Document:

Amended and Restated Promissory Note between the Company and Guus van Kesteren

 EXHIBIT 10.12 
  
 PROMISSORY NOTE 
  
 $483,984.00 
 Broward County, Florida 
 June 30, 2004 
  
 FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the (“Maker”) promises to pay to the order of Cornelis Wit., its successors or assigns, (hereinafter referred to as “Payee”),
the principal sum of FOUR HUNDRED EIGHTY THREE THOUSAND NINE HUNDRED AND EIGHTY FOUR/100 DOLLARS ($483,984.00), together with interest on the principal balance from time to time outstanding, at the rate of nine percent (9.00%) per annum; principal
and interest shall be payable as follows: (i) one-half (1/2) of the principal sum shall be payable upon the closing of any financing by Maker resulting in gross proceeds to the Maker in excess of $2,000,000, and (ii) the balance of the principal
sum, together with accrued interest, shall be paid no later than October 31, 2006. 
  
 This Promissory Note hereby replaces and supercedes the promissory note previously issued to the Payee by the Maker, including: (i) that certain note in the principal amount of $50,000.00. December 31, 2003, (ii) that certain note in the
principal amount of $100,000 dated June 30 , 2003, (iii) that certain note in the principal amount of $60,000 dated July 18, 2003, (iv) that certain note in the principal amount of $56,000 dated August 18, 2003, (v) that certain note in the
principal amount of $30,000 dated October 13, 2003, (vi) that certain note in the principal amount of $3,000 dated November 21, 2003, (vii) that certain note in the principal amount of $105,000 dated March 31, 2004 and (viii) that certain note in
the principal amount of $48,500 dated June 30, 2004. 
  
 In the event that the
Maker defaults in the payment of any payment of the principal sum or interest owing hereunder when and as the same shall become due and payable and such default shall continue for a period of 15 days, then this Promissory Note shall be in default
and the entire principal sum and all accrued interest shall become due and payable at once without notice and demand at the option of the Payee. While in default, amounts outstanding under this Promissory Note shall bear interest at the rate of
twelve percent (12%) per annum. 
  
 This Promissory Note may be prepaid in whole
or in part at any time without penalty or premium. All payments made shall first be applied to accrued and unpaid interest and then to principal. Any prepayment shall require payment of all accrued interest thereon. 
  
 In the event of an action to enforce this Promissory Note is commenced in a court of
competent jurisdiction or in the event recourse to any court shall be deemed necessary by Payee or Payee deems it necessary to employ legal counsel in order to collect or enforce the terms and provisions hereof for any reason, including but not
limited to the filing of a proof(s) of claim or any other proceedings under the Acts of Congress relating to Bankruptcy Proceedings or in any other type of receivership or insolvency proceedings, Payee shall be entitled to reasonable attorney’s
fees (through and including any appellate proceedings) and all costs and expenses incurred by Payee in collecting or enforcing payment hereof. 
  
 The Maker and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof, (a) severally waive presentment for payment,
demand, notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Promissory Note, (b) expressly consent to all extensions of time,
renewals, postponements of time of payment of this Promissory Note or other modifications hereof from time to time prior to or after the day they became due without notice, consent or consideration to any of the foregoing, (c) expressly agree to the
addition or release of any party or person primarily or secondarily liable hereon, (d) expressly agree that the Payee shall not be required first to institute any suit, or to exhaust its remedies against the undersigned or any other person or party
to become liable hereunder in order to enforce the payment of this Promissory Note, and (e) expressly agree that, notwithstanding the occurrence of any of the foregoing (except the express written release by the Payee of any such person), the Maker
shall be and remain, directly and primarily liable for all sums due under this Promissory Note. 

 Notwithstanding any other provisions of this Promissory Note or any other instrument executed in connection with the
loan evidenced here by, it is expressly agreed that the amounts payable under this Promissory Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or
other charge for the use or loan of money shall not exceed the highest rate allowed by the laws of the State of Florida, from time to time, and in the event the provisions of this Promissory Note or of such other instrument referred to above in this
paragraph with respect to the payment of interest or other payments in the nature of or which would be considered as interest or other charge for the use or loan of money shall result in exceeding such limitation, then the excess over such
limitation shall not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded. If any payment is actually made which shall result in such limitation being exceeded, the
amount of the excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.

  
 This Promissory Note shall be construed in accordance with the laws of
the State of Florida. 
  
 MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREUNDER, OR ARISING OUT OF, OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER THE MAKER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE TO EXTEND THE CREDIT EVIDENCED BY THIS NOTE. 
  
 MAKER: 
  

	
	OMNICOMM SYSTEMS, INC.
	
	 /s/ Ronald T. Linares

	Ronald T. Linares
	Chief Financial Officer

  

 2Fifth Amendment by Earle M. Jorgensen Holding Company

 EXHIBIT 10.23 
  
 FIFTH AMENDMENT 
 TO THE

 EARLE M. JORGENSEN 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 (As Amended and Restated Effective as of April 1, 2001) 
  
 THIS FIFTH AMENDMENT, by EARLE M. JORGENSEN HOLDING COMPANY, INC.
(the “Company”), to the Earle M. Jorgensen Employee Stock Ownership Plan (As Amended and Restated Effective as of April 1, 2001) (the “Plan”) is effective as of April 1, 2004 or such other date as indicated herein.

  
 The Plan is hereby amended as follows: 
  
 I. 
  
 Sections 12(a) to 12(e) of the Plan is amended to read as follows: 
  
 “(a) Except as otherwise provided in Sections 12(c) and
13, a Participant’s Capital Accumulation will be distributed following his termination of Service, but only at the time and in the manner described in this Section 12. If the value of a Participant’s Capital Accumulation exceeds $5,000
($3,500 for Plan Years beginning before August 6, 1997), no portion of his Capital Accumulation may be distributed to him before he attains age 65 without his written consent; see subsection (d) if consent is not provided. 
  
