Document:

LOAN AGREEMENT

   
 Exhibit 10.14
 LOAN AGREEMENT
          THIS LOAN AGREEMENT (this “Agreement”) is made and entered into as of the 30th day of
September 2002, by and between MediaBin, Inc., a Georgia corporation (the “Company”), and Glastad Holding, Ltd., a Cayman Islands corporation (the “Lender”).
 PREAMBLE
          The Company and the Lender are entering into this Agreement for the purpose of establishing a short-term loan. This Agreement establishes the conditions under which the
Lender may convert any outstanding borrowings into an investment in common stock of the Company and other relevant provisions.
          NOW, THEREFORE, in
consideration of the premises hereof, the mutual covenants and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:
          1.       Loan.  On the date hereof the
Company is borrowing the principal amount of $185,000 from the Lender (the “Loan”), which will be evidenced by the Term Promissory Note in the form attached hereto as Exhibits A-D (the
“Notes”). This Loan cancels entirely (including accrued interest) those Notes and Loans as shown on Exhibit B. The Lender is willing to make the Loan to the Company on the terms and conditions described herein. The Company and the Lender
agree that the payment and performance of all obligations relating to the Loan shall not be secured by any property of the Company. The Company may prepay the Loan, in whole or in part, at any time without penalty or premium; provided,  however, that the Company shall give the Lender five days notice of any payment of outstanding principal under the Notes other than a scheduled principal
payment prescribed by the Notes (each, a “Payment Notice”).
          2.       Conversion and
Acceleration Rights.  The Company’s successful completion of either a private placement or a public offering of its common stock, $.01 par value per share (the “Common Stock”) in either the Norwegian or
United States stock markets in which gross proceeds of at least $1,000,000 are raised is defined as the Secondary Offering. At any time during the term of the Notes, Lender may cause all or any portion of the entire outstanding principal balance of
the Notes to be converted into a number of shares of the Common Stock equal to the then-outstanding principal of the Notes divided by 75% of the offering price per share in the Secondary Offering. Upon the commencement of an action by the Company to
obtain shareholder approval of an offer from a person or entity unaffiliated with the Lender and unaffiliated with Venturos AS or Gezina AS that would result in a Change of Control (as defined below), Lender may (i) cause all or any portion of the
entire outstanding principal balance of the Notes to be converted into a number of shares of the Common Stock equal to the then-outstanding principal of the Notes divided by 75% of the offering price per share as proposed in the transaction
constituting a Change of Control and/or (ii) cause the acceleration of the Notes so that all of the remaining outstanding and unconverted principal is due within ten (10) days of the closing of the transaction constituting a Change of Control.
Lender shall have the option of either receiving cash for any accrued and unpaid interest on the Notes or converting such interest balance into a number of shares of the Common Stock as provided herein. The shares of Common Stock received by the
Lender pursuant to this Section 2 shall be registered on the Oslo Stock Exchange. Notwithstanding the foregoing, no fractional shares of the Common Stock shall be issued upon the exercise of the conversions provided by this Section 2, and the
Company shall pay the Lender cash equal to the fair market value of such fractional shares in lieu of their issuance. For purposes of this Agreement, a “Change of Control” shall mean a transaction in which (i) any person or group of
persons that was not previously a majority shareholder of the Company becomes the beneficial owner, directly or indirectly, of securities of the Company representing a majority of the combined voting power of the Company’s then-outstanding
securities or (ii) the Company sells, transfers, leases, exchanges or disposes of at least eighty-five percent (85%) of its assets. 
          3.       Adjustments for Reclassifications.  If prior to the conversion set forth in Section 2, the outstanding shares of the Common Stock are changed into
or exchanged for a different kind of shares or other securities of the Company (hereinafter, a “Capitalization Event”), then the kind of shares or other securities issuable upon the conversion set forth in Section 2 shall be adjusted so
that the kind of shares or other securities to be received under such conversion after such Capitalization Event are the same as that which would have been held following the Capitalization Event had a similar conversion taken place immediately
prior to the Capitalization Event. 

