Document:

EX-10.48

EXHIBIT 10.48

AMDL, Inc.

2008-2009 PERFORMANCE AND EQUITY INCENTIVE PLAN

1. Purpose.

The purpose of the AMDL, Inc. 2008-2009 Performance and Equity Incentive Plan (the “Plan”) is to
strengthen AMDL, Inc., a Delaware corporation (the “Company”), by providing to employees including
executive officers providing services on behalf of the Company or any of its Subsidiaries) added
incentive for high levels of performance and unusual efforts to increase the earnings of the
Company. The Plan seeks to accomplish this purpose by enabling specified persons to earn awards of
shares of the Company’s common stock, $.001 par value, thereby increasing their proprietary
interest in the Company’s success and encouraging them to remain in the employ or service of the
Company.

2. Definitions.

“Affiliate” means any Parent or Subsidiary of the Company, whether now or hereafter existing.

“Benefit” means any benefit granted to a Participant under the Plan.

“Board” means the Board of Directors of the Company.

“Change in Control” means (i) the consummation of a merger or consolidation of the Company
with or into another entity or any other corporate reorganization, if more than 50% of the combined
voting power of the continuing or surviving entity’s securities outstanding immediately after such
merger, consolidation or other reorganization is owned by persons who were not shareholders of the
Company immediately prior to such merger, consolidation or other reorganization; or (ii) the sale,
transfer or other disposition of all or substantially all of the Company’s assets. A transaction
shall not constitute a Change in Control if its sole purpose is to change the jurisdiction of the
Company’s incorporation or to create a holding company that will be owned in substantially the same
proportions by the persons who held the Company’s securities immediately before such transaction.

“Code” means the Internal Revenue Code of 1986, as amended and the regulations thereunder.

“Committee” means the Compensation Committee of the Board, which shall administer the Plan and
consist of a majority of independent Directors.

“Continuous Service” means, with respect to Employees, service with the Company or an
Affiliate that is not interrupted or terminated. The Board or the chief executive officer of the
Company, in that party’s sole discretion, may determine whether Continuous Service shall be
considered interrupted in the case of any leave of absence approved by that party, including sick
leave, military leave or any other personal leave.

“Director” means a member of the Board.

“Effective Date” means the date that the Plan is approved by the stockholders of the
Company which must occur within one year after approval by the Board. Any grants of Benefits prior
to the approval by the stockholders of the Company shall be void if such approval is not obtained.

“Exchange Act” means the Securities Exchange Act of 1934, as amended

“Fair Market Value” means, as of any date, the value of the Ordinary Shares determined as
follows: The fair market value per share of the Ordinary Shares as determined by the Committee in
good faith. The Committee is authorized to make its determination as to the fair market value per
share of the Ordinary Shares on the following basis: (i) if the Ordinary Shares are traded only
otherwise than on a securities exchange and are not quoted on the National Association of
Securities Dealers’ Automated Quotation System (“NASDAQ”), but are quoted on the bulletin board or
in the “pink sheets” published by the National Daily Quotation Bureau, the greater of (a) the
average of the mean between the average daily bid and average daily asked prices of the Ordinary
Shares during the thirty (30) day period preceding the date of grant of an Option, as quoted on the
bulletin board or in the “pink sheets” published by the National Daily Quotation Bureau, or (b) the
mean between the average daily bid and average daily asked prices of the Ordinary Shares on the
date of grant, as published on the bulletin board or in such “pink sheets;” (ii) if the Ordinary
Shares are traded on a securities exchange (e.g. AMEX) or on the NASDAQ, the greater of (a) the
average of the daily closing prices of the Ordinary Shares during the ten (10) trading days
preceding the date of grant of an Option, or (b) the closing price of the Ordinary Shares on the
last trading day preceding the date of grant of an Option; or (iii) if the Ordinary Shares are
traded only otherwise than as described in (i) or (ii) above, or if the Ordinary Shares are not
publicly traded, the value determined by the Committee in good faith based upon the fair market
value as determined by completely independent and well qualified experts.

“Officer” means a person who is an officer of the Company within the meaning of Section 16 of
the Exchange Act and the rules and regulations promulgated thereunder.

“Ordinary Shares” means the shares of common stock, $.001 par value, of the Company.

“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code.

“Participant” means an Employee who is granted a benefit under the Plan. Benefits may only be
granted to Employees.

“Plan” means the 2008-2009 Performance and Equity Incentive Plan, as amended from time to
time.

“Performance Stock Award” shall mean a grant of Ordinary Shares pursuant to Section 6 of the
Plan.

“Securities Act” means the Securities Act of 1933, as amended.

“Stock Award” means the grant of a Performance Stock Award or other Benefit in the form of
Ordinary Shares under the Plan.

“Stock Award Agreement” means a written agreement between the Company and a holder of a Stock
Award evidencing the terms and conditions of an individual Stock Award grant. Each Stock Award
Agreement shall be subject to the terms and conditions of the Plan.

“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined
in Section 424(f) of the Code, in addition to a subsidiary corporation as defined in clause (1),
(A) a limited liability company, partnership or other entity in which the Company controls fifty
percent (50%) or more of the voting power or equity interests, or (B) an entity with respect to
which the Company possesses the power, directly or indirectly, to direct or cause the direction of
the management and policies, whether through the Company’s ownership of voting securities, by
contract or otherwise.

“Ten Percent Shareholder” means a person who owns (or is deemed to own pursuant to
Section 424(d) of the Code) stock comprising more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or of any of its Affiliates.

3. Administration.

(a) Administration by the Committee. This Plan shall be administered by the Committee. Any
action of the Committee with respect to administration of the Plan shall be taken pursuant to (i) a
majority vote at a meeting of the Committee (to be documented by minutes), or (ii) the unanimous
written consent of its members.

(b) Powers of the Committee. Subject to the express provisions of this Plan, the Committee
shall have the authority to: (i) construe and interpret the Plan, decide all questions and settle
all controversies and disputes which may arise in connection with the Plan and to define the terms
used therein; (ii) prescribe, amend and rescind rules and regulations relating to administration of
the Plan; (iii) determine the terms and provisions of the respective Benefits and any agreements
related thereto (which need not be identical); (iv) determine the duration and purposes of leaves
of absence which may be granted to Participants without constituting a termination of their
employment for purposes of the Plan; and (v) make all other determinations necessary or advisable
to the administration of the Plan. Determinations of the Committee on matters referred to in this
Section 3 shall be conclusive and binding on all parties howsoever concerned. No member of the
Committee shall be liable for any action or determination made in good faith with respect to the
Plan or any Benefit.

(c) Effect of the Committee’s Decision. All determinations, interpretations and constructions
regarding the Plan or any Benefit made by the Committee in good faith shall not be subject to
review by any person and shall be final, binding and conclusive on all persons.

