Document:

Exhibit 10.3

 

8% PROMISSORY NOTE

 

	$50,000.00	Date: February 12, 2013

 

FOR VALUE RECEIVED, SAVVY BUSINESS
SUPPORT, INC., a Nevada corporation, (“Maker”), promises to pay Anatom Associates SA (“Holder”),
in lawful money of the United States, the principal sum of Fifty Thousand Dollars ($50,000.00), plus interest thereon
(the “Note”) from the date of issuance until paid in full, as set forth below.

 

		1.	Interest Rate

 

Interest on the principal sum of this Note
shall accrue at the rate of eight percent (8%) per annum, compounded annually, based on a 365-day year and the actual number of
days elapsed. Interest shall be payable by Maker on an annual basis and, except as provided in Paragraph 2 below, shall not be
forgiven.

 

		2.	Payments/Forgiveness

 

The entire principal sum and all accrued but
unpaid interest and any other sums payable hereunder shall be due and payable in full on the one year anniversary date of
the date hereof. All payments hereunder shall be applied first to interest then to principal.

 

		3.	Prepayment

 

The Maker may prepay all or any portion of
the principal of this Note at any time and from time to time without premium or penalty. Any such prepayment shall be applied against
the installments of principal due under this Note in the inverse order of their maturity and shall be accompanied by payment of
accrued interest on the amount prepaid to the date of prepayment.

 

		4.	Application of Payments

 

All payments received by Holder shall be applied
first to accrued interest, then to other charges due with respect to this Note, and then to then-unpaid principal balance.

 

		5.	Cancellation of Note.

 

Upon the repayment by the
Maker of all of its obligations hereunder to the Holder, including, without limitation, the principal amount of this Note, plus
accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full.

 

		6.	Severability.

 

If any provision of this
Note is, for any reason, invalid or unenforceable, the remaining provisions of this Note will nevertheless be valid and enforceable
and will remain in full force and effect. Any provision of this Note that is held invalid or unenforceable by a court of competent
jurisdiction will be deemed modified to the extent necessary to make it valid and enforceable and as so modified will remain in
full force and effect.

 

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		7.	Default and Remedies

 

		a.	Default

 

Maker will be in default under this
Note if (i) Maker fails to make a payment of principal and/or interest hereunder when due; or (ii) Maker breaches any other covenant
or agreement under this Note; or (iii) Maker defaults under any other provision of this Note or under any guarantee or other agreement
providing security for the payment of this Note; or (iv) Maker breaches any representation or warranty under this Note or any such
guarantee or other agreement; or (v) there occurs the liquidation, dissolution, death or incompetency of the Maker or any individual,
corporation, partnership or other entity guaranteeing or providing security for the payment of this Note; or (vi) there occurs
the sale of a material portion of the business and assets of the Maker or any corporation, partnership or other entity guaranteeing
or providing security for the payment of this Note; or (vii) there occurs the making of any assignment for the benefit of creditors
by the Maker or by any individual, corporation, partnership or other entity guaranteeing or providing security for the payment
of this Note; or (viii) Maker is declared to be in default by a court of competent jurisdiction or by an arbitrator for any reason.

 

		b.	Remedies

 

Upon Maker’s default, Holder
may (i) upon fifteen (15) days’ written notice to Maker, declare the entire principal sum and all accrued and unpaid interest
hereunder immediately due and payable and (ii) exercise any and all remedies provided under applicable law. The Holder’s
remedies provided in this Note shall be cumulative and in addition to all other remedies available to the Holder under this Note,
at law or in equity (including a decree of specific performance and/or other injunctive relief), no remedy of the Holder contained
herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit the
Holder’s right to pursue actual damages for any failure by the Maker to comply with the terms of this Note. No remedy conferred
under this Note upon the Holder is intended to be exclusive of any other remedy available to the Holder, pursuant to the terms
of this Note or otherwise. No single or partial exercise by the Holder of any right, power or remedy hereunder shall preclude any
other or further exercise thereof. The failure of the Holder to exercise any right or remedy under this Note or otherwise, or delay
in exercising such right or remedy, shall not operate as a waiver thereof. Every right and remedy of the Holder under any document
executed in connection with this transaction may be exercised from time to time and as often as may be deemed expedient by the
Holder. The Maker acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that
the remedy at law for any such breach may be inadequate. The Maker therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, and
specific performance without the necessity of showing economic loss and without any bond or other security being required.

 

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		8.	Waivers

 

		a.	Maker, and any endorsers or guarantors hereof, severally waive diligence, presentment, protest
and demand and also notice of dishonor of this Note. No extension of time for the payment of this Note, or any installment hereof,
agreed to by Holder with any person now or hereafter liable for the payment of this Note, shall affect the original liability of
Maker under this Note, even if Maker is not a party to such agreement. Holder may waive its right to require performance of or
compliance with any term, covenant or condition of this Note only by express written waiver.

