Document:

Exhibit 10.3

 

`NEITHER THIS NOTE NOR THE
SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,AS AMENDED (THE
“ACT”) OR  ANY  STATE SECURITIES LAWS AND NEITHER THIS NOTE NOR ANY INTEREST THEREIN NOR THE SECURITIES
INTO WHICH THIS NOTE IS CONVERTIBLE MAY BE OFFERED, SOLD, TRANSFERRED, 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. 

 

CONVERTIBLE PROMISSORY NOTE 

 

	Principal Amount: $300,000.00	 Issue Date: August 7, 2014

 

Maturity Date: February 7, 2015 

 

For
good and valuable consideration, Ehouse Global Inc. a
Nevada corporation (“Maker”), hereby makes  and  delivers this  Promissory Note (this
 “Note”)  in favor  of Blackbridge Capital,
LLC,or its assigns
 (“Holder”),  and  hereby  agrees  as  follows: 

 

ARTICLE I. PRINCIPAL AND INTEREST 

 

Section
1.1 For value received, Maker promises to pay to
Holder at such place as Holder or its assigns may designate in writing, in currently available funds of the United States,
the principal sum of Three Hundred Thousand Dollars.
Maker’s obligation  under this  Note shall  accrue interest at the rate of Eight percent
(8.0%) per annum from the date hereof until paid in full.
Interest shall be computed on the basis of a 365-day year or 366-day year, as applicable, and actual days lapsed. Accrual of
interest shall commence on the first business day to occur after the Issue Date and continue until payment in full of the
principal sum has been made or duly provided for. 

 

Section 1.2 

 

a. All payments shall be applied first to interest, then to
principal and shall be credited to the Maker's account on the date that such payment is physically received by the Holder.

 

b.
All principal and accrued interest then outstanding shall be due and payable by the Maker to the Holder on or before February
7, 2015 (the “MaturityDate”). 

 

c. Maker shall have no right to prepay all or any part of the principal under this Note.

 

d. This Note is free from all taxes,
liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Maker and will not impose personal liability upon the holder thereof.

 

    	 

    	 

    

 

Section 1.3 This Note is issued
in exchange solely for commitment fee earned in securities equity purchase agreement attached below.

 

ARTICLE II. CONVERSION RIGHTS; CONVERSION
PRICE 

 

Section 2.1 Conversion. The Holder
or its assigns shall have the right, from time to time, commencing on the Issuance Date of this Note, to convert any part of the
outstanding interest or Principal Amount of this Note into fully paid and non-assessable shares of Common Stock of the Maker  (the
“Conversion  Stock”)  at  theConversion  Price determined as provided herein. Promptly after delivery
to Maker of a Notice of Conversion of Convertible Note in the form attached hereto as Exhibit 1, properly completed and
duly executed by the Holder or its assigns (a  “Conversion  Notice”),theMaker  shallissue and deliver
to or upon the order of the Holder that number of shares of Common Stock for the that portion of this Note to be converted as shall
be determined in accordance herewith.

 

No fraction of a share or scrip
representing a fraction of a share will be issued on conversion, but the number of shares issuable shall be rounded to the
nearest whole share. The date on which Notice of Conversion  isgiven(the “Conversion  Date”)
 shallbe deemed  to  be the  date  onwhich

the Holder faxes or emails the Notice of
Conversion duly executed to the Maker. Certificates representing Common Stock upon conversion will be delivered to the Holder within
two (2) trading days from the date the Notice of Conversion is delivered to the Maker. Delivery of shares upon conversion shall
be made to the address specified by the Holder or its assigns in the Notice of Conversion.

 

Section 2.2. Conversion
Price. Upon any conversion of this Note, the conversion price shall equal the Variable Conversion Price (as defined
herein) (subject to equitable adjustments for combinations, recapitalization, reclassifications, extraordinary distributions
and similar events). The "Variable Conversion Price" shall mean 90% multiplied by the Market Price (as defined
herein) (representing a discount rate of 10%). “Market  Price” means  the lowest  of the
 daily Trading Price (as defined below) for the Common Stock during the twenty (20) Trading Day period  ending
 on the  latest  complete  Trading  Day prior  tothe Conversion  Date.
 “Trading  Price” means, for any security as of any date, the lowest trading price on the OTC Bulletin
Board, or other applicable trading market  (the “OTCBB”)  as  reported  by a reliable
 reporting  service (“Reporting  Service”)  mutually acceptable to  Maker  and
 Holder  (i.e. Bloomberg) or, if the OTCBB is not the principal trading market for such security, the volume
weighted average price of such security on the principal securities exchange or trading market where such security is listed
or traded. If the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading
Price shall be the fair market value as mutually determined by the Maker and the holders of a majority in interest of the
Note being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of
such Notes.  “Trading  Day” shall  mean  any day on  which  theCommon
 Stock  istradable for any period on the OTCBB, or on the principal securities exchange or other securities market
on which the Common Stock is then being traded.

