Document:

EXHIBIT 10.2

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A
LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

CONVERTIBLE
PROMISSORY NOTE

CHATAND,
INC.

 

THIS
CONVERTIBLE PROMISSORY NOTE is a duly authorized and validly issued Convertible Promissory Note of chatAND, Inc., a Nevada corporation,
having its principal place of business at 244 5th Avenue, Suite C68, New York, New York 10001 (the “Company”)
designated as its Convertible Promissory Note (the “Note”).

 

FOR
VALUE RECEIVED, the Company promises to pay to Stacy Group, LLC a Florida limited liability company, with its principal place
of business at 201 S. Biscayne Blvd, Suite 2800, Miami, FL 33131, or its assigns (“Holder”), pursuant to the
terms hereunder, the principal sum of Fifteen Thousand Dollars ($15,000) on or before February 2, 2016 (the “Maturity
Date”). The Company further promises to pay interest on the outstanding principal from the date hereof until payment
in full at the rate of ten percent (10%) per annum and such interest shall be due at the Maturity Date. This Note is subject to
the following additional provisions:

 

Section
1. Repayment and Additional Grants. The Company may repay this Note to Holder, in whole or in part, at any time. In addition,
Holder may convert this Note, including any interest due and payable, in whole or in part, pursuant to Section 2 below.

 

Section
2. Conversion.

 

(a)
Conversion Right. In the event there exists an Event of Default (as defined below) while this Note is outstanding and the
Company issues any new equity interests (“New Equity”), then the outstanding principal balance and any accrued
but unpaid interest under this Note shall, at the option of Holder, convert upon the first closing of the New Equity in whole
into the New Equity on the same terms, conditions and preferences as given to the purchasers of the New Equity; provided, however,
the principal and accrued but unpaid interest of this Note will be increased to $150,000 without further action required by
Holder.

 

    	 

    	 	 	 

    

 

(b)
Mechanics of Conversion.

 

(i)
Conversion Shares Issuable Upon Conversion of Principal Amount. The number of shares of Common Stock issuable upon a conversion
(the “Conversion Shares”) hereunder shall be determined by the quotient obtained by dividing (x) $150,000 by
(y) the per share price of the New Equity. All such Conversion Shares shall be “restricted securities” as such term
is defined by the Securities Act.

 

(ii)
Delivery of Certificate Upon Conversion. Not later than five (5) Trading Days after the conversion date, the Company shall
deliver, or cause to be delivered, to Holder, a certificate or certificates representing the Conversion Shares without restrictive
legend, if applicable. “Trading Day” means any day during which the Company’s then current principal trading
market shall be open for trading.

 

(iii)
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of
this Note. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such conversion, the Company
shall round up to the next whole share.

 

(c)
Representations of Holder. Holder is, and will be at the time of any conversion under this Note, an “accredited investor,”
as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act, is experienced in investments and business
matters, has made investments of a speculative nature and, with its representatives, has such knowledge and experience in financial,
tax and other business matters as to enable such Holder to utilize the information available with respect to the Company to evaluate
the merits and risks of and to make an informed investment decision with respect to the proposed purchase, which represents a
speculative investment. Holder has the authority and is duly and legally qualified to purchase and own shares of the Company.
Holder is able to bear the risk of such investment for an indefinite period and to afford a complete loss thereof.

 

Section
3. Events of Default.

 

(a)
“Event of Default” means, wherever used herein, any of the following events:

 

(i)
any default in the payment of (A) the principal amount of any Note or (B) liquidated damages and other amounts owing to a Holder
on any Note, as and when the same shall become due and payable (whether on a conversion date or the Maturity Date or by acceleration
or otherwise) which default, is not cured within five (5) Trading Days;

 

(ii)
the Company shall fail to observe or perform any other covenant or agreement contained in the Note which failure is not cured,
if possible to cure, within five (5) Trading Days after notice of such failure sent by Holder or by any other Holder; or

 

    	 

    	 	 	 

    

 

(iii)
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any
law for the relief of debtors shall be instituted by or against the Company and such petition or proceedings shall not have been
dismissed within ninety (90) days of the filing thereof.

