Document:

tango_s1a2-ex1001.htm

 EXHIBIT 10.1

    

PROMISSORY NOTE

 

(PAYABLE ON DEMAND)

 

	
$156.00

	
March 23, 2011

 

FOR VALUE RECEIVED, TANGO SUPPLIES, INC, (the "Maker"), with its primary offices located at 1844 SOUTH 3850 WEST, promises to pay to the order of GERALD RICKS (the "Payee"), upon the terms set forth below, the principal sum of ONE HUNDRED FIFTY SIX DOLLARS ($156.00) ("Principal Sum") together with interest at an annual rate of 8% on the unpaid Principal Sum outstanding ("Principal and Interest Sum") (this secured promissory note, the "Note").

 

1.  PrincipalMaker shall be required to pay the Payee an amount in cash, wire transfer or check equal to the Principal and Interest Sum on Demand (the "Maturity Date").

 

2.  Events of Default.

 

(a) "Event of Default", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

 

(i)      any default in the payment of the principal or interest of this Note, as and when the same shall become due and payable;

 

(ii)      Maker shall fail to observe or perform any obligation or shall breach any term or provision of this Note;

 

(iii)          Maker shall commence, or there shall be commenced against Maker, a case under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or Maker commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to Maker, or there is commenced against Maker, any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 60 days; or Maker is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or Maker suffers any appointment of any custodian or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of 60 days; or Maker, makes a general assignment for the benefit of creditors; or Maker, shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or Maker shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or Maker shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by Maker for the purpose of effecting any of the foregoing; or

 

(b) If any Event of Default occurs, the full principal amount of this Note, shall become, at the Payee's election, immediately due and payable in cash, with interest accruing at 1.5% per month on any unpaid obligation. The Payee need not provide and Maker hereby waives any presentment, demand, protest or other notice of any kind, and the Payee may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Payee at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default OF impair any right consequent thereon.

 

  

  

  

 

3.           No Waiver of Payee's Rights. All payments of principal shall be made without setoff, deduction or counterclaim. No delay or failure on the part of the Payee in exercising any of its options, powers or rights, nor any partial or single exercise of its options, powers or rights shall constitute a waiver thereof or of any other option, power or right, and no waiver on the part of the Payee of any of its options, powers or rights shall constitute a waiver of any other option, power or right. Maker hereby waives presentment of payment, protest, and all notices or demands in connection with the delivery, acceptance, performance, default or endorsement of this Note. Acceptance by the Payee of less than the full amount due and payable hereunder shall in no way limit the right of the Payee to require full payment of all sums due and payable hereunder in accordance with the terms hereof.

 

4.           Modifications. No term or provision contained herein may be modified, amended or waived except by written agreement or consent signed by the party to be bound thereby.

 

5.           Cumulative Rights and Remedies; Usury. The rights and remedies of Payee expressed herein are cumulative and not exclusive of any rights and remedies otherwise available under this Note, the Security Agreement, the Guarantee or applicable law (including at equity). The election of Payee to avail itself of any one or more remedies shall not be a bar to any other available remedies, which Maker agrees Payee may take from time to time. If it shall be found that any interest due hereunder arising from an Event of Default shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall be reduced to the maximum permitted rate of interest under such law.

 

6.           Collection Expenses.If Payee shall commence an action or proceeding to enforce this Note, then Maker shall reimburse Payee for its costs of collection and reasonable attorney fees incurred with the investigation, preparation and prosecution of such action or proceeding.

 

7.           Severability. If any provision of this Note is declared by a court of competent jurisdiction to be in any way invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.

 

8.           Successors and Assigns. This Note shall be binding upon Maker and its successors and shall inure to the benefit of the Payee and its successors and assigns. The term "Payee" as used herein, shall also include any endorsee, assignee or other bolder of this Note.

 

9.           Lost or Stolen Promissory Note. If this Note is lost, stolen, mutilated or otherwise destroyed, Maker shall execute and deliver to the Payee a new promissory note containing the same terms, and in the same form, as this Note. In such event, Maker may require the Payee to deliver to Maker an affidavit of lost instrument and customary indemnity in respect thereof as a condition to the delivery of any such new promissory note. Any costs incurred pursuant to this paragraph shall be the responsibility of the Payee.

 

10.           Due Authorization. This Note has been duly authorized, executed and delivered by Maker and is the legal obligation of Maker, enforceable against Maker in accordance with its terms. The shares of the Maker's common stock if issued to Payee, when issued will be validly issued, fully paid and non-assessable.

