Document:

Exhibit 10.41

Exhibit 10.41

NEITHER THIS NOTE NOR THE STOCK INTO WHICH THIS NOTE IS CONVERTIBLE (COLLECTIVELY, THE
“SECURITIES”) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933, OR AN OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT REGISTRATION IS NOT REQUIRED UNDER
SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

SECURED CONVERTIBLE PROMISSORY NOTE

			
	 	 	 
	$190,000.00
	 	March 20, 2009

FOR VALUE RECEIVED, Steel Vault Corporation, a Delaware corporation located at 1690 South
Congress Drive, Suite 200, Delray Beach, Florida 33445 (the “Borrower”), promises to pay to Blue
Moon Energy Partners LLC, a Florida limited liability company, or any subsequent holder upon a
permitted assignment of this Note (the “Lender”), located at 1690 South Congress Drive, Suite 200,
Delray Beach, Florida 33445, or at such other location designated by the Lender, the principal
amount of ONE HUNDRED NINETY THOUSAND AND NO/100 U.S. DOLLARS (U.S.$190,000.00) (the “Principal
Amount”), upon the terms and conditions specified below. Notwithstanding the foregoing, no payment
of principal or interest shall be required to the extent that such principal and interest has been
converted into equity securities of the Borrower pursuant to the terms hereof.

1. Repayment or Conversion.

(a) Repayment. The entire unpaid Principal Amount under this Note and all accrued and
unpaid interest thereon shall be due and payable ON DEMAND of the Lender, which demand may be made
at any time on or after March 20, 2011 (the “Maturity Date”), unless the Principal Amount and all
accrued but unpaid interest thereon is converted pursuant to the provisions of Section 1(b) below.

(b) Conversion.

(i) By Lender. Lender shall have the right, at any time, in its sole discretion to
convert all of the unpaid Principal Amount and accrued and unpaid interest thereon into that number
of shares of the Borrower’s common stock (the “Conversion Shares”) determined as follows (the
“Conversion Formula”):

The unpaid Principal Amount and accrued and unpaid interest on the date of conversion divided by
120% of the Price (as defined below), subject to equitable adjustment for any stock split,
combination, recapitalization, reorganization or other similar event. For example, if Lender elects
to convert this Note into shares of Borrower’s common stock on June 1, 2009 and the unpaid
Principal Amount and accrued and unpaid interest on such date is $191,000 and the Price multiplied
by 120% is $0.44, Borrower shall issue 434,091 Conversion Shares to Lender.

 

 

 

(ii) By Borrower. Upon the occurrence of a Change in Control of Borrower (as defined
in Borrower’s 2009 Stock Incentive Plan), or if the average of the high and low trading prices of
Borrower’s common stock as quoted on the Over The Counter Bulletin Board (or any other applicable
trading exchange) is greater than 120% of the Price for any twenty consecutive trading days,
Borrower shall have the right at any time thereafter in its sole discretion to convert all of the
unpaid Principal Amount and accrued and unpaid interest thereon into Conversion Shares pursuant to
the Conversion Formula.

(iii) In the event that Lender or Borrower, as applicable, elect to effect a conversion
hereunder, Lender shall deliver to Borrower the original of this Note, and Borrower shall deliver
to Lender a certificate representing the Conversion Shares into which this Note was converted.

(iv) For purposes herein, “Price” means the average of the high and low trading prices of
Borrower’s common stock as quoted on the Over The Counter Bulletin Board (or any other applicable
trading exchange) for the twenty consecutive trading day period immediately preceding the date of
this Note. Price is $0.37.

2. Prepayment. This Note may be prepaid in whole or in part at any time without
penalty.

3. Interest. This Note shall accrue interest at a rate equal to five percent (5%) per
annum compounded monthly.

4. Events of Default. The entire unpaid Principal Amount and all accrued and unpaid
interest shall become immediately due and payable upon (i) admission by the Borrower of its
inability to pay its debts generally as they become due or otherwise acknowledges its insolvency,
(ii) the filing of a petition in bankruptcy by the Borrower, (iii) the execution by the Borrower of
a general assignment for the benefit of creditors, (iv) the filing against the Borrower of a
petition in bankruptcy or a petition for relief under the provisions of the federal bankruptcy code
or another state or federal law for the relief of debtors and the continuation of such petition
without dismissal for a period of ninety (90) days or more, or (v) in the event that the Principal
Amount and all accrued and unpaid interest thereon shall not have been paid in full on or before
the Maturity Date.

