Document:

ex10-2.htm

Exhibit 10.2

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS COVERED BY AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

INDIA GLOBALIZATION CAPITAL, INC.

 

UNSECURED PROMISSORY NOTE

 

	
$1,800,000

	
February 25, 2011

	
 

	
Bethesda, MD

1. Principal and Interest.

 

1.1 India Globalization Capital, Inc., a Maryland corporation (the “Company”), for value received, hereby promises to pay to the order of Bricoleur Partners, L.P. or its assigns (the “Investor” or the “Holder”) the amount of One Million Eight Hundred Thousand Dollars ($1,800,000) as set forth hereinafter.

 

1.2 This Unsecured Promissory Note (the “Note”) shall bear no interest from the date of issuance of this Note until paid in full.  This Note shall be due and payable on the earlier of (i) June 30, 2011 (the “Maturity Date”), or (ii) upon the occurrence of an Event of Default (as defined in Section 4 hereof).

 

1.3 Payments of principal are to be made at the address of the Holder set forth in Section 7 below or at such other place in the United States as the Holder shall designate to the Company in writing, in lawful money of the United States of America in immediately available funds.

 

1.4 This Note is issued pursuant to that certain Note and Share Purchase Agreement dated as of even date herewith between the Company and Holder (the “Purchase Agreement”).  The provisions of this Note are a statement of the rights of the Holder and the conditions to which this Note is subject and to which the Holder, by the acceptance of this Note, agrees.  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto on the Purchase Agreement.  Holder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note shall be pari passu in right of payment and in all other respects to the other Notes issued pursuant to the Purchase Agreement or pursuant to the terms of such Notes.  In the event Holder receives payments in excess of its pro rata share of the Company’s payments to the Holders of all of the Notes, then Holder shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

 

  

  

  

 

2. Prepayment.

 

2.1 Notwithstanding anything else set forth herein, the Company may pre-pay this Note in whole or in part at any time.

 

3. Events of Default.  The entire unpaid principal sum of this Note, together with any and all interest accrued but unpaid thereon, shall become immediately due and payable upon the occurrence of an Event of Default.  An “Event of Default” shall be deemed to have occurred if:

 

(a)           the Company  shall (i) apply for or consent to the appointment of a receiver, trustee or liquidator of itself or of its property, (ii) be unable, or admit in writing its inability, to pay its debts as they mature, (iii) make a general assignment for the benefit of creditors, (iv) be adjudicated a bankrupt or insolvent, (v) file a voluntary petition in bankruptcy, or a petition or answer seeking reorganization or an arrangement with creditors to take advantage of any insolvency law, or an answer admitting the material allegations of a bankruptcy, reorganization or insolvency petition filed against it, (vi) take corporate action for the purpose of effecting any of the foregoing, or (vii) have an order for relief entered against it in any proceeding under the United States Bankruptcy Code;

 

(b)           An order, judgment or decree shall be entered, without the application, approval or consent of the Company by any court of competent jurisdiction, approving a petition seeking reorganization of the Company or appointing a receiver, trustee or liquidator of the Company or of all or a substantial part of its assets, and such order, judgment or decree shall continue unstayed and in effect for any period of sixty (60) consecutive days; or

 

(c)           the Company shall fail to pay as and when due any principal hereunder and such nonpayment shall continue uncured for a period of three (3) business days after written notice by the Holder thereof; or

 

(d)           the Company breaches any of its representations or warranties or fails to fulfill any of its covenants or obligations pursuant to the Purchase Agreement.

 

4. Usury.  It is the express intent of the Company and the Holder that the payment of all or any portion of the outstanding principal balance of and accrued interest on this Note be exempt from the application of any applicable usury law or similar laws under any federal, state of foreign jurisdiction.  The Company hereby irrevocably waives, to the fullest extent permitted by law, any objection or defense which the Company may now or hereafter have to the payment when due of any and all principal or accrued interest arising out of or relating to a claim of usury or similar laws and the Company hereby agrees that neither it nor any of its affiliates shall in the future bring, commence, maintain, prosecute or voluntarily aid in any action at law, proceeding in equity or other legal proceeding against the Holder based on a claim that the Company’s payment obligations under this Note violate the usury or similar laws of any federal, state or foreign jurisdiction.  Notwithstanding the foregoing, in the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum rate, that portion of the interest payment representing an amount deemed to be in excess of the then legal maximum rate shall be deemed a payment of principal and applied against the principal of this Note.

