Document:

Unassociated Document

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

	
$120,000

	
Issue Date: May 27, 2011

	
No. A-1

	
New York, New York

Committed Capital Acquisition Corporation (f/k/a Plastron Acquisition Corp. II) (the "Maker") promises to pay to the order of Broadband Capital Management LLC (the "Payee") the principal sum of One Hundred Twenty Thousand Dollars and No Cents ($120,000.00) in lawful money of the United States of America, on the terms and conditions described below.

1.           Principal.  The principal balance of this Note shall be repayable on the date on which Maker consummates its initial business combination (the “Maturity Date”). No amount shall be due under this Note if such initial business combination is not completed.

2.           Interest.   This Note shall bear no interest.

3.           Application of Payments.  All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys' fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

4.           Events of Default. The following shall constitute Events of Default:

(a)           Failure to Make Required Payments.  Failure by Maker to pay the principal of, or other payments on, this Note within five (5) business days following the date when due.

(b)           Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under applicable bankruptcy law, or any other applicable insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

(c)           Involuntary Bankruptcy, Etc.  The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under applicable bankruptcy law, or any other applicable insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

  

  

  

           5.           Remedies.

(a)           Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note,  and all other amounts payable under this Note, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

(b)           Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the principal amount of this Note, and all other amounts payable under this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

6.           Waivers.   Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

7.           Unconditional Liability.  Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder.

8.           Notices.  Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

 

 

If to Maker:

Committed Capital Acquisition Corporation

712 5th Avenue, 22nd Floor

New York, New York 10019

Attention: Michael Rapp

Facsimile: (212) 702-9830

Email: mrapp@broadbandcapital.com

If to Payee:

Broadband Capital Management LLC

712 5th Avenue, 22nd Floor

New York, New York 10019

Attention: Philip Wagenheim

Facsimile: (212) 702-9830

Email: pwaggs@broadbandcapital.com

  

  

  

 

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail transmission was received by the receiving party's on-line access provider, (iv) the date reflected on a signed delivery receipt, or (vi) two (2) business days following tender of delivery or dispatch by express mail or delivery service.

9.           Construction.  THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

10.           Severability.  Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

11.           Trust Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind ("Claim") in or to any distribution of the trust account in which the proceeds of the initial public offering (the "IPO") conducted by the Maker and the proceeds of the sale of the securities issued in a private placement to occur prior to the effectiveness of the IPO, as described in greater detail in the registration statement and prospectus filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

12.           Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

13.           Assignment.  No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

[Signature Page Follows]

  

  

  

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

	 	
COMMITTED CAPITAL ACQUISITION CORPORATION

	 
	 	 	 	 
	 	
By: 

	/s/ Philip Wagenheim	 
	 	 	 
Name:  Philip Wagenheim

	 
	 	 	 
Title:    Secretary

	 
	 	 	 	 

 

Agreed and Accepted:

BROADBAND CAPITAL MANAGEMENT LLC

By: /s/ Michael Rapp                                                                                                                             

       Name:  Michael Rapp

       Title:  Chairman

 

[Signature Page – Promissory Note – A-1]AMENDMENT

TO THE

PREMIER POWER RENEWABLE ENERGY, INC.

2008 EQUITY INCENTIVE PLAN

In accordance with Section 1.5 of that certain Premier Power Renewable Energy, Inc. 2008 Equity Incentive Plan (the “Plan”), the board of directors of Premier Power Renewable Energy, Inc. (the “Company”) does hereby certify that the Plan was amended on November 4, 2010 by deleting the first sentence of Section 1.3.1 which states:

“Subject to the provisions of Section 7.1, the shares of Common Stock that may be issued pursuant to Stock Options and Stock Awards granted under this Plan shall not exceed Two Million Nine Hundred Fifty One Thousand Eight Hundred Seventy Five (2,951,875) shares in the aggregate.”

 

and by replacing it with the following:

“Subject to the provisions of Section 7.1, the shares of Common Stock that may be issued pursuant to Stock Options and Stock Awards granted under this Plan shall not exceed Four Million Nine Hundred Fifty One Thousand Eight Hundred Seventy Five (4,951,875) shares in the aggregate.”

In all other respects, the terms and conditions of the Plan shall remain the same.

WHEREFORE, this Amendment effective November 4, 2010 to the Premier Power Renewable Energy, Inc. 2008 Equity Incentive Plan has been executed on May 13, 2011.

[SIGNATURES APPEAR ON NEXT PAGE]

 

  

  

  

 

	
DIRECTORS:

	  
	  	  
	
/s/ Dean R. Marks

	  
	
Dean R. Marks 

	  
	  	  
	
/s/ Miguel de Anquin

	  
	
Miguel de Anquin

	  
	  	  
	
/s/ Kevin Murray

	  
	
Kevin Murray

	  
	  	  
	
/s/ Robert Medearis

	  
	
Robert Medearis

	  
	  	  
	
/s/ Tommy Ross

	  
	
TommyRoss

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]