Document:

Unassociated Document

    

       Account
#:  0

       

       (Not
necessary to fill out if Special Overdraft)

       

      

       

      Special
Overdraft • Overdraft Agreement Partial Change Agreement

       

      Special
Overdraft (Utilizing Market Interest) • Overdraft Agreement Linked to Market
Interest Partial Change Agreement

       

      [Revenue
Stamp:  Mizuho Line One Payment System:  Special Overdraft
¥200]

       

      

       

       June
30, 2009

       

      Mizuho
Bank, Inc.

       

       

      Self:         Isao
Kamijo, Representative Director

      Staar Japan, Inc.

      1-5-2 Irifune, Urayasu,
Chiba  279-0012

       [Loan
Transaction Stamp]

      

       

      I hereby
agree to change a part of Special Overdraft Agreement, Special Overdraft
Agreement (for Market Interest Usage) as well as Overdraft Agreement (or
Overdraft Account Agreement as well as related Agreements • One-time Payment
System Overdraft Agreement • Overdraft Account Agreement Linked to Market
Interest Agreement) (hereafter “Original Agreement”) as follows.  The
other clauses will comply with the respective clauses in the Original
Agreement.

       

      
        	 
      	
                Clause
      to be Changed

              	
                ¥400,000,000
      Original Contract

              	
                ¥300,000,000 [handwriting]

                Contract
      After Change

              
	
                O

              	
                Overdraft
      Limit

              	
                ¥400,000,000

              	
                ¥300,000,000

              
	 
      	
                Expiration

              	 
      	 
      
	 
      	
                Automatic
      Extension Agreement

              	
                Despite
      the existence of an automatic extension agreement of expiration based on
      the existing agreement, unless I or your bank requests cancelation in
      writing before the date of expiration after the change, the transaction
      period will be further extended [     ] years and
      will be treated as the same
thereafter.

              

      

      

       

      (Request)

       

      
        	
                ·  

              	
                Mark
      “O” in the column to the left of the clause to be changed and fill out the
      agreement before and after the
change.

              

      

       

      
        	
                ·  

              	
                Regarding
      the automatic extension column, fill out the period in the applicable
      space after change (example:  [ 1 ]
  years.)

              

      

       

       

       

      (For Bank
Use Only)

       

      • When
canceling the automatic extension agreement, receive “overdraft agreement
partial change agreement (for cancelation of automatic extension of
expiration.)” (3605Y009).

       

      
        	
                File

              	
                Reference

              	
                Receipt

              

      

      3603&181
“Overdraft Agreement Partial Change Agreement”  J09.03

       

      Print #:  ZAF
AH-BYTQ7-CKG37-CAYGO-V7XKR-B

       

      Change of
Interest Rate Agreement (For Base Interest Change • For Change of Added Margin
Change for Linked Loan)

       

      Mizuho
Bank

       

       June
30, 2009

       

      

       

      Phone:                      047-390-7301

      Address:                      1-5-2
Irifune, Urayasu, Chiba Pref. 279-0012

      Debtor:                      Staar
Japan, Inc.

      Isamu Kamijo, Representative
Director[Loan Transaction Stamp]

      

      Phone:

      Address:

      Co-signer:

      

      I (my
company) hereby acknowledge on October 31, 2007 that the base interest or added
margin (or both) regarding the liabilities of borrowed money based on
[  ] promissory note [  ] I.O.U. [x] Special overdraft
agreement [  ] overdraft account agreement  (hereafter
contract deed) is as follows.  Also, [I] agree that the each clause of
the special agreement regarding the linked interest implementation attached
separately will continue to be applied for the method of changing loan
interest.

       

      If the
liabilities of borrowed money is a method of equal principal and interest
payments, [I] agree to the change of payment amounts of principal and interest
on the day of each payment date according to the change in interest
rate.