 

(b)
Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Note, plus other
amounts owing in respect thereof through the date of acceleration, shall become immediately due and payable in cash or as otherwise
specified herein in Section 2 above. From the date of the Event of Default then the default interest shall be payable at fifteen
percent (15%) per annum.

 

Section
4. Miscellaneous.

 

(a)
Notices. Any and all notices or other communications or deliveries to be provided by the Company, or by Holder hereunder,
including, without limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile, or sent by
a nationally recognized overnight courier service, addressed to the respective Company or Holder, at the address set forth above.
Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified on the signature
page, (ii) the second Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or
(iii) upon actual receipt by the party to whom such notice is required to be given.

 

(b)
Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages, as applicable, on this Note
at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of the Company.
This Note ranks pari passu with all other Notes now or hereafter issued under the terms set forth herein.

 

(c)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflict of laws thereof. If either party shall commence an action or proceeding to enforce any provisions of this Note, then
the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other
costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

(d)
Waiver. Any waiver by the Company or Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. Any waiver by the Company
or Holder must be in writing.

 

    	 

    	 	 	 

    

 

(e)
Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain
in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all
other persons and circumstances

 

(f)
Next Trading Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Trading Day, such
payment shall be made on the next succeeding Trading Day.

 

(g)
Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be
deemed to limit or affect any of the provisions hereof.

 

(h)
Assumption. Any successor to the Company or any surviving entity in a Fundamental Transaction shall assume, prior to such
Fundamental Transaction, all of the obligations of the Company under this Note pursuant to written agreements in form and substance
satisfactory to Holder (such approval not to be unreasonably withheld or delayed).

 

(i)
Assignability. This Note shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of Holder and Holder’s successors and assigns. This Note shall not be assigned by either the Company or Holder without the
prior written consent of the other party.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed by a duly authorized officer as of November 2, 2015.

 

	CHATAND,
    INC.	 
	 	 	 
	By:	/s/
    Victoria Rudman 	 
	Name:
    	Victoria
    Rudman	 
	Title:
    	Chief
    Financial Officer	 
	 	 	 
	AGREED
    TO AND ACKNOWLEDGE BY:	 
	 	 	 
	STACY
    GROUP, LLC	 
	 	 	 
	By:	/s/
    Solomon Eisenberg 	 
	Name:
    	Solomon
    Eisenberg	 
	Title:
    	Managing
    MemberExhibit 10.1

 

	

    	
Paul A. Jarrell
    
	
Senior Vice President
    
	
Chief Administrative Officer
    
	
One Michael Owens Way, Plaza 1
    
	
Perrysburg OH 43551-2999
    
	
+1 567 336-2000 tel
    
	
+1 567 336-5410 fax
    

 

October 30, 2015

 

Ms. Jan Bertsch

 

Dear Jan,

 

On behalf of O-I, AI, Andres and I are pleased to offer you the position of Chief Financial Officer, based in Perrysburg, Ohio, as per the key terms and conditions summarized below. A more complete overview of the benefits programs will be provided at the beginning of your employment.

 

Base Salary

 

Your base salary will be $650,000 per year. Payments will be made on a monthly basis.

 

Short Term Incentive

 

You will participate in O-I’s Senior Management Incentive Program (“SMIP”) with a target incentive of 80% of annual earned base salary. Actual incentive earned may range from 30% to 200% of the target incentive based on company and personal performance. Once a pool is created based on the Company’s performance against the established financial metrics, 20% of your final award will be discretionary and based on your personal contributions and leadership. For 2015, your SMIP award will be prorated based on your date of hire.

 

Long Term Incentive

 

You will be eligible to participate in O-I’s Long-Term Incentive Program (“LTI”). The target award for the CFO role is $1.3M in 2015 and is reviewed annually. Actual LTI awards may vary based upon the performance of the Company and the participant. Equity grants are made in March of each year to certain eligible employees following the review and approval of the Compensation Committee of the Company’s Board of Directors.

