Document:

f8k0723_x102-riic.htm

    
      Exhibit
        10.2 – Loan Agreement

    

    
      

    

    
      LOAN
        AGREEMENTS

    

    
      

    

    
      This
        tenth day of August two thousand seven, before me, Mr. Theodor Franciscus
        Hubertus Reijnen, Civil Law Notary in municipality of Haarlemmermeer, personally
        appeared:

       

    

    
      
        	
                 

              	
                1.   Mr.
                  David Havenaar, born in 's-Gravenhage on the seventh of March nineteen
                  hundred and sixty-three, residing at 3024 VD Rotterdam (The Netherlands),
                  Willem Buytewechstraat 118 C 2, unmarried and not registered as
                  a partner,
                  holder of a Dutch passport, number: NK4376171, issued in Rotterdam
                  (The
                  Netherlands) on the ninth of February two thousand and six, who
                  when
                  granting the power of attorney acted as independently authorised
                  Managing
                  Director of: the private company with limited liability: Royal
                  Invest Europe B.V., having its registered office hi Amsterdam
                  (The Netherlands), having its main office at 1066 EE Amsterdam
                  (The
                  Netherlands), Ditlaar 7, entered in the commercial register of
                  the Chamber
                  of Commerce and Industry for Amsterdam under file number 34130365,
                  hereinafter referred to as "the Company";
                  and

              

      

    

    
      
      

       

      
        	
                 

              	
                2.   Mr.
                  Lambertus Josephus Cornelius Maria Kassing, residing at 3981 AH
                  Bunnik,
                  Schoudermantel 52, born in Utrecht on the tenth of July nineteen
                  hundred
                  sixty-five, unmarried and not registered as partner within the
                  meaning of
                  a registered partnership, holder of a Dutch drivers license with
                  number
                  3197901295, issued in Bunnik on the seventh of January two thousand
                  and
                  two, for these presents acting as Director with independent authority
                  of:

              

      

    

    
       

      the
        Stichting Administratiekantoor Thomas Foundation, having its registered office
        in Maarssen (The Netherlands), having its main office at 2231 HV Rijnsburg
        (The
        Netherlands), Brouwerstraat 138C, entered in the commercial register of the
        Chamber of Commerce and Industry for Utrecht and environment under file number
        30213297, for these presents acting as independently authorised Managing
        Director of:

    

    
       

      the
        private company with limited liability: Machine Transport
        Midden-Nederland B.V., having its registered office in Bunnik (The
        Netherlands), having its main office at 2231 HV Rijnsburg (The Netherlands),
        Brouwerstraat 138C, entered in the commercial register of the Chamber of
        Commerce and Industry for Utrecht under file number 30157069, hereinafter
        referred to as "the Lender".

    

    
       

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      WHEREAS:

       

    

    
      
        	
                 

              	
                1.    The
                  Lender and the Company have agreed that the Lender shall lend to
                  the
                  Company as an unsecured loan an amount of one million thirty-eight
                  thousand and nine hundred sixty-nine euro (€
                  1,038,969.00).

              

      

    

    
      
      

       

      
        	
                 

              	
                2    The
                  amount is the purchase price, which is left outstanding as a debt
                  from the
                  Purchaser to the Vendor, mentioned in a deed of a transfer of shares,
                  executed on the nineteenth day of July Two-thousand seven before
                  me,
                  notary.

              

      

    

    
       

             3    At
        the request of the Company the amount shall be paid to the Company in
        euros.

       

    

    
      
        	
                 

              	
                4   The
                  parties wish to lay down the terms and conditions applicable to
                  the
                  foregoing loan agreement in
                  writing.

              

      

    

    
      

    

    
      
        	
                 

              	
                HAVE
                  AGREED UPON THE FOLLOWING:

              

      

    

    
      

    

    
      
        	
                 

              	
                CLAUSE
                  HEADINGS AND
                  PREAMBLE

              

      

    

    
      
        	
                 

              	
                ARTICLE
                  1

              

      

    

    
      
      

       

      
        	
                 

              	
                1    Clause
                  headings in this agreement are for ease of reference only and shall
                  have
                  no influence on the contents
                  thereof.

