Document:

ex10-11.htm

  

  

  

PERSONAL SERVICES AGREEMENT

 

This Personal Services Agreement is entered into this 1st day of March 2015 (the "Agreement") by and between Robertson J. Orr, an individual residing in Chandler, Arizona (the "Executive"), and Bollente Companies, Inc., a Nevada corporation located at 8800 N Gainey Center Dr., Suite 270, Scottsdale, AZ 85258 (the "Company").

 

WHEREAS, the Company wishes to contract for the services of the Executive to serve as the President and Chief Executive Officer of the Company on an interim basis;

 

WHEREAS, Executive wishes to be contracted by the Company as its interim President and Chief Executive Officer;

 

NOW, THEREFORE, the parties hereby agree as follows:

 

1. Executive's Services. Executive shall be available and shall provide to the Company professional services related to the general executive management of the Company, including providing counsel to the Board of Directors regarding the research, development, manufacture, marketing, and sales of a proprietary line of green products, as well as the development of a defensible intellectual property portfolio related to the same, as needed and requested by the Board of Directors ("Executive Services").

 

2. Remuneration.

 

a. Compensation. The gross annual cash compensation of the Executive shall be Seventy Five Thousand (75,000) US Dollars (hereinafter, the “Compensation”). All Compensation payable hereunder shall be payable on a monthly basis in arrears.

b. Alternative Payment. The Executive agrees that up to One Hundred Percent (100%) of such Compensation payable in accordance with Article 2.a above may, at the discretion of the Executive, be a value at the time of payment equal to the value of such unpaid (cash) Compensation (“Stock Based Payment”).  Securities issued to the Executive in connection with the Stock Based Payment shall be priced at One (1.00) US Dollar per share.

c. Expenses. The Executive will be reimbursed for reasonable business expenses, within such policy guidelines as may be established from time to time, by the Company’s Board of Directors, provided that such business expenses are incurred in the ordinary course of performing the Executive’s duties.

d. Stock. The Executive shall be entitled to receive Sixty Thousand (60,000) restricted common shares of the Company upon execution of the Agreement and Thirty Thousand (30,000) restricted common shares of the Company per calendar quarter which shall vest to the Executive beginning on May 31, 2012 and on the last business day of each subsequent calendar quarter for the Term of the Agreement. Such shares shall bear piggy-back registration rights in connection with the filing by the Company of an effective registration statement with the US Securities and Exchange Commission.

  

  

  

e. Bonuses. The Executive shall be entitled to receive bonus compensation in the form of cash or restricted common shares of the Company (“Bonus Shares”) from time to time at the discretion of the Board of Directors. Bonus Shares shall bear piggy-back registration rights in connection with the filing by the Company of any registration statement with the US Securities and Exchange Commission.

 

 

3. Confidentiality. In the course of performing Executive Services, the parties recognize that Executive may come in contact or become familiar with information which the Company or its subsidiaries or affiliates may consider confidential. This information may include, but is not limited to, information pertaining to manufacturing processes, marketing plans, sales prospects, customer lists, investors, stockholders, partnerships, joint ventures, intellectual property and other proprietary information, which information may be of value to a competitor. Executive agrees to keep all such information confidential and not to discuss or divulge it to anyone other than appropriate Company personnel or their designees.

 

4. Term. This Agreement shall commence on March 1, 2015 and shall terminate on February 28, 2016, unless earlier terminated by either party hereto. Either party may terminate this Agreement upon Thirty (30) days prior written notice. The Company may, at its option, renew this Agreement for an additional term of Twelve (12) months on the same terms and conditions as set forth herein by giving notice to Executive of such intent to renew on or before February 1, 2016.

 

5. Representations and Warranties. The Executive will make no representations, warranties, or commitments binding the Company without the Company's prior consent.

