Document:

Exhibit
      10.50

    

    PROMISSORY
      NOTE

    

    
      	
              $6,315.53

            	
              December
                31, 2006

            

    

    

    FOR
      VALUE
      RECEIVED, C2 Global Technologies Inc., a Florida corporation formerly known
      as
      Acceris Communications Inc. and I-Link Incorporated (the “Maker”) promises to
      pay to Counsel Corporation, an Ontario corporation, or its assigns (the
“Payee”), in the lawful money of the United States of America (“Dollars” or “$”)
      the principal sum of Six Thousand Three Hundred Fifteen and 53/100ths Dollars
      funded from time to time by Payee to Maker, together with interest thereon
      as
      set forth herein, on or before the Maturity Date as provided below and in
      accordance with the provisions of that certain Loan Agreement dated as of
      January 26, 2004 between the Maker and Payee as the same may be amended,
      modified, extended or restated, the “Loan Agreement.” Capitalized terms used
      herein but not defined shall have the meanings ascribed to them in the Loan
      Agreement.

    

    1. Interest.
      The
      outstanding principal amount of this Promissory Note (the “Note”), together with
      unpaid interest, shall bear interest at the rate of ten percent (10%) per annum
      commencing on January 1, 2007, which interest shall accrue and be compounded
      quarterly and shall result in a corresponding increase in the principal amount
      of the Indebtedness.

    

    2. Time
      and Place of Payment.
      The
      Indebtedness shall be due and payable in full on October 31, 2007 (the “Maturity
      Date”); provided, further, however, that notwithstanding the above, the Maturity
      Date shall be accelerated to the date ten (10) calendar days following closing
      under or conclusion of an equity investment or investments in the Maker by
      a
      third party unrelated to Counsel Corp through the capital markets, whether
      pursuant to a registered offering or unregistered offering or other transaction
      (an “Equity Investment”); provided, further, however, that the Maturity Date
      shall be accelerated with respect only to the portion of the unpaid Indebtedness
      equal to the net amount received by the Maker from any such Equity Investment.
      

    

    3. The
      Indebtedness, including that portion of the Indebtedness represented by this
      Note, is secured pursuant to that Amended and Restated Stock Pledge Agreement
      between the Maker and Payee dated as of January 26, 2004, executed and delivered
      concurrent herewith as the same has been amended, modified, extended or
      restated, the “Stock Pledge Agreement.”

    

    4. Events
      of Default.
      The
      occurrence of any of the following events or conditions shall constitute an
      event of default (each an “Event of Default”):

     

    (a) Maker
      shall fail to pay any of the Indebtedness pursuant to terms of this
      Note;

     

    (b) Maker
      shall fail to comply with any term, obligation, covenant, or condition contained
      in any agreement between Maker and Payee (each, an “Agreement”);

     

    (c) Any
      warranty or representation made to Payee by Maker under any Agreement proves
      to
      have been false when made or furnished;

     

    (d) If
      Maker
      voluntarily files a petition under the federal Bankruptcy Act, as such Act
      may
      from time to time be amended, or under any similar or successor federal statute
      relating to bankruptcy, insolvency, arrangements or reorganizations, or under
      any state bankruptcy or insolvency act, or files an answer in an involuntary
      proceeding admitting insolvency or inability to pay debts, or if Maker is
      adjudged a bankrupt, or if a trustee or receiver is appointed for Maker’s
      property, or if Maker makes an assignment for the benefit of its creditors,
      or
      if there is an attachment, receivership, execution or other judicial seizure,
      then Payee may, at Payee’s option, declare all of the Indebtedness to be
      immediately due and payable without prior notice to Maker, and Payee may invoke
      any remedies permitted by this Note. Any attorneys’ fees and other expenses
      incurred by Payee in connection with Maker’s bankruptcy or any of the other
      events described in this Section 3 shall be additional Indebtedness of Maker
      secured by this Note.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) There
      exists a material breach by Maker under (or a termination by any party of)
      a
      material contract of Maker (for purposes of this Section 4 a material contract
      shall mean any contract resulting in revenues of in excess of $10,000 per
      annum);

     

    (f) Maker
      is
      in default under any funded indebtedness, including but not limited to
      indebtedness evidenced by notes or capital leases, of Maker other than the
      amounts loaned pursuant to this Note; or

     

    (g) If
      Maker’s business undergoes a material adverse change in Payee’s reasonable
      opinion.

