Document:

Exhibit
10.2

PROMISSORY NOTE  1/1

$ 1,500,000.00 (One Million Five Hundred Thousand
Dollars 00/100 USD).

By means of this PROMISSORY NOTE, made as of this 11th day of May, 2007
(the “Effective Date”), the Subscriber, NASCENT WINE COMPANY, INC,
(the “Subscriber”), a company duly incorporated under the Laws of the State of
Nevada, USA, represented herein by Mr. Sandro Piancone, who accredits his
faculties as the Chief Executive Officer of the Subscriber, hereby agrees to
unconditionally pay to the order of ALEJANDRO GUTIÉRREZ
PEDERZINI  AND LETICIA GUTIERREZ
PEDERZINI (collectively the “Creditor”), on the domicile c/o Rio
Duero 31 Colonia Cuauhtemoc, 06500 Mexico Federal District, Mexico, the
principal amount of $1,500,000.00 (One Million Five Hundred Thousand Dollars
00/100 USD) (the “Principal Amount”).

1.             The payment will be
made in two installments:

a).- The first will be in the amount of $500,000.00 (Five Hundred
Thousand Dollars 00/100 USD), on November 11, 2007; and

b).- The second will be the amount of $1,000,000.00 (One Million
Dollars 00/100 USD, on May 11, 2008 (the “Maturity Date”);

provided, however, Subscriber shall have the right to prepay the
Principal Amount and all accrued interest due under this Promissory Note in
full or in part at any time and from time to time without premium or penalty.

The Subscriber further promises to pay ordinary interest on the
outstanding principal amount of this Promissory Note, which shall accrue daily
and shall be calculated and payable at an interest rate per annum (the “Ordinary
Interest Rate”) equal to 8% (eight percent).

In the event that any amount owed to the Creditor under this Promissory
Note is not paid when due, the unpaid balance of this Promissory Note shall
become forthwith due and payable and shall thereafter bear penalty interest at
the Default Rate at a monthly interest rate of 1% (one percent), during all the
time in which said amount remains unpaid.

2.             The maturity interest mentioned in
this Promissory Note shall be calculated upon basis of thirty (30) calendar
days per month and the number of actual days elapsed.

3.             All payments
hereunder shall be made free and clear of and without deduction for or on
account of any present or future taxes.

 

4.             For all matters
relative to the interpretation and execution of this PROMISSORY NOTE, the
Subscriber expressly agrees to submit to the current laws and courts of Mexico
City, Federal District and the State of Texas, United States of America,
waiving any other jurisdiction to which it could have a right due to its
current or future domiciles.

[Remainder of This Page Intentionally Left Blank; Signature Page to
Follow]

 

This PROMISSORY NOTE is subscribed in San Diego, California, on the 11th day of the month of May, 2007.

SUBSCRIBER

	
   

  	
  /s/ Sandro Piancone

  	
   

  
	
  Name:

  	
  Sandro Piancone

  	
   

  
	
  By:

  	
  Chief Executive OfficerExhibit
10.3

THIS
PLEDGE ON SHARES AGREEMENT (the “Agreement”), is
executed this 11th day of May 2007 (the “Effective Date”)
by and among NASCENT WINE COMPANY, INC. (“Pledgor”
and jointly with  Rafael Morales, the “Pledgors”)
as pledgors and MESSRS. ALEJANDRO GUTIÉRREZ PEDERZINI AND
LETICIA GUTIÉRREZ PEDERZINI (hereinafter referred to as “Pledgees”)
as pledgees,  pursuant to the following
recitals and clauses. Capitalized terms used herein but not otherwise defined
shall have the meanings assigned to such terms in the Stock Purchase Agreement
referred to below.

STATEMENTS

1. The
parties, through their respective representatives, state that:

1.1 On this date of
execution, Pledgors and Pledgees have entered into a Stock Purchase Agreement
(as amended, restated, supplemented and in effect from time to time, the “Stock
Purchase Agreement”), pursuant to which the Pledgors have acquired the
shares of a Mexican corporation named Pasani, S.A. de C.V. (hereinafter “Pasani”).

