Document:

f8k081312ex10i_osl.htm

Exhibit 10.1

 

THIS CONVERTIBLE PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT FOR DISTRIBUTION AND MAY BE TRANSFERRED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT OF l933, AS AMENDED (THE "ACT").  THIS LEGEND SHALL BE ENDORSED UPON ANY CONVERTIBLE PROMISSORY NOTE ISSUED IN EXCHANGE FOR THIS CONVERTIBLE PROMISSORY NOTE.

 

OSL HOLDINGS, INC

THIS NOTE SUPERCEDES AND REPLACES THE ORIGINAL PROMISSORY  NOTE ISSUED ON FEBRUARY 10, 2012 TO PROFECTUS, LLC (A COPY OF THE ORIGINAL PROMISSORY NOTE IS ATTACHED HERETO)

 

$67,000.00

 

CONVERTIBLE PROMISSORY NOTE

 

Due June 30, 2013

OSL HOLDINGS, INC, a Nevada corporation (the "Company"), for value received, hereby promises to pay to _____________ (the "Holder") on the 30th day of June, 2013 (the "Maturity Date") at the offices of the Company, 60 Dutch Hill Road, Suite 15, Orangeburg,  NY 10962, the principal sum of SIXTY-SEVEN THOUSAND DOLLARS ($67,000.00) in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts and to pay simple interest on said principal sum at the rate of  eight percent (8%) per annum from the date hereof through the Maturity Date.  Any accrued and unpaid interest shall be paid on the Maturity Date.

1.           Registered Owner.  The Company 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 the Company shall not be affected by any notice to the contrary.  Subject to the provisions hereof, the registered owner of this Note shall have the right to transfer it by assignment and the transferee thereof, upon his registration as owner of this Note, shall become vested with all the powers and rights of the transferor.  Registration of any new owner shall take place upon presentation of this Note to the Company at its offices together with the Note Assignment Form attached hereto duly executed.  In case of transfers by operation of law, the transferee shall notify the Company of such transfer and of his address, and shall submit appropriate evidence regarding the transfer so that this Note may be registered in the name of the transferee.  This Note is transferable only on the books of the Company by the Holder on the surrender hereof, duly endorsed. Communications sent to any registered owner shall be effective as against all holders or transferees of this Note not registered at the time of sending the communication.  In the event of the assignment of a portion of the principal amount of this Note, the transferee thereof shall not have the right to elect an Optional Conversion (as hereinafter defined) unless the entire remaining principal portion of this Note is converted simultaneously therewith.

 

  

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2.           Conversion.

2.1           Conversion Right.  The Holder shall have the right from time to time, and at any time during the period commencing on  the date 30 days after the issue date and ending the later of (i) the Maturity Date and (ii) the date of payment of the remaining outstanding principal amount, plus any accrued and unpaid interest of this Note to convert all or any part of the outstanding and unpaid principal amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price  (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.  For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso; provided further, however, that the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver).  The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion Date”).  The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Borrower’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date.

 

  

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2.2   Conversion Price.

 

(a) Calculation of Conversion Price.  The Conversion Price (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events).  The “Variable Conversion Price: At Market Price  “Market Price” means the average of the lowest two (2) Trading Prices (as defined below) for the Common Stock during the five (5) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the Holder to the Borrower via facsimile (the “Conversion Date”).  “Trading Price” means, for any security as of any date, the intraday trading price on the Over-the-Counter Bulletin Board (the “OTCBB”) as reported by a reliable reporting service (“Reporting Service”) mutually acceptable to Borrower and Holder and hereafter designated by Holders of a majority in interest of the Notes and the Borrower or, if the OTCBB is not the principal trading market for such security, the intraday trading price of such security on the principal securities exchange or trading market where such security is listed or traded or, if no intraday trading price of such security is available in any of the foregoing manners, the average of the intraday trading prices of any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc.  If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such Notes.  “Trading Day” shall mean any day on which the Common Stock is traded for any period on the OTCBB, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.

