Document:

EXHIBIT
10.1

    

    THIS
NOTE HEREOF HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS.  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW FOR DISTRIBUTION
OR RESALE, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS
IT HAS BEEN SO REGISTERED OR AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.

     

    CONVERTIBLE DEMAND
PROMISSORY NOTE

     

    
      	
              Principal
      Amount: $60,000.00

            	
              Issue
      Date: August 27, 2009

            

    

    

    FOR VALUE RECEIVED, the
undersigned, Signature
Exploration & Production Corp, a Delaware corporation (the “Borrower”
or the “Company”),
hereby promises to pay to the order of Bristol Investment Fund,
Ltd. (together with each of their said heirs, personal
representatives, successors and assigns, and any such bearer, being hereinafter
referred to collectively as  the “Holder”),
on or before November 19, 2009 (the “Maturity
Date”), the principal sum of Sixty Thousand Dollars
($60,000.00) (this “Note”),
together with interest thereon at the rate set forth herein (the “Loan”).  For
purposes of this Note, “Borrower” shall mean all successors in interest and
assignees, including, without limitation, pursuant to a merger, consolidation,
reorganization, recapitalization or other similar restructuring event
(collectively, a “Reorganization”),
and all endorsers, sureties and guarantors and any other person liable or to
become liable with respect to the Loan.

    

    1.           Interest
Rate.  Interest shall accrue on the outstanding principal
balance of this Note from and after the date hereof at the rate of 10% per
annum.  Interest shall be calculated on the basis of a 360-day year,
and shall be charged on the principal outstanding from time to time for the
actual number of days elapsed.

     

    2.           Payment of Principal and
Interest.  The Borrower shall pay the Holder all accrued
interest shall be paid on the Maturity Date.

     

    3.           Conversion.  At
any time while this Note is outstanding, the Holder may convert any portion of
this Note that is outstanding, whether such portion represents principal or
interest, into shares of common stock of the Company (the “Conversion Shares”)
at a price (the “Conversion Price”) equal to $0.01 (the “Conversion
Price”).  The Company must deliver the Conversion Shares to the Holder
no later than the third (3rd) business day after the date (the “Conversion
Date”) that the Holder notifies the Company that it elects to effectuate a
conversion (such third business day is hereinafter referred to as the “Share
Delivery Date”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    4.           Holder’s Conversion
Limitations.  The Company shall not effect any conversion of
this Note, and a Holder shall not have the right to convert any portion of this
Note, to the extent that after giving effect to the conversion set forth on the
applicable conversion notice (“Notice of Conversion”) submitted by the Holder,
the Holder (together with the Holder’s affiliates, and any Persons acting as a
group together with the Holder or any of the Holder’s affiliates) would
beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of shares
of common stock beneficially owned by the Holder and its affiliates shall
include the number of shares of common stock issuable upon conversion of this
Note with respect to which such determination is being made, but shall exclude
the number of shares of common stock which are issuable upon (i) conversion of
the remaining, unconverted principal amount of this Note beneficially owned by
the Holder or any of its affiliates and (ii) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company
subject to a limitation on conversion or exercise analogous to the limitation
contained herein (including, without limitation, any other convertible
securities or warrants) beneficially owned by the Holder or any of its
affiliates.  Except as set forth in the preceding sentence, for
purposes of this Section 4, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder.  To the extent that the limitation contained
in this Section 4 applies, the determination of whether this Note is convertible
(in relation to other securities owned by the Holder together with any
affiliates) and of which principal amount of this Note is convertible shall be
in the sole discretion of the Holder, and the submission of a Notice of
Conversion shall be deemed to be the Holder’s determination of whether this Note
may be converted (in relation to other securities owned by the Holder together
with any Affiliates) and which principal amount of this Note is convertible, in
each case subject to the Beneficial Ownership Limitation. To ensure compliance
with this restriction, the Holder will be deemed to represent to the Company
each time it delivers a Notice of Conversion that such Notice of Conversion has
not violated the restrictions set forth in this paragraph and the Company shall
have no obligation to verify or confirm the accuracy of such
determination.  In addition, a determination as to any group status as
contemplated above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated
thereunder.   For purposes of this Section 4, in determining the
number of outstanding shares of common stock, the Holder may rely on the number
of outstanding shares of common stock as stated in the most recent of the
following: (i) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (ii) a more recent public announcement by
the Company, or (iii) a more recent written notice by the Company or the
Company’s transfer agent setting forth the number of shares of Common Stock
outstanding.  Upon the written or oral request of a Holder, the
Company shall within two Trading Days confirm orally and in writing to the
Holder the number of shares of common stock then outstanding.  In any
case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company,
including this Note, by the Holder or its affiliates since the date as of which
such number of outstanding shares of common stock was reported. The “Beneficial
Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of common
stock issuable upon conversion of this Note held by the Holder.  The
Holder, upon not less than 61 days’ prior notice to the Company, may waive the
Beneficial Ownership Limitation and the Beneficial Ownership Limitation shall no
longer apply as of the 61st day
after such notice is delivered to the Company.  The limitations
contained in this paragraph shall apply to a successor holder of this
Note.