 If the value of a Participant’s Capital Accumulation is
$5,000 or less, his Capital Accumulation shall be automatically be distributed to him at the time set forth in subsection (b) without his written consent. Notwithstanding Section 14(a), such distribution shall be made in cash unless the Participant
affirmatively elects (on forms provided by the Committee) a distribution in the form specified in Section 14(a). The amount of the cash payment for any Company Stock allocated to his Account shall be Fair Market Value of such Company Stock as of the
Allocation Date immediately preceding the distribution. 
  
 For purposes of determining whether the Capital Accumulation is more or less than $5,000, the Participant’s Rollover Account shall be ignored 
  
 Subject to the procedures established by the Committee under Section 17(c)(5), a Participant’s Capital
Accumulation may be distributed in accordance with a “qualified domestic relations order” (as defined in Section 414(p) of the Code) without regard to whether the Participant’s Service has terminated or he has attained his
“earliest retirement age” (as defined in Section 414(p) of the Code). Unless the “qualified domestic relations order” provides otherwise, such distribution shall be made pro rata from each of the Participant’s Accounts.

  
 (b) Subject to this Section 12, if a
Participant’s Service terminates as a result of his Retirement, his Disability, his death, a plant closure or job elimination by the Employer, distribution of his Capital Accumulation shall occur in a single lump sum within 120 days after the
June 30th, September 30th or December 31st coinciding with or next following his termination of Service. Subject to this Section 12, if a Participant’s Service terminates for any other reason, distribution of his Capital Accumulation shall
occur in a single lump sum as soon as practicable after the Allocation Date (and the determination of Fair Market Value on that date) coinciding with or next following his termination of Service pursuant to procedures established by the Committee.

  
 (c) Unless the Participant elects to defer
the distribution of his Capital Accumulation, distribution of his Capital Accumulation shall occur not later than 60 days after the Allocation Date coinciding with or next following his 65th birthday (or his termination of Service, if later). The
distribution of the Capital Accumulation of any Participant who attains age 70-1/2 in a calendar year and either (1) has terminated Service or (2) is a “5% owner” (as defined in Section 416(i)(1)(B)(i) of the Code) must occur not later
than 

 
April 1st of the next calendar year and must be made in accordance with the regulations under Section 401(a)(9) of the Code, including Section 1.401(a)(9)-2;
provided, however, that distributions shall be offered to any other Participant who attains age 70-1/2 before January 1, 2000. With respect to distributions under the Plan made for calendar years beginning on and after January 1, 2002, the Plan will
apply the minimum distribution requirements of Section 401(a)(9) of the Code in accordance with the regulations under Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision in the Plan to the contrary. This amendment
shall continue in effect until the end of the last calendar year beginning before the effective date of final regulations under Section 401(a)(9) or such date as may be specified in guidance published by the IRS. A Participant who terminates Service
after completing at least five years of Credited Service shall be entitled (upon his request) to have the distribution of his Capital Accumulation occur upon his attaining age 55. If the amount of a Participant’s Capital Accumulation cannot be
determined (by the Committee) by the date on which a distribution is to occur, or if the Participant cannot be located, distribution of his Capital Accumulation shall occur within 60 days after the date on which his Capital Accumulation can be
determined or after the date on which the Committee locates the Participant. 
  
 (d) If the Participant’s Capital Accumulation is over $5,000 and the Participant does not consent in writing to an immediate distribution, his Capital Accumulation shall be retained in the Trust after his Service
ends, and his Accounts will continue to be treated as described in Section 6. However, except as otherwise provided in Section 3(b), such Accounts shall not be credited with any additional Employer Contributions and Forfeitures. The Trustee may
determine (based upon a nondiscriminatory policy) that the Capital Accumulations of former Employees will be diversified and invested in Trust Assets other than Company Stock. The Participant’s Accounts will be distributed at the earlier of the
date set forth in subsection (c) above, the Participant’s death or the time the Participant consents in writing to such distribution, provided such later distributions shall be made during one of the quarterly distribution periods set forth in
the first sentence of subsection (b) above. 
  
 (e) In the case of any distribution of Capital Accumulation under this Plan, if the Committee is unable to make such distribution within three years after distribution is due a Participant (or Beneficiary) under Section 12(b) because it
cannot locate such Participant (or Beneficiary), the Committee shall direct that such Capital Accumulation shall be forfeited and shall be reallocated as a Forfeiture (as of the Allocation Date coinciding with or next following the expiration of the
aforesaid time limit) to the Accounts of those Participants who are entitled under Section 3(b) to share in the allocation of Employer Contributions and Forfeitures under Section 6(a) for the Plan Year ending on that Allocation Date and the Trust
Assets shall be relieved of the liability for such distribution. If, after such forfeiture, the Participant (or Beneficiary) later claims such Capital Accumulation, such Capital Accumulation shall be reinstated from Forfeitures of Participants
occurring during the Plan Year in which such reinstatement occurs; provided, however, that if such Forfeitures are not sufficient to provide such reinstatement, an additional Employer Contribution shall be made for the Plan Year in which
reinstatement occurs to cover such reinstatement. Establishment of an Account through such reinstatement shall not be deemed an “annual addition” under Section 415 of the Code or Section 7 of the Plan.” 

 IN WITNESS WHEREOF, the Company has caused this Fifth Amendment to be executed by its duly
authorized officer as of the 16th day of August, 2004. 
  
 EARLE M. JORGENSEN HOLDING COMPANY, INC. 
  

	
	
	/s/    WILLIAM S.
JOHNSON        
	 William S. Johnson
 Vice President, Chief Financial Officer and
 Secretary

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