Document:

ex10_57.htm

Ex. 10.57

September 16, 2009

Mr. Lonnie “Bo” Pilgrim

P. O. Box 93

Pittsburg, Texas 75686

 

Dear Mr. Pilgrim:

 

This letter agreement (the “Agreement”) confirms the agreement between Pilgrim’s Pride Corporation in connection with Pilgrim’s Pride Corporation’s reorganization under title 11 of the United States Code, and you, to engage in a consulting arrangement
for the Term (as defined below).

 

1. Term.

 

The term of your Consulting Services (as defined below) shall commence on the closing date (the “Effective Date”) of the transactions contemplated by the Stock Purchase Agreement between Pilgrim’s Pride Corporation and JBS USA Holdings, Inc., and shall terminate
on the date that is five years from the Effective Date (the “Term”).

 

2. Services.

 

(a) Consulting Services.  During the Term, you shall have either the title “Chairman Emeritus” or “Senior Advisor” and your consulting
services (the “Consulting Services”) shall consist of providing services to the reorganized business of Pilgrim’s Pride Corporation (the “Company”) that are comparable in the aggregate with the services provided by you to the Company prior to the Effective Date, including without limitation advisory services with regard to governmental relations, strategic
and operational matters and other such services as may be requested from time to time by the Board of Directors of the Company.  You shall be required to devote as much time as is reasonably necessary to perform the Consulting Services.

 

(b) Travel in Connection with Services.  During the Term, you shall be expected to travel from time to time in connection with your provision of the
Consulting Services, as mutually agreed by the parties.  The Company shall provide you access to a corporate aircraft which shall be used to transport you to carry out your duties hereunder.

 

(c) Board Service.  You shall be appointed to the Board of Directors of the reorganized Company, and shall be nominated for subsequent terms on the Board of the
Company and its successors during the Term.  Should you become unable to serve, for health reasons or otherwise, the board seat shall be filled by your son, Lonnie Ken Pilgrim. A board seat of the Company shall at all times be filled by you or your son to the extent provided in,

 

 

NYDOCS01/1213218.4

  

  

  

Mr. Lonnie “Bo” Pilgrim

September 16, 2009

Page 

 and in accordance with, the Company’s Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State pursuant to the above-described Stock Purchase Agreement. Compensation for service on the Board will be paid at the same rate as other non-employee Board members.

 

3. Compensation.

 

(a) Fixed Consulting Fee.

 

During the Term, as compensation for the Consulting Services, the Company shall pay you a consulting fee (the “Consulting Fee”) at an annual rate of $1.5 million, payable monthly in arrears, in accordance with the Company’s payroll practices.

 

(b) Benefits.

 

The Company will also provide you and your spouse with medical benefits (or will reimburse you for medical coverage) that are comparable in the aggregate to those medical benefits offered to full-time employees of the Company (the “Medical Benefits”).

 

(c) Expenses.

 

The Company shall reimburse you for reasonable out-of-pocket business expenses incurred by you in connection with your performance of the Consulting Services.  Such expenses shall be reimbursed upon submission of written evidence in accordance with the Company’s business expense reimbursement policies.

 

4. Relationship of the Parties.

 

You acknowledge that you are acting as an “independent contractor,” that you are solely responsible for your actions or inactions, and that nothing in this Agreement shall be construed to create an employment relationship between the Company and you.  You are not authorized to enter into contracts or agreements on behalf
of the Company or to otherwise create obligations of the Company to third parties.  You shall be responsible for and shall maintain adequate records of expenses you shall incur in the course of performing the Consulting Services.  All federal, state and local income and other taxes may be withheld by the Company with respect to all amounts paid or benefits provided to you pursuant to this Agreement, to the extent required by law.

 

5. Amendment and Termination of Agreement.

 

This Agreement cannot be amended or modified without the prior written consent of both parties hereto; provided, however, that in the event of a material breach of this Agreement by either party, the non-breaching
party may terminate this Agreement by written notice.

 

 

NYDOCS01/1213218.4

  

  

  

Mr. Lonnie “Bo” Pilgrim

September 16, 2009

Page 

 

6. Restricted Covenants.

 

(a) Confidentiality.  You shall maintain in confidence and shall not disclose or use, either during or after the Term, any proprietary or confidential information
or know-how belonging to the Company (“Proprietary Information” hereinafter defined), whether or not in written form, except to the extent required to perform duties on behalf of the Company.  For purposes of this Agreement, “Proprietary Information” shall mean any information, not generally known to the relevant trade or industry, which was obtained
from the Company, or which was learned, discovered, developed, conceived, originated or prepared by you in connection with your service to the Company.  Such Proprietary Information includes, without limitation, software, technical and business information relating to the Company’s inventions or products, research and development, production processes, manufacturing and engineering processes, finances, customers, marketing and production and future business plans, information belonging to customers
or suppliers of the Company disclosed incidental to your service to the Company, and any other information which is identified as confidential by the Company, but only so long as the same is not generally known in the relevant trade or industry.

