Document:

Exhibit 10.3

PROMISSORY NOTE

	
   

  	
   

  
	
  $562,500.00

  	
  Executed at Broward County,
  Florida          
March 17, 2006

  

          FOR
VALUE RECEIVED, Parkson Property, LLC, a wholly owned subsidiary of Le@P
Technology, Inc. with a principal place of business at 5601 N. Dixie Highway,
Suite 411, Fort Lauderdale, Florida
33334 (“Maker”), promises to pay to the order of Bay Colony Associates,
Ltd. (the “Payee”), the principal sum of FIVE HUNDRED SIXTY-TWO THOUSAND FIVE
HUNDRED DOLLARS AND NO CENTS ($562,500.00), together with interest at the rate
of seven percent (7%) per annum due and payable in one lump sum of principal
and interest on January 8, 2008.
Payment of principal and accrued interest to be paid to the payee at the
following address:  5601 N. Dixie
Highway, Suite 411, Ft. Lauderdale, FL 33334, or such other place as the Payee
may designate.

          This
Promissory Note (this “Note”) is issued subject to the following additional
terms and conditions:

          1.
Cancellation of original note dated September 28, 2001.  This Note is intended to replace the
original note (“Original Note”) made by the Maker to the Payee dated September
28, 2001 in the amount of $562,500.  The
Original Note was due and payable on September 28, 2004.  The Original Note has been cancelled by the
Payee and the Maker has no further obligations under the Original Note.  

          2.
Type of Payment. Payment of both principal and interest shall be made in
currency of the United States of America which at the time of payment shall be
legal tender for the payment of public and private debts.

          3.
Manner of Payment. Payment shall be made to Payee at the Payee’s address
set forth above or such other place as Payee may designate in writing.

          4.
Interest on Overdue Payments. From and after the date which is fifteen
(15) days after the date upon which any payment of principal hereunder becomes
due and payable, if the same is not timely paid, interest shall be payable on
all sums outstanding hereunder at fifteen percent (15%) per annum.

          5.
Miscellaneous.

                    (A)
This Note shall be binding upon the Maker and its successors and assigns.

                    (B)
If any provision hereof shall be held invalid or unenforceable by any court of
competent jurisdiction or as a result of future legislative action, such
holding or action shall be strictly construed and shall not affect the validity
or effect of any other provision hereof.

                    (C)
The validity, interpretation and effect of this Note shall be exclusively
governed by, and construed in accordance with, the laws of the State of
Florida, excluding the “conflict of laws” rules thereof.

                    
(D) This Note may not be amended or modified, nor shall any waiver of any
provision hereof be effective, except by an instrument in writing executed by
the Maker and Payee.

                    (E)
In case suit shall be brought for the collection hereof, or if it is necessary
to place the same in the hands of an attorney for collection, the Maker agrees
to pay reasonable attorneys’ fees and costs for making such collections.  

          IN
WITNESS WHEREOF, the Maker has caused this Note to be executed as of the day
and year first above written.

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Parkson
  Property, LLC

  
	
   

  	
   

  
	
   

  	
  By: /s/ Mary
  E. Thomas

  
	
   

  	
   

  	
  

  	
   

  
	
   

  	
  Name: Mary
  E. Thomas

  Authorized Representative

  
	
   

  	
   

  
	
   

  	
  Bay Colony
  Associates, Ltd.

  
	
   

  	
   

  
	
   

  	
  By: /s/
  Timothy C. Lincoln

  
	
   

  	
   

  	
  

  	
   

  
	
   

  	
  Name:
  Timothy C. Lincoln

  Vice-PresidentExhibit 10.29

 

SHENANDOAH TELECOMMUNICATIONS COMPANY

2005 Stock Incentive Plan

Incentive Stock Option Agreement

 

No. of shares subject to option: _________

 

THIS AGREEMENT dated as of the ___ day of _________, 200_, between Shenandoah Telecommunications Company, a Virginia corporation (the “Company”), and _____________________ (“Participant”), is made pursuant and subject to the provisions of the Company’s 2005 Shenandoah Telecommunications Company Stock Incentive Plan (the “Plan”), a copy of which is attached. All terms used herein that are defined in the Plan have the same meaning given them in the Plan.

1.            Grant of Option. Pursuant to the Plan, the Company, on __________________ (the “Date of Grant”), granted to Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, the right and Option to purchase from the Company all or any part of an aggregate of __________ shares of Common Stock at the option price of $_________ per share (the “Option Exercise Price”), being not less than the Fair Market Value per share of the Common Stock on the Date of Grant. This Option is intended to be an “incentive stock option” under Section 422 of the Code. This Option will be exercisable as hereinafter provided.

2.            TERMS and CONDITIONS. This Option is subject to the following terms and conditions:

(a)          Expiration Date. This Option shall expire at 11:59 p.m. on _______________ the seventh anniversary of the Date of Grant, (the “Expiration Date”).

(b)          Exercise of Option. Except as provided in paragraphs 3, 4, 5 or 6, this Option shall be exercisable with respect to one-half of the shares of Common Stock subject to this Option on each of the first and second anniversaries of the Date of Grant. Once this Option has become exercisable in accordance with the preceding sentence it shall continue to be exercisable until the earlier of the termination of the Participant’s rights hereunder pursuant to paragraph 3, 4, 5 or 6, or until the Expiration Date. A partial exercise of this Option shall not affect the Participant’s right to exercise this Option with respect to the remaining shares, subject to the conditions of the plan and this Agreement.

