Document:

ex10-15.htm

Exhibit 10.15

 

SUNRISE FINANCIAL GROUP, INC.

641 Lexington Avenue, 25th Floor

New York, New York 10022

(212) 421-1616

November 01, 2010

Texas Rare Earth Resources Corp

7 Copana Pt

Rockport, TX 78382

RE: Institutional Public Relations Retainer Agreement

Dear Mr. Gorski:

As we discussed, Texas Rare Earth Resources Corp., (the “Company”) is interested in retaining Sunrise Financial Group, Inc.  (“Sunrise”) as its consultant for institutional financial public relations.

Services

The services Sunrise will provide include the following: performance of institutional financial public relations and corporate communications projects as are mutually agreed on; planning meetings with institutional investors and research analysts; reviewing and disseminating financial press releases; handling institutional financial inquiries about the Company; maintaining a mailing list of all those institutions interested in Company literature; and handling financial media relations.

Compensation

	
A.  

	
As compensation for Sunrise’s services, the Company will issue in writing to Sunrise a five-year option terminating on November 01, 2015 to purchase up to 500,000 non-cancelable shares of the outstanding stock of the Company, priced as follows:

	
1.)  

	
250,000 shares at $1.60 per share – five year exercise.

	
2.)  

	
250,000 shares at $5 per share – five year exercise.

Option

The option shall be exercisable for five years. During the term of the option and upon written demand from Sunrise (registering the resale of the underlying common stock on the registration statement contemplated to be filed with the SEC in November 2010 shall be deemed satisfaction of your written demand), the Company shall, on one occasion only, promptly register the common stock underlying the option at Company expense (excluding prorated SEC registration fees, Sunrise’s counsel’s fee and any underwriting or selling commissions). The number of shares and exercise price per share subject to the option shall be adjusted in the case of any dividend, stock split or other recapitalization or reorganization so that the option shall not be diminished or diluted. The option may also be assigned. Once registered, the Company shall then maintain an effective registration statement throughout the five-year period.  Cashless exercise is permitted on the basis of last night’s closing price, in the event that upon the date of exercise, the Company doesn’t have on file with the SEC an effective registration statement covering the resale of the underlying shares.

  

  

  

Expense Reimbursement

In addition to the fees payable hereunder, the Company shall reimburse Sunrise, upon request from time to time, for all reasonable out-of-pocket expenses incurred by Sunrise (including but not limited to printing and graphic design, travel, postage, copying, secretarial, and phone expenses) in connection with Sunrise’s services pursuant to this agreement. Individual out-of-pocket expenses will not exceed $250.00 without the consent of the Company.

Term

This agreement shall be for a term of at least 24 months. Thereafter, either party may terminate this agreement at any time upon thirty (30) days’ prior written notice, without liability or continuing obligation to the other party, except that termination shall not affect (a) the reimbursement and indemnification provisions contained in this agreement, nor (b) the Company’s obligation for the fees called for above.

Indemnification

The Company agrees it will indemnify and hold harmless Sunrise, its officers, directors, employees, agents and controlling persons from and against any and all losses, claims, damages, liabilities and expenses, joint or several (including all reasonable fees and expenses of counsel) arising out of Sunrise’s services pursuant to this agreement. However, the Company will not be liable under this paragraph to the extent that any loss, claim, damage, liability or expense if found in final judgment by a court of competent jurisdiction to have resulted from Sunrise’s gross negligence or willful misconduct. The Company agrees to notify Sunrise promptly of the assertion against it or any other person of any claim or the commencement of any actions or proceeding relating to any claim or the commencement of any action or proceeding relation to any matter which involved Sunrise.

Miscellaneous

The benefits of this agreement shall inure to the respective successors and assigns of the parties, and the obligations and the obligations and liabilities assumed in this agreement by the parties shall be binding upon their respective successors and assigns.

  

  

  

The validity and interpretation of this agreement shall be governed by the laws of the State of New York as applied to agreements made and to be fully performed therein. The parties agree that neither shall commence any litigation against the other arising out of this Agreement or its termination except by arbitration.  All costs of enforcing any debit or obligation of the Company to Sunrise that arises under this Agreement, including all attorneys’ fees and expenses, shall be paid by the Company.

If the foregoing correctly sets forth our agreement, please sign, date and return to us the enclosed copy of this letter, whereupon this letter shall constitute a binding agreement between us. Sunrise is looking forward to working with you in making the Company highly successful and prosperous.

Sincerely,

	
SUNRISE FINANCIAL GROUP, INC.

	
TEXAS RARE EARTH RESOURCES CORP.

