Document:

ex103gridnotesquareroot.htm

 

REVOLVING CREDIT GRID NOTE

 

 

$50,000

 

 

November 29, 2010

 

 

San Diego, CA

 

 

On the due date for each advance (as recorded on the grid attached hereto as Schedule A or on any additional pages thereof), the undersigned Squareroot, Inc., (the “Maker”), having an address 4883 Del Mar Ave., San Diego, CA 92103; promises to pay to the order of Andrew I. Widme, (the “Holder”), having an address at 10321 Running Falls, Las Vegas, NV 89178; or such other place as may be designated in writing by the Holder, the principal sum of up to Fifty Thousand Dollars ($50,000), or the aggregate amount of all unpaid revolving credit loans (“Advances”) made to the Maker by the Holder from time to time hereinafter, whichever is less, and to accrue interest (computed on the basis of a year of 360 days) from the date of this Note on the unpaid principal amount of this Note, in like money, at said address, at the interest rate set forth below, payable concurrent with the principal. All principal and accrued interest of this Note shall be due and payable on November 15, 2013 to the Holder.

 

 

1.  INTEREST.  The principal amount of this Note shall bear interest at the rate of six percent (6%) per annum.

 

 

2.  ENDORSEMENT.  All Advances made to the Maker by the Holder under this Note and all payments of principal amounts in respect of such Advances may be endorsed by the Holder on Schedule A attached to this Note, which endorsements shall, in the absence of manifest error, be conclusive as to the outstanding principal amount of all Advances; provided, however, that the failure to make such notation with respect to any Advance or payment shall not limit or otherwise affect the obligations of the Maker under this Note.

 

 

3.  PAYMENT.This Note may be prepaid in whole or in part without the consent of the Holder.

 

 

4.  DEFAULT.If all principal and interest due and owing to the Holder on this Note is not paid within thirty (30) days of demand by the Holder as set forth above, the Maker shall be deemed to be in default, and additional interest shall be deemed to have commenced to accrue from the date hereof at the rate of ten percent (10%) per annum. Upon such default, the Holder shall also be entitled to receive from the Maker all costs of collection of this Note, including without limitation, reasonable attorneys’ fees and disbursements, and costs of suit. All amounts payable pursuant to this Note shall be immediately due and payable, without presentment, demand, protest or notice of any kind, upon the occurrence of any of the following events (each, an “Event of Default”):

 

 

(a)  Failure of the Maker to pay any installment of principal or interest on the date when it is due hereunder.

 

 

1

  

  

  

 

 

 

 

(b) Failure of the Maker to perform or comply with any of the agreements, conditions, covenants, provisions or stipulations contained in this Note.

 

 

(c)  Any assignment for the benefit of creditors made by the Maker.

 

 

(d)  Appointment of a receiver, liquidator or trustee for the Maker; the filing by or against the Maker of any petition for bankruptcy pursuant to the Federal Bankruptcy Code or any similar federal or state statute (and, in the case of any such petition filed against the Maker, such petition is not dismissed within forty-five (45) days); or the institution of any proceeding for the dissolution or liquidation of the Maker.

 

 

1. WAIVER OF DEMAND.  The undersigned hereby waives presentment, demand, notice of dishonor, protest, and all other demands and notices, in connection with the delivery, acceptance, performance, and enforcement of this Note.

 

 

2.  NO ORAL MODIFICATIONS.  This Note can only be changed by an agreement in writing signed by both the Maker and the Holder.

 

 

3. SEVERABILITY.The invalidity or unenforceability of any provision of this Note will not in any manner affect any other provision. If any provision is determined to be invalid or unenforceable, this Note shall be construed as if the invalid or unenforceable provision were omitted.

 

 

4. GOVERNING LAW.  This Note will be governed by the laws of the State of California without regard to conflicts of laws principals.

 

 

5.  BINDING EFFECT.  This Note shall be binding upon the Maker and any successor to the principal business interests of the Maker, whether by merger or otherwise.