    

    If
      an
      Event of Default specified in Section 4(d) hereof occurs and is continuing,
      the
      principal amount of the Indebtedness, together with all accrued and unpaid
      interest thereon, shall automatically become and be immediately due and payable,
      without any declaration or other act on the part of Payee.

    

    5. Acceleration.
      Upon an
      Event of Default, the Payee may give written notice to the Maker of the
      occurrence of such Event of Default and Maker shall have the shorter of (i)
      thirty (30) days or (ii) such remedy period as set forth in the applicable
      provisions of Section 4 within which to cure such Event of Default. If the
      Event
      of Default is not cured within the applicable cure period, then, at the option
      of the Payee, Payee may declare the Maker in default (a “Default”) and all sums
      due hereunder shall become immediately due and payable.

    

    Any
      written notification from Payee to Maker hereunder shall be deemed to be written
      notification of an Event of Default, or Default, or rescission of Acceleration
      (as provided below), respectively, only if such notification, communication
      or
      other election shall (a) be clearly and distinctly identified as such a Notice
      of Event of Default, Notice of Default, or Notice of Rescission of Acceleration,
      respectively, and (b) be given by certified mail, return receipt requested
      or
      overnight delivery requiring acknowledgement of receipt, and any communication
      between the parties not so designated and delivered shall not be construed
      or
      deemed to be effective notice under this Section 5.

    

    6. Waivers.
      The
      Maker hereby waives presentment, demand for payment, notice of dishonor and
      any
      and all other notices or demands in connection with the delivery, acceptance,
      performance, default or enforcement of this Note and hereby consents to any
      waivers or modifications that may be granted or consented to by the Payee of
      this Note. No waiver by the Payee or any breach of any covenant of the Maker
      herein contained or any term or condition hereof shall be construed as a waiver
      of any subsequent breach of the same or of any other covenant, term or condition
      whatsoever.

    

    7. Enforcement.
      In the
      event that any Payee of this Note shall institute any action for the enforcement
      or the collection of this Note, there shall be immediately due and payable,
      in
      addition to the unpaid balance of this Note, all late charges, and all costs
      and
      expenses of such action including reasonable attorney’s fees. The Maker waives
      the right to interpose any setoff, counterclaim or defense of any nature or
      description whatsoever.

    

    8. Replacement
      of Note.
      Upon
      receipt by the Maker of evidence satisfactory to it of the loss, theft,
      destruction or mutilation of this Note, and (in case of loss, theft or
      destruction) of an indemnity reasonably satisfactory to it, and upon
      reimbursement to the Maker of all reasonable expenses incidental thereto, and
      upon surrender and cancellation of this Note if mutilated, the Maker will make
      and deliver a new Note of like tenor in lieu of this Note.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9. Amendments.
      This
      Note may not be changed, modified, amended, or terminated except by a writing
      duly executed by the Maker and the Payee.

    

    10. Governing
      Law.
      This
      Note shall be governed by, and construed in accordance with, the laws of the
      State of New York.

    

    11. Assignment.
      This
      Note may not be assigned, in whole or in part, by operation of law or otherwise,
      by the Maker without the prior written consent of the Payee in its sole and
      absolute discretion, and any purported assignment without the express prior
      written consent of the Payee shall be void ab initio. The Payee may assign
      any
      or all of its rights and interests hereunder to any party. Subject to the
      foregoing, this Note shall be binding upon, and inure to the benefit of, the
      successors and assigns of the Payee and the Maker.

    

    [See
      attached Signature Page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Signature
      Page

    to
      Promissory Note

    dated
      as of December 31, 2006

    

    IN
      WITNESS WHEREOF, the Maker has executed this Promissory Note by its duly
      authorized officer as of the 31st day of December, 2006.