4. Shares Subject to the Plan.

(a) Share Reserve. Subject to the provisions of Section 13 relating to adjustments upon
changes in Ordinary Shares, the number of Ordinary Shares that may be issued under the Plan shall
not exceed 1,000,000 in the aggregate.

(b) Reversion of Shares and Availability of Shares to the Share Reserve. If any Performance
Stock Award granted under the Plan shall for any reason expire or otherwise terminate, in whole or
in part, without having been exercised in full, or if any Ordinary Shares issued to a Participant
pursuant to a Performance Stock Award granted under the Plan or under any other equity incentive
plan of the Company are forfeited back to or repurchased by the Company, including, but not limited
to, any repurchase or forfeiture caused by the failure to meet a contingency or condition required
for the vesting or exercise of such shares, then the Ordinary Shares not acquired under such
Performance Stock Award shall become available for issuance under the Plan, subject to the
limitation in Section 4(a).

(c) Source of Shares. The Ordinary Shares subject to the Plan may be unissued shares or
reacquired shares, bought on the market or otherwise.

(d) Restricted Shares. The Ordinary shares issued under the Plan shall be “Restricted
Securities” under the Securities Act. The Committee may grant Benefits in Shares as Ordinary
Shares with such terms and conditions as may be determined in the sole discretion of the Committee,
Shares of Restricted Stock shall be issued and delivered at the time of the grant or as otherwise
determined by the Committee, but shall be subject to forfeiture until provided otherwise in the
applicable Stock Award Agreement or the Plan. Each certificate representing Shares of Restricted
Stock shall bear a legend referring to the Plan and the risk of forfeiture of the Shares and
stating that such Shares are nontransferable until all restrictions have been satisfied and the
legend has been removed. At the discretion of the Committee or the Board, the grantee may or may
not be entitled to full voting and dividend rights with respect to all shares of Restricted Stock
from the date of grant. The Committee may (but is not obligated to) require that any dividends on
such shares shall be automatically deferred and reinvested in additional Restricted Stock subject
to the same restrictions as the underlying Benefit.

5. Eligibility.

(a) Generally. The Participants and the Benefits they receive under the Plan shall be
determined by the Committee in its sole discretion. In making its determination, the Committee
shall consider past, present and expedited future contributions of Participants. Members of the
Committee are ineligible to participate in the Plan.

(b) Foreign Participants. Notwithstanding any provision of the Plan to the contrary, in order
to comply with the laws in other countries in which the Company and its subsidiaries operate or
have Employees, the Committee, in its sole discretion, shall have the power and authority to:
(i) determine which subsidiaries shall be covered by the Plan; (ii) determine which Employees and
Officers outside the United States are eligible to participate in the Plan; (iii) modify the terms
and conditions of any Stock Performance Award granted to Employees outside the United States to
comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and
other terms and procedures, to the extent such actions may be necessary or advisable (any such
subplans and/or modifications shall be attached to this Plan or subplan as appendices); provided,
however, that no such subplans and/or modifications shall increase the number of Ordinary Shares
reserved for issuance under the Plan as set forth in Section 4 of the Plan; and (v) take any
action, before or after a Performance Stock Award is granted, that it deems advisable to obtain
approval or comply with any applicable foreign laws.

(c) If the terms of any Stock Award Agreement delivered to a Participant conflict with the
terms of this Plan, the terms of such Stock Award Agreement will control.

6. Performance Stock Awards.

(a) Designation. Performance Stock Awards may be granted under the Plan either before or
after the Effective Date. Performance Stock Awards represent the Participants’ right to represent
the Participant’s right to receive Ordinary Shares in accordance with the terms of a grant.
Performance Stock Awards may include a dividend equivalent right. After the Committee determines
that it will offer Performance Stock Awards, it will advise the Participant in writing or
electronically, by means of a Stock Award Agreement, of the terms, conditions and restrictions,
including vesting, if any, related to the offer, including the number of Ordinary Shares that the
Participant shall be entitled to receive or purchase, the price to be paid, if any, and, if
applicable, the time within which the Participant must accept the offer. The offer shall be
accepted by execution of a Stock Award Agreement or as otherwise directed by the Committee. The
term of each award of Performance Stock Awards shall be at the discretion of the Committee.

(b) Restrictions. The Committee may impose such conditions or restrictions on the Performance
Stock Awards granted pursuant to the Plan as it may determine advisable, including the achievement
of specific performance goals, time based restrictions on vesting, or others. If the Committee or
the Board has established performance goals, the Committee shall determine whether a Participant
has satisfied the performance goals.

(c) Performance Criteria. Performance Stock Awards granted pursuant to the Plan that are
intended to qualify as “performance based compensation” under Section 162(m) of the Code shall be
subject to the attainment of performance goals relating to the Performance Criteria selected by the
Committee or the Board and specified at the time such Performance Stock Awards is granted. For
purposes of this Plan, “Performance Criteria” means any one criterion or multiple criteria for
measuring performance selected by the Committee in its sole discretion, the measurement of which
may be based upon Company, Subsidiary or business unit performance, or the individual performance
of the Participant, either absolute or by relative comparison to other companies, other
Participants or any other external measure of the selected criteria. Performance Criteria may
include, without limitation, one or more of the following (as selected by the Committee): (1) cash
flow; (2) earnings per share; (3) earnings before interest, taxes, and amortization; (4) return on
equity; (5) total shareholder return; (6) share price performance; (7) return on capital;
(8) return on assets or net assets; (9) revenue; (10) revenue growth; (11) earnings growth;
(12) operating income; (13) operating profit; (14) profit margin; (15) return on operating revenue;
(16) return on invested capital; (17) operating efficiency; or (18) productivity.

(d) Non-Transferability. Performance Stock Awards shall not be transferable by the
Participant.

(e) Vesting. Unless the Committee determines otherwise, the Stock Award Agreement shall
provide for the forfeiture of the non-vested Ordinary Shares underlying Performance Stock Awards
upon termination of a Participant’s Continuous Service. To the extent that the Participant
purchased the Ordinary Shares granted under any such Performance Stock Awards award and any such
Ordinary Shares remain non-vested at the time of termination of a Participant’s Continuous Service,
the termination of Participant’s Continuous Service shall cause an immediate sale of such
non-vested Ordinary Shares to the Company at the original price per share of Ordinary Shares paid
by the Participant.

(f) Limitations. In no event shall a Participant receive Stock Awards during any one (1)
calendar year covering in the aggregate more than 300,000 Ordinary Shares.

(g) Other Stock Awards. The Committee shall have the right to grant other Stock Awards which
may include, without limitation, the grant of Shares based on certain conditions, the market
performance of the Common Stock and the grant of securities convertible into Shares.

7. Change in Control. Upon a Change in Control, Stock Awards outstanding under the Plan
may be subject to the following:

(a) Assumption by Surviving Corporation. If a Change in Control of the Company occurs, then,
to the extent permitted by applicable law, any surviving corporation may assume all Stock Awards
outstanding under the Plan, or may substitute similar stock awards in lieu of such Stock Awards.

