Document:

Exhibit 10.1

 

NOTE
PURCHASE AGREEMENT

 

NOTE PURCHASE AGREEMENT (this “Agreement”),
dated as of March     , 2008, by and between ASPYRA,
INC., a California corporation (the “Company”),
and each of the entities whose names appear on the signature pages hereof.  Such entities are each referred to herein as
an “Investor” and, collectively, as the “Investors”.

 

A.            The
Company wishes to sell to each Investor, and each Investor wishes to purchase, upon
the terms and subject to the conditions set forth in this Agreement, a Secured
Promissory Note, which shall accrue interest at the rate of the London
Interbank Offered Rate (“LIBOR”) plus 2.5% per annum, adjusted per rata, in the
form attached hereto as Exhibit A
(a “Note” and, collectively with the
other Notes issued hereunder, the “Notes”).

 

B.            The
Company’s obligations under the Notes, including without limitation its
obligation to make payments of principal thereof and interest thereon, are
secured by the assets of the Company,
subject to a senior security interest held by Western Commercial Bank and pari passu with the security interests of C. Ian
Sym-Smith and TITAB, LLC, pursuant to the
terms of a Security Agreement in the form attached hereto as Exhibit B (the “Security Agreement”).

 

In consideration of the mutual promises made herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and each Investor
hereby agree as follows:

 

1.             PURCHASE AND SALE OF NOTES.

 

1.1           Closing.

 

Upon the terms and subject to the satisfaction or waiver of the
conditions set forth herein, the Company agrees to sell and each Investor
agrees to purchase a Note with a principal amount equal to the amount set forth
below such Investor’s name on the signature pages hereof.  The date on which the closing of such
purchase and sale occurs (the “Closing”)
is hereinafter referred to as the “Closing Date”.
The Closing will be deemed to occur at the offices of Sichenzia Ross Friedman
Ference LLP, 61 Broadway, 32nd Fl., New York, NY 10006, or such
other place as the parties mutually agree upon, when (A) this Agreement
and the other Transaction Documents (as defined below) have been executed and
delivered by the Company and each Investor, (B) each of the conditions to
the Closing described in this Agreement has been satisfied or waived as
specified therein and (C) payment of each Investor’s Purchase Price (as
defined below) payable with respect to the Note being purchased by such
Investor at the Closing has been made by wire transfer of immediately available
funds.  At the Closing, the Company shall
deliver to each Investor a duly executed instrument representing the Note
purchased by such Investor at the Closing.

 

1.2           Certain
Definitions.  When used herein, the
following terms shall have the respective meanings indicated:

 

 

“Affiliate”
means, as to any Person (the “subject Person”),
any other Person (a) that directly or indirectly through one or more
intermediaries controls or is controlled by, or is under direct or indirect
common control with, the subject Person, (b) that directly or indirectly
beneficially owns or holds ten percent (10%) or more of any class of voting
equity of the subject Person, or (c) ten percent (10%) or more of the
voting equity of which is directly or indirectly beneficially owned or held by
the subject Person. For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, through representation on such Person’s board
of directors or other management committee or group, by contract or otherwise.

 

“Board of Directors”
means the Company’s board of directors.

 

“Business Day”
means any day other than a Saturday, a
Sunday or a day on which the Principal Market is closed or on which banks in
the City of New York are required or authorized by law to be closed.

 

“Closing”
and “Closing Date” have the respective
meanings specified in Section 1.1
of this Agreement.

 

“Commission”
means the Securities and Exchange Commission, and any successor regulatory
agency.

 

“Common
Stock” means the common stock of the Company, no par value per
share.

 

“Company
Subsidiary” means the Subsidiary of the Company.

 

“Disclosure
Documents” means all SEC Documents filed with the Commission at
least three (3) Business Days prior to the Execution Date.

 

“Environmental Law”
means any federal, state, provincial, local or foreign law, statute, code or
ordinance, principle of common law, rule or regulation, as well as any
Permit, order, decree, judgment or injunction issued, promulgated, approved or
entered thereunder, relating to pollution or the protection, cleanup or
restoration of the environment or natural resources, or to the public health or
safety, or otherwise governing the generation, use, handling, collection,
treatment, storage, transportation, recovery, recycling, discharge or disposal
of hazardous materials.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the
regulations and published interpretations thereunder.

 

“Event of Default”
has the meaning specified in the Notes.

 

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“Exchange Act”
means the Securities Exchange Act of 1934, as amended (or any successor act),
and the rules and regulations promulgated thereunder (or respective
successors thereto).

 

“Execution Date”
means the date of this Agreement.

 

“GAAP” means
U.S. generally accepted accounting principles, applied on a consistent
basis.  Accounting principles are applied
on a “consistent basis” when the accounting principles applied in a current
period are comparable in all material respects to those accounting principles
applied in a preceding period.

 

“Governmental Authority”
means any nation or government, any state, provincial or political subdivision
thereof and any entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government, including, without
limitation, any stock exchange, securities market or self-regulatory
organization.

 

“Governmental Requirement”
means any law, statute, code, ordinance, order, rule, regulation, judgment,
decree, injunction, franchise, license or other directive or requirement of any
federal, state, county, municipal, parish, provincial or other Governmental
Authority or any department, commission, board, court, agency or any other
instrumentality of any of them.

 

“Intellectual Property”
means the collective reference to all existing rights, priorities and
privileges relating to intellectual property, whether arising under United
States, multinational or foreign laws or otherwise, including, without
limitation, (i) all copyrights arising under the laws of the United
States, any other country or any political subdivision thereof, whether
registered or unregistered and whether published or unpublished, all
registrations and recordings thereof, and all applications in connection
therewith, including, without limitation, all registrations, recordings and
applications in the United States Copyright Office, (ii) all letters
patent of the United States, any other country or any political subdivision
thereof, all reissues and extensions thereof, and all applications for letters
patent of the United States or any other country and all divisions,
continuations and continuations-in-part thereof, (iii) all trademarks,
trade names, corporate names, company names, business names, fictitious
business names, trade dress, service marks, logos, domain names and other
source or business identifiers, and all goodwill associated therewith, now
existing or hereafter adopted or acquired, all registrations and recordings
thereof, and all applications in connection therewith, whether in the United
States Patent and Trademark Office or in any similar office or agency of the
United States, any State thereof or any other country or any political
subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all
trade secrets arising under the laws of the United States, any other country or
any political subdivision thereof, (v) all rights to obtain any reissues,
renewals or extensions of the foregoing, (vi) all licenses for any of the
foregoing, and (vii) all causes of action for infringement of the
foregoing.

 

“Investor Party”
has the meaning specified in 4.6 of this
Agreement.

 

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“Key Employee”
has the meaning specified in Section 3.12
of this Agreement.

 

“Lien”
means, with respect to any Property, any lien, mortgage, pledge, hypothecation,
assignment, security interest, charge, easement or other encumbrance.

 

“Material
Adverse Effect” means an effect that is material and adverse to
(i) the consolidated business, properties, assets, operations, results of
operations, financial condition, credit worthiness or prospects of the Company
and the Company Subsidiary taken as a whole, (ii) the ability of the
Company or any Company Subsidiary to perform its material obligations under
this Agreement or the other Transaction Documents or (iii) the rights and
benefits to which an Investor is entitled under this Agreement or any of the
other Transaction Documents.

 

“Material Contracts”
means, as to the Company and the Company Subsidiary, any agreement required
pursuant to Item 601 of Regulation S-B or Item 601 of Regulation S-K, as
applicable, promulgated under the Securities Act to be filed as an exhibit to
any report, schedule, registration statement or definitive proxy statement
filed or required to be filed by the
Company with the Commission under the Exchange Act or any rule or
regulation promulgated thereunder, and any and all material amendments,
modifications, supplements, renewals or restatements thereof.

 

“New Securities”
means, any Common Stock or Common Stock Equivalents that the Company proposes
to offer or sell for cash consideration at any time during the period from the
Closing Date through the later of the first anniversary of the Effective Date
or two years from the Closing Date, (the latter shall mean the “Subsequent Financing”).

 

“Pension Plan”
means an employee pension benefit plan (as defined in ERISA) maintained by the
Company for employees of the Company or any of its Affiliates.

 

 “Person” means any individual,
corporation, trust, association, company, partnership, joint venture, limited
liability company, joint stock company, Governmental Authority or other entity.

 

“Principal Market”
means the American Stock Exchange or the principal exchange, market or
quotation system on which the Common Stock is then listed, traded or quoted.

 

“Property”
means property and/or assets of all kinds, whether real, personal or mixed,
tangible or intangible (including, without limitation, all rights relating
thereto).

