Document:

EX-10.7

Exhibit 10.7

AXS-ONE, INC.

Waiver and Termination of Participation Rights;

Joinder to New Participation Rights

1. Background. The undersigned, being holders (the “Holders”) of Series A 6% Secured
Convertible Promissory Notes, Series B 6% Secured Convertible Promissory Notes, Series C 6%
Convertible Promissory Notes and/or Series D 6% Convertible Promissory Notes and Common Stock
Purchase Warrants (the “Securities”) of AXS-One, Inc., a Delaware corporation (the “Company”), have
certain rights of participation (“Participation Rights”) pursuant to Section 4.7 of the Convertible
Note and Warrant Purchase Agreement, dated as of July 24, 2008 (the “July 2008 Agreement”), among
the Company and the Holders, pursuant to which each Holder has a right to purchase its respective
pro rata share (based on the ratio that the aggregate amount of Securities purchased by it pursuant
to the Convertible Note and Warrant Purchase Agreement, dated as of May 29, 2007 (the “May 2007
Agreement”), the Convertible Note and Warrant Purchase Agreement, dated as of November 13, 2007
(the “November 2007 Agreement”), and/or the July 2008 Agreement bears to the aggregate amount of
Securities purchased by all such Holders pursuant to the May 2007 Agreement, the November 2007
Agreement, and/or the July 2008 Agreement) of an aggregate of thirty percent (30%) of the
securities being offered by the Company in any future equity financing (including debt with an
equity component) (a “Future Offering”) during the period beginning on the Closing Date (as defined
in the July 2008 Agreement) and ending two (2) years after the date of the July 2008 Agreement.

2. Waiver and Termination of Participation Rights. The Company now desires to conduct a
new round of financing, in which it will offer for sale and issue its Series E 6% Secured
Convertible Promissory Notes and Common Stock Purchase Warrants (the “New Securities”), pursuant to
a Convertible Note and Warrant Purchase Agreement dated as of October 30, 2008, among the Company
and each party set forth therein as a purchaser (the “New Agreement”). The Holders hereby
acknowledge that they have received and reviewed the New Agreement, and do hereby (i) waive their
Participation Rights held pursuant to Section 4.7 of the July 2008 Agreement and (ii) agree that
upon execution of the New Agreement by the parties thereto that all of their Participation Rights
held pursuant to the July 2008 Agreement will terminate and be of no further force and effect.

3. Joinder to New Participation Rights. Each Holder hereby agrees, pursuant to Section 4.7
of the New Agreement to join, become party to and be bound by Section 4.7 of the New Agreement
regarding Rights of Participation and the Miscellaneous provisions of Article VI of the New
Agreement, effective upon execution of the New Agreement by the parties thereto.

4. Execution in Counterparts. This agreement may be executed in two or more counterparts,
each of which shall be deemed an original but which together shall constitute one and the same
instrument. The executed signature pages hereto may be delivered by facsimile or other means of
electronic image transmission, such a copy of any signature page hereto shall have the same force
and effect as an original thereof.

[signature page follows]

 

 

IN WITNESS WHEREOF, the undersigned have executed this Waiver and Termination of Participation
Rights and Joinder to New Participation Rights as of this 30th day of October 2008.

	 	 	 	 	 
	 	BlueLine Capital Partners, LP

 	 
	 	By:  	/s/ Timothy P. Bacci
 	 
	 	 	Name:  	Timothy P. Bacci 	 
	 	 	Title:  	Managing Partner 	 
	 
	 	BlueLine Capital Partners II, LP

 	 
	 	By:  	/s/ Timothy P. Bacci
 	 
	 	 	Name:  	Timothy P. Bacci 	 
	 	 	Title:  	Managing Partner 	 
	 
	 	Jurika Family Trust U/A 3/17/1989

 	 
	 	By:  	/s/ William K. Jurika
 	 
	 	 	Name:  	William K. Jurika 	 
	 	 	Title:  	Trustee 	 
	 
	 	Aston Assets, S.A.