	  	  
	
By:  /s/Marcia Kucher

	
By: /s/Dan Gorski

	  	  
	
Date: 11/5/10

	
Date: 11/5/10

Confirmed and Agreed to this

11th day of November, 2010

By: Marcia Kucher

Title: CFOex10-7.htm

Exhibit 10.7

MASTER REVOLVING CREDIT NOTE

Date   January 1, 2011

Maker: SEV, Inc.

Payee: Carey G. Birmingham

Place for Payment: 20022 Creek Farm, San Antonio, TX  78259

Principal Amount: Fifty Thousand and 00/100 Dollars  ( $50,000.00)

Annual Interest Rate on Unpaid Principal from Date: Zero percent (0%)

Annual Interest Rate on Matured, Unpaid Amounts:  Zero percent (0%)

Terms of Payment (principal and interest):

Interest, if any,  on any unpaid principal shall be due on the fifteenth (15th) of each month.   All unpaid principal and interest is due and payable on  December 31, 2012.

The unpaid principal balance, including any unpaid and accrued interest, shall at no time exceed the sum of  Fifty Thousand and no/100 dollars ($50,000.00).  The unpaid principal balance of this note at any time shall be the total amounts loaned or advanced hereunder by Payee, less the amount of payments or prepayments of principal made hereon by or for the account of Maker.  It is contemplated that by reason of prepayments hereon, there may be times when no indebtedness is due hereunder; but notwithstanding such occurrences, this note shall remain valid and shall be in full force and effect as to loans or advances made pursuant to and under the terms of this note subsequent to each such occurrence.

Advances hereunder shall be made by Payee upon the oral or written request of the undersigned officer of Maker or any other officer of Maker authorized to make such a request.

Maker  promises to pay to the order of Payee at the place for payment and according to the terms of payment the principal amount plus interest at the rates stated above.  All unpaid amounts shall be due  December 31, 2012.

     On default in the payment of this note or in the performance of any obligation in any instrument securing or collateral to it this note and all obligations in all instruments securing or collateral to it shall become immediately due at the election of Payee.  Maker and each surety, endorser, and guarantor waive all demands for payment, presentations for payment, notices of intention to accelerate maturity, protests, and notices of protest.

  

  

  

 

If this note or any instrument securing or collateral to it is given to an attorney for collection, or if suit is brought for collection, or if it is collected through probate, bankruptcy, or other judicial proceeding, then Maker shall pay Payee all costs of collection, including reasonable attorney's fees and court costs, in addition to other amounts due.

     Interest on the debt evidenced by this note shall not exceed the maximum amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law; any interest in excess of that maximum amount shall be credited on the principal of the debt or, if that has been paid, refunded.  On any acceleration or required or permitted prepayment, any such excess shall be canceled automatically as of the acceleration or prepayment or, if already paid, credited on the principal of the debt or, if the principal of the debt has been paid, refunded.  This provision overrides other provisions in this and all other instruments concerning the debt.

     The terms Maker and Payee and other nouns and pronouns include the plural if more than one.  The terms Maker and Payee also include their respective successors, representatives, and assigns.

	
 

	
Maker

	  	
SEV, Inc.

	
 

	  
	  	  
	
 

	

By: /s/ Carey G. Birmingham

	  	
Carey G. Birmingham

	  	
Vice President & CFOex10-8.htm

Exhibit 10.8

 

PROMISSORY NOTE

	
US $25,500

	
January 1, 2011

	  	
with an effective date

	  	
of December 1, 2008

FOR VALUE RECEIVED, the undersigned, SEV, Inc., which has a business address of 20022 Creek Farm, San Antonio, Texas 78259 ("Maker"), hereby promises to pay to the order of The Loev Law Firm, PC, whose business address is 6300 West Loop South, Suite 280, Bellaire, Texas 77401 ("Payee"), the principal sum of Twenty Five Thousand Five Hundred Dollars ($25,500), in lawful money of the United States of America, which shall be legal tender, bearing interest and payable as provided herein.  This Promissory Note (this “Note” or “Promissory Note”) has an effective date of September 15, 2008, the date of the parties’ entry into a revised engagement agreement (the “Engagement Agreement”).

The Engagement Agreement requires the Maker to pay the Payee $37,500  in total, along with 700,000 shares of common stock, which shares have previously been issued, for legal services rendered and to be rendered in connection with preparing a private placement memorandum and a subscription agreement and registration rights agreement, preparing an S-1 registration statement and amendments thereto, filing of Form D with the SEC, and responding to NASD comments in connection with a 15c211 filing.  As of the date of this Note, Maker has agree to pay $12,000 of the total amount due to Payee pursuant to the terms of the Engagement Agreement dated May 1, 2008.  This Promissory Note evidences the remaining $25,500 owed to Payee pursuant to the Engagement Agreement.

	
1.  