1.2 Pursuant to the Stock
Purchase Agreement, Pledgor made a Promissory Note on this date of execution,
in the principal amount of USD $1,500,000 for the benefit of Pledgees (the “Promissory
Note”), to document Pledgor’s payment of the purchase price under the Stock
Purchase Agreement.

1.3 In consideration for
the amount owed under the Promissory Note, Pledgors agree to pledge 100% of the
total shares (hereinafter referred to as the “Pledged Shares”)
representing the capital stock of Pasani.

1.4 Their respective
representatives have sufficient authority to enter into this Agreement and said
authority has not been limited, revoked or modified in any manner whatsoever.

1.5 There has been no
error, fraud, deceit, bad faith or duress in the execution of this Agreement.

2. Pledgors,
represent and warrant that:

2.1 Pledgor is a
corporation duly organized and existing under the laws of the State of Nevada,
United States of America.

2.2 Pledgor owns 299
shares representative of the fixed capital of Pasani; Rafael Morales on the
other hand owns 1 share representative of the 

 

fixed capital of Pasani
which are free from all liens, encumbrances and limitations of domain.

2.3 Pledgors as
shareholders of Pasani have taken all necessary corporate action, to pledge the
“Pledged Shares”, through the Shareholders Resolutions dated as of May 9, 2007,
attached to this Agreement as Exhibit “A”,
as well as the Stock Certificates that represent such “Pledged Shares” properly
endorsed in guaranty in favor of Pledgees, as provided in Exhibit “B”
attached hereto.

2.4 With the purpose of
guaranteeing the full payment and performance of the obligations of Pledgor
under the Promissory Note, Pledgors grant a security interest in the Pledged
Shares under the terms hereof.

2.5 Pledgors are not the
subject of any pending (or to the knowledge of Pledgors, threatened)
litigation, judgment, action, charge, claim, demand, suit, petition, or
arbitration of any nature or matter, in each case, which could reasonably be
expected to result in a Material Adverse Effect (as defined in the Stock
Purchase Agreement).

3.
Pledgees, through their legal representative, represent and warrant that:

Each of them is an
individual, citizen of the United Mexican States (“Mexico”) and able to
legally bind under the terms hereof.

Having stated the
foregoing, the parties grant the following:

CLAUSES

FIRST.
PLEDGE. To guarantee to Pledgee: (i) full and punctual
payment of the Promissory Note; and (ii) compliance by the Pledgors with the
obligations of Pledgors set forth under Promissory Note, as well as the
obligations of Pledgors derived from this Agreement, the law or judicial
resolutions in favor of Pledgee (all the obligations mentioned above shall be
hereinafter collectively referred to as “Guaranteed Obligations”),
Pledgors  in terms of Article 334 II of
the General Law of Negotiable Instruments and Credit Transactions of Mexico (Ley General de Títulos y Operaciones de Crédito)
(hereinafter referred to as the “LGTOC”), hereby grant in favor of
Pledgees a security interest in the Pledged
Shares including all the corresponding economic and corporate rights. The
Pledgee hereby accepts the security interest in the Pledged Shares (hereinafter
referred to collectively as the “Pledge”).

As required under Article 334, Section II of the LGTOC,
on the date hereof the Pledgors shall: a) deliver to Pledgee the duly endorsed
Share certificates issued by Pasani stating that such “Pledged Shares” have
been pledged in favor of the 

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Pledgee; b) deliver to the Pledgee a certified copy by
the corporate secretary of the registry entries of Pasani’s Shareholders
Registry Book (Libro de Registro de Accionistas)
containing the respective notation evidencing that the “Pledged Shares” have
been pledged to the Pledgees;
and c) deliver to the Pledgee the day after execution of this Agreement a
letter substantially in the form of Exhibit “C”  hereto.

SECOND. RECEIPT.  The
Pledgors and Pledgees hereby agree that the execution of this Agreement
constitutes the acknowledgment of receipt of the “Pledged Shares” by the
Pledgors, as set forth in Article 337 of the LGTOC.

THIRD.
LOCATION OF THE PLEDGED SHARES. The parties agree that
Pledgees shall keep the Pledged Shares certificates at:

102 Swede Creek

Boerne, Texas, 78006,

or successor office of
the Pledgee under the custody of Pledgee.