 

 

6.  NOTICES.  Any notice, request or other communication pursuant to this Note shall be deemed duly given if hand delivered or mailed by certified or registered mail, in the case of the Holder, to the address specified above, and in the case of the Maker, to the address specified above, or in the case of either party, to such other address as it may have designated as its address for receiving notices hereunder by a notice given to the party hereto in the manner herein provided.

 

 

IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed as of the date first above written.

 

 

Attest:

 

 

Squareroot, Inc.

 

 

By: /S/ Brandon Lane   

 

 

Brandon Lane, President

 

 

 2

  

  

  

 

 

 

 

SCHEDULE A

 

 

TO

 

 

REVOLVING CREDIT GRID NOTE

 

	
Date

	
Amount of Loan

	
Amount of Principal Repaid

	
Unpaid Principal Balance of Revolving Credit Grid Note

	
Name of Person Making Notatn

	
11/29/10

	
$1,700

	  	
$1,700

	
Brandon Lane

	
12/13/10

	
$1,500

	  	
$3,200

	
Brandon Lane

	
12/20/10

	
$100

	  	
$3,300

	
Brandon Lane

	
12/30/10

	
$1,800

	  	
$5,100

	
Brandon Lane

	
1/13/11

	
$1,800

	  	
$6,900

	
Brandon Lane

	
1/26/11

	
$1,800

	  	
$8,700

	
Brandon Lane

	
1/31/11

	
$496

	  	
$9,196

	
Brandon Lane

	
2/14/11

	
$1,200

	  	
$10,396

	
Brandon Lane

	
2/25/11

	
$2,900

	  	
$13,296

	
Brandon Lane

	
3/14/11

	
$2,800

	  	
$16,096

	
Brandon Lane

	
3/29/11

	
$2,500

	  	
$18,596

	
Brandon Lane

	  	  	  	  	  
	  	  	  	  	  

 

 3EX 10.2 DIRECTOR CONTRACT

Exhibit 10.2

DIRECTOR CONTRACT

Between the undersigned

Lasse Andreassen

Small Vokstrupvej 7

3230 Graested

CPR no.: XXXXXX-XXXX

(Hereinafter called the Director)

and 

LiqTech A / S

Gravel Hill 12

2820 Gentofte

CVR no.: 21 50 36 49

(Hereinafter called the Company)

has today signed the following Executive Contract:

1.  RECRUITMENT

1.1 The Director is already employed by the Company as CEO. This employment agreement takes effect in the same month as the company gets a capital increase of minimum $ 1,500,000 minus any costs from external investors and gets listed in the US. This is expected to happen later in August, 2011. If this Employment Agreement is entered into force it will replace the employment contract of 23 December 2004 and its additions of 15 December 2007. If the capital increase does not happened the present contract shall be renegotiation with the company's board.

2. EMPLOYMENT AND RESPONSIBILITIES

2.1. The Director is under subject to statutory rules and the liability to the Board liability to perform the Company's total business. The Director has the daily management of the Company and references in relating hereto to the Company's Chairman.

2.2 The Director shall appoint and dismiss the Company's staff and provides staff with working areas and provide them with working authority.

2.3 The Director is reported as a director to the Danish Commerce and Companies Agency

2.4 The Director will also serve as a director for the companies Cometas  A/S and LiqTech NA.

3. SALARY, BONUS, PENSION AND Wages Regulatory

3.1 Director's annual salary is by accession DKK 1,200,000 per year, paid monthly on the last business day of the month with 1/12.

3.2 The Director shall receive bonus of companies' EBIT, according to company official annual accounts for the first time after approval of the annual accounts 2011 for the following model:

The Director is appointed warrants in the Company by following calculation:

The company's EBIT according to approved financial statements * 0.25 / average share price during the 10 days before the publication of results = number of warrants.

