Document:

omcm20160630_10q.htm

 

Exhibit 10.48 

 

Pursuant to Instruction 2 of Item 601(a) of Regulation S-K, the Company has filed only the form of this Promissory Note although the Company has entered into various such Promissory Notes that are substantially identical in all material respects except as to the parties thereto and certain other details. The Schedule that follows the form of Promissory Note identifies Promissory Notes that have not been filed (or incorporated by reference) because they are substantially identical in all material respects to the form of Promissory Note that is being filed, and sets forth the material details in which the omitted Promissory Notes differ from the form of Promissory Note that is being filed.

 

PROMISSORY NOTE

 

$______________[Amount]

Broward County, Florida

______________ [Date]

 

FOR VALUE RECEIVED, the undersigned, (hereinafter referred to as the ("Maker") promises to pay to the order of____________, his successors or assigns, (hereinafter referred to as "Payee"), the principal sum of ________________________________ ($______________), together with interest on the principal balance from time to time outstanding, at the rate of _______ percent (__.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 ________, 20__.

 

[This Promissory Note is intended to replace and substitute in its entirety the Notes issued to the Payee in the following amounts received on the following dates:_______________]

 

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 _____ percent (___%) 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.

 

 

 

 

 

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.

 

 

_________________________

[Name] 

[Title]

 

ACCEPTED BY:

 

 

_________________________

[Name] 

 

 

 

 

 

SCHEDULE OF SUBSTANTIAL IDENTICAL PROMISSORY NOTES

 

Pursuant to Instruction 2 of Item 601(a) of Regulation S-K, the Company has filed only the form of this Promissory Note although the Company has entered into various such Promissory Notes that are substantially identical in all material respects except as to the parties thereto and certain other details. The following schedule identifies Promissory Notes that have not been filed (or incorporated by reference) because they are substantially identical in all material respects to the form of Promissory Note that is being filed, and sets forth the material details in which the omitted Promissory Notes differ from the form of Promissory Note that is being filed.

 

	 	
Promissory

Note Date
	 	
 

Name of Payee
	 	
 

Amount
	 	
 

Interest
	 	
Balance

due
	 	
Amount

 Outstanding at 

June 30, 2016 

	 	
April 1, 2015(1)
	 	
Randall G. Smith
	 	
$20,000
	 	
12%
	 	
April 1, 2018
	 	
$20,000

	 	
October 15, 2015(1)
	 	
Cornelis F. Wit
	 	
$2,860,000
	 	
12%
	 	
January 1, 2019
	 	
Paid November 19, 2015

	 	
October 15, 2015(1)
	 	
Cornelis F. Wit
	 	
$1,600,000
	 	
12%
	 	
January 1, 2019
	 	
Paid November 19, 2015

	 	
October 15, 2015(1)
	 	
Cornelis F. Wit
	 	
$529,000
	 	
12%
	 	
January 1, 2019
	 	
Paid November 19, 2015

	 	
October 15, 2015(1)
	 	
Cornelis F. Wit
	 	
$980,000
	 	
12%
	 	
January 1, 2019
	 	
Paid November 19, 2015

	 	
October 15, 2015(1)
	 	
Cornelis F. Wit
	 	
$950,000
	 	
12%
	 	
January 1, 2019
	 	
Paid November 19, 2015

	 	
February 29, 2016
	 	
Cornelis F. Wit
	 	
$450,000
	 	
12%
	 	
April 1, 2019
	 	
$450,000

	 	
June 30,2016 (1)
	 	
Noesis International Holdings
	 	
$137,500
	 	
12%
	 	
April 1, 2020
	 	
$137,500

	 	
June 30,2016 (1)
	 	
Noesis International Holdings
	 	
$45,000
	 	
12%
	 	
April 1, 2020
	 	
$45,000

	 	
June 30,2016 (1)
	 	
Ad Klinkenberg
	 	
$120,000
	 	
10%
	 	
April 1, 2020
	 	
$120,000

	 	
June 30,2016 (1)
	 	
Noesis International Holdings
	 	
$100,000
	 	
12%
	 	
April 1, 2020
	 	
$100,000

	 	
June 30,2016 (1)
	 	
Wim Boegem
	 	
$300,000
	 	
10%
	 	
April 1, 2020
	 	
$300,000

	 	
June 30,2016 (1)
	 	
