Document:

Exhibit
10.12

 

AMENDMENT
TO

PURCHASE ORDER FINANCING AGREEMENT

 

This AMENDMENT TO
PURCHASE ORDER FINANCING AGREEMENT (this “Amendment”) is made and entered into as of November 17,
2017, by and between FULL SPECTRUM INC., a Delaware corporation (the “Debtor”), and ______________________,
a _________________ (the “Secured Party”).

 

A.           The
Debtor and the Secured Party are party to that certain Purchase Order Financing Agreement, dated as of February 18, 2014 (the “Agreement”);

 

B.           The
Debtor has, among other things, requested the Secured Party to extend the date on which the Debtor is required to repay its outstanding
obligations to the Secured Party under the Agreement, and the Secured Party has agreed to such changes; and

 

C.           The
Debtor and the Secured Party have agreed, upon the following terms and conditions, to amend the Agreement to effect such changes.

 

NOW, THEREFORE,
in consideration of the mutual promises herein contained, and for other valuable consideration, the parties hereto agree as follows:

 

1.           Defined
Terms and Effective Date.

 

Unless otherwise specified,
the defined terms will have their meanings as provided in the Agreement. The modifications set forth in this Amendment shall be
effective upon receipt by the Secured Party of the documentation set forth in Section 4 hereof.

 

2.           Acknowledgement
of Obligations. The Debtor agrees and acknowledges that, as of the date of this Amendment, the Debtor is indebted to the Secured
Party in the aggregate amount of $957,925 (the “New Loan Principal”), consisting of outstanding principal in the amount
of $375,000 and accrued interest thereon of $582,925 .

 

3.           Amendment
to Agreement.

 

3.01         Section 1.1
of the Agreement is hereby amended to insert the following new definitions in the appropriate alphabetical order to read as follows:

 

“New
Loan Principal Due Date” as defined in Section 2.6.

 

3.02         Section
2.5 of the Agreement is hereby amended and restated in its entirety as follows:

 

“Section
2.5 Interest Rate and Payment.

 

Effective November
18, 2017, the New Loan Principal shall bear interest at the rate of 10% per annum; provided, that, if an Event of
Default has occurred and is continuing, then all obligations shall bear interest, after as well as before judgment, at the rate
of 18% per annum. Accrued and unpaid interest shall be due and payable in arrears (i) on the last calendar day of each March, June,
September and December, (ii) on each other date of any reduction of the outstanding principal amount of the New Loan Principal
hereunder, and (iii) upon the occurrence and during the continuance of an Event of Default, at any time upon demand by the Secured
Party. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and
after the commencing of any bankruptcy or insolvency proceeding.”

 

    	 

     

    

 

3.03         Section
2.6 of the Agreement is hereby amended and restated in its entirety as follows:

 

“Section
2.6 New Loan Principal/Repayment.

 

Effective November
18, 2017, all accrued interest on the outstanding Advances shall be capitalized and converted to principal and, together with the
aggregate outstanding principal amount of the Advances equals the New Loan Principal. The New Loan Principal shall be paid in full
on the earlier of (i) December 31, 2018 (the “New Loan Principal Due Date”) and (ii) the date of acceleration pursuant
to Article 7 ‘Events of Default’ hereof, together with any and all unpaid accrued interest, fees, charges, expenses
and other sums then due and payable. The Debtor may prepay the New Loan Principal, in whole or in part, on any Business Day, without
premium or penalty.”

 

4.           Effectiveness.
The effectiveness of this Amendment is subject to receipt by the Secured Party of the following:

 

4.01         Amendment.
This Amendment, duly executed and delivered by the Debtor and the Secured Party.

 

5.           Representations
and Warranties. The Debtor hereby represents and warrants to the Secured Party
as follows:

 

(a)          Due
Authorization. The Debtor is duly authorized to execute, deliver and perform this Amendment, and the Agreement, as amended
by this Amendment, is the legal and binding obligation of the Debtor enforceable against the Debtor in accordance with its terms
subject to bankruptcy and similar laws and equitable principles.

