Document:

Unassociated Document

    PRIME
      SUN POWER INC.

     

    PROMISSORY
      NOTE

     

    
      	U.S. $52,500.00	 	
              April
                15,
                2008

            

    

     

    	1.  	
            FOR
              VALUE RECEIVED, Prime
              Sun Power Inc.,
              a
              Nevada corporation (the "Borrower"), hereby promises to pay to the
              order
              of Rudana
              Investment Group AG
              ("Lender"),
              at such time, place and in such manner as Lender may specify in writing,
              the principal amount of Fifty-Two
              Thousand Five Hundred US dollars (US
              $52,500.00)
              (the "Principal") pursuant to the terms and conditions specified herein
              (this “Note”). The Borrower shall pay interest on the outstanding
              principal of this Note at the annual rate of 7.5% per annum, calculated
              based on a year of 365 days and actual days elapsed (the
              “Interest”).

          

     

    	2.  	
            The
              Borrower hereby promises to pay to the order of the Lender the Principal
              and all Interest due thereon within thirty calendar (30) days upon
              delivery to the Company of written demand by the Lender (the “Due Date”),
              at such place and in such manner as Lender may specify in writing.
              

          

     

    	3.  	
            Any
              and all fees, costs, expenses and disbursements charged by financial
              institutions with respect to wire transfer or other transmittal charges
              incurred in connection with delivery of the Principal from the Lender
              to
              the Borrower shall be deemed to have been received by the Borrower
              from
              the Lender and all such amounts shall be included in the calculation
              of
              Principal hereunder.

          

     

    	4.  	
            This
              Note shall not be transferable by Borrower and the Borrower may not
              assign, transfer or sell all or a portion of its rights and interests
              to
              and under this Note to any persons and any such purported transfer
              shall
              be void ab initio. The Lender may transfer and assign this Note at
              its
              sole discretion.

          

    

    	5.  	
            The
              failure at any time of the Lender to exercise any of its options or
              any
              other rights hereunder shall not constitute a waiver thereof, nor shall
              it
              be a bar to the exercise of any of its options or rights at a later
              date.
              All rights and remedies of the Lender shall be cumulative and may be
              pursued singly, successively or together, at the option of the Lender.
              The
              acceptance by the Lender of any partial payment shall not constitute
              a
              waiver of any default or of any of the Lender's rights under this Note.
              No
              waiver of any of its rights hereunder, and no modification or amendment
              of
              this Note, shall be deemed to be made by the Lender unless the same
              shall
              be in writing, duly signed on behalf of the Lender; and each such waiver
              shall apply only with respect to the specific instance involved, and
              shall
              in no way impair the rights of the Lender in any other respect at any
              other time.

          

    

    	6.  	
            Any
              term or condition of this Note may be waived at any time by the party
              that
              is entitled to the benefit thereof, but no such waiver shall be effective
              unless set forth in a written instrument duly executed by or on behalf
              of
              the party waiving such term or condition.

          

    

    	7.  	
            The
              Borrower represents and warrants that this Note is the valid and binding
              obligation of the Borrower, fully enforceable in accordance with its
              terms. The execution and delivery by the Borrower of this Note, the
              performance by the Borrower of its obligations hereunder and the
              consummation of the transactions contemplated hereby and thereby does
              not
              and will not: (a) conflict with or result in a violation or breach
              of any
              of the terms, conditions or provisions of the Borrower’s charter
              instruments; (b) conflict with or result in a violation or breach of
              any
              term or provision of any law or order applicable to the Borrower or
              any of
              its assets and properties; or (c) (i) conflict with or result in a
              violation or breach of, or (ii) result in or give to any person any
              rights
              or create any additional or increased liability of the Borrower under
              or
              create or impose any lien upon, the Borrower or any of its assets and
              properties under, any contract or permit to which the Borrower is a
              party
              or by which its assets and properties are bound.
              

