Document:

ex10-1.htm

EXHIBIT 10.1

 

Management Agreement

This Agreement is made and effective this first day of January 2011, between Texas Vanguard Oil Company, and Robert Watson, Inc., and shall continue until one year, unless sooner renewed or terminated.

Witnesseth

WHEREAS, Robert Watson, Inc. is an affiliate and major shareholder of Texas Vanguard Oil Company; and

 

WHEREAS, Texas Vanguard Oil Company (“TVOC”) desires to obtain certain services from Robert Watson, Inc. and Robert Watson, Inc. is willing to make such services available to TVO;

 

NOW THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties agree as follows:

1.  Commencing on the date of this agreement and until this agreement is terminated pursuant to Section 3 hereof, Robert Watson, Inc. will provide or otherwise make available to TVOC general corporate management and will charge TVOC, thereafter the sum of $21,500.00 per month payable on the first day of each month.  It is understood that the services rendered by Robert Watson, Inc. under the Agreement shall be advisory and consultative in nature.  The monthly service fee represents indirect charges and all other charges directly attributed to TVOC shall be deemed direct charges and are payable by TVOC in addition to the monthly service fee.

2.  In performing these services, the officers, employees, agents and assignees of Robert Watson, Inc., act solely in the capacity of independent contractors, but agree to be bound by TVOC’s statement of policy and conflict of interests.

3.  Either party, (TVOC or Robert Watson, Inc.) has the right to terminate this Agreement at any time upon not less than thirty (30) days prior written notice.

4.  Until this Agreement is terminated pursuant to Section 3 hereof, the $21,500.00 monthly charge provided for in Section 1 hereof will be subject to review at any time and from time to time upon the written request of either party to the other, and upon such request, appropriate and reasonable adjustments in such monthly charge will be made and in the light of all relevant factors then existing in order to cover the services reasonably expected to be rendered thereafter.

5.  Nothing contained herein shall be construed to relieve the directors and officers of TVOC from the performance of their respective duties or to limit the exercise of their powers in accordance with the certificate of incorporation or by-laws of TVOC, any applicable provisions of Texas or Federal law, or otherwise.

6.  This Agreement shall not be assignable except with the prior written consent of each of the parties hereto, provided, however, that such consent shall not be required with respect to any transfer or assignment to any corporation succeeding TVOC by merger, consolidation or acquisition of all or substantially all the assets of TVOC.

  

  

  

 

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

By: /s/  William G. Watson

William G. Watson

President

Texas Vanguard Oil Company

ATTEST:

/s/ Teresa Nuckols

Teresa Nuckols

Secretary

By:  /s/ Linda R. Watson

Linda R. Watson

President, Robert Watson, Inc.

ATTEST:

/s/ Mark Ekrut

Mark Ekrut

Secretaryex4-13.htm

EXHIBIT 4.13

 

PROMISSORY NOTE

 

$1,095,392                                                                                                                                                                                                                                                                                         October 1, 2011

 

FOR  VALUE  RECEIVED,  the  undersigned, ADI  SOFTWARE, LLC, a  Delaware limited liability company (the "Maker"), hereby promises to pay to the order of ADI TIME, LLC, a Rhode Island limited liability company or its assigns (the "Payee"), the principal sum of $1,095,392 or such other amount as provided hereunder, together with interest on the unpaid principal balance at an annual rate equal to 0.16%, under the terms set forth herein.

 

This Note has been executed and delivered pursuant to the Asset Purchase Agreement dated as of October 1, 2011 by and among Asure Software, Inc., a Delaware corporation ("Parent"), the Maker and the Payee (the "Purchase Agreement"). The principal amount of this Note shall be adjusted in accordance with Section 1.3(c) and Section 1.3(d) of the Purchase Agreement.

1.          Payment.  Except as otherwise provided in Section 5 and Section 6 hereunder, the principal amount of this Note shall be due and payable as follows: $150,000 on October 1, 2013 and $850,000 on October 1, 2014 (the "Maturity Date").  Interest on the unpaid principal balance shall be due and payable on the Maturity Date.

 

2.         Optional  Prepayments.  The Maker may prepay this Note, in whole or in part, without penalty or premium, at any time and from time to time. Prepayments shall be applied first to accrued but unpaid interest and then to principal.

3.         Guaranty. The full and timely payment of this Note is guaranteed by the Parent pursuant to a guaranty effective as of this date (the "Guaranty").

 

4.         Default.  The occurrence of any one or more of the following events shall constitute an event of default, upon which the Payee may, at its option, by written notice to the Maker, declare the entire principal amount of this Note, together with all accrued but unpaid interest, to be immediately due and payable:

(a)       The Maker fails to make any required payment of principal or interest on the Note when due, and such failure shall continue for ten (10) days after written notice from the Payee to the Maker; provided, however, the failure to pay will not constitute an event of default to the extent specifically set forth in Section 5.4 ofthe  Purchase Agreement.