  
           4.         Representations, Warranties and
Covenants.
                   (a)         By the
Company.  The Company is a corporation duly organized and existing under the laws of the State of Georgia and has the corporate power and authority to carry on its business as and where now conducted. The Company has the
corporate power and authority necessary to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of the Company. The authorized capital stock of the Company consists of 200,000,000 shares of the Common Stock, of which 17,529,607 shares
are issued and outstanding. All of the issued and outstanding shares of the Common Stock are duly and validly issued and are fully paid and non-assessable. 
                   (b)         By the Lender.  The Lender is a corporation duly organized and existing under the laws of the Cayman Islands and has the corporate and legal power and authority necessary to execute, deliver and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of the
Lender. The Lender has not authorized any person to act as broker, finder or in any other similar capacity in connection with the transactions contemplated by this Agreement. The Lender acknowledges that the shares of the Common Stock issuable
pursuant to the conversion procedure set forth in Section 2 hereof have not been registered under any state (or other) securities laws or under the Securities Act of 1933, as amended (the “Federal Act”), in reliance, in the case of the
Federal Act, on exemptions contained in Regulation S promulgated thereunder, and agrees that it will not (i) transfer any of such shares, or any interest therein, except pursuant to an effective registration statement under the applicable state
and other securities laws and the Federal Act or in a transaction which is exempt under such applicable state and other securities laws and the Federal Act, or (ii) make any transfer which will cause the issuance of any of such shares by the Company
to be unlawful or violative of any statute or regulation. The Lender further acknowledges that any stock certificates representing the shares of Common Stock issuable pursuant to the conversion procedure set forth in Section 2 shall bear a
restrictive legend in compliance with the requirements of Regula tion S. The Lender warrants and represents that its execution of this Agreement has taken place outside the United States, that it is not a U.S. Person (as defined in Regulation S) and
that it is not acquiring any securities hereunder for the account or benefit of a U.S. Person. The term U.S. Person, as defined in Regulation S, means: (i) any natural person resident in the United States; (ii) any partnership or corporation
organized or incorporated under the laws of the United States, its territories or possessions or any state or the District of Columbia; (iii) any estate of which any executor or administrator is a U.S. Person; (iv) any trust of which any trustee is
a U. S. Person; (v) any agency or branch of a foreign entity located in the United States; (vi) any non-discretionary account or similar account (other than an estate or trust) held by a “dealer” (as defined in the Federal Act) or other
fiduciary for the benefit or account of a U.S. Person; (vii) any discretionary account or similar ac count (other than an estate or trust) held by a “dealer” (as defined in the Federal Act) or other professional fiduciary organized,
incorporated, or (if an individual) resident in the United States; or (viii) any partnership or corporation organized or incorporated under the laws of any foreign jurisdiction by a U. S. Person principally for the purpose of investing in securities
not registered under the Federal Act unless it is organized or incorporated, and owned, by Accredited Investors (as defined in Rule 501(a) under the Federal Act) who are not natural persons, estates or trusts. In addition to the restrictions on
transfer set forth herein, the Lender also agrees that it will not transfer this Agreement or the Notes into the United States or to a U. S. Person (as defined in Regulation S) for a period of one year after the date hereof. The Lender warrants and
represents that any shares of the Common Stock that it acquires will be acquired solely for its own account, to hold for investment, with no present intention of dividing its participation with others or reselling or otherwise participating,
directly or indirectly, in a distribution of such shares. 
          5.       Default;
Remedies.  A “Default” shall exist if any of the following occurs and is not remedied (i) in the case of events described in clause (a) below, within 15 days after notice from the Lender to the Company thereof,
and (ii) in the case of events described in clauses (b) through (h) below or elsewhere in this Agreement, within 30 days after notice from the Lender to the Company thereof: (a) failure of the Company punctually to make any payment of any amount
payable under the Notes, whether at maturity, or at a date fixed for any prepayment or partial prepayment, or by acceleration, or otherwise; (b) any statement, representation, or warranty of the Company made in this Agreement shall be false or
misleading in any material respect as of the date made; (c) failure of the Company punctually and fully to comply with any of its covenants in this Agreement; (d) if the Company becomes insolvent as defined in the Georgia Uniform Commercial Code or
makes an assignment for the benefit of creditors; or if any action is brought by the Company seeking dissolution of the Company or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver, or other custodian for
any of its property; or if the Company commences a voluntary case under the Federal Bankruptcy Code; or if any reorganization or arrangement
  