5. Collection. If action is instituted to collect this Note, the Borrower promises to
pay to the Lender all reasonable costs and expenses (including reasonable attorneys’ fees) incurred
in connection with such action.

6. Security. This Note and the obligations hereunder are secured by that certain
Security Agreement (the “Security Agreement”) of even date herewith in the form attached hereto as
Exhibit A, between Lender and Borrower, which encumbers Borrower’s real and personal
property as more particularly described therein.

7. Waivers. No delay on the part of the Lender in exercising any right or remedy
hereunder shall operate as a waiver of such right or remedy. No single or partial exercise of a
right or remedy shall preclude other or further exercise of that or any other right or remedy. The
failure of the Lender to insist upon the strict performance of any term of this Note, or to
exercise any right or remedy hereunder, shall not be construed as a waiver or relinquishment by the
Lender for the future of that term, right or remedy. No waiver of any right of the Lender hereunder
shall be effective unless in writing executed by the Lender.

 

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8. Severability. The unenforceability or invalidity of any provision or provisions of
this Note as to any persons or circumstances shall not render that provision or those provisions
unenforceable or invalid as to any other provisions or circumstances, and all provisions hereof, in
all other respects, shall remain valid and enforceable.

9. Warrant. The Borrower shall, simultaneous with the execution of this Note, execute
and deliver to Lender a common stock purchase warrant in the form attached hereto as Exhibit
B (the “Warrant”) for 108,000 shares (the “Warrant Shares”).

10. Registration. If at any time Borrower proposes to register shares of its common
stock under the Securities Act, in connection with the public offering of such shares for cash (a
“Proposed Registration”) other than a registration statement on Form S-8 or Form S-4 or any
successor or other forms promulgated for similar purposes, Borrower shall, at such time, promptly
give Lender written notice of such Proposed Registration. Lender shall have ten (10) days from its
receipt of such notice to deliver to Borrower a written request specifying the amount of
Registrable Securities that Lender intends to sell and Lenders’ intended method of distribution.
Upon receipt of such request, Borrower shall use its commercially reasonable efforts to cause all
Registrable Securities which Borower has been requested to register to be registered under the
Securities Act to the extent necessary to permit their sale or other disposition in accordance with
the intended methods of distribution specified in the request of Lender; provided,
however, that the Company shall have the right to postpone or withdraw any registration
effected pursuant to this Section 10 without obligation to Lender. If, in connection with any
underwritten public offering for the account of Borrower or for stockholders of Borrower that have
contractual rights to require Borrower to register shares of common stock, the managing
underwriter(s) thereof shall impose a limitation on the number of shares of common stock which may
be included in a registration statement because, in the judgment of such underwriter(s), marketing
or other factors dictate such limitation is necessary to facilitate such offering, then Borrower
shall be obligated to include in the registration statement only such limited portion of the
Registrable Securities with respect to which Lender has requested inclusion hereunder as such
underwriter(s) shall permit. For purposes herein, “Registrable Securities” means the Conversion
Shares and the Warrant Shares and any other shares of common stock issuable pursuant to the
exercise of the Warrants (without regard to any limitation on such exercise), and any shares of
capital stock issued or issuable from time to time (with any adjustments) in replacement of, in
exchange for or otherwise in respect of the Conversion Shares or the Warrant Shares;
provided, however, that “Registrable Securities” shall not include any such shares
that have been sold pursuant to Rule 144 of the Securities Act.

11. Amendment. This Note and the Warrant shall not be amended without the express
written consent of Borrower and Lender.

12. No Impairment. The Borrower will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of capital stock or assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms set forth herein or in the Warrant, but
will at all times in good faith assist in the carrying out of all such terms and in the taking of
all such action as may be necessary or appropriate in order to protect the rights of Lender
hereunder.

 

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13. Interest Savings Clause. If any interest payment (or other payment which is deemed
by law to be interest) due hereunder is determined to be in excess of the then legal maximum rate,
then that portion of each interest payment representing an amount in excess of the then legal
maximum rate shall instead be deemed a payment of principal and applied against the principal of
the obligations evidenced by this Note.

14. Assignment. This Note is assignable and transferable by Lender with the Borrower’s
written consent, which consent shall not to be unreasonably withheld.

