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Exhibit 4.4

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS CONVERTIBLE 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.

 

PREMIER BRANDS, INC.

 

PROMISSORY NOTE

 

	Date of Issuance: ____________, 2012 	 Principal Amount: $ __________

 

FOR VALUE RECEIVED Premier Brands, Inc., a Wyoming corporation (the “Company”), promises to pay to __________(“Holder”), or its registered assigns, the principal sum of __________ and No/100 Dollars ($_________) (as reduced pursuant to the terms hereof pursuant to prepayment, conversion or otherwise, the “Principal”) when due, whether upon the Maturity Date (as defined below), acceleration, prepayment or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding Principal at the applicable Interest Rate (as defined below) from the date set out above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable, whether upon the Maturity Date, acceleration, conversion, prepayment or otherwise (in each case in accordance with the terms hereof).

 

Section 1. Payment of Principal.  On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest and accrued and unpaid late charges on such Principal and Interest.  For purposes of this Note, “Maturity Date” means ____________, 2014.

 

Section 2. Interest; Interest Rate.  Interest on this Note shall commence accruing on the Issuance Date at the Interest Rate (as defined below) on the outstanding Principal amount from time to time and shall be computed on the basis of a 365-day year and shall compound each calendar quarter and shall be payable in accordance with the terms of this Note and shall be payable to the Holder of this Note on the Maturity Date.  For purposes of this Note, “Interest Rate” means ten percent (10%) per annum.

 

Section 3. Payment.  Payments due hereunder shall be made in lawful tender of the United States.  All payments due hereunder shall be made by the Company to Holder at the address set forth in Section 17 below, or at such other place as the Holder may from time to time designate in writing.

 

Section 4. Conversion Right.

 

  

  

  

 

(a) Subject to other provisions of Section 4 hereof, at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into validly issued, fully paid and non-assessable shares of the Company’s common stock, par value per share $0.001 (the “Common Stock”) at the Conversion Rate (as defined below) by (i) delivering written notice to the Company that such Holder elects to exercise the conversion right pursuant to this Section 4(a) and specifying the Conversion Amount to be converted and the name or names (with address) in which a certificate or certificates for shares of Common Stock are to be issued (the “Conversion Notice”); and (ii)  surrendering this Note to the Company.  For purpose of this Note, “Conversion Amount” means the portion of the Principal to be converted plus all accrued and unpaid Interest with respect to such portion of the Principal and accrued and unpaid late charges with respect to such portion of such Principal and such Interest, if any.  For purposes of this Note, “Conversion Rate” means the number of shares of Common Stock issuable upon conversion of any Conversion Amount determined by dividing (x) such Conversion Amount by (y) $0.20, subject to adjustment as provided herein (the “Conversion Price”).

 

(b) As soon as practicable after receipt of the Conversion Notice and the surrender of this Note for such shares of Common Stock (the “Conversion Date”), the Company shall issue and deliver to such Holder, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable to such Holder on such conversion in accordance with the provisions hereof.  The Company shall not issue any fraction of a share of Common Stock upon any conversion.  If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share.

 

(c) In the event of a partial conversion of this Note pursuant hereto, the Company shall issue a new Note to the Holder.  Such new Note (i) shall be of like tenor with this Note, (ii) shall have a principal amount equal to the Principal of this Note less the Conversion Amount set forth in the applicable Conversion Notice, (iii) shall have an issuance date, as indicated on the face of such new Note which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Note.

 

(d) Each conversion exercised in accordance with this Section 4 shall be deemed to have been effected immediately prior to the close of business on the Conversion Date.

