Document:

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY APPLICABLE STATE
SECURITIES LAW AND MAY NOT
BE SOLD OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
SUCH REGISTRATION, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE FORM AND SUBSTANCE OF WHICH IS ACCEPTABLE TO THE
ISSUER.

     

    
      	
              MERRIMAN HOLDINGS,
      INC.

            
	 
      	 
      	 
      
	
              UNSECURED
      PROMISSORY NOTE

            
	 
      
	
              $                           

            	 
      	
              __________,
      2010

            
	 
      	 
      	 
      
	 
      	 
      	
              San
      Francisco, California

            

    

     

    FOR VALUE RECEIVED, and upon
and subject to the terms and conditions set forth herein, MERRIMAN HOLDINGS,
INC., a Delaware corporation (“Issuer”), hereby promises to
pay to the order of
                                             ,
a
                                  
(together with its permitted successors and assigns, “Holder”), the principal sum of
                                    
UNITED STATED DOLLARS (U.S.
$                       )
on the Maturity Date, together with interest as provided
herein. 

     

    1.            
Maturity
Date and Use of Proceeds.  The proceeds of this Note will be used to
fund loans to the Issuer’s subsidiary, Merriman Curhan Ford & Co. using
FINRA Form SL-31E (the “Broker Dealer Loan”).  This Note will mature,
and be due and payable in full, on the earlier of (i) September 29, 2013; or
(ii) the consummation of a Qualified Repayment Event, as defined
below.  “Maturity
Date” shall mean the earlier to occur of (i) or (ii) above.  A
“Qualified Repayment
Event” shall mean (i) a repayment of the Broker Dealer Loan which
meets FINRA requirements and is approved by FINRA.

     

    2.            
Interest. 
From and after the date hereof, all outstanding principal of this Note will bear
interest on the outstanding principal balance comprising two components: (i) Six
Percent (6.0%) per annum to be paid monthly (the “Current Interest”); and (ii)
Eight (8.0%) per annum to be accrued and paid upon maturity.  Upon the
occurrence and during the continuance of any Event of Default (as hereinafter
defined) under this Note, all outstanding principal of this Note shall bear
interest at the rate of 15% per annum. All accrued but unpaid interest on this
Note shall be payable on the Maturity Date or on such earlier date as this Note
shall be prepaid.

     

    3.          
  Additional
Consideration.  As
additional consideration to Holder, and a material inducement to Holder to loan
funds to the Issuer pursuant to this Note, Issuer agrees to pay the Holder a
number of shares of common stock of the Company at closing equal to: (A) 30% of
the principal amount of this Note; divided by (B) $3.01 per share.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    4.         
  Cash
Prepayment. At
any time prior to repayment of this Note, the Issuer my elect to repay all or a
portion of the outstanding principal and any accrued interest on this Note in
cash without notice of prepayment.

    

    5.        
   No Rights
as a Shareholder.  This Note, as such, shall not entitle
Holder to any rights as a stockholder of Issuer.

      

    6.         
  Security. 
Repayment of this Note is not secured.

    

    7.           
Transfer. 
Purchaser may transfer this Note in compliance with applicable U.S. federal and
state and/or foreign securities laws.

     

    8.       
    Events of
Default.
 If there shall be any
Event of Default hereunder, at the option and upon the declaration of and upon
written notice to Issuer (which declaration and notice shall not be required in
the case of an Event of Default under Section 7(a), 7(c) or 7(d)), this Note
shall accelerate and all principal and unpaid accrued interest shall become due
and payable.  Subject to the provisions hereof, Holder shall have all
rights and may exercise any remedies available to it under law, successively or
concurrently.  The occurrence of any one or more of the following shall
constitute an Event of Default:

    

    (a)           Issuer fails to pay (i) when due any
principal payment on the due date hereunder or (ii) any interest or other
payment required under the terms of this Note on the date due and any such
payment described in (i) or (ii) above shall not have been made within five (5)
business days of the date due;

    

    (b)           Issuer fails to perform any covenant
under this Note in a timely manner after Issuer's receipt of Holder's written
notice to Issuer of such failure;

    

    (c)           Issuer (i) applies for or consents to
the appointment of a receiver, trustee, liquidator or custodian of itself or of
all or a substantial part of its property; (ii) is unable, or admits in writing
its inability, to pay its debts generally as they mature; (iii) makes a general
assignment for the benefit of its or any of its creditors; (iv) is dissolved or
liquidated in full or in part; (v) becomes insolvent (as such term may be
defined or interpreted under any applicable statute); (vi) commences a voluntary
case or other proceeding seeking liquidation, reorganization or other relief
with respect to itself or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or consents to any such relief or to the
appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it; or (vii) takes any
action for the purpose of effecting any of the foregoing;

     