 

2.3 Anti-Dilution Provisions.

2.3.1           Adjustments for Stock Dividends; Combi­nations, Etc. (a) In the event that the Company, at any time or from time to time hereafter, shall (i) declare any dividend or other distribution on its Common Stock payable in Common Stock of the Company or in securities convertible into or exchangeable for Common Stock, including without limitation rights; (ii) effect a sub­division of its outstanding Common Stock into a greater number of shares of Common Stock by reclassifica­tion, stock split or otherwise than by payment of a dividend in shares of Common Stock;  (iii) effect a combination or consolidation of its outstanding Common Stock into a lesser number of shares of Common Stock by reclassifica­tion, reverse split or otherwise; (iv) issue by reclassification, exchange or substitution of its Common Stock any shares of capital stock of the Company; or (v) effect any other transaction having similar effect, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding before such event and of which the denominator shall be the number of shares of Common Stock outstanding after such event, including the maximum number of shares of Common Stock into which the convertible securities, including rights (provided for in clause (i) hereof) may be converted or for which the exchangeable securities (provided for in clause (i) hereof) may be exchanged.  The purpose of the adjustment shall be that, in the event of a conversion at any time after the occurrence of any event described in (i) through (v) above, the Holder shall be entitled to receive the shares of Conversion Stock (or other securities) to which such Holder would have been finally entitled, after giving effect to the occurrence of such event, as if such Holder had converted this Note immediate­ly prior to the occurrence of such event.  An adjustment made pursuant to this Section 2.3.1 shall become effective immediately after the record date in the case of a dividend or other distribution and shall become effective immediately upon the effective date in the case of a subdivision, combination, reclassification, exchange or substitution.  The Corporation shall  take no such action with respect to the Common Stock unless the Corporation shall simultaneously reserve out of the authorized, unissued and unreserved shares of common stock a sufficient number of shares of Common Stock to be available for full conversion of the Notes at the new Conversion Price.

2.3.2           Adjustment for Consolidation or Merger. In case of any consolidation or merger to which the Company is a party, other than a merger or consolidation in which the Company is the surviving or continuing corporation and which does not result in any reclassification of, or change (other than a change in par value or from par value to no par value or from no par value to par value, or as a result of a subdivision or combination) in, outstanding Common Stock, then, as part of and as a condition to such transaction, provision shall be made so that, in the event of a conversion, the Holder of this Note, shall receive, in lieu of the securities and property receivable upon the conversion of this Note prior to consumma­tion of the transaction, the kind and amount of shares or other securities and property receivable upon such consolidation or merger by a holder of the number of shares of Common Stock into which this Note would have been converted immediately prior to such consolidation or merger had the conversion occurred, all subject to further adjust­ment as provided in Section 2.3.1; in each such case, the terms of this Note shall be applicable to the securities or property receivable upon the conversion of this Note after such consumma­tion.  In any such case, appropriate adjustment shall be made in the application of this Section 3 with respect to the rights of the Holder of this Note after the transaction to the end that the provisions of this Section 3 shall be applicable after that event. The Corporation shall take no such action with respect to the Common Stock unless the Corporation shall simultaneously reserve out of the authorized, unissued and unreserved shares of such class or series into which the Common Stock has been changed a sufficient number of shares of such class or series into which the Common Stock has been changed to be available for full conversion of the Notes at the new Conversion Price.

2.4           Reservation of Shares.  The Company will at all times reserve and keep available out of its authorized and unissued Common Stock, solely for issuance and delivery upon conversion of this Note, free of preemptive or rights of purchase, the number of shares of Conversion Stock issuable upon conversion of this Note at the minimum Conversion Price.  The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid and nonassessable.

 

  

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2.5           Fractional Shares.  The Company shall not be required to issue certificates representing fractions of shares, nor shall it be required to issue scrip or pay cash in lieu of fractional interests, it being the intent of the Company and the Holder that all fractional interests shall be eliminated and that all issuances of Common Stock be rounded up to the nearest whole share.

2.6           Rights of the Holder.  The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder of the Company, either at law or in equity, and the rights of the Holder are limited to those expressed in this Note.

2.7           Certificate.  When the Conversion Price is adjusted pursuant to the provisions hereof, the Company shall file with its official corporate records a certificate of its chief financial or accounting officer setting forth in detail the facts requiring such adjustment, the computation thereof and the adjusted Conversion Price, and shall mail a copy of the certificate to the Holder.

3.           Redemption.  This Note may be prepaid in whole or in part at any time without the written consent of the Holder.

