Document:

ex1012.htm

Exhibit 10.12

 

 PROMISSARY NOTE

 

	$36,171.46  	  March 31, 2009

 

FOR VALUE RECEIVED Medefile International, Inc, a corporation under the laws of Nevada (the ‘Maker”), hereby promises to pay to Digital Health Inc, or its assigns (the “Holder”), the sum of Thirty Six Thousand One Hundred Seventy One Dollars and forty six cents ($36,171.46) in lawful money of the United States, plus interest thereupon at the rate set forth below,

1.             Payments

Maker promises to pay interest on the principal amount of this Note outstanding at a rate equal to seven percent (7%) per annum.  Maker hereby agrees to repay the amount of this Note, and the interest which shall accrue on this Note, at the expireation of this note on April 1, 2011.  When any date on which principal and interest are due and payable falls on a Saturday, Sunday or legal holiday, then such payment shall be due and payable on the first business day immediately following.

Prepayment of all or any part of the principal due and owing on this Note may be made on any date without any additional premium or penalty.  All payments made on this Note shall be applied first to amounts other than principal and interest which may be then due hereunder, then to interest accrued to the date of payment and then to the outstanding principal amount of this Note.

	
2.  

	
Waivers

No delay or failure on the part of the Holder in exercising any rights, privilege or option hereunder shall operate as a waiver thereof or of any event of default, nor shall any single or partial exercise of any such rights, privilege or option preclude any further exerciser thereof, or the exercise of any other right, privilege or option.

Maker waives demand, presentment for payment, notice of dishonor, protest and notice of protest and any notice or demands of any kind are hereby expressly waived.

3.             Miscellaneous

(a)           Maker shall be responsible for all costs and expenses, including court costs and reasonable attorney’s fees incurred in connection with collection of payment due under this Note.

(b)           This Note shall be governed by and interpreted in accordance with the laws of the state of New York applicable to agreements made and to be performed with such state.  Maker (a) hereby irrevocably submits to the jurisdiction of the state courts of the Sate of New York and the jurisdiction of the United States District Courts in the State of New York for the purpose of any suit, action or other proceeding arising our of or based upon this Note, or the subject matter hereof brought by Holder and (b) hereby waive and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in any inconvenient forum, that the venue of the suit, action or proceeding is improper or this Note or the subject matter hereof may not be enforced in or by such court, and (c) Hereby waive in any such action, suit, or proceeding any offsets or counterclaims.  Maker hereby consents to service of process by certified mail at their address set forth herein and agree that this submission to jurisdiction and this consent to service of process by mail is made for the express benefit of the Holder.  Final judgement against Maker in any such action, suit or proceedings shall be conclusive, and may be enforced in other jurisdictions (i) by suit, action or proceeding on the conclusive evidence of the fact and of the amount of any indebtedness or liability of Maker therein described or (ii) in any other manner provided by or pursuant to the laws of such other jurisdiction; provided, however, that Holder may at its option bring suit, or institute other judicial proceedings, against Maker, or any its assets in any state or Federal court of the United States or of any country or place where Maker or its assets may be found.

 

  

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(c)           MAKER HEREBY WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE.  The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that related to the subject matter of this Note, including without limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims.  Maker hereby acknowledges that this waiver is a material inducement to enter into a business relationship, that Holder has already relined on the waiver in entering into this Note and that Holder will continue to rely on the waiver in related future dealings.  This waiver shall apply to any subsequent amendments, renewals, supplements or modifications to this Note.

(d)           All Notices, consents and other communications provided for in this Note or otherwise required by law shall be in writing and may be given to or made upon the respective parties at the address specified below.

If to Maker

Medefile International, Inc

240 Cedar Knolls Rd

Cedar Knolls, NJ  07927

Fax (973) 993-8180

With a copy to:

Richard A. Friedman

Suchenzia Ross Friedman Ference LLP

61 Broadway

New York, New York 10006

Fax (212) 930-9725

If to Holder

Digital Health Inc

1000 Quaysude Terrace, Ste 510

Miami Shores, Fl  33138

Notices shall be effective upon the date of receipt: provided, however, that a notice sent by certified or registered U.S. mail, with postage prepaid, shall be presumed received no later than three (3) business days following the date of the mailing.  Notices may also be given by facsimile transmission to the FAX number specified in the first paragraph of this Note and shall be deemed received on the date transmitte.

