Exhibit 10.1

RENEWAL AND MODIFICATION AGREEMENT

 
This Renewal and Modification Agreement (this “Agreement”), effective as of
February 27, 2008, is made by and among CaminoSoft Corp., a California
corporation (“Borrower”), US Special Opportunities Trust PLC (formerly BFS US
Special Opportunities Trust PLC) (“USSO”), Renaissance Capital Growth & Income
Fund III, Inc., a Texas corporation (“Renn III”), Renaissance US Growth
Investment Trust PLC, a public limited company registered in England and Wales
(“RUSGIT”) (USSO, Renn III, and RUSGIT being individually referred to as a
“Lender” and collectively as “Lenders”), and RENN Capital Group, Inc., a Texas
corporation (“Agent”).

Borrower is indebted to the Lenders under the terms of the following documents:

·
6.00% Convertible Debenture, dated November 27, 2002, in the original principal
amount of $1,000,000, payable to USSO;

·
6.00% Convertible Debenture, dated August 1, 2003, in the original principal
amount of $750,000, payable to USSO;

·
Secured Subordinated Promissory Note, dated July 19, 2004, in the original
principal amount of $250,000, payable to Renn III;

·
Secured Subordinated Promissory Note, dated July 19, 2004, in the original
principal amount of $250,000, payable to RUSGIT;

·
Secured Subordinated Promissory Note, dated July 19, 2004, in the original
principal amount of $250,000, payable to BFS;

·
Convertible Promissory Note, dated February 7, 2007, in the original principal
amount of $100,000, payable to USSO; and

·
Convertible Promissory Note, dated February 7, 2007, in the original principal
amount of $100,000, payable to RUSGIT.

All such documents, together with all previously existing renewals,
modifications, amendments, or extensions thereof, are collectively referred to
as the “Loan Documents.” The parties hereto wish to modify, renew and extend the
maturity of the Loan Documents.

Accordingly, the parties hereto agree as follows:

1. Modification. The Loan Documents are hereby modified and amended such that
the maturity date set forth in each of the Loan Documents is changed so that
payment of the unpaid principal, and all accrued and unpaid interest and any
other charges, fees and payments due under the Loan Documents, shall be due and
payable in full on May 30, 2008.

2. Effect of Agreement. Except as modified and amended pursuant to the terms of
this Agreement, the Loan Documents shall remain in full force and effect in
accordance with their respective terms.
 
 
 

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3. Reaffirmation of Loan. Borrower: (a) reaffirms the terms and provisions of,
and its obligations under, the Loan Documents, as modified herein, and (b)
confirms to Lenders all security interests and liens heretofore granted to
secure payment and performance of the Loan Documents.

4. No Claims or Defenses. Borrower confirms and acknowledges that it has no
claims, offsets, counterclaims or defenses with respect to (i) the payment of
the indebtedness described in the Loan Documents; (ii) the payment of any other
sums due under the Loan Documents; (iii) the performance of any of Borrower’s
obligations under the Loan Documents; or (iv) any liability under any of the
Loan Documents.

5. Fees and Expenses. Borrower shall pay to Lenders all of Lenders’ reasonable
out-of-pocket fees and expenses incurred in connection with the transactions
contemplated hereby, including without limitation attorneys’ fees of Lenders’
counsel, Haynes and Boone, LLP.

6. Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the state of Texas, without reference to
conflict of law principles.

*****
 
 
 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first stated above.
 

        BORROWER:       CaminoSoft Corp.  
   
   
    By:      

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Stephen Crosson
Chief Operating Officer and Chief Financial Officer 
   

 

        LENDERS:       US Special Opportunities Trust PLC  
   
   
    By:      

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Russell Cleveland, President
RENN Capital Group, Inc., Investment Advisor
   

 

        Renaissance Capital Growth & Income Fund III, Inc.  
   
   
    By:      

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Russell Cleveland
President
   

 

        Renaissance US Growth Investment Trust PLC      
By: RENN Capital Group, Inc.
Its:  Investment Manager
 
   
   
    By:      

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Russell Cleveland
President
   

 

        AGENT:       RENN Capital Group, Inc.  
   
   
    By:      

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Russell Cleveland
President
   

 
 
 

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