Document:

exv10w1

 

Exhibit 10.1

AGREEMENT

     THIS AGREEMENT (hereinafter referred to as the “Agreement”) is made and
entered into as of the 3rd day of January, 2005, by and between VESTIN
GROUP, INC., a Delaware corporation (“Vestin”), JAMES WALSH (“Walsh”) and
JOSEPH NAMATH (“Namath”) (Walsh and Namath are collectively referred to
hereinafter as the “Sellers”) and PLANNED LICENSING, INC., a Nevada corporation
(“PLI”).

     WHEREAS, on or about January 10, 2001 Vestin and PLI entered into a
license agreement (the “PLI Agreement”) whereby PLI would provide Namath as a
spokesperson for Vestin and its affiliates; and

     WHEREAS, in consideration of providing Namath as Vestin’s spokesperson
Vestin agreed to pay to PLI the sum of One Million Dollars ($1,000,000)
annually for five (5) years and issue to PLI warrants to purchase 800,000
shares of Vestin common stock at $0.01 per share (the “$0.01 Warrants”)
pursuant to a Stock Purchase Warrant dated January 10, 2001 and warrants to
purchase 400,000 shares of Vestin common stock at $4.60 per share (the “$4.60
Warrants”) pursuant to a Stock Purchase Warrant dated January 10, 2001; and

     WHEREAS, the Shares were subsequently assigned by PLI to the Sellers in
accordance with the Agreement; and

     WHEREAS, on or about June 30, 2004 PLI exercised its $0.01 Warrants; and

     WHEREAS, on July 6, 2004 Vestin shareholders approved a reverse 2 for 1
split of its common stock and PLI was issued 400,000 shares of Vestin common
stock (the “Shares”) as a result of the exercise of its $0.01 Warrants; and

     WHEREAS, on or about December, 2003 Vestin and PLI desired and agreed to
terminate the PLI Agreement; and

     WHEREAS, Namath’s services were not materially utilized by Vestin after
March, 2003; and

     WHEREAS, the parties desire that Vestin purchase the Shares from Sellers;
and

     WHEREAS, Vestin has agreed to purchase the Shares pursuant to the terms
and conditions of this Agreement.

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     NOW, THEREFORE, in consideration of the covenants, promises, and
representations set forth herein, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties do hereby
agree as follows:

     1. Purchase of Shares. Subject to the terms and conditions of this
Agreement, Vestin or one of its affiliates shall purchase from Sellers the
Shares of Vestin common stock issued to PLI and subsequently assigned to
Namath and Walsh in conjunction with PLI’s exercise of the $0.01 warrants. A
copy of the assignment from PLI to Namath and Walsh is attached hereto as
Exhibit “A” and incorporated by this reference.”

            a. Closing. The purchase and sale of the Shares shall take place at 5:00
p.m. (Pacific Time), on January 5, 2005, which date may be extended by mutual
agreement (in writing) of Sellers and Vestin (which time and place are
designated as the “Closing”).

            b. Representations and Warranties of Seller. Sellers hereby represent and
warrant to Vestin that:

                  (i) Authorization. Sellers have full power and authority to enter into
this Agreement and all related agreements, and each such agreement constitutes
his or its valid and legally binding obligation, enforceable against Sellers in
accordance with its terms. Sellers understand that Sellers are not obligated
to sell the Shares to Vestin and acknowledges that Sellers are entering into
this Agreement under Sellers own volition. Sellers further acknowledge that the
purchase of the Shares by Vestin is in consideration of all of the terms and
conditions set forth in this Agreement.

                  (ii) Ownership
of Shares. Sellers have good and marketable title to the
Shares free and clear of any and all liens, claims, encumbrances, pledges,
mortgages and security interests (collectively, “Security Interests”). Sellers
shall not do anything after the date hereof which would render its title to the
Shares unmarketable.

                  (iii) Professional Advisors. Sellers have been advised to consult their
own tax advisor, accountant, attorney and/or other advisor regarding all tax
and legal matters and consequences of selling the Shares and entering into this
Agreement, and has done so, to the extent Sellers consider necessary. Sellers
are relying solely on such advisors and not on any statements or
representations of Vestin, any of its affiliates or any of their agents.

                  (iv) Disclosure of Information. Sellers acknowledge and understand that
Sellers may obtain information about Vestin pursuant to its latest filings
pursuant to the Securities Exchange Act of 1934, as amended, on the Securities
and Exchange Commission’s website at www.sec.gov. In addition, Sellers may
request such filings from Vestin. Sellers acknowledge and agree that reference
to the website does not incorporate by reference information contained on the
website.

