Document:

Exhibit 10.6

Exhibit 10.6

Execution Copy

UNSECURED LOAN AGREEMENT

NxOPINION, LLC, a Nevada limited liability company

Executed as of April 3, 2009

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1. DEFINITIONS
	 	 	1	 
	1.1 DEFINED TERMS
	 	 	1	 
	1.2 EXHIBITS INCORPORATED
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2. LOAN
	 	 	2	 
	2.1 LOAN
	 	 	2	 
	2.2 LOAN UNSECURED
	 	 	3	 
	2.3 MATURITY DATE
	 	 	3	 
	2.4 ADVANCES
	 	 	3	 
	2.5 NOTE
	 	 	4	 
	2.6 PURPOSE
	 	 	4	 
	2.7 BORROWING AND REPAYMENT
	 	 	4	 
	2.8 INTEREST; PAYMENTS
	 	 	4	 
	2.9 CREDIT FOR PRINCIPAL PAYMENTS
	 	 	5	 
	2.10 ADDITIONAL INVESTOR(S)
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 3. DISBURSEMENT
	 	 	5	 
	3.1 CONDITIONS PRECEDENT
	 	 	5	 
	(a) Compliance
	 	 	5	 
	(b) Documentation
	 	 	6	 
	(c) Consent
	 	 	6	 
	3.2 ACCOUNT AND DISBURSEMENT AUTHORIZATION
	 	 	6	 
	 
	 	 	 	 
	ARTICLE 4. REPRESENTATIONS AND WARRANTIES
	 	 	6	 
	4.1 AUTHORITY/ENFORCEABILITY
	 	 	6	 
	4.2 BINDING OBLIGATIONS
	 	 	6	 
	4.3 FORMATION AND ORGANIZATIONAL DOCUMENTS
	 	 	6	 
	4.4 NO VIOLATION
	 	 	6	 
	4.5 LITIGATION
	 	 	6	 
	4.6 TAXES
	 	 	7	 
	4.7 CAPITALIZATION
	 	 	7	 
	4.8 NO LIENS
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 5. COVENANTS OF BORROWER
	 	 	7	 
	5.1 EXISTENCE
	 	 	7	 
	5.2 TAXES AND OTHER LIABILITIES
	 	 	7	 
	5.3 INSURANCE
	 	 	7	 
	5.4 SUFFICIENT UNITS OF MEMBERSHIP INTEREST
	 	 	7	 
	5.5 NOTICE
	 	 	8	 
	5.6 NEGATIVE COVENANTS
	 	 	8	 
	5.7 AFFIRMATIVE UNDERTAKING
	 	 	8	 

 

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	ARTICLE 6. REPORTING COVENANTS
	 	 	9	 
	6.1 BOOKS AND RECORDS
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 7. DEFAULTS AND REMEDIES
	 	 	9	 
	7.1 DEFAULT
	 	 	9	 
	(a) Payment; Performance
	 	 	9	 
	(b) Performance of Other Obligations
	 	 	9	 
	(c) Representations and Warranties
	 	 	9	 
	(d) Voluntary Bankruptcy; Insolvency; Dissolution
	 	 	9	 
	(e) Involuntary Bankruptcy
	 	 	10	 
	(f) Change in Control
	 	 	10	 
	(g) The occurrence of a Change of Control
	 	 	10	 
	7.2 ACCELERATION UPON DEFAULT; REMEDIES
	 	 	10	 
	7.3 RIGHT OF CONTEST
	 	 	10	 
	 
	 	 	 	 
	ARTICLE 8. MISCELLANEOUS PROVISIONS
	 	 	10	 
	8.1 FORM OF DOCUMENTS
	 	 	10	 
	8.2 NOTICES
	 	 	11	 
	8.3 RELATIONSHIP OF PARTIES
	 	 	11	 
	8.4 ATTORNEYS’ FEES AND EXPENSES
	 	 	11	 
	8.5 IMMEDIATELY AVAILABLE FUNDS
	 	 	11	 
	8.6 LENDER’S CONSENT
	 	 	11	 
	8.7 WAIVER OF RIGHT TO TRIAL BY JURY
	 	 	11	 
	8.8 SEVERABILITY
	 	 	12	 
	8.9 NO WAIVER; SUCCESSORS
	 	 	12	 
	8.10 TIME
	 	 	12	 
	8.11 HEADINGS
	 	 	12	 
	8.12 GOVERNING LAW
	 	 	12	 
	8.13 INTEGRATION; INTERPRETATION
	 	 	12	 
	8.14 COUNTERPARTS
	 	 	13	 
	8.15 INTERCREDITOR MATTERS
	 	 	13	 

 

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UNSECURED LOAN AGREEMENT

THIS UNSECURED LOAN AGREEMENT (“Agreement”) is executed as of April 3, 2009 (“Effective
Date”), by and among NxOpinion, LLC., a Nevada limited liability company (“Borrower”), the Michael
J. Jandernoa Trust, as a Lender (“Jandernoa”) and Marilyn Hite (“Hite”), as a Lender. Jandernoa
and Hite together with any other Person which becomes a Lender party to this Agreement after the
Effective Date may be referred to individually as a “Lender” or collectively as the “Lenders”).

RECITAL

Borrower desires to borrow from Lenders, and each of the Lenders severally agrees to loan to
Borrower, the extension of credit for which provision is made herein.

NOW, THEREFORE, Lenders and Borrower agree as follows:

ARTICLE 1. DEFINITIONS

	 	1.1	 	DEFINED TERMS. The following capitalized terms generally used in this
Agreement shall have the meanings defined or referenced below. Certain other
capitalized terms used only in specific sections of this Agreement are defined in
such sections.