 

Section 5. Events of Default.  The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(a) The Company shall fail to pay any principal payment, interest or other payment required under the terms of this Note within sixty (60) days of the due date thereof;

 

(b) The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated in full or in part, (v) become insolvent (as such term may be defined or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting any of the foregoing;

 

  

  

  

 

 

(c) Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within ninety (90) days of commencement; or

 

Section 6. Notice of Default; Cure; Remedies.  Upon an Event of Default, the Holder shall deliver written notice of the Event of Default to the Company in accordance with Section 17 hereof (a “Default Notice”).  The Company shall have the right to cure, within the thirty (30) days following the Company’s receipt of a Default Notice (the “Cure Period”), any Event of Default.  If the Company fails to cure an Event of Default within the Cure Period, then fifteen (15) days following the end of the Cure Period Holder may declare all outstanding obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived and, in addition to the foregoing remedies, the Holder may exercise any other right, power or remedy granted to it or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

 

Section 7. Expenses.  Upon the occurrence or existence of an uncured Event of Default, and after the Cure Period has elapsed, Holder shall be entitled to recover from the Company all of Holder’s costs of collection, including without limitation, the Holder’s reasonable attorneys’ fees (whether incurred in connection with any judicial, bankruptcy, reorganization, administrative, appeals or other proceedings and whether such fees or expenses arise before proceedings are commenced or after entry of any judgment), and all other costs or expenses incurred in connection therewith.

 

Section 8. No Voting or Dividend Rights; Limitation of Liability.  Nothing contained in this Note shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a member of the Company or any other matters or any rights whatsoever as a member of the Company.  No dividends shall be payable or accrued in respect of this Note, the interest represented hereby or the underlying securities until, and only to the extent that, the conversion rights of this Note shall have been exercised.

 

Section 9. Maximum Interest.  Notwithstanding any other provisions of this Note, any interest, fees, or charges payable by reason of the indebtedness evidenced by this Note shall not exceed the maximum permitted by law.

 

  

  

  

 

 

Section 10. Successors and Assigns.  The Company may not sell, transfer or otherwise dispose of this Note without the prior written consent of the Holder.  The rights and obligations of the Company and the Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.

 

Section 11. Construction; Headings.  This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note.

 

Section 12. Severability.  Any provision of this Note that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect.

 

Section 13. Cancellation.  After all principal, accrued interest, late charges and other amounts at any time owed on this Note have been converted or paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

Section 14. Amendments; Waivers.  Any term of this Note may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Purchaser.

 

1.1 Notices.  All notices, requests, demands and other communications under this Note shall be in writing and shall be deemed to have been duly given on the date of service if served personally on the party to whom notice is to be given, on the first business day after delivery thereof to a recognized overnight delivery service for next day delivery with all charges prepaid or billed to the account of the sender, or on the third day after mailing if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage prepaid, and properly addressed as follows:

 

(a) If to the Company:

 

Premier Brands, Inc.

4364 Bonita Road, No. 424,

Bonita, California 91902

 

Attn:  President

 

(b) If to the Holder:

 

_____________________________

__________________

__________________

Attention:  _______

  

  

  

 

or to such other address as either party shall have specified by notice in writing given to the other party.

 

Section 15. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Note shall be governed by, and construed in accordance with, the internal laws of the State of Wyoming without regard to the choice of law principles thereof.  Each of the Company and the Holder irrevocably submits to the exclusive jurisdiction of the courts of the State of Wyoming for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Note and the transactions contemplated hereby.  Service of process in connection with any such suit, action or proceeding may be served on the Company and the Holder, as applicable, anywhere in the world by the same methods as are specified for the giving of notices under the Purchase Agreement.  Each of the Company and the Holder irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court.  Each of the Company and the Holder irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  EACH OF THE COMPANY AND THE HOLDER WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS NOTE AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

[Signature Follows On Next Page]

IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the date first written above.

 

	 
PREMIER BRANDS, INC.

	 
	 	 	 
	
By: 

	/s/ 	 
	Name:	 
Jorge Olson

	 
	Title:	President and Chief Executive OfficerHelicopter
Lease Agreement

Elite
Aviation VGT, LLC

 

 

This
Helicopter Lease Agreement
(this "Agreement")  is
made and effective
this  1st day
of November, 2012 (the "Effective
Date") by and between General
Aircraft, Inc. (''Lessor"), located at  2634 Airport
Drive, #103, North Las Vegas, NV
89032. and Elite Aviation VGT LLC
(''Lessee"). Each of Lessor and Lessee
is sometimes hereinafter referred to as
a "Party" and as collectively the "Parties" as the context requires.