 

11.           Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflicts of law thereof. Each of Maker and Payee agree that all legal proceedings concerning the interpretations, enforcement and defense of this Note shall be commenced in the Courts of the State of Nevada, the courts of the United States of America for the State of Nevada, and appellate courts from any thereof (the "Nevada Courts"). Each of Maker and Payee hereby irrevocably submit to the exclusive jurisdiction of the Nevada Courts for the adjudication of any dispute hereunder (including with respect to the enforcement of this Note), 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 improper. Each of Maker and Payee hereby irrevocably waive personal service of process and consents to process being served in any such suit,

 

  

  

  

 

action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to the other at the address in effect for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each of Maker and Payee hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby.

 

Maker may prepay this Note in whole or in part at any time, and from time to time, without being required to pay any penalty or premium for such privilege. The undersigned signs this Note as a maker and not as a surety or guarantor or in any other capacity.

 

 

	
Dated: 3.23.2011

	
Payee Accepted By:   

	
/s/ Gerald Ricks

	 
	  	  	
TANGO SUPPLIES, INC.

	 
	  	  	  	 
	  	  	  	 
	
Dated: 3.23.2011

	
Maker By:   

	
/s/ Gerald Ricks

	 
	  	  	
GERALD RICKSLeading Brands, Inc.: Exhibit 4.3 - Filed by newsfilecorp.com

Exhibit 4.3

EMPLOYEE STOCK OPTION AGREEMENT

THIS AGREEMENT made as of
(DATE)

BETWEEN:

LEADING BRANDS, INC., a
body corporate subsisting under the laws of British Columbia and having an
office and place of business at Suite 1800 –1500 West Georgia Street,
Vancouver, British Columbia, Canada V6G 2Z6

(the "Company")

AND:

(NAME), of (ADDRESS)

(the "Optionee")

WHEREAS:

	A. 	
      The Optionee is an employee of the Company and the
      Company desires to grant to the Optionee an option to purchase common
      shares ("Shares") without par value in the capital of the Company as an
      incentive for the Optionee to advance the business and affairs of the
      Company; and

	 	 
	B. 	
      The Optionee has not been induced to accept the option by
      reason of any expectation of employment or continued
  employment.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of
the premises and of the covenants and agreements herein contained the parties
hereto covenant and agree (the "Agreement") as follows:

	1.0 	
      GRANT OF OPTION

	 	 
	1.1 	
      At a Board of Directors meeting held (DATE) the
      Company agreed to irrevocably grant to the Optionee, effective (DATE),
      as an incentive and not as or in lieu of salary or any other
      compensation for services rendered, the sole and exclusive right and
      option (the "Option") to purchase all or any portion of (QUANTITY)
      Shares from treasury (the "Optioned Shares") at a price of
      USD$_____ per Optioned Share, (the closing market price on the
      effective date of the grant), at any time before 5:00 p.m. (Vancouver,
      B.C. time) on (DATE) (the "Expiry Date") or during such shorter
      period as may be determined under this
Agreement.

	2.0 	
      EXERCISE OF OPTION

	 	 	 
	2.1 	
      Subject to the terms of this Agreement, the Option may be
      exercised in whole or in part from time to time and may only be exercised
      by the Optionee giving written notice of the Optionee’s intention to
      exercise the Option in whole or in part, together with payment in the
      appropriate amount, in cash, by bank draft or wire transfer payable to the
      Company, at its principal office or to the registrar and transfer agent of
      the Company.

	 	 	 
	2.2 	
      Upon receipt of payment pursuant to any exercise of the
      Option in whole or in part, the Company will forthwith issue as fully paid
      and non-assessable the Optioned Shares in respect of which the Option has
      been exercised and will thereafter deliver or cause to be delivered to the
      Optionee or to his written order a certificate or certificates
      representing the Optioned Shares so purchased.

	 	 	 
	3.0 	
      ADDITIONAL TERMS

	 	 	 
	3.1 	
      Subject to Section 3.2, if the Optionee:

	 	 	 
		(a) 	
      should die while still an employee of the Company, the
      Option may then be exercised by the Optionee’s legal heirs or personal
      representatives to the same extent as if the Optionee were alive and an
      employee of the Company for a period of one year after the Optionee’s
      death but only for such Shares as the Optionee was entitled to purchase
      pursuant to the Option at the date of the Optionee’s death; or

	 	 	 
		(b) 	
      ceases to be an employee of the Company, the Option may
      thereafter by exercised by the Optionee in accordance with the terms of
      this Agreement on or before the earlier of the Expiry Date and the
      30th day after the date of termination of the
      Optionee’s[employment.

	 	 	 
	3.2 	
      In all cases of termination for cause, the Option will be
      deemed to have expired on the date the Optionee ceases to be an employee
      of the Company.