  
  
 proceeding is instituted by the Company for the settlement, readjustment, composition or extension of any of its debts upon any terms; or if any action or
petition is otherwise brought by the Company seeking similar relief or alleging that it is insolvent or unable to pay its debts as they mature; (e) the Company is in default on indebtedness to another person, the amount of such indebtedness exceeds
$250,000 and the acceleration of the maturity of such indebtedness would have a material adverse effect upon the Company; or (f) a sale of all or substantially all of the assets of the Company unless waived in writing by the Lender. Upon the
occurrence of a Default, the Lender shall be entitled to declare any of the amounts owed by the Company under the Notes due and payable, whereupon they immediately will become due and payable without presentment, demand, notice or protest of any
kind (all of which are expressly waived by the Company). 
          6.       Miscellaneous.  All notices or other communications which are required or permitted hereunder shall be in writing and sufficient if delivered (i) personally, (ii) by registered or certified mail, postage prepaid or (iii) by a recognized courier
service to the persons at the addresses set forth below (or at such other address as may be provided hereunder), and shall be deemed to have been delivered as of the date so delivered or transmitted:

	The Company: 	 	MediaBin, Inc.
	 	 	 	Seven Piedmont Center, Suite 600
3525 Piedmont Road
Atlanta, Georgia 30305
Attention: David P. Moran, President
	 	 	 	 
	With copy 	 	 	 
	to counsel:	 	 	Morris, Manning & Martin, L.L.P.
1600 Atlanta Financial Center
3343 Peachtree Road, N.E.
Atlanta, Georgia
30326
Attention: John C. Yates, Esq.
		 	 	 
	The Lender:	 	 	Glastad holding, Ltd
P.O. Box 113
4551 Farsund, Norway

 
 Each party shall bear the
expenses incurred by it or on its behalf in connection with the transactions contemplated by this Agreement; provided, however, that the Company shall be
liable for any reasonable attorneys’ fees actually incurred by the Lender in enforcing this Agreement or the Notes upon a default by the Company of its obligations thereunder. This Agreement, together with the Notes, contain the entire
agreement among the parties with respect to the transactions contemplated hereby, and supersede all prior arrangements or understandings with respect thereto, written or oral. This Agreement shall inure to the benefit of and be binding upon the
Company’s and the Lender’s successors and any permitted assignee of this Agreement or the Notes. This Agreement and the Notes shall not be assigned by the Lender without the prior written consent of the Company; provided, however, that subject to compliance with the requirements of Regulation S, the Lender may sell participations in the Notes to not more than four other persons
(including indirect participants), provided that no such participation shall relieve the Lender of its obligations under this Agreement, including without limitation its obligations under Section 1 hereof. In addition, that subject to the
requirements of Regulation S, the Lender may assign this Agreement and the Notes to an Affiliate (defined below) of Glastad Holding, Ltd. without the prior written consent of the Company subject to the condition that Glastad Holding, Ltd. remain
liable for the performance of all of the obligations of the Lender and its assigns thereunder. For purposes of the foregoing sentence, “Affiliate” shall have the meaning given such term in Rule 144(a)(1) promulgated under the Federal Act.
This Agreement shall be g overned by and construed in accordance with the laws of the State of Georgia except to the extent United States federal law shall be applicable. This Agreement may be executed in one or more counterparts, each of which
shall constitute one and the same instrument. 
          IN WITNESS WHEREOF, the parties have caused this Agreement to be executed, sealed and delivered by their duly
authorized officers as of the date first written above.

   
 
	MEDIABIN, INC.	 	GLASTAD HOLDING, LTD.
	By: 	
/s/ DAVID P. MORAN	 	By: 	
/s/ ARILD NILSEN
		
			

	 	David P. Moran
President and Chief Executive Officer	 	 	 
	 	 	 	Print Name:	Arild Nilsen
					

		 	 	 	 
	 Attest:	
/s/ HAINES HARGRETT	 	 	

		
			
	 	Haines H. Hargrett
Secretary	 	Print Title:	Investment Director
					

 

 
   
 Exhibit A
 TERM PROMISSORY NOTE

	$65,000	 	July 10, 2002

 
          FOR VALUE RECEIVED, the undersigned,
MediaBin, Inc., a Georgia corporation (the “Borrower”), promises to pay Glastad Holding, Ltd. a Cayman Islands corporation (the “Lender”), at 10 Stratton Street, 4th Floor, London WIX 4EJ, England (or at such other place as the
Lender may designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of sixty-five thousand dollars ($65,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime
Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published
as the “Prime Rate” as of the last business day of the full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each
day shall be the applicable Prime Rate for the day and each succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below. 
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia. 