 

WHEREAS, Lessor
owns that certain tangible
personal property commonly known as a  Robinson
R44 Raven II helicopter,
registry  N88IKE. serial #  10031 (the
"Helicopter");

 

WHEREAS,
Lessee is in the business of
operating and maintaining aircraft and
has the appropriate
state and federal licenses, personnel
and facilities to operate and maintain the Helicopter in compliance with state
and federal law;

 

WHEREAS,
the Parties had previously agreed for Lessee to 
provide management and maintenance
services to the Lessor pursuant to that certain Aircraft Use/Management Agreement dated September
1, 2011; and

 

WHEREAS. Lessor
now wishes to lease the Helicopter to Lessee and Lessee wishes to lease the
Helicopter from Lessor and both Parties wish to terminate the Aircraft Use/Management Agreement;

 

NOW THEREFORE, in
consideration of the mutual covenants and promises hereinafter set forth, the
parties agree as follow:

 

1.  Prior
Agreement Superseded. This Agreement supersedes and replaces in
its entirety the Aircraft Use/Management Agreement
dated September 1, 2011.

 

2. Grant of Lease:
Term. Subject to the terms and conditions set forth herein, Lessor grants Lessee
a leasehold interest in the Helicopter as of the Effective Date, through and
including the sooner of (a) December 31, 2014; (b) when the Hobbs register on the Helicopter
reaches a total time of 2200
hours; (c) upon termination of this
Lease per paragraph 12, below;
or (d) upon either party terminating the agreement by delivering to the other party
ninety (90) days prior written notice of termination.

 

3. Condition.
Lessee acknowledges and agrees that the Helicopter has been delivered to
Lessee in an AIRWORTHY CONDITION with a current "Annual
Inspection" or "100 Hour Inspection,"
as applicable, with a beginning Hobbs
time of 1839.4 and an airframe "Total Time" of  1839.4.  Upon
the termination of this Agreement for any reason, Lessee shall return the
Helicopter to Lessor in the same or better condition as received, save and except only reasonable and ordinary wear and
tear.

 

4.
Use.  Lessee shall use
the Helicopter in a safe
and appropriate manner and shall
comply with and conform to all national,
state, municipal, and other laws ordinances and regulations in any way relating to the possession,
use or maintenance of the Helicopter. Lessor understands that the Helicopter is to be
used for "rental" and "flight training", which is a high risk
activity. Lessee shall be solely
responsible for any damage to the
Helicopter that may be experienced
during the term of
this lease and must provide appropriate insurance on the Helicopter for all uses.

 

5.
Maintenance and Repair. Lessee shall, at its own cost and expense, repair and maintain the Helicopter so as to
keep it in good working order and operating condition. In this regard, Lessee
shall pay for all inspections, routine
and non routine maintenance and all related labor.

 

Lessee shall be responsible
for any damage or repair to the Helicopter which is caused
by any negligence or misuse by Lessee or its authorized users. 
Lessor shall be responsible
only for the cost
of parts to comply with mandatory AD's and SB's and the replacement of any timed
components where replacement is not due to the actions of Lessee or its authorized users.

 

6.
Rental Rate. Lessee shall pay to Lessor on
a monthly basis at the end of each month beginning on November 30, 2012 a rental rate
of $185.00 per Hobbs hour,
with a minimum of 40 hours each
month, regardless of actual usage
and regardless of the use made by Lessee
of the Helicopter. The minimum 40 hours of usage charge shall not accrue if unused to any
subsequent month.

 

Hobbs usage will
be documented and provided to Lessor
by Lessee along with each payment within 10 days of the end of each month.

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7. Responsibilities & Fees.
Lessor shall be responsible only for the following expenses related to the use of
the Helicopter:

 

• Payment of all
debt service, license and registration fees.

• Any applicable
property taxes due for the operation of the Helicopter;

 

Lessee shall be responsible
for all other expenses, including but not limited to the following:

 

• Hangar Parking
(the Helicopter must be hangered when not in use);

• Insurance on the
Helicopter;

• Fuel and regular
operating oil; and

• Regular Maintenance
and Repairs on the Helicopter, including annual, 50 and 100 hour
inspections.