Guus van Kesteren
	 	
$90,000
	 	
12%
	 	
April 1, 2020
	 	
$90,000

 

 

	 	
(1)
	
This Promissory Note supersedes and replaces a prior Promissory Note to the payee, extends the maturity date of the prior Promissory Note, and may have reduced or increased the amount of the prior Promissory Note.omcm20160630_10q.htm

Exhibit 10.49 

 

 

Pursuant to Instruction 2 of Item 601(a) of Regulation S-K, the Company has filed only the form of this Extension of Maturity Date of Convertible Debenture [and related Warrants] although the Company has entered into various such Extension of Maturity Date of Convertible Debenture [and related Warrants] that are substantially identical in all material respects except as to the parties thereto and certain other details. The Schedule that follows the form of Extension of Maturity Date of Convertible Debenture [and related Warrants] identifies each Extension of Maturity Date of Convertible Debenture [and related Warrants] that have not been filed (or incorporated by reference) because they are substantially identical in all material respects to the form of Extension of Maturity Date of Convertible Debenture [and related Warrants] that is being filed, and sets forth the material details in which the each omitted Extension of Maturity Date of Convertible Debenture [and related Warrants] differ from the form of Extension of Maturity Date of Convertible Debenture [and related Warrants] that is being filed.

 

 

EXTENSION OF MATURITY DATE OF CONVERTIBLE DEBENTURE

 

 

This Extension of Maturity Date of Convertible Debenture (“Extension”) is by and between the individual or entity named on an executed counterpart of the signature page hereto (each such signatory is referred to as “Holder”) and OmniComm Systems, Inc., a Delaware corporation (“Maker”) and is entered into as of the day the last Holder executes a copy of this Extension.

 

WHEREAS, Maker has delivered to each Holder that certain     % Convertible Debenture Series ( ) of the Maker (“Convertible Debenture”) dated            in the aggregate to Holder in the principal of $               . 

 

WHEREAS, the Maturity Date of the Convertible Debentures, as that term is defined in the Convertible Debenture, is                , and all principal and interest due thereunder remain unpaid as of the date hereof.

 

WHEREAS, the parties have agreed to extend the Maturity Date.

 

WHEREAS, each holder has all requisite power, authority, and capacity to enter into this Extension and to extend the Maturity Date of the Convertible Debenture.

 

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, each Holder and the Maker hereby agree as follows:

 

	 	
1.
	
Recitals. The foregoing recitals are true and correct.

 

	
 
	
2.
	
Extension of Maturity Date. The Maturity Date is hereby extended to                .

 

	 	
3.
	
No Other Changes. Except as specifically set forth herein, all other terms and conditions of the Convertible Debenture remain in full force and effect.

 

	
 
	
4.
	
Warrants Extension. Maker hereby agrees to extend the expiration date on the Warrants issued in connection with the Convertible Debenture on ______________, which were originally expected to expire on                . The new expiration date is                .

 

 

 

 

 

IN WITNESS WHEREOF, this Extension of Maturity Date of Convertible Debenture is executed as of the day and date the last Holder executes a copy of this Extension.

 

	
 
	
OmniComm Systems, Inc.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By: 
	 	
 

	
 
	
 
	
(name)
	
 

	
 
	
 
	
(title)
	
 

 

[HOLDERS SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

 

[EXTENSION OF MATURITY DATE OF CONVERTIBLE DEBENTURE SIGNATURE PAGE]

 

IN WITNESS WHEREOF, the undersigned represents that it has caused this extension of Maturity Date of Convertible Debenture and Warrants to be duly executed on its behalf (if an entity, by one of its officers thereunto duly authorized) as of the date written below.