  
           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed,
sealed, and delivered this Note, as of the day and year first above written.

		 	 	MEDIABIN, INC.
	 	
	 	By: 	
/s/ DAVID P. MORAN
					

	 	 	 	 	David P. Moran
President and Chief Executive Officer
	 	 	 	 	 

		 	 	 
	
	 	Attest:	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
Secretary

 
  

  
  Exhibit B
 TERM PROMISSORY NOTE

	$30,000	 	July 30, 2002

          FOR VALUE RECEIVED, the undersigned, MediaBin,
Inc., a Georgia corporation (the “Borrower”), promises to pay Glastad Holding, Ltd. a Cayman Islands corporation (the “Lender”), at 10 Stratton Street, 4th Floor, London WIX 4EJ, England (or at such other place as the Lender may
designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of thirty thousand dollars ($30,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime
Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published
as the “Prime Rate” as of the last business day of the full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each
day shall be the applicable Prime Rate for the day and each succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below. 
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.
  

  
           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed,
sealed, and delivered this Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
 /s/ DAVID P. MORAN
				 

	 	 	 	David P. Moran
 President and Chief Executive Officer

		 	 
	
	 	Attest:	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
Secretary

  

  
  Exhibit C
 TERM PROMISSORY NOTE

	$60,000	 	August 14, 2002

          FOR VALUE RECEIVED, the undersigned, MediaBin,
Inc., a Georgia corporation (the “Borrower”), promises to pay Glastad Holding, Ltd. a Cayman Islands corporation (the “Lender”), at 10 Stratton Street, 4th Floor, London WIX 4EJ, England (or at such other place as the Lender may
designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of sixty thousand dollars ($60,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime
Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published
as the “Prime Rate” as of the last business day of the full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each
day shall be the applicable Prime Rate for the day and each succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below. 
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia. 

  
           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed,
sealed, and delivered this Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
 /s/ DAVID P. MORAN
				 

	 	 	 	David P. Moran
 President and Chief Executive Officer

		 	 
	
	 	Attest:	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
Secretary

 

   
  Exhibit D
 TERM PROMISSORY NOTE

	$30,000	 	August 29,2002

 
          FOR VALUE RECEIVED, the undersigned,
MediaBin, Inc., a Georgia corporation (the “Borrower”), promises to pay Glastad Holding, Ltd. a Cayman Islands corporation (the “Lender”), at 10 Stratton Street, 4th Floor, London WIX 4EJ, England (or at such other place as the
Lender may designate in writing to the Borrower), in lawful money of the United States of America, the principal sum of thirty thousand dollars ($30,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime
Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published
as the “Prime Rate” as of the last business day of the full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each
day shall be the applicable Prime Rate for the day and each succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below. 
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.
  

  
  
          IN WITNESS WHEREOF, the duly authorized officers of the Borrower have
executed, sealed, and delivered this Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
 /s/ DAVID P. MORAN
				 

	 	 	 	David P. Moran
 President and Chief Executive Officer

		 	 
	
	 	Attest:	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
SecretaryLOAN AGREEMENT

