Document:

digitalpost_8kex1002.htm

Exhibit 10.02

 

PROMISSORY NOTE

 

$100,000.00                                                                                                                                                February 10, 2011

 

 

FOR VALUE RECEIVED, Digital Post Interactive, Inc., a Nevada corporation (the “Company”), promises to pay to Local.com Corporation or its assigns (the “Holder”), the principal sum of $100,000.00.

 

The Company shall pay interest on any overdue principal and (to the extent permitted by applicable law) on any overdue interest, from the date on which payment thereof is due until the obligation of the Company with respect to the payment thereof shall be discharged, at the rate of ten percent (10%) per annum, provided that no interest shall be payable if Holder completes the acquisition of certain assets from the Company no later than April 10, 2011. The interest rate shall be computed on the basis of the actual number of days elapsed and a year of 365 days.

 

1.           Payment.  The principal hereof and all accrued and unpaid interest thereon, shall be due and payable (i) in four equal monthly payments of $25,000.00 beginning on April 15, 2011 and continuing on the 15th day of each month thereafter until July 15, 2011 (the “Maturity Date”) or (ii) when such amounts are declared due and payable after the occurrence of an Event of Default (as defined below) in accordance with the terms hereof or (iii) upon consummation of a transaction for the acquisition of certain assets from Company, in which event the total sum owed under the Note will be applied against the purchase price in the asset purchase transaction.  All payments of principal, interest and other amounts owed under this Note shall be payable in lawful money of the United States of America at the principal place of business of the Holder, or at such other place as the Holder may from time to time designate in writing to the Company.  Any payments received by the Holder hereunder shall be applied first to costs of collection, if any, then to interest and the balance, if any, to principal.

 

           2.           Events of Default.

 

(a)           The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(i)           The Company shall fail to pay any principal, interest or other amount payable hereunder promptly and when due;

 

(ii)           The Company shall materially fail to observe or perform any other material covenant, obligation, condition or agreement contained in this Note and, such failure shall continue for 15 days after written notice to the Company;

 

(iii)           The Note or any material term contained herein shall cease to be, or be asserted by the Company not to be, a legal, valid and binding obligation of the Company enforceable in accordance with its terms;

 

(iv)           The Company shall (1) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property,

 

  

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(2) admit in writing its inability, to pay its debts generally as they mature, (3) make a general assignment for the benefit of any of its creditors, (4) cease to operate or conduct business, (5) be dissolved or liquidated in full or in part, (6) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (7) take any action effecting any of the foregoing;

 

(v)           Without the Company’s application, approval or consent, a proceeding shall be commenced, in any court of competent jurisdiction, seeking in respect of the Company: (1) the liquidation, reorganization, dissolution, winding-up, or composition or readjustment of debt, (2) the appointment of a trustee, receiver, liquidator or the like of the Company or of all or any substantial part of the assets of the Company, or (3) other like relief in respect of the Company under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts; and, if the proceeding is being contested in good faith by the Company, the same shall continue undismissed or unstayed and in effect for any period of 30 consecutive days, or an order for relief against the Company shall be entered in any case under the Federal Bankruptcy Code or applicable state bankruptcy laws;

 

(vi)           Except as has been disclosed in the Company’s filings made with the U.S. Securities and Exchange Commission as of the date first set forth above, the Company shall violate or be in default under, any agreement, instrument or other document relating to any indebtedness for money borrowed, or capital lease, which default is with respect to at least $50,000 individually or $100,000 in the aggregate of indebtedness or lease obligations and continues uncured for a period of at least thirty (30) days; or

(vii)           A final, non-appealable judgment or order for the payment of money in excess of $50,000 shall be rendered against the Company, which liability is not covered by insurance, and remains undischarged for a period of 30 days during which execution shall not be effectively stayed, or any judgment, writ, assessment, warrant of attachment, or execution or similar process shall be issued or levied against a substantial part of the property of the Company and such judgment, writ, or similar process shall not be released, stayed, vacated or otherwise dismissed within 30 days after issue or levy.

 

(b)           Rights Upon Default.  Upon the occurrence or existence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Holder may declare the entire unpaid principal amount of this Note and all accrued and unpaid interest and any other amounts owing hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, provided the Company is first given 30 days notice and opportunity to cure any such Event of Default.  In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, the Holder may exercise any other right, power or remedy granted to it or otherwise permitted to it by law, either by suit in equity or by action at law, or both, provided the Company is first given 30 days notice and opportunity to cure any such Event of Default.

 

  

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3.           Waiver and Amendment.  Any of the terms and conditions of this Note may be changed or amended, and any right of the Holder may be waived, with the written consent of the Holder.

 

4.           Loss, Theft, Destruction, etc.  Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and, if requested in the case of any such loss, theft or destruction, the Company will execute and deliver, in lieu hereof, a new note of like tenor.

 

5.           No Assignment by the Company.  The Company may not assign this Note without the prior written consent of the Holder.

 

6.           Expenses; Waivers.  If action is instituted to collect this Note in accordance with the terms of this Note, the Company promises to pay all costs and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred in connection with such action.  The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

 

7.           Notices.  Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by fax (upon customary confirmation of receipt), or five days after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth on the signature page hereto, or as subsequently modified by written notice.

