Document:

Blueprint

  Exhibit 10.2

 

FIRST AMENDMENT TO LEASE

 

           
  THIS FIRST AMENDMENT TO
LEASE (this “Amendment”)
is made and entered into as of this 10th day of October, 2017 (the
“Effective
Date”) by and between GREEN COURT LLC, a Michigan limited liability
company (“Landlord”)
and ENDRA INC. (now known as ENDRA LIFE SCIENCES INC.) a
Delaware corporation (“Tenant”).
Capitalized terms used in this Amendment without definition shall
have the meanings ascribed to such terms in the Lease (as
hereinafter defined).

 

RECITALS

 

A.            

Landlord and Tenant
entered into that certain Lease dated November 10, 2014 (the
“Lease”)
for approximately 3,265 usable square feet of space as described in
the Lease (the “Existing
Premises”) in the building located at 3600 Green
Court, Ann Arbor, Michigan (the “Building”).
The Lease as amended by this Amendment shall be referred to herein
as the “Lease”.

 

B.            

Tenant desires to lease additional space in the
Building, containing approximately 685 square feet, commonly known
as Suite 490, and depicted on Exhibit
“B” (the
“Expansion
Space”), for the
remainder of the Term of the Lease.

 

NOW,
THEREFORE, in consideration of the mutual covenants, conditions and
agreements herein contained, Landlord and Tenant hereby agree that
the Lease is hereby amended as follows:

 

1.

On or about
December 1, 2017, Landlord shall deliver possession of the
Expansion Space to Tenant (the “Expansion
Date”), and Tenant shall lease from Landlord the
Expansion Space on the terms and conditions as set forth in the
Lease, except as otherwise modified herein.

 

2.

Effective on the
Expansion Date, the “Demised
Premises” shall consist of 3,950 usable square
feet.

 

3.

Prior
to the Expansion Date, Landlord shall paint and carpet the
Expansion Space using building standard materials consistent with
the Existing Premises and shall cut an opening in the wall to
connect the Expansion Space to the Existing Premises in a location
to be approved by Landlord and Tenant. Except as provided above,
Tenant will accept the Expansion Space in its “As-Is”
condition.

 

4.

In
accordance with Section 3.1 of the Lease, provided that Tenant is
not in default beyond applicable cure periods Tenant shall have one
(1) option to extend the Term for additional five (5) year period
(the “Option Term”) beyond the Term. Tenant may
exercise such options to extend by giving landlord written notice
by U.S. certified mail, return receipt requested (the “Option
notice”) on or before the date six (6) months prior to the
expiration date of the Term or the immediately preceding Option
Term. Upon the timely giving of the Option Notice, the Term shall
be extended upon all of the terms and conditions of the Lease,
except that during the Option Term, Basic Rental shall be in the
amounts set forth in Section 5 of the Amendment below (the
“Expansion Rent”).

 

 

1

 

 

5.

Effective on the
Expansion Date, the Basic Rental shall be as follows:

 

	

Date

	
 

Rent per Sq. Ft.

 

	
 

Annual Rent

 

	
 

Monthly Rent

 

	

12/1/17 – 12/31/17

	
 $23.11 

	
  N/A 

	
 $7,607.04 

	

1/1/18 - 12/31/18

	
 $23.69 

	
 $93,575.50 

	
 $7,797.96 

	

1/1/19 - 12/31/19

	
 $24.28 

	
 $95,906.00 

	
 $7,992.17 

	

Option Term

	
    

	
    

	
    

	

1/1/20 - 12/31/20

	
 $25.01 

	
 $98,789.50 

	
 $8,232.46 

	

1/1/21 - 12/31/21

	
 $25.76 

	
 $101,752.00 

	
 $8,479.33 

	

1/1/22 - 12/31/22

	
 $26.53 

	
 $104,793.50 

	
 $8,732.79 

	

1/1/23 - 12/31/23

	
 $27.33 

	
 $107,953.50 

	
 $8,996.13 

	

1/1/24 - 12/31/24

	
 $28.15 

	
 $111,192.50 

	
 $9,266.04 

 

6.

Tenant shall be
responsible for and pay for, in addition to Monthly Basic Rental,
all electricity usage in the Demised Premises.

 

7.