    (d)       
   Proceedings for the
appointment of a receiver, trustee, liquidator or custodian of Issuer or of all
or a substantial part of the property thereof, or an involuntary case or other
proceedings seeking liquidation, reorganization or other relief with respect to
Issuer or the debts thereof under any bankruptcy, insolvency or other similar
law or hereafter in effect are commenced and an order for relief entered or such
proceeding is not be dismissed or discharged within thirty (30) days of
commencement;

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (e)          
Issuer is in default under any
indebtedness of Issuer in excess of One Hundred Thousand Dollars
($100,000) (“Material
Indebtedness”) or in the performance of or compliance with any term of any
evidence of any such indebtedness or of any mortgage, indenture or other
agreement relating thereto the effect of which is to cause such indebtedness
 to become due and payable before its stated maturity or before its
regularly scheduled dates of payment, and such default, event or condition
continues for more than the period of grace, if any, specified therein and not
waived pursuant thereto; provided, however, that for purposes of this Section
4.5, indebtedness shall not include trade payables, compensation to employees,
officers or directors or other obligations arising in the ordinary course of the
business of the Issuer.

     

    8.        
    Notices. 
All notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) deposited in the mail,
registered or certified, return receipt requested, postage prepaid, (iii)
delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, or facsimile, addressed as set forth
below or to such other address as such party shall have specified most recently
by written notice. Any notice or other communication required or permitted to be
given hereunder shall be deemed effective (a) upon hand delivery or delivery by
facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a business
day during normal business hours where such notice is to be received), or the
first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur. The addresses for such
communications shall be: (i) if to the Issuer, to: Merriman Holdings, Inc., 600 California Street, 9th Floor,
San Francisco, California
94108, Attention: Chief
Financial Officer, telecopier: (415) 415-248-5690, (ii) if to the Holder to: the
address and telecopier number on file with Issuer, as may be updated at Holder’s
written request from time to time.

     

    9.        
    Governing Law.  This
Note shall be governed by and construed in accordance with the laws of the State
of California without regard to principles of conflicts of laws. Any action
brought by either party against the other concerning the transactions
contemplated by this Note shall be brought only in the state courts of State of
California located in the city and county of San Francisco or in the federal
courts located in the city and county of San Francisco, California. The parties
and the individuals executing this Note and other agreements referred to herein
or delivered in connection herewith on behalf of the Company agree to submit to
the jurisdiction of such courts and waive trial by jury. The prevailing party
shall be entitled to recover from the other party its reasonable attorney’s fees
and costs. In the event that any provision of this Note or any other agreement
delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision of any agreement.

    

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

              IN WITNESS WHEREOF, Issuer has
caused this Note to be duly executed by an authorized signatory as of the date
first written above.

     

    
      
        
          
            
              	 
      	
                      MERRIMAN HOLDINGS,
      INC.

                    
	 
      	 
      
	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Title:

                    	 
      

            

          

        

      

    

     

    

     

     

    
 

    
      
         

      

      
        4Unassociated Document

    

     

    September
24, 2010

    

     

    Re: Note
and Warrant Purchase Agreement and related Convertible Promissory Note between
the entities listed on Exhibit A hereto (each, a “Note Holder” and,
collectively, the “Note Holders”), and Radient Pharmaceuticals Corporation, a
Delaware corporation (the “Company”).

    

    Dear Note
Holder:

    

    In
September 2008, we held a closing for the related Note and Warrant Purchase
Agreement (the “Purchase Agreement”), pursuant to which we issued you a
convertible promissory note (the “Notes”).  Based upon the terms of
the Purchase Agreement, upon conversion of the Notes, you are entitled to
receive warrants to purchase that number of shares of our common stock that
equals 50% of the number of shares received pursuant to such note conversion
(the “Warrants”). All terms not otherwise defined herein shall have the meanings
as set forth in the Purchase Agreement and Notes.  The Notes matured
on September 15, 2010.  It is in everyone’s best interest to avoid a
default on these Notes and instead allow us to issue you: (i) all of the
shares of common stock underlying the Notes and (ii) the
Warrants.  Therefore, we are submitting this letter to seek your
agreement to extend the maturity date of the Note and waive the Default, as
hereinafter defined, until such extension.

    

    Based on
our current need for additional financing, our management believes it is prudent
to reserve as much cash as possible for our operations. To that end, we
submit the following proposal to you, which will enable us to use our cash for
current operations rather than the repayment of debt and afford you additional
opportunities to increase your investment in our Company.  In exchange
for waiving the current default resulting from our failure to pay the Notes by
September 29, 2010 (accounting for the 10 business day cure period) (the
“Default”) and extending the maturity date to November 15, 2010, we shall
increase the principal balance of the Note outstanding on September 14, 2010 by
25% (the “25% Increase”) and increase the interest rate of the Notes to 18%,
which rate shall apply to the interest due from September 15, 2010 until the
Note is converted pursuant hereto.  You shall also remain entitled to
the Bonus Interest, which we shall calculate as a one time fee applied to the
principal balance of the Notes outstanding on September 14, 2010.  The
amount of the 25% Increase and Bonus Interest shall be combined and such total
shall be directly applied to the principal amount of the Notes outstanding on
September 14, 2010.  Finally, we shall adjust the Conversion Price of
your Notes to equal 80% of the VWAP for the 5 trading days immediately preceding
the date we receive the NYSE Amex Listing Approval, as hereinafter defined;
provided however, that in no event shall the Conversion Price be less than $0.28
per share.  

