-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PU8CdOTWFzGlWVWdRtoU4oODEv2YlBXoS6sT/LkIpUK918HB4VCcjm0Jvwhhr1ma LdViWMNXagmoEPMq/8z7Lw== 0001089355-02-000300.txt : 20020416 0001089355-02-000300.hdr.sgml : 20020416 ACCESSION NUMBER: 0001089355-02-000300 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20020401 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGISTICS MANAGEMENT RESOURCES INC CENTRAL INDEX KEY: 0000820408 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 680133692 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-16417-LA FILM NUMBER: 02612351 BUSINESS ADDRESS: STREET 1: 10602 TIMBERWOOD CIRCLE CITY: LEXINGTON STATE: KY ZIP: 40223 BUSINESS PHONE: 8439722055 MAIL ADDRESS: STREET 1: 10602 TIMBERWOOD CIRCLE CITY: LEXINGTON STATE: KY ZIP: 40223 FORMER COMPANY: FORMER CONFORMED NAME: U S TRUCKING INC DATE OF NAME CHANGE: 19980923 FORMER COMPANY: FORMER CONFORMED NAME: NORTHERN DANCER CORP DATE OF NAME CHANGE: 19930723 8-K 1 lmri8k7755.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 1, 2002 ------------------------------------------------ Date of Report (date of earliest event reported) Logistics Management Resources, Inc. --------------------------------------------------- Exact Name of Registrant as Specified in its Charter Colorado 33-9640-LA 68-0133692 - ---------------------------- ---------------------- --------------------- State or other Jurisdiction Commission File IRS Employer of Incorporation Number Identification Number 10602 Timberwood Circle, Louisville, Kentucky 40203 ----------------------------------------------------------------------- Address of Principal Executive Office, Including Zip Code (503) 339-4000 ----------------------------------------------------------------------- Registrant's Telephone Number, Including Area Code ITEM 2. ACQUISITION OF ASSETS On April 1, 2002, the Company completed the acquisition of Interstate University, Inc ("Interstate"). Located in Evansville, Indiana, Interstate is engaged in the business of educating and training individuals to drive commercial trucks. The acquisition was affected through the purchase of ninety-nine percent (99%) of Interstate's issued and outstanding common stock (the "Shares") from Midwest Merger Management, LLC, a Kentucky limited liability company ("Midwest"). Consideration for the purchase price of $200,000 was given in the form of a promissory note, payable over five years, commencing on the first anniversary date of the closing, with interest at the rate of 4% per annum, secured by a pledge of the Shares. Midwest also has the right, upon default of the Company, to return all payments made toward the purchase, with interest, and retain the Shares. As additional consideration, Interstate will receive earnout payments equal to 10% of Interstate's net income through December 31, 2006. Also, Midwest retains ownership of preferred stock which carry no economic rights, but control the election of Interstate's Board of Directors. Midwest is partially owned by Shari Huff, its President, whose husband, Anthony Huff, own 3,250,000 shares of the Company's common stock and is the Trustee of The Huff Grandchildren Trust, which owns 200,000 shares of the Company's Series C Preferred Stock , with voting rights equivalent to 20,000,000 shares of common stock. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits The following exhibits are filed herewith; EXHIBIT NUMBER DESCRIPTION LOCATION 10.1 Stock Purchase Agreement Filed herewith electronically 10.2 Stock Pledge Agreement Filed herewith electronically 10.3 Promissory Note Filed herewith electronically 10.4 Option Agreement Filed herewith electronically SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Dated: April 12, 2002 Logistics Management Resources, Inc. By: /s/ Dan Pixler ------------------------ Dan Pixler, President EX-10.1 3 x10-1.txt STOCK PURCHASE AGREEMENT EXHIBIT 10.1 STOCK PURCHASE AGREEMENT STOCK PURCHASE AGREEMENT THIS STOCK PURCHASE AGREEMENT (the "Agreement") is made and entered into as of February 21, 2002, by and between Logistics Management Resources, Inc. ("Buyer"), and Midwest Merger Management LLC ("Seller"). RECITALS A. Buyer desires to purchase from Seller and Seller desires to sell to Buyer 990 shares of the issued and outstanding shares of capital stock (the "Shares") of Interstate University, Inc. (the "Company"); B. It is desired that the sale of the Shares by Seller to Buyer be subject to the terms and conditions of this Agreement. AGREEMENT In consideration of the provisions contained in this Agreement and with reference to the foregoing recitals, Buyer, Seller and Company agree as follows: ARTICLE 1 PURCHASE AND SALE OF STOCK 1.1 Sale of Stock. Seller agrees to sell, and Buyer agrees to purchase, subject to the terms and conditions set forth in this Agreement, the Shares, which Shares collectively represent 99% of the issued and outstanding shares of the capital stock of the Company. 