Document:

ex10-89.htm

Exhibit 10.67

 

 

AMENDMENT NUMBER THREE TO SECURITIES PURCHASE AGREEMENT

 

THIS AMENDMENT NUMBER THREE TO SECURITIES PURCHASE AGREEMENT, dated as of January 31, 2015 (this “Amendment”), is entered into by and between OmniComm Systems, Inc., a Delaware corporation with headquarters located at 2101 W. Commercial Blvd., Suite 3500, Ft. Lauderdale, FL 33309 (the “Company”), and the individual or entity named on an executed counterpart of the signature page hereto (each such signatory is referred to as a “Buyer”) (each agreement with a Buyer being deemed a separate and independent agreement between the Company and such Buyer, except that each Buyer acknowledges and consents to the rights granted to each other Buyer (each, an “Other Buyer”) under such agreement and the Transaction Agreements, as originally defined in the Securities Purchase Agreement dated September 30, 2009).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Buyer did execute and mutually deliver a Securities Purchase Agreement and Security Interest Agreement (the “Security Interest Agreement”) on September 30, 2009 (the “Purchase Agreement”); which was extended first on April 01, 2011 with the document named “AMENDMENT NUMBER ONE TO SECURITIES PURCHASE AGREEMENT” and extended again on February 22, 2013 with the document named “AMENDMENT NUMBER TWO TO SECURITIES PURCHASE AGREEMENT”; and 

 

WHEREAS, the Buyer wishes to extend the maturity date of monies lent to the Company, subject to and upon the terms and conditions of the Purchase Agreement and acceptance of this Addendum by the Company, the Purchase Price (as defined in the Purchase Agreement), the repayment of which was represented by 12% Secured Convertible Debentures Series 09 of the Company (the “Debenture” or “Convertible Debenture” and collectively with all Other Buyers the “Debentures” or “Convertible Debentures”), which Convertible Debentures are convertible into shares of Common Stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the conditions of such Convertible Debentures, together with the Warrants (“Warrants”) (as defined in the Purchase Agreement) exercisable for the purchase of shares of Common Stock;

 

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

 

The Buyer hereby agrees to:

 

	 	
1.
	
Extend the Maturity Date (“Maturity Date”) as defined in the Purchase Agreement to April 1, 2017, and

 

	 	
2.
	
To waive his rights to the granted Security Interests (“Security Interest(s)”) as defined in the Security Interest Agreement and for the release of the Collateral as defined by the Security Interest Agreement.

 

The Company hereby agrees to extend the expiration date of the Warrants related to the Convertible Debenture to April 1, 2017. Other than as expressly detailed in this Addendum, all other rights, responsibilities and obligations of Buyer and the Company as provided in the Purchase Agreement, Security Interest Agreement, Warrant and Debenture or Convertible Debenture dated September 30, 2009 will prevail and supersede the terms and conditions of this Addendum. 

 

 

 

 

 

[ADDENDUM NUMBER THREE TO SECURITIES PURCHASE AGREEMENT SIGNATURE PAGE]

 

IN WITNESS WHEREOF, with respect to the Purchase Price specified below, each of the undersigned represents that the foregoing statements made by it above are true and correct and that it has caused this Addendum to be duly executed on its behalf (if an entity, by one of its officers thereunto duly authorized) as of the date first above written.

 

	
PURCHASE PRICE: 
	
$1,100,000.00 

                              

 

BUYER:

 

 

Cornelis F. Wit

Printed Name of Buyer

 

 

 

By: /s/ Cornelis F. Wit

       Signature of Authorized Person)

 

Address: 646 Osprey Point Circle, Boca Raton, FL 33431

 

	
Telecopier No.954-473-1265 
	 	
 

 

	
 
	
 

	
Printed Name and Title    
	
 

	
 
	
 

	 	 
	Jurisdiction of Incorporation	 
	or Organization	 

 

If the above Notice Address is not the Residence (for individual Buyer) or Principal Place of Business (for Buyer which is not an individual), such Residence or Principal Place of Business is:

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

COMPANY:

 

 OMNICOMM SYSTEMS, INC.

  

 

By: /s/ Thomas E. Vickers

Thomas E. Vickers 

Chief Financial Officerex10-90.htm

Exhibit 10.68

 

 

AMENDMENT NUMBER THREE TO SECURITIES PURCHASE AGREEMENT

 

