Document:

02/14/00 - PROMISSORY NOTE

  
 Exhibit 4.8 
  
 PROMISSORY NOTE 
  
 
	 Albany, New York
 	 	 February 14, 2000
 

 
  
 FOR VALUE RECEIVED, the undersigned, MEGA GROUP, INC., a New York
corporation with offices at 313 Ushers Road, Ballston, Lake, New York 12019, unconditionally promises to pay to the order of BARTON G. SMITH, an individual residing at 4884 Salt Road, Medina, New York 14103, the principal sum of Seventy-Five
Thousand Dollars ($75,000.00) (the “Principal Sum”), in lawful money of the United States, and interest on the unpaid portion of the Principal Sum from and including the date of this Note, to but not including the date that the Principal
Sum is paid in full, at a rate of nine percent (9.00%) per year, with such interest to be calculated on the basis of a 365-day year. 
  
 The undersigned shall pay the Principal Sum and such interest in 48 installments of principal and interest of $1,852.48 each, with the first of such installments of principal and interest to become due on April 1, 2000 and
one of each such installments of principal and interest to become due on the same day of each succeeding month through and including March 1, 2004. 
  
 This Note may be prepaid in whole or in part together with accrued interest thereon at any time or from time to time without penalty. Prepayment shall be applied first against any interest accrued and
then against the principal. 
  
 The undersigned promises to pay all costs and expenses incurred by the holder in
collecting this Note and enforcing its rights hereunder, including but not limited to, the reasonable fees and disbursements of legal counsel to the holder. 
  
 The entire unpaid portion of this Note and all sums payable hereunder shall, without any notice, demand, presentment or protest of any kind, automatically become immediately due if the undersigned
commences, or has commenced against it, any bankruptcy or insolvency proceeding. All amounts owing pursuant to this Note but not yet paid, shall, without any notice, demand presentment or protest of any kind, become due at the sole option of the
holder 10 days after the occurrence of any of the following events, unless such event is cured within such 10-day period: (1) the undersigned fails to pay any amount owing pursuant to this Note when due, (2) the undersigned dissolves or becomes
insolvent (however such insolvency to an entity controlling, controlled by or under common control with the undersigned, or (4) the death, bankruptcy or resignation or dismissal from the Board of Directors of the undersigned of any guarantor of this
Note. 
  
 Presentment for payment, notice of dishonor, protest, notice of protest and all other notices or demands in
connection with the delivery, acceptance, performance, endorsement or guaranty of this Note are hereby waived by the undersigned and all other persons who are or may become liable for the payment hereof. 

 

  
 Failure or delay by the holder in exercising, or a single or partial exercise of,
any power or right hereunder shall not operate as a waiver thereof or of any other power or right or preclude any other or future exercise of that or any other power or right. A waiver of any power or right hereunder shall be in writing, shall be be
limited to the specific instance and shall not be deemed a waiver of such power or right in the future or a waiver of any other power or right. 
  
 This Note may not be modified or terminated orally or by any course of conduct but only by an agreement in writing duly executed by the undersigned and the holder. 
  
 This Note is delivered in the State of New York and shall be governed by and construed in accordance with the laws of the State.

  
 
	 MEGA GROUP, INC. 
  
 
	 
	 By:
 	 	 /s/    STEVEN
GREGORY        
 

	  	 	 Steven Gregory
 President
 

 
  
 STATE OF NEW
YORK       ) 
                                     Ss. 

COUNTY OF ALBANY       ) 
  
 On the 14 day of February, in the year 2000, before me, the undersigned, a notary public in and for said state, personally appeared Steven Gregory, personally known to me or proved to me on the basis
of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual or the person upon behalf
of which the individual acted, executed the instrument. 
  