     

    5.           Acknowledgement by the
Holder.  The Holder hereby represents and warrants to the
Borrower that the Holder has sufficient knowledge and experience of financial
and business matters so that the Holder is able to evaluate the merits and risks
of purchasing this Note and the Holder has had substantial experience in
previous private and public purchases of securities.  The Holder is an
“accredited investor” as that term is defined in Rule 501 of Regulation D under
the Securities Act.

     

    6.           Event of
Default.  Any of the following shall constitute an “Event of
Default” under this Note, and shall give rise to the remedies provided in
Section 7
herein:

     

    
      	
               
      

            	
              (a)

            	
              The
      failure by the Borrower to pay the Indebtedness or otherwise to satisfy
      when due, as contemplated in Section
      2;

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      failure by the Borrower to deliver the Conversion Shares by the Share
      Delivery Date, as contemplated in Section
      3;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
               
      

            	
              (c)

            	
              The
      failure by the Borrower to timely file and keep current periodic reports
      with the SEC;

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      the Borrower:  (i) makes a general assignment for the
      benefit of creditors; (ii) is adjudicated a bankrupt or insolvent;
      (iii) files a voluntary petition in bankruptcy; (iv) takes advantage,
      as against its creditors, of any bankruptcy law or statute of the United
      States of America or any state or subdivision thereof now or hereafter in
      effect; (v) has a petition or proceeding filed against it under any
      provision of any bankruptcy or insolvency law or statute of the United
      States of America or any state or subdivision thereof, which petition or
      proceeding is not dismissed within 30 days after the date of the
      commencement thereof; (vi) has a receiver, liquidator, trustee,
      custodian, conservator, sequestrator or other such person appointed by any
      court to take charge of its affairs or assets or business and such
      appointment is not vacated or discharged within 30 days thereafter; or
      (vii) takes any action in furtherance of any of the
      foregoing;

            

    

     

    
      	
               
      

            	
              (e)

            	
              Any
      merger, liquidation, dissolution or winding up of the Borrower or its
      business or any sale of all or substantially all of the Borrower’s capital
      stock or assets; provided,
      however,
      the merger or sale of the Borrower with a successor entity that
      acknowledges and expressly assumes in writing the Borrower’s obligations
      hereunder shall not be considered an “Event of Default” for purposes
      hereof; or

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      Borrower attempts to effectuate or effectuates a reverse stock split of
      its common stock without first obtaining the prior written consent of the
      Holder.

