Document:

Exhibit 10.7

 

PROMISSORY NOTE

 

	
Not   to Exceed $200,000
    	
December 18, 2017
    

 

 

FOR VALUE RECEIVED, the undersigned DFB Healthcare Acquisitions Corp., a Delaware corporation (“Maker” or the “Company”), hereby unconditionally promises to pay to the order of Deerfield/RAB Ventures, LLC, a Delaware limited liability company (“Payee”), the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid under this note (this “Note”), in legal and lawful money of the United States of America.

 

Payee may make advances to Maker from time to time under this Note; provided, however, that notwithstanding anything to the contrary herein, at no time shall the aggregate of all advances and re-advances outstanding under this Note exceed $200,000.

 

This is a non-interest bearing Note.

 

The entire unpaid principal balance of this Note shall be due and payable upon the earlier of June 30, 2018 or the consummation of a public offering of the Company’s securities.

 

If payment of this Note or any installment of this Note is not made when due, the entire indebtedness hereunder, at the option of Payee, shall immediately become due and payable, and Payee shall be entitled to pursue any or all remedies to which Payee is entitled hereunder, or at law or in equity.

 

This Note may be prepaid, in whole or in part, without penalty.  This Note may not be changed, amended or modified except in a writing expressly intended for such purpose and executed by the party against whom enforcement of the change, amendment or modification is sought.  The loan evidenced by this Note is made solely for business purposes.

 

THIS NOTE IS BEING EXECUTED AND DELIVERED, AND IS INTENDED TO BE PERFORMED, IN THE STATE OF NEW YORK.  EXCEPT TO THE EXTENT THAT THE LAWS OF THE UNITED STATES MAY APPLY TO THE TERMS HEREOF, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS NOTE.  IN THE EVENT OF A DISPUTE INVOLVING THIS NOTE OR ANY OTHER INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, THE UNDERSIGNED PARTIES IRREVOCABLY AGREE THAT VENUE FOR SUCH DISPUTE SHALL LIE IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK.

 

Service of any notice by Maker to Payee or by Payee to Maker, shall be mailed, postage prepaid by certified United States mail, return receipt requested, at the address for such party set forth in this Note, or at such subsequent address provided to the other party hereto in the manner set forth in this paragraph for all notices.  Any such notice shall be deemed given three (3) days after deposit thereof in an official depository under the care and custody of the United States Postal Service.

 

 

Should the indebtedness represented by this Note or any part thereof be collected at law or in equity or through any bankruptcy, receivership, probate or other court proceedings or if this Note is placed in the hands of attorneys for collection after default, the undersigned and all endorsers, guarantors and sureties of this Note jointly and severally agree to pay to the holder of this Note, in addition to the principal and interest due and payable hereon, reasonable attorneys’ and collection fees.

 

The undersigned and all endorsers, guarantors and sureties of this Note and all other persons liable or to become liable on this Note severally waive presentment for payment, demand, notice of demand and of dishonor and nonpayment of this Note, notice of intention to accelerate the maturity of this Note, notice of acceleration, protest and notice of protest, diligence in collecting, and the bringing of suit against any other party, and agree to all renewals, extensions, modifications, partial payments, releases or substitutions of security, in whole or in part, with or without notice, before or after maturity.

 

The undersigned hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by the payee on this Note, any and every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii) interpose any counterclaim therein and (iv) have the same consolidated with any other or separate suit, action or proceeding.  Nothing herein contained shall prevent or prohibit the undersigned from instituting or maintaining a separate action against payee with respect to any asserted claim.

 

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

 

This Note represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

 

[Signature page follows]

 

2

 

EXECUTED AND AGREED as of the date first above written.

 

	
 
    	
DFB   HEALTHCARE ACQUISITIONS CORP., a Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Richard A. Barasch
    
	
 
    	
 
    	
Name:   
    	
Richard   A. Barasch
    
	
 
    	
 
    	
Title:   
    	
Chief   Executive Officer
    

 

[Signature Page to Promissory Note]INVESTOR
RELATIONS PROGRAM

Between

YES INTERNATIONAL

And

DOYEN ELEMENTS, INC.

 

1.
YES INTERNATIONAL (YES) will distribute all appropriate documents, news releases, specialty items, press kits, corporate videos,
digital media and other information to the North American and international investment communities under the supervision, guidance
and approvals of Doyen Elements, Inc. (DOYEN).

