Attached files
Exhibit 99
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED
FOR SALE, TRANSFERRED, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR EVIDENCE SATISFACTORY TO THE COMPANY OF AN
APPLICABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.
$58,000 January 5, 2015
CONVERTIBLE PROMISSORY NOTE
FOR VALUE RECEIVED, Amincor, Inc., a Nevada corporation (the "Company"),
promises to pay to the order of _______________, or his assigns (the "Holder"),
the principal sum of Fifty-Eight Thousand Dollars ($58,000), together with all
accrued and unpaid interest thereon as set forth below.
1. Principal and Interest. Interest on the unpaid principal balance of this
Note will accrue at the prime rate of Citibank, N.A. commencing on the date that
funds are advanced hereunder, and will be payable in a single installment at
maturity as set forth below, unless the Note is converted into shares of common
stock, in which case the Company's obligation to pay the principal of and
interest on the Note will be deemed to be satisfied.
2. Maturity. If not sooner converted as provided below, the entire unpaid
balance of principal and all accrued and unpaid interest will be due and payable
on January 4, 2016 (the "Maturity Date"). This Note cannot be prepaid, in whole
or in part, at any time before it is due and payable unless approved by the
Holder.
3. Conversion.
(a) The principal amount of this Note, whether or not this Note is
then due, is convertible at any time prior to the Maturity Date at the sole
option of the Holder into restricted shares of the Company's common stock,
$.001 par value (the "Common Stock") at a conversion price of $0.0225 per
share subject to there then being sufficient authorized but unissued shares
of common stock to convert the Note. At and after such conversion time, the
rights of the Holder as a note holder will cease and the Company's
obligation to pay the principal of and the interest on the indebtedness
evidenced by this Note will be deemed satisfied.
(b) Issuance of Certificate. As promptly as practicable after the
conversion of this Note, the Company at its expense will issue and deliver
to the Holder, upon surrender of this Note to the Company, a certificate or
certificates for the number of full shares of Common Stock issuable upon
such conversion.
(c) No Fractional Shares. Only whole shares of Common Stock will be
issued; any fractional shares of such securities into which this Note would
otherwise be convertible will be paid to the Holder in cash.
4. Default.
(a) Events of Default. An "Event of Default" will be deemed to occur
upon the happening of any of the following: (i) the Company fails to make
the payment of principal or interest of the Note when the same becomes due
and payable on the Maturity Date; or (ii) the Company violates any material
provision of this Note and such violation is not cured within thirty (30)
days of the Company's receipt of notice of such violation.
(b) Rights on Default. If an Event of Default occurs the Holder may,
through written notice to the Company, declare the entire outstanding
principal amount of the Note, together with any accrued and unpaid interest
thereon, if not already due, to be due and payable immediately.
5. Waiver. The Company hereby waives demand, notice, presentment, protest
and notice of dishonor.
6. Miscellaneous. The laws of Nevada will govern the validity of this Note,
the construction of its terms and the interpretation of the rights and duties of
the parties hereunder. In the event of any dispute arising out of the terms
hereunder, the parties agree to waiver of trial by jury and consent to venue of
any proceeding in connection with such dispute in the Supreme Court of the State
of New York New York County or the United States District Court for the Southern
District of New York. Any of the terms of this Note (including, without
limitation, the Maturity Date, the interest rate and the conversion features)
may be waived or modified only in writing, signed by the Company and the Holder.
IN WITNESS WHEREOF, the Company has executed this Note as of the date set
forth above.
Amincor, Inc.
By:_____________________________