Document:

Exhibit 10.30

 

EMMAUS MEDICAL, INC.

 

Promissory Note

 (Cash Interest With
Warrant)

(On Demand)

 

	Principal Amount: $  
200,000	Date:  January 17, 2012

 

FOR VALUE RECEIVED, Emmaus
Medical, Inc., a Delaware corporation, located at 20725 S. Western Ave., Suite 136, Torrance, CA  90501 (“Borrower”)
agrees to pay to

 

Hope International
Hospice, Inc.  (“Lender”), the sum of $   200,000
U.S. Dollars (“Principal Amount”), together with accrued interest thereon at the rate of eight percent (8%) per annum,
under the following terms and conditions of this Promissory Note (“Note”).

 

1.           Terms
of Repayment (Balloon Payment):  Simple interest at the rate of eight percent (8%) per annum will accrue on the outstanding
Principal Amount commencing on the date of this Note until called by Lender, and the Borrower shall make quarterly payments of
interest only, as set forth in Attachment 1 hereto. The entire unpaid Principal Amount and any accrued interest thereon shall become
immediately due and payable upon Lender’s request.

 

2.           Prepayment:  This
Note may be prepaid in whole or in part at any time without premium or penalty.  All prepayments shall be in cash, and
first be applied to accrued interest, and then to outstanding Principal Amount.

 

3.           Place
of Payment:  All payments due under this Note shall be sent to the Lender’s address, set forth in Attachment
1 hereto, or at such other place as the holder of this Note may subsequently designate in writing to the Borrower.

 

4.           Warrant:  Lender
is entitled to the warrant to purchase 55,556 shares.  The warrant shall be exercisable within three (3) years of Loan
Date.  The warrant share price shall be $1.00.

 

5.           Acceleration
of Debt:  If the Borrower fails to make any payment due under the terms of this Note or seeks relief under the U.S.
Bankruptcy Code, or suffers an involuntary petition in bankruptcy or receivership that is not vacated within thirty (30) days,
the entire balance of this Note and any interest accrued thereon shall be immediately due and payable to the holder of this Note.

 

6.           Modification:  No
modification or waiver of any of the terms of this Agreement shall be allowed unless by written agreement signed by the parties.
No waiver of any breach or default hereunder shall be deemed a waiver of any subsequent breach or default of the same or similar
nature.

 

7.           Assignment.  Neither
this Note, nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole
or in part, by Borrower or by the Lender without the prior written consent of the other party, except in connection with an assignment
in whole to a successor corporation to Borrower, provided that such successor corporation acquires all or substantially all of
Borrower’s property and assets and Lender’s rights hereunder are not impaired.

 

    	1

    	 

    

 

8.           Complete
Note. This Note is the complete and exclusive statement of agreement of the parties with respect to matters in this Note. This
Note replaces and supersedes all prior written or oral agreements or statements by and among the parties with respect to the matters
covered by it. No representation, statement, condition or warranty not contained in this Note is binding on the parties.

 

9.           Severability
of Provisions:  If any portion of this Note is deemed unenforceable, all other provisions of this Note shall remain
in full force and effect.

 

10.         Choice
of Law:  All terms and conditions of this Note shall be interpreted under the laws of the State of California, United
States of America.

 

IN WITNESS WHEREOF, the
Borrower has caused this PROMISSORY NOTE to be executed by a duly authorized officer as of the date first written above.

 

Emmaus Medical, Inc.

 

	By:	/s/ Willis C. Lee	 
	 	     Willis C. Lee, COO	 

 

    	2

    	 

    

 

ATTACHMENT 1

 

	Lender’s Name:	Hope International Hospice, Inc.	 
	 	 	 
	Lender’s Address:	20705 S. Western Ave., #112	 
	 	Torrance, CA 90501	 
	 	_______________________________	 
	 	_______________________________	 
	 	 	 
	 	 	 
	Principal Amount:	USD $ 200,000	 
	 	 	 
	Quarterly Interest at 8%	 	 
	Per Annum on Principal Amount:	$ 4,000	 

 

3ex-10_1.htm

Adamis Pharmaceuticals Corporation 10-Q

 

Exhibit 10.1

 

THIRD AMENDMENT TO

 

COMMON STOCK PURCHASE AGREEMENT

 

This Third Amendment to Common Stock Purchase Agreement (this “Third Amendment”) is dated as of January 31, 2012 (the “Effective Date”), and is entered into by and between Adamis Pharmaceuticals Corporation, a Delaware corporation (the “Company”) and Eses Holdings (FZE), a limited liability free zone establishment formed in accordance with the laws of Sharjah, United Arab Emirates (“Purchaser” and together with the Company, the “Parties”, and each, individually, a “Party”).  

 

BACKGROUND

 

A.           The Parties previously entered into (i) a Common Stock Purchase Agreement, dated as of November 10, 2010 (the “Original Agreement”), (ii) the First Amendment to the Common Stock Purchase Agreement, dated as of June 30, 2011 (the “First Amendment”) and (iii) the Second Amendment to the Common Stock Purchase Agreement, dated as of November 10, 2011 (the “Second Amendment”).  The Original Agreement, as amended by the First Amendment and the Second Amendment, is referred to herein as the “Agreement”.

