Document:

ex_137069.htm

Exhibit 10.3

 

AMENDMENT

TO THE PROMISSORY NOTE AND WARRANT DATED SEPTEMBER 19, 2018

 

The parties entered into a 12% Promissory Note dated September 19, 2018 in the Original Principal Amount of $280,000, instrument number 33146, (the “Note”), by and between BioLargo, Inc. (the “Issuer”) and Vernal Bay Investments, LLC (the “Holder”) (together referred to as the “Parties”). All capitalized terms not otherwise defined herein have the meaning set forth in the Note.

 

WHEREAS, the Note’s original Maturity Date was January 5, 2019, and pursuant to the terms thereof, on January 3, 2019, Issuer notified Holder of its election to extend the Maturity Date by 60 days to March 6, 2019, and in doing so the Principal Amount due under the Note increased as of January 3, 2019 to $308,000.

 

WHEREAS, the Parties have agreed to further extend the Maturity Date of the Note as set forth herein.

 

The Parties hereby agree to amend the Note as follows:

 

Maturity: The Maturity Date of the Note shall be extended to June 6, 2019.

 

Optional Extension of June 6, 2019 Maturity Date. So long as an Event of Default (as defined in Section 4 of the Note) has not occurred, Issuer may extend the Maturity Date of the Note to September 6, 2019 by giving written notice to Holder at any time prior to the Maturity Date, and in such event the then outstanding Principal Amount of the Note will increase by ten percent (10%), effective as of the date of the notice.

 

Interest Rate: Effective as of March 7, 2019, the Note shall earn interest at the rate of eighteen percent (18%) per annum. For the purpose of clarity, all interest accrued prior to March 7, 2019 accrued at 12% per annum.

 

Amendment to Warrant: Issuer issued to Holder a warrant to purchase 1,387,500 shares of Issuer’s common stock, instrument number 33147, expiring September 19, 2023 (the “Warrant”). As additional consideration for the extension, the Exercise Price of the Warrant (as that term is defined in the Warrant) is hereby reduced from $0.25 to $0.20, and the number of share purchasable under the Warrant is hereby increased from 1,387,500 to 1,734,375 shares.

 

ALL OTHER TERMS AND CONDITIONS OF THE NOTE AND WARRANT REMAIN IN FULL FORCE AND EFFECT.

 

Please indicate acceptance and approval of this amendment dated March 5, 2019 by signing below:

 

	/s/Dennis P. Calvert	 	/s/Robert E. Boyer	 
	Dennis P. Calvert 	 	Robert E. Boyer	 
	BioLargo, Inc.	 	Vernal Bay Investments, LLC	 
	Chief Executive Officer 	 	Member	 
	Date signed: March 5, 2019	 	Date signed: March 6, 2019ex_137070.htm

Exhibit 10.6

 

AMENDMENT

TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018

 

The parties entered into a 12% Promissory Note dated September 19, 2018 in the Original Principal Amount of $120,000, instrument number 33149, (the “Note”), by and between BioLargo, Inc. (the “Issuer”) and Chappy Bean, LLC (the “Holder”) (together referred to as the “Parties”). All capitalized terms not otherwise defined herein have the meaning set forth in the Note.

 

WHEREAS, the Note’s original Maturity Date was January 5, 2019, and pursuant to the terms thereof, on January 3, 2019, Issuer notified Holder of its election to extend the Maturity Date by 60 days to March 6, 2019, and in doing so the Principal Amount due under the Note increased as of January 3, 2019 to $132,000.

 

WHEREAS, the Parties have agreed to further extend the Maturity Date of the Note as set forth herein.

 

The Parties hereby agree to amend the Note as follows:

 

Maturity: The Maturity Date of the Note shall be extended to June 6, 2019.

 

Optional Extension of June 6, 2019 Maturity Date. So long as an Event of Default (as defined in Section 4 of the Note) has not occurred, Issuer may extend the Maturity Date of the Note to September 6, 2019 by giving written notice to Holder at any time prior to the Maturity Date, and in such event the then outstanding Principal Amount of the Note will increase by ten percent (10%), effective as of the date of the notice.

 

Interest Rate: Effective as of March 7, 2019, the Note shall earn interest at the rate of eighteen percent (18%) per annum. For the purpose of clarity, all interest accrued prior to March 7, 2019 accrued at 12% per annum.