            

    

     

    7.           Remedies on
Default.  If any Event of Default shall occur and be continuing
for a period of seven (7) calendar days, the Holder shall, in addition to any
and all other available rights and remedies, have the right, at the Holder’s
option unless such Event of Default shall have been cured or waived in writing
by the Holder (which waiver shall not be deemed to be a waiver of a subsequent
default), to:  (a) declare the entire unpaid principal balance of this
Note, together with all interest accrued thereon and all other sums due by the
Borrower hereunder (the “Default Amount”), to be immediately due and payable;
and (b) pursue any and all available remedies for the collection of such
principal and interest to enforce its rights as described herein; and in such
case the Holder may also recover all costs of suit and other expenses in
connection therewith, including reasonable attorney’s fees for collection and
the right to equitable relief (including, but not limited to, injunctions) to
enforce the Holder’s rights as set forth herein.

     

    8.           Certain
Waivers.  Except as otherwise expressly provided in this Note,
the Borrower hereby waives diligence, demand, presentment for payment, protest,
dishonor, nonpayment and default with respect to the Indebtedness evidenced
hereby.  The Borrower hereby expressly agrees that this Note, or any
payment hereunder, may be extended, modified or subordinated (by forbearance or
otherwise) from time to time, without in any way affecting the liability of the
Borrower.

     

    9.           Waivers and Amendments;
Cumulative Remedies.  Neither any provision of this Note nor
any performance hereunder may be waived orally, but only by an agreement in
writing and signed by the party against whom enforcement of any waiver or
discharge is sought.  No right or remedy conferred upon the parties
under this Note is intended to be exclusive of any other right or remedy
contained herein or in any instrument or document delivered in connection
herewith, and every such right or remedy shall be cumulative and shall be in
addition to every other such right or remedy contained herein and/or now or
hereafter existing at law or in equity or otherwise.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    10.           Governing
Law.  This Note shall be deemed to be a contract made under the
laws of the State of New York and shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to the
principles of conflicts of law.  If either party shall commence an
action or proceeding to enforce any provision of this Note, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for
its attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or
proceeding.

     

    11.           Consent to Jurisdiction and
Service of Process.  The Borrower by execution, and the Holder
by acceptance, hereof each consent to the jurisdiction of any federal district
court in the State of New York having competent jurisdiction.  The
Borrower waives personal service of any summons, complaint or other process in
connection with any such action or proceeding and agrees that service thereof
may be made, as the Holder may elect, by certified mail directed to the Borrower
at the location provided for in Section 13 hereof,
or, in the alternative, in any other form or manner permitted by
law.

     

    12.           Additional
Documents.  From time to time the Holder will execute and
deliver to the Borrower such additional instruments as the Borrower may
reasonably request to effectuate the purposes of this Note.

     

    13.           Notices.  All
notices and other communications required or permitted hereunder shall be in
writing and shall be mailed by United States first-class mail, postage prepaid,
or delivered personally by hand or by nationally recognized overnight courier or
sent via facsimile addressed to:

     

    If to the
Borrower:

    

    Signature Exploration and Production
Corp.

    Attn:
Steven Weldon

    201 St
Charles Avenue, Ste 2500

    New
Orleans, LA 70170

    Fax:
(504) 524-7979

    

    If to the
Holder:

     

    Bristol
Investment Fund Ltd.

    c/o
Bristol Capital Advisors LLC

    Attn: Amy
Wang, Esq.

    10990
Wilshire Blvd.

    Suite
1410

    Los
Angeles, CA  90024

    Facsimile: (310)
696-0334

     

    or at
such other address as shall have been furnished to the other party in
writing.  All such notices and other written communications shall be
effective:  (a) if mailed, five days after mailing; (b) if delivered,
upon delivery; and (c) if sent via facsimile, upon confirmation of
receipt.

     

    14.           Wiring
Instructions.  Any amount wired to the Borrower hereunder shall
be wired in accordance with the following wiring instructions:

     

    Bank
Name:            __________________

    Account
Name:     __________________

    Account
Number: __________________

    Routing
number:   __________________

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    15.           Severability.  If
any provision of this Note is prohibited or unenforceable in any jurisdiction,
it shall be ineffective in such jurisdiction only to the extent of such
prohibition or unenforceability, and such prohibition or unenforceability shall
not invalidate the balance of such provision to the extent it is not prohibited
or unenforceable nor the remaining provisions hereof, nor render unenforceable
such provision in any other jurisdiction.