 
	  
	 
	 By:
 	 	 /s/    SCOTT C.
PATON        
 

	  	 	 Scott C. Paton
 
	 Notary Public, State of New York
 No. 02PA5052611
 Qualified in Albany County
 Commission Expires November 27, 2001
 

 

 
 202/14/00 - PROMISSORY NOTE

 Exhibit 4.9 
  
 PROMISSORY NOTE 
  
 
	 Albany, New York
 	 	 February 14, 2000
 

 
  
 FOR VALUE RECEIVED, the undersigned, MEGA GROUP, INC., a New York
corporation with offices at 313 Ushers Road, Ballston, Lake, New York 12019, unconditionally promises to pay to the order of DAVID G. BECKING, an individual residing at 1673 Valley Drive, Venice, Florida 34292, the principal sum of Seventy-Five
Thousand Dollars ($75,000.00) (the “Principal Sum”), in lawful money of the United States, and interest on the unpaid portion of the Principal Sum from and including the date of this Note, to but not including the date that the Principal
Sum is paid in full, at a rate of nine percent (9.00%) per year, with such interest to be calculated on the basis of a 365-day year. 
  
 The undersigned shall pay the Principal Sum and such interest in 48 installments of principal and interest of $1,852.48 each, with the first of such installments of principal and interest to become due on April 1, 2000 and
one of each such installments of principal and interest to become due on the same day of each succeeding month through and including March 1, 2004. 
  
 This Note may be prepaid in whole or in part together with accrued interest thereon at any time or from time to time without penalty. Prepayment shall be applied first against any interest accrued and
then against the principal. 
  
 The undersigned promises to pay all costs and expenses incurred by the holder in
collecting this Note and enforcing its rights hereunder, including but not limited to, the reasonable fees and disbursements of legal counsel to the holder. 
  
 The entire unpaid portion of this Note and all sums payable hereunder shall, without any notice, demand, presentment or protest of any kind, automatically become immediately due if the undersigned
commences, or has commenced against it, any bankruptcy or insolvency proceeding. All amounts owing pursuant to this Note but not yet paid, shall, without any notice, demand presentment or protest of any kind, become due at the sole option of the
holder 10 days after the occurrence of any of the following events, unless such event is cured within such 10-day period: (1) the undersigned fails to pay any amount owing pursuant to this Note when due, (2) the undersigned dissolves or becomes
insolvent (however such insolvency to an entity controlling, controlled by or under common control with the undersigned, or (4) the death, bankruptcy or resignation or dismissal from the Board of Directors of the undersigned of any guarantor of this
Note. 
  
 Presentment for payment, notice of dishonor, protest, notice of protest and all other notices or demands in
connection with the delivery, acceptance, performance, endorsement or guaranty of this Note are hereby waived by the undersigned and all other persons who are or may become liable for the payment hereof. 

  
 Failure or delay by the holder in exercising, or a single or partial exercise of,
any power or right hereunder shall not operate as a waiver thereof or of any other power or right or preclude any other or future exercise of that or any other power or right. A waiver of any power or right hereunder shall be in writing, shall be be
limited to the specific instance and shall not be deemed a waiver of such power or right in the future or a waiver of any other power or right. 
  
 This Note may not be modified or terminated orally or by any course of conduct but only by an agreement in writing duly executed by the undersigned and the holder. 
  
 This Note is delivered in the State of New York and shall be governed by and construed in accordance with the laws of the State.

  
 
	  	 	 MEGA GROUP, INC.
 
	 
	 By:
 	 	 /s/    STEVEN GREGORY
        
 

	  	 	 Steven Gregory
 President
 

 
  
 STATE OF NEW
YORK                ) 
                                     Ss. 

COUNTY OF ALBANY                ) 
  
 On the 14 day of February, in the year 2000, before me, the undersigned, a notary public in and for said state, personally appeared Steven
Gregory, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature
on the instrument, the individual or the person upon behalf of which the individual acted, executed the instrument. 
  
 
	  
	 
	 By:
 	 	 /s/    SCOTT C.
PATON        
 

	  	 	 Scott C. Paton
 

 
  
 Notary Public, State of New York 

No. 02PA5052611 
 Qualified in Albany
County 
 Commission Expires November 27, 2001 

 
 2STOCK OPTION AGREEMENT

  
 Exhibit 10.10 
  
 STOCK OPTION AGREEMENT 
  
 STOCK OPTION
AGREEMENT (this “Agreement”), dated as of June 8, 2001, between Mega Group, Inc., a New York corporation (“Mega”), with offices at 1730 Rhode Island Avenue, N.W., Suite 415, Washington, DC 20036, facsimile: (202) 296-9308, and
Anthony W. Robinson, an individual and resident of Maryland (the “Optionee”), with an address at 8134 Scotts Level Road, Pikesville, MD 21208, facsimile: (202) 289-1701. 
  
