Document:

ex10.2

  
 Exhibit 10.2
 

 On April 7, 2010
 

 The Entest Biomedical, inc. (“Company”)  and Ms. Tammy Reynolds have agreed that Ms. Reynolds shall receive
 

 (a)
 Compensation of $70,000 per annum for her services as Chief Financial Officer.
 (b)
 Fifty Thousand Dollars worth of the Common Shares of the Company (“Compensation Shares”)  to be granted to Ms. Reynolds upon the completion of twelve months employment as CFO of the Company in accordance with the following terms and conditions:
  
 (1)
 The Compensation Shares shall be issued at a price per share which shall be the average of the closing stock prices on the first day of trading of each month during the twelve months prior to the grant.
 (2)
 80% of the  Compensation Shares (“Restricted Comp Shares”) may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Ms. Reynolds (“ Transfer Restriction”) except as follows:
  
 Upon the expiration of one year from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to 25% of the Restricted Comp Shares.
  
 Upon the expiration of two years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares.
  
 Upon the expiration of three years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares
  
 Upon the expiration of four years from the date of the grant of the Compensation Shares, Transfer Restrictions shall no longer apply to an additional 25% of the Restricted Comp Shares.
  
 In the event that Ms. Reynolds is no longer employed as CFO of the Company, any Restricted Comp Shares still subject to Transfer Restrictions shall be forfeited by the Ms. Reynolds, and ownership of the Restricted Comp Shares shall be transferred back to the Company. Ms. Reynolds is currently not party to a written employment agreement with the Company.ex10.14

 

 Exhibit 10.14
 

 

 LINE OF CREDIT PROMISSORY NOTE
 

 $200,000 Date: December 1, 2010
 

 FOR VALUE RECEIVED, Entest Biomedical Inc. , ("Borrower") promises to pay to the order of Bio-Technology Partners Business Trust ("Lender"), a Nevada Business Trust, the principal sum of Two Hundred Thousand Dollars ($200,000), or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender in Lender's sole and absolute discretion. It is the intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to $ 200,000 from Lender. This agreement shall also be the terms and conditions of any and all borrowed amounts outstanding as of this date.
 

 INTEREST & PRINCIPAL: The unpaid principal of this line of credit shall bear simple interest at the rate of ten percent (10%) per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances or payments made hereunder. Principal balance and accrued interest shall become due and payable in whole or in part at the demand of the Lender. 
 

 REPRESENTATIONS AND WARRANTIES OF BORROWER
 

 Borrower  (a) is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada  and (b) has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.
 

 None of the execution, delivery and performance of this Agreement by Borrower, or the consummation of the transactions contemplated hereby and thereby (a) constitute or will constitute a violation of the organizational documents of Borrower, (b) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of Borrower, loan agreement, lease or other agreement or instrument to which Borrower is a party or by which Borrower or any of its properties may be bound
 

 BORROWER: 
 

 By: /s/ David Koos
 

 Its: CEOex10.15

  
 Exhibit 10.15
 

 

 LINE OF CREDIT PROMISSORY NOTE
 

 $200,000 Date: December 1, 2010
 

 FOR VALUE RECEIVED, Entest Biomedical Inc. , ("Borrower") promises to pay to the order of Venture Bridge Advisors ("Lender") the principal sum of Two Hundred Thousand Dollars ($200,000), or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender in Lender's sole and absolute discretion. It is the intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to $ 200,000 from Lender. This agreement shall also be the terms and conditions of any and all borrowed amounts outstanding as of this date.
 

 INTEREST & PRINCIPAL: The unpaid principal of this line of credit shall bear simple interest at the rate of ten percent (10%) per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances or payments made hereunder. Principal balance and accrued interest shall become due and payable in whole or in part at the demand of the Lender. 
 

 REPRESENTATIONS AND WARRANTIES OF BORROWER
 

 Borrower  (a) is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada  and (b) has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.
 

 None of the execution, delivery and performance of this Agreement by Borrower, or the consummation of the transactions contemplated hereby and thereby (a) constitute or will constitute a violation of the organizational documents of Borrower, (b) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of Borrower, loan agreement, lease or other agreement or instrument to which Borrower is a party or by which Borrower or any of its properties may be bound
 

 BORROWER: 
 

 By: /s/ David Koos
 

 Its:CEOex10.16

 

 Exhibit 10.16
 

 

 LINE OF CREDIT PROMISSORY NOTE
 

 $200,000 Date: December 1, 2010
 

 FOR VALUE RECEIVED, Entest Biomedical Inc. , ("Borrower") promises to pay to the order of Bombardier Pacific Ventures, Inc. ("Lender") the principal sum of Two Hundred Thousand Dollars ($200,000), or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender in Lender's sole and absolute discretion. It is the intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to $ 200,000 from Lender. This agreement shall also be the terms and conditions of any and all borrowed amounts outstanding as of this date.
 

 INTEREST & PRINCIPAL: The unpaid principal of this line of credit shall bear simple interest at the rate of fifteen percent (15%) per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances or payments made hereunder. Principal balance and accrued interest shall become due and payable in whole or in part at the demand of the Lender. 
 

 REPRESENTATIONS AND WARRANTIES OF BORROWER
 

 Borrower  (a) is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada  and (b) has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.
 

 None of the execution, delivery and performance of this Agreement by Borrower, or the consummation of the transactions contemplated hereby and thereby (a) constitute or will constitute a violation of the organizational documents of Borrower, (b) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of Borrower, loan agreement, lease or other agreement or instrument to which Borrower is a party or by which Borrower or any of its properties may be bound
 

 BORROWER: 
 

 By: /s/ David Koos
 

 Its:CEOex10.17

 

 Exhibit 10.17
 

 

 LINE OF CREDIT PROMISSORY NOTE
 

 $200,000 Date: December 1, 2010
 

 FOR VALUE RECEIVED, Entest Biomedical Inc. , ("Borrower") promises to pay to the order of David Koos ("Lender") the principal sum of Two Hundred Thousand Dollars ($200,000), or so much thereof as may be disbursed to, or for the benefit of the Borrower by Lender in Lender's sole and absolute discretion. It is the intent of the Borrower and Lender hereunder to create a line of credit agreement between Borrower and Lender whereby Borrower may borrow up to $ 200,000 from Lender. This agreement shall also be the terms and conditions of any and all borrowed amounts outstanding as of this date.
 

 INTEREST & PRINCIPAL: The unpaid principal of this line of credit shall bear simple interest at the rate of fifteen percent (15%) per annum. Interest shall be calculated based on the principal balance as may be adjusted from time to time to reflect additional advances or payments made hereunder. Principal balance and accrued interest shall become due and payable in whole or in part at the demand of the Lender. 
 

 REPRESENTATIONS AND WARRANTIES OF BORROWER
 

 Borrower  (a) is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada  and (b) has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary to execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.
 

 None of the execution, delivery and performance of this Agreement by Borrower, or the consummation of the transactions contemplated hereby and thereby (a) constitute or will constitute a violation of the organizational documents of Borrower, (b) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of Borrower, loan agreement, lease or other agreement or instrument to which Borrower is a party or by which Borrower or any of its properties may be bound
 

 BORROWER: 
 

 By: /s/ David Koos
 

 Its:CEO

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