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Unassociated Document

    EXHIBIT
10.57a

    

    DELTA
MUTUAL, INC.

    AMENDED
AND RESTATED

    6%
PROMISSORY NOTE

    

    
      
        	
                $15,487

              	
                April
      15,
      2009                  

              
	 	 
	 
      	
                Scottsdale,
      Arizona                  

              

      

    

     

    FOR VALUE
RECEIVED, DELTA MUTUAL INC., a Delaware corporation (the "Company"), with its
principal office at 14301 North 87th Street,
# 310, Scottsdale AZ 85260, promises to pay to Security Systems International,
LLC, an Arizona limited liability company, (the "Lender"), with a mailing
address of 9034 East Caribbean Lane, Scottsdale, AZ 85260, in lawful money of
the United States of America, the principal sum of Fifteen Thousand Four Hundred
Eighty Seven Dollars ($15,487), together with interest from the date of this
Note on the unpaid principal balance at a rate equal to six percent (6.0%) per
annum, computed on the basis of a year of 360 days. All unpaid principal,
together with any then unpaid and accrued interest, shall be due and payable at
any time after the earlier of each of (i) the Maturity Date (as defined below),
or (ii) when, upon or after the occurrence of an Event of Default (as defined
below), such amounts are declared due and payable by the Lender or made
automatically due and payable in accordance with the terms hereof.

     

    By
acceptance of this Amended and Restated Promissory Note (the “Note”), the Lender
acknowledges and agrees that it replaces and supersedes, in its entirety, that
certain 6% Promissory Note, issued by the Company to the Lender, in the
principal amount of $14, 987, dated April 2, 2009 (the “Original
Note”).

     

    The following is a statement of the
rights of the Lender and the conditions to which this Note is subject, and to
which the Lender, by the acceptance of this Note, agrees:

     

    1.Definitions. As used in this Note, the following capitalized terms
have the following meanings:

     

    1.1  "Company" includes the
corporation initially executing this Note and any Person which shall succeed to
or assume the obligations of the Company under this Note.

    1.2   "Event
of Default" has the meaning given in Section 5 hereof.

     

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              1.3

            	
              "Lender"
      shall mean the Person specified in the introductory paragraph of this
      Note.

            

    

    
      	
               
      

            	
              1.4

            	
              "Maturity
      Date" shall mean the date on which the Company receives demand for
      payment, in writing, from the Lender.

            
	 	1.5	"Obligations"
      shall mean all obligations, owed by the Company to the Lender, now
      existing or hereafter arising under or pursuant to the terms of this
      Note.
	 	1.6	"Person"
      shall mean and include an individual, a partnership, a corporation
      (including a business trust), a joint stock Company, a limited liability
      Company, an unincorporated association, a joint venture or other entity or
      a governmental authority.

    

     

    2. Interest. All
accrued and unpaid interest on this note shall be due and payable on the
Maturity Date.

     

    3. Repayment at the
Company’s Option. At any time after the date hereof and prior to the
Maturity Date, the Company my repay this Note, including all accrued interest,
without penalty or premium, in whole or in part; provided that such repayment
will be applied first to the payment of unpaid interest accrued on this Note,
and second, to payment of the principal amount of this Note.

     

    4. Representations and
Warranties of The Lender.  The Lender represents and warrants
to the Company upon the acquisition of the Note as follows:

    4.1
Binding Obligation.  The Lender has full legal capacity, power and
authority to execute and deliver this Note and to perform its obligations
hereunder.  This Note is a valid and binding obligation of the Lender,
enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to or affecting the
enforcement of creditors' rights generally and general principles of
equity.

    

    4.2 Own
Account.  The Lender is purchasing this Note for his own account for
investment, not as a nominee or agent, and not with a view to, or for resale in
connection with, the distribution thereof.  The Lender has such
knowledge and experience in financial and business matters that the Lender is
capable of evaluating the merits and risks of such investment, is able to incur
a complete loss of such investment and is able to bear the economic risk of such
investment for an indefinite period of time.

     

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

     

    5.1
Failure to Pay.  If the Company shall fail to pay any principal or
interest payment or any other payment required under the terms of this Note on
the Maturity Date and such payment shall not have been made within fifteen (15)
business days of the Company's receipt of written notice from the Lender of such
failure to pay;

    5.2
Voluntary Bankruptcy or Insolvency Proceedings.  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, (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; or

    

    5.3
Involuntary Bankruptcy or Insolvency Proceedings.  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 now or hereafter in effect shall be commenced and an order for
relief entered or such proceeding shall not be dismissed or discharged within
sixty (60) days of commencement.

    
      
         

      

      
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2

        
          

        

      

      
         

      

    

     

    6. Rights of The Lender upon
Default. Upon the occurrence or existence of any Event of Default (other
than an Event of Default referred to in Sections 5.2 and 5.3) and at any
time thereafter during the continuance of such Event of Default, the Lender may,
by written notice to the Company, 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.  Upon the occurrence or existence of any Event of
Default described in Sections 5.2 and 5.3, immediately and without notice,
all outstanding Obligations payable by the Company hereunder shall automatically
become immediately due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly
waived.  In addition to the foregoing remedies, upon the occurrence or
existence of any Event of Default, the Lender may exercise any other right,
power or remedy otherwise permitted to it by law, either by suit in equity or by
action at law, or both.

     

    7. Successors and
Assigns.  Subject to the restrictions on transfer described in
Sections 9 and 10 below, the rights and obligations of the Company and the
Lender of this Note shall be binding upon and benefit the successors, assigns,
heirs, administrators and transferees of the parties.

     

    8. Waiver and
Amendment.  Any provision of this Note may be amended, waived
or modified upon the written consent of the Company and the Lender.

