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Unassociated Document

     

    
      EMPLOYMENT
        AGREEMENT

       

      THIS
        EMPLOYMENT AGREEMENT (this “Agreement”)
        is
        entered into on February 14, 2008 (the “Signing
        Date”),
        by
        and between Take-Two Interactive Software, Inc., a Delaware corporation (the
        “Company”),
        and
        Karl Slatoff (the “Employee”).

       

      WITNESSETH:

       

      WHEREAS,
        the Company is a party to that certain Management Agreement, dated as of
        March
        30, 2007, by and between the Company and ZelnickMedia Corporation
        (“ZelnickMedia”), as amended on July 26, 2007 and on February 14, 2008 (as
        further amended from time to time following the Signing Date, the “Management
        Agreement”);

       

      WHEREAS,
        the Employee is currently a principal of ZelnickMedia and has been providing
        services to the Company on an as needed basis;

       

      WHEREAS,
        simultaneously with the execution of this Agreement, the Company and
        ZelnickMedia are entering into the Second Amendment to Management Agreement
        (the
“Second
        Amendment”),
        pursuant to which ZelnickMedia is agreeing to make the Employee available
        to
        serve as an Executive Vice President of the Company under the terms and
        conditions of this Agreement which sets forth the duties of such position
        and
        provides for an annual salary of $1.00;

       

      WHEREAS,
        the Company desires to employ the Employee as an Executive Vice President
        during
        the Term (as defined herein) on the terms and conditions hereinafter set
        forth;
        and

       

      WHEREAS,
        the Employee is willing to accept such employment on such terms and
        conditions.

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and agreements hereinafter
        set forth, and intending to be legally bound hereby, the Company and the
        Employee hereby agree as follows:

       

      1. Term.
        The
        Company hereby agrees to continue to employ the Employee, and the Employee
        hereby agrees to continue to serve the Company, for a period commencing on
        the
        Signing Date and, unless earlier terminated pursuant to the next sentence
        or
        Section 6 below, ending on the date of termination of the Management Agreement
        (such period being herein referred to as the “Term”).
        

       

      2. Employee
        Duties.

       

      (a) During
        the Term, the Employee shall serve as an Executive Vice President of the
        Company
        and have the duties and responsibilities customarily associated with such
        position in a company the size and nature of the Company. Employee shall
        report
        directly to the Chief Executive Officer and the Chairman of the Board of
        Directors of the Company (the “Board”).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b) The
        Employee shall devote such amount of his business time, attention, knowledge
        and
        skills as are necessary to faithfully, diligently and to the best of his
        ability
        perform his duties hereunder in furtherance of the business and activities
        of
        the Company. The principal place of performance by the Employee of his duties
        hereunder shall be the Company’s principal executive offices in New York, New
        York, although the Employee may be required from time to time to travel outside
        of the area where the Company’s principal executive offices are located in
        connection with the business of the Company. Notwithstanding the foregoing,
        nothing in this Agreement shall prevent the Employee from continuing in his
        position as a principal of ZelnickMedia and its affiliates; provided that
        such
        activities do not materially interfere with Employee’s duties and
        responsibilities under this Agreement or
        create
        a material conflict of interest with the business of the Company.
        The
        Employee hereby acknowledges and agrees that the Company shall have no
        obligation to pay or provide the Employee any amounts or benefits beyond
        the
        amounts and benefits set forth in Sections 3, 4 and 5 below, and that the
        compensation and benefits provided to the Employee by ZelnickMedia in connection
        with his duties as a principal thereof provide good
        and
        valuable consideration for the performance of his duties under this
        Agreement.

       

      3. Compensation.
        During
        the Term, the Company shall pay the Employee a salary (the “Salary”)
        at a
        rate of $1.00 per annum, payable on the last day of each fiscal year of the
        Company. The Employee shall not be entitled to receive an annual bonus from
        the
        Company.

       

      4. Benefits.

       

      (a) During
        the Term, the Employee shall have the right to receive or participate in
        all
        benefits and plans which the Company may from time to time institute during
        such
        period for its executive officers and for its employees in general and for
        which
        the Employee is eligible (including the Company’s Medical Expenses Reimbursement
        Plan). Nothing paid to the Employee under any plan or arrangement presently
        in
        effect or made available in the future shall be deemed to be in lieu of the
        salary or any other obligation payable to the Employee pursuant to this
        Agreement. 

