Document:

ex10-48.htm

Exhibit 10.48

 

Pursuant to Instruction 2 of Item 601(a) of Regulation S-K, the Company has filed only the form of this Promissory Note although the Company has entered into various such Promissory Notes that are substantially identical in all material respects except as to the parties thereto and certain other details. The Schedule that follows the form of Promissory Note identifies Promissory Notes that have not been filed (or incorporated by reference) because they are substantially identical in all material respects to the form of Promissory Note that is being filed, and sets forth the material details in which the omitted Promissory Notes differ from the form of Promissory Note that is being filed.

 

PROMISSORY NOTE

 

$______________[Amount]

Broward County, Florida

______________ [Date]

 

FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the ("Maker") promises to pay to the order of____________, his successors or assigns, (hereinafter referred to as "Payee"), the principal sum of ________________________________ ($______________), together with interest on the principal balance from time to time outstanding, at the rate of _______ percent (__.00%) per annum; principal and interest shall be payable as follows: interest shall be payable monthly and the balance of the principal sum, together with any accrued and unpaid accrued interest, shall be paid no later than ________, 20__.

 

[This Promissory Note is intended to replace and substitute in its entirety the Notes issued to the Payee in the following amounts received on the following dates:_______________]

 

In the event that the Maker defaults in the payment of any payment of the principal sum or interest owing hereunder when and as the same shall become due and payable and such default shall continue for a period of 15 days, then the Payee may declare this Promissory Note to be in default. The Payee must provide written notice to the Maker that the Payee is declaring the Note to be in default. The Maker shall have a cure period of 15 days to resolve the default. If at the end of the cure period the default has not been resolved, then the entire principal sum and all accrued interest shall become due and payable at once without any additional notice and demand at the option of the Payee. While in default, amounts outstanding under this Promissory Note shall bear interest at the rate of ________ percent (___%) per annum. 

 

This Promissory Note may be prepaid in whole or in part at any time without penalty or premium. All payments made shall first be applied to accrued and unpaid interest and then to principal. Any prepayment shall require payment of all accrued interest thereon.

 

In the event of an action to enforce this Promissory Note is commenced in a court of competent jurisdiction or in the event recourse to any court shall be deemed necessary by Payee or Payee deems it necessary to employ legal counsel in order to collect or enforce the terms and provisions hereof for any reason, including but not limited to the filing of a proof(s) of claim or any other proceedings under the Acts of Congress relating to Bankruptcy Proceedings or in any other type of receivership or insolvency proceedings, Payee shall be entitled to reasonable attorney’s fees (through and including any appellate proceedings) and all costs and expenses incurred by Payee in collecting or enforcing payment hereof.

 

 

 

 

 

The Maker and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof, (a) severally waive presentment for payment, demand, notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Promissory Note, (b) expressly consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note or other modifications hereof from time to time prior to or after the day they became due without notice, consent or consideration to any of the foregoing, (c) expressly agree to the addition or release of any party or person primarily or secondarily liable hereon, (d) expressly agree that the Payee shall not be required first to institute any suit, or to exhaust its remedies against the undersigned or any other person or party to become liable hereunder in order to enforce the payment of this Promissory Note, and (e) expressly agree that, notwithstanding the occurrence of any of the foregoing (except the express written release by the Payee of any such person), the Maker shall be and remain, directly and primarily liable for all sums due under this Promissory Note.

 

Notwithstanding any other provisions of this Promissory Note or any other instrument executed in connection with the loan evidenced here by, it is expressly agreed that the amounts payable under this Promissory Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or other charge for the use or loan of money shall not exceed the highest rate allowed by the laws of the State of Florida, from time to time, and in the event the provisions of this Promissory Note or of such other instrument referred to above in this paragraph with respect to the payment of interest or other payments in the nature of or which would be considered as interest or other charge for the use or loan of money shall result in exceeding such limitation, then the excess over such limitation shall not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded. If any payment is actually made which shall result in such limitation being exceeded, the amount of the excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.

