Document:

exhibit104.htm

Exhibit 10.4

 

 

GUARANTY

 

This Guaranty, dated December 30, 2011, is made by the undersigned entity (“Guarantor”), in favor of Paragon Capital Offshore LP (the “Lender”).

 

W I T N E S S E T H

 

WHEREAS, contemporaneously herewith, Nuvel Inc. ("Nuvel"), a Delaware corporation, has issued a Secured Promissory Note in the principal amount of $390,000 in favor of Lender (the "Note"); and

 

WHEREAS, as a result of the transactions contemplated by that certain Share Exchange Agreement between Nuvel, Guarantor and the prior securityholders of Nuvel, dated as of the date hereof, Guarantor is the sole shareholder of Nuvel, and as such, will derive direct and indirect benefits from the issuance of the Note; and

 

WHEREAS, in order to induce Lender to loan the funds which are the subject of the Note, Guarantor has agreed to execute and deliver this Guaranty;

 

NOW, THEREFORE, Guarantor agrees as follows:

 

1.             Guaranty.

 

(a)            Guarantor absolutely and unconditionally personally guarantees the prompt payment and performance of all obligations of Nuvel to Lender, whether now existing or hereafter arising, under the Note (such obligations hereinafter collectively called the “Obligations”).

 

(b)            Guarantor absolutely and unconditionally personally guarantees to pay or perform all the Obligations, if and to the extent such Obligations are not performed by Nuvel, after the expiration of any applicable cure periods, regardless of any other agreements or circumstances of any nature whatsoever which might otherwise constitute a defense to this Guaranty and notwithstanding that any part or all of the Note shall be void or voidable as against Nuvel or any of Nuvel's creditors, including a trustee in bankruptcy of Nuvel. Guarantor agrees that Lender shall not
be required to pursue or exhaust any remedies against Nuvel with respect to any collection of the Obligations before proceeding against Guarantor for full repayment thereof.

 

(c)            It is expressly understood that upon repayment of all Obligations in full, this Guaranty shall terminate and the responsibilities of the Guarantor hereunder shall expire.

 

 

 

 

  

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2.          Waivers by Guarantor.

 

(a)         Guarantor waives notice of acceptance hereof and of all notices and demands of any kind to which Guarantor may be entitled including, without limitation, all demands of payment and notice of nonpayment to Guarantor.  Guarantor further consents to any agreement or arrangement for discharge or release of the whole or any part of the Obligations or for compromise of any sums due in any way whatsoever; and the same shall in no way impair Guarantor's liability hereunder.

 

(b)         Guarantor waives any right to require Lender to: (i) proceed against Nuvel; or (ii) pursue any other remedy which Lender may have, including against any other guarantor of Nuvel's obligations to Lender.

 

(c)         Guarantor expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which Guarantor may now or hereafter have against Nuvel or any person directly or contingently liable for the obligations guaranteed hereunder, or against or with respect to Nuvel's property, arising from the existence or performance of this Guaranty.

 

3.          Primary Nature of Guaranty.  The liability of Guarantor is present, absolute, unconditional, continuing, primary, direct and independent of the obligations of Nuvel.  Nothing shall discharge or satisfy Guarantor's liability hereunder except the full performance of all of the Obligations.

 

4.          Reinstatement of Guaranty.  Notwithstanding anything to the contrary contained in this Guaranty, the terms of this Guaranty shall remain in full force and effect or be reinstated, as the case may be, if at any time payment of any of the Obligations hereunder is rescinded or otherwise restored by Lender to Nuvel or to any other person who made such payment, or to the creditors or creditors' representative of Nuvel or such other person.

 

5.          No Waiver by Lender.  No failure, omission or delay on the part of Lender in exercising any rights hereunder or in taking any action to enforce performance of the Obligations, either against Nuvel or any other person liable therefor, shall operate as a waiver of any such right or shall, in any manner, prejudice the rights of Lender against Guarantor.

 

6.          Modifications.  No provision hereof shall be modified or limited, except by a written agreement expressly referring hereto and to the provision so modified or limited, and signed by Guarantor and Lender.

 

7.          Merger.  This writing is intended by the parties as a final expression of this agreement of guaranty and is intended also as a complete and exclusive statement of the terms thereof.  No course of prior dealings between the parties, no usage of the trade, and no parol or extrinsic evidence of any nature shall be used or be relevant to supplement or explain or modify any term used in this agreement of guaranty.

 

 

 

  

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8.         Severability.  In case any one or more of the provisions contained in this Guaranty shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, and this Guaranty shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

9.         Notices.  Any notice required hereunder shall be in writing, and shall be deemed to have been validly served if delivered by overnight courier, such as Federal Express, with proper postage prepaid, or by hand and addressed to the party to be notified at the address of such party set forth in this Guaranty or to such other address as each party may designate for itself by like notice.  Such notice shall be deemed received, if sent by over-night courier, the next day, and if sent by hand, upon
delivery.

 

10.       Governing Law.  This Guaranty shall be deemed to have been delivered at and shall be interpreted, and the rights and liabilities of the parties hereto determined, in accordance with the laws of the State of New York applicable to contracts entered into between persons resident therein.

