Document:

ex10-26.htm

Exhibit 10.26

 

REVOLVING LINE OF CREDIT AGREEMENT

 

This Revolving Line of Credit Agreement (the “Agreement”) is entered into and is effective as of February 16, 2015, by and between Colorado Medical Finance Services, LLC (dba Gold Cross Capital LLC) a Colorado limited liability company, located at 127 Kings Road, Palm Beach, FL 33480 (the “Lender”) and Jammin Java Corp. (dba Marley Coffee), a Nevada company, located at 730 Tejon Street, Denver, CO 80211 (the “Borrower”).

 

	
  

	
A.

	
The Borrower has requested that the Lender extend to the Borrower a renewable revolving line of credit (the “Line of Credit”) to provide working capital for the Borrower.

 

	
  

	
B.

	
To the extent that any amount loaned under the Line of Credit is repaid by the Borrower, such amount may be re-borrowed pursuant to the terms and conditions of this Agreement.

 

	
  

	
C.

	
The Lender desires to lend to the Borrower, on a revolving line of credit basis, the amount set forth herein as the Line of Credit Limit, pursuant to the terms and conditions of this Agreement.

 

Now therefore, in consideration of the premises and the mutual promises herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender agree, as follows:

 

	
1.

	
Definitions.

 

	
  

	
1.1.

	
Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Advance Date” shall mean the date the Borrower is in receipt of the funds from the Lender in connection with each applicable Advance.

 

“Advances” means a borrowing under this Agreement and any accrued but unpaid interest charged to the Line of Credit pursuant to Section 2.10 hereof at the end of each fiscal quarter during the terms of the Agreement.

 

“Debt” means indebtedness or liability for borrowed money.

 

“First Advance Date” means a date that the Borrower first draws any amount of Advances under the terms of this Agreement.

 

“Line of Credit Limit” means $500,000.00, which includes any accrued and unpaid interest due on the Line of Credit.

 

“Loan Interest” means a seventeen and one half percent (17.5%) annual interest rate.

 

“Maturity Date” means eighteen months from any Advance Date including the First Advance Date.

 

	
  

	
1.2.

	
Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with other comprehensive basis of accounting – income tax basis consistent with those applied in the preparation of tax returns and all financial data submitted pursuant to this Agreement shall be prepared in accordance with such principles.

 

 

Revolving Line of Credit Agreement

  

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2.

	
Terms of Line of Credit.

 

	
  

	
2.1.

	
The Lender agrees to lend to the Borrower from the date hereof amounts, which together with all other outstanding principal amounts issued pursuant to this section do not exceed the Line of Credit Limit. The Borrower agrees to repay all amounts borrowed and advanced in accordance with the terms described herein. The Line of Credit Limit is the maximum amount the Lender may be required to advance to the borrower under this Agreement. The parties hereto specifically acknowledge that as of the date hereof, the Borrower has not received any advances.

 

	
  

	
2.2.

	
It is understood that the amount available to the Borrower will vary in accordance with Advances to the Borrower and payments made by the Lender to the Borrower.

 

	
  

	
2.3.

	
The Borrower may obtain Advances on the Line of Credit, as follows:

 

	
  

	
2.3.1.

	
Line of Credit Note. On each Advance Date, the Borrower shall issue to the Lender an updated promissory note substantially in the form attached hereto as Exhibit A (the “Line of Credit Note”) duly executed on behalf of the Borrower, dated as of the Advance Date and payable to the order of the Lender in the amount of all Advances made by the Lender to the Borrower as of such applicable Advance Date.  Each Line of Credit Note shall automatically replace and supersede any prior Line of Credit Note.  Each Line of Credit Note shall include on an exhibit thereto a summary of all prior Advances made by the Lender to the Borrower and the current outstanding amount of each such Advance (the “Advance Accounting”). Each Advance Accounting shall, in the absence of manifest error, be prima facie evidence of the total Advances outstanding under the Line of Credit Note.

 

	
  

	
2.3.2.

	
Borrower may request that Lender make Advances from time to time by giving the Lender prior written notice in the form of U.S. mail or email (each a “Notice”) of its request for an Advance and the amount of the Advance, up to the Line of Credit Limit, at least two (2) Business Days prior to the date of such proposed Advance. Each Notice shall specify: (i) the aggregate principal amount of the Advance, (ii) the date of such requested Advance and (iii) the account where Borrower requests such Advance to be disbursed. The Borrower may not request Advances if as a result thereof, the aggregate amount of all Advances (together with accrued and unpaid interest) would exceed the amount of the Line of Credit Limit.  Lender shall be required to made Advances to Borrower as described in the Notice, to the extent such aggregate Advances will not exceed the Line of Credit Limit.

 

	
  

	
2.3.3.

	
All Advances made to the Borrower under this Agreement shall be deposited immediately, but in no event later than the next regular banking day, in the Borrower’s regular banking account.

 

	
  

	
2.4

	
Loan Interest. The Borrower shall pay to the Lender interest on the outstanding balance of all Advances obtained under this Line of Credit. The interest rate that the aggregate amount of Advances shall bear Loan Interest and be payable as described below. Interest shall be compounded annually on the basis of a 365-day year and charged on the number of actual days Advances are outstanding.

