Document:

Exhibit 10.3 Unsecured Promissory Note

Exhibit 10.3

UNSECURED PROMISSORY NOTE

=========================================================================================

PRINCIPAL AMOUNT:  

$30,000

LOAN DATE:  

May 3, 2012

EXECUTION DATE:

May 31, 2012

INTEREST RATE: 

10.00% SIMPLE INTEREST

BORROWER:

PQ HOLDINGS, INC.

LENDER:

AIKO DEVELOPMENT, INC.

PAYMENT:

$30,000 DUE ON DEMAND 

=========================================================================================

1.

Principal Repayment.  For value received, PQ Holdings, Inc., a Nevada corporation (the “Borrower”) hereby unconditionally promises to pay to the order of Aiko Development, Inc. (the “Lender”), the principal amount of Thirty Thousand Dollars ($30,000), with simple interest accruing at a annual rate of 10.00% thereon. The principal amount is due and payable on demand upon 10 days written notice by Lender (the “Due Date”).

2.

Payment Terms. Borrower shall pay the principal and any accrued interest in full on or before Due Date.

3.

Default. Borrower will be in default if any of the following occur: 

(a)

Borrower fails to make the Principal Repayment when due; 

(b)

Borrower breaks any promise Borrower has made to Lender in this Note or Borrower fails to perform promptly at the time and strictly in the manner provided in this Note; 

(c)

Any representation or statement made or furnished to Lender by Borrower or on Borrower's behalf in connection with this Note is false or misleading in any material respect; or, 

(d)

A receiver is appointed for any part of Borrower's property, Borrower makes an assignment for the benefit of creditors, or any proceeding is commenced either by Borrower or against Borrower under any Bankruptcy or insolvency laws seeking the liquidation or reorganization of Borrower and such proceeding is not dismissed within 60 days after such filing.

4.

Borrower’s Right to Prepay.  Borrower may pay without penalty, all or a portion of the amount owed earlier that it is due. Any prepayment shall be first applied against any accrued and unpaid interest and then to reduce the amount of principal due under this Note.

5.

Waiver of Demand, Presentment, etc. The Borrower hereby expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereunder, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder.

6.

Payment.  Except as otherwise provided for herein, all payments with respect to this Note shall be made in lawful currency of the United States of America by check or wire transfer of immediately available funds, at the option of the Lender, at the principal office of the Lender or such other place or places or designated accounts as may be reasonably specified by the Lender of this Note in a written notice to the Borrower at least one (1) business day prior to payment. 

7.

Assignment.  The rights and obligations of the Borrower and the Lender of this Note shall be binding upon, and inure to the benefit of, the permitted successors, assigns, heirs, administrators and transferees of the parties hereto.

8.

Waiver and Amendment.  Any provision of this Note, including, without limitation, the due date hereof, and the observance of any term hereof, may be amended, waived or modified (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Borrower and the Lender

9.

Notices. Any notice, request or other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by registered or certified mail, postage prepaid, or delivered by facsimile transmission, to the Borrower at the address or facsimile number set forth herein or to the Lender at its address or facsimile number set forth in the records of the Borrower.  Any party hereto may by notice so given change its address for future notice hereunder.  Notice shall conclusively be deemed to have been given when personally delivered or when deposited in the mail in the manner set forth above and shall be deemed to have been received when delivered or, if notice is given by facsimile transmission, when delivered with confirmation of receipt.

10.

Severability.  If one or more provisions of this Note are held to be unenforceable under applicable law, such provisions shall be excluded from this Note, and the balance of this Note shall be interpreted as if such provisions were so excluded and shall be enforceable in accordance with its terms.

11.

Headings.  Section headings in this Note are for convenience only, and shall not be used in the construction of this Note.

IN WITNESS WHEREOF, the Borrower has caused this Note to be issued as of the date first above written.

PQ HOLDINGS, INC.

By:  /s/ Ramiro Urrea                

        

Name:  Ramiro Urrea

        

Title:    CEO

2ex10x6.htm

Exhibit 10.6

 

 

ADDENDUM TO TRANSACTION DOCUMENTS

THIS ADDENDUM TO TRANSACTION DOCUMENTS (the “Addendum”) is entered into effective as of the 5th day of July, 2012 (the “Effective Date”), by and between PURE BIOSCIENCE, INC., a Delaware corporation (the “Company”); and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”). The Company and each of the Purchasers are sometimes referred to collectively herein as the “Parties”, and each individually as a “Party”.