	
Interest on the unpaid balance of this Note shall bear interest at the rate of seven percent (7%) per annum, which interest shall accrue from the effective date until the Maturity Date (as defined below), unless prepaid prior to such Maturity Date. All past-due principal and interest (which failure to pay such amounts shall be defined herein as an “Event of Default”) shall bear interest at the rate of fifteen percent (15%) per annum until paid in full.  Interest will be computed on the basis of a 360-day year.

	
2.  

	
The principal amount and any unpaid interest of this Note shall be due and payable on December 31, 2011 (the “Maturity Date”).

	
3.  

	
This Note may be prepaid in whole or in part, at any time and from time to time, without premium or penalty.

	
4.  

	
If any payment of principal or interest on this Note shall become due on a Saturday, Sunday or any other day on which national banks are not open for business, such payment shall be made on the next succeeding business day.

  

  

  

	
5.  

	
This Note shall be binding upon and inure to the benefit of the Payee named herein and Payee’s respective successors and assigns.  Each holder of this Note, by accepting the same, agrees to and shall be bound by all of the provisions of this Note.  Payee may assign this Note or any of its rights, interests or obligations to this Note without the prior written approval of Maker.

	
6.  

	
No provision of this Note shall alter or impair the obligation of Maker to pay the principal of and interest on this Note at the times, places and rates, and in the coin or currency, herein prescribed.

	
7.  

	
The Maker will do or cause to be done all things reasonably necessary to preserve and keep in full force and effect its corporate existence, rights and franchises and comply with all laws applicable to the Maker, except where the failure to comply could not reasonably be expected to have a material adverse effect on the Maker. Failure to comply with this provision shall constitute an Event of Default.

	
8.  

	
Notwithstanding anything to the contrary in this Note or any other agreement entered into in connection herewith, whether now existing or hereafter arising and whether written or oral, it is agreed that the aggregate of all interest and any other charges constituting interest, or adjudicated as constituting interest, and contracted for, chargeable or receivable under this Note or otherwise in connection with this loan transaction, shall under no circumstances exceed the Maximum Rate.

 

	
9.  

	
In the event the maturity of this Note is accelerated by reason of an Event of Default under this Note, any other agreement entered into in connection herewith or therewith, or by voluntary prepayment by Maker or otherwise, then earned interest may never include more than the Maximum Rate allowable by law, computed from the dates of each advance of the loan proceeds outstanding until payment.  If from any circumstance any holder of this Note shall ever receive interest or any other charges constituting interest, or adjudicated as constituting interest, the amount, if any, which would exceed the Maximum Rate shall be applied to the reduction of the principal amount owing on this Note, and not to the payment of interest; or if such excessive interest exceeds the unpaid balance of principal hereof, the amount of such excessive interest that exceeds the unpaid balance of principal hereof shall be refunded to Maker.  In determining whether or not the interest paid or payable exceeds the Maximum Rate, to the extent permitted by applicable law (i) any nonprincipal payment shall be characterized as an expense, fee or premium rather than as interest; and (ii) all interest at any time contracted for, charged, received or preserved in connection herewith shall be amortized, prorated, allocated and spread in equal parts during the period of the full stated term of this Note.  The term "Maximum Rate" shall mean the maximum rate of interest allowed by applicable federal or state law.

	
10.  

	
Except as provided herein, Maker and any sureties, guarantors and endorsers of this Note jointly and severally waive demand, presentment, notice of nonpayment or dishonor, notice of intent to accelerate, notice of acceleration, diligence in collecting, grace, notice and protest, and consent to all extensions without notice for any period or periods of time and partial payments, before or after maturity, without prejudice to the holder.  The holder shall similarly have the right to deal in any way, at any time, with one or more of the foregoing parties without notice to any other party, and to grant any such party any extensions of time for payment of any of said indebtedness, or to grant any other indulgences or forbearance whatsoever, without notice to any other party and without in any way affecting the personal liability of any party hereunder.  If any efforts are made to collect or enforce this Note or any installment due hereunder, the undersigned agrees to pay all collection costs and fees, including reasonable attorney's fees.

  

  

  

	
11.  

	
A copy of this Promissory Note signed by one party and faxed to another party shall be deemed to have been executed and delivered by the signing party as though an original.  A photocopy of this Promissory Note shall be effective as an original for all purposes.

	
12.  

	
This Note shall be construed and enforced under and in accordance with the laws of the State of Texas.

IN WITNESS WHEREOF, Maker has duly executed this Note as of the day and year first above written, with an effective date of September 15, 2008.

	  	
SEV, Inc.

	  	  
	  	  
	  	
 
/s/ Carey G. Birmingham

	  	
Carey G. Birmingham

	  	
Vice President and Chief Financial Officer

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