Document:

Fifth Amendment to Unsecured Promissory Note

 Exhibit 4.36 
 FIFTH AMENDMENT TO PROMISSORY NOTE 
 ISSUED FEBRUARY 19, 2009

 THIS AMENDMENT (the “Amendment”) is made as of the 29th day of April, 2011 (the “Effective Date”), by and
between RBC Capital Markets Corporation Custodian for Leonard Samuels IRA, a Minnesota corporation, with an address of 510 Marquette Avenue, M09-Alternative Investments, Minneapolis, MN 55402RBC (“Holder”) and Dais Analytic
Corporation having an office at 11552 Prosperous Drive, Odessa, Florida 33556 (“Maker”). (Each individually referred to herein as “Party” and together as “Parties”). 

WITNESSETH 

WHEREAS, on February 19, 2010, Maker issued to Holder an unsecured promissory note in the principal amount of Six Hundred and
Twenty Thousand Dollars ($620,000) (“Note”); and 
 WHEREAS, the Parties amended the Note so as to cause the
Maturity Date (as defined in said Note) to be April 30, 2011; and 
 WHEREAS, the Parties desire to further amend
the Note to cause the Maturity Date to be May 31, 2011; and 
 NOW, THEREFORE, in consideration of the mutual
premises, representations, warranties, covenants and agreements contained herein, and intending to be legally bound hereby, the Parties hereto agree as follows: 
  

	1.	The following paragraph of the Note, as amended, is hereby deleted in its entirety: 

“All payments under or pursuant to this Note shall be made in United States Dollars in immediately available funds to the Holder at
the address of the Holder first set forth above or at such other place as the Holder may designate from time to time in writing to the Maker or by wire transfer of funds to the Holder’s account, as requested by the Holder. The outstanding
principal balance of this Note, together with all accrued and unpaid interest, shall be due and payable in full on April 30, 2011 (the “Maturity Date”) or at such earlier time as provided herein.” 

 

	2.	The following provision is hereby inserted in place of the paragraph deleted pursuant to Section 1 of this Amendment: 

“All payments under or pursuant to this Note shall be made in United States Dollars in immediately available funds to the Holder at
the address of the Holder first set forth above or at such other place as the Holder may designate from time to time in writing to the Maker or by wire transfer of funds to the Holder’s account, as requested by the Holder. The outstanding
principal balance of this Note, together with all accrued and unpaid interest, shall be due and payable in full on May 31, 2011 (the “Maturity Date “) or at such earlier time as provided herein.” 

  

					
		  	Fifth Amendment to Promissory Note	  	RBC Capital/Dais
		  	Issued 2/19/10	  	

	3.	Section 2.3 of the Note, as amended, is hereby deleted in its entirety and the following provision shall be inserted in place thereof: 

“Section 2.3. Additional Remedy Upon Non-Payment. If this Note is not paid in full on or before May 31, 2011, the Holder
shall be permitted, at its sole option and in addition to its other remedies hereunder, to convert the principal and interest outstanding under this Note into any debt, equity or equity-linked security issued by the Maker in connection with any
capital-raising issuance after the date hereof and prior to the date this Note is paid in full on the terms and conditions of such offering, if any, it being understood that nothing in this Section 2.3 shall be deemed to prohibit the Maker from
prepaying the Note pursuant to Section 1.2 hereof.” 
  

	4.	All other terms and conditions of the Note shall remain unchanged and in full force and effect. 

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed by their duly authorized respective representatives as
of the date first written above. 
  

			
	DAIS ANALYTIC CORPORATION
		
	 By:
	 	 /s/ Timothy N. Tangredi

			
		
	 Name:
	 	Timothy N. Tangredi
		
	 Title:
	 	President and Chief Executive Office
	
	RBC CAPITAL MARKETS CORPORATION
	CUSTODIAN FOR LEONARD SAMUELS IRA

			
		
	 By:
	 	 /s/ Lisa Van Zee

			
		
	 Name:
	 	 Lisa Van Zee

  

					
		  	Fifth Amendment to Promissory Note	  	RBC Capital/Dais
		  	Issued 2/19/10Amendment to 2007 Warrant

 Exhibit 4.37 
 AMENDMENT TO 2007 WARRANTS 
 This AMENDMENT TO 2007 WARRANTS is dated as of
May 12, 2011, by and between Dais Analytic Corporation, a New York corporation (the “Company”), and RBC Capital Markets - Custodian for Leonard Samuels IRA (“RBC”). 

