Document:

ex-10_1.htm - Generated by SEC Publisher for SEC Filing

 

TRANSFER AND ASSIGNMENT OF
INTELLECTUAL PROPERTY

This AGREEMENT FOR
TRANSFER AND ASSIGNMENT OF INTELLECTUAL PROPERTY (“Agreement”) is made
and entered into as of February 21, 2014 (the “Effective Date”), between
Pencil Pig Ltd, a company incorporated in Malta (“PPL”) and Mark Flores
Martin, an individual residing in Malta (“Flores”)(PPL and Flores shall collectively
be referred to herein as the “Assignors”) and 3D Pioneer Systems, Inc.,
a Nevada corporation (“Assignee”). 

RECITALS

WHEREAS, Assignors are the collective owners
of all right, title and interest in an internet game entitled Tangled Tut (“Tut”); 

WHEREAS, Assignee wishes to acquire all
right, interest and title in Tut in exchange for 7,000,000 shares of restricted
common stock (“Shares”), based upon the terms and conditions set forth
herein;

WHEREAS, because PPL is a wholly owned
entity by Flores, all the Shares shall be issued in the name of Flores;

THEREFORE, in consideration of the above
recitals and of the mutual promises and conditions in this Agreement, and other
valuable consideration, receipt of which is hereby acknowledged, it is agreed
as follows:

 

AGREEMENT

1.                 
Description
of Intellectual Property.
Assignors are the owner of all right, title and interest in Tut, including but
not limited to all patents, trademarks,
domain  names,  registered designs,
copyright
(including  without  limitation  to  the  foregoing  generality  rights in  computer  software,  object  and  source  code),  rights  in
the
nature  of  copyright,
database rights,  semi-conductor
topography
rights,  unregistered  design  rights,  rights  in  and  to trade  names,  business names,  product  names  and  logos, inventions,  databases,  discoveries,  specifications,
formulae, processes,  know
how,  trade  secrets,  confidential  information and  any analogous  or  similar  right  in  any jurisdiction  (whether
any 
such  rights  referred to  in  this  are  registered,
unregistered,
  registrable
  or   not,   and   any  applications   or
rights  to  apply  for  registration  of  any  of  them  together  with
any 
registered  rights  resulting  from  any  such  applications  or
rights  to apply  for registration) of Tut (collectively, the “Intellectual
Property”). 

2.                 
Transfer
And Assignment.
For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, in exchange for 7,000,000 shares of restricted common
stock of Assignee (the “Shares”), Assignors hereby assign and transfer
to Assignee all of Assignor’s right, title and interest in the Intellectual
Property, together with all rights to secure registrations, renewals, reissues,
and extensions of the copyrights, patents, and trademark rights included
therein, if any.

Page 1 of 6 

 

 

 

3.                 
Warranties
And Representations.
 

a.      
Assignors
hereby covenants, warrants, and represents to Assignee that for good and
valuable consideration, the receipt of which is hereby acknowledged:

                                                             
i.     
Assignors are
the sole owner of and has the exclusive right to use the Intellectual Property,
free and clear of any liens, encumbrances, licenses, or claims of any nature,
and has made no agreement with respect to the Intellectual Property that is in
conflict with this Agreement.

                                                           
ii.     
Except as
specified in Paragraph 1 of this Agreement, no other registration has been
effected or is on file with the appropriate governmental agencies with respect
to the Intellectual Property.

                                                   
iii.           
Since Flores,
one of the Assignors is an individual, Flores agrees to authorize and direct
his or her heirs and personal representatives to make and execute any
instrument and perform any legal act that Assignee may deem necessary to secure
the registration, or any renewal or extension to the registration, of the
Intellectual Property, as applicable.

b.     
Because the
Shares shall be issued in the name of Flores, in regards to the Shares, Flores
individually covenants, warrants, and represents to Assignee that for good and
valuable consideration, the receipt of which is hereby acknowledged:

                                                             
i.     
Flores is not
a U.S. Person as further defined in Exhibit “A”, attached hereto, and
incorporated by reference herein.  Therefore, the Shares will be acquired for
investment for the Flores own account, not as a nominee or agent, and not with
a view to the public resale or distribution thereof within the meaning of
Regulation S of the Securities Act of 1933, as amended (“Securities Act”),
and Flores has no present intention of selling, granting any participation in
or otherwise distributing the same.  

