Exhibit 10.1

AMENDMENT TO NOTES

This AMENDMENT TO SECURED CONVERTIBLE PROMISSORY NOTES (this “Amendment”) is
made as of August 24, 2011, by and between DayStar Technologies, Inc. (the
“Company”) and each of the holders listed on Schedule A hereto, each of which is
referred to as a “Holder”.

WHEREAS, the Company and the Holders are parties to the respective Secured
Convertible Promissory Notes listed on Schedule A hereto (each a “Note” and,
collectively, the “Notes”);

WHEREAS, the Company and each Holder desire to amend each of the Notes to
provide that the maturity date shall be October 22, 2011;

WHEREAS, the Company and two of the Holders desire to amend certain other terms
of two Notes; and

WHEREAS, Section 7 of each Note provides that any term of such Note can be
amended or waived with the prior written consent of the Company and the Holder.

NOW, THEREFORE, for good and valuable consideration, the parties agree as
follows:

1. The “Maturity Date” of each Note is hereby extended to October 22, 2011.

2. The Company and the Holders of the Notes dated July 19, 2011 hereby agree to
amend such Notes as follows:

 

  a. Section 2(e) of the Notes dated July 19, 2011 is hereby deleted in its
entirety and replaced with the following:

The Company shall not issue any shares of Common Stock upon conversion of this
Note if the issuance of such shares of Common Stock would exceed the aggregate
number of shares of Common Stock which the Company may issue without breaching
the Company’s obligations under the listing rules or regulations of the Nasdaq
Capital Market (the number of shares which may be issued without violating such
rules and regulations, the “Exchange Cap”), whether or not the Company is then
subject to the rules and regulations of the Nasdaq Capital Market, except that
such limitation shall not apply in the event that the Company obtains the
approval of its stockholders as required by the applicable rules of the Nasdaq
Capital Market for issuance of shares of Common Stock in excess of such amount.
Unless and until such approval is obtained, the Holder shall not be issued
shares of Common Stock in an amount greater than the Exchange Cap.

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  b. Section 2(f) is hereby deleted in its entirety.

3. The remaining provisions of each Note shall continue in full force and effect
and are not otherwise affected by this Amendment.

4. This Amendment shall be governed by and construed in accordance with the laws
of the State of Delaware, as such laws are applied to contracts to be entered
into and performed entirely in the State of Delaware by Delaware residents. This
Amendment may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which together shall
constitute one and the same agreement. This Amendment may be executed by
facsimile signature.

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IN WITNESS WHEREOF, the parties have executed this Amendment on the date first
above written.

 

  DayStar Technologies, Inc. By:  

/s/ Christopher T. Lail

Name:   Christopher T. Lail Title:   Chief Financial Officer

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  HOLDER: By:  

/s/ Peter Lacey

Name:   Investor Company in Trust for   Peter Lacey Title:   Peter A. Lacey,
Authorized Signatory   HOLDER: By:  

/s/ Peter Lacey

Name:   Peter Lacey Title:   Individually

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    HOLDER:

By:

 

/s/ Michael Moretti

Name:

  Michael Moretti

Title:

  Individually

 

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The undersigned have agreed to and executed this Amendment (other than Section 3
thereof, which is not applicable to the undersigned).

 

  HOLDER: By:  

/s/ John J. Gorman

Name:   John J. Gorman Title:   Individually

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  HOLDER:      By:  

/s/ Richard Schottenfeld

Name:   Richard Schottenfeld   Title:   Individually

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  HOLDER: By:  

/s/ William Steckel

Name:   William Steckel Title:   Individually

 

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SCHEDULE A

 

Secured Convertible Promissory Note

  

Holder

Secured Convertible Promissory Note, in the amount of $3,075,000, by and between
the Company and Investor Company in Trust for Peter Lacey.    Investor Company
in Trust for Peter Lacey Secured Convertible Promissory Note, in the amount of
$125,000, by and between the Company and Investor Company in Trust for Peter
Lacey.    Investor Company in Trust for Peter Lacey Secured Convertible
Promissory Note, in the amount of $150,000, by and between the Company and
Investor Company in Trust for Peter Lacey.    Investor Company in Trust for
Peter Lacey Secured Convertible Promissory Note, in the amount of $750,000, by
and between the Company and Michael Moretti.    Michael Moretti Secured
Convertible Promissory Note, in the amount of $150,000, by and between the
Company and Michael Moretti.    Michael Moretti Secured Convertible Promissory
Note, in the amount of $125,000, by and between the Company and Michael Moretti.
   Michael Moretti Secured Convertible Promissory Note, in the amount of
$150,000, by and between the Company and Michael Moretti.    Michael Moretti
Secured Convertible Promissory Note, in the amount of $100,000, by and between
the Company and John Gorman.    John Gorman Secured Convertible Promissory Note,
in the amount of $100,000, by and between the Company and Richard Schottenfeld.
   Richard Schottenfeld Secured Convertible Promissory Note, in the amount of
$30,000, by and between the Company and William Steckel.    William Steckel