Document:

ex10-2.htm

CKX Lands, Inc.

 

 

 

 

  

  

  

CKX Lands, Inc.

 

 

  

  

  

CKX Lands, Inc.ex10-46.htm

 

Exhibit 10.46

PROMISSORY NOTE

 

$342,000.00

Broward County, Florida

September 30, 2011

FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the ("Maker") promises to pay to the order of Cornelis F. Wit, his successors or assigns, (hereinafter referred to as "Payee"), the principal sum of THREE HUNDRED FORTY TWO THOUSAND DOLLARS ($342,000.00), together with interest on the principal balance from time to time outstanding, at the rate of twelve percent (12.00%) per annum; principal and interest shall be payable as follows: interest shall be payable monthly and the balance of the principal sum, together with any  accrued  and unpaid accrued interest, shall be paid no later than April 01,
2014.

The Promissory Note hereby replaces the following Promissory Notes previously issued:

	 	
i. 

	
Promissory Note issued on August 16, 2011 for $80,000.00 with a maturity date of January 01, 2013.

	 	
ii. 

	
Promissory Note issued on August 19, 2011 for $15,000.00 with a maturity date of January 01, 2013.

	 	
iii. 

	
Promissory Note issued on August 25, 2011 for $35,000.00 with a maturity date of January 01, 2013.

	 	
iv. 

	
Promissory Note issued on September 02, 2011 for $32,000.00 with a maturity date of January 01, 2013.

	 	
v. 

	
Promissory Note issued on September 15, 2011 for $80,000.00 with a maturity date of January 01, 2013.

	 	
vi. 

	
Promissory Note issued on September 28, 2011 for $100,000.00 with a maturity date of January 01, 2013.

In the event that the Maker defaults in the payment of any payment of the principal sum or interest owing hereunder when and as the same shall become due and payable and such default shall continue for a period of 15 days, then this Promissory Note shall be in default and the entire principal sum and all accrued interest shall become due and payable at once without notice and demand at the option of the Payee.  While in default, amounts outstanding under this Promissory Note shall bear interest at the rate of twelve percent (12%) per annum.

This Promissory Note may be prepaid in whole or in part at any time without penalty or premium.  All payments made shall first be applied to accrued and unpaid interest and then to principal. Any prepayment shall require payment of all accrued interest thereon.

In the event of an action to enforce this Promissory Note is commenced in a court of competent jurisdiction or in the event recourse to any court shall be deemed necessary by Payee or Payee deems it necessary to employ legal counsel in order to collect or enforce the terms and provisions hereof for any reason, including but not limited to the filing of a proof(s) of claim or any other proceedings under the Acts of Congress relating to Bankruptcy Proceedings or in any other type of receivership or insolvency proceedings, Payee shall be entitled to reasonable attorney’s fees (through and including any appellate proceedings) and all costs and expenses incurred by Payee in collecting or
enforcing payment hereof.

The Maker and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof, (a) severally waive presentment for payment, demand, notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Promissory Note, (b) expressly consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note or other modifications hereof from time to time prior to or after the day they became due without notice, consent or consideration to any of the foregoing, (c)  expressly agree to the addition or release of any party
or person primarily or secondarily liable hereon, (d)  expressly agree that the Payee shall not be required first to institute any suit, or to exhaust  its remedies against the undersigned or any other person or party to become liable hereunder in order to enforce the payment of this Promissory Note, and (e)  expressly agree that, notwithstanding the occurrence of any of the foregoing (except the express written release by the Payee of any such person), the Maker shall be and remain, directly and primarily liable for all sums due under this Promissory Note.

 

  

  

  

 

Notwithstanding any other provisions of this Promissory Note or any other instrument executed in connection with the loan evidenced here by, it is expressly agreed that the amounts payable under this Promissory Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or other charge for the use or loan of money shall not exceed the highest rate allowed by the laws of the State of Florida, from time to time, and in the event the provisions of this Promissory Note or of such other instrument referred to above in this paragraph with respect to the payment of interest  or
other payments in the nature of or which would be considered as interest or other charge for the use or loan of money shall result in exceeding such limitation, then the excess over such limitation shall not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded.  If any payment is actually made which shall result in such limitation being exceeded, the amount of the excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.

This Promissory Note shall be construed in accordance with the laws of the State of Florida.

MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREUNDER, OR ARISING OUT OF, OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER THE MAKER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE TO EXTEND THE CREDIT EVIDENCED BY THIS NOTE.

 

MAKER:

OMNICOMM SYSTEMS, INC.

 

/s/ Ronald T. Linares                                  

Ronald T. Linares

Chief Financial Officer

ACCEPTED BY:

 

/s/ Cornelis F. Wit                                       

Cornelis F. Witex10-6.htm

 

Exhibit 10.6

 

AMENDMENT AGREEMENT

 

This AMENDMENT AGREEMENT (this “Agreement”), dated as of October 7, 2011, is made by and among GENTA INCORPORATED, a Delaware corporation (the “Company”), and the undersigned parties whose names are set forth on Exhibit A attached hereto (each a “Holder” and collectively the “Holders”).  Capitalized terms used herein and not defined shall have the meanings set forth in the Securities Purchase Agreement (as defined below).

 

WHEREAS, the Company and the Holders entered into a Securities Purchase Agreement dated as of September 2, 2011 (the “Securities Purchase Agreement”) pursuant to which the Company issued to the Holders Units consisting of G Notes, H Notes and Debt Warrants;

 

WHEREAS, pursuant to the terms of the Securities Purchase Agreement, the Company was required to effect the Reverse Split no later than four weeks following the Closing, or October 7, 2011;

 

WHEREAS, the Company and the undersigned Holders have agreed to amend certain provisions of the Securities Purchase Agreement and the G Notes in response to the delay in effecting the Reverse Split caused by the regulatory review and approval process;

 

WHEREAS, the undersigned Holders represent the Requisite Purchasers; and

 

WHEREAS, the undersigned Holders represent the requisite number of Holders pursuant to Section 5.7 of the G Notes to amend the provisions of the G Notes.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.   Amendment to the Securities Purchase Agreement.  Section 1.3(b) is hereby amended and restated to read in its entirety as follows:

 

“(b)       The Company shall effect a reverse stock split of the Company’s outstanding shares of Common Stock in a ratio of one-hundred to one (100:1) (the “Reverse Split”).  The Company shall ensure that the Reverse Split is effective on a date (the “Reverse Split Effective Date”) no later than October 12, 2011.”

 

2.   Amendment to the G Notes.

 

  (a)         The first sentence of Section 3.4(a)(viii) of each of the G Notes is hereby amended and restated to read in its entirety as follows:

 

  

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“(viii)    Adjustment for First 3-Day VWCP.  If ten percent (10%) of the VWCP for the three (3) consecutive Trading Day period (the “First 3-Day VWCP”) ending on the last Trading Day prior to the Saturday that is one (1) week following the first Saturday after the Reverse Split Effective Date (the “First Adjustment Date”) is less than the Conversion Price for the Notes then in effect (as adjusted for the Reverse Split and any other stock splits, combinations, recapitalizations or the like), then the Conversion Price shall be reduced to a price equal to ten percent (10%) of the First 3-Day VWCP.”

 

  (b)        The first sentence of Section 3.4(a)(ix) of each of the G Notes is hereby amended and restated to read in its entirety as follows:

 

“(ix)  Adjustment for Second 3-Day VWCP.  If ten percent (10%) of the VWCP for the three (3) consecutive Trading Day period (the “Second 3-Day VWCP”) ending on the last Trading Day prior to December 3, 2011 (the “Second Adjustment Date”) is less than the Conversion Price for the Notes then in effect (as adjusted for the Reverse Split and any other stock splits, combinations, recapitalizations or the like), then the Conversion Price shall be reduced to a price equal to ten percent (10%) of the Second 3-Day VWCP.”

 

3.   Specific Performance; Consent to Jurisdiction; Venue.

 

  (a)           The Company and the Holders acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached.  It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof without the requirement of posting a bond or providing any other security, this being in addition to any other remedy to which any of them may be entitled by law or equity.

 

  (b)           The parties agree that venue for any dispute arising under this Agreement will lie exclusively in the state or federal courts located in New York County, New York, and the parties irrevocably waive any right to raise forum non conveniens or any other argument that New York is not the proper venue.  The parties irrevocably consent to personal jurisdiction in the state and federal courts of the state of New York.  The Company and each Holder consent to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing in this Section 4(b) shall affect or limit any right to serve process in any other manner permitted by law.  The Company and the Holders hereby agree that the prevailing party in any suit, action or proceeding arising out of or relating to this Agreement, shall be entitled to reimbursement for reasonable legal fees from the non-prevailing party.  The parties hereby waive all rights to a trial by jury.