 

 

	
 
	
HOLDER:

 

 

 

Printed Name of Holder

 

 

 

By: _________________________________

(Signature of Holder or Authorized Person)

 

 

 

_____________________________________

Printed Name and Title if Authorized Person

 

 

 

_____________________________________

Date

 

 

 

 

  

SCHEDULE OF SUBSTANTIALLY IDENTICAL 

EXTENSION OF MATURITY DATE OF CONVERTIBLE DEBENTURE [AND RELATED WARRANTS]

 

Pursuant to Instruction 2 of Item 601(a) of Regulation S-K, the Company has filed only the form of this Extension of Maturity Date of Convertible Debenture [and related Warrants] although the Company has entered into various such Extension of Maturity Date of Convertible Debenture [and related Warrants] that are substantially identical in all material respects except as to the parties thereto and certain other details. The following schedule identifies each Extension of Maturity Date of Convertible Debenture [and related Warrants] that have not been filed (or incorporated by reference) because they are substantially identical in all material respects to the form of Extension of Maturity Date of Convertible Debenture [and related Warrants] that is being filed, and sets forth the material details in which each omitted Extension of Maturity Date of Convertible Debenture [and related Warrants] differ from the form of Extension of Maturity Date of Convertible Debenture [and related Warrants] that is being filed.

 

	 	
Date of 

Agreement
	 	
 

Name of Holder
	 	
 

Amount
	 	
 

Series of 

Convertible

 Debentures and 

Warrants(2)
	 	
Maturity 

Date and 

Expiration of 

Warrants
	 	
Amount 

Outstanding at 

June 30, 2016 

	 	
April 27, 2015 (1)
	 	
Fernando Montero Incentive Savings Trust
	 	
$200,000 

and 

400,000 warrants
	 	
December 2008
	 	
Changed from January 1, 2016 to April 1, 20018
	 	
$200,000 

and 

400,000 warrants

	 	
April 30, 2015 (1)
	 	
Stephen Johnson
	 	
$25,000 

and 

50,000 warrants
	 	
December 2008
	 	
Changed from January 1, 2016 to April 1, 2018
	 	
$25,000 

and 

50,000 warrants

	 	
May 7, 2015 (1)
	 	
Matthew D. Veatch
	 	
$15,000 

and 

30,000 warrants
	 	
December 2008
	 	
Changed from January 1, 2016 to April 1, 2018
	 	
$15,000 

and 

30,000 warrants

	 	
June 30, 2016 (1)
	 	
Cornelis F. Wit
	 	
$4,055,000 

and

8,110,000warrants
	 	
December 2008
	 	
Changed from April 1, 2017 to April 1, 2020
	 	
$4,055,000 

and

8,110,000warrants

	 	
June 30, 2016 (1)
	 	
Cornelis F. Wit
	 	
$1,770,000 

and 

3,540,000 warrants
	 	
August 2008
	 	
Changed from April 1, 2017 to April 1, 2020
	 	
$1,770,000 

and 

3,540,000 warrants

	 	
June 30, 2016 (1)
	 	
Guus van Kesteren
	 	
$160,000 

and 

320,000 warrants
	 	
December 2008
	 	
Changed from April 1, 2017 to April 1, 2018
	 	
$160,000 

and 

320,000 warrants

	 	
June 30, 2016 (1)
	 	
Guus van Kesteren
	 	
$150,000

and 

300,000 warrants
	 	
August 2008
	 	
Changed from April 1, 2017 to April 1, 2018
	 	
$150,000

and

300,000 warrants

	 	
June 30, 2016 (1)
	 	
Noesis International Holdings
	 	
$100,000 

and

200,000 warrants
	 	
December 2008
	 	
Changed from April 1, 2017 to April 1, 2020
	 	
$100,000

and 

200,000 warrants

	 	
June 30, 2016 (1)
	 	
Ad Klinkenberg
	 	
$400,000 

and 1,600,000 warrants
	 	
September 2009
	 	
Changed from April 1, 2017 to April 1, 2020
	 	
$400,000 

and 1,600,000 warrants

	 	
June 30, 2016 (1)
	 	
Yolanda Dekker
	 	
$225,000 

and

900,000 warrants
	 	
September 2009
	 	
Changed from April 1, 2017 to April 1, 2020
	 	
$225,000 

and

900,000 warrants

 

	 	
(1)
	
This Extension of Maturity Date of Convertible Debenture [and related Warrants] supersedes and replaces a prior Extension of Maturity Date of Convertible Debenture [and related Warrants] to the holder, extends the maturity date of the Convertible Debenture and the expiration date of the Warrants of the prior Extension of Maturity Date of Convertible Debenture [and related Warrants]. 

	 	
(2)
	
The form of Debenture and form of Warrant for each series is filed as an exhibit with the Company’s most recent Annual Report on Form 10-K.

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