   
 Exhibit 10.15
 LOAN AGREEMENT
          THIS LOAN AGREEMENT (this “Agreement”) is made and entered into as of the 30th day of
September 2002, by and between MediaBin, Inc., a Georgia corporation (the “Company”), and Gezina AS, a Norwegian corporation (the “Lender”).
 PREAMBLE
          The Company and the Lender are entering into this Agreement for the purpose of establishing a short-term loan. This Agreement establishes the conditions under which the
Lender may convert any outstanding borrowings into an investment in common stock of the Company and other relevant provisions.
          NOW, THEREFORE, in
consideration of the premises hereof, the mutual covenants and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows:
          1.       Loan. On the date hereof the Company is
borrowing the principal amount of $125,000 from the Lender (the “Loan”), which will be evidenced by the Term Promissory Note in the form attached hereto as Exhibits A-C (the
“Notes”). This Loan cancels entirely (including accrued interest) those Notes and Loans as shown on Exhibit B. The Lender is willing to make the Loan to the Company on the terms and conditions described herein. The Company and the Lender
agree that the payment and performance of all obligations relating to the Loan shall not be secured by any property of the Company. The Company may prepay the Loan, in whole or in part, at any time without penalty or premium; provided, however, that the Company shall give the Lender five days notice of any payment of outstanding principal under the Notes other than a scheduled principal payment
prescribed by the Notes (each, a “Payment Notice”).
          2.       Conversion and Acceleration
Rights. The Company’s successful completion of either a private placement or a public offering of its common stock, $.01 par value per share (the “Common Stock”) in either the Norwegian or United States stock
markets in which gross proceeds of at least $1,000,000 are raised is defined as the Secondary Offering. At any time during the term of the Notes, Lender may cause all or any portion of the entire outstanding principal balance of the Notes to be
converted into a number of shares of the Common Stock equal to the then-outstanding principal of the Notes divided by 75% of the offering price per share in the Secondary Offering. Upon the commencement of an action by the Company to obtain
shareholder approval of an offer from a person or entity unaffiliated with the Lender and unaffiliated with Glastad Holding, Ltd. or Venturos AS that would result in a Change of Control (as defined below), Lender may (i) cause all or any portion of
the entire outstanding principal balance of the Notes to be converted into a number of shares of the Common Stock equal to the then-outstanding principal of the Notes divided by 75% of the offering price per share as proposed in the transaction
constituting a Change of Control and/or (ii) cause the acceleration of the Notes so that all of the remaining outstanding and unconverted principal is due within ten (10) days of the closing of the transaction constituting a Change of Control.
Lender shall have the option of either receiving cash for any accrued and unpaid interest on the Notes or converting such interest balance into a number of shares of the Common Stock as provided herein. The shares of Common Stock received by the
Lender pursuant to this Section 2 shall be registered on the Oslo Stock Exchange. Notwithstanding the foregoing, no fractional shares of the Common Stock shall be issued upon the exercise of the conversions provided by this Section 2, and the
Company shall pay the Lender cash equal to the fair market value of such fractional shares in lieu of their issuance. For purposes of this Agreement, a “Change of Control” shall mean a transaction in which (i) any person or group of
persons that was not previously a majority shareholder of the Company becomes the beneficial owner, directly or indirectly, of securities of the Company representing a majority of the combined voting power of the Company’s then-outstanding
securities or (ii) the Company sells, transfers, leases, exchanges or disposes of at least eighty-five percent (85%) of its assets. 
          3.       Adjustments for Reclassifications. If prior to the conversion set forth in Section 2, the outstanding shares of the Common Stock are changed into or
exchanged for a different kind of shares or other securities of the Company (hereinafter, a “Capitalization Event”), then the kind of shares or other securities issuable upon the conversion set forth in Section 2 shall be adjusted so that
the kind of shares or other securities to be received under such conversion after such Capitalization Event are the same as that which would have been held following the Capitalization Event had a similar conversion taken place immediately prior to
the Capitalization Event. 
  