Notwithstanding
anything contained in the Lease to the contrary, Tenant
acknowledges and agrees that Tenant’s right to terminate the
Lease as set forth in Section 3.1 of the Lease is hereby waived and
deleted and is no further force or effect and Tenant shall have no
right to terminate the Lease prior to the expiration of the
Term.

 

8.

This Amendment,
together with the Lease, sets forth the entire agreement between
the parties with respect to the matters set forth herein. Except as
hereinabove specifically provided to the contrary, all of the
remaining terms, covenants, and agreements contained in the Lease
shall remain in full force and effect and shall be applicable to
the Demised Premises as described in the Lease (as modified
hereby), and the Lease as herein amended is hereby acknowledged,
ratified, and confirmed by the parties hereto. In the event of any
inconsistency between this Amendment and the Lease, the provisions
of this Amendment shall govern and control.

 

9.

Landlord and Tenant
hereby represent to each other that neither party has dealt with
any broker in connection with this Amendment or the expansion of
the Demised Premises as described in this Amendment.

 

10.

Each signatory of
this Amendment represents hereby that he or she has the authority
to execute and deliver the same on behalf of the party hereto for
which such signatory is acting.

 

11.

This Amendment
shall bind, and inure to the benefit of, the parties hereto and
their respective successors and assigns.

 

12.

This Amendment
shall be construed and enforced in accordance with the laws of the
State of Michigan. The invalidity or enforceability of any
provision of this Amendment shall not affect or impair any other
provision.

 

13.

This Amendment may
be executed in multiple counterparts, each of which shall
constitute an original, and all of which when taken together shall
constitute one original. Delivery via facsimile or PDF transmission
of a counterpart of this Amendment as executed by the parties
making such delivery shall constitute good and valid execution and
delivery of this Amendment for all purposes.

 

[Remainder
of Page Intentionally Left Blank]

 

 

2

 

IN WITNESS WHEREOF, the parties have
executed this Amendment on the Effective Date.

 

	

LANDLORD:

	
 

	

TENANT:

	

 

GREEN COURT
LLC, a Michigan limited
liability company

 

	
 

	

 

ENDRA INC., a Delaware
corporation

	

By
/s/ James D.
Hooberman       

Printed:
James D.
Hooberman    

Its:
Manager                               

Date:10/11/17                             

	
 

	

By:
/s/ Francois
Michelon.         

Printed:
Francois
Michelon        

Its:
CEO                                                               

Date:

October 10,
2017               

 

 

 

 

 

 

 

 

	
 

	
 

	
 

 

 

3UNSECURED
PROMISSORY NOTE

William
O. Daggett, Jr. to Firstform, Inc.

 

	$250,000	Date:
    02 April 2018

 

FOR
VALUE RECEIVED, Firstform, Inc. (“Borrower”), promises to pay to William O. Daggett, Jr., a Pennsylvania resident
(“Holder”), at such place as Holder may designate, the principal sum of Two Hundred and Fifty Thousand ($250,000)
(no future advances are contemplated) in accordance with the following terms and conditions:

 

	 	1.	CURRENT
    OUTSTANDING BALANCE.
	 	 	 	 
	 	 	a.	On
    30 March 2018, Holder advanced the sum of Two Hundred and Fifty Thousand ($250,000) to Borrower.
	 	 	 	 
	 	2.	PRINCIPAL
    PAYMENT
	 	 	 	 
	 	 	a.	For
    the first six months, the Borrower shall pay interest only.
	 	 	 	 
	 	 	b.	Thereafter,
    together with interest, the principal balance shall be paid by Borrower to Holder in twelve monthly installments as set forth
    on Schedule A, which installments shall begin on 1 October 2018, and shall be due the first day of each calendar month thereafter
    until 1 September 2019, inclusive.
	 	 	 	 
	 	3.	INTEREST
    WITH INSTALLMENTS.
	 	 	 	 
	 	 	a.	Borrower
    agrees to pay interest to Holder monthly from 02 April 2018 through 1 September 2019 upon the unpaid principle then owing
    under Section 1 from time to time at the fixed annual rate of eight percent (8%) (“Interest Rate”).
	 	 	 	 
	 	 	b.	Payments
    of interest due under this Section are in addition to the monthly installment payments provided for in Section 2, above, and
    shall be calculated based upon the actual number of days in that month divided by 365 times the Interest Rate.
	 	 	 	 
	 	 	c.	Each
    payment under this Note shall be applied first to any late payment charges due, then to interest then due, and the balance
    to the reduction of the principal sum.

