EX-10.1






AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT




This Amendment No. 1 (“Amendment”) amends that certain Loan and Security Agreement dated as of
September 1, 2009 by and between Terry M. Giles and Pacific Biomarkers, Inc. (the “Agreement”).
Capitalized terms used in this Amendment without being defined shall have their respective meanings
set forth in the Agreement.



The parties desire to amend the repayment terms of the Loan to reamortize the Loan and extend
the term for a portion of the Loan. This Amendment shall be effective as of October 1, 2010 (the
“Amendment Effective Date”).



The parties agree as follows:



1. As of the Amendment Effective Date, the outstanding principal Loan balance was
$3,667,769.87, consisting of $1,178,490.13 (the “Extended Amount”) and $2,489,279.74 (the
“Remaining Amount”).



2. Section 1.2 of the Agreement (Maturity of Loan) is amended to read in its entirety as
follows:




“The term of the Loan is as follows: (a) the Remaining Amount of the Loan shall be for
a term of 48 months from the Closing Date, unless earlier repaid (the “Term”), and Borrower
hereby promises to pay to Lender all remaining unpaid principal, accrued and unpaid
interest, and any other amounts due with respect to the Remaining Amount of the Loan on or
before September 1, 2013 (the “Original Maturity Date”); and (b) the Extended Amount of the
Loan shall be for a term of 55 months from the Amendment Effective Date, unless earlier
repaid (the “Extended Term”), and Borrower hereby promises to pay to Lender all remaining
unpaid principal, accrued and unpaid interest, and any other amounts due with respect to the
Extended Amount of the Loan on or before April 30, 2015 (the “Extended Maturity Date”).



3. Section 1.4(a) of the Agreement (Loan Payment Schedule) is amended to read in its entirety
as follows:



“From the Amendment Effective Date, Borrower shall make payments to Lender on the Loan on the
following schedule:




	 	 	 	“(i) With respect to the Remaining Amount: (1) Borrower shall make
regular monthly payments of principal and interest ($84,644.68 each) beginning
on October 31, 2010 and on the last business day of each succeeding calendar
month according to amortization schedule on Schedule A-1, and (2) on
the Original Maturity Date, Borrower shall make a final payment of all
outstanding principal, accrued interest, and any and all unpaid fees and other
charges owed.






	 	 	 	“(ii) With respect to the Extended Amount: (1) Borrower shall make
regular monthly payments of principal and interest ($20,000.00 each) beginning
on October 31, 2010 and on the last business day of each succeeding calendar
month according to amortization schedule on Schedule A-2, and (2) on
the Extended Maturity Date, Borrower shall make a balloon payment of
$600,000.00 plus payment of any remaining outstanding principal, accrued
interest, and any and all unpaid fees and other charges owed.”





4. Section 1.5 of the Agreement (No Prepayment Penalties) is amended to read in its entirety
as follows:




“The Loan may be prepaid, in full or in part, at any time prior to the Extended
Maturity Date without premium or penalty and any such payment will be applied first to the
Remaining Amount until paid in full, then applied to the Extended Amount.”



5. Except as expressly amended hereby, the Agreement shall continue in full force and effect
as though set forth in full herein.



6. To the extent this Amendment and the Agreement conflict or are inconsistent, the terms and
conditions of this Amendment shall prevail.



EXECUTED as of the Amendment Effective Date.




BORROWER:




PACIFIC BIOMARKERS, INC.


a Delaware corporation



	 	 	 	 	 
	 	 	By:
	 	/s/ Ronald R. Helm

	 	 	 	 	 

	 	 	 	 	Ronald R. Helm

Chief Executive Officer

	LENDER:
	 	

	 	


	 	 	 	 	/s/ Terry M. Giles

	 	 	 
	 	 








	 	 	TERRY M. GILES




1









SCHEDULE A-1




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Balance brought forward on original note at 9/30/10	 	$	3,667,769.87	 
	 	 	 	 	 	 	Balance of non-extended portion at 9/30/10	 	$	2,489,279.74	 
	Paid:
	 	 	 	 	 	Payment
	 	Interest

	 	Principal
	 	Note Balance

	 
	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 
	10/31/2010
	 	 	1	 	 	$	84,644.68	 	 	24,892.80

	 	$	59,751.88	 	 	$	2,429,527.86	 
	11/30/2010
	 	 	2	 	 	$	84,644.68	 	 	24,295.28

	 	$	60,349.40	 	 	$	2,369,178.46	 
	12/31/2010
	 	 	3	 	 	$	84,644.68	 	 	23,691.78