WHEREAS, the Company issued to RBC Stock Purchase Warrants, dated as of December 20, 2007 and December 31,2007 (the “2007
Warrants”), on or about December 20, 2007 and December 31, 2007; and 
 WHEREAS, the parties desire to amend the
2007 Warrants as is set forth herein. 
 NOW, THEREFORE, the parties hereto agree as follows: 

1. Amendment to Exercise Provisions. The 2007s Warrant shall be deemed amended to add the following as Section 13: 

14. Cashless Exercise. Notwithstanding any provisions herein to the contrary if (i) the Per Share Market Value
(as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below) and (ii) a registration statement under the Securities Act providing for the resale of the Warrant Shares is not
then in effect, in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise and shall receive the number of shares of Common Stock equal to an amount (as determined below) by surrender of this
Warrant at the principal office of the Company together with the properly endorsed Exercise Agreement in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 

 

															
		 		  	
[
	    		 	
]
	  		  		  	
		 	X = Y -	  	    	(A)(Y)	 	  		  		  	
		 		  	    	B	 	  		  		  	

  

					
	 	Where X =	  	 	the number of shares of Common Stock to be issued to the Holder.
		
	 	Y =	  	 	the number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being
exercised.
		
	 	A =	  	 	the Exercise Price.
		
	 	B =	  	 	the Per Share Market Value of one share of Common Stock.

 For purposes hereof, “Per Share Market Value” means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or another
registered national stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if the
Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National
Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National
Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the “Pink Sheet” quotes for the applicable trading days preceding such date of determination, or (d) if the Common
Stock is not then publicly traded the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

  

					
		  	Amendment to 2007 Warrants	  	RBC/Dais

 2. Continuing Effect. Except as otherwise set forth herein, the 2007 Warrants remain unamended and in
full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to 2007 Warrant as of the 12th day
of May, 2011. 
  

			
	 DAIS ANALYTIC CORPORATION

		
	 By:
	 	 /s/ Timothy N. Tangredi

	 Name:
	 	Timothy Tangredi
	Title:	 	President & CEO
	
	 RBC CAPITAL MARKETS- CUSTODIAN FOR

LEONARD SAMUELS IRA

		
	 By:
	 	 /s/ Rozanne S. Fread

	 Name:
	 	Rozanne S. Fread
	 Title:
	 	Vice President

  

					
		  	Amendment to 2007 Warrants	  	RBC/DaisAmendment to 2009 Warrant

 Exhibit 4.38 
 AMENDMENT TO 2009 WARRANT 
 This AMENDMENT TO 2009 WARRANT is dated as of
May 12, 2011, by and between Dais Analytic Corporation, a New York corporation (the “Company”), and RBC Capital Markets- Custodian for Leonard Samuels IRA (“RBC”). 

WHEREAS, the Company issued to RBC the Stock Purchase Warrant, dated as of October 15,2009 (the “2009 Warrant”), on or
about October 15, 2009; and 
 WHEREAS, the parties desire to amend the 2009 Warrant as is set forth herein. 

NOW, THEREFORE, the parties hereto agree as follows: 
 1. Amendment to Exercise Provisions. The 2009 Warrant shall be deemed amended to add the following as Section 14: 

14. Cashless Exercise. Notwithstanding any provisions herein to the contrary if (i) the Per Share Market Value
(as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below) and (ii) a registration statement under the Securities Act providing for the resale of the Warrant Shares is not
then in effect, in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise and shall receive the number of shares of Common Stock equal to an amount (as determined below) by surrender of this
Warrant at the principal office of the Company together with the properly endorsed Exercise Agreement in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 

 

															
		 		  	
[
	    		 	
]
	  		  		  	
		 	X = Y -	  	    	(A) (Y)	 	  		  		  	
		 		  	    	B	 	  		  		  	

  

					
	 	Where X =	  	 	the number of shares of Common Stock to be issued to the Holder.
		
	 	Y =	  	 	the number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being
exercised.
		
	 	A =	  	 	the Exercise Price.
		
	 	B =	  	 	the Per Share Market Value of one share of Common Stock.

 For purposes hereof, “Per Share Market Value” means on any particular date (a) the last closing bid price per share of the Common Stock on such date on the OTC Bulletin Board or another
registered national stock exchange on which the Common Stock is then listed, or if there is no such price on such date, then the closing bid price on such exchange or quotation system on the date nearest preceding such date, or (b) if the
Common Stock is not listed then on the OTC Bulletin Board or any registered national stock exchange, the last closing bid price for a share of Common Stock in the over-the-counter market, as reported by the OTC Bulletin Board or in the National
Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if the Common Stock is not then reported by the OTC Bulletin Board or the National
Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the “Pink Sheet” quotes for the applicable trading days preceding such date of determination, or (d) if the Common
Stock is not then publicly traded the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 

  

					
		  	Amendment to 2009 Warrant	  	RBC/Dais

 2. Continuing Effect. Except as otherwise set forth herein, the 2009 Warrant remains unamended and in
full force and effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to 2009 Warrant as of the 12th day
of May, 2011. 
  

			
	 DAIS ANALYTIC CORPORATION

		
	 By:
	 	 /s/ Timothy N. Tangredi

	 Name:
	 	Timothy Tangredi
	Title:	 	President & CEO
	
	 RBC CAPITAL MARKETS – CUSTODIAN FOR

LEONARD SAMUELS IRA

		
	 By:
	 	 /s/ Rozanne S. Fread

	 Name:
	 	Rozanne S. Fread
	 Title:
	 	Vice President

  

					
		  	Amendment to 2009 Warrant	  	RBC/Dais

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