 

8.           Miscellaneous.  This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law.  This Note may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.  The titles and subtitles used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.  The invalidity or unenforceability of any provision of this Note shall in no way affect the validity or enforceability of any other provision of this Note.  Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Note, or any waiver on the part of any party of any provisions or conditions of this Note, must be in writing and shall be effective only to the extent specifically set forth in such writing.

 

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, the Company has caused this Promissory Note to be executed as of the date first written above.

 

Digital Post Interactive, Inc.

By:    /s/ Michael Sawtell                                                            

	
  

	
Name:Michael Sawtell

	
  

	
Title:Chief Executive Officer

Address: 4040 Barranca Parkway, Suite 220

   Irvine, CA 92618

HOLDER:

Local.com Corporation

By:                                           

Name:                                           

Title:                                           

  

4ex10-1.htm

EXHIBIT 10.1

 

FIRST AMENDMENT TO SHARE SUBSCRIPTION AGREEMENT

 

This FIRST AMENDMENT TO SHARE SUBSCRIPTION AGREEMENT (this “Amendment”) is made as of February 16, 2011, by and between Canon Investment Holdings Limited, a company organized under the laws of Hong Kong (“Canon” or the “Buyer”), and Altair Nanotechnologies Inc., a company organized under the laws of Canada (the “Altair” or “Company”).

 

W I T N E S S E T H:

 

WHEREAS, on September 20, 2010, Canon, Altair and certain of their respective subsidiaries (as applicable) entered into a Share Subscription Agreement (the “SSA”), a Conditional Supply and Technology Licensing Agreement (the “Supply Agreement”) and other related agreements (collectively, the “Original Agreements”);

 

WHEREAS, the SSA contemplates that the Closing (as defined in the SSA) will be consummated on or prior to an End Date (as defined in the SSA) of January 31, 2011;

 

WHEREAS, Canon and Altair wish to enter into this Amendment to set forth their mutual agreement to extend the End Date under the SSA and to consummate the Closing on May 17, 2011, on the terms and conditions set forth below;

 

NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements set forth herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, Buyer and the Company hereby agree as follows:

	
1.  

	
Capitalized terms used but not defined herein shall have the meanings ascribed to them under the SSA.

 

	
2.  

	
The Company and Buyer hereby agree that the “End Date” under the SSA shall be extended to May 17, 2011, or such earlier date for the Closing as notified by Canon to Altair pursuant to paragraph 4 below.

 

	
3.  

	
In accordance with Section 2.01 of the SSA, the Company and Buyer hereby agree that the Per Share Price, as adjusted to take into account the effect of the Consolidation, shall be US$1.5528.

 

	
4.  

	
Notwithstanding Section 2.02 of the SSA, the Company and Buyer agree that the Closing shall take place on the End Date (or at an earlier date, if notified by Buyer to the Company at Buyer’s sole discretion upon five Business Days written notice), subject to the satisfaction and waiver of the conditions set forth in Article 6 of the SSA; provided that prior to the Closing, the Company shall have obtained all necessary approvals, which, in the reasonable opinion of Buyer, are required under Applicable Law for the performance of and consummation of the transactions contemplated under the SSA, as amended by this Amendment.

 

  

  

  

 

	
5.  

	
Notwithstanding Section 2.03 of the SSA, on or prior to May 1, 2011, the Company shall deliver a statement to Buyer stating the number of Purchased Securities to be issued by the Company at the Closing, accompanied by all information (including type and number of Company Securities outstanding) necessary for the Buyer to confirm that the number of Purchased Securities so stated will constitute 51.0% of the outstanding shares of Common Stock on a Fully Diluted Basis immediately following the Closing.

 

	
6.  

	
Notwithstanding any provision in the SSA to the contrary, including Section 5.03 of the SSA, from the date hereof until May 1, 2011 (the “Specified Period”), the Company may access the capital markets to raise working capital subject to the following conditions:

 

	
a.  

	
the Company may issue only Common Stock and warrants to acquire Common Stock, which warrants shall be issued to subscribers pro rata based upon the number of shares of Common Stock purchased (each, an “Issuance”);

 

	
b.  

	
the per share subscription price for any Issuance of shares of Common Stock, taking into account the implied value of any warrants issued in connection with such Issuance (the “Per Share Issuance Price”), shall be consistent with the price range suggested the Company’s investment banker with reference to the prevailing market price;

 

	
c.  

	
the aggregate number of shares of Common Stock issued or issuable by the Company (on a Fully-Diluted Basis, assuming the exercise of all warrants) during the Specified Period shall be less than 20% of the aggregate number of shares of Common Stock outstanding as of the date hereof (“20% Cap”), provided that in the event any Issuance is made at a Per Share Issuance Price that is lower than the Per Share Price, then in addition to the 20% Cap, the aggregate offering amount of all Issuances during the Specified Period shall be subject to a further cap of US$7,500,000;

 

	
d.  