15. Notices. All notices, demands and requests of any kind to be delivered to any
party in connection with this Agreement shall be in writing and shall be deemed to have been duly
given if personally delivered, sent by facsimile or if sent by nationally-recognized overnight
courier or by registered or certified mail, return receipt requested and postage prepaid, to the
address set forth herein or to such other address as the party to whom notice is to be given may
have furnished to the other parties hereto in writing in accordance with the provisions of this
Section 15. Any such notice or communication shall be deemed to have been received (i) in the case
of personal delivery, on the date of such delivery, (ii) in the case of facsimile, when receipt is
confirmed, (iii) in the case of nationally-recognized overnight courier, on the next business day
after the date when sent and (iv) in the case of mailing, on the third business day following that
on which the piece of mail containing such communication is posted.

16. Legal Matters. The validity, construction, enforcement, and interpretation of this
Note are governed by the laws of the State of Florida and the federal laws of the United States of
America, excluding the laws of those jurisdictions pertaining to resolution of conflicts with laws
of other jurisdictions. The parties hereby expressly waive presentment, demand for payment,
dishonor, notice of dishonor, protest, notice of protest, and any other formality. The Borrower and
the Lender (a) consent to the personal jurisdiction of the state and federal courts having
jurisdiction in Palm Beach County, Florida, (b) stipulate that the proper, exclusive, and
convenient venue for any legal proceeding arising out of this Agreement is Palm Beach County,
Florida, for state court proceedings, and the Southern District of Florida, for federal district
court proceedings, and (c) waive any defense, whether asserted by a motion or pleading, that Palm
Beach County, Florida, or the Southern District of Florida, is an improper or inconvenient venue.

17. Further Assurances. From time to time, the Lender, at the Borrower’s reasonable
request, shall execute and deliver such other instruments and do and perform such other acts and
things in connection with the exercise of this Note.

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, this Note has been executed by the Borrower and delivered to the Lender as
of the date first above written.

	 	 	 	 	 
	 	BORROWER:

STEEL VAULT CORPORATION

 	 
	 	By:  	/s/ William J. Caragol
 	 
	 	 	William J. Caragol 	 
	 	 	Chief Executive Officer 	 
	 

 

-5-Exhibit 10.42

Exhibit 10.42

SECURITY AGREEMENT

This is a Security Agreement (the “Security Agreement”) between Steel Vault Corporation, a
Delaware corporation (“Debtor”) and Blue Moon Energy Partners LLC, a Florida limited liability
company (the “Secured Party”), and is dated as of March 20, 2009.

BACKGROUND

Debtor and Secured Party are parties to a Secured Convertible Promissory Note in the aggregate
principal amount of $190,000.00 (the “Note”). This Security Agreement secures the Note.

Accordingly, in consideration of the mutual covenants and agreements set forth below, the
parties agree as follows:

TERMS

1. Grant of Security Interest. For good and valuable consideration received, the sufficiency
of which is hereby acknowledged and agreed, in order to secure payment of (collectively, the
“Liabilities”): (a) the Note; (b) all costs and expenses, including attorneys’ fees, incurred in
collecting amounts due under the Note following an Event of Default; (c) all costs and expenses,
including attorney’s fees, incurred in connection with realizing upon the value of the security
provided by this Security Agreement following an Event of Default; and (d) all other liabilities
and obligations of the Debtor to Secured Party, however and whenever incurred or evidenced, whether
primary, secondary, direct, indirect, absolute, contingent, sole, joint, or several, arising prior
to the date of this Security Agreement or in connection herewith, or which may be hereafter
contracted or acquired, or incurred directly or indirectly in respect thereof, and all extensions
or renewals thereof; Debtor grants to the Secured Party a lien and security interest in all of
Debtor’s Assets (defined below), including without limitation, the Acquired Assets and the accounts
receivable arising out of the Acquired Assets (collectively, the “Collateral”). This security
interest shall also attach to all replacements and proceeds of the Collateral. “Assets” means: all
accounts receivable, chattel paper, instruments, documents, inventory, equipment, general
intangibles, intellectual property, investment property, and all other tangible and intangible
property of Debtor, whether now owned or existing or hereafter acquired or arising, wherever
located, and all cash and non-cash proceeds and products thereof.

2. Delivery of the Security. To perfect the security interest granted above, the Debtor shall
deliver to the Secured Party an adequate number of executed Form UCC-1s in a form and content
appropriate for filing in all relevant jurisdictions and reasonably acceptable to the Secured
Party.

