Document:

ex10_2.htm

    
      

    

    Exhibit
10.2

     

    SECURED NOTE
PAYABLE

    

    
      	
              $400,000

            	
              February 11,
2008

            

    

    

    FOR VALUE RECEIVED, BRIDGETECH HOLDINGS
INTERNATIONAL, INC. (the "Borrower" or the “Company”) hereby promises to pay to
the order of Carrie Yuen (the “Lender”), on or before May 11, 2008 (the “Due
Date”), the principal sum of four hundred thousand dollars ($400, 000) plus
interest of 8% from the date above.

    

    1.           Payment/Conversion
Terms.    Principal and Interest.  All
unpaid principal and accrued interest shall be due and payable not later than
the Due Date.

    

    2.           Adjustment to
Terms.   This Note and each of the provisions of this Note
shall, at the option of the Lender in writing, adjust to those offered others in
the upcoming bridge financing.

    

    3.           Events of
Default.  The entire unpaid principal amount of this Note,
together with all accrued interest thereon, shall, at the option of the Lender,
forthwith become due and payable, without notice or demand of any kind, all of
which are hereby expressly waived, upon the occurrence of any of the following
events:

    

    (a)           if
there is a default in the payment of the principal of and/or interest on the
Note in accordance with the terms hereof or in the due observance or performance
of any of the conditions, covenants or agreements contained herein;

    

    (b)           if
the Company shall admit in writing its inability to pay its debts generally as
they become due;

    

    (c)           if
the Company shall become insolvent, or shall be adjudicated
bankrupt;

    

    (d)           if
bankruptcy, insolvency, arrangement, debt adjustment, or receivership
proceedings, in which the Company is alleged to be insolvent or unable to pay
its debts as they mature, shall be instituted by or against the Company; or if
such pro­ceedings shall not be dismissed within 30 days after their
institution or within such additional period of time as the Company shall
reasonably request, provided the Company is diligently and in good faith
prosecuting such dismissal;

    

    (e)           if
the Company shall make an assignment for the benefit of creditors;

    

    (f)           if
there is a material and adverse change in the Company's financial position or
business and affairs;

    

    3.           Remedies.  In
case any one or more of the events specified in Section 2  hereof
shall have occurred and be continuing for more than 30 days from written notice
of Lender then the Lender may proceed to protect and enforce its rights either
by suit in equity and/or by action at law, whether for the specific performance
of any covenant or agreement contained in this Note or in aid of the exercise of
any power granted in this Note, or the Company may proceed to enforce the
payment of all sums due upon this Note or to enforce any other legal or
equitable right of the Company.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    4.           Payment of Costs and
Expenses.  The Borrower shall pay all costs and expenses
(including, without limitation, reasonable attorneys' fees) incurred by the
Lender in order to collect the amounts due hereunder or to protect its interests
hereunder.

    

    5.           Waiver of Presentment and
Notice of Dishonor.  The Borrower and all others who may at any
time be liable hereon in any capacity, jointly and severally, waive any
requirement of presentment, demand for payment, protest, notice of dishonor,
notice of acceleration, notice of protest, or further notice or demand of any
kind.

    

    6.           Notices.  All
notices, requests, consents and other communications hereunder to any party
shall be deemed to be sufficient if contained in a written instrument delivered
in person or duly sent by overnight courier, facsimile transmission or first
class registered or certified mail, return receipt requested, postage prepaid,
addressed to such party at the address set forth below or such other address as
may hereafter be designated in writing by the addressee to the addressor listing
all parties:

    

    
      	
               
      

            	
              (a)

            	
              If
      to the Company, to:

            

    

    Bridgetech
Holdings International, Inc

    402 W.
Broadway, 26th Floor

    San
Diego, CA 92101

    Fax:
619-564-7149

    Attn:  Michael
Chermak

    

    
      	
               
      

            	
              (b)

            	
              If
      to the Lender:

            

    

    Carrie
Yuen

    B1,
Laconia Cove

    5 Silver
Star Path, Silverstrand

    Clear
Water Bay Road

    Kowloon

    Hong
Kong

    

    All such
notices and communications shall be deemed to have been given in the case of (a)
personal delivery on the date of such delivery, (b) overnight courier on the day
following delivery to such courier and (c) mailing on the third day after the
posting thereof.

