Document:

Promissory Note issued by the Registrant to Edward Fenster

 Exhibit 10.20 
 PROMISSORY NOTE 
  

			
	$4,000.00	 	As of August 31, 2006

 TRANSFORMA ACQUISITION GROUP INC. (the “Maker”) promises to pay to the
order of Edward Fenster (the “Payee”) the principal sum of Four Thousand Dollars ($4,000.00) in lawful money of the United States of America on the terms and conditions described below. 
 1. Principal. The principal balance of this Promissory Note (this “Note”) shall be repayable on the earlier of
(a) September 1, 2007, or (b) the date on which Maker consummates an initial public offering of its securities. 
 2.
Interest. No Interest shall accrue on the unpaid principal balance of this Note. 
 3. Events of Default. Each of the following
shall constitute an “Event of Default”: 
 (a) Failure to Make Required Payments. Failure by Maker to pay the
principal of this Note within five (5) business days following the date when due. A “business day” for these purposes means any weekday on which banking or trust institutions in New York are not authorized generally or
obligated by law, regulation or executive order to close. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary
case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the
failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 
 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal Bankruptcy Code, as now
constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any
substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days. 
 4. Remedies. 
 (a) Upon the occurrence
of an Event of Default specified in Section 3(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, notwithstanding anything contained herein or in the documents evidencing the same to the contrary. 

 (b) Upon the occurrence of an Event of Default specified in Sections 3(b) and 3(c), the unpaid principal
balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 
 5. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of
time for payment. 
 6. Unconditional Liability. Maker and all endorsers and guarantors of, and sureties for, this Note waive all
notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agree that liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in
any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consent to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the
payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 
 7. Notices. Any notice called for hereunder shall be deemed properly given if (a) sent by certified mail, return receipt requested,
(b) personally delivered, (c) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, or (d) sent by facsimile, to the principal office of Maker or the home address of Payee as
indicated on the books and records of Maker. Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date reflected on a signed
delivery receipt, or (iv) two (2) business days following tender of delivery or dispatch by express mail or delivery service. 
 8.
Construction. This Note shall be governed by, construed and enforced in accordance with, the laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 
 9. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
  

 2 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Promissory Note
to be duly executed by the authorized officer named below the day and year first above written. 
  

			
	TRANSFORMA ACQUISITION GROUP INC.
	
	 /s/ Larry J. Lenhart

	By:	 	Larry J. Lenhart
	Title:	 	President and Chief Executive Officer

  

 3Private Placement Agreement between the Registrant and the existing shareholders

