Document:

WWW.EXFILE.COM, INC. -- 888-775-4789 -- PERFORMANCE HEALTH TECHNOLOGIES, INC. -- EXHIBIT 10.116 TO FORM 10-KSB

    EXHIBIT
10.116

     

    

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THE SECURITIES MAY
NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER SAID ACT, OR AN OPINION OF COUNSEL IN FORM,
SUBSTANCE AND SCOPE CUSTOMARY FOR OPINIONS OF COUNSEL IN COMPARABLE TRANSACTIONS
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR UNLESS SOLD PURSUANT TO RULE
144 UNDER SAID ACT.

     

    

     

    PROMISSORY
NOTE

     

    Trenton,
New Jersey

     

    March
___, 2008 

    $50,000

     

    FOR VALUE RECEIVED, PERFORMANCE HEALTH TECHNOLOGIES,
INC., a Delaware corporation (hereinafter called the “Borrower”), hereby
promises to pay to the order of ______________, or registered
assigns (the “Holder”) the sum of FIFTY THOUSAND DOLLARS
($50,000), on the earlier of (i) 30 days after the date hereof or (ii)
the closing by the Borrower on aggregate gross equity financings of $50,000
(such date, the “Maturity Date”), and to pay interest on the unpaid principal
balance hereof at the rate of twelve percent (12%) per annum from the date of
this Note (the “Issue Date”) until the same becomes due and payable, whether at
maturity or upon acceleration or by prepayment or otherwise, provided however
the Borrower shall pay a total of $2,500 in interest for the first 30 days of
this Note.  Interest shall commence accruing on the Issue Date, shall
be computed on the basis of a 365-day year and the actual number of days elapsed
and shall be payable in cash on the Maturity Date.

     

    All
payments due hereunder shall be made at such address as the Holder shall
hereafter give to the Borrower by written notice made in accordance with the
provisions of this Note.

     

    Whenever
any amount expressed to be due by the terms of this Note is due on any day which
is not a business day, the same shall instead be due on the next succeeding day
which is a business day and, in the case of any interest payment date which is
not the date on which this Note is paid in full, the extension of the due date
thereof shall not be taken into account for purposes of determining the amount
of interest due on such date.  As used in this Note, the term
“business day” shall mean any day other than a Saturday, Sunday or a day on
which commercial banks in the city of New York, New York are authorized or
required by law or executive order to remain closed.  Each capitalized
term used herein, and not otherwise defined, shall have the meaning ascribed
thereto in that certain Subscription Agreement and the Borrower to which this
Note relates, as amended from time to time, pursuant to which the Holder
subscribed to purchase this Note (the “Subscription Agreement”).

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    This Note
is free from all taxes, liens, claims and encumbrances with respect to the issue
thereof and shall not be subject to preemptive rights or other similar rights of
shareholders of the Borrower and will not impose personal liability upon the
Holder thereof.

     

    The
following terms shall apply to this Note:

     

    1.           EVENTS
OF DEFAULT

    

    The
following (each, an “Event of Default”) shall constitute an event of default
under this Note:

     

    A.           Failure to Pay Principal or
Interest.  The Borrower fails to pay the principal hereof or
interest thereon when due on this Note, whether at maturity, upon acceleration
or otherwise;

     

    B.           Receiver or
Trustee.  The Borrower or any subsidiary of the Borrower shall
make an assignment for the benefit of creditors, or apply for or consent to the
appointment of a receiver or trustee for it or for a substantial part of its
property or business, or such a receiver or trustee shall otherwise be
appointed; or

     

    C.           Bankruptcy.  Bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for
relief under any bankruptcy law or any law for the relief of debtors shall be
instituted by or against the Borrower or any subsidiary of the Borrower which
remains unvacated, unbonded or unstayed for a period of thirty (30)
days.

     

    D.           Remedies Upon Event of
Default.  Upon the occurrence and during the continuation of
any Event of Default specified in Section 2(A), at the option of the Holders of
a majority of the aggregate principal amount of the outstanding Notes
exercisable through the delivery of written notice to the Borrower by such
Holders (the “Default Notice”), and upon the occurrence of an Event of Default
specified in Section 2(C) or (D), the Notes shall become immediately due and
payable, all without demand, presentment or notice, all of which hereby are
expressly waived, together with all costs, including, without limitation, legal
fees and expenses of collection, and the Holder shall be entitled to exercise
all other rights and remedies available at law or in equity.

     

    2.           MISCELLANEOUS

     

    A.           Failure or Indulgence Not
Waiver.  No failure or delay on the part of the Holder in the
exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right,
power or privileges.  All rights and remedies existing hereunder are
cumulative to, and not exclusive of, any rights or remedies otherwise
available.