              

      

    

    
       

             
        2    The preamble is deemed to be embodied in this
        agreement.

    

    
      

    

    
      DEFINITIONS

    

    
      ARTICLE
        2

    

    
       

      In
        this
        agreement the following expressions shall have the following
        meaning:

       

    

    
      
        	
                "the
                  Principal Sum"

              	
                means
                  the amount in euro of the unsecured loan which Lender (from time
                  to time
                  shall have (has)) paid to the
                  Company;

              

      

    

    
      
        	
                "the
                  Loan"

              	
                means
                  the balance of the Principal Sum and any overdue interest accrued
                  thereon
                  as shall be outstanding from time to tune under this
                  agreement;

              

      

    

    
      
        	
                "Effective
                  Date"

              	
                means
                  the date of receipt by the Company of the Principal Sum or any
                  part
                  thereof as paid by the
                  Lender;

              

      

    

    
      
        	
                "Subsidiary"

              	
                means
                  any company in the share capital of which the Company participates
                  for
                  more than fifty per cent.

              

      

    

    
      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    
      
        	
                 

              	
                ARTICLE
                  3

              

      

    

    
       

      The
        Lender has lent to the Company the Principal Sum of one million thirty-eight
        thousand and nine hundred sixty-nine euro (€ 1,038,969.00) which Principal Sum
        the Company acknowledges to have borrowed from the Lender and shall repay
        to the
        Lender on terms and conditions as described hereafter.

    

    
      

    

    
      INTEREST

    

    
      ARTICLE
        4

    

    
       

      
        	
                 

              	
                1    The
                  Company shall pay to the Lender on the first day of November two
                  thousand
                  and seven (“the interest payment date”)
                  of each year
                  interest on the Loan at a rate of six per cent (6%) per
                  annum.

              

      

    

    
      
      

       

      
        	
                 

              	
                2    Any
                  amount of interest not paid within one month from the interest
                  payment
                  date shall be added to the Loan and shall bear the same interest
                  as the
                  Loan as of the interest payment
                  date.

              

      

    

    
      
      

       

      
        	
                 

              	
                3    The
                  rate of interest on the Loan as stated in paragraph 1 of this article
                  may
                  be adjusted by the Lender on the interest payment date, for the
                  first time
                  per the first day of November two thousand and seven, by written
                  notice to
                  the Company twenty-eight days prior to the interest payment
                  date.

              

      

    

    
      

    

    
      REPAYMENT

    

    
      ARTICLE
        5

       

    

    
      
        	
                 

              	
                1    The
                  Company shall repay any part of the Loan and current accrued interest
                  thereon on the bank account of the Lender or on such other bank
                  account as
                  may be notified to the Company by the
                  Lender.

              

      

    

    
      
      

       

      
        	
                 

              	
                2    Unless
                  explicitly agreed to the contrary in writing between the Company
                  and the
                  Lender all amounts thus paid shall be applied first to the payment
                  of any
                  current accrued interest and the remaining balance shall be applied
                  to the
                  repayment of the Loan.

              

      

    

    
      
      

       

      
        	
                 

              	
                3    The
                  Company may upon not less than twenty-eight days' prior written
                  notice at
                  any time in its absolute discretion repay all or any part of the
                  Loan
                  together with any current interest accrued thereon to the date
                  of
                  repayment.

              

      

    

    
      
      

       

      
        	
                 

              	
                4    On
                  any repayment hereunder whereby the whole of the then outstanding
                  Loan
                  shall be repaid the Company shall cancel this agreement and notify
                  the
                  Lender in respect of such
                  cancellation.

              

      

    

    
      
      

       

      
        	
                 

              	
                5    On
                  any partial repayment hereunder (other than the partial repayment
                  whereby
                  the total then outstanding balance of the Loan shall be repaid)
                  the
                  Company shall endorse this agreement to record the part of the
                  Principal
                  Sum then repaid and shall thereupon request the Lender to acknowledge
                  said
                  endorsement.