 

(b)          Agreement.
Unless otherwise disclosed to the Secured Party, all of the representations and warranties contained in Article 3 of the
Agreement, with respect to the Debtor are true and correct in all material respects as of the date hereof (or the date specified
in the applicable representation or warranty).

 

(c)          No
Event of Default. After giving effect to this Amendment, no event has occurred and is continuing or would result from entering
into this Amendment, which constitutes or would constitute an Event of Default or a Default.

 

6.           Waiver.
The Secured Party hereby waives any and all Defaults and Events of Default existing as of the date hereof. 

 

7.           Miscellaneous.

 

(a)          No
Further Amendments. Except as expressly amended herein, the terms of the Agreement shall remain in full force and effect.

 

(b)          Limitation
on Agreements. The amendment set forth herein is limited precisely as written and shall not be deemed (a) to be a consent
under or waiver of any other term or condition in the Agreement except as expressly provided herein; or (b) to prejudice any
right or rights which the Secured Party now or may in the future under, or in connection with the Agreement, as amended hereby.
From and after the effectiveness of this Amendment, all references in the Agreement to the Agreement shall be deemed to be references
to the Agreement after giving effect to this Amendment.

 

    	2

     

    

 

(c)          Counterparts.
This Amendment may be executed in two (2) or more counterparts, each of which shall constitute an original but all of which
when taken together shall constitute but one (1) contract. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier or .pdf shall be effective as delivery of a manually executed counterpart of this Amendment.

 

(d)          Governing
Law. Pursuant to Section 5-1401 of the New York General Obligations Law, the substantive laws of the State of New
York applicable to agreements made and to be performed entirely within such state, without regard to the choice of law principles
that might otherwise apply, and the applicable federal laws of the United States of America, shall govern the validity, construction,
enforcement and interpretation of this Amendment.

 

Remainder
of Page Intentionally Left Blank.

Signature Page(s) to Follow.

 

    	3

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

	 	Debtor:
	 	Full Spectrum Inc.
	 	 
	 	By: ________________________________
	 	Name:  Stewart Kantor
	 	Title:  CEO
	 	 
	 	Secured Party:
	 	 
	 	By: ________________________________
	 	Name:
	 	Title:

 

Signature Page to

Amendment to Purchase Order Financing AgreementExhibit 10.13

 

NEITHER THE ISSUANCE OR SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL
SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.

 

	Principal Amount: $________	Issue Date: ________, 2016

 

PROMISSORY NOTE

 

FOR VALUE
RECEIVED, Full Spectrum Inc., a Delaware corporation (the “Borrower”), promises to pay to _______________
(the “Holder”) or his/her/its registered assigns or successors, the sum of $__________ together with any
accrued and unpaid interest hereon, on ________, 20171 (the “Maturity
Date”) if not sooner paid.

 

Capitalized
terms used herein without definition shall have the meanings ascribed to such terms in that certain Securities Purchase Agreement
dated as of ___________, 2016, between Borrower and the Holder (as amended, modified or supplemented from time to time, the “SPA”).

 

The following terms shall apply to this Note:

 

ARTICLE I

INTEREST AND PAYMENTS

 

1.1.          Interest
Rate. Subject to Section 3.7 hereof, interest payable on this Note shall accrue at a rate per annum equal to ten percent (10%).

 

1.2.          Payments.
Payment of the aggregate principal amount outstanding under this Note (the “Principal Amount”), together with
all accrued and unpaid interest thereon shall be made on the Maturity Date.

 

1.3           Prepayment.
This Note may be prepaid by the Borrower in whole, at any time, or in part, from time to time, without penalty or premium, on any
date after such date which is 60 days after the Issue Date. In the event that the Company completes any initial public offering
of its securities (an “IPO”), the outstanding Principal Amount and accrued but unpaid interest on this Note
shall be paid in full using the proceeds from such IPO within ten (10) days following the Company’s receipt of the IPO proceeds.

