Document:

ex4-8.htm

Exhibit 4.8

 

 

TERM SHEET FOR

8% SECURED CONVERTIBLE PROMISSORY NOTE

	
ISSUER:

	
Fittipaldi Logistics, Inc., a Nevada corporation (the “Company”)

	  	  
	
PURCHASER:

	
State Petroleum Distributors, Inc. (the “Investor”)

	  	  
	
AMOUNT:

	
US $100,000

	  	  
	
TERM:

	
One year

	  	  
	
INTEREST:

	
8% simple interest per annum shall accrue and become due on the maturity or redemption date of the Note and shall be payable, at the Company’s discretion, in cash or shares of the Company’s common stock. If interest is paid with common stock, then the price per share used in determining the number of shares to issue shall be the average closing price of the common stock for the ten trading days immediately preceding the maturity or redemption date.

	  	  
	
CONVERSION:

	
The Investor shall have the right, at any time, to convert up to the outstanding balance of the Note, and accrued interest thereon, into shares of the Company’s Common Stock at a conversion price of $0.025 per share.

	  	  
	
RIGHT OF 1ST REFUSAL:

	
Until such time as the Note, and accrued interest thereon, has been paid in full, Investor shall have a right of first refusal to purchase CXT on the same terms and conditions as may be offered by any other party.

	  	  
	
MERGER/ACQUISITION:

	
In the event that a merger or acquisition between the Company and the Investor (the “Combined Company”) occurs prior to the maturity date of the Note, then the Note, and accrued interest thereon, shall be paid from the proceeds of the first funding of the Combined Company.

	  	  
	
OPTION:

	
If a merger or acquisition between the Company and the Investor and the funding of the Combined Company does not occur by December 31, 2007, then the Investor shall have an option to purchase CXT for either a) the forgiveness of the Note and accrued interest thereon and $900,000 paid on December 31, 2007 or b) the forgiveness of the Note and accrued interest thereon, $400,000 paid on December 31, 2007 and $1,000,000 to be paid $50,000 on the first of each month for 20 months commencing on February 1, 2008.

	  	  
	
REDEMPTION:

	
The Company shall have the right, in its sole discretion, to prepay up to the full amount of the Note, and accrued interest thereon, at any time without penalty by providing the Investor at least five business days notice of its intention, during which time the Investor may exercise its conversion rights.

	  	  
	
CLOSING DATE:

	
As soon as possible, but not later than September 27, 2007 unless extended by the Company, in its sole discretion.

I/WE HEREBY DESIRE TO PURCHASE THE COMPANY’S $100,000 NOTE AS DESCRIBED HEREIN.

	
INVESTOR:

	
STATE PETROLEUM

	 	
FITTIPALDI LOGISTICS, INC.

	 
	  	
DISTRIBUTORS, INC.

	 	  	  	 
	  	  	 	  	  	 
	
BY:

	
X /s/ Robert Lambert

	 	
BY:

	
/s/ Richard Hersch

	 
	  	  	 	  	  	 
	
PRINTED NAME:

	
Robert Lambert

	 	
PRINTED NAME:

	
Richard Hersch

	 
	
TITLE:

	
President/CEO

	 	
TITLE:

	
Chairman

	 
	
DATE:

	
April 26 , 2007

	 	
DATE:

	
September 27, 2007ex4-9.htm

Exhibit 4.9

 

 

Canberra Financial Services II, Inc.

7865 Vallagio La.

Unit 411

Denver, Colorado, 80112

(954) 401-2888

February 8, 2008

NuState Energy, Inc. formerly Fittipaldi Logistics Inc.

ATTN: Frank Reilly, Chief Executive Officer

902 Clint Moore Road, Suite 204

Boca Raton, FL 33487

Dear Mr. Reilly:

This is to inform you that State Petroleum Distributors, Inc. has assigned its Promissory Note (the “Note”) executed on September 27, 2007 by Fittipaldi Logistics, Inc. (“Fittipaldi”) in the amount of $100,000 and its two payments made in October 2007 to Fittipaldi totaling $40,000, to Canberra Financial Services II, Inc. (“Canberra”), pursuant to an Assignment Agreement dated February 8, 2008, attached.

We hereby acknowledge that the Note is not due until September 27, 2008 and that we have agreed that $25,000 of the $40,000, as assigned to Canberra, will be added to the Note with interest accruing at the same rate as the Note (8%), interest being accrued on the $25,000 commencing January 1, 2008 and the $25,000 principal and accrued interest being due also on September 27, 2008. The $15,000 we acknowledge was used for equipment purchases and if such equipment is returned to NuState Energy, Inc. (“NuState”) then Canberra will receive a credit or additional payment to Canberra. If the equipment is not returned to NuState the $15,000 will not be repaid by NuState or be an obligation of NuState.