              

      

    

    
      
      

       

      
        	
                 

              	
                6    The
                  day of payment shall be the day of receipt by the Lender and receipt
                  by
                  the Lender of any part of the Loan shall discharge the Company
                  for the
                  same amount.

              

      

    

    
      
      

       

      
        	
                 

              	
                7  Notwithstanding
                  any subsequent agreement between the Lender and the Company and
                  notwithstanding the provisions mentioned in article 5 paragraphs
                  2, 3, 4
                  and 5 and article 8, paragraph 1, but without prejudice to the
                  provisions
                  mentioned in article 8, paragraph 2, the Loan must be repaid on
                  the first
                  day of November two thousand and
                  seven.

              

      

    

    
      

    

    
      CURRENCY

    

    
      ARTICLE
        6

    

    
       

      Unless
        otherwise agreed between the Lender and the Company the Loan and accrued
        interest shall be paid in euros.

    

    
      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    
      EQUITIES
        AND SET-OFF

    

    
      ARTICLE
        7

       

    

    
      The
        Loan
        repayable under this agreement shall be repaid without regard to any equities
        between the Company and the Lender or to any cross-claim or right of
        set-off.

    

    
      

    

    
      EVENTS
        OF TERMINATION

    

    
      ARTICLE
        8

       

    

    
      
        	
                 

              	
                1    The
                  Loan and any current interest accrued thereon up to the day of
                  repayment
                  shall become repayable upon not less than twenty-eight days' prior
                  notice
                  at the demand of the Lender.

              

      

    

    
      
      

       

      
        	
                 

              	
                2    The
                  Loan and any current interest accrued thereon up to the day of
                  repayment
                  might become immediately repayable without prior notice at the
                  demand of
                  the Lender upon the happening of any of the following
                  events:

              

      

    

    
      
      

       

      
        	
                 

              	
                a.    if
                  the Company makes default for a period of twenty-eight days in
                  the payment
                  of any interest which ought to be paid in accordance with this
                  agreement;

              

      

    

    
      
      

       

      
        	
                 

              	
                b.   if
                  an order is made or an effective resolution passed for the winding
                  up of
                  the Company or of any Subsidiary of the Company, whose assets are
                  substantial in relation to the assets of the Company together with
                  the
                  assets of the Company's subsidiaries, except in case such order
                  or
                  resolution is made for the purpose of restructuring or amalgamation
                  while
                  the pertinent company is solvent, provided that the Lender is offered
                  loan
                  capital of a restructuring or amalgamating company granting rights
                  not
                  less favourable than those granted by this
                  agreement;

              

      

    

    
      
      

       

      
        	
                 

              	
                c.    if
                  the Company or any of its subsidiaries files a request for suspension
                  of
                  payments or is declared
                  bankrupt;

              

      

    

    
      
      

       

      
        	
                 

              	
                d.   if
                  the Company or any Subsidiary of the Company whose assets are substantial
                  in relation to the assets of the Company together with the assets
                  of the
                  Company's subsidiaries shall be unable to pay its
                  debts;

              

      

    

    
      
      

       

      
        	
                 

              	
                e.    if
                  the Company shall be charged for payment of any sum for which it
                  shall be
                  liable and the Company shall not make payment thereof before the
                  enforcement of the charge;

              

      

    

    
      
      

       

      
        	
                 

              	
                f
                  .    if as a result of default of the Company or any
                  Subsidiary of the Company any other debt of the Company or of any
                  Subsidiary of the Company shall become
                  repayable;

              

      

    

    
       

      
        	
                 

              	
                g.   if
                  the security for any borrowings of the Company or any Subsidiary
                  of the
                  Company shall become enforceable and the holder or holders thereof
                  shall
                  take any steps to enforce the
                  same;

              

      

    

    
       

      
        	
                 

              	
                h.   if
                  a Receiver is appointed to manage the affairs of the Company or
                  any
                  Subsidiary of the Company.

