Document:

Unassociated Document

PROMISSORY NOTE

 

 

	$2,500,000	September 19, 2011

 

1.           Promise to pay.  For value received, AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC. (the “Borrower”), promises to pay to CAMBR COMPANY, INC., (the “Lender”), or order, on September 18, 2014, unless extended by the Borrower pursuant to Section 2.6(b) of the Loan Agreement (as hereinafter defined), (the “Maturity Date”), with interest as provided in this Note, the principal sum of TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000) or such lesser amount as shall have been borrowed by the Borrower and remain outstanding under the Loan Agreement.  Each capitalized term used herein without definition shall have the meaning ascribed to it in the Loan Agreement.

 

2.           Loan Agreement.  This Note evidences Indebtedness arising from a certain Loan Agreement dated as of the date of this Note (the “Loan Agreement”) by and between the Lender and the Borrower.  The Loan Agreement is hereby incorporated by reference into this Note as if set forth in full.  As used herein, the defined term “Loan Agreement” shall include all future amendments thereto, and restatements and replacements thereof.

 

3.           Payments.  The Borrower further promises to pay the principal amount of the Loan evidenced by this Note together with interest thereon from the date hereof until the repayment of the Loan in full, all at the rate(s), the times and place set forth in Article 2 and, if applicable, Article 8 of the Loan Agreement.  Payments of both principal and interest are to be made by immediately available funds in lawful money of the United States of America.  All payments made on account of this Note shall be applied in accordance with Section 2.6 and, if applicable, Section 10.11 of the Loan Agreement.

 

4.           Acceleration.  Payment of the entire unpaid balance of principal and accrued interest evidenced by this Note is subject to acceleration under Article 8 of the Loan Agreement.  Following any Event of Default, the entire unpaid balance of principal evidenced by this Note together with all accrued and unpaid interest thereon and all other amounts owing under the Loan Agreement shall, at the option of the Lender, become due and payable on demand without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Borrower.

 

5.           Governing Law.  This Note shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.

 

6.           Replacement of Original Note.  Upon receipt of an affidavit of an officer of the Lender as to the loss, theft, destruction or mutilation of this Note and a customary indemnity agreement in favor of the Borrower, the Borrower will issue a replacement note identical to this Note.

 

  

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7.           Miscellaneous.  This Note may not be modified, extended, or otherwise changed except by a written instrument signed by the Lender and the Borrower.  This Note shall be binding upon the Borrower and its successors and permitted assigns.  All remedies specified in this Note are cumulative, and no such remedies shall be considered to impair or preclude any other remedies available to the Lender by law or by agreement.

 

	  	
BORROWER:

	 	 
	  	
AMERICAN REALTY CAPITAL 

HEALTHCARE TRUST, INC.

	  	  	  
	  	
By:

	
/s/ William M. Kahane                   

	  	  	
Name: William M. Kahane

	  	  	
Title: President

  

- ii -Unassociated Document

REDEMPTION AGREEMENT

 

THIS REDEMPTION AGREEMENT (this “Agreement”) is made and entered into this 23rd day of September, 2011, by and between Phosphagenics Ltd., an Australian corporation (“Phosphagenics”), and ProPhase Labs, Inc., a Nevada corporation (the “Company”).  Phosphagenics and the Company are sometimes referred to herein individually as a “Party” and collectively as the “Parties”.

WHEREAS, Phosphagenics is the sole beneficial and record owner of 1,440,000 shares of common stock, par value $0.0005 per share (the “Common Stock”), of the Company;

WHEREAS, the Company desires to redeem 690,000 shares of Common Stock (the “Redeemed Shares”) in consideration for the Redemption Price (as defined below) pursuant to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the promises and mutual obligations set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

1.           Redemption.  Promptly following execution of this Agreement but no later than three business days thereafter, Phosphagenics shall surrender Stock Certificate No. TQC2910 (the “Surrendered Certificate”) and all rights and privileges attaching thereto. Within one business day following the Company’s receipt of the Surrendered Certificate and duly executed stock power in the form provided by the Company’s transfer agent, the Company shall pay to Phosphagenics an aggregate redemption price of Four Hundred Forty Eight Thousand Five Hundred Dollars ($448,500) (the “Redemption Price”) by wire transfer of immediately available funds to an account designated in writing by Phosphagenics to the Company (such transaction, the “Transaction”). Such Redemption Price shall be held in escrow by the Company’s law firm, Reed Smith LLP, pending transfer to Phosphagenics in accordance with this Section 1.