 

    	 

    	 

    

 

Section 2.3. Reorganization,
Reclassification, Merger, Consolidation or Disposition of Assets. In case the Maker shall reorganize its capital, reclassify
its capital stock, consolidate or merge with or into another corporation (where the Maker is not the surviving corporation or where
there is a change in or distribution with respect to the Common Stock of the Maker), or sell, transfer or otherwise dispose of
all or substantially all its property, assets or business to another corporation and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets, shares of common stock of the successor or acquiring corporation,
or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants or other subscription
or purchase rights) in addition to or in lieu of common stockof the  successor  or acquiring  corporation (“Other
 Property”), are to be received by or distributed to the holders of Common Stock of the Maker, then Holder shall have
the right thereafter to receive, upon conversion of this Note, the number of shares of common stock of the successor or acquiring
corporation or of the Maker, if it is the surviving corporation, and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock into which
this Note is convertible immediately prior to such event. In case of any such reorganization, reclassification, merger, consolidation
or disposition of assets, the successor or acquiring corporation (if other than the Maker) shall expressly assume the due and punctual
observance and performance of each and every covenant and condition of this Note to be performed and observed by the Maker and
all the obligations and liabilities hereunder, subject to such modifications as may be deemed appropriate (as determined in good
faith by resolution of the Board of Directors of the Maker) in order to provide for adjustments of the number of shares of common
stock into which this Note is convertible which shall be as nearly equivalent as practicable to the adjustments provided for in
this Section 2.3(a). For purposes of this Section 2.3(a),  “common  stockof the  successor  or  acquiring
 corporation” shall  include stock  of such  corporation of any class which is not preferred as to dividends
or assets over any other class of stock of such corporation and which is not subject to redemption and shall also include any evidences
of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately
or upon the arrival of a specified date or the happening of a specified event and any warrants or other rights to subscribe for
or purchase any such stock. The foregoing provisions of this Section 2.3(a) shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or disposition of assets.

 

Section 2.4. Restrictions
on Securities. This Note has been issued by the Maker pursuant to the exemption  from  registration  under
 the Securities  Act  of 1933,  as amended (the “Act”).  None of   this Note or the
shares of Common Stock issuable upon conversion of this Note may be offered, sold or otherwise transferred unless (i) they
first shall have been registered under the Act and applicable state securities laws or (ii) the Maker shall have been
furnished with an opinion of legal counsel (in form, substance and scope reasonably acceptable to Maker) to the effect that
such sale or transfer is exempt from the registration requirements of the Act. Each certificate for shares of Common Stock
issuable upon conversion of this Note that have not been so registered and that have not been sold pursuant to an exemption
that permits removal of the applicable legend, shall bear a legend substantially in the following form, as appropriate:

 

    	 

    	 

    

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACTOF1933(THE  “ACT”).  THE SECURITIES REPRESENTED HEREBY
MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS,
OR SUCH OFFERS, SALES AND TRANSFERS ARE MADE PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS.

 

Upon the request of a holder of a
certificate representing any shares of Common Stock issuable upon conversion of this Note, the Maker shall remove the
foregoing legend from the certificate or issue to such Holder a new certificate free of any transfer legend, if (a) with such
request, the Maker shall have received an opinion of counsel, reasonably satisfactory to the Maker in form, substance and
scope, to the effect that any such legend may be removed from such certificate or (b) a registration statement under the Act
covering such securities is in effect.

 

Section 2.5. Reservation of Common Stock.

 

(a) The Maker covenants that during the period the Note is outstanding,
it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of Common
Stock of the Maker upon the Conversion of the Note. The Maker further covenants that its issuance of this Note shall constitute
full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock of the Maker issuable upon the conversion of this Note. The Maker will take all such reasonable
action as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the OTC Bulletin Board (or such other principal market upon which the Common
Stock of the Maker may be listed or quoted).

 

(b) The Maker shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder against impairment. Without limiting the generality of the foregoing,
the Maker will (a) not increase the par value of any shares of Common Stock issuable upon the conversion of this Note above the
amount payable therefor upon such conversion immediately prior to such increase in par value, (b) take all such action as may be
necessary or appropriate in order that the Maker may validly and legally issue fully paid and nonassessable shares of Common Stock
upon the conversion of this Note, and (c) use its best efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable the Maker to perform its obligations under this
Note.

 

    	 

    	 

    

 

(c) Upon the request of Holder, the Maker will at any time during
the period this Note is outstanding acknowledge in writing, in form reasonably satisfactory to Holder, the continuing validity
of this Note and the obligations of the Maker hereunder.

 

(d) Before taking any action which would cause an adjustment
reducing the current Conversion Price below the then par value, if any, of the shares of Common Stock issuable upon conversion
of the Notes, the Maker shall take any corporate action which may be necessary in order that the Maker may validly and legally
issue fully paid and non-assessable shares of such Common Stock at such adjusted Conversion Price.

 

(e) Before taking any action which would result in an adjustment
in the number of shares of Common Stock into which this Note is convertible or in the Conversion Price, the Maker shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies
having jurisdiction thereof.

 

(f) If at any time the Maker does not have a sufficient number
of authorized and available shares of Common Stock for issuance upon conversion of the Note, then the Maker shall call and hold
a special meeting of its stockholders within forty-five (45) days of that time for the sole purpose of increasing the number of
authorized shares of Common Stock.