 

“Purchase Price”
means, with respect to the Notes purchased at the Closing, the original
principal amount of the Note purchased at the Closing.

 

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“SEC
Documents” means all reports, schedules, registration statements
and definitive proxy statements filed (or required to be filed) by the Company
with the Commission.

 

“Securities Act”
has the meaning specified in the recitals of this Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation or other entity of which at
least a majority of the outstanding shares of stock or other ownership
interests having by the terms thereof ordinary voting power to elect a majority
of the board of directors (or Persons performing similar functions) of such
corporation or entity (regardless of whether or not at the time, in the case of
a corporation, stock of any other class or classes of such corporation shall
have or might have voting power by reason of the happening of any contingency)
is at the time directly or indirectly owned or controlled by such Person or one
or more of its Subsidiary or by such Person and one or more of its Subsidiary.

 

“Termination
Date” means the first date on which there are no Notes
outstanding.

 

“Transaction
Documents” means (i) this Agreement, (ii) the Notes, (iii) the
Security Agreement, and (iv) all other agreements, documents and other
instruments executed and delivered by or on behalf of the Company or any of its
officers at the Closing.

 

1.3           Other
Definitional Provisions.  All
definitions contained in this Agreement are equally applicable to the singular
and plural forms of the terms defined. 
The words “hereof”, “herein” and “hereunder” and words of similar import
contained in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement.

 

2.             REPRESENTATIONS AND WARRANTIES OF
EACH INVESTOR.

 

Each Investor (with respect to itself only)
hereby represents and warrants to the Company and agrees with the Company that,
as of the Execution Date:

 

2.1           Authorization; Enforceability.  Such Investor is duly and validly organized,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization as set forth below such Investor’s name on the
signature page hereof with the requisite corporate power and authority to
purchase the Note to be purchased by it hereunder and to execute, deliver and to
consummate the transactions contemplated by,
this Agreement and the other Transaction Documents to which it is a party
and otherwise to carry out its obligations thereunder. This Agreement constitutes, and upon execution and delivery thereof,
each other Transaction Document to which such Investor is a party will
constitute, such Investor’s valid and legally binding obligation, enforceable
in accordance with its terms, subject to (i) applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium or other similar
laws of general application relating to or affecting the enforcement of
creditors’ rights generally and (ii) general principles of equity.

 

2.2           No Conflicts.  The execution and performance of this
Agreement and the other Transaction Documents to which it is a party do not
conflict in any material respect with any agreement to which such
Investor is a party or is bound, any court order or judgment applicable to such
Investor, or the constituent documents of such Investor.

 

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2.3           Fees. Such Investor has not
agreed to pay any compensation or other fee, cost or related expenditure to any
underwriter, broker, agent or other representative in connection with the
transactions contemplated hereby.

 

2.4.          Accredited Investor. As the
date hereof, the Investor warrants that it is either: (i) an “accredited
investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under
the Securities Act or (ii) a “qualified institutional buyer” as defined in
Rule 144A(a) under the Securities Act.  Such Purchaser is not
required to be registered as a broker-dealer under Section 15 of the
Exchange Act.

 

2.5.          Restricted
Securities. The Notes or underlying securities may only be disposed of in
compliance with state and federal securities laws. In connection with any
transfer of any underlying securities Securities to the Transaction Documents,
the Company may require the transferor thereof to provide to the Company an
opinion of counsel selected by the transferor and reasonably acceptable to the
Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require
registration of such transferred Securities under the Securities Act.  As
a condition of transfer, any such transferee shall agree in writing to be bound
by the terms of this Agreement.

 

The Purchasers agree to the imprinting, so long as is required by this Section 2.5,
of a legend on any of the Securities in the following form:

 

[NEITHER] THESE SECURITIES [NOR THE SECURITIES INTO
WHICH THESE SECURITIES ARE [EXERCISABLE] [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.  THESE SECURITIES AND THE
SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THESE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY
SUCH SECURITIES.

 

3.             REPRESENTATIONS AND WARRANTIES OF
THE COMPANY.  Except as set forth in the SEC Documents, the
Company hereby represents and warrants to each Investor and agrees with each
Investor that, as of the Execution Date:

 

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3.1           Organization, Good Standing and
Qualification.  Each of the Company
and the Company Subsidiary  is duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization and has all requisite power
and authority to carry on its business as now conducted.  Each of the Company and the Company
Subsidiary is duly qualified to transact business and is in good standing in
each jurisdiction in which it conducts business except where the failure so to
qualify has not had or would not reasonably be expected to have a Material
Adverse Effect.

 

3.2           Authorization; Consents.  The Company has the requisite corporate power
and authority to enter into and perform its obligations under the Transaction
Documents. Each Company Subsidiary has the requisite power and authority to
enter into and perform its obligations under the Security Agreement. All
corporate action on the part of the Company by its officers, directors and
stockholders necessary for the authorization, execution and delivery of, and
the performance by the Company of its obligations under, the Transaction
Documents has been taken, and no further consent or authorization of the
Company, its Board of Directors, stockholders, any Governmental Authority or
any other Person is required (pursuant to any rule of the Principal Market
or otherwise).  All corporate action
on the part of each Company Subsidiary by its officers, directors,
stockholders, members or governors necessary for the authorization, execution
and delivery of, and the performance by such Company Subsidiary of its
obligations under the Security Agreement has been taken.  The Board of Directors has determined
that the sale and issuance of the Notes, and the consummation of the other
transactions contemplated hereby and by the other Transaction Documents, are in
the best interests of the Company.

 

3.3           Enforcement.  This Agreement has been duly executed and
delivered by the Company, and at the Closing, each of the Company and the
Company Subsidiary will have duly executed and delivered each of the other
Transaction Documents to which such entity is a party.  This Agreement constitutes, and at the
Closing, each of the other Transaction Documents to which the Company or any of
the Company Subsidiary is a party will constitute, the valid and legally
binding obligations of the Company and the Company Subsidiary, enforceable
against the Company and the Company Subsidiary in accordance with their respective
terms, subject to (i) applicable bankruptcy, insolvency, fraudulent
transfer, moratorium, reorganization or other similar laws of general
application relating to or affecting the enforcement of creditors’ rights
generally and (ii) general principles of equity.

 

3.4           Disclosure Documents; Agreements;
Financial Statements; Other Information. 
The Company is subject to the reporting requirements of the Exchange Act
and the Company has filed with the Commission all SEC Documents that the
Company was required to file with the Commission on or after December 31,
2006.  The Company is not aware of any
event occurring or expected to occur on or prior to the Closing Date that would
require the filing of, or with respect to which the Company intends to file, a Form 8-K
after the Closing.  Each SEC Document
filed on or after December 31, 2006, as of the date of the filing thereof
with the Commission (or if amended or superseded by a filing prior to the
Execution Date, then on the date of such amending or superseding filing),
complied in all material respects with the requirements of the Securities Act
or Exchange Act, as applicable, and the rules and regulations promulgated
thereunder and, as of the date of such filing (or if amended or superseded by a
filing prior to the Execution Date, then on the

 

7

 

date of such filing), such SEC
Document (including all exhibits and schedules thereto and documents
incorporated by reference therein) did not, contain an untrue statement of
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.  To
the best of the Company’s knowledge, all documents required to be filed as
exhibits to the SEC Documents filed on or after December 31, 2006 have
been filed as required.  Except as set
forth in the Disclosure Documents, the Company has no liabilities, contingent
or otherwise, other than liabilities incurred in the ordinary course of
business which, under GAAP, are not required to be reflected in the financial
statements included in the Disclosure Documents and which, individually or in
the aggregate, are not material to the consolidated business or financial
condition of the Company and the Company Subsidiary taken as a whole.  As of their respective dates, the financial
statements of the Company included in the SEC Documents filed on or after December 31,
2006 complied as to form in all material respects with applicable accounting
requirements and the published rules and regulations of the Commission
with respect thereto. Such financial statements have been prepared in
accordance with GAAP consistently applied at the times and during the periods
involved (except (i) as may be otherwise indicated in such financial
statements or the notes thereto, or (ii) in the case of unaudited interim
statements, to the extent they may exclude footnotes or may be condensed or
summary statements) and fairly present in all material respects the financial
position of the Company as of the dates thereof and the results of its
operations and cash flows for the periods then ended (subject, in the case of
unaudited statements, to normal year-end adjustments).  The Company will prepare the financial
statements to be included in any reports, schedules, registration statements
and definitive proxy statements that the Company is required to file or files
with the Commission after the date hereof in accordance with GAAP (except in
the case of unaudited interim statements, to the extent they may exclude
footnotes or may be condensed or summary statements).