 

(b) Noncompetition.  In consideration of the payments and other consideration provided to you under this Agreement, you agree that during the Term and up to and
including the second anniversary of the expiration of the Term (the “Restricted Period”) you shall not, directly or indirectly, engage, whether as a proprietor, partner, principal, joint venture participant, employer, agent, employee, consultant, officer, director or investor, alone or in association with any other person, firm, corporation or other entity (other than an owner of less than one percent of the capital stock of a publicly
traded entity), in any business or activity that competes with the business conducted by the Company in the geographical area in which it is engaged or will engage during the Restricted Period; provided, however, that nothing herein shall limit your right to own not more than 1% of any of the debt or equity securities of any business organization that is then filing reports with the
Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended.

 

(c) Nonsolicitation.  You agree that during the Restricted Period you shall not in any way, directly or indirectly, whether as a proprietor, partner, principal,
joint venture participant, employer, agent, employee, consultant, officer, director or investor, alone or in association with any other person, firm, corporation or other entity, (i) call upon, solicit, advise or otherwise do, or attempt to do, business with any person or entity who is, or was during the then most recent 24-month period, a client or customer of the Company, or take away or interfere or attempt to take away or to interfere with any customer, trade, business, patronage or affair of the Company
or (ii) solicit, induce to leave, hire (or attempt to hire) or otherwise interfere (or attempt to interfere) with any person or entity who is, or was during the then most recent 24-month period, an employee, officer, consultant, representative or agent of the Company.

 

 

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Mr. Lonnie “Bo” Pilgrim

September 16, 2009

Page 

 

 

7. Miscellaneous.

 

(a) Waiver of Breach; Severability.

 

The waiver by you or the Company of a breach of any provision of this Agreement by the other party hereto shall not operate or be construed as a waiver of any subsequent breach by either party.  If any provision of this Agreement shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions
of this Agreement shall continue to be fully effective.

 

(b) Assignment; Successors.

 

This Agreement is personal to you and shall not be assignable by you.  No right, benefit or interest hereunder shall be assigned, encumbered, charged, pledged, hypothecated or be subject to any setoff or recoupment by you.  This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the
Company.

 

(c) Complete Understanding.

 

This Agreement contains the complete understanding between you and the Company regarding your consulting arrangement, and all other understandings and agreements, whether oral or written, are hereby superseded.

 

(d) Governing Law.

 

This Agreement will be subject to and construed in accordance with the laws of the State of New York.

 

(e) Headings.

 

The headings and captions of the sections of this Agreement are included solely for convenience of reference and shall not control the meaning or interpretations of any provisions of this Agreement.

 

(f) Counterparts.

 

This Agreement shall be executed by the parties hereto in counterparts, each of which shall be deemed an original, but both such counterparts shall together constitute one and the same document.

 

 

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Mr. Lonnie “Bo” Pilgrim

September 16, 2009

Page 

 

If this letter sets forth our agreement on the subject matter hereof, kindly sign and return to the Company the enclosed copy of this letter, which will then constitute our agreement on this subject. 

 

Very truly yours,

 

PILGRIM’S PRIDE CORPORATION

 

By:  /s/ Don Jackson                                                                           

 

        By:  Don Jackson

 

        Title:  Chief Executive Officer

 

READ, AGREED AND ACCEPTED:

 

/s/ Lonnie "Bo" Pilgrim                                                      

Lonnie "Bo" Pilgrim

 

NYDOCS01/1213218.4ex4_1.htm

Exhibit 4.1

THIS NOTE AND THE SHARES OF COMMON STOCK ISSUABLE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR RECEIPT BY THE MAKER OF AN OPINION
OF COUNSEL IN THE FORM, SUBSTANCE AND SCOPE REASONABLY SATISFACTORY TO THE MAKER THAT THIS NOTE AND THE SHARES OF COMMON STOCK ISSUABLE UPON DEFAULT HEREOF MAY BE SOLD, TRANSFERRED,  OR OTHERWISE DISPOSED OF, UNDER AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND SUCH STATE SECURITIES LAWS.

FLINT TELECOM GROUP, INC.