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                  (v) Tradeable Shares. Sellers acknowledge and understand that Vestin is a
publicly traded reporting company traded on the Nasdaq SmallCap Market under
the symbol “VSTN.” Accordingly, Sellers acknowledge and understand that
Sellers have the opportunity to sell the Shares on the Nasdaq SmallCap Market
rather than in a privately negotiated transaction with Vestin. Sellers further
acknowledge that Sellers and Vestin have directly negotiated the sale and
purchase of the Shares.

     2. Forfeiture of $4.60 Warrants. Upon the execution of this Agreement the
$4.60 Warrants shall be terminated, cancelled and forfeited and PLI, Walsh,
Namath and/or their assignees shall no longer have the right to exercise such
$4.60 Warrants.

     3. Termination of PLI Agreement. The parties agree that upon execution of
this Agreement the PLI Agreement shall be terminated and be of no further force
and effect and that neither Vestin nor PLI, Namath or Walsh shall have any
additional rights pursuant to the PLI Agreement. Notwithstanding the foregoing,
Vestin shall be required to maintain the insurance set forth in Section 12(c)
of the PLI Agreement for a period of five (5) years from the date this
Agreement is executed and the indemnification obligations set forth in Section
12 of the PLI Agreement shall survive for a period of five (5) years from the
date this Agreement is executed.

     4. Consideration. In consideration of this Agreement and the purchase of
the Shares, Vestin shall pay the sum of One Million Six Hundred Thousand
Dollars ($1,600,000) (the “Consideration”). The Consideration shall be placed
in the trust account of Levine Garfinkel & Katz, 3441 S. Eastern Ave., Las
Vegas, Nevada 89109 and released upon the closing of the purchase of the Shares
in accordance with an escrow agreement to be entered into between the parties
hereto.

     5. Release by Vestin. Vestin, on behalf of itself, its assigns,
successors, agents, employees, officers, directors, shareholders and other
affiliates, does hereby fully release, acquit, remise and forever discharge
PLI, including its assigns, successors, agents, employees, officers, directors,
shareholders and other affiliates, from any and all claims, demands, suits,
debts, dues, contracts, accounts, agreements, promises, damages, interest,
attorney’s fees, and causes of action of whatever kind or nature, including but
not limited to any disputes arising from the PLI Agreement, the $0.01 Warrants,
the $4.60 Warrants or the Shares. Vestin and its affiliates warrant that they
have no knowledge of any facts or circumstances that could give rise to a cause
of action against Namath or PLI as a result of the services performed by Namath
under the PLI Agreement.

     6. Release by PLI, Namath and Walsh. Namath, Walsh and PLI, on behalf of
itself, its assigns, successors, agents, employees, officers, directors,
shareholders and other affiliates, does hereby fully release, acquit, remise
and forever discharge Vestin, including its assigns, successors, agents,
employees, officers, directors, shareholders and other affiliates, from any and
all claims, demands, suits, debts, dues, contracts, accounts, agreements,
promises, damages,

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interest, attorney’s fees, and causes of action of whatever kind or
nature, including but not limited to any disputes arising from the PLI
Agreement, the $0.01 Warrants, the $4.60 Warrants or the Shares.

     7. Acknowledgement. The Parties voluntarily, and with full knowledge of
its significance, waive and relinquish any and all rights that they have under
Nevada law as well as under the provisions of all comparable, equivalent or
similar statutes and principles of common law or other decisional law of the
United States and of any states of the United States. The Parties acknowledge
that this waiver is an essential and material term of this Agreement, without
which the consideration relating hereto would not have been delivered by either
Party to the other. The Parties understand and acknowledge that a risk exists
that one or more of them incurred or suffered, or may incur or suffer, loss,
damages or injuries as a result of the matters, events, occurrences,
transactions, causes and things which were unknown, unsuspected or
unanticipated at the time this Agreement is executed. The Parties assume this
risk and, notwithstanding this risk, intend by this Agreement to release and
discharge each other of and from all claims that are released pursuant to this
Agreement. Vestin represent and warrant to PLI, Walsh and Namath that, as of
the date this Agreement is executed, Vestin has not assigned, subrogated,
transferred or hypothecated, or purported to assign, subrogate, transfer or
hypothecate, in whole or in part, to any other person or entity, any Claims
which it may have against PLI, Walsh and Namath and PLI, Walsh and Namath
represent and warrant to Vestin that, as of the date this Agreement is
executed, PLI, Namath and/or Walsh have not assigned, subrogated, transferred
or hypothecated, or purported to assign, subrogate, transfer or hypothecate, in
whole or in part, to any other person or entity, any Claims which it may have
against any Vestin. This Agreement is not an admission of liability by any
party, but is intended to resolve all disputes between the parties.

