Attached files
file | filename |
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8-K - FORM 8-K - T3M INC. | a59431e8vk.htm |
Exhibit 10.1
AMENDMENT NO. 4 TO
PROMISSORY NOTE
PROMISSORY NOTE
THIS
AMENDMENT NO. 4 TO PROMISSORY NOTE (this Amendment) is made as of April 30, 2011
to that certain Promissory Note, dated as of December 31, 2007 and amended as of December 19,
2008, April 2, 2010, and March 30, 2011 in the original principal amount of $2,000,000 (the
Note), made in favor of Immersive Media Corp., a corporation organized under the laws of Alberta
province in Canada now also recognized as EmberClear Corp
(Lender), by T3 Motion, Inc., a
Delaware corporation (Borrower). All capitalized terms not defined herein shall have the
meanings ascribed to such terms in the Note.
RECITALS
WHEREAS, Borrower and Lender desire to amend the terms and conditions of the Note, in
order that, among other things, the maturity date will be extended by 20 days.
WHEREAS, Borrower and Lender agree that Borrower has already repaid $1,000,000 of the Note
principal and that the outstanding principal amount under the Note is $1,000,000.
AMENDMENT
NOW, THEREFORE, in consideration of the foregoing promises and other good and valuable
consideration, the adequacy and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. Maturity
Date Extension and Interest. The maturity date of the Note shall be
amended from April 30, 2011 to May 20, 2011. A partial payment of accrued interest totaling
$50,000 was paid previously. All accrued interest through May 20, 2011 shall be paid on May
31, 2011.
2. Existing Terms. Except as provided herein, the Note and all of its previous
amendments shall remain in full force and effect.
3. Counterparts. This Amendment may be executed in any number of counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of
which taken together shall constitute one and the same Amendment.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4 to Promissory Note to be
effective as of the date first above written.
Borrower: |
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T3 MOTION, INC. | Acknowledged and agreed by Lender:
IMMERSIVE MEDIA CORP. |
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By:
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/s/ Kelly Anderson
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BY: | /s/ David Anderson
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Kelly Anderson, Chief Financial Officer | David Anderson, Chief Financial Officer |