 

 

 

3. Assurances; Covenants. Debtor hereby agrees that:

a. The Debtor covenants to the Secured Party that except for the security interest granted to
the Secured Party by this Security Agreement: (i) the Collateral is and will be free of all liens
and security interests of every kind and nature, except as may have been the result of actions of
the Secured Party; (ii) the Debtor will not assign, transfer, sell, convey, hypothecate, pledge, or
in any other way dispose of or encumber the Collateral while this Security Agreement is in effect;
and (iii) the Debtor will warrant and defend the Collateral and the Secured Party’s security
interest against the claims and demands of all persons.

b. Debtor will not, without the prior written consent of Secured Party, borrow from anyone on
the security of the Collateral, or otherwise permit any liens, encumbrances, security interests, or
adverse claims against the Collateral, and will not permit the Collateral to be levied upon under
any legal process.

c. Debtor will not, without the prior written consent of Secured Party, sell, transfer,
assign, deliver, trade, lease, license, grant any other security interest in, rent, secrete, or
otherwise dispose of all or any part of the Collateral (other than accounts and inventory, which
may be sold only in the ordinary course of business), or permit anything to be done that may impair
the value of the Collateral.

d. Debtor authorizes Secured Party to file financing statements, including amendments or
continuations thereof, describing the Collateral, and from time to time at the request of Secured
Party, will execute such other documents, and will do such other acts and things, all as Secured
Party may reasonably request, to establish and maintain a valid perfected security interest in the
Collateral (free of all other liens and claims whatsoever) and to enable Secured Party to enforce
its rights and remedies hereunder with respect to the Collateral.

4. Representations and Warranties. Debtor represents and warrants to Secured Party as follows:

a. Debtor is a corporation duly organized, validly existing, and in good standing and active
status under the laws of the state of Delaware;

b. Debtor has all requisite power to own and operate its properties and to carry on its
business as now being conducted, and has all necessary rights to conduct its business;

c. Debtor has the power, authority, and legal right to execute and deliver this Security
Agreement, and to perform its obligations hereunder, and has taken all action necessary to
authorize the execution, delivery, and performance of this Security Agreement and to authorize the
transactions contemplated hereby;

d. The execution, delivery, and performance by Debtor of this Security Agreement will not (i)
contravene, conflict with, result in the breach of, or constitute a violation of or default under
the organizational documents of Debtor, any applicable law, rule, regulation, judgment, order,
writ, injunction, or decree of any court or governmental authority, or any agreement or instrument
to which Debtor is a party or by which Debtor or its property may be bound or affected, or (ii)
result in the creation of any lien, charge, or encumbrance upon any property or assets of Debtor
pursuant to any of the foregoing, except the liens created by this Security Agreement;

 

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e. This Security Agreement constitutes a legal, valid, and binding agreement enforceable
against the Debtor and the Collateral in accordance with its terms and, without limiting the
foregoing, this Security Agreement grants Secured Party a valid, perfected security interest in the
Collateral; and

f. Debtor is the owner of the Collateral free and clear of all liens, encumbrances, security
interests, and adverse claims whatsoever, except in respect of the security interest granted in
this Security Agreement.

5. Default. Each of the following shall, after receipt by Debtor of written notice from
Secured Party and after a cure period of five (5) business days with respect to Section 5(a) below,
and thirty (30) days with respect to Sections 5(b) through 5(d) below, constitute an event of
default under this Security Agreement (each, an “Event of Default”):

a. The occurrence of a default under the Note, or a breach of the assurances set forth in
Section 3 of this Security Agreement, or any other Liability is not paid when due (and such
nonpayment continues beyond the expiration of any applicable grace or cure period);

b. Any representation or warranty made by any Debtor under this Security Agreement or any
report, certificate, financial statement, or other information provided by any Debtor to Secured
Party in connection herewith is false or misleading in any material respect when made or deemed
made; and

c. Any Debtor fails to fully and promptly perform when due any agreement or covenant under
this Security Agreement or any related document (and such failure continues beyond the expiration
of any applicable grace or cure period).

In the event that Debtor substantially cures such default within the applicable cure period, such
default shall not constitute an Event of Default.