(b) Acceleration of Vesting. Without limiting the authority of the Committee under any
provision of the Plan, if a Change in Control of the Company occurs, then, if approved by the
Committee in its sole discretion either in a Stock Award Agreement at the time a Stock Award is
granted, or at any time after the grant of a Stock Award, all Stock Awards that have been
outstanding for at least six months will become immediately exercisable in full and will remain
exercisable in accordance with their terms

(c) Cash Payment. If a Change in Control of the Company occurs, then the Committee, if
approved by the Committee in its sole discretion, either in Stock Award Agreement at the time a
Stock Award is granted, or at any time after the grant of a Stock Award, and without the consent of
any Participant affected thereby, may determine that:

(i) Some or all Participants holding outstanding Stock Awards will receive, with respect to
some or all of the Ordinary Shares subject to such Stock Awards (“Award Shares”), either (i) as of
the effective date of any such Change in Control, cash in an amount equal to the excess of the Fair
Market Value of such Award Shares on the last business day prior to the effective date of such
Change in Control over the exercise price per share of such Award Shares, (ii) immediately prior to
such Change of Control, a number of Ordinary Shares having an aggregate Fair Market Value equal to
the excess of the Fair Market Value of the Award Shares as of the last business day prior to the
effective date of such Change in Control over the exercise price per share of such Award Shares; or
(iii) any combination of cash or Ordinary Shares with the amount of each component to be determined
by the Committee not inconsistent with the foregoing clauses (i) and (ii), as proportionally
adjusted; and

(ii) Any Stock Awards which, as of the effective date of any such Change in Control, are
“underwater” shall terminate as of the effective date of any such Change in Control. For purposes
of this Section, a Stock Award will be deemed to be “underwater” at any time when the Fair Market
Value of the Ordinary Shares is less than the exercise price of the Stock Award.

(d) Limitation of Change in Control Payments. Notwithstanding anything in the Plan to the
contrary, if, with respect to a Participant, the acceleration of the exercisability of a Stock
Award as provided in subsection (b) above, or the payment of cash or Ordinary Shares in exchange
for all or part of a Stock Award as provided in subsection (c) (which acceleration or payment could
be deemed a “payment” within the meaning of Section 280G(b)(2) of the Code), together with any
other “payments” that such Participant has the right to receive from the Company or any corporation
that is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without regard
to Section 1504(b) of the Code) of which the Company is a member, would constitute a “parachute
payment” (as defined in Section 280G(b)(2) of the Code), then the “payments” to such Participant
pursuant to this Section 8 will be reduced to the largest amount as will result in no portion of
such “payments” being subject to the excise tax imposed by Section 4999 of the Code; provided,
however, that if a Participant is subject to a separate agreement with the Company or a Subsidiary
which specifically provides that payments attributable to one or more forms of employee stock
incentives or to payments made in lieu of employee stock incentives will not reduce any other
payments under such agreement, even if it would constitute an excess parachute payment, or provides
that the Participant will have the discretion to determine which payments will be reduced in order
to avoid an excess parachute payment, then the limitations of this Section 8(d) will, to that
extent, not apply.

8. Covenants of the Company.

(a) Availability of Shares. During the time any Stock Award remains outstanding, the Company
shall keep available at all times the number of Ordinary Shares required to satisfy such Stock
Awards upon exercise thereof.

(b) Securities Law Compliance. The Company shall seek to obtain from each regulatory
commission or agency having jurisdiction over the Plan such authority as may be required to grant
Stock Awards and to issue and sell Ordinary Shares upon exercise of the Stock Awards; provided,
however, that this undertaking shall not require the Company to register under the Securities Act
the Plan, any Stock Award or any Ordinary Shares issued or issuable pursuant to any such Stock
Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory
commission or agency the authority which counsel for the Company deems necessary for the lawful
issuance and sale of Ordinary Shares under the Plan, the Company shall be relieved from any
liability for failure to issue and sell Ordinary Shares upon exercise of such Stock Awards unless
and until such authority is obtained.

9. Miscellaneous.

(a) Acceleration of Exercisability and Vesting. The Committee shall have the power to
accelerate the time at which a Stock Award or any part thereof will vest in accordance with the
Plan, notwithstanding the provisions in the applicable Stock Award Agreement stating the time at
which it may first be exercised or the time during which it will vest.

(b) Shareholder Rights. No Participant shall be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any Ordinary Shares subject to a Stock Award unless and
until such Participant has satisfied all requirements for exercise of the Stock Award pursuant to
the applicable Stock Award Agreement.

(c) No Employment or other Service Rights. Nothing in the Plan or any instrument executed or
Stock Award granted pursuant thereto shall confer upon any Participant any right to continue to
serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted
or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an
Employee with or without notice and with or without cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the
service of an Officer or Director pursuant to the Bylaws of the Company or an Affiliate, and/or the
provisions of any contract governing such services, and/or any applicable provisions of the
corporate law of the state in which the Company or the Affiliate is incorporated, as the case may
be.

(d) Investment Assurances. The Company may require a Participant, as a condition of
exercising or acquiring Ordinary Shares under any Stock Award (i) to give written assurances
satisfactory to the Company as to the Participant’s knowledge and experience in financial and
business matters and/or to employ a purchaser representative reasonably satisfactory to the Company
who is knowledgeable and experienced in financial and business matters and that he or she is
capable of evaluating, alone or together with the purchaser representative, the merits and risks of
exercising the Stock Award, and (ii) to give written assurances satisfactory to the Company stating
that the Participant is acquiring Ordinary Shares subject to the Stock Award for the Participant’s
own account and not with any present intention of selling or otherwise distributing the Ordinary
Shares. The foregoing requirements, and any assurances given pursuant to such requirements, shall
be inoperative if (1) the issuance of the Ordinary Shares upon the exercise or acquisition of
Ordinary Shares under the Stock Award has been registered under a then currently effective
registration statement under the Securities Act, or (2) as to any particular requirement, a
determination is made by counsel for the Company that such requirement need not be met in the
circumstances under the then applicable securities laws. The Company may, upon advice of counsel
to the Company, place legends on stock certificates issued under the Plan as such counsel deems
necessary or appropriate in order to comply with applicable securities laws, including, but not
limited to, legends restricting the transfer of the Ordinary Shares.

(e) Withholding Obligations. To the extent provided by the terms of the applicable Stock
Award Agreement, the Participant may satisfy any federal, state or local tax withholding obligation
relating to the exercise or acquisition of Ordinary Shares under a Stock Award by any of the
following means (in addition to the Company’s right to withhold from any compensation paid to the
Participant by the Company) or by a combination of such means: (i) tendering a cash payment,
(ii) authorizing the Company to withhold Ordinary Shares from the Ordinary Shares otherwise
issuable to the Participant as a result of the exercise or acquisition of Ordinary Shares under the
Stock Award, provided, however, that no Ordinary Shares are withheld with a value exceeding the
minimum amount of tax required to be withheld by law, or (iii) delivering to the Company owned and
unencumbered Ordinary Shares.