 

8.
 Rental Payments. Rental payments shall be calculated and made on a calendar
month. Lessee shall remit to Lessor the gross rental
revenues for each month within ten (10) business days after the
end of each month. Rental payments shall
be calculated by multiplying the number of Hobbs
hours used by $185.00, with a minimum
of 40 hours, as provided above. Lessee will provide monthly rental reports with each
payment showing the Hobbs usage and calculation
of payment.

 

9.
 Surrender. Upon the expiration or earlier termination of this Agreement, Lessee
shall return the Helicopter to Lessor in
good repair, condition and working order
and shall pay for all parts, mechanisms, devices, or materials
required to make it so at the time
of surrender, keeping
the Helicopter in good mechanical working
order and current in all of its regularly
scheduled inspections, ordinary wear &
tear resulting from
proper use thereof excepted, by delivering the Helicopter at Lessee's
cost and expense to such place as Lessor shall
specify within the city or county in which the same
was delivered to Lessee.

 

10.
 Insurance.  Lessee shall
procure and continuously
maintain insurance for all risk
against loss of, or damage to, the Helicopter,
naming the Lessor and the Security Holder on
the Helicopter as loss payee, and liability
and property damage insurance with limits as approved by Lessor, naming the Lessor and
the Security Holder on the Helicopter as additionally named insured and a loss
payee. Lessee shall provide Lessor with an original policy or
certificate evidencing such insurance. Hull value for this Helicopter shall be $210,000.

 

Unless·
otherwise arranged in advance, down payments for any required
insurance premiums shall be paid
upon Helicopter acceptance into the insurance policy. Premium refunds can
only be made at the end of the insurance policy period in the event of early
termination of this Agreement unless otherwise allowed
by the insurance policy.

 

11. Reserve for Taxes.
Lessor must supply all corporate reporting information, including a Federal Tax Id
or Social Security Number, to comply with Federal vendor tax reporting (1099).

 

12.
Default. If Lessee fails to make rental payments as described herein within
ten (10) business days after the same is due and
payable, or if, Lessee fails to observe, keep or
perform any other provision of this Agreement required to
be observed, kept or performed by
Lessee, Lessor shall have the right to exercise any
one or more of the following remedies: (i) take possession of the Helicopter, without demand or notice, wherever it may
be located, without court order or other process
of law; (ii) terminate this Agreement.

 

13. Ownership and Rights.
The Helicopter is, and shall
at all times be and remain,
the sole and exclusive property of the Lessor. Lessee shall have no right, title or
interest therein or thereto except as expressly set forth
in this Agreement.

 

14.
Entire Agreement. This Agreement constitutes
the entire agreement
between the parties on the
subject matter hereof and it shall not be amended, altered or changed except
by a further writing signed by the parties hereto.

 

15.
Notices. Service of all notices under this Agreement shall
be sufficient if given personally or by
certified mail, return receipt
requested, postage prepaid, at the
address hereinafter set forth, or to such address as
such party may provide
in writing from time to time or
at the Parties last known address.

 

16. Assignment.
Lessee shall not assign this Agreement or
its interest in the Helicopter without
prior written consent
of Lessor. Any such attempted assignment shall be null and void.

 

17. Force
Majeure. Non-performance of either party shall be excused to the extent that performance
is rendered impossible by strike, fire, flood, governmental acts,
orders or restrictions, or any other reason where failure to perform is beyond
the control and not caused by the negligence of the non-conforming party.

 

18. Governing Law.
This Agreement shall be construed and enforced according to laws of the State of Nevada.

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In Witness Whereof, the parties hereto have
executed this Agreement as of the day and year first above written.

 

	
        General Aircraft, Inc.

         

        /s/ Ian Johnson

        By: Ian Johnson

        Its: President
	Date: Nov 1 2012
		
	
        Elite Aviation VGT, LLC

         

        /s/ Jason Duncan

        By: Jason Duncan

        Its: Member Manager
	Date: Nov 1 2012

 

 

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