 

Amendment to Warrant: Issuer issued to Holder a warrant to purchase 600,000 shares of Issuer’s common stock, instrument number 33150, expiring September 19, 2023 (the “Warrant”). As additional consideration for the extension, the Exercise Price of the Warrant (as that term is defined in the Warrant) is hereby reduced from $0.25 to $0.20, and the number of share purchasable under the Warrant is hereby increased from 600,000 to 750,000 shares.

 

ALL OTHER TERMS AND CONDITIONS OF THE NOTE AND WARRANT REMAIN IN FULL FORCE AND EFFECT.

 

Please indicate acceptance and approval of this amendment dated March 5, 2019 by signing below:

 

	/s/Dennis P. Calvert 	 	/s/Jaren Johnson	 
	Dennis P. Calvert	 	Jaren Johnson	 
	BioLargo, Inc.	 	Chappy Bean, LLC	 
	Chief Executive Officer 	 	VP and General Counsel	 
	Date signed: March 5, 2019	 	Date signed: March 5, 2019ex_137071.htm

Exhibit 10.8

 

AMENDMENT #1

 

TO THE $495,000 PROMISSORY NOTE DATED JANUARY 31, 2018

 

 

The parties agree that the $495,000 Convertible Promissory Note (the “Note”) by and between BioLargo, Inc. (the “Borrower”) and Tangiers Global, LLC (the “Lender”) is hereby amended as follows:

 

	
			1.

				
			Payment. The Lender shall make a payment to the Borrower $150,000 of Consideration, plus $15,000 in an OID under the Note on or before March 4, 2019.

			
	 	 
	
			2.

				
			Use of Proceeds. The Company covenants that it will within, three months of the Effective Date of this Consideration, it shall use approximately $150,000 of the proceeds in the manner set forth below (the “Use of Proceeds”): general working capital.

			
	 	 
	
			3.

				
			Independent Transactions. The Borrower understands and agrees that the Note sets forth the terms for a series of independent transactions in which the Lender may elect to make a payment of Consideration to the Borrower with each payment of Consideration creating a separate obligation of the Borrower to the Lender with the terms set forth in the Note. Accordingly, the Maturity Date of each payment of Consideration, and the repayment terms for each payment of Consideration, are as set forth in the Note.

			
	 	 
	
			4.

				
			The Borrower confirms that it has not undertaken any capital raise, whether through debt or equity, with any other party since the Effective Date of the Note.

			

 

ALL OTHER TERMS AND CONDITIONS OF THE NOTE REMAIN IN FULL FORCE AND EFFECT.

 

Please indicate acceptance and approval of this amendment dated March 5, 2019 by signing below:

 

	
			/s/Dennis P. Calvert

				 	
			/s/Justin Ederle

				 
	 	 	 	 
	
			BioLargo, Inc.

				 	
			Tangiers Global, LLC

				 
	 	 	 	 
	
			By: Dennis P. Calvert

				 	
			By: Justin Ederle

				 
	 	 	 	 
	
			Its: President

				 	
			Its: Managing Member

				 
	 	 	 	 
	
			Date: March 5, 2019

				 	
			Date: March 6, 2019

				 

 

 

 

 

DISBURSEMENT INSTRUCTIONS

 

	 	
			TO:

				
			Tangiers Global, LLC

			

 

	 	
			FROM:

				
			BioLargo, Inc.

			

      

	 	
			DATE:

				
			March 4, 2019

			

 

Pursuant to that certain Convertible Promissory Note between the parties listed above and dated January 31, 2019, a disbursement of funds will take place in the amount and manner described below:

 

	
			Please disburse to:

				 
	
			Amount to disburse:

				
			$150,000

			
	
			Form of distribution

				
			Wire

			
	
			Name

				
			BioLargo, Inc.

			
	
			Address

			 

			 

				
			 

			 

			
	
			Wire Instructions:

				
			 

			FBO: BioLargo, Inc.

			Account #: 001549768543

			ABA Routing #:026-00-9593

			Bank of America, attention: Branch Manager

			Address: 24211 Paseo De Valencia, Laguna Hills, CA 92653

			Phone: 949-951-4076

			 

			

 

TOTAL: $150,000

 

BioLargo, Inc.