     

    Under
Rule 713 of the NYSE Amex Company Guide (“Rule 713”), we are required
to obtain stockholder approval (“Shareholder Approval”) in connection with any
transaction, other than a public offering, that involves the issuance of common
stock, warrants to purchase shares of common stock or other securities
convertible or exercisable into shares of common stock, at a price below the
greater of our book value or market value at the time of issuance, that equals
an aggregate of more than 19.99% of our then-outstanding common stock (the
“19.99% Cap”).  Notwithstanding Shareholder Approval, we are also
required to submit an additional listing application with the NYSE Amex to
obtain their approval to issue and list any of the shares of common stock
contemplated hereby before we can list, or issue, any such shares on the NYSE
Amex (“NYSE Amex Listing Approval,” together with Shareholder Approval, the
“Approvals”). Furthermore, stockholder approval does not obviate the need for
compliance with the requirements of the Securities Exchange Act of 1934 (the
“Exchange Act”), as amended, or other NYSE Amex
requirements.  Therefore, under the NYSE Amex Rules, we may need to
obtain the Approval before issuing you the shares pursuant to the adjustment in
the Conversion Price set forth herein.  We intend to seek Shareholder
Approval on or before November 15, 2010; once obtained, we will promptly seek
the NSYE Amex Listing Approval.  

     

     

    
      2492
Walnut Avenue, Ste 100, Tustin, CA 92780 | Office 714.505.4460 |Fax
714.505.4464

      Website:
www.radient-pharma.com | E-mail: info@radient-pharma.com

      Page 1 of 3

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

    Once we
obtain the Approvals, your Note shall automatically convert into that number of
shares of common stock as is equal to the quotient of: (x) the sum of the
outstanding principal amount of the Note, plus all interest accrued thereon
divided by (y) the Conversion Price, as adjusted pursuant to the terms stated
herein.  At that same time, we shall also issue you the Warrants on
the same terms as contained in the Purchase Agreement and
Note.  

    

    In light
of the aforementioned, we hereby request your waiver of the
Default.  If signed, this letter shall amend the Purchase Agreement
and Note, and any other related transaction document, so that Maturity Date
shall instead refer to November 15, 2010.  Once signed, this letter
shall also serve as a waiver of all current and potential defaults available
under the Purchase Agreement and Note based upon our failure to pay the Note on
or before September 29, 2010 (the “Waiver”); it being fully understood that if
we do not obtain Shareholder Approval on or before November 15, 2010, the Notes
shall once again be susceptible to default.  Notwithstanding any
language in the Purchase Agreement, Note, Warrant or this Letter Agreement to
the contrary, by signing this letter, you also agree that no shares will be
issued pursuant to the Note, Warrant or as contemplated by this Letter
Agreement, until we receive the Approvals.

    

    We are
confident that we will obtain Shareholder Approval on or before November 15,
2010 and strongly anticipate obtaining the required
Approvals.  Therefore, we believe that the increase in your principal
and interest, and the adjusted Conversion Price is a generous offer in exchange
for your agreement to waive the Default and give us until November 15, 2010 to
obtain Shareholder Approval.

    

    Other
than as specifically set forth herein, the terms of the Purchase Agreement,
Notes and Warrants shall remain in full force and effect.

    

    Please
indicate your agreement with the foregoing by signing below and returning a
signed copy to our securities counsel, Rachael Schmierer, at rschmierer@lhttlaw.com.   Thank
you.

     

     

    
      2492
Walnut Avenue, Ste 100, Tustin, CA 92780 | Office 714.505.4460 |Fax
714.505.4464

      Website:
www.radient-pharma.com | E-mail: info@radient-pharma.com

      Page 2 of
3

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

     

     

    
      
        	 	
                Very
      truly yours,

              	 
	 	
                RADIENT
      PHARMACEUTICALS

                CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Name:
      Douglas MacLellan	 
	 	 	
                Title:
      CEO

              	 

Accepted
as of the date

    

    first
above written:

    

    

    By: 
___________________________

    Name:

    Title:

     

     

    
      2492
Walnut Avenue, Ste 100, Tustin, CA 92780 | Office 714.505.4460 |Fax
714.505.4464

      Website:
www.radient-pharma.com | E-mail: info@radient-pharma.com

      Page 3 of 3

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