Document:

fie_ex102.htm

Exhibit 10.2

 

NEITHER THIS CREDIT LINE, NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH RESPECT TO THE SECURITIES ISSUABLE UPON CONVERSION HEREOF) ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS.  NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

 

This Revolving Line of Credit Agreement (the "AGREEMENT") is made and entered into in this 29th day March, 2012, by and between Lend America Inc. ("LENDER"), and Ontarget Staffing Inc, a Delaware corporation ("BORROWER").

 

         In consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

 

         1.       LINE OF CREDIT.    Lender hereby establishes for a period extending to September 30, 2014 (the "MATURITY DATE") a revolving line of credit  (the "CREDIT LINE") for Borrower in the principal amount of Fifty Thousand Dollars ($50,000.00) (the "CREDIT LIMIT").   In connection herewith, Borrower shall execute and deliver to Lender a Promissory Note (“Promissory Note”), as provided for under Exhibit A, in the amount of the Credit Limit and in form and content satisfactory to Lender.  All sums advanced on the Credit Line or pursuant to the terms of this Agreement (each an "ADVANCE") shall become part of the principal of said Promissory Note.

 

2.       ADVANCES.                                              Any request for an Advance may be made from time to time and in such amounts as Borrower may choose; provided, however, any requested Advance will not, when added to the outstanding principal balance of all previous Advances, exceed the Credit Limit. Requests for Advances may be made orally or in writing by such officer of Borrower authorized by it to request such Advances. Until such time as Lender may be notified otherwise, Borrower hereby authorizes its Chief Executive Officer to request Advances.   Lender will pay Advances only to independent third party Company’s or unaffiliated purchases that are specifically related to the furthering the Internet marketing channel efforts of the Borrower.   Such examples, may include, but not be limited to, website design, hosting, development, copyrighting or advertising efforts which might include, pay-per-click campaigns, affiliated marketing efforts, “viral” marketing expenditures.  Such Advances will only be made against supporting invoices delivered.  Lender may refuse to make any requested Advance if an event of default has occurred and is continuing hereunder either at the time the request is given or the date the Advance is to be made, or if an event has occurred or condition exists which, with the giving of notice or passing of time or both, would constitute an event of default hereunder as of such dates.

 

         3.       INTEREST. All sums advanced pursuant to this Agreement shall bear interest from the date each Advance is made until paid in full at the rate of twelve percent (12%) per annum, simple interest (the "EFFECTIVE RATE").

 

         4.       REPAYMENT. The entire unpaid principal balance, together with any accrued interest and other unpaid charges or fees hereunder, shall be due and payable on the Maturity Date. All payments shall be made to Lender at such place as Lender may, from time to time, designate. All payments received hereunder shall be applied, first, to any costs or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; second, to accrued interest; and third, to principal. Borrower may prepay principal at any time without penalty.

 

 

  

  

  

 

         5.       REPRESENTATIONS AND WARRANTIES. In order to induce Lender to enter into this Agreement and to make the advances provided for herein, Borrower represents and warrants to Lender as follows:

 

                  a.       Borrower is a duly organized, validly existing, and in good standing under the laws of the State of Utah with the power to own its assets and to transact business in California, and in such other states where its business is conducted.

 

                  b       Borrower has the authority and power to execute and deliver any document required hereunder and to perform any condition or obligation imposed under the terms of such documents.

 

                  c.       The execution, delivery and performance of this Agreement and each document incident hereto will not violate any provision of any applicable law, regulation, order, judgment, decree, article of incorporation, by-law, indenture, contract, agreement, or other undertaking to which Borrower is a party, or which purports to be binding on Borrower or its assets and will not result in the creation or imposition of a lien on any of its assets.

 

                  d.       There is no action, suit, investigation, or proceeding pending or, to the knowledge of Borrower, threatened, against or affecting Borrower or any of its assets which, if adversely determined, would have a material adverse affect on the financial condition of Borrower or the operation of its business.