 

This Promissory Note shall be construed in accordance with the laws of the State of Florida.

 

MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREUNDER, OR ARISING OUT OF, OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER THE MAKER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE TO EXTEND THE CREDIT EVIDENCED BY THIS NOTE.

 

 

MAKER:

 

OMNICOMM SYSTEMS, INC.

 

 

_________________________

[Name] 

[Title]

 

ACCEPTED BY:

 

 

_________________________

[Name] 

 

 

 

 

 

SCHEDULE OF SUBSTANTIAL IDENTICAL PROMISSORY NOTES

 

Pursuant to Instruction 2 of Item 601(a) of Regulation S-K, the Company has filed only the form of this Promissory Note although the Company has entered into various such Promissory Notes that are substantially identical in all material respects except as to the parties thereto and certain other details. The following schedule identifies Promissory Notes that have not been filed (or incorporated by reference) because they are substantially identical in all material respects to the form of Promissory Note that is being filed, and sets forth the material details in which the omitted Promissory Notes differ from the form of Promissory Note that is being filed.

 

	
Promissory

Note Date
	
 

Name of Payee
	
 

Amount
	
 

Interest
	
Balance

due
	
Amount Outstanding at March 31, 2016 

	
April 4, 2014(1)
	
Noesis International Holdings

2700 North Military Trail, Boca Raton, FL 33431
	
$137,500
	
12%
	
April 1, 2017
	
$137,500

	
April 4, 2014(1)
	
Noesis International Holdings

2700 North Military Trail, Boca Raton, FL 33431
	
$45,000
	
12%
	
April 1, 2017
	
$45,000

	
April 4, 2014(1)
	
Ad Klinkenberg

Achtergracht 29

1017 WN 

Amsterdam

The Netherlands
	
$120,000
	
10%
	
April 1, 2017
	
$120,000

	
December 1, 2014
	
Noesis International Holdings

2700 North Military Trail, Boca Raton, FL 33431
	
$100,000
	
12%
	
April 1, 2017
	
$100,000

	
December 1, 2014(1)
	
Wim Boegem

Singel 83 1012 VE

Amsterdam

The Netherlands
	
$300,000
	
10%
	
April 1, 2017
	
$300,000

	
December 1, 2014
	
Guus van Kesteren

2700 North Military Trail, Boca Raton, FL 33431
	
$90,000
	
12%
	
April 1, 2017
	
$90,000

	
April 1, 2015(1)
	
Randall G. Smith

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$20,000
	
12%
	
April 1, 2018
	
$20,000

	
October 15, 2015(1)
	
Cornelis F. Wit

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$2,860,000
	
12%
	
January 1, 2019
	
Paid November 19, 2015

	
October 15, 2015(1)
	
Cornelis F. Wit

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$1,600,000
	
12%
	
January 1, 2019
	
Paid November 19, 2015

	
October 15, 2015(1)
	
Cornelis F. Wit

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$529,000
	
12%
	
January 1, 2019
	
Paid November 19, 2015

	
October 15, 2015(1)
	
Cornelis F. Wit

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$980,000
	
12%
	
January 1, 2019
	
Paid November 19, 2015

	
October 15, 2015(1)
	
Cornelis F. Wit

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$950,000
	
12%
	
January 1, 2019
	
Paid November 19, 2015

	
February 29, 2016
	
Cornelis F. Wit

2101 West Commercial Blvd, Suite 3500, Ft. Lauderdale, FL 33309
	
$450,000
	
12%
	
April 1, 2019
	$450,000

 

 

	 	
(1)
	
This Promissory Note supersedes and replaces a prior Promissory Note to the payee, extends the maturity date of the prior Promissory Note, and may have reduced or increased the amount of the prior Promissory Note.ex10-52.htm

Exhibit 10.52

 

 

AMENDMENT NO. 2 TO EXECUTIVE EMPLOYMENT AGREEMENT

 

This Amendment No. 2 to the Executive Employment Agreement (“Amendment Agreement”) is entered into as of April 15, 2016 (the “Effective Date”) by and between OmniComm Systems, Inc. (the “Company”) and Cornelis F. Wit (the “Executive”).