                                                           
ii.     
Flores understands
that the acquisition of the Shares involves substantial risk. Flores has
experience as an investor in securities of companies and acknowledges that it
is able to fend for himself, can bear the economic risk of his investment and
has such knowledge and experience in financial or business matters that it is
capable of evaluating the merits and risks of its investment and protecting its
own interests in connection with this investment.

                                                         
iii.     
Flores understands
that (i) the Shares are characterized as "restricted securities"
under the Securities Act, inasmuch as they are being acquired from the Assignee
in a transaction not involving a public offering and (ii) under the Securities
Act and applicable rules and regulations thereunder, such securities may be
resold without registration under the Securities Act only in certain limited
circumstances. Flores is familiar with Regulation S and Rule 144 of the
Securities Act, as presently in effect, and understands the resale limitations
imposed thereby.  Flores agrees to resell the Shares only in accordance with
Regulation S of the Securities Act, registration or an exemption from
registration therefrom.  

Page 2 of 6 

 

 

 

                                                      
iv.        
Flores understands
that no United States federal or state agency or any other government or
governmental agency has passed upon or made any recommendation or endorsement
of the Shares.

                                                           
v.     
Unless
registered with the Securities and Exchange Commission (“SEC”), the
Shares will bear a legend in substantially in the following form:

“The
securities represented by this certificate have been issued pursuant to
regulation s promulgated under the U.S. Securities act of 1933, as amended (the
“Act”). As such, the securities represented by this certificate are
“restricted securities” and may not be sold, offered for sale, transferred,
assigned, pledged, hypothecated or otherwise transferred or disposed of other
than (i) pursuant to an effective registration statement as to the shares
represented by this certificate under the Act, (ii) outside the united states
in an offshore transaction in compliance with rule 904 under the act, (iii)
pursuant to rule 144 under the act, or (iv) pursuant to another available
exemption from the registration requirements of the Act. The holder hereof
agrees that (a) any hedging transaction with respect to the securities
represented by this certificate will be conducted in compliance with the Act
and (b) it will deliver, or cause to be delivered, to each person to whom the
securities represented by this certificate are transferred a notice
substantially to the effect of this legend. As used herein, the terms “offshore
transaction” and “united states” have the respective meanings assigned to them
in regulation s under the Act.”

 

Flores hereby acknowledges and
agrees to Assignee making a notation on its records or giving instructions to
the registrar and transfer agent of the Assignee in order to implement the
restrictions on transfer set forth and described in this Agreement.

 

4.                 
Indemnification.  Assignors shall indemnify,
defend, and hold harmless Assignee, and its officers, directors, shareholders,
employees, agents, attorneys and representatives against all liability,
demands, claims, costs, losses, damages, recoveries, settlements, and expenses
(including interest, penalties, attorney fees, accounting fees, and expert
witness fees) incurred by Assignee, known or unknown, contingent or otherwise,
directly or indirectly incurred on account of or arising out of:

a.      
Any breach of
this Agreement, or any breach or inaccuracy in Assignors’ representations,
warranties or agreements herein;

b.     
Any
disposition of the Shares contrary to any of Assignors’ representations,
warranties or agreements herein;

c.      
Any action,
suit or proceeding based on (i) a claim that any of said representations,
warranties or agreements was inaccurate, misleading, or otherwise cause for
obtaining damages or redress from the Assignee or any director, officer, or
representative of the Assignee under the Securities Act, or (ii) any disposition
of the Shares.

