Document:

SECURED PROMISSORY
NOTE

 

	$175,000	October 1, 2011

 

FOR VALUE RECEIVED, and
intending to be legally bound hereby, PRO VALUE AUTOMOTIVE, CORPORATION., a Florida corporation with principal offices located
at 5422 Carrier Dr., Suite 309, Orlando, Florida 32819 (the “Maker”), promises to pay to the order of DOUGLAS J. NAGEL
(the “Payee”), the principal sum of One Hundred Seventy Five Thousand ($175,000) Dollars (the “Principal Amount”)
together with interest thereon at a rate per annum of nine (9%) percent (the “Interest Rate”) calculated on the basis
of a 365-day year, for the actual number of days elapsed (the “Indebtedness”), except that interest shall not commence
to accrue until December 1, 2012.

 

Interest accrued at the
Interest Rate shall be paid in installments by the Maker to the Payee on or before the 15th day of each month for interest
accrued during the preceding month. The entire Principal Amount, together with all remaining interest thereon at the Interest Rate
is due and payable in full on or before August 12, 2012 (the “Maturity Date.”)

 

The Indebtedness is secured
by a first lien on, and security interest in 10,750,000 shares of common stock of Greencell, Inc., a Delaware public corporation
(the “Greencell Stock”), which Greeencell Stock is owned by General Automotive Company, a Nevada corporation (“General
Automotive.”) Payee's security rights and interests are more fully set forth in that certain Pledge and Security Agreement
among Payee and General Automotive of even date herewith.

 

Maker may prepay the principal
balance, or any portion hereof at any time, without penalty; provided that all accrued interest, fees, and costs shall remain due
and payable. All payments under this Secured Promissory Note (the “Note”) shall be made by Maker without defense, set-off
or counterclaim in immediately available funds and delivered to Payee at Payee’s office located at 2450 Oak Industrial Drive,
Grand Rapids, Michigan 49505, or at such other place as shall be designated in writing by Payee.

 

The liabilities and obligations
of Maker hereunder shall be unconditional without regard to the liability or obligations of any party and shall not be in any manner
affected by any indulgence whatsoever granted or consented to by Payee, including without limitation, any release of any party,
guarantor, or any collateral, or any extension of time, renewal, waiver of other modification. Any failure of Payee to exercise
any right hereunder shall not be construed as a waiver of the right to exercise the same or any other right at any time and from
time-to-time thereafter.

 

This Note shall be governed
as to its validity, interpretation and effect by the internal laws of the State of Florida for contracts made and to be performed
within the State of Florida. The terms of this Note may not be changed or amended orally but only by a writing signed by Payee.
In any legal proceeding involving, directly or indirectly, any matter arising out of or related to this Note, or the relationship
evidenced hereby or thereby, Maker, and Payee by its acceptance hereof, hereby irrevocably submits to the jurisdiction of any court
in Miami-Dade county in the State of Florida or the United States District Court for the Southern District of Florida and agrees
not to raise any objection to such jurisdiction or to the laying or maintaining of the venue of any such proceeding in such county.

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It shall be an event of
default hereunder if: (i) any portion of the Indebtedness is not paid when due; (ii) Maker breaches any of the warranties or covenants
contained in this Note, or the Pledge and Security Agreement; (iii) Maker commences a voluntary petition for bankruptcy protection
pursuant tothe United States Bankruptcy Code; or (iv) there shall be commenced against Maker an involuntary petition for bankruptcy
protection pursuant to the United States Bankruptcy Code and any such proceeding shall remain undismissed for a period of 60 days.
Upon the occurrence of an event of default, the entire Indebtedness may become, or may be declared to be, due and payable.

 

Maker and endorsers of
the Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and herby waive diligence,
presentment, protest, demand and notice of every kind and, to the full extent permitted by law, the right to plead any statute
of limitations as a defense to any demand hereunder.

 

The
Maker hereby agrees to pay all reasonable out-of-pocket costs and expenses, including reasonable attorneys' fees, incurred by the
Payee in the collection of the Indebtedness evidenced by this Note or in enforcing any of the rights, powers, remedies, and privileges
of the Payee hereunder.  As used in this Note, the term "attorneys' fees" shall mean reasonable charges and expenses
for legal services rendered to or on behalf of the Payee in connection with the collection of the Indebtedness evidenced by this
Note at any time whether prior to the commencement of judicial proceedings and/or thereafter at the trial and/or appellate level
and/or in pre- and post judgment or bankruptcy proceedings

 

If any provision of this
Note shall for any reason be held to be invalid or unenforceable such invalidity or unenforceability shall not affect any other
provision hereof, but this Note shall be construed as if such invalid or unenforceable provision had never been contained herein.

