Document:

ex10-9.htm

    Exhibit
10.9

     

    SECOND
AMENDMENT TO

    SERIES D
6% SECURED CONVERTIBLE PROMISSORY NOTE

    

    This Second Amendment, dated June 29,
2009, (this “Amendment”) amends
certain provisions of the Series D 6% Secured Convertible Promissory Note in the
original principal amount of $[_____________], issued by AXS-One Inc., a
Delaware corporation (the “Company”) (No.
PN-2008-D-[_]), due May
29, 2009 and dated as of July 24, 2008 (as amended pursuant to the Prior
Amendment (as defined below) and the Omnibus Agreement (as defined below), the
“Note”), and is
by and between the Company and [_______________] (the “Holder”).  Terms
not otherwise defined herein which are defined in the Note shall have the same
respective meanings herein as therein.

    

    WHEREAS,
the Note was previously amended pursuant to an Amendment to Series D 6% Secured
Convertible Promissory Note due May 29, 2009, dated October 30, 2008, by and
between the Company and the Holder (the “Prior
Amendment”);

    

    WHEREAS,
the Note was previously further amended pursuant to the Omnibus Amendment (the
“Omnibus
Agreement”) made and entered into as of May 29, 2009 among the Company,
the Holder and each of the other investors a party thereto;

    

    WHEREAS,
on the date hereof, the Company issued in favor of certain purchasers (the
“Purchasers”)
promissory notes, in the aggregate principal amount of up to Two Hundred and
Fifty Thousand Dollars ($250,000) (collectively the “June 2009 Notes”),
and such June 2009 Notes were issued pursuant to the terms of a Standby
Convertible Note Purchase Agreement, dated as of the date hereof, among the
Company and such Purchasers; and

    

    WHEREAS,
the Company and the Holder have agreed to modify certain terms and conditions of
the Note as specifically set forth in this Amendment.

    

    NOW, THEREFORE, in consideration of the
mutual agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

    

    1.           Amendments to the
Note.

    

    (a)           The
first paragraph of the header of the Note is hereby amended in its entirety to
read as follows:

    

    “THIS
NOTE AND THE RIGHTS PROVIDED HEREIN ARE SUBJECT IN ALL RESPECTS TO THE TERMS OF
THE THIRD AMENDED AND RESTATED SUBORDINATION AGREEMENT OF EVEN DATE HEREWITH
AMONG THE AGENT OF THE PAYEE, THE AGENT OF THE HOLDERS OF THE SERIES 2009 5%
SECURED CONVERTIBLE PROMISSORY NOTES, THE AGENT OF THE HOLDERS OF THE SERIES A
6% SECURED CONVERTIBLE PROMISSORY NOTES, THE SERIES B 6% SECURED CONVERTIBLE
PROMISSORY NOTES, THE SERIES C 6% SECURED CONVERTIBLE PROMISSORY NOTES, THE
SERIES D 6% SECURED CONVERTIBLE PROMISSORY NOTES AND THE SERIES E 6% SECURED
CONVERTIBLE PROMISSORY NOTES (THE “OCTOBER 2008 NOTES”) AND SAND HILL FINANCE,
LLC.”

    

    (b)           The
reference to “July 31, 2009” in Section 1(a) of the Note is hereby amended and
replaced with “June 30, 2010”.

    

    (c)           The
following subsection (f) is hereby added to Section 6 of the Note immediately
following subsection (e) thereof:

    

    “(f)           The
occurrence of any Event of Default under the June 2009 Notes (as Event of
Default is defined in such June 2009 Notes).  “June 2009 Notes”
shall mean those Series 2009 5% Secured Convertible Promissory Notes issued and
sold by the Company pursuant to that certain Standby Convertible Note Purchase
Agreement by and among the Company and those purchasers as listed therein, dated
on or around June 29, 2009.”