	 	 	 
	4.0 	
      RESTRICTIONS ON RESALE OF OPTIONED
      SHARES

	 	 	 
	4.1 	
      The Optionee acknowledges that the first trade by the
      Optionee of any Optioned Shares acquired on any exercise of the Option, in
      whole or in part, will be deemed to be a distribution and will therefore
      be subject to the prospectus requirements under Canadian securities
      legislation unless:

	 	 	 
		(a) 	
      the Company is and has been a reporting issuer in a
      jurisdiction of Canada for the four months immediately preceding the
      trade;

	 	 	 
		(b) 	
      the trade is not a control
distribution;

		(c) 	
      no unusual effort is made to prepare the market or to
      create a demand for the security that is the subject of the
  trade;

	 	 	 
		(d) 	
      no extraordinary commission or consideration is paid to a
      person or company in respect of the trade; and

	 	 	 
		(e) 	
      if the selling security holder is an insider or officer
      of the Company, the selling security holder has no reasonable grounds to
      believe that the Company is in default of securities
legislation.

	 	 	 
	5.0 	
      VESTING

	 	 	 
	5.1 	
      The Optioned Shares will vest (i.e. become exercisable by
      the holder) as to 1/12th on (DATE), and
      thereafter as to an additional 1/12th per month on the first
      day of each subsequent month, until fully vested, provided that if the
      application of such vesting formula could result in the issue of a
      fractional share, the number of shares which the Optionee would otherwise
      be entitled to purchase shall be rounded down to the nearest whole number
      so that the Company shall not be obligated to issue any fractional
      shares.

	 	 	 
	5.2 	
      In the event of a Take Over Bid, as defined in the
      Company’s Shareholder Rights Plan Agreement, all optioned shares will
      immediately become fully vested.

	 	 	 
	6.0 	
      ASSIGNMENT

	 	 	 
	6.1 	
      Except as provided in Part 3.0 of this Agreement, the
      Option may be exercised only by the Optionee and may not be assigned or
      transferred in whole or in part.

	 	 	 
	7.0 	
      ESSENCE OF AGREEMENT

	 	 	 
	7.1 	
      This is an option agreement only and it does not impose
      upon the Optionee any obligation to purchase any of the Optioned
      Shares.

	 	 	 
	8.0 	
      SUBDIVISION OR CONSOLIDATION OF
    SHARES

	 	 	 
	8.1 	
      If the authorized capital of the Company as presently
      constituted is consolidated into a lesser number of shares or subdivided
      into a greater number of shares, the number of Optioned Shares not
      previously purchased by the Optionee will be decreased or increased
      proportionately, as the case may be, and the purchase price to be paid by
      the Optionee for each Optioned Share will be adjusted
  accordingly.

	 	 	 
	8.2 	
      If the Company amalgamates or merges or otherwise
      combines with any other company or companies, whether by way of
      arrangement, sale of its assets and undertaking or otherwise howsoever,
      then and in each such case the number of shares in the capital of the
      resulting company that will be subject to this Agreement will be that
      number of such shares which would have resulted if all Optioned Shares in
      respect of which the Option that remained unexercised at the date of such
      amalgamation, merger or combination had been purchased immediately before
      the date of such merger, amalgamation or combination became effective, and the purchase price of
      the shares subject to this Agreement will be correspondingly increased or
  decreased, as applicable.

	8.3 	
      If any questions arise at any time with respect to the
      option price or number of unissued Optioned Shares deliverable upon
      exercise of an Option following the occurrences described in Sections 8.1
      or 8.2, such questions shall be conclusively determined by the Company's
      auditor, or, if they decline to so act, any other firm of Chartered
      Accountants in Vancouver, British Columbia, that the board of the Company
      may designate and who will have access to all appropriate records and such
      determination will be binding upon the Company and the Optionee.

	 	 
	9.0 	
      GOVERNING LAW

	 	 
	9.1. 	
      This Agreement will be construed in accordance with the
      laws prevailing in British Columbia and any proceeding in respect of this
      Agreement will be commenced and maintained in the court of appropriate
      jurisdiction in the City of Vancouver, British Columbia.

	 	 
	10.0 	
      EXECUTION IN COUNTERPART

	 	 
	10.1. 	
      This Agreement may be executed in one or more
      counterparts which together shall be deemed to constitute an agreement in
      writing.

	 	 
	11.0 	
      PERSONAL INFORMATION

	 	 
	11.1. 	
      The Optionee hereby acknowledges and consents to the
      disclosure to any regulatory authority of all personal information of the
      Optionee obtained by the Company.

IN WITNESS WHEREOF this Agreement has been executed by
the parties hereto as of the day and year first above written.

	LEADING BRANDS, INC. 	 	(NAME) 
	 	 	 
	 	 	 
	Per: 		 	 
    
	 	Authorized Signatory 	 	(Signature) 
	 	  	 	  
	 	                 	 	
	 	  	 	Signature of Witness 
	 	 	 	 
	 	 	 	 
	 	  	 	Name of Witness

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