6. Remedies in the Event of a Default.

a. In an Event of Default under this Security Agreement, the Secured Party will have the right
at any time and from time to time, without further notice or demand to any Debtor to exercise the
rights and remedies upon default that are granted to a secured party under the Uniform Commercial
Code and/or that are otherwise available to Secured Party under this Security Agreement, the Note,
or otherwise available to secured creditors at law and/or in equity under applicable law, including
without limitation:

(i) Enforce any Debtor’s rights against account debtors and notify any and all account debtors
or other parties against which any Debtor has a claim under the Collateral that such Collateral has
been assigned by Debtor and that Secured Party has a security interest therein and, if desired by
Secured Party, that all payments should be made to Secured Party;

(ii) Receive and endorse the name of any Debtor upon any instruments of payment (including
payments made under any policy of insurance) that may come into the possession of Secured Party;

 

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(iii) Sell, assign, demand, sue for, collect, compromise, or settle payment of all or any part
of the Collateral in the name of any Debtor or in its own name, or make any other disposition of
the Collateral, or any part thereof, which disposition may be for cash, credit, or any combination
thereof, or make exchanges, substitutions, surrenders, or discharges of any of the Collateral;

(iv) Purchase all or any part of the Collateral at public or, if permitted by law, private
sale, and in lieu of actual payment of such purchase price, to set off the amount of such price
against the Liabilities; and

(v) Do all things that Secured Party may reasonably deem necessary or advisable to accomplish
the purposes of this Security Agreement;

granting to Secured Party, as the attorney-in-fact of Debtor, full power of substitution and full
power to do any and all things necessary to be done in and about the premises as fully and
effectually as any Debtor might or could do but for this appointment, and hereby ratifying all that
said attorney-in-fact shall lawfully do or cause to be done by virtue of this Security Agreement.
This power of attorney is coupled with an interest and shall be irrevocable until the Liabilities
have been paid in full and all commitments to lend have been terminated.

b. Upon the occurrence of an Event of Default:

(i) Secured Party may direct the disposition of the Collateral and any other collateral for
the Liabilities, in such order or manner as Secured Party may in its sole discretion determine;

(ii) Secured Party shall have the right to enter and remain upon the premises of Debtor,
without any obligation to pay rent to any Debtor or others, or any other place or places where any
of the Collateral is located or kept, and: (1) remove Collateral therefrom, in order to maintain,
sell, collect, and liquidate the Collateral; or (2) use such premises, together with materials,
supplies, books, and records of Debtor, to maintain possession of and the condition of the
Collateral, and to prepare the Collateral for selling, liquidating, or collecting.

(iii) Secured Party may require Debtor, at Debtor’s expense, to assemble the Collateral and
make it available to Secured Party at a place to be designated by Secured Party which is reasonably
convenient to both parties.

c. The net proceeds realized by Secured Party upon a sale or other disposition of the
Collateral, or any part thereof, after deduction of the expenses of retaking, holding, preparing
for sale, selling or the like, and reasonable attorneys’ fees and other expenses incurred by
Secured Party, shall, be applied to payment of (or held as a reserve against) the Liabilities,
whether or not then due, and in such order of application as Secured Party may from time to time
elect.

 

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7. Termination. This Security Agreement and the security interest granted pursuant to this
Security Agreement shall terminate when all the Liabilities have been paid in full. Upon such
termination, the Secured Party will deliver all the appropriate executed Form UCC-3s to the Debtor
necessary to terminate all effective financing statements in the Secured Party’s favor that are
then on file or recorded with respect to the collateral described in this Security Agreement.

8. Right to Inspect. If Debtor is in default under this Security Agreement, the Debtor will
permit representatives of the Secured Party to have full access to all premises, properties, books,
records, tax records, or documents of or pertaining to the Collateral in order to enable the
Secured Party to have access to the Collateral and the premises, properties, books, records, tax
records and documents related thereto.

9. Assignment. Neither this Security Agreement nor any of the rights, interests, or
obligations arising under this Security Agreement may be assigned by either party, without the
prior written consent of the other party hereto. Subject to the foregoing, this Security Agreement
shall be binding upon and inure to the benefit of Secured Party, its successors and assigns, and
shall be binding upon Debtor and its heirs, legal representatives, successors, and assigns and
shall bind all persons who become bound as a Debtor to this Security Agreement.

10. Binding Effect. This Security Agreement shall inure to the benefit of and be binding upon
the Secured Party’s permitted successors and assigns, and shall inure to the benefit of and be
binding upon Debtor’s permitted successors and assigns.

11. Severability. Any provision of this Security Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction only, be ineffective only to the
extent of such prohibition or unenforceability without invalidating the remaining provisions of
this Security Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. If any provision of this Security Agreement is so broad as to be unenforceable, the
provision shall be interpreted to be only so broad as is enforceable.