       

      *

      
        	
                Interest
      Rate Before Change

              	
                Interest
      Rate After Change

              	
                Date
      of Execution

              
	
                Annual
      1.475%

                **Rate
      with 0.000% per year added on the base interest rate

              	
                Annual
      2.6 %

                **Rate
      with 0.000% per year added on the base interest rate

              	
                June
      30, 2009

              
	
                **Base
      Interest Rate

                [ ]
      Short-term Prime Rate

                [ ]
      Long-term Lending Rate Linked to Short-Term Prime Rate (within 3
      years)

                [ ]
      Long-term Lending Rate Linked to Short-Term Prime Rate (over 3
      years)

                [ ]
      MHCB Long-Term Prime Rate

              	
                **Base
      Interest Rate

                [ ]
      Short-term Prime Rate

                [ ]
      Long-term Lending Rate Linked to Short-Term Prime Rate (within 3
      years)

                [ ]
      Long-term Lending Rate Linked to Short-Term Prime Rate (over 3
      years)

                 

              	 
      

      

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Interest
rate after change will be applied on the day after interest payment date
following the date of execution.

       

      * When
only changing the added margin and not changing the base interest rate, mark “O”
in the above space and fill out the total interest rate and added margin
please.  When changing the base interest rate, mark “O” on both upper
row and lower row, fill out the interest rate and added margin, and mark
“O”  in the applicable space of base interest.

       

      **Definitions
of above interest rates are as follows:

       

      
        	
                1.  

              	
                “Short-term
      Prime Rate” refers to the short-term loan prime rate published by Mizuho
      Bank, Inc. (hereafter Bank).

              

      

       

      
        	
                2.  

              	
                “Long-term
      Lending Rate Linked to Short-Term Prime Rate (Within 3 years) refers to
      what’s applicable of a loan with a agreement period of less than three
      years within the long-term lending prime rate linked to the short-term
      loan prime rate published by the
bank.

              

      

       

      
        	
                3.  

              	
                “Long-term
      Lending Rate Linked to Short-Term Prime Rate (over 3 years) refers to
      what’s applicable of a loan with a agreement period of more than three
      years within the long-term lending prime rate linked to the short-term
      loan prime rate published by the
bank.

              

      

       

      
        	
                4.  

              	
                “MHCB
      Long-term Prime Rate” refers to base interest on the loan linked to the
      long-term lending prime rate published by Mizuho Corporate Bank,
      Inc.

              

      

       

      

       

      (Note)
Please mark “O” on the applicable [  ]

       

      [Bank
Usage Only]

       

      
        	
                Account
      Code

              	
                Ringi  (Consensus)
      #

              	
                Decision
      #

              	
                Loan
      #

              	
                Promissory
      Note Expiration

              	 
      	
                File

              	
                Refer.

              	
                Receipt.

              
	
                1013912

              	
                0900240

              	
                50001

              	 
      	 
      	 
      	 
      	 
      	 
      

      

       

       

      3601Y425
“Change of Interest Rate Agreement (For Base Interest Change • Change of Added
Margin for Linked Loan)” (3Y) 05

       

      

       

      Print
#:  K62JE GT5Q3-Q5KWU-WTNH47-U9D5T-2WAIVER, CONSENT AND
SECURITIES MODIFICATION AGREEMENT

    

    This
Waiver, Consent and Securities Modification Agreement (this “Agreement”) is made
and entered into as of October 22, 2009 (the “Effective Date”), by
and among the undersigned investors who hold Debentures and Warrants (as defined
in the Recitals below) that were issued in the Prior Financing (as defined in
the Recitals below) (each, an “Investor”,
collectively, the “Investors”), and
Sionix Corporation, a Nevada corporation (the “Company”).  Capitalized
terms used but not defined herein have the meanings ascribed to them in the
Debentures.