 

Section 2.6. Maximum Conversion. The Holder shall
not be entitled to convert on a Conversion Date that amount of the Notes in connection with that number of shares of Common
Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the Holder and
its affiliates on Conversation Date, and (ii) the number of shares of Common Stock issuable upon the conversion of the Notes
with respect to which the determination of this provision is being made on a Conversion Date, which would result in
beneficial ownership by the Holder and its Affiliates of more than 9.99% of the outstanding shares of Common Stock of the
Company on such Conversion Date. For the purposes of the provision to the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and
Regulation 13d-3 thereunder.

 

 

ARTICLE III. REPRESENTATIONS AND WARRANTIES

 

Section 3.1. The Holder represents
and warrants to the Maker:

 

(a) The Holder of this Note, by acceptance hereof, agrees
that this Note is being acquired for investment and that such Holder will not offer, sell or otherwise dispose of this Note
or the Common Stock issuable upon conversion hereof except under circumstances that will not result in a violation of the Act
or any application state securities laws or similar laws relating to the sale of securities;

 

(b) That Holder understands that
none of this Note or the Common Stock issuable upon conversion hereof have been registered under the Securities Act of 1933,
as amended (the “Act”), in  reliance upon the  exemptions  from  the registration
 provisions  of the  Act  and any continued reliance on such exemption is predicated on the
representations of the Holder set forth herein;

 

    	 

    	 

    

 

(c) Holder (i) has adequate means of providing for his current
needs and possible contingencies, (ii) has no need for liquidity in this investment, (iii) is able to bear the substantial economic
risks of an investment in this Note for an indefinite period, (iv) at the present time, can afford a complete loss of such investment,
and (v) does not have an overall commitment to investments which are not readily marketable that  isdisproportionate  toHolder’s
 net worth,  and Holder’s  investment  in  this  Note will not cause such overall commitment
to become excessive;

 

(d) Holder  isan  “accredited investor”
(as  defined  inRegulation  Dpromulgated  under the Act) and theHolder’s  total  investment
 inthis Note does  notexceed  10%  of the  Holder’s net worth; and

 

(e) Holder recognizes that an investment in the Maker involves
significant risks and only investors who can afford the loss of their entire investment should consider investing in the Maker
and this Note.

 

Section 3.2 The Maker represents
and warrants to Holder:

 

(a) Organization
and Qualification. The Maker and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. The Maker and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good
standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such
qualification necessary except where the failure to be so qualified or ingoodstandingwould not  have a Material  Adverse
Effect.  “Material  Adverse Effect”  means any material adverse effect on the business, operations,
assets, financial condition or prospects of the Maker or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated
hereby or by the agreements or instruments to be entered into in connection herewith. “Subsidiaries” means  any
corporation  or other organization,  whether incorporated or unincorporated, in which the Maker owns, directly or indirectly,
any equity or other ownership interest.

 

(b) Authorization; Enforcement. (i) The Maker has all
requisite corporate power and authority to enter into and perform this Note and to consummate the transactions contemplated hereby
and thereby and to issue the Common Stock, in accordance with the terms hereof, (ii) the execution and delivery of this Note by
the Maker and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance
of the Note and the issuance and reservation for issuance of the Common Stock issuable upon conversion or exercise hereof) have
been duly authorized by the Maker’s  Board  of Directors  and  nofurther consent or authorization of
the Maker, its Board of Directors, or its shareholders is required, (iii) this Note has been duly executed and delivered by the
Maker by its authorized representative, and such authorized representative is the true and official representative with authority
to sign this Note and the other documents executed in connection herewith and bind the Maker accordingly, and

(iv) this Note constitutes, a legal, valid and binding obligation
of the Maker enforceable against the Maker in accordance with its terms.

 

    	 

    	 

    

 

(c) Issuance of Shares. The Conversion Shares are duly
authorized and reserved for issuance and, upon conversion of the Note in accordance with its respective terms, will be validly
issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof
and shall not be subject to preemptive rights or other similar rights of shareholders of the Maker and will not impose personal
liability upon the holder thereof.

 

(d) Acknowledgment of Dilution. The Maker understands
and acknowledges the potentially dilutive effect to the Common Stock upon the issuance of the Conversion Shares upon conversion
of this Note. The Maker further acknowledges that its obligation to issue Conversion Shares upon conversion of this Note is absolute
and unconditional regardless of the dilutive effect that such issuance may have on the ownership interests of other shareholders
of the Maker.