PROMISSORY NOTE

$100,000                                                                                            August
18, 2009

FOR VALUE RECEIVED, Flint Telecom Group, Inc., a Nevada corporation whose principal office is located at 327 Plaza Real, Suite 319, Boca Raton, FL 33432 (the "Company"), promises to pay to the order of Sushil Grover (the
"Payee"), at the office of the Payee at 8375 Jett Ferry Road, Atlanta, GA 30350, or at such other place as Payee may designate in writing, the principal sum of One Hundred Thousand Dollars ($100,000) (the "Principal Amount") on the terms set forth below. No interest shall accrue.

1. Definitions.

Capitalized terms not defined herein shall have the same meaning as set forth in the Investment Agreement.  The following terms shall have the meanings herein specified:

     "Event of Default" means an event specified in Section 3 hereof.

     "Holder" means the Payee, and each endorsee, pledgee, assignee, owner and holder of this Note, as such; and any consent, waiver or agreement in writing by the then Holder with respect to any matter or thing in connection with this Note, whether altering any provision hereof or otherwise, shall bind all subsequent
Holders.  Notwithstanding the foregoing, the Company may treat the registered holder of this Note as the Holder for all purposes.

     "Principal Amount" shall have the meaning set forth in the initial paragraph.

     "Person" means an individual, trust, partnership, firm, association, corporation or other organization or a government or governmental authority.

          Words of one gender include the other gender; the singular includes the plural; and the plural includes the singular, unless the context otherwise requires.

  

  

  

2. Payment of this Note - Principal and Interest.

(a)           Payment after Milestone Deadline.  All principal, and a cash fee of ten thousand dollars ($10,000), shall be due and payable by the close of business thirty (30) days from the date of issuance of the Note.

(b)           Payment on an Event of Default.   If the Note is not repaid within thirty (30) days from the date of the Note, the Holder is entitled to a further cash fee of an additional ten thousand dollars ($10,000) and an additional warrant fee of 10,000 warrants with
similar terms to the warrant package attached to this promissory note.

If an Event of Default occurs and is continuing, then the Holder of this Note will be entitled to a further penalty fee in the amount of ten thousand dollars ($10,000) cash and 10,000 warrants under similar terms for each month that the Default continues.

(c)           Prepayment.   The Company may prepay this Note at any time without penalty.

(d)           Security.  This Note and the amounts due hereunder are secured by the following assets: one million (1,000,000) shares of the Company’s restricted common stock held directly by Flint Telecom, Ltd.
(the “Shares”).  Additionally, Issuer will pledge all of the assets of Prime Carrier, as collateral.

3. Events of Default.

The existence of any of the following conditions shall constitute an Event of Default:

(a)           Commencement of proceedings under any bankruptcy or insolvency law or other law for the reorganization, arrangement, composition or similar relief or aid of debtors or creditors if such proceeding remains undismissed and unstayed for a period of 60 days following notice
to the Company by the Holder.

(b)           If the Company shall dissolve, liquidate or wind up its affairs or sell substantially all of its assets, unless the provisions of Section 4 of this Note are met, in which case there is no Event of Default.

(c)           Nonpayment of Principal and the Fee by the Milestone Deadline.

             4. ­Compliance with Securities Laws.

 

(a)      The Holder agrees and acknowledges that none of these common shares acquired are, and may never be, registered under the Securities Act of 1933 or under any state securities or "blue sky" laws of any state of the United States, and, unless so registered, may not be offered or sold in the United States
or, directly or indirectly, to U.S. Persons (as that term is defined in Regulation S under the Securities Act of 1933), except in accordance with the provisions of Regulation S, pursuant to an effective registration statement under the Securities Act of 1933, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933 and in each case only in accordance with applicable state and federal securities laws.

 

  

  

  

 (b)      The Holder of this Note acknowledges that this Note is being acquired solely for the Holder’s own account and not as a nominee for any other party, and for investment, and that the Holder shall not offer, sell or otherwise dispose of this Note.  This Note and any Note issued in substitution
or replacement there for shall be stamped or imprinted with a legend in substantially the following form:

THIS NOTE AND THE SHARES OF COMMON STOCK ISSUABLE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR RECEIPT BY THE MAKER OF AN OPINION OF COUNSEL IN THE FORM, SUBSTANCE AND SCOPE
REASONABLY SATISFACTORY TO THE MAKER THAT THIS NOTE AND THE SHARES OF COMMON STOCK ISSUABLE UPON DEFAULT HEREOF MAY BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE DISPOSED OF, UNDER AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND SUCH STATE SECURITIES LAWS.

THE SECURITIES MAY ONLY BE SOLD OR OTHERWISE DISPOSED OF AS FOLLOWS: THE MAXIMUM AMOUNT OF SHARES SOLD OR OTHERWISE DISPOSED OF PER DAY MAY NOT EXCEED THE DAILY AVERAGE TRADING VOLUME OF THE ISSUER’S COMMON STOCK IN THE PRIOR MONTH. THIS RESTRICTION IS INDEPENDENT OF AND IN ADDITION TO THE OTHER RESTRICTIONS ON TRANSFER NOTED HEREON.

