Document:

FIRST
AMENDMENT TO

    TERMINUS,
INC./THE BLACKHAWK FUND

    SECURED
PROMISSORY NOTE

    

    THIS FIRST AMENDMENT TO SECURED
PROMISSORY NOTE (“First
Amendment”) is made and entered into as of July 10, 2009, by and among
Terminus, Inc., a Nevada corporation “Terminus”), The Blackhawk
Fund, a Nevada corporation (“Blackhawk”, together with
Terminus, “Borrower”)
and Professional Offshore Opportunity Fund Ltd. (“Holder”).

    .

    RECITALS

    

    WHEREAS, on April 24, 2008,
Borrower issued a secured promissory note (the “Note”), pursuant to which it
promised to pay to the order of Holder, the principal amount of FIVE HUNDRED
FIFTY THOUSAND DOLLARS ($550,000), together with interest incurred thereon, as
therein provided.  The Note is incorporated into this First Amendment
by this reference and all defined terms in the Note shall have the same meaning
in this First Amendment;

    

    WHEREAS, the Note provided
that all principal and interest accrued and unpaid thereunder was due and
payable on April 24, 2009 (the “Maturity Date”);

    

    WHEREAS, the Borrower failed
to make payment in the Maturity Date and the Borrower and Holder have determined
that it is advisable and in their best interests to amend the Note to extend the
Maturity Date and include such other additional terms, as provided
herein;

    

    NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, and intending to be
legally bound hereby, the Borrower and the Holder hereby agree as
follows:

     

    AGREEMENT

     

    1.           Incorporation
of Recitals. The Recitals set forth
above are herein incorporated into this First Amendment.

     

    2.           Amendments
to Agreement.  

     

    A.           The
definition of “Maturity Date” contained in the first paragraph of the Note is
hereby amended by deleting “April 24, 2009” and inserting “July 10, 2010” in
lieu thereof.

     

    B.           The
heading directly below ARTICLE I “INTEREST, PAYMENT, SENIORITY” is hereby
amended by inserting the language “AND CONVERSION” directly after the word
“SENIORITY.”

     

    C.           A
new Section 1.5 is hereby inserted to read in its entirety as
follows:

    
      
         

      

      
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    “1.5       Conversion

     

    1.5.1     
Conversion of
Principal and Interest. Subject to the terms and conditions hereof, the
Holder, at its sole option, may deliver to the Holder a notice in the form
attached hereto as Exhibit A (a “Conversion Notice”), at any
time and from time to time after the date hereof (the date of the delivery of a
Conversion Notice, a “Conversion Date”), to convert
all or any portion of the outstanding principal amount of this Note plus accrued
and unpaid interest thereon, for a number of shares (the “Shares”) of Blackhawk common
stock, par value $0.001 per share (“Common Stock”) equal to the
quotient obtained by dividing the dollar amount of such outstanding principal
amount of this Note plus the accrued and unpaid interest thereon being convened
by the Conversion Price (as defined in Section 4.7).  Conversions
hereunder shall have the effect of lowering the outstanding principal amount of
this Note plus all accrued and unpaid interest thereunder in an amount equal to
the applicable conversion, which shall be evidenced by entries set forth in the
Conversion Notice.

     

    1.5.2    
 Certain
Conversion Limitations.

     

    (a)           The
Holder may not convert an outstanding principal amount of this Note or accrued
and unpaid interest thereon to the extent such conversion would result in the
Holder, together with any affiliate thereof, beneficially owning (as determined
in accordance with Section 13(d) of the Exchange Act (as defined in Section 4.7)
and the rules promulgated thereunder) in excess of 4.999% of the then issued and
outstanding shares of Common Stock.  Since the Holder will not be
obligated to report to Blackhawk the number of shares of Common Stock it may
hold at the time of a conversion hereunder, unless the conversion at issue would
result in the issuance of Shares in excess of 4.999% of the then outstanding
shares of Common Stock without regard to any other shares which may be
beneficially owned by the Holder or an affiliate thereof, the Holder shall have
the authority and obligation to determine whether and the extent to which the
restriction contained in this Section will limit any particular conversion
hereunder.  The provisions of this Section may be waived by the Holder
upon not less than 61 days’ prior notice to Blackhawk.