     

    16.           Assignment.  This
Note shall inure to the benefit of, and shall be binding upon, the Borrower and
the Holder and their respective successors and permitted
assigns.  Neither party hereto may assign any of its rights or
obligations hereunder without the prior written consent of the other
party.

     

    17.           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, and all of which together shall constitute one and the same
instrument.  A facsimile signature of any party shall be considered to
have the same binding legal effect as an original signature.

     

    18.           No Stockholder
Rights.  Nothing contained in this Note shall be construed as
conferring upon the Holder or any other person the right to vote or to consent
or to receive notice as a stockholder in respect of meeting of stockholders for
the election of directors of the Borrower or any other matters or any rights
whatsoever as a stockholder of the Borrower; and no dividends shall be payable
or accrued in respect of this Note.

     

    19.           JURY
WAIVER.  THE BORROWER BY EXECUTION, AND THE HOLDER BY
ACCEPTANCE, HEREOF EACH CONSENT THAT IN ANY CIVIL ACTION, COUNTERCLAIM, OR
PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR
RELATES TO THIS NOTE, ANY AND ALL TRANSACTIONS CONTEMPLATED BY THIS NOTE, THE
PERFORMANCE OF THIS NOTE, OR THE RELATIONSHIP CREATED BY THIS NOTE, WHETHER
SOUNDING IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL SHALL BE TO A
COURT OF COMPETENT JURISDICTION AND NOT TO A JURY.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY.  ANY
PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS NOTE WITH ANY COURT, AS
WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THIS NOTE OF THE WAIVER OF
THEIR RIGHT TO A TRIAL BY JURY.

     

    [SIGNATURE
PAGE TO FOLLOW]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
undersigned has executed and delivered this Note on and as of the date first set
forth above.

     

     

    Signature
Exploration & Production Corp, a Delaware corporation, as
Borrower

    

    

    By: /s/ Steven
Weldon                                      

    Name: Steven
Weldon

    Title:   Chief
Financial OfficerExhibit
4.2

    

    ALLONGE
TO CONVERTIBLE PROMISSORY NOTE

    

    This Allonge, dated as of September 14, 2009, is
attached to and made a part of that certain Convertible Promissory Note (the “Note”) dated April 14, 2009, in
the original principal amount of ONE MILLION DOLLARS ($1,000,000) made by
ONSTREAM MEDIA CORPORATION to the order of ROCKRIDGE CAPITAL HOLDINGS, LLC for
the purpose of annexing thereto the following modifications:

    

    (1)          The
Principal Amount under the Note has been increased to TWO MILLION DOLLARS
($200,000,000).

    

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

    

    1.

    (a)           Maturity Date;
Interest.  Company promises to pay interest at a rate of twelve
percent (12%) per annum on the Principal Amount of this Note, such interest
accrued on a monthly basis based on the then outstanding
balance.  Monthly payments against principal and accrued interest
shall be due and payable commencing on May 14, 2009 and continuing on a
monthly basis thereafter through and including August 14, 2013, except that if not
sooner paid, the Principal Amount together with all accrued interest thereon,
shall be due and payable on September 14, 2013 or such
earlier date as provided in the Purchase Agreement (including by reason of
acceleration upon the occurrence of an Event of Default) (the “Maturity
Date”).  The monthly payments to be applied against principal
and interest shall initially be as set forth on Exhibit A attached
hereto calculated on a total of $1,000,000 plus any advances
made on the date of that certain Allonge to this Note dated September 14,
2009.