 

         6.       EVENTS OF DEFAULT. An event of default will occur if any of the following events occurs:

 

                  a.       Failure to pay any principal or interest hereunder within ten (10) days after the same becomes due.

 

                  b.       Any representation or warranty made by Borrower in this Agreement or in connection with any borrowing or request for an Advance hereunder, or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made.

 

                  c.       Default by Borrower in the observance or performance of any other covenant or agreement contained in this Agreement, other than a default constituting a separate and distinct event of default under this

 

                  d.       Filing by Borrower of a voluntary petition in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended or under any other insolvency act or law, state or federal, now or hereafter existing.

 

                  e.       Filing of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance thereof for sixty (60) days undismissed, unbonded, or undischarged.

 

         7.       REMEDIES. Upon the occurrence of an event of default as defined above, Lender may declare the entire unpaid principal balance, together with accrued interest thereon, to be immediately due and payable without presentment, demand, protest, or other notice of any kind. Lender may suspend or terminate any obligation it may have hereunder to make additional Advances. To the extent permitted by law, Borrower waives any rights to presentment, demand, protest, or notice of any kind in connection with this Agreement. No failure or delay on the part of Lender in exercising any right, power, or privilege hereunder will preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. The rights and remedies provided herein are cumulative and not exclusive of any other rights or remedies provided at law or in equity. Borrower agrees to pay all costs of collection incurred by reason of the default, including court costs and reasonable attorney's fees.

 

 

  

  

  

 

 

         8.       NOTICE. Any written notice will be deemed effective on the date such notice is placed, first class, postage prepaid, in the United States mail, addressed to the party to which notice is being given as follows:

 

         Lender:                 Lend America Inc.

                                       2490 Blackrock Turnpike #344

                                       Fairfield CT 06825

 

 

         Borrower:              Ontarget Staffing, Inc.

                                       Attn.: CEO

 

                                       ____________________

 

 

                                       ____________________

 

         9.       GENERAL PROVISIONS. All representations and warranties made in this Agreement and the Promissory Note and in any certificate delivered pursuant thereto shall survive the execution and delivery of this Agreement and the making of any loans hereunder. This Agreement will be binding upon and inure to the benefit of Borrower and Lender, their respective successors and assigns, except that Borrower may not assign or transfer its rights or delegate its duties hereunder without the prior written consent of Lender. This Agreement, the Promissory Note, and all documents and instruments associated herewith will be governed by and construed and interpreted in accordance with the laws of the State of Connecticut. Time is of the essence hereof. This Agreement will be deemed to express, embody, and supersede any previous understanding, agreements, or commitments, whether written or oral, between the parties with respect to the general subject matter hereof. This Agreement may not be amended or modified except in writing signed by the parties.

 

 

      10.         ASSIGNMENT.    This Agreement, the underlying Promissory Note and all other rights maybe assigned by the Lender at anytime through written correspondence to the Borrower.

 

         EXECUTED on the day and year first written above.

 

                Borrower:        Ontarget Staffing, Inc.

 

/s/ Mary Ellen Schloth

                                              ------------------------------

                                             Name:   Mary Ellen Schlot

                                             Title:  CEO

 

 

                Lender:               Lend America Inc

                     

                                            /s/ Mary Ellen Schloth

                                           ------------------------------ 

                                           Name:  Mary Ellen Schloth

                                          Title:  CEO

 

 

Exhibit A to Revolving Credit Line;

 

Promissory Note Underlying the Revolving Credit Agreement

 

 

  

  

  

 

12% PROMISSORY NOTE

 

 

$50,000                                                                                                            Fairfield, Connecticut

 

                                                                    March 29, 2012

 

This Promissory Note (the "NOTE") is made and executed as of the date referred to above, by and between Ontarget Staffing Inc, a Delaware corporation (the "BORROWER"), and Lend America Inc ("LENDER").   By this Note, the Borrower promises and agrees to pay to the order of Lender, the principal sum of Fifty Thousand and 00/100 Dollars ($50,000.00), or the aggregate unpaid principal amount of all advances made by Lender to Borrower pursuant to the terms of a Revolving Line of Credit Agreement (the "LOAN AGREEMENT") of even date herewith, whichever is less, together with interest thereon from the date each advance is made until paid in full, both before and after judgment, at the rate of twelve percent (12%) per annum, simple interest.