 

 

By: _________________________________________     Dated: March 5, 2019

 

Name: Dennis P. Calvert

 

Its: PresidentExhibit 10.5

 

SUBSCRIPTION AGREEMENT

 

Ordinary Shares of

Happiness Biotech Group Limited

 

This subscription
agreement (this “Subscription”) is dated , 2019, by and between the investor identified on the signature page
hereto (the “Investor”) and Happiness Biotech Group Limited, a Cayman Islands limited liability company
(the “Company”). The parties agree as follows:

 

1.     
Subscription

 

Investor agrees
to buy and the Company agrees to sell and issue to Investor such number of Company’s ordinary shares (the “Shares”),
par value $0.0005 per share, as set forth on the signature page hereto, for an aggregate purchase price (the “Purchase
Price”) equal to the product of (x) the aggregate number of Shares the Investor has agreed to purchase and (y) the Purchase
Price per Share as set forth on the signature page hereto.

 

The Shares
are being offered pursuant to a registration statement on Form F-1, File No. 333-[-----] (the “Registration Statement”).
The Registration Statement will have been declared effective by the Securities and Exchange Commission (the “Commission”)
prior to issuance of any Shares and acceptance of Investor’s subscription. The prospectus (the “Prospectus”)
which forms a part of the Registration Statement, however, is subject to change. A final prospectus and/or prospectus supplement
will be delivered to the Investor as required by law.

 

The Shares are
being offered by Univest Securities, LLC (the “Underwriter”) as Underwriter on a “best efforts, minimum/maximum”
basis pursuant to an underwriting agreement (the “Underwriting Agreement”). The completion of the purchase and
sale of the Shares (the “Closing”) shall take place at a place and time (the “Closing Date”)
to be specified by the Company and Underwriter in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of
1934, as amended (the “Exchange Act”). Upon satisfaction or waiver of all the conditions to closing set forth
in the Underwriter Agreement and the Registration Statement declared effective by the Commission, at the Closing (i) the Purchase
Price deposited by the Investor subsequent to the declaration of effectiveness of the Registration Statement by wire transfer or
ACH transfer of immediately available funds to the Company’s escrow accounts shall be released to the Company, and (ii) the
Company shall cause the Shares to be delivered to the Investor (A) through the facilities of The Depository Trust Company’s
DWAC system in accordance with the instructions set forth on the signature page attached hereto under the heading “DWAC Instructions,”
or (B) if requested by the Investor on the signature page hereto or if the Company is unable to make the delivery through the facilities
of The Depository Trust Company’s DWAC system, through the DRS or book-entry delivery of Shares on the books and records
of the transfer agent. If delivery is made by book entry on the books and records of the transfer agent, the Company shall send
written confirmation of such delivery to the Investor at the address indicated on the Signature Page hereof.

 

The Underwriter
and any participating broker dealers (the “Members”) shall confirm, via the sales agency agreement, selected
dealer agreement or master selected dealer agreement, as applicable, that it will comply with Exchange Act Rule 15c2-4. Payments
may only be made by wire transfer or ACH transfer, and no payments may be made by check. With regards to monies being wired or
sent via ACH transfer from an investor’s bank account, the Members shall request the investors send their wires or ACH transfers
by the business day immediately following the receipt of a completed subscription document. In regards to monies being sent from
an investor’s account held at the participating broker, the funds will be “promptly transmitted” to the escrow
agent following the receipt of a completed subscription document and completed instructions by the investor to send funds to the
escrow accounts. Absent unusual circumstances, funds in customer accounts will be transmitted by noon of the next business day.
In the event that the offering does not close for any reason prior to the termination date set forth in the Registration Statement,
all funds deposited in the escrow accounts will be returned to investors by noon of the second Banking Day following termination
in accordance with the terms of the escrow agreements and applicable law. A “Banking Day” is any day other than a Saturday,
Sunday or a day that a New York State chartered bank is not legally obligated to be open.

 

    	 	1	 

     

    

 

2.     
Subscription Process.

 

To purchase
our Shares in this offering, investors must complete and sign a subscription agreement. Investors will be required to pay for their
Shares by wire or ACH transfer for the full purchase price of the Shares. Signature Bank shall serve as escrow agent for any payments
made via wire or ACH transfer.