 

B.           Pursuant to Section 1(a) of the First Amendment, the Parties amended the Original Agreement to provide that, among other things, Purchaser would pay the Company US $1,400,000 (the “Third Installment Payment”) on or before September 29, 2011 in respect of the first Milestone Closing relating to Milestone No. 1, and that the Company would issue to Purchaser a proportionate number of shares of common stock of the Company based on the purchase price per share set forth in the Original Agreement.

 

C.           Pursuant to Section 1(a) of the Second Amendment, the Parties amended the Original Agreement (as previously amended by the First Amendment) to provide that in lieu of making the Third Installment Payment as contemplated by Section 1(a) of the First Amendment, Purchaser would pay to the Company: (i) Seven Hundred Thousand United States Dollars (US$700,000) on or before November 10, 2011, in respect of the first Milestone Closing relating to Milestone No. 1; and (ii) Seven Hundred Thousand United States Dollars (US$700,000) on or before December 15, 2011 in respect of the first Milestone Closing relating to Milestone No. 1.

 

D.           On November 10, 2011, Purchaser paid the Company Seven Hundred Thousand United States Dollars (US$700,000) in respect of the first tranche of the Third Installment Payment, as contemplated by the Second Amendment, and the Company issued to the Purchaser a corresponding number of shares of Common Stock in the Company, based on the purchase price set forth in the Agreement.

 

E.           The Company and Purchaser desire to further amend the Agreement as provided for in this Third Amendment.

 

  

  

  

 

AGREEMENT

 

Effective as of the Effective Date, the Agreement is hereby amended as set forth below.  Capitalized terms not defined herein will have the meanings given to them in the Agreement.

 

1. Payments With Respect to the First Milestone Closing.

 

(a) The Parties agree that in satisfaction of its obligation with respect to the second tranche of the Third Installment Payment, Purchaser shall pay to the Company: (i) Three Hundred Seventy-Five Thousand United States Dollars ($375,000) on or before January 31, 2012; and (ii) One Hundred Twenty-Five Thousand United States Dollars ($125,000) on or before February 7, 2012; and (iii) Two Hundred Thousand United States Dollars ($200,000) as soon as practicable after the payment set forth in the foregoing clause (ii), but in any event no later than February 29, 2012.  The number of shares of common stock of the Company issuable to Eses by the Company in connection with each such payment shall be proportionately adjusted, based on the purchase price set forth in the Agreement.

 

(b) Amendment of Agreement and Exhibit A.  The Agreement and Exhibit A thereto are hereby amended to reflect the above provisions.

 

2. No Other Changes; Agreement Effective.  Except as amended as set forth above, the Agreement and the provisions thereof shall continue and remain in full force and effect.  Each Party hereby waives and releases the other Party from any claims against the other Party, and any right to terminate the Agreement, based on actions or omissions of the other Party before the date of this Third Amendment relating to the subject matter of the Agreement or the other Party’s obligations thereunder.

 

3. Counterparts.  This Third Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

 

[Remainder of page intentionally left blank]

 

  

  

  

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment to Common Stock Purchase Agreement by their duly authorized representatives as of the day and year first written above.

 

	
ADAMIS PHARMACEUTICALS CORPORATION

 

By:/s/ Dennis J. Carlo

Name: Dennis J. Carlo

Its: CEO

	
ESES HOLDINGS (FZE)

 

 

By:/s/ Ahmed Shayan Fazlur Rahman

Name:  Ahmed Shayan Fazlur Rahman

Its:  Owner and Managerex10.1

  
 Exhibit 10.1
  
 PROMISSORY NOTE
 

 	 	
	 $45,000
	 January 26, 2012

 

 FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, Kinetic Resources Corp., a Nevada corporation, (“Maker”) hereby promises to pay to the order of Crown Alliance Capital Limited (“Holder”) the sum of FORTY-FIVE THOUSAND DOLLARS ($45,000).  This Note shall bear interest at the rate of ten percent (10%) per annum.  All principal and interest due hereunder shall be paid on or before January 26, 2013. 
 

 Maker hereby waives presentment, dishonor, notice of dishonor and protest.  All parties hereto consent to, and Holder is expressly authorized to make, without notice, any and all renewals, extensions, modifications, or waivers of the time for or the terms of payment of any sum or sums due hereunder, or under any documents or instruments relating to or securing this Note, or of the performance of any covenants, conditions or agreements hereof or thereof or the taking or release of collateral securing this Note.  Any such action by Holder shall not discharge the liability of any party to this Note.
 

 This Note shall be governed by and construed in accordance with the laws of the State of Nevada without regard to conflict of law principles.  Maker shall also pay Holder any and all costs of collection incurred in connection with this Note, including court costs and reasonable attorney’s fees.
 

 

 Kinetic Resources Corp.
 

 By: /s/ Lorraine Fusco
 Lorraine Fusco, President

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