 

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2.5

	
Interest Payment Applications. All payments on this Line of Credit shall be applied first in payment of accrued interest and any remainder in payment of principal.

 

	
  

	
2.6

	
Principal Pay Downs. The Borrower may make principal payments in excess of the amount then due on this Line of Credit as described below and the Borrower may pre-pay the amount due under the Line of Credit (and accrued and unpaid interest thereon) at any time without penalty. In the event the Borrower determines to pay and pays the entirety of the outstanding principal balance of Advances and the interest which has accrued thereon as of any date prior to the Maturity Date, the Borrower shall be entitled to satisfy such amounts without further cost or fee as a result of such payment.

 

	
  

	
2.7

	
Principal Amortization and Interest Payments. Borrower shall make principal amortization payments on the unpaid balance of Advances owed hereunder, based on an eighteen (18) month amortization schedule, beginning on the first day after the First Advance Date, and on each month thereafter. The Surcharge (as defined below) shall either be payable in kind as provided in Section 2.8 below, or shall accrue and be payable in cash on the Maturity Date. If any payment of principal or interest on this Agreement or any Line of Credit 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. “Business Day” means a day other than (i) a Saturday, (ii) a Sunday or (iii) a day on which commercial banks in Colorado or Florida, are authorized or required to be closed for business.

 

	
  

	
2.8

	
Payment of Loan Interest.  A total of ten percent (10%) of the Loan Interest accrued and due under this Agreement shall be payable in cash as provided in Section 2.7 above.  A total of seven and one-half percent (7.5%) of the Loan Interest (the “Surcharge”) shall be payable in cash, or at the option of the Lender and with the consent of the Borrower, shall not be payable in cash and shall instead be payable either by a reduction in amounts owed to Borrower by Lender in connection with the sale of coffee or other promotional services from Borrower to Lender, as mutually agreed between the parties;

 

	
  

	
2.9

	
Compliance with Borrowing Base.  If at any time during the term of this Agreement, the Borrower obtains knowledge that the total principal amount of all Advances outstanding exceeds the Line of Credit Limit, the Borrower shall immediately reduce the principal amount of the Advance outstanding at that time by an amount equal to the excess.

 

	
  

	
2.10

	
Changing the Line of Credit Limit.  The Lender and the Borrower can mutually agree to change the Line of Credit Limit, such action to be added to this Agreement as an amendment signed by both parties.

 

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3.

	
Termination.  The Lender may terminate this Agreement for cause at any time by furnishing the Borrower with a written notice. Termination “for cause” is defined as termination pursuant to Section 5 herein.  The Borrower may terminate this Agreement at any time with or without cause in the event that the total amount of the Advances (as well as any accrued and unpaid interest thereon) has been repaid and/or that no amount is currently outstanding under any Advances.

 

Notwithstanding anything contained herein to the contrary, this Agreement shall terminate on Maturity Date. Upon termination of this Agreement for any reason, the Borrower shall, simultaneous with the termination of this Agreement, repay all Advances, including interest thereon, outstanding under the Line of Credit.

 

Option to Renew. The Lender and the Borrower can agree to renew this Agreement upon written notice to the other party at least thirty (30) days prior to the Maturity Date, such action to be added to this Agreement as an amendment signed by both parties.

 

	
4.

	
Maturity.  Notwithstanding any provision herein to the contrary, all outstanding Advances together with accrued and unpaid interest, fees and charges shall mature and be due and payable in full on the Maturity Date.

 

	
5.

	
Events of Default: Remedies.

 

	
  

	
5.1.

	
Each of the following events constitutes an Event of Default:

 

	
  

	
5.1.1.

	
The Borrower fails to make due and punctual payment of principal or interest on the Line of Credit or any other of its obligations due to the tender or any part thereof, when the same become due and payable, whether at maturity or otherwise;

 

	
  

	
5.1.2.

	
if there shall exist final judgments against the Borrower aggregating in excess of Five Hundred Thousand Dollars ($500,000) and if any one of such judgments shall have been outstanding for any period of forty-five (45) days or more from the date of its entry and shall not have been discharged in full or stayed pending appeal; or

 

	
  

	
5.1.3.

	
the Borrower shall: (i) become insolvent or take any action which constitutes its admission of inability to pay its debts as they mature; (ii) make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or a trustee for it or a substantial portion of its assets; (iii) commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation or statute of any jurisdiction, whether now or hereafter in effect; (iv) have filed against it any such petition or application in which an order for relief is entered or which remains undismissed for a period of ninety (90) days or more; (v) indicate its consent to, approval of or acquiescence in any such petition, application, proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or a substantial portion of its assets; or (vi) suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of ninety (90) days or more.

 

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5.2.