1.2 Purchase Price. The purchase price for the Shares shall be $200,000 (the"Cash Consideration") and contingent consideration as described below (collectively, the "Purchase Price"). The Cash Consideration is payable by delivery of a mutually agreeable promissory note (the "Note") providing for payment commencing on the anniversary date and ending on the fifth anniversary date, which note shall be secured by a pledge of the Shares. The contingent consideration shall be an amount equal to ten percent (10%) of the Company's net income for the period commencing on March 1, 2002 and ending on December 31, 2006, which amounts shall be payable not later than March 30 of the year following the year in respect of which they are due. "Net income" shall mean the consolidated net income--as computed for federal income tax purposes without any deduction for any federal, state or other income taxes--of the Company and any subsidiaries that may be consolidated with Company for federal income tax purposes, as determined by the Buyer's independent public accountants. Buyer shall not permit Company to be merged or consolidated with any other entity, or dissolved, without the prior written consent of Seller. If Buyer shall default with respect to any payment obligation hereunder or be in default under the Note, Seller may rescind the sale of the Shares effected hereby by delivering to Buyer a notice thereof, along with a cash payment of all amounts received in respect of the Purchase Price, along with interest on such amount at four percent (4%) per annum. 1.3 Closing. At the Closing, Seller shall surrender to Buyer all of the outstanding certificates theretofore representing shares of Company Common Stock in exchange for the Purchase Price payable to it at Closing as provided for herein. The effectiveness of the Closing shall be conditioned on the delivery to Buyer of 100 shares of Company capital stock with 100:1 voting rights and no economic rights, which shares Buyer shall have the option to purchase upon satisfaction of all of Buyer's payment obligations pursuant to a mutually agreeable option agreement. ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF THE SELLER The Seller represents and warrants to Buyer as follows: 2.1 Organization and Standing. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Kentucky, is qualified as a foreign corporation in good standing under the laws all other jurisdictions where the failure to be so qualified could have a material adverse effect on the Company. The copies of the Company's Articles of Incorporation, as amended, (including any certificates designating the powers, designation, rights and preferences of the Company's capital stock) and its bylaws as previously provided to Buyer are true, complete and correct. 2.2 Subsidiaries. The Company does not (I)own of record or beneficially, directly or indirectly, (A) any shares of capital stock or securities convertible into capital stock of any other corporation or (B) any participating interest in any partnership, joint venture or other non-corporate business enterprise or (ii) control, directly or indirectly, any other entity. 2.3 Capitalization. The Company has authorized capital stock consisting solely of one thousand shares of common stock, without par value, 1,000 of which shares are issued and outstanding (the "Shares"). All of the issued and outstanding shares of capital stock of the Company are validly issued, fully paid and nonassessable, and such shares have been so issued in full compliance with all federal and state securities laws. There are no outstanding options, subscriptions, convertible securities, warrants, preemptive rights, rights of first refusal, 2 proxies, voting agreements, restrictions (other than restrictions on transfer imposed under federal or state securities laws) or agreements or understandings of any character (contingent or otherwise) which restrict or relate to the voting or transfer of, require the issuance, sale, purchase or redemption of, or otherwise relate to, such securities. 2.4 Title to Shares, Authorizations. (a) Seller is the owner, beneficially and of record, of the Shares free and clear of all liens, encumbrances, security agreements, equities, options, claims, charges, and restrictions of any kind, other than restrictions on transfer imposed under federal or state securities laws. Seller is a registered owner of the Shares registered under his name in the stock record books of the Company and, assuming the Buyer purchases the Shares for value in good faith and without notice of any adverse claim, will acquire all the rights of Seller in the Shares free of any adverse claim, any lien in favor of the Company, and any restrictions on transfer imposed by the Company; (b) The Seller has full power, legal capacity and authority to execute and deliver this Agreement and to carry out her obligations hereunder and thereunder, without obtaining the consent or approval of any other person or governmental authority. (c) This Agreement has been duly and validly executed and delivered by the Seller and constitutes a valid and binding Agreement of the Seller and is enforceable in accordance with its terms. 