 

3.5           Due
Authorization; Valid Issuance.  The
Notes are duly authorized and, when issued, sold and delivered in accordance
with the terms of this Agreement, will be duly and validly issued, free and
clear of any Liens imposed by or through the Company.

 

3.6           No
Conflict; No Violation.  Neither the
Company nor any Company Subsidiary is in violation of any provisions of its
charter, bylaws or any other governing document.  Neither the Company nor any Company
Subsidiary is in violation of or in default (and no event has occurred which,
with notice or lapse of time or both, would constitute a default) under any
provision of any instrument or contract to which it is a party or by which it
or any of its Property is bound, or in violation of any provision of any
Governmental Requirement applicable to the Company or any Company
Subsidiary.  The execution, delivery and
performance of this Agreement and the other Transaction Documents and the
consummation of the transactions contemplated hereby and thereby will not
result in any violation of any provisions of the Company’s or any Company
Subsidiary’s charter, bylaws or any other governing document or in a default
under any provision of any instrument or contract to which the Company or
Company Subsidiary is a party or by which it or any of its Property is bound,
or in violation of any provision of any Governmental Requirement applicable to
the Company or Company Subsidiary or be in conflict with or constitute, with or
without the passage of time and giving of notice, either a default under any
such provision, instrument or contract or an event which results in the
creation of any Lien upon any assets of the Company or of any Company
Subsidiary or the triggering of any preemptive rights or rights of first
refusal or first offer.

 

8

 

3.7           Fees.  The Company is not obligated to pay any
brokers, finders or financial advisory fees or commissions to any underwriter,
broker, agent or other representative in connection with the transactions
contemplated hereby. The Company will indemnify and hold harmless such Investor
from and against any claim by any person or entity alleging that such Investor
is obligated to pay any such compensation, fee, cost or related expenditure in
connection with the transactions contemplated hereby.

 

3.8           Foreign
Corrupt Practices.  Neither the
Company, any Company Subsidiary nor, to the knowledge of the Company, any
director, officer, agent, employee or other person acting on behalf of the
Company or any Company Subsidiary, has (i) used any corporate funds for
any unlawful contribution, gift, entertainment or other unlawful expenses
relating to political activity, (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee, or (iii) violated
any provision of the Foreign Corrupt Practices Act of 1977, as amended, or made
any bribe, rebate, payoff, influence payment, kickback or other unlawful
payment to any foreign or domestic government official or employee.

 

3.9           Employee
Matters.  There is no strike, labor
dispute or union organization activities pending or, to the knowledge of the
Company, threatened between the Company or any Company Subsidiary and any of
their employees.  Other than as set forth
in the Disclosure Documents, no employees of the Company or any Company
Subsidiary belong to any union or collective bargaining unit. The Company and each
Company Subsidiary has complied in all material respects with all applicable
federal and state equal opportunity and other laws related to employment.

 

3.10         Environment.  Except
as disclosed in the Disclosure Documents, the Company and the Company Subsidiary
have no liabilities under any Environmental Law, nor, to the Company’s
knowledge, do any factors exist that are reasonably likely to give rise to any
such liability, affecting any of the properties owned or leased by the Company
or any Company Subsidiary that, individually or in the aggregate, has had or would reasonably be expected to have a
Material Adverse Effect.  Neither the
Company nor any Company Subsidiary has violated any Environmental Law
applicable to it now or previously in effect, other than such violations or
infringements that, individually or in the aggregate, have not had and would
not reasonably be expected to have a Material Adverse Effect.

 

3.11         ERISA.  The Company does not maintain or contribute
to, or have any obligation under, any Pension Plan.  The Company is in compliance in all material
respects with the presently applicable provisions of ERISA and the United
States Internal Revenue Code of 1986, as amended, with respect to each Pension Plan
except in any such case for any such matters that, individually or in the
aggregate, have not had, and would not reasonably be expected to have, a
Material Adverse Effect.

 

3.12         Transfer Taxes.
No transfer or other taxes (other than income taxes) are required to be paid in
connection with the issuance and sale of any of the Notes.

 

9

 

4.             COVENANTS
OF THE COMPANY AND EACH INVESTOR.

 

4.1         Filings and
Disclosure Reports. The Company agrees with each Investor that the Company
will:

 

(a)          on or prior to 8:30 a.m. (eastern
time) on the second Business Day following the Execution Date, if required, issue a press release disclosing
the material terms of this Agreement and the other Transaction Documents and
the transactions contemplated hereby and thereby, and

 

(b)          if required, on or prior to
5:00 p.m. (eastern time) on the fourth Business Day following
the Execution Date, file with the
Commission a Current Report on Form 8-K disclosing the material terms of
and including as exhibits this Agreement and the other Transaction Documents
and the transactions contemplated hereby and thereby; provided, however,
that each Investor shall have a reasonable opportunity to review and comment on
any such press release, if required, or Form 8-K prior to the issuance or
filing thereof; and provided, further,
that if the Company fails to issue a press release disclosing the material
terms of this Agreement and the other Transaction Documents within the time
frames described herein, if required to be filed, any Investor may issue a
press release disclosing such information subject to notice to, and consent by,
the Company, which consent shall not be unreasonably withheld. Thereafter, the
Company shall timely file any filings and notices required by the Commission or
applicable law with respect to the transactions contemplated hereby.

 

4.2         Existence and
Compliance. The Company agrees that it will, and will cause each Company
Subsidiary to, while any Investor holds any Notes:

 

(a)          maintain its corporate existence in
good standing;

 

(b)          comply with all
Governmental Requirements applicable to the operation of its business, except
for instances of noncompliance that are immaterial;

 

(c)          comply
with all agreements, documents and instruments binding on it or affecting its
Properties or business, including, without limitation, all Material Contracts,
except for instances of noncompliance that are immaterial;

 

(d)          timely file with the Commission all
reports required to be filed pursuant to the Exchange Act and refrain from
terminating its status as an issuer required by the Exchange Act to file
reports thereunder even if the Exchange Act or the rules or regulations
thereunder would permit such termination; and

 

(f)           ensure
that the Common Stock is at all times quoted on the Principal Market.

 

4.3         Notice of Event of Default. Upon
the occurrence of an Event of Default, the Company shall (i) notify the
Investors of the nature of such Event of Default as soon as practicable (but in
no event later than one Business Day after the Company becomes aware of such
Event of Default), and (ii) not later than two Business Days after
delivering such notice to the Investors, issue a press release disclosing such
Event of Default and take such other actions as may be necessary to ensure that
none of the Investors are in the possession of material, nonpublic information
as a result of receiving such notice from the Company.

 

10

 

4.4         Existing Secured
Lenders; Effectiveness of the Security Document.  The Investors acknowledge that their security
interest are subject to the security interests of Western Commercial Bank and pari passu with the security interests of C.
Ian Sym-Smith and TITAB, LLC. The Company
and the Investors hereby agree that the Security Document (as defined below)
shall be deemed executed, delivered and in effect, without any further action
by any party, effective as of the date (the “Release
Date”) hereof. As used herein, the term “Security
Document” means the Security Agreement.

 

4.5.        Optional
Exchange.  Notwithstanding anything
contained herein to the contrary, if at any time from and after the date hereof
until termination of the Transaction Documents, the Company proposes to offer
and sell New Securities in a Subsequent Financing with gross proceeds of at
least $1,000,000, Investor, in his sole discretion, may convert the Note for
securities of the same type issued in such Subsequent Financing (such exchange
to be made at the same time as the closing of such Subsequent Financing), on
the same terms and conditions as the Subsequent Financing, based on the
outstanding Principal amount of the Notes, and accrued and unpaid
Interest.  By way of example, if the
Company undertakes a Subsequent Financing of convertible debentures and
warrants,  Investor may participate in
such Subsequent Financing and use the exchange of the Notes as consideration,
on a dollar for dollar basis, in lieu of cash consideration. Should investor
choose not to participate in the Subsequent Financing, the entire principal
plus any accrued and unpaid interest due under the Note shall be payable
concurrently with the Closing of any Subsequent Financing. The Company shall
provide prior written notice of any such Subsequent Financing in the manner set
forth in this Section.

 

                CONDITIONS TO CLOSING.

