Document:

ex1012.htm

Exhibit 10.12

	
UNIVERSITY OF ARIZONA®

	 	 	
888 N. Euclid Ave., Rm. 204 P.O. 

Box 210158

Tucson, AZ 85721-0158 

Tel: (520) 621-5000 

Fax: (520) 626-4600

www.ott.arizona.edu

 

	 	 	 	 
	 	 	 	 

 

SECOND AMENDMENT

TO

EXCLUSIVE PATENT LICENSE AGREEMENT

BETWEEN

THE ARIZONA BOARD OF REGENTS ON BEHALF OF THE UNIVERSITY OF ARIZONA

AND

SOLTERRA RENEWABLE TECHNOLOGIES, INC.

 

 

 

This Amendment to the EXCLUSIVE PATENT LICENSE AGREEMENT BETWEEN THE ARIZONA BOARD OF REGENTS ON BEHALF OF THE UNIVERSITY OF ARIZONA AND SOLTERRA RENEWABLE TECHNOLOGIES, INC. (the "Agreement") is made effective as of the December 17th, 2010 and is between THE ARIZONA BOARD OF REGENTS ON BEHALF OF THE UNIVERSITY OF ARIZONA, an Arizona body corporate with its principal campus in Tucson, Arizona 85721 (the "UNIVERSITY"), and SOLTERRA RENEWABLE TECHNOLOGIES, INC., an Arizona Company with its principal place of business at 7700 South River Parkway, Tempe, AZ 85284 ("LICENSEE").

 

UNIVERSITY and LICENSEE agree to amend Article 3.1.b to read as follows upon execution of this Amendment:

 

3.b Minimum Annual Royalty: A minimum royalty according to the following schedule.

 

3.b.i  The Annual Minimum Royalties will be adjusted by the cumulative percentage change in the CPI-W Consumer Price Index between July and the June preceding the date on which the payment in question is payable. 

 

 

	Due Date	 	

Minimum Royalty Due

	 
	

June 30, 2012

	 	$	5,000	 
	

December 31, 2013

	 	$	25,000	 
	

December 31, 2014

	 	$	50,000	 
	

June 30, 2015

	 	$	125,000	 
	

Each June 30 of every year thereafter

	 	$	200,000	 

 

3.b.ii  The Annual Minimum Royalties will be adjusted by the cumulative percentage change in the CPI-W Consumer Price Index between July and the June preceding the date on which the payment in question is payable.

 

IN WITNESS WHEREOF, each party hereto has executed this Agreement in duplicate originals by their respective and duly authorized officers on the day and year below written.

 

 

	
ARIZONA BOARD OF REGENTS

	 	 	
SOLTERRA RENEWABLE TECHNOLOGIES

	 
	
on behalf of

	 	 	 	 
	
THE UNIVERSITY OF ARIZONA

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
		
Date:6/12/122

	 	

	 
	

(Signature)

	 	 	

(Signature)

	 
	

Name: Nina Ossanna

	 	 	
Name: Steven Squires 

	 
	
Title: Interim Co-Director

	 	 	
Title: President and CEO

	 
	
  Office of Technology TransferEXHIBIT
4.4

AMENDMENT
TO 3% CONVERTIBLE PROMISSORY NOTE

This Amendment to
3% Convertible Note (the “Amendment”) effective August 15, 2012, by and among Liberator, Inc. (formerly known as Remark
Enterprises, Inc.), a Nevada corporation (the “Borrower”) and Hope Capital Inc., a New York corporation (the “Lender”)
amends that certain 3% Promissory Note due August 15, 2012, in the principal amount of $375,000 by and between the Borrower
and Lender (the “Note”).

WHEREAS, on June
24, 2009, the Borrower issued to the Lender the Note (Note No.: 1.01); and

WHEREAS, the Note
is convertible into securities of the Borrower; and

WHEREAS, the “Maturity
Date” as defined under the Note is August 15, 2012; and

WHEREAS, the Borrower
desires to retain its current working capital and to extend the Maturity Date; and

WHEREAS, the parties
desire to restate certain terms of the Note relating to “Conversion Price Adjustments.”

NOW, THEREFORE,
in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency which is hereby acknowledged,
the parties agree as follows:

Amendment
to Maturity Date. The Maturity Date, as defined under the Note, shall be August 15, 2013.

Amendment
to Conversion Price. The Conversion Price, as defined under the Note, shall be fixed at $0.20.