 

IN WITNESS WHEREOF, intending
to be legally bound hereby Maker has caused this Note to be executed and delivered by one of its duly authorized officers, as an
instrument under seal as of the day and year first above written.

 

PRO VALUE AUTOMOTIVE CORPORATION

 

 

 

By: /s/ Daniel Valladeo

DANIEL VALLADEO

Chief Executive Officer

    	2PLEDGE AND SECURITY AGREEMENT

 

THIS AGREEMENT is made
as of this 1stth day of October, 2011 by and between GENERAL AUTOMOTIVE COMPANY, a Nevada corporation with principal
offices located at 5422 Carrier Dr., Suite 309, Orlando, Florida 32819 (the "Pledgor"), and DOUGLAS J. NAGEL ("Pledgee").

 

RECITALS

 

WHEREAS, Pledgee has loaned
funds to the Pledgor in the principal amount of Six Hundred Sixty Thousand ($660,000) Dollars as evidenced by that certain Amended
and Restated Convertible Promissory Note of even date herewith given by Pledgor to Pledgee (the “Amended Note); and

 

WHEREAS, Pledgee has loaned
funds to Pro Value Automotive Corporation, a Florida corporation related to the Pledgor (“Pro Value”) in the principal
amount of One Hundred Seventy Five Thousand ($175,000) Dollars as evidenced by that certain Secured Promissory Note of even date
herewith given by Pro Value to Pledgee (the “Pro Value Note); and

 

WHEREAS, pursuant to that
certain Collateralized Guaranty Agreement among Pledgor and Pledgee of even date herewith (the “Guaranty Agreement”)
the Pledgor has unconditionally guaranteed the payment obligations of Pro Value under the Pro Value Note; and

 

WHEREAS, to secure the
obligations of Pledgor under the Amended Note and the Guaranty Agreement, and to secure the obligations of Pro Value under the
Pro Value Note, the Pledgor has agreed to grant to Pledgee a first lien on, and security interest in, certain common stock of the
Pledgor in Greencell, Inc., a Delaware public corporation (the "Greencell Stock").

 

AGREEMENT

 

NOW THEREFORE, for good
and valuable consideration, and intending to be legally bound hereby, the parties agree as follows:

 

1.Pledge. To
secure the payment and performance of the obligations of Pledgor under the Amended Note and the Guaranty Agreement, and to secure
the obligations of Pro Value under the Pro Value Note, the Pledgor hereby grants to Pledgee, a first lien on, and security interest
in the Greencell Stock, and in connection therewith pledges and assigns to Pledgee the Greencell Stock. The stock being pledged
hereunder is more particularly set forth in Schedule 1, which is attached hereto and made a part hereof. Such shares of stock and
interest are referred to as the "Pledged Shares" and the certificates representing such Pledged Shares are referred to
as the "Certificates". The Stock together with all rights of Pledgor in and to any dividends or other distributions made
on or with respect to the Pledged Shares, or in exchange therefore, whether as dividends in cash or property, stock dividends,
stock splits, as a result of any recapitalization, reorganization, merger, exchange of shares, or otherwise and all proceeds thereof,
are hereinafter collectively referred to as the "Pledged Collateral".

 

2.Delivery of Pledged
Shares. By these presents Pledgors do hereby deliver to David P. Lemoie, Esq., Law Offices of David P. Lemoie, 100 SouthEast
Second Street, 44th Floor, Miami, Florida, 33131 (“Escrow Agent”), in pledge for the benefit of Pledgee,
all of the Certificates, together with stock powers for the Certificates duly executed in blank for transfer by the registered
owner of the Pledged Shares as described in Section 1 of Schedule 1 hereof.

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3.Representations
and Warranties. Pledgor represents and warrants that: (i) they own, or will own at the time of delivery, the respective Pledged
Shares free and clear of any liens or encumbrances and that there are no restrictions upon the transfer of the Pledged Shares,
and (ii) the Pledgor has the right to transfer the Pledged Shares to Pledgee free of any other security interests, liens, encumbrances
or restrictions and without obtaining the consent of any person, corporation, or other legal entity.

 

4.Pledgors’
Covenants.

 

4.1Negative Covenants.
Without the prior written consent of Pledgee, until the termination of this Pledge Agreement and the pledge created hereby the
Pledgor shall engage in the sale, transfer, pledge, hypothecation or creation of any other security interest or encumbrance or
on all or any part of the Pledged Shares, or the execution of any agreement contemplating any of the foregoing.

