Document:

Unassociated Document

Exhibit 10.3

PROMISSORY NOTE AND LOAN AGREEMENT

Date of the Note: May 16, 2012

Payee: Richard Brock

FOR VALUE RECEIVED, the undersigned, Vidaroo Corporation (the "Maker") promises to pay to the order of the Payee, (“defined as the Payee or any Holder in due course of this Note), at such place as the Payee may from time to time designate to the Maker in writing, in legal tender of the United States, the amount of the Note, upon the following terms:

1.           The Principal Amount of the Note shall be repaid in monthly installments of $2,000.00 beginning on April 1, 2013 until the Note and related accrued interest are fully satisfied.

2.           Interest shall accrue on this Note in the amount of 12% per annum, on the principal balance outstanding.

3.           If, at any time, any monies due hereunder are not paid when due, or any other conditions hereof are not met, time being of the essence, Maker shall be in default.  In such event, Payee shall have all rights and remedies available to it under Florida law.  In the event of default, this Note and all sums due hereunder shall bear interest at the highest lawful rate of interest permitted in the State of Florida from and after the date when such sums are due.  The interest payable or agreed to be paid hereunder shall not exceed the highest lawful rate of interest permitted in the state of Florida, and if, inadvertently, there is such excess sum, it shall be applied to reduce the Principal Amount.

4.           This Note shall be construed and enforced according to the laws of Florida. This Note may not be changed orally, but only by an agreement in writing, signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.

5.           Vidaroo and Payee hereby agree that the original amount loaned in June 2010, in the sum of $40,019 plus accrued interest accumulated to date under the terms and conditions of this Agreement, and agrees to terms and conditions set forth herein. Payee represents to Maker that he or she is an accredited and sophisticated investor, is fully aware of the risks associated with the loan that is being made hereby, and has had full and ample opportunity to review any and all pertinent financial and operational information relative to Maker, and has had the opportunity to seek and obtain any and all legal or financial advice or counsel relative to the making of this type of loan.

 

	 “Maker” 	 	  “Payee”	 
	 	 	 	 
	Vidaroo Corporation	 	 	 
	 	 	 	 
	 	 	 	 
	By:/s/ Thomas Moreland 5/16/12 	 	/s/ Richard Brock 5/11/12	 
	Thomas Moreland    	 	Richard Brock	 
	Chief Financial Officerex104.htm

Exhibit 10.4

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

     This amended Executive Employment Agreement (the “Amended Agreement”) is executed on May 16, 2012 (the “Effective Date”) and is between Vidaroo Corp, a Nevada Corp. (the “Company”) and Mark Argenti (the “Officer”).

 

RECITALS:

 

WHEREAS, the Company and Officer originally entered into an employment agreement (the “Agreement”) dated May 1, 2008 that was subsequently amended on 11/6/08, and 11/10/09 (the “Amendments”).

 

WHEREAS, the Officer desires to accept a continued role as Chairman of the Board and Chief Executive Officer with the Company.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements herein set forth, the parties hereby re-affirm the Agreement and Amendments.  Company and Officer agree to the following further amendments as follows:

 

	
1.  

	
Term of Employment. The period of employment of Officer by the Company under the Agreement (the Employment Period) shall be deemed to have commenced on the April 1, 2012 and shall continue until March 31, 2015, unless terminated sooner under Section 6 of the Agreement.

 

	
2.  

	
Compensation.

 

(a)           Salary. The Company shall pay to Officer a base salary of $120,000 per year, plus any bonuses and/or stock options as granted under this and previous agreements or those granted from time to time in the sole discretion of the Board of Directors.  Should Company wish to provide Salary in the form of Stock, Company and officer, upon mutual agreement, may agree to substitute Common Stock at a conversion price of $0.02/share.

 

(b)           Health Insurance. As additional compensation for the Officer, the Company shall provide or maintain the medical and health insurance benefits on the same terms and conditions as are made available to all employees of the Company generally.

 

(c)           Stock Options. The Company hereby reaffirms previously issued stock Options to Officer and is providing/affirming additional Stock Options all to be provided at an exercise price of $0.05, as further indicated in the table below.

 

	
Historical Award:

 

	  	  
	  	
Date of award

	
Number of shares

	
Status

	  
	  	
5/1/08

	
666,667

	
Vested

	  
	  	  	  	  	  
	
Current contractual award:

	  	  
	  	
5/16/12

	
2,000,000

	
Vested

	  
	  	
5/16/12

	
1,500,000

	
Vests ratably over contract period

	  

 

Upon vesting these Options shall be exercisable at anytime by the Holder as further described in the executed Vidaroo Corporation Non-Statutory Stock Option Agreement.

 

(d)           Performance incentive:  Officer shall be compensated for the performance of the Production services business unit (“Business Unit”).  Officer shall receive Compensation equivalent to 10% of the Gross Margin of the business unit.  Such Compensation shall be due and payable in cash.  Should the Company be unable to pay said Incentive in cash, Company may compensate Officer in Stock valued at $0.02 issued at mutual agreement between Company and Officer.