          

     

    
      
         

      

      
        Page
          1 of
          4

        
          

        

      

      
         

      

    

     

    
      	Prime
              Sun Power Inc. 	  	
              Promissory
                Note

            

    

    
       

       

    

    	8.  	
            If
              any provision of this Note is held to be illegal, invalid or unenforceable
              under any present or future Law, and if the rights or obligations of
              any
              party hereto under this Note will not be materially and adversely affected
              thereby, (i) such provision will be fully severable; (ii) this Note
              will
              be construed and enforced as if such illegal, invalid or unenforceable
              provision had never comprised a part hereof; (iii) the remaining
              provisions of this Note will remain in full force and effect and will
              not
              be affected by the illegal, invalid or unenforceable provision or by
              its
              severance here from; and (iv) in lieu of such illegal, invalid or
              unenforceable provision, there will be added automatically as a part
              of
              this Note a legal, valid and enforceable provision as similar in terms
              to
              such illegal, invalid or unenforceable provision as may be
              possible.

          

    

    	9.  	
            Any
              notice, authorization, request or demand required or permitted to be
              given
              hereunder shall be in writing and shall be deemed to have been duly
              given
              two days after it is sent by an internationally recognized delivery
              service to the address of record of the Lender or the Borrower,
              respectively. Any party may change its address for such communications
              by
              giving notice thereof to the other parties in conformity with this
              Section.

          

    

    	10.  	
            This
              Note shall be governed by and construed under the laws of the State
              of
              Nevada as applied to agreements entered into and to be performed entirely
              within such State. Each party hereby irrevocably consents to the
              jurisdiction of the courts of any competent jurisdiction over one or
              more
              of the parties. In any such litigation the Borrower waives personal
              service of any summons, complaint or other process and agrees that
              the
              service thereof may be made by certified or registered mail directed
              to
              the registered corporate office of Borrower in the State of its
              incorporation. The Company hereby expressly waives trial by jury in
              any
              litigation in any court with respect to, in connection with, or arising
              out of this Note or the validity, protection, interpretation, collection
              or enforcement hereof and the company hereby waives the right to interpose
              any setoff or non-compulsory counterclaim or cross-claim in connection
              with any such litigation, irrespective of the nature of such setoff,
              counterclaim or cross-claim.

          

    

    	11.  	
            A
              default shall exist on this Note if any of the following occurs and
              is
              continuing: (i) Failure to pay Principal and any accrued Interest on
              the
              Note on or before the Due Date; (ii) Failure by the Borrower to perform
              or
              observe any other covenant or agreement of the Borrower contained in
              this
              Note; (iii) A custodian, receiver, liquidator or trustee of the Borrower,
              or any other person acting under actual or purported force of law takes
              ownership, possession or title to Borrower property; (iv) any of the
              property of the Borrower is sequestered by court order; (v) a petition
              or
              other proceeding, voluntary or otherwise is filed by or against the
              Borrower under any bankruptcy, reorganization, arrangement, insolvency,
              readjustment of indebtedness, dissolution or liquidation law of any
              jurisdiction, whether now or hereafter in effect; or (vi) the Borrower
              makes an assignment for the benefit of its creditors, or generally
              fails
              to pay its obligations as they become due, or consents to the appointment
              of or taking possession by a custodian, receiver, liquidator or trustee
              of
              the Borrower or all or any part of its property. Upon any such default,
              the Borrower shall immediately notify the Lender, and upon notice to
              the
              Borrower, the Lender may declare the Principal of the Note, plus accrued
              Interest, to be immediately due and payable, upon which such Principal
              and
              accrued Interest shall become due and payable immediately. Interest
              upon
              default shall thereafter accrue at the rate of 15% per annum, calculated
              based on a year of 365 days and actual days elapsed from the date of
              such
              default. 