 

4.2               
Affirmative Covenants. In the event that Pledgee is entitled to foreclose upon the
Pledged Collateral, the Pledgor shall execute and deliver such representations and certifications as are reasonably necessary or
appropriate to comply with the provisions of Rule 144 of the Securities and Exchange Commission, in order to facilitate the Pledgee’s
sale or other disposition of the Pledged Stock.

 

5.Further Assurances.
The Pledgor will, upon Pledgee’s request from time to time, and in confirmation of the security interest hereby created,
execute and deliver to Pledgee such further acts, deeds, transfers, assurances, financing and continuation statements, and agreements,
and take such other action, as Pledgee may reasonably request.

 

6.Defaults.
There shall be an “Event of Default” for purposes of this Agreement if: (i) a Default shall have occurred under the
Amended Note or the Pro Value Note; or (ii) the Pledgor shall breach or fail to perform any warrant, covenant, or agreement contained
in this Agreement.

 

7.Remedies.
Upon the occurrence and continuance of an Event of Default, Pledgee shall have any may exercise all of the rights and remedies
available to a secured party under the Uniform Commercial Code as in effect in Florida and all other applicable laws.

 

8Indemnification.
Pledgor shall jointly and severally indemnify, defend and hold harmless Pledgee from and against any loss, liability, damage, or
expense which Pledgee may incur other than any loss, liability, damage, or expense, occurring as a result of Pledgee’s fraud,
willful default, gross negligence or violation of any Federal or State Securities laws, rules or regulations in connection with
this Agreement (including without limitation, the investigation or defense of any claim) or the taking, holding, and/or disposing
of the Pledged Collateral.

 

9.Rights of Pledgor
in Pledged Shares. For so long as there is no Event of Default, Pledgor shall retain and may exercise all rights of or incident
of the ownership of the Pledged Shares, including voting rights, which are not inconsistent with the terms of this Agreement; provided
that Pledgor shall not vote the Pledges Shares in any manner contrary to the terms hereof.

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10.Termination. This Agreement
and the security interest and pledge created hereby shall terminate on the payment in full of the Indebtedness as provided under
the Amended Note and the Pro Value Note. Upon termination, Pledgee shall cause Escrow Agent to deliver to the Pledgor all the Certificates,
with all stock powers therefore, and the balance of the Pledged Collateral.

 

11.Waivers. Pledgee shall at
all times have the right to enforce the provisions of this Agreement in strict accordance with the terms hereof, notwithstanding
any conduct or custom to the contrary. The failure of Pledgee at any time to enforce its rights hereunder shall not be construed
as having created a custom contrary to the provisions of this Agreement, as having modified in any manner the terms hereof, or
as preventing Pledgee from thereafter enforcing strict compliance. All rights and remedies of Pledgee are cumulative and concurrent
and the exercise of one right or remedy shall be deemed a waiver or release of any other right or remedy.

 

12.Entire Agreement. This Agreement,
together with the Amended Note, the Pro Value Note, and the Guaranty Agreement, constitutes the entire agreement between the parties
with respect to the subject matter hereof, and may not be changed or modified in any manner, nor any rights or remedies waived,
except in writing, signed by the party sought to be bound by such change in waiver.

 

13.Governing Law and Jurisdication.
This Agreement shall be governed as to its validity, interpretation and effect by the internal laws of the State of Florida for
contracts made and to be performed within the State of Florida. In any legal proceeding involving, directly or indirectly, any
matter arising out of or related to this Agreement or the relationship evidenced hereby or thereby, maker, and payee by its acceptance
hereof, hereby irrevocably submits to the jurisdiction of any court in Miami-Dade County in the State of Florida or the United
States District Court for the Southern District of Florida and agrees not to raise any objection to such jurisdiction or to the
laying or maintaining of the venue of any such proceeding in such county.

 

14.Execution. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same document. Any counterpart of this Agreement may be executed and delivered by any party via facsimile provided
a manually executed counterpart is later delivered to the other parties.

 

IN WITNESS WHEREOF, intending to be legally
bound hereby, the parties hereto have executed this Agreement, as an instrument under seal, as of the day and year first above
written.

 

GENERAL AUTOMOTIVE COMPANY

 

	By:	/s/ Daniel
    Valladao	/s/ Douglas
    J. Nagel
		DANIEL VALLADAO	DOUGLAS J. NAGEL
		Chief Executive Officer	

 

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SCHEDULE I

 

 

 

	
        Certificates to be delivered on or before the date hereof:

         

	Company	Shareholder	No. of Shares	
        Certificate No.(s)

         

	Greencell, Inc.	General Automotive Company, Inc.	10,750,000	

 

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