Document:

exv10w7

10.7

PROMISSORY NOTE

	 	 	 	 	 

	 

	 	December 9, 2010	 	 
	$160,000 

	 	Hopkinton, Massachusetts
	 	 

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $160,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

 

 

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral, and to the addition or release of any other party
or person primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

	 	 	 	 	 
	 	Alseres Pharmaceuticals, Inc.

 	 
	 	By:  	/s/ Kenneth L. Rice Jr

 	 
	 	Title:  	EVP & CFOExhibit 10.1

Exhibit 10.1

PRODUCT DISTRIBUTION AGREEMENT

This Product Distribution Agreement (“Agreement”), effective as of December 6, 2010 (the “Effective
Date”), is made by and between Robertson Technologies Licensing, LLC, having an office at 4215
Fashion Square Boulevard, Suite 3, Saginaw, Michigan 48603 and its affiliates (“Robertson”), and
Montana Healthcare Solutions PTY Ltd having its principal place of business at 16 Charlton Quay,
Desmond Street, Morningside, Johannesburg, South Africa (“Montana Health”).

In consideration of the mutual covenants and agreements herein set forth, the parties agree as
follows:

I. RIGHT TO SELL. Robertson has developed a versatile, interactive knowledge management system that
can be displayed on multiple platforms and is intended to improve timeliness and accuracy of
medical diagnostics (hereinafter “RHealth Advisor”). In accordance with this Agreement, Robertson
grants Montana Health the right to sell and market RHealth Advisor license agreements on behalf of
Robertson under the terms of this Agreement listed below.

Robertson agrees to deliver such products necessary for contracts generated by Montana Health.

Montana Health agrees to devote its best efforts to the sale of RHealth Advisor license agreements,
which includes, but is not limited to, (1) providing an adequate, trained sales and technical staff
to promote the sale and support of RHealth Advisor, (2) undertaking promotional campaigns and
canvassing prospective users to stimulate the sales of RHealth Advisor, and (3) generating and
maintaining relationships with prospective and current customers.

II. RIGHT TO EXECUTE AGREEMENTS. Robertson may grant Montana Health the authority to execute
agreements on behalf of Robertson upon completion of the form in Appendix A of this agreement, such
authority not being unreasonably withheld. Any agreements pertaining to Robertson products and
services signed by Montana Health without written approval by Robertson will result in breach of
contract.

III. PROCEEDS OF SALES. Robertson will pay to Montana Health a commission on the sales proceeds
for marketing the RHealth Advisor product and supporting services in cases where Montana Health is
involved in marketing the product and introduces Robertson Health to complete the licensing
arrangement with the customer. The commission rate for each individual sales opportunity will be
added as an addendum to this agreement. Commissions will likewise be paid on second tier sales
generated from referrals of customers from Montana Health and will be added as an addendum to this
agreement. This commission will be paid for sales processed and closed directly by Robertson
resulting from marketing efforts of Montana Health, where Montana Health is not involved in the
delivery or support of the RHealth Advisor product. Licenses of RHealth Advisor engaged through
Montana Health, with their assistance in delivery or support of the product, will not include a
commission but will fall under the direction of Section VIII — Revenue Sharing.

 

 

 

IV. RECORDS. Montana Health and Robertson shall keep accurate records regarding the quantities of
the RHealth Advisor licenses that are sold. Robertson and Montana Health shall have the right to
inspect such records from time to time after providing reasonable notice of such intent to the
other party.

V. DISTRIBUTION RIGHTS Montana Health has the right to represent Robertson in the negotiation and
sale of RHealth Advisor licenses. Montana Health will bring clients to Robertson who will execute
a license agreement with said client or grant Montana Health the authority to execute a license
agreement on Robertson’s behalf upon completion of the form in Appendix A of this agreement.
Montana Health does not have rights to execute license agreements or other legal contracts on
Robertson’s behalf, and can only obtain this right through written authority for each contract.
Robertson has an inherent right to make sales through its own organization as well. If Montana
Health generates a contact that ends in the execution of a contract, commissions will be paid in
accordance with Section VIII of this Agreement. If Robertson generates a sale it can assign the
customer service and support to Montana Health in accordance with Section IX.

VI. SUPPORT Montana Health shall receive the support of Robertson in its efforts to market RHealth
Advisor licenses. Dr. Joel Robertson, or if not available, an appropriate substitute, shall make
appearances at key events, attend key meetings, and endorse (through letters, video, audio,
media’s, etc.) Montana Health as Robertson’s partnership organization. Robertson shall support its
business technology systems, deliverance of technology to consumer sector, and expertise in
handling technical questions. Robertson shall provide training on its products and services to
Montana Health and its agents and contractors. Once trained, Montana Health will become a
technical implementation partner with Robertson with the capabilities of training all future
contractors, agents, distribution outlets, etc.

Any costs incurred by Montana Health in the marketing and distribution of the Robertson Technology
are the sole responsibility of Montana Health. Such costs include, but are not limited to, travel,
entertainment, printing and marketing.

Any costs incurred by Robertson in the support of Montana Health, including collateral materials
and travel expenses, will be the sole responsibility of Robertson.

VII. USE OF ROBERTSON NAME. Robertson expressly prohibits any direct or indirect use, reference
to, or other employment of its name, trademarks, or trade name exclusively licensed to Robertson,
except as specified in this Agreement or as expressly authorized by Robertson in writing. All
advertising and other promotional material will be submitted to Robertson at least two weeks in
advance and will only be used if Robertson consents thereto, which consent shall not be
unreasonably withheld.