THIS AMENDMENT NUMBER THREE TO SECURITIES PURCHASE AGREEMENT, dated as of January 31, 2015 (this “Amendment”), is entered into by and between OmniComm Systems, Inc., a Delaware corporation with headquarters located at 2101 W. Commercial Blvd., Suite 3500, Ft. Lauderdale, FL 33309 (the “Company”), and the individual or entity named on an executed counterpart of the signature page hereto (each such signatory is referred to as a “Buyer”) (each agreement with a Buyer being deemed a separate and independent agreement between the Company and such Buyer, except that each Buyer acknowledges and consents to the rights granted to each other Buyer (each, an “Other Buyer”) under such agreement and the Transaction Agreements, as originally defined in the Securities Purchase Agreement dated December 31, 2009).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Buyer did execute and mutually deliver a Securities Purchase Agreement and Security Interest Agreement (the “Security Interest Agreement”) on December 31, 2009 (the “Purchase Agreement”); which was extended first on June 30, 2011 with the document named “AMENDMENT NUMBER ONE TO SECURITIES PURCHASE AGREEMENT” and extended again on February 22, 2013 with the document named “AMENDMENT NUMBER TWO TO SECURITIES PURCHASE AGREEMENT”; and 

 

WHEREAS, the Buyer wishes to extend the maturity date of monies lent to the Company, subject to and upon the terms and conditions of the Purchase Agreement and acceptance of this Addendum by the Company, the Purchase Price (as defined in the Purchase Agreement), the repayment of which was represented by 12% Secured Convertible Debentures Series 09 of the Company (the “Debenture” or “Convertible Debenture” and collectively with all Other Buyers the “Debentures” or “Convertible Debentures”), which Convertible Debentures are convertible into shares of Common Stock, $0.001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the conditions of such Convertible Debentures, together with the Warrants (“Warrants”) (as defined in the Purchase Agreement) exercisable for the purchase of shares of Common Stock;

 

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

 

The Buyer hereby agrees to:

 

	 	
1.
	
Extend the Maturity Date (“Maturity Date”) as defined in the Purchase Agreement to April 1, 2017, and

 

 

The Company hereby agrees to extend the expiration date of the Warrants related to the Convertible Debenture to April 1, 2017. Other than as expressly detailed in this Addendum, all other rights, responsibilities and obligations of Buyer and the Company as provided in the Purchase Agreement, Security Interest Agreement, Warrant and Debenture or Convertible Debenture dated December 31, 2009 will prevail and supersede the terms and conditions of this Addendum. 

 

 

 

 

 

[ADDENDUM NUMBER THREE TO SECURITIES PURCHASE AGREEMENT SIGNATURE PAGE]

 

IN WITNESS WHEREOF, with respect to the Purchase Price specified below, each of the undersigned represents that the foregoing statements made by it above are true and correct and that it has caused this Addendum to be duly executed on its behalf (if an entity, by one of its officers thereunto duly authorized) as of the date first above written.

 

	
PURCHASE PRICE:    
	
$1,440,000.00 

                            

BUYER:

 

 

Cornelis F. Wit

Printed Name of Buyer

 

 

 

By: /s/ Cornelis F. Wit

      (Signature of Authorized Person)

 

Address: 646 Osprey Point Circle, Boca Raton, FL 33431

 

	
Telecopier No.954-473-1265 
	 	
 

 

	
 
	
 

	
Printed Name and Title    
	
 

	
 
	
 

	 	 
	Jurisdiction of Incorporation	 
	or Organization	 

 

If the above Notice Address is not the Residence (for individual Buyer) or Principal Place of Business (for Buyer which is not an individual), such Residence or Principal Place of Business is:

 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

COMPANY:

 

 OmniComm Systems, Inc.

 

 

 

By: /s/ Thomas E. Vickers

Thomas E. Vickers 

Chief Financial Officerex10-94.htm

Exhibit 10.69

 

 

PROMISSORY NOTE

 

 

$950,000.00

Broward County, Florida

January 31, 2015

 

FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the ("Maker") promises to pay to the order of Cornelis F. Wit, his successors or assigns, (hereinafter referred to as "Payee"), the principal sum of NINE HUNDRED AND FIFTY THOUSAND AND 00/100 DOLLARS ($950,000.00), together with interest on the principal balance from time to time outstanding, at the rate of twelve percent (12.00%) per annum; principal and interest shall be payable as follows: interest shall be payable monthly and the balance of the principal sum, together with any accrued and unpaid accrued interest, shall be paid no later than April 01, 2017.

 

The Promissory Note hereby includes accrued interest balances as listed in Exhibit A, which is attached hereto:

 

In the event that the Maker defaults in the payment of any payment of the principal sum or interest owing hereunder when and as the same shall become due and payable and such default shall continue for a period of 15 days, then the Payee may declare this Promissory Note to be in default. The Payee must provide written notice to the Maker that the Payee is declaring the Note to be in default. The Maker shall have a cure period of 15 days to resolve the default. If at the end of the cure period the default has not been resolved, then the entire principal sum and all accrued interest shall become due and payable at once without any additional notice and demand at the option of the Payee. While in default, amounts outstanding under this Promissory Note shall bear interest at the rate of twelve percent (12%) per annum.