 

6. Legal Right. Executive covenants and warrants that it has the unlimited legal right to enter into this Agreement and to perform in accordance with its terms without violating the rights of others or any applicable law and that he/she has not and shall not become a party to any other agreement of any kind which conflicts with this Agreement. Executive shall indemnify and hold harmless the Company from any and all damages, claims and expenses arising out of or resulting from any claim that this Agreement violates any such agreements. Breach of this warranty shall operate to terminate this Agreement automatically without notice as specified in Paragraph 5 and to terminate all obligations of the Company to pay any amounts which remain unpaid under this Agreement.

 

7. No Waiver. Failure to invoke any right, condition, or covenant in this Agreement by either party shall not be deemed to imply or constitute a waiver of any rights, condition, or covenant and neither party may rely on such failure.

 

8. Notice. Any notice or communication permitted or required by this Agreement shall be deemed effective when personally delivered or deposited, postage prepaid, in the first class mail of the United States properly addressed to the appropriate party at the address set forth below:

 

a. Notices as to Executive:                  312 W. Macaw Dr.

Chandler, AZ 85286

b. Notices to the Company:                8800 N. Gainey Center Dr., Suite 270

Scottsdale, Arizona 85258

  

  

  

9. Enforceability. If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable, the reminder of the Agreement shall remain in full force and effect and shall in no way be impaired

 

10. Entire Agreement and Amendments. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and replaces and supersedes all other agreements or understandings, whether written or oral. No amendment or extension of this Agreement shall be binding unless in writing and signed by both parties.

 

11. Binding Effect, Assignment. This Agreement shall be binding upon and shall inure to the benefit of Executive and the Company and to the Company's successors and assigns. Nothing in this Agreement shall be construed to permit the assignment by Executive of any of its rights or obligations hereunder, and such assignment is expressly prohibited without the prior written consent of the Company.

 

12. Governing Law, Severability. This Agreement shall be governed by the laws of the State of Arizona. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision.

WHEREFORE, the parties have executed this Agreement as of the date written above.

COMPANY:

Bollente Companies, Inc.

/S/ Robertson J. Orr                                                                

Robertson J. Orr

Duly Authorized

EXECUTIVE:

/S/ Robertson J. Orr                                                                

Robertson J. Orr

Duly Authorizedex10-12.htm

  

  

  

PROMISSORY NOTE

 

FOR VALUE RECEIVED, Bollente Companies, Inc., a publicly traded Nevada corporation with its principle place of business in Scottsdale, Arizona ("Borrower"), by this promissory note (the "Note") unconditionally promises to pay to Envision Growth Partners, a Delaware Limited Liability Company with offices in Scottsdale, Arizona ("Lender") in lawful money of the United States of America, the principal amount of Two Hundred Thousand (200,000.00) Dollars (“Principle Balance”).

WHEREAS, The Borrower desires to enter into a Note for the purposes of obtaining products and services from specific vendors;

WHEREAS, The Lender desires to enter into a Note with the Borrower in order to assist the Borrower in its contemplated transactions;

NOW THEREFORE, the parties agree to the terms set forth below:

1. Payment Terms

1.1.           Term.  The term of the Note is for a period of Twelve (12) Months beginning March 3, 2015 and ending on March 2, 2017  (“Maturity”).

1.2           Extension.  The Maturity shall be extended in writing in Twelve (12) Month increments upon the mutual agreement by the Parties on the same terms hereinafter set forth.

1.2.           Interest.  Simple interest shall be paid monthly at a rate of One Percent (1%) per month (12% per annum).

1.3.           Repayment. The repayment of principal shall consist of a single balloon payment and shall consist of the balance of all unpaid principal, together with any due and unpaid interest.

1.4           Due Dates. The interest payments shall be due monthly in arrears on the first day of each month and the balloon payment consisting of the unpaid principal amount, together with any due and unpaid interest, shall be made on or before the Maturity.

1.5.           Place for Payment. All payments (including prepayments) made hereunder shall be made by the Borrower without setoff or counterclaim, in United States Dollars and in immediately available funds at such address as Lender may designate from time to time.