(c)          Method of Exercise and Payment for Shares. This Option shall be exercised by written notice delivered to the attention of the Company’s Secretary at the Company’s principal office in Edinburg, Virginia. The exercise date shall be (i) in the case of notice by mail, the date of postmark, or (ii) if delivered in person, the date of delivery. Such notice shall be accompanied by payment of the option price in full, in cash or cash equivalent acceptable to the Administrator, by the surrender of shares of Common Stock with an aggregate Fair Market Value (determined as of the day preceding the exercise date) which, together with any cash or cash equivalent paid by Participant, is not less than the option price of the number of shares of Common Stock for which the
Option is being exercised or by causing the Company to withhold shares of Common Stock otherwise issuable 

 

 

 

 

pursuant to the exercise of the Option with an aggregate Fair Market Value (determined as of the day preceding the exercise date) equal to the option price or portion thereof to be satisfied pursuant to this clause.   

(d)          Nontransferability. This Option is nontransferable except by will or by the laws of descent and distribution. During Participant’s lifetime, this Option may be exercised only by Participant.

3.            Exercise in the Event of Death. This Option  shall be exercisable for all or part of the number of shares of Common Stock that the Participant was entitled to purchase pursuant to paragraph 2, reduced by the number of shares for which the Option  was previously exercised, in the event the Participant dies while employed by the Company or an Affiliate or following Retirement or becoming Permanently and Totally Disabled (as hereinafter defined) and prior to the Expiration Date. In that event this Option   may be exercised by Participant’s estate, or the person or persons to whom his rights under this Option   shall pass by will or the laws of descent and distribution. Participant’s estate or such persons may exercise this Option   during the
remainder of the period preceding the Expiration Date.

4.            Exercise in the Event of Disability. This Option   shall be exercisable for all or part of the number of shares of Common Stock that the Participant was entitled to purchase pursuant to paragraph 2, reduced by the number of shares for which the Option was previously exercised, if the Participant becomes permanently and totally disabled within the meaning of section 22(e)(3) of the Code (“Permanently and Totally Disabled”) while employed by the Company or an Affiliate and prior to the Expiration Date. In that event, the Participant may exercise this Option   during the remainder of the period preceding the Expiration Date.

5.            Exercise After Retirement. This Option shall be exercisable for all or part of the number of shares that the Participant was entitled to purchase pursuant to paragraph 2, reduced by the number of shares for which the Option was exercised, in the event of the Participant’s Retirement prior to the Expiration Date. In that event the Participant may exercise this Option   during the remainder of the period preceding the Expiration Date.

6.            Exercise After Termination of Employment. This Option  may not be exercised after the Participant ceases to be employed by the Company and its Affiliates, except if such termination of employment is a result of death, disability or Retirement, in which case the Option   may be exercised as provided in paragraphs 3, 4 or 5, respectively.

7.            Retirement. For purposes of this Agreement, the term “Retirement” means the voluntary termination of employment on or after the Participant’s earliest Retirement date under a tax-qualified retirement plan maintained by the Company or an Affiliate in which the Participant participates.

8.            Minimum Exercise. This Option   may not be exercised for less than five shares of Common Stock unless it is exercised for the full number of shares for which the Option   may be exercised.

9.            Fractional Shares. Fractional shares shall not be issuable hereunder, and when any provision hereof may entitle Participant to a fractional share such fraction shall be disregarded.

 

 

 

 

 

10.          No Right to Continued Employment. This Option   does not confer upon Participant any right with respect to continuance of employment by the Company or an Affiliate, nor shall it interfere in any way with the right of the Company or an Affiliate to terminate his employment at any time.

11.          Change in Capital Structure. The terms of this Option   shall be adjusted as the Committee determines is equitably required in the event the Company effects one or more stock dividends, stock split-ups, subdivisions or consolidations of shares or other similar changes in capitalization.

12.          Governing Law. This Agreement shall be governed by the laws of the Commonwealth of Virginia.

13.          Conflicts. In the event of any conflict between the provisions of the Plan as in effect on the date hereof and the provisions of this Agreement, the provisions of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the date hereof. 

14.          Participant Bound by Plan. Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms and provisions thereof.

15.          Binding Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon and inure to the benefit of the legatees, distributees, and personal representatives of Participant and the successors of the Company.

16.          Notification Upon Sale. Participant shall give written notice to the company’s Secretary at the Company’s principal office in Edinburg, Virginia if the Participant sells or otherwise disposes of any shares acquired under this Option before the expiration of the two-year period beginning on the Date of Grant or the one-year period beginning on the date that the Participant exercised this Option with respect to such shares.

IN WITNESS WHEREOF, the company has caused this Agreement to be signed by a duly authorized officer, and Participant has affixed his signature hereto.

 

SHENANDOAH TELECOMMUNICATIONS 

COMPANY

 

By                                            
                                                                                            
                                

	
             
 	
            Christopher E. French
 	
            Participant
 
	
             
 	
            President

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