 

		b.	The failure or delay by Holder in exercising any of its rights hereunder in any instance shall
not constitute a waiver thereof in that or any other instance. Holder may not waive any of its rights except by an instrument in
writing signed by the holder.

 

		9.	Miscellaneous

 

		a.	Maker shall pay all costs, including, without limitation, reasonable attorneys’ fees and
costs incurred by Holder in collecting the sums due hereunder, whether or not any legal action is actually filed, litigated or
prosecuted to judgment or award. In the event of any action or legal proceeding concerning this Note or the enforcement of any
rights hereunder, Holder shall be entitled to, in addition to any other relief to which Holder may be entitled, all legal and court
costs and expenses, including reasonable attorneys’ fees, incurred by Holder in connection with such action.

 

		b.	This Note may be modified only by a written agreement executed by Maker and Holder.

 

		c.	This Note and the obligations of the undersigned shall be governed in all respects by and construed
in accordance with the laws of the State of Nevada. This Note shall be deemed a contract made under the laws of the State of Nevada
and the validity of this Note and all rights and liabilities hereunder shall be determined under the laws of said State. For purposes
of any proceeding involving this Note or any of the obligations of the undersigned, the undersigned hereby submits to the non-exclusive
jurisdiction of the courts of the State of Nevada having jurisdiction in the State of Nevada, and agrees not to raise and waives
any objection to or defense based upon the venue of any such court or based upon forum non conveniens. The undersigned agrees not
to bring any action or other proceeding with respect to this Note or with respect to any of its obligations in any other court
unless such courts of the State of Nevada determine that they do not have jurisdiction in the matter.

 

		d.	The terms of this Note shall inure to the benefit of and bind Maker and Holder and their respective
heirs, legal representatives and successors and assigns.

 

		e.	Time is of the essence with respect to all matters set forth in this Note.

 

		f.	If this Note is destroyed, lost or stolen, Maker will deliver a new Note to Holder on the same
terms and conditions as this Note, with a notation of the unpaid principal and accrued and unpaid interest in substitution of the
prior Note. Holder shall furnish to Maker reasonable evidence that the Note was destroyed, lost or stolen and any security or indemnity
that may be reasonably required by Maker in connection with the replacement of this Note. 

 

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		g.	All payments of principal and interest shall be made in lawful currency of the United States of
America to the Holder at the address shown above or to a different location upon receipt of written notice from the Holder.

 

		h.	The Maker agrees to pay on demand (i) all expenses (including, without limitation, legal fees and
disbursements) incurred in connection with the negotiation and preparation of this Note and any documents in connection with this
Note, and (ii) all expenses of collecting and enforcing this Note and any guarantee or collateral securing this Note, including,
without limitation, expenses and fees of legal counsel, court costs and the cost of appellate proceedings.

 

		i.	The headings of the sections of this Note are inserted for convenience only and shall not be deemed
to constitute a part of this Note.

 

		j.	This Note may not be amended without the written approval of Holder and Maker.

 

		k.	None of the parties hereto will hereafter enter into any agreement,
which is inconsistent with the rights granted to the parties in this Note.
	 	 	 

		l.	Nothing herein expressed or implied is intended or shall be
construed to confer upon or give to any person or entity, other than the parties to this Note and their respective permitted successor
and assigns, any rights or remedies under or by reason of this Note.

 

		m.	As a material inducement for the Holder to loan to the Maker the monies hereunder, the Maker hereby
waives any right to trial by jury in any legal proceeding related in any way to this agreement and/or any and all of the other
documents associated with this transaction.

 

		n.	This Note (including any recitals hereto) set forth the entire
understanding of the parties with respect to the subject matter hereof, and shall not be modified or affected by any offer, proposal,
statement or representation, oral or written, made by or for any party in connection with the negotiation of the terms hereof,
and may be modified only by instruments signed by all of the parties hereto.

 

[REMAINDER
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IN WITNESS WHEREOF,
this Promissory Note is executed by the undersigned as of the date set forth above.

 

	 	NOTE MAKER:
	 	 
	 	Savvy Business Support, Inc.
	 	 	 
	 	By:	/s/ Virginia K. Sourlis
	 	Name:	Virginia K Sourlis
	 	Title:	President and Chief Executive Officer

 

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                                                                                                                                                                                                 5Exhibit 10.1 - First Amendment to Advisory Agreement 2.8.2013

