Document:

f8k120310ex10iv_business.htm

    Exhibit 10.4

     

    
      	 
      	 
      
	
              
PLEDGE
      OF SHARES

            	 
      

    

    

    
      	 
      	
              Over
      certain shares in

              Business
      Marketing Services, Inc

            
	
              
 

              BETWEEN

               

            	
              
 

              Hans
      Pandeya

              as
      pledgor

               

            
	
              AND

               

            	
              
Emil
      Koutanov, Guy Havenstein, Tony Fle-Danijelovich

              as
      pledgee

               

            

    

    
 

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    

    
CONTENTS

     

    
      	1.
    BACKGROUND	i
	2.
    DEFINITIONS	ii
	3. PLEDGE	ii
	4. VOTING
      RIGHTS	ii
	5.
    PERFECTION	ii
	6. CONTINUING
      SECURITY	ii
	7.
    ENFORCEMENT	iii
	8. REPRESENTATIONS,
      WARRANTIES AND UNDERTAKINGS	iii
	9. POWER OF
      ATTORNEY	iv
	10.
    ASSIGNMENT	iv
	11. LAW AND
      JURISDICTION	v

    

     

    

    Schedule
1:                                Power
of attorney

    
      	 
      	
              
PLEDGE
      OF SHARES

            
	 
      	 
      
	
              
BETWEEN

               

            	
              
Hans
      Pandeya

              as
      pledgor

            
	 
      	 
      
	 
      	
              
Founders

              as
      pledgee

            
	 
      	 
      

    

    

    
This pledge
agreement (the "Pledge Agreement") is made on [] November 2006 by

    

    
      	
              (1)

            	
              Hans
      Pandeya (the "Pledgor"), a Swedish natural person, passport no, [] with
      home address at 113 Harvard Street, Cambridge MA 02141, as
      pledgor

            

    

    

    in favour
of

    

    
      	
              (2)

            	
              Founders
      (the "Pledgee"), Emil Koutanov, Guy Havenstein, Tony Fle-Danijelovich as
      pledgee.

            

    

    

    
      	
              1.  

            	
              BACKGROUND

            

    

     

    The agreement.
Pursuant to a Asset Transfer Agreement (the "Agreement") dated the date hereof
between Business Marketing Services, Inc as buyer (the "Buyer") and the Pledgee
as seller, the Pledgee has agreed to sell its entire assets and rights in the
gTrade Trading Platform for an amount of USD 300,000 to the Buyer. The transfer
of ownership to the assets under the Agreement has been effectuated on the date
hereof. However, the Buyer has been granted a credit with respect to USD 300,000
of the purchase price, which only falls due on 31 May 2010. As security for this
credit Hans Pandeya, shareholder in the Buyer, has agreed to pledge certain of
his shares in the Buyer to the Pledgee on the terms and conditions set forth
below.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    Outstanding payment
obligation. The outstanding payment obligation of the Buyer under the
Agreement in the amount of USD 300,000 is referred to as the "Secured
Obligation". The Secured Obligation comprises all actual, contingent, present
and/or future obligations and liabilities of the Buyer from time to time to the
Pledgee with respect to payment of the outstanding part of the purchase price
under the Agreement.

     

    The Company. Business
Marketing Services, Inc is an American company having its registered address at
One Broadway, 10th
floor, Cambridge MA 02142 (the "Company").  The shares in the Company
are traded on the OTC BB in the US with the ticker symbol BMSV.

     

    The shares. The
Pledgor is the owner of 300,000 shares in the Company.

     

    
      	
              2.  

            	
              DEFINITIONS

            

    

     

    Defined terms. In
addition to the terms defined above, the following terms shall have the
following meaning in this Pledge Agreement:

     

    "Shares" means
[300,000 of the Pledgor's present shares in the Company, including all rights to
receive dividends, liquidation or redemption proceeds.

    

    Headings. In this
Pledge Agreement clause headings are for ease of reference only.

     

    
      	
              3.  