2.           Ownership.  Phosphagenics represents and warrants to the Company that it owns and shall deliver the Redeemed Shares free and clear of all liens, claims, encumbrances, interests and restrictions of any kind or nature, except for restrictions on transfer imposed under applicable securities and other than this Agreement, there are no outstanding or authorized options, warrants, redemption rights, repurchase rights or other commitments that could require Phosphagenics to sell or otherwise transfer the Redeemed Shares to anyone other than the Company.  All action on the part of Phosphagenics necessary for the authorization, execution, delivery and performance by it of this Agreement, and the consummation of the transactions contemplated hereby and thereby, has been taken. This Agreement constitutes the valid and legally binding obligation of Phosphagenics, enforceable in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, or other similar law affecting the enforcement of creditor’s rights generally or by general principles of equity.

3.           Representations.  Phosphagenics acknowledges and agrees as follows:

 

  

  

  

(i)   Phosphagenics has reviewed or had the opportunity to review the Annual Report of the Company on Form 10-K for the fiscal year ended December 31, 2010 and all subsequent public filings of the Company with the U.S. Securities and Exchange Commission; and

(ii)  Phosphagenics has made its own decision to consummate the Transaction based on its own independent review.

4.           Execution.  This Agreement may be executed by electronic transmission, including facsimile or e-mail of a .pdf counterpart, which transmission shall constitute the delivery of an originally executed document.

5.           Headings.  The section headings contained in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement.

6.            Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the choice of law or conflicts of law provisions thereof that would require application of the laws of a jurisdiction other than the State of New York. The Parties hereby irrevocably agree that any suit, action, proceeding or claim against them arising out of or in any way relating to this Agreement, or any judgment entered by any court in respect thereof, may be brought or enforced in the state or federal courts located in the county of New York, New York, and hereby irrevocably waive, to the fullest extent permitted by law, any objection which they may now or hereafter have to the venue of any proceeding brought in New York, New York and further irrevocably waive any claims that any such proceeding has been brought in an inconvenient forum.  The Parties hereby expressly waive any right to a trial by jury in any action or proceeding to enforce or defend any right, power, or remedy under or in connection with this Agreement.

7.            Severability; Further Assurances.    If any provision of this Agreement shall be determined by a court of competent jurisdiction to be invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement, all of which shall remain in full force and effect. The Parties agree to use all reasonable efforts to take, or cause to be taken, all actions and do, or cause to be done all other things necessary, proper or appropriate to consummate and effectuate the transaction contemplated hereby, including the furnishing to the other party or any other appropriate party such further certifications, agreements, affidavits or other documents necessary to effectuate the purposes hereof.

 

  

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8.            Entire Agreement; Miscellaneous.  This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings, written or oral, relating to the subject matter hereof. To avoid any ambiguity, the Parties agree that this Agreement in no way changes or impacts the existing obligations of each of the Parties under (i) certain Limited Liability Company Operating Agreement of Phusion Laboratories, LLC, dated March 22, 2010, (ii) certain Amended and Restated License Agreement, dated March 22, 2010 (the “Original License Agreement”), and (iii) certain Contribution Agreement, dated March 22, 2010, each by and between the Company, Phosphagenics, Phosphagenics Inc. and Phusion Laboratories, LLC.  No representation, promise or inducement has been made by either Party that is not embodied in this Agreement, and neither Party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. This Agreement may be amended only by a written agreement signed by each Party. This Agreement shall be binding upon and shall inure solely to the benefit of the Parties hereto and their respective successors and permitted assigns.  Nothing in this Agreement, express or implied, is intended to and shall not under any circumstances create any enforceable right or benefit in any other person whatsoever, nor shall any other person whatsoever be entitled to have any claim, cause of action or right based upon or arising out of the existence of this Agreement or the consummation of the transactions contemplated hereby.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK, SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

  

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered as of the date set forth above.

 

	 	 
PHOSPHAGENICS LTD.

 

By: /s/ Esra Ogru

Name: Esra Ogru

Title: Chief Executive Officer

 

PROPHASE LABS, INC.

 

By: /s/ Ted Karkus

Name: Ted Karkus

Title:  Chief Executive Officer

[SIGNATURE PAGE TO REDEMPTION AGREEMENT]

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