    

    (b)           Additional
Advances.  In the event additional advances are made by
Investor to the Company as provided for under the terms of this Note and the
Purchase Agreement (and which at all times shall not exceed the aggregate
principal amount of Two Million Dollars ($2,000,000) (the “Maximum Loan
Amount”), Exhibit A shall be
replaced and the monthly payments to be applied against principal and interest
shall be recalculated as set forth in a revised Exhibit A to take
into the account such additional advances.  Each additional advance
shall be in an amount not less than Two Hundred Thousand Dollars ($200,000) and,
to the extent in excess thereof, in integral multiples of One Hundred Thousand
Dollars ($100,000).  As an origination fee for each additional
advance, the Investor shall have the option to require the Company to issue
Shares of the Company to Investor, upon not less than sixty-one (61) days prior
written notice to the Company, at the rate of (i) Two Hundred Thousand (200,000)
shares for making the additional $1,000,000 available to the Company, and (ii)
One Hundred Thousand (100,000) Shares for every Two Hundred Thousand Dollar
($200,000) advance made by the Investor, on a prorated basis.  In
addition, an amount equal to twenty five percent (25%) of the value of such
additional advance shall be added to the balloon payment described below in
Section 1(c) (collectively, the “Additional Balloon Payment
Amounts”).  Interest on the Principal Amount shall be computed
on the basis of a 365-day year and actual days elapsed until all of said
Principal Amount has been fully paid, whether before or after the Maturity Date,
by acceleration or otherwise, and whether or not any judgment is obtained
hereon. Payments shall be made by check or wire transfer to an account
designated by Investor.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c)           Balloon
Payment.  In the absence of any optional conversions in
accordance with section 2 below, it is anticipated that the Company’s final
payment on the Maturity Date will include an approximately Two Hundred and Fifty
Thousand Dollars ($250,000) balloon payment against the Principal Amount,
subject to increase based on Additional Balloon Payment Amounts as set forth in
Section 1(b), with a maximum balloon payment of Five Hundred Thousand Dollars
($500,000). However, in the event of
any optional conversions in accordance with Section 2 below, (i) the balloon
payment will be reduced by the amount of any such conversion and (ii) the
interest portion of the monthly payments hereunder for the remaining months
after any such conversion will be adjusted to reflect the outstanding principal
being immediately reduced for amount of the conversion.

    

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

    

    2.           Optional
Conversion.

    

    (a)           Optional Conversion of
Balloon Payment.  Upon notice from Investor, a minimum of Two
Hundred and Fifty Thousand Dollars ($250,000) and a maximum of Five Hundred
Thousand Dollars ($500,000), depending on any Additional Balloon Payment
Amounts, of the outstanding principal of this Note may be converted at any time
and from time to time prior to the Maturity Date (subject to a minimum of one
month between conversion notices unless such conversion amount exceeds Twenty
Five Thousand Dollars ($25,000)) into a number of restricted Shares using a
conversion price which shall be a twenty percent (20%) discount of the fair
market value of the average closing bid price for the common stock of the
Company for the prior twenty (20) days of trading on NASDAQ Capital Market (or
such other exchange or market on which the Company’s common shares are trading)
prior to such Investor notice, but such conversion price not less than $.40 per
share.  The conversion price is subject to adjustment for stock
splits, stock dividends, and other similar transactions.  To the
extent possible, restricted Shares issued upon conversion of this Note will be
issued with the same voting and other similar rights as the Company’s existing
common shares.  The Company will
not effect any conversion of this Note, to the extent Investor and Frederick
DeLuca, after giving effect to such conversion, would beneficially own in excess
of 9.9% of the Company’s outstanding common stock (the “Beneficial Ownership
Limitation”).  The Beneficial Ownership Limitation may be waived by
the Investor upon not less than sixty-one (61) days’ prior written notice to the
Company unless such waiver would result in a violation of the NASDAQ shareholder
approval rules.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (b)           Optional Conversion of the
Principal. On or after September 4, 2010 and upon notice from
Investor, up to fifty percent (50%) of the outstanding principal amount of this Note (excluding
the balloon payment subject to conversion per Section 2(a) above) may be
converted at any time and from time to time prior to the Maturity Date (subject
to a minimum of one month between conversion notices unless such conversion
amount exceeds Twenty Five Thousand Dollars ($25,000)) into a number of
restricted Shares using a conversion price which shall be a twenty percent (20%)
discount of the fair market value of the average closing bid price for the
common stock of the Company for the prior thirty (30) days of trading on NASDAQ
Capital Market (or such other exchange or market on which the Company’s common
shares are trading) prior to such Investor notice, but such conversion price not
less than $.40 per share.  The conversion price is subject to
adjustment for stock splits, stock dividends, and other similar
transactions.  To the extent possible, restricted Shares issued upon
conversion of this Note will be issued with the same voting and other similar
rights as the Company’s existing common shares. The Company will not
effect any conversion of this Note, to the extent Investor and Frederick DeLuca,
after giving effect to such conversion would beneficially own in excess of 9.9%
of the Company’s outstanding common stock (the “Beneficial Ownership
Limitation”). The Beneficial Ownership Limitation may be waived by the Investor
upon not less than sixty-one (61) days’ prior written notice to the Company
unless such waiver would result in a violation of the NASDAQ shareholder
approval rules.