            	
              PLEDGE

            

    

     

    Pledge. As security
for the fulfilment of the Secured Obligation, the Pledgor hereby pledges with
first priority to the Pledgee all its right, title and interest in and to the
Shares.

     

    
      	
              4.  

            	
              VOTING
      RIGHTS

            

    

     

    Voting rights.
Notwithstanding Clause 3, the Pledgor has the right
to exercise the voting rights on the Shares in a manner consistent with this
Pledge Agreement and the Agreement.

     

    
      	
              5.  

            	
              PERFECTION

            

    

     

    Perfection. The
Pledgor undertakes immediately to procure that the Pledgee is registered as
pledgee in the OTC:BB system with respect to the Shares.

     

    
      	
              6.  

            	
              CONTINUING
      SECURITY

            

    

     

    Effective date. This
Pledge Agreement shall be effective as of the date hereof and shall continue to
be effective until the Secured Obligation have been fulfilled.

     

    No discharge. This
Pledge Agreement will not be discharged or affected by:

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              (a)  

            	
              any
      invalidity or unenforceability of the Pledgor's or any other person's
      obligations under the Agreement or any security granted in connection
      therewith;

            

    

     

    
      	
              (b)  

            	
              any
      extensions or time granted to the Pledgor or any other person who is
      liable for any obligations under the Agreement or any failure or delay in
      enforcing any such obligations under the
  Agreement;

            

    

     

    
      	
              (c)  

            	
              any
      release of or amendment to the Agreement any of the security granted in
      connection therewith;

            

    

     

    
      	
              (d)  

            	
              the
      Pledgor or any other person who is liable for any of the obligations under
      the Agreement being or becoming insolvent;
or

            

    

     

    
      	
              (e)  

            	
              any
      other act or omission of any kind by the Pledgor, the Pledgee or any other
      person which might constitute a discharge or reduction of the Pledgor's
      obligations under this Pledge
Agreement.

            

    

     

    Reinstatement in the event
of bankruptcy. If any payments received in relation to the Secured
Obligation are set aside in the event of a bankruptcy, the Secured Obligation
shall be restored to also include such payments and this Pledge Agreement shall
forthwith be in force notwithstanding any termination of this Pledge Agreement
and/or the fulfilment of the Secured Obligation.

     

    
      	
              7.  

            	
              ENFORCEMENT

            

    

     

    Remedies. If the
Buyer has not paid the Secured Obligation in full to the Pledgee on 31 May 2010,
the Pledgee has the right to immediately:

     

    
      	
              (a)  

            	
              sell
      all or part of the Shares without judgement or any other basis for
      execution;

            

    

     

    
      	
              (b)  

            	
              exercise
      any or all rights attached to the Shares including the voting
      rights;

            

    

     

    
      	
              8.  

            	
              REPRESENTATIONS,
      WARRANTIES AND UNDERTAKINGS

            

    

     

    Representations and
warranties. The Pledgor represents and warrants to the Pledgee
that:

     

    
      	
              (a)  

            	
              the
      Shares are not subject to any encumbrances other than as set forth in this
      Pledge Agreement;

            

    

     

    
      	
              (b)  

            	
              none
      of the Shares is subject to any shareholders' agreements;
    and

            

    

     

    
      	
              (c)  

            	
              there
      are no provisions in the Company's Articles of Association and the Pledgor
      is not subject to any other agreement, which restricts the transfer of the
      Shares or the ability of the Pledgor to enter into this Pledge Agreement
      (is this corrected? How about restricted shares?), including any rights of
      first refusal, options, pre-emptive rights, requirements for consent or
      any rights restricting or affecting the voting rights on or the disposal
      of the Shares.

