Document:

Exhibit 10.1

PAYMENT AGREEMENT

 

 

THIS AGREEMENT, dated September
12, 2011, is between FUELSTREAM, INC., a corporation organized under laws
of the State of Delaware, whose address is 510 Shotgun Road, Suite 110, Sunrise, Florida 33325, (hereinafter referred to as the
“Company”); SUMMIT TRADING LIMITED, an international business corporation with its principal office at 120 Flagler
Avenue, New Smyrna Beach, FL 32169, (hereinafter referred to as the “STL”);

WHEREAS, STL is
in the business of assisting public companies with short and long term funding sources, strategic business planning, and investor
and public relations services designed to make the investing public knowledgeable about the benefits of stock ownership in the
Company; and

WHEREAS, the Company
has had presented to it one or more plans of public and investor relations to utilize other business entities to achieve the Company’s
goals of making the investing public knowledgeable about the benefits of stock ownership in the Company; and

WHEREAS, the Company
recognizes that the STL is not in the business of stock brokerage, investment advice, activities which require registration under
either the Securities Act of 1933 (hereinafter “the Act”) or the Securities and Exchange Act of 1934) (hereinafter
the “Exchange Act”), underwriting, banking, is not an insurance Company, nor does it offer services to the Company
which may require regulation under federal or state securities laws; and

WHEREAS, the parties
agree, after having a complete understanding of the services desired to be provided to the Company and Company desires to have
STL fund a plan of public and investor relations which have been selected by the Company;

NOW, THEREFORE,
in consideration of the mutual covenants and promises contained herein, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows:

1.Duties
and Involvement.

The Company has
engaged STL to provide a plan, and for coordination in executing the agreed-upon plan, for using various investor and public relations
services as agreed by both parties (the “Plan”). After agreeing upon such Plan, the Company desires to have STL undertake
to pay its monetary obligations to fund the costs of coordinating the financial and public relations services contemplated by such
a Plan. STL in return for the compensation hereinafter described has agreed to undertake to pay the Company’s obligations
with respect to coordinating the Plan as agreed upon by the parties. The Company acknowledges that all third party and independent
contractor expenses, and contracts, submitted as part of the Plan for public relations shall be the financial obligation of the
Company. STL acknowledges that all third party and independent contractor expenses required to execute the Plan, shall be pre-approved
by the Company.

2.Relationship
Among the Parties.

STL acknowledges
that it is not an officer, director or agent of the Company, it is not, and will not, be responsible for any management decisions
on behalf of the Company, and may not commit the Company to any action. The Company represents that the STL does not have, through
stock ownership or otherwise, the power neither to control the Company, nor to exercise any dominating influences over its management.

STL understands
and acknowledges that this Agreement shall not create or imply any agency relationship among the parties, and STL will not commit
the Company in any manner except when a commitment has been specifically authorized in writing by the Company.

3.Effective
Date, Term and Termination.

This Agreement shall
be effective on July 15, 2011, and will continue until July 14, 2012.

4.Compensation
and Expenses.

The Company agrees
to pay STL, Three Hundred and Thirty Three Thousand Three Hundred and Thirty-Four (333,334) shares, of the Company’s common
stock restricted under Rule 144 of the Securities and Exchange Act of 1933 (hereafter collectively, the “Shares” or
the “Payment”) in two separate equal tranches of 166,667 shares each with the first tranche (“First Tranche”)
to be delivered in connection with the execution of this Agreement and, provided that this Agreement has not been terminated pursuant
to Section 7 herein, the second tranche (“Second Tranche”) shall be delivered no later than January 20, 2012. Certificates
representing the First Tranche and the Second Tranche shall be issued within ten (10) days following the effective date of this
Agreement, with the certificate representing the Second Tranche to be held by the Company until the earlier of (i) the termination
of this Agreement in accordance with Section 7 herein, or (ii) January 15, 2012. Should this Agreement not be terminated prior
to January 15, 2012, the Company shall deliver the certificate representing the Second Tranche no later than January 20, 2012.
This Payment will be considered total and complete consideration for STL performing its duties and involvement as defined in Section
1 of this Agreement. The Company shall have no other Payment obligations to STL. The Company agrees
to pay for all costs and expenses incurred and associated with its employees’ working with STL and its representatives, including
lodging, meals and travel as necessary and additionally, agrees to pay the cost of printing, due diligence shows, email,
radio, television and other outside services that it approves in writing in conjunction with STL or any other third party or independent
contractor introduced to the Company to execute any portion of any Plan proposed and agreed to. STL
shall be responsible for the out-of-pocket expenses, e.g., travel and lodging of its own personnel.