Page 3 of 6 

 

 

 

5.                 
Governing
Law. All
questions concerning the construction, validity, and interpretation of this
Agreement will be governed by the internal law, and not the law of conflicts,
of the State of Nevada.

6.                 
Entire
Agreement.
This Agreement, together with all exhibit(s) and schedule(s) hereto,
constitutes the entire agreement and understanding of the parties with respect
to the subject matter hereof and supersedes any and all prior negotiations,
correspondence, agreements, understandings, duties or obligations between the parties
with respect to the subject matter hereof.

7.                 
Assignment
and Binding Effect. 
No party shall assign this Agreement to any extent without the written consent
of the other Parties hereto.  Subject to the forgoing, this Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors and assigns.

8.                 
Amendments
and Waiver.
This Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of all of the parties
hereto.

9.                 
Invalidity
and Severability. 
If any provisions of this Agreement are held to be invalid or unenforceable,
such invalidity or unenforceability shall not affect the other provisions of
this Agreement which are intended to be, and shall be deemed, severable.

10.             
Further
Instruments and Assurances. 
The Parties will execute and deliver all such other and further instruments and
documents as may be necessary or desirable to carry out the purposes of this
Agreement.

11.             
Notices.  All notices, requests,
demands, claims, and other communications hereunder shall be in writing.  Any
notice, request, demand, claim or other communication hereunder shall be deemed
duly delivered four business days after it is sent by registered or certified
mail, return receipt requested, postage prepaid, or one business day after it
is sent for next business day delivery via a reputable nationwide overnight
courier service, in each case to the intended recipient as set forth below:

	
  IF TO ASSIGNORS:

  
	
   

  
	
  Mark Flores Martin

  
	
  41,
  Flat 1, Marina Flats

  
	
  Sir
  Augustus Bartolo Street, Ta’ Xbiex, Malta

  
	
   

  
	
  Pencil Pig Ltd.

  
	
  41,
  Flat 1, Marina Flats

  
	
  Sir
  Augustus Bartolo Street, Ta’ Xbiex, Malta

  
	
   

  
	
   

  
	
  IF TO ASSIGNEE:

  
	
   

  
	
  3D Pioneer Systems, Inc.

  
	
  Attn:
  Alexandros Tsingos

  
	
  22 Hanover Square

  
	
  West
  Central, London UK W1S 1JP    

  

Page 4 of 6 

 

 

 

 

Any
Party may give any notice, request, demand, claim or other communication
hereunder using any other means (including personal delivery, expedited
courier, messenger service, telecopy or ordinary mail) other than electronic
mail, but no such notice, request, demand, claim or other communication shall
be deemed to have been duly given unless and until it actually is received by
the party for whom it is intended.  Any Party may change the address to which
notices, requests, demands, claims, and other communications hereunder are to
be delivered by giving the other Parties notice in the manner herein set forth.

 

12.             
Counterparts.  This Agreement and any
amendments hereto may be executed in any number of counterparts, all of which
taken together shall constitute a single original instrument.  In any action or
proceeding any photographic, photostatic or other copy of this Agreement may be
entered into evidence.

13.             
Headings.  The headings in this Agreement
are inserted for convenience only and are in no way intended to describe,
interpret, define, or limit the scope, extent or intent of this Agreement or
any provision of this Agreement.

14.             
Interpretation.  This Agreement is the product
of negotiation and shall be deemed to be drafted by all of the parties hereto
and shall not be construed in favor of any particular party, but shall be
construed neutrally and by the plain meaning of its language.  Each party
executing this Agreement represents and warrants that he or it does so with
full knowledge of his or its rights, having a full opportunity to undertake
whatever discovery or investigation they desired, and after receiving
independent legal advice from their attorney(s) with respect to the agreements
herein and all rights, which are herein settled.  Each party further warrants,
represents and agrees that he or it has not relied upon any representation or
statement of fact or opinion by any other party, their agents or attorneys.