	
Upon the occurrence of any Event of Default, the Lender may declare its commitment to make the Advances under the Line of Credit to be suspended and provide to the Borrower written notice of such default and request that the default be cured within ten (10) days following the date of such notice to the Borrower. Notwithstanding the provisions of Section 4 hereof, in the event such default is not cured within the ten (10) day demand period, then the Lender may terminate this Agreement and, in addition, may:

 

	
  

	
5.2.1.

	
Declare the unpaid principal balance, and all interest thereon and all other amounts payable under this Agreement immediately due and payable (in the event of demand hereunder all Surcharges shall be payable in cash).

 

	
  

	
5.2.2.

	
Immediately, without expiration of any further period of grace, enforce payment of all obligations of the Borrower to the Lender under this Agreement and under agreements executed in connection herewith and may exercise any and all other remedies granted to the Lender at law, in equity or otherwise.

 

	
  

	
5.2.3.

	
Exercise all of the Lender’s rights under the terms of any security agreement, assignment, trust deed, pledge or other lien document executed in connection herewith.

 

	
  

	
5.3.

	
The Borrower agrees that after the exercise by the Lender of the remedies specified above, following an Event of Default, the obligations due hereunder shall accrue interest until paid at the rate of twenty percent (20%) per annum or the maximum amount permitted by law, whichever is less (the “Default Rate”).

 

	
  

	
5.4.

	
On or after the occurrence of an Event of Default and the notice to the Borrower by the Lender of the Lender’s intention to declare the entire amount of outstanding principal and interest hereunder due and payable, the Borrower agrees to pay all expenses and fees including attorney’s fees and court costs incurred by the Lender in the collection of the obligations and/or incurred in any bankruptcy or insolvency proceeding or in any arbitration proceedings. These expenses shall be due and payable immediately. If the Borrower fails to make the full payment of such fees and expenses within fifteen days following the date of demand therefore, such fees and expenses shall accrue interest until paid at the Default Rate.

 

	
6.

	
Representations of Borrower

 

	
  

	
6.1.

	
All financial statements and other information furnished to Lender are true and correct as of the date of the rendition of the statements or the information and there has been no substantial change in the financial position of Borrower since the date such statements were last furnished.

 

	
  

	
6.2.

	
There are no suits or proceedings of any kind or nature pending or threatened against Borrower in or before a court, administrative agency except as otherwise set forth in the Borrower’s public filings on the Securities and Exchange Commission’s Edgar database, which can be viewed at http://www.sec.gov/edgar/searchedgar/companysearch.html by searching for Jammin Java Corp.

	
  

	
6.3.

	
Borrower has the power to execute and deliver this Agreement and each other Loan Document (as defined below) and to borrow funds hereunder.

	
  

	
6.4.

	
Borrower has all required licenses and permits without unusual restrictions or limitations, to own, operate and lease its properties and to conduct the business in which it is presently engaged, all of which are in full force and effect.

	
  

	
6.5.

	
The execution and delivery by Borrower of this Agreement, as supplemented and amended from time to time, each Line of Credit Note, and any other agreements required to be executed and delivered by Borrower under the terms of this Agreement, and Borrower’s performance of its obligations under each and all thereof (collectively, the “Loan Documents”), do not and will not conflict with any agreement, indenture, note or other instrument binding upon Borrower.

Revolving Line of Credit Agreement

  

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7.

	
Miscellaneous.

 

	
  

	
7.1.

	
Amendments and Waivers. No Amendment, modification, termination or waiver of any provisions of any agreement to which the Borrower and the Lender are a party shall be effective unless the same shall be in writing and signed by the Borrower and the Lender, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

	
  

	
7.2.

	
Notices.  All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed given two Business Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient. Either party may send any notice, request, demand, claim, or other communication hereunder to the intended recipient using any other means (including personal delivery, express carrier, telecopy, or telex), but no such notice, request, demand, claim or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Any party may change the address to which notices, request, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the manner herein set forth at least ten days prior to the effective date of such change in address.

 

To Borrower:

 

Attn:  _______________

____________________

Jammin Java Corp.

730 Tejon Street, Denver, CO 80211

Tel:  ________________

Fax:  ________________

 

To Lender:

 

Attn:  Stephen  Peters

Peters Mair Wilcox

1755 Blake Street, Suite 240

Denver, CO  80202

Tel:  (303) 393-1704

 

 

	
  

	
7.3.

	
Delay in Enforcement. Lender may delay or waive the enforcement of any of Lender’s rights under this Agreement without losing that right or any other right.  If Lender delays or waives any of its rights, Lender may enforce that right at any time in the future without advance notice.  For example, not terminating the Line of Credit for Borrower’s failure to make timely payments will not be a waiver of Lender’s right to terminate the Line of Credit in the future if Borrower has failed to make timely payments.

	
  

	
7.4.

	
No Waiver.  No failure or delay on the part of the Lender in exercising any right, power, or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy hereunder. The rights and remedies provided herein are cumulative, and are not exclusive of any other rights, powers, privileges, or remedies, now or hereafter existing, at law or in equity or otherwise.

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7.5.

	
Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights under this Agreement or document to which the Borrower is a party without the prior written consent of the Lender.

 

	
  

	
7.6.