     8. Review of Agreement. By signing this Agreement, each party
acknowledges that it has carefully read it in its entirety, has reviewed the
contents thereof with his respective legal counsel, and voluntarily consents to
the terms and conditions herein.

     9. Confidentiality. Except as required by law, each party hereto agrees
to keep the terms of this Agreement confidential and not to disclose same
unless ordered to by a Court of competent jurisdiction. Notwithstanding the
foregoing, the parties acknowledge that Vestin will be required to file this
Agreement in a Form 8k with the Securities and Exchange Commission.

     10. Entire Agreement. This Agreement is the entire, complete, sole and
only understanding between the parties, and there are no independent,
collateral, different, additional or other understandings, oral or written, or
obligations to be performed, things to be done, or payments to be made.

     11. Counterparts. This Agreement may be executed as one or more
counterparts, and such counterparts shall be deemed an original as to the party
to be charged.

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     12. Drafting of Agreement. The parties hereto agree that neither party
shall be deemed drafter of this Agreement and, in the event this Agreement is
construed by a court of law or equity, such court shall not construe this
Agreement, or any provision hereof, against either party as a drafter of the
Agreement. The parties hereto hereby acknowledge that all parties have
contributed substantially and materially to the preparation of this Agreement.

     13. Governing Law. In the event that it becomes necessary to take any
type of legal action to enforce this Agreement, such legal action shall be
brought in Clark County, Nevada, and shall be interpreted in accordance with
Nevada law.

     14. Attorneys Fees. In the event that there is legal action arising in
any way out of this Agreement, the prevailing party shall be entitled to
recover, and the other party hereby agrees to pay, the prevailing party’s costs
and expenses, including, but not limited to, attorney’s fees.

     15. Severability. If one or more provisions of this Agreement are held to
be unenforceable under applicable law, such provision shall be excluded from
this Agreement and the balance of the Agreement shall be interpreted as if such
provision were so excluded and shall be enforceable in accordance with its
terms.

     16. Construction. The Parties have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties and no presumption or burden of proof
shall arise favoring or disfavoring any Party by virtue of the authorship of
any of the provisions of this Agreement. Any reference to any federal, state,
local, or foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The
word “including” shall mean including without limitation. The Parties intend
that each representation, warranty, and covenant contained herein shall have
independent significance. If any Party has breached any representation,
warranty, or covenant contained herein in any respect, the fact that there
exists another representation, warranty, or covenant relating to the same
subject matter (regardless of the relative levels of specificity) which the
Party has not breached shall not detract from or mitigate the fact that the
Party is in breach of the first representation, warranty, or covenant.

     17. Modification/Waiver. No modification or waiver of any of the terms of
this Agreement shall be valid unless in writing and executed with the same
formality as this Agreement. No waiver of any breach or default hereunder
shall be deemed a waiver of any subsequent breach or default of the same or
similar nature.

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     IN WITNESS WHEREOF, the parties have executed this Agreement on the year
and date first above written.

VESTIN GROUP, INC., a Delaware

corporation

	 	 	 
	By:                                                                             

	 	                                                                                               
	         Its:

	 	     James Walsh
	 
	 	 
	

	 	                                                                                               
	

	 	     Joseph Namath
	 
	 	 
	

	 	PLANNED LICENSING, INC., a Nevada
	

	 	corporation
	 
	 	 
	

	 	By:                                                                                                
	

	 	         Its:

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Exhibit 10.2

	 	 	 
	$1,600,000.00

	 	December 29, 2004

Las Vegas, Nevada

PROMISSORY NOTE

     For Value Received, VESTIN GROUP, INC., a Delaware corporation
(“Borrower”) promises to pay to SHUSTEK INVESTMENTS, INC., a Nevada
corporation, having a place of business at 8379 West Sunset Road, Las Vegas,
Nevada 89113 (“Lender”), or order, the principal amount of One Million Six
Hundred Thousand Dollars ($1,600,000.00) (“Loan”), together with interest from
the date hereof on the unpaid principal balance as hereinafter provided.

     Interest
at a rate of eight percent (8%) per annum (“Interest
Rate”),
shall be payable monthly on the 29th day of each month commencing on January
29, 2005 and continuing on the same day of each successive month thereafter
until December 29, 2005 (the “Maturity Date”). On the Maturity Date, all
interest accrued and unpaid and the outstanding principal balance plus all
other unpaid advancements, charges, costs and fees shall be due and payable in
full. Interest shall be calculated on the basis of a three hundred sixty
(360) day year counting the actual number of days elapsed. In no event shall
the amount of interest payable with respect to the outstanding principal
balance, together with all other charges which are required to be treated as
interest under applicable usury law, exceed the amount of interest allowable by
such laws. Any change in the applicable laws or the maximum rate thereunder
shall be effective as to the determination of the amount of allowable interest
as of the effective date of such change. In the event that any amount is
collected in excess of the applicable allowable rate, the excess amount
collected shall be applied to reduce the principal debt. All payments
hereunder shall be applied first against interest then due and payable and the
balance in reduction of principal.