Conversion
Price Adjustments. Section 3(c) of the Note shall be amended and restated as follows:

“(c)Conversion
Price Adjustments.

(i)                 
Stock Dividends, Splits and Combinations. If the Company or any of its subsidiaries, at any time while the Note is
outstanding (A) shall pay a stock dividend or otherwise make a distribution or distributions on any equity securities, (B) subdivide
outstanding Common Stock into a larger number of shares, or (C) combine outstanding Common Stock into a smaller number of shares,
then each Conversion Price (as defined below) shall be multiplied by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding before such event and the denominator of which shall be the number of shares of Common Stock
outstanding after such event. Any adjustment made pursuant to this Section 3(c)(i) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision or combination.

(ii)               
Distributions. If the Company or any of its subsidiaries, at any time while the Note is outstanding, shall distribute
to all holders of Common Stock evidences of its indebtedness or assets or cash or rights or warrants to subscribe for or purchase
any security of the Company or any of its subsidiaries, then concurrently with such distributions to holders of Common Stock, the
Company shall distribute to holder of the Note the amount of such indebtedness, assets, cash or rights or warrants which the holder
of Note would have received had all the Note then held been converted into Common Stock at the applicable Conversion Price immediately
prior to the record date for such distribution.

(iii)              
Rounding of Adjustments. All calculations under this Section 3 or Section 2 shall be made to the nearest cent or
the nearest 1/100th of a share, as the case may be.

(iv)             
Notice of Adjustments. Whenever any Conversion Price is adjusted pursuant to Section 3(c)(i) or (ii) above, the Company
shall promptly deliver to the holder of the Note, a notice setting forth the Conversion Price after such adjustment and setting
forth a brief statement of the facts requiring such adjustment, provided that any failure to so provide such notice shall not affect
the automatic adjustment hereunder.

(v)               
Change in Control Transactions. In case of any Change in Control Transaction, the Holder shall have the right thereafter
to, at its option, (A) convert this Note, in whole or in part, at the then applicable Conversion Price into the shares of stock
and other securities, cash and/or property receivable upon or deemed to be held by holders of Common Stock following such Change
in Control Transaction, and the Holder shall be entitled upon such event to receive such amount of securities, cash or property
as the shares of the Common Stock of the Company into which this Note could have been converted immediately prior to such Change
in Control Transaction would have been entitled if such conversion were permitted, subject to such further applicable adjustments
set forth in this Section 3 or (B) require the Company or its successor to redeem this Note, in whole or in part, at a redemption
price equal to the outstanding Principal Amount and Interest Amount being redeemed. The terms of any such Change in Control Transaction
shall include such terms so as to continue to give to the Holders the right to receive the amount of securities, cash and/or property
upon any conversion or redemption following such Change in Control Transaction to which a holder of the number of shares of Common
Stock deliverable upon such conversion would have been entitled in such Change in Control Transaction, and default interest and
Interest Amounts payable hereunder shall be in cash or such new securities and/or property, at the Holder’s option. This
provision shall similarly apply to successive reclassifications, consolidations, mergers, sales, transfers or share exchanges.

(vi)             
Notice of Certain Events. If:

A.    
the Company shall declare a dividend (or any other distribution) on its Common Stock; or

B.    
the Company shall declare a special nonrecurring cash dividend on or a redemption of its Common Stock; or

C.    
the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights; or

D.    
the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common
Stock of the Company, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially
all of the assets of the Company, or any compulsory share of exchange whereby the Common Stock is converted into other securities,
cash or property; or

E.     
the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company;
then the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of this Note, and shall
cause to be mailed to the Holder at its last address as it shall appear upon the books of the Company, on or prior to the date
notice to the Company's stockholders generally is given, a notice stating (x) the date on which a record is to be taken for the
purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which
the holders of Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of Common Stock of record shall be entitled
to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
merger, sale, transfer or share exchange.”

Capitalized
Terms. All capitalized terms which have not been defined shall have the meaning contained in the Agreement.

Ratification
of the Note. In all other respects, the Note is ratified and confirmed.

IN WITNESS WHEREOF,
the undersigned have executed and delivered this Amendment to 3% Convertible Promissory Note, effective as of the date first written
above.

	BORROWER	LENDER
	LIBERATOR, INC.	HOPE CAPITAL INC.
	 	 
	By: /s/ Louis S. Friedman	By: /s/ Curt Kramer
	Name: Louis S. Friedman	Name: Curt Kramer
	Its: CEO	Its: President

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