              

      

    

    
      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    
      PROPER
        LAW

    

    
      ARTICLE
        9

    

    
       

      The
        validity, construction and performance of this agreement shall be governed
        by
        the law of The Netherlands and all disputes arising out of or in connection
        with
        this agreement shall be brought before the competent court at
        Amsterdam.

    

    
       

      This
        deed, drawn up hi one original copy, was executed in Haarlemmermeer on the
        date
        first before written.

    

    
       

      After
        the
        substance of this deed had been stated to the persons appearing, they declared
        that they had noted the contents of this deed and did not require it to be
        read
        out in full. Subsequently, after a reading in part in accordance with the
        law,
        this deed was signed by the persons appearing, who have identified themselves
        to
        me, and by me, Notary.

    

    
       

    

    
       

      Lender:

    

    
      

       /s/
        Lambertus Kassing

    

    
      Lambertus
        Kassing

    

    
      Machine
        Transport Midden-Nederland B.V.

    

    
      

       

    

    
      Company:

    

    
      

       /s/
        David Havenaar

    

    
      David
        Havenaar

    

    
      Royal
        Invest Europe B.V.

    

    
      
        
          
             

          

          
            5f8k0723_x103-riic.htm

    
      Exhibit
        10.3 – Deed of Pledge Agreement

    

    
      

    

    
      DEED
        OF PLEDGE

    

    
      

    

    
      This
        tenth day of August two thousand seven, before me, Mr. Theodor Franciscus
        Hubertus Reijnen, Civil Law Notary in municipality of Haarlemmermeer, personally
        appeared:

       

    

    
      
        	
                 

              	
                1.   Mr.
                  David Havenaar, born in s-Gravenhage on the seventh of March nineteen
                  hundred and sixty-three, residing at 3024 VD Rotterdam (The Netherlands),
                  Willem Buytewechstraat 118 C 2, unmarried and not registered as
                  a partner,
                  holder of a Dutch passport, number: NK4376171, issued in Rotterdam
                  (The
                  Netherlands) on the ninth of February two thousand and six, who
                  when
                  granting the power of attorney acted as independently authorised
                  Managing
                  Director of: the private company with limited liability: Royal
                  Invest Europe B.V., having its registered office in Amsterdam
                  (The Netherlands), having its main office at 1066 EE Amsterdam
                  (The
                  Netherlands), Ditlaar 7, entered in the commercial register of
                  the Chamber
                  of Commerce and Industry for Amsterdam under file number 34130365,
                  hereinafter referred to as "Pledgor";
                  and

              

      

    

    
      
      

       

      
        	
                 

              	
                2.  Mr.
                  Lambertus Josephus Cornelius Maria Kassing, residing at 3981 AH
                  Bunnik,
                  Schoudermantel 52, born in Utrecht on the tenth of July nineteen
                  hundred
                  sixty-five, unmarried and not registered as partner within the
                  meaning of
                  a registered partnership, holder of a Dutch drivers license with
                  number
                  3197901295, issued in Bunnik on the seventh of January two thousand
                  and
                  two, for these presents acting as Director with independent authority
                  of:

              

      

    

    
       

      the
        Stichting Administratiekantoor Thomas Foundation, having its registered office
        in Maarssen (The Netherlands), having its main office at 2231 HV Rijnsburg
        (The
        Netherlands), Brouwerstraat 138C, entered in the commercial register of the
        Chamber of Commerce and Industry for Utrecht and environment under file number
        30213297, for these presents acting as independently authorised Managing
        Director of:

       

    

    
      the
        private company with limited liability: Machine Transport
        Midden-Nederland B.V., having its registered office in Bunnik (The
        Netherlands), having its main office at 2231 HV Rijnsburg (The Netherlands),
        Brouwerstraat 138C, entered in the commercial register of the Chamber of
        Commerce and Industry for Utrecht under file number 30157069, hereinafter
        referred to as "Pledgee",

    

    
       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      WHEREAS:

       

    

    
      
        	
                 