1.6.           Type of Payment. Any check, draft, money order, or other instrument given in payment of all or any portion hereof may be accepted by the Lender.

  

  

  

2. Prepayment

2.1.           Prepayments. The Borrower may, in its discretion, make payments to the Principal Balance before the Due Date.

3. Default

 

3.1.           Default. In the event that Borrower fails to comply with any duty hereunder, Borrower will be in default of the Note.

 

 

3.2.           Cure Notice and Acceleration. In the event that Borrower defaults on the Note, and fails to cure the default within five business days, the Lender is entitled to accelerate the Note and declare the entire principal amount immediately due and payable.  Lender’s forbearance in enforcing a right or remedy as set forth herein shall not be deemed a waiver of any right or remedy for a subsequent cause, breach or default of the Borrower's obligations herein.

 

4. Miscellaneous Terms and Conditions

4.1.           Representations and Warrants. The Borrower hereby represents and warrants to the Lender that: (a) the Borrower has full power, authority, and legal right to execute and deliver, and to perform its obligations under this Note, and to authorize the execution and delivery of this Note and the performance of its obligations hereunder; (b) this Note constitutes a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms; (c) the execution, delivery and performance of this Note, will not violate any provision of any law or regulation or of any judgment, order, decree, determination or award of any court, arbitrator or government authority, bureau or agency, or any securities issued by, the Borrower or of any mortgage, indenture, loan or security agreement, lease, contract or other agreement, instrument or undertaking to which the Borrower is a party or which purports to be binding upon it or any of its property or assets and will not result in the creation or imposition of any mortgage, pledge, hypothecation, assignment, security interest, lien, charge, encumbrance, priority, title retention or other preferential arrangement of any nature whatsoever on any of its property, assets or revenues pursuant to the provisions of any of the foregoing; (d) all consents of others, if any, required to the validity or enforceability of this Note have been unconditionally obtained or made and are in full force and effect; and (e) no litigation, arbitration, investigation, or administrative proceeding of or before any court, arbitrator or governmental authority, bureau or agency is currently pending or, to the knowledge of the Borrower, threatened (i) with respect to this Note or the transactions contemplated by this Note, or (ii) against or affecting the Borrower or any of its property or assets, which, if adversely determined, would have a material adverse effect on the financial condition of the Borrower, and Borrower agrees that if any such event as indicated in this section (e) occurs or is about to occur, Borrower will give the Lender written notice of such happening within 10 days of same.

4.2.           Reasonable Requests. The parties agree to execute and deliver such further documents and to do such other acts and things as the Lender may reasonably request in order further to effect the purposes of this Note and the due performance by the Borrower of its obligations hereunder.

  

  

  

4.3.           Waiver. No failure to exercise and no delay in exercising, on the part of the Lender, any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other power or right. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.

4.4.           Binding Effect. The obligations and rights under this Note shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors, endorsees and assigns, except that the Borrower may not assign or transfer its obligations hereunder without the prior written consent of the Lender.

4.5.           Modification. This Note may not be modified orally and shall be governed by, and construed and interpreted in accordance with, the law of the State of Arizona.

4.6.           Severability. If any provision of this Note or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Note nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law.

4.7.           Entire Agreement. This Agreement is the full and final integration of the agreement of the parties with respect to the matters covered by it, and supersedes any prior understanding or agreements, oral or written, with respect thereto.

 

 

{Signature Page to Follow}

 

 

  

  

  

IN WITNESS WHEREOF, the undersigned have executed this Promissory Note as of the date first written above.

Lender:

Envision Growth Partners, LLC

/S/ Joshua L. Allred                                                                

Joshua L. Allred

Manager

Borrower:

BOLLENTE COMPANIES, INC.

/S/ Robertson J. Orr                                                                

Robertson J. Orr

Chairman

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