       

      (b) During
        the Term, the Employee will be entitled to the number of paid holidays, personal
        days off, vacation days and sick leave days in each calendar year as are
        determined by the Company from time to time (provided that in no event shall
        vacation time be fewer than four weeks per year). Such vacation may be taken
        in
        the Employee’s discretion at such time or times as are not inconsistent with the
        reasonable business needs of the Company.

       

      5. Travel
        Expenses.
        All
        travel and other expenses incident to the rendering of services reasonably
        incurred on behalf of the Company by the Employee during the Term shall be
        paid
        by the Company. If any such expenses are paid in the first instance by the
        Employee, the Company shall promptly reimburse him therefor on presentation
        of
        appropriate receipts for any such expenses. All travel and lodging arrangements
        shall be made in accordance with Company’s regular policies and the Management
        Agreement.

       

      
        
          
          

        

        
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      6. Termination.
        Notwithstanding the provisions of Section 1 hereof, the Employee’s
        employment with the Company may be earlier terminated as follows:

       

      (a) By
        action
        taken by the Board or the Chairman of the Company, the Employee may be
        discharged for any reason or no reason effective as of such time as the Board
        shall determine. Upon discharge of the Employee pursuant to this
        Section 6(a), the Company shall have no further obligation or duties to the
        Employee, except as provided in Section 8(g), and the Employee shall have
        no further obligations or duties to the Company, except as provided in Section
        7.

       

      (b) (i)
        In
        the event of the death of the Employee or (ii) by action taken by the Board
        or
        the Chairman of the Company in the event of the Employee’s inability, by reason
        of physical or mental disability, to continue substantially to perform his
        duties hereunder for a period of 180 consecutive days, during which 180 day
        period Salary and any other benefits hereunder shall not be suspended or
        diminished. Upon any termination of the Employee’s employment under this Section
        6(b), the Company shall have no further obligations or duties to the Employee,
        except as provided in Section 8(g).

       

      7. Confidentiality;
        Noncompetition; Nonsolicitation.

       

      (a) The
        Company and the Employee acknowledge that the services to be performed by
        the
        Employee under this Agreement are unique and extraordinary and, as a result
        of
        such employment, the Employee will be in possession of confidential information
        relating to the business practices of the Company. The term “confidential
        information” shall mean any and all information (oral and written) relating to
        the Company or any of its affiliates, or any of their respective activities,
        other than such information which can be shown by the Employee to be in the
        public domain (such information not being deemed to be in the public domain
        merely because it is embraced by more general information which is in the
        public
        domain) other than as the result of breach of the provisions of this Section
        7(a), including, but not limited to, information relating to: trade secrets,
        personnel lists, compensation of employees, financial information, research
        projects, services used, pricing, customers, customer lists and prospects,
        product sourcing, marketing and selling and servicing. Notwithstanding the
        foregoing “confidential information” shall not include information relating to
        the general methodology and mechanics employed by Employee in the performance
        of
        his duties with the Company or that Employee can reasonably demonstrate was
        known to him prior to his employment with the Company. The Employee agrees
        that
        he will not, during or after his termination or expiration of employment
        hereunder, directly or indirectly, use, communicate, disclose or disseminate
        to
        any person, firm or corporation any confidential information regarding the
        clients, customers or business practices of the Company acquired by the Employee
        during his employment by the Company, without the prior written consent of
        the
        Company. Anything herein to the contrary notwithstanding, the provisions
        of this
        Section 7(a) shall not apply (i) when disclosure is required by law or by
        any
        court, arbitrator, mediator, administrative or legislative body (including
        any
        committee thereof), or any other governmental agency with actual or apparent
        jurisdiction to order the Employee to disclose or make accessible any
        information, (ii) with respect to any other litigation, arbitration or mediation
        involving this Agreement, including, but not limited to, the enforcement
        of this
        Agreement, (iii) as to information that becomes generally known to the public
        or
        within the relevant trade or industry other than due to the Employee’s violation
        of this Section or (iv) as to information that is or becomes available to
        the
        Employee on a non-confidential basis from a source which is entitled to disclose
        it to the Employee.