 

	Vidaroo Corp.  	 	Officer:	 
	 	 	 	 
	By:/s/Thomas Moreland 	 	/s/Mark Argentiex105.htm

Exhibit 10.5

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

     This amended Executive Employment Agreement (the “Amended Agreement”) is executed on May 16, 2012 (the “Effective Date”) and is between Vidaroo Corp, a Nevada Corp. (the “Company”) and Ian McDaniel (the “Officer”).

 

RECITALS:

 

WHEREAS, the Company and Officer originally entered into an employment agreement (the “Agreement”) dated May 1, 2008 that was subsequently amended on 11/6/08, and 11/10/09 (the “Amendments”).

 

WHEREAS, the Officer desires to accept a continued role as Production President with the Company.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements herein set forth, the parties hereby re-affirm the Agreement and Amendments.  Company and Officer agree to the following further amendments as follows:

 

	
1.  

	
Term of Employment. The period of employment of Officer by the Company under the Agreement (the Employment Period) shall be deemed to have commenced on the April 1, 2012 and shall continue until March 31, 2015, unless terminated sooner under Section 6 of the Agreement.

 

	
2.  

	
Compensation.

 

(a)           Salary. The Company shall pay to Officer a base salary of $120,000 per year, plus any bonuses and/or stock options as granted under this and previous agreements or those granted from time to time in the sole discretion of the Board of Directors.  Should Company wish to provide Salary in the form of Stock, Company and officer, upon mutual agreement, may agree to substitute Common Stock at a conversion price of $0.02/share.

 

(b)           Health Insurance. As additional compensation for the Officer, the Company shall provide or maintain the medical and health insurance benefits on the same terms and conditions as are made available to all employees of the Company generally.

 

(c)           Stock Options. The Company hereby reaffirms previously issued stock Options to Officer and is providing/affirming additional Stock Options all to be provided at an exercise price of $0.05, as further indicated in the table below.

 

	
Historical Award:

 

	  
	  	
Date of award

	
Number of Options

	
Status

	  	
5/1/08

	
666,667

	
Vested

	  	  	  	  
	
Current contractual award:

	  
	  	
5/16/12

	
2,000,000

	
Vested

	  	
5/16/12

	
1,500,000

	
Vests ratably over contract period

 

Upon vesting these Options shall be exercisable at anytime by the Holder as further described in the executed Vidaroo Corporation Non-Statutory Stock Option Agreement.

 

(d)           Performance incentive:  Officer shall be compensated for the performance of the Production services business unit (“Business Unit”).  Officer shall receive Compensation equivalent to 10% of the Gross Margin of the business unit.  Such Compensation shall be due and payable in cash.  Should the Company be unable to pay said Incentive in cash, Company may compensate Officer in Stock valued at $0.02 issued at mutual agreement between Company and Officer.

 

	 Vidaroo Corp. 	 	 	Officer:	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/Thomas Moreland 

	 	 	
/s/ Ian McDanielex106.htm

Exhibit 10.6

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

     This amended Executive Employment Agreement (the “Amended Agreement”) is effective as of May 16, 2012 (the “Effective Date”) and is between Vidaroo Corp, a Nevada Corp. (the “Company”) and Micheal Morgan (the “Officer”).

 

RECITALS:

 

             WHEREAS, the Company and Officer originally entered into an employment agreement (the “Agreement”) dated August 14, 2009 that was subsequently amended on 11/10/09 and 11/10/10 (the “Amendments”).

 

            WHEREAS, the Officer desires to accept a continued role with the Company.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements herein set forth, the parties hereby re-affirm the Agreement and Amendments.  Company and Officer agree to the following further amendments as follows:

 

1.           Term of Employment. The period of employment of Officer by the Company under the Agreement (the Employment Period) shall be deemed to have commenced on the April 1, 2012 and shall continue until March 31, 2015, unless terminated sooner under Section 6 of the Agreement.

 

 2.           Compensation.

 

(a)           Salary. The Company shall pay to Officer a base salary of $120,000 per year, plus any bonuses and/or stock options as granted under this and previous agreements or those granted from time to time in the sole discretion of the Board of Directors. Should Company wish to provide Salary in the form of Stock, Company and officer, upon mutual agreement, may agree to substitute Common Stock at a conversion price of $0.02/share.

 

(b)           Health Insurance. As additional compensation for the Officer, the Company shall provide or maintain the medical and health insurance benefits on the same terms and conditions as are made available to all employees of the Company generally.

 

(c)           Stock Options. The Company hereby reaffirms previously issued stock Options to Officer and is providing/affirming additional Stock Options all to be provided at an exercise price of $0.05, as further indicated in the table below.

 

	
Historical Award:

 

	  	  
	  	
Date of award

	
Number of shares

	
Status

	  
	  	
8/14/09

	
2,000,000

	
Vested

	  
	  	
11/10/10

	
6,940,005

	
Vested

	  
	
Current contractual award:

	  	  
	  	
5/16/12

	
2,000,000

	
Vested

	  
	  	
5/16/12

	
1,500,000

	
Vests ratably over contract period

	  

 

Upon vesting these Options shall be exercisable at anytime by the Holder as further described in the executed Vidaroo Corporation Non-Statutory Stock Option Agreement.

 

	Vidaroo Corp. 	 	 	Officer:	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/Thomas Moreland 

	 	 	
/s/ Micheal Morgan

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