SECURED PROMISSORY NOTETitan Energy Worldwide, Inc. • June 17th, 2009 • Power, distribution & specialty transformers • Florida
FOR VALUE RECEIVED and as consideration for executing that certain Asset Purchase Agreement of even date herewith (the “Asset Purchase Agreement”), and the sale and transfer of the Assets described therein, GROVE POWER, INC., a Florida corporation (the “Maker”), hereby promises to pay to R.B. GROVE, INC., a Florida corporation, or its successors and assigns (the “Payee”), at 1881 NW 93rd Avenue, Doral, Florida or such other address as Payee shall provide in writing to the Maker for such purpose, a principal sum of Eighty Six Thousand Six Hundred and Twelve Dollars (U.S. $86,612.00) (the “Principal Amount”).
ASSET PURCHASE AGREEMENT BY AND AMONG GROVE POWER, INC., RB GROVE, INC. and THE SHAREHOLDER OF RB GROVE, INC. DATED AS OF JUNE 11, 2009Asset Purchase Agreement • June 17th, 2009 • Titan Energy Worldwide, Inc. • Power, distribution & specialty transformers • Minnesota
THIS ASSET PURCHASE AGREEMENT (“Agreement”), dated June 11, 2009 and effective June 1, 2009, is by and among Grove Power, Inc., a Florida corporation (“Buyer”), RB Grove, Inc. a Florida corporation (the “Seller”) and a wholly owned subsidiary of Titan Energy Worldwide, Inc. a Nevada corporation, and Tom Piper, the sole shareholder of Seller (the “Shareholder”).
SECURITY AGREEMENTSecurity Agreement • June 17th, 2009 • Titan Energy Worldwide, Inc. • Power, distribution & specialty transformers • Florida
This SECURITY AGREEMENT (“Agreement”) is entered into as of this 11th day of June 2009, made by and among Grove Power, Inc., a Florida corporation (“Buyer”), and RB Grove, Inc., a Florida corporation (“Secured Party”), with reference to the following facts:
SUB-LEASESub-Lease • June 17th, 2009 • Titan Energy Worldwide, Inc. • Power, distribution & specialty transformers • Florida
THIS SUB-LEASE (“Sub-Lease”) is made and entered into as of the 1st day of June 2009, between RB GROVE, INC. a Florida corporation (the “Sub-Lessor”), and GROVE POWER, INC. a Florida corporation (the “Sub-Lessee”).