The Parties have previously executed a Securities Purchase Agreement dated 26 June 2012 (the “Purchase Agreement”), as well as those additional “Transaction Documents”, as that term is defined in the Purchase Agreement. All capitalized terms used herein though not defined herein shall have the same meanings attached to them, if any, in the Purchase Agreement.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree to amend the Purchase Agreement and the Transaction Documents as follows:

I

AMENDMENT

1.1         The first sentence of Section 4.16 of the Purchase Agreement is hereby amended to read as follows:

	
  

	
Notwithstanding anything to the contrary in this Agreement, the Notes, or the Warrants, the Purchasers collectively shall have no right to receive from the Company, including from Origination Shares, Note Shares, Warrant Shares (to the extent such Warrant Shares must be included for purposes of NASDAQ Rule 5635(d)), or Escrow Shares (to the extent such Escrow Shares have not been returned to the Company for cancellation), more than 19.999% of the amount of Common Stock of the Company issued and outstanding on the Closing Date, unless the Company’s shareholders shall have approved the transactions contemplated hereby, including without limitation the issuance of Origination Shares, Escrow Shares, Note Shares and Warrant Shares in excess of 20% of the amount of Common Stock of the Company issued and outstanding on the Closing Date.

1.2         The Company hereby represents, warrants, and agrees that none of its Subsidiaries (i) hold or own any material assets; (ii) conduct any material business; and, (iii) will own any material assets or conduct any material business at any time while any of the Notes remain unpaid in whole or in part.

1.3         Each Purchaser shall have the right and option, in its sole discretion, to use its Note as consideration to participate in the registered public offering of the Company’s securities currently being considered, and on the same terms and conditions as other investors in said offering.

II

PRECEDENCE AND INCORPORATION BY REFERENCE

Except as specifically amended by this Addendum, each and every term, covenant, and condition contained in the original Subcontract Agreement shall persist and remain in full force and effect, and each such term, covenant, and condition is incorporated herein by reference as though set forth in full.

 

 

  

  

  

III

ACCEPTANCE AND EXECUTION

This Addendum and the Transaction Documents, as amended herein, are hereby accepted by the Parties.

IV

EXECUTION

4.1           This Addendum may be executed in any number of counterparts, all of which when taken together shall be considered one and the same agreement, it being understood that all Parties need not sign the same counterpart. In the event that any signature is delivered by fax or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. Each of the Parties hereby expressly forever waives any and all rights to raise the use of a fax machine or E-Mail to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a fax machine or E-Mail, as a defense to the formation of a contract.

4.2           IN WITNESS WHEREOF, this ADDENDUM TO TRANSACTION DOCUMENTS has been duly executed by the Parties and shall be effective as of and on the Effective Date. Each of the undersigned Parties hereby represents and warrants that it (i) has the requisite power and authority to enter into and carry out the terms and conditions of this Addendum, as well as all transactions contemplated hereunder; and, (ii) it is duly authorized and empowered to execute and deliver this Addendum.

 

 

 

	 	 	COMPANY: 
 

PURE Bioscience, Inc.,

a Delaware corporation

	 
	 	 	 	 	 
	 	 	BY:	/s/ Michael L. Krall	 
	 	 	 	 	 
	 	 	NAME:	Michael L. Krall	 
	 	 	 	 	 
	 	 	TITLE: 	President	 
	 	 	 	 	 
	 	 	DATED:	July 5, 2012	 
	 	 	 	 	 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOR PURCHASERS FOLLOW]

 

 

  

  

  

[PURCHASER SIGNATURE PAGES TO PURE BIOSCIENCE, INC.

ADDENDUM TO TRANSACTION DOCUMENTS]

IN WITNESS WHEREOF, the undersigned have caused this Addendum to Transaction Documents to be duly executed by their respective authorized signatories as of the Effective Date indicated above.

Name of Purchaser: ________________________________________________________

Signature of Authorized Signatory of Purchaser: _________________________________

Name of Authorized Signatory: _______________________________________________

Title of Authorized Signatory: ________________________________________________

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