 

The entire unpaid principal balance, together with any accrued interest and other unpaid charges or fees hereunder, shall be due and payable on September 30, 2014 (the "MATURITY DATE").

 

Prepayment in whole or part may occur at any time hereunder without penalty; provided that the Lender shall be provided with not less than ten (10) days notice of the Borrower's intent to pre-pay; and provided further that any such partial prepayment shall not operate to postpone or suspend the obligation to make, and shall not have the effect of altering the time for payment of the remaining balance of the Note as provided for above, unless and until the entire obligation is paid in full. All payments received hereunder shall be applied, first, to any costs or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; second, to accrued interest; and third, to principal.

 

An event of default will occur if any of the following events occurs: (a) failure to pay any principal or interest hereunder within ten (10) days after the same becomes due; (b) if any representation or warranty made by Borrower in the Loan Agreement or in connection with any borrowing or request for an advance thereunder, or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the time when made; (c) default by Borrower in the observance or performance of any other covenant or agreement contained in the Loan Agreement, other than a default constituting a separate and distinct event of default under Paragraph 7 of the Loan Agreement; (d) filing by Borrower of a voluntary petition in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended or under any other insolvency act or law, state or federal, now or hereafter existing; or (e) filing of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance thereof for sixty (60) days undismissed, unbonded, or undischarged.

 

Any notice or demand to be given to the parties hereunder shall be deemed to have been given to and received by them and shall be effective when personally delivered or when deposited in the U.S. mail, certified or registered mail, return receipt requested, postage prepaid, and addressed to the party a this or its last known address, or at such other address as the one of the parties may hereafter designate in writing to the other party.

 

The Borrower hereof waives presentment for payment, protest, demand, notice of protest, notice of dishonor, and notice of nonpayment, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time by the Lender without in any way affecting its liability hereunder.

 

In the event any payment under this Note is not made at the time and in the manner required, the Borrower agrees to pay any and all costs and expenses which may be incurred by the Lender hereof in connection with the enforcement of any of its rights under this Note or under any such other instrument, including court costs and reasonable attorneys' fees.

 

This Note shall be governed by and construed and enforced in accordance with the laws of Connecticut.

 

The Borrower:               Ontarget Staffing Inc.

 

                                       ------------------------------

                                       Name:  Mary Ellen Schloth

                                       Title:  CEO

 

 

 

 

Lender:                         Lend America Inc.

 

 

                                       ------------------------------

                                       Name:  Mary Ellen Schloth

                                       Title:  CEO

 

 

  

  

  

 

RE.  Assignment (the “Assignment”) of the Revolving Credit Agreement (the “Agreement”) between Ontarget Staffing Inc, as Borrower, and Lend America Inc, as Lender, dated March 29, 2012

As provided for in the above reference Agreement, the Lender (“Assignor”) is hereby assigning all rights and obligations of the Agreement to the undersigned party.    In conjunction with this Assignment the Lender will inform the Borrower in writing of the Assignment.

The undersigned Assignee accepts this Assignment and all rights and obligations that go along with the Agreement.

 

EXECUTED and made effective as of this 1st day of July, 2013

 

As acknowledged and agreed to by,

 

The Assignor:        Lend America Inc.

 

                                  /s/ Mary Ellen Schloth

  ------------------------------

                                  Name:   Mary Ellen Schloth

       Title:  CEO

The Assignee:       Global Bridge Partners Inc

                                  /s/ William E. Schloth

                                    ---------------------------------

                                     Name:   William E Schloth

          Title:  CEOEmployment Agreement

EMPLOYMENT AGREEMENT

THIS AGREEMENT ("Agreement") is made and entered into on November 26, 2013, between MCIG INC., hereinafter referred to as “The Company” or "Employer", and Mark James Linkhorst, hereinafter referred to as "Employee".