    

    7.           Governing
Law.  This Note shall be governed by and construed in
accordance with the laws of California.

    

    8.           Binding Effect; Successor
and Assigns.  This Note shall be binding upon and inure to the
benefit of and be enforceable by the respective successors and assigns of the
parties hereto, provided that the Borrower may not sell or assign or transfer
any of its interest hereunder without the prior written consent of the Lender,
its successors or assigns.

    9.           Severability.  If
any term, condition, or provision of this Note shall be held to be invalid,
illegal or unenforceable in any respect, then in such event the remainder of
this Note shall not be affected thereby and it shall remain in full force and
effect except with respect to such term, condition, or provision.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    10.           Amendments; No
Waiver.  Failure of the Lender to insist upon the strict
performance of any term, provision or covenant of this Note, or to exercise any
option or election conferred, shall not be deemed to be a waiver or
relinquishment of any future breach of any such term, covenant, condition,
election or option.  No provision of this Note may be waived, modified
or discharged orally, by course of dealing or otherwise, without writing signed
by the party to be charged with such waiver, modification or
discharge.

    

    Security Position.
Borrower shall secure this note with 51% of the equity of Bridgetech Asia
Limited, a BVI company. Such security shall be evidenced by the filing of a UCC
notice with the State of California. Such security shall supersede any other
claims regarding ownership of Bridgetech Asia Limited.

    

    IN WITNESS WHEREOF, the Borrower has
caused this Note to be executed and delivered by its agent thereunto duly
authorized, as of the date first written above.

    

    

    

    
      	
              BRIDGETECH
      HOLDINGS INTERNATIONAL, INC.

            	 
      
	 
      	 
      
	 
      	 
      
	
              By:

            	 
      	 
      
	
              Name:  Michael
      Chermak

            	 
      
	
              Title:    Chairman
      and Chief Executive Officerex10_3.htm

    
      
        

      
Exhibit 10.3

       

      EQUITY INTEREST PURCHASE
AGREEMENT

       

      THIS
EQUITY INTEREST PURCHASE AGREEMENT (this “Agreement”)
is entered into as of February 11, 2008, by and between Richard Propper,(“Buyer”)
and Bridgetech China Limited, a British Virgin Island corporation (the “Company”).

       

      WHEREAS,
the Company currently owns 100% of the Equity of Guangzhou Bridgetech Medical
Technologies Development Limited (“Guangzhou
Bridgetech”).

       

      WHEREAS,
Guangzhou Bridgetech Medical Technologies Development Limited owns all right,
title and interest in the JK1.com/cn web portal.

       

      WHEREAS,
Buyer desires to purchase from the Company a fifty-one percent (51%) interest in
Guangzhou Bridgetech, and the entire interest in the JK1 trademark (in each form
and jurisdiction), on the terms and conditions and for the consideration set
forth herein.

       

      NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
promises contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

       

      1.           Purchase and Sale of
Stock.

       

      1.1.        Sale and Issuance of Common
Stock.  Subject to the terms and conditions of this Agreement,
the Company agrees to sell and transfer at the closing, and Buyer agrees to
purchase at the Closing, a 51% Equity interest in Guangzhou Bridgetech for the
aggregate purchase price of Three Hundred Thousand Dollars ($300,000) (the
“Purchase
Price”), payable in cash by wire transfer to an account designated by the
Company under the following terms: $100,000 due upon signing and $50,000 per
month due at the end of the month starting on February 29, 2008.  The
funds will first be allocated towards retaining the staff of JK1.

       

      1.2.        Closing.  The
purchase and sale of the Equity interest shall take place at such time and place
as the Company and Buyer mutually agree upon orally or in writing (which time
and place are designated as the “Closing”).