    

    (d)           Section
12 of the Note is hereby deleted in its entirety and replaced with the
following:

    

    “12.           Amendments.  This
Note may not be waived, modified or amended in any manner except in writing
executed by the Company and the Majority Noteholders (as defined below) which
writing shall be binding upon the Payee regardless of whether the Payee is among
the holders actually executing such writing; provided that any such waiver,
modification or amendment that would have a materially disproportionate adverse
effect on the Payee’s rights hereunder compared to the holders of the other
Promissory Notes, the May 2007 Notes, the November 2007 Notes and the October
2008 Notes shall require execution by the Payee.  “Majority Noteholders”
shall mean the holders of a majority-in-interest of principal amount of all
then-outstanding Promissory Notes, the May 2007 Notes, the November 2007 Notes
and the October 2008 Notes.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    (e)           The
first paragraph of Section 19 of the Note is hereby amended in its entirety to
read as follows:

    

    “THIS
NOTE AND THE RIGHTS PROVIDED HEREIN ARE SUBJECT IN ALL RESPECTS TO THE TERMS OF
THE THIRD AMENDED AND RESTATED SUBORDINATION AGREEMENT OF EVEN DATE HEREWITH
AMONG THE AGENT OF THE PAYEE, THE AGENT OF THE HOLDERS OF THE SERIES 2009 5%
SECURED CONVERTIBLE PROMISSORY NOTES, THE AGENT OF THE HOLDERS OF THE SERIES A
6% SECURED CONVERTIBLE PROMISSORY NOTES, THE SERIES B 6% SECURED CONVERTIBLE
PROMISSORY NOTES, THE SERIES C 6% SECURED CONVERTIBLE PROMISSORY NOTES, THE
SERIES D 6% SECURED CONVERTIBLE PROMISSORY NOTES AND THE SERIES E 6% SECURED
CONVERTIBLE PROMISSORY NOTES (THE “OCTOBER 2008 NOTES”) AND SAND HILL FINANCE,
LLC.”

    

    2.           Acknowledgment and
Waiver.  Notwithstanding the provisions of Section 4 of the
Note, the Holder hereby acknowledges that the June 2009 Notes issued pursuant to
the Standby Convertible Note Purchase Agreement shall be senior to the
indebtedness evidenced by the Note, and the Holder hereby waives any rights or
claims that such issuance constitutes or gives rise to an Event of Default or
that the Company is otherwise in violation of the Note or any related agreements
as a result of such issuance.

    

    3.           Ratification,
Etc.  Except as expressly amended hereby, all terms and
conditions of the Note, as amended, are hereby ratified and confirmed in all
respects and shall continue in full force and effect.  The obligations
under the Note shall be deemed to be continuously outstanding and shall not be
deemed to have been repaid and readvanced or refinanced hereunder or hereby. The
Note, the Prior Amendment, the Omnibus Agreement and this Amendment shall be
read and construed as a single agreement.  All references to the Note
shall hereafter refer to such Note, as amended pursuant to the Prior Amendment,
the Omnibus Agreement and hereby.

    

    4.           No
Novation.  THE COMPANY AND THE HOLDER HAVE ENTERED INTO THIS
AMENDMENT SOLELY TO AMEND CERTAIN OF THE TERMS OF THE NOTE.  THEY DO
NOT INTEND THIS AMENDMENT NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND
THIS AMENDMENT AND THE TRANSACTION CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO
BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE
NOTE.

    

    5.           No
Waiver.  Except as expressly set forth herein, nothing
contained herein shall constitute a waiver of, impair or otherwise affect any
obligation of the Company under any Note or any rights of any Holder consequent
thereon.

    

    6.           Counterparts.  This
Amendment may be executed in counterparts, each of which shall be deemed an
original but which together shall constitute one and the same
instrument.  In the event that any signature is delivered by facsimile
or other means of electronic image transmission, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such signature page
were an original thereof.

    

    7.           Governing
Law.  This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York (without reference to
conflict of laws).

    

    [Signature page
follows.]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of the date first above written.

    

    Company:

    

    
      	
               
      

            	
              AXS-ONE
      INC.