 

Subscriptions
will be effective only upon our acceptance of the subscriptions, and we reserve the right to reject any subscriptions in whole
or in part. In compliance with Rule 15c2-4 under the Exchange Act, we and the Underwriter will instruct investors to deliver all
monies in the form of wire transfers or ACH transfers to the escrow agent. Upon the escrow agent’s receipt of such monies,
they shall be credited to the escrow accounts. Pursuant to escrow agreements among us, Underwriter and [---], as escrow agent,
the funds received in payment for the Shares purchased in this offering will be wired to a non-interest bearing escrow account
at [---], and held until the escrow agent determines that the amount in the escrow account is equal to at least the minimum amount
required to close this offering. Upon confirmation of receipt of the requested minimum subscription amount, the escrow agent will
release the funds in accordance with the written instructions provided by us and Underwriter, indicating the date on which the
Shares purchased in this offering are to be delivered to the investors and the date the net proceeds are to be delivered to us.

 

3.     
Investor Representations and Warranties.

 

a.                   
Investor represents that it has received (or otherwise had access to the electronic filing on the SEC website) the Prospectus
prior to or in connection with receipt of this Agreement.

 

b.                  
Investor represents that it is purchasing the Shares for its own account.

 

c.                   
Investor represents that it understands and acknowledges that Investor’s subscription for the Shares indicated on
the Signature Page hereto may be accepted or rejected in whole or in part by the Company, for any reason and in their sole and
absolute discretion.

 

d.                  
Investor represents and warrants that it is not or is not acting as an agent, representative, intermediary or nominee for
any person identified on the list of blocked persons maintained by the Office of Foreign Assets Control, U.S. Department of Treasury.
In addition, it has complied with all applicable U.S. laws, regulations, directives, and executive orders relating to anti-money
laundering including but not limited to the following laws: (1) the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56; and (2) Executive Order 13224 (Blocking Property
and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) of September 23, 2001.

 

By making the foregoing
representations Investor has not waived any right of action Investor may have under federal or state securities laws. Any such
waiver would be unenforceable. The Company will assert your representations as a defense in any subsequent litigation where such
assertion would be relevant. 

 

4.     
FINRA Rules 5130 and 5131

 

This rule
states that “restricted persons” are prohibited from participating in Syndicate or new issue offerings. Please review
the following definition of a “restricted person” on Schedule A prior to signing this form acknowledging you do not
fall into ‘“restricted person” status.

 

    	 	2	 

     

    

 

The undersigned hereby represents and warrants as of the date set
forth below that:

 

i.    
The undersigned is the holder of the account identified below or is authorized to represent the beneficial holders of the
account;

 

ii.    
Neither the undersigned nor any beneficial holder of the account is a “restricted person” as that term is described
in FINRA Rule 5130 (described in Schedule A); and

 

iii.   
The undersigned understands FINRA. Rule 5130 and the account is eligible to purchase new issues in compliance with such
rule.

 

5.     
Miscellaneous

 

This Subscription
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument
and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto, it being
understood that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile or via electronic
format.

 

This Subscription
Agreement will be governed by and construed in accordance with the internal laws of the State of New York, without giving effect
to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

All communications
hereunder, except as may be otherwise specifically provided herein, shall be in writing and shall be mailed, hand delivered, sent
by a recognized overnight courier service such as FedEx, or sent via facsimile and confirmed by letter, to the party to whom it
is addressed at the following addresses or such other address as such party may advise the other in writing:

 

To the Company: as set forth
on the signature page hereto.

To the Investor: as set forth
on the signature page hereto.

All notices hereunder shall be effective upon
receipt by the party to which it is addressed.

 

If the foregoing
correctly sets forth the parties’ agreement, please confirm this by signing and returning to the Company the duplicate copy
of this Subscription Agreement.

 

Please email back the completed Subscription
Agreement to Edric Guo at yguo@univest.us.

 

[Signature Page to Subscription
Agreement for Happiness Biotech Group Limited]

 

 

    	 	3	 

     

    

If the foregoing correctly sets
forth the parties agreement, please confirm this by signing and returning to us the duplicate copy of this Subscription Agreement.