	 	$	60,952.89	 	 	$	2,308,225.57	 
	1/31/2011
	 	 	4	 	 	$	84,644.68	 	 	23,082.26

	 	$	61,562.42	 	 	$	2,246,663.15	 
	2/28/2011
	 	 	5	 	 	$	84,644.68	 	 	22,466.63

	 	$	62,178.04	 	 	$	2,184,485.11	 
	3/31/2011
	 	 	6	 	 	$	84,644.68	 	 	21,844.85

	 	$	62,799.83	 	 	$	2,121,685.28	 
	4/30/2011
	 	 	7	 	 	$	84,644.68	 	 	21,216.85

	 	$	63,427.82	 	 	$	2,058,257.46	 
	5/31/2011
	 	 	8	 	 	$	84,644.68	 	 	20,582.57

	 	$	64,062.10	 	 	$	1,994,195.36	 
	6/30/2011
	 	 	9	 	 	$	84,644.68	 	 	19,941.95

	 	$	64,702.72	 	 	$	1,929,492.63	 
	7/31/2011
	 	 	10	 	 	$	84,644.68	 	 	19,294.93

	 	$	65,349.75	 	 	$	1,864,142.88	 
	8/31/2011
	 	 	11	 	 	$	84,644.68	 	 	18,641.43

	 	$	66,003.25	 	 	$	1,798,139.64	 
	9/30/2011
	 	 	12	 	 	$	84,644.68	 	 	17,981.40

	 	$	66,663.28	 	 	$	1,731,476.36	 
	10/31/2011
	 	 	13	 	 	$	84,644.68	 	 	17,314.76

	 	$	67,329.91	 	 	$	1,664,146.45	 
	11/30/2011
	 	 	14	 	 	$	84,644.68	 	 	16,641.46

	 	$	68,003.21	 	 	$	1,596,143.23	 
	12/31/2011
	 	 	15	 	 	$	84,644.68	 	 	15,961.43

	 	$	68,683.24	 	 	$	1,527,459.99	 
	1/31/2012
	 	 	16	 	 	$	84,644.68	 	 	15,274.60

	 	$	69,370.08	 	 	$	1,458,089.91	 
	2/29/2012
	 	 	17	 	 	$	84,644.68	 	 	14,580.90

	 	$	70,063.78	 	 	$	1,388,026.14	 
	3/31/2012
	 	 	18	 	 	$	84,644.68	 	 	13,880.26

	 	$	70,764.41	 	 	$	1,317,261.72	 
	4/30/2012
	 	 	19	 	 	$	84,644.68	 	 	13,172.62

	 	$	71,472.06	 	 	$	1,245,789.66	 
	5/31/2012
	 	 	20	 	 	$	84,644.68	 	 	12,457.90

	 	$	72,186.78	 	 	$	1,173,602.88	 
	6/30/2012
	 	 	21	 	 	$	84,644.68	 	 	11,736.03

	 	$	72,908.65	 	 	$	1,100,694.24	 
	7/31/2012
	 	 	22	 	 	$	84,644.68	 	 	11,006.94

	 	$	73,637.73	 	 	$	1,027,056.50	 
	8/31/2012
	 	 	23	 	 	$	84,644.68	 	 	10,270.57