RECITALS

WHEREAS, the Employer desires to obtain the services of Chief Operating Officer on its own behalf and on behalf of all future Affiliated Companies (defined as any corporation or other business entity or entities that directly or indirectly controls, is controlled by, or is under common control with the Company); and 

WHEREAS, the Employee desires to accept employment with Employer as the Chief Operating Officer (COO), on the terms and conditions set forth herein. 

THEREFORE, in consideration of the mutual promises, terms and conditions set forth herein, and at the performance of each, the parties hereto agree to be legally bound as follows:

1.

Term. The Company agrees to employ Employee, and Employee accepts such employment on November 26, 2013 and terminates on November 26, 2015 (the “Term”). At the end of the Initial Term, this Agreement shall automatically renew for additional one (1) year terms, on substantially the same terms and provisions as contained herein, unless the Company provides Employee with written notice of its intent to terminate this Agreement at the will of the Board of Directors (the "Board"), or at the will of the Chief Executive Officer (the "CEO") of the Company within 30 days prior to termination. The period from the commencement of the term of this Agreement to the date of its termination, after giving effect to any renewal, shall be considered the "Employment Period" hereunder.

2.

Duties. During the Employment Period, Employee shall serve as a Chief Operating Officer of the Company and shall have the duties, responsibilities and authority consistent with such position as are assigned to him by the Board or the Chief Executive Officer. The Chief Operating Officer's duties include the development of marketing plans and strategies, new technologies, finding new customers and investors, investor relations, company’s website maintenance, and any issues related with marketing.

3.

Compensation. During the Term, COO shall be compensated for the Services as follows:

(i)

The Company shall pay Chief Operating Officer One Million shares of common stock per first year.

(ii)

Bonus. Employee shall be entitled to receive a bonus pursuant to the terms of the Company's executive bonus plan then in effect, which plan may be amended from time to time by the Board or the Executive Officers in their sole and absolute discretion.

(iii)       Expenses. The Company shall reimburse Employee for all reasonable out-of-pocket expenses actually incurred by Employee and accounted for and evidenced in accordance with the standard policies, practices or procedures regarding expense reimbursement that the Company may establish from time to time. In addition to the foregoing, employer will reimburse employee for any and all necessary, customary, and usual expenses incurred by him while traveling for and on behalf of the employer pursuant to employer's directions.

1.

Termination. At any time, either party may terminate, without liability, the Employment Period for any reason.  Employee shall provide the Company with 30 days prior written notice of such Employee's intent to terminate this Agreement.

5.  Employee's loyalty to employer's interests. Employee shall devote all of his time, attention, knowledge, and skill solely and exclusively to the business and interests of employer, and employer shall be entitled to all benefits, emoluments, profits, or other issues arising from or incident to any and all work, services, and advice of employee. Employee expressly agrees that during the term hereof he will not be interested, directly or indirectly, in any form, fashion, or manner, as partner, officer, director, stockholder, advisor, employee, or in any other form or capacity, in any other business similar to employer's business or any allied trade, except that nothing herein contained shall be deemed to prevent or limit the right of employee to invest any of his surplus funds in the capital stock or other securities of any corporation whose stock or securities are publicly owned or are regularly traded on any public exchange, nor shall anything herein contained by deemed to prevent employee from investing or limit employee's right to invest his surplus funds in real estate.

6.    Confidential Information. Employee acknowledges that the information, observations and data obtained by or available to Employee during the course of employment with the Company concerning the business and affairs of the Company are and will be the property of the Company. Therefore, Employee agrees, during the Employment Period and following the termination of Employee's employment for any reason whatsoever, not to disclose or induce or assist in the use or disclosure, to any person or entity, or use for the account of any person or entity other than the Company, any such information, observations or data including, without limitation, any business secrets or methods, processes, professional techniques, marketing plans, strategies, and revenue information all of which are of great value to the Company. In the event Employee's employment with the Company is terminated for any reason whatsoever, Employee will promptly return and surrender to the Company any and all Confidential Information made available to Employee by the Company or otherwise in the possession of Employee in the course of employment with the Company.