     

    (b)           The
Holder may not convert an outstanding principal amount of this Note or accrued
and unpaid interest thereon to the extent such conversion would result in the
Holder, together with any affiliate thereof, beneficially owning (as determined
in accordance with Section 13(d) of the Exchange Act and the rules promulgated
thereunder) in excess of 9.999% of the then issued and outstanding shares of
Common Stock.  Since the Holder will not be obligated to report to
Blackhawk the number of shares of Common Stock it may hold at the time of a
conversion hereunder, unless the conversion at issue would result in the
issuance of Shares in excess of 9.999% of the then outstanding shares of Common
Stock without regard to any other shares which may be beneficially owned by the
Holder or an affiliate thereof, the Holder shall have the authority and
obligation to determine whether and the extent to which the restriction
contained in this Section will limit any particular conversion
hereunder.  The provisions of this Section may be waived by the Holder
upon not less than 61 days’ prior notice to Blackhawk.

     

    (c)           The
Holder may not convert an outstanding principal amount of this Note or accrued
and unpaid interest thereon to the extent such conversion would require
Blackhawk to issue shares of Common Stock in excess of the Blackhawk’s then
sufficient authorized and unissued shares of Common Stock.”

    
      
         

      

      
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    D.           A
new Section (m) under Article III “COVENANTS” shall be inserted to read in its
entirety as follows:

     

    “(m)       If
at any time after September 10, 2009, there is either (i) insufficient Common
Stock to permit conversions by Holder pursuant to Section 1.5 or (ii) the Per
Share Market Value is less than the then existing par value of the Common Stock
for a  period of [5] consecutive Trading Days,
Blackhawk  will use its best efforts to amend its capital structure by
means of either a reverse split of its Common Stock, an increase in its
authorized Common Stock or a reduction of the par value of its Common Stock, or
any combination of the foregoing as determined by Blackhawk’s board of directors
in its reasonable discretion.”

     

    E.           A
new Section 4.7 is hereby inserted to read in its entirety as
follows:

     

    “4.7         Definitions.  For
the purposes hereof, the following terms shall have the following
meanings:

    

    “Business Day” means
any day except Saturday, Sunday and any day which shall be a legal holiday or a
day on which banking institutions in the State of New York or State of Utah are
authorized or required by law or other government action to close.

    

    “Conversion Price”
shall be the greater of (i) the then existing par value of the Common Stock or
(ii) 75% of the average of the Per Share Market Values during the twenty (20)
Trading Days immediately preceding a Conversion Date.

    

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

    

    “Per Share Market
Value” means on any particular date (a) the closing bid price per share
of Common Stock on such date on the OTC Bulletin Board or on such Subsequent
Market on which the shares of Common Stock are then listed or quoted, or if
there is no such price on such date, then the closing bid price on the OTC
Bulletin Board or on such Subsequent Market on the date nearest preceding such
date, or (b) if the shares of Common Stock are not then listed or quoted on the
OTC Bulletin Board or a Subsequent Market, the closing bid price for a share of
Common Stock in the over-the-counter market, as reported by the National
Quotation Bureau Incorporated or similar organization or agency succeeding to
its functions of reporting prices) at the close of business on such date, or (c)
if the shares of Common Stock are not then reported by the National Quotation
Bureau Incorporated (or similar organization or agency succeeding to its
functions of reporting prices), then the average of the “Pink Sheet” quotes for
the relevant conversion period, as determined in good faith by the
Holder.

    

     “Securities Act” means
the Securities Act of 1933, as amended.

    

    “Subsequent Market”
means the New York Stock Exchange, American Stock Exchange, Nasdaq SmallCap
Market or Nasdaq National Market.

    
      
         

      

      
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    “Trading Day” means
(a) a day on which the shares of Common Stock are traded on such Subsequent
Market on which the shares of Common Stock are then listed or quoted, or (b) if
the shares of Common Stock are not listed on a Subsequent Market, a day on which
the shares of Common Stock are traded in the over-the-counter market, as
reported by the OTC Bulletin Board, or (c) if the shares of Common Stock are not
quoted on the OTC Bulletin Board, a day on which the shares of Common Stock are
quoted in the over-the-counter market as reported by the National Quotation
Bureau Incorporated (or any similar organization or agency succeeding its
functions of reporting prices); provided, however, that in the event that the
shares of Common Stock are not listed or quoted as set forth in (a), (b) and (c)
hereof, then Trading Day shall mean any day except Saturday, Sunday and any day
which shall be a legal holiday or a day on which banking institutions in the
State of Nevada are authorized or required by law or other government action to
close.”

