Document:

Exhibit 10.35 Promissory Note dated October 15, 2014 in the amount of $5,000

EXHIBIT 10.35

		
	$5,000.00

	October 15, 2014

PROMISSORY NOTE

As hereinafter agreed Jolley Marketing Inc., jointly and severally, promises to pay to the order of McKinley Enterprise Profit Sharing Plan, Five Thousand Dollars and no cents. ($5,000.00). It is hereby agreed that the said amount shall be payable in full twenty-four months from the date of the note. Interest shall accrue at the rate of Eight Percent (8%) per annum will be charged on the unpaid balance until the whole amount of the principal and interest is paid. There shall be no penalty for early payment of this note.

Should default be made in the payment of the demand note then the whole unpaid amount shall become immediately due and payable; and in the event default is made and said note is placed in the hands of an attorney for collection or suit is brought on the same, then the undersigned agrees to pay all costs and attorney’s fees that might be incurred. If there is a lawsuit, borrower agrees upon lenders request to submit to the jurisdiction of the county of Utah County, the State of Utah. This Note shall be governed by and construed in accordance with the laws of the State of Utah.

UNDERSIGNED:

Steven White

/s/ Steve White

Steven White, President

Jolley Marketing, Inc.Exhibit 10.36 Amendment to Promissory Note dated March 14, 2013

EXHIBIT 10.36

AMENDMENT TO PROMISSORY NOTE

THIS AMENDMENT, dated as of February 9, 2015 (the “Amendment”) to the Promissory Note referred to below is entered into by and between, McKinley Enterprise Inc., Profit Sharing Plan, (the “Creditor”) and Jolley Marketing, Inc. (the “Debtor”).

WHEREAS, the parties entered into the Promissory Note on March 14, 2013 (the “Note”);

WHEREAS, the original maturity date of the Note was March 14, 2015.

WHEREAS, the parties hereto wish to amend the Note to extend the maturity date thereof.

NOW THEREFORE, in consideration of the receipt of good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as follows:

MATURITY: The maturity date of the Note is hereby extended to March 14, 2016.

EFFECTIVE DATE: The effective date of this Amendment shall be February 9, 2015.

GENERAL PROVISIONS:

(a)

Except as amended hereby, the Note shall continue to be, and shall remain, in full force and effect. This Amendment shall not, except as otherwise provided herein, be deemed (i) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Note or (ii) to prejudice any right or rights which the parties may now have or may have in the future under or in connection with the Note, as the same may be amended, restated, supplemented or otherwise modified from time to time.

(b)

The terms of the Note are incorporated herein by reference and shall form a part of this Amendment as if set forth herein in their entirety.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed individually or by its officer thereunto duly authorized, as of the respective dates set forth below.

JOLLEY MARKETING, INC.

Date: February 9, 2015

/s/ Steve White

By Steve White, President

McKINLEY ENTERPRISE, INC. PROFIT

SHARING PLAN

Date: February 9, 2015

/s/ David Nemelka

By David Nemelka, TrusteeExhibit 10.37 Amendment to Promissory Note dated February 4, 2013

EXHIBIT 10.37

AMENDMENT TO PROMISSORY NOTE

THIS AMENDMENT, dated as of February 9, 2015 (the “Amendment”) to the Promissory Note referred to below is entered into by and between, Sugarloaf Management, Inc., (the “Creditor”) and Jolley Marketing, Inc. (the “Debtor”).

WHEREAS, the parties entered into the Promissory Note on February 4, 2013 (the “Note”);

WHEREAS, the original maturity date of the Note was February 4, 2015.

WHEREAS, the parties hereto wish to amend the Note to extend the maturity date thereof.

NOW THEREFORE, in consideration of the receipt of good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as follows:

MATURITY: The maturity date of the Note is hereby extended to February 4, 2016.

EFFECTIVE DATE: The effective date of this Amendment shall be February 9, 2015.

GENERAL PROVISIONS:

(a)

Except as amended hereby, the Note shall continue to be, and shall remain, in full force and effect. This Amendment shall not, except as otherwise provided herein, be deemed (i) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of the Note or (ii) to prejudice any right or rights which the parties may now have or may have in the future under or in connection with the Note, as the same may be amended, restated, supplemented or otherwise modified from time to time.

(b)

The terms of the Note are incorporated herein by reference and shall form a part of this Amendment as if set forth herein in their entirety.

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be executed individually or by its officer thereunto duly authorized, as of the respective dates set forth below.

JOLLEY MARKETING, INC.

Date: February 9, 2015

/s/ Steve White

By Steve White, President

SUGARLOAF MANAGEMENT, INC.

Date: February 9, 2015

/s/ Brenda Hall

By Brenda Hall, Managerex10-1.htm

Exhibit 10.1

 

AMENDMENT NO. 1 TO

SECURITIES PURCHASE AGREEMENT AND

INVESTOR RIGHTS AGREEMENT

 

This Amendment No. 1 to Securities Purchase Agreement and Investor Rights Agreement (this “Amendment”) is entered into as of February 23, 2015, by and between Giga-tronics Incorporated, a corporation organized in the State of California (the “Company”), and Alara Capital AVI II, LLC, a Delaware limited liability company (including its successors and assigns, the “Purchaser”).