(f) Repurchase Provisions. The Company shall exercise any repurchase option specified in a
Stock Award Agreement by giving the Participant written notice of intent to exercise the repurchase
option. Payment may be cash or cancellation of purchase money indebtedness for the Ordinary
Shares. The terms of any repurchase option shall be specified in the applicable Stock Award
Agreement and may be either at Fair Market Value at the time of repurchase or at not less than the
original purchase price.

(g) Plan Unfunded. The Plan shall be unfunded. Except for the Board’s reservation of a
sufficient number of authorized shares to the extent required by law to meet the requirements of
the Plan, the Company shall not be required to establish any special or separate fund or to make
any other segregation of assets to assure satisfaction of any Stock Award.

10. Adjustments upon Changes in Stock.

(a) Capitalization Adjustments. In the event that any dividend or other distribution (whether
in the form of cash, shares of the Ordinary Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, exchange of Ordinary Shares or other securities of the
Company, or other change in the corporate structure of the Company affecting the Ordinary Shares
occurs, the Committee, in order to prevent diminution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, may, in its sole discretion, adjust the
number and class of Ordinary Shares that may be delivered under the Plan and/or the number, class,
and price of Ordinary Shares covered by each outstanding Stock Award.

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of
the Company, the Committee will notify each Participant as soon as practicable prior to the
effective date of such proposed transaction. To the extent they have not been previously
exercised, outstanding Stock Awards will terminate immediately prior to the consummation of such
proposed action.

(c) No Limitations. The grant of Options will in no way affect the Company’s right to adjust,
reclassify, reorganize or otherwise change its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

11. Amendment of the Plan and Stock Awards.

(a) Amendment of Plan. The Committee at any time, and from time to time, may amend the Plan.
However, except as provided in Section 11 relating to adjustments upon changes in Ordinary Shares,
no amendment shall be effective unless approved by the shareholders of the Company to the extent
shareholder approval is necessary to satisfy the applicable requirements of Section 162(m) of the
Code and the Treasury Regulations thereunder, Rule 16b-3 under the Exchange Act or any Nasdaq or
securities exchange listing requirements. For purposes of clarity, any increase in the number of
shares reserved for issuance hereunder in accordance with the provisions of Section 4(a) hereof
shall not be deemed to be an amendment to the Plan.

(b) Contemplated Amendments. It is expressly contemplated that the Committee may amend the
Plan in any respect the Committee deems necessary or advisable to provide eligible Employees with
the maximum Benefits provided or to be provided under the provisions of the Code and the
regulations promulgated thereunder.

(c) No Impairment of Rights. Rights under any Stock Award granted before amendment of the
Plan shall not be impaired by any amendment of the Plan unless (i) the Company requests the consent
of the Participant and (ii) the Participant consents in writing.

12. Term and termination or Suspension of the Plan.

(a) Plan Term. The Plan shall commence as of the Effective Date. No Benefit may be granted
pursuant to the Plan on or after the tenth anniversary date of the Effective Date, but Benefits
granted prior to such tenth anniversary may extend beyond that date to t eh date(s) specified in
the Award Agreement(s) covering such Benefits. The Committee or the Board may suspend or terminate
the Plan at any time. No Stock Award may be granted under the Plan while the Plan is suspended or
after it is terminated.

(b) No Impairment of Rights. Suspension or termination of the Plan shall not impair rights
and obligations under any Stock Award granted while the Plan is in effect except with the written
consent of the Participant.

13. Choice of Law.

The law of Delaware shall govern all questions concerning the construction, validity and
interpretation of this Plan, without regard to such state’s conflict of laws rules.

CERTIFICATE OF SECRETARY

The undersigned, Akio Ariura, Secretary of AMDL, Inc., certifies that the AMDL, Inc. 2008-2009
Performance and Equity Incentive Plan was adopted by the Written Consent of the Board of Directors
on January 7, 2009.

	 	 	 
	Dated: January 7, 2009

	 	/s/ Akio Ariura

Akio Ariura, Secretaryvalcom_8k-ex1001.htm

     

    EXHIBIT
10.1

     

    NOTE
PURCHASE AGREEMENT

    

    NOTE PURCHASE AGREEMENT (this
“Agreement”),
dated as of January 6, 2009, by and between VALCOM, INC., a Delaware corporation
(the “Company”),
and OMNIRELIANT HOLDINGS, INC., a Nevada corporation (the “Investor”).

    

    A.           The
Company wishes to sell to Investor, and Investor wishes to purchase, upon the
terms and subject to the conditions set forth in this Agreement, a Secured
Convertible Promissory Note, which shall accrue interest at the rates set forth
in the Secured Convertible Promissory Note, and which are attached hereto as
Exhibit A
(the “Note”).

    

    B.           The
Company’s obligations under the Note, including without limitation its
obligation to make payments of principal thereof and interest thereon, are
secured by the assets of the Company, pursuant to the terms of a Security
Agreement in the form attached hereto as Exhibit B
(the “Security
Agreement”).

    

               In
consideration of the mutual promises made herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and each Investor hereby agree as follows:

    

    1.           PURCHASE
AND SALE OF NOTES.

    

    1.1   Closing.

    

    Upon the
terms and subject to the satisfaction or waiver of the conditions set forth
herein, the Company agrees to sell and Investor agrees to purchase a Note with a
principal amount of $100,000.  The date on which the closing of such
purchase and sale occurs (the “Closing”)
is hereinafter referred to as the “Closing
Date”. The Closing will be deemed to occur at the offices of Sichenzia
Ross Friedman Ference LLP, 61 Broadway, New York, New York, or such other place
as the parties mutually agree upon, when (A) this Agreement and the other
Transaction Documents (as defined below) have been executed and delivered by the
Company and Investor, (B) each of the conditions to the Closing described in
this Agreement has been satisfied or waived as specified therein and (C) payment
of Investor’s Purchase Price (as defined below) payable with respect to the Note
being purchased by Investor at the Closing has been made by wire transfer of
immediately available funds.  At the Closing, the Company shall
deliver to Investor a duly executed instrument representing the Note purchased
by such Investor at the Closing.

    

    1.2           Certain
Definitions.  When used herein, the following terms shall have
the respective meanings indicated:

    

    “Affiliate”
means, as to any Person (the “subject
Person”), any other Person (a) that directly or indirectly through
one or more intermediaries controls or is controlled by, or is under direct or
indirect common control with, the subject Person, (b) that directly or
indirectly beneficially owns or holds ten percent (10%) or more of any class of
voting equity of the subject Person, or (c) ten percent (10%) or more of
the voting equity of which is directly or indirectly beneficially owned or held
by the subject Person. For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, through representation on such Person’s board of
directors or other management committee or group, by contract or
otherwise.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    “Board of
Directors” means the Company’s board of directors.