 

2.
Provide timely and accurate information relating to compliance and corporate finance matters as provided by DOYEN to
current shareholder and other interest parties within the financial community. YES will maintain a phone and internet conduit
for the length of this contract to reiterate corporate on-goings to both current shareholders and other interested parties about
DOYEN’s activities.

 

3.
Heighten the awareness of potential investors to the investment opportunities based on the activities of DOYEN’s
products/services.

 

4.
Broaden the current shareholders and brokerage industry support base through the use of telemarketing, radio/TV interviews,
magazine reports, internet activities, social media interaction and investment analyst (certain fees may apply outside of this
agreement on the aforementioned). YES will arrange with key investment managers for conference calls and/or personal interviews
with DOYEN’s key management, which could insure confidence and further price appreciation of its equity. DOYEN
will be hosted on the YES’ we site www.yesinternational.com during the term of this agreement.

 

5.
Focus and target activities to obtain broad sponsorship in North American markets. YES will consult and advise on regulatory
and/or financial requirements as it relates to future financings. If needed, YES will provide any and all Edgar support
for necessary filings with the United States Securities and Exchange Commission (fee base outside of this agreement). And, YES
NEWS NOW, a division of YES can provide news release services on behalf of DOYEN (this service can be provided
with additional fees outside of this agreement).

 

6.
Upon becoming public, YES to work on establishing a broad-based broker/dealer network to garner long-term support to decrease
price volatility and maintain rising price trends as warranted by DOYEN’s developments.

 

    	Page
                                         1 of 3	 

    	 

    

 

SCHEDULE
OF COMPENSATION

 

DOYEN
ELEMENTS, INC. (DOYEN) AGREES TO COMPENSATE YES INTERNATIONAL for its services in accordance with the following schedule:

 

1.
Cash Disbursements

 

DOYEN
shall pay to YES INTERNATIONAL the sum of Three Thousand Eight Hundred Dollars ($3800.00 US) monthly for no longer than 1-year,
beginning, December 22, 2017 and ending December 21, 2018.

 

First
payment expected within 48 hours upon the activation date. Remaining payments expected within 5 business days of the 22nd
of each month.

 

YES
is willing to take cash/credit cards or combination for payment of services.

 

This
compensation includes 800 number costs, employees, telemarketing services, mail cost, internet cost and other incidentals in the
course of doing business.

 

Any
default will be handled through the legal system of the Commonwealth of Virginia, USA.

 

7.
Extraordinary Expenses

 

In
the event the activities of Doyen Elements, Inc. (DOYEN) causes YES INTERNATIONAL to incur extraordinary expenses
beyond as outlined in #1 above, DOYEN must first approve of any and all extraordinary expenses. Upon approval DOYEN
will fully and promptly reimburse YES. Inclusive expenses are but not limited to: travel, accommodations, food, and
whatever expenditures to fulfill the mandate of the “Investor Relations Program” outside of this agreement.

 

2.
Indemnification

 

Each
party expressly undertakes to indemnify and to save harmless the other from all liability and/or damages, including attorney’s
fees, for or arising out of gross negligence or willful wrongdoing of the other party, it agents or employees.

 

    	Page
                                         2 of 3	 

    	 

    

 

CONTRACT
TERM

 

The
Initial Term of this Agreement shall be for a period of 1-Year but may be extended by the mutual consent of the parties.

 

The
parties hereto may be contacted as follows:

 

	YES INTERNATIONAL	 	DOYEN ELEMENTS, INC. 
	3419 Virginia Beach Blvd. Suite 252	 	1880 Office Club Pointe, Suite 1240 
	Virginia Beach, VA 23452	 	Colorado Springs, CO 80920 
	TEL: (757)306-6090	 	TEL: 855-DOYEN-US
	FAX: (757)306-6092	 	Email: cindyb@doyenelementsus.corn
	Email: rich(&yesinternational.com	 	 

 

IN
WITNESS HEREOF the parties hereto have executed this Agreement on the date first above written.

 

	YES
    INTERNATIONAL 	 	DOYEN
    ELEMENTS, INC.
	 	 	 
	By:	/s/
    Rich. Kaiser	 	By:	 /s/ Cynthia Boerum 
	 	Rich.
    Kaiser — Principal	 	 	Cynthia
    Boerum — CEO
	 	Dated:
    December 22, 2017 	 	 	Dated:
    December 22, 2017

 

    	Page
                                         3 of 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]