 Exhibit 10.22 
 PLACEMENT WARRANT PURCHASE AGREEMENT 
 PLACEMENT WARRANT PURCHASE
AGREEMENT (this “Agreement”) made as of this 8th day of September, 2006, among Transforma Acquisition Group Inc., a Delaware corporation (the “Company”), and the purchasers listed on
Exhibit A attached hereto and incorporated herein by reference (each, a “Purchaser,” and, collectively, the “Purchasers”). 
 WHEREAS, the Company intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-1 (the “Registration Statement”), in connection with the
Company’s initial public offering (the “IPO”) of up to 18,750,000 units (and 2,812,500 additional units subject to the underwriters’ over-allotment option), each unit consisting of one share of the Company’s common
stock, $.0001 par value (the “Common Stock”), and (ii) one warrant, each warrant to purchase one share of Common Stock at an exercise price of $6.00 per share; and 
 WHEREAS, the Company desires to sell to the Purchasers, in a private placement, an aggregate of 1,820,000 warrants (the “Warrants”)
substantially identical to the warrants being issued in the IPO pursuant to the terms and conditions hereof and as set forth in the Registration Statement, except that the Warrants (i) can be exercised on a cashless basis so long as they are
held by the original purchasers, members of their immediate families or their controlled affiliates, and (ii) may not be sold or transferred, except in limited circumstances, until after the consummation of the Company’s Business
Combination (as defined below); 
 WHEREAS, the Warrants shall be governed by the Warrant Agreement filed as an exhibit to the Registration
Statement; and 
 WHEREAS, the Purchasers are entitled to registration rights with respect to the Warrants and the Common Stock underlying
the Warrants on the terms set forth in this Agreement. 
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto do hereby agree as follows: 
 1. Purchase of Warrants. Each Purchaser agrees, severally and
not jointly, to purchase from the Company, and the Company agrees to sell to such Purchaser, at a purchase price of $1.00 per Warrant (the “Purchase Price”), that number of Warrants set forth opposite such Purchaser’s name on
Exhibit A. The Company and the Purchasers agree and acknowledge that the sale by the Company, and the purchase and receipt by the Purchasers, of the Warrants pursuant to this Agreement will equal (a) an aggregate issuance of
1,820,000 Warrants, and (b) an aggregate Purchase Price of $1,820,000. 
 2. Closing. The closing of the purchase and sale of the
Warrants (the “Closing”) will take place at such time and place as the parties may agree, but in no event later than the date on which the SEC declares the Registration Statement effective (the “Closing Date”). On
the Closing Date, the Purchasers shall pay the Purchase Price by wire transfer of funds to an account maintained by the Company. Immediately prior to the closing of the IPO, the Company shall deposit the Purchase Price into the trust account
described in the Registration Statement. The certificates for the Warrants shall be delivered to the Purchasers promptly after the closing of the IPO. 
 3. Lock-Up Agreement. 
 3.1 At or prior to the Closing, each Purchaser shall enter into a lock-up
agreement with the Company’s IPO underwriters, Banc of America Securities LLC and CRT Capital Group LLC, pursuant to which such Purchaser shall agree to not to sell such Purchaser’s Warrants until after the consummation of the
Company’s Business Combination (the “Lock-Up Period”). For purposes of this Agreement, “Business Combination” shall mean the Company’s initial acquisition of one or more assets or control of one or more
operating businesses in the technology, 
  

 1 

 media or telecommunications industries through a merger, capital stock exchange, stock purchase, asset acquisition or
other similar business combination which will require that a majority of the Company’s shares of common stock voted by the Company’s public stockholders (as described in the Registration Statement) are voted in favor of the acquisition and
less than 20% of the Company’s public stockholders both vote against the proposed acquisition and exercise their conversion rights (as described in the Registration Statement). 
 3.2 Notwithstanding Section 3.1 above, during the Lock-Up Period, each Purchaser shall nevertheless have the right to transfer such Purchaser’s
Warrants and the shares issuable upon the exercise of such Purchaser’s Warrants (a) to a member of such Purchaser’s immediate family, an affiliate of such Purchaser or to a charitable organization, (b) to a trust, the beneficiary
of which is a member of such Purchaser’s immediate family, (c) by virtue of the laws of descent and distribution upon death of such Purchaser, (d) to other officers and/or directors of the Company, (e) pursuant to a qualified
domestic relations order, or (f) in the event of the Company’s dissolution prior to the Business Combination or the consummation of a liquidation, merger, capital stock exchange, stock purchase, asset acquisition or other similar
transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Company consummating a Business Combination; provided,
however, that, in connection with each proposed transfer, no such transfer shall be effective unless and until the transferee has agreed in writing: (i) to be subject to the transfer restrictions set forth in this Section 3,
(ii) to waive such transferee’s right to participate in any liquidation distribution with respect to all shares owned by the transferring Purchaser prior to the IPO (but not shares acquired in the IPO or in the secondary market) if the
Company fails to consummate a Business Combination, (iii) to waive such transferee’s right to conversion in connection with the Company’s Business Combination, (iv) to vote with respect to all shares owned by the transferring
Purchaser prior to the IPO (but not shares acquired in the IPO or in the secondary market) with the majority of public stockholders who vote in connection with the Company’s Business Combination, and (v) to vote in favor of the
Company’s dissolution if a Business Combination has not been completed within the required time limit. 
 4. Representations and
Warranties of each Purchaser. Each Purchaser hereby represents and warrants to the Company that: 
 4.1 Such Purchaser is an
“accredited investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”). 
 4.2 The Warrants (and the shares issuable upon exercise thereof) are being acquired for such Purchaser’s own account, only for investment
purposes and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act. 
 4.3 Such Purchaser has the full right, power and authority to enter into this Agreement and this Agreement is a valid and legally binding obligation of such Purchaser enforceable against such Purchaser in
accordance with its terms. 
 4.4 Such Purchaser acknowledges that the Warrants (and the shares issuable upon exercise thereof) will bear a
legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE PROVISIONS OF ANY APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER
SAID ACT AND LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 5. Registration Rights Agreement. At or prior to the Closing, the Company and the Purchasers shall enter into a mutually satisfactory registration rights agreement having the terms described in the Registration Statement.