       

      
        
          
          

        

        
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      (b) The
        Employee hereby agrees that he shall not, during the period of his employment
        and, in the event that the Employee is terminated for Cause (as defined below)
        or resigns without Good Reason (as defined below), for a period of one (1)
        year
        following such employment, within
        any county (or adjacent county) in any State within the United States or
        territory outside of the United States in which the Company is engaged in
        business during the period of the Employee’s employment or on the date of
        termination of the Employee’s employment, engage, have an interest in or render
        any services to any business (whether as owner, manager, operator, licensor,
        licensee, lender, partner, stockholder, joint venturer, employee, consultant
        or
        otherwise) directly competitive with the Company's business activities;
provided,
        however,
        that
        the foregoing prohibition shall not apply to any existing business relationship
        or portfolio companies of ZelnickMedia or
        its
        affiliates
        as of
        the Signing Date; provided,
        further,
        that
        Employee shall not be in breach of this Section 7 solely as a result of
        ZelnickMedia’s (or any
        of
        its affiliates’)
        investment in, ownership of, or provision of services to, any business that
        is
        competitive with the Company so long as the Employee does not serve as a
        principal officer of such business. Except
        as
        required by law or legal process, at no time during the Term or thereafter,
        (i)
        no authorized spokesperson or executive officer of the Company shall, directly
        or indirectly, disparage (or cause any other person to disparage) the personal,
        commercial, business or financial reputation of the Employee and (ii) the
        Employee shall not, directly or indirectly, disparage (or cause any other
        person
        to disparage) the personal, commercial, business or financial reputation
        of the
        Company or any of its executive officers.

       

      (c) The
        Employee hereby agrees that he shall not, during the period of his employment
        and, in the event that the Employee is terminated for Cause or resigns without
        Good Reason, for a period of one (1) year following such employment, directly
        entice, solicit or in any other manner persuade or attempt to persuade any
        officer, employee or customer, to discontinue or reduce his, her or its
        relationship with the Company; provided,
        that the foregoing shall not be violated by general advertising not targeted
        at
officers,
        employees, or customers
        of the
        Company.

       

      (d) Following
        the termination of the Employee’s employment for any reason whatsoever and upon
        receipt of a written request from the Company, all documents, records,
        notebooks, equipment, employee lists, price lists, specifications, programs,
        customer and prospective customer lists and other materials which refer or
        relate to any aspect of the business of the Company which are in the possession
        of the Employee including all copies thereof, shall be promptly returned
        to the
        Company or, with the prior approval of the Company, destroyed by the Employee
        and the Employee shall certify in writing to the Company as to such destruction.
        Anything to the contrary notwithstanding, nothing in this Section 7(d) shall
        prevent the Employee from retaining a home computer and security system,
        papers
        and other materials of a personal nature, including personal diaries, calendars
        and Rolodexes, information relating to the Employee’s compensation or relating
        to reimbursement of expenses, information that the Employee reasonably believe
        may be needed for tax purposes, and copies of plans, programs and agreements
        relating to the Employee’s employment. 

       

      
        
          
          

        

        
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      (e) The
        products and proceeds of the Employee’s services hereunder that the Employee may
        acquire, obtain, develop or create during the Term that relate to the Company’s
        business, or that are otherwise made at the direction of the Company or with
        the
        use of the Company’s or its affiliates’ (other than ZelnickMedia and those of
        its affiliates which, other than by reason of common control by ZelnickMedia,
        are not affiliates of the Company ) facilities or materials, including,
        but not limited to, all materials, ideas, concepts, formats, suggestions,
        developments, packages, programs and other intellectual properties
        (collectively, “Works”),
        shall
        be considered a “work
        made for hire,”
as
        that term is defined under the United States Copyright Act, and the Employee
        shall be considered an employee for hire of the Company, and all rights in
        and
        to the Works, including the copyright thereto, shall be the sole and exclusive
        property of the Company, as the sole author and owner thereof, and the copyright
        thereto may be registered by the Company in its own name. In the event that
        any
        part of the Works shall be determined not to be a work made for hire or shall
        be
        determined not to be owned by the Company, the Employee hereby irrevocably
        assigns and transfers to the Company, its successors and assigns, the following:
        (a) the entire right, title and interest in and to the copyrights, trademarks
        and other rights in any such Work and any rights in and to any works based
        upon,
        derived from, or incorporating any such Work (“Derivative
        Work”);
        (b)
        the exclusive right to obtain, register and renew the copyrights or copyright
        protection in any such Work or Derivative Work; (c) all income, royalties,
        damages, claims and payments now or hereafter due or payable with respect
        to any
        such Work and Derivative Work; and (d) all causes of action in law or equity,
        past and future, for infringements or violation of any of the rights in any
        such
        Work or Derivative Work, and any recoveries resulting therefrom. The Employee
        also hereby waives in writing any moral or other rights that he has under
        state
        or federal laws, or under the laws of any foreign jurisdiction, which would
        give
        him any rights to constrain or prevent the use of any Work or Derivative
        Work,
        or which would entitle him to receive additional compensation from the Company.
        The Employee shall execute all documents, including without limitation copyright
        assignments and applications and waivers of moral rights, and perform all
        acts
        that the Company may request, in order to assist the Company in perfecting
        its
        rights in and to any Work and Derivative Work anywhere in the world. The
        Employee hereby appoints the officers of the Company as the Employee’s
        attorney-in-fact to execute documents on behalf of the Employee for this
        limited
        purpose