 

Unsecured
Promissory Note

1
May 2016

Page
1 of 4

 

    	 

    	 

    

 

	 	4.	PREPAYMENT
    PRIVILEGE.
	 	 	 	 
	 	 	Borrower
    shall have the right to prepay principal, in whole or in part, at any time without penalty.
	 	 	 	 
	 	5.	LATE
    PAYMENT CHARGE.
	 	 	 	 
	 	 	If
    any periodic installment payment owing under this Note is not timely paid in full and received by Holder within five (5) days
    after it is due, Borrower shall pay to Holder with the next periodic installment payment a late payment charge equal to two
    percent (2.0%) of the total prior installment payment not timely paid in full.
	 	 	 
	 	6.	ACCELERATION
    ON DEFAULT.
	 	 	 
	 	 	a.	If
    any sum owing under this Note is not paid when due and remains unpaid after a date specified by a notice of default to Borrower,
    or if Borrower fails to observe any other covenant or conditions of this Note, the entire remaining indebtedness owing under
    this Note on the date specified shall at once become due and payable in full at the option of Holder.
	 	 	 	 
	 	 	b.	The
    date specified as the date for curing the default shall not be less than ten (10) days from the date the notice of default
    is given. If the default is not cured on or before the date specified, Holder may exercise the option to accelerate the Note
    by giving notice thereof to the Borrower.
	 	 	 	 
	 	 	c.	If
    suit is brought to collect this Note, Holder shall be entitled to collect all reasonable costs and expenses of suit, including,
    but not limited to, reasonable attorney’s fees.
	 	 	 	 
	 	 	d.	Failure
    by Holder to exercise its rights in the event of a default shall not constitute a waiver of the right to declare the entire
    principal amount of this Note and default interest thereon due and payable at once at any subsequent time.
	 	 	 	 
	 	7.	NOTICE.
	 	 	 	 
	 	 	Unless
    otherwise required by law, any notice or demand required or permitted by the terms of this Note shall be sufficient and deemed
    complete when expressed in writing and either (a) personally delivered to the person entitled thereto, or (b) deposited at
    any office of the United States Postal Service in the form of certified mail (return receipt requested) addressed to the last
    known mailing address of the person entitled thereto, or (c) served on the person entitled thereto in the manner of an original
    notice under the Illinois Rules of Civil Procedure.

 

Unsecured
Promissory Note

1
May 2016

Page
2 of 4

 

    	 

    	 

    

 

	 	8.	SECURITY.
	 	 	 
	 	 	There
    is no security for this Note.
	 	 	 
	 	9.	CERTIFICATION.
	 	 	 
	 	 	Borrower
    and Holder each certify that they are not acting, directly or indirectly, for or on behalf of any person, group, entity or
    nation named by any Executive Order of the United States Treasury Department as a terrorist, “Specially Designated National
    and Blocked Person” or any other banned or blocked person, entity, nation or transaction pursuant to any law, order,
    rule or regulation that is enforced or administered by the Office of Foreign Assets Control; and are not engaged in this transaction,
    directly or indirectly on behalf of, or instigating or facilitation this transaction, directly or indirectly on behalf of,
    any such person, group, entity or nation. Each party hereby agrees to defend, indemnify and hold harmless the other party
    from and against any and all claims, damages, losses, risks, liabilities and expenses (including attorney’s fees and
    costs) arising from or related to any breach of the foregoing certification.
	 	 	 
	 	 	Words
    and phrases herein shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender, according
    to the context.
	 	 	 
	 	 	This
    Note is intended to be performed in Illinois and the laws of Illinois shall govern its validity, enforcement and interpretation.

 

IN
WITNESS WHEREOF, Borrower has executed this Promissory Note on the date first stated above.

 

	FIRSTFORM,
    INC.	 	William
    O. Daggett Jr.
	 	 	 	 