     Both principal and interest shall be paid by Borrower in lawful money of
the United States of America such that Lender has received immediately
available funds for the credit of Borrower not later than 3:00 p.m. Pacific
Standard Time on the date that such payment is due. Any payment made after
3:00 p.m. Pacific Standard Time shall be deemed received on the next Business
Day. If any payment hereunder becomes due on any day which is not a Business
Day, such payment shall be made on the next succeeding Business Day. The term
“Business Day” means any day on which banks in Las Vegas, Nevada, are not
authorized or required to be closed.

     All payments shall be made to Lender at 8379 W. Sunset Road, Las Vegas,
Nevada 89113 (or such other place as Lender may designate in writing) in
immediately available funds.

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THIS NOTE MAY BE PREPAID, IN WHOLE OR IN PART,
 AT ANY TIME,
WITHOUT PREMIUM OR PENALTY.

     This Note is secured by that certain Stock Pledge Agreement of even date
herewith executed by Borrower in favor of Lender evidencing Borrower’s pledge
of Four Hundred Thousand ($400,000) shares at Borrower’s .0001 par value common
stock.

     In the event Borrower fails to make a payment of principal and/or interest
on the date payment is due, Borrower agrees to pay Lender, liquidated damages
in the form of a late charge in an amount equal to eighteen percent (18%) of
the amount due, in addition to the amount due. Borrower acknowledges that this
late charge is reasonable and is not to be construed as a penalty.

     This Note is subject to acceleration as provided herein.

     The occurrence of any one or more of the following events shall constitute
an Event of Default hereunder:

	a.	 	Borrower shall fail to pay any principal, interest or other
charges hereunder, or in respect of any of its obligations to the
Lender within ten (10) days of when the same shall become due and
payable; or
	 
	b.	 	Borrower shall fail to observe or perform any other covenant
or agreement to be observed or performed by Borrower hereunder upon
the occurrence of any of the foregoing events, the entire balance of
principal and interest then unpaid under this Note, and all other
obligations of Borrower to Lender (however acquired or evidenced)
shall, at the option of Lender, become forthwith due and payable
without presentment, notice, protest or demand of any kind, all of
which are expressly waived by Borrower for the payment of the whole
or any part thereof. Lender’s failure to exercise such option shall
not constitute a waiver of the right to exercise it at any other
time.

     If any attorney is engaged by Lender or if Lender incurs any costs,
expenses or losses because of any Event of Default or to enforce or defend any
provision of this Note, then Borrower shall pay upon demand the reasonable
attorneys’ fees and costs, expenses and losses so incurred by Lender.

     Borrower waives presentment, demand, notice of dishonor, notice of default
or delinquency, notice of acceleration, notice of protest and nonpayment,
notice of costs, expenses or losses and interest thereon, notice of interest on
interest and late charges and diligence in taking any action to collect any
sums owing under this Note or in proceeding

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against any of the rights and
interests in and to properties, if any, securing payment of this Note.

     This Note shall be construed and enforced in accordance with the laws of
the State of Nevada, except to the extent that Lender shall at any time have
greater rights under Federal law; and all persons and entities in any manner
obligated under this Note consent to the jurisdiction of any Federal or State
court within the State of Nevada selected by Lender and also consent to service
of process by any means authorized by Nevada or Federal law.

     Lender may assign, transfer or negotiate its interest in this Note or all
its right, title and interest in and to this Note and its security for the
performance of the Borrower’s obligations, and in such event all the provisions
of this Note shall inure to the benefit of and may be exercised by or on behalf
of the assignee, transferee or successor holder, and no payments of principal
and of interest due and to become due under this Note shall thereafter be
subject to any defense, counterclaim or set-off which the Borrower may have
against the Lender.

     Borrower, to the extent it may lawfully do so, as to any legal action or
proceeding arising out of or based upon this Note, waives trial by jury.

     IN WITNESS WHEREOF, the undersigned has executed this Note as a sealed
instrument as of the day and year first above written.

	 	 	 	 	 
	

	 	 	 	BORROWER:
	

	 	 	 	 
	

	 	 	 	VESTIN GROUP, INC., a Delaware
	

	 	 	 	corporation
	

	 	 	 	 
	

	 	 	 	By:                                                          
	

	 	 	 	         Name: John Alderfer
	

	 	 	 	         Title: Chief Financial Officer

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