Document:

Exhibit 10.1

Exhibit 10.1

AMENDED AND RESTATED DEMAND PROMISSORY NOTE

March 24, 2010

FOR VALUE RECEIVED, Immediatek, Inc, a Nevada corporation (“Borrower”), promises to
pay to the order of Radical Holdings LP, a Texas limited partnership (“Lender”), the
principal sum of SEVEN HUNDRED SEVENTY TWO THOUSAND FIVE HUNDRED and NO/100 DOLLARS ($772,500), or
such lesser or greater amount that may be outstanding or advanced under this Note, at 5424 Deloache
Avenue, Dallas, Texas 75220, or such other place as Lender may designate, from time to time, in
writing, in lawful money of the United States of America and in immediately available funds,
together with interest on the unpaid principal balance hereof at the rate provided herein from the
date hereof until payment in full of the indebtedness advanced under this Note.

1. Interest Rate. The unpaid principal amount hereunder from time to time outstanding
from the date hereof until payment in full of the indebtedness advanced under this Note shall bear
interest, calculated on the basis of a 365-day year, at a rate per annum equal to three percent
(3%).

2. Payment of Principal and Interest. This Note and all accrued and unpaid interest
shall be paid on the date which is 30 days after the date of demand by the Lender or if no such
demand is received prior to February 22, 2012 this Note and all accrued and unpaid interest shall
be due and payable in one lump sum on March 23, 2012 (the “Maturity Date”). Any payment
made under this Note shall be applied first to interest accrued and unpaid on the outstanding
principal balance as of such date of payment and then to the outstanding principal balance due
hereunder. If any required payment falls due on a Saturday, Sunday or a national or state bank
holiday in Texas, then such date shall be extended to the next succeeding day that is not a
Saturday, Sunday or national or state bank holiday in Texas. This Note may be prepaid in whole or
in part without premium or penalty at any time.

3. Events of Default. An event of default (“Event of Default”) shall exist
if:

(a) Borrower shall fail to pay any principal of, or any interest on, this Note or any other
amount payable under this Note, when and as the same shall become due and payable; or

(b) an involuntary proceeding shall be commenced, or an involuntary petition shall be filed,
seeking (i) liquidation, reorganization or other relief in respect of Borrower or its debts, or of
a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for Borrower or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed
for 120 days or an order or decree approving or ordering any of the foregoing shall be entered; or

 

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(c) Borrower shall (i) voluntarily commence any proceeding, or file any petition, seeking
liquidation, reorganization or other relief under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, (ii) apply for, or consent to,
the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for Borrower or for a substantial part of its assets, (iii) file an answer admitting the material
allegations of a petition filed against it in any such proceeding, (iv) make a general assignment
for the benefit of creditors, or (v) take any action for the purpose of effecting any of the
foregoing; or

(d) Borrower shall be dissolved.

4. Remedies Upon an Event of Default.

(a) Acceleration.

(i) If an Event of Default described in paragraphs (b) or (c) of Section
3 hereof shall occur, this Note and the obligation to pay the principal and accrued interest
hereunder shall automatically become immediately due and payable without any action or notice on
the part of the Lender.

(ii) If an Event of Default described in paragraphs (a) or (d) of Section
3 hereof has occurred, and at any time thereafter during the continuance of such event, Lender
may declare the then outstanding amounts hereunder to be due and payable in whole (or in part, in
which case any principal not so declared to be due and payable may thereafter be declared to be due
and payable) and, thereupon, the principal of the amounts hereunder so declared to be due and
payable, together with accrued interest thereon and all other obligations of Borrower accrued
hereunder, shall become due and payable immediately, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by Borrower.

(b) Remedies Cumulative. The remedies available to Lender, as provided herein, shall
be cumulative and concurrent, and may be pursued singularly, successively or together, at the sole
discretion of Lender, and may be exercised as often as occasion therefor shall arise. No act of
omission or commission of Lender, including, specifically, any failure to exercise any right,
remedy or recourse, shall be deemed to be a waiver or release of the same. A waiver or release
with reference to any one event shall not be construed as continuing, as a bar to, or as a waiver
or release of, any subsequent right, remedy or recourse as to a subsequent event.