	By:	/s/
    Jeromy Olson	 	By:	William
    O. Daggett Jr.
	Title:	Chief
    Executive Office	 	Title:	Holder
	 	 	 	 	 
	Date:	4/4/2018	 	 	 

 

Borrower’s
Mailing Address:

1020
Cedar Ave, Suite 230

St
Charles, IL 60174

 

Unsecured
Promissory Note

1
May 2016

Page
3 of 4

 

    	 

    	 

    

 

Schedule
A

 

Unsecured
Promissory Note

William
O. Daggett, Jr. to Firstform, Inc.

$250,000

Date:
23 March 2018

 

 

Amortization
Schedule

 

 

	#	 	
Date
	 	Prin.
    BOP	 	 	Prin.
 Paymt
	 	 	Int.
 Paymt
	 	 	Total
 Paymt
	 	 	
Prin.
                                         EOP
	 
	1	 	1-Apr-18	 	 	250,000.00	 	 	 	-	 	 	 	109.59	 	 	 	 	 	 	 	250,000.00	 
	2	 	1-May-18	 	 	250,000.00	 	 	 	-	 	 	 	1,666.67	 	 	 	1,666.67	 	 	 	250,000.00	 
	3	 	1-Jun-18	 	 	250,000.00	 	 	 	-	 	 	 	1,666.67	 	 	 	1,666.67	 	 	 	250,000.00	 
	4	 	1-Jul-18	 	 	250,000.00	 	 	 	-	 	 	 	1,666.67	 	 	 	1,666.67	 	 	 	250,000.00	 
	5	 	1-Aug-18	 	 	250,000.00	 	 	 	-	 	 	 	1,666.67	 	 	 	1,666.67	 	 	 	250,000.00	 
	6	 	1-Sep-18	 	 	250,000.00	 	 	 	-	 	 	 	1,666.67	 	 	 	1,666.67	 	 	 	250,000.00	 
	7	 	1-Oct-18	 	 	250,000.00	 	 	 	20,833.33	 	 	 	1,666.67	 	 	 	22,500.00	 	 	 	229,166.67	 
	8	 	1-Nov-18	 	 	229,166.67	 	 	 	20,833.33	 	 	 	1,527.78	 	 	 	22,361.11	 	 	 	208,333.33	 
	9	 	1-Dec-18	 	 	208,333.33	 	 	 	20,833.33	 	 	 	1,388.89	 	 	 	22,222.22	 	 	 	187,500.00	 
	l0	 	1-Jan-19	 	 	187,500.00	 	 	 	20,833.33	 	 	 	1,250.00	 	 	 	22,083.33	 	 	 	166,666.67	 
	11	 	1-Feb-19	 	 	166,666.67	 	 	 	20,833.33	 	 	 	1,111.11	 	 	 	21,944.44	 	 	 	145,833.33	 
	12	 	1-Mar-19	 	 	145,833.33	 	 	 	20,833.33	 	 	 	972.22	 	 	 	21,805.56	 	 	 	125,000.00	 
	l3	 	1-Apr-19	 	 	125,000.00	 	 	 	20,833.33	 	 	 	833.33	 	 	 	21,666.67	 	 	 	104,166.67	 
	14	 	l-May-19	 	 	104,166.67	 	 	 	20,833.33	 	 	 	694.44	 	 	 	21,527.78	 	 	 	83,333.33	 
	15	 	1-Jun-19	 	 	83,333.33	 	 	 	20,833.33	 	 	 	555.56	 	 	 	21,388.89	 	 	 	62,500.00	 
	16	 	1-Jul-19	 	 	62,500.00	 	 	 	20,833.33	 	 	 	416.67	 	 	 	21,250.00	 	 	 	41,666.67	 
	17	 	1-Aug-19	 	 	41,666.67	 	 	 	20,833.33	 	 	 	277.78	 	 	 	21,111.11	 	 	 	20,833.33	 
	18	 	1-Sep-19	 	 	20,833.33	 	 	 	20,833.33	 	 	 	138.89	 	 	 	20,972.22	 	 	 	-	 
	19	 	l-Oct-19	 	 	-	 	 	 	 	 	 	 	-	 	 	 	-	 	 	 	-	 

 

Unsecured
Promissory Note

1
May 2016

Page
4 of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]