 

4.1         Conditions to Investors’ Obligations at the Closing.  Each Investor’s obligations to effect the
Closing, including without limitation its obligation to purchase its Note at
the Closing, are conditioned upon the fulfillment (or waiver by such Investor
in its sole and absolute discretion) of each of the following events as of the
Closing Date, and the Company shall use commercially reasonable efforts to
cause each of such conditions to be satisfied:

 

	
   

  	
   4.1.1

  	
  the representations and warranties of the
  Company set forth in this Agreement and in the other Transaction Documents shall
  be true and correct in all material respects as of such date as if made on
  such date (except that to the extent that any such representation or warranty
  relates to a particular date, such representation or warranty shall be true
  and correct in all material respects as of that particular date);

  
	
   

  	
   

  	
   

  
	
   

  	
   4.1.2

  	
  the Company shall have complied with or
  performed in all material respects all of the agreements, obligations and
  conditions set forth in this Agreement and in the other Transaction Documents
  that are required to be complied with or performed by the Company on or
  before the Closing;

  

 

11

 

	
   

  	
   4.1.3

  	
  the Company shall have executed and
  delivered to such Investor the Note being purchased by such Investor at the
  Closing;

  
	
   

  	
   

  	
   

  
	
   

  	
   4.1.4

  	
  the Company shall have delivered to such
  Investor resolutions passed by its Board of Directors to authorize the
  transactions contemplated hereby and by the other Transaction Documents;

  
	
   

  	
   

  	
   

  
	
   

  	
   5.1.5

  	
  there shall have occurred no material
  adverse change in the Company’s consolidated business or financial condition
  since the date of the Company’s most recent financial statements contained in
  the Disclosure Documents;

  
	
   

  	
   

  	
   

  
	
   

  	
   5.1.6

  	
  there shall be no injunction,
  restraining order or decree of any nature of any court or Governmental
  Authority of competent jurisdiction that is in effect that restrains or
  prohibits the consummation of the transactions contemplated hereby and by the
  other Transaction Documents

  
	
   

  	
   

  	
   

  
	
   

  	
   5.1.7

  	
  the Company shall have obtained all necessary waivers from Western
  Commercial Bank with respect to its Senior Secured Loan permitting it to
  enter into the Transaction Documents; and

  
	
   

  	
   

  	
   

  
	
   

  	
   5.1.8.

  	
  the Company shall have paid the expenses described in 6.8 of this Agreement.

  

 

4.2         Conditions to Company’s Obligations
at the Closing.  The Company’s
obligations to effect the Closing with an Investor are conditioned upon the
fulfillment (or waiver by the Company in its sole and absolute discretion) of
each of the following events as of the Closing Date:

 

	
   

  	
   4.2.1

  	
  the representations and warranties of such
  Investor set forth in this Agreement and in the other Transaction Documents
  to which it is a party shall be true and correct in all material respects as
  of such date as if made on such date (except that to the extent that any such
  representation or warranty relates to a particular date, such representation
  or warranty shall be true and correct in all material respects as of that
  date);

  
	
   

  	
   

  	
   

  
	
   

  	
   4.2.2

  	
  such Investor shall have complied with or
  performed all of the agreements, obligations and conditions set forth in this
  Agreement that are required to be complied with or performed by such
  Investor on or before the Closing;

  
	
   

  	
   

  	
   

  
	
   

  	
   5.2.3

  	
  there shall be no injunction,
  restraining order or decree of any nature of any court or Governmental
  Authority of competent jurisdiction that is in effect that restrains or
  prohibits the consummation of the transactions contemplated hereby and by the
  other Transaction Documents;

  

 

12

 

	
   

  	
   5.2.4

  	
  such Investor shall have executed each
  Transaction Document to which it is a party and shall have delivered the same
  to the Company; and

  
	
   

  	
   

  	
   

  
	
   

  	
   5.2.5

  	
  such Investor shall have tendered the
  Purchase Price for the Note being purchased by it at the Closing by wire
  transfer of immediately available funds pursuant to the wiring instructions
  set forth on Exhibit D.

  

 

5.             MISCELLANEOUS.

 

6.1         Survival;
Severability.  The representations,
warranties, covenants and indemnities made by the parties herein and in the
other Transaction Documents shall survive the Closing notwithstanding any due
diligence investigation made by or on behalf of the party seeking to rely
thereon. In the event that any provision of this Agreement becomes or is declared
by a court of competent jurisdiction to be illegal, unenforceable or void, this
Agreement shall continue in full force and effect without said provision; provided that in such case the parties shall negotiate in
good faith to replace such provision with a new provision which is not illegal,
unenforceable or void, as long as such new provision does not materially change
the economic benefits of this Agreement to the parties.

 

5.2         No
Reliance.  Each party acknowledges
that (i) it has such knowledge in business and financial matters as to be
fully capable of evaluating this Agreement, the other Transaction Documents and
the transactions contemplated hereby and thereby, (ii) it is not relying
on any advice or representation of any other party in connection with entering
into this Agreement, the other Transaction Documents or such transactions
(other than the representations made in this Agreement or the other Transaction
Documents), (iii) it has not received from any other party any assurance
or guarantee as to the merits (whether legal, regulatory, tax, financial or
otherwise) of entering into this Agreement or the other Transaction Documents
or the performance of its obligations hereunder and thereunder, and (iv) it
has consulted with its own legal, regulatory, tax, business, investment,
financial and accounting advisors to the extent that it has deemed necessary,
and has entered into this Agreement and the other Transaction Documents based
on its own independent judgment and, if applicable, on the advice of such
advisors, and not on any view (whether written or oral) expressed by any other
party.

 

5.3         Governing
Law; Jurisdiction.  This Agreement
shall be governed by and construed under the laws of the State of New York
applicable to contracts made and to be performed entirely within the State of
New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City and County of New York for
the adjudication of any dispute hereunder or any other Transaction Document or
in connection herewith or therewith or with any transaction contemplated hereby
or thereby, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding
is improper.  Each party hereby 

 

13

 

irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address in effect for
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law.

 

6.4         Successors
and Assigns.  The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors and permitted assigns of the parties.  Nothing in this Agreement, express or
implied, is intended to confer upon any party other than the parties hereto or
their respective successors and permitted assigns any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. An Investor may assign its rights and
obligations hereunder in connection with any sale or transfer of the Notes in
accordance with the terms hereof and of the other Transaction Documents, as
long as, as a condition precedent to such transfer, the transferee executes an
acknowledgment agreeing to be bound by the applicable provisions of this
Agreement, in which case the term “Investor” shall be deemed to refer to such
transferee as though such transferee were an original signatory hereto.  The Company may not assign its rights or
obligations under this Agreement.

 

5.5         Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.  This Agreement may be executed and delivered
by facsimile transmission.

 

5.6         Headings.  The headings used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

5.7         Notices.  Any notice, demand or request required
or permitted to be given by the Company or the Investor pursuant to the terms
of this Agreement shall be in writing and shall be deemed delivered (i) when
delivered personally or by verifiable facsimile transmission, unless such
delivery is made on a day that is not a Business Day, in which case such
delivery will be deemed to be made on the next succeeding Business Day, (ii) on
the next Business Day after timely delivery to an overnight courier and (iii) on
the Business Day actually received if deposited in the U.S. mail (certified or
registered mail, return receipt requested, postage prepaid), addressed as
follows:

 

	
   

  	
  If to the Company:

  
	
   

  	
   

  
	
   

  	
  Aspyra, Inc.

  
	
   

  	
  26115-A Mureau Road

  
	
   

  	
  Calabasas, CA 91302

  
	
   

  	
  Attn: Anahita Villafane, Chief Financial Officer, Secretary

  
	
   

  	
  Tel:

  
	
   

  	
  Fax:

  

 

14

 

	
   

  	
  with a copy (which shall not
  constitute notice) to:

  
	
   

  	
   

  
	
   

  	
  Sichenzia Ross Friedman Ference LLP

  
	
   

  	
  61 Broadway, 32nd Floor

  
	
   

  	
  New York, New York 10006

  
	
   

  	
  Attn:   Darrin Ocasio, Esq.

  
	
   

  	
  Tel:     212-930-9700

  
	
   

  	
  Fax:    212-930-9725

  

 

and if to any Investor, to such address for such Investor as shall
appear on the signature page hereof executed by such Investor, or as shall
be designated by such Investor in writing to the Company in accordance with
this Section 6.7.

 

                5.8           Expenses.  The Company and each Investor shall pay all
costs and expenses that it incurs in connection with the negotiation,
execution, delivery and performance of this Agreement or the other Transaction
Documents.

 

                5.9           Entire Agreement; Amendments.  This Agreement and the other Transaction
Documents constitute the entire agreement between the parties with regard to
the subject matter hereof and thereof, superseding all prior agreements or
understandings, whether written or oral, between or among the parties.  No amendment, modification or other change to
this Agreement or waiver of any agreement or other obligation of the parties
under this Agreement may be made or given unless such amendment, modification
or waiver is set forth in writing and is signed by the Company and by the
holders of a majority of the aggregate principal of the Notes then outstanding.
  Any
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

[Signature Pages to Follow]

 

15

 

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first-above written.