       

      (f) The
        parties hereto hereby acknowledge and agree that (i) the Company may be
        irreparably injured in the event of a breach by the Employee of any of his
        obligations under this Section 7, (ii) monetary damages may not be an adequate
        remedy for any such breach, and (iii) the Company shall be entitled to seek
        injunctive relief, in addition to any other remedy which it may have, in
        the
        event of any such breach.

       

      (g) It
        is the
        intent of the parties hereto that the covenants contained in this Section
        7
        shall be enforced to the fullest extent permissible under the laws and public
        policies of each jurisdiction in which enforcement is sought (the Employee
        hereby acknowledging that said restrictions are reasonably necessary for
        the
        protection of the Company). Accordingly, it is hereby agreed that if any
        of the
        provisions of this Section 7 shall be adjudicated to be invalid or unenforceable
        for any reason whatsoever, said provision shall be construed by limiting
        and
        reducing it so as to be enforceable to the extent permissible, without
        invalidating the remaining provisions of this Agreement or affecting the
        validity or enforceability of said provision in any other
        jurisdiction.

       

      
        
          
          

        

        
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      (h) As
        used
        herein, “Cause”
shall
        mean (i) the conviction of, or a plea of guilty or nolo
        contendere
        by, the
        Employee of any felonious criminal act (other than traffic-related offenses
        or
        as a result of vicarious liability), (ii) fraud, or (iii) any act or omission
        involving malfeasance or gross negligence by the Employee in the performance
        of
        his obligations hereunder, in the case of each of clauses (ii) through (iii)
        above, that relates to and damages the Company and, if capable of being cured
        so
        that the Company is not materially damaged, is not so cured within 15 days
        after
        receipt by the Employee of written notice thereof.

       

      (i) As
        used
        herein, “Good
        Reason”
means
        (i) a condition that materially impairs the ability of the Employee to perform
        his duties as contemplated herein, (ii) the failure by the Company to perform
        any of its material obligations under this Agreement or the Management
        Agreement, or (iii) the requirement that the Employee’s place of service be
        located outside a 10-mile radius of New York City, NY.

       

      8. General.
        This
        Agreement is further governed by the following provisions:

       

      (a) Notices.
        All
        notices relating to this Agreement shall be in writing and shall be either
        personally delivered, sent by facsimile (receipt confirmed) or nationally
        recognized overnight carrier or mailed by certified mail, return receipt
        requested, to be delivered at such address as is indicated below, or at such
        other address or to the attention of such other person as the recipient has
        specified by prior written notice to the sending party. Notice shall be
        effective when so personally delivered, one business day after being sent
        by
        telecopy or five days after being mailed.

       

      If
        to
        the Company:

       

      Take-Two
        Interactive Software, Inc.

      622
        Broadway

      New
        York,
        New York 10012

      Attention:
        General Counsel

       

      If
        to
        the Employee:

       

      To
        the
        Employee’s address on the books and records of the Company.

       

      (b) Parties
        in Interest.

       

      (i) Employee
        may not delegate his duties or assign his rights hereunder.

       

      (ii) This
        Agreement shall inure to the benefit of, and be binding upon, the parties
        hereto
        and their respective heirs, legal representatives, successors and permitted
        assigns.

       

      (iii) No
        rights
        or obligations of the Company under this Agreement may be assigned or
        transferred by the Company except that such rights or obligations may be
        assigned or transferred pursuant to a merger, consolidation or similar
        transaction in which the Company is not the continuing entity, or a sale
        or
        liquidation of all or substantially all of the assets and business of the
        Company; provided,
        that
        the assignee or transferee is the successor to all or substantially all of
        the
        assets and business of the Company and such assignee or transferee assumes
        the
        liabilities, obligations and duties of the Company, as contained in this
        Agreement, either contractually or as a matter of law.