 

  

  

  

 

5. Notices.  Any notice, request, other communication or payment required or permitted hereunder shall be in writing and shall be deemed to have been given upon delivery if personally delivered, or five (5) business days after deposit if deposited in the United States mail for mailing by certified mail, postage prepaid, and addressed as follows:

 

If to Investor:  at the address indicated on the signature page hereto.

 

If to Company:                                     India Globalization Capital, Inc.

4336 Montgomery Avenue

Bethesda, MD  20814

Attention:  Ram Mukunda

 

And

 

PO Box 60642

Potomac, MD  20859

 

Telecopier:  (240) 465-0273

Phone:  (301) 983-0998

Email:           ram@indiaglobalcap.com

 

With a copy to:                                    Seyfarth Shaw LLP

975 F Street, N.W.

Washington, D.C.  20004

Attention:  Stanley S. Jutkowitz

Telecopier:  (202) 641-9268

Phone:  (202) 828-3568

Email:  sjutkowitz@seyfarth.com

Each of the above addressees may change its address for purposes of this Section 7 by giving to the other addressee notice of such new address in conformance with this Section 7.

 

6. Assignment.  The rights and obligations of the Company and the Holder of this Note shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees of the parties.  Effective upon any such assignment, the person or entity to whom such rights, interests and obligations were assigned shall have and exercise all of the Holder’s rights, interests and obligations hereunder as if such person or entity were the original Holder of this Note.

 

7. Waiver and Amendment.  Any provision of this Note may be amended, waived or modified (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely), upon the written consent of the Company and the Investors holding at least seventy-five percent (75%) of the aggregate principal amount of the outstanding Notes; provided, that the Notes may not be amended or modified and no provision thereof may be waived if such amendment, modification or waiver would adversely and prejudicially affect the rights of an Investor vis-à-vis all other Investors without the consent of such affected Investor.  No waivers of any term, condition or provision of this Note, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision or a waive of the same or any other term, condition provision or right on any future occasion.

 

  

  

  

 

8. Loss, Theft or Destruction of Note.  Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft or destruction of this Note and of indemnity or security reasonably satisfactory to it, the Company will make and deliver a new Note which shall carry the same rights to interest (unpaid and to accrue) carried by this Note, stating that such Note is issued in replacement of this Note, making reference to the original date of issuance of this Note (and any successors hereto) and dated as of such cancellation, in lieu of this Note.

 

9. Accredited Investor.  The Holder represents and warrants that he/she/it is an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect.

 

10. Governing Law and Consent to Jurisdiction.  This Note is being delivered in and for all purposes shall be construed in accordance with and governed by the laws of the State of Maryland , without regard to the conflicts of laws provisions thereof.  The Company hereby consents to the jurisdiction of and venue in any court of competent jurisdiction in New York.

 

11. Issue Date.  The provisions of this Note shall be construed and shall be given effect in all respects as if this Note had been issued and delivered by the Company on the earlier of the date hereof or the date of issuance of any Note for which this Note is issued in replacement.  This Note shall be binding upon any successors or assigns of the Company.

 

12. Heading; References.  All headings used herein are used for convenience only and shall not be used to construe or interpret this Note.  Except as otherwise indicated, all references herein to Sections refer to Sections hereof.

 

13. Waiver by the Company.  The Company hereby expressly waives demand, notice, presentment, protest, notice of dishonor and nonpayment of this Note, and all other notices and demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof.

 

14. Delays.  No delay by the Holder in exercising any power or right hereunder shall operate as a waiver of any power or right.

 

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

 

16. No Impairment.  The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Note and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Note against impairment.

 

  

  

  

 

 

 

17. Expenses.  The Company agrees to pay all of the Holder’s reasonable costs, fees and expenses, if any (including reasonable counsel fees and expenses, costs of collection and court costs), in connection with the enforcement of this Note.

 

[REMAINDER OF PAGE LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

IN WITNESS WHEREOF, the Company has caused this Note to be executed in its corporate name and this Note to be dated, issued and delivered, all on the date first above written.