	
Integration.  This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto.

 

	
  

	
7.6.

	
Integration.  This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto.

 

	
  

	
7.6.

	
Dispute Resolution.  Any dispute arising out of or relating to this Agreement shall be submitted to voluntary mediation at the Judicial Arbiter Group in Denver, Colorado within 30 days’ written notice of the dispute.  If mediation does not resolve the dispute, the dispute shall proceed with another 30 days’ written notice to binding arbitration at the Judicial Arbiter Group.  In that event, the AAA Commercial Arbitration Rules shall apply to the discovery and hearing of the dispute except that, notwithstanding any AAA Rule, the Federal Rules of Evidence shall determine the admissibility of evidence presented at the arbitration hearing.

 

	
  

	
7.7.

	
Waiver and Amendment.  Any provision of this Agreement can be amended, waived, modified, discharged or terminated upon the written consent of both the Lender and the Borrower.

 

	
  

	
7.8.

	
Severability of Provisions.  Any invalidity, illegality or unenforceability of any provision of this Agreement in any jurisdiction will not invalidate or render illegal or unenforceable the remaining provisions hereof in such jurisdiction and will not invalidate or render illegal or unenforceable such provision in any other jurisdiction.

 

	
  

	
7.9.

	
Construction. When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) “or” is not exclusive; (iii) “including” means including without limitation; (iv) words in the singular include the plural and words in the plural include the singular, and words importing the masculine gender include the feminine and neuter genders; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof; (vii) references contained herein to Article, Section, Schedule and Exhibit, as applicable, are references to Articles, Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (viii) references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form, including, but not limited to email; (ix) references to “dollars”, “Dollars” or “$” in this Agreement shall mean United States dollars; (x) reference to a particular statute, regulation or Law means such statute, regulation or Law as amended or otherwise modified from time to time; (xi) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein); (xii) unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”; (xiii) references to “days” shall mean calendar days; and (xiv) the paragraph headings contained in this Agreement are for convenience only, and shall in no manner be construed as part of this Agreement.

 

 

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7.10.

	
Attorney’s Fees. In the event of dispute arising out of this Agreement, the prevailing party is entitled to reasonable costs and attorney’s fees.

 

	
  

	
7.11

	
Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without giving effect to any choice or conflict of law provisions or rules (whether of the State of Colorado or other jurisdiction) which would cause the application of any law, rule or regulation other than of the State of Colorado.

 

	
  

	
7.12

	
Counterparts, Effect of Facsimile, Emailed and Photocopied Signatures. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any Addendums hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party, each other party shall re execute the original form of this Agreement and deliver such form to all other parties. No party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

 

 

In witness whereof, the Lender and Borrower have caused this Agreement to be executed as of the date set forth above.

 

	
LENDER

	
BORROWER

	  	  
	
Colorado Medical Finance Services LLC

	
Jammin Java Corp.

	  	  
	
By: /s/ Jim McNamara                 

	
By: /s/ Anh Tran                  

	
Printed Name: Jim McNamara

	
Printed Name: Anh Tran

	
Its: CEO

	
Its: President

 

 

Revolving Line of Credit Agreement

  

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EXHIBIT “A”

REVOLVING CREDIT NOTE

___, 2015

$__________                                                                                                           Denver, Colorado

FOR VALUE RECEIVED, Jammin Java Corp. (“Borrower”) hereby PROMISES TO PAY to the order of Colorado Medical Finance Services LLC.,  (dba Gold Cross Capital LLC)  (“Lender”), at 127 Kings Road., Palm Beach, FL 33480 or at such other place as the Lender  may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of $__________, representing the aggregate amount outstanding pursuant to the Line of Credit Agreement (as hereinafter defined), as of the date hereof, together with interest on the unpaid principal amount of this Line of Credit Note (hereinafter, the “Note”) at the rate or  rates provided in the Loan Agreement.  The Note shall replace and supersede in its entirety any prior Revolving Credit Note.  This Note reflects the prior Advances to the Borrower by the Lender as set forth on Exhibit A hereto.

This Note is issued pursuant to that certain Line of Credit Agreement dated January __, 2015 between Borrower and Lender (the “Loan Agreement”). All capitalized terms, unless otherwise defined herein, shall have the meanings ascribed to them in the Loan Agreement.

The amount of the indebtedness evidenced hereby shall be payable as specified in the Loan Agreement.

Upon and after the occurrence of an Event of Default and after the cure period as set forth in the Loan Agreement, all principal of and accrued interest on this Note may, as provided in the Loan Agreement, and without demand, notice or legal process of any kind, may be declared, and shall thereafter immediately become, due and payable at the option of the Lender.

Borrower hereby waives demand, presentment, protest and notice of nonpayment and protest.

This Note has been executed, delivered and accepted at Denver, CO and shall be interpreted, governed by and construed in accordance with, the laws of the State of Colorado.

Borrower: Jammin Java Corp.