          

     

    
      
         

      

      
        Page
          2 of
          4

        
          

        

      

      
         

      

    

     

    
      
        	Prime
                Sun Power Inc. 	  	
                Promissory
                  Note

              

      

      
         

         

      

    

    	12.  	
            The
              Borrower, any endorser, or guarantor hereof or in the future (individually
              an "Obligor" and collectively "Obligors") and each of them jointly
              and
              severally: (a) waive presentment, demand, protest, notice of demand,
              notice of intent to accelerate, notice of acceleration of maturity,
              notice
              of protest, notice of nonpayment, notice of dishonor, and any other
              notice
              required to be given under the law to any Obligor in connection with
              the
              delivery, acceptance, performance, default or enforcement of this Note,
              any endorsement or guaranty of this Note, any pledge, security, guaranty
              or other documents executed in connection with this Note; (b) consent
              to
              all delays, extensions, renewals or other modifications of this Note,
              or
              waivers of any term hereof or thereof, or release or discharge by the
              Lender of any of Obligors, or release, substitution or exchange of
              any
              security for the payment hereof, or the failure to act on the part
              of the
              Lender or any indulgence shown by the Lender (without notice to or
              further
              assent from any of Obligors), and agree that no such action, failure
              to
              act or failure to exercise any right or remedy by the Lender shall
              in any
              way affect or impair the Obligations (as hereinafter defined) of any
              Obligors or be construed as a waiver by the Lender of, or otherwise
              affect, any of the Lender's rights under this Note, under any endorsement
              or guaranty of this Note; (c) if the Borrower fails to fulfill its
              obligations hereunder when due, agrees to pay, on demand, all costs
              and
              expenses of enforcement of collection of this Note or of any endorsement
              or guaranty hereof and/or the enforcement of the Lender's rights with
              respect to, or the administration, supervision, preservation, protection
              of, or realization upon, any property securing payment hereof, including,
              without limitation, all attorney's fees, costs, expenses and
              disbursements, including, without further limitation, any and all fees
              related to any legal proceeding, suit, mediation arbitration, out of
              court
              payment agreement, trial, appeal, bankruptcy proceedings or any other
              actions of any nature whatsoever required on the part of Lender or
              Lender’s representatives to enforce this Note and the rights hereunder;
              and (d) waive the right to interpose any defense, set-off or
              counterclaim of any nature or description.

          

    

    	13.  	
            The
              Borrower will not, by amendment of its Certificate of Incorporation
              or
              through any reorganization, recapitalization, transfer of assets,
              consolidation, merger, dissolution, issue or sale of securities or
              any
              other voluntary action, avoid or seek to avoid the observance or
              performance of any of the terms to be observed or performed hereunder
              by
              the Borrower, but will at all times in good faith assist in the carrying
              out of all the provisions of this Agreement and in the taking of all
              such
              action as may be necessary or appropriate in order to protect the rights
              of the Lender of this Note against impairment. This Note shall be
              enforceable against all successors and assigns of Borrower. Borrower
              hereby covenants that all of its subsidiaries and affiliates shall
              jointly
              and severally perform this Agreement to the same and full extent on
              behalf
              of Borrower if Borrower is unable to
              perform.

          

     

    
      
         

      

      
        Page
          3 of
          4

        
          

        

      

      
         

      

    

     

    
      
        	Prime
                Sun Power Inc. 	  	
                Promissory
                  Note

              

      

      
         

         

      

    

    	14.  	
            This
              Note and all matters related hereto shall be governed, construed and
              enforced under the laws of the State of New York, without regard to
              conflict of law principles of any jurisdiction to the
              contrary.

          

    

    	15.  	
            This
              Note supersedes all prior discussions and agreements between the parties
              with respect to the subject matter hereof and thereof and contains
              the
              sole and entire agreement between the parties hereto with respect to
              the
              subject matter hereof.

          

    

    	16.  	
            If
              the Lender loses this Note, the Borrower shall issue an identical
              replacement note to the Lender upon the Lender's delivery to the Borrower
              of a customary agreement to indemnify the Borrower reasonably satisfactory
              to the Borrower for any losses resulting from issuance of the replacement
              note.

          

    

    	17.  	
            The
              terms and conditions of this Note shall inure to the benefit of and
              be
              binding upon the respective successors and assigns of the parties.
              Nothing
              in this Note, express or implied, is intended to confer upon any party
              other than the parties hereto or their respective successors and assigns
              any rights, remedies, obligations, or liabilities under or by reason
              of
              this Note, except as expressly provided in this
              Note.

          

    

    IN
      WITNESS WHEREOF, the Borrower has caused this Note to be dated, executed and
      issued on its behalf, by its duly appointed and authorized officer, as of the
      15th
      day of
      April, 2008.

