Document:

ex10-48.htm

    Exhibit
10.48

     

    EXTENSION
AGREEMENT

     

    This Extension Agreement (this "Agreement"), dated
as of August 20, 2009, is entered into by and among Location Based Technologies,
Inc., a Nevada corporation ("Company"),
Desiree Mejia, an individual with her principal residence at 1015 Avenue
A, Redondo Beach, CA 90277 ("Pledger"), and Gemini Master Fund, Ltd., a Cayman
Islands exempted company (the "Holder").

     

    RECITALS:

     

    WHEREAS, the Holder has loaned (a) $625,000 to
the Company, which loan is evidenced by that certain promissory note issued to
the Holder on or about November 18, 2008 with an original maturity date of
February 18, 2009 which maturity date was subsequently extended until August 18,
2009; and (b) $100,000 to the
Company, which loan is evidenced by that certain promissory note issued
to the Holder on or about May 7, 2009 with an original maturity date of August
18, 2009 (collectively the "Notes"), which Notes are secured by a lien and
pledge on certain securities pursuant to the terms of that certain Pledge
Agreement entered into on November 18, 2008 by Pledgor in favor of the Holder;
initially capitalized terms used herein but not otherwise defined shall have the
meanings set forth in the Notes or Pledge Agreement, as the case may
be;

     

    WHEREAS,
pursuant to that certain Extension Agreement
dated May 7, 2009 (the "Extension
Agreement"),
the Maturity Date under the Note was extended until August 18, 2009;
and

     

    WHEREAS,
the Company wishes to extend the Maturity Date
of the Note further in accordance with the terms hereof;

     

    AGREEMENT:

     

    NOW
THEREFORE, in consideration of the foregoing
premises and the mutual covenants set forth in this Agreement, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     

    1.  
Extension of Maturity Date. The Maturity Date
under the Notes is hereby extended from August 18, 2009
until November 18, 2009.

     

    2. 
Shares. Gemini shall
receive 50,000 shares of the Company's common restricted stock, which shares shall
be duly and validly issued, fully paid and non-assessable and freely tradable
following the applicable Rule 144 holding period. Gemini shall receive its stock
certificate for 50,000 shares within seven (7) business
days of the date hereof.

     

    3.  Conversion. At any time and from time to time the Notes shall be
convertible, in whole or in part, into shares of the Company's Common Stock
("Conversion Shares") at the option of the Holder. The Holder shall effect
conversions by delivering written notice to the Company specifying therein the
principal amount of the Notes to be converted. The number of Conversion Shares
issuable upon a conversion shall be determined by the quotient obtained by
dividing (x) the outstanding principal amount of the Notes to be converted plus
any accrued but unpaid interest thereon, by (y) the Conversion Price, where the
"Conversion Price" shall equal $0.65. The Conversion Price shall be
appropriately and equitably adjusted following any stock splits, stock
dividends, spin-offs, distributions and similar events. The Conversion Shares
shall be duly and validly issued, fully paid and non-assessable and
freely tradable. The Holder shall receive the stock certificate(s) within three
(3) business days following the date of conversion. The Company acknowledges and
agrees that the holding period for any Conversion Shares for purposes of Rule
144 commenced on November 18, 2008, the date of issuance of the Notes. Any
failure to issue Conversion Shares hereunder shall constitute an event of
default under the Notes.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      4.  Prepayment. The Company shall provide
at least ten business days prior written notice to the Holder in the event of
any voluntary repayment by the Company. A notice of prepayment shall not
preclude the Holder from submitting a conversion notice pursuant to Section 3
during the 10 business day notice period and such conversion notice shall be
honored by the company and deemed submitted prior to any prepayment by the
Company.

       

      5.  Interest. The amount of interest
accrued on the Notes as of July 31, 2009 is $55,430 (the "Accrued Interest"). On
August 28, 2009, the Company will pay the Accrued Interest in cash or by
delivering 85,277 shares of the Company's common, which shares shall be duly and
validly issued, fully paid and non-assessable and freely tradable without
legend. Gemini shall receive its stock certificate for the Accrued Interest
within seven (7) business days of the date hereof. The Notes shall continue to
accrue interest at a rate of 12% per annum.

       

      6.  Pledge Agreement. The Pledge Agreement
shall remain in full force and effect and not in any way be effected by the
extension of the Maturity Date granted herein.

       

      7.  Expenses. The Company shall promptly
pay or reimburse the Holder for any and all expenses incurred in connection
herewith.

