Document:

www.EXFILE.com  888.775-4789  MATRITECH, INC.   FORM 8-K

    EXHIBIT
      4.2

     

     

    

    MULTI-MONTH
      DEFERRAL

    

    

    CONSENT
      OF HOLDER OF 15% SECURED CONVERTIBLE PROMISSORY NOTES DATED JANUARY 13, 2006
      AND/OR DATED JANUARY 22, 2007 TO DEFER PAYMENTS

    

    This
      Consent is executed and delivered on this 13th day of August 2007 by the
      undersigned holder of the 15% Secured Convertible Promissory Notes issued by
      Matritech, Inc. (the “Borrower”) on January 13, 2006 (the
“Series A Notes”) pursuant to the Securities Purchase
      Agreement, dated as of January 13, 2006, by and among the Borrower and the
      purchasers party thereto and previously amended on January 22, 2007 and July
      27,
      2007 (the “Series A Purchase Agreement”) and/or the undersigned
      holder of the 15% Secured Convertible Promissory Notes issued by the Borrower
      on
      January 22, 2007 (the “Series B Notes”) pursuant to the
      Securities Purchase Agreement, dated as of January 22, 2007, by and among the
      Borrower and the purchasers party thereto and previously amended on July 27,
      2007 (the “Series B Purchase Agreement”).  The
      undersigned holder of the Series A Notes shall be referred to as a
“Series A Holder.”  The undersigned holder of the
      Series B Notes shall be referred to as a “Series B
Holder.”  All capitalized terms used in this
      Consent but not otherwise defined herein shall have the meanings ascribed to
      such terms in the Series A Purchase Agreement and the Series B Purchase
      Agreement, respectively.

    

    1.           Each
      undersigned Series A Holder hereby consents to the deferral of all payments
      of
      principal and interest due to the undersigned from the Borrower at any time
      on
      or after August 13, 2007 on the Series A Notes until the earlier of (a) a Change
      of Control of the Borrower (as defined in the Series A Notes) or (b) the
      Scheduled Maturity Date.

    

    2.           Each
      undersigned Series B Holder hereby consents to the deferral of all payments
      of
      principal and interest due to the undersigned from the Borrower at any time
      on
      or after August 13, 2007 on the Series B Notes until the earlier of (a) a Change
      of Control of the Borrower (as defined in the Series B Notes) or (b) the
      Scheduled Maturity Date.

    

    3.
        
This
      Consent may be executed in multiple counterparts, each of which shall be deemed
      an original but all of which together shall constitute one and the same
      instrument, and by facsimile transmission or portable document format (“pdf”),
      which facsimile or pdf signatures shall be considered original executed
      counterparts.  This Consent shall be binding upon all Series A Holders
      and Series B Holders signing this Consent regardless of whether or not all
      other
      holders of Series A Notes and Series B Notes sign this Consent.

    

    

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    IN
      WITNESS WHEREOF, the undersigned Series A Holder and/or the undersigned Series
      B
      Holder has executed this Consent as of the day first above written.

     

     

    
 

    
      	
               

            	
              Holder:
                _______________________

            

    

    

    

    

    

    By:__________________________

    Name:________________________

    Title:_________________________

    Date:_________________________Exhibit 10.52

 

TERM SHEET

 

This Term Sheet is intended to serve as an
outline of the basic terms upon which certain Purchasers agree to purchase
shares of IWT Tesoro Corporation (the “Company”).

 

	
  Company:

  	
   

  	
  IWT Tesoro Corporation

  
	
   

  	
   

  	
   

  
	
  Purchaser:

  	
   

  	
  Sophisticated Accredited Investors (the “Purchaser”)

  
	
   

  	
   

  	
   

  
	
  Security to be Issued:

  	
   

  	
  Series A Convertible Cumulative Preferred Stock
  (“Series A”) Preferred Stock.

  
	
   

  	
   

  	
   

  
	
  Coupon Rate:

  	
   

  	
  Year 1

  Year 2

  Year 3

  Year 4

  Year 5 and beyond

  	
  4%

  6%

  8%

  10%

  10%

  	
   

  
	
   

  	
   

  	
   

  
	
  Shares Being Offered:

  	
   

  	
  At the Closing, the Purchaser will purchase up
  to 2,000,000 shares of Series A at a price of $5.00 per share for the
  aggregate price of up to ten million US dollars (“$10,000,000
  USD”) through November 15, 2007. Payment for shares can be in
  tranches.