    

    PRIME
      SUN POWER INC. 

     

    
      	 	 	 	 	 
	By:   	/s/ Viktoria Vynnyk	 	 	 
	 	
              
Name:
 Viktoria
              Vynnyk	 	 	
            
	 	Title:  Chief
              Executive Officer	 	 	
            

    

     

    
      
         

      

      
        Page
          4 of
          4Unassociated Document

    PRIME
      SUN POWER INC.

    

    DIRECTOR
      AGREEMENT 

     
      

    DIRECTOR
      AGREEMENT (this “Agreement”), dated as of the date set forth on the signature
      page hereto, by and between Prime Sun Power Inc. (the “Company”), and the
      signatory hereto (“Director”). 

     
      

    WITNESSETH:
      

     
      

    WHEREAS,
      Company believes that it is in its own best interests and in the best interests
      of its stockholders that the directors of the Company performing services on
      the
      Company’s board of directors (the “Board”) serve upon the terms and conditions
      of service memorialized in written agreement; and 

     
      

    WHEREAS,
      Company desires to retain the services of Director in the capacity of director
      and Director desires to provide such services in such capacity, upon the terms
      and subject to the conditions hereinafter set forth; and 

     
      

    WHEREAS,
      the Board has approved the terms and conditions of this Agreement. 

     
      

    NOW,
      THEREFORE, in consideration of the foregoing and of the mutual covenants and
      obligations hereinafter set forth, the parties hereto, intending to be legally
      bound, hereby agree as follows: 

     
      

    1.  Election
      as Director; Appointment. Company agrees to appoint Director as a member of
      the
      Board and agrees to use its best efforts and powers to sustain and continue
      Director’s election as a member of the Board for successive one year terms at
      each annual meeting of stockholders of Company and each special meeting of
      stockholders of Company convened for such purpose, until the subsequent annual
      stockholders meeting, unless this Agreement is terminated sooner pursuant to
      Section 4 hereof (the “Term”). 

     
      

    2.  Duties
      and Extent of Services. 

     
      

    (a)  During
      the Term, Director shall serve as director and, in such capacity, shall provide
      those services required of a director under Company’s articles of incorporation
      and bylaws, as both may be amended from time to time, and under the corporate
      law of the jurisdiction of incorporation of the Company, the federal securities
      laws and other state and federal laws and regulations, as applicable, and shall
      render such services as are customarily associated with and are incident to
      the
      position of director and such other services as Company may, from time to time,
      reasonably require of him consistent with such position.

     
        

    (b)  Director
      shall faithfully, competently and diligently perform to the best of his ability
      all of the duties required of him as director. Without limiting the preceding
      sentence, Company acknowledges that Director has other business commitments,
      including commitments to serve on the board of directors of other companies.
      The
      parties anticipate, on average, Director shall devote approximately six (6)
      hours per month to the Company. 

     
      

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	Prime
                Sun Power Inc. 	  	
                Director
                  Agreement 

              

      

    

    
       

       

    

    3.  Compensation.
      

     
      

    (a)  Initial
      Compensation: As compensation for Director's entering into this Agreement and
      performing his services hereunder Company shall pay a director’s fee as set
      forth on Annex A hereto per month so long as Director is a member of the
      Board.

    

    (b)  Other
      Benefits. During the Term Director shall be entitled to any benefits made
      available to non-executive members of the Board generally. 

     
      

    (c)  Expenses.
      Company agrees to reimburse Director for all reasonable and necessary travel,
      business entertainment, and other out-of-pocket business expenses incurred
      or
      expended by him in connection with the performance of his duties hereunder
      upon
      presentation of proper expense statements or vouchers or such other supporting
      information as Company may reasonably require of Director. 

     
      

    4.  Termination.
      The Company shall have the right to remove Director from, or not reelect
      Director to, the Board. Director shall have the right, exercisable at any time
      during the Term, upon thirty (30) days written notice to Company, to resign
      as a
      member of the Board. In the event that, during the term hereof, Director is
      removed as a director without cause he shall be entitled to two (2) additional
      months director fees, even though he is no longer a member of the Board.