 

ARTICLE IV. EVENTS OF DEFAULT 

 

Section 4.1.
Default. The following events shall be defaults under this Note: (“Events of  Default”):

 

(a) default in the
due and punctual payment of all or any part of any payment of interest or the Principal Amount as and when such amount or such
part thereof shall become due and payable hereunder; or

 

(b) failure on the
part of the Maker duly to observe or perform in all material respects any of the covenants or agreements on the part of the Maker
contained herein (other than those covered by clause (a) above) for a period of 5 business days after the date on which written
notice specifying  suchfailure,  stating  thatsuchnotice is  a “Notice of  Default” hereunder
 and  demanding that the Maker remedy the same, shall have been given by the Holder by registered or certified mail,
return receipt requested, to the Maker; or

 

(c) any representation,
warranty or statement of fact made by the Maker herein when made or deemed to have been made, false or misleading in any material
respect; provided, however, that such failure shall not result in an Event of Default to the extent it is corrected
by the Maker within a period of 5 business days after the date on which written notice specifying suchfailure,  stating  thatsuchnotice
is  a “Notice of Default” hereunder  and  demanding  thatthe Maker remedy same, shall have been
given by the Holder by registered or certified mail, return receipt requested; or

 

(d) any of the following
actions by the Maker pursuant to or within the meaning title 11, U.S. Code or any similar federal or state law for the relief of
debtors (collectively, the “Bankruptcy Law”):  (A) commencement  of a voluntary case or proceeding,  (B)consent
 tothe entry of an order for relief against it in an involuntary case or proceeding, (C) consents to the appointment of a
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy

Law  (each,  a
“Custodian”),  of it or for all or substantially all of  its  property, (D)  a general
assignment for the benefit of its creditors, or (E) admission in writing its inability to pay its debts as the same become
due; or

 

    	 

    	 

    

 

(e) entry by a court
of competent jurisdiction of an order or decree under any Bankruptcy Law that: (A) is for relief against the Maker in an involuntary
case, (B) appoints a Custodian of the Maker or for all or substantially all of the property of the Maker, or (C) orders the liquidation
of the Maker, and such order or decree remains unstayed and in effect for 60 days.

 

Section 4.2. Remedies Upon Default.
Upon the occurrence of an event of default by Maker under this Note or at any time before default when the Holder reasonably feels
insecure, then, in addition to all other rights and remedies at law or in equity, Holder may exercise any one or more of the following
rights and remedies:

 

a. Accelerate the time
for payment of all amounts payable under this Note by written notice thereof to Maker, whereupon all such amounts shall be immediately
due and payable.

 

b. Pursue any other rights or remedies
available to Holder at law or in equity.

 

Section 4.3. Payment of
Costs. The Maker shall reimburse the Holder, on demand, for any and all reasonable  costs and expenses, including
reasonable  attorneys’  fees  and  disbursement  and court costs, incurred by the
Holder in collecting or otherwise enforcing this Note or in attempting to collect or enforce this Note.

 

Section 4.4. Powers and Remedies
Cumulative; Delay or Omission Not Waiver of Default. No right or remedy herein conferred upon or reserved to the Holder is
intended to be exclusive of any other right or remedy available to Holder under applicable law, and every such right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. No delay or omission of the
Holder to exercise any right or power accruing upon any Default occurring and continuing as aforesaid shall impair any such right
or power or shall be construed to be a waiver of any such Default or an acquiescence therein; and every power and remedy given
by this Note or by law may be exercised from time to time, and as often as shall be deemed expedient, by the Holder.

 

Section 4.5. Waiver of Past Defaults.
The Holder may waive any past default or Event of Default hereunder and its consequences but no such waiver shall extend to
any subsequent or other default or Event of Default or impair any right consequent thereon.

 

    	 

    	 

    

 

Section 4.6. Waiver of Presentment
etc. The Maker hereby waives presentment, demand, notice, protest and all other demands and notices in connection with the
delivery, acceptance, performance and enforcement of this Note, except as specifically provided herein.

 

ARTICLE V. MISCELLANEOUS 

 

Section 5.1. Notices. Any
notice herein required or permitted to be given shall be in writing and may be personally served or delivered by courier or sent
by United States mail and shall be deemed to have been given upon receipt if personally served (which shall include telephone line
facsimile transmission) or sent by courier or three (3) days after being deposited in the United States mail, certified, with postage
pre-paid and properly addressed, if sent by mail. For the purposes hereof, the address of the Holder shall be 450 7th ave.
Suite 601, New York, NY 10123; and the address of the Maker shall be 9974 Scripps Ranch Blvd, #182 San Diego, CA 92131 Both the
Holder or its assigns and the Maker may change the address for service by delivery of written notice to the other as herein provided.

 

Section 5.2. Amendment. This
Note and any provision hereof may be amended only by an instrument in writing signed by the Maker and the Holder.

 

Section 5.3. Assignability.
This Note shall be binding upon the Maker and its successors and assigns and shall inure to be the benefit of the Holder and its
successors and assigns; provided, however, that so long as no Event of Default has occurred, this Note shall only be transferable
in whole subject to the restrictions contained in the restrictive legend on the first page of this Note.

 

Section 5.4. Governing Law.
This Note shall be governed by the internal laws of the State of Delaware, without regard to conflicts of laws principles.

 

Section 5.5. Replacement of Note.
The Maker covenants that upon receipt by the Maker of evidence reasonably satisfactory to it of the loss, theft, destruction or
mutilation of this Note, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which
shall not include the posting of any bond), and upon surrender and cancellation of such Note, if mutilated, the Maker will make
and deliver a new Note of like tenor.