5.Investment
Representation.

i. The
Company represents and warrants that it has provided STL with access to all information available to the Company concerning its
condition, financial and otherwise, its management, its business and its prospects. The Company represents that it has provided
STL with all copies of the Company’s filings for the prior twelve (12) months, if any, (the “Disclosure Documents”)
made under the rules and regulations promulgated under the Act, as amended, or the Exchange Act, as amended. STL acknowledges that
the acquisition of the securities to be issued to STL involves a high degree of risk. STL represents that it and its advisors have
been afforded the opportunity to discuss the Company with its management. The Company represents that it has and will continue
to provide STL with any information or documentation necessary to verify the accuracy of the information contained in the Disclosure
Documents, and will promptly notify STL upon the filing or any registration statement or other periodic reporting documents filed
pursuant to the Act or the Exchange Act. This information will include DTC sheets, which shall be provided to STL no less than
every two (2) weeks and to provide transfer activity weekly or bi-weekly. The Company hereby represents that it does not currently
have any of its securities in the process of being registered, and further represents that if any of its securities are in the
process of being registered that it shall promptly notify STL, in writing, of the nature of the shares that are to be registered.

ii.STL
represents that neither it nor its officers, directors, or employees is subject to any disciplinary action by either the Financial
Industry Regulatory Authority or the Securities and Exchange Commission by virtue of any violations of their rules and regulations
and that to the best of its knowledge neither it nor its affiliates or subcontractors is subject to any such disciplinary action.

6.                 
Issuance of and Registration of Securities and Liquidated Damages.

The Company hereby
acknowledges that time is of the essence with respect to issuance of the Shares and removal of the 144 restriction legend from
the Shares. In the event that:

i. the
First Tranche of the Shares is not issued within ten (10) days of the date of this Agreement;

ii provided
that this Agreement has not been terminated pursuant to Section 7 herein, the Second Tranche of the Shares is not delivered to
STL by January 20, 2012; and

iiiprovided
that STL has provided an opinion of counsel reasonably acceptable to the Company that the Shares may be resold pursuant to Rule
144 of the Act, if the restrictive legend is not removed within thirty (30) days after written demand made and in accordance with
the rules and regulations governing the removal of such legend, the Company agrees to issue an additional number of shares equal
to ten percent (10%) of the total number of shares issued herein for each additional thirty day delay in removing such legend.

STL understands
and acknowledges that the shares of common stock are being acquired by STL for its own account, and not on behalf of any other
person, and are being acquired for investment purposes and not for distribution. STL represents that the common stock will be a
suitable investment for STL, taking into consideration the restrictions on transferability affecting the common stock.

Company will undertake
to comply with the various states’ securities laws with respect to the registration of the Shares referred to herein. Company
undertakes to make available for review and comment, on a timely basis and prior to submission to any regulatory agency, copies
of the registration statement.

Company warrants
to STL that it has complied will all corporate and legal requirements to issue said stock to STL including but not by way of limitations,
directors approval of said issuance. Company will provide STL after signing of this agreement a letter from its counsel that all
such actions have been taken and a certified copy of any necessary resolutions to affect said change.

7.                 
Termination.

This Agreement may
be terminated at any time by the Company, for any reason or no reason, prior to January 15, 2012 by providing written notice to
STL at the address above.

.8Miscellaneous
Provisions.

Section
aTime. Time is of the essence of this Agreement.

Section bPresumption.
This Agreement or any section thereof shall not be construed against any party due to the fact that said Agreement or any section
thereof was drafted by said party.

Section cComputation
of Time. In computing any period of time pursuant to this Agreement, the day of the act, event or default from which the designated
period of time begins to run shall be included, unless it is a Saturday, Sunday or a legal holiday, in which event the period shall
begin to run on the next day which is not a Saturday, Sunday or a legal holiday, in which event the period shall run until the
end of the next day thereafter which is not a Saturday, Sunday or legal holiday.

Section dTitles
and Captions. All article, section and paragraph titles or captions contained in this Agreement are for convenience only and
shall not be deemed part of the context nor affect the interpretation of this Agreement.

Section ePronouns
and Plurals. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular
or plural as the identity of the Person or Persons may require.

Section fFurther
Action. The parties hereto shall execute and deliver all documents, provide all information and take or forbear from all such
action as may be necessary or appropriate to achieve the purposes of this Agreement.

Section gGood
Faith, Cooperation and Due Diligence. The parties hereto covenant, warrant and represent to each other good faith, complete
cooperation, due diligence and honesty in fact in the performance of all obligations of the parties pursuant to this Agreement.
All promises and covenants are mutual and dependent.