    

    F.           A
new Exhibit A attached hereto is hereby made a part of the Note.

    

    3.           Modification.  This
First Amendment shall be deemed a modification of the
Agreement.  Except as specifically modified hereby, the Agreement
shall be deemed controlling and effective, and the parties hereby agree to be
bound by each of its terms and conditions.

     

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

     

    [Remainder
of page intentionally left blank.]

    
      
         

      

      
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    IN WITNESS WHEREOF, the
Parties hereto, intending to be legally bound, have each executed this First
Amendment on the date set forth above.

    

    
      
        
          
            
              	
                      “BORROWER”

                    
	 
      
	
                      TERMINUS,
      INC.

                    
	 
      
	
                      By:

                    	 
      
	
                      Name:
      Frank Marshik

                    
	
                      Title:
      President

                    
	 
      
	
                      THE
      BLACKHAWK FUND

                    
	 
      
	
                      By:

                    	 
      
	
                      Name:
      Frank Marshik

                    
	
                      Title:
      President

                    
	 
      
	
                       “HOLDER”

                    
	 
      
	
                      PROFESSIONAL OFFSHORE OPPORTUNITY FUND, LTD.

                    
	 
      
	
                      By:

                    	 
      
	
                      Name:  Howard
      Berger

                    
	
                      Title:  Manager

                    

            

          

        

      

    

    
      
         

      

      
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    EXHIBIT
A

     

    NOTICE
OF CONVERSION

     

    Dated:

     

    The undersigned hereby elects to
convert the principal amount and interest indicated below of the attached
Secured Promissory Note into shares of common stock, $0.001 par value (the
“Common Stock”), of The Blackhawk Fund, according to the conditions hereof, as
of the date written below.  No fee will be charged to the holder for
any conversion.

     

    Exchange
calculations:

    

    Date to
Effect Conversion: ___________________________________________

     

    Principal
Amount and Interest of

    Secured
Convertible Note to be Converted: ______________________________

    

    Number of
shares of Common Stock to be Issued: ________________________

     

    Applicable
Conversion Price:_________________________________________

     

    Signature:
________________________________________________________

     

    Name:___________________________________________________________

     

    Address:
_________________________________________________________

    
      
         

      

      
        6Unassociated Document

    NEITHER
THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST
THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH
LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN
THE OPINION OF COUNSEL FOR THE COMPANY, IS AVAILABLE.

    

    No.  W-______

    

    

    

    SPLINTERNET
HOLDINGS, INC.

    (a
Delaware corporation)

    

    Warrant
for the Purchase of _________ Shares

    of
Common Stock, par value $.001 per share

    

    Void
after 11:59 p.m., Eastern Time, on ______________

     

    SPLINTERNET
HOLDINGS, INC., a Delaware corporation (the “Company”), hereby certifies that
______________________ (the “Holder”), for value received, is entitled, subject
to the provisions of this Warrant, to purchase from the Company at any time, or
from time to time during the period commencing as of the date hereof and
expiring at 11:59 p.m., Eastern Time, on _________________ (the “Expiration
Date”), up to ___________ fully paid and
non-assessable shares of Common Stock at a price of $_______ per share (the
“Exercise Price”).

    

    The term “Common Stock” means the
common stock, par value $.001 per share, of the Company as constituted on the
date hereof (the “Base Date”), together with any other equity securities that
may be issued by the Company in respect thereof or in substitution
therefor.  The number of shares of Common Stock to be received upon
the exercise of this Warrant may be adjusted from time to time as hereinafter
set forth.  The shares of Common Stock deliverable or delivered upon
such exercise, as adjusted from time to time, are hereinafter referred to as
“Warrant Stock”.