	 	 	 	“Advance” — means the funds disbursed from a Lender to Borrower in any
single transaction.

	 	 	 	“Agreement” — shall have the meaning ascribed to such term in the preamble
hereto.

	 	 	 	“Bankruptcy Code” — means the Bankruptcy Reform Act of 1978 (11 USC §
101-1330) as now or hereafter amended or recodified.

	 	 	 	“Borrower” — means NxOpinion, Inc., a Nevada limited liability company.

	 	 	 	“Business Day” — means a day of the week (but not a Saturday, Sunday or
holiday) on which the offices of banks in Michigan are open to the public for
carrying on substantially all business functions. Unless specifically referenced in
this Agreement as a Business Day, all references to “days” shall be to calendar
days.

 

1

 

	 	 	 	“Change of Control” means (i) any consolidation or merger of the Borrower
with or into any other Person, or any other entity reorganization, in which the
members of the Borrower immediately prior to such consolidation, merger or
reorganization, own fifty percent (50%) or less of the surviving or acquiring
entity’s voting power immediately after such consolidation, merger or
reorganization, (ii) any transaction or series of related transactions in which
membership interests in the Borrower are issued by the Borrower to a Person or group
of related Persons (as defined in Section 13(d) of the Securities Exchange Act of
1934, as amended) other than existing members and which results in such Person or
group of related Persons (other than existing members) acquiring in excess of fifty
percent (50%) of the Borrower ‘s outstanding voting power, (iii) in connection with
an event described in clause (i) or clause (iv) of this definition, any Person or
two or more Persons acting in concert, shall have acquired by contract or otherwise,
or shall have entered into a contract or arrangement that, upon consummation
thereof, will result in its or their acquisition of the power to exercise, directly
or indirectly, control over the management or policies of the Borrower, or control
over voting securities of the Borrower on a fully-diluted basis assuming the
conversion and/or exercise of all outstanding equity interests of the Borrower owned
by such Person or Persons representing 50% or more of the combined voting power of
such voting securities, or (iv) a sale, lease, or other disposition of all or
substantially all of the assets of the Borrower.

	 	 	 	“Convertible Note” — shall have the meaning ascribed to such term in Section
2.5.

	 	 	 	“Default” — shall have the meaning ascribed to such term in Section 7.1.

	 	 	 	“Lender Indebtedness” — shall mean the Advances and all other indebtedness,
obligations, and liabilities of Borrower to the Lenders under the Loan Documents.

	 	 	 	“Loan” — means the aggregate principal sum that Lenders (including any New
Lenders pursuant to Section 2.1(b)) severally agree to lend and Borrower agrees to
borrow pursuant to the terms and conditions of this Agreement.

	 	 	 	“Loan Documents” — means the following documents, as hereafter amended,
supplemented, replaced or modified, properly executed and in recordable form, if
necessary: this Agreement and the Convertible Notes.

	 	 	 	“Maturity Date” — shall have the meaning ascribed to such term in Section
2.3.

	 	 	 	“Person” — means an individual, corporation, partnership, limited liability
company, trust, bank, financial institution, or other entity.

	 	1.2	 	EXHIBITS INCORPORATED. Any exhibits or schedules attached hereto are hereby
incorporated into this Agreement.

ARTICLE 2. LOAN

	 	2.1	 	LOAN.

	 	(a)	 	By and subject to the terms of this Agreement, each of the
Lenders severally agrees to lend to Borrower and Borrower agrees to borrow from
each of the Lenders the aggregate amounts detailed on Schedule 2.1 attached
hereto.

 

2

 

	 	(b)	 	Borrower may elect to borrow additional funds on the terms set forth in this
Agreement from any other Person (the “New Lender”), but not more than the
additional principal amount of $200,000 without the prior written consent of
Existing Lenders. The Borrower and the New Lender shall execute a copy of
this Loan Agreement and the Borrower shall issue a Convertible Note in favor
of the New Lender in accordance with this Agreement, convertible into units
of membership interest of Borrower at a price per unit that is no less than
the price per unit granted to existing Lenders. Advances shall be funded by
the New Lender on the date agreed between the Borrower and the New Lender.

	 	(c)	 	No Lender shall be responsible for the failure of any other
Lender to perform its obligation to make Loans hereunder, and the commitment of
any Lender shall not be increased or decreased as a result of the failure of
any Lender to perform its obligation to make a Loan hereunder.

	 	2.2	 	LOAN UNSECURED. This Loan is unsecured.

	 	2.3	 	MATURITY DATE. The Maturity Date of the Loan shall be April 2, 2010 or such
earlier date for repayment as provided in the Convertible Note, on which date all
sums due and owing under this Agreement and the other Loan Documents shall be
payable in full (“Maturity Date”). All payments due to Lenders under this
Agreement, whether at the Maturity Date or otherwise, shall be paid in immediately
available funds.

	 	2.4	 	ADVANCES. The Loans will be disbursed from each Lender to Borrower in
multiple Advances as follows:

	 	(a)	 	First Advance. Upon execution of this Agreement, Jandernoa and
Hite will each advance to Borrower FIFTY THOUSAND DOLLARS ($50,000) (the
“First Advance”).