            

    

     

    Undertakings. The
Pledgor undertakes towards the Pledgee:

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              (a)  

            	
              not
      to grant or permit to exist, and immediately procure the removal of any
      encumbrance on the Shares (including the voting rights), except as set out
      in this Pledge Agreement;

            

    

     

    
      	
              (b)  

            	
              not
      to sell or otherwise dispose of the Shares fully or
  partly;

            

    

     

    
      	
              (c)  

            	
              immediately
      to forward any relevant notices regarding the Shares and the Company to
      the Pledgee;

            

    

     

    
      	
              (d)  

            	
              to
      execute and deliver to the Pledgee such other documents and do such acts
      and take such steps which the Pledgee shall request for the purpose of
      perfecting and exercising its rights under this Pledge
      Agreement;

            

    

     

    
      	
              (e)  

            	
              not
      to enter into any shareholders' agreement with respect to the
      Shares;

            

    

     

    
      	
              (f)  

            	
              not
      to vote, without the prior written consent of the Pledgee, for any
      resolution or do or cause or permit to be done anything which will, or
      could be reasonably expected to, materially adversely affect the Shares or
      the effectiveness or value of the pledge or the Pledgee’s rights under
      this Pledge Agreement; and

            

    

     

    
      	
              (g)  

            	
              to
      ensure that all share certificates and any other instruments issued in
      relation to the Shares, are immediately delivered in original to the
      Pledgee.

            

    

     

    
      	
              (h)  

            	
              to
      not impede upon the Pledgee's rights to the full enjoyment including the
      sale of the Pledged Shares beyond those limitations that are imposed by
      the U.S. Securities and Exchange Commission (the "SEC");
    and

            

    

     

    
      	
              (i)  

            	
              in
      accordance to the Rule 144 of the SEC, the Pledgor will immediately upon
      request, grant consent to the Pledgee to the removal of the restricted
      legend from the Pledged Shares.

            

    

     

    
      	
              9.  

            	
              POWER
      OF ATTORNEY

            

    

     

    The
Pledgor irrevocably appoints the Pledgee as its agent with full power and
authority upon the occurrence of an event of default under the Agreement to act
for the Pledgor and in its name and on its behalf:

     

    
      	
              (a)  

            	
              to
      do such things and take such action as is set forth in Clause 7; and

            

    

     

    
      	
              (b)  

            	
              to
      sign and register all documents, which may be necessary in connection with
      a transfer of the Shares and to receive and sign for all sale
      proceeds.

            

    

     

    In case
of an event of default set forth in Section 9.1, the Pledgor will at the request
of the Pledgee issue a separate power of attorney in the form set out in Schedule 1, giving
the Pledgee the exclusive right to exercise or cause to be exercised the voting
right and other shareholder rights pertaining to all of the Pledgor’s shares and
other securities held in the Company, including but not limited to the Shares.
The power of attorney shall be renewed annually and the Pledgor shall ensure
that such power of attorney at all relevant times remains in
effect.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
              10.  

            	
              ASSIGNMENT

            

    

     

    The
Pledgee may at any time assign or transfer all or part of its rights or
obligations under this Pledge Agreement without the prior consent from the
Pledgor.

     

    
      	
              11.  

            	
              LAW
      AND JURISDICTION

            

    

     

    Law. This Pledge
Agreement shall be governed by Australian law.

     

    Main jurisdiction.
The courts of New South Wales in Australia  shall have exclusive
jurisdiction with respect to any dispute arising out of or in connection with
this Pledge Agreement. 

    
 

    As
Pledgor

    Hans
Pandeya:

     

    
      	Signature: /s/
      Hans Pandeya	 

    

          

    As
Pledgee

    Founders:

     

    
      	Signature:	 
	Print
name:	 
	Capacity:	 

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    Schedule
1

    

    

    FORM
OF POWER OF ATTORNEY

    

    

    Hans
Pandeya (the “Pledgor”) hereby empowers any person duly appointed by Founders
(the Pledgee) to attend all general meetings of the shareholders in Business
Marketing Services, Inc  (the Company) as the Pledgor’s representative
and to vote at such general meeting for all the shares in the Company owned by
the Pledgor.

    

    This
power of attorney is irrevocable and will exclude the Pledgor from exercising
the voting rights at general meeting of shareholders in the
Company.

    

    This
power of attorney becomes effective on the date it is signed by the Pledgor and
it shall remain in force for one year from such date.