  

 2 

 6. Waiver of Claims; Indemnification. Each Purchaser hereby waives any and all rights to assert
any present or future claims, including any right of rescission, against the Company or Banc of America Securities LLC or CRT Capital Group LLC with respect to such Purchaser’s purchase of the Warrants, and such Purchaser agrees to indemnify
and hold the Company, Banc of America Securities LLC and CRT Capital Group LLC harmless from all losses, damages or expenses that relate to claims or proceedings brought against the Company or Banc of America Securities LLC or CRT Capital Group LLC
by any of such Purchaser’s transferees, heirs, successors, assigns or any subsequent holders of the Warrants or underlying securities. 
 7. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
instrument. This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an original. 
 8. Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. Each of the parties hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 
 9. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns,
provided, however, that each Purchaser shall not have the right to assign any of its rights hereunder to purchase Warrants to any other person. 
 10. Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof
be enforced by, any other person; provided that Banc of America Securities LLC and CRT Capital Group LLC shall be third party beneficiaries of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

 3 

 IN WITNESS WHEREOF, the Purchasers have executed this Placement Warrant Purchase Agreement as of the date
first written above. 
  

			
	COMPANY:
	
	 TRANSFORMA ACQUISITION GROUP INC.
 a Delaware
Corporation

		
	By:	 	 /s/ Larry J. Lenhart

	Name:	 	Larry Lenhart
	Title:	 	President and Chief Executive Officer
	
	PURCHASERS:
	
	 /s/ Larry J. Lenhart

	Larry J. Lenhart
	
	 /s/ Samuel L. Schwerin

	Samuel L. Schwerin
	
	 /s/ Daniel L. Burstein

	Daniel L. Burstein
	
	 /s/ Jon Lambert

	Jon Lambert
	
	Ashanti Capital Partners, LLC
		
	By:	 	 /s/ John Sculley

	Name:	 	 John Sculley

	Title:	 	 Managing Member

	
	 /s/ Gordon E. Eubanks, Jr.

	Gordon E. Eubanks, Jr.
	
	 /s/ Dale Kutnick

	Dale Kutnick
	
	S&B Investment Management Group, LLC
		
	By:	 	 /s/ Samuel L. Schwerin

	Name:	 	 Samuel L. Schwerin

	Title:	 	 Managing Member

	
	 /s/ Edward Fenster

	Edward Fenster

  

 4 

 Exhibit A 
 Purchasers; Number of Warrants; Aggregate Purchase Price 
  

						
	 Purchasers
	  	Number of
Warrants	  	Aggregate
Purchase Price
	 Larry J. Lenhart
	  	364,000	  	$	364,000
	 Samuel L. Schwerin
	  	318,500	  	$	318,500
	 Daniel L. Burstein
	  	318,500	  	$	318,500
	 Jon Lambert
	  	45,500	  	$	45,500
	 Ashanti Capital Partners, LLC
	  	254,800	  	$	254,800
	 Gordon E. Eubanks, Jr.
	  	254,800	  	$	254,800
	 Dale Kutnick
	  	159,250	  	$	159,250
	 S&B Investment Management Group, LLC
	  	68,250	  	$	68,250
	 Edward Fenster
	  	36,400	  	$	36,400
		  	 	  	 	 
	 Total:
	  	1,820,000	  	$	1,820,000
		  	 	  	 	 

  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]