	 	(b)	 	Second Advance. When the Borrower has reached the following
milestones, Jandernoa and Hite will each advance to the Borrower an additional
ONE HUNDRED AND FIFTY THOUSAND DOLLARS ($150,000.00):

	 	(i)	 	Borrower and its existing Members have adopted
an Amended and Restated Operating Agreement in a form reasonably
satisfactory to Jandernoa and Hite;

	 	(ii)	 	Borrower has completed the intellectual
property restructuring generally described on Schedule 2.4(b)(ii) in a
manner reasonably satisfactory to Jandernoa and Hite;

	 	(iii)	 	Borrower has obtained memoranda of
understanding or letters of intent from the companies identified on
Schedule 2.4(b)(iii) that provide for commercially reasonable royalty
payments to Borrower and are reasonably satisfactory to Jandernoa and
Hite;

 

3

 

	 	(iv)	 	Borrower has obtained a commitment from one or
more investors (which may include Jandernoa) to either (1) participate
as New Lender(s) in accordance with the terms of Section 2.1 in the
aggregate amount of at least ONE HUNDRED THOUSAND DOLLARS ($100,000);
or (2) otherwise invest in the Borrower in accordance with Section
2.10; and

	 	(v)	 	Borrower has provided Prashant Ranade with: (1)
a warrant for 150,000 units of Borrower’s Class A Shares of membership
interests at $.01/share; and (2) a commitment letter, satisfactory to
Jandernoa, regarding Mr. Prashant Ranade’s role with Borrower.

	 	(c)	 	Third Advance. Hite will advance an additional ONE HUNDRED
THOUSAND DOLLARS ($100,000) to Borrower upon the addition of a New Lender in
accordance with Section 2.4(b)(iv)(1) above.

	 	2.5	 	NOTE. The Loans severally made by each Lender shall be evidenced by a
convertible note issued by Borrower in favor of such Lender (individually, a
“Convertible Note” and collectively, the “Convertible Notes”) in the form attached
as Exhibit 2.5.

	 	2.6	 	PURPOSE. The proceeds of each Loan shall be used for the Borrower’s general
corporate purposes in accordance with the budget attached as Schedule 2.6 (provided
the parties acknowledge that such budget shall be modified to include up to $50,000
of proceeds from the Convertible Notes being applied to legal fees for forging
various commercialization/external development licensing relationships), but not for
legal fees or expenses of the Borrower or Lenders in completing this transaction
other than a) those listed on the attached Schedule 2.6; and b) those payable by
Borrower to one or more Lenders after a Default in accordance with any of the Loan
Documents.

	 	2.7	 	BORROWING AND REPAYMENT. Borrower may not prepay all or any part of a
Convertible Note during the first six months following the date of its execution. On
the six month anniversary of the date of its execution or thereafter, a Convertible
Note may be prepaid, in its outstanding entirety only, by the Borrower upon 45 days
prior written notice to the specific Lender to whom the Convertible Note is payable.
All repayments shall be applied, allocated, and distributed by Borrower (pro rata
to the Lenders based on the applicable amounts owing to the respective Lenders) as
follows:

	 	(a)	 	first, to Lenders on a pro rata basis in accordance with the
Lender Indebtedness consisting of accrued and unpaid interest; and

	 	(b)	 	second, to Lenders on a pro rata basis in accordance with the
Lender Indebtedness consisting of unpaid principal.

	 	2.8	 	INTEREST; PAYMENTS. Except as otherwise provided in any Loan Document,
interest shall accrue upon the outstanding principal balance of each Advance at the
rate(s) provided in the Convertible Notes, and such interest and the outstanding
principal balance of each Advance shall be payable as required therein.

 

4

 

	 	2.9	 	CREDIT FOR PRINCIPAL PAYMENTS. Any payment made upon the outstanding
principal balance of the Loan shall be credited as of the Business Day received,
provided such payment is received by Lender no later than 2:00 pm (Eastern Time) and
constitutes immediately available funds. Any principal payment received after said
time, or which does not constitute immediately available funds, shall be credited
upon such funds having become unconditionally and immediately available to Lender.

	 	2.10	 	ADDITIONAL INVESTOR(S). Borrower may satisfy the alternative milestone in
Section 2.4(b)(iv)(2) by either:

	 	(a)	 	obtaining a single new investment of at least ONE HUNDRED
THOUSAND DOLLARS ($100,000) in the aggregate from one or more investors (the
“New Investment”). The New Investment must be on terms that are no more
favorable to the new investor(s) than those granted to Lenders by this
Agreement, unless otherwise approved by each of the Lenders in writing.
Jandernoa has a right of first refusal to participate in whole or in part (but
not less than $50,000) in the New Investment on the same terms offered to the
new investor(s), which he must accept, if at all, in writing within five (5)
business days of his receipt of notice and the detailed terms of the potential
New Investment from Borrower; thereafter such right will be forfeited. Hite
agrees to match the New Investment on a pari passu basis up to ONE HUNDRED
THOUSAND DOLLARS ($100,000); or

	 	(b)	 	obtaining advance royalty or license fees from Microsoft or
another investor in the amount of at least ONE HUNDRED THOUSAND DOLLARS
($100,000). Upon receipt of documentation confirming that Borrower has
received such funds, Hite will advance the additional ONE HUNDRED THOUSAND
DOLLARS ($100,000) contemplated by Section 2.4(c) to Borrower under the terms
of these Loan Documents.

ARTICLE 3. DISBURSEMENT

	 	3.1	 	CONDITIONS PRECEDENT. Each of the Lender’s obligation to make any
disbursements or take any other action under the Loan Documents shall be subject at
all times to satisfaction of each of the following conditions precedent:

	 	(a)	 	Compliance. The representations and warranties contained herein
shall be true on and as of the date of the signing of this Agreement and on
the date such action is to be taken, with the same effect as though such
representations and warranties had been made on and as of such dates, and on
such dates no Default, as defined in this Agreement, shall exist and no
event or circumstance shall have occurred or arisen which would constitute a
Default but for any unsatisfied requirement for the giving of notice or
passage of time.