[Signatures to follow on the next
page.]

 

 

 

 

Page 5 of 6 

 

 

 

IN
WITNESS WHEREOF,
the parties have executed this Agreement by their duly authorized
representatives as of the date a set forth above.

	
   

  	
  ASSIGNORS:

  
	
   

  	
  PENCIL PIG LTD

  a
  company formed under the laws of Malta

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/Mark
  Flores Martin

  
	
  By:

  	
  Mark
  Flores martin

  
	
  Its:

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/Mark
  Flores Martin

  
	
   

  	
  Mark
  Flores Martin

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
  3D PIONEER SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/Alexandros
  Tsingos

  
	
  By:

  	
  Alexandros
  Tsingos

  
	
  Its:

  	
  Chief
  Executive Officer

  

 

 

 

 

Page 6 of 6 

 

 

 

Exhibit “A”

NON-U.S. PERSON 

 

By
executing the Agreement, Assignee represents and warrants to the Assignors that
they are not a “U.S. Person” as defined in Regulation S of the
Securities Act of 1933, as amended (the “Securities Act”); and
specifically Assignee is not:

 

	a
     natural person resident in the United States of America, including its
     territories and possessions (“United States”);

 

	a
     partnership or corporation organized or incorporated under the laws of the
     United States;

 

	an
     estate of which any executor or administrator is a U.S. Person;

 

	a
     trust of which any trustee is a U.S. Person;

 

	an
     agency or branch of a foreign entity located in the United States;

 

	a
     non-discretionary account or similar account (other than an estate or
     trust) held by a dealer or other fiduciary for the benefit or account of a
     U.S. Person;

 

	a
     discretionary account or similar account (other than an estate or trust)
     held by a dealer or other fiduciary organized, incorporated, or (if an
     individual) resident in the United States; or

 

	a
     partnership or corporation: (i) organized or incorporated under the laws
     of any foreign jurisdiction; and (ii) formed by a U.S. Person principally
     for the purpose of investing in securities not registered under the
     Securities Act, unless it is organized or incorporated, and owned, by
     accredited investors (as defined in Rule 501(a) under the Securities Act)
     who are not natural persons, estates or trusts.

 

And,
in addition:

 

	the
     Assignors was not offered the Shares in the United States;

 

	if
     at the time the buy-order for the Shares was originated, the Assignors was
     outside the United States; and

 

	the
     Assignors is purchasing the Shares for its own account and not on behalf
     of any U.S. Person (as defined in Regulation S) and a sale of the Shares
     has not been pre- arranged with a purchaser in the United States.exhibit_10-1.htm - Generated by SEC Publisher for SEC Filing

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE
ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS OR (B) AN APPROPRIATE EXCEPTION UNDER SAID ACT OR APPLICABLE STATE
SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER
SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.  ANY TRANSFEREE OF THIS
NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE.

 

SENIOR SECURED PROMISSORY NOTE

	
          February 25, 2014

  	
  $167,000
  

  

FOR VALUE RECEIVED, FRESH
HEALTHY VENDING INTERNATIONAL, INC., a Nevada corporation (the “Company”),
hereby promises to pay to the order of [Investor Name] or registered assigns
(the “Holder”) the principal amount of One Hundred Sixty Seven Thousand United
States Dollars ($167,000.00) no later than the Maturity Date (as defined
below), and to pay interest (“Interest”) on the unpaid principal balance
hereof at Maturity, or earlier upon conversion, acceleration or redemption
pursuant to the terms hereof, at the rate of twelve percent (12%) per
annum.  Interest on this Secured Promissory Note (this “Initial Note”)
payable monthly, or earlier  upon acceleration, repayment or redemption
pursuant to the terms hereof, shall accrue from the Issuance Date (as defined
below) and shall be computed on the basis of a 365-day year composed of the
actual days elapsed. 

