SECURED PROMISSORY NOTESecured Promissory Note • April 30th, 2010 • Groen Brothers Aviation Inc /Ut/ • Aircraft
This Secured Promissory Note (the "Note") is issued pursuant to that certain Note Purchase Agreement (the "Purchase Agreement") dated as of October 9, 2008 by and among the Company and the Lender, and is subject to the terms and conditions contained therein. The obligations hereunder arc secured by that certain Security Agreement and Intellectual Property Security Agreement, each entered into as of October 9, 2008 by and among the Company and the Lender. Capitalized terms used but not defined herein shall have the meanings set forth in the Purchase Agreement.
PROMISSORY NOTEPromissory Note • April 30th, 2010 • Groen Brothers Aviation Inc /Ut/ • Aircraft • New York
This Promissory Note (the "Note") is issued in satisfaction of the accrued and unpaid dividends through the date hereof in respect of the outstanding shares of the Company’s Series B 15% Cumulative Non-Voting Preferred Stock (“Series B Stock”) owned by the Lender (the “Dividends”).
Exhibit C Form of IP Security AgreementIp Security Agreement • April 30th, 2010 • Groen Brothers Aviation Inc /Ut/ • Aircraft
NOTE PURCHASE AGREEMENTNote Purchase Agreement • April 30th, 2010 • Groen Brothers Aviation Inc /Ut/ • Aircraft • New York
This NOTE PURCHASE AGREEMENT is made as of October 9, 2008, by and among GROEN BROTHERS AVIATION, INC., a Utah corporation (the “Company”), and the lenders appearing on the signature pages hereto (each a “Lender” and collectively, the “Lenders”).