    

    (c)  Optional Conversion of
Remaining Principal.  On or after September 4, 2011, the
remaining outstanding principal amount of this Note may be converted at any time
and from time to time prior to the Maturity Date (subject to a minimum of one
month between conversion notices unless such conversion amount exceeds $25,000),
into the number of restricted Shares determined by using the formula described
in Section 2(b).  The Company will not effect any conversion of this
Note, to the extent Investor and Frederick DeLuca, after giving effect to such
conversion, would beneficially own in excess of 9.9% of the Company’s
outstanding common stock (the “Beneficial Ownership Limitation”).  The
Beneficial Ownership Limitation may be waived by the Investor upon not less than
sixty-one (61) days’ prior written notice to the Company unless such waiver
would result in a violation of the NASDAQ shareholder approval
rules.

    

    (d)  Optional Conversion in the
Event of Sale of Assets.  If the Company sells all or
substantially all of its assets, the Investor shall have the right to convert
all remaining outstanding principal amount on this Note into the
number of restricted Shares determined by using the formula described in Section
2(b).  The Company will not effect any conversion of this Note, to the
extent Investor and Frederick DeLuca, after giving effect to such conversion,
would beneficially own in excess of 9.9% of the Company’s outstanding common
stock (the “Beneficial Ownership Limitation”).  The Beneficial
Ownership Limitation may be waived by the Investor upon not less than sixty-one
(61) days’ prior written notice to the Company unless such waiver would result
in a violation of the NASDAQ shareholder approval rules.

    

    (4)           Section
3 of the Note is hereby amended to substitute the words “Section 2” for the
words “Section 3.”

    

    (5)           Section
7 of the Note is hereby amended as follows:

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (a)  The words “after 10
days’ written notice” are hereby deleted in their entirety and replaced with
“after ten (10) days’ written notice”; and

    

    (b)  The words “(i) eighteen
percent 18%” are hereby deleted in their entirety and replaced with “(i)
eighteen percent (18%)”.

    

    (6)           Exhibit A to the Note
is hereby deleted and replaced in its entirety with the attached Exhibit
A.

    

    (7)           The
issuance of any Shares of the Company hereunder is subject to compliance with
the prior notification to NASDAQ via an LAS filing, the required LAS waiting
period, and the ultimate approval by NASDAQ of that LAS filing.

    

    The Note
otherwise remains unmodified and in full force and effect.

     

    [SIGNATURE
APPEARS ON THE FOLLOWING PAGE]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  ONSTREAM MEDIA CORPORATION

                
	 
      	 
      
	
                  By:

                	
                  /s/ Randy S. Selman

                
	
                  Name:   Randy S. Selman

                
	
                  Title:     President
      and Chief Executive
Officer

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