 

Section 5.6. This Note shall not
entitle the Holder to any of the rights of a stockholder of the Maker, including without limitation, the right to vote, to receive
dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholder or any other proceedings
of the Maker, unless and to the extent converted into shares of Common Stock in accordance with the terms hereof.

 

Section 5.7. Severability.
In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired
thereby.

 

    	 

    	 

    

 

Section 5.8. Headings. The
headings of the sections of this Note are inserted for convenience only and do not affect the meaning of such section.

 

Section 5.9. Counterparts.
This Note may be executed in multiple counterparts, each of which shall be an original, but all of which shall be deemed to constitute
one instrument.

 

IN WITNESS WHEREOF, with the intent to be legally bound hereby, the Maker as executed this Note as of the date first written
above.

 

EHouse Global, Inc.

 

/s/ Scott Corlett                     

By: Scott Corlett

Its: CEO

 

Acknowledged and Agreed:

 

/s/ Alexander Dillon                 

By: Alexander Dillon

Its: Partner/ CIO

 

    	 

    	 

    

 

EXHIBIT 1

 

CONVERSION NOTICE

 

 

(To be executed by the Holder in order
to Convert the Note)

 

TO:

 

The undersigned hereby irrevocably elects
to convert US$______ of the Principal Amount of the above Note into Shares of Common Stock of Ehouse Global, Inc., according to
the conditions stated therein, as of the Conversion Date written below. If shares are to be issued in the name of a person other
than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such
certificates and opinions as reasonably requested by the Maker in accordance therewith. No fee will be charged to the Holder for
any conversion, except for such transfer taxes, if any.

 

Conversion Date: ___________________________________________

 

Applicable Conversion Price: $____________

 

	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address	 	 

 

Tax I.D. or Soc. Sec. No: ___________________________________________

 

Principal Amount to be converted:

US$________________________________________

 

Amount of Note unconverted:

 US$________________________________________

 

Number of shares
of Common Stock to be issued: ________________________

 

    	 

    	 

    

 

Attach Equity Purchase Agreement HereExhibit 10.2

 

PRODUCT SHIPPING LIMITED

 

FORM OF 2014 EQUITY INCENTIVE PLAN

 

 

1.                                      Purpose of the Plan

 

The purpose of this 2014 Equity Incentive Plan (the “Plan”) is to advance the interests of the Company and its stockholders by providing a means (a) to attract, retain, and reward directors, officers, other employees, and persons who provide services to the Company and its Subsidiaries, and directors, officers and employees of any Management Company, (b) to link compensation to measures of the Company’s performance in order to provide additional incentives, including stock-based incentives and cash-based incentives, to such persons for the creation of stockholder value, and (c) to enable such persons to acquire or increase a proprietary interest in the Company in order to promote a closer identity of interests between such persons and the Company’s stockholders.

 

2.                                      Definitions

 

Capitalized terms used in the Plan and not defined elsewhere in the Plan shall have the meaning set forth in this Section.

 

2.1                               “Award” means a compensatory award made pursuant to the Plan pursuant to which a Participant receives, or has the opportunity to receive Shares or cash.

 

2.2                               “Beneficiary” means the person(s) or trust(s) entitled by will or the laws of descent and distribution to receive any rights with respect to an Award that survive such Participant’s death, provided that if at the time of a Participant’s death, the Participant had on file with the Committee a written designation of a person(s) or trust(s) to receive such rights, then such person(s) (if still living at the time of the Participant’s death) or trust(s) shall be the “Beneficiary” for purposes of the Plan.

 

2.3                               “Board” means the Board of Directors of the Company.

 

2.4                               “Change of Control” shall mean the occurrence of any of the following:(1)

 

(a)                                 any “person” (as such term is used in sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) or “group” (within the meaning of section 13(d)(3) of the Exchange Act), other than (i) the Company, or (ii) AMCI Poseidon Fund LP or Maas Capital Investments B.V. (the “Pre-IPO Stockholders”) or entities each of the Pre-IPO Stockholders directly or indirectly control (as defined in Rule 12b-2 under the Exchange Act), acquiring “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the Voting Stock of the Company;

 

(b)                                 the sale of all or substantially all of the Company’s assets in one or more related transactions to a “person” (as such term is used in sections 3(a)(9) and 13(d) of the Exchange Act) other than such a sale (x) to a subsidiary of the Company which does not involve a change in the equity holdings of the Company or (y) to the Pre-IPO Stockholders or entities each of the Pre-IPO Stockholders directly or indirectly control;

 

(1)                                 To be confirmed with client.

 

1

 

(c)                                  any merger, consolidation, reorganization or similar event of the Company, as a result of which the holders of the Voting Stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least fifty-one percent (51%) of the Voting Stock of the surviving entity;

 

(d)                                 a majority of the members of the Board of Directors are no longer Continuing Directors; as used herein, a “Continuing Director” means any member of the Board of Directors who was a member of such Board of Directors on the date hereof and any person who becomes a director subsequent to such date whose election or nomination for election was supported by a majority of the directors who then comprised the Continuing Directors; or

 

(e)                                  the Company adopts any plan of liquidation or dissolution providing for the distribution of all or substantially all of its assets.