FOURTH. [Omitted.]

FIFTH.
REPRESENTATIONS AND WARRANTIES BY PLEDGORS.  Pledgors represent and warrant that prior to
the date hereof, Pledgors have taken all necessary corporate action at the
level of Pasani in order to create the security interest in the “Pledged Shares”.

SIXTH.
EVENTS OF DEFAULT; NOTICE TO PLEDGEES.  If any of the events of default (hereinafter
referred to as an “Event of Default”) described herein below shall have
occurred, the Pledgees shall have the right to exercise immediately its rights
of execution under this Agreement:

(a)    Failure to Make Payments When Due.  Failure by Pledgor to pay when due any
installment due under the Promissory Note; or

(b)  Breach.  A breach of any provision of this Agreement
or the Promissory Note; or

(c)  Involuntary Bankruptcy; Appointment of
Receiver.  (i) A court of competent
jurisdiction shall enter a decree or order for relief in respect of Pledgors or
Pasani in an involuntary case under the Bankruptcy Code or under any other
applicable bankruptcy, insolvency or similar law now or hereafter in effect,
which decree or order is not stayed; or any other similar relief shall be
granted 

 3
 

under any applicable
federal or state law; or (ii) an involuntary case shall be commenced against
Pledgors or Pasani under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect; or a decree
or order of a court having jurisdiction in the premises for the appointment of
a receiver, liquidator, sequestrator, trustee, custodian or other officer
having similar powers over Pledgors or Pasani, or over all or a substantial
part of its property, shall have been entered; or there shall have occurred the
involuntary appointment of an interim receiver, trustee or other custodian of
Pledgors or Pasani for all or a substantial part of its property; or a warrant
of attachment, execution or similar process shall have been issued against any
substantial part of the property of Pledgors or Pasani, and any such event
described in this clause (ii) shall continue for sixty (60) days without having
been dismissed, bonded or discharged; or

(d)  Voluntary Bankruptcy; Appointment of
Receiver.  (i) Pledgors or Pasani
shall have an order for relief entered with respect to it or shall commence a
voluntary case under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect, or shall
consent to the entry of an order for relief in an involuntary case, or to the
conversion of an involuntary case to a voluntary case, under any such law, or
shall consent to the appointment of or taking possession by a receiver, trustee
or other custodian for all or a substantial part of its property; or Pledgors
or Pasani shall make any assignment for the benefit of creditors; or (ii)
Pledgors or Pasani shall be unable, or shall fail generally, or shall admit in
writing its inability, to pay its debts as such debts become due; or the board
of directors (or similar governing body) of Pledgor or Pasani (or any committee
thereof) shall adopt any resolution or otherwise authorize any action to
approve any of the actions referred to herein; or

(e)  Judgments and Attachments.  Any money judgment, writ or warrant of
attachment or similar process involving in any individual case or in the
aggregate an amount in excess of USD $250,000.00 (in either case to the extent
not adequately covered by insurance as to which a solvent and unaffiliated
insurance company has acknowledged coverage) shall be entered or filed against
Pledgors or Pasani or any of their respective assets in a court of last resort
pursuant to a final, non-appealable order and shall remain undischarged,
unvacated, unbonded or unstayed for a period of thirty (30) days (or in any
event later than five (5) days prior to the date of any proposed sale
thereunder); or

(f) Dissolution.  Any order, judgment or decree shall be
entered against any Pledgor decreeing the dissolution or split up of such
Pledgor and such order shall remain undischarged or unstayed for a period in
excess of thirty (30) days; or

SEVENTH.
[Omitted.]

 

 4
 

EIGHTH. DIVIDENDS AND OTHER
ECONOMIC DISTRIBUTIONS. 
During the term hereof, Pledgors shall refrain from decreeing or
distributing any dividends and/or any other economic distributions of Pasani
without the prior written consent of Pledgees.