    

    “Business
Day” means any day other than a Saturday, a Sunday or a day on which the
Principal Market is closed or on which banks in the City of New York are
required or authorized by law to be closed.

    

    “Closing”
and “Closing
Date” have the respective meanings specified in Section
1.1 of this Agreement.

    

    “Commission”
means the Securities and Exchange Commission, and any successor regulatory
agency.

    

    “Common
Stock” means the common stock of the Company, $0.001 par value per
share.

    

    “Company
Subsidiary” means any Subsidiary of the Company.

    

    “Disclosure
Documents” means all SEC Documents filed with the Commission at least
three (3) Business Days prior to the Execution Date.

    

    “Environmental
Law” means any federal, state, provincial, local or foreign law, statute,
code or ordinance, principle of common law, rule or regulation, as well as any
Permit, order, decree, judgment or injunction issued, promulgated, approved or
entered thereunder, relating to pollution or the protection, cleanup or
restoration of the environment or natural resources, or to the public health or
safety, or otherwise governing the generation, use, handling, collection,
treatment, storage, transportation, recovery, recycling, discharge or disposal
of hazardous materials.

    

    “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and published interpretations thereunder.

    

    “Event of
Default” has the meaning specified in the Notes.

    

    “Exchange
Act” means the Securities Exchange Act of 1934, as amended (or any
successor act), and the rules and regulations promulgated thereunder (or
respective successors thereto).

    

    “Execution
Date” means the date of this Agreement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    “GAAP”
means U.S. generally accepted accounting principles, applied on a consistent
basis.  Accounting principles are applied on a “consistent basis” when
the accounting principles applied in a current period are comparable in all
material respects to those accounting principles applied in a preceding
period.

    

    “Governmental
Authority” means any nation or government, any state, provincial or
political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government,
including, without limitation, any stock exchange, securities market or
self-regulatory organization.

    

    “Governmental
Requirement” means any law, statute, code, ordinance, order, rule,
regulation, judgment, decree, injunction, franchise, license or other directive
or requirement of any federal, state, county, municipal, parish, provincial or
other Governmental Authority or any department, commission, board, court, agency
or any other instrumentality of any of them.

    

    “Lien”
means, with respect to any Property, any lien, mortgage, pledge, hypothecation,
assignment, security interest, charge, easement or other
encumbrance.

    

    “Material Adverse
Effect” means an effect that is material and adverse to (i) the
consolidated business, properties, assets, operations, results of operations,
financial condition, credit worthiness or prospects of the Company and the
Company Subsidiary taken as a whole, (ii) the ability of the Company or any
Company Subsidiary to perform its material obligations under this Agreement or
the other Transaction Documents or (iii) the rights and benefits to which an
Investor is entitled under this Agreement or any of the other Transaction
Documents.

     

    “Material
Contracts” means, as to the Company and the Company Subsidiary, any agreement required pursuant to Item 601 of Regulation
S-B or Item 601 of Regulation S-K, as applicable, promulgated under the
Securities Act to be filed as an exhibit to any report, schedule,
registration statement or definitive proxy statement filed or required to be
filed by the Company with the Commission under the Exchange Act or any rule or
regulation promulgated thereunder, and any and all material amendments,
modifications, supplements, renewals or restatements thereof.

    

    “New
Securities” means, any Common Stock or Common Stock Equivalents that the
Company proposes to offer or sell for cash consideration at any time during the
period from the Closing Date through the later of the first anniversary of the
Effective Date or two years from the Closing Date, (the latter shall mean the
“Subsequent
Financing”).

    

    “Pension
Plan” means an employee pension benefit plan (as defined in ERISA)
maintained by the Company for employees of the Company or any of its
Affiliates.

    

     “Person”
means any individual, corporation, trust, association, company, partnership,
joint venture, limited liability company, joint stock company, Governmental
Authority or other entity.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    “Principal
Market” means the American Stock Exchange or the principal exchange,
market or quotation system on which the Common Stock is then listed, traded or
quoted.

    

    “Property”
means property and/or assets of all kinds, whether real, personal or mixed,
tangible or intangible (including, without limitation, all rights relating
thereto).

    

    “Purchase
Price” means, with respect to the Notes purchased at the Closing, the
original principal amount of the Note purchased at the Closing.

    

    “SEC
Documents” means all reports, schedules, registration statements and
definitive proxy statements filed (or required to be filed) by the Company with
the Commission.

    

    “Securities
Act” has the meaning specified in the recitals of this
Agreement.

    

    “Subsidiary”
means, with respect to any Person, any corporation or other entity of which at
least a majority of the outstanding shares of stock or other ownership interests
having by the terms thereof ordinary voting power to elect a majority of the
board of directors (or Persons performing similar functions) of such corporation
or entity (regardless of whether or not at the time, in the case of a
corporation, stock of any other class or classes of such corporation shall have
or might have voting power by reason of the happening of any contingency) is at
the time directly or indirectly owned or controlled by such Person or one or
more of its Subsidiary or by such Person and one or more of its
Subsidiary.

    

    “Termination
Date” means the first date on which there are no Notes
outstanding.

     

    “Transaction
Documents” means (i) this Agreement, (ii) the Note, (iii) the Security
Agreement, and (iv) all other agreements, documents and other instruments
executed and delivered by or on behalf of the Company or any of its officers at
the Closing.

    

    1.3           Other Definitional
Provisions.  All definitions contained in this Agreement are
equally applicable to the singular and plural forms of the terms
defined.  The words “hereof”, “herein” and “hereunder” and words of
similar import contained in this Agreement refer to this Agreement as a whole
and not to any particular provision of this Agreement.

    

    2.           REPRESENTATIONS
AND WARRANTIES OF INVESTOR.

    

    Investor (with respect to itself only)
hereby represents and warrants to the Company and agrees with the Company that,
as of the Execution Date:

    

    2.1   Authorization;
Enforceability.  Such Investor is duly and validly organized,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization as set forth below such Investor’s name on the
signature page hereof with the requisite corporate power and authority to
purchase the Note to be purchased by it hereunder and to execute, deliver and to
consummate the transactions contemplated by, this Agreement and the other
Transaction Documents to which it is a party and otherwise to carry out its
obligations thereunder. This Agreement constitutes, and upon execution and
delivery thereof, each other Transaction Document to which such Investor is a
party will constitute, such Investor’s valid and legally binding obligation,
enforceable in accordance with its terms, subject to (i) applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or other similar
laws of general application relating to or affecting the enforcement of
creditors’ rights generally and (ii) general principles of equity.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    2.2           No Conflicts.  The execution and performance of this
Agreement and the other Transaction Documents to which it is a party do not
conflict in any material respect with any agreement to which such Investor is a
party or is bound, any court order or judgment applicable to such Investor, or
the constituent documents of such Investor.