     
      

    5.  Confidentiality.
      The parties acknowledge that in conjunction with the execution of this
      Agreement, they are entering into an Agreement to Protect Confidential
      Information. 

     
      

    6.  Independent
      Contractor. Director is an independent contractor and will not be deemed an
      employee of Company for purposes of employee benefits, income tax withholding,
      FICA taxes, unemployment benefits or otherwise. 

     
        

    7.  Entire
      Agreement. This Agreement is intended by the parties as a final expression
      of
      their agreement with respect to the subject matter hereof and is intended as
      a
      complete and exclusive statement of the terms and conditions thereof and
      supersedes and replaces all prior negotiations and agreements between the
      parties hereto, whether written or oral, with respect to the subject matter
      hereof, provided, however, for purposes of clarity, nothing herein shall
      preclude any other written agreement supplementing the terms and conditions
      hereof entered into and executed after the date hereof. 

    

    8.  Governing
      Law. 

     
      

    (a)  This
      Agreement shall be governed by and construed under the laws of the State of
      New
      York, applicable to contracts to be wholly performed in such State, without
      regard to the conflict of laws principles thereof. 

     
      

    (b)  Any
      action to enforce any of the provisions of this Agreement shall be brought
      in a
      court of the State of New York located in the Borough of Manhattan of the City
      of New York or in a Federal court located within the Southern District of New
      York. The parties consent to the jurisdiction of such courts and to the service
      of process in any manner provided by New York law. Each party irrevocably waives
      trial by jury. Each party irrevocably waives any objection which it may now
      or
      hereafter have to the laying of the venue of any such suit, action or proceeding
      brought in such court and any claim that such suit, action or proceeding brought
      in such court has been brought in an inconvenient forum and agrees that service
      of process in accordance with the foregoing sentences shall be deemed in every
      respect effective and valid personal service of process upon such party.

     
      

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      
        
          	Prime
                  Sun Power Inc. 	  	
                  Director
                    Agreement 

                

        

      

      
         

         

      

    

    9.  Amendment.
      This Agreement may be amended, modified or superseded, and any of the terms
      hereof may be waived, only by a written instrument executed by the parties
      hereto. 

     
      

    10.  Assignability.
      The obligations of Director may not be delegated and Director may not, without
      Company’s written consent thereto, assign, transfer, convoy, pledge, encumber,
      hypothecate or otherwise dispose of this Agreement or any interest herein.
      Any
      such attempted delegation or disposition shall be null and void and without
      effect. Company and Director agree that this Agreement and all of Company’s
      rights and obligations hereunder may be assigned or transferred by Company
      to
      and shall be assumed by and be binding upon any successor to Company. The term
      “successor” means, with respect to Company or any of its subsidiaries, any
      corporation or other business entity which, by merger, consolidation, purchase
      of the assets or otherwise acquires all or a material part of the assets of
      Company. 

     
      

    11.  Severability.
      If any provision of this Agreement or any part thereof is held to be invalid
      or
      unenforceable, the same shall in no way affect any other provision of this
      Agreement or remaining part thereof; which shall be given full effect without
      regard to the invalid or unenforceable part thereof. 

     
        

    12.  Notices.
      All notices, requests, demands and other communications required or permitted
      to
      be given or made under this Agreement, shall be given or made in writing by
      registered or certified mail, return receipt requested, or by overnight carrier
      service or by facsimile transmission and will be deemed to have been given
      or
      made on the date following receipt or attempted delivery, in the case of the
      Director, at the address of record on file with the Company on the date hereof,
      and in the case of the Company, to its registered office in the state of its
      incorporation. Either party may change the address to which notices shall be
      sent by sending written notice of such change of address to the other party.
      Any
      such notice shall be deemed given, if delivered personally, upon receipt; if
      telecopied, when telecopied; if sent by courier service providing for next-day
      delivery, the next business day following deposit with such courier service;
      and
      if sent by certified or registered mail, three days after deposit (postage
      prepaid) with the U.S. mail service. 