	
all Issuances shall be made on terms that are customary for similar capital raising transactions for companies in similar circumstances, and no Issuance shall contain any terms that could reasonably be expected to impede, interfere with, prevent or materially delay the transactions contemplated by the SSA, as amended by this Amendment, or that could reasonably be expected to dilute materially the benefits to Buyer of the transactions contemplated by the SSA, as amended by this Amendment (other than the dilutive effect of the issuances of shares of Common Stock and warrants as expressly contemplated by this Amendment);

 

  

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e.  

	
without the prior written consent of Buyer, not to be unreasonably withheld, no issuance shall be made to any Affiliate of the Company, or any director or officer of the Company or any Subsidiary or any Affiliate or “associate” or members of the “immediate family” (as such terms as respectively defined in Rule 12b-2 and Rule 16a-1 of the 1934 Act) of any such director or officer; and

 

	
f.  

	
the Company shall keep Buyer full informed, on a current basis, of the status and details of all proposed Issuances and shall promptly provide to Buyer copies of full documentation for all completed Issuances.

 

	
7.  

	
Notwithstanding anything to the contrary in the SSA or this Amendment, in the event the Company makes any Issuance at a Per Share Issuance Price that is lower than the Per Share Price, Buyer shall have the right, exercisable by it in its sole discretion at any time, to terminate the SSA and this Amendment, without any liability thereunder or hereunder.

 

	
8.  

	
In consideration of the provisions of this Amendment, without prejudice to paragraphs 4 and 11 hereof, (a) the Company hereby expressly confirms and waives its right and remedies against Buyer and its Affiliates (including, without limitation, any right to terminate the SSA) for any claims under the SSA arising prior to the date hereof, and (b) the Buyer hereby expressly confirms and waives its right and remedies against the Company and its Affiliates (including, without limitation, any right to terminate the SSA) for any claims under the SSA arising prior to the date hereof.

 

	
9.  

	

Notwithstanding anything to the contrary in the Supply Agreement, (i) Altair agrees on behalf of itself and its subsidiary Altairnano, Inc. that the purchase and sale of nLTO in 2011 contemplated under the Supply Agreement shall be suspended for a period of up to six months from the date of this Amendment, or, if later, until Altair, Altairnano, Inc. and Zhuhai Yintong Energy Co. Ltd. (“YTE”) reach mutually satisfactory resolution on the technical issues relating to the transfer of technology; (ii) Altair, Altairnano, Inc. and YTE shall mutually discuss and agree on the payment arrangements that will apply to the purchase and sale of nLTO under the Supply Agreement after such suspension period; and (iii) Altair and Altairnano, Inc. shall deliver the twenty-five thousand (25,000) 11Ahr battery cells and one ALTI-ESS unit purchased by YTE from Altairnano, Inc. under the Supply Agreement and certain purchase orders, in whole and on time, to YTE prior to March 31, 2011, such products shall conform to the specifications and other terms contained in the Supply Agreement, and within five (5) Business Days after the receipt of such products by YTE, YTE shall make a payment to Altair for the outstanding balance of the purchase price for such products.  This paragraph 9 shall survive any termination of this Amendment by Canon pursuant to paragraph 7 hereof.

 

  

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10.  

	
Prior to the Closing Date, for each Material Contract submitted by the Company to Buyer for approval under Section 5.01 of the SSA, Buyer shall review and notify Altair of its response within five (5) Business Days of its receipt of full documentation for such Material Contract.

	
11.  

	
Subject to the terms and conditions of the SSA, as amended by this Amendment, each of Buyer and the Company will use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable to cause the conditions set forth in Article 6 of the SSA to be satisfied on or before the End Date and to consummate the transactions contemplated by the SSA, as amended by this Amendment.

 

	
12.  

	
The Company and Buyer agree to take such actions as necessary or appropriate to give effect to the provisions of this Amendment, including without limitation, executing conforming amendments to the SSA or the other Original Agreements, if applicable.

 

	
13.  

	
Each party hereby confirms that the execution, delivery and performance of this Amendment by such party has been duly authorized by all necessary corporate actions on the part of such party.

 

	
14.  

	
This Amendment shall be governed by and construed in accordance with the law of the State of New York, without regard to the conflicts of law rules of such state.

 

	
15.  

	
This Amendment shall constitute an amendment to the SSA in accordance with the terms thereof.  The SSA, as amended by this Amendment, shall continue in full force and effect.  From and after the date hereof, references to the SSA shall be deemed to be references to the SSA, as amended by this Amendment.

 

[Remainder of the page intentionally blank]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this FIRST AMENDMENT TO SHARE SUBSCRIPTION AGREEMENT to be duly executed by their respective authorized officers as of the day and year first above written.

 

	
CANON INVESTMENT HOLDINGS LIMITED

	
By:

	
/s/ Guohua Sun

	  	
Name:

	
Guohua Sun

	  	
Title:

	
General Manager

 

	
ALTAIR NANOTECHNOLOGIES, INC.

	
By:

	
/s/ Terry M. Copeland

	  	
Name:

	
Terry M. Copeland

	  	
Title:

	
 
President & CEO

 

[Signature Page to First Amendment to Share Subscription Agreement]

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