 For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1.  Grant of Stock Option.    Mega hereby grants to Optionee an irrevocable nonqualified stock option
(the “Stock Option”) to purchase, on the terms and subject to the conditions hereof, for $0.50 per share (the “Exercise Price”) paid in cash, up to 100,000 fully paid and non-assessable shares (the “Option Shares”) of
Mega’s common stock, par value $0.016 per share (the “Common Stock”). 
  
 2.  Exercise
Period.    The Stock Option may be exercised, at any time and from time to time, from the date of this Agreement until 12:00 noon, Eastern Time, on (a) June 30, 2006 or (b) 30 days prior to the commencement of any registered
public offering of Mega’s equity securities, whichever comes first (the “Expiration Date”). Mega shall give prompt notice to Optionee of its intention to file a registration statement covering equity securities to be offered and sold
to the public and of the date on which any such offering is expected to commence. If not exercised by the Expiration Date, the Stock Option shall expire, and Optionee shall have no further rights under this Agreement. 
  
 3.  Manner of Exercise.    Optionee may exercise the Stock Option by giving Mega a notice (the
“Stock Exercise Notice”) which specifies the number of Option Shares to be purchased (the “Shares”), the name or names in which a certificate for the Shares should be issued, the address to which the certificate should be mailed,
and the shareholder’s tax identification number, accompanied by payment to Mega of the aggregate purchase price for the Shares. 
  
 4.  Adjustment upon Changes in Capitalization or Merger.    In the event of any change in the outstanding shares of Common Stock by reason of a stock dividend, stock split, reverse stock
split, split-up, merger, consolidation, recapitalization, combination, conversion, exchange of shares, extraordinary or liquidating dividend, or similar transaction which would affect Optionee’s rights hereunder, the type and number of shares
or securities purchasable upon the exercise of the Stock Option and the Exercise Price shall be adjusted appropriately, and proper provision will be made in the agreements governing such transaction, as shall fully preserve the economic benefits
provided hereunder to Optionee and the full satisfaction of Mega’s obligations hereunder. 
  
 5.  Securities Matters.    Optionee acknowledges, represents, and warrants for the benefit of Mega that: 

  
 (a)  The Shares will not be registered under the
Securities Act of 1933, as amended (the “1933 Act”), or under the securities laws of any state or other jurisdiction, and any issuance and sale of the Shares to Optionee will be made in reliance upon exemptions from registration under
Section 4(2) of the 1933 Act and Rule 506 thereunder and comparable provisions of state law. 
  
 (b)  Optionee is sophisticated, by business and investment experience, to expect, demand, and understand the kind of information about Mega that would ordinarily be set forth in a registration statement covering the
Shares. 
  
 (c)  Optionee has had access, by business or family relationship with
Mega, to such information and has carefully read all reports and other documents filed by Mega with the Securities and Exchange Commission (collectively, the “SEC Reports”). Optionee or Optionee’s professional advisors have had a
reasonable opportunity to ask questions of and receive answers from a person or persons acting on behalf of Mega concerning Mega, and all such questions have been answered to the full satisfaction of Optionee or Optionee’s professional
advisors. 
  
 (d)  Optionee will acquire any Shares for Optionee’s own account,
for investment, and not with a view to resale or distribution, except in compliance with the 1933 Act. Optionee will not sell or otherwise transfer the Shares without registration under the 1933 Act or applicable state securities laws or an
exemption therefrom. Only Mega may register the Shares, and Mega has no obligation to do so. Optionee has not offered or sold any portion of the Shares nor does Optionee have any present intention of dividing the Shares with others or of selling,
distributing, or otherwise disposing of any portion of the Shares either currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstance in violation of the
1933 Act. 
  
 (e)  Optionee recognizes that an investment in the Shares involves
substantial risks, including the risk of a loss of the entire amount of such investment. 
  