2.5 Compliance with Laws. The Company has complied with all applicable laws and regulations, including without limitation, zoning laws and environmental laws and regulations, and has not been cited for any violation of any such law or regulation. The Company has not commenced, and the Company has not received notice of the commencement of, any proceeding that would affect the present zoning classification of any property owned or leased by the Company. 2.6 Accounts Receivable. All accounts receivable of the Company represent valid sales in the ordinary course of business, and are current and collectible in the ordinary course of business. 2.7 Licenses and Permits. The Company has all licenses, permits and other authorizations (collectively "Licenses") required for the conduct of its business as presently conducted; all such Licenses are currently in force and there is no other License required to be hold or actions required to be taken by the Company under the laws and regulations of the United States or any state or local subdivision thereof, for the Company to own and lease its properties and to conduct its business in all respects as presently conducted. 3 2.8 Labor Matters. The Company is not a party if any collective bargaining agreement and (a) the Company is in compliance in all respects with all federal, state, foreign or other applicable laws respecting employment and employment practices, terms and conditions of employment, wages and hours and occupational safety and health, and is not engaged in any unfair labor practices; (b) no unfair labor practice complaint or other labor-related claim or charge against the Company is pending before the National Labor Relations Board or any other federal, state or local agencies; (c) there has been no labor strike, dispute, slowdown or stoppage in the past three years nor is any such event pending or; to the best knowledge of the Seller, threatened against or involving the Company; (d) to the best knowledge of the Seller, there are no union organization efforts presently being made involving the Company, or any of its employees; (e) there are no material controversies or grievances pending or, to the best knowledge of the Seller, threatened, between the Company and any of its employees, former employees or organization representing either; (f) the Company has not experienced any material labor difficulty during the last three years; (g) no arbitration proceeding arising out of or under any collective bargaining agreement is pending and no claim therefor has been asserted; and (h) no collective bargaining agreement is currently being negotiated by the Company. There has not been, and to the best knowledge of the Seller there will not be, any material adverse change in relations with employees of the Company as a result of any announcement or consummation of the transactions contemplated by this Agreement. No severance pay liability of the Company will result solely from the consummation of the transactions contemplated herein. None of the employees of the Company is obligated under any contract or other agreement, or subject to any judgment, decree or order of any court or agency, which materially conflicts with the Company's business as presently or proposed to be conducted. No officer or key employee of the Company has notified the Company he or she is planning to terminate his or her employment. Subject to general principles related to wrongful termination of employees, the employment of each officer and employee of the Company is terminable at the will of the Company. 2.9 Employee Benefit Plans. The Company has never contributed to any multiemployer pension plan (within the meaning of ss.ss.3(37) or 4001(a)(3) of The Employee Retirement Income Security Act of 1974, as amended ("ERISA")), nor has it incurred any withdrawal liability (either as a contributing employer or as part of a controlled group which includes a contributing employer) in connection with any complete or partial withdrawal for any such plan. The Company has never sponsored or otherwise maintained any employee pension benefit plan (within the meaning of ss.3(2) of ERISA) or severance pay plan. 2.10 Litigation. There is no litigation, action, suit, governmental investigation, arbitration, proceeding (including administrative proceedings) (collectively referred to as "Litigation") presently pending or, to the best knowledge of the Seller, presently threatened against or involving the Company or any of its assets or rights or which could affect the performance of this Agreement or the consummation of the transactions contemplated hereby and the Seller knows of no valid basis for any potential litigation. Except as previously disclosed to Buyer there are no outstanding judgments, awards, orders or decrees against or involving the Company or any of its assets. The Company is not in 4 default with respect to any order, writ, injunction, or decree of any federal, state, local, or foreign court, department, agency, or instrumentality. The Company is not