       

      2.           Repurchase
Option.  Within
the ninety (90) day period after Closing or until Buyer pays in excess of 50% of
the purchase price, the Company shall have the option to repurchase the Equity
interest for an aggregate amount equal to 125% of the Purchase Price (the “Repurchase
Option”).  The Repurchase Option shall be exercised by written
notice signed by an officer of the Company or by any assignee or assignees of
the Company and delivered or mailed to Buyer at its address set forth on the
signature page hereto.  Such notice shall notify Buyer of the time,
place and date for settlement of such purchase as scheduled by the
Company.  The Company shall pay for the Equity interest purchased
pursuant to its Repurchase Option in cash by wire transfer to an account
designated by Buyer.  Upon delivery of such notice and payment of the
purchase price, the Company shall become the legal and beneficial owner of the
Equity being repurchased and all rights and interest therein or related
thereto.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      3.           Representations and
Warranties of the Company.  The
Company hereby represents and warrants that:

       

      3.1.        Authority of the
Company.  The
Company has all necessary power and authority and has taken all action necessary
to enter into this Agreement, to consummate the transactions contemplated hereby
and to perform its obligations hereunder and no other proceedings on the part of
the Company are necessary to authorize this Agreement or to consummate the
transactions contemplated hereby subject to China Government approval, where
applicable.  This Agreement has been duly and validly executed and
delivered by the Company and constitutes a legal, valid and binding obligation
of the Company enforceable against the Company in accordance with its terms
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of
creditors’ rights generally and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable
remedies.

       

      3.2.        Equity
Ownership.  The
Company owns beneficially and of record 100% of the Equity of Guangzhou
Bridgetech, free and clear of all encumbrances.

       

      3.3.        Assets of Guangzhou
Bridgetech.  Guangzhou
Bridgetech Medical Technologies Development Limited, owns all right, title and
interest in the JK1.com/cn web portal, which are substantially all the assets of
Guangzhou Bridgetech Medical Technologies Development Limited.

       

      4.           Representations and
Warranties of Buyer.  Buyer
hereby represents, warrants and covenants that:

       

      4.1.        Authority of
Buyer.  Buyer
has all necessary power and authority and has taken all action necessary to
enter into this Agreement, to consummate the transactions contemplated hereby
and to perform its obligations hereunder and no other proceedings on the part of
Buyer are necessary to authorize this Agreement or to consummate the
transactions contemplated hereby.  This Agreement has been duly and
validly executed and delivered by Buyer and constitutes a legal, valid and
binding obligation of Buyer enforceable against Buyer in accordance with its
terms except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other
equitable remedies.

       

      4.2.        Sufficient Information.  Buyer
is aware of the business affairs and financial condition of the Company and
Guangzhou Bridgetech and has acquired sufficient information to reach an
informed and knowledgeable decision to acquire the Equity
interest.  Buyer agrees that Buyer has been afforded full and complete
access to all information with respect to the Company, Guangzhou Bridgetech and
their operations that Buyer and Buyer’s advisors deemed necessary to evaluate
the merits and risks of an investment in the Equity interest.  Buyer
further acknowledges that Buyer and Buyer’s advisors have had the opportunity to
ask questions of and receive answers from management concerning this
investment.  Buyer has not used any broker or finder in respect of the
purchase of the Equity interest.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      4.3.        Risks of
Investment.  Buyer is aware that investment in the Equity
interest is speculative and involves a high degree of risk.  Buyer has
carefully considered the risks of this investment and understands that the
financial risks involved in this investment could result in a substantial or
complete loss of Buyer’s investment.  Buyer has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of investing in the Equity interest.  Buyer, in
evaluating the merits of an investment in the Equity interest, is not relying on
the Company or its affiliates or advisors for an evaluation of the tax, legal or
other consequences of an investment in the Equity interest.

       

      5.           Right of First
Refusal.  Subject
to the terms and conditions in this Agreement, any transfer of the Equity
interest by Buyer must be pursuant to the following steps:

       

      5.1.        Sale
Notice.  Buyer
shall give written notice (the “Sale
Notice”) to the Company of its intention to transfer the Equity
interest.  The Sale Notice shall (i) identify the proposed transferee
and Equity interest to be transferred to such transferee, (ii) the price for the
interest, and (iii) the terms of payment.

       

      5.2.        Company’s Election to
Purchase Equity
Interest.  The
Company shall have the option to purchase at the price and on the same terms and
conditions specified in the Sale Notice all or less than all of the Equity
interest referred to in the Sale Notice.  Within thirty (30) days
after delivery of the Sale Notice to the Company, the Company must give written
notice to Buyer regarding the Equity interest to be purchased by the
Company.