________________________________

By:

 

Revolving Line of Credit Agreement

  

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Exhibit A

 

	
Date of Advance

	
Original Amount of Advance

($)

	
Accrued And Unpaid Interest On Such Advance Through the Date of Execution Below

($)

	
Amount of Principal Repaid Through The Date of Execution Below (principal payments and prepayments)

(described in the notes below)

($)

	
Less Interest Paid In Cash

(described in the notes below)

($)

	
Less Surcharge Paid

(described in the notes below)

($)

	
Total Amount of Principal and Interest Owed As Of The Date of Execution Below

($)

	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	
TOTALS

	  	  	  	  	  	  

 

Notes:

 

 

 

Confirmed and verified:

 

	
Jammin Java Corp.

	
By: _________________

	
 

	
Printed Name:___________________

Title:_______________________

Date:__________________

	
 

 

 

 

 

Revolving Line of Credit Agreement

 

Page 10 of 10ex10-1.htm

Exhibit 10.1

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT is made and entered into as of this 9th day of June, 2015 (the “Effective Date”), by and between ORBITAL TRACKING CORP., a Nevada corporation (the “Corporation”), and Theresa Carlise (the “Executive”), under the following circumstances:

 

RECITALS:

 

A.           The Corporation desires to secure the services of the Executive upon the terms and conditions hereinafter set forth; and

 

B.           The Executive desires to render services to the Corporation upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, the parties mutually agree as follows:

 

1. Employment. The Corporation hereby employs the Executive and the Executive hereby accepts employment as an executive of the Corporation, subject to the terms and conditions set forth in this Agreement.

 

2. Duties. The Executive shall serve as the Chief Financial Officer, Treasurer and Secretary of the Corporation, with such duties, responsibilities and authority as are commensurate and consistent with her position, as may be, from time to time, assigned to her by the Board of Directors (the “Board”) of the Corporation. The Executive shall report directly to the Board. During the Term (as defined in Section 3), the Executive shall devote the required  business time and efforts to the performance of her duties hereunder. Notwithstanding the foregoing, the expenditure of reasonable amounts of time by the Executive for other employment and consulting relationships, the making of passive personal investments, the conduct of business affairs and charitable and professional activities shall be allowed, provided such activities do not materially interfere with the services required to be rendered to the Corporation hereunder and do not violate the restrictive covenants set forth in Section 9 below.

 

3. Term of Employment. The term of the Executive’s employment hereunder, unless sooner terminated as provided herein (the “Initial Term”), shall be for a period of one (1) year commencing on the Effective Date. The term of this Agreement shall automatically be extended for additional terms of one (1) year each (each a “Renewal Term”) unless either party gives prior written notice of non-renewal to the other party no later than sixty (60) days prior to the expiration of the Initial Term (“Non-Renewal Notice”), or the then current Renewal Term, as the case may be. For purposes of this Agreement, the Initial Term and any Renewal Term are hereinafter collectively referred to as the “Term.”

 

4. Compensation of Executive.

 

(a) The Corporation shall pay the Executive as compensation for her services hereunder, in equal bi-weekly installments during the Term, the sum of Seventy-Two Thousand ($72,000) per year (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations. The Corporation shall review the Base Salary on an annual basis and has the right but not the obligation to increase it.

 

(b) In addition to the Base Salary set forth in Section 4(a), the Executive shall be eligible  to receive an annual cash bonus if the Corporation meets or exceeds criteria adopted by the Compensation Committee of the Board of Directors (the “Compensation Committee”) for earning Bonuses which may be adopted by the Compensation Committee from time to time.  Bonuses shall be paid by the Corporation to the Executive promptly after determination that the relevant targets have been met, it being understood that the attainment of any financial targets associated with any bonus shall not be determined until following the completion of the Corporation’s annual audit and public announcement of such results and shall be paid promptly following the Corporation’s announcement of earnings.

  

  

  

 

(c) Equity Awards.  Executive shall be eligible for such grants of awards under stock option or other equity incentive plans of the Corporation adopted by the Board and approved by the Corporation’s stockholders (or any successor or replacement plan adopted by the Board and approved by the Corporation’s stockholders) (the “Plan”) as the Compensation Committee of the Corporation may from time to time determine (the “Share Awards”).  Share Awards shall be subject to the applicable Plan terms and conditions, provided, however, that Share Awards shall be subject to any additional terms and conditions as are provided herein or in any award certificate(s), which shall supersede any conflicting provisions governing Share Awards provided under the Plan.

 

(d)  The Corporation shall pay or reimburse the Executive for all reasonable out-of-pocket expenses actually incurred or paid by the Executive in the course of her employment, consistent with the Corporation’s policy for reimbursement of expenses from time to time.

 

(e) The Executive shall be entitled to participate in such pension, profit sharing, group insurance, hospitalization, and group health and benefit plans and all other benefits and plans, including perquisites, if any, as the Corporation provides to its senior executives, including group family health insurance coverage which shall be paid by the Corporation (the “Benefit Plans”).

 

(f) The Corporation shall execute and deliver in favor of the Executive an indemnification agreement on the same terms and conditions entered into with the other officers and directors of the Corporation.  Such agreement shall provide for the indemnification of the Executive for the term of her employment.