    

    RECITALS

    

    A.           WHEREAS,
on July 29, 2008, the Company entered into Securities Purchase Agreements (the
“Purchase
Agreements”) with the Investors for the sale and issuance of 12%
Convertible Debentures (the “Debentures”) in an
aggregate principal amount of $1,000,000 along with five-year warrants (the
“Warrants”) to
purchase an aggregate 1,000,000 shares of the Company’s common stock (the “Prior
Financing”);

    

    B.           WHEREAS,
the Company is contemplating a new offering involving the issuance of
convertible debt securities, at one or more closings, in an aggregate principal
amount up to  $1,000,000 together with common stock purchase warrants
(the “New
Financing”);

    

    C.           WHEREAS,
as long as any portion of the Debentures remains outstanding, the Debentures
prohibit the Company from incurring any indebtedness for borrowed money unless
the holder(s) of at least 60% of the principal amount of the Debentures then
outstanding provide prior written consent;

    

    D.           WHEREAS,
Section 9(j) of the Debentures provides that provisions of the Debentures may be
amended or waived with the written consent of the holder(s) of at least 60% of
the outstanding principal amount of the Debentures; and

    

    E.           WHEREAS,
Section 5(l) of the Warrants provides that provisions of the Warrants may be
amended or waived with the written consent of the holder(s) of at least 60% of
the warrant shares issuable upon exercise of all outstanding
Warrants.

    

    NOW,
THEREFORE, in consideration of the mutual promises made herein, the parties
agree as follows:

    

    AGREEMENT

    

    1.    Amendments to
Debentures:

    

    
      	
              a.  

            	
              Maturity
      Date.  The definition of “Maturity Date” in the preamble
      of Debentures is hereby amended to mean April 29,
  2010.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	
              b.  

            	
              Conversion
      Price.  Section 4(b) of the Debentures is hereby amended
      to read in its entirety as follows:  “The conversion price in
      effect on any Conversion Date shall be equal to $0.15, subject to
      adjustment herein (the “Conversion
      Price”).”

            

    

    

    
      	
              c.  

            	
              Conversion In Event of
      Default.  Section 8(b)(ii) of the Debentures is hereby
      amended to read in its entirety as follows:  “Notwithstanding
      the foregoing, if any Event of Default occurs the Holder shall have the
      right to convert all or a portion of such principal of and accrued
      interest on the Debenture into shares of Common Stock pursuant to the
      terms set forth in Section 4(a) above (and to receive cash on the
      principal amount Holder elects not to
convert).”

            

    

    

    
      	
              d.  

            	
              New Principal
      Amount.  As of the Effective Date, the principal amount
      of each Debenture shall be increased to equal the New Principal Amount set
      forth in Column I opposite each Investor’s name on Schedule A
      attached hereto.  The “New Principal Amount” as to each
      Debenture shall mean the sum of the original principal amount of such
      Debenture plus all interest accrued thereon through the Effective
      Date.

            

    

    

    2.    Waiver of Events of
Default.  The Investors hereby waive any and all Events of
Default that occurred or may have occurred prior to the Effective
Date.

    

    3.    Consents.  Pursuant
to Section 7 of the Debentures, the Investors hereby consent to:

     

    
      	
              a.  

            	
              the
      Company’s indebtedness resulting from the New Financing, which would
      otherwise be prohibited pursuant to Section 7(a) of the
      Debentures;

            

    

     

    
      	
              b.  

            	
              the
      Company repaying, prior to repayment of all outstanding principal and
      interest of the Debentures, up to $250,000 of the Steel Pier Note out of
      the proceeds of the New Financing, which would otherwise be prohibited
      pursuant to Section 7(e) of the Debentures; provided, however, that
      such repayment of the Steel Pier Note may occur only if the New Financing
      is in an amount of at least
$500,000.

            

    

     

    4.    Issuance of Corrected
Warrants, Additional Cashless Warrants and New Warrants to
Investors.

     

    (a)           Upon
execution of this Agreement, the Investors shall return to the Company for
cancellation the original Warrants currently held by the Investors, which were
issued bearing an incorrect number of Warrant shares, and in lieu of such
incorrect Warrants the Company shall issue to each Investor a corrected Warrant,
in the same form as the original Warrants and bearing an original issue date of
July 29, 2008, for the number of shares of common stock, after giving effect to
the anti-dilution adjustment required by Section 3(b) of the Warrants, set forth
opposite each Investor’s name in Column II on Schedule A attached
hereto (the “Corrected
Warrants”).  The Corrected Warrants shall be exercisable until
July 29, 2013 and shall have an exercise price of $0.15 per share, which is the
adjusted exercise price required as a result of Section 3(b) of the
Warrants.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (b)           In
addition to the Corrected Warrants, the Company shall issue to each
Investor:

     

    (i)             a
warrant, bearing an issue date of October 22, 2009, to purchase the number of
shares of common stock set forth opposite such Investor’s name in Column III on
Schedule A
attached hereto (the “Additional Cashless
Warrants”).  The Additional Cashless Warrants shall be
exercisable until July 29, 2013, shall have an exercise price of $0.15 per
share, subject to adjustment for stock splits and dividends, and shall be
exercisable for cash or on a cashless basis in the manner provided in the
original Warrants; and

     

    (ii)             a
warrant to purchase the number of shares of common stock set forth opposite such
Investor’s name in Column IV on Schedule A attached
hereto (the “New
Warrants”).  The New Warrants shall be exercisable for cash
only, shall have a five year term from the Effective Date and an exercise price
of $0.15 per share, subject to adjustment for stock splits and
dividends.

     

    (c)           The
Investors understand and agree that the Corrected Warrants, the Additional
Cashless Warrants and the New Warrants shall not be exercisable until the
Company has increased its authorized common stock to a number sufficient to
allow their full exercise.

     

    5. Application of Agreement to
All Debentures and Warrants.  The amendments, waivers and
consents provided herein shall apply to all of the Debentures and Warrants so
long as the holder(s) of at least 60% of the outstanding principal amount of the
Debentures and shares underlying the Warrants outstanding on the Effective Date
shall execute this Agreement.

     

    6. Full Force and
Effect.  The parties hereto acknowledge and agree that, except
as expressly provided herein, the provisions of the Debentures and the Warrants
shall remain unmodified and in full force and effect

     

    7. Counterparts.  This
Agreement may be executed in two or more counterparts and by facsimile signature
or email delivery of a “PDF”, and each of such counterparts shall be deemed an
original and all of such counterparts together shall constitute one and the same
agreement.

     

    8. Successors and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors, heirs and assigns of the parties
hereto.

     

    9. Governing Law;
Venue.  This Agreement shall be governed by the laws of the
State of New York.  Any legal action under this Agreement shall be
brought in the state or federal courts located in the City of New York, New
York.

     

    [SIGNATURES
FOLLOW]

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the undersigned have duly executed this Waiver, Consent and
Securities Modification Agreement as of the Effective Date.

    

    INVESTORS:

    

    
      	 
      	 
      	
              $

            	
              750,000

            	 
      	
              75

            	
              %

            
	
              Brogan
      Bernard

            	 
      	
              Principal
      of Debenture

              as
      of the Effective Date

            	 
      	
              Percentage
      as of

              the
      Effective Date

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
              $

            	
              250,000

            	 
      	
              25

            	
              %

            
	
              Richard
      Lissenden

            	 
      	
              Principal
      of Debenture

              as
      of the Effective Date

            	 
      	
              Percentage
      as of 

              the
      Effective Date

            
	 
      	 
      	 
      	 
      	 
      

    

    

    

    COMPANY:

    

    Sionix
Corporation

    

    

    ______________________________

    By:
Rodney Anderson

    Its:
Chief Executive Officer

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
A

    

    
      	 
      	 	
              Column I

            	 	 	
              Column II

            	 	 	
              Column III

            	 	 	
              Column IV

            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
               

              Investor Name

            	 	
              
              

              New 

              Principal

              Amount

            	 	 	
              
              

              Corrected Original 

              Warrant with Anti-

              Dilution Adjustment

            	 	 	
              
              

              Additional 

              Cashless

              Warrant

            	 	 	
              
              

              New Warrants

            	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 
	
              Bernard
      Brogan

            	 	$	865,937.50	 	 	 	1,500,000	 	 	 	1,000,000	 	 	 	2,500,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Richard
      Lissenden

            	 	$	288,645.83	 	 	 	500,000	 	 	 	333,333	 	 	 	833,333

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