            

    

     

    
      

      
        	
                 
      

              	
                By:  ________________________________

              

      

      Name:

      Title:

      

      

    

     

    Holder:

    

    Print
Exact Name:  ____________________

    

    

    
      	
               
      

            	
              By:  ________________________________

            

    

    Name:

    Title:

    

    

    

    
 

    

    

    

    

    

    

    

    [Signature Page to Second Amendment
to

    Series D 6% Secured Convertible
Promissory Note]ex10-10.htm

Exhibit
10.10

     

    AMENDMENT
TO

    SERIES E
6% SECURED CONVERTIBLE PROMISSORY NOTE

    

    This Amendment, dated June 26, 2009,
(this “Amendment”) amends
certain provisions of the Series E 6% Secured Convertible Promissory Note in the
original principal amount of $[_______], issued by AXS-One Inc., a Delaware
corporation (the “Company”) (No.
PN-2008-E-[_]), due May 29, 2009 and dated as of October 30, 2008 (as amended
pursuant to the Omnibus Agreement (as defined below), the “Note”), and is by and
between the Company and [_______________] (the “Holder”).  Terms
not otherwise defined herein which are defined in the Note shall have the same
respective meanings herein as therein.

    

    WHEREAS,
the Note was previously amended pursuant to the Omnibus Amendment (the “Omnibus Agreement”)
made and entered into as of May 29, 2009 among the Company, the Holder and each
of the other investors a party thereto;

    

    WHEREAS,
on the date hereof, the Company issued in favor of certain purchasers (the
“Purchasers”)
promissory notes, in the aggregate principal amount of up to Two Hundred and
Fifty Thousand Dollars ($250,000) (collectively the “June 2009 Notes”),
and such June 2009 Notes were issued pursuant to the terms of a Standby
Convertible Note Purchase Agreement dated as of the date hereof, among the
Company and such Purchasers; and

    

    WHEREAS,
the Company and the Holder have agreed to modify certain terms and conditions of
the Note as specifically set forth in this Amendment.

    

    NOW,
THEREFORE, in consideration of the mutual agreements contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

    

    1.           Amendments to the
Note.

    

    (a)           The
first paragraph of the header of the Note is hereby amended in its entirety to
read as follows:

    

    “THIS
NOTE AND THE RIGHTS PROVIDED HEREIN ARE SUBJECT IN ALL RESPECTS TO THE TERMS OF
THE THIRD AMENDED AND RESTATED SUBORDINATION AGREEMENT OF EVEN DATE HEREWITH
AMONG THE AGENT OF THE PAYEE, THE AGENT OF THE HOLDERS OF THE SERIES 2009 5%
SECURED CONVERTIBLE PROMISSORY NOTES, THE AGENT OF THE HOLDERS OF THE SERIES A
6% SECURED CONVERTIBLE PROMISSORY NOTES, THE SERIES B 6% SECURED CONVERTIBLE
PROMISSORY NOTES, THE SERIES C 6% SECURED CONVERTIBLE PROMISSORY NOTES, THE
SERIES D 6% SECURED CONVERTIBLE PROMISSORY NOTES AND THE SERIES E 6% SECURED
CONVERTIBLE PROMISSORY NOTES AND SAND HILL FINANCE, LLC.”

    

    (b)           The
reference to “July 31, 2009” in Section 1(a) of the Note is hereby amended and
replaced with “June 30, 2010”.

    

    (c)           The
following Section 6(e) is added to Section 6 of the Note following Section 6(d)
thereof:

    

    “(e)           The
occurrence of any Event of Default under the June 2009 Notes (as Event of
Default is defined in such June 2009 Notes).  “June 2009 Notes”
shall mean those Series 2009 5% Secured Convertible Promissory Notes issued and
sold by the Company pursuant to that certain Standby Convertible Note Purchase
Agreement by and among the Company and those purchasers as listed therein, dated
on or around June 26, 2009.”