 	 
	 	By:  	/s/ Alejandro Gonzalez
 	 
	 	 	Name:  	Alejandro Gonzalez 	 
	 	 	Title:  	Legal Representative 	 
	 
	 	BlueLine Capital Partners III, LP

 	 
	 	By:  	/s/ Timothy P. Bacci
 	 
	 	 	Name:  	Timothy P. Bacci 	 
	 	 	Title:  	Managing Partner 	 
	 

 

 

	 	 	 	 	 
	 	 	 
	 	                                           /s/ Daniel H. Burch
 	 
	 	Daniel H. Burch 	 
	 	 	 
	 	 	 
	 	                                   /s/ Harold D. Copperman
 	 
	 	Harold D. Copperman 	 
	 	 	 
	 	 	 
	 	                                           /s/ Robert J. Migliorino
 	 
	 	Robert J. Migliorino 	 
	 	 	 

	 	 	 	 	 	 
	 	Sirius Trust

 	 
	 	By:  	/s/ N. Mifsud    /s/ M. Garcia
 	/s/ L. Spencer   /s/ P. Palmiero 
	 	 	Name:  	N. Mifsud / M. Garcia             	L. Spencer/P. Palmiero  
	 	 	Title:  	Primafides (Suisse) SA              	Earl Trust AG

	 	 	  	Directors 

	 	 	 	 	 
	 	 	 
	 	        /s/ Philip L. Rugani
 	 
	 	Philip L. Rugani 	 
	 	 	 
	 	 	 
	 	        /s/ William P. Lyons
 	 
	 	William P. Lyons 	 
	 	 	 

[AXS-One, Inc. Waiver and Termination of Participation Rights

and Joinder to New Participation Rights]EX-10.8

Exhibit 10.8

THIRD AMENDMENT TO SERIES A 6% SECURED CONVERTIBLE

PROMISSORY NOTE DUE MAY 29, 2009

     This Third Amendment, dated October 30, 2008, (the “Third Amendment”) amends certain
provisions of the Series A 6% Secured Convertible Promissory Note in the original principal amount
of $                    , issued by AXS-One Inc., a Delaware corporation (the “Company”) (No.
PN-2007-A-[___]), due May 29, 2009 and dated as of May 29, 2007 (as amended pursuant to the Prior
Amendments (as defined below), the “Note”), and is by and between the Company and
                     (“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 A 6% Secured
Convertible Promissory Note due May 29, 2009, dated November 16, 2007 and a Second Amendment to
Series A 6% Secured Convertible Promissory Note due May 29, 2009, dated July 24, 2008, in each
case, by and between the Company and the Holder (together, the “Prior Amendments”);

     WHEREAS, on the date hereof, the Company issued in favor of certain purchasers (the
“Purchasers”) promissory notes, in the aggregate principal amount of One Million and One
Hundred Thousand Dollars ($1,100,000) (collectively the “October 2008 Notes”), and such
October 2008 Notes were issued pursuant to the terms of a Convertible Note and Warrant Purchase
Agreement dated as of the date hereof, between the Company and such Purchasers; and

     WHEREAS, the Company and 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. Amendment to the Note.

     The following Section 6(g) is added to Section 6 of the Note following Section 6(f) thereof:

     “(g) The occurrence of any Event of Default under the October 2008 Notes (as Event of
Default is defined in such October 2008 Notes). “October 2008 Notes” shall mean those
Series E 6% Secured Convertible Promissory Notes issued and sold by the Company pursuant to
that certain Convertible Note and Warrant Purchase Agreement by and among the Company and
those purchasers as listed therein, dated on or around October 30, 2008.”

     2. 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 Amendments and this Third

 

 

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 Amendments and hereby.

     3. No Novation. THE COMPANY AND HOLDER HAVE ENTERED INTO THIS THIRD AMENDMENT SOLELY
TO AMEND CERTAIN OF THE TERMS OF THE NOTE. THEY DO NOT INTEND THIS THIRD AMENDMENT NOR THE
TRANSACTIONS CONTEMPLATED HEREBY TO BE, AND THIS THIRD 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.

     4. No Waiver. 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.

     5. Counterparts; Facsimile Execution. This Third 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.

     6. Governing Law. This Third 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 Third Amendment as a document under
seal as of the date first above written.

	 	 	 	 	 
	 	Company:

AXS-ONE INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	[HOLDER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Third Amendment to Series A 6% Secured

Convertible

Promissory Note due May 29, 2009.]

3

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