     

    B.           Notices.  Any
notice herein required or permitted to be given shall be in writing and may be
personally served or delivered by courier or sent by United States mail and
shall be deemed to have been given upon receipt if personally served (which
shall include telephone line facsimile transmission) or sent by courier or three
(3) days after being deposited in the United States mail, certified, with
postage pre-paid and properly addressed, if sent by mail.  For the
purposes hereof, the address of the Holder shall be as shown on the records of
the Borrower; and

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    the
address of the Borrower shall be 427 River View Plaza, Trenton, New Jersey
08611, Attention:  Robert Prunetti, Fax:  (609)
656-0869. Both the Holder and the
Borrower may change the address for service by service of written notice to the
other as herein provided.

    

    C.           Amendments.  This
Note and any provision hereof may only be amended by an instrument in writing
signed by the Borrower and the Holder.  The term “Note” and all
reference thereto, as used throughout this instrument, shall mean this
instrument as originally executed, or if later amended or supplemented, then as
so amended or supplemented.

     

    D.           Assignability.  This
Note shall be binding upon the Borrower and its successors and assigns, and
shall inure to be the benefit of the Holder and its successors and
assigns.  Each transferee of this Note must be an “accredited
investor” (as defined in Rule 501(a) of the 1933
Act).  Notwithstanding anything in this Note to the contrary, this
Note may be pledged as collateral in connection with a bona fide margin account
or other lending arrangement, subject to all applicable federal and state
securities laws.

     

    E.           Governing
Law.  THIS NOTE SHALL BE ENFORCED, GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW JERSEY APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS.  THE BORROWER HEREBY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW JERSEY
WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS NOTE, THE AGREEMENTS ENTERED INTO
IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH
PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH SUIT OR PROCEEDING.  BOTH PARTIES FURTHER AGREE
THAT SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING.  NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.  BOTH PARTIES AGREE THAT
A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT
OR IN ANY OTHER LAWFUL MANNER.  THE PARTY WHICH DOES NOT PREVAIL IN
ANY DISPUTE ARISING UNDER THIS NOTE SHALL BE RESPONSIBLE FOR ALL FEES AND
EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY IN
CONNECTION WITH SUCH DISPUTE.

     

    F.           Denominations.  At
the request of the Holder, upon surrender of this Note, the Borrower shall
promptly issue new Notes in the aggregate outstanding principal amount hereof,
in the form hereof, in such denominations of at least $1,000 as the Holder shall
request.

     

    G. ­        
No Preemptive
Rights.  Except as provided herein no Holder of this Note shall
be entitled to rights to subscribe for, purchase or receive any part of any new
or additional shares of any class, whether now or hereinafter authorized, or of
bonds or Notes, or other evidences of indebtedness convertible into or
exchangeable for shares of any class, but all such new or

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    additional
shares of any class, or any bond, Notes or other evidences of indebtedness
convertible into or exchangeable for shares, may be issued and disposed of by
the Board of Directors on such terms and for such consideration (to the extent
permitted by law), and to such person or persons as the Board of Directors in
their absolute discretion may deem advisable.

     

    IN WITNESS WHEREOF, Borrower
has caused this Note to be signed in its name by its duly authorized
officer.

     

    
      
        	 	PERFORMANCE
      HEALTH TECHNOLOGIES, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Robert
      D. Prunetti 	 
	 	 	President
      and Chief Executive Officer	 
	 	 	 	 

      

    

     

    
 

     

    

    
      
         

      

      
        4WWW.EXFILE.COM, INC. -- 888-775-4789 -- PERFORMANCE HEALTH TECHNOLOGIES, INC. -- EXHIBIT 10.117 TO FORM 10-KSB

    EXHIBIT
10.117

    

    

    PERFORMANCE
HEALTH TECHNOLOGIES, INC.

    427
Riverview Plaza

    Trenton,
NJ 08611

    Telephone:  (609)
656-0800

    Facsimile:  (609)
656-0869

    

    

    

    March 26,
2008

    

    

    

    Dear
Investor:

    

    We
understand that you are willing to make a $50,000 loan to Performance Health
Technologies, Inc. (“PHT”) on the condition that certain of your PHT warrants
are amended.   PHT hereby agrees that the following warrants are
amended:

    

    
      	
              Date
      of Warrant

            	
              No.
      of Warrants

            	
              Original
      Exercise Price

            	
              Amended
      Exercise Price

            
	
              October
      18, 2007

            	
              150,000

            	
              $1.50

            	
              $0.50

            
	
              January
      31, 2008

            	
              200,000

            	
              $1.00

            	
              $0.30

            

    

    

    We
appreciate you loyalty and support for Performance Health Technologies,
Inc.  Please feel free to contact us with any questions or
concerns.

    

    Sincerely,

    

    /s/   Dominique
Prunetti Miller

    

    Dominique Prunetti Miller

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]