4.           Defaults.  If any one or more of the following shall (Events of Default) shall occur:

(a)           the Company shall (i) admit in writing its inability to pay its debts generally as they mature; (ii) make a general assignment for the benefit of creditors; (iii) fail or be unable to pay its debts as they mature iv) be adjudicated a bankrupt or insolvent; (v) file a voluntary petition in bankruptcy or a petition or an answer seeking an arrangement with creditors; (vi) take advantage of any bankruptcy, insolvency or readjustment of debt law or statute or file an answer admitting the material allegations of a petition filed against it in any proceeding under any such law; (vii) apply for or consent to the appointment of a receiver, trustee or liquidation for all or a substantial portion of its assets; (viii) have an involuntary case commenced against it under the Federal bankruptcy laws, which case is not dismissed or stayed within thirty (30) days; or (viii) fail to pay its taxes on a timely basis; ix) violate any covenant provided for in this Note, in the Registration Rights Agreement (the Registration Rights Agreement) and/or the Note Purchase Agreement (the Note Purchase and Security Agreement) between the Company and the Holder of even date herewith and such violation shall continue unremedied for a period of fifteen (15) days following the giving of written notice thereof from the Holder;

 

(b)           any judgment is entered against the Company  which is not bonded or discharged within 30 days;

 

  

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(c)           a levy of any sort is made on or against some or all of the assets of the Company.

then, at any time thereafter and unless such Event of Default shall have been cured or shall have been waived in writing by the Holder (which waiver shall not be deemed a waiver of any subsequent default), at the option of the Holder and in the Holder’s sole discretion, the Holder may, by written notice to the Company, declare the entire unpaid principal amount of this Note then outstanding, together with accrued interest thereon, to be forthwith due and payable, whereupon the same shall become forthwith due and payable.

5.           Investment Intent.  The Holder, by its acceptance hereof, hereby represents and warrants that this Note is being acquired, and the Conversion Stock issuable upon the conversion of this Note will be acquired, for investment purposes only and without a view to the distribution thereof, and may be transferred only in compliance with the Act.  Unless, prior to the conversion of this Note, the issuance of the Conversion Stock has been registered with the Securities and Exchange Commission pursuant to the Act, the Note Conversion Form shall be accompanied by a representation of the Holder to the Company to the effect that such securities are being acquired for investment and not with a view to the distribution thereof, and such other representations and documentation as may be reasonably required by the Company, unless in the opinion of counsel to the Company such representations or other documentation are not necessary to comply with the Act.

6.           Default Rate of Interest; Costs of Collection.  In  the event the Company shall default in the payment of this Note when due, then (i) effective with such date of default, the interest rate payable hereunder shall be increased to eighteen percent (18%) per annum and (ii) the Company agrees to pay, in addition to unpaid principal and interest, all the costs and expenses incurred in effecting collection hereunder or enforcing the terms of this Note and the Security Agreement, including reasonable attorneys’ fees.

7.           Applicable Law.  This Note is issued under and shall for all purposes be governed by and construed in accordance with the laws of the State of New York.

8.           Notices.  Any notice required or permitted to be given pursuant to this Note shall be deemed to have been duly given when delivered by hand or sent by certified or registered mail, return receipt requested and postage prepaid, overnight mail or telecopier as follows:

 

  

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If to the Holder:

 

Facsimile No.: (___) __________

If to the Company:

OSL Holdings, Inc

600 Dutch Hill Road, Suite 15

New York, NY 100028

Attn: __________, CEO

or at such other address as the Holder or the Company shall designate by notice to the other given in accordance with this Section 8.

9.           Miscellaneous.  This Note constitutes the rights and obligations of the Holder and the Company.  No provision of this Note may be modified except by an instrument in writing signed by the party against whom the enforcement of any modification is sought.

The Company shall not take any action that would impair the rights and privileges of the Holder herein or avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times act in good faith to assist in carrying out the provisions of this Note, including the Conversion rights provided in paragraph 3 herein and will take all such action as may be necessary or appropriate in order to protect the conversion rights of the Holder of the Note.

The waiver by the Holder of a breach of any provision of this Note shall not operate or be construed as a waiver of any subsequent breach.

If any provision, or part thereof, of this Note shall be held to be invalid or unen­forceable, such invalidity or unenforceability shall attach only to such provision and shall not in any way affect or render invalid or unenforceable any other provisions of this Note and this Note shall be carried out as if such invalid or unenforceable provision, or part thereof, had been reformed, and any court of competent jurisdiction is authorized to so reform such invalid or unenforceable provision, or part thereof, so that it would be valid, legal and enforceable to the fullest extent permitted by applicable law.

In no event shall the rate of interest payable hereunder exceed the maximum rate permitted by applicable law.

No provision of this Note shall alter or impair the absolute and unconditional obligation of the Company to pay the principal of, and interest on, this Note in accordance with the provisions hereof.