	 	$	74,374.11	 	 	$	952,682.39	 
	9/30/2012
	 	 	24	 	 	$	84,644.68	 	 	9,526.82

	 	$	75,117.85	 	 	$	877,564.54	 
	10/31/2012
	 	 	25	 	 	$	84,644.68	 	 	8,775.65

	 	$	75,869.03	 	 	$	801,695.51	 
	11/30/2012
	 	 	26	 	 	$	84,644.68	 	 	8,016.96

	 	$	76,627.72	 	 	$	725,067.79	 
	12/31/2012
	 	 	27	 	 	$	84,644.68	 	 	7,250.68

	 	$	77,394.00	 	 	$	647,673.79	 
	1/31/2013
	 	 	28	 	 	$	84,644.68	 	 	6,476.74

	 	$	78,167.94	 	 	$	569,505.85	 
	2/28/2013
	 	 	29	 	 	$	84,644.68	 	 	5,695.06

	 	$	78,949.62	 	 	$	490,556.23	 
	3/31/2013
	 	 	30	 	 	$	84,644.68	 	 	4,905.56

	 	$	79,739.11	 	 	$	410,817.12	 
	4/30/2013
	 	 	31	 	 	$	84,644.68	 	 	4,108.17

	 	$	80,536.50	 	 	$	330,280.61	 
	5/31/2013
	 	 	32	 	 	$	84,644.68	 	 	3,302.81

	 	$	81,341.87	 	 	$	248,938.74	 
	6/30/2013
	 	 	33	 	 	$	84,644.68	 	 	2,489.39

	 	$	82,155.29	 	 	$	166,783.46	 
	7/31/2013
	 	 	34	 	 	$	84,644.68	 	 	1,667.83

	 	$	82,976.84	 	 	$	83,806.61	 
	8/31/2013
	 	 	35	 	 	$	84,644.68	 	 	838.07

	 	$	83,806.61	 	 	$	0.00	 






2




SCHEDULE A-2




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 Balance of extended portion at 9/30/10
	 	$	1,178,490.13	 
	Paid:
	 	 	 	 	 	Payment

	 	Interest
	 	Principal
	 	Note Balance

	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 
	10/31/2010
	 	 	1	 	 	$20,000.00