The obligations of the Company to
the Holder pursuant to this Initial Note shall be secured by a senior lien on
all assets of the Company. This Initial Note is one of a series of three
identical Initial Notes issued by the Company as of this date, aggregating
$501,000.00 and may at the option of the Company include additional notes
yielding gross proceeds of another $1,500,000 (the "Additional Notes").
The Holder acknowledges that the Company also reserves the right to issue
supplemental notes to lenders within 91 days from the date of this Initial Note
that in total do not exceed an aggregate of  $1,000,000 (the "Supplemental
Notes" and together with the Initial Notes and the Additional Notes, the
"Notes"). The Notes shall not amount to more than a total of $3,001,000
and shall be senior to all other indebtedness of the Company, however by
accepting this Initial Note the Holder agrees that holders of the other Notes,
when and if issued, will have security interests identical to and pari passu
with those granted to the Holder.

 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

  

 

1.         Payments.  All payments of principal of, and interest on, this Initial Note shall be made in lawful money of the United States of America.  Whenever any amount expressed to be due by the terms of this Initial Note is due on any day that is not a Business Day (as defined in Section 2(a)), the same shall instead be due on the next succeeding day that is a Business Day (unless in the case of interest, such next succeeding Business Day would be in the following calendar month, in which case such payment will be made on the immediately preceding Business Day).  

            (a) Prepayment Rights. The Company shall have the right to prepay this Initial Note in lawful money of the United States at any time prior to Maturity by giving the Holder ten (10) days written notice.         

2.         Definitions. 

(a) Certain Defined Terms.  For purposes of this Initial Note, the following terms shall have the following meanings:

 

 “Acquiring Entity” means the Person purchasing Company’s assets or the successor resulting from the Organic Change.

“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in the city of Los Angeles are authorized or required by law to remain closed.

 “Common Stock” means (A) the Company’s Common Stock, $0.001 par value per share, and (B) any capital stock resulting from a reclassification of any such common membership interests or common stock.

 “Default” means any event or circumstance that is, or with the giving of notice or lapse of time or both, would be an Event of Default.

“Dollars” or “$” means United States Dollars. 

“GAAP” means United States generally accepted accounting principles.

“Governmental Authority” means the government of any nation, state or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.

 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

  

 

“Interest Amount” means, with respect to any Principal, all accrued and unpaid Interest on such Principal through and including such date of determination.

“Issuance Date” means the original date of issuance of this Note regardless of any exchange or replacement hereof. 

“Maturity Date” means that date which is twelve (12) months following the Issuance Date.

 “Organic Change” means any recapitalization, reorganization, reclassification, consolidation, merger, self tender offer for all or substantially all shares of common stock of the Company, sale of all or substantially all of the Company’s assets to another Person or other transaction that is effected in such a way that holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock.

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

“Principal” means the outstanding principal amount of this Initial Note as of any date of determination.

“promptly” shall mean as soon as reasonably possible, and in any event within four (4) Business Days.

“Subsidiary” means any entity in which the Company, directly or indirectly, owns twenty percent (20%) or more of the outstanding capital stock, equity or similar interests or voting power of such entity as of the date of the execution of this Initial Note or at any time thereafter.

“Taxes” means any federal, state, provincial, county, local, foreign and other taxes (including, without limitation, income, profits, windfall profits, alternative, minimum, accumulated earnings, personal holding company, capital stock, premium, estimated, excise, sales, use, occupancy, gross receipts, franchise, ad valorem, severance, capital levy, production, transfer, withholding, employment, unemployment compensation, payroll and property taxes, import duties and other governmental charges and assessments), whether or not measured in whole or in part by net income, and including deficiencies, interest, additions to tax or interest, and penalties with respect thereto.

    3.     Covenants. 

 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

 

(a)        Corporate
Existence.  From the Issuance Date and for so long as the Initial Notes
is outstanding, the Company shall, and shall cause each of its Subsidiaries to
(i) conduct its operations in the ordinary course of business consistent
with past practice, (ii) maintain its corporate existence and
(iii) maintain and protect all material intellectual property used in the
business of the Company and its Subsidiaries.