     

    2.3           Fees. Such Investor
has not agreed to pay any compensation or other fee, cost or related expenditure
to any underwriter, broker, agent or other representative in connection with the
transactions contemplated hereby.

     

    2.4.           Accredited Investor.
As the date hereof, the Investor warrants that it is either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under
the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule
144A(a) under the Securities Act.  Such Purchaser is not required to be
registered as a broker-dealer under Section 15 of the Exchange Act.

     

    2.5.           Restricted
Securities. The Note may only be disposed of in compliance with state and
federal securities laws.

     

    The
Purchasers agree to the imprinting, so long as is required by this Section 2.5,
of a legend on any of the Securities in the following form:

     

    THESE SECURITIES HAVE BEEN REGISTERED
WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION
OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE
REASONABLY ACCEPTABLE TO THE COMPANY.  THESE SECURITIES MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

    

    2.6           No Reliance. The
Investor has not relied upon the Company or its directors and officers, or the
Company’s legal counsel or advisors for investment, legal or tax advice,
including advice with respect to the hold periods and resale restrictions
imposed upon the Notes by the securities legislation in the jurisdiction in
which the Investor resides, and has, if desired, in all cases sought the advice
of the Investor’s own personal investment advisor, legal counsel and tax
advisors, and the Investor is either experienced in or knowledgeable with regard
to the affairs of the Company or, either alone or with its professional
advisors, is capable by reason of knowledge and experience in financial and
business matters in general, and investments in particular, of evaluating the
merits and risks of an investment in the Notes, and it is able to bear the
economic risk of an investment in the Notes and can otherwise be reasonably
assumed to have the capacity to protect its own interest in connection with the
investment.

     

    2.7   Disclosure of
Information. Such Investor has had an opportunity to receive all
information related to the Company requested by it and to ask questions of and
receive answers from the Company regarding the Company, its business and the
terms and conditions of the offering of the Notes.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

       

    

    2.8   Purchase Entirely for Own
Account. The Note to be received by such Investor hereunder will be
acquired for such Investor’s own account, not as nominee or agent, and not with
a view t the resale or distribution of any part thereof in
violation of the 1933 Act, and such Investor has no present intention of
selling, granting any participation in, or otherwise distributing the same in
violation of the 1933 Act without prejudice, however, to such Investor’s right
at all times to sell or otherwise dispose of all or any part of such Note in
compliance with applicable federal and state securities laws. Nothing contained
herein shall be deemed a representation or warranty by such Investor to hold the
Note for any period of time. Such Investor is not a broker-dealer registered
with the SEC under the 1934 Act or an entity engaged in a business that would
require it to be so registered

    

    3.    REPRESENTATIONS
AND WARRANTIES OF THE COMPANY.  Except as set forth in the
disclosure documents, the Company hereby represents and warrants to each
Investor and agrees with each Investor that, as of the Execution
Date:

    

    3.1   Organization, Good Standing
and Qualification.  Each of the Company and the Company
Subsidiary is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation or organization and has all requisite power and authority to carry
on its business as now conducted.  Each of the Company and the Company
Subsidiary is duly qualified to transact business and is in good standing in
each jurisdiction in which it conducts business except where the failure so to
qualify has not had or would not reasonably be expected to have a Material
Adverse Effect.

     

    3.2   Authorization;
Consents.  The Company has the requisite corporate power and
authority to enter into and perform its obligations under the Transaction
Documents. Each Company Subsidiary has the requisite power and authority to
enter into and perform its obligations under the Security Agreement. All
corporate action on the part of the Company by its officers, directors and
stockholders necessary for the authorization, execution and delivery of, and the
performance by the Company of its obligations under, the Transaction Documents
has been taken, and no further consent or authorization of the Company, its
Board of Directors, stockholders, any Governmental Authority or any other Person
is required (pursuant to any rule of the Principal Market or otherwise). All
corporate action on the part of each Company Subsidiary by its officers,
directors, stockholders, members or governors necessary for the authorization,
execution and delivery of, and the performance by such Company Subsidiary of its
obligations under the Security Agreement has been taken.  The Board of
Directors has determined that the sale and issuance of the Notes, and the
consummation of the other transactions contemplated hereby and by the other
Transaction Documents, are in the best interests of the Company.

     

    3.3   Enforcement.  This
Agreement has been duly executed and delivered by the Company, and at the
Closing, each of the Company and the Company Subsidiary will have duly executed
and delivered each of the other Transaction Documents to which such entity is a
party.  This Agreement constitutes, and at the Closing, each of the
other Transaction Documents to which the Company or any of the Company
Subsidiary is a party will constitute, the valid and legally binding obligations
of the Company and the Company Subsidiary, enforceable against the Company and
the Company Subsidiary in accordance with their respective terms, subject to (i)
applicable bankruptcy, insolvency, fraudulent transfer, moratorium,
reorganization or other similar laws of general application relating to or
affecting the enforcement of creditors’ rights generally and (ii) general
principles of equity.

     

    3.4   Agreements; Financial
Statements; Other Information.    Except as set forth
in the Disclosure Documents, the Company has no liabilities, contingent or
otherwise, other than liabilities incurred in the ordinary course of business
which, under GAAP or IFAS, are not required to be reflected in the financial
statements included in the Disclosure Documents and which, individually or in
the aggregate, are not material to the consolidated business or financial
condition of the Company and the Company Subsidiary taken as a
whole.  Such financial statements have been prepared in accordance
with GAAP or IFAS consistently applied at the times and during the periods
involved (except (i) as may be otherwise indicated in such financial statements
or the notes thereto, or (ii) in the case of unaudited interim statements, to
the extent they may exclude footnotes or may be condensed or summary statements)
and fairly present in all material respects the financial position of the
Company as of the dates thereof and the results of its operations and cash flows
for the periods then ended (subject, in the case of unaudited statements, to
normal year-end adjustments).

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    3.5   Due Authorization; Valid
Issuance.  The Note is duly authorized and, when issued, sold
and delivered in accordance with the terms of this Agreement, will be duly and
validly issued, free and clear of any Liens imposed by or through the
Company.

     

    3.6   No Conflict; No
Violation.  Neither the Company nor any Company Subsidiary is
in violation of any provisions of its charter, bylaws or any other governing
document.  Neither the Company nor any Company Subsidiary is in
violation of or in default (and no event has occurred which, with notice or
lapse of time or both, would constitute a default) under any provision of any
instrument or contract to which it is a party or by which it or any of its
Property is bound, or in violation of any provision of any Governmental
Requirement applicable to the Company or any Company Subsidiary.  The
execution, delivery and performance of this Agreement and the other Transaction
Documents and the consummation of the transactions contemplated hereby and
thereby will not result in any violation of any provisions of the Company’s or
any Company Subsidiary’s charter, bylaws or any other governing document or in a
default under any provision of any instrument or contract to which the Company
or Company Subsidiary is a party or by which it or any of its Property is bound,
or in violation of any provision of any Governmental Requirement applicable to
the Company or Company Subsidiary or be in conflict with or constitute, with or
without the passage of time and giving of notice, either a default under any
such provision, instrument or contract or an event which results in the creation
of any Lien upon any assets of the Company or of any Company Subsidiary or the
triggering of any preemptive rights or rights of first refusal or first
offer.