Section hSavings
Clause. If any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held
invalid, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those as
to which it is held invalid, shall not be affected thereby.

Section iAssignment.
This Agreement may not be assigned by either party hereto without the written consent of the other, but shall be binding upon the
successors of the parties.

Section jArbitration.

i. Any controversy
or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration administered by the
American Arbitration Association in accordance with its Commercial Arbitration Rules including the Emergency Interim Relief Procedures,
and judgment on the award rendered by a single arbitrator may be entered in any court having jurisdiction thereof.

ii. Any provisional
remedy, which would be available from a court of law, shall be available to the parties to this Agreement from the Arbitrator pending
arbitration.

iii. The
situs of the arbitration shall be North Carolina.

iv. In the
event that a dispute results in arbitration, the parties agree that the prevailing party shall be entitled to reasonable attorneys
fees to be fixed by the arbitrator.

Section kNotices.
All notices required or permitted to be given under this Agreement shall be given in writing and shall be delivered, either personally
or by express delivery service, to the party to be notified. Notice to each party shall be deemed to have been duly given upon
delivery, personally or by courier (such as Federal Express or similar express delivery service), addressed to the attention of
the officer at the address set forth heretofore, or to such other officer or addresses as either party may designate, upon at least
ten (10) days’ written notice, to the other party.

Section lGoverning
law. The Agreement shall be construed by and enforced in accordance with the laws of the State of North Carolina.

Section mEntire
agreement. This Agreement contains the entire understanding and agreement among the parties. There are no other agreements,
conditions or representations, oral or written, express or implied, with regard thereto. This Agreement may be amended only in
writing signed by all parties.

Section nWaiver.
A delay or failure by any party to exercise a right under this Agreement, or a partial or single exercise of that right, shall
not constitute a waiver of that or any other right.

Section oCounterparts.
This Agreement may be executed in duplicate counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. In the event that the document is signed by one party and faxed to another the parties
agree that a faxed signature shall be binding upon the parties to this agreement as though the signature was an original.

Section
pSuccessors. The provisions of this Agreement shall be binding upon all parties, their successors and assigns.

Section qCounsel.
The parties expressly acknowledge that each has been advised to seek separate counsel for advice in this matter and has been given
a reasonable opportunity to do so.

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement to be effective as of the day and year provided herein 

	                       	STL:
	 	      SUMMIT TRADING LIMITED
	 	By: /s/ Richard J Fixaris_______
	 	      Richard J. Fixaris
	 	      Attorney-in-fact
	 	 
	 	COMPANY:
	 	      FUELSTREAM, INC.
	 	By:	/s/ Mark Klok ___________
	 	      Mark Klok
	 	      Chairman and Chief Executive Officerex10-201.htm

Exhibit 10.201

 

 

THE SHARES OF COMMON STOCK SUBSCRIBED FOR BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER APPLICABLE STATE SECURITIES LAWS AND TRANSFER OF SUCH SHARES IS RESTRICTED BY THE TERMS OF THIS AGREEMENT.

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT (the “Agreement”) is made by and between the subscriber hereto (the “Subscriber”) and Calypte Biomedical Corporation, a Delaware corporation (the “Company”).

 

 The Subscriber hereby agrees to purchase, and the Company hereby agrees to issue and to sell to the Subscriber, the number of shares (the “Shares”) of common stock of the Company, par value $.03 per share (the “Common Stock”), set forth on the signature page, for a purchase price in cash equal to $0.03 per share (the aggregate amount to be paid by the Subscriber shall be referred to as the “Purchase Price”). After acceptance of this Agreement by the Company and payment and delivery by the
Subscriber to the Company of the Purchase Price in the form of wire transfer pursuant to the terms of Section 7(b) of this Agreement, the Company shall issue and deliver to the Subscriber the Shares.

 

NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows.

 

1.           Subscriber’s Representations and Warranties. The Subscriber hereby represents and warrants to and agrees with the Company that:

 

(a)           Access to Information. The Subscriber acknowledges that he or she has been furnished with the Company’s Form 10-K for the year ended December 31, 2009 as filed with the Securities and Exchange Commission (the “Commission”) together with all subsequently filed Forms 10-Q, 8-K, and other publicly available filings made with the Commission (hereinafter referred to collectively as the
“Reports”) and has been afforded (i) the opportunity to ask such questions as he or she has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Company; (ii) access to information about the Company and its subsidiary and their respective financial condition, results of operations, business, properties, management and prospects sufficient to enable him or her to evaluate his or her investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.
Neither such inquiries nor any other investigation conducted by or on behalf of the Subscriber or his or her representatives or counsel shall modify, amend or affect the Subscriber’s right to rely on the truth, accuracy and completeness of the Reports and the Company’s representations and warranties contained herein.