 

5. Termination.

 

(a) This Agreement and the Executive’s employment hereunder shall terminate upon the happening of any of the following events:

 

(i) upon the Executive’s death;

 

(ii) upon the Executive’s “Total Disability” (as herein defined);

 

(iii) upon the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely notice of non-renewal in accordance with Section 3, above;

 

(iv) at the Executive’s option, upon sixty (60) days prior written notice to the Corporation;

 

(v) at the Executive’s option, in the event of an act by the Corporation, defined in Section 5(c), below, as constituting “Good Reason” for termination by the Executive; and

 

(vi) at the Corporation’s option, in the event of an act by the Executive, defined in Section 5(d), below, as constituting “Cause” for termination by the Corporation.

 

(b) For purposes of this Agreement, the Executive shall be deemed to be suffering from a “Total Disability” if the Executive has failed to perform her regular and customary duties to the Corporation for a period of 180 days out of any 360-day period and if before the Executive has become “Rehabilitated” (as herein defined) a majority of the members of the Board, exclusive of the Executive, vote to determine that the Executive is mentally or physically incapable or unable to continue to perform such regular and customary duties of employment. As used herein, the term “Rehabilitated” shall mean such time as the Executive is willing, able and commences to devote her time and energies to the affairs of the Corporation to the extent and in the manner that she did so prior to her Total Disability.

  

  

  

 

(c) For purposes of this Agreement, the term “Good Reason” shall mean that the Executive has resigned due to (i) any diminution of duties inconsistent with Executive’s title, authority, duties and responsibilities (including, without limitation, a change in the chain of reporting); (ii) any reduction of or failure to pay Executive compensation provided for herein, except to the extent Executive consents in writing to any reduction, deferral or waiver of compensation, which non-payment continues for a period of ten (10) days following written notice to the Corporation by Executive of such non-payment; (iii) any relocation of the principal location of Executive’s employment outside of Pittsburgh, Pennsylvania without the Executive’s prior written consent; (iv) the consummation of any Change in Control Transaction (as defined below); (vi) any material violation by the Corporation of its obligations under this Agreement that is not cured within thirty (30) days Agreement after receipt of written notice thereof from the Executive.  For purposes of this Agreement, the term “Change in Control Transaction” means the sale of the Corporation to an un-affiliated person or entity or group of un-affiliated persons or entities pursuant to which such party or parties acquire (i) shares of capital stock of the Corporation representing at least fifty percent (50%) of outstanding capital stock or sufficient to elect a majority of the Board of the Corporation (whether by merger, consolidation, sale or transfer of shares (other than a merger where the Corporation is the surviving corporation and the shareholders and directors of the Corporation prior to the merger constitute a majority of the shareholders and directors, respectively, of the surviving corporation (or its parent)) or (ii) all or substantially all of the Corporation’s assets determined on a consolidated basis.

 

(d) For purposes of this Agreement, the term “Cause” shall mean:

 

(i)           conviction of a felony or a crime involving fraud or moral turpitude; or

 

(ii)           theft, material act of dishonesty or fraud, intentional falsification of any employment or Corporation records, or commission of any criminal act which impairs Executive’s ability to perform appropriate employment duties for the Corporation; or

 

(iii)           intentional or reckless conduct or gross negligence materially harmful to the Corporation or the successor to the Corporation after a Change in Control Transaction, including violation of a non-competition or confidentiality agreement; or

 

(iv)           willful failure to follow lawful and reasonable instructions of the person or body to which Executive reports; or

 

(v)           gross negligence or willful misconduct in the performance of Executive’s assigned duties; or

(vi)           any material breach of this Agreement by Executive.

 

6. Effects of Termination.

 

(a) Upon termination of the Executive’s employment pursuant to Section 5(a)(i) or (ii), in addition to the accrued but unpaid compensation and vacation pay through the date of death or Total Disability and any other benefits accrued to her under any Benefit Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date, the Executive or her estate or beneficiaries, as applicable, shall be entitled to the following severance benefits: (i) continued provision for a period of one (1) month following the Executive’s death of benefits under Benefit Plans extended from time to time by the Corporation to its senior executives; and (ii) payment on a pro-rated basis of any bonus or other payments earned in connection with any bonus plan to which the Executive was a participant as of the date of death or Total Disability.

 

  

  

  

 

(b) Reserved.

 

(c) Upon termination of the Executive’s employment pursuant to Section 5(a)(iii), 5(a)(iv), 5(a)(v) or 5(a)(vi), the Executive shall be entitled to accrued but unpaid compensation and vacation pay through the end of the Term or any then applicable extension of the Term and any other benefits accrued to her under any Benefit Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date.

 

(d) Any unvested options or restricted stock shall be cancelled three (3) months following  termination of Executive’s employment by the Employee for “Good Reason” or by the Corporation without “Cause”.  Any unvested options or restricted stock shall be cancelled immediately upon termination of Executive’s employment by the Corporation for “Cause”.

 

(e) Any payments required to be made hereunder by the Corporation to the Executive shall continue to the Executive’s beneficiaries in the event of her death until paid in full.