presently engaged in any legal action to recover moneys due to it or damages sustained by it. 2.11 No Violation of Agreements. The execution, delivery and performance of this Agreement by the Company and the consummation of the transactions contemplated hereby and thereby do not and will not conflict with or violate any provision of the Articles of Incorporation, as amended, of the Company and do not and will not conflict with, violate, result in a breach of, cause a default under or accelerate performance under (whether with notice or lapse of time or otherwise), (I) any provision of law or regulation relating to the business of the Company, (ii) any provision of any order, arbitration award, judgment or decree to which the Company is subject, (iii) any provision of any agreement, license or instrument to which the Company or any of its assets is subject, or (iv) any other restriction of any kind or character to which the Company or any of its properties is subject. 2.12 Consents Required. The execution, delivery and performance of this Agreement by the Company will not require the Company to obtain any consent, approval or other action to avoid: (I) the loss of any permit or license or other governmental authorization hold by the Company, (ii) the violation or breach of, or a default under any real property lease or any commitment, note, indenture, mortgage, lien, instrument, license, contract or agreement to which the Company or any of its assets is subject, or (iii) giving to others any interests or rights, including rights of termination, acceleration or cancellation, in or with respect to any of the real property leases or material properties, agreements, contracts or business of the Company. 2.13 Documents, Books and Records. The Company has made available for inspection by Buyer and its advisors, originals or true and correct copies of all documents listed in any schedule delivered by the Company to Buyer pursuant to this Agreement which Buyer has requested to inspect. The minute books of the Company, as previously made available to the Company and its representatives, contain accurate records of all meetings of, and corporate actions taken by (including actions taken by written consent) the respective shareholders and Boards of Directors of the Company. The Company has no records, systems, controls, data or information recorded, stored, maintained, operated or otherwise wholly or partly dependent upon or hold by any means (including any electronic, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the exclusive ownership and direct control of the Company. 2.14 Disclosure. None of this Agreement, the financial information supplied to Buyer, any Schedule, Exhibit or certificate attached hereto or delivered in accordance with the terms hereof or any document or statement in writing which has been supplied by or on behalf of the Seller or by any of the Company's directors or officers in connection with the transactions contemplated by this Agreement contains any untrue statement of a material fact, or omits any statement of a material fact necessary in order to make the 5 statements contained herein or therein not misleading. There is no fact known to the Seller which materially and adversely affects the business, prospects or financial condition of the Company or its properties or assets, which has not been set forth in this Agreement, the financial information provided to Buyer, any Schedule, Exhibit or certificate attached hereto or delivered in accordance with the terms hereof or any document or statement in writing which has been supplied by or on behalf of the Company and the Seller or by any of the Company's directors or officers in connection with the transactions contemplated by this Agreement. ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE BUYER Buyer hereby represents and warrants to the Seller as follows: 3.1 Due Incorporation. Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of Colorado, and has all corporate power and authority to execute, deliver and perform this Agreement and the transactions contemplated thereby. 3.2 Authority Relative to this Agreement. The execution, delivery and performance of this Agreement by Buyer has been duly authorized by all necessary corporate action on the part of Buyer. 3.3 No Violation of Law and Agreements. The execution, delivery and performance of this Agreement by Buyer does not and will not conflict with or violate any provision of its charter instrument; and, assuming the consents specified in Section 3.4 of this Agreement are obtained, does not and will not conflict with, violate, result in a breach of, or cause a default under, (I) any provision of law or regulation relating to the business of Buyer, (ii) any provision of any order, arbitration award, judgment or decree of any judicial or other authority to which the Buyer is subject, (iii) any provision of any agreement or instrument to which Buyer is subject, or (iv) to the best of Buyer's knowledge, any other restriction of any kind or character to which Buyer is subject, which conflicts, violations, breaches or defaults in each of clauses (I), (ii), (iii) and (iv) above would, individually or in the aggregate, materially adversely affect Buyer. ARTICLE 4 MISCELLANEOUS 4.1 Governing Law. This Agreement and the legal relations between the parties shall be governed by and construed in accordance with the laws of the state of Kentucky, without regard to conflicts of laws principles. 