 

This Promissory Note may be prepaid in whole or in part at any time without penalty or premium. All payments made shall first be applied to accrued and unpaid interest and then to principal. Any prepayment shall require payment of all accrued interest thereon.

 

In the event of an action to enforce this Promissory Note is commenced in a court of competent jurisdiction or in the event recourse to any court shall be deemed necessary by Payee or Payee deems it necessary to employ legal counsel in order to collect or enforce the terms and provisions hereof for any reason, including but not limited to the filing of a proof(s) of claim or any other proceedings under the Acts of Congress relating to Bankruptcy Proceedings or in any other type of receivership or insolvency proceedings, Payee shall be entitled to reasonable attorney’s fees (through and including any appellate proceedings) and all costs and expenses incurred by Payee in collecting or enforcing payment hereof.

 

The Maker and any endorsers, sureties, guarantors, and all others who are, or may become liable for the payment hereof, (a) severally waive presentment for payment, demand, notice of protest of this Promissory Note, and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Promissory Note, (b) expressly consent to all extensions of time, renewals, postponements of time of payment of this Promissory Note or other modifications hereof from time to time prior to or after the day they became due without notice, consent or consideration to any of the foregoing, (c) expressly agree to the addition or release of any party or person primarily or secondarily liable hereon, (d) expressly agree that the Payee shall not be required first to institute any suit, or to exhaust its remedies against the undersigned or any other person or party to become liable hereunder in order to enforce the payment of this Promissory Note, and (e) expressly agree that, notwithstanding the occurrence of any of the foregoing (except the express written release by the Payee of any such person), the Maker shall be and remain, directly and primarily liable for all sums due under this Promissory Note.

 

 

1

 

 

Notwithstanding any other provisions of this Promissory Note or any other instrument executed in connection with the loan evidenced here by, it is expressly agreed that the amounts payable under this Promissory Note or under the other aforesaid instruments for the payment of interest or any other payment in the nature of or which would be considered as interest or other charge for the use or loan of money shall not exceed the highest rate allowed by the laws of the State of Florida, from time to time, and in the event the provisions of this Promissory Note or of such other instrument referred to above in this paragraph with respect to the payment of interest or other payments in the nature of or which would be considered as interest or other charge for the use or loan of money shall result in exceeding such limitation, then the excess over such limitation shall not be payable and the amount otherwise agreed to have been paid shall be reduced by the excess so that such limitation will not be exceeded. If any payment is actually made which shall result in such limitation being exceeded, the amount of the excess shall constitute and be treated as a payment on the principal hereof and shall operate to reduce such principal by the amount of such excess, or if in excess of the principal indebtedness, such excess shall be refunded.

 

This Promissory Note shall be construed in accordance with the laws of the State of Florida.

 

MAKER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HEREUNDER, OR ARISING OUT OF, OR IN CONNECTION WITH THIS PROMISSORY NOTE OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF EITHER THE MAKER OR LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE TO EXTEND THE CREDIT EVIDENCED BY THIS NOTE.

 

 

MAKER:

 

OMNICOMM SYSTEMS, INC.

 

 

/s/ Thomas E. Vickers

Thomas E. Vickers 

Chief Financial Officer

 

 

ACCEPTED BY:

 

 

/s/ Cornelis F. Wit

Cornelis F. Wit 

 

 

2

 

 

	
EXHIBIT A

	
OmniComm Systems, Inc.
	
 

	
Wit's 2015 Note
	
 
	
 

	
January 31, 2015
	
 
	
 

 

 

	
Debtholder
	
Finance Round
	 	
Amount
	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Q4-2014 Promissory Note Principal
	 	 	280,000.00 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
August 2008 Offering (Aug 14-Dec 14 Accrued Interest)
	 	 	74,194.52 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
December 2008 Offering (Aug 14-Dec 14 Accrued Interest)
	 	 	117,847.51 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
September 2009 (Aug 14-Dec 14 Accrued Interest)
	 	 	55,331.51 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
December 2009 Offering (Aug 14-Dec 14 Accrued Interest)
	 	 	72,433.91 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Q1-2011 Promissory Note (Aug 14-Dec 14 Accrued Interest)
	 	 	144,137.77 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Q4-2011 Promissory Note (Aug 14-Dec 14 Accrued Interest)
	 	 	80,482.19 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Q1-2013 Promissory Note (Aug 14-Dec 14 Accrued Interest)
	 	 	26,609.42 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Q1-2014 Promissory Note (Aug 14-Dec 14 Accrued Interest)
	 	 	49,295.34 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Q4-2014 Promissory Note (Aug 14-Dec 14 Accrued Interest)
	 	 	828.19 	 
	 	 	 	 	 	 
	
Cornelis Wit
	
Line of Credit Collateral (Aug 13-Dec 14 Accrued Interest)
	 	 	48,839.64 	 
	 	 	 	 	 	 
	
Totals
	 	 	950,000.00 	 

 

 

3

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