 

 

	
  ASPYRA, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ James Zierick

  	
   

  
	
   

  	
  James Zierick

  
	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  J. SHAWN CHALMERS REVOCABLE TRUST DTD
  8/13/96

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ J. Shawn Chalmers

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Principal Amount of Note Purchased at
  Closing:

  	
  $300,000

  
	
   

  	
   

  
	
   

  	
   

  
	
  ADDRESS:

  	
   

  
						

 

16

 

Exhibit
A

 

FORM OF SECURED PROMISSORY
NOTE

 

ASPYRA, INC.

 

SECURED
PROMISSORY NOTE

 

THE SECURITIES REPRESENTED BY
THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF (I) AN EFFECTIVE REGISTRATION STATEMENT FOR
SUCH SECURITIES UNDER SAID ACT OR (II) AN OPINION OF COMPANY COUNSEL THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

THIS NOTE DOES NOT REQUIRE PHYSICAL SURRENDER HEREOF IN ORDER TO EFFECT
A PARTIAL PAYMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE
LESS THAN THE PRINCIPAL AMOUNT SHOWN BELOW.

 

	
   

  	
   

  	
  $300,000

  
	
   

  	
   

  	
   

  
	
  Issue Date: March

  	
  , 2008

  	
   

  	
   

  
				

 

FOR VALUE RECEIVED, ASPYRA, INC.,  a
California corporation  (the “Company”), hereby promises to pay to
the order of
                                                      or
its permitted successors or assigns (the “Holder”)
the principal amount of
                                            
($              ),
together with accrued and unpaid interest thereon, on or before July 28,
2008 (such date, the “Maturity Date”).

 

The Company shall have the right to prepay any
part of this Note prior to the Maturity Date.

 

The Company has issued this Note pursuant to
a Note Purchase Agreement, dated as of the date hereof (the “Note Purchase Agreement”). The Notes
issued by the Company pursuant to the Note Purchase Agreement, including this
Note, are collectively referred to herein as the “Notes”.

 

The Company’s
obligations under the Notes, including, without limitation, its obligation to
make payments of interest thereon, are guaranteed by the Company’s subsidiary
and secured by the assets and properties of the Company and its subsidiary, subject to a senior security interest held by
Western Commercial Bank.  The
following terms shall apply to this Note:

 

1.             DEFINITIONS.

 

“Event of Default”
means the occurrence of any of the following events:

 

 

(i)            a
Liquidation Event occurs or is publicly announced;

 

(ii)           the
Company fails to make any payment of principal on this Note in full as and when
such payment is due, or the Company fails to make any payment of interest on
this Note in full as and when such payment is due, provided that the Company
shall not have been able to cure such non-payment within five (5) Business
Days after such due date;

 

(iii)          other
than a breach described in clause (ii) above,
the Company or any Company Subsidiary breaches or provides notice of its intent
to breach any material term or condition of this Note or any other Transaction
Document, provided that such breach is not cured within ten (10) Business
Days following written notice thereof from the Holder;

 

(iv)          any
representation or warranty made by the Company or any Company Subsidiary in
this Note or any other Transaction Document was inaccurate or misleading in any
material respect as of the date such representation or warranty was made; or

 

(v)           a
default occurs or is declared and is not cured within the applicable grace
period (if any) with respect to any instrument that evidences Debt of the
Company or any Company Subsidiary, the effect of which default is to cause, or
permit the holder or holders of such indebtedness to cause, such indebtedness
to become due prior to its stated maturity solely to the extent that the
principal amount of any such indebtedness exceeds, individually or in the
aggregate, $100,0000.

 

“Interest”
has the meaning set forth in Section 2(a) of
this Note.

 

“Issue Date”
means the “Issue Date” as set forth on the front page of this Note.

 

“Liquidation Event” means
where (i) the Company or any Company Subsidiary shall make a general
assignment for the benefit of creditors or consent to the appointment of a
receiver, liquidator, custodian, or similar official of all or substantially
all of its properties, or any such official is placed in control of such
properties, or the Company or any Company Subsidiary shall commence any action
or proceeding or take advantage of or file under any federal or state
insolvency statute, including, without limitation, the United States Bankruptcy
Code, seeking to have an order for relief entered with respect to it or seeking
adjudication as a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, liquidation, dissolution, administration, a voluntary arrangement,
or other relief with respect to it or its debts; or (ii) there shall be
commenced against the Company or any Company Subsidiary any action or
proceeding of the nature referred to in clause (i) above
or seeking issuance of a warrant of attachment, execution, distraint, or
similar process against all or any substantial part of its property, which
results in the entry of an order for relief which remains undismissed,
undischarged or unbonded for a period of sixty (60) days; or (iii) there
is initiated the dissolution or other winding up of the Company or any material Company Subsidiary,
whether voluntary or involuntary and whether or not involving insolvency or
bankruptcy proceedings; or (iv) there is initiated any assignment for the
benefit of creditors or any marshalling of the material assets or material
liabilities of the Company or any Company
Subsidiary.

 

2

 

“Maturity Date”
has the meaning set forth in the preamble to this Note.

 

“Scheduled Interest Payment
Date” means March 1, 2008 and the first Business Day of
each calendar month thereafter until the date on which the entire principal
amount of this Note is paid in full, whether on the Maturity Date or otherwise.

 

All definitions contained in this Note are equally applicable to the
singular and plural forms of the terms defined. 
The words “hereof”, “herein” and “hereunder” and words of similar import
refer to this Note as a whole and not to any particular provision of this Note.

 

Any capitalized term used but not defined herein has the meaning
specified in the Note Purchase Agreement.

 

2.             INTEREST;
MATURITY; OPTIONAL EXCHANGE.

 

(a)           Interest Payments.  This Note shall bear interest on the unpaid
principal amount hereof (“Interest”)
at an annual rate equal to the interest rate of the London Interbank Offered
Rate (“LIBOR”)
plus 2.5% per annum, adjusted per rata, computed on the basis of a 360-day year
and calculated using the actual number of days elapsed since the Issue Date or
the date on which Interest was most recently paid, as the case may be, and if
not timely paid as provided herein, compounded monthly.  The Company shall pay accrued Interest in
arrears (i) on each Scheduled Interest Payment Date and (ii) on any
date on which the entire or any portion of the principal amount of this Note is
paid.

 

(b)           Maturity.  The outstanding principal amount of this Note
plus all accrued and unpaid Interest hereon, plus all other amounts due
hereunder, shall be paid in full on the Maturity Date.

 

(c)           Optional
Exchange. This Note shall exchange, in the sole discretion of Holder, into
the next round of financing pursuant to Section 4.5 of the Note Purchase
Agreement.

 

3.             DEFAULT INTEREST RATE

 

If any Event of Default occurs, the full principal amount of this
Debenture, together with interest and other amounts owing in respect thereof,
to the date of acceleration shall become, at the Holder’s election, immediately
due and payable. Commencing 5 days after the occurrence of any Event of Default
that results in the eventual acceleration of this Note, the interest rate on
this Note shall accrue at the rate of 24% per annum, or such lower maximum
amount of interest permitted to be charged under applicable law.

 

4.             MISCELLANEOUS.

 

(a)           Successors and Assigns.  The terms
and conditions of this Note shall
inure to the benefit of and be binding upon the respective successors and
permitted assigns of the Company and the Holder. The Company may not assign its
rights or obligations under this Note
except as specifically required or permitted pursuant to the terms hereof.

 

3

 

(b)           Governing
Law.  This Note shall be governed by
and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed
entirely within the State of New York.

 

(c)           Notices.
Any notice, demand or request required or permitted to be given by the Company
or the Holder pursuant to the terms of this Note shall be in writing and shall
be deemed delivered (i) when delivered personally or by verifiable
facsimile transmission, unless such delivery is made on a day that is not a
Business Day, in which case such delivery will be deemed to be made on the next
succeeding Business Day, (ii) on the next Business Day after timely
delivery to an overnight courier and (iii) on the Business Day actually
received if deposited in the U.S. mail (certified or registered mail, return
receipt requested, postage prepaid), addressed as follows:

 

	
   

  	
  If to the Company:

  
	
   

  	
   

  
	
   

  	
  Aspyra, Inc.

  
	
   

  	
  26115-A Mureau Road

  
	
   

  	
  Calabasas, CA 91302

  
	
   

  	
  Attn: Anahita Villafane, Chief Financial Officer, Secretary

  
	
   

  	
  Tel:

  
	
   

  	
  Fax:

  
	
   

  	
   

  
	
   

  	
  with a copy (which shall not
  constitute notice) to:

  
	
   

  	
   

  
	
   

  	
  Sichenzia Ross Friedman Ference LLP

  
	
   

  	
  61 Broadway, 32nd Floor

  
	
   

  	
  New York, New York 10006

  
	
   

  	
  Attn:

  	
  Darrin Ocasio, Esq.