5. Limitation of Agreements. All agreements between Borrower and Lender, whether now
existing or hereafter arising and whether written or oral, are hereby expressly limited so that in
no contingency or event, whether by reason of demand, acceleration or otherwise, shall the amount
paid, or agreed to be paid, to Lender for the use, forbearance or detention of the money to be
loaned under this Note or otherwise or for the payment or performance of any covenant or obligation
contained herein or in any other document evidencing, securing or pertaining to the indebtedness
represented by this Note, exceed the maximum amount permissible under applicable law, as now
existing or as hereafter amended. If from any circumstance whatsoever fulfillment of any provision
hereof or any of such other documents, at the time performance of such provision shall be due,
shall involve transcending the limit of validity prescribed by law, then ipso facto, the obligation
to be fulfilled shall be reduced to the limit of such validity, and if from any such circumstance
Lender shall ever receive

 

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interest, or anything that might be deemed interest under applicable law, that would exceed the
highest lawful rate, such amount that would be excessive interest shall be applied to the reduction
of the principal due hereunder and not to the payment of interest, or if such excessive interest
exceeds the unpaid balance of principal of this Note, such excess shall be refunded to Borrower.
All sums paid, or agreed to be paid, to Lender for the use, forbearance or detention of the
indebtedness of Borrower to Lender shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full term of such indebtedness until payment in full,
so that the actual rate of interest on account of such indebtedness is uniform, or does not exceed
the maximum rate permitted by applicable law, as now existing or hereafter amended, throughout the
term thereof.

6. Governing Law. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF TEXAS IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, OTHER THAN THOSE CONFLICT OF LAW PROVISIONS THAT WOULD DEFER TO THE SUBSTANTIVE LAWS
OF ANOTHER JURISDICTION.

7. Successors and Assigns. This Note shall be binding upon Borrower and its
successors and assigns (including, without limitation, a receiver, trustee or debtor-in-possession
of or for Borrower) and shall inure to the benefit of Lender and its heirs, personal and legal
representatives, successors and assigns. Borrower may not assign its rights hereunder without the
prior written consent of Lender, in its sole discretion, other than by operation of law.

8. Severability. If any provision of this Note or any payment pursuant to the terms
hereof shall be found by a court of competent jurisdiction to be invalid or unenforceable to any
extent, the remainder of this Note and any other payments hereunder shall not be affected thereby
and shall be enforceable to the greatest extent permitted by law. Furthermore, in lieu of such
invalid or unenforceable provision or provisions, there shall be added automatically as part of
this Note, a provision or provisions as similar in its or their terms to such invalid or
unenforceable provision or provisions as may be possible and be legal, valid and enforceable.

9. No Oral Agreements. This Note, as written, represents the final agreement between
Borrower and Lender with respect to the matters contained herein and may not be contradicted by
evidence of prior, contemporaneous or subsequent oral agreements between Borrower and Lender.
There are no unwritten agreements between Borrower and Lender.

10. Notices. Except as otherwise provided for herein, any notice or demand that, by
the provisions hereof, is required or that may be given to, or served upon, Borrower or Lender
shall be in writing and: if by telecopy, shall be deemed to have been validly served, given or
delivered when transmitted; if by personal delivery or reputable overnight courier, shall be
deemed to have been validly served, given or delivered upon actual delivery; and, if mailed, shall
be deemed to have been validly served, given or delivered three (3) business days after deposit in
the United States mails, as registered or certified mail, with proper postage prepaid and addressed
to the party to be notified, as set forth below or to Lender to such other address as Lender shall
hereafter give in writing to Borrower by similar notice:

 

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	If to Lender:

	 	Radical Holdings LP
	 

	 	5424 Deloache Avenue
	 

	 	Dallas, Texas 75220
	 

	 	Attn:  Martin Woodall
	 
	 	 
	If to Borrower:

	 	Immediatek, Inc.
	 

	 	c/o Darin Divinia
	 

	 	320 South Walton
	 

	 	Dallas, Texas 75226
	 

	 	Attn:  President

11. Miscellaneous. This Note may not be changed, amended or modified orally. Time is
of the essence with respect to all of Borrower’s obligations and agreements under this Note.

SIGNATURE PAGE FOLLOWS

 

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IN WITNESS WHEREOF, Borrower has executed and delivered this Note as of the date and year
first above written.

	 	 	 	 	 
	 	IMMEDIATEK, INC.,

a Nevada corporation

 	 
	 	By:  	/s/ DARIN DIVINIA
 	 
	 	 	Name:  	Darin Divinia 	 
	 	 	Title:  	President 	 
	 
	 	 	 
	 	By:  	                          /s/ ROBERT HART
 	 
	 	 	Name:  	Robert Hart 	 
	 	 	Title:  	Secretary 	 
	 

 

10Exhibit 10.05

Exhibit 10.05

2010 DIRECTOR COMPENSATION POLICY

Effective as of January 1, 2010

	 	 	 
	PURPOSE:

	 	The Director Compensation Policy (“Policy”) establishes meeting fees and sets forth the
types of expenses that the Federal Home Loan Bank of New York (“FHLBNY”) will pay to the Board
of Directors (“Board”) of the FHLBNY. The activities referred to in this Policy are those as
to which the Board believes Director attendance is necessary and appropriate and which may be
compensated. The Policy has been prepared in accordance with Section 7 of the Federal Home
Loan Bank Act (“Bank Act”) and the regulations of the Federal Housing Finance Agency (“FHFA”)
regarding Director compensation and expenses.