  
	
   

  	
   

  	
   

  
	
  Restriction of Issuance

  of Securities

  	
   

  	
  Excluding any Company benefit plan or any securities
  (derivative securities) outstanding, Company shall not issue additional
  securities, options, warrants, or pledges without the approval of the Series
  A Preferred Stockholders for a period of 12 months following funding of not
  less than $5.0 million.

  
	
   

  	
   

  	
   

  
	
  Board Member:

  	
   

  	
  The current Directors of the Company shall appoint a
  new Director selected by the Purchaser at such time as the Company has
  received funding of not less than $2.0 million.

  
	
   

  	
   

  	
   

  
	
  Non-Shorting:

  	
   

  	
  The Purchaser warrants that it will not engage in
  short sales of the Company’s common stock.

  
	
   

  	
   

  	
   

  
	
  Conversion:

  	
   

  	
  In the event the Company fails to meet any of the
  financial or operational performance criteria as identified and defined in
  Exhibit A -Performance Criteria, each share of Series A Preferred Stock is
  convertible into 20 shares of the Company’s Restricted Common stock (“Common
  Stock”). If the Company meets or exceeds all performance criteria as defined
  in Exhibit A Performance Criteria, each share of Series A is convertible into
  8 shares of the Company’s Restricted Common stock. The offering is being made
  on a best efforts basis. The Common Stock is currently quoted on the Over The
  Counter Bulletin Board under the symbol IWTT.OB.

   

  The Purchaser may convert the Series A Preferred
  Stock and any unpaid dividends into Common Stock at any time as stated above.
  Unpaid dividends will be converted into Restricted Common Stock according to
  the appropriate conversion right stated above.

   

  The shares of Series A Preferred Stock, subject to
  certain limitations, shall be converted, in whole or in part from time to
  time at the Company’s option, at any time that the trading price of the
  Common Stock shall be $3.00 per share or higher for 20 consecutive trading
  days.

  
	
   

  	
   

  	
   

  
	
  Sales to Purchaser:

  	
   

  	
  The offering of the Securities has not been
  registered under the U.S. Securities 

  

 

1

 

	
   

  	
   

  	
  Act of 1933, as amended (the “Securities Act”) and
  the Securities are being offered in reliance upon the exemption under Section
  4(2) of the Securities Act and the provisions of Regulation D promulgated
  thereunder. Sales of the Securities will be made only to “accredited
  investors” as such term is defined in Rule 501(a) of Regulation D under the
  Securities Act.

   

  Each of the Securities to be issued shall contain a
  legend in substantially the following form:

   

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE
  HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
  “SECURITIES ACT”) OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN
  EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
  OTHER SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, PLEDGED, TRANSFERRED,
  ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH IS
  EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT.

  
	
   

  	
   

  	
   

  
	
  Use of Proceeds:

  	
   

  	
  The Company and Purchaser shall mutually agree on
  the use of proceeds.

  
	
   

  	
   

  	
   

  
	
  Conditions to Closing:

  	
   

  	
  Customary conditions, including (a) acceptable legal
  and business due diligence on the Company and its subsidiaries, (b) required
  approvals, and (c) appropriate documentation.

  
	
   

  	
   

  	
   

  
	
  RISK FACTORS

  	
   

  	
  The Securities offered hereby are highly
  speculative and involve a high degree of risk and, therefore, should not be
  purchased by anyone who cannot afford the loss of their entire investment.
  Risk Factors relating to this offering and the Company are set forth in the
  Company’s filings with the SEC.

  
	
   

  	
   

  	
   

  
	
  Information Provided

  or Made Available.

  	
   

  	
  Each Purchaser must represent their intention to
  acquire the securities for investment only and not with a view for sale in
  connection with any distribution thereof and appropriate legends were affixed
  to the share certificates and instruments issued in such transactions. The
  sales of these securities were made without general solicitation or
  advertising. Each Purchaser has been provided with or has had access to all
  information, including financial, has reviewed the information and has had
  the opportunity to ask the Company questions about the Company, including
  financial, and the Securities.The Company’s filings with the Securities and
  Exchange Commission are available at www.sec.gov.

  

 

	
  Agreed to by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The Company

  	
   

  	
  The Purchaser

  
	
   

  	
   

  	
   

  
	
  IWT Tesoro Corporation

  	
   

  	
  KMA Capital Partners, Inc, its affiliates and
  investors

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Henry J. Boucher, Jr., CEO and President

  	
   

  	
   

  	
  Douglas Calaway, President and CEO

  
	
   

  	
  Duly Authorized

  	
   

  	
   

  	
  7658 Municipal Drive

  
	
   

  	
   

  	
   

  	
  Orlando, FL 32819

  

 

 

2

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