  
	
   

  	
  Tel:

  	
  212-930-9700

  
	
   

  	
  Fax:

  	
  212-930-9725

  

 

and if to the Holder, to such address for the
Holder as shall appear on the signature page of the Note Purchase
Agreement executed by the Holder, or as shall be designated by the Holder in
writing to the Company in accordance this Section 3(c).

 

(d)           Amendments.  No (i) amendment to this Note or (ii) waiver
of any agreement or other obligation of the Company under this Note may be made
or given except pursuant to a written instrument executed by the Company and by
the holders of a majority of the aggregate principal of the Notes then
outstanding, it being understood that upon the satisfaction of the preceding
condition, this and each other Note (including any Note held by a holder thereof
that did not execute the instrument specified in the preceding clause) shall be
deemed to incorporate any amendment, modification, change or waiver effected
thereby as of the effective date thereof. 
Any waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

 

4

 

(e)           Failure to Exercise Rights not Waiver.  No failure or delay on the part of the Holder
in the exercise of any power, right or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power,
right or privilege preclude any other or further exercise thereof. All rights
and remedies of the Holder hereunder are cumulative and not exclusive of any
rights or remedies otherwise available. In the event that the Company does not
pay any amount under this Note when such amount becomes due, the Company shall
bear all costs incurred by the Holder in collecting such amount, including
without limitation reasonable legal fees and expenses.

 

(f)            Transfer
of Note.  The Holder may sell,
transfer or otherwise dispose of all or any part of this Note (including
without limitation pursuant to a pledge) to any person or entity as long as
such sale, transfer or disposition is made in accordance with the applicable
provisions of the Note Purchase Agreement. 
From and after the date of any such sale, transfer or disposition, the
transferee hereof shall be deemed to be the holder of a Note in the principal
amount acquired by such transferee, and the Company shall, as promptly as
practicable and at the Company’s cost and expense, issue and deliver to such
transferee a new Note identical in all respects to this Note, in the name of
such transferee. The Company shall be entitled to treat the original Holder as
the holder of this entire Note unless and until it receives written notice of
the sale, transfer or disposition hereof.

 

(g)           Lost
or Stolen Note.  Upon receipt by the
Company of evidence of the loss, theft, destruction or mutilation of this Note,
and (in the case of loss, theft or destruction) of indemnity or security
reasonably satisfactory to the Company, and upon surrender and cancellation of
the Note, if mutilated, the Company shall at the Company’s cost and expense
execute and deliver to the Holder a new Note identical in all respects to this
Note.

 

(h)           Usury.  This Note is subject to the express
condition that at no time shall the Company be obligated or required to pay
interest hereunder at a rate which could subject the Holder to either civil or
criminal liability as a result of being in excess of the maximum interest rate
which the Company is permitted by applicable law to contract or agree to
pay.  If by the terms of this Note, the Company is at any time required or
obligated to pay interest hereunder at a rate in excess of such maximum rate,
the rate of interest under this Note shall be deemed to be immediately reduced
to such maximum rate and the interest payable shall be computed at such maximum
rate and all prior interest payments in excess of such maximum rate shall be
applied and shall be deemed to have been payments in reduction of the principal
balance of this Note.

 

[Signature Page to
Follow]

 

5

 

IN WITNESS
WHEREOF, the Company has caused this Note to be signed in its name by its duly
authorized officer on the date first above written.

 

ASPYRA, INC.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  James Zierick

  
	
   

  	
  Chief Executive Officer

  

 

6Exhibit 10.2

 

SECURITY AGREEMENT

 

SECURITY AGREEMENT (this “Agreement”), dated
as of March    , 2008 by and among
Aspyra, Inc., a California corporation (“Company”), and the secured
parties signatory hereto and their respective endorsees, transferees and assigns
(collectively, the “Secured Party”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to a Loan Purchase Agreement, dated the date hereof, between Company
and the Secured Party (the “Purchase Agreement”), Company has agreed to issue
to the Secured Party and the Secured Party has agreed to purchase from Company
certain of Company’s Secured Promissory Notes, due  July     
, 2008 (the “Notes”); and

 

WHEREAS,
in order to induce the Secured Party to purchase the Notes, Company has agreed
to execute and deliver to the Secured Party this Agreement for the benefit of
the Secured Party and to grant to it a security interest in certain property of
the Company to secure the prompt payment, performance and discharge in full of
all of Company’s obligations under the Notes, subject to Western Commercial
Bank’s security interest in the Collateral and pari passu with the
security interests of C. Ian Sym-Smith and TITAB, LLC.

 

NOW, THEREFORE,
in consideration of the agreements herein contained and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

1.             Certain Definitions.  As used in this Agreement, the following
terms shall have the meanings set forth in this Section 1.  Terms used but not otherwise defined in this
Agreement that are defined in Article 9 of the UCC (such as “general
intangibles” and “proceeds”) shall have the respective meanings given such
terms in Article 9 of the UCC.

 

(a)           “Collateral”
means the collateral in which the Secured Party is granted a security interest
by this Agreement, and which shall also include the following, whether
presently owned or existing or hereafter acquired or coming into existence, and
all additions and accessions thereto and all substitutions and replacements
thereof, and all proceeds, products and accounts thereof, including, without
limitation, all proceeds from the sale or transfer of the Collateral and of
insurance covering the same and of any tort claims in connection therewith:

 

(i)            All
Goods of the Company, including, without limitations, all machinery, equipment,
computers, motor vehicles, trucks, tanks, boats, ships, appliances, furniture,
special and general tools, fixtures, test and quality control devices and other
equipment of every kind and nature and wherever situated, together with all
documents of title and documents representing the same, all additions and
accessions thereto, replacements therefor, all parts therefor, and all
substitutes for any of the foregoing and all other items used and useful in
connection with the Company’s businesses and all improvements thereto
(collectively, the “Equipment”); and

 

 

(ii)           All
Inventory of the Company; and

 

(iii)          All
of the Company’s contract rights and general intangibles, including, without
limitation, all partnership interests, stock or other securities, licenses,
distribution and other agreements, computer software development rights,
leases, franchises, customer lists, quality control procedures, grants and
rights, goodwill, Intellectual Property (as defined in the Note Purchase
Agreement), service marks, trade styles, trade names, patents, patent
applications, copyrights, deposit accounts, and income tax refunds
(collectively, the “General Intangibles”); and

 

(iv)          All
Receivables of the Company including all insurance proceeds, and rights to
refunds or indemnification whatsoever owing, together with all instruments, all
documents of title representing any of the foregoing, all rights in any
merchandising, goods, equipment, motor vehicles and trucks which any of the
same may represent, and all right, title, security and guaranties with respect
to each Receivable, including any right of stoppage in transit;

 

(v)           All
of the Company’s documents, instruments and chattel paper, files, records,
books of account, business papers, computer programs and the products and
proceeds of all of the foregoing Collateral set forth in clauses (i)-(iv) above;

 

(vi)          All
of the capital stock of any corporation owned by the Company.

 

(b)           “Company”
shall mean, collectively, Company and the wholly owned subsidiary of Company.

 

(c)           “Obligations”
means all of the Company’s obligations under this Agreement and the Notes, in
each case, whether now or hereafter existing, voluntary or involuntary, direct
or indirect, absolute or contingent, liquidated or unliquidated, whether or not
jointly owed with others, and whether or not from time to time decreased or
extinguished and later decreased, created or incurred, and all or any portion
of such obligations or liabilities that are paid, to the extent all or any part
of such payment is avoided or recovered directly or indirectly from the Secured
Party as a preference, fraudulent transfer or otherwise as such obligations may
be amended, supplemented, converted, extended or modified from time to time.

 

(d)           “UCC”
means the Uniform Commercial Code, as currently in effect in the State of
California.

 

2.             Grant of Security Interest.  As an inducement for the Secured Party to
purchase the Notes and to secure the complete and timely payment, performance
and discharge in full, as the case may be, of all of the Obligations, the
Company hereby, unconditionally and irrevocably, pledges, grants and
hypothecates to the Secured Party, a continuing security interest in, a right
to possession and disposition of and a right of set-off against, in each case
to the fullest extent permitted by law, all of the Company’s right, title and
interest of whatsoever kind and nature in and to the Collateral, subject to
Western Commercial Bank’s security interest in the Collateral (the “Security Interest”) and pari passu
with the security interests of C. Ian Sym-Smith and TITAB, LLC.