12. Titles. The titles and headings preceding the text of the sections of this Security
Agreement have been inserted solely for convenience of reference and do not constitute a part of
this Security Agreement or affect its meaning, interpretation, or effect.

13. Waiver. The failure of either party to insist in any one or more instances upon
performance of any terms or conditions of this Security Agreement shall not be construed as a
waiver of future performance of any such term, covenant, or condition, and the obligations of
either party with respect to such term, covenant, or condition shall continue in full force and
effect.

14. Entire Agreement. This Security Agreement contains the final, complete, and exclusive
expression of the understanding of the Debtor and the Secured Party with respect to the
transactions contemplated in this Security Agreement, and supersedes any prior or other
contemporaneous agreement or representation by or between the parties related to the subject matter
of this Security Agreement.

15. Amendment. This Security Agreement may not be amended, modified, or changed in any respect
except by an agreement in writing signed by the Debtor and the Secured Party, and any waiver by
either party of any requirement pursuant to this Security Agreement shall be in writing.

 

5

 

16. Notices. All notices, requests, demands, claims and other communications under this
Security Agreement will be in writing. Any notice, request, demand, claim or other communication
under this Security Agreement shall be deemed duly given if it is sent: (a) by personal delivery,
or (b) by commercial delivery or overnight courier service that requires a signature as evidence of
delivery, and, in each case, addressed to the intended recipient as set forth below, or to any
other or additional persons and addresses as the Parties may from time to time designate in a
writing delivered in a writing in accordance with this Section 16:

If to the Secured Party:

Blue Moon Energy Partners LLC

1690 South Congress Drive, Suite 200

Delray Beach, Florida 33445

Attn: Scott R. Silverman

If to Debtor:

Steel Vault Corporation

1690 South Congress Drive, Suite 200

Delray Beach, Florida 33445

Attn: William J. Caragol

17. Governing Law. This Security Agreement shall be construed and enforced in accordance with
the laws of Florida. In any litigation in connection with or to enforce this, or any other related
documents, Debtor irrevocably consents to and confers personal jurisdiction on the courts of the
State of Florida or the United States courts located within the State of Florida, expressly waives
any objections as to venue in any of such courts, and agrees that service of process may be made on
Debtor by mailing a copy of the summons and complaint by registered or certified mail, return
receipt requested, to its most recent address provided in writing.

18. Relationship. This Security Agreement does not create or evidence a partnership or joint
venture between Debtor and the Secured Party.

19. Interpretation. Neither this Security Agreement nor any uncertainty or ambiguity in this
Security Agreement shall be construed or resolved against any party, whether under any rule of
construction or otherwise. No party to this Security Agreement shall be considered the draftsman.
The parties acknowledge and agree that this Security Agreement has been reviewed, negotiated, and
accepted by all the parties and their attorneys and shall be construed and interpreted according to
the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of
the parties.

 

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20. Time. Time shall be of the essence with respect to all of the provisions of this Security
Agreement.

21. Counterparts. This Security Agreement may be executed (including by facsimile
transmission) in two or more counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument.

22. Enforcement of Security Agreement. The parties agree that irreparable damage will occur if
any of the provisions of this Security Agreement are not performed in accordance with its specific
terms or are otherwise breached. It is therefore agreed that the parties shall be entitled to an
injunction or injunctions to prevent breaches of this Security Agreement and to specifically
enforce the terms and provisions of this Security Agreement in any court of the United States or
any state having jurisdiction, in addition to any other remedy to which they are entitled.

23. Remedies Cumulative. The rights and remedies provided in this Security Agreement are
cumulative and not exclusive of any rights or remedies provided by law, and the warranties,
representations, covenants, and other provisions of this Security Agreement shall be cumulative.

 

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IN WITNESS WHEREOF, the undersigned have executed this Security Agreement as of the date and
year first above written.

	 	 	 	 	 
	 	STEEL VAULT CORPORATION

 	 
	 	By:  	/s/ William J. Caragol
 	 
	 	 	William J. Caragol, Chief Executive Officer 	 
	 	 	 	 
	 
	 	BLUE MOON ENERGY PARTNERS, LLC

 	 
	 	By:  	/s/ Scott R. Silverman
 	 
	 	 	Scott R. Silverman, Managing Partner 	 
	 	 	 	 
	 

 

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