 

11.       Venue.  Guarantor irrevocably consents that any legal action or proceeding against Guarantor under, arising out of or in any manner relating to this Guaranty or the Obligations, may be brought in any court of the State of New York or in the United States District Court for the Southern District of New York.  Guarantor, by the execution and delivery of this guaranty, expressly and irrevocably assents and submits to the personal jurisdiction of any of such courts in any such action or proceeding brought by
the Lender.  Guarantor hereby expressly and irrevocably waives any claim or defense in any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue or forum non conveniens or any similar basis.

 

12.       Successors and Assigns.  This Guaranty shall inure to the benefit of Lender, its successors and assigns and shall be binding on Guarantor and Guarantor's heirs, administrators, estate, executors, successors and assigns; provided, however, that Guarantor may not assign or delegate any of its obligations contained in this Guaranty.

 

 

  

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IN WITNESS WHEREOF, the undersigned Guarantor has duly executed this Guaranty on the date first above set forth.

HARMONY METALS, INC.

 

 

By:  /s/  Jay Elliot                                                                  

 

Name:    Jay Elliot

 

Title:     Chief Executive Officer

 

 

 

 

 

 

 

 

  

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Exhibit 10.5

 

 

 

December 30, 2011

 

 

Re: Lock-Up Agreement

 

Reference is made to the proposed share exchange (the “Exchange”) between the holders of the common stock of Nuvel, Inc., a Delaware corporation (the “Company”) and Harmony Metals, Inc. (“Harmony”), a Florida corporation, by which the common stock of Harmony, par value $.001 per share (the “Common Stock”) will be issued to such holders in exchange for shares of the Company pursuant to the Share Exchange Agreement dated as of December 30, 2011 (the “Exchange Agreement”).

 

The undersigned, upon the consummation of the Exchange, will hold shares of Common Stock, or securities convertible into or exchangeable or exercisable for, shares of Common Stock (collectively, the "Securities"). The undersigned agrees that, during the period commencing on the date of the Exchange through the date ending 180 days following the repayment in full of all principal and interest on, and other obligations pursuant to, the Secured Promissory Note issued by the Company in favor of Paragon Capital Offshore LP, dated December 30, 2011, (such period, the “Restricted Period”), the undersigned will not directly or indirectly offer, sell, offer to sell, contract to sell, grant any option, right or
warrant to purchase or sell, or otherwise transfer or dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at anytime in the future) any Securities of the Company, including any shares of Common Stock underlying any Securities, beneficially owned by such person or entity.

 

The undersigned hereby authorizes the Company during the Restricted Period to cause any transfer agent for the Common Stock  to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, the Common Stock for which the undersigned is the record holder and, in the case of Common Stock  for which the undersigned is the beneficial but not the record holder, agrees during the Restricted Period to cause the record holder to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, such Common Stock.

 

Notwithstanding the foregoing, the undersigned may during the Restricted Period:  (i) transfer any amount of the Securities either during the undersigned’s lifetime or on death by will or intestacy to such person’s family member or affiliate, or to a trust the beneficiaries of which are exclusively the undersigned and/or a member or members of the undersigned’s family member; or (ii) make a bona fide gift of any amount of the Securities to any person; provided, however, that in the case of any such transfer or gift, it shall be a condition to such transfer or gift that the transferee or donee execute an agreement (an original copy of which shall be provided to the Company)
stating that the transferee or donee is receiving and holding such transferred or donated shares subject to the provisions of this letter agreement, and there shall be no further transfer of such transferred or donated shares except in accordance with this letter agreement.  For purposes of this letter agreement: “affiliate” means, as to any person, any other person that, directly or indirectly, controls, is controlled by or is under common control with such person or is a director or officer of such person; “control” (including the terms “controlling”, “controlled by” and “under common control with”) of a person includes, without limitation, the possession, direct or indirect, of the power to vote 10% or more of the voting interests of such person or to direct or cause the direction of the management and policies of
such person, whether through the ownership of voting interests, by contract or otherwise; “family member” means with respect to any individual, such individual’s spouse, any descendants (whether natural or adopted), any trust all of the beneficial interests of which are owned by any of such individuals or by any of such individuals together with any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any such individual, and any corporation, association, partnership or limited liability company all of the equity interests of which are owned by those above described individuals, trusts or organizations and with respect to any trust, the owners of the beneficial interests of such trust; and “person” means an individual, partnership, corporation (including a business trust), limited liability company,
joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

 

 

  

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The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this letter agreement.  This letter agreement is irrevocable and all authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and any obligations of the undersigned shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

Very truly yours,

 

 

Signature:               __________________________________________________

 

Printed Name:        __________________________________________________

 

(Indicate capacity of person signing if signing as custodian or trustee or on behalf of an entity)

 

Address:

 

_________________________________________________________________

 

_________________________________________________________________

 

_________________________________________________________________

 

 

Accepted as of the date

 

first set forth above:

 

NUVEL INC.

 

 

 

By:           /s/ Jay Elliot                                                   

 

Name:            Jay Elliot                                                  

 

Title:              Chief Executive Officer                          

 

 

 

 

  

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