 

 

1 Insert
date 18 months from issuance

 

    	 

     

    

 

ARTICLE II

EVENTS OF DEFAULT

 

The occurrence of any of the following events
set forth in Sections 2.1 through 2.9, inclusive, shall be an “Event of Default”. The occurrence of any of the
following Events of Default shall, at the option of the Holder hereof, make the principal and unpaid interest hereon and all
other amounts payable hereunder immediately due and payable, upon demand, without presentment, or grace period, all of which
hereby are expressly waived, except as set forth below.

 

2.1.          Failure
to Pay Principal, Interest or Other Fees. Borrower fails to pay principal, interest or other fees hereon and such failure
shall continue for a period of ten (10) days following the date upon which any such payment was due.

 

2.2.          Breach
of Covenant. Borrower breaches any covenant or other term or condition of this Note in any material respect and such breach,
if subject to cure, continues for a period of ten (10) days after the occurrence thereof.

 

2.3.          Breach
of Representations and Warranties. Any representation or warranty of Borrower made herein or the SPA shall be false or misleading
in any material respect.

 

2.4.          Receiver
or Trustee. The Borrower or any of its subsidiaries shall make an assignment for the benefit of creditors, or apply for or
consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business; or such a receiver
or trustee shall otherwise be appointed.

 

2.5.          Judgments.
Any money judgment, writ or similar final process shall be entered or filed against the Borrower or any of its subsidiaries or
any of their respective property or other assets for more than $100,000 in the aggregate for Borrower, and shall remain unvacated,
unbonded or unstayed for a period of thirty (30) days.

 

2.6.          Bankruptcy.
Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings or relief under any bankruptcy law or any
law for the relief of debtors shall be instituted by or against the Borrower or any of its subsidiaries.

 

2.7.          Default
Under Other Agreements. The occurrence of an Event of Default under and as defined in the SPA or any event of default (or similar
term) under any other agreement evidencing indebtedness of at least $100,000.

 

2.8.          Failure
to Deliver Replacement Note. If Borrower is required to issue a replacement Note to Holder and Borrower shall fail to deliver
such replacement Note within seven (7) business days.

 

    	 

     

    

 

ARTICLE III

MISCELLANEOUS

 

3.1.          Failure
or Indulgence Not Waiver. No failure or delay on the part of the Holder hereof in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude
other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing hereunder are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

 

3.2.          Notices.
Any notice herein required or permitted to be given shall be in writing and provided in accordance with the terms of the SPA.

 

3.3.          Amendment
Provision. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented, and any successor instrument as
it may be amended or supplemented.

 

3.4.          Assignability.
This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may not be assigned by the Holder without the prior written consent of the Borrower, which consent
may not be unreasonably withheld.

 

3.5.          Cost
of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof reasonable costs of
collection, including reasonable attorneys’ fees.

 

3.6.          Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Note shall be governed by, and construed in accordance with, the internal
laws of the State of New York, without regard to principles of conflicts of law. HOLDER AND BORROWER WAIVE ANY RIGHT TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREIN, INCLUDING
CLAIMS BASED ON CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER COMMON LAW OR STATUTORY BASES. Each party hereby submits to the exclusive
jurisdiction of the state and federal courts located in the County of New York, State of New York.

 

3.7.          Maximum
Payments. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges
in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges
hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed
by Borrowers to the Holder and thus refunded to the Borrowers.

 

3.8.          Construction.
Each party acknowledges that its legal counsel participated in the preparation of this Note and, therefore, stipulates that the
rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation
of this Note to favor any party against the other.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

     

    

 

IN WITNESS
WHEREOF, Borrower has caused this Note to be signed in its name effective as of this ____ day of _______, 2016.

 

	 	FULL SPECTRUM INC.
	 	 
	 	By:	        
	 	Name:  Stewart Kantor
	 	Title:  CEO

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