Exhibit 10.3

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VU1 CORPORATION
1001 Camellia Street
Berkeley, California 94710

June 4, 2015

Shaye Hirsch
Brio Capital, LP and
Brio Capital Master Fund, Ltd.
401 East 34th Street, Suite South 33C
New York, NY 10016

 
Re:
Extension and Amendment

Dear Sirs:

Reference is made to the Original Issue Discount Convertible Debenture due June
22, 2013, dated June 22, 2011, in the original principal sum of $2,353,000,
issued by Vu1 Corporation (the "Company") pursuant to a related Securities
Purchase Agreement, dated as of June 16, 2011, to Brio Capital, LP ("Brio"), as
amended by a letter agreement, dated June 27, 2013 (the "Debenture") and as
further amended by a letter agreement, dated October 24, 2014 (as amended, the
“Debenture”).  .

The Company and Brio hereby agree to extend and amend the Debenture pursuant to
the following terms:

1. The Maturity Date (under and as defined in the Debenture) of the Debenture
shall be extended to June 22, 2016.
 
2. The Company will pay to Brio, in two equal installments on December 22, 2015
and June 22, 2016, interest at the rate of 10% per annum on the original
principal sum of Brio’s Debenture.  The interest will be paid in shares of
common stock of the Company at the closing market price of our common stock on
the respective interest dates.
 
3. The Conversion Price (under and as defined in the Debenture) shall be reduced
from the current $2.00 per share to $0.50 per share (subject to further
adjustment in accordance with the Debenture).
 
4. Nothing herein contained shall be deemed to constitute, acknowledge and/or
imply any consent to any further extension of the Debenture or any other
amendment to the Debenture or related Securities Purchase Agreement.
 
 
 

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5. The Company has not entered into or will enter into any letter agreement or
other extension, amendment or agreement with any other holder of a Debenture
issued pursuant to the above-referenced Securities Purchase Agreement that
establishes rights or benefits in favor of such other Debenture holder that are
more favorable in any material respect to such other Debenture holder than the
rights and benefits established in favor of Brio, unless Brio is offered, within
14 days after such letter agreement or other extension, amendment or agreement
is entered into by the Company, the opportunity to receive such rights and
benefits established by such letter agreement or other extension, amendment or
agreement to the extent reasonably applicable to Brio.
 
6. Upon Brio’s countersignature of this Extension and Amendment and delivery
hereof, Brio will attach a copy of this Extension and Amendment to the Debenture
as an effective amendment to the Debenture and related Securities Purchase
Agreement.
 
7. This Extension and Amendment shall be governed by New York law and may be
executed by fax or .pdf and in counterparts.
 
Please confirm your agreement with the foregoing by executing and returning to
us a copy of this Extension and Amendment, which thereupon will become a binding
agreement between us as of the date set forth above.
 

 
Very truly yours,
     
VU1 CORPORATION
         
By: /s/ William B. Smith
 
William B. Smith
 
Chairman and Chief Executive Officer

ACKNOWLEDGED, CONFIRMED AND AGREED TO:

BRIO CAPITAL, LP
BRIO CAPITAL MASTER FUND, LTD
       
By: /s/ Shaye Hirsch
By: /s/ Shaye Hirsch
Shaye Hirsch
Shaye Hirsch
Managing Director
Managing Director

 
 
 

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