Initials: _____

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(b)           Information on Subscriber. The Subscriber is and was not a “U.S. person,” as defined in Regulation S of the Securities Act of 1933, as amended (the “1933 Act”), and was outside the United States, at the time the offer or sale of the Securities was made. Additionally, the Subscriber is an “accredited investor,” as such term is defined in Regulation D of the 1933 Act or is part of a group that is experienced in investments and business matters, has made investments of a
speculative nature and has purchased securities of United States publicly-owned companies in private placements in the past and, with his or her representatives, has such knowledge and experience in financial, tax and other business matters as to enable the Subscriber to utilize the information made available by the Company, to evaluate the merits and risks of an investment in the Company and to make an informed investment decision with respect to the proposed purchase, which represents a speculative investment. This Agreement has been duly executed by the Subscriber and when delivered by the Subscriber in accordance with terms hereof, will constitute the valid and legally binding obligation of the Subscriber, enforceable against him or her in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application. The Subscriber is able to bear the risk of such investment for an indefinite period and to afford a complete loss thereof. The information set forth on the signature page hereto regarding the Subscriber is accurate.

 

(c)           Purchase of Shares and Investment Intent. The Subscriber is purchasing the Shares for his or her own account for the Purchase Price. The Subscriber is acquiring the Shares as principal for his or her own account for investment purposes only and not with a view to or for distributing or reselling such Shares or any part thereof, without prejudice, however, to the Subscriber’s right at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable federal and state securities laws. The Subscriber does not have any
agreement or understanding, directly or indirectly, with any person to distribute any of the Shares. The Subscriber also represents that the purchase of the Shares is intended to be made as an “Offshore Transaction” as defined in Regulation S.

 

(d)           Compliance with Securities Act. The Subscriber understands and agrees that the Shares have not been registered under the 1933 Act, by reason of their issuance in a transaction that does not require registration under the 1933 Act (based in part on the accuracy of the representations and warranties of the Subscriber contained herein), and that such Shares may not be offered or sold in the United States or to U.S. persons unless the Shares are registered under the 1933 Act or an exemption from the registration requirements of the 1933 Act is available.

 

(e)           Legend on Shares. The Shares shall bear the following legend (or something comparable for the Warrant), unless the Shares shall have been included in an effective registration statement under the 1933 Act:

Initials: _____

_____

 

  

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“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.”

(f)           Communication of Offer. The offer to sell the Shares was directly communicated to the Subscriber. At no time was the Subscriber presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with such communicated offer.

 

(g)           Certain Trading Activities. The Subscriber has not directly or indirectly, nor has any person acting on behalf of or pursuant to any understanding with the Subscriber, engaged in any trading in any securities of the Company (including, without limitation, any Short Sales (defined below) involving the Company’s securities) during the 20 trading days immediately preceding the issuance of the Shares. For purposes of this Section, “Short
Sales” include, without limitation, all “short sales” as defined in Rule 3b-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”) and include all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers having the effect of hedging the securities or investment made under this Agreement. As of the date of this Agreement, the Subscriber has no open short position in the Common Stock, and covenants that neither the Subscriber nor any person acting on his or her
behalf or pursuant to any understanding with him or her will engage in any Short Sales prior to the public disclosure of the material terms of this transaction by the Company. The Subscriber understands and acknowledges that he or she may not engage in any hedging transactions with respect to the Shares other than in compliance with the 1933 Act.

 

(h)           Correctness of Representations. The Subscriber represents that the foregoing representations and warranties are true and correct. The foregoing representations and warranties shall survive the date hereof.

 

2.           Company Representations and Warranties. The Company represents and warrants to and agrees with the Subscriber that:

 

(a)           Due Incorporation. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate power to own its properties and to carry on its business as now being conducted. The Company is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the business conducted or property owned by it makes such qualification necessary, other than those jurisdictions in which the failure to so qualify would not have a material
adverse effect on the business, operations or financial condition of the Company.

 

Initials: _____

_____

  

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(b)           Outstanding Stock. All issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non- assessable.

 

(c)           Authority; Enforceability. This Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general principles of equity; and the Company has full corporate power and authority necessary to enter into this Agreement and to perform its obligations hereunder.

 

(d)           Shares Duly Authorized. The Shares when issued and delivered in accordance with the terms of this Agreement, will be duly authorized, validly issued, fully paid and non-assessable.

 

(e)           Stop Transfer. The Shares are restricted securities as of the date of this Agreement. The Company will not issue any stop transfer order or other order impeding the sale, resale or delivery of the Stock, except as may be required by federal securities laws.