	 	 	Happiness Biotech Group Limited
	 	 	 	 
	Number of Shares:	 	 	By:	 
	 	 	 	 	 
	Purchase Price per Share:	$[-].00 per share 	 	Name:	 
	 	 	 	 	 
	Aggregate Purchase Price:	$ 	 	Title:	 
	 	 	 	 	 
	INVESTOR NAME:	 	 	Address Notice:
	 	 	 	No. 11, Dongjiao East Road, Shuangxi,
	Signature:	 	 	Shunchang, Nanping City,
	 	 	 	Fujian Province, PRC
	 	 	 	 
	Signor Name:	 	 	Address:	 
	 	 	 		 
	Title:	 	 	 	 
	 	 	 	 	 
	Date:	 	 	Phone:	 
	 	 	 	 	 
	 	 	SSN or EIN:	 
	 	 	 	 

  

 ̈ 
Please wire $____________ from my account held at:____________________

 

Account Title: _________________; Account Number: _____________________

 

To the following instructions:

 

ABA Routing No:

SWIFT Code:

Bank Name:

Bank Address:

 

Beneficiary Account Name: Happiness Biotech Group Limited

Beneficiary Account No:

Beneficiary Address: No. 11, Dongjiao East Road,
Shuangxi, Shunchang, Nanping City     Fujian Province, People’s Republic of China

 

By: _________________________Date: _____________________, 2019

 

Name: _____________________Title:__________________________________

 

    	 	4	 

     

    

 

Select method of delivery of Shares:

 

 ̈ 
DWAC DELIVERY

 

DWAC Instructions:

 

	1.	 
	 	Name
of DTC Participant (broker dealer at which the account or accounts to be credited with the Shares are maintained)
	 	 
	2.	 
	 	DTC Participant Number
	 	 
	3.	 
	 	Name of Account at DTC Participant being credited
with the Shares
	 	 
	4.	 
	 	Account Number of DTC Participant being credited with
the Shares

 

 

 ̈ 
DRS Electronic Book Entry Delivery Instructions:

 

Name in which Shares should be issued:__________________________________________

 

Address: __________________________________Telephone
No.: ______________________

 

Please email back the completed Subscription
Agreement to

Edric Guo at yguo@univest.us.

 

    	 	5	 

     

    

 

SCHEDULE A

 

	a)		FINRA Member Firms or other Broker/Dealers

 

	b)		Broker-Dealer Personnel

	·		Any officer, director, General partner, associated person or employee of a member
firm or any other Broker/dealer.

	·		Any agent of a member firm or any other Broker/dealer that is engaged in the investment
banking or securities business.

	·		Any immediate family member of a person specified above. Immediate family members
include a person’s parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister-in-law,
son-in-law or daughter-in law, and children.

	i.		Person that materially supports or receives material support from the immediate family
member.

	ii.		Person employed by or associated with the member, or an affiliate of the member, selling
the new issue to the immediate family member.

	iii.		Person that has an ability to control the allocation of the new issue.

 

c)                 Finders and Fiduciaries. With respect to the security being offered, a finder or any person acting in a fiduciary capacity
to the underwriter, including, but not limited to, attorneys, accountants, and financial consultants; and any immediate family
members (or person(s) receiving material support or receives material support from the family member) of a person identified as
a Finder or Fiduciary.

 

d)                 Portfolio Managers

 

		a.	Any person who has authority to buy or sell securities for a bank, savings and loan institution,
insurance company, investment company, investment advisor, or collective investment account.

		b.	Any immediate family member of a person specified under portfolio Managers that materially supports,
or receives material support from such person.

e)                 Persons Owning a Broker/Dealer

 

		a.	Any person listed, or required to be listed, in Schedule A of a Form BD, except persons
identified by ownership of less than 10%.

		b.	Any person listed, or required to be listed, in Schedule B of a Form BD, except persons
identified by ownership of less than 10%.

		c.	Any person listed, or required to be listed, in Schedule C of a Form BD that meets the
criteria of (e) (bullet point 1) or (e) (bullet point 2) above.

		d.	Any person that directly or indirectly owns 10% or more of a public reporting company listed,
or required to be listed, in Schedule B of a Form BD.

		e.	Any person that directly or indirectly owns 25% or more of a public reporting company listed,
or required to be listed, in Schedule B of a Form BD.

		f.	Any immediate family member of a person specified in (5) (bullet points 1-5) unless the person
owning the Broker/dealer:

		i.	Does not materially support, or receive material support from the immediate family member.

		ii.	Is not an owner of the member, or an affiliate of the member, selling the new issue to the immediate
family member.

		iii.	Has no ability to control the allocation of the new issue.

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