(e)            Time is of the essence with respect to this Note.

(SIGNATURE PAGE FOLLOWS)

  

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IN WITNESS WHEREOF, this Note has been executed and delivered by Maker on the ___ day of March, 2009

Medefile International, Inc

By ___________________

Name:  Milton Hauser

Title:    Chief Executive Officer

Digital Health Inc

By ____________________

Name:  _________________

 

 

 

3lntx_8k-ex1001.htm

EXHIBIT 10.1

Fiscal Year 2011

PERFORMANCE AWARD AGREEMENT

In consideration of your performance and service with Lantronix, Inc., a Delaware corporation (the “Company”), this Agreement is entered into by and between the Company and [EMPLOYEE NAME] (the “Grantee” or “Employee”) pursuant to the terms of this Performance Award Agreement and Exhibits A and B attached hereto (collectively the “Agreement”).

This Agreement is the entire agreement between the Company and Grantee regarding the subject matter of this Agreement and supersedes and replaces any prior or existing discussions, negotiations, or agreements between the Grantee and the Company regarding any incentive bonus, project bonus, or discretionary bonus; not to include Long Term Incentive Plan Agreement(s).

	
1.  

	
Eligibility.  The Performance Award (as defined below) is designed to provide performance-based incentive compensation for all eligible employees during the two six-month grant periods commencing on July 1, 2010 and ending on December 31, 2010 (“Grant Period A”) and the period commencing on January 1, 2011 and ending on June 30, 2011 (“Grant Period B”).  The Compensation Committee of the Company’s Board of Directors (the “Committee”) has the sole authority to determine eligibility to receive Performance Awards.  Grantees are selected by the Committee to receive a Performance Award.  In order to be eligible to receive any  portion of the Performance Award, Grantee must satisfy all of the following:

	
  

	
(a)

	
Grantee must have been employed by the Company, or any subsidiary of the Company, by September 30, 2010 in respect of Grant Period A, and March 31, 2011 in respect of Grant Period B, respectively, to be eligible for pro-rated awards and by July 1, 2010 and January 1, 2011 for Grant Periods A and B respectively, to be eligible for full awards;

	
  

	
(b)

	
Grantee must have a satisfactory performance rating as of the last day of the applicable Grant Period; and

	
  

	
(c)

	
Grantee must have continued employment with the Company, or any subsidiary of the Company, as of the last day of the applicable Grant Period to receive any portion of the award.

	
  

	 

	
2.  

	
Performance Award.  Subject to, and contingent upon, those conditions set forth in Section 3 below, and compliance with the requirements of this Agreement, by this Agreement, you are hereby eligible to be granted a target performance award as set forth in the applicable Exhibit which may be paid in either a cash award, or Company Common Stock through the grant of Restricted Stock Units under the terms and conditions of the Plan, or a combination of the two, at the discretion of the Committee.  Total number of Restricted Stock Units will be determined based on the fair market value of Company Common Stock as of, and immediate vesting will occur as of, the date that the Committee certifies Company performance for the applicable Grant Period, or as otherwise determined by the Committee or the Board of Directors.

 

 

  

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3.  

	
Conditions to Receipt of Performance Award.

 

	 	
(a) 

	
The granting of any award hereunder by the Company shall be contingent upon the prior occurrence of each of the following:

 

	 	
(i) 

	
The performance metrics contained in the applicable attached Exhibit must be attained for a Performance Award to be earned.

	 	
(ii) 

	
The availability of an adequate number of authorized shares available for grant under the Plan.

 

The Committee and Board of Directors shall have the exclusive and final discretionary authority to determine: whether or not to issue the award, satisfaction of the contingencies set forth above, the form of any award (i.e., Restricted Stock Units vs. cash awards), and the frequency of the award on either an annual or biannual basis.

