspection Rights. Payee, individually or through its agent, shall have the right, upon reasonable notice and at its expense, to review and inspect the books and records of Maker at Maker’s office during reasonable business hours. 
	 	 	 
	 	6.	Restriction on Transfer. This Note shall be subject to the following restrictions: 

 

This Note may not be sold, assigned, transferred or otherwise
disposed of to any person or entity unless agreed upon in writing by the Maker and the Payee.

	 	 	 
	 	7.	Payment. This Note shall be payable in lawful money of the United States. 

 

    	1

    	 

    

 

	 	 	 
	 	8.	Place of Payment. All payments on this Note are to be made or given to Kodiak Capital Group at the address provided to the Maker or such other place as Payee may from time to time direct by written notice to Maker. 
	 	 	 
	 	9.	Waiver. Maker, for itself and its successors, transfers and assigns, waives presentment, dishonor, protest, notice of protest, demand for payment and dishonor in nonpayment of this Note, bringing of suit or diligence of taking any action to collect any sums owing hereunder or in proceeding against any of the rights and properties securing payment hereunder. 
	 	 	 
	 	10.	Severability. If any provision of this Note or the application thereof to any persons or entities or circumstances shall, to any extent, be invalid or unenforceable, the remainder or this Note shall not be deemed affected thereby and every provision of this Note shall be valid and enforceable to the fullest extent permitted by law. 
	 	 	 
	 	11.	No Partner. Payee shall not become or be deemed to be a partner or joint venturer with Maker by reason of any provision of this Note. Nothing herein shall constitute Maker and Payee as partners or joint venturers or require Payee to participate in or be responsible or liable for any costs, liabilities, expenses or losses of Maker. 
	 	 	 
	 	12.	No Waiver. The failure to exercise any rights herein shall not constitute a waiver of the right to exercise the same or any other right at any subsequent time in respect of the same event or any other event.
	 	 	 
	 	13.	Governing Law. This Note shall be governed by and construed solely in accordance with the laws of the State of Nevada. 

 

IN
WITNESS WHEREOF, Maker has executed this Note as of the date first hereinabove written.

	 	 	 
	MAKER:	Penny Auction Solutions, Inc.
	 	a Nevada Corporation
	 	 
	 	Micheal Holt, CEO
	 	 	 
	PAYEE:	By:	 
	 	 	Ryan Hodson, Kodiak Capital Group, LLC

 

    	2Exhibit 10.13

 

	Penny Auction Solutions, Inc. 	

 

NON-CIRCUMVENTION / NON-DISCLOSURE CONSULTING
AGREEMENT

ASSOCIATED BUSINESS PARTNER – J. Johnson Consulting, LLC

 

Contractual Parties Provision 

 

THIS AND NON-CIRCUMVENTION / NON-DISCLOSURE
CONSULTING AGREEMENT (“Agreement”) is made effective this 1st (day) of November of 2014 by and between the following
parties:

 

J. Johnson Consulting, LLC - Collectively
Referred to as the “Associated Business Partner.” 

 

Associated Business Partner’s Business
Address:

 

J. JOHNSON CONSULTING, LLC

22877 E. LONG DRIVE

AURORA, CO 80016

 

Penny Auction Solutions, Inc - Collectively
Referred to as the “Agency” and “Agency Company” or “PAS”. 

 

For purposes of this Agreement, all provisions
that pertain to the Associated Business Partner”, including but not limited to, those regarding confidentiality, non-usurpation,
non-circumvention, shall also apply to the Agency.

 

WITNESSETH

 

WHEREAS, the Parties (including their associates,
agents, affiliates and/or representatives collectively or individually referred to as “Affiliates” herein) contemplate
entering into or participating in one or more transactions (“Transaction” or “Transactions”) concurrently
herewith and/or hereafter during the term of this Agreement, and

 

WHEREAS, the Parties mutually recognize
that in the course of consummating Transactions, each may learn from the other (including from their Affiliates) the identity,
address, and/or telephone/facsimile numbers of clients, brokers, Associated Business Partners, sellers, financiers, intellectual
property (hereinafter referred to as “Confidential Sources”) and/or information relating to bank accounts, transaction
codes, participating bank and or entities (hereinafter referred to as “Confidential Information”) which the other Party
possesses and may have acquired at substantial cost or effort, and

 

WHEREAS, the Parties desire to work with,
and not circumvent, improperly disclose and keep confidential one another respecting each other’s Confidential Sources and
Confidential Information,

 

	330 A St. Ste. 156, San Diego, CA 92101	P:
    866-275-5260 · F:
    866-275-5260

 

    	 

    	 

    

 

	Penny Auction Solutions, Inc. 	