    

    This
power of attorney shall in all respects be governed by and construed in
accordance with the laws of new South Wales, Australia.

    

    

    Date           /           2010

    

    

    

    ________________________

    Hans
Pandeya

     
 

     

    8f10k2009ex4viii_bioneutral.htm

Exhibit 4.8

 

THE PROMISSORY NOTE REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS.  THIS PROMISSORY NOTE MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT.

 

8% EXCHANGEABLE PROMISSORY NOTE

 

	US$250,000.00	Roseland, NJ
	No.:  5	Original Issuance Date:  March 9, 2010

 

FOR VALUE RECEIVED, the undersigned, BioNeutral Group, Inc., a Nevada corporation (“Issuer”), hereby promises to pay to Capara Investments LLC, a Nevada limited liability company, with a business address at 45 South Park Place, Suite # 282 Morristown NJ 07960 (“Holder”), at Holder’s business address or at such other address as Holder may designate from time to time in accordance with the terms hereof to Issuer, the principal amount of TWO HUNDRED FIFTY THOUSAND and 00/100 DOLLARS ($250,000.00) (subject to reduction as set forth in Section 3), plus all “PIK Amounts” (as hereinafter defined) added to the principal amount hereof pursuant to Section 1(c) hereof, on the five (5) year anniversary of the Original Issuance Date (the “Original Issuance Date”) set forth on the face of this unsecured 8% Exchangeable Promissory Note (this “Promissory Note”), or such earlier date as provided in Section 5 hereof (the “Maturity Date”), with interest on the unpaid principal amount of this Promissory Note from time to time as provided herein in lawful money of the United States of America at the rate per annum equal to eight percent (8%), to the extent and in the manner set forth herein.

 

 

	 Section 1.   	Principal and Interest.
	 	 
	(a)   	All outstanding principal under this Promissory Note and any accrued and unpaid interest thereon shall be due and payable on the Maturity Date.
	 	 
	(b)   	If the date on which any cash payment is due and payable under this Promissory Note is a day other than a Business Day, such payment shall be due and payable on the next succeeding Business Day.  Interest on this Promissory Note shall be computed on the basis of a 360-day year and twelve 30-day months, or in the case of any interest paid in connection with a prepayment for a period less than a full year, then on the basis of the pro rata portion of such year period calculated by dividing the number of days interest accrued during such period by the number of days in such period.  “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City are required or authorized by law to be closed.

 

 

  

  

  

 

	 (c)	Interest shall accrue on the then-outstanding principal under this Promissory from the later of the Original Issuance Date or the most recent date on which PIK Amounts were added to the principal amount of this Promissory Note through but not including the earliest of (i) each succeeding three (3) month anniversary of the Original Issuance Date, (ii) the date on which principal is prepaid pursuant to Section 3 hereof with respect to the amount of principal so prepaid, and (iii) the Maturity Date.  On each succeeding three (3) month anniversary of the Original Issuance Date, all accrued and unpaid interest on the unpaid principal amount of this Promissory Note (each a “PIK Amount”, and collectively, the “PIK Amounts”), shall be added to the unpaid principal amount of this Promissory Note.

 

Section 2.   Payments.  All cash payments hereunder shall be made in lawful money of the United States of America in immediately available funds to Holder at Holder’s place of business as set forth in the preamble to this Promissory Note or at such other address as Holder may designate from time to time in accordance with Section 8 hereof, and , at the sole option of Issuer, by certified or bank cashier’s check or wire transfer of immediately available funds at such address or to such account as Holder specifies in writing to Issuer.

 

Section 3.   Prepayment.  This Promissory Note may be prepaid in whole or in part at any time without premium or penalty; provided, however, that upon any such prepayment Issuer shall pay to Holder all accrued and unpaid interest on the principal amount being so prepaid from the later of the Original Issuance Date and the last date upon which PIK Amounts were paid hereunder, through, but not including, such prepayment date.