              	
                (A)
                  The Pledgor is holding one hundred and thirty (130) shares, numbers
                  1 to
                  and including 130, of a nominal value of two hundred and fifty
                  guilders
                  (fl 250.00) each -hereinafter referred to as "the Shares"- in the
                  capital
                  of Rico Staete B.V., a private company with limited liability whose
                  registered office is in Amsterdam and whose place of business is
                  at 1067
                  SX Amsterdam, Osdorperweg 522a, company number B.V. 236.586, hereinafter
                  referred to as "The Company";

              

      

    

    
      
      

       

      
        	
                 

              	
                (B)
                  The total issued and paid up share capital of the Company amounts
                  to
                  fifteen thousand eight hundred eighty-two euro and thirty-one eurocent
                  (€
                  15,882.31), divided into one hundred forty (140) shares with a
                  nominal
                  value of two hundred and fifty guilders (fl 250.00)
                  each;

              

      

    

    
      
      

       

      
        	
                 

              	
                (C)
                  Pursuant to a(n unsecured) loan agreement dated the tenth day of
                  August
                  two thousand seven between the Pledger and the Pledgee (hereinafter
                  referred to as "the Loan Agreement"), the Pledgee has agreed to
                  grant a
                  loan to the Pledger up to the principal amount of one million thirty-eight
                  thousand and nine hundred sixty-nine euro (€
                  1,038,969.00);

              

      

    

    
      
      

       

      
        	
                 

              	
                (D)
                  Pursuant to the Loan Agreement the Pledger and the Pledgee have
                  agreed
                  that as a collateral security for the obligations due by the Pledgor
                  to
                  the Pledgee under the Loan Agreement the Pledgor will pledge its/his
                  shares in favour of the Pledgee on the terms and conditions as
                  set forth
                  below.

              

      

    

    
      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    
      HAVE
        AGREED AS FOLLOWS:

    

    
      

    

    
      Article
        1

    

    
      The
        preambule is deemed to be embodied in this agreement.

    

    
      

    

    
      Article
        2

       

    

    
      
        	
                 

              	
                2.1.
                  As a collateral security for the due and punctual payment and performance
                  by the Pledgor of all indebtness, obligations and liabilities (hereinafter
                  referred to as "the Liabilities") of the Pledgor to the Pledgee,
                  now or
                  hereafter existing, arising under or in connection with the Loan
                  Agreement, the Pledgor hereby pledges with the Pledgee the Shares,
                  representing ninety-two eighty six one hundredth (92.86 %) percent
                  of the
                  issued and paid up shares in the share capital of the
                  Company.

              

      

    

    
       

               2.2.
        The Pledgee hereby declares to have accepted the pledge of the
        Shares.

       

    

    
      
        	
                 

              	
                2.3.
                  The Pledgor agree with the Pledgee that the Shares are pledged
                  to the
                  Pledgee as security as aforesaid on the terms and conditions of
                  this
                  agreement.

              

      

    

    
      

    

    
      Article
        3

    

    
       

      In
        case
        of an eventual liquidation of the Company the Pledgee will be entitled to
        the
        liquidation balance which will be at the disposal of the shareholder of the
        Company, which amount will be used to redeem the interest and the principal
        sum
        due by the Pledgor to the Pledgee under the Loan Agreement, and any surplus
        above the amount of the Liabilities shall be repaid by the Pledgee to the
        shareholder.

    

    
       

    

    
      Article
        4

       

    

    
      
        	
                 

              	
                4.1.
                  If the Pledgor is in default to punctually meet any of his Liabilities,
                  the Pledgee shall be authorized to sell Pledger's Shares in public
                  provided that such sale shall be in compliance with the applicable
                  law of
                  The Netherlands.

              

      

    

    
      
      

       

      
        	
                 

              	
                4.2.
                  In case of such public sale of the Shares the Pledger hereby explicitly
                  guarantees to the Pledgee that it/he will co-operate in any way
                  with the
                  transfer and delivery of the Shares sold as indicated hi paragraph
                  4.1 of
                  this agreement. Therefore the Pledger hereby gives full power of
                  attorney
                  to the Pledgee to act on its/his behalf and to sign in its/his
                  name and on
                  its/his behalf the share transfer agreement in respect of the transfer
                  and
                  delivery of the Shares.