(b)       The Maker breaches any covenant contained in the Purchase Agreement and any such breach, to the extent it is susceptible to cure, is not cured by the Maker within thi1iy (30) days after written notice thereof shall have been given to the Maker by the Payee.

(c)       Parent shall be in default of any term or provision of the Guaranty and such default is not cured within thirty (30) days after written notice from the Payee to Parent.

 

  

  

  

 

(d)       The  Maker  or  Parent  seeks  relief  under  any  bankruptcy,  reorganization  or insolvency law or any other laws for the relief of debtors or makes any assignment for the benefit of creditors, or suffers an involuntary  petition in bankruptcy or receivership  not vacated within thirty (30) days.

 

(e)           There shall be a sale of all or substantially all ofthe assets ofthe Maker, or the

 

sale of more than 50% of the Maker's total voting power, to any person, firm or corporation not a shareholder on the date hereof, or a merger, consolidation, reorganization of the Maker (excluding any recapitalization or reclassification of the capital stock of the Maker) other than any such merger, consolidation, reorganization in which the owners of the Maker immediately prior to such merger, consolidation, reorganization continue to hold at least a majority of the voting power of the surviving entity immediately after such merger, consolidation, reorganization, or dissolution ofthe Maker.

 

5.         Right of Setoff.  The Maker has a right to withhold and set-off at any time against up to $1,000,000  of principal due by the Maker under this Note the amount of any and all claims for indemnification to which Purchaser, Parent, and their respective officers, directors, affiliates, employees, agents, advisors and representatives may be entitled under the Purchase Agreement.

 

6.         Refinancing.   If, at anytime prior to October 1, 2013, the Maker shall refinance its debt owed to JPMorgan Chase Bank in the principal amount of $500,000, the Maker shall accelerate the payment of up to $95,392 of principal. The amount of principal paid shall be equal to the cost of the Unique Components (as defined in the Purchase Agreement) purchased by Maker as of the date of the refinancing. The remainder of the principal shall remain due and owing until the applicable payment date under this Note.

 

7.         Waivers.  The Maker hereby waives presentment for payment, notice of dishonor, protest and notice of payment and all other notices of any kind in connection with the enforcement of this Note.

 

8.         Applicable Law.  THE VALIDITY, CONSTRUCTION  AND ENFORCEABILITY  OF THE  NOTE  SHALL  BE  GOVERNED  BY THE  INTERNAL  LAWS  OF  THE  STATE  OF RHODE ISLAND, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF.  Each of the Maker and the Payee agree that the state and federal courts located in Providence,  Rhode Island shall have exclusive jurisdiction  over any dispute arising out of this Note, and consent to the jurisdiction of each such court in any such dispute.

 

9.         Costs of Collection.   If this Note is not paid when due, the Maker shall pay the Payee's reasonable costs of collection, including reasonable attorney's fees.

 

10.       Records.  The Maker shall maintain records as to the outstanding principal sum of this Note.  All  entries  made  on  such  records  shall  be  presumed  to  be  correct  until  the  Payee establishes the contrary.

 

[Remainder of page intentionally left blank. Signature page follows]

  

  

  

 

IN WITNESS WHEREOF,  the Maker has executed this Note effective as of the date first stated above.

 

ADI SOFTWARE, LLC

 

	
  

	
By

	
_ Name:

Title:ex4-14.htm

EXHIBIT 4.14

________, 2011

Asure Software, Inc.

110 Wild Basin Rd.

Suite 100

Austin, Texas 78746

RE:           Option Grant dated September 25, 2009

To the Board of Directors:

 

I hereby acknowledge that pursuant to a Notice of Grant (the “Grant”) dated September 25, 2009, Asure Software, Inc. (f/k/a Forgent Networks, Inc.) (the “Company”) granted me an option to purchase 800,000 shares of the Company’s common stock.  Pursuant to a subsequent reverse stock split, this number was reduced to 80,000 shares of Common Stock (the “Shares”).  As of the date hereof, 35,000 of these Shares have vested pursuant to the terms of the Grant, and 45,000 remain unvested (the “Unvested Shares”).  In consideration of the receipt of a new option from the Company and entering into a revised Employment Agreement with the Company, I hereby irrevocably forfeit the remaining Unvested Shares pursuant to the Grant.  I agree and acknowledge that as a result of this forfeiture: (i) I have no further right to obtain the Unvested Shares; (ii) such remaining Unvested Shares shall not vest regardless of my service to the Company; and (iii) 45,000 Shares be returned to the Company’s 2009 Equity Plan for further grant.

 

Sincerely,

 

 

Pat Goepel

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