       

      
        
          
          

        

        
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      (c) Entire
        Agreement.
        This
        Agreement supersedes any and all other agreements, either oral or in writing,
        between the parties hereto, with respect to the employment of the Employee
        by
        the Company, other than the Management Agreement. This Agreement together
        with
        the Management Agreement (as in effect on the Signing Date after giving effect
        to the Second Amendment) contain all of the covenants and agreements between
        the
        parties with respect to such employment in any manner whatsoever. Any
        modification or termination of this Agreement, or the Management Agreement
        with
        respect to the Employee’s employment by the Company, will be effective only if
        it is in writing signed by the party to be charged.

       

      (d) Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York. Employee agrees to and hereby does submit to jurisdiction
        before any state or federal court of record in New York County.

       

      (e) Warranty.
        Employee hereby warrants and represents as follows:

       

      (i) That
        the
        execution of this Agreement and the discharge of Employee’s obligations
        hereunder will not breach or conflict with any other contract, agreement,
        or
        understanding between Employee and any other party or parties.

       

      (ii) Employee
        has ideas, information and know-how relating to the type of business conducted
        by Company, and Employee’s disclosure of such ideas, information and know-how to
        Company will not conflict with or violate the rights of any third party or
        parties.

       

      (iii) Employee
        will not disclose any trade secrets relating to the business conducted by
        any
        previous Company and agrees to indemnify and hold Company harmless for any
        liability arising out of Employee’s use of any such trade secrets.

       

      (f) Severability.
        In the
        event that any term or condition in this Agreement shall for any reason be
        held
        by a court of competent jurisdiction to be invalid, illegal or unenforceable
        in
        any respect, such invalidity, illegality or unenforceability shall not affect
        any other term or condition of this Agreement, but this Agreement shall be
        construed as if such invalid or illegal or unenforceable term or condition
        had
        never been contained herein.

       

      
        
          
          

        

        
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      (g) Indemnification.
        The
        Employee shall be entitled to the benefits of all provisions of the Certificate
        of Incorporation and Bylaws of the Company, each as amended, that provide for
        indemnification of officers and directors of the Company. In addition, without
        limiting the indemnification provisions of the Certificate of Incorporation
        or
        Bylaws, to the fullest extent permitted by law, the Company shall indemnify
        and
        save and hold harmless the Employee from and against, and pay or reimburse,
        any
        and all claims, demands, liabilities, costs and expenses, including judgments,
        fines or amounts paid on account thereof (whether in settlement or otherwise),
        and reasonable expenses, including attorneys’ fees actually and reasonably
        incurred (including, but not limited to, investigating, preparing, pursuing
        or
        defending any action, suit, investigation, proceeding, claim or liability
        if the
        Employee is made or threatened to be made a party to or witness in any action,
        suit, investigation or proceeding, or if a claim or liability is asserted
        or
        threatened to be asserted against Employee (whether or not in the right of
        the
        Company), by reason of the fact that he was or is a director, officer or
        employee, or acted in such capacity on behalf of the Company, or the rendering
        of services by the Employee pursuant to this Agreement or the Employee’s prior
        employment agreement with the Company, whether or not the same shall proceed
        to
        judgment or be settled or otherwise brought to a conclusion (except only
        if and
        to the extent that such amounts shall be finally adjudged to have been caused
        by
        Employee’s willful misconduct or gross negligence). Upon the Employee’s request,
        the Company will advance any reasonable expenses or costs, subject to the
        Employee undertaking to repay any such advances in the event there is an
        unappealable final determination that Employee is not entitled to
        indemnification for such expenses. Employee shall be entitled to indemnification
        under this Section regardless of any subsequent amendment of the Certificate
        of
        Incorporation or of the Bylaws of the Company. Further, Employee shall be
        entitled to be covered by any directors’ and officers’ liability insurance
        policies which the Company maintains for the benefit of its directors and
        officers, subject to the limitations of such policies. This provision shall
        survive the expiration or termination of this Agreement.

       

      (h) Withholding.
        The
        Company may withhold from any and all amounts payable under this Agreement
        such
        federal, state and local taxes as may be required to be withheld pursuant
        to any
        applicable law or regulation.

       

      (i) Execution
        in Counterparts.
        This
        Agreement may be executed by the parties in one or more counterparts, each
        of
        which shall be deemed to be an original but all of which taken together shall
        constitute one and the same agreement, and shall become effective when one
        or
        more counterparts has been signed by each of the parties hereto and delivered
        to
        each of the other parties hereto.