 

Section 4.   Exchange.  Upon the consummation of a Qualified Financing (as defined below), this Promissory Note shall automatically be exchanged for, at  the sole election of Issuer:

 

(a) securities on the same terms and conditions as those received by investors in such Qualified Financing based on an assumed exchange rate reflecting the pricing used in such Qualified Financing as determined in good faith by a the Issuer’s Board of Directors; or

 

(b) a number of shares of the Issuer's common stock,  par value $0.00001 per share ("Common Stock"), equal the quotient obtained by dividing (x) the then outstanding principal amount of this Promissory Note by (y) the lower of (i) $0.69 and (ii) the Fair Market Value (as defined below) of one share of Common Stock as of the date of such exchange.

 

Any securities of the Issuer issued pursuant to this Section 4 will, unless determined otherwise by  the Issuer in its sole discretion, not have been registered under the Securities Act of 1933, as amended (the "Act"), or applicable state securities laws.  Such securities may not be offered for sale, sold, transferred or assigned in the absence of an effective registration statement for the securities under the Act, or an opinion of counsel, in a generally acceptable form, that registration is not required under the Act.

 

For the purposes hereof,

 

(x) “Qualified Financing” means an investment in securities of Issuer (including any financing that includes convertible indebtedness and/or warrants) occurring after the Original Issuance Date by an investor that is not an affiliate of the Issuer in which Issuer receives net proceeds greater than $500,000 (including any additional investment by Holder or by the holder of any other 8% Exchangeable Promissory Note of Issuer in the Qualified Financing);

 

(y) “Fair Market Value” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the closing price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P., (b) if the OTC Bulletin Board is not a Trading Market, the closing bid price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined in good faith by the Issuer's Board of Directors; and

 

(z)  “Trading Market” means whichever of the New York Stock Exchange, the NYSE Amex, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question.

 

Section 5.   Events of Default; Remedies.  Upon the occurrence of any of the following specified events of default (each an “Event of Default”):  (i)  Issuer shall make a general assignment for the benefit of its creditors; (ii) Issuer makes an assignment for the benefit of creditors, or a trustee or receiver is appointed for Issuer or for the greater part of the properties of Issuer with the consent of Issuer, or if appointed without the consent of Issuer, such trustee or receiver is not discharged within ninety (90) days, or the bankruptcy, reorganization, liquidation or similar proceedings are instituted by or against Issuer under the laws of any jurisdiction, and if instituted against Issuer are consented to by Issuer or remain undismissed for ninety (90) days, or a writ or warrant of attachment or similar process shall be issued against a substantial part of the property of Issuer and shall not be released or bonded within sixty (60) days after levy; (iii) a sale or assignment in one or more series of related transactions of more than fifty percent (50%) of the voting equity interests of Issuer, (iv) a sale or other disposition, in one or more series of related transactions, of all, or substantially all, of the assets of Issuer and its subsidiaries, taken as a whole, (v) a merger or consolidation involving Issuer following which the holders of Issuer’s voting equity interests immediately prior to such transaction do not collectively own 50% or more of the outstanding voting equity interests in the surviving entity, or (vi) an event of default has occurred and is continuing under any  debt obligations of Issuer that have been subordinated by the terms thereof to this Promissory Note; provided, that, in the case of (iii), (iv) and (v), the purchaser or surviving entity, as the case may be, in such transaction is exclusively a third party that is not an affiliate of  Issuer;  THEN, in any such event, and at any time thereafter, unless and to the extent that Holder shall otherwise elect, if any Event of Default shall then be continuing, the principal and the accrued and unpaid interest under this Promissory Note shall become immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are expressly waived by Issuer.  Upon an Event of Default hereunder, Holder shall have the rights and remedies provided by law.