 

2

 

3.             Representations, Warranties, Covenants
and Agreements of the Company.  The
Company represents and warrants to, and covenants and agrees with, the Secured
Party as follows:

 

(a)           The Company has the
requisite corporate power and authority to enter into this Agreement and
otherwise to carry out its obligations thereunder. The execution, delivery and
performance by the Company of this Agreement and the filings contemplated
therein have been duly authorized by all necessary action on the part of the
Company and no further action is required by the Company.  This Agreement constitutes a legal, valid and
binding obligation of the Company enforceable in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditor’s rights generally.

 

(b)           This Agreement creates
in favor of the Secured Party a valid security interest in the Collateral
securing the payment and performance of the Obligations and, upon making the
filings described in the immediately following sentence, a security interest in
such Collateral, subject to a senior security interest held by Western
Commercial Bank and pari passu with the security interests of C. Ian Sym-Smith
and TITAB, LLC.  Except for the filing of
financing statements on Form UCC-1 under the UCC with the jurisdictions
indicated on Schedule I, attached hereto, no authorization or approval of or
filing with or notice to any governmental authority or regulatory body is
required either: (i) for the grant by the Debtor, or the effectiveness of,
the Security Interest granted hereby or for the execution, delivery and
performance of this Agreement by the Debtor; or (ii) for the perfection of
or exercise by the Secured Party of its rights and remedies hereunder.

 

(c)           The Company is the sole
owner of the Collateral (except for non-exclusive licenses granted by the
Company in the ordinary course of business), free and clear of any liens,
security interests, encumbrances, rights or claims, and is fully authorized to
grant the Security Interest in and to pledge the Collateral.  There is not on file in any governmental or
regulatory authority, agency or recording office an effective financing
statement, security agreement, license or transfer or any notice of any of the foregoing
(other than those that have been filed in favor of the Secured Party pursuant
to this Agreement) covering or affecting any of the Collateral.  So long as this Agreement shall be in effect,
the Company shall not execute and shall not knowingly permit to be on file in
any such office or agency any such financing statement or other document or
instrument (except to the extent filed or recorded in favor of the Secured
Party pursuant to the terms of this Agreement).

 

(d)           No part of the
Collateral has been judged invalid or unenforceable.  No written claim has been received that any
Collateral or the Company’s use of any Collateral violates the rights of any
third party. There has been no adverse decision to the Company’s claim of
ownership rights in or exclusive rights to use the Collateral in any
jurisdiction or to the Company’s right to keep and maintain such Collateral in
full force and effect, and there is no proceeding involving said rights pending
or, to the best knowledge of the Company, threatened before any court, judicial
body, administrative or regulatory agency, arbitrator or other governmental
authority.

 

3

 

(e)           This Agreement creates
in favor of the Secured Party a valid security interest in the Collateral
securing the payment and performance of the Obligations.

 

(f)            The Company will use
its best efforts to deliver to the Secured Party one or more executed UCC
financing statements on Form-1 with respect to the Security Interest, pursuant
to the jurisdictions attached hereto, within 10 calendar days of the execution
of this Agreement. Failure to abide by this Section 3(f) shall
constitute an Event of Default.

 

(g)           The execution, delivery
and performance of this Agreement does not conflict with or cause a breach or
default, or an event that with or without the passage of time or notice, shall
constitute a breach or default, under any agreement to which the Company is a
party or by which the Company is bound. 
No consent (including, without limitation, from stock holders or
creditors of the Company) is required for the Company to enter into and perform
its obligations hereunder.

 

(h)           The Company hereby
agrees to defend the Security Interest against any and all persons, subject to
any currently existing senior security interests.  The Company shall safeguard and protect all
Collateral for the account of the Secured Party.  At the request of the Secured Party, the
Company will sign and deliver to the Secured Party at any time or from time to
time one or more financing statements pursuant to the UCC (or any other
applicable statute) in form reasonably satisfactory to the Secured Party and
will pay the cost of filing the same in all public offices wherever filing is,
or is deemed by the Secured Party to be, necessary or desirable to effect the rights
and obligations provided for herein. Without limiting the generality of the
foregoing, the Company shall pay all fees, taxes and other amounts necessary to
maintain the Collateral and the Security Interest hereunder, and the Company
shall obtain and furnish to the Secured Party from time to time, upon demand,
such releases and/or subordinations of claims and liens which may be required
to maintain the priority of the Security Interest hereunder.

 

(i)            The Company will not
transfer, pledge, hypothecate, encumber, license (except for non-exclusive
licenses granted by the Company in the ordinary course of business), sell or
otherwise dispose of any of the Collateral without the prior written consent of
the Secured Party.

 

(j)            The Company shall keep
and preserve its Equipment, Inventory and other tangible Collateral in good
condition, repair and order and shall not operate or locate any such Collateral
(or cause to be operated or located) in any area excluded from insurance
coverage.

 

(k)           The Company shall take
all reasonable and necessary steps, including, without limitation, in any
proceeding before the United States Patent and Trademark Office, United States
Copyright Office or any similar office or agency in any other country or any
political subdivision thereof, to maintain and pursue each Intellectual
Property application (and to obtain the relevant registration) and to maintain
each registration of the Patents, Trademarks and Copyrights, including, without
limitation, filing of applications for renewal, affidavits of use and
affidavits of incontestability.

 

4

 

In the event
that any Patent, Trademark or Copyright included in the Intellectual Property
is infringed, misappropriated or diluted by a third party, promptly notify the
Secured Party after it learns thereof and shall, unless it shall reasonably
determine that such Patent, Trademark or Copyright is of negligible economic
value to it, which determination it shall promptly report to the Secured Party,
promptly sue for infringement, misappropriation or dilution, to seek injunctive
relief where appropriate and to recover any and all damages for such
infringement, misappropriation or dilution, or take such other actions as it
shall reasonably deem appropriate under the circumstances to protect such
Patent, Trademark or Copyright.  If the
Company lacks the financial resources to comply with this Section 3(k),
the Company shall so notify the Secured Party and shall cooperate fully with
any enforcement action undertaken by the Secured Party on behalf of the
Company.

 

(l)            The Company shall,
within ten (10) days of obtaining knowledge thereof, advise the Secured
Party promptly, in sufficient detail, of any substantial change in the
Collateral, and of the occurrence of any event which would have a material
adverse effect on the value of the Collateral or on the Secured Party’s
security interest therein.

 

(m)          The Company shall
promptly execute and deliver to the Secured Party such further deeds,
mortgages, assignments, security agreements, financing statements or other
instruments, documents, certificates and assurances and take such further
action as the Secured Party may from time to time request and may in its sole
discretion deem necessary to perfect, protect or enforce its security interest
in the Collateral including, without limitation, the execution and delivery of
a separate security agreement with respect to the Company’s intellectual
property in which the Secured Party has been granted a security interest hereunder,
substantially in a form acceptable to the Secured Party.

 

(n)           The Company shall
permit the Secured Party and its representatives and agents to inspect the
Collateral at any time, and to make copies of records pertaining to the
Collateral as may be requested by the Secured Party from time to time.

 

(o)           The Company will take
all steps reasonably necessary to diligently pursue and seek to preserve,
enforce and collect any rights, claims, causes of action and accounts
receivable in respect of the Collateral.

 

(p)           The Company shall
promptly notify the Secured Party in sufficient detail upon becoming aware of
any attachment, garnishment, execution or other legal process levied against
any Collateral and of any other information received by the Company that may
materially affect the value of the Collateral, the Security Interest or the
rights and remedies of the Secured Party hereunder.

 

(q)           All information
heretofore, herein or hereafter supplied to the Secured Party by or on behalf
of the Company with respect to the Collateral is accurate and complete in all
material respects as of the date furnished.

 

4.             Defaults.  The following events shall be “Events of
Default”:

 

(a)           The occurrence of an
Event of Default (as defined in the Notes) under the Notes;

 

5

 

(b)           Any representation or
warranty of the Company in this Agreement shall prove to have been incorrect in
any material respect when made;

 

(c)           The failure by the
Company to observe or perform any of its obligations hereunder for ten (10) days
after receipt by the Company of notice of such failure from the Secured Party;
and

 

5.             Rights and Remedies Upon Default.  Upon occurrence of any Event of Default and
at any time thereafter, the Secured Party shall have the right to exercise all
of the remedies conferred hereunder and under the Notes, and the Secured Party
shall have all the rights and remedies of a secured party under the UCC and/or
any other applicable law (including the Uniform Commercial Code of any jurisdiction
in which any Collateral is then located). 
Without limitation, the Secured Party shall have the following rights
and powers:

 

(a)           Subject to any senior
security interests as described herein, the Secured Party shall have the right
to take possession of the Collateral and, for that purpose, enter, with the aid
and assistance of any person, any premises where the Collateral, or any part
thereof, is or may be placed and remove the same, and the Company shall
assemble the Collateral and make it available to the Secured Party at places
which the Secured Party shall reasonably select, whether at the Company’s
premises or elsewhere, and make available to the Secured Party, without rent,
all of the Company’s respective premises and facilities for the purpose of the
Secured Party taking possession of, removing or putting the Collateral in
saleable or disposable form.