    

    (d)           Section
12 of the Note is hereby deleted in its entirety and replaced with the
following:

    

    “12.           Amendments.  This
Note may not be waived, modified or amended in any manner except in writing
executed by the Company and the Majority Noteholders (as defined below) which
writing shall be binding upon the Payee regardless of whether the Payee is among
the holders actually executing such writing; provided that any such waiver,
modification or amendment that would have a materially disproportionate adverse
effect on the Payee’s rights hereunder compared to the holders of the other
Promissory Notes, the May 2007 Notes, the November 2007 Notes and the July 2008
Notes shall require execution by the Payee.  “Majority Noteholders”
shall mean the holders of a majority-in-interest of principal amount of all
then-outstanding Promissory Notes, the May 2007 Notes, the November 2007 Notes
and the July 2008 Notes.”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    (e)           The
first paragraph of Section 19 of the Note is hereby amended in its entirety to
read as follows:

    

    “THIS
NOTE AND THE RIGHTS PROVIDED HEREIN ARE SUBJECT IN ALL RESPECTS TO THE TERMS OF
THE THIRD AMENDED AND RESTATED SUBORDINATION AGREEMENT OF EVEN DATE HEREWITH
AMONG THE AGENT OF THE PAYEE, THE AGENT OF THE HOLDERS OF THE SERIES 2009 5%
SECURED CONVERTIBLE PROMISSORY NOTES, THE AGENT OF THE HOLDERS OF THE SERIES A
6% SECURED CONVERTIBLE PROMISSORY NOTES, THE SERIES B 6% SECURED CONVERTIBLE
PROMISSORY NOTES, THE SERIES C 6% SECURED CONVERTIBLE PROMISSORY NOTES, THE
SERIES D 6% SECURED CONVERTIBLE PROMISSORY NOTES AND THE SERIES E 6% SECURED
CONVERTIBLE PROMISSORY NOTES AND SAND HILL FINANCE, LLC.”

    

    2.           Acknowledgment and
Waiver.  Notwithstanding the provisions of Section 4 of the
Note, the Holder hereby acknowledges that the June 2009 Notes issued pursuant to
the Standby Convertible Note Purchase Agreement shall be senior to the
indebtedness evidenced by the Note, and the Holder hereby waives any rights or
claims that such issuance constitutes or gives rise to an Event of Default or
that the Company is otherwise in violation of the Note or any related agreements
as a result of such issuance.

    

    3.           Ratification,
Etc.  Except as expressly amended hereby, all terms and
conditions of the Note, as amended, are hereby ratified and confirmed in all
respects and shall continue in full force and effect.  The obligations
under the Note shall be deemed to be continuously outstanding and shall not be
deemed to have been repaid and readvanced or refinanced hereunder or hereby. The
Note, the Omnibus Agreement and this Amendment shall be read and construed as a
single agreement.  All references to the Note shall hereafter refer to
such Note, as amended hereby.

    

    4.           No
Novation.  THE COMPANY AND THE HOLDER HAVE ENTERED INTO THIS
AMENDMENT SOLELY TO AMEND CERTAIN OF THE TERMS OF THE NOTE.  THEY DO
NOT INTEND THIS AMENDMENT NOR THE TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND
THIS AMENDMENT AND THE TRANSACTION CONTEMPLATED HEREBY SHALL NOT BE CONSTRUED TO
BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE
NOTE.

    

    5.           No
Waiver.  Except as expressly set forth herein, nothing
contained herein shall constitute a waiver of, impair or otherwise affect, any
obligation of the Company under any Note or any rights of any Holder consequent
thereon.

    

    6.           Counterparts; Facsimile
Execution.  This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.  In the event that any
signature is delivered by facsimile or other means of electronic image
transmission, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such signature page were an original
thereof.

    

    7.           Governing
Law.  This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York (without reference to
conflict of laws).

    

    

    [Signature page
follows.]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    IN WITNESS WHEREOF, the parties hereto
have executed this Amendment as of the date first above written.

    

    Company:

    

    
      	
               
      

            	
              AXS-ONE
      INC.

            

    

    
       

      
 

      
        	
                 
      

              	
                By:  ___________________________

              

      

      Name:

      
        	
                 
      

              	
                       
      Title:

              

      

       

      

    

    

    
      	
               
      

            	
              Holder:

            

    

    

    
      	
               
      

            	
              Print
      Exact
Name:  ____________________

            

    

    

    
      

      
        	
                 
      

              	
                By:  ___________________________

              

      

      Name:

      
        	
                 
      

              	
                       
      Title:

              

      

       

      

       

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature Page to Amendment
to

    Series E 6% Secured Convertible
Promissory Note]

    

    
      
        
        

      

      
        3

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