	I.	 	2010 DIRECTOR FEES

	 	A.	 	Board Chairman

	 	 	 	The maximum fee opportunity for 2010 for the Chairman of the Board shall be $60,000.

	 	B.	 	Board Vice Chairman

	 	 	 	The maximum fee opportunity for 2010 for the Vice Chairman of the Board shall be
$55,000.

	 	C.	 	Committee Chairs

	 	 	 	The maximum fee opportunity for 2010 for a Director serving as a Committee Chair shall
be $50,000; however, such Director shall not receive any additional fee opportunity if
he or she serves as Chair of more than one Committee. The Board Chair and Board Vice
Chair shall not receive any additional fee opportunity for serving as a Chair of one or
more Board Committees.

	 	D.	 	Other Directors

	 	 	 	The maximum fee opportunity for 2010 for Directors other than the Chairman, the Vice
Chairman, and the Committee Chairs shall be $45,000.

	 	E.	 	Payments and Attendance

	 	 	 	Each Director shall be paid an amount equal to one-tenth of such Director’s maximum fee
opportunity as described above for each Board meeting attended by said Director in 2010.
Such fees to be paid on a quarterly basis in arrears.

	 	 	 	Consistent with the Bank’s Corporate Governance Policy, attendance is expected at all
Board meetings (and, if on a Committee, at all meetings of such Committee).

	II.	 	EXPENSES

	 	A.	 	In General

	 	1.	 	Directors may be paid for reasonable travel, subsistence and other
related expenses incurred in connection with the performance of their official
duties as are payable to senior officers of the FHLBNY as specified in the
FHLBNY’s current Travel Policy. However, under no circumstances shall Directors
be paid for gift or entertainment expenses.

 

 

 

	 	B.	 	Board and Board Committee Meetings

	 	1.	 	Reimbursable expenses may be paid to Directors for attendance at
Board and Committee meetings as established herein.

	 	C.	 	Stockholders’ Meetings

	 	1.	 	Reimbursement of reasonable expenses incurred by Directors attending
FHLBNY stockholders’ meetings is permitted.

	 	D.	 	Industry Meetings

	 	1.	 	Reimbursement of independent Directors’ expenses incurred while
attending industry meetings or annual conventions of trade associations on a
national level is permitted provided that a specific objective has been identified
and that attendance has been specifically pre-approved by the Board of Directors.
Independent directors attending industry events on behalf of the FHLBNY should
register and identify themselves as directors of the FHLBNY.

	 	2.	 	Reimbursement of member directors’ expenses incurred while in
attendance at industry meetings or annual conventions of trade associations on a
national level is not permissible, unless such attendance is incidental to a
FHLBNY Board or Committee meeting.

	 	E.	 	Meetings Called by the Federal Housing Finance Agency

	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors
participating in any meetings called by the FHFA.

	 	F.	 	Other Bank System Meetings

	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors who
are invited to attend meetings of Federal Home Loan Bank System committees (e.g.,
the Chair/Vice Chair Conference); Federal Home Loan Bank System director
orientation meetings; and meetings of the Council of Federal Home Loan Banks and
Council committees.

	 	G.	 	Expenses of Spouses

	 	1.	 	Reimbursement of reasonable expenses incurred by a Director’s spouse
while accompanying the Director to a meeting for which the Director’s own
reasonable expenses can be reimbursed (as specified in Sections II B, C, D, E or F
above) is permitted.

 

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	III.	 	PROCEDURES AND ADMINISTRATIVE MATTERS

	 	A.	 	Directors’ expense reports should be submitted to the Office of the Corporate
Secretary no less than quarterly.

	 	B.	 	Payment for and reimbursement of allowable business expenses of the Directors
will require the approval of the Corporate Secretary or Assistant Corporate Secretary.

	 	C.	 	Meetings of the Board and Committees thereof should usually be held within the
district served by the FHLBNY. Under no circumstances shall such meetings be held in
any location that is not within the district without prior approval of the Board. FHFA
regulations prohibit any meetings of the Board of Directors (including committee,
planning, or other business meetings) to be held outside the United States or its
possessions and territories.

	IV.	 	METHODOLOGY

	 	 	 	With regard to the methodology utilized to determine the amount of fees to be paid to
Bank directors for 2010 as described herein, the Board has determined that it will use
the same compensation schedule that was used in 2009. In turn, such fees had been
determined in the fall of 2008 based in part on work performed by outside compensation
consultants after the enactment of the Housing and Economic Recovery Act of 2008. The
Board shall endeavor to review the issue of appropriate director compensation on an
annual basis.

 

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