              

      

    

    
      
      

       

      
        	
                 

              	
                4.3.
                  The Pledgee shall be obliged to deduct the proceeds of the public
                  sale
                  firstly on the interest and next on the principal sum of the loan
                  due by
                  the any of the Pledger to the Pledgee under the Loan
                  Agreement.

              

      

    

    
      
      

       

      
        	
                 

              	
                4.4.
                  Any surplus above the amount of the Liabilities arising from the
                  public
                  sale shall be transferred by Pledgee to the
                  Pledger.

              

      

    

    
      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    
      Article
        5

    

    
       

      The
        Pledgee is not allowed to alienate the Shares in any other way and in any
        other
        cases than as indicated in article 4 of this present
        agreement.

    

    
      

    

    
      Article
        6

    

    
       

      It
        is
        hereby determined that the voting rights remain with Pledgee and possible
        dividend payments are to be distributed to the Pledger.

    

    
      

    

    
      Article
        7

       

    

    
      
        	
                 

              	
                7.1.
                  The Pledgee and the Pledger hereby explicitly agree that after
                  all the
                  Liabilities due under the Loan Agreement have been paid in full
                  to the
                  Pledgee this Pledge Agreement shall terminate and the Pledgee will
                  undertake to have the Shareholders register of the Company amended
                  in such
                  a way that the Pledgor will be registered as from then as the full
                  owner
                  of the Shares. Furthermore the Pledgee will undertake to deliver
                  all cash
                  to the Pledgor, if any, then held by it under this
                  agreement.

              

      

    

    
      
      

       

      
        	
                 

              	
                7.2.
                  Upon request by the Pledgor the Pledgee will sign such document
                  as
                  produced by the Pledgor in order to lay down in writing that all
                  the
                  Liabilities due under the Loan Agreement have been paid up in
                  full.

              

      

    

    
      

    

    
      Article
        8

       

    

    
      Insofar
        parties have a free choice of law the validity, construction and performance
        of
        this agreement will be governed by the laws of The Netherlands and all disputes
        or claims or matters arising out of or in connection with this agreement
        will be
        brought before the competent Court.

    

    
      

    

    
      Article
        9

       

    

    
      The
        person sub 1 appearing acting herein in his capacity of director with
        independent authority of Royal Invest Development and Services
        B.V., a private company with limited liability, whose registered
        office is in Amsterdam, whose place of business is at 1066 EE Amsterdam,
        Ditlaar
        7, registered in the Commercial Register of the Chamber of Commerce and Industry
        in Amsterdam under number 34180470, the last mentioned company acting as
        Director with independent authority of The Company hereby declares to
        acknowledge the abovementioned pledge of one hundred and thirty (130) shares
        in
        its share capital, numbers 1 to and including 130, of a nominal value of
        two
        hundred and fifty guilders (fl 250.00) and undertakes to amend its shareholders'
        register accordingly.

    

    
      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    
      Article
        10

       

    

    
      This
        Deed
        of Pledge will be effective as per today.

       

    

    
      This
        deed, drawn up in one original copy, was executed in Haarlemmermeer on the
        date
        first before written.

       

    

    
      After
        the
        substance of this deed had been stated to the persons appearing, they declared
        that they had noted the contents of this deed and did not require it to be
        read
        out in full. Subsequently, after a reading in part in accordance with the
        law,
        this deed was signed by the persons appearing, who have identified themselves
        to
        me, and by me, Notary.

    

    
      

    

    
       

    

    
      Pledgee:

    

    
      

       /s/
        Lambertus Kassing

    

    
      Lambertus
        Kassing

    

    
      Machine
        Transport Midden-Nederland B.V.

    

    
      

       

    

    
      Pledgor:

    

    
      

       /s/
        David Havenaar

    

    
      David
        Havenaar

    

    
      Royal
        Invest Europe B.V.

    

    
      

    

    
      
         

      

      
        5

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