       

      5.3.        Price and Terms of
Purchase.  If
the Company elects to purchase any or all of the Equity interest set forth in
the Sale Notice, the Company shall purchase such Equity interest at the price
and on the same terms and conditions specified in the Sale Notice.

       

      5.4.        Waiver of Right of First
Refusal.  If
the Company does not elect to purchase all of the Equity interest set forth in
the Sale Notice, the Equity interest that the Company elected not to purchase
may be transferred to the transferee identified in the Sale Notice on the terms
and conditions specified in the Sale Notice.

       

      6.           Miscellaneous.

       

      6.1.        Survival.  The
warranties, representations and covenants of the Company and Buyer contained in
or made pursuant to this Agreement shall survive the execution and delivery of
this Agreement and the Closing and shall in no way be affected by any
investigation of the subject matter thereof made by or on behalf of Buyer or the
Company.

       

      6.2.        Successors and
Assigns.  Except
as otherwise provided herein, the terms and conditions of this Agreement shall
inure to the benefit of and be binding upon the respective successors and
assigns of the parties (including transferees of any Equity
interest).  Nothing in this Agreement, express or implied, is intended
to confer upon any party, other than the parties hereto or their respective
successors and assigns, any rights, remedies, obligations or liabilities under
or by reason of this Agreement, except as expressly provided in this
Agreement.

       

      6.3.        Governing
Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of California without regard to the conflict of law provisions
thereof.  The parties agree that any action brought by either party to
interpret or enforce any provision of this Agreement shall be brought in, and
each party agrees to, and does hereby, submit to the exclusive jurisdiction and
venue of, the appropriate state or federal courts located in San Diego,
California.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      6.4.        Titles and
Subtitles.  The
titles and subtitles used in this Agreement are used for convenience only and
are not to be considered in construing or interpreting this
Agreement.

       

      6.5.        Notices.  All
notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified,
(ii) when sent by confirmed telex, facsimile or electronic transmission
(including e-mail) if sent during normal business hours of the recipient, if
not, then on the next business day; (iii) five days after having been sent
by registered or certified mail, return receipt requested, postage prepaid; or
(iv) one day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of
receipt.  All communications shall be sent to the address as set forth
on the signature page hereof or at such other address as such party may
designate by ten days advance written notice to the other parties
hereto.

       

      6.6.        Expenses.  Irrespective
of whether the Closing is effected, the Company and Buyer shall pay their own
costs and expenses that it incurs with respect to the negotiation, execution,
delivery and performance of this Agreement.

       

      6.7.        Amendments and
Waivers.  Any
term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively), only with the written consent of the Company
and Buyer.  Any amendment or waiver effected in accordance with this
paragraph shall be binding upon each holder of any securities purchased under
this Agreement at the time outstanding (including securities into which such
securities are convertible), each future holder of all such securities and the
Company.

       

      6.8.        Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, such provision shall be excluded from this Agreement and the
balance of the Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

       

      6.9.        Entire
Agreement.  This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements or understandings,
whether written or oral, and no party shall be liable or bound to any other
party in any manner by any warranties, representations or covenants except as
specifically set forth herein.

       

      6.10.      Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

       

      [SIGNATURE
PAGE TO FOLLOW]

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.

       

      

      
        	 
      	
                BRIDGETECH
      CHINA LIMITED

              
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	 
      
	 
      	
                Name:

              	
                Michael
      Chermak

              
	 
      	 
      	 
      
	 
      	
                Title:

              	
                Director

              
	 
      	 
      	 
      
	 
      	
                Address:

              	
                402
      W Broadway,

              
	 
      	 
      	
                26th
      floor

              
	 
      	 
      	
                San
      Diego, CA 92101

              

      

      

      

      
        	 
      	
                Richard
      Propper

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                Address:

              	
                625
      Broadway, Suite 1110

              
	 
      	 
      	
                San
      Diego, CA 92101

              

      

       

       

      [SIGNATURE
PAGE TO STOCK PURCHASE AGREEMENT]

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