     

    
      
        	 	 	 
	 	C2
                GLOBAL
                TECHNOLOGIES INC.
	 
 	 
 	 
 
	
              	By:   
                	
              
	 	Name:   
                	
                
 
	 	Title:DIRECTOR
      NON-QUALIFIED STOCK

    OPTION
      AWARD AGREEMENT

    

     

                  

    Date

     

     

    
      	 
	 
	 
	 

    

    

    Re: Grant
      of Non-Qualified Stock Option

     

    Dear
      [_____]:

     

    NexCen
      Brands, Inc. (the “Company”)
      is
      pleased to advise you that, pursuant to the Company's 2006 Long-Term Equity
      Incentive Plan (the “Plan”),
      the
      Committee (as defined in the Plan) has granted to you an option (the
“Option”)
      to
      acquire shares of common stock, par value $0.01 per share, of the Company
      (“Common
      Stock”),
      as
      set forth below, subject to the terms and conditions set forth
      herein:

     

    
      	
              Number
                of Option Shares:

            	
              [_]

            
	
              Date
                of Grant:

            	
              [_]

            
	
              Exercise
                Price per Option Share:

            	
              $[_]

            
	
              Vesting
                Date of Option Shares:

            	
              [_]

            
	
              Expiration
                Date of All Option Shares:

            	
              [_]

            

    

    

    The
      Option is not intended to be an "incentive stock option" within the meaning
      of
      Section 422 of the Code.

     

    Any
      capitalized terms used herein and not defined herein have the meaning set forth
      in the Plan.

     

    1.  Option.

     

    (a)  Term.
      Subject
      to the terms and conditions set forth herein, the Company hereby grants to
      you
      (or such other persons as permitted by paragraph 5) an Option to purchase the
      Option Shares at the exercise price per Option Share set forth above in the
      introductory paragraph of this letter agreement (the “Exercise
      Price”),
      payable upon exercise as set forth in paragraph 1(b) below. The Option shall
      expire at the close of business on the date set forth above in the introductory
      paragraph of this letter agreement (the “Expiration
      Date”),
      which
      is the tenth anniversary of the date of grant set forth above in the
      introductory paragraph of this letter agreement (the “Grant
      Date”).
      The
      Exercise Price and the number and kind of shares of Common Stock for which
      the
      Option may be exercised shall be subject to adjustment as provided under the
      Plan. For purposes of this letter agreement, “Option
      Shares”
mean
      (i) all shares of Common Stock issued or issuable upon the exercise of the
      Option and (ii) all shares of Common Stock issued with respect to the Common
      Stock referred to in clause (i) above by way of stock dividend or stock split
      or
      in connection with any conversion, merger, consolidation or recapitalization
      or
      other reorganization affecting the Common Stock.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)  Payment
      of Option Price.
      Subject
      to paragraph 2 below, the Option may be exercised in whole or in part, by
      written notice to the Company, upon payment of an amount (the “Option
      Price”)
      equal
      to the product of (i) the Exercise Price and (ii) the number of Option Shares
      to
      be acquired. Payment of the Option Price shall be made as provided under the
      Plan.

     

    2.  Exercisability/Vesting
      and Expiration.

     

    (a)  Normal
      Vesting.
      The
      Option granted hereunder may be exercised only to the extent it has become
      vested. The Option shall vest as indicated by the vesting date of Option Shares
      set forth in the introductory paragraph of this letter agreement.

     

    (b)  Normal
      Expiration.
      In no
      event shall any part of the Option be exercisable after the Expiration
      Date.

     

    (c)  Effect
      on Vesting and Status as a Director.
      Once
      the Option becomes vested, the Option granted hereunder shall remain exercisable
      until the tenth anniversary of the Grant Date regardless of whether you remain
      a
      director following the vesting date.

     

    3.  Procedure
      for Exercise.
      You may
      exercise all or any portion of the Option, to the extent it has vested and
      is
      outstanding, at any time and from time to time prior to the Expiration Date,
      by
      delivering written notice to the Company in the form attached hereto as
Exhibit
      A,
      together with payment of the Option Price in accordance with the provisions
      set
      forth in the Plan. The Option may not be exercised for a fraction of an Option
      Share.

