EXHIBIT 10.2
 
RENEWAL AND MODIFICATION AGREEMENT
 
This Renewal and Modification Agreement (this “Agreement”), effective as of
November 1, 2007, is made by and among CaminoSoft Corp., a California
corporation (“Borrower”), US Special Opportunities Trust PLC (formerly BFS US
Special Opportunities Trust PLC) (“Lender”), and RENN Capital Group, Inc., a
Texas corporation (“Agent”).
 
Borrower is indebted to Lender under the terms of a loan (the “Loan”) as
evidenced by that certain 6.00% Convertible Debenture, dated November 27, 2002,
in the principal amount of $1,000,000, and that certain 6.00% Convertible
Debenture, dated August 1, 2003, in the principal amount of $750,000, each as
renewed and modified on October 28, 2005 and May 7, 2007 (the “Debentures”),
that certain Convertible Loan Agreement dated as of November 27, 2002 by and
among Borrower, Lender and Agent (the “Loan Agreement”), and certain other
instruments, as each may have been previously renewed, modified or extended
(such instruments, and any others which evidence, guaranty, secure or modify the
Loan, as any or all of them may have been amended or modified to date and
whether or not executed by Borrower, shall hereinafter be collectively referred
to as the “Loan Documents”). Payment of the Debentures is secured by security
interests in all or substantially all of the assets of Borrower. The parties
hereto wish to modify, renew and extend the maturity of the Debentures.
Accordingly, the parties hereto agree as follows:
 
Modification. The Debentures are hereby modified and amended such that (a) the
maturity date on each of the Debentures is changed so that payment of the unpaid
Principal Amount (as defined in the Debentures), and all accrued and unpaid
interest and any other charges, fees and payments due under the Loan Agreement
shall be due and payable in full on February 27, 2008, and (b) commencing with
the interest payments due on November 1, 2007, such payments will be made by
delivering of restricted shares of Borrower’s Common Stock. The number of shares
to be so delivered shall be equal to the amount of the interest payment divided
by the average of the last sale prices, or if there is no last sale price, the
closing bid prices, for the five trading days immediately preceding the payment
date. Except as modified and amended pursuant to the terms of this Agreement,
the Loan Documents, including without limitation the Debentures, shall remain in
full force and effect in accordance with their respective terms.
 
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 Lender all security interests and liens heretofore granted to secure payment
and performance of the Debentures.
 
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 Loan;
(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.
 
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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.
 
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
   

        LENDER:         US Special Opportunities Trust PLC  
   
   
    By:      

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

        AGENT:       RENN Capital Group, Inc.  
   
   
    By:      

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Russell Cleveland
President
   

 
 
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