	
  

	
(b)

	
Performance Awards granted under the Agreement will be made through the form of either cash payment or the issuance of Company Common Stock or a combination of the two (the “Performance Award”) through the grant of Restricted Stock Units, under the terms and conditions of the Plan.  The award will be based on Employee’s job grade level, EBITDA and Revenue according to the then current Fiscal Year 2011 Annual Operating Plan and stretch plan, and Management by Objectives (MBOs), as defined in the applicable Exhibit.  If you meet the eligibility criteria set forth in Section 1 above, you will receive the Performance Award as set forth  on the schedule in the applicable Exhibit.  To the extent that any Performance Award is granted hereunder, such Performance Award shall be granted to you at a time (to be determined by the Committee and/or the Board of Directors in their sole discretion) following the end of the applicable Grant Period but in no event later than March 15 of the year following the end of the applicable Grant Period.

 

	
4.  

	
Tax Obligations.  As a condition of the granting of the Performance Award, the Grantee agrees that the Company may withhold cash and/or a number of the shares subject to the Performance Award to meet tax withholding obligations, as may be necessary to discharge the Company’s obligations with respect to any tax, assessment, or other governmental charge imposed on property or income received by the Grantee pursuant to this Agreement and the Performance Award.

	
5.  

	
No Assignment.  This Agreement, and the benefits provided hereunder, may not be assigned by the Grantee by operation of law or otherwise.

	
6.  

	
Governing Law.  This Agreement and the legal relations between the parties shall be governed and construed in accordance with the internal laws of the State of Delaware, without effect to the conflicts of laws principles thereof.

 

 

  

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7.  

	
Key Definitions

	 	
(a) 

	
“Annual Operating Plan (AOP)” means the plan that serves to lay out planned activities and corresponding monetary resources for the fiscal year, measured on a quarterly basis, including, but not limited to, Revenue and EBITDA.   The AOP may be revised in the discretion of the Company’s Board of Directors.

	 	
(b) 

	
“EBITDA” means earnings before interests, taxes, depreciation, amortization, stock based compensation, and other one-time events at the discretion of the Company’s Board of Directors.

	 	
(c) 

	
“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended.

	 	
(d) 

	
“Plan” means the 2010 Stock Incentive Plan as may be amended pursuant to applicable laws, Company articles or Company bylaws.

	 	
(e) 

	
“Revenue” means the total amount of money received by the Company for goods sold or services provided during a certain time period.

	
8.  

	
Notices.  Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Grantee at the last address specified in Grantee’s employment records, or such other address as the Grantee may designate in writing to the Company.

	
9.  

	
Amendments.  This Agreement may be terminated, amended or modified at any time by an instrument in writing from the Company, in its sole discretion.  The Company reserves the right to administer, modify, or terminate the Agreement with or without notice.

	
10.  

	
Authority.  Except as otherwise set forth in this Agreement, the Committee shall administer the Agreement and shall have the exclusive and final discretionary authority and power to determine employee eligibility to participate and receive payment under this Agreement, to determine the amount of payment under this Agreement, to construe terms and provisions of this Agreement, and to exercise all other powers specified in this Agreement or which may be implied from the provisions of this Agreement.

The Committee has the authority, in its discretion to amend and rescind any of this Agreement’s terms or provisions, terminate this Agreement, and to make all determinations necessary for the administration of this Agreement.

	
11.  

	
Employment At-Will.  The employment of all employees of the Company, or any subsidiary of the Company, is terminable at any time by either party, with or without cause being shown or advance notice by either party.  The Plans and this Agreement shall not be construed to create a contract of employment for a specified period of time between the Company and any Grantee.

	
12.  

	
Rights as a Stockholder.  The Grantee shall have no rights as a stockholder of the Company with respect to any share of Common Stock of the Company underlying or relating to any Performance Award until the issuance of a stock certificate to the Grantee in respect of such Performance Award.

 

 

  

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13.  

	
Headings.  The headings in the Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.

	
14.  

	
Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect.

IN WITNESS WHEREOF, this Agreement is effective as of the date first above written.

 

                                                         

Larry Sanders

Chairman of the Board

                                                         

John Rehfeld

Chair, Compensation Committee

ACKNOWLEDGED AND AGREED:

By:___________________________

Printed Name:

Date:

 

 

  

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EXHIBIT A

GRANT PERIOD A

 

 

  

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EXHIBIT B

GRANT PERIOD B

 

 

 

 

 

 

 

 

 

 

 

 

 

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