 

(f)           No General Solicitation. Neither the Company, nor any of its affiliates, nor to its knowledge, any person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation S or D under the 1933 Act) in connection with the offer or sale of the Shares.

 

3.           Regulation S Offering. This offering is being made pursuant to the exemption from the registration provisions of the 1933 Act afforded by Regulation S thereunder.

 

4.           Reissuance of Shares. The Company will cause the removal of the legend set forth in Section 1(e) above at such time as (a) the Subscriber is permitted to, and disposes of, the Shares pursuant to an exemption to the registration requirements of the 1933 Act or Rule 144 of the 1933 Act, in the opinion of counsel reasonably satisfactory to the Company, or (b) upon sale of the Shares pursuant to an effective registration statement under the 1933 Act. The Company agrees to cooperate with the Subscriber in connection with all sales pursuant to Rule 144 of the 1933 Act
and provide legal opinions necessary to allow such sales provided the Company and its counsel receive requested written representations from the Subscriber and selling broker, if any. The Company will pay for its costs in connection with the removal of the legend hereunder.

 

Initials: _____

_____

  

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5.           “Piggy-Back” Registration Rights.

 

(a)           The Company agrees that when it registers any Common Stock under the 1933 Act by registration on Form S-1 or other similar form for sale for the account of one or more holders of Common Stock, the Company will use its best efforts to register all or some portion of the Shares in such registration statement as the Company may reasonably determine feasible. The Company will pay all expenses incident to the registration of the Shares hereunder and the Company’s performance of or compliance with this Agreement.

 

(b)           The Seller will furnish to the Company in writing such information and representation letters with respect to itself and the proposed distribution by it as reasonably shall be necessary in order to assure compliance with federal and state securities laws.

 

6.           Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all stamp and other taxes and duties levied in connection with the issuance of the Shares.

 

7.           Miscellaneous.

 

(a)           Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or
other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: (i) if to the Company to Calypte Biomedical Corporation, 15875 SW 72nd Ave, Portland, Oregon 97224, facsimile number: (503) 601-6299,
and (ii) if to the Subscriber, to the name, address and facsimile number set forth on the signature page hereto.

 

(b)           Closing. The Company acknowledges receipt of the Purchase Price, which Subscriber has advanced in five installments of $30,000 on January 4, 2011, $62,000 on March 3, 2011, $50,000 on each of May 9 and June 29, 2011 and $60,000 on August 8, 2011. Within a reasonable time following execution and delivery of this Agreement, the Company shall deliver the Shares to the Subscriber.

Initials: _____

_____

 

  

5

  

 

(c)           Entire Agreement; Assignment. This Agreement represents the entire agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by both parties. No right or obligation of either party shall be assigned by that party without the written consent of the other party.

 

(d)            Execution. This Agreement may be executed in separate counterparts, each of which shall be deemed an original and both of which shall constitute one and the same document. This Agreement may be executed by facsimile transmission.

 

(e)           Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Oregon without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of Oregon or in the federal courts located in the state of Oregon. Both parties and the individuals executing this Agreement agree to submit to the jurisdiction of such courts and waive trial by jury. The prevailing party shall be entitled to
recover from the other party its reasonable attorney’s fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.

 

(f)           Specific Enforcement, Consent to Jurisdiction. The Company and the Subscriber acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof or thereof, this being in addition to any other remedy to which any of
them may be entitled by law or equity. Subject to Section 7(e) hereof, each of the Company and the Subscriber hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Nothing in this Section shall affect or limit any right to serve process in any other manner permitted by law.

 

Initials: _____

_____

  

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IN WITNESS WHEREOF, the parties have hereby executed this Agreement as of the day set forth in the acceptance set forth below.

 

	
8,400,000 

	 	
SUBSCRIBER NAME:

	
Number of Shares

	 	
 

	 	 	 
	
$252,000 

	 	 
	
Dollar Amount of Subscription Tendered by Subscriber

	 	
David Khidasheli

	 	 	 
	 	 	
Street Address

	 	 	 
	 	 	
City and Country

	 	 	 
	 	 	
Telephone Number

ACCEPTANCE

The foregoing subscription is hereby accepted, subject to the terms and conditions hereof, as of _______________, 2011.

 

	$252,000	 	CALYPTE BIOMEDICAL CORPORATION
	
Amount of Subscription Accepted

	 	 
	 	 	 
	8,400,000	By: 	 
	
Number of Shares

	 	Name: Adel Karas
	 	 	Title: Chief Executive Officer
	 	 	 

 

Initials: _____

_____

7

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