 

7. Vacations. The Executive shall be entitled to a vacation of three (3) weeks per year, during which period her salary shall be paid in full. The Executive shall take her vacation at such time or times as the Executive and the Corporation shall determine is mutually convenient. Any vacation not taken in one (1) year shall accrue, up to a maximum of six (6) weeks vacation shall carry over to the subsequent year.

 

8.           Disclosure of Confidential Information.

 

(a) The Executive recognizes, acknowledges and agrees that she has had and will continue to have access to secret and confidential information regarding the Corporation, its subsidiaries and their respective businesses (“Confidential Information”), including but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how, trade secrets and business plans, provided such information is not in or does not hereafter become part of the public domain, or become known to others through no fault of the Executive.  The Executive acknowledges that such information is of great value to the Corporation, is the sole property of the Corporation, and has been and will be acquired by her in confidence.  In consideration of the obligations undertaken by the Corporation herein, the Executive will not, at any time, during or after her employment hereunder, reveal, divulge or make known to any person, any information acquired by the Executive during the course of her employment, which is treated as confidential by the Corporation, and not otherwise in the public domain. The provisions of this Section 8 shall survive the termination of the Executive’s employment hereunder.

 

(b)           The Executive affirms that she does not possess and will not rely upon the protected trade secrets or confidential or proprietary information of any prior employer(s) in providing services to the Corporation or its subsidiaries.

 

(c)           In the event that the Executive’s employment with the Corporation terminates for any reason, the Executive shall deliver forthwith to the Corporation any and all originals and copies, including those in electronic or digital formats, of Confidential Information; provided, however, Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information showing her compensation or relating to reimbursement of expenses, (iii) information that she reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to her employment, or termination thereof, with the Corporation.

 

  

  

  

 

9. Non-Competition and Non-Solicitation.

 

(a)           The Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive is valuable to the Corporation and that its protection and maintenance constitutes a legitimate business interest of the Corporation, to be protected by the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive. The Executive also acknowledges that the Corporation’s business is conducted worldwide (the “Territory”), and that the Territory, scope of prohibited competition, and time duration set forth in the non-competition restrictions set forth below are reasonable and necessary to maintain the value of the Confidential Information of, and to protect the goodwill and other legitimate business interests of, the Corporation, its affiliates and/or its clients or customers. The provisions of this Section 9 shall survive the termination of the Executive’s employment hereunder for the time periods specified below.

 

(b)           The Executive hereby agrees and covenants that she shall not without the prior written consent of the Corporation, directly or indirectly, in any capacity whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder, officer, director or any other individual or representative capacity (other than (i) as a holder of less than two (2%) percent of the outstanding securities of a company whose shares are traded on any national securities exchange or (ii) as a limited partner, passive minority interest holder in a venture capital fund, private equity fund or similar investment entity which holds or may hold an equity or debt position in portfolio companies that are competitive with the Corporation; provided however, that the Executive shall be precluded from serving as an operating partner, general partner, manager or governing board designee with respect to such portfolio companies), whether on the Executive's own behalf or on behalf of any other person or entity or otherwise howsoever, during the Term and thereafter to the extent described below, within the Territory.

 

(1)           Engage, own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management, operation or control of any business in competition with the Business of the Corporation, as defined in the next sentence.  “Business” shall mean the sales and service of satellite voice and data equipment.

 

(2)           Recruit, solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Corporation to leave the employment (or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party to an employment agreement, for the purpose of competing with the Business of the Corporation;

 

(3)           Attempt in any manner to solicit or accept from any customer of the Corporation, with whom Executive had significant contact during Executive’s employment by the Corporation (whether under this Agreement or otherwise), business competitive with the Business done by the Corporation with such customer or to persuade or attempt to persuade any such customer to cease to do business or to reduce the amount of business which such customer has customarily done or might do with the Corporation, or if any such customer elects to move its business to a person other than the Corporation, provide any services of the kind or competitive with the Business of the Corporation for such customer, or have any discussions regarding any such service with such customer, on behalf of such other person for the purpose of competing with the Business of the Corporation; or

 

(4)           Interfere with any relationship, contractual or otherwise, between the Corporation and any other party, including, without limitation, any supplier, distributor, co-venturer or joint venturer of the Corporation, for the purpose of soliciting such other party to discontinue or reduce its business with the Corporation for the purpose of competing with the Business of the Corporation.

 

With respect to the activities described in Paragraphs (1), (2), (3) and (4) above, the restrictions of this Section 9 shall continue during the Employment Period and, upon termination of the Executive’s employment for a period of two (2) years thereafter.