    

    Section 1. Exercise of
Warrant.  This Warrant may be exercised, subject to the
requirements set forth below, in whole, or in part, at any time during the
period commencing as of the date hereof and expiring at 11:59 p.m., Eastern
Time, on the Expiration Date set forth above, by presentation and surrender of
this Warrant certificate to the Company at its principal office, with the
Warrant Exercise Form attached hereto duly executed and accompanied by payment
(either in cash or by certified or official bank check, payable to the order of
the Company) of the aggregate Exercise Price for the number of shares specified
in such form and instruments of transfer, if appropriate, duly executed by the
Holder. If this
Warrant should be exercised in part only, the Company shall, upon surrender of
this Warrant certificate for cancellation, execute and deliver a new Warrant
certificate evidencing the rights of the Holder thereof to purchase the balance
of the shares purchasable hereunder.  The Holder shall pay any and all
documentary stamp or similar issue or transfer taxes payable in respect of the
issue or delivery of shares of Common Stock on exercise of this
Warrant.  The Company shall promptly thereafter issue certificate(s)
evidencing the Common Stock so purchased.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Section 2. Reservation of
Shares.  The Company shall at all times reserve for issuance
and delivery upon exercise of this Warrant all shares of Common Stock or other
shares of capital stock of the Company (and other securities) from time to time
receivable upon exercise of this Warrant.  All such shares (and other
securities) shall be duly authorized and, when issued upon exercise, shall be
validly issued, fully paid and non-assessable.

    

    Section 3. No Fractional
Shares.  No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant.

    

    Section 4.  Assignment and
Transfer.  Neither this Warrant nor the Warrant Stock or any
other security issued or issuable upon exercise of this Warrant may be
transferred except pursuant to an effective registration statement under the
Securities Act of 1933, as amended (the “Act”), or an opinion of counsel
reasonably acceptable to the Company that such registration is not
required.  Subject to such transfer conditions, this Warrant and the
Warrant Stock are transferable, in whole or in part, without charge to the
Holder, upon surrender of this Warrant with a properly executed assignment at
the principal office of the Company.

     

    Section 5. Loss, Theft, Destruction or
Mutilation of Warrant.  Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant certificate, and (in the case of loss, theft or destruction) of
satisfactory indemnification, and upon surrender and cancellation of this
Warrant certificate, if mutilated, the Company shall execute and deliver a new
Warrant certificate of like tenor and date.

    

    Section 6. Rights of the
Holder.  The Holder shall not, by virtue hereof, be entitled to
any rights of a shareholder in the Company, either at law or equity, unless and
until this Warrant is exercised.  The rights of the Holder are limited
to those expressed in this Warrant and are not enforceable against the Company
except to the extent set forth herein.

    

    Section 7. Anti-Dilution
Provisions.

    

    7.1 Stock Splits, Dividends,
Etc.

    

    7.1.1  If the Company shall
at any time subdivide its outstanding shares of Common Stock (or other
securities at the time receivable upon the exercise of the Warrant) by
recapitalization, reclassification or split-up thereof, or if the Company shall
declare a stock dividend or distribute shares of Common Stock to its
stockholders, the number of shares of Common Stock subject to this Warrant
immediately prior to such subdivision shall be proportionately increased, and if
the Company shall at any time combine the outstanding shares of Common Stock by
recapitalization, reclassification or combination thereof, the number of shares
of Common Stock subject to this Warrant immediately prior to such combination
shall be proportionately decreased.  Any such adjustment and
adjustment to the Exercise Price pursuant to this Section shall be effective at
the close of business on the effective date of such subdivision or combination
or if any adjustment is the result of a stock dividend or distribution then the
effective date for such adjustment based thereon shall be the record date
therefor.

     

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

    

    7.1.2  Whenever the number of
shares of Common Stock purchasable upon the exercise of this Warrant is
adjusted, as provided in this Section, the Exercise Price shall be adjusted to
the nearest cent by multiplying such Exercise Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of
shares of Common Stock purchasable upon the exercise immediately prior to such
adjustment, and (y) the denominator of which shall be the number of shares of
Common Stock so purchasable immediately thereafter.

     

    7.2 Adjustment for Reorganization,
Consolidation, Merger, Etc.  In case of any reorganization of
the Company (or any other company, the securities of which are at the time
receivable on the exercise of this Warrant) after the Base Date or in case after
such date the Company (or any such other company) shall consolidate with or
merge into another Company or convey all or substantially all of its assets to
another corporation, then, and in each such case, the Holder of this Warrant
upon the exercise as provided in Section 1 at any time after the consummation of
such reorganization, consolidation, merger or conveyance, shall be entitled to
receive, in lieu of the securities and property receivable upon the exercise of
this Warrant prior to such consummation, the securities or property to which
such Holder would have been entitled upon such consummation if such Holder had
exercised this Warrant immediately prior thereto; in each such case, the terms
of this Warrant shall be applicable to the securities or property received upon
the exercise of this Warrant after such consummation.