 

  

  

  

 

Section 6.   Investment Representations. Holder represents and warrants to the Issuer as follows:  (a) It is acquiring this Promissory Note, and (if and when this Promissory Note is exchanged pursuant to the terms hereof) it will acquire securities of the Issuer, for its own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with the present intention of distributing or selling the same; and Holder has no present or contemplated agreement, obligation, indebtedness or commitment providing for the disposition thereof; (b) Holder is an "accredited investor" as defined in Rule 501(a) under the Act; and (c) Holder has made such inquiry concerning the Issuer and its business and personnel as it has deemed appropriate; and Holder has sufficient knowledge and experience in finance and business that it is capable of evaluating the risks and merits of its investment in the Issuer.

 

Section 7.   Governing Law; Jurisdiction; Jury.  THIS PROMISSORY NOTE AND THE RIGHTS AND OBLIGATIONS OF ISSUER AND HOLDER HEREUNDER AND IN RESPECT HEREOF, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW JERSEY, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New Jersey or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New Jersey.  Each of Issuer and, by its acceptance hereof, Holder, hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Essex County, New Jersey, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  EACH OF ISSUER, AND BY ITS ACCEPTANCE HEREOF, HOLDER, HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS PROMISSORY NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

Section 8.   Notices.  All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed properly served and delivered if:  (i) sent through the United States mail, three (3) Business Days after deposit in United States first class mail, certified with return receipt requested and postage prepaid, (ii) sent by prepaid overnight delivery for next morning delivery by a nationally recognized overnight courier service, on the next Business Day after delivery to such nationally recognized overnight courier service, (iii) delivered by hand (including by overnight courier), when delivered, or (iv) sent by facsimile transmission with confirmation of receipt, upon receipt of a legible copy, in each case, addressed to (x) Issuer at its address for notices set forth on its signature page hereto or (y) Holder at the address of Holder’s residence set forth in the preamble hereto, as applicable, or at such other address, or to the attention of such other officer or Person, as Issuer or Holder, as applicable, shall have specified in writing to the other pursuant to notice given in the manner provided in this Section 8.

 

Section 9.   Amendment; Waiver.  No amendment, modification or waiver of any provision of this Promissory Note and no consent by Holder to any departure therefrom by Issuer shall be effective unless such modification or waiver shall be in writing and signed by both Issuer and Holder.

 

Section 10.   Assignment.  Holder may not assign or transfer all or any part of this Promissory Note or its interest therein and any attempt to effect such assignment or transfer will be void ab initio without the prior written consent of Issuer.  Notwithstanding the foregoing, this Promissory Note may be assigned to the heirs, executors, administrators, estate of Holder or any trust or trustee for any of the foregoing or Holder, upon the death or permanent disability of Holder.  Issuer may not assign this Promissory Note to any Person without the prior written consent of Holder other than to a direct or indirect wholly owned subsidiary of, or other affiliate of, Issuer.  This Promissory Note and the provisions hereof are to be binding on the successors and assigns of Issuer.

 

Section 11.   Effect of Headings; Construction.  The headings contained in this Promissory Note are for reference purposes only and shall not affect in any way the meaning or interpretation of this Promissory Note.  In the event of an ambiguity or question of intent or interpretation arises, this Promissory Note shall be construed as if drafted jointly by Issuer and Holder and no presumptions or burdens of proof shall arise favoring any party by virtue of the authorship of any of the provisions of this Promissory Note.

 

Section 12.   Severability.  To the extent any provision of this Promissory Note is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Promissory Note in any jurisdiction.

 

[Signature Page Follows]

 

  

  

  

 

IN WITNESS WHEREOF, Issuer has caused its duly authorized officer to execute and deliver this Promissory Note as of the Original Issuance Date of this Promissory Note.

 

BIONEUTRAL GROUP, INC.

 

	
  

	
By:

	/s/ Steve Browand

 

	
  

	
Name: Steve Browand

 

	
  

	
Title: Chief Executive Officer

 

Address for Notices:

 

211 Warren Street

 

Newark, New Jersey 07103

 

Telephone:  (973) 286-2899

 

	
  

	
Attention:  Chief Executive Officer

 

 

Acknowledged and Agreed as of the date first written above:

 

CAPARA INVESTMENTS LLC

 

By:  Raj Pamani, its sole member

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