NINTH.
REMEDIES.  In case an
Event of Default exists and remains in existence, the Pledgees may exercise all
rights, powers and remedies for their protection in order to ensure fulfillment
of their rights with respect to the “Pledged Shares”.  Said remedies shall include but may not be
limited to the following:

i.                       Pledgees
shall have the exclusive right to exercise each and all of the voting rights
with respect to the “Pledged Shares” provided that Pledgees shall vote said “Pledged
Shares” pursuant to the provisions of Article 338 of the LGTOC.  For the purposes hereof, Pledgors hereby
grant an irrevocable power of attorney under Articles 2554 and 2596 of the
Civil Code for Mexico City, Federal District in favor of Pledgees in order to
exercise the voting rights with respect to the “Pledged Shares”.

ii.                    Pledgors agree
that in case an Event of Default occurs and the same continues without being
cured, subject to the statutory provisions, Pledgees shall have the right to
request the judicial approval provided for under Article 341 of the LGTOC and
proceed to the sale of the “Pledged Shares”.

TENTH.
EXECUTION.  In case (i)
an Event of Default arises and is continuing; or (ii) the Pledgors fail to meet
the Guaranteed Obligations, Pledgees or their designees shall have the right to
execute the pledge at Pledgors’ cost and expense, pursuant to the proceedings
provided for under Mexico’s legislation. 
The proceeds arising of the sale of the “Pledged Shares” shall be
applied to:

i.                       payment of
reasonable and documented expenses incurred by virtue of the execution of the
pledge including but not limited to, the judicial costs and reasonable
attorneys’ fees.

ii.                    the balance,
if any, shall be immediately tendered to the Pledgors until such time as the
Guaranteed Obligations are satisfied in full.

ELEVENTH.
GOVERNING LAW; JURISDICTION. 
This Agreement shall be interpreted and construed pursuant to the
Federal Laws of Mexico.

For any disputes arising
out of or in connection with this Agreement, the parties expressly agree to
submit themselves to the courts having jurisdiction in Mexico City, Federal
District, Mexico, expressly waiving any other venue which could correspond to
them due to their present or future domiciles, or due to any other reason.

 

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TWELFTH. INCORPORATION BY
REFERENCE.  [Omitted.]

THIRTEENTH.
MISCELLANEOUS.

13.1 Notices.  All notices and other communications provided
for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier
as follows:

Pledgees:

102 Swede Creek

Boerne, Texas, 78006,

Attention: Mr. Alejandro Gutiérrez Pederzini

With a copy to:

Rubio Villegas y
Asociados, S.C.

Río Duero # 31

Col. Cuauhtémoc

Mexico D.F. Mexico  06500

Facsimile: (52-55) 5242-0705

Attention: Carlos Pérez del Toro

and:

Cox Smith Matthews Incorporated  
 112 E. Pecan, Suite 1100  
 San Antonio, Texas 78205  

Attn: John D. Fisch
 Fax: (210) 226-8395

If to Pledgors:

Nascent Wine Company,
Inc.

2355-A Paseo de las Americas

San Diego, California 92154

Attn: Sandro Piancone, CEO

Fax No.: (619) 661-9735

With
a copy to:

Brownstein
Hyatt Farber Schreck, P.C.

410 Seventeenth Street, Suite 2200

Denver, Colorado 80202

Attn: Adam J. Agron

Fax No.: (303) 223-1111

 

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Notices sent by hand or
overnight courier service, or mailed by certified or registered mail, shall be
deemed to have been given when received; notices sent by telecopier shall be
deemed to have been given when sent (except that, if not given during normal
business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient) with
acknowledge receipt.

Notices delivered through
electronic communications to the extent provided in paragraph below, shall be
effective as provided in said paragraph.

Change of Address.  Any party hereto may change its address or
telecopier number for notices and other communications hereunder by notice to
the other parties hereto.

Any Notice must be in
writing and must be given in person, by mail or by overnight delivery service
or by means of fax, and promptly confirmed by mail (with request for assurance
of receipt in a manner typical with respect to communications of that type) and
shall become effective the day of delivery to the other Party.

13.2 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors, legal representatives, and
permitted assigns to the same extent as if each such successor, legal
representative, and assign were named as a party hereto; provided, that neither
party may transfer its rights or obligations hereunder without the prior
written consent of the other party.

13.3 Severability. In the
event any one or more of the provisions contained in this Agreement or in the
Stock Purchase Agreement or in any other document referred to herein or
executed in connection herewith shall, for any reason, be held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision of this Agreement, the
Stock Purchase Agreement or the other instruments referred to herein or
executed in connection herewith.