 

  

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4.   Entire Agreement; Amendment. This Agreement contains the entire understanding and agreement of the parties with respect to the matters covered hereby and, except as specifically set forth herein, neither the Company nor any Holder make any representation, warranty, covenant or undertaking with respect to such matters, and they supersede all prior understandings and agreements with respect to said subject matter, all of which are merged herein.  No provision of this Agreement may be waived or amended other than by a written instrument signed by the Company and the Requisite Purchasers or threshold number of Holders as provided in the G Notes, as applicable; provided that if any of the rights under this Agreement of any Holder are materially diminished or the obligations under this Agreement of any Holder are materially increased by such waiver or amendment, in each case in a manner that is not similar in all material respects to the effect on the rights or obligations of other Holders, then such waiver or amendment shall not be effective with respect to such adversely affected Holder without the written consent of such adversely affected Holder.  The Holders acknowledge that any amendment or waiver effected in accordance with this section shall be binding upon each Holder (and their permitted assigns) and the Company, including, without limitation, an amendment or waiver that has an adverse effect on any or all Holders.  Except as amended herein, the Securities Purchase Agreement and the G Notes shall remain in full force and effect.

 

5.   Notices.  Any notice, demand, request, waiver or other communication required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery, by telecopy, facsimile or electronic transmission to the address(es) or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

 

	
If to the Company or its Subsidiaries:

	
Genta Incorporated

200 Connell Drive

Berkeley Heights, NJ 07922

Attention: Raymond P. Warrell, Jr., M.D.

Telephone No.: (908) 286-9800

Telecopy No.: (908) 286-3966

Email:Warrell@genta.com

	
with copies to:

	
Morgan, Lewis & Bockius LLP

502 Carnegie Center

Princeton, NJ 08540

Attention: Emilio Ragosa

Telephone No.: (609) 919-6633

Telecopy No.: (609) 919-6701

Email: eragosa@morganlewis.com

 

  

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If to any Holder:

	
At the address of such Holder as specified in writing by such Holder with copies to Holder’s counsel, with a copy to:

 

	
With a copy to:

	
Ropes & Gray LLP

Three Embarcadero Center

San Francisco, CA 94111

Attention: Ryan Murr

Telephone No.: (415) 315-6395

Telecopy No.: (415) 315-6365

Email: ryan.murr@ropesgray.com

 

Any party hereto may from time to time change its address for notices by giving written notice of such changed address to the other party hereto.

 

6.      Waivers.  No waiver by a party of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

 

7.   Headings.  The article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof.

 

8.   Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.  The Holders may assign the rights under this Agreement without the consent of the Company.

 

9.   No Third Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

10.     Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive law of another jurisdiction.  This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement to be drafted.

 

11.         Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart.

 

12.         Publicity.  The Company agrees that it will not disclose, and will not include in any public announcement, the names of the Holders without the consent of the Holders, which consent shall not be unreasonably withheld or delayed, or unless and until such disclosure is required by law, rule or applicable regulation, and then only to the extent of such requirement.  Notwithstanding the foregoing, the Holders consent to being identified in any filings the Company makes with the SEC to the extent required by law or the rules and regulations of the SEC.

 

  

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13.         Severability.  The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Agreement 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 or part of a provision of this Agreement and this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible.

 

14.         Further Assurances.  From and after the date of this Agreement, upon the request of the Holders or the Company, the Company and each Holder shall execute and deliver such instruments, documents and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

  

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IN WITNESS WHEREOF, the parties have caused this Amendment Agreement to be executed as of the date set forth above.

 

	 	
GENTA INCORPORATED

	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	
Name: Raymond P. Warrell, Jr., M.D.

	 
	 	
Title: Chairman and Chief Executive Officer

	 

 

[SIGNATURE PAGES CONTINUE]

 

  

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[HOLDER SIGNATURE PAGES TO THE AMENDMENT AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

Name of Holder:          _____________________________________________________

 

Signature of Authorized Signatory of Holder:               _____________________________

 

Name of Authorized Signatory:            _________________________________________

 

Title of Authorized Signatory:              _________________________________________

 

Email Address of Holder:         _______________________________________________

 

Fax Number of Holder:              _______________________________________________

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