 

For purposes of the Change of Control definition, the “Company” shall include any entity that succeeds to all or substantially all of the business of the Company and “Voting Stock” shall mean capital stock of any class or classes having general voting power, in the absence of specified contingencies, to elect the directors of a corporation.

 

2.5                               “Code” means the Internal Revenue Code of 1986, as amended, including regulations thereunder and successor provisions and regulations thereto.

 

2.6                               “Committee” means the Compensation Committee of the Board, or another committee appointed by the Board to administer the Plan or any part thereof, or the Board, where the Board is acting as the Committee or performing the functions of the Committee, as set forth in Section 3.

 

2.7                               “Company” means Product Shipping Limited, a corporation organized under the laws of the Republic of Marshall Islands.

 

2.8                               “Effective Date” means the date the Plan is approved by the Company’s stockholders.

 

2.9                               “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

2.10                        “Management Company” means any company that is providing administrative, commercial, technical or maritime services to, or for the benefit of, the Company, its Subsidiaries and their vessels.

 

2.11                        “Non-Employee Director” means a member of the Board who is not employed by the Company or any Subsidiary.

 

2.12                        “Participant” means any employee, director, or other service provider who has been granted an Award under the Plan.

 

2.13                        “Shares” means shares of common stock of the Company and such other securities as may be substituted or resubstituted for Shares pursuant to Section 6.

 

2.14                        “Subsidiary” means an entity that is, either directly or through one or more intermediaries, controlled by the Company, as determined by the Committee.

 

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3.                                      Administration

 

3.1                               Committee.  A Committee appointed by the Board, all of whom shall be Non-Employee Directors, shall administer the Plan.  Other provisions of the Plan notwithstanding, the Board may perform any function of the Committee under the Plan, and that authority specifically reserved to the Board under the terms of the Plan, the Company’s Articles of Incorporation, By-Laws, or applicable law shall be exercised by the Board and not by the Committee.  The Board shall serve as the Committee in respect of any Awards made to any Non-Employee Director.

 

3.2                               Powers and Duties of Committee.  In addition to the powers and duties specified elsewhere in the Plan, the Committee shall have full authority and discretion to:

 

(a)                                 adopt, amend, suspend, and rescind such rules and regulations and appoint such agents as the Committee may deem necessary or advisable to administer the Plan;

 

(b)                                 correct any defect or supply any omission or reconcile any inconsistency in the Plan, construe and interpret the Plan, any Award, any rules and regulations hereunder, or other instrument hereunder, and correct any defect or inconsistency with the terms of the Plan with respect to any Award hereunder;

 

(c)                                  make determinations relating to eligibility for and entitlements in respect of Awards, and to make all factual findings related thereto; and

 

(d)                                 make all other decisions and determinations as may be required under the terms of the Plan or as the Committee may deem necessary or advisable for the administration of the Plan.

 

All determinations and decisions of the Committee shall be final and binding upon a Participant or any person claiming any rights under the Plan from or through any Participant, and the Participant or such other person may not further pursue his or her claim in any court of law or equity or other arbitral proceeding.

 

3.3                               Delegation by Committee.  The Committee may delegate, on such terms and conditions as it determines in its sole and absolute discretion, to a sub-committee or to one or more officers of the Company, all or any portion of its authority, to the extent consistent with applicable law, including section 16 of the Exchange Act, and the applicable rules of any stock exchange.  Any such allocation or delegation may be revoked by the Committee at any time.

 

3.4                               Limitation of Liability.  Each member of the Committee shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or other employee of the Company or any Subsidiary, the Company’s independent registered public accounting firm, or any executive compensation consultant, legal counsel, or other professional retained by the Company to assist in the administration of the Plan.  No member of the Committee, nor any officer or employee of the Company acting on behalf of the Committee, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Committee and any officer or employee of the Company acting on behalf of the Committee shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action, determination, or interpretation.

 

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4.                                      Limitations on Awards

 

4.1                               Aggregate Number of Shares Available for Awards.  The aggregate number of Shares for which Awards may be granted under this Plan shall not exceed [·].  Awards made under this Plan which are forfeited (including a repurchase or cancellation of Shares subject thereto by the Company in exchange for the price, if any, paid to the Company for such Shares, or for their par or other nominal value), cancelled or have expired, shall be disregarded for purposes of the preceding sentence.

 

4.2                               Type of Shares Deliverable.  The Shares delivered in connection with Awards may consist, in whole or in part, of authorized and unissued Shares, or Shares acquired in the market for the account of a Participant.

 

5.                                      Awards

 

5.1                               Eligibility.  The Committee shall have the discretion to select Award recipients from among the following categories of eligible recipients: (a) individuals who are employees (including officers) of the Company or any Subsidiary or any Management Company, (b) persons who provide services to the Company or any Subsidiary who are not otherwise employed by the Company, (c) any individual who has agreed to become an employee of the Company or a Subsidiary or any Management Company, provided that no such person may receive any payment or exercise any right relating to an Award until such person has commenced employment, and (d) Non-Employee Directors.