 

 

INDIA GLOBALIZATION CAPITAL, INC.

a Maryland corporation

 

By  /s/ Ram Mukunda                                      

 

Print Name   Ram Mukunda                                           

 

Title   CEO                                                               

 

Accepted and Agreed to:

 

INITIAL HOLDER:

Bricoleur Partners, L.P.                                    

Print Name of Holder

 

By: Bricoleur Capital Management, LLC.     

Its: General Partner

By  /s/Robert Poole                                       

(Signature)

 

 Robert Poole                                                 

(Print Name, if signing on behalf of entity)

 

 

 Member of the Management Board            

Title (if applicable)

 

Address:              16236 San Dieguito Road

Suite 2-22

Rancho Santa Fe, CA 92067

 

  

  

  

ASSIGNMENT FORM

 

(To Assign the foregoing Note, execute

this form and supply required information.)

 

FOR VALUE RECEIVED, an interest corresponding to the unpaid principal amount of the foregoing Note and all rights evidenced thereby are hereby assigned to

 

                                                                                                                                                                                                                                                                                          

(Please Print)

whose address is                                                                                                                                                                                                                                                           

 

                                                                                                                                                                                                                                                                                          

 

Dated:                                                                                                

 

Holder’s Signature:                                                                                                

 

Holder’s Address:                                                                                                    

                                                                                              

 

 

Signature Guaranteed:                                                                                                

 

 

	
NOTE:

	
The signature to this Assignment Form must correspond with the name as it appears on the face of the Note, without alteration or enlargement or any change whatever, and must be guaranteed by a bank or trust company.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Note.ex10-12.htm

Exhibit 10.12

February 3, 2011

Mr. John V. Herndon

Dear John,

This letter confirms your continued employment by Theragenics Corporation (the “Company”) effective February 18, 2011 (the “Effective Date”), as an Advisor to the Chief Executive Officer.  In this role, you will advise the CEO and management on matters of strategy or other areas that the Company may request.  You will not have a specific work schedule, but instead you will perform services as needed by the Company.

The term of this agreement is for three (3) years beginning on the Effective Date (the “Term”).  You will receive a salary of seventy-five thousand dollars ($75,000) per year for your services, which will be paid according to the Company’s normal payroll practices.  Your salary will be reported on an IRS Form W-2 and will be subject to applicable tax withholding.  Your salary will be reviewed annually and may be increased (but may not be decreased) from time to time.

As an employee, you will be entitled to participate in such of the Company’s employee benefit plans as to which you meet the eligibility requirements.  The Company shall also reimburse you for any reasonable and necessary business expenses, upon approval by the Company and in accordance with Company policy.  In addition, the terms of your employment as Advisor to the Chief Executive Officer  will be subject to the terms described in Attachment A to this letter.

I am delighted that you will continue to work with us and look forward to your continuing assistance.

Sincerely,

/s/ M. Christine Jacobs

M. Christine Jacobs

Chief Executive Officer

AGREED TO AND ACCEPTED:

/s/ John V. Herndon_

John V. Herndon

Date: February 3, 2011

  

  

  

If at any point during the Term, the Company terminates your employment without “Cause,” then your salary will continue to accrue, and will be payable on the same schedule, as if you continued to work until the end of the three-year term of this agreement, subject to your signing an agreement releasing claims against the Company and its affiliates in the form the Company requires.  “Cause” means your material failure to perform your duties with the Company; an act by you of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Company or an affiliate; your commission of a felony or any other crime involving dishonesty or moral turpitude; or a material breach of the Agreement by you.

In addition, if at any point during the Term, you die while employed hereunder, then the Company will continue to pay your spouse, if she survives you, your salary until the end of the earlier of the three year term of this agreement or the date of your spouse’s death.  The Company may condition payment to your spouse on your spouse signing an agreement releasing claims on your and her behalf against the Company and its affiliates in a form the Company requires.  In the event you become disabled at any point during the Term, then the Company will continue to pay you your salary until the end of the three year term of this agreement.

