Document:

Blue Sphere Corporation 10-Q

Exhibit
10.23

 

 

AMENDMENT #11

TO THE SECURITIES PURCHASE AGREEMENT 

TO THE PROMISSORY NOTE 

AND TO THE COMMON STOCK PURCHASE WARRANTS

 

This Amendment #11, dated
July 26, 2018 (this “Amendment”), is by and between Blue Sphere Corporation, a Nevada corporation (the “Issuer”)
and JMJ Financial (the “Investor”) (referred to collectively herein as the “Parties”).

WHEREAS, the Issuer and
the Investor entered into a Securities Purchase Agreement Document SPA-10212016 (the “SPA”) dated as of October
24, 2016, pursuant to which the Issuer issued to the Investor a Promissory Note (the “Note”) and a Warrant
and pursuant to which the Issuer is obligated to deliver to the Investor Origination Shares (All capitalized terms not otherwise
defined herein shall have the meanings given such terms in the SPA);

WHEREAS, the Issuer issued
additional common stock purchase warrants to the Investor on December 20, 2016, February 14, 2017, March 14, 2017, April 13, 2017,
May 11, 2017, June 7, 2017, February 22, 2018, and March 14, 2018 (such warrants, plus the Warrant, all as previously amended,
the “Warrants”);

WHEREAS, by letter agreement
or amendment, on at least ten separate occasions (the “Amendments”), (i) the Issuer and the Investor agreed
to amend certain terms and extend certain milestone dates contained in the SPA, Note and the Warrants, with the last such Amendment
extending the maturity date of the Note, the date the Origination