 (b)       Mergers,
Consolidations, Acquisitions.  In addition to the other rights the
Holder has hereunder, from the Issuance Date and for so long as the Initial
Note is outstanding, the Company shall not sell all or substantially all of the
assets of the Company (including, for the avoidance of any doubt, all or
substantially all of the assets of the Company’s Subsidiaries in the
aggregate), except in the event of the Organic Change where (x) the
Acquiring Entity (A) assumes the Company’s obligations hereunder and under
the agreements and instruments entered into in connection herewith and
(B) is a publicly traded corporation whose common stock is quoted on the
OTCBB or listed for trading on the New York Stock Exchange or the Nasdaq Market
or another nationally recognized stock exchange, and (y) immediately
before and immediately after giving effect to such transaction, no Event of
Default shall have occurred and be continuing.

(c)        Compliance with Laws. 
From the Issuance Date and for so long as the Initial Note is outstanding, the
Company will comply, and cause each Subsidiary to comply, in all material
respects with all applicable laws, ordinances, rules, regulations and
requirements of governmental authorities except where the necessity of
compliance therewith is contested in good faith by appropriate proceedings
diligently conducted.

(d)       Payment of Taxes. 
From the Issuance Date and for so long as the Initial Note is outstanding, the
Company will, and will cause each of its Subsidiaries to, pay and discharge,
before the same shall become delinquent, all income and all other material
Taxes, assessments and other governmental charges or levies, imposed upon them
or any of their properties or assets or in respect of their businesses or
incomes except for those being contested in good faith by proper proceedings
diligently conducted and against which adequate reserves, in accordance with
GAAP, have been established. 

4.         [reserved] 

5.         Defaults
and Remedies. 

(a)        Events of Default. 
An “Event of Default” is (i) default in payment of any Principal of
this Initial Note, when and as due; (ii) default in payment of any
Interest on this Initial Note that is not included in an amount described in
the immediately preceding clause (i) that is not cured within four
(4) Business Days from the date such Interest was due; (iii) any
default in the observance or performance of any covenant or agreement contained
herein; (iv) failure by the Company to comply with any other provision of
this Initial Note in all material respects within ten (10) days after the 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

  

earlier of (x) the Company’s receipt of notice to comply with such provision or (y) the Company becoming aware of such default; (v) any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Company in this Initial Note or in any certificate or other document delivered pursuant hereto or thereto, shall be incorrect in any material respect when made or deemed made; (vi)  if the Company or any of its Subsidiaries pursuant to or within the meaning of any Bankruptcy Law (as defined below); (A) commences a voluntary case; (B) consents to the entry of an order for relief against it in an involuntary case; (C) consents to the appointment of a Custodian of it or any of its Subsidiaries for all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) admits in writing that it is generally unable to pay its debts as the same become due; (vii) an involuntary case or other proceeding is commenced directly against the Company or any of its Subsidiaries seeking liquidation, reorganization or other relief with respect to it or its Indebtedness under any Bankruptcy Law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other Bankruptcy Law proceeding remains undismissed and unstayed for a period of thirty (30) days, or an order of relief is entered against the Company or any of its Subsidiaries as debtor under the Bankruptcy Laws as are now or hereafter in effect; or (viii) one or more judgments, non interlocutory orders or decrees shall be entered by a U.S. state or federal or a foreign court or administrative agency of competent jurisdiction against any the Company or any of its Subsidiaries involving in the aggregate a liability (to the extent not covered by independent third party insurance as to which the insurers has not denied coverage) as to any single or related series of transactions, incidents or conditions, of $200,000 or more, and the same shall remain unsatisfied, unvacated, unbonded or unstayed pending appeal for a period of thirty (30) days after the entry thereof.  The term “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal, state or foreign law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.  Within five (5) Business Days after the occurrence of any Event of Default set forth above, the Company shall deliver written notice thereof to the Holder.