 

5.2                               Type of Awards.  The Committee shall have the discretion to determine the type of Award to be granted to a Participant.  Such Awards may be in a form payable in either Shares or cash, including, but not limited to, options to purchase Shares, restricted Shares, bonus Shares, appreciation rights, share units and performance units.  The Committee is authorized to grant Awards as a bonus, or to grant Awards in lieu of obligations of the Company or any Subsidiary to pay cash or grant other awards under other plans or compensatory arrangements, to the extent permitted by such other plans or arrangements. Shares issued pursuant to an Award in the nature of a purchase right (e.g., options) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including cash, Shares, other Awards, or other consideration, as the Committee shall determine.

 

5.3                               Terms and Conditions of Awards.  The Committee shall determine the size of each Award to be granted (including, where applicable, the number of Shares to which an Award will relate, and all other terms and conditions of each such Award (including, but not limited to, any exercise price, grant price, or purchase price, any restrictions or conditions relating to transferability, forfeiture, exercisability, or settlement of an Award, any schedule or performance conditions for the lapse of such restrictions or conditions, and accelerations or modifications thereof, based in each case on such considerations as the Committee shall determine, and any expiration date).  The Committee may determine whether, to what extent, and under what circumstances an Award may be settled, or the exercise price of an Award may be paid, in cash, Shares, other Awards, or other consideration, or an Award may be canceled, forfeited, or surrendered.  The right of a Participant to exercise or receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee.  The Committee may use such business criteria and measures of performance as it may deem appropriate in establishing performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions.

 

5.4                               Option Repricing.  Notwithstanding anything in the Plan to the contrary, the Committee may not reprice stock options or stock appreciation rights, nor may the Board amend the Plan to permit repricing of stock options or stock appreciation rights, unless the stockholders of the Company provide prior approval for such repricing.  The term “repricing” shall have the meaning given that term in section 303A.08 of the New York Stock Exchange Listed Company Manual, as in effect from time to time, and shall not include adjustments pursuant to Section 6 of the Plan.

 

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5.5                               Stand-Alone, Additional, Tandem, and Substitute Awards.  Subject to Section 5.4, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Subsidiary, any Management Company, or any business entity to be acquired by the Company or a Subsidiary, or any other right of a Participant to receive payment from the Company or any Subsidiary, and in granting a new Award, the Committee may determine that the value of any surrendered Award or award may be applied to reduce the exercise price of any stock option or stock appreciation right or purchase price of any other Award.

 

5.6                               Vesting Upon a Change of Control.  Unless otherwise set forth in an Award notice (as described in Section 5.7), Awards will vest upon a Change of Control, and any time periods, conditions or contingencies relating to the exercise or realization of, or lapse of restrictions under, any Award shall be automatically accelerated or waived so that if no exercise of the Award is required, the Award may be realized in full at the time of the occurrence of the Change of Control or if exercise of the Award is required, the Award may be exercised at the occurrence of the Change of Control.

 

5.7                               Award Notice.  The Committee shall cause each Participant to be notified of each Award hereunder and the terms thereof pursuant to such means as the Committee may determine.  The Committee may, but shall not be obligated to, require that a Participant enter into an agreement evidencing any Award hereunder.

 

6.                                      Adjustments

 

If there is any change in the number or kind of Shares outstanding (a) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of Shares, (b) by reason of a merger, reorganization or consolidation, (c) by reason of a reclassification or change in par value, or (d) by reason of any other extraordinary or unusual event effecting the Company’s outstanding capital stock without the Company’s receipt of consideration, or if the value of outstanding Shares is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number of Shares available for issuance under the Plan, the kind and number of Shares covered by outstanding Awards, the kind and number of Shares issued and to be issued under the Plan, and the price per Share or the applicable market value of such Awards and the exercise price, grant price or purchase price relating to any Award shall be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company capital stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the Plan and such outstanding Awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.  In addition, the Committee is authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards (including cancellation of Awards in exchange for the intrinsic (i.e., in-the-money) value, if any, of the vested portion thereof, substitution of Awards using securities or other obligations of a successor or other entity, acceleration of the expiration date for Awards, or adjustment to performance goals in respect of Awards) in recognition of unusual or nonrecurring events (including, without limitation, a Change of Control, events described in the preceding sentence, and acquisitions and dispositions of businesses and assets) affecting the Company, any Subsidiary or any business unit, or the financial statements of the Company or any Subsidiary, or in response to changes in applicable laws, regulations, or accounting principles.  In addition, in the event of a Change of Control of the Company, the provisions of Section 5.6 of the Plan shall apply.  Any adjustments determined by the Committee shall be final, binding and conclusive.

 

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7.                                      General Provisions

 

7.1                               Compliance with Laws and Obligations.  The Company shall not be obligated to issue or deliver Shares in connection with any Award or take any other action under the Plan in a transaction subject to the registration requirements of any applicable securities law, any requirement under any listing agreement between the Company and any securities exchange or automated quotation system, or any other law, regulation, or contractual obligation of the Company, until the Company is satisfied that such laws, regulations, and other obligations of the Company have been complied with in full.  Shares issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be applicable under such laws, regulations, and other obligations of the Company, including any requirement that a legend or legends be placed thereon.