     

    4.  Withholding
      of Taxes.

     

    (a)  Participant
      Election.
      Unless
      otherwise determined by the Committee, you may elect to deliver shares of Common
      Stock (or have the Company withhold Option Shares acquired upon exercise of
      the
      Option) to satisfy, in whole or in part, the amount the Company is required
      to
      withhold for taxes in connection with the exercise of the Option. Such election
      must be made on or before the date the amount of tax to be withheld is
      determined. Once made, the election shall be irrevocable. The fair market value
      of the shares to be withheld or delivered will be the Fair Market Value as
      of
      the date the amount of tax to be withheld is determined.

     

    (b)  Company
      Requirement.
      The
      Company, to the extent permitted or required by law, shall have the right to
      deduct from any payment of any kind (including salary or bonus) otherwise due
      to
      you, an amount equal to any federal, state or local taxes of any kind required
      by law to be withheld with respect to the delivery of Option Shares under this
      letter agreement.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    5.  Transferability
      of Option.
      You may
      transfer the Option granted hereunder only by will or the laws of descent and
      distribution or to any of your Family Members (as defined in the Plan) by gift
      or a qualified domestic relations order as defined by the Code. Unless the
      context requires otherwise, references herein to you are deemed to include
      any
      permitted transferee under this paragraph 5. The Option may be exercised only
      by
      you; by your Family Member if such person has acquired the Option by gift or
      qualified domestic relations order; by the executor or administrator of the
      estate of any of the foregoing or any person to whom the Option is transferred
      by will or the laws of descent and distribution; or by the guardian or
      representative of any of the foregoing.

     

    6.  Conformity
      with Plan.
      The
      Option is intended to conform in all respects with, and is subject to all
      applicable provisions of the Plan (which is incorporated herein by reference).
      Inconsistencies between this letter agreement and the Plan shall be resolved
      in
      accordance with the terms of the Plan, except that paragraph 2(c) of this letter
      agreement supercedes any inconsistent provision of the Plan. By executing and
      returning the enclosed copy of this letter agreement, you acknowledge your
      receipt of this letter agreement and the Plan and agree to be bound by all
      of
      the terms of this letter agreement and the Plan.

     

    7.  Rights
      of Participants.
      Nothing
      in this letter agreement shall interfere with or limit in any way the right
      of
      the Company to terminate your employment or other performance of services at
      any
      time (with or without Cause), as and to the extent applicable, nor confer upon
      you any right to continue in the employ or as a director or officer of, or
      in
      the performance of other services for, the Company or a Subsidiary for any
      period of time, or to continue your present (or any other) rate of compensation
      or level of responsibility. Nothing in this letter agreement shall confer upon
      you any right to be selected again as a Plan participant.

     

    8.  Amendment
      or Substitution of Option.
      The
      terms of the Option may be amended from time to time by the Committee in its
      discretion in any manner that it deems appropriate (including, but not limited
      to, acceleration of the date of exercise of the Option); provided that no such
      amendment shall adversely affect in a material manner any of your rights under
      the award without your written consent.

     

    9.  Successors
      and Assigns.
      Except
      as otherwise expressly provided herein, all covenants and agreements contained
      in this letter agreement by or on behalf of any of the parties hereto shall
      bind
      and inure to the benefit of the respective successors and permitted assigns
      of
      the parties hereto whether so expressed or not.

     

    10.  Severability.
      Whenever possible, each provision of this letter agreement shall be interpreted
      in such manner as to be effective and valid under applicable law, but if any
      provision of this letter agreement is held to be prohibited by or invalid under
      applicable law, such provision shall be ineffective only to the extent of such
      prohibition or invalidity, without invalidating the remainder of this letter
      agreement.

     

    11.  Counterparts.
      This
      letter agreement may be executed simultaneously in two or more counterparts,
      each of which shall constitute an original, but all of which taken together
      shall constitute one and the same letter agreement.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    12.  Descriptive
      Headings.
      The
      descriptive headings of this Agreement are inserted for convenience only and
      do
      not constitute a part of this Agreement.

