Document:

ex_251822.htm

Exhibit 4.09

 

THIRD AMENDMENT

TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018

 

THIS THIRD AMENDMENT TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018 (“Amendment”) is made and entered into as of this August 10, 2020, by and between BIOLARGO, INC., a Delaware corporation (“Issuer”), and VERNAL BAY INVESTMENTS, LLC (the “Holder”), with respect to the following:

 

WHEREAS, Issuer issued to Holder a 12% Promissory Note dated September 19, 2018 due January 5, 2019, in the original principal amount of $280,000, instrument number 33146 (the “Original Note”), as consideration for $280,000 cash received from Holder on such date, and a stock purchase warrant;

 

WHEREAS, the maturity date of the note having been extended multiple times, on August 12, 2019, the parties (i) acknowledged the outstanding principal ($338,800) and interest ($41,200) due at that time; (ii) agreed to amend and restate the note to a one-year note with a 25% original issue discount, in the new principal amount of $475,000, due August 12, 2020, and convertible by the Holder at $0.17 per share; and (iii) agreed that Issuer would issue to Holder a stock purchase warrant allowing for the purchase of 2,095,588 shares of common stock, expiring August 12, 2024.

 

WHEREAS, Holder desires to convert a portion of the note, and extend the maturity date of the note, and as consideration, Issuer agrees to issue shares and extend the expiration date of the Holder’s warrants, as set forth herein.

 

Now, therefore, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.    Adjustment of Conversion Price. The Parties agree to adjust the Conversion Price in the Note to $0.14 per share, effective as of the date of this Third Amendment.

 

2.    Conversion of 25% Principal. Holder hereby agrees and requests to convert $118,750 of the principal of the Note into 848,214 shares of Issuer’s common stock, at a conversion rate of $0.14 per share, as set forth in Section 4 of the Note. Issuer agrees to promptly issue the shares.

 

3.    Conversion of Interest. Holder acknowledges that as of the date of maturity, the Note will have accrued $23,750 in interest. Holder hereby agrees and requests to convert $23,750 of interest of the Note into 169,643 shares of Issuer’s common stock, at a conversion rate of $0.14 per share, as set forth in Section 4 of the Note. Issuer agrees to promptly issue the shares.

 

4.    Extension of Maturity Date. Holder and Issuer agree to extend the maturity date of the Note by one year, to August 12, 2021.

 

 

5.    Consideration. As consideration for the foregoing,

 

a.    With respect to Warrant number 33147, issued September 18, 2018, and amended March 6, 2019, allowing Holder to purchase of 1,734,375 shares of Issuer’s common stock at $0.20 per share, originally expiring September 19, 2023, Issuer agrees to extend the Termination Date, as that term is defined in the warrant, to September 18, 2025.

 

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b.    With respect to Warrant number 33339, issued August 12, 2019, allowing Holder to purchase of 2,095,588 shares of Issuer’s common stock at $0.25 per share, originally expiring August 12, 2024, Issuer agrees to extend the Termination Date, as that term is defined in the warrant, to August 12, 2025.

 

6.    Miscellaneous.

 

(a)    Entire Agreement. The Amendment embodies the entire understanding between the parties hereto with respect to its subject matter and can be changed only by an instrument in writing signed by the parties hereto.

 

(b)    Counterparts. This Amendment may be executed in one or more counterparts, including the transmission of counterparts by facsimile or electronic mail, each of which shall be deemed an original but all of which, taken together, shall constitute one in the same Amendment.

 

IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment to the Promissory Note dated September 19, 2018 as of the day and year first-above written.

 

 

	/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: August 10, 2020 	 	Date signed: August 10, 2020	 

                       

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Exhibit 4.10

 

THIRD AMENDMENT

TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018

 

THIS THIRD AMENDMENT TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018 (“Amendment”) is made and entered into as of this August 10, 2020, by and between BIOLARGO, INC., a Delaware corporation (“Issuer”), and Chappy Bean, LLC (the “Holder”), with respect to the following:

 

WHEREAS, Issuer issued to Holder a 12% Promissory Note dated September 19, 2018 in the original principal amount of $120,000, instrument number 33149 (the “Original Note”), as consideration for $120,000 cash received from Holder on such date, due in three months;

 

WHEREAS, the parties mutually agreed to extend the maturity date of the note;

 

WHEREAS, on March 5, 2019, Holder and Issuer entered into a First Amendment of the Original Note, extending the maturity date to June 6, 2019, providing for Issuer’s option to extend the maturity date to September 6, 2019, and increasing interest due on the note from 12 to 18%, effective as of the date of the amendment;

 

WHEREAS, on August 16, 2019, pursuant to a Second Amendment, the Note was amended and restated to an OID note that matures August 16, 2020, with a principal balance of $75,000.

 

WHEREAS, Issuer and Holder desire to extend the maturity date of the note for one year.

 

Now, therefore, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.    Partial Payment. Issuer shall pay to Holder, via wire transfer $25,000, leaving a principal amount owed on the Note of $50,000. Holder acknowledges receipt of same. Interest shall continue to accrue and be paid at maturity.