6 4.2 Costs. The parties shall each bear those expenses attributable to them in connection with this Agreement including their own fees of counsel fees. 4.3 Brokers. The parties hereto warrant and represent to each other party hereto that no person is entitled to any commission or finder's fee in connection with the transactions contemplated in this Agreement. Each party hereto agrees to indemnify, defend and hold harmless each other party hereto against any claim, loss, liability or expense for any such commission or fee incurred by reason of any act, omission or statement of the indemnifying party. 4.4 Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one agreement, binding on each of the parties, notwithstanding that all the parties are not signatory to the original or the same counterpart. 4.5 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties' respective heirs, successors and assigns. 4.6 Entire Agreement. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and understandings of the parties. 4.7 No Third Party Beneficiaries. Except as expressly provided herein, each party hereto intends that this Agreement shall not benefit or create any right or cause of action in or on behalf of any person other than the parties hereto. 4.8 No strict construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any person or entity by virtue of the authorship of any of the provisions of this Agreement. IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date first above written. LOGISTICS MANAGEMENT RESOURCES, INC. BY: /s/ Danny Pixler ---------------- TITLE: Danny Pixler, President MIDWEST MERGER MANAGEMENT LLC BY: /s/ Michele Brown ----------------- TITLE: Michele Brown, Secretary 7 EX-10.2 4 x10-2.txt STOCK PLEDGE AGREEMENT EXHIBIT 10.2 STOCK PLEDGE AGREEMENT STOCK PLEDGE AGREEMENT AGREEMENT dated as of February 19, 2002 by and between Logistics Management Resources, Inc. (the "Pledgor") and Midwest Merger Management LLC (the "Pledgee"). WHEREAS, contemporaneously with the execution of this Agreement, the parties have entered into a Stock Purchase Agreement (the "Purchase Agreement") providing for the sale by Pledgee to Pledgor of 990 shares of common stock of Interstate University, Inc. (the "Pledged Shares") and a Promissory Note pursuant to which Pledgor has agreed to pay to Pledgee a certain monies; and WHEREAS, the Pledgor has agreed to pledge the Pledged Shares as security for Pledgor's obligations to Pledgee under the Purchase Agreement and the Promissory Note (collectively, the "Obligations") and subject to the terms of this Pledge Agreement. NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, the parties hereto agree as follows: 1. Pledge of Shares. As collateral security for the performance of the Obligations Pledgor hereby pledges unto Pledgee the Pledged Shares and grants a security interest therein together with any proceeds therefrom and all securities and other property at any time and from time to time receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares and/or such additional shares. Pledgor hereby appoints Pledgee its attorney to arrange for the transfer of the Pledged Shares on the books of the Company to the name of Pledgee and will, upon request of Pledgee, deliver to Pledgee a duly executed stock power relating to the Pledged Shares; provided that the record ownership of the Pledged Shares shall remain in Pledgor until the Pledgee exercises its rights pursuant to this Agreement. Pledgee shall hold the Pledged Shares as security for repayment of the Obligations and shall not encumber or dispose of the Pledged Shares except in accordance with the provisions of this Agreement. Upon any default under the Purchase Agreement or Note Pledgee may take any action allowed under the Uniform Commercial Code as in effect under the laws of Kentucky with respect to the Pledged Shares or may elect to exercise its rights under Section 1.2 of the Purchase Agreement with respect to the Pledged Shares. 2. Voting Rights; Stock Adjustments. During the term of this Agreement, Pledgee shall have the right to exercise all voting rights pertaining to the Pledged Shares. In the event that, during the term of this Agreement, any stock dividend, stock split, combination, subdivision, reorganization, recapitalization, reclassification, readjustment, or other change is declared or made in the capital structure of the Company, Pledgor shall promptly deliver to the Pledgee, all new, substituted, and additional shares, or other securities, issued by reason of any such change, to be held by the Pledgee under the terms of this Agreement as part of the Pledged Shares. In the event that, during the term of this Agreement, subscription warrants or any other rights or warrants shall be issued in respect to the Pledged Shares and exercised by Pledgor, all new stock or other securities acquired by Pledgor shall be immediately assigned to Pledgee to be held under the terms of this Agreement as part of the Pledged Shares. 