FIRST AMENDMENT TO THE 
ADVISORY AGREEMENT
BY AND AMONG
COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC.,
Cole REAL ESTATE INCOME STRATEGY (DAILY NAV) Operating Partnership, LP
AND
COLE REAL ESTATE INCOME STRATEGY (DAILY NAV) ADVISORS, LLC
This FIRST AMENDMENT of the ADVISORY AGREEMENT (this “Amendment”) is made as of February 8, 2013 by and among COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC., a Maryland corporation (the “Company”), Cole REAL ESTATE INCOME STRATEGY (DAILY NAV) Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), and COLE REAL ESTATE INCOME STRATEGY (DAILY NAV) ADVISORS, LLC, a Delaware limited liability company (the “Advisor”).  This Amendment amends that certain Advisory Agreement, dated as of September 28, 2011, by and among the Company, the Operating Partnership and the Advisor (the “Advisory Agreement”).  All capitalized terms not defined herein shall have the meanings given to each in the Advisory Agreement.
WHEREAS, the Board, including all of the Independent Directors, has determined to amend Section 3.01(c) of the Advisory Agreement, effective as of January 1, 2013; and 
WHEREAS, Section 6.04 of the Advisory Agreement provides that the Advisory Agreement shall not be changed, modified, or amended, in whole or in part, except by an instrument in writing signed by the parties thereto, or their respective successors or assignees;
NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.    Effective as of January 1, 2013, Section 3.01(c) of the Advisory Agreement is hereby deleted and replaced with the following:
The Performance Fee will not be paid for any calendar year in which the Annual Total Return as a percentage of Stockholders’ invested capital as of the last Business Day of such calendar year is less than or equal to 6%. The Performance Fee will equal 25.0% of the difference between (i) the Annual Total Return and (ii) the amount required to provide the Stockholders an Annual Total Return of 6% for the measurement period (the “Priority Return”). In no event will the Performance Fee exceed 10.0% of the Annual Total Return in any calendar year.  In the event the NAV per share for the Company’s common stock decreases below $15.00 (the “Base NAV”), the Performance Fee will not be calculated on any increase in NAV up to the Base NAV. In addition, the Performance Fee will not be paid with respect to any calendar year in which the NAV per share as of the last Business Day of the calendar year (the “Ending NAV”) is less than the Base NAV.  The Base NAV is subject to downward adjustment in the event that the Board, including a majority of the Independent Directors, determines that such an adjustment is necessary to provide an appropriate incentive to the Advisor to perform in a manner that seeks to maximize stockholder value and is in the best interests of the Company’s stockholders. In the event of any stock dividend, stock split, recapitalization or similar change in the Company’s capital structure, the Base NAV shall be ratably adjusted to reflect the effect of any such event.  The Advisor will begin the Performance Fee calculation with respect to each calendar year by taking the sum of (i) the Ending NAV and (ii) the cumulative distributions per share for the year, and then (iii) subtracting the NAV per share at the beginning of such year (the “Starting NAV”); provided, however, that if the Starting NAV is less than the Base NAV, the Base NAV shall be used as the Starting NAV for purposes of this calculation. The Advisor will then divide the resulting amount by the Starting NAV (or, if the Base NAV is used as the Starting NAV pursuant to the preceding sentence, the Base NAV) to calculate the total return per share, expressed as a percentage.  If the total return per share exceeds 6% and the Ending NAV is greater than the Base NAV, then the Performance Fee is calculated by multiplying the excess percentage (the percentage above 6%) by 25%, and then multiplying the resulting amount by the Starting NAV (or, if the Base NAV is used as the Starting NAV in the total return calculation, the Base NAV). Finally, that amount is multiplied by the weighted average number of shares outstanding during the year (to reflect share issuances and/or share redemptions during the year) to arrive at the total amount of the Performance Fee, subject to the limitation set forth above that in no event will the Performance Fee exceed 10.0% of the Annual Total Return for the calendar year for which the Performance Fee is being determined. The Performance Fee for each calendar year for which the fee is payable shall be paid on or before the earlier of (y) promptly after the audited financial statements for such calendar year become available, or (z) March 15 of the year following such calendar year, provided that if this Agreement or its term expires without renewal prior to 

December 31 of any calendar year, then the Performance Fee for such partial year shall be payable promptly after the Company files its unaudited financial statements on Form 10-Q for the quarter that includes the Termination Date, but in no event later than March 15 of the year following the partial year for such quarterly unaudited financial statements. The Performance Fee shall be payable for each calendar year in which this Agreement is in effect, even if the Agreement is in effect for less than a full calendar year.
2.    This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of such counterparts shall together constitute one and the same instrument.  This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties.  
3.    Except as specifically amended hereby and as previously amended, the Advisory Agreement shall remain in full force and effect.
[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

2

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

	
		
	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC.

	 
	 

	By:
	/s/ D. Kirk McAllaster, Jr.

	D. Kirk McAllaster, Jr.

	Executive Vice President, Chief Financial Officer and Treasurer

	 
	 

	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV) OPERATING PARTNERSHIP, LP

	 
	 

	By: Cole Real Estate Income Strategy (Daily NAV), Inc.
Its General Partner

	 
	 

	By:
	/s/ D. Kirk McAllaster, Jr.

	D. Kirk McAllaster, Jr.

	Executive Vice President, Chief Financial Officer and Treasurer

	 
	 

	COLE REAL ESTATE INCOME STRATEGY (DAILY NAV) ADVISORS, LLC

	 
	 

	By:
	/s/ Marc T. Nemer

	Marc T. Nemer

	Chief Executive Officer and President 

3

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