 

5

 

	 	(b)	 	Documentation. Prior to taking any such action hereunder, Borrower
shall have delivered to each Lender all Loan Documents and such other
documents, instruments, policies, forms of evidence and other materials as
any Lender may request under the terms of the Loan Documents.

	 	(c)	 	Consent. To the extent determined necessary, Borrower shall have
delivered to Lenders a duly executed consent or consents to the transactions
contemplated by this Agreement in a form or forms reasonably acceptable to
each Lender.

	 	3.2	 	ACCOUNT AND DISBURSEMENT AUTHORIZATION. The proceeds of the Loan, when
qualified for disbursement, shall be disbursed by each Lender to or for the benefit
or account of Borrower pursuant to wire instructions described on Schedule 3.2
attached hereto. Disbursements hereunder may be made by each Lender upon the
written request of any person who has been authorized by Borrower to request such
disbursements until such time as written notice of Borrower’s revocation of such
authority is received by such Lender at the address herein.

ARTICLE 4. REPRESENTATIONS AND WARRANTIES

As a material inducement to Lenders’ entry into this Agreement, Borrower represents and warrants to
each Lender as of the date hereof and continuing thereafter that:

	 	4.1	 	AUTHORITY/ENFORCEABILITY. Borrower is in compliance with all laws and
regulations applicable to its organization, existence and transaction of business
and has all necessary rights and powers to borrow as contemplated by the Loan
Documents.

	 	4.2	 	BINDING OBLIGATIONS. Borrower is authorized to execute, deliver and perform
its obligations under the Loan Documents, and such obligations shall be valid and
binding obligations of Borrower.

	 	4.3	 	FORMATION AND ORGANIZATIONAL DOCUMENTS. Borrower has delivered to each
Lender all formation and organizational documents of Borrower requested by such
Lender, and all such formation and organizational documents remain in full force and
effect and have not been amended or modified since they were delivered to such
Lender.

	 	4.4	 	NO VIOLATION. Borrower’s execution, delivery, and performance under the
Loan Documents do not: (a) require any consent or approval not heretofore obtained
under any formation or organizational documents of Borrower or any other document;
(b) conflict with, or constitute a breach or default or permit the acceleration of
obligations under any agreement, contract, lease, or other document by which the
Borrower is bound or regulated; or (c) violate any statute, law, regulation or
ordinance, or any order of any court or governmental entity.

	 	4.5	 	LITIGATION. There are no claims, actions, suits, or proceedings pending, or
to Borrower’s knowledge threatened, against Borrower.

 

6

 

	 	4.6	 	TAXES. Borrower has filed all required federal, state, county and municipal
tax returns and has paid all taxes owed and payable, and Borrower knows of no basis
for material additional assessment with respect to any taxes.

	 	4.7	 	CAPITALIZATION. As of the date hereof, Borrower has 10 million issued and
outstanding units of membership interest which are owned by the members and in the
amounts listed on attached Schedule 4.7. As of the date hereof, except for the Loan
Documents and as set forth on attached Schedule 4.7, there are no (a) rights,
options or warrants of any kind outstanding to purchase or acquire any units of any
membership interest or any other ownership interest in the Borrower, or (b) other
securities, obligations, agreements or rights of any kind outstanding which are
exercisable for, convertible into or exchangeable for any units of membership
interest or any other ownership interest in the Borrower.

	 	4.8	 	NO LIENS. Except as set forth on Schedule 4.8,there is no security interest, lien or other
encumbrance upon or with respect to any assets or properties of Borrower other than liens for
taxes not yet due and payable.

ARTICLE 5. COVENANTS OF BORROWER

Borrower covenants that so long as any credit remains available hereunder, and until payment in
full of all amounts owing under the Loan Documents:

	 	5.1	 	EXISTENCE. Borrower shall preserve and maintain its existence and all of
its rights, privileges and franchises; conduct its business in an orderly,
efficient, and regular manner; and comply with the requirements of all applicable
laws, rules, regulations and orders of governmental authorities.

	 	5.2	 	TAXES AND OTHER LIABILITIES. Borrower shall pay and discharge when due any
and all indebtedness, obligations, assessments and taxes, both real and personal,
owed by or relating to Borrower and Borrower’s properties (including federal and
state income taxes), except such as Borrower may in good faith contest or as to
which a bona fide dispute may arise, provided provision is made for eventual payment
thereof in the event that it is found that the same is an obligation of Borrower.

	 	5.3	 	INSURANCE. Borrower shall maintain insurance of the kinds, covering the
risks and in commercially reasonable amounts as determined by Borrower’s Board of
Managers or as required pursuant to Borrower’s agreements with its customers.

	 	5.4	 	SUFFICIENT UNITS OF MEMBERSHIP INTEREST. Borrower shall take or cause to be taken all
action necessary to assure that there exists a sufficient number of authorized but unissued
Class A Units of its membership interest to permit the full and complete conversion, exercise
or exchange of the Convertible Notes. The units of membership interest that shall be issuable
upon conversion of the Convertible Notes shall be duly authorized, validly issued and
outstanding, fully paid and non-assessable, and free of any encumbrances but subject to the
terms of the Operating Agreement of Borrower.