You have the right to terminate your employment before the Company gives you notice that it is terminating your employment during the Term if M. Christine Jacobs ceases to be Chief Executive Officer of Theragenics for any reason other than her retirement or resignation. You must provide the Company with written notification of termination within thirty (30) days of Ms. Jacobs ceasing to be Chief Executive Officer of the Company, with a specified effective date of termination that is not less than thirty (30) days following the date of your notice.  If you terminate your employment under this provision, then all future salary amounts that would have been paid to you under this agreement, as if your employment were not terminated, will be due and payable to you within thirty (30) days of your effective date of termination of employment, subject to your signing an agreement releasing claims against the Company and its affiliates in the form the Company requires.  By way of example, if you terminate your employment under this provision at a time when eighteen (18) months remains under the Term and your annual salary is $75,000 at the time of termination, then $112,500 ($75,000 divided by 12 multiplied by 18) is due and payable to you within thirty (30) days of your effective date of termination of employment.

You will not be entitled to participate in any employee benefit plans subsequent to your termination of employment.

Your employment will be deemed to have been terminated only if you incur a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended.

The Company will notify you no later than twelve (12) months prior to expiration of the Term if it intends to extend, renew or otherwise continue this agreement.  Any such extension, renewal or continuance will be effective only if agreed to by you.

In addition, you agree that while you are employed and for one (1) year after your termination of employment for any reason, you will not:

	
·      

	
provide services of a similar type or nature as you perform for the Company to any competitor of the Company within the United States of America.  For purposes of this agreement, you and the Company agree that the business of the Company is conducted in the United States of America;

 

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ATTACHMENT A TO ADVISOR TO THE CHIEF EXECUTIVE OFFICER AGREEMENT

 BETWEEN

JOHN V. HERNDON AND THERAGENICS CORPORATION

 

 

	
●    

	
divert, solicit, or attempt to divert or solicit to a competitor of the Company for the purpose of providing products or services in competition with the business of the Company any person or entity who is a customer or prospective customer with whom you had material contact for one (1) year prior to your termination of employment; and

 

	
●    

	
solicit, divert or hire, or attempt to solicit, divert or hire, to any competitor of the Company any person employed by the Company with whom you had material contact for one (1) year prior to your termination of employment, regardless of the nature of employee’s relationship to the Company.

 

You agree that the foregoing noncompetition and nonsolicitation provisions survive the termination of your employment and the expiration of this agreement.

 

Furthermore, you agree that all the Company’s confidential information and trade secrets and all physical embodiments thereof (the “Company Information”) are confidential to and are and will remain the sole and exclusive property of the Company.  Except to the extent necessary to perform your duties under this agreement, you agree to hold such Company Information in trust and strictest confidence, and will not use, reproduce, distribute, disclose or otherwise disseminate Company Information and may in no event take any action causing or fail to take any action necessary in order to prevent, any Company Information to lose its character or cease to qualify as confidential information or trade secrets, as applicable.  You agree to protect the Company’s confidential information for one (1) year following your termination of employment and to protect the Company’s trade secrets for so long as they are protected by applicable law.  You agree that the restrictions of this paragraph survive the termination of your employment and the expiration of this agreement.

 

During the term of your employment and thereafter, you also agree to help maintain the integrity of any copyrights, patents, or other intellectual property rights (including any applications for copyrights or patents and any patents pending) (collectively, the “Rights”) to the best of your ability and not to take intentionally any action that would infringe upon the Rights or intentionally assist anyone else in taking any such action.  You agree that the restrictions of this paragraph survive the termination of your employment.

 

You agree that the covenants in the foregoing paragraphs (the “Covenants”) are the essence of the agreement and that they are reasonable and necessary to protect the Company and its interests.  You also agree that each of the Covenants is separate and distinct, one from another. You agree that if you violate any Covenant and you are receiving severance payments, that such payments shall cease.  You further agree that the Company may seek specific performance of this Agreement or a temporary or permanent injunction upon a breach or contemplated breach of the Covenants by you.

You may not assign this agreement.  No waiver to any provision of this agreement is effective unless given in writing.  This agreement may only be modified by a written amendment signed by both you and the Company.  This agreement is governed by Georgia law.  You and the Company agree that this is the entire agreement and it supersedes any prior or contemporaneous understandings and agreements between you and the Company.

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