Document:

Seychelle Form 10-SB Amend 2 Exhib 10-Q TAM note

    Exhibit
      10-Q

    

    PROMISSORY
      NOTE

    

    Principal
      amount: $63,975.00     Date:
      February 28, 2004

    

    FOR
      VALUE
      RECEIVED, the undersigned herby promises to pay to the order of TAM Irrevocable
      Trust the sum of Sixty Three Thousand Nine Hundred Seventy-Five Dollars
      ($63,975.00), together with simple interest thereon at the rate of ten percent
      (10%) per annum. Monthly interest of $533.13 will accrue monthly on the first
      day of each month beginning April 1, 2004 and ending February 28, 2014. The
      unpaid principal balance shall be paid on February 28, 2014. 

    

    All
      payments shall be first applied to interest and the balance to principal. This
      note may be prepaid, at any time, in whole or in part, without
      penalty.

    

    This
      note
      shall be at the option of any holder thereof be immediately due and payable
      upon
      the occurrence of any of the following: 1) Failure to make any payment due
      hereunder within on or before its due date; 2) Breach of any condition of any
      security interest, mortgage, loan payment, pledge agreement or guarantee granted
      as collateral security for this note; 3) Breach of any condition of any loan
      agreement, security agreement or mortgage, if any, having a priority over any
      loan agreement, security agreement or mortgage on collateral granted, in whole
      or in part, as collateral security for this note; 4)Upon the dissolution or
      liquidation of the undersigned, or any endorser, guarantor to surety hereto;
      5)
      Upon the filing by the undersigned of an assignment for the benefit of
      creditors, bankruptcy or other form of insolvency, or by suffering an
      involuntary petition in bankruptcy or receivership not vacated within thirty
      (30) days.

    

    In
      the
      event this note shall not be in default and placed for collection, then the
      undersigned agree to pay all reasonable attorney fees and costs of collection.
      

    

    The
      undersigned and all other parties to this note, whether as endorsers, guarantors
      or sureties, agree to remain fully bound until this note shall be fully paid
      and
      waive demand, presentment and protest and all notices hereto and further agree
      to remain bound notwithstanding any extension, modification, waiver, or other
      indulgence or discharge or release of any obligor hereunder or exchange,
      substitution, or release of any collateral granted as security for this note.
      No
      modification or indulgence by any holder hereof shall be binding unless in
      writing; and any indulgence on any one occasion shall not be an indulgence
      for
      any other or future occasion. Any modification or change in terms, hereunder
      granted by any holder hereof, shall be valid and binding upon each of the
      undersigned, notwithstanding the acknowledgement of any of the undersigned,
      and
      each of the undersigned does hereby irrevocably grant to each of the others
      a
      power of attorney to enter into any such modification on their behalf. The
      rights of any holder hereof shall be cumulative and not necessarily successive.
      This note shall take effect as a sealed instrument and shall be construed,
      govern and enforced in accordance with the laws of the State of
      California.

    

    Seychelle
      Environmental Technologies, Inc.

    

    

    By:
      ____/s/
      Carl Palmer____________

    Carl
      Palmer, CEOExhibit 4.1

	
  
CUSIP #    __________________
  	
  
___________________   WARRANTS
  
	
  
No. W _____________________
  	
  
 
  

Waccamaw Bankshares, Inc.
WARRANTS TO PURCHASE COMMON STOCK
 VOID FOR ANY PURPOSE AFTER 5:00 PM, EASTERN TIME, ON _______, 2009

          This Certificate certifies that, for value received, ___________________________________________________________________________________________________________ or registered assigns, is the registered holder of the number of warrants (the “Warrants”) set forth above.  Each Warrant entitles the registered holder thereof to receive from Waccamaw Bankshares, Inc., a North Carolina corporation with its principal office at 110 North J. K. Powell Boulevard, Whiteville, North Carolina 28472 (the “Corporation”), on and after the issuance date one (1) fully paid and nonassessable share of the common stock, no par value, of the Corporation (the “Common Stock”), at the purchase price of $24.00 (the “Purchase Price”) upon surrender of this Warrant Certificate, with the form of election to purchase set forth on the reverse hereof properly completed and duly executed and
payment of the Purchase Price at the principal office of the Corporation as provided in the Warrant Agreement (the “Warrant Agreement”) by and between the Corporation and First-Citizens Bank & Trust Company (the “Transfer Agent”), a copy of which may be obtained from the Corporation, by a written request from the registered holder hereof or which may be inspected by any registered holder or his or her agent at the principal office of the Corporation.  Payment of the Purchase Price may be made at the option of the registered holder in cash, by certified or official bank check payable to the order of the Corporation or by any other means acceptable to the Corporation.