 

7

 

	 	5.5	 	NOTICE. Borrower shall promptly give notice in writing to each Lender of: (a) any
litigation pending or threatened against Borrower; (b) the occurrence of any breach or default
in the payment or performance of any material obligation owing by Borrower to any person or
entity, other than any Lender; (c) any material change in the name of Borrower, or any change
in its identity or organizational structure; (d) any material uninsured or partially uninsured
loss through fire, theft, liability, or damage; or (e) any termination or cancellation of any
insurance policy which Borrower is required herein to maintain.

	 	5.6	 	NEGATIVE COVENANTS. Borrower shall not, without the consent of the Lenders, which consent
will not be unreasonably withheld:

	 	(a)	 	Create, incur, assume, suffer to exist or guaranty any
indebtedness for borrowed money or any other indebtedness evidenced by a note,
bond, debenture or similar interest other than (i) in a total amount of not
greater than $50,000 in the aggregate; or (ii) with regard to the indebtedness
set forth on Schedule 4.8;

	 	(b)	 	Create, incur, assume, or suffer to exist any security
interest, lien or other encumbrance upon or with respect to any assets or
properties of Borrower other than (i) purchase money security interests in
specific equipment or other tangible assets of Borrower securing purchase money
indebtedness for such assets in a total amount of not greater than $50,000 in
the aggregate, or (ii) the secured loans in the amounts set forth on Schedule
4.8;

	 	(c)	 	Make any advance, loan or extension of credit to or make any
investment in any Person;

	 	(d)	 	Redeem, purchase or acquire any of its units of membership
interest except due to the death, permanent disability, or dissolution of a
member that is not affiliated with management of Borrower; or

	 	(e)	 	Issue or agree to issue any units of its membership interest
for consideration to Borrower of less than $1 per Unit of membership interest
other than pursuant to the Convertible Notes or the warrant issued to Prashant
Ranade described in Section 2.4(b)(v).

	 	5.7	 	AFFIRMATIVE UNDERTAKING. Borrower will undertake in good faith to complete
the milestones outlined in 2.4(b)(i)-(v) in a timely manner (regardless of whether
Borrower requires the second advance contemplated by Section 2.4(b)). Additionally,
this covenant will survive repayment or conversion of the Convertible Note.

 

8

 

ARTICLE 6.  REPORTING COVENANTS

	 	6.1	 	BOOKS AND RECORDS. Borrower shall maintain complete books of account and
other records in accordance with good accounting practice consistently applied, and
permit any representative of Lender, at any reasonable time, to inspect, audit and
examine such books and records, to make copies of the same, and to inspect the
properties of Borrower.

ARTICLE 7. DEFAULTS AND REMEDIES

	 	7.1	 	DEFAULT. The occurrence of any one or more of the following shall
constitute an event of default (“Default”) under this Agreement and the other Loan
Documents:

	 	(a)	 	Payment; Performance. Borrower’s failure (i) to pay any principal
amount as and when due hereunder or under any other Loan Document, (ii) to
pay any interest within three (3) days as and when due hereunder or under
any other Loan Document, (iii) to pay any other sum within five (5) days’
notice from a Lender that such sum is due, or (iv) to perform when due any
other obligation under this Agreement or any of the other Loan Documents
within ten (10) days’ notice from a Lender of Borrower’s failure to perform;
or

	 	(b)	 	Performance of Other Obligations. The occurrence of a breach or
default in the payment or performance of any obligation imposed by any
instrument or agreement (other than the Loan Documents) pursuant to which
Borrower has borrowed money from, or incurred liability to, any person or
entity including a Lender, and such person or entity declares the entire
amount of such borrowing or liability to be due and payable or exercises any
other right or remedy as a consequence of such breach or default; or

	 	(c)	 	Representations and Warranties. The failure of any representation
or warranty of Borrower in any of the Loan Documents to be true, correct and
complete in all material respects as of the effective date of this
Agreement; or

	 	(d)	 	Voluntary Bankruptcy; Insolvency; Dissolution. (i) The filing of a
petition by Borrower for relief under the Bankruptcy Code, or under any
other present or future state or federal law regarding bankruptcy,
reorganization or other debtor relief law; (ii) the filing of any pleading
or an answer by Borrower in any involuntary proceeding under the Bankruptcy
Code or other debtor relief law which admits the jurisdiction of the court
or the petition’s material allegations regarding Borrower’s insolvency;
(iii) a general assignment by Borrower for the benefit of creditors; or (iv)
Borrower applying for, or the appointment of, a receiver, trustee, custodian
or liquidator of Borrower or any of its assets; or

 

9

 

	 	(e)	 	Involuntary Bankruptcy. The failure of Borrower to effect a full
dismissal of any involuntary petition under the Bankruptcy Code or under any
other debtor relief law that is filed against Borrower or in any way
restrains or limits Borrower or any Lender regarding the Loan prior to the
earlier of the entry of any court order granting relief sought in such
involuntary petition, or sixty (60) days after the date of filing of such
involuntary petition.

	 	(f)	 	Change in Control. The occurrence of a Change of Control.

	 	7.2	 	ACCELERATION UPON DEFAULT; REMEDIES. Upon the occurrence of any Default specified in this
Article, each Lender may, at the sole option of such Lender, declare all sums owing to such
Lender under its Convertible Notes, this Agreement and the other Loan Documents immediately
due and payable, may proceed to protect and enforce its rights under any of the Loan Documents
by suit in equity, action at law or by other appropriate proceeding, whether for the specific
performance of any covenant or agreement contained in any Loan Document or in aid of the
exercise of any power granted in any Loan Document or to enforce the payment of its
Convertible Notes, or to enforce any other legal or equitable right of such Lender, and the
Borrower shall pay all reasonable attorneys’ fees and other costs incurred by such Lender in
seeking to collect the Convertible Note or to enforce any of such Lender’s rights and remedies
under the Loan Documents, whether or not suit is filed, or whether in connection with
bankruptcy, insolvency or appeal. Upon the occurrence of any Default specified in this
Article, any and all obligations of the Lenders to fund further disbursements under the Loan
shall terminate. No remedy conferred upon the Lenders is intended to be exclusive of any
other remedy and each and every such remedy shall be cumulative and shall be in addition to
every other remedy given under the Loan Documents or now or hereafter existing at law or in
equity or by statute or otherwise.

