SECOND BRIDGE LOAN AGREEMENTBridge Loan Agreement |
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SECOND BRIDGE LOAN AGREEMENT
THIS SECOND
BRIDGE LOAN AGREEMENT (this
"Agreement"), is dated
as of
December 15, 2005,
by and between NEOMEDIA TECHNOLOGIES,
INC., a Delaware
corporation ("NeoMedia"), and MOBOT, INC., a Delaware corporation
("Mobot" and
together with NeoMedia, the "Parties" and each a "Party").
RECITALS:
WHEREAS, the Parties
have entered into a non-binding
Letter of Intent
dated as of July 26, 2005 (the "LOI")
pursuant to which the Parties have agreed
to enter into good faith
negotiations and use their
best efforts to execute a
mutually agreeable, definitive Merger Agreement (the "Merger
Agreement") under
which NeoMedia will
acquire Mobot by way
of the merger of
Mobot with a
subsidiary of NeoMedia;
WHEREAS, NeoMedia
has provided to Mobot and Mobot has
received from
NeoMedia a bridge loan in the amount
of $600,000 in the form of a Promissory
Note, dated July 27, 2005 (the "Promissory
Note"), and subsequent advances of
$200,000 and $200,000 governed by the terms of the Promissory Note; and
WHEREAS, NeoMedia desires to
advance to Mobot and Mobot desires to receive
from NeoMedia a second bridge loan in an
amount equal to Five Hundred Thousand
Dollars ($500,000) pursuant to the terms set forth herein and in accordance
with
certain terms set forth in the Promissory Note.
AGREEMENT:
NOW, THEREFORE,
in consideration of the mutual promises,
conditions and
covenants contained herein, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Parties hereto agree as follows:
1. ADVANCE AMOUNT. NeoMedia will deliver to Mobot, and Mobo