     

    9. Transfer of this
Note.  This Note may not be sold, assigned or transferred by
the Lender. The Company shall treat the Lender hereof as the owner and holder of
this Note for the purpose of receiving all payments of principal and interest
hereon and for all other purposes whatsoever, whether or not this Note shall be
overdue, and the Company shall not be affected by notice to the
contrary.

     

    10. Assignment by The
Company.  Neither this Note nor any of the rights, interests or
obligations hereunder may be assigned, by operation of law or otherwise, in
whole or in part, by the Company without the prior written consent of the
Lender.

     

    11. Notices. All
notices, requests, demands, consents, instructions or other communications
required or permitted hereunder shall in writing and faxed, mailed or delivered
to each party at the respective addresses or facsimile numbers of the parties.
All such notices and communications shall be effective (a) when sent by Federal
Express or other overnight service of recognized standing, on the business day
following the deposit with such service; (b) when mailed, by registered or
certified mail, first class postage prepaid and addressed as aforesaid through
the United States Postal Service, upon receipt; (c) when delivered by hand, upon
delivery; and (d) when faxed, upon confirmation of receipt.

     

    12. Waivers.  The
Company hereby waives notice of default, presentment or demand for payment,
protest or notice of nonpayment or dishonor and all other notices or demands
relative to this instrument.

     

    13. Governing
Law.  This Note and all actions arising out of or in connection
with this Note shall be governed by and construed in accordance with the laws of
the State of Arizona, without regard to the conflicts of law provisions of the
State of Arizona, or of any other state.

    
      
         

      

      
        Page
3

        
          

        

      

      
         

      

    

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

     

    
      
        	
                DELTA
      MUTUAL, INC.

              
	
                a
      Delaware corporation

              
	 
      	 
      
	
                By:

              	
                /s/ Martin G. Chilek

              
	
                Name:  

              	
                Martin
      G. Chilek

              
	
                Title:

              	
                Sr.
      Vice President & CFO

              

      

    

     

    
      
         

      

      
        Page
4Exhibit
10.48

     

    REIMBURSEMENT
AGREEMENT

    

               This
Reimbursement Agreement (this “Agreement”),
dated as of January 1, 2009, is made by and between Ener1 Group, Inc., a Florida
corporation (“Group”),
and Ener1, Inc., a Florida corporation (“Ener1”).

    

    WHEREAS, Charles Gassenheimer (the
“Executive”)
is employed by Group as its Chief Executive Officer and by Ener1 as its Chief
Executive Officer and Chairman of the Board;

    

    WHEREAS, for administrative
convenience, the parties wish to have Group pay some or all of the annual
compensation earned by the Executive, and for Ener1 to reimburse Group for the
amount of such compensation relating to the Executive’s time spent in providing
services to Ener1; and

    

    WHEREAS, the parties wish to document
the terms of such reimbursement;

    

    NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

    

    1.           Reimbursement.  Ener1
will reimburse Group for an amount of the Executive’s annual compensation (the
“Reimbursable
Amount”) as shall be reasonably determined in good faith by Ener1’s Board
of Directors or its Compensation Committee (the “Ener1
Board”), such determination to be made periodically, but no less
frequently than annually. In determining the Reimbursable Amount for a given
period, the Ener1 Board will take into account the amount of time the Executive
spends on Ener1 matters during such period compared to the amount of time the
Executive spends on Group matters during such period. The Ener1 Board will
notify Group of its determination, which shall be binding absent a conclusive
showing of bad faith or manifest error on the part of the Ener1
Board.

     

    2.           Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made
and to be performed entirely within such state. The exclusive jurisdiction and
venue or any dispute, controversy or claim arising out of or in relation to this
Agreement, including the validity, invalidity, breach or termination thereof,
with respect of this Agreement shall rest in the federal and state courts in the
City of New York, Borough of Manhattan, and no party shall claim that such venue
is inconvenient or improper.

     

    3.           Entire
Agreement; Amendment, Waiver. This Agreement contains the entire
understanding between the parties hereto and supersedes any and all prior
agreements, understandings, and arrangements relating to the subject matter
hereof. No amendment, modification or other change to, or waiver of any
provision of, this Agreement may be made unless such amendment, modification or
change is set forth in writing and is signed by each of the parties
hereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.           Notices.  Any
notice, demand or request required or permitted by the terms of this Agreement
to be given by either party to the other 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:

     

    (a)          If
to Ener1:

    

    Ener1,
Inc.

    1540
Broadway, Suite 25C

    New York,
NY

    Attention:  General
Counsel

    

    
      	
               
      

            	
              (b)

            	
              If
      to Group:

            

    

    

    Ener1
Group, Inc.

    c/o
Ener1, Inc.

    1540
Broadway, Suite 25C

    New York,
NY

    Attention:  Chief
Financial Officer

    

    or to
such other person or address as either party shall furnish by notice to the
other party in writing.

    

    5.           Counterparts. This Agreement may be
executed in two counterparts, each of which shall be deemed an original and both
of which together shall constitute the same agreement. This Agreement, once
executed by a party, may be delivered to the other party hereto by facsimile
transmission or electronic delivery of a PDF file.

     

    6.           Headings.  The headings in
this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written.

    

    
      
        
          
            	
                    ENER1,
      INC.

                  	 	
                    ENER1
      GROUP, INC.

                  
	 
      	 
      	 	 
      	 
      
	
                    By:

                  	
                        

                  	 	
                    By:

                  	
                         

                  
	 
      	
                    Name:

                  	 	 
      	
                    Name:

                  
	 
      	
                    Title:

                  	 	 
      	
                    Title:

                  

          

        

      

    

    

    
      
        
        

      

      
        2

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