Document:

exv10w3

 

EXHIBIT 10.3

CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

We consent to the use of our report dated January 27, 2003, with respect to the
consolidated financial statements and schedule of Commerce One, Inc., included
in the annual report on Form 20-F, as amended, of SAP Aktiengesellschaft
Systeme, Anwendungen, Produkte in Der Datenverarbeitung and subsidiaries (“SAP
AG”) that is made a part of the Registration Statements (Form S-8 Nos.
333-60399, 333-65083, 333-30380, 333-41762, 333-63496, 333-63464 and
333-102564) of SAP AG.

/s/ Ernst & Young LLP

Walnut Creek, California

April 14, 2003Exhibit 4.1

THE SECURITIES REPRESENTED BY THIS DOCUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER COUNTRY, AND MAY NOT BE OFFERED, SOLD TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE
EXTENT APPLICABLE, RULE 144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT
RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF COUNSEL, IF
SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN
EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW IS AVAILABLE.

                          MILLENIUM HOLDING GROUP, INC.

                                CONVERTIBLE NOTE

Total Principal Amount:                                  Date

FOR VALUE RECEIVED, the undersigned, Millenium Holding Group, Inc. a Nevada
corporation (the "Company"), hereby promises to pay to the order of , or assigns
(the "Holder"), in lawful money of the United States of America, and in
immediately payable funds, the principal sum of Ten Thousand Dollars ($10,000),
with interest thereon, both before and after default until paid, at the rate of
ten percent (10%) per annum payable quarterly upon the terms and conditions set
forth herein.

1. MATURITY DATE/INTEREST PAYMENTS. The Company promises to pay this Note in
full to the Holder including interest in cash plus 20,000 restricted Common
Shares of the Company within one hundred twenty (120) days from the date hereof.
If this Note is converted as allowed in this Agreement, all accumulated but
unpaid interest shall be extinguished.

2. CONVERTIBILITY. This Note may be converted by the Holder upon the Maturity
Date at a conversion rate of one (1) share of Company Common Stock (the
"Shares") per fifty cents ($.50) principal amount of this Note plus the 20,000
shares as set out in paragraph 1. No accrued interest will be paid upon
conversion. The Shares to be issued upon conversion including the additional
20,000 shares shall be subject to the restrictions pursuant to Rule 144 of the
Securities Act of 1933 and will have "piggy back" rights of registration.

3. PREPAYMENT. The Company may prepay this Note prior to the Maturity Date and
prior to the receipt of a conversion election, in whole or in part, at any time.

4. TRANSFERABILITY. This Note shall be freely transferable by the Holder
provided such transfer is in compliance with applicable federal and state
securities laws.
<PAGE>
5. DEFAULT. In the event of the Company's failure to pay the principal and
interest due hereunder within ten (10) days following the Maturity Date, Holder
shall have the option, by written notice to the Company, to declare the unpaid
principal amount due to Holder, together with all accrued interest thereon,
immediately due and payable. In the event Company fails to cure the default
within twenty (20) days of the date of receipt of the written notice by Holder,
the Company will issue 125,000 Common Shares, restricted pursuant to Rule 144 to
the Holder in full payment of this Note.

6. NOTICES. Notices to be given hereunder shall be in writing and shall be
deemed to have been sufficiently given if delivered personally or sent by
overnight courier or messenger or sent by registered or certified mail (air mail
if overseas), return receipt requested, or by telex, facsimile transmission,
telegram or similar means of communication. Notice shall be deemed to have been
received on the date of personal delivery, telex, facsimile transmission,
telegram or similar means of communication, or if sent by overnight courier or
messenger, shall be deemed to have been received on the next delivery day after
deposit with the courier or messenger, or if sent by certified or registered
mail, return receipt requested, shall be deemed to have been received on the
fifth business day after the date of mailing. The Parties shall give written
notice of any change of address to each other.

7. INVESTOR STATUS. By providing the principal amount(s) set forth in this
Convertible Note, Holder acknowledges and certifies that this Convertible Note
represents a highly speculative investment and that Holder's personal financial
situation is such that (i) Holder can afford to hold the Convertible Note for an
indefinite period of time and to sustain a complete loss of this investment, and
(ii) Holder has adequate means of providing for Holder's current needs and
possible contingencies and has no need for liquidity in this investment in the
Company. By virtue of Holder's knowledge and experience in financial and
business matters, Holder is capable of evaluating the merits and risks of an
investment in the securities.

Holder, if a corporation, partnership, trust or other form of business entity,
(i) is authorized and otherwise duly qualified to purchase and hold the
Convertible Note, (ii) has obtained such additional tax and other advice that it
has deemed necessary, and (iii) has not been formed for the specific purpose of
acquiring the Convertible Note.

Holder consents to the affixing by the Company of such legends on certificates
representing the securities as any applicable federal or state securities law
may require from time to time. Holder further acknowledges and certifies that in
evaluating the suitability of an investment in the Company, Holder has relied on
Holder's own independent investigations and has not relied upon any
representations or other information (whether oral or written) from the Company,
and its officers, directors, agents, employees or representatives. Holder
acknowledges that in making the decision to invest in the Company, Holder has,
prior to any purchase of the securities, been given the information on the
Company, its business, and its financials, had access and opportunity to examine
<PAGE>
this offer, and had an opportunity to ask questions of, and to receive answers
from, the Company or any person acting on its behalf concerning the terms and
conditions of this offering. Holder has been furnished with access to all
publicly available materials relating to the business, finances, and operations
of the Company and material relating to the offer and sale of the securities
which have been requested. Holder has received complete and satisfactory answers
to any such inquiries. Holder acknowledges that Holder has not received any
formal disclosure document regarding this investment, and Holder is an
accredited investor as defined in Rule 501 of Regulation D of the Securities Act
of 1933, as amended.

8. GOVERNING LAW. This Convertible Note shall be governed by and construed and
interpreted in accordance with the laws of the state of Nevada applicable to
contracts made and to be performed entirely therein, without giving effect to
the rules and conflicts of law.

IN WITNESS WHEREOF, the Company and Holder have executed this Convertible Note
as of September ___, 2002.

THE COMPANY

Millenium Holding Group, Inc.
a Nevada corporation

    ------------------------------
BY: Richard L. Ham
ITS: President

THE HOLDER

BY:
   -------------------------------Exhibit 10.7

                              ENVIROKARE TECH, INC.
                          2470 Chandler Avenue, Suite 5
                               Las Vegas, NV 89120
                       (702) 262-1999 Fax: (702) 262-1909

                                                October 1, 2002

New Age Amusements and Resorts, Inc.
P.O. Box 911, Stn. A
Kelowna, BC  V1Y 7P5
Canada

                                LETTER AGREEMENT

      This letter agreement is intended to provide the basis for preparation of
a definitive merger agreement, between New Age Amusements and Resorts, Inc.
("New Age") and Envirokare Tech, Inc. ("Envirokare") on terms mutually
satisfactory to the parties hereto. Except for the agreements and obligations
contained in Sections 1.a - 1.b hereof, this letter represents only the parties'
current good faith intention to negotiate and enter into a definitive merger
agreement. It is not, and is not intended to be, a binding agreement between the
parties except as to the Sections specified as binding above. The obligation of
the parties to effect the transactions contemplated by this letter are subject
to a number of conditions, including without limitation, approval by the Boards
of Directors of the respective parties, obtaining necessary third-party
consents, completion of due diligence and other conditions as may be specified
in the contemplated definitive merger agreement.

Section 1. Prior Agreements

The following listed items represent pertinent agreements that were existing and
in effect, prior to the date of this letter agreement. It is acknowledged by the
parties to this letter agreement that all obligations, terms and conditions, as
set forth in the following listed agreements, supercede any term or condition,
whether actual or implied, that may be contemplated by this letter agreement and
any subsequent definitive merger agreement that may entered into between the
parties hereto :

      a.    License Agreement between Thermoplastic Composite Designs, Inc. and
            Envirokare Composite Corp., a wholly owned subsidiary of Envirokare,
            dated March 30, 2001.

      b.    Merger Agreement by and among Envirokare Tech, Inc. Envirokare
            Composite Corp., on the one hand and Thermoplastic Composite
            Designs, Inc., Dale Polk, Sr., and Dale Polk, Jr. on the other hand,
            dated March 30, 2001.

Section 2. Terms of Contemplated Merger Agreement

The plan of merger and the contemplated merger agreement between the parties
hereto, is anticipated to contain provisions that include the following items:

      a.    New Age will merge into Envirokare in a tax free exchange of shares
            between the companies, with Envirokare becoming the surviving
            corporation and New Age becoming a wholly owned subsidiary of
            Envirokare.

<PAGE>

Letter Agreement
October 1, 2002
Page 2

      b.    As a result of the merger, Envirokare shall acquire the entire
            business New Age, including all assets, such as property, plant,
            equipment and patents, and all liabilities as set forth in financial
            statements for the period ended and to be agreed upon by the parties
            hereto.

      c.    Envirokare shall issue one million shares of its common stock (the
            "Original Consideration") to New Age, upon completion of the
            contemplated merger agreement. The securities provided as Original
            Consideration are offered in reliance upon the exemption from
            registration provided for under Section 4(2) of the Securities Act
            of 1933.

      d.    Larry Lalonde shall remain as the President of New Age.

      e.    Larry Lalonde shall be appointed as a board member on Envirokare's
            Board of Directors, in the capacity of director, as soon as
            practicable after completion of the contemplated merger agreement.

      f.    Envirokare shall provide additional consideration ("Additional
            Consideration") to New Age in the form of Envirokare common stock,
            with the Additional Consideration to be calculated based on the
            following formula: i) pursuant to Accounting Principals Generally
            Accepted in the United States ("GAAP"), the net profits of New Age,
            as established according to GAAP, will be accumulated for a three
            year period, including fiscal years ended 2003, 2004, and 2005. ii)
            The accumulated profit will be divided by three years to provide an
            average net profit ("Average Net Profit") for the three year period;
            iii) the Average Net Profit figure will be multiplied by five (5)
            times to arrive at an Additional Consideration dollar figure (the
            "Dollar Figure"); iv) the Additional Consideration Dollar Figure
            will be converted into a number of Envirokare common stock shares,
            which shall be calculated by taking the closing price (the "Closing
            Price") of ENVK common stock, with the Closing Price determined by
            taking the average Envirokare stock closing price for all trading
            days during the month of March 2006; and v) the resultant Additional
            Consideration is calculated by dividing the Closing Price into the
            Additional Consideration Dollar Figure and then deducting the
            Original Consideration.

Signatures by the parties, as provided below, indicate agreement with respect to
the terms as set forth in this letter agreement.

New Age Amusements and Resorts, Inc.             Envirokare Tech, Inc.

/S/ LARRY LALONDE                                /S/ STEVE PAPPAS
-----------------                                ----------------
Larry Lalonde, President                         Steve Pappas, President

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