VIII. REVENUE SHARING. Montana Health and Robertson shall share revenues on the sale of RHealth
Advisor licenses for all customers brought to Robertson by Montana Health. Revenue sharing
agreements will be included as an addendum for each sale. The Revenue Share provision is in effect
for license deals with customers actively worked and closed by Montana
Health, and where Montana Health is involved in the delivery and/or support of RHealth Advisor with
the respective customer. Otherwise, the clause in Section III — Proceeds of Sales will govern the
arrangement for commission payment.

 

 

 

IX. CUSTOMER (END-USER) SERVICE AND SUPPORT. For contracts with which Montana Health is to be
responsible for the customer (end-user) support, Montana Health will provide adequate, trained
technical staff to provide first level customer support. If the first level contact is unable to
resolve the customer issue, Montana Health will provide adequate, trained technical staff to
provide second level customer support. If the second level contact is unable to resolve the
customer issue, the matter will be referred to Robertson to resolve the customer issue. For
contracts with which Montana Health provides the first and second level customer support, revenue
share will be split accordingly at the support rate, which will be included in an addendum to this
agreement in accordance with Section VIII.

X. TAXES

	 	a)	 	PAYROLL TAXES. Montana Health shall be exclusively liable for, and shall
indemnify Robertson against such liability for, all employee payroll taxes and
insurance arising out of wages payable to persons employed by Montana Health in
connection with the performance of this Agreement.

	 	b)	 	TAXES. Robertson is not liable for any taxes that Montana Health is legally
obligated to pay in connection with this Agreement, and all such taxes (including but
not limited to net income or gross receipts taxes, franchise taxes, and/or property
taxes) will be the financial responsibility of Montana Health.

XI. DEFAULTS. Either Robertson or Montana Health may terminate this Agreement on written notice if
the other party materially breaches this Agreement and such material breach remains uncured for
forty-five (45) days following written notice of same from the other party.

XII. INDEPENDENCE OF PARTIES. Nothing contained in this Agreement shall be construed to make
Montana Health the agent for Robertson for any purpose, and neither party hereto shall have any
right whatsoever to incur any liabilities or obligations on behalf or binding upon the other party.
Montana Health specifically agrees that it will solicit orders for RHealth Advisor as an
independent contractor in accordance with the terms of this Agreement; and that it will not at any
time represent orally or in writing to any person or corporation or other business entity that it
has any right, power, or authority not expressly granted by this Agreement.

XIII. ARBITRATION. All disputes under this Agreement that cannot be resolved by the parties shall
be submitted to arbitration under the rules and regulations of the American Arbitration
Association. Either party may invoke this paragraph after providing 30 days’ written notice to the
other party. All costs of arbitration shall be divided equally between the parties. Any award may
be enforced by a court of law.

XIV. WARRANTIES. Neither party makes any warranties with respect to the use, sale or other transfer
of RHealth Advisor by the other party or by any third party. In no event will Robertson be liable
for direct, indirect, special, incidental, or consequential damages, that are in any way related to
RHealth Advisor.

 

 

 

XV. TRANSFER OF RIGHTS. This Agreement shall be binding on any successors of the parties. Neither
party shall have the right to assign its interests in this Agreement unless the prior written
consent of the other party is obtained.

XVI. TERMINATION. This Agreement may not be terminated by either party unless there are violations
of the Agreement or either party is not performing its duties as outlined in this document, in
which case termination requires party to provide 45 days written notice to the other party.

XVII. INDEMNITY. Montana Health agrees to hold Robertson free and harmless from any and all claims,
damages, and expenses of every kind or nature whatsoever (a) arising from acts of Montana Health;
or (b) as a direct or indirect consequence of termination of this Agreement in accordance with its
terms.

XVIII. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the parties with respect
to the subject matter of this Agreement and there are no other promises or conditions in any other
agreement, whether oral or written. This Agreement supersedes any prior written or oral agreements
between the parties with respect to the subject matter of this Agreement.

XIX. AMENDMENT. This Agreement may be modified or amended, if the amendment is made in writing and
is signed by both parties.

XX. SEVERABILITY. If any provision of this Agreement shall be held to be invalid or unenforceable
for any reason, the remaining provisions shall continue to be valid and enforceable. If a court
finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such
provision it would become valid or enforceable, then such provision shall be deemed to be written,
construed, and enforced as so limited.

XXI. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this
Agreement shall not be construed as a waiver or limitation of that party’s right to subsequently
enforce and compel strict compliance with every provision of this Agreement.

XXII. APPLICABLE LAW. This Agreement shall be governed by the laws of the State of Michigan.

[SIGNATURE PAGE FOLLOWS]

 

 

 

[SIGNATURE PAGE]

This Agreement is entered into by the parties as of the Effective Date.

Technology Provider:

Robertson Technologies Licensing, LLC

	 	 	 	 	 

	By:

	 	/s/ Dr. Joel Robertson
 

Dr. Joel Robertson
	 	 
	 

	 	CEO	 	 

Technology Distributor:

Montana Healthcare Solutions PTY Ltd

	 	 	 	 	 

	By:

	 	/s/ Nicola Brink
 

Nicola Brink — Director
	 	 
	 

	 	 
(Print Name/ Title)
	 	 

 

 

 

APPENDIX A

Montana Health

Letter of Authority to Sign Contract on the Behalf of

Robertson Technologies Licensing, LLC

Customer Name __________

Date __________

Robertson Technologies Licensing, LLC (“Robertson”) hereby provides Ian Puttergill and Nicola Brink
of Montana Health the authority to sign the above referenced contract on the behalf of Robertson.
The contract as agreed upon is attached to this letter of authority. This letter in no way grants
authority to enter Robertson or any other related entity into any contract not referenced above and
attached to this letter of authority.

Robertson Technologies Licensing, LLC

	 	 	 

	 

Joel C. Robertson

	 	 
	President

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