 

RECITALS

 

A.     The Purchaser previously held warrants to acquire up to 1,017,405 shares of common stock of the Company (the “Existing Warrants”). On February 16, 2015, the Company and the Purchaser entered into a Securities Purchase Agreement and Investor Rights Agreement, pursuant to which the Purchaser exercised the Existing Warrants to purchase 824,435 of the 1,017,405 shares for which the Existing Warrants were exercisable, and the Company issued to the Purchaser a warrant (the “First Closing Warrant”) to purchase an additional 898,634 shares of common stock of the Company.

 

B.     The Securities Purchase Agreement gave the Purchaser the right to receive a Second Closing Warrant in connection with the further exercise of the Existing Warrants. The Purchaser has committed to the further exercise of the Existing Warrants as provided in this Amendment.

 

C.     Capitalized terms used and not separately defined in this Amendment shall have the meanings given to them in the Securities Purchase Agreement.

 

In consideration of the above factors, the Company and the Purchaser hereby agree as follows:

 

AGREEMENT

 

1.     Second Exercise of Existing Warrants. Pursuant to the terms of the Securities Purchase Agreement, on the date hereof, the Purchaser agrees to exercise the Existing Warrants for the purchase of 178,383 shares of common stock of the Company (the “Second Exercise”). 

 

2.     Issuance of New Warrants. In consideration of the Purchaser’s Second Exercise of Existing Warrants for the purchase of the number of shares described in section 1 above, the Company will issue to the Purchaser a new warrant for the acquisition of the number of shares of common stock of the Company equal to 109% of the number of shares for which the Existing Warrants are being exercised in the Second Exercise (the “Second Closing Warrant”), or 194,437 shares. Any fractional share will be rounded to the nearest whole number of shares. The exercise price for each share of the Company’s common stock under the Second Closing Warrant will be $1.76. The Purchaser will pay to the Company a purchase price of $0.125 per underlying share for the issuance of the Second Closing Warrant.

 

3.     Second Closing. The consummation of the Second Exercise is referred to as the “Second Closing”). The parties shall complete the Second Closing on February 17, 2015, or as soon thereafter as practicable (the “Second Closing Date”). The Second Closing shall take place remotely by facsimile transmission or other electronic means as the parties may mutually agree.

  

 

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4.     Form of Payment. Unless otherwise agreed to by the Company and Purchaser, on the Second Closing Date, (1) the Company shall issue the Second Closing Warrant and (2) Purchaser shall wire the exercise price for shares being acquired by the Second Exercise of the Existing Warrants and the purchase price for the Second Closing Warrant, in United States dollars and in immediately available funds, in accordance with the Company’s written wire transfer instructions. Those amounts are:

 

	
Exercise price under Existing Warrants
	 	$	255,088	 
	
Purchase price for Second Closing Warrant
	 	 	24,305	 
	
Total 
	 	 	279,393	 

 

5.     Form of Second Closing Warrant. The form of the Second Closing Warrant shall be substantially the same as the form of the First Closing Warrant, revised to reflect the specific terms above. The Second Closing Warrant shall be dated the date of this Amendment and shall expire on the fifth anniversary of the date of this Amendment.

 

6.     Second Closing Warrant as a “New Warrant.” The Second Closing Warrant is a “New Warrant” for purposes of the Securities Agreement and the Investor Rights Agreement. The Second Closing Warrant shall have the benefit of the Investor Rights Agreement to the extent provided therin.

 

7.     Unexercised Existing Warrants. The parties acknowledge that, after giving effect to the Second Exercise, the Existing Warrants remain unexercised for 14,587 shares of common stock of the Company, subject to the expiration dates set forth in the documentation of the Existing Warrants. Nothing in this amendment is intended to extend any of the expiration dates of the Existing Warrants, including any expiration date that may have passed.

 

8.     Continuing Effect. As amended by this Amendment, the Securities Purchase Agreement and the Investor Rights Agreement shall remain in full force and effect.

 

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to Securities Purchase Agreement and Investor Rights Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	
 
	
Giga-tronics Incorporated 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By: 
	
/s/ John Regazzi  

	
 
	
Name: John Regazzi 

	
 
	
Title: President and Chief Executive Officer 

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK PURCHASER’S SIGNATURE PAGE FOLLOWS]

  

 

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[SIGNATURE PAGE OF PURCHASER]

 

 

 

	
 
	
PURCHASER:  
	
 

	 	 	 
	 	Alara Capital AVI II, LLC, a Delaware limited liability company	 
	
 
	
 
	
 
	
 

	
 
	
By: 
	
/s/ Darren C. Wallis   
	
 

	
 
	
Name:  Darren C. Wallis 
	
 

	 	Title: Managing Member
	 	 
	 	
Address for Notice: 

c/o AVI Partners, LLC

555 E. Lancaster Avenue

Suite 520

Radnor, PA 19087

Telephone No.: (610) 860-6660
E-mail Address: dwallis@avipartners.com

Attention: Darren C. Wallis, Managing Member

  

Delivery Instructions:

(if different than above)

 

c/o _______________________________

Street: ____________________________

City/State/Zip: ______________________

Attention: __________________________

Telephone No.: ______________________

 

 

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