7.      Option to terminate on permanent disability of employee

(i)

Notwithstanding anything in this Contract to the contrary, employer is hereby given the option to terminate this Agreement in the event that during the term hereof employee shall become permanently disabled, as the term "permanently disabled" is hereinafter fixed and defined.

(ii)

Such option shall be exercised by employer giving notice to employee by registered mail, addressed to him in care of employer at the above stated address, or at such other address as employee shall designate in writing, of its intention to terminate this Agreement on the last day of the month during which such notice is mailed. On the giving of such notice this Agreement and the term hereof shall cease and come to an end on the last day of the month in which the notice is mailed, with the same force and effect as if such last day of the month were the date originally set forth as the termination date. 

(iii)

For purposes of this Contract, employee shall be deemed to have become permanently disabled if, during any year of the term hereof, because of ill health, physical or mental disability, or for other causes beyond his control, he shall have been continuously unable or unwilling or have failed to perform his duties hereunder for thirty consecutive days, or if, during any year of the term hereof, he shall have been unable or unwilling or have failed to perform his duties for a total period of thirty days, whether consecutive or not. 

(iv)

For the purposes hereof, the term "any year of the term hereof" is defined to mean any period of 

36 calendar months commencing on the first day of November 26, 2013 and terminating on the last day of November 26, 2016 of the following year during the term hereof. 

8.

Discontinuance of business as termination of employment. Anything herein contained to the contrary notwithstanding, in the event that employer shall discontinue operations at the premises mentioned above, then this Agreement shall cease and terminate as of the last day of the month in which operations cease with the same force and effect as if such last day of the month were originally set forth as the termination date hereof.

9.

Employee's commitments binding on employer only on written consent. Employee shall not have the right to make any contracts or other commitments for or on behalf of employer within the written consent of Employer.

10.

Contract terms to be exclusive. This written Agreement contains the sole and entire Agreement between the parties, and supersedes any and all other Contracts between them. The parties acknowledge and agree that neither of them has made any representation with respect to the subject matter of this Agreement or any representations inducing the execution and delivery hereof except such representations as are specifically set forth herein, and each party acknowledges that he or it has relied on his or its own judgment in entering into the Agreement. The parties further acknowledge that any statements or representations that may have heretofore been made by either of them to the other are void and of no effect and that neither of them has relied thereon in connection with his or its dealings with the other.

11.

Waiver or modification ineffective unless in writing. No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the party to be charged therewith. Furthermore, no evidence of any waiver or modification shall be offered or received in evidence in any proceeding, arbitration, or litigation between the parties arising out of or affecting this Contract, or the rights or obligations of any party hereunder, unless such waiver or modification is in writing, duly executed as aforesaid. The provisions of this paragraph may not be waived except as herein set forth. 

12.

Governing Law. This Agreement and performance hereunder and all suits and special proceedings hereunder shall be construed in accordance with the laws of  U.S.A.

13.

Ability to Enter Into Agreement. Each party represents and warrants to the other party that this Agreement has been duly authorized, executed and delivered and that the performance of its obligations under this Agreement does not conflict with any order, law, rule or regulation or any agreement or understanding by which such party is bound.

14.

Entire Agreement.  This Agreement is supersedes all prior employment or other agreements, negotiations and understandings of any kind with respect to the subject matter of this Agreement and contains all of the terms and provisions of this Agreement between the parties hereto with respect to such subject matter. Any representation, promise or condition. Whether written or oral, not specifically incorporated herein, shall have no binding effect upon the parties.

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

  MCIG, INC. 

   By:   /s/  Paul Rosenberg

   -----------------------------------------

   Name: Paul Rosenberg

   Title: President&CEO

   /s/ Mark Linkhorst

   -----------------------------------------

   Name: Mark James Linkhorst

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]