       

      [End
        of
        text - signature page follows]

        
          
            
            

          

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

       

      
         

        
          
            	 	
                    TAKE-TWO
                      INTERACTIVE SOFTWARE, INC.

                  
	 	 	 
	 	
                    By:
                      

                  	/s/
                    Michael
                    Dornemann                
                    
	 	
                     

                  	
                    Name:
                      Michael Dornemann

                  
	 	
                     

                  	
                    Title:
                      Director

                  

          

          
            
               

              
                
                  	 	
                          By:
                            

                        	/s/
                          Seth D. Krauss
	 	
                           

                        	
                          Name:
                            Seth D. Krauss

                        
	 	
                           

                        	
                          Title:
                            Executive Vice President
                            and 

                           
                            General Counsel

                        

                

              

            

             

          

          
            	 	 	 
	 	
                    /s/
                      Karl
                      Slatoff      

                  
	 	
                    
                      Karl
                        Slatoff

                    

                  

          

           

        

      

    

    
      
        
        

      

      
        9DEMAND
      PROMISSORY NOTE

    

    
      	$9,000.00	
              December
                13, 2008       
                

            

    

    

    FOR
      VALUE
      RECEIVED, Shatrusen, Inc., a corporation organized and existing under the laws
      of State of Nevada, with offices at 16455 Honeycomb Circle, Charlotte,
Charlotte,
      North Carolina 28277 (the
      “Company”), promises to pay to the order of Critz Family LLC, a limited
      liability company having an address at 8456 SW 109th Lane Road, Ocala, FL (the
      "Holder"), the principal amount of NINE THOUSAND Dollars ($9,000.00), together
      with interest incurred thereon at the rate of eight percent (8%) per annum.
      The
      entire unpaid principal and accrued interest thereon shall be immediately due
      and payable on demand by the Holder. Interest payable hereunder shall be
      calculated for actual days elapsed on the basis of a 360-day year. Any payments
      of amounts due hereunder shall be in such currency of the United States at
      the
      time of payment as shall be legal tender for the payment of public or private
      debts. 

    

    This
      Note
      shall be paid without deduction by reason of any set-off, defense or
      counterclaim of the Company. This Note may be repaid in whole or in part by
      the
      Company without penalty or premium at any time and from time to time. All
      payments received by the Holder hereunder will be applied first to costs of
      collection and fees, if any, then to interest, and the balance to principal.
      

    

    All
      payments shall be made at the address for the Holder set forth above, or at
      such
      other place as the Holder hereof may from time to time designate in writing.
      

    

    The
      undersigned waives presentment for payment, demand, protest and notice of
      protest and of non-payment.

    

    Any
      and
      all notices, requests, consents and demands required or permitted to be given
      hereunder shall be in writing, delivered to the addresses stated above. Either
      party may change by notice the address to which notices to it are to be
      addressed.

    

    Notwithstanding
      any other provision of this Note, interest under this Note shall not exceed
      the
      maximum rate permitted by law; and if any amount is paid under this Note as
      interest in excess of such maximum rate, then the amount so paid will not
      constitute interest but will constitute a prepayment on account of the principal
      amount of this Note.

    

    The
      Company agrees to pay on demand all expenses of collecting and enforcing this
      Note and any guarantee or collateral securing this Note, including, without
      limitation, expenses and fees of legal counsel, court costs and the cost of
      appellate proceedings.

    

    The
      failure or delay by the Holder in exercising any of its rights hereunder in
      any
      instance shall not constitute a waiver thereof in that or any other instance.
      The Holder may not waive any of its rights except by an instrument in writing
      signed by the Holder.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    This
      Note
      shall be construed and enforced in accordance with, and the rights of the
      parties shall be governed by, the laws of the State of Nevada, without giving
      effect to the conflict of law provisions thereof.

    

    This
      Note
      may not be assigned, transferred or otherwise negotiated by the Holder without
      the prior written consent of the Company. 

    

    This
      Note
      may not be amended without the written approval of the holder.

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be signed on the date
      first
      set forth above.

     

    
      
        	 	
                SHATRUSEN,
                  INC.

              
	 	 
	 	
                By:
                  

              	
                /s/
                  George Critz, III

              
	 	
                Print
                  Name: George Critz, III

              
	 	
                Title:
                  Secretary

              

      

    

     

    
      
        
        

      

      
        2

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