           4.         Representations, Warranties and Covenants.
                   (a)         By the
Company. The Company is a corporation duly organized and existing under the laws of the State of Georgia and has the corporate power and authority to carry on its business as and where now conducted. The Company has the
corporate power and authority necessary to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of the Company. The authorized capital stock of the Company consists of 200,000,000 shares of the Common Stock, of which 17,529,607 shares
are issued and outstanding. All of the issued and outstanding shares of the Common Stock are duly and validly issued and are fully paid and non-assessable. 
                   (b)         By the Lender. The Lender is a corporation duly organized and existing under the laws of the country of Norway and has the corporate and legal power and authority necessary to execute, deliver and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action of the
Lender. The Lender has not authorized any person to act as broker, finder or in any other similar capacity in connection with the transactions contemplated by this Agreement. The Lender acknowledges that the shares of the Common Stock issuable
pursuant to the conversion procedure set forth in Section 2 hereof have not been registered under any state (or other) securities laws or under the Securities Act of 1933, as amended (the “Federal Act”), in reliance, in the case of the
Federal Act, on exemptions contained in Regulation S promulgated thereunder, and agrees that it will not (i) transfer any of such shares, or any interest therein, except pursuant to an effective registration statement under the applicable state
and other securities laws and the Federal Act or in a transaction which is exempt under such applicable state and other securities laws and the Federal Act, or (ii) make any transfer which will cause the issuance of any of such shares by the Company
to be unlawful or violative of any statute or regulation. The Lender further acknowledges that any stock certificates representing the shares of Common Stock issuable pursuant to the conversion procedure set forth in Section 2 shall bear a
restrictive legend in compliance with the requirements of Regulation S. The Lender warrants and represents that its execution of this Agreement has taken place outside the United States, that it is not a U.S. Person (as defined in Regulation S) and
that it is not acquiring any securities hereunder for the account or benefit of a U.S. Person. The term U.S. Person, as defined in Regulation S, means: (i) any natural person resident in the United States; (ii) any partnership or corporation
organized or incorporated under the laws of the United States, its territories or possessions or any state or the District of Columbia; (iii) any estate of which any executor or administrator is a U.S. Person; (iv) any trust of which any trustee is
a U. S. Person; (v) any agency or branch of a foreign entity located in the United States; (vi) any non-discretionary account or similar account (other than an estate or trust) held by a “dealer” (as defined in the Federal Act) or other
fiduciary for the benefit or account of a U.S. Person; (vii) any discretionary account or similar account (other than an estate or trust) held by a “dealer” (as defined in the Federal Act) or other professional fiduciary organized,
incorporated, or (if an individual) resident in the United States; or (viii) any partnership or corporation organized or incorporated under the laws of any foreign jurisdiction by a U. S. Person principally for the purpose of investing in securities
not registered under the Federal Act unless it is organized or incorporated, and owned, by Accredited Investors (as defined in Rule 501(a) under the Federal Act) who are not natural persons, estates or trusts. In addition to the restrictions on
transfer set forth herein, the Lender also agrees that it will not transfer this Agreement or the Notes into the United States or to a U. S. Person (as defined in Regulation S) for a period of one year after the date hereof. The Lender warrants and
represents that any shares of the Common Stock that it acquires will be acquired solely for its own account, to hold for investment, with no present intention of dividing its participation with others or reselling or otherwise participating,
directly or indirectly, in a distribution of such shares.
          5.       Default;
Remedies. A “Default” shall exist if any of the following occurs and is not remedied (i) in the case of events described in clause (a) below, within 15 days after notice from the Lender to the Company thereof, and
(ii) in the case of events described in clauses (b) through (h) below or elsewhere in this Agreement, within 30 days after notice from the Lender to the Company thereof: (a) failure of the Company punctually to make any payment of any amount payable
under the Notes, whether at maturity, or at a date fixed for any prepayment or partial prepayment, or by acceleration, or otherwise; (b) any statement, representation, or warranty of the Company made in this Agreement shall be false or misleading in
any material respect as of the date made; (c) failure of the Company punctually and fully to comply with any of its covenants in this Agreement; (d) if the Company becomes insolvent as defined in the Georgia Uniform Commercial Code or makes an
assignment for the benefit of creditors; or if any action is brought by the Company seeking dissolution of the Company or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver, or other custodian for any of its
property; or if the Company commences a voluntary case under the Federal Bankruptcy Code; or if any reorganization or arrangement
   
 

  proceeding is instituted by the Company for the settlement, readjustment, composition or extension of any of its debts upon any terms; or if any action or petition is otherwise brought by
the Company seeking similar relief or alleging that it is insolvent or unable to pay its debts as they mature; (e) the Company is in default on indebtedness to another person, the amount of such indebtedness exceeds $250,000 and the acceleration of
the maturity of such indebtedness would have a material adverse effect upon the Company; or (f) a sale of all or substantially all of the assets of the Company unless waived in writing by the Lender. Upon the occurrence of a Default, the Lender
shall be entitled to declare any of the amounts owed by the Company under the Notes due and payable, whereupon they immediately will become due and payable without presentment, demand, notice or protest of any kind (all of which are expressly waived
by the Company). 
          6.       Miscellaneous. All notices or other
communications which are required or permitted hereunder shall be in writing and sufficient if delivered (i) personally, (ii) by registered or certified mail, postage prepaid or (iii) by a recognized courier service to the persons at the addresses
set forth below (or at such other address as may be provided hereunder), and shall be deemed to have been delivered as of the date so delivered or transmitted:

	The Company: 	 	MediaBin, Inc.	 
	 	 	Seven Piedmont Center, Suite 600
3525 Piedmont Road
Atlanta, Georgia 30305
Attention: David P. Moran, President	 
	 	 	 	 
	With copy
to counsel:	 	Morris, Manning & Martin, L.L.P.
1600 Atlanta Financial Center
3343 Peachtree Road, N.E.
Atlanta, Georgia
30326
Attention: John C. Yates, Esq.	 
	 	 	 	 