       

      8.  Full Force and Effect. Except as
otherwise expressly provided herein, the Notes, the Extension Agreement and the
Pledge Agreement ("Transaction Documents") shall remain in full force and
effect. Except for any waivers and modifications contained herein, this
Agreement shall not in any way waive or prejudice any of the rights or
obligations of the Holder or the Company under the Transaction Documents, under
any law, in equity or otherwise, and such waivers and modifications shall not
constitute a waiver or modification of any other provision of the Transaction
Documents nor a waiver or modification of any subsequent default or breach of
any obligation of the Company or of any subsequent right of the
Holder.

       

       

          IN WITNESS
WHEREOF, the parties have ex uted and delivered this Agreement as of the date
first written above.

       

       

      
        LOCATION
BASED TECHNOLGIES, INC.

      

      
        
          	 	 	 	 	 
	
                  /s/
      David
      M. Morse

                	 	 	
                  /s/
      Joseph
      F. Scalisi

                	 
	
                  David
      M. Morse

                	 	 	
                  Joseph
      F. Scalisi

                	 
	
                  CEO
      & Co-President

                	 	 	
                  CDO
      & Co-President

                	 

        

      

       

      
        
          
            
              	 	 	 	 	 
	
                      /s/
      Desiree
      Mejia

                    	 	 	
                    	 
	
                      Desiree
      Mejia

                    	 	 	
                    	 
	
                    	 	 	
                    	 

            

          

        

      

       

      

      
        GEMINI
MASTER FUND, LTD.

        By:
GEMINI STRATEGIES, LLC, as investment manager

      

      
        
          
            
              
                
                  
                    	 	 	 
	
                            By:
      

                          	/s/ Steven
      Winters	 
	 	Name:
      Steven Winters	 
	 	Title:
      President	 
	 	 	 

                  

                

              

            

          

        

      

       

       

       

      2ex10-43.htm

    
      

      

    

    Exhibit
10.43

     

     AMENDMENT
NO. 2 TO

    CONVERTIBLE
PROMISSORY NOTES

    

    This
Amendment No. 2 to Convertible Promissory Notes is entered into as of August 25,
2009 (this “Amendment”), by and between PureDepth, Inc. (the “Company”) and K
One W One Limited (“K1W1”).

    

    RECITALS

     

    WHEREAS,
the Company and K1W1 are parties to that certain Convertible Note Purchase
Agreement dated as of February 4, 2008 and to that certain Security Agreement
dated as of February 4, 2008, in each case as amended by that certain Amendment
No. 1 to Convertible Note Purchase Agreement and Security Agreement dated July
4, 2008 and that certain Amendment No. 2 to Convertible Note Purchase Agreement
and Security Agreement dated August 12, 2008, pursuant to which the Company has
issued certain Convertible Promissory Notes to K1W1 on each of February 4, 2008,
March 14, 2008, July 4, 2008 and August 12, 2008, each as amended by that
certain Amendment No. 1 to Convertible Promissory Notes dated February 3, 2009
(collectively, the “Notes”).  The parties desire to amend each of the
Notes in accordance with the terms of this Amendment.

    

    NOW,
THEREFORE, in consideration of the foregoing, and the representations,
warranties, and conditions set forth below, the parties hereto, intending to be
legally bound, hereby agree as follows:

     

    1.           The
first paragraph of each Note, commencing with the words “FOR VALUE RECEIVED”, is
hereby amended and restated by replacing the words “or converted into Common
Stock of the Company pursuant to Section 4(c) below” with the words “or
converted into Common Stock of the Company pursuant to Sections 4(c) or 4(d)
below”.

    

    2.           The
definition of “Maturity Date” as such term appears in each Note is hereby
amended and restated to mean June 30, 2011.

    

    3.           Section
4 of each Note is hereby amended and restated by deleting the existing paragraph
(c) of Section 4 and replacing it with the following:

    

    "(c)           Conversion on Maturity
Date.  On the Maturity Date, all of the principal and accrued
interest then outstanding on the Note automatically shall be immediately due and
payable in cash, provided that, at Holder’s sole option, all of the principal
and accrued interest then outstanding on the Note may be converted into Common
Stock of the Company.  The price per share of Common Stock for any
such conversion shall be the lower of:

    

    
      	
               
      

            	
              (i)

            	
              US$0.15
      (as adjusted for any stock splits, stock dividends, recapitalizations and
      the like with respect to the Common Stock of the Company);
    or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              an
      amount equal to the average of the daily VWAP (the volume-weighted average
      price) of the Company’s Common Stock over a period of ten (10) trading
      days prior to the Maturity Date, as quoted on the
  OTCBB,

            

    

    

    
      	
               
      

            	
              (the
      “Conversion Price upon Maturity
      Date”)."