3. Miscellaneous. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver thereof. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach. No modification, amendment, termination, waiver or consent under this Agreement or the Note shall be valid unless evidenced by a writing signed by the party against whom any of the foregoing actions is sought to be enforced. This Agreement, Purchase Agreement, and the Note constitute the entire agreement between the parties and supersedes all prior proposals and agreements, written or oral, and all other communications between the parties relating to the subject matter of this Agreement, the Purchase Agreement, and the Note. The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision. This Agreement shall be binding upon and inure to the benefit of the Pledgee and the Pledgor and their respective successors and assigns. All notices hereunder shall be in writing and shall be deemed given when sent by certified or registered mail, postage paid, return receipt requested. This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Kentucky. IN WITNESS WHEREOF, this Agreement has been executed as an instrument under seal as of the date and year first above written. PLEDGOR: PLEDGEE: LOGISTICS MANAGEMENT MIDWEST MERGER MANAGEMENT, RESOURCES, INC. LLC By: /s/ Danny Pixler By: /s/ Michele Brown ---------------- ----------------- Danny Pixler, President Title: Michele Brown, Secretary EX-10.3 5 x10-3.txt PROMISSORY NOTE EXHIBIT 10.3 PROMISSORY NOTE PROMISSORY NOTE $200,000 February 19, 2002 FOR VALUE RECEIVED, Logistics Management Resources, Inc. (the "Debtor"), hereby promises to pay to Midwest Merger LLC (hereinafter referred to as the "Payee"), or assigns the principal sum of Two Hundred Thousand Dollars ($200,000), together with interest on the unpaid principal balance at a rate of four percent (4%) per annum, with interest to accrue and be added to the principal amount until February 19, 2003, monthly interest payments to be made commencing March 19, 2003 through the date this note is paid in full, and with a final payment of all accrued interest and principal on February 19. Notwithstanding the foregoing, the note shall become immediately due and payable if: (a) an order for relief is entered in any case commenced by or against Debtor under the federal bankruptcy laws, as now or hereafter in effect; (b) the filing or commencing of any action or proceeding under any federal or state bankruptcy, insolvency, composition, reorganization, liquidation, dissolution or other similar law, or such a proceeding is commenced against Debtor and either an order of insolvency, dissolution, liquidation or reorganization is entered against Debtor or the proceeding remains undismissed or unstayed for 60 days; (c) the making of an assignment for the benefit of creditors or commencing any similar Debtor relief proceeding, whether judicial or non-judicial; or (d) the making of any application for or the appointment of, any receiver, trustee, or custodian of debtor or its property. Presentment, demand and protest, and notices of protest, dishonor, and non-payment of this note and all notices of every kind are hereby waived. If any amount owing under this Note is not paid when due, the undersigned promises to pay all costs of collection including, but not limited to, reasonable attorneys' fees and court costs incurred by the holder hereof on account of such collection, whether or not suit is filed hereon. This Note shall be deemed to be a contract made under the laws of the Commonwealth of Kentucky and shall be governed by and construed in accordance with the internal laws thereof. LOGISTICS MANAGEMENT RESOURCES, INC. /s/ Danny Pixler - ----------------------- Danny Pixler, President EX-10.4 6 x10-4.txt OPTION AGREEMENT EXHIBIT 10.4 OPTION AGREEMENT OPTION AGREEMENT THIS OPTION AGREEMENT is made and entered into as of February 21, 2002 by and between Logistics Management Resources, Inc. ("Buyer"), and Midwest Merger Management LLC ("Seller"). Seller hereby grants Buyer the right and option to purchase 100 shares of Class A common stock of Interstate University, Inc. for $1.00 per share upon the complete satisfaction of all of Buyer's obligations to Seller under the Stock Purchase Agreement between them dated the date hereof and the related Promissory Note in the original principal amount of $200,000. IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date first above written. LOGISTICS MANAGEMENT RESOURCES, INC. BY: /s/ Danny Pixler ---------------- TITLE: Danny Pixler, President MIDWEST MERGER MANAGEMENT LLC BY: /s/ Michele Brown ----------------- TITLE: Michele Brown, Secretary -----END PRIVACY-ENHANCED MESSAGE-----