 

2.    Maturity Date Extension. The maturity date of the note is hereby extended by one year, to August 16, 2020.

 

3.    Miscellaneous.

 

(a)    Effect of Amendment. The parties intend that the amended and restated note supersede the original note in its entirety. The warrant issued to Holder as consideration for the March 2019 amendment remains outstanding; this amendment does not change the status of that warrant.

 

(b)    Entire Agreement. The Amendment, the amended and restated note, and the Additional Warrant embody the entire understanding between the parties hereto with respect to its subject matter and can be changed only by an instrument in writing signed by the parties hereto.

 

(c)    Counterparts. This Amendment may be executed in one or more counterparts, including the transmission of counterparts by facsimile or electronic mail, each of which shall be deemed an original but all of which, taken together, shall constitute one in the same Amendment.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment to the Promissory Note dated September 19, 2018 as of the day and year first-above written.

 

 

	/s/Dennis P. Calvert  	 	/s/Jaren Johnson	 
	 	 	 	 
	Dennis P. Calvert	 	Jaren Johnson	 
	BioLargo, Inc.	 	Chappy Bean, LLC	 
	Chief Executive Officer	 	VP and General Counsel	 

 

-2-ex_251824.htm

Exhibit 4.11

 

FINAL PAYOFF AGREEMENT

TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018

 

THIS FINAL PAYOFF AGREEMENT TO THE PROMISSORY NOTE DATED SEPTEMBER 19, 2018 (“Agreement”) is made and entered into as of this May 17, 2021, by and between BIOLARGO, INC., a Delaware corporation (“Issuer”), and VERNAL BAY INVESTMENTS, LLC (the “Holder”), with respect to the following:

 

WHEREAS, Issuer issued to Holder a Promissory Note dated September 19, 2018 due January 5, 2019, in the original principal amount of $280,000, instrument number 33146 (the “Original Note”), as consideration for $280,000 cash received from Holder on such date, and a stock purchase warrant;

 

WHEREAS, the maturity date of the note having been extended multiple times, on August 12, 2019, the parties (i) acknowledged the outstanding principal ($338,800) and interest ($41,200) due at that time; (ii) agreed to amend and restate the note to a one-year note with a 25% original issue discount, in the new principal amount of $475,000, due August 12, 2020, and convertible by the Holder at $0.17 per share; and (iii) agreed that Issuer would issue to Holder a stock purchase warrant allowing for the purchase of 2,095,588 shares of common stock, expiring August 12, 2024.

 

WHEREAS, by Agreement dated August 10, 2020, Holder converted $118,750 of the principal of the Note into 848,214 shares of Issuer’s common stock, and $23,750 of interest through August 12, 2020, into 169,643 shares of Issuer’s common stock, each at a conversion rate of $0.14 per share, as set forth in Section 4 of the Note;

 

WHEREAS, Holder desires to convert a portion of the note into equity of the Issuer, and accept a cash payment for the remaining principal and interest due on the Note.

 

Now, therefore, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

1.    Acknowledgment of Principal and Interest Due. The Parties each acknowledge and agree that as of May 17, 2021, (i) $356,250 in principal remains outstanding on the Note, and (ii) $13,566.40 in accrued and unpaid interest is outstanding on the Note. (Interest accrues at 5% annually, $48.80 per day, last payment was for interest due through August 12, 2020, and thus 278 days of interest due through May 17, 2021.)

 

2.    Conversion of 50% Principal. Holder hereby agrees and requests to convert $178,124.94 of the outstanding principal of the Note into 1,272,321 shares of Issuer’s common stock, at a conversion rate of $0.14 per share, as set forth in Section 4 of the Note. Issuer agrees to promptly issue the shares without restrictive legend, and to provide a legal opinion for reliance by Issuer’s transfer agent and Holder’s securities broker.

 

3.    Cash Payment. Issuer agrees to make a cash payment to Holder in the aggregate amount of $191,691.46, as follows:

 

a.    Remaining Principal. Issuer agrees to wire transfer to Holder the remaining principal of $178,125.06 within one business day of this Agreement.

 

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b.    Remaining Interest. Issuer agrees to wire transfer to Holder the accrued and unpaid interest outstanding of $13,566.40 within one business day of this Agreement.

 

4.    Cancellation of Note. Holder agrees that the Note, and every amendment hereto, is hereby cancelled and terminated effective upon the earlier of (i) receipt of the shares (Section 2), and the cash payment (Section 3), and (ii) June 1, 2021, unless Holder has delivered a written objection to such termination to Issuer. The cancellation of the Note does not affect the validity of prior issued shares or warrants.

 

5.    Representations of Holder. Holder represents and warrants to Issuer that it remains the holder of the Note, and has not transferred, sold or hypothecated the Note in any manner whatsoever.

 

6.    Miscellaneous.

 

(a)    Entire Agreement. The Agreement embodies the entire understanding between the parties hereto with respect to its subject matter and can be changed only by an instrument in writing signed by the parties hereto.

 

(b)    Counterparts. This Amendment may be executed in one or more counterparts, including the transmission of counterparts by facsimile or electronic mail, each of which shall be deemed an original but all of which, taken together, shall constitute one in the same Amendment.

 

IN WITNESS WHEREOF, the parties hereto have executed this Final Payment Agreement to the Promissory Note dated September 19, 2018 as of the day and year first-above written.

 

 

	/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: May 17, 2021 	 	Date signed: May 17, 2021	 

                                       

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