 

  

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The Company agrees that irreparable damage would occur in the event that any of the provisions of this Note were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that, except with respect to the payment of the amounts due hereunder, the Holder of this Note shall be entitled to swift specific performance, injunctive relief or other equitable remedies to prevent or cure breaches of the provisions of this Note and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which the Holder may be entitled under this Note.

 

[SIGNATURE PAGE FOLLOWS]

  

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IN WITNESS WHEREOF, the Company has caused this Note to be signed on its behalf, in its corporate name, by its duly authorized officer, all as of the day and year first above written.

 

 

	 	OSL HOLDINGS, INC	 
	 	 	 	 
	
 

	
By: 

	/s/ Eli Feder	 
	 	 	__________, CEO	 
	 	 	 	 

 

  

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OSL HOLDINGS, INC

CONVERTIBLE PROMISSORY NOTE

DUE JUNE 30, 2012

 

NOTE CONVERSION FORM

 

The undersigned hereby irrevocably elects to convert the within Convertible Promissory Note to the extent of $  in principal amount thereof, together with accrued interest thereon.

	
If the Holder is an individual:

	
If the Holder is not an individual:

	
_________________________________

	
______________________________

	
Name(s) of Holder

	
Name of Holder

	
_________________________________

	
By: ___________________________

	
 
Signature of Holder

	
       Signature of Authorized Representative

 

	
_________________________________

	
______________________________

	
Signature, if jointly held

	
 
Name and Title of Authorized

	
 

	
Representative

	
_________________________________

	
_______________________________

	
Address(es) of Holder

	
Address of Holder

	
_________________________________

	
______________________________

	
Social Security Number of Holder

	
Taxpayer Identification Number of Holder

	
_________________________________

	
_______________________________

	
Date

	
 
Date

 

  

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OSL HOLDINGS, INC

CONVERTIBLE PROMISSORY NOTE

DUE JUNE 30, 2013

NOTE ASSIGNMENT FORM

FOR VALUE RECEIVED

The undersigned   (please print or typewrite name of assignor) hereby sells, assigns and transfers unto    (please print or typewrite name, address and social security or taxpayer identification number, if any, of assignee)  the within Convertible Promissory Note of OSL Holdings, Inc. in the original principal amount of $  and hereby authorizes the Company  to transfer this Note on its books.

	
If the Holder is an individual:

	
If the Holder is not an individual:

	
_________________________________

	
__________________________________

	
Name(s) of Holder

	
Name of Holder

	
_________________________________

	
By:_______________________________

	
 
Signature of Holder

	
      Signature of Authorized Representative

 

	
_________________________________

	
__________________________________

	
Signature, if jointly held

	
Name and Title of Authorized Representative

 

	
_________________________________

	
__________________________________

	
Date

	
Date

 

(Signature(s) guaranteed)

 

 

10f8k092112ex10i_integrated.htm

Exhibit 10.1

 

Mutual Termination of Sales Management Services Agreement

This Mutual Termination of Sales Management Services Agreement (this “Agreement”) is made effective as of August 31, 2012 (the “Effective Date”), among I.E.T., Inc., a Nevada corporation (“IET”), and TrueLogix, LLC, a Utah limited liability company (“TrueLogix”) and each of the following managers of TrueLogix, Colby J. Sanders (“Sanders”), Patrick T. Lewis (“Lewis”) and Howard B. Gee (“Gee”).  IET, TrueLogix, Sanders, Lewis and Gee may be individually referred to herein as a “party” and collectively as the “parties.”

 

WHEREAS, IET and TrueLogix entered into a Sales Management Services Agreement dated as of December 6, 2011 (the “Sales Management Agreement”);

 

WHEREAS, pursuant to the terms of the Sales Management Agreement, IET’s parent, Integrated Environmental Technologies, Ltd. (“Integrated”), issued to Sanders, a manager of TrueLogix, a warrant to purchase 750,000 shares of Integrated’s common stock (the “Sanders Warrant”);

 

WHEREAS, pursuant to the terms of the Sales Management Agreement, Integrated issued to Lewis, a manager of TrueLogix, a warrant to purchase 750,000 shares of Integrated’s common stock (the “Lewis Warrant”);

 

WHEREAS, pursuant to the terms of the Sales Management Agreement, Integrated issued to Gee, a manager of TrueLogix, a warrant to purchase 250,000 shares of Integrated’s common stock (the “Gee Warrant”);

 

WHEREAS, pursuant to the terms of the Sales Management Agreement, Integrated issued to TrueLogix a warrant to purchase 250,000 shares of Integrated’s common stock (the “TrueLogix Warrant”);

 

WHEREAS, IET and TrueLogix have mutally agreed to terminate the Sales Management Agreement effective August 31, 2012 (the “Termination Date”); and

 

WHEREAS, pursuant to the terms of each of the Sanders Warrant, the Lewis Warrant, the Gee Warrant and the TrueLogix Warrant (collectively, the “Warrants”), the shares of Integrated common stock not vested under each Warrant as of the Effective Date shall automatically expire on such date and be of no further force or effect.

