FIRST AMENDMENT TO INTERCREDITOR AGREEMENT

 

This First Amendment to Intercreditor Agreement (“Amendment”) is entered into as
of the 4th day of March 2019, by and among Mount Tam Biotechnologies, Inc., a
Nevada corporation (“Borrower”), 0851229 BC Ltd. (“BC”), Fromar Investments, LP,
a Delaware limited partnership (“Fromar”), and Climate Change Investigation,
Innovation and Investment Company, LLC, a California limited liability company
(“CC3IC”). BC, Fromar and CC3IC are jointly referred to herein as the
“Creditors”.  

 

R E C I T A L S:

 

WHEREAS, Borrower and the Creditors entered into that certain Intercreditor
Agreement dated September 18, 2018 (the “Agreement”) (capitalized terms that are
not otherwise defined herein have the meanings given to such term in the
Agreement);

 

WHEREAS, on March 4, 2019, Borrower and CC3IC entered into that certain
Convertible Promissory Note in the principal amount of $40,000.00 (such
Convertible Promissory Note, together with any and all modifications, amendments
and restatements shall hereinafter be collectively referred to as the “New
Note”);

 

WHEREAS, the New Note is secured by the Security Interest granted by the CC3IC
Security Agreement;

 

WHEREAS, BC and Fromar have consented to Borrower and CC3IC entering into the
New Note; and

 

WHEREAS, the parties hereto desire to amend the Agreement to account for the New
Note and the additional amounts secured by the Security Interest granted by the
CC3IC Security Agreement.

 

NOW THEREFORE, in consideration of the mutual covenants, terms and conditions
set forth herein and in the Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

 

1.The Security Interests of the Creditors shall continue to rank pari passu. In
the event of a default with respect to the obligations secured by any Security
Interest, the Creditors agree to jointly share in the amount realized from the
Collateral in proportion to the amount of their respective debt (including the
debt evidenced by the New Note) with respect to which a default has occurred to
the total debt of each of the Creditors with respect to which defaults have
occurred.  Accordingly, each Creditor shall jointly exercise their respective
rights under the Security Interests including selling and otherwise disposing of
the Collateral thereunder.  In connection therewith, before taking any action to
enforce any of its rights or remedies under such Collateral, such Creditor shall
give the other Creditors notice of such action, together with information
regarding the facts and circumstances on which such action is grounded. 

 

2.The Recitals to this Amendment are incorporated into and shall constitute a
part of this Amendment. 

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3.All other provisions of the Agreement that are not specifically amended hereby
or that do not conflict with the terms of this Amendment remain in full force
and effect. 

 

 

[signature page follows]

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IN WITNESS WHEREOF duly authorized officers of the undersigned have executed the
foregoing Intercreditor Agreement. 

 

BORROWER:

 

MOUNT TAM BIOTECHNOLOGIES, INC.

 

 

/s/ Richard Marshak

Name: Richard Marshak

Title: Chief Executive Officer 

 

 

 

CREDITORS:

 

0851229 BC Ltd.

 

 

/s/ Doug Froese           

Name:Doug Froese 

Title:Director 

 

 

 

ADDRESS:

 

________________________

 

________________________

 

FROMAR INVESTMENTS, LP

 

 

/s/ Doug Froese

Name:Doug Froese 

Title:Partner 

 

 

ADDRESS:

 

________________________

 

________________________

 

 

CLIMATE CHANGE INVESTIGATION, INNOVATION AND INVESTMENT COMPANY, LLC

 

 

/s/ James J. Farrell

Name:James J. Farrell 

Title:Managing Member 

 

 

ADDRESS:

 

________________________

 

________________________

 

 

 

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