	The Lender:	 	Gezina AS
Nedre Vollgt. 4
N-0158 Oslo, Norway	 

 
 

  Each party shall bear the expenses incurred by it or on its behalf in connection with the transactions contemplated by this Agreement; provided, however, that the Company shall be liable for any reasonable attorneys’ fees actually incurred by the Lender in enforcing this Agreement or the Notes upon a default by the Company of its
obligations thereunder. This Agreement, together with the Notes, contain the entire agreement among the parties with respect to the transactions contemplated hereby, and supersede all prior arrangements or understandings with respect thereto,
written or oral. This Agreement shall inure to the benefit of and be binding upon the Company’s and the Lender’s successors and any permitted assignee of this Agreement or the Notes. This Agreement and the Notes shall not be assigned by
the Lender without the prior written consent of the Company; provided, however, that subject to compliance with the requirements of Regulation S, the
Lender may sell participations in the Notes to not more than four other persons (including indirect participants), provided that no such participation shall relieve the Lender of its obligations under this Agreement, including without limitation its
obligations under Section 1 hereof. In addition, that subject to the requirements of Regulation S, the Lender may assign this Agreement and the Notes to an Affiliate (defined below) of Gezina AS without the prior written consent of the Company
subject to the condition that Gezina AS remain liable for the performance of all of the obligations of the Lender and its assigns thereunder. For purposes of the foregoing sentence, “Affiliate” shall have the meaning given such term in
Rule 144(a)(1) promulgated under the Federal Act. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia except to the extent United States federal law shall be applicable. This Agreement may be
executed in one or more counterparts, each of which shall constitute one and the same instrument. 
          IN WITNESS WHEREOF, the parties have caused this Agreement
to be executed, sealed and delivered by their duly authorized officers as of the date first written above.
   

		MEDIABIN, INC.	 	GEZINA AS
	 	By: 	
/s/ DAVID P. MORAN	 	By: 	
ERIK ENGEBRETSEN
			
			

	 	 	David P. Moran
President and Chief Executive Officer	 	Print Name:	Erik Engebretsen

		 	 	 
	 	Attest: 	
/s/ HAINES HARGRETT	 	 	 
			
				
	 	 	Haines H. Hargrett
Secretary	 	Print Title:	CEO

   
 

  Exhibit A
 TERM PROMISSORY NOTE

	$45,000	July 16, 2002

          FOR VALUE RECEIVED, the undersigned, MediaBin,
Inc., a Georgia corporation (the “Borrower”), promises to pay to Gezina AS, a Norwegian corporation (the “Lender”), at Radhusgt.5B 0151 Oslo, Norway (or at such other place as the Lender may designate in writing to the Borrower),
in lawful money of the United States of America, the principal sum of forty-five thousand dollars ($45,000), plus interest as hereinafter provided.
          The
Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime Rate Basis. “Prime Rate Basis” shall mean, on any day, a simple interest
rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published as the “Prime Rate” as of the last business day of the full calendar
month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each day shall be the applicable Prime Rate for the day and each succeeding
non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on the last day of each calendar quarter thereafter until this Note is
paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall also be due and payable upon demand from time to time by the Lender as
provided below.
          The indebtedness evidenced by this Note shall be due and payable on January 1, 2003, plus all accrued and unpaid interest as hereinabove
provided
          Overdue principal shall bear interest for each day from the date it became so due until paid in full, payable on demand, at a rate per annum
(computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.
          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such payment is
inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such excess sum
returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under applicable
law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other notice of any
kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.
   

           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed, sealed, and delivered this
Note, as of the day and year first above written.