Example. EBIT = $ 2,212,000 * 0.25 = 553.000 / 3 (stock price) = 184,333 warrants. The warrants can be exercised with 1 / 3 immediately, 1 / 3 after 1 year and 1 / 3 after 2 years. The warrants will automatically expire 3 years after grant, if they not are exercised.

3.3 The Company shall pay 10% of monthly salary, see § 3.1 as pension for director. The amount must be paid to a pension fund chosen by the director. The Director may also choose to draw a health insurance, and the Director may ask the company to make payments of the annual premium for the director.

3.4 Director's fees negotiated each year in January, beginning in January 2013.

4. OTHER BENEFITS

4.1 The Company provides a broadband connection available in the Director's residence and pays at the same time all installation and operating costs for this.

4.2 The Company provides a mobile telephone available to the Director and pay phone charges connected thereto.

4.3 The tax consequences for the Director of the private disposal facilities listed below are treated by the Company according to applicable law.

4.4 The Company provides a laptop available to the Director.

5.  DISEASE

5.1 Director's disease is not to count as a breach of this contract and the Director is entitled to full pay during illness.

6. TRAVEL AND ENTERTAINMENT

6.1 Director's travel expenses for travel and representation in the Company's interest will be refunded by the Company after the bill or according to agreement.

7. CONTINUING EDUCATION

7.1The Director is entitled to one, compared to its position, proper training, paid by the Company. The director is planning its own continuing education and shall notify the chairman thereof.

8. HOLIDAY

8.1 Holidays are earned and held in accordance with the rules of the Holidays Act, except that earned 2 1⁄2 days of leave per. month, equivalent to 5 weeks annually.

The special holiday allowance under the Holidays Act is paid by 1.5% and includes with the same percentage in the calculation of holiday pay on resignation. Director is entitled to full pay during leave from the date of accession. The director may not, be taking holiday during the notice period. This is regardless of the director potential disemployment.

8.2 The Director will plan the holiday himself but is obligated to take the Company's best interests into account. The director must notify the chairman of the planned holiday.

8.3 Upon resignation is the Director obligated to a 12.5% ​​holiday allowance. The holiday allowance is paid in cash upon resignation along with the last salary payment.

9. TERMINATION

9.1 This current CEO contract may be terminated by the Company with 36 months notice and by the director with 24 months notice to the end of a month.

Director is entitled to dispose of it in § 4, mobile, PCs, etc. regardless any disemploymenet.

9.2 If the Director within a period of 12 consecutive months has collected salary for a total of 120 days while the Director has been sick (including Sundays and holidays) this contract may be terminated within 1 month notice. Notice shall be given immediately on the expiry of the 120 sick days, and while the Director still is reported sick.

9. 3 On resignation the Director is required to return all materials, including copies as well as effects belonging to the Company, and are in possession of the Director. This also applies to credit cards, keys, etc. The Director can not exercise the lien in any of this material.

9.4 Termination is otherwise subject to the Employers' and Salaried Employees' Act.

10. CONFIDENTIALITY

10.1 The Director has duty of confidentiality regarding everything that he discover in connection with his employment as Director, unless they are facts that within the nature of things must be brought forward  to a third party. This duty of confidentiality is also valid after the Directors resignation.

10.2 Where the Director resigns his position - regardless the reason whatsoever - any substances belonging to the Company, which is in the Directors possession, shall be returned immediately.

11. COPIES OF CONTRACT, VENUE ETC

11.1 Any dispute between the Company and the Director on the occasion of this contract of employment must, if agreement between the parties not can reach by negotiations, be decided by the ordinary courts in Denmark.

11.2 This contract is drawn up into 2 equal sounding signed copies, one of which remains with the Company, while the other handed to the Director.

*****

Signature

Copenhagen, 29 July 2011 

Copenhagen, 29 July 2011

Liqtech A/S

/s/ Lasse Andreassen                       

By: /s/ Michael Sonneland    

Lasse Andreassen 

Michael Sonneland, Director

By: /s/ Soren Degn                

Soren Degn, Chairman

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