 (f)  In the absence of an effective registration statement under the 1933 Act covering the Shares, Optionee will not offer, sell, transfer, or otherwise dispose of the Shares without first obtaining either an opinion
of counsel, reasonably satisfactory to Mega and its counsel, that the disposition may be made without registration of the Shares in question under the 1933 Act, or a letter from the Division of Corporation Finance of the Securities and Exchange
Commission (the “Commission”) to the effect that it will recommend no action to the Commission if any of the Shares to be disposed of are so disposed of without registration. 
  
 (g)  In the event that Optionee, or anyone acting on Optionee’s behalf who shall be entitled to dispose of the Shares, decides to
dispose of the Shares in the absence of an effective registration statement, as a condition to any such disposition Optionee shall first obtain, if required by Mega or its counsel, an agreement in writing from each person to whom such disposition is
proposed to be made to the same effect as the agreement, understandings, and representations which are made hereby. 

 
 2 

  
 (h)  All legal fees and other expenses incurred
in connection with the rendering of opinions or the obtaining of “no-action” letters in accordance with the provisions hereof shall be entirely the obligation and responsibility of Optionee and shall not be the responsibility of Mega, and
Optionee will promptly pay and discharge the same. 
  
 (i)  All certificates for the
Shares shall be stamped or otherwise endorsed with a legend in substantially the following form: 
  
 THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE 1933 ACT), AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
1933 ACT OR AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND ITS COUNSEL TO THE EFFECT THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT IS AVAILABLE OR THAT COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE 1933 ACT IS NOT
OTHERWISE REQUIRED. 
  
 (j)  All acknowledgements, representations, and warranties
made in this Section 5 shall remain true and correct at the time of any exercise of the Stock Option. 
  
 6.  Miscellaneous. 
  
 (a)  Amendments; Entire
Agreement.    This Agreement may not be modified, amended, altered, or supplemented, except upon the execution and delivery of a written agreement executed by the parties hereto. This Agreement contains the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, oral or written, with respect to such transactions. 
  
 (b)  Notices.    All notices, requests, and other communications to either party
hereunder shall be in writing (including facsimile or similar writing) and shall be given to the party at its address first above written or to such other address or facsimile number as either party may hereafter specify by giving notice as provided
herein. Each such notice, request, or other communication shall be effective (i) if given by facsimile, when such facsimile is transmitted to the facsimile number specified in this Section and the appropriate facsimile confirmation is received or
(ii) if given by any other means, when delivered at the address specified in this Section. 
  
 (c)  Expenses.    Each party hereto shall pay its own expenses incurred in connection with this Agreement. 

 
 3 

  
 (d)  Severability.    If any
provision of this Agreement is held to be invalid, void, or unenforceable, the remainder of the provisions of this Agreement shall remain in full force and effect. 
  
 (e)  Governing Law; Jurisdiction.    This Agreement shall be governed by and construed in accordance with the
laws of the District of Columbia without regard to principles of conflicts of law. Any suit, action, or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby may be brought in any federal or state court located in the District of Columbia, and each of the parties hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit,
action, or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding in any such court or that any such suit,
action, or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such suit, action, or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any
such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 6(b) hereof shall be deemed effective service of process on such party. 
  

(f)  Waiver of Jury Trial.    EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 (g)  Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same
agreement. 
  
 (h)  Headings.    The section headings
herein are for convenience only and shall not affect the construction hereof. 
  
 (i)  Survival.    All representations, warranties, and covenants contained herein shall survive the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby. 

 
 4 

  
 IN WITNESS WHEREOF, and intending to be legally bound, the parties hereto have
executed this Agreement on the dates set forth below but effective as of the day and year first above written. 
  
 
	 MEGA GROUP, INC. 
  
 
	 
	 By:
 	 	 /s/    JOHN H.
BROWN        
 

	  	 	 John H. Brown,
 Chairman and
Chief Executive Officer
 

 
  
 Date: October 11, 2002 
  
 
	  
	 
	 By:
 	 	 /s/    ANTHONY W. ROBINSON
        
 

	  	 	 Anthony W. Robinson
 

 
  
 Date: October 11, 2002 

 
 5

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