		 	MEDIABIN, INC
	
	 	By: 	
/s/ DAVID P. MORAN
				

	 	 	 	David P. Moran
President and Chief Executive Officer

		 	 
	
	 	Attest: 	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
Secretary

   
 

  Exhibit B
 TERM PROMISSORY NOTE

	$56,000	 	August 13, 2002

          FOR VALUE RECEIVED, the undersigned,
MediaBin, Inc., a Georgia corporation (the “Borrower”), promises to pay to Gezina AS, a Norwegian corporation (the “Lender”), at Radhusgt.5B 0151 Oslo, Norway (or at such other place as the Lender may designate in writing to the
Borrower), in lawful money of the United States of America, the principal sum of fifty six thousand dollars ($56,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime Rate Basis. “Prime Rate Basis” shall mean, on any day, a
simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published as the “Prime Rate” as of the last business day of the
full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each day shall be the applicable Prime Rate for the day and each
succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below.
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.
   
 

           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed, sealed, and delivered this
Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
/s/ DAVID P. MORAN
				

	 	 	 	David P. Moran
President and Chief Executive Officer

		 	 
	
	 	Attest: 	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
Secretary

   
 

  Exhibit C
 TERM PROMISSORY NOTE

	$24,000	 	August 29, 2002

          FOR VALUE RECEIVED, the undersigned,
MediaBin, Inc., a Georgia corporation (the “Borrower”), promises to pay to Gezina AS, a Norwegian corporation (the “Lender”), at Radhusgt.5B 0151 Oslo, Norway (or at such other place as the Lender may designate in writing to the
Borrower), in lawful money of the United States of America, the principal sum of twenty four thousand dollars ($24,000), plus interest as hereinafter provided.
          The Borrower promises to pay interest on the unpaid principal amount outstanding hereunder (the “Loan”), at a simple interest rate per annum equal to the Prime Rate Basis. “Prime Rate Basis” shall mean, on any day, a
simple interest rate per annum equal to the Prime Rate (as defined herein) plus 100 basis points (1.0%). “Prime Rate” shall mean, on any day, the rate of interest published as the “Prime Rate” as of the last business day of the
full calendar month preceding such day by Bank of America, N.A. (Charlotte, North Carolina), or any successor institution. The Prime Rate in effect as of the close of business of each day shall be the applicable Prime Rate for the day and each
succeeding non-business day in determining the applicable Prime Rate Basis. Interest shall be calculated on the basis of a 360-day year for the actual number of days elapsed. 
          Interest under this Note shall be due and payable quarterly in arrears on the last day of each calendar quarter, commencing September 30, 2002, and continuing to be due on
the last day of each calendar quarter thereafter until this Note is paid in full. Interest shall also be due and payable when this Note shall become due (whether at maturity, by reason of acceleration or otherwise). After default, interest shall
also be due and payable upon demand from time to time by the Lender as provided below.
          The indebtedness evidenced by this Note shall be due and payable on
January 1, 2003, plus all accrued and unpaid interest as hereinabove provided
          Overdue principal shall bear interest for each day from the date it became so
due until paid in full, payable on demand, at a rate per annum (computed on the basis of a 360-day year for the actual number of days elapsed) equal to two percent (2%) per annum in excess of the interest rate otherwise payable hereunder.

          In no event shall the amount of interest due or payable hereunder exceed the maximum rate of interest allowed by applicable law, and in the event any such
payment is inadvertently paid by the Borrower or inadvertently received by the Lender, then such excess sum shall be credited as a payment of principal, unless the Borrower shall notify the Lender, in writing, that the Borrower elects to have such
excess sum returned to it forthwith. It is the express intent hereof that the Borrower not pay and the Lender not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully paid by the Borrower under
applicable law.
          The Borrower hereby waives presentment for payment, demand, notice of non-payment or dishonor, protest and notice of protest, or any other
notice of any kind with respect thereto.
          Time is of the essence of this Note.
          This Note shall be deemed to be made pursuant to the laws of the State of Georgia.
   
 

           IN WITNESS WHEREOF, the duly authorized officers of the Borrower have executed, sealed, and delivered this
Note, as of the day and year first above written.

		 	MEDIABIN, INC.
	
	 	By: 	
/s/ DAVID P. MORAN
				

	 	 	 	David P. Moran
President and Chief Executive Officer

		 	 
	
	 	Attest: 	
/s/ HAINES HARGRETT
				

	 	 	 	Haines H. Hargrett
Secretary

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