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

  

Article
I 

Agreement

	 	 
	1.	Agreement. The Associated Business Partner and Agency agree to work together to transact business as related to the ongoing business activities of PAS and any other owned or operated affiliate business associated with PAS and its owners as directed. Associated Business Partner shall provide Agency with activities relating to: Serving as a general business advisor; supporting operations planning; and resource planning efforts. 

 

Article II

Non-Circumvention / Confidentiality / Non-Disclosure

	 	 
	2.	Non-Circumvention. Neither Party (including Affiliates of such Party) will attempt, directly or indirectly, to contact the other Parties’ Confidential Sources, transaction banks on matters of and to the Transaction, or contact or negotiate with a Confidential Source or make use of any Confidential Information of the other Party, except through such other Party or with the express written consent of such other Party as to each such contact. The Parties or their Affiliates shall not contact, deal with, or otherwise become involved in any Transaction with any corporation, partnership, individual, any banks, trust or lending institutions which have been introduced by the other Party without the permission of the introducing Party. Any violation of this covenant shall be deemed an attempt to circumvent such other Party, and the Party so violating this covenant shall be liable for damages in favor of the circumvented Party. 
	 	 
	3.	Confidentiality. Any information (“Evaluation Materials”) with respect to any Transaction provided to the Parties and/or its representatives (“Accepting Parties”) will be used solely for the purpose of evaluating the Transaction by the Parties. The Evaluation Materials will not be used or duplicated for any other purpose. Accepting Parties shall keep all Evaluation Materials strictly confidential; provided, however, that such Evaluation Materials may be delivered to such persons or entities who because of their involvement with the Transaction need to know such information for the purpose of giving advice with respect to, or consummating, the Transaction (all of whom are collectively referred to as “Related Parties”); provided further, that any such Related Parties shall be informed by Accepting Parties of the confidential nature of such information and shall be directed by Accepting Parties (and Accepting Parties shall cause such Related Parties) to keep all such information in the strictest confidence and to use such information only in connection with the Transaction and in accordance with the terms of this Agreement.
	 	 
	4.	No Disclosure. Accepting Parties shall not (i) disclose the fact that discussions or negotiations are taking place concerning the Transaction by the Parties or any of the terms thereof, or (ii) conduct any discussions, negotiations or make any inquiries concerning the Transaction with any other person or entity except for Associated Business Partner Parties, except as may be expressly permitted elsewhere in this Agreement. 
	 	 
	5.	Mutual Indemnity; Enforcement. Both parties agrees to indemnify and hold harmless each other from any damage, loss, cost or liability (including, without limitation, actual damages, consequential damages, legal fees and the costs of enforcing this indemnity) arising out of or resulting from any unauthorized use or disclosure by the Parties and the Accepting Parties of any company material. The Parties also acknowledge that monetary damages would be both incalculable and an insufficient remedy for any breach of this Agreement and that any such breach would cause both parties irreparable harm. 

 

	330 A St. Ste. 156, San Diego, CA 92101	P:
    866-275-5260 · F:
    866-275-5260

 

    	 

    	 

    

 

	Penny Auction Solutions, Inc. 	

 

Article III

Compensation

	 	 
	6.	Compensation. PAS agrees to pay a fee of 10% for any monetary investment which is secured on behalf of PAS by Associated Business Partner and which is duly deposited and cleared by the bank of PAS. PAS also agrees to pay to Associated Business Partner any pre-approved expenses (by PAS) incurred as part of normal operations of the Associated Business Partner. Expenses should be submitted with ample documentation on the reason for the expense and expense reports can be submitted at any time and PAS agrees to pay them within 14 days of receipt AND as the funds are available in PAS bank accounts to pay to Associated Business Partner. Should the funds not be available to pay the Associated Business Partner for any approved expenses in the time allotted by this agreements, the amount owned will be presented as an accounts payable due to the Associated Business Partner. Associated Business Partner includes any person or entity, other than Agency Company, related to Associated Business Partner or Associated Business Partners companies or who in any manner acts on the Associated Business Partner’s behalf to acquire property in this transaction with the Agency Company. 