5. Transfer.  Transfer of this Note shall be subject to prior delivery by the proposed transferee to the Company of an opinion of counsel that such transfer is in compliance with all federal and all other applicable laws. In
order to transfer this Note, the Holder, or its duly authorized attorney, shall surrender this Note at the office of the Company pursuant to Section 10 herein, accompanied by an assignment duly executed by the Holder hereof.

6. Loss or Mutilation of Note.  Upon receipt by the Company of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, together with an indemnity reasonably satisfactory to the Company,
in the case of loss, theft, or destruction, or the surrender and cancellation of this Note, in the case of mutilation, the Company shall execute and deliver to the Holder a new Note of like tenor and denomination as this Note.

7. Holder not Shareholder.  This Note does not confer upon the Holder any right to vote or to consent or to receive notice as a shareholder of the Company or of China Voice Holding Corp., as such, in respect of any matters
whatsoever, or any other rights or liabilities as a shareholder, prior to the default hereof.

8. Waivers.  The failure of Holder to enforce at any time any of the provisions of this Note shall not, absent an express written waiver signed by Holder specifying the provision being waived, be construed to be a waiver of
any such provision, nor in any way to affect the validity of this Note or any part hereof or the right of Holder thereafter to enforce each and every such provision. No waiver of any breach of this Note shall be held to be a waiver of any other or subsequent breach. The Company waives presentment, demand, notice of dishonor, protest and notice of nonpayment and protest.

9. Taxes.  The Company agrees that it will pay, when due and payable, any and all stamp, original issue or similar taxes which may be payable in respect of the issue of this

  

  

  

Note.  The Company shall not be required to pay any stamp, original issue or similar tax which may be payable in respect of any transfer involved in the transfer and delivery of this Note to a person other than of the Payee.

10. Notices. All notices or other communications to a party required or permitted hereunder shall be in writing and shall be delivered personally or by facsimile (receipt confirmed electronically) to such party (or, in the case of an
entity, to an executive officer of such party) or shall be sent by a reputable express delivery service or by certified mail, postage prepaid with return receipt requested, addressed as follows:

if to Payee to:

Sushil Grover

8375 Jett Ferry Road

Atlanta, GA 30350

if to the Company to:

Vincent Browne

Flint Telecom Group, Inc.

327 Plaza Real, Suite 319

Boca Raton, FL 33432

     Any party may change the above specified recipient and/or mailing address by notice to all other parties given in the manner herein prescribed. All notices shall be deemed given on the day when actually delivered as provided above (if delivered personally or by facsimile, provided that any such facsimile is
received during regular business hours at the recipient's location) or on the day shown on the return receipt (if delivered by mail or delivery service).

11. Headings. The titles and headings to the Sections herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Note. This Note shall be construed
without regard to any presumption or other rule requiring construction hereof against the party causing this Note to be drafted.

12. Applicable Law and Jurisdiction. The legality, validity, enforceability and interpretation of this Note and the relationship of the parties hereunder shall be governed by the laws of the State of Georgia, without giving effect to
the principles of conflict of laws, except with respect to matters of law concerning the internal corporate affairs of any corporate entity which is a party to or the subject of this Agreement, and as to those matters the law of the jurisdiction under which the respective entity derives its powers shall govern.  Any claim, cause of action, suit or demand allegedly arising out of or related to this Note, or the relationship of the parties, shall be brought exclusively in the state or federal courts in
a jurisdiction as mutually agreed upon by the parties at the time, and the parties irrevocably consent to the exclusive jurisdiction and venue of such courts and waive any objections they may have at any time to such exclusive jurisdiction and venue.

13. Survival Of Representations And Warranties; Attorneys Fee. This Note shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. If this Note is not paid when due or if the Company breaches any provisions of this Note,  in
addition to all other amounts due herein, the Company promises to pay all costs of collection and all reasonable attorney fees and court costs incurred by Holder.

  

  

  

14.  Assignment.  This Note may not be assigned by either party hereto without the prior written consent of the other (except that the Company may without the prior written consent of the Holder assign this Note in the event of a merger, acquisition, reorganization
or the sale of all or substantially all of its assets to another corporation to the surviving entity of such merger, acquisition, reorganization or sale).

IN WITNESS WHEREOF, Flint Telecom Group, Inc. has caused this Promissory Note to be signed in its name by the signature of its duly authorized representative.

Flint Telecom Group, Inc.

/s/ Stephen Keaveney

By: Stephen Keaveney

Its: Chief Financial Officer

Date:  August 18, 2009

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