	 	 	11,784.90	 	 	$	8,215.10	 	 	$	1,170,275.03	 
	11/30/2010
	 	 	2	 	 	$20,000.00

	 	 	11,702.75	 	 	$	8,297.25	 	 	$	1,161,977.78	 
	12/31/2010
	 	 	3	 	 	$20,000.00

	 	 	11,619.78	 	 	$	8,380.22	 	 	$	1,153,597.56	 
	1/31/2011
	 	 	4	 	 	$20,000.00

	 	 	11,535.98	 	 	$	8,464.02	 	 	$	1,145,133.54	 
	2/28/2011
	 	 	5	 	 	$20,000.00

	 	 	11,451.34	 	 	$	8,548.66	 	 	$	1,136,584.87	 
	3/31/2011
	 	 	6	 	 	$20,000.00

	 	 	11,365.85	 	 	$	8,634.15	 	 	$	1,127,950.72	 
	4/30/2011
	 	 	7	 	 	$20,000.00

	 	 	11,279.51	 	 	$	8,720.49	 	 	$	1,119,230.23	 
	5/31/2011
	 	 	8	 	 	$20,000.00

	 	 	11,192.30	 	 	$	8,807.70	 	 	$	1,110,422.53	 
	6/30/2011
	 	 	9	 	 	$20,000.00

	 	 	11,104.23	 	 	$	8,895.77	 	 	$	1,101,526.75	 
	7/31/2011
	 	 	10	 	 	$20,000.00

	 	 	11,015.27	 	 	$	8,984.73	 	 	$	1,092,542.02	 
	8/31/2011
	 	 	11	 	 	$20,000.00

	 	 	10,925.42	 	 	$	9,074.58	 	 	$	1,083,467.44	 
	9/30/2011
	 	 	12	 	 	$20,000.00

	 	 	10,834.67	 	 	$	9,165.33	 	 	$	1,074,302.12	 
	10/31/2011
	 	 	13	 	 	$20,000.00

	 	 	10,743.02	 	 	$	9,256.98	 	 	$	1,065,045.14	 
	11/30/2011
	 	 	14	 	 	$20,000.00

	 	 	10,650.45	 	 	$	9,349.55	 	 	$	1,055,695.59	 
	12/31/2011
	 	 	15	 	 	$20,000.00

	 	 	10,556.96	 	 	$	9,443.04	 	 	$	1,046,252.54	 
	1/31/2012
	 	 	16	 	 	$20,000.00

	 	 	10,462.53	 	 	$	9,537.47	 	 	$	1,036,715.07	 
	2/29/2012
	 	 	17	 	 	$20,000.00

	 	 	10,367.15	 	 	$	9,632.85	 	 	$	1,027,082.22	 
	3/31/2012
	 	 	18	 	 	$20,000.00

	 	 	10,270.82	 	 	$	9,729.18	 	 	$	1,017,353.04	 
	4/30/2012
	 	 	19	 	 	$20,000.00

	 	 	10,173.53	 	 	$	9,826.47	 	 	$	1,007,526.57	 
	5/31/2012
	 	 	20	 	 	$20,000.00

	 	 	10,075.27	 	 	$	9,924.73	 	 	$	997,601.84	 
	6/30/2012
	 	 	21	 	 	$20,000.00

	 	 	9,976.02	 	 	$	10,023.98	 	 	$	987,577.86	 
	7/31/2012
	 	 	22	 	 	$20,000.00

	 	 	9,875.78	 	 	$	10,124.22	 	 	$	977,453.64	 
	8/31/2012
	 	 	23	 	 	$20,000.00

	 	 	9,774.54	 	 	$	10,225.46	 	 	$	967,228.17	 
	9/30/2012
	 	 	24	 	 	$20,000.00

	 	 	9,672.28	 	 	$	10,327.72	 	 	$	956,900.45	 
	10/31/2012
	 	 	25	 	 	$20,000.00

	 	 	9,569.00	 	 	$	10,431.00	 	 	$	946,469.46	 
	11/30/2012
	 	 	26	 	 	$20,000.00

	 	 	9,464.69	 	 	$	10,535.31	 	 	$	935,934.15	 
	12/31/2012
	 	 	27	 	 	$20,000.00

	 	 	9,359.34	 	 	$	10,640.66	 	 	$	925,293.49	 
	1/31/2013
	 	 	28	 	 	$20,000.00

	 	 	9,252.93	 	 	$	10,747.07	 	 	$	914,546.43	 
	2/28/2013
	 	 	29	 	 	$20,000.00

	 	 	9,145.46	 	 	$	10,854.54	 	 	$	903,691.89	 
	3/31/2013
	 	 	30	 	 	$20,000.00

	 	 	9,036.92	 	 	$	10,963.08	 	 	$	892,728.81	 
	4/30/2013
	 	 	31	 	 	$20,000.00

	 	 	8,927.29	 	 	$	11,072.71	 	 	$	881,656.10	 
	5/31/2013
	 	 	32	 	 	$20,000.00

	 	 	8,816.56	 	 	$	11,183.44	 	 	$	870,472.66	 
	6/30/2013
	 	 	33	 	 	$20,000.00

	 	 	8,704.73	 	 	$	11,295.27	 	 	$	859,177.39	 
	7/31/2013
	 	 	34	 	 	$20,000.00

	 	 	8,591.77	 	 	$	11,408.23	 	 	$	847,769.16	 
	8/31/2013
	 	 	35	 	 	$20,000.00

	 	 	8,477.69	 	 	$	11,522.31	 	 	$	836,246.85	 






3




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Paid:	 	 	 	Payment	 	Interest	 	Principal	 	Note Balance
	9/30/2013	 	36	 	$20,000.00	 	8,362.47	 	$11,637.53	 	$	824,609.32	 
	10/31/2013	 	37	 	$20,000.00	 	8,246.09	 	$11,753.91	 	$	812,855.42	 
	11/30/2013	 	38	 	$20,000.00	 	8,128.55	 	$11,871.45	 	$	800,983.97	 
	12/31/2013	 	39	 	$20,000.00	 	8,009.84	 	$11,990.16	 	$	788,993.81	 
	1/31/2014	 	40	 	$20,000.00	 	7,889.94	 	$12,110.06	 	$	776,883.75	 
	2/28/2014	 	41	 	$20,000.00	 	7,768.84	 	$12,231.16	 	$	764,652.59	 
	3/31/2014	 	42	 	$20,000.00	 	7,646.53	 	$12,353.47	 	$	752,299.11	 
	4/30/2014	 	43	 	$20,000.00	 	7,522.99	 	$12,477.01	 	$	739,822.10	 
	5/31/2014	 	44	 	$20,000.00	 	7,398.22	 	$12,601.78	 	$	727,220.32	 
	6/30/2014	 	45	 	$20,000.00	 	7,272.20	 	$12,727.80	 	$	714,492.53	 
	7/31/2014	 	46	 	$20,000.00	 	7,144.93	 	$12,855.07	 	$	701,637.45	 
	8/31/2014	 	47	 	$20,000.00	 	7,016.37	 	$12,983.63	 	$	688,653.83	 
	9/30/2014	 	48	 	$20,000.00	 	6,886.54	 	$13,113.46	 	$	675,540.36	 
	10/31/2014	 	49	 	$20,000.00	 	6,755.40	 	$13,244.60	 	$	662,295.77	 
	11/30/2014	 	50	 	$20,000.00	 	6,622.96	 	$13,377.04	 	$	648,918.73	 
	12/31/2014	 	51	 	$20,000.00	 	6,489.19	 	$13,510.81	 	$	635,407.91	 
	1/31/2015	 	52	 	$20,000.00	 	6,354.08	 	$13,645.92	 	$	621,761.99	 
	2/28/2015	 	53	 	$20,000.00	 	6,217.62	 	$13,782.38	 	$	607,979.61	 
	3/31/2015	 	54	 	$20,000.00	 	6,079.80	 	$13,920.20	 	$	594,059.41	 
	4/30/2015	 	55	 	$600,000.00	 	5,940.59	 	$594,059.41	 	$	0.00	 







4