 

WHEREAS, the Company and Executive entered into an Employment Agreement dated June 1, 2002 (“Agreement”), which was subsequently amended by Amendment to the Employment Agreement on August 22, 2003 (“Amendment No. 1” and collectively with the Agreement, the “Employment Agreement”), and

 

WHEREAS, the Company and Executive desire to amend the terms of the Employment Agreement as described herein.

 

NOW, THEREFORE, in consideration of the foregoing premises, which are incorporated in this Amendment Agreement as if fully set forth below, and the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

	 	
1.
	
Section 2 of the Employment Agreement is hereby amended as follows (i) deleting the first sentence and replacing said sentence to read as follows: “2. Term and Termination. This Agreement shall commence on January 1, 2016 for a term of one-year and shall automatically renew for successive one-year terms unless terminated by:”, (ii) the separate subsection (a) shall be deleted entirely, and subsections (b), (c) and (d) shall be reordered as (a), (b) and (c), and (iii) deleting the carry-over sentence following the reordered subsections and replacing said sentence to read as follows: “The exercise of the Company’s or the Executive’s right to terminate this Agreement pursuant to clause (b) or (c) hereof, as the case may be, shall not abrogate the rights and remedies of the terminating party in respect of the breach giving rise to such termination.”

 

	 	
2.
	
Section 3(a) of the Employment Agreement is hereby amended by deleting the provisions therein and replacing said provisions to read as follows: “During the term of his employment, the Company shall pay the Executive an annual salary of $315,150. The Executive’s salary may be paid in the form of cash and/or stock, as agreed upon by the parties. This amount may be increased at the discretion of the Board of Directors or to compensate for annual cost of living increases.”

 

	 	
3.
	
Section 3(b) of the Employment Agreement is hereby amended by deleting the sentence and replacing said sentence to read as follows: “During the term of his employment, the Executive shall be entitled to participate in employee benefit plans or programs of the Company, if any, to the extent the Executive is eligible to participate thereunder.” 

 

	 	
4.
	
Section 3 of the Employment Agreement is hereby amended by adding a new subsection as 3(e) to read as follows: “The Company shall also pay the Executive a bonus based upon achieving operating results set forth in a particular calendar year. The Executive shall be entitled to receive a bonus to be agreed upon by the Executive and the Company’s Board of Directors. The Company’s Board of Directors and the Executive shall agree upon the operating results and if the Executive meets the conditions, he shall be paid 30 days after the end of the Company’s calendar year.”

 

	 	
5.
	
Section 11 of the Employment Agreement is hereby amended by deleting the provisions therein and replacing the provisions to read as follows: “Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and personally delivered or sent by nationally recognized overnight delivery service or by registered mail to the Company at its then principle executive offices or to the Executive at his address of record contained in the Company’s personnel records, or as updated by any notification of change of address from the United States Postal Service. 

 

 

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6.
	
Exhibit A of the Employment Agreement is hereby amended by deleting the third paragraph, (describing options to be issued for revenues generated) entirely.

 

	 	
7.
	
Except as expressly provided in this Amendment Agreement, other terms, conditions and provisions of the Employment Agreement shall continue in full force and effect as provided therein. 

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment Agreement as of the date set forth in the first paragraph above.

 

	
 
	
OmniComm Systems, Inc. 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Randall G. Smith
	
 

	
 
	
 
	
Randall G. Smith, Chairman and CTO 
	
 

 

 

	 	Executive	 
	 	 	 
	
 
	
 
	
 
	
 

	 	/s/ Cornelis F. Wit	 
	 	Cornelis F. Wit	 

 

 

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