(b)        Remedies.  If any Event of Default has occurred and is continuing, the Holder may, upon written notice to the Company,  (i) declare all of the Principal then outstanding together with the Interest Amount with respect to such Principal and all other amounts owing or payable hereunder and under the Initial Notes immediately due and payable, in cash, all without presentment, demand, protest or further act or notice of any kind, all of which are expressly waived by the Company and (ii) exercise any and all rights and remedies available to the holder of this Initial Note under this Initial Note, at law or in equity.  

6.         Lost or Stolen Notes.  Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Initial Note and, in the case of loss, theft or destruction, of an indemnification undertaking by the Holder to the Company in customary form and reasonably satisfactory to the Company and, in the case of mutilation, upon surrender and cancellation of this Initial Note, the Company shall execute and deliver a new Note of like tenor and date.

 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

  

 

7.         Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Initial Note shall be cumulative and in addition to all other remedies available under this Initial Note, at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the Holder’s right to pursue actual damages for any failure by the Company to comply with the terms of this Initial Note.  The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.  Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by the Holder thereof and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). 

8.         Specific Shall Not Limit General; Construction.  No specific provision contained in this Initial Note shall limit or modify any more general provision contained herein.  This Initial Note shall be deemed to be jointly drafted by the Company and all buyers of Notes and shall not be construed against any Person as the drafter hereof.

9.         Failure or Indulgence Not Waiver.  No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

10.       Notice.  Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Initial Note must be in writing and will be deemed to have been delivered:  (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided  confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be:

If to the Company:

                                9605 Scranton Road, Suite 801 

San Diego, California 92121 
            Facsimile:  858.210.4260
            Attention:, Chief Executive Officer

If to the Holder, to it at the address and facsimile number set forth on the records of the Company, with copies to such Holder’s representatives as set forth on such schedule, or, in the case of a Holder or any other party named above, at such other address and/or facsimile number and/or to the attention of such other Person as the 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

  

recipient party has specified by written notice given to each other party in accordance with the provisions of this Initial Note five (5) days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service shall be rebuttable evidence of personal service, receipt by facsimile or deposit with a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

11.       Transfer of this Initial Note.  The Holder may assign or transfer some or all of its rights hereunder, subject to compliance with the Securities Act of 1933, as amended. 

12.       Payment of Collection, Enforcement and Other Costs.  If (a) this Initial Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding; or (b) an attorney is retained to represent the Holder in any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Initial Note, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action, including reasonable attorneys’ fees and disbursements.

13.       Cancellation.  After all Principal and other amounts at any time owed under this Initial Note have been paid in full in accordance with the terms hereof, this Initial Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

14.       Waiver of Notice.  To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Initial Note. 

15.       Governing Law; Jurisdiction.  This Initial Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Initial Note shall be governed by, the internal laws of the State of California.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City and County of San Diego, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Initial Note and agrees that such service shall constitute good and sufficient service of process and notice thereof.  

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

 

  

Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

16.       Interpretative Matters.  Unless the context otherwise requires, (a) all references to Sections, Schedules or Exhibits are to sections, schedules or exhibits contained in or attached to this Initial Note, (b) each accounting term not otherwise defined in this Initial Note has the meaning assigned to it in accordance with GAAP, (c) words in the singular or plural include the singular and plural and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter and (d) the use of the word “including” in this Initial Note shall be by way of example rather than limitation.  

IN WITNESS WHEREOF, the Company has caused this Initial Note to be executed on its behalf by the undersigned as of the date first set forth above.

 

 

FRESH HEALTHY VENDING INTERNATIONAL, INC., 

a Nevada Corporation 

 

 

By: __________________________

Alex Kennedy, Chief Executive Officer 

 

                                                                                                            FHVI Form Senior Secured Promissory Note v.F2

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