            

    

    

    4.           Section
4 of each Note is hereby amended and restated by inserting the following as a
new paragraph (d) after existing paragraph (c) of Section 4 (Conversion on Maturity
Date):

    

    "(d)           Conversion Prior to Maturity
Date.  During the period commencing on the date of this
Amendment and ending on the date immediately before the Maturity Date, at the
Holder's sole option, all of the principal and accrued interest then outstanding
under the Note may be converted into Common Stock of the Company.  The
price per share of Common Stock for any such conversion shall be equal to the
lower of:

        

    
      
        	
                 
      

              	
                (i)

              	US$0.15 (as adjusted for any stock splits, stock
      dividends, recapitalizations and the like with respect to the Common Stock
      of the Company); or

      

       

      
        
          	
                   
      

                	
                  (ii)

                	
                  an
      amount equal to the average of the daily VWAP (the volume-weighted average
      price) of the Company's Common Stock over a period of ten (10) trading
      days prior to the date of such conversion (the “Prior Conversion Date”),
      as quoted on the OTCBB,

                
	 	 	 
	 	 	(the
      “Conversion Price upon Prior Conversion
  Date”)."

        

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    5.           Section
4 of each Note is hereby further amended and restated by deleting in its
entirety existing paragraph (d) of Section 4 (Notice Regarding Maturity
Date; Definitive Agreements) and replacing it with a new paragraph (e) as
set out below:

    

    "(e)           Notice Regarding Conversion
Prior to Maturity Date and/or Maturity Date; Definitive
Agreements.  In the event that Holder elects to convert the
principal and accrued interest then outstanding under the Note pursuant to
Section 4(c) or Section 4(d) above, written notice shall be delivered to the
Company prior to the Maturity Date or the Prior Conversion Date(“Conversion
Notice”), as applicable, notifying the Company of such election, and the Company
shall then provide Holder a written notice on the Maturity Date, with respect to
a conversion pursuant to Section 4(c) above, or no later than 3 business days
following receipt of any Conversion Notice, with respect to a conversion
pursuant to Section 4(d) above, providing the terms of conversion of the Note,
including without limitation the Conversion Price upon Maturity Date or the
Conversion Price upon Prior Conversion Date, as applicable, the principal and
accrued interest then outstanding on the Note, and notice to surrender to the
Company, in the manner and at the place designated, the
Note.  Notwithstanding the foregoing, the Company shall have no
obligation to issue the Common Stock to be issued upon such conversion until and
unless the Holder has executed and delivered to the Company the agreements
prepared in connection with the conversion, including delivery of the Note (all
of which agreements shall be reasonably acceptable in form and substance to
Holder), which such condition may be waived by the Company in its sole
discretion."

    

    6.           Section
4(e) (Mechanics and
Effect of Conversion) of each Note is hereby amended and restated by
renumbering that paragraph as paragraph "(f)" and by replacing the words
"Section 4(a) or 4(c) above" in that paragraph with the words "Section 4(a),
4(c) or 4(d) above".

    

    7.           Each
of the Notes, as amended hereby, shall be and remain in full force and effect in
accordance with its respective terms and hereby is ratified and confirmed in all
respects.  Except as expressly set forth herein, the execution,
delivery, and performance of this Amendment shall not operate as a waiver of, or
as an amendment of, any right, power, or remedy of K1W1 under the Notes, as in
effect prior to the date hereof.

     

    8.           This
Amendment may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one
instrument.

     

    [Signature
page follows]

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    IN WITNESS WHEREOF, the undersigned
have executed this Amendment as of the first date above written.

     

    
      
        
          
            
              	 
      	
                      COMPANY:

                       

                      PUREDEPTH,
      INC.

                    	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	
                      By:  /s/
      Andrew L. Wood

                    	 
	 
      	
                      Name:
      Andrew L. Wood

                    	 
	 
      	
                      Title:
      Chief Executive Officer

                    	 

            

          

        

      

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the undersigned
have executed this Amendment as of the first date above written.

    

    
      
        
          
            	 
      	
                    K
      ONE W ONE LIMITED

                  	 
	 
      	 
      	 
	 
      	
                    By:/s/
      Brian Mayo-Smith

                  	 
	 
      	
                    Name:
      Brian Mayo-Smith

                  	 
	 
      	
                    Title:
      Director

                  	 
	 
      	 
      	 
	 
      	
                    Address:  c/o
      BDO Spicers

                    120
      Albert Street

                    Auckland,
      New Zealand

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]