 

On your first day of employment or the first legally allowable date, you will receive a long-term incentive award valued at $1,300,000. The award will consist of performance share units (50%), stock options (25%), and restricted stock units (25%), as per the Company’s current equity program rules and regulations. The

 

	
o-i.com                                                       glassislife.com
    

 

 

options will be valued based on a Black-Scholes valuation and the restricted stock units and performance share units will be valued at fair market value (FMV) on the date of grant. The performance share units vest over a three-year cycle beginning in 2015. The final award of performance shares may range from 0% to 200% of the target award based on company performance for EPS, ROIC and organic revenue growth. The stock options and restricted stock units will vest in 25% increments on each anniversary of the grant date.

 

Long Term Incentive – Special Award

 

Upon commencement of employment or on the first legally allowable date, a special award of restricted stock units valued at $2.5M with three-year cliff vesting will be issued. Further description of the award and details of the award agreement will be provided prior to issuance.

 

Benefits / Other

 

a.         Medical, Dental, Drug, Vision. You will participate in the same plans as other U.S. salaried employees.

 

b.         Retirement. You will participate in the salaried employee defined contribution retirement plan which includes a 401K plan with a 50% match on the first 8% contributed and an additional 2% company contribution into your account. You are also eligible to participate in the Executive Deferred Savings Plan (non-qualified 401(k) plan).

 

c.          Vacation. Your annual vacation entitlement is five (5) weeks.

 

d.         Relocation. A lump-sum relocation allowance of $50,000.

 

Executive Benefits

 

a.                 Executive Life. You will participate in the executive life insurance program providing term life insurance of 3x your base salary at no cost to you. However, any imputed income will be taxable income to you.

 

b.                 Tax and Financial Planning. You will be eligible for reimbursement of these expenses, not to exceed $15,000 per year. Note that this is taxable income.

 

c.                  Executive Physical Program. You will be eligible to participate via the preferred provider in Toledo.

 

d.                 Executive Severance. In accordance with the Executive Severance Policy, in the event you are involuntarily terminated, other than for cause, you will be eligible for a lump sum severance payment equal to two years of your total cash compensation (base salary plus target short-term incentive). In addition, you will continue to have medical/drug/dental coverage (same rates paid by active employees) and executive life insurance coverage for two years.

 

 

Outplacement support will also be provided. In exchange, you will be required to sign a waiver, release, and non-compete/non-solicitation agreement.

 

Stock Ownership

 

You will be required to accumulate and hold O-I stock valued at 2.5x your base salary within five years of your date of hire.

 

Contingencies

 

The offer is contingent on the standard O-I employment requirements:

 

a.                        Verification of your right to work in the U.S.

 

b.                        The successful results of a background and reference check and drug test.

 

c.                         The signing of a Confidentiality / Non-Compete Agreement.

 

d.                        Your verification that you have no contractual obligations with your former employer(s) or other third parties that will restrict your right to accept and perform the job being offered.

 

Jan, we look forward to your joining the O-I team and know you will find this opportunity to be challenging and rewarding. This offer of employment remains in effect until December 1, 2015. Please sign below indicating your acceptance of our offer and confirming your start date. It is our understanding that you will do so immediately following the closing (sale) of your current business.

 

Sincerely,

 

 

	
/s/ Paul A. Jarrell
    	
 
    
	
Paul A. Jarrell 
    	
 
    
	
Senior Vice President 
    	
 
    
	
Chief Administrative Officer
    	
 
    

 

	
cc:
    	
A. Stroucken
    
	
 
    	
A. Lopez
    

 

I accept this offer and agree to begin my employment with O-I on 11-23, 2015.

 

 

	
/s/ Jan Bertsch
    	
 
    	
11-20-15
    
	
Jan Bertsch
    	
 
    	
Date

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