 

7.2                               Limitations on Transferability.  Awards and other rights under the Plan will not be transferable by a Participant except to a Beneficiary in the event of the Participant’s death (to the extent any such Award, by its terms, survives the Participant’s death), and, if exercisable, shall be exercisable during the lifetime of a Participant only by such Participant or his guardian or legal representative; provided, however, that, if and only to the extent permitted by the Committee, Awards and other rights hereunder may be transferred during the lifetime of the Participant, for purposes of the Participant’s estate planning or other purposes consistent with the purposes of the Plan (as determined by the Committee), and may be exercised by such transferees in accordance with the terms of such Award.  Awards and other rights under the Plan may not be pledged, mortgaged, hypothecated, or otherwise encumbered, and shall not be subject to the claims of creditors.  A Beneficiary, transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award applicable to such Participant, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee.

 

7.3                               No Right to Continued Employment; Leaves of Absence.  Neither the Plan, the grant of any Award, nor any other action taken hereunder shall be construed as giving any employee, consultant, director, or other person the right to be retained in the employ or service of the Company, any of its Subsidiaries or any Management Company (for the vesting period or any other period of time), nor shall it interfere in any way with the right of the Company or any of its Subsidiaries or the right of any Management Company, to terminate any person’s employment or service at any time.  Unless otherwise specified with respect to an applicable Award, (a) an approved leave of absence shall not be considered a termination of employment or service for purposes of an Award under the Plan, (b) any Participant who is employed by or performs services for a Subsidiary shall be considered to have terminated employment or service for purposes of an Award under the Plan if such Subsidiary is sold or no longer qualifies as a Subsidiary of the Company, unless such Participant remains employed by the Company or another Subsidiary, and (c) any Participant who is employed by, or serves as a director of, a Management Company shall be considered to have terminated employment or service for purposes of an Award under the Plan if such Management Company no longer provides services to the Company.

 

7.4                               Taxes.  The Company and any Subsidiary is authorized to withhold from any delivery of Shares in connection with an Award, any other payment relating to an Award, or any payroll or other payment to a Participant, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, its Subsidiaries and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award.  This authority shall include authority to withhold or receive Shares or other consideration and to make cash payments in respect thereof in satisfaction of withholding tax obligations.

 

7.5                               Changes to the Plan and Awards.  The Board may amend, suspend, discontinue, or terminate the Plan, any provision thereof, or the Committee’s authority to grant Awards under the Plan without the consent of stockholders or Participants, except that any amendment shall be subject to the

 

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approval of the Company’s stockholders, in accordance with the Company’s Articles of Incorporation, at or before the next annual meeting of stockholders for which the record date is after the date of such Board action if such stockholder approval is required by the Company’s Articles of Incorporation or any applicable law, regulation or stock exchange rule.  The Board may otherwise, in its discretion, determine to submit other such amendments to stockholders for approval.  Without the consent of an affected Participant, no amendment, suspension, discontinuation, or termination of the Plan may materially impair the rights of such Participant under any Award theretofore granted.  The Committee may amend, suspend, discontinue, or terminate any Award theretofore granted; provided, however, that, without the consent of an affected Participant, no such action may materially impair the rights of such Participant under such Award.  Unless the Plan is terminated earlier by the Board, the Plan shall terminate on the day immediately preceding the tenth anniversary of its Effective Date.  The termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Award.  Any action taken by the Committee pursuant to Section 6 shall not be treated as an action described in this Section 7.5.  Notwithstanding anything in the Plan to the contrary, the Board may amend the Plan and Awards in such manner as it deems appropriate in the event of a change in applicable law or regulations.

 

7.6                               No Right to Awards; No Stockholder Rights.  No Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants, employees, directors, and other service providers.  No Award shall confer on any Participant any of the rights of a stockholder of the Company unless and until Shares are duly issued or transferred and delivered to the Participant in accordance with the terms of the Award.

 

7.7                               Unfunded Status of Awards; Creation of Trusts.  The Plan is intended to constitute an “unfunded” plan for incentive compensation.  With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided, however, that the Committee may authorize the creation of trusts or make other arrangements to meet the Company’s obligations under the Plan to deliver cash, Shares, other Awards, or other consideration pursuant to any Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the Committee otherwise determines.

 

7.8                               Nonexclusivity of the Plan.  Neither the adoption of the Plan by the Board nor the submission of the Plan or of any amendment to stockholders for approval shall be construed as creating any limitations on the power of the Board to adopt such other compensatory arrangements as it may deem desirable, including the granting of awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 

7.9                               Successors and Assigns.  The Plan and Awards may be assigned by the Company to any successor to the Company’s business.  The Plan and any Awards shall be binding on all successors and assigns of the Company and a Participant, including any permitted transferee of a Participant, the Beneficiary or estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.

 

7.10                        Governing Law. The Plan and all Awards shall be governed by and construed in accordance with the laws of the Republic of the Marshall Islands, without giving effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the Republic of the Marshall Islands.

 

7.11                        Severability of Provisions.  If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

 

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