     
      

    13.  Representations
      and Warranties; Indemnification. 

     
      

    (a)  The
      Director hereby represents and warrants to Company that his execution, delivery
      and performance of this Agreement and any other agreement to be delivered
      pursuant to this Agreement will not violate, conflict with or result in the
      breach of any of the terms of, or constitute (or with notice or lapse of time
      or
      both, constitute) a default under, any agreement, arrangement or understanding
      with respect to Director’s employment or providing services to which Director is
      a party or by which Director is bound or subject. 

     
        

    (b)  Company
      hereby represents and warrants to Director that (i) it is a corporation duly
      organized, validly existing, and in good standing under the laws of the
      jurisdiction of incorporation, and has all requisite corporate power and
      authority to execute, deliver and perform this Agreement in accordance with
      the
      terms hereof, (ii) all necessary actions to authorize the Company’s execution,
      delivery and performance of this Agreement have been taken, (iii) this Agreement
      has been duly executed and delivered by the Company and constitutes its legal,
      valid, and binding obligation enforceable against it in accordance with the
      terms hereof, and (iv) its execution, delivery and performance of this Agreement
      and any other agreement to be delivered pursuant to this Agreement will not
      violate, conflict with or result in the breach of any of the terms of, or
      constitute (or with notice or lapse of time or both, constitute) a default
      under, any agreement, arrangement or understanding with respect to Director’s
      employment or which otherwise related to Director’s relationship with the
      Company. 

     
      

    (c)  Company
      hereby agrees to indemnify and hold harmless Director, his affiliates (and
      such
      affiliates’ directors, officers, employees, agents and representatives) and
      permitted assigns, to the fullest extent permitted under New York law, from
      and
      against any and all losses, damages, liabilities, obligations, costs or expenses
      which are caused by or arise out of (i) any breach or default in the performance
      by the Company of any covenant or agreement of the Company contained in this
      Agreement, and (ii) any breach of warranty or inaccurate or erroneous
      representation made by the Company herein, and (iii) any and all actions, suits,
      proceedings, claims, demands, judgments, costs and expenses (including
      reasonable legal fees) incident to any of the foregoing. The Company shall
      advance any expenses reasonably incurred by Director in defending an
      indemnifiable action hereunder, with such expenses to be reimbursed by Director
      only in the event that a court of competent jurisdiction enters a binding
      judgment, order or decree that Director acted in bad faith or in a manner he
      reasonably believed not to be in the best interests of the Company.

     
      

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      
        
          	Prime
                  Sun Power Inc. 	  	
                  Director
                    Agreement 

                

        

      

      
         

         

      

    

    14. 
      Paragraph Headings. The paragraph headings contained in this Agreement are
      for
      reference purposes only and shall not affect in any way the meaning or
      interpretation of this Agreement. 

     
      

    15.  Counterparts.
      This Agreement may be executed in one or more counterparts, each of which shall
      be deemed to be an original, but all of which taken together shall constitute
      one and the same instrument. 

    

    [Signature
      Page Follows]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      
        
          	Prime
                  Sun Power Inc. 	  	
                  Director
                    Agreement 

                

        

      

      
         

         

      

    

    IN
      WITNESS WHEREOF, the parties have duly executed this Agreement as of this
      10th
      day of
      May, 2008. 

     

    
      	 	 	 
	 	PRIME SUN POWER INC.
	 
 	 
 	 
 
	
            	By:  	/s/ Barbara Salz
	 	
              
Name:
Barbara
              Salz
	 	Title: Corporate
              Secretary

    

     

    
      	 	 	 
	 	DIRECTOR
	 
 	        
              
    	 
 
	
            	
              /s/
                Augustine Fou

              
                
Print
                Name: Augustine
                Fou

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
       

      
        
          
            	Prime
                    Sun Power Inc. 	 
	
                    Director
                      Agreement 

                  

          

        

        
           

           

          Annex
            A

        

      

    

    

    Appointment
      of Dr. Augustine Fou 

    Board
      of
      Directors of Prime Sun Power Inc.

    

    

    Annual
      Compensation: Twenty-Four Thousand Dollars per year, payable monthly,

    pro-rated
      for any partial period thereof.

     

    
      
         

      

      
        6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]