  

  

  

 

10. Clawback Rights.  Any bonus based on performance, and any and all stock based compensation (such as options and equity awards, including Share Awards and the Initial Option Grant) (collectively, the “Clawback Benefits”) shall be subject to “Corporation Clawback Rights” as follows: During the period that the Executive is employed by the Corporation and  upon the termination of the Executive’s employment and for a period of three (3) years thereafter, if there is a restatement of any financial results from which any Clawback Benefits to Executive shall have been determined, Executive agrees to repay any amounts which were determined by reference to any Corporation financial results which were later restated (as defined below), to the extent the Clawback Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the restatement of the Corporation’s financial information.  All Clawback Benefits amounts resulting from such restated financial results shall be retroactively adjusted by the Compensation Committee to  take into account the restated results, and any excess portion  of  the Clawback Benefits  resulting from such restated results shall be immediately surrendered to the Corporation and if not so surrendered within ninety (90) days of the revised calculation being provided to the Executive by the Compensation Committee following a publicly announced restatement, the Corporation shall have the right to take any and all action to effectuate such adjustment. The calculation of the Revised Clawback Benefits amount shall be determined by the Compensation Committee in good faith and applicable law, rules and regulations.  All determinations by the Compensation Committee with respect to the Clawback Rights shall be final and binding on the Corporation and Executive.  The Clawback Rights shall terminate following a Change of Control, subject to applicable law, rules and regulations. For purposes of this Section 9, a restatement of financial results that requires a repayment of a portion of the Clawback Benefits amounts shall mean a restatement resulting from material non-compliance of the Corporation with any financial reporting requirement under the federal securities laws and shall not include a restatement of financial results resulting from subsequent changes in accounting pronouncements or  requirements which were not in effect on the date the financial statements were originally prepared (“Restatements”).  Additionally, if any material breach of  any agreement by Executive relating to confidentiality, non-competition, non-raid of employees, or non-solicitation of vendors or customers (including, without limitation, Sections 8 or 9 hereof) or if any material breach of Corporation policy or procedures which causes material harm to the Corporation occurs, as determined by the Board in its sole discretion, then the Executive agrees to repay or surrender any Clawback Benefits upon demand by the Corporation and if not so repaid or surrendered within ninety (90) days of such demand, the Corporation shall have the right to take any and all action to effectuate such adjustment.  The parties acknowledge it is their intention that the foregoing Clawback Rights as relates to Restatements conform in all respects to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and requires recovery of all “incentive-based” compensation, pursuant to the provisions of the Dodd Frank Act and any and all rules and regulations promulgated thereunder from time to time in effect.  Accordingly, the terms and provisions of this Agreement shall be deemed automatically amended from time to time to assure compliance with the Dodd Frank Act and such rules and regulation as hereafter may be adopted and in effect.

 

11. Section 409A.

 

The provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.  The Corporation and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

To the extent that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A, (a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be made on or before the last day of the taxable year following the taxable year in which you incurred the expense.

  

  

  

 

A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,” “termination of employment” or like terms shall mean Separation from Service.

 

Each installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury Regulation Section 1.409A-2(b)(2)(iii).  Each payment that is made within the terms of the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule.  Each other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from Code Section 409A being subject to Code Section 409A.

 

Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together) do not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s termination of employment in accordance with the payment schedule applicable to each payment or benefit.  Any portion of the Deferred Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month period following Executive’s termination will accrue during such six (6) month period and will become payable in one lump sum cash payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment.  All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

For purposes of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March 15 following the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Corporation’s taxable year preceding the Corporation’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any IRS guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

12. Miscellaneous.

 

a. The Executive acknowledges that the services to be rendered by her under the provisions of this Agreement are of a special, unique and extraordinary character and that it would be difficult or impossible to replace such services. Accordingly, the Executive agrees that any breach or threatened breach by her of Sections 8 or 9 of this Agreement shall entitle the Corporation, in addition to all other legal remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened breach. The parties understand and intend that each restriction agreed to by the Executive hereinabove shall be construed as separable and divisible from every other restriction, that the unenforceability of any restriction shall not limit the enforceability, in whole or in part, of any other restriction, and that one or more or all of such restrictions may be enforced in whole or in part as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive than permitted by law in the jurisdiction in which the Corporation seeks enforcement thereof, such restriction shall be limited to the extent permitted by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies that the Corporation may have at law or in equity.

  

  

  

 

b. Neither the Executive nor the Corporation may assign or delegate any of their rights or duties under this Agreement without the express written consent of the other; provided however that the Corporation shall have the right to delegate its obligation of payment of all sums due to the Executive hereunder, provided that such delegation shall not relieve the Corporation of any of its obligations hereunder.

 

c. This Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s employment by the Corporation, supersedes all prior understandings and agreements, whether oral or written, between the Executive and the Corporation, and shall not be amended, modified or changed except by an instrument in writing executed by the party to be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

d. This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors, heirs, beneficiaries and permitted assigns.

 

e. The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

 

f. All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid, or by private overnight mail service (e.g. Federal Express) to the party at the address set forth above or to such other address as either party may hereafter give notice of in accordance with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third business day after sending.

 

g. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal and state courts located in the State of New York.

 

h. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth above.

 

 

CORPORATION:

 

ORBITAL TRACKING CORP.

 

/s/ David Phipps

By:  David Phipps

Title: Chief Executive Officer

 

EXECUTIVE:

 

THERESA CARLISE

 

/s/ Theresa Carlise

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