	 	7.3	 	RIGHT OF CONTEST. Borrower may contest in good faith by appropriate
proceedings any claim, demand, levy or assessment by any Person or governmental body
or entity other than a Lender which would constitute a Default, if Borrower pursues
the contest diligently and in a manner which will not be prejudicial to Lenders nor
impair the rights of Lenders under the Loan Documents.

ARTICLE 8. MISCELLANEOUS PROVISIONS

	 	8.1	 	FORM OF DOCUMENTS. The form and substance of all documents, instruments,
and forms of evidence to be delivered to each Lender under the terms of this
Agreement and any of the other Loan Documents shall be subject to each Lender’s
approval. Borrower and all the Lenders, but not less than all the Lenders, may
enter into agreements supplemental hereto for the purpose of adding or modifying any
provisions to the Loan Documents or changing in any manner the rights of the Lenders
or the Borrower hereunder or waiving any Default hereunder.

 

10

 

	 	8.2	 	NOTICES. All notices, demands, or other communications under this Agreement
and the other Loan Documents shall be in writing and shall be delivered to the
appropriate party at the address set forth on the signature page of this Agreement
(subject to change from time to time by written notice to all other parties to this
Agreement). All notices, demands or other communications shall be considered as
properly given if delivered personally or sent by first class United States Postal
Service mail, postage prepaid, except that notice of a Default may be sent by
certified mail, return receipt requested, or by Overnight Express Mail or by
overnight commercial courier service, charges prepaid. Notices so sent shall be
effective three (3) days after mailing, if mailed by first class mail, and otherwise
upon receipt; provided, however, that non-receipt of any communication as the result
of any change of address of which the sending party was not notified or as the
result of a refusal to accept delivery shall be deemed receipt of such
communication.

	 	8.3	 	RELATIONSHIP OF PARTIES. The relationship of Borrower and Lenders under the
Loan Documents is, and shall at all times remain, solely that of borrower and
lender, and Lenders neither undertake nor assume any responsibility or duty to
Borrower or to any third party, except as expressly provided in this Agreement and
the other Loan Documents.

	 	8.4	 	ATTORNEYS’ FEES AND EXPENSES. Borrower and each Lender shall independently
bear any and all costs incurred in connection with the negotiation, execution,
delivery and maintenance of this Agreement. Lenders are entitled to recover their
reasonable attorneys’ fees and other costs of enforcing this Agreement and the other
Loan Documents as provided in Section 7.2.

	 	8.5	 	IMMEDIATELY AVAILABLE FUNDS. Unless otherwise expressly provided for in
this Agreement, all amounts payable by Borrower to Lenders shall be payable only in
United States currency, immediately available funds.

	 	8.6	 	LENDER’S CONSENT. Wherever in this Agreement there is a requirement for a
Lender’s consent and/or a document to be provided or an action taken “to the
satisfaction of Lender”, it is understood by such phrase that such Lender shall
exercise its consent, right or judgment in a reasonable manner given the specific
facts and circumstance applicable at the time.

	 	8.7	 	WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS AGREEMENT HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION (a) ARISING UNDER THE LOAN DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY
PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
THE LOAN DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT
OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS
RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR
TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT
AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY RIGHT
THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY.

 

11

 

	 	8.8	 	SEVERABILITY. If any provision or obligation under this Agreement and the
other Loan Documents shall be determined by a court of competent jurisdiction to be
invalid, illegal or unenforceable, that provision shall be deemed severed from the
Loan Documents and the validity, legality and enforceability of the remaining
provisions or obligations shall remain in full force as though the invalid, illegal,
or unenforceable provision had never been a part of the Loan Documents.

	 	8.9	 	NO WAIVER; SUCCESSORS. No waiver shall be implied from any failure of any
Lender to take, or any delay by a Lender in taking, action concerning any Default or
failure of condition, or from any previous waiver of any similar or unrelated
Default or failure of condition. Any waiver or approval hereunder must be in
writing and shall be limited to its specific terms. The terms and provisions hereof
shall bind and inure to the benefit of the heirs, successors and assigns of the
parties.

	 	8.10	 	TIME. Time is of the essence of each and every term of this Agreement.

	 	8.11	 	HEADINGS. All article, section or other headings appearing in this
Agreement and any of the other Loan Documents are for convenience of reference only
and shall be disregarded in construing this Agreement and any of the other Loan
Documents.

	 	8.12	 	GOVERNING LAW. This Agreement shall be governed by, and construed and
enforced in accordance with the laws of the State of Michigan, except to the extent
preempted by federal laws.

	 	8.13	 	INTEGRATION; INTERPRETATION. The Loan Documents contain or expressly
incorporate by reference the entire agreement of the parties with respect to the
matters contemplated therein and supersede all prior negotiations or agreements,
written or oral. The Loan Documents shall not be modified except by written
instrument executed by all parties. Any reference to the Loan Documents includes
any amendments, renewals or extensions now or hereafter approved by Lender in
writing.

 

12

 

	 	8.14	 	COUNTERPARTS. To facilitate execution, this document may be executed in as
many counterparts as may be convenient or required. It shall not be necessary that
the signature of, or on behalf of, each party, or that the signature of all persons
required to bind any party, appear on each counterpart. All counterparts shall
collectively constitute a single document. It shall not be necessary in making proof
of this document to produce or account for more than a single counterpart containing
the respective signatures of, or on behalf of, each of the parties hereto. Any
signature page to any counterpart may be detached from such counterpart without
impairing the legal effect of the signatures thereon and thereafter attached to
another counterpart identical thereto except having attached to it additional
signature pages.

	 	8.15	 	INTERCREDITOR MATTERS. Each Lender acknowledges that it has, independently and without
reliance upon any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon any other
Lender and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

[signature page follows]

 

13

 

IN WITNESS WHEREOF, Borrowers and Lender have executed this Agreement as of the date appearing
on the first page of this Agreement.

	 	 	 	 	 
	 	“LENDERS”

 	 
	 	/s/ Marilyn Hite
 	 
	 	Marilyn Hite 

	 
	 	Address: 7260 W. Azure Drive #140-302	 
	 	 	        Las Vegas, NV  89130 	 
	 
	 	Michael J. Jandernoa Trust

 	 
	 	By:  	/s/ Michael J. Jandernoa, Trustee
 	 
	 	 	Michael J. Jandernoa 	 
	 	 	Its:  Trustee

	 
	 	Address:  333 Bridge Street NW, Suite 800	 
	 	 	        Grand Rapids, Michigan 49504 	 
	 
	 	“BORROWER”

NxOPINION, LLC.,

A Nevada limited liability company

 	 
	 	By:  	/s/ Joel C. Robertson
 	 
	 	 	Joel Robertson 	 
	 	 	Its: Manager 	 
	 
	 	Borrower’s Address:

4215 Fashion Square Blvd.

Suite 3

Saginaw, Michigan 48603

Attn: Joel Robertson, Manager

 	 

 

14

 

	 	 	 	 	 

SCHEDULE 2.1

	(i)	 	Upon execution of the Agreement, Jandernoa agrees to lend to the Borrower FIFTY THOUSAND AND
NO/100THS DOLLARS ($50,000.00). Conditioned upon attainment of the milestones set forth in
Section 2.4(b), Jandernoa agrees to lend the Borrower an additional sum of ONE HUNDRED FIFTY
THOUSAND AND NO/100THS DOLLARS ($150,000.00);

	(ii)	 	Upon execution of the Agreement, Hite agrees to lend to the Borrower FIFTY THOUSAND AND
NO/100THS DOLLARS ($50,000.00). Conditioned upon attainment of the milestones set forth in
Section 2.4(b), Hite agrees to lend the Borrower an additional sum of ONE HUNDRED FIFTY
THOUSAND AND NO/100THS DOLLARS ($150,000.00);

	(iii)	 	Conditioned upon the addition of a New Lender in accordance with Section 2.4(b)(v)(1) or the
satisfaction of the conditions in 2.10(b), Hite agrees to lend the Borrower the additional
principal sum of ONE HUNDRED THOUSAND AND NO/100THS DOLLARS ($100,000.00);

 

15

 

Schedule 2.4(b)(ii)

DESCRIPTION OF INTELLECTUAL PROPERTY RESTRUCTURING

	A.	 	Adoption of a replacement agreement between Vanahab (or a wholly owned subsidiary of Vanahab
that is specifically created to own the licensed technology (the “Subsidiary”)) and NxOpinion
that:

	 	1.	 	broadens NxOpinion’s rights beyond only “use” and generally includes rights to
possess, use, copy, modify, display and create derivative works of any copyrighted or
copyrightable portions;

	 	2.	 	allows licensing/sublicensing by NxOpinion to customers of NxOpinion;

	 	3.	 	addresses technical information, proprietary software, the database, and
trademarks;

	 	4.	 	provides rights that are perpetual, worldwide, royalty free*, and paid-up; and

	*	 	A royalty free license may create some potential tax
implications that are still being considered. NxOpinion
reserves the right to alter or abandon the royalty free
nature of the licenses to optimize tax treatment to the
advantage of NxOpinion and its equity holders, provided that
such alteration or abandonment does not adversely affect the
Lenders.

	B.	 	Adoption of a replacement agreement between Vanahab (or Subsidiary) and RRI (and InfoDx if
needed). The agreements between Vanahab and NxOpinion and RRI shall delineate the criteria
for how future rights will be allocated to NxOpinion and RRI.

	C.	 	Revision of service contracts between RRI and NxOpinion, as well as RI and NxOpinion to
include provisions that assign intellectual property to NxOpinion.

	D.	 	Completion of due diligence regarding proper assignment of rights in software and, if
necessary, obtain property assignments. Such due diligence shall include a full analysis of
the history of the development of the software.

	E.	 	As a timeline for completion of the above items, the parties will agree upon a licensing
structure within two weeks, and will exchange draft documents within three weeks with a goal
of obtaining final executed agreements within no less than five business days before any
further funding will be required.

 

16

 

SCHEDULE 2.4(b)(iii)

ELAJ

Oxigen

RTI

 

17

 

SCHEDULE 2.6

BUDGET

[to be completed subsequent to first advance]

 

18

 

SCHEDULE 3.2

Bank Transfer Information

Wire Transfer:

Beneficiary Company Name:

Bank Information:

Bank Routing Number (domestic):

Bank SWIFT Code (international)

Bank Account Number:

ACH Transfer:

Beneficiary Company Name:

Bank Information:

Bank Routing Number (domestic):

Bank SWIFT Code (international)

Bank Account Number:

 

19

 

SCHEDULE 4.7

MEMBERS AND MEMBERSHIP UNITS

[attached]

 

20

 

SCHEDULE 4.8

SECURED NOTES

	 	 	 	 	 
	Dickinson Wright PLLC
	 	$	88,429.84	 
	 
	 
	Bruce Gardiner
	 	$	20,000	 
	 
	 
	James Barnes
	 	$	15,000	 

 

21Exhibit 10.7

Exhibit 10.7

CONVERTIBLE NOTE

			
	 	 	 
	$300,000.00
	 	Ann Arbor, Michigan

For value received, NxOpinion, LLC, a Nevada limited liability company (“Maker”) promises to
pay to the order of MARILYN HITE, (“Payee”), or its successors or permitted assigns, at such place
as the Payee may designate in writing, the principal amount of THREE HUNDRED THOUSAND AND 00/100
DOLLARS ($300,000.00), or, if less, so much thereof as may be advanced by Payee to the Maker, in
lawful money of the United States of America, to bear interest and be payable as follows:

Interest shall accrue at the rate of eleven percent (11%) per annum on the unpaid principal
balance of this Note commencing as of April 3, 2009 (“Issue Date”). This Note shall mature on
April 2, 2010 (“Maturity Date”). On or before the Maturity Date, the Payee may elect to convert
all, but not less than all, of the total principal amount and accrued interest of this Note into
fully paid and nonassessable Class A Unit(s) of membership interests in Maker (the “Unit(s)”). The
number of Unit(s) into which this Note will be converted shall be determined by dividing the total
principal balance and accrued interest of this Note by $1 (the “Conversion Rate”). If, during the
term of this Note, Maker grants or issues any Units or any other units of membership interest to
any person other than Payee or a Lender under the Unsecured Loan Agreement (defined below) (each a
“Dilutive Event”), the Conversion Rate shall be adjusted so that so that the Payee’s percentage
interest in the Company’s Units following such Dilutive Event is equal to the percentage interest
that the Payee would have obtained through conversion of this note prior to the Dilutive Event.
Unless otherwise converted, the unpaid principal and accrued interest on this Note from the Issue
Date through the Maturity Date shall be due and payable in a single lump sum on or before the close
of business on the Maturity Date, and any amount of principal or accrued interest not paid on the
Maturity Date shall bear interest from and after the Maturity Date until paid at the rate of
sixteen percent (16%) per annum (rather than 11% per annum) to the fullest extent permitted by
applicable law.

Upon conversion of the principal and accrued interest of this Note into Unit(s), Payee shall
surrender this Note at the office of the Maker. The Maker will then deliver to Payee appropriate
evidence or confirmation of ownership for the number of Unit(s) issuable upon such conversion. No
partial Units will be issued and the Maker will pay the Payee in cash for the amount of any
remaining unpaid principal and accrued interest that cannot be converted into a whole Unit.

This Note is one of the “Convertible Notes” issued pursuant to the Unsecured Loan Agreement
dated as of the date hereof (as amended, modified or supplemented, the “Loan Agreement”) by and
among the Maker, Payee and the other parties named therein. Reference is made to the Loan
Agreement for a statement of the terms and conditions under which the principal of and accrued
interest on this Note may be declared to be due and payable before the Maturity Date. The Payee or
any other holder of this Note shall have all of the rights and remedies set forth in the Loan
Agreement as though they were fully set forth in this Note.

Maker hereby waives notice of non-payment, presentment, dishonor, protest, acceleration or any
other notice, except as otherwise provided herein.

 

 

 

Maker may not prepay all or any part of this Note during the first six months following the
date of its execution. On the six month anniversary of the date of its execution or thereafter,
this Note may be prepaid, in its outstanding entirety only, by the Maker upon 45 days prior written
notice to Payee. This Note may not be assigned by Payee without the prior written consent of Maker
except that the Payee may assign this Note, in whole or in part, to any entity wholly owned or
controlled by Ms. Hite, any private foundation created or controlled by Ms. Hite, any family
foundation with which Ms. Hite is affiliated, or any trust for the benefit of Ms. Hite or any
member of the family of Ms. Hite without the prior written consent of Maker.

Whenever possible, each provision of this Note shall be interpreted in such manner as to be
effective and valid under applicable law. If any provision of this Note is determined by a court
of competent jurisdiction to be illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall not affect the other provisions hereof, which shall remain binding and
enforceable. This Note is not intended to impose upon the Maker any obligation to pay interest in
excess of the maximum rate of interest permitted by applicable law, and any interest which so
exceeds that maximum rate of interest will automatically be applied in reduction of principal due
on this Note to the extent of that excess.

Upon receipt by the Maker of an affidavit of Payee stating the circumstances of the loss,
theft, destruction or mutilation of this Note, or any Note exchanged for it, and an indemnity
reasonably satisfactory to the Maker (in case of loss, theft or destruction) or surrender and
cancellation of such Note (in the case mutilation), the Maker will (at is expense) make and deliver
in lieu of such Note a new Note of like tenor.

This Note is binding upon the heirs, successors and assigns of the Maker and inures to the
benefit of the successors and permitted assigns of the Payee. This Note and the enforceability,
legality, validity and performance of the terms hereof shall be governed by, determined and
construed in accordance with the laws of the State of Michigan.

Dated: April 3, 2009

	 	 	 	 	 
	 	NxOPINION, LLC,

a Nevada limited liability company

 	 
	 	By:  	/s/ Joel C. Robertson
 	 
	 	 	Joel Robertson, Manager 	 

 

2

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