          The Purchase Price and the number of shares of Common Stock purchasable upon exercise of the Warrants set forth above are based on the Common Stock of the Corporation outstanding as of the issuance date of this Warrant Certificate and are subject to adjustment provided in Section 5 of the Warrant Agreement.

          Upon surrender of this Warrant Certificate and payment of the Purchase Price, the Corporation shall issue and cause to be delivered to the registered holder of this Warrant Certificate a certificate for the number of shares of Common Stock issuable for the Warrants then being exercised.

          No Warrant may be exercised after 5:00 P.M., Eastern Time, on September 30, 2009 (the “Expiration Date”).  If such date is not a Business Day as defined in the Warrant Agreement, the Expiration date shall mean 5:00 P.M., Eastern Time, the next following Business Day.  The Expiration Date may be accelerated as provided in the Warrant Agreement under certain specifically defined circumstances upon notice to the registered holder hereof.  To the extent not exercised and delivered to the Transfer Agent by the Expiration Date, the Warrants shall be null and void.

          The further provisions of this Warrant Certificate are set forth on the reverse hereof, and the further provisions of the Warrant Agreement shall for all purposes have the same effect as if set forth fully at this place.  

          This Warrant Certificate is not valid unless countersigned by the Transfer Agent.

          IN WITNESS WHEREOF, Waccamaw Bankshares, Inc. has caused this Warrant Certificate to be duly executed under its corporate seal.

	
  Countersigned:
  	
  
 
  	
  
 
  	
  
 
  
	
  
First-Citizens Bank & Trust   Company
  	
  
 
  	
  
Waccamaw Bankshares, Inc.
  
	
  
 
  	
  
as Transfer Agent
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
   
 	
  
 
  	
  
 
  	
  
 
  
	
  
By:
  	
  
 
  	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  

  	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
Authorized Signature
  	
  
 
  	
  
 
  	
  
Chairman
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
Dated:
  	
  
 
  	
  
 
  	
  
By:
  	
  
 
  
	
   
  	
  

  	
  
 
  	
  
 
  	
  

  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
Secretary
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
(SEAL)
  

Waccamaw Bankshares, Inc.

          This Warrant
Certificate and each Warrant represented hereby are issued pursuant to and are
subject in all respects to the terms and conditions set forth in the Warrant
Agreement, which is incorporated herein by reference. Please refer
to the Warrant Agreement for a description of the rights, limitations of rights,
obligations, duties and immunities hereunder of the Transfer Agent, the
Corporation and the registered holders of the Warrants. In the event the
registered holders do not comply with the terms of the Warrant Agreement, the
Warrants shall immediately become null and void.

          The Warrant Agreement provides that upon the occurrence of certain events, the Purchase Price set forth on the face hereof may, under certain conditions, be adjusted. If the Purchase Price is adjusted, the Warrant Agreement provides that the Purchase Price in effect immediately prior to such event shall be adjusted so that the registered holder of each Warrant may receive the number of shares of Common Stock of the Corporation to which it would have been entitled upon such action if such registered holder had so exercised the Warrant immediately prior to the event. No fractional shares of Common Stock will be issued upon exercise of the Warrant. If any fraction of a share of Common Stock would be issuable upon the exercise of the Warrants (or any specified portion thereof), the Corporation shall pay an amount in cash equal to the product of (a) such fraction and (b) the fair market value of the Common
Stock, as determined in good faith by the Board of Directors of the Corporation, on the Business Day prior to the date the Warrant is exercised. 

          Upon surrender of this Warrant Certificate and similar Warrant Certificates at the principal office of the Transfer Agent, by the registered holder hereof in person or by an attorney duly authorized in writing, such Warrant Certificates may be transferred or exchanged in the manner and subject to the limitations provided in the Warrant Agreement, for another Warrant Certificate or Warrant Certificates of like tenor, evidencing in the aggregate the number of Warrants evidenced by the Warrant Certificates so surrendered and registered in the name or names as requested by the then registered owner thereof or by an attorney duly authorized in writing. In the case of the exercise of less than all the Warrants represented hereby, the registered holder shall be entitled to receive upon surrender of this Warrant Certificate another Warrant Certificate or Warrant Certificates for the balance of the Warrants
evidenced by this Warrant Certificate.  In the case of a simultaneous exercise of Warrants and a transfer of Warrants, the Warrant Certificates shall first be submitted to the Corporation.

          Prior to the exercise of any Warrant represented hereby, the registered holder shall not be entitled to any rights of a stockholder of the Corporation, including, without limitation, the right to vote or to receive dividends or other distributions, and shall not be entitled to receive any notice of any proceedings of the Corporation, except as provided in the Warrant Agreement. 

          The Corporation and the Transfer Agent shall treat the registered holder as the absolute owner hereof and of each Warrant represented hereby for all purposes and shall not be affected by any notice to the contrary.

          This Warrant Certificate shall be governed by and construed in accordance with the laws of the State of North Carolina.

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