    

    7.3 Certificate as to
Adjustments.  In each case of an adjustment in the number of
shares of Common Stock receivable on the exercise of this Warrant, the Company
at its expense shall promptly compute such adjustment in accordance with the
terms of the Warrant and prepare a certificate executed by an officer of the
Company setting forth such adjustment and showing the facts upon which such
adjustment is based.  The Company shall forthwith mail a copy of each
such certificate to the Holder.

    

    Section 8. Legends and Stop Transfer
Orders.   The Warrant Stock to be received upon exercise
of this Warrant shall be considered restricted securities and certificates
representing such shares shall contain restrictive legends and stop transfer
instructions will be placed with the Company’s transfer agent regarding such
shares of Warrant Stock.  The Holder of this Warrant  and
any transferee hereof or of the Warrant Stock issuable upon the exercise of the
Warrant certificate, by their acceptance hereof, hereby understand and agree
that the Warrant, and the Shares issuable upon the exercise hereof, have not
been registered under either the Act or any applicable state securities
laws.   The stock certificates of the Company that will evidence
the shares of Common Stock with respect to which this Warrant may be exercisable
will be imprinted with a conspicuous legend in substantially the following
form:

    

    “The securities represented by this
certificate have not been registered under the Securities Act of 1933. The
securities have been acquired for investment and may not be sold, transferred or
assigned in the absence of an effective registration statement for these
securities under the Securities Act of 1933 or an opinion of the Company’s
counsel that registration is not required under said Act.”

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
       
Section
9. Miscellaneous.

    

    

    9.1 Modification and
Waiver.  This Warrant and any provision hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of the same is sought.

    

    9.2 Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be sent by mail, postage prepaid, to the
Holder at its address as shown on the books of the Company or to the Company at
its principal place of business, or to such other address as may be duly given
to the Holder.

    

    9.3 Governing Law.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of Delaware.

    

    9.4 Entire
Agreement.  This Warrant is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein.

    

    This
Warrant supersedes all prior agreements and understandings between the parties
with respect to such subject matter.

    

    IN WITNESS WHEREOF, this
Warrant has been executed by the Company as of the _____ day of ______________,
_____.

     

    
      
        	 	SPLINTERNET
      HOLDINGS, INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	    	 
	 	 	      
                Name:James
      C. Ackerly

              	 
	 	 	      
                Title:President

              	 
	 	 	 	 

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    WARRANT
EXERCISE FORM

     

    The undersigned hereby irrevocably
elects to exercise the within Warrant to the extent of purchasing ______________
shares of Common Stock of SPLINTERNET HOLDINGS, INC. and hereby makes payment of
$________________  in payment therefor.

    

    [INSTRUCTIONS
FOR ISSUANCE OF STOCK]

    

    
      	
              Name:

            	
              ___________________________________________________

            

    

    

    
      	
               
      

            	
              Address:

            	
              ___________________________________________________

            

    

    

    ___________________________________________________

    

    Soc. Sec. or

    Tax Id.
No.           ___________________________________________________

     

    

    
      	
              Date:

            	
              ____________________________

            

    

    

    

    __________________________________________

    [Print Name of Holder]

    

    

    __________________________________________

    [Signature and Title]

    

     

    
      
         

      

      
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    ASSIGNMENT
FORM

    

    FOR  VALUE  RECEIVED,
the undersigned Holder, hereby  sells assigns and transfers
to:

    ______________________________________________________________
whose address is
________________________________________________________________ the
within  Warrant, together with all rights title and interest therein,
and does hereby irrevocably constitute and
appoint   ____________________________, attorney,
to  transfer  such  Warrant  on  the
books  of  the  within  named  Company,  with  full  power  of  substitution.

    

    
      	
              Date:

            	
              ____________________________

            

    

    

    

    __________________________________________

    [Print Name of Holder]

    

    

    __________________________________________

    [Signature and Title]

    

    

    Medallion
Guarantee:

    

    

    ____________________________________

    

    

    
      
         

      

      
        6

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