13.4 Section Headings.
The headings contained in this Agreement are for the convenience of the Parties
to this Agreement, and are for reference purposes only, and shall not in any
way affect the meaning or interpretation of the substantive provisions
contained herein.

13.5 Exhibits. All of the
Exhibits referred to and attached to this Agreement are by said reference
incorporated herein for all purposes.

 

 7
 

13.6 Interpretation.
Whenever the context hereof shall so require, the singular shall include the
plural, and the male gender shall include the female gender and the neuter, and
vice-versa.

13.7 Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which shall together constitute one and the
same agreement.

13.8 No Waiver. The
failure of Pledgee to insist in any one or more cases upon the strict
performance of any of the covenants (affirmative or negative) of this Agreement
or to exercise any right herein contained shall not be construed as a waiver or
a relinquishment by Pledgee for the future of such covenant or right unless
such waiver shall be in writing as provided pursuant to a written amendment to
this Agreement.  The receipt by Pledgors
of any payment with respect to the Guaranteed Obligations with knowledge of the
breach of any covenant, presentation, or warranty hereof shall not be deemed a
waiver of such breach, and no waiver by Pledgee of any provision of this
Agreement shall be deemed to have been made unless expressed in writing and signed
by such party.

13.9 English and Spanish
Versions. This Agreement is executed in the English language. A Spanish version
may be executed for official purposes, both of which shall be binding upon the
parties; provided, however, that in the event of any legal action
or proceeding, the English version shall prevail and be binding upon the
parties.

13.10 Entire Agreement;
Modifications. This Agreement embodies and constitutes the entire understanding
between the parties with respect to the transactions contemplated herein, and
all prior or contemporaneous agreements, understandings, representations, and
statements, oral or written, are merged into this Agreement. Neither this
Agreement, nor any term, provision, or condition hereof may be waived,
modified, amended, discharged, or terminated except by an instrument in writing
signed by the party against whom the enforcement of such waiver, modification,
amendment, discharge, or termination is sought, and then only to the extent set
forth in such instrument.

13.11 Waivers and
Consents.  The terms and provisions of
this Agreement may be waived, or consent for the departure therefrom granted,
only by the written agreement of the parties hereto. Each such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which it was given, and shall not constitute a continuing waiver or
consent.

13.12 Further Assurances.
The parties agree that after the date of execution hereof, they shall execute
and deliver such further documents, and take such further actions, as may be
necessary or advisable to provide each of the parties with the rights and
benefits which are the subject of the transactions 

 

 8
 

contemplated by this
Agreement.

13.13 Survival. The
representations and warranties of Pledgors hereto shall survive the Closing
Date of the transactions contemplated herein and shall remain in full force and
effect until the Guaranteed Obligations are paid in full.

13.14 Termination. This
Agreement shall terminate when the Guaranteed Obligations have been fully and
indefeasibly paid, at which time Pledgee shall reassign and deliver to Pledgor,
or to such person or persons as Pledgor shall designate, against receipt
therefor, the Pledged Shares, together with appropriate instruments of reassignment
and release.  Any such reassignment shall
be without recourse to or warranty by Pledgor and at the expense of Pledgor.

[Rest of
the Page Intentionally Blank]

 

 9
 

IN
WITNESS WHEREOF, the parties hereto execute this Agreement
through their duly authorized representatives in Mexico City, on the Effective
Date.

 

	
  PLEDGORS

  	
   

  	
  PLEDGEES

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Sandro
  Piancone

  	
   

  	
  /s/ Alejandro Gutiérrez Pederzini

  
	
  NASCENT WINE COMPANY, INC.

  	
   

  	
  ALEJANDRO GUTIÉRREZ PEDERZINI

  
	
  By:

  	
  Sandro Piancone

  	
   

  	
   

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Rafael Morales

  	
   

  	
  /s/ Leticia Gutiérrez Pederzini

  
	
  By:

  	
  Rafael Morales

  	
   

  	
  LETICIA GUTIÉRREZ PEDERZINI

  

 

Signature
Page of the Pledge Agreement executed by and between the parties above.

 

 10

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