Please sign below as confirmation that you have been notified of this assignment and acknowledge the terms above, and fax this acknowledgment back to me in care of Milton Barbarosh at (561) 361-1867. For purposes of this acknowledgment a facsimile copy or email PDF will be treated as an original.

Very truly yours,

CANBERRA FINANCIAL SERVICES II, INC.

/s/ Harry Gelbard

Harry Gelbard,

President

I hereby confirm receipt and acknowledge the terms above and this assignment notification.

/s/ Frank Reilly

Frank Reilly, CEO

NuState Energy, Inc.ex4-10.htm

Exhibit 4.10

 

 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,AS AMENDED (THE “ACT”), OR ANY STATE SECURTIES LAWS AND THIS PROMISSORY NOTE NOR ANY INTEREST THEREON MAY BE OFFERED, SOLD, TRANFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, IS UNAVAILABLE.

12.5 % PROMISSORY NOTE

 

	US $_______	Columbia, SC

 

FOR VALUE RECEIVED in the form of legal services to the corporation, NuSTATE ENERGY HOLDINGS, Inc., a Nevada corporation (the “Maker”), promises to pay to the order of ______________ (the “Holder”), at _____________, or such address as the Holder may from time to time designate in writing to the Maker, the principal sum of ____________ ($_____) together with Twelve and a half Percent (12.5%) simple interest on the unpaid balance of this Note on the Maturity Date as hereinafter defined.

The principal amount of this Note and all accrued but unpaid interest shall be due and payable on the one year anniversary of this Note (the “Maturity Date”). Notwithstanding the foregoing, the Maker may, at its option, redeem the outstanding portion of this Note with no prepayment penalty. To so redeem, the Maker shall provie written notice to the Holder of its intent to redeem, which notice shall specifify the amount of the Note that the Company intends to redeem and the closing date (which shall be on the fifteenth (15) business day after the date of such notice).

The following shall constitute “Events of Default” under this Note:

	
  

	
1.

	
The Maker fails to make any payment required by this Note within 15 days of its due date.

	
  

	
2.

	
The Maker becomes insolvent or unable to pay its debts as they mature or makes an assignment for the benefit of creditors, or any proceeding is instituted by or against the Maker alleging that the Maker is insolvent or unable to pay its debts as they mature, and any proceeding, if involuntary, is not dismissed or stayed on appeal or otherwise within 30 days.

Time is hereby declared to be of the essence, and upon the occurance of an Event of Default, the entire unpaid principal amount of this Note together with accrued but unpaid interest thereon, shall at once become due and payable at the option of the Holder upon written notice to the Maker. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default.

It is the intent of the parties that in no event shall the amount of interest due or payment in the nature of interest payable hereunder exceed the maximum rate of interest permitted by applicable law, as may be in effect from time-to-time, and in the event the amount of interest due or payable hereunder exceeds such maximum rate, interest shall be reduced to the maximum amount that is permitted by applicable law and the payment of any such excess shall be deemed to be prepayment of principal.

This Note shall be governed and construed in accordance with the laws of the State of South Carolina, without regard to conflict of laws principles thereof. The Maker hereby consents to the jurisdiction of the courts located in Richland County, South Carolina as the exclusive forum to resolve any disputes arising out of this Note. The Maker hereby waives any objection it may have to the jurisdiction of such courts or the laying of venue in such counties.

 

  

  

  

The Maker agrees to pay or reimburse the Holder and any other holder hereof of all costs and expenses of preparing, seeking advice in regard to, enforcing, and preserving its rights under this Note or any guarantee, document or instrument executed in the connection herewith (including resonable attorney’s fees and costs and resonable time charges of attorneys who may be employees of the Holder, whether in or out of court, in original or appelate proceedings or in bankruptcy.)

Except as provided in this Note, presentment, protest, notice, notice of dishonor, demand for payment, notice of protest and notice of non-payment are hereby waived.

The failure or delay by the Holder of this Note in exercising any of his rights hereunder in any instance shall not constitute a waiver hereof in that or any other instance. The Holder of this Note may not waive any of its rights, except in an instrument in writing signd by the Holder.

This note may not be amended except in writing signed by the Maker.

 

 

	 	
By: 

	/s/ Kevin Yates	 
	 	 	Kevin Yates, its Chief Executive Officer	 
	 	 	 	 
	 	

Date:

	October 1, 2011

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