Document:

Exhibit 4.6

 

Boston Therapeutics Inc.

1750 Elm Street

Manchester, NH 03104

 

 

March 17, 2016

CJY Holdings Limited

12 Repulse Bay Road

Repulse Bay, Hong Kong

		Re:	Securities Purchase Agreement dated September 24, 2015 (the “SPA”) by and between Boston Therapeutics Inc. and CJY Holdings Limited, as amended

Gentlemen:

Reference is hereby made to the SPA. By executing this letter, the undersigned investor agrees that the offering amount shall be increased from $1,450,000 to $1,602,000. Accordingly, it is hereby agreed to by the parties that Section 1(d) of the Agreement shall be amended and restated to state the following:

"d. Subsequent Financing. The Note is intended to provide necessary bridge financing to the Company prior to an anticipated financing in the near future of an amount up to $1,602,000 which is expected to be structured as convertible preferred stock (the "Preferred Financing"). Upon the closing of the Preferred Financing, the Note shall automatically convert into the Preferred Financing."

We kindly request that you execute this letter below indicating that you agree with the above amendment.

 

	
 

	

Sincerely,

 

Boston Therapeutics Inc.

 

By: /s/ Conroy Chi-Heng Cheng

Name: Conroy Chi-Heng Cheng

Title: Interim CEO

	
 

	
 

AGREED AND ACKNOWLEDGED:

CJY Holdings Limited

By: /s/ Cheng Chi Him

Name: Cheng Chi Him

Title:Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  $250,000.00	
         Dated as of March
        16, 2016

         

        New York, New York

 

Pursuant to that certain Expense Advance Agreement (the “Agreement”), dated as of October 24, 2014, by and between
Hydra Industries Acquisition Corp., a Delaware corporation (the “Maker”), and Hydra Industries Sponsor
LLC (the “Payee”), the Maker hereby promises to pay to the order of the Payee or its registered assigns or successors
in interest, or order, the principal sum of Two Hundred Fifty Thousand and no/100 Dollars ($250.000.00) in lawful money of the
United States of America, on the terms and conditions described below.  All payments on this Note shall be made by check
or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time
to time designate by written notice in accordance with the provisions of this Note. Certain terms used herein but not defined herein
shall have the meaning given to such terms in the Agreement.

 

1.            Principal. The
principal balance of this Note shall be payable on the date on which Maker consummates its Businesses Combination. The principal
balance may be prepaid at any time.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

     

     

    

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

5.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

6.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.            Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

     

     

    

 

9.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any Claim in or to any distribution
of or from the Trust Account, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever; provided, however, that if the Maker completes its Business Combination, the Maker
shall repay the principal balance of this Note out of the proceeds released to the Maker from the Trust Account.

 

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void; provided, however, that the foregoing shall not apply to an affiliate of the Payee who agrees to be bound
to the terms of this Note.

 

14.          Conversion.

 

(a)At the Payee’s option,
at any time prior to payment in full of the principal balance of this Note, the Payee may elect to convert all or any portion of
this Note into that number of warrants (the “Conversion Warrants”) equal to: (i) the portion of the principal
amount of the Note being converted pursuant to this Section 14, divided by (ii) $0.50, rounded up to the nearest whole number.
Each Conversion Warrant shall have the same terms and conditions as the warrants issued by the Maker pursuant to a private placement,
as described in Maker’s Registration Statement on Form S-1 (333-198236). The Conversion Warrants, the shares of Common Stock
underlying the Conversion Warrants and any other equity security of Maker issued or issuable with respect to the foregoing by way
of a stock dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation
or reorganization (the “Warrant Shares”), shall be entitled to the registration rights set forth in Section
15 hereof.

 

(b)Upon any complete or partial
conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of
this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to Maker
or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly deliver
a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv)
in exchange for all or any portion of the surrendered Note, Maker shall deliver to Payee the Conversion Warrants, which shall bear
such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and the Payee and applicable
state and federal securities laws.

 

     

     

    

 

(c)The Payee shall pay any and
all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion
of this Note pursuant hereto; provided, however, that the Payee shall not be obligated to pay any transfer taxes resulting from
any transfer requested by the Payee in connection with any such conversion.

 

(d)The Conversion Warrants shall
not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions of law.

 

 15.         Registration Rights.

 

(a)Reference is made to that certain
Registration Rights Agreement between the Maker and the parties thereto, dated as of the date hereof (the “Registration
Rights Agreement”). All capitalized terms used in this Section 15 shall have the same meanings ascribed to them in the
Registration Rights Agreement.

 

(b)The holders (“Holders”)
of the Conversion Warrants (or the Warrant Shares) shall be entitled to one Demand Registration, which shall be subject to the
same provisions as set forth in Section 2.1 of the Registration Rights Agreement.

 

(c)The Holders shall also be entitled
to include the Conversion Warrants (or the Warrant Shares) in Piggyback Registrations, which shall be subject to the same provisions
as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that an underwriter advises
the Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders shall not
have any priority for inclusion in such Piggyback Registration.

 

(d)Except as set forth above, the
Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the Registration Rights
Agreement.

 

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	
        Hydra Industries Acquisition Corp.

	 	 	 
	 	By: 	/s/ George Peng
	 	 	Name: George Peng
	 	 	Title: Chief Financial Officer

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