 

(b)           Subject to any senior
security interests as described herein, the Secured Party shall have the right
to operate the business of the Company using the Collateral and shall have the
right to assign, sell, lease or otherwise dispose of and deliver all or any
part of the Collateral, at public or private sale or otherwise, either with or
without special conditions or stipulations, for cash or on credit or for future
delivery, in such parcel or parcels and at such time or times and at such place
or places, and upon such terms and conditions as the Secured Party may deem
commercially reasonable, all without (except as shall be required by applicable
statute and cannot be waived) advertisement or demand upon or notice to the
Company or right of redemption of the Company, which are hereby expressly
waived.  Upon each such sale, lease,
assignment or other transfer of Collateral, the Secured Party may, unless
prohibited by applicable law which cannot be waived, purchase all or any part
of the Collateral being sold, free from and discharged of all trusts, claims,
right of redemption and equities of the Company, which are hereby waived and
released.

 

6.             Applications of Proceeds.  The proceeds of any such sale, lease or other
disposition of the Collateral hereunder shall be applied first, to the expenses
of retaking, holding, storing, processing and preparing for sale, selling, and
the like (including, without limitation, any taxes, fees and other costs
incurred in connection therewith) of the Collateral, to the reasonable
attorneys’ fees and expenses incurred by the Secured Party in enforcing its
rights hereunder and in connection with collecting, storing and disposing of
the Collateral, and then to satisfaction of the Obligations, and to the payment
of any other amounts required by applicable law, after which the Secured Party
shall pay to the Company any surplus proceeds.

 

6

 

7.             Costs and Expenses.  The Company agrees to pay all out-of-pocket
fees, costs and expenses incurred in connection with any filing required
hereunder, including without limitation, any financing statements, continuation
statements, partial releases and/or termination statements related thereto or
any expenses of any searches reasonably required by the Secured Party.  The Company shall also pay all other claims
and charges which in the reasonable opinion of the Secured Party might
prejudice, imperil or otherwise affect the Collateral or the Security Interest
therein.

 

8.             Responsibility for Collateral.  The Company assumes all liabilities and
responsibility in connection with all Collateral, and the obligations of the
Company hereunder or under the Notes shall in no way be affected or diminished
by reason of the loss, destruction, damage or theft of any of the Collateral or
its unavailability for any reason.

 

9.             Term of Agreement.  This Agreement and the Security Interest
shall terminate on the date on which all payments under the Notes have been
made in full and all other Obligations have been paid or discharged.  Upon such termination, the Secured Party, at
the request and at the expense of the Company, will join in executing any
termination statement with respect to any financing statement executed and
filed pursuant to this Agreement.

 

10.           Power of Attorney; Further Assurances.

 

(a)           Subject to any senior
security interests as described herein, the Company hereby irrevocably appoints
the Secured Party as the Company’s attorney-in-fact, with full authority in the
place and stead of the Company and in the name of the Company, from time to
time in the Secured Party’s discretion, to take any action and to execute any
instrument which the Secured Party may deem necessary or advisable to
accomplish the purposes of this Agreement, including the filing, in its sole
discretion, of one or more financing or continuation statements and amendments
thereto, relative to any of the Collateral without the signature of the Company
where permitted by law.

 

(b)           The Company shall
execute such additional agreements and documents necessary or advisable to
accomplish the purposes of this Agreement, including without limitation pledge
agreements relating to the capital stock included as Collateral pursuant to Section 1(a)(vi) above.

 

11.           Notices.  All notices, requests, demands and other
communications hereunder shall be in writing, with copies to all the other
parties hereto, and shall be deemed to have been duly given when (i) if
delivered by hand, upon receipt, (ii) if sent by facsimile, upon receipt
of proof of sending thereof, (iii) if sent by nationally recognized
overnight delivery service (receipt requested), the next business day or (iv) if
mailed by first-class registered or certified mail, return receipt requested,
postage prepaid, four days after posting in the U.S. mails, in each case if
delivered to the following addresses:

 

	
  If to the Company:

  	
  Aspyra, Inc.

  
	
   

  	
  26115-A Mureau Road

  
	
   

  	
  Calabasas, CA 91302

  
	
   

  	
  Attn: Anahita Villafane, Chief Financial Officer, Secretary

  
	
   

  	
  Tel:

  
	
   

  	
  Fax:

  

 

7

 

	
   

  	
  with a copy (which shall not
  constitute notice) to:

  
	
   

  	
   

  
	
   

  	
  Sichenzia Ross Friedman Ference LLP

  
	
   

  	
  61 Broadway, 32nd Floor

  
	
   

  	
  New York, New York 10006

  
	
   

  	
  Attn:

  	
  Darrin Ocasio, Esq.

  
	
   

  	
  Tel:

  	
  212-930-9700

  
	
   

  	
  Fax:

  	
  212-930-9725

  

 

 

	
  If to the Secured Party:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention:

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
  With a copy to:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attention: 

  
	
   

  	
  Facsimile:

  

 

12.           Other Security.  To the extent that the Obligations are now or
hereafter secured by property other than the Collateral or by the guarantee,
endorsement or property of any other person, firm, corporation or other entity,
then the Secured Party shall have the right, in its sole discretion, to pursue,
relinquish, subordinate, modify or take any other action with respect thereto,
without in any way modifying or affecting any of the Secured Party’s rights and
remedies hereunder.

 

13.           Miscellaneous.

 

(a)           No course of dealing
between the Company and the Secured Party, nor any failure to exercise, nor any
delay in exercising, on the part of the Secured Party, any right, power or
privilege hereunder or under the Notes shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, power or privilege hereunder
or thereunder preclude any other or further exercise thereof or the exercise of
any other right, power or privilege.

 

(b)           All of the rights and
remedies of the Secured Party with respect to the Collateral, whether
established hereby or by the Notes or by any other agreements, instruments or
documents or by law shall be cumulative and may be exercised singly or
concurrently.

 

8

 

(c)           This Agreement
constitutes the entire agreement of the parties with respect to the subject
matter hereof and is intended to supersede all prior negotiations,
understandings and agreements with respect thereto.  Except as specifically set forth in this
Agreement, no provision of this Agreement may be modified or amended except by
a written agreement specifically referring to this Agreement and signed by the
parties hereto.

 

(d)           In the event that any
provision of this Agreement is held to be invalid, prohibited or unenforceable
in any jurisdiction for any reason, unless such provision is narrowed by
judicial construction, this Agreement shall, as to such jurisdiction, be
construed as if such invalid, prohibited or unenforceable provision had been
more narrowly drawn so as not to be invalid, prohibited or unenforceable.  If, notwithstanding the foregoing, any
provision of this Agreement is held to be invalid, prohibited or unenforceable
in any jurisdiction, such provision, as to such jurisdiction, shall be
ineffective to the extent of such invalidity, prohibition or unenforceability
without invalidating the remaining portion of such provision or the other
provisions of this Agreement and without affecting the validity or
enforceability of such provision or the other provisions of this Agreement in
any other jurisdiction.

 

(e)           No waiver of any breach
or default or any right under this Agreement shall be considered valid unless
in writing and signed by the party giving such waiver, and no such waiver shall
be deemed a waiver of any subsequent breach or default or right, whether of the
same or similar nature or otherwise.

 

(f)            This Agreement shall
be binding upon and inure to the benefit of each party hereto and its
successors and assigns.

 

(g)           Each party shall take
such further action and execute and deliver such further documents as may be
necessary or appropriate in order to carry out the provisions and purposes of
this Agreement.

 

(h)           This Agreement shall be
governed by and construed under the laws of the State of New York applicable to
contracts made and to be performed entirely within the State of New York. Each
party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City and County of New York for the adjudication
of any dispute hereunder or any other Transaction Document or in connection
herewith or therewith or with any transaction contemplated hereby or thereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof to such party at the
address in effect for notices to it under this Agreement and agrees that such
service shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner
permitted by law.

 

(i)            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 Agreement.  In the event
that any signature is delivered by facsimile transmission, such signature shall
create a valid binding obligation of the party executing (or on whose behalf
such signature is executed) the same with the same force and effect as if such
facsimile signature were the original thereof.

 

9

 

IN WITNESS WHEREOF, the parties hereto have
caused this Security Agreement to be duly executed on the day and year first
above written.

 

	
   

  	
  ASPYRA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  James Zierick

  
	
   

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SECURED PARTY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  J. Shawn Chalmers Revocable Trust DTD
  8/13/96

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