 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

  

  

  

1. Termination of Sales Management Agreement.  As of the Termination Date, the Sales Management Agreement will be terminated in its entirety.  As a result of the termination of the Sales Management Agreement, and notwithstanding any provision in the Sales Management Agreement to the contrary, all obligations, rights and responsibilities of, or provided to, IET and TrueLogix thereunder shall cease, except for Section 6.5.c. and TrueLogix’s confidentiality obligations under Section 5.6 of the Sales Management Agreement.  In addition, the advance payment of Monthly Service Fees to TrueLogix in accordance with a letter agreement between TrueLogix and IET dated February 10, 2012, that have not been earned by TrueLogix as of the Termination Date, shall not be refunded by TrueLogix and IET’s right to the return of such advance payment shall hereby cease and be of no further effect.

2. Warrants.  As of the Termination Date, the shares of Integrated common stock vested and eligible for purchase under each Warrant is as follows:

 

	 	Sanders Warrant	150,000 shares
	 	Lewis Warrant	150,000 shares
	 	Gee Warrant	50,000 shares
	 	TrueLogix Warrant	50,000 shares

 

As a result of the termination of the Sales Management Agreement, no additional shares of Integrated common stock will vest under the Warrants.

3. Releases.  IET, on its own behalf and on behalf of its successors and assigns, agents, affiliates and insurers hereby fully, finally and forever releases and discharges each other party and his or its successors and assigns, agents, heirs, affiliates, partners and insurers, and their past, present, and future officers, directors, employees and stockholders, from any and all claims, rights, demands, actions, lawsuits or other proceedings which IET ever had, has or may have against the other parties through the date of this Agreement, including, without limitation, any and all claims or rights which could be asserted under or in connection with the Sales Management Agreement; provided, however, that IET is not releasing any claim which it may have to enforce the provisions of this Agreement or the provisions of any of the Warrants.

Each of TrueLogix, Sanders, Lewis and Gee, on his or its own behalf and on behalf of his or its successors and assigns, agents, heirs, affiliates, partners and insurers, hereby fully, finally and forever releases and discharges IET and its successors and assigns, agents, affiliates, subsidiaries and insurers, and their past, present, and future officers, directors, employees and stockholders, from any and all claims, rights, demands, actions, lawsuits or other proceedings which such party ever had, has or may have against IET through the date of this Agreement, including, without limitation, any and all claims or rights which could be asserted under or in connection with the Sales Management Agreement; provided, however, that no party is releasing any claim which he or it may have to enforce the provisions of this Agreement or the provisions of any of the Warrants.

4. Further Assurances.  The parties agree that, upon request, they each shall do such further acts and deeds, and shall provide, execute, acknowledge, deliver and/or record such books and records and such other documents and instruments as may be reasonably requested by the other party or necessary or appropriate from time to time to evidence, confirm or carry out the intent and purposes of this Agreement or to confirm compliance by a party to the terms and conditions of this Agreement.

 

  

  

  

 

5. Governing Law.  This Agreement shall be governed by and construed, and the obligations, rights and remedies of the parties under this Agreement shall be determined, in accordance with the laws of the state of Nevada, exclusive of its rules regarding conflicts of laws.

6. Capitalized Terms.  Capitalized terms used herein that are not defined shall have the meaning ascribed to them in the Sales Management Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	I.E.T., Inc.	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Thomas S. Gifford	 
	 	Name:	Thomas S. Gifford	 
	 	Title:	Executive Vice President and	 
	 	 	Chief Financial Officer	 

 

	 	TRUELOGIX, LLC	 
	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Howard B. Gee	 
	 	Name:	Howard B. Gee	 
	 	Title:	Manager	 

 

	 	 	 
	
 

	/s/ Howard B. Gee	 
	 	Howard B. Gee, individually	 
	 	 	 
	 	 	 
	 	/s/  Colby J. Sanders	 
	 	Colby J. Sanders, individually	 
	 	 	 
	 	/s/  Patrick T. Lewis	 
	 	Patrick T. Lewis, individually

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