 

Article IV

Miscellaneous

	 	 
	7.	Contract Supersedes Prior Agreements.  The execution of this agreement hereby cancels and makes null and void and supersedes any and all prior consulting or other contracts entered into by Associated Business Partner.
	 	 
	8.	Term & Termination. This Agreement shall be effect from the above-referenced date and forward into the future for a period of one calendar year with options to renew for both parties. This agreement can be cancelled by either party with a 30 day written notice.
	 	 
	9.	Entire Agreement. This Agreement represents the entire agreement between the Parties and supersedes all existing contracts and agreements previously executed between the Parties, and any representations, either written or oral, by one Party to another with respect to the subject matter hereof. This Agreement shall be modifiable only in writing, duly executed by all Parties.
	 	 
	10.	Binding. This Agreement shall be for the benefit of, and be binding upon, the signatories hereof, their agents, directors, officers, representatives, heirs, personal representatives, successors and assigns. 
	 	 
	11.	Governing Law. This Agreement shall be construed and governed by the laws of a court of competent jurisdiction.
	 	 
	12.	Severability. The provisions of this Agreement are severable, and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions and any partially enforceable provisions, to the extent enforceable, shall nevertheless be binding and enforceable. 
	 	 
	13.	Assignment.  Neither Party may assign this Agreement without the prior written consent of the other Party.
	 	 
	14.	Informed, Voluntary Execution of the Agreement.  The undersigned signatories to this Agreement acknowledge and affirm that the fully understand their obligations with respect to this Agreement and the obligations undertaken hereto; that they have had adequate time and opportunity to consult with legal counsel of their choice prior to the execution of this Agreement; that they are fully informed; and that each has executed this Agreement freely and voluntarily, without reservation or exception.

 

	330 A St. Ste. 156, San Diego, CA 92101	P:
    866-275-5260 · F:
    866-275-5260

 

    	 

    	 

    

 

	Penny Auction Solutions, Inc. 	

	 	 
	15.	Authorization.  The undersigned signatories to this Agreement acknowledge and affirm that they are duly authorized signatories and have full legal capacity to initiate and execute all legal obligations arising from this Agreement. The signatories whose endorsements appear herein hereby represent that they each are acting with full corporate authority, and with full knowledge and at the direction of the officers and/or Board of Directors of their respective companies, if any. 
	 	 
	16.	Counterparts. The signatures of the parties duly authorized representatives shall be affixed as indicated below. The parties stipulate and agree that this Agreement may be signed in counterparts and executed by each Party as set forth above. When each counterpart, duly executed, and delivery thereof has been made to each Party respectively, this Agreement shall then he considered to he an original, binding agreement between the parties, whether received in hand, delivered by mail or courier, or transmitted via electronic facsimile transmission.  The parties further stipulate and agree that duly executed electronic facsimile transmission copies shall he acceptable and shall be considered to be as valid, legal and binding upon the parties as the originals thereof. 

 

IN
WITNESS WHEREOF, the parties irrevocably agree to all of the terms and conditions of the Agreement and in formal acknowledgement
thereof have set their hands and seals, as signified by their respective signatures which appear below.

 

SIGNATURE SECTION

	 	 	 	 
	Associated Business Partner	 	 
	 	 	 	 
	Sign:		 	Date: Nov. 1, 2014
	 	 	 	 
	Company Name: J. Johnson Consulting, LLC	 	 
	 	 	 	 
	By:		 - Its Authorized Signatory
	 	(Printed Associated Business Partner’s Name)	 
	 	 	 	 
	Agency (PAS)	 	 
	 	 	 	 
	Sign:		 	Date: 11-1-2014
	Company Name: Penny Auction Solutions, Inc.	 	 
	By Micheal Holt - Its Authorized Signatory	 	 

 

	330 A St. Ste. 156, San Diego, CA 92101	P:
    866-275-5260 · F:
    866-275-5260

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