     

    3.7   Fees.  The
Company is not obligated to pay any brokers, finders or financial advisory fees
or commissions to any underwriter, broker, agent or other representative in
connection with the transactions contemplated hereby. The Company will indemnify
and hold harmless such Investor from and against any claim by any person or
entity alleging that such Investor is obligated to pay any such compensation,
fee, cost or related expenditure in connection with the transactions
contemplated hereby.

     

    3.8   Foreign Corrupt
Practices.  Neither the Company, any Company Subsidiary nor, to
the knowledge of the Company, any director, officer, agent, employee or other
person acting on behalf of the Company or any Company Subsidiary, has (i) used
any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expenses relating to political activity, (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or
employee, or (iii) violated any provision of the Foreign Corrupt Practices Act
of 1977, as amended, or made any bribe, rebate, payoff, influence payment,
kickback or other unlawful payment to any foreign or domestic government
official or employee.

     

    3.9   Employee
Matters.  There is no strike, labor dispute or union
organization activities pending or, to the knowledge of the Company, threatened
between the Company or any Company Subsidiary and any of their
employees.  Other than as set forth in the Disclosure Documents, no
employees of the Company or any Company Subsidiary belong to any union or
collective bargaining unit. The Company and each Company Subsidiary has complied
in all material respects with all applicable federal and state equal opportunity
and other laws related to employment.

     

    3.10        
Environment.  Except
as disclosed in the Disclosure Documents, the Company and the Company Subsidiary
have no liabilities under any Environmental Law, nor, to the Company's
knowledge, do any factors exist that are reasonably likely to give rise to any
such liability, affecting any of the properties owned or leased by the Company
or any Company Subsidiary that, individually or in the aggregate, has had or
would reasonably be expected to have a Material Adverse
Effect.  Neither the Company nor any Company Subsidiary has violated
any Environmental Law applicable to it now or previously in effect, other than
such violations or infringements that, individually or in the aggregate, have
not had and would not reasonably be expected to have a Material Adverse
Effect.

     

    3.11         ERISA.  The
Company does not maintain or contribute to, or have any obligation under, any
Pension Plan.  The Company is in compliance in all material respects
with the presently applicable provisions of ERISA and the United States Internal
Revenue Code of 1986, as amended, with respect to each Pension Plan except in
any such case for any such matters that, individually or in the aggregate, have
not had, and would not reasonably be expected to have, a Material Adverse
Effect.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    3.12         Transfer Taxes. No
transfer or other taxes (other than income taxes) are required to be paid in
connection with the issuance and sale of any of the Notes.

     

    4.           COVENANTS
OF THE COMPANY.

    

    4.1   RESERVED.

    

    

    4.2           Existence and
Compliance.  The Company agrees that it will, and will cause
each Company Subsidiary to, while Investor holds the Note:

     

    (a)           maintain
its corporate existence in good standing;

    

    (b)           comply
with all Governmental Requirements applicable to the operation of its business,
except for instances of noncompliance that are immaterial;

    

    (c)           comply
with all agreements, documents and instruments binding on it or affecting its
Properties or business, including, without limitation, all Material Contracts,
except for instances of noncompliance that are immaterial;

     

    (d)           timely
file with the Commission all reports required to be filed pursuant to the
Exchange Act and refrain from terminating its status as an issuer required by
the Exchange Act to file reports thereunder even if the Exchange Act or the
rules or regulations thereunder would permit such termination; and

     

    4.3           Notice of Event of
Default.  Upon the occurrence of an Event of Default, the
Company shall (i) notify Investor of the nature of such Event of Default as soon
as practicable (but in no event later than one Business Day after the Company
becomes aware of such Event of Default), and (ii) not later than  two
Business Days after delivering such notice to Investor, issue a press release
disclosing such Event of Default and take such other actions as may be necessary
to ensure that none of the Investors are in the possession of material,
nonpublic information as a result of receiving such notice from the
Company.

    

    5.           CONDITIONS
TO CLOSING.

    

    5.1           Conditions to Investors’
Obligations at the Closing.  Each Investor’s obligations to
effect the Closing, including without limitation its obligation to purchase its
Note at the Closing, are conditioned upon the fulfillment (or waiver by such
Investor in its sole and absolute discretion) of each of the following events as
of the Closing Date, and the Company shall use commercially reasonable efforts
to cause each of such conditions to be satisfied:

    

    
      
        	
                                                 5.1.1    

              	
                the
      representations and warranties of the Company set forth in this Agreement
      and in the other Transaction Documents shall be true and correct in all
      material respects as of such date as if made on such date (except that to
      the extent that any such representation or warranty relates to a
      particular date, such representation or warranty shall be true and correct
      in all material respects as of that particular
  date);

              

      

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
 

    
      
        	
                                                  5.1.2           
      

              	
                the
      Company shall have complied with or performed in all material respects all
      of the agreements, obligations and conditions set forth in this Agreement
      and in the other Transaction Documents that are required to be complied
      with or performed by the Company on or before the
  Closing;

              

      

    

    

    
      
        	
                                                  5.1.3           
      

              	
                the
      Company shall have executed and delivered to such Investor the Note being
      purchased by such Investor at the
Closing;

              

      

    

    

    
      
        	
                                                  5.1.4           
      

              	
                the
      Company shall have delivered to such Investor resolutions passed by its
      Board of Directors to authorize the transactions contemplated hereby and
      by the other Transaction
Documents;

              

      

    

    

    
      
        	
                                                  5.1.5           
      

              	
                there
      shall have occurred no material adverse change in the Company’s
      consolidated business or financial condition since the date of the
      Company’s most recent financial statements contained in the Disclosure
      Documents;

              

      

    

    

    
      
        	
                                                  5.1.6           
      

              	
                there
      shall be no injunction, restraining order or decree of any nature of any
      court or Governmental Authority of competent jurisdiction that is in
      effect that restrains or prohibits the consummation of the transactions
      contemplated hereby and by the other Transaction
  Documents

              

      

    

    

    
      
        	
                                                   5.1.7.         
      

              	
                the
      Company shall have paid the expenses described in 6.8
      of this Agreement.

              

      

    

    

    5.2     Conditions to Company’s
Obligations at the Closing.  The Company’s obligations to
effect the Closing with an Investor are conditioned upon the fulfillment (or
waiver by the Company in its sole and absolute discretion) of each of the
following events as of the Closing Date:

    

    
      
        	
                                                   5.2.1          
      

              	
                the
      representations and warranties of such Investor set forth in this
      Agreement and in the other Transaction Documents to which it is a party
      shall be true and correct in all material respects as of such date as if
      made on such date (except that to the extent that any such representation
      or warranty relates to a particular date, such representation or warranty
      shall be true and correct in all material respects as of that
      date);

              

      

    

    

    
      
        	
                                                    5.2.2         
      

              	
                such
      Investor shall have complied with or performed all of the agreements,
      obligations and conditions set forth in this Agreement that are required
      to be complied with or performed by such Investor on or before the
      Closing;

              

      

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      
        	
                                                    5.2.3         
      

              	
                there
      shall be no injunction, restraining order or decree of any nature of any
      court or Governmental Authority of competent jurisdiction that is in
      effect that restrains or prohibits the consummation of the transactions
      contemplated hereby and by the other Transaction
  Documents;

              

      

    

    

    
      
        	
                                                    5.2.4         
      

              	
                such Investor shall have executed each Transaction
      Document to which it is a party and shall have delivered the same to the
      Company; and

              

      

    

     

    
      
        	
                                                    5.2.5         
      

              	
                such Investor shall have tendered the Purchase
      Price for the Note being purchased by it at the Closing by wire transfer of immediately available
      funds pursuant to the wiring
      instructions as delivered to Investor by the Company
    .

              

      

    

     

    
       6.    MISCELLANEOUS.

    

    

    6.1    Survival;
Severability.  The representations, warranties, covenants and
indemnities made by the parties herein and in the other Transaction Documents
shall survive the Closing notwithstanding any due diligence investigation made
by or on behalf of the party seeking to rely thereon. In the event that any
provision of this Agreement becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue
in full force and effect without said provision; provided that in such case
the parties shall negotiate in good faith to replace such provision with a new
provision which is not illegal, unenforceable or void, as long as such new
provision does not materially change the economic benefits of this Agreement to
the parties.

     

    6.2    No
Reliance.  Each party acknowledges that (i) it has such
knowledge in business and financial matters as to be fully capable of evaluating
this Agreement, the other Transaction Documents and the transactions
contemplated hereby and thereby, (ii) it is not relying on any advice or
representation of any other party in connection with entering into this
Agreement, the other Transaction Documents or such transactions (other than the
representations made in this Agreement or the other Transaction Documents),
(iii) it has not received from any other party any assurance or guarantee as to
the merits (whether legal, regulatory, tax, financial or otherwise) of entering
into this Agreement or the other Transaction Documents or the performance of its
obligations hereunder and thereunder, and (iv) it has consulted with its own
legal, regulatory, tax, business, investment, financial and accounting advisors
to the extent that it has deemed necessary, and has entered into this Agreement
and the other Transaction Documents based on its own independent judgment and,
if applicable, on the advice of such advisors, and not on any view (whether
written or oral) expressed by any other party.

     

    6.3    Governing Law;
Jurisdiction.  This Agreement shall be governed by and
construed under the laws of the State of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in
the City and County of New York for the adjudication of any dispute hereunder or
any other Transaction Document or in connection herewith or therewith or with
any transaction contemplated hereby or thereby, and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of
such suit, action or proceeding is improper.  Each party hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address in effect for notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and
notice thereof.  Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law.

     

    
      
         

      

      
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    6.4    Successors and
Assigns.  The terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and
permitted assigns of the parties.  Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and permitted assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. An Investor may assign its rights and
obligations hereunder in connection with any sale or transfer of the Notes in
accordance with the terms hereof and of the other Transaction Documents, as long
as, as a condition precedent to such transfer, the transferee executes an
acknowledgment agreeing to be bound by the applicable provisions of this
Agreement, in which case the term “Investor” shall be deemed to refer to such
transferee as though such transferee were an original signatory
hereto.  The Company may not assign its rights or obligations under
this Agreement.

     

    6.5    Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, and all of which together shall constitute one and the same
instrument.  This Agreement may be executed and delivered by facsimile
transmission.

     

    6.6    Headings.  The
headings used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement.

     

    6.7    Notices.  Any
notice, demand or request required or permitted to be given by the Company or
the Investor pursuant to the terms of this Agreement shall be in writing and
shall be deemed delivered (i) when delivered personally or by verifiable
facsimile transmission, unless such delivery is made on a day that is not a
Business Day, in which case such delivery will be deemed to be made on the next
succeeding Business Day, (ii) on the next Business Day after timely delivery to
an overnight courier and (iii) on the Business Day actually received if
deposited in the U.S. mail (certified or registered mail, return receipt
requested, postage prepaid), addressed as follows:

    

    If to the
Company:

    

    Vince
Vellardita

    2113A
Gulf Boulevard

    Indian
Rocks Beach, Florida 33785

    Tel:
727-953-9778

    

    If to Investor:

    

    Omnireliant
Holdings, Inc.

    14375
Myerlake Circle

    Clearwater,
FL 33760

    Telephone:
727-230-1031

    

    and if to
any Investor, to such address for such Investor as shall appear on the signature
page hereof executed by such Investor, or as shall be designated by such
Investor in writing to the Company in accordance with this Section
6.7.

     

    
      
         

      

      
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    6.8           Expenses.  The
Company and each Investor shall pay all costs and expenses that it incurs in
connection with the negotiation, execution, delivery and performance of this
Agreement or the other Transaction Documents.

     

    6.9           Entire Agreement;
Amendments.  This Agreement and the other Transaction Documents
constitute the entire agreement between the parties with regard to the subject
matter hereof and thereof, superseding all prior agreements or understandings,
whether written or oral, between or among the parties.  No amendment,
modification or other change to this Agreement or waiver of any agreement or
other obligation of the parties under this Agreement may be made or given unless
such amendment, modification or waiver is set forth in writing and is signed by
the Company and by the holders of a majority of the aggregate principal of the
Notes then outstanding.   Any waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

     

    [Signature
Pages to Follow]

     

     

     

     

    
      
         

      

      
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    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first-above written.

     

    

    VALCOM,
INC.

    

    

    By: 
______________________________

    Vince
Vellardita

    Chief
Executive Officer

    

    

    OMNIRELIANT
HOLDINGS, INC.

    

    By: 
______________________________

    Paul
Morrison

    Chief
Executive Officer

    

    Principal
Amount of Note Purchased at Closing:     $100,000

    

    ADDRESS:

    Omnireliant
Holdings, Inc.

    14375
Myerlake Circle

    Clearwater,
FL 33760

    Telephone:
727-230-1031

    

    

    
      
         

      

      
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    EXHIBIT
A

    10%
SECURED CONVERTIBLE PROMISSORY NOTE

    

     

     

     

    
 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    EXHIBIT
B

    SECURITY
AGREEMENT

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