     

    13.  Governing
      Law.
      THE
      VALIDITY, CONSTRUCTION, INTERPRETATION, ADMINISTRATION AND EFFECT OF THE PLAN,
      AND OF ITS RULES AND REGULATIONS, AND RIGHTS RELATING TO THE PLAN AND TO THIS
      LETTER AGREEMENT, SHALL BE GOVERNED BY THE SUBSTANTIVE LAWS, BUT NOT THE CHOICE
      OF LAW RULES, OF THE STATE OF DELAWARE.

     

    14.  Notices.
      All
      notices, demands or other communications to be given or delivered under or
      by
      reason of the provisions of this letter agreement shall be in writing and shall
      be deemed to have been given when (i) delivered personally, (ii) mailed by
      certified or registered mail, return receipt requested and postage prepaid,
      (iii) sent by facsimile or (iv) sent by reputable overnight courier, to the
      recipient. Such notices, demands and other communications shall be sent to
      you
      at the address specified in this letter agreement and to the Company at 1330
      Avenue of the Americas, 40th Floor, New York, NY 10019, Attn: Chief Financial
      Officer, or to such other address or to the attention of such other person
      as
      the recipient party has specified by prior written notice to the sending
      party.

     

    15.  Entire
      Agreement.
      This
      letter agreement and the terms of the Plan constitute the entire understanding
      between you and the Company, and supersede all other agreements, whether written
      or oral, with respect to your acquisition of the Option Shares.

     

    *****

    

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    Signature
      Page to Stock Option Award Agreement

     

    Please
      execute the extra copy of this letter agreement in the space below and return
      it
      to the Company to confirm your understanding and acceptance of the agreements
      contained in this letter agreement.

     

    Very
      truly yours,

     

    NEXCEN
      BRANDS, INC.

     

    By:_____________________________

     

    Name:__________________________

     

    Title:___________________________

     

    By
      your
      signature and the signature of the Company’s representative above, you and the
      Company agree that this Option is granted under and governed by the terms and
      conditions of the Plan and this letter agreement, both of which are attached
      and
      made a part of this document.

     

    

     

    OPTIONEE

     

    _________________________________

     

    

     

    Dated
      as
      of: ___________________

     

    

     

    Enclosures: 
       Extra
      copy of this letter agreement

    Copy
      of
      the Plan

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    Form
      of Letter to be Used to Exercise Stock Option

     

     

                  

    Date

     

    
      	 
	 
	 

    

    

    

    Attention:                        

     

    I
      wish to
      exercise the stock option granted on             
      and
      evidenced by a Stock Option Award Agreement dated as of             ,
      to
      acquire             
      shares
      of Common Stock of             ,
      at an
      option price of $_______ per share. In accordance with the provisions of
      paragraph 1 of the Stock Option Award Agreement, I wish to make payment of
      the
      exercise price (please
      check all that apply):

     

    
      	
              o

            	
              in
                cash

            
	
              o

            	
              by
                delivery of shares of Common Stock held by me

            
	
              o

            	
              by
                simultaneous sale through a broker

            

    

    

    I
      request
      these shares be issued by:

     

    
      	
              o

            	
              certificate

            
	
              o

            	
              electronic
                delivery to a brokerage account

            

    

    

    Please
      issue a certificate for these shares in the following name or
      registration:

     

    
      	 
	
              Name/Registration

            
	 
	
              Address

            
	 
	
              Social
                Security Number

            

    

    
 

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    Please
      issue these shares by electronic delivery to the following brokerage
      account:

    

    
      	 
	
              Name/Registration

            
	 
	
              Address

            
	 
	
              Social
                Security Number

            
	 
	
              Brokerage
                Company

            
	 
	
              Brokerage
                Account Number

            
	 
	
              Brokerage
                Point of Contact

            
	 
	
              Brokerage
                Telephone Number

            

    

    

    

    
      	
              Very
                truly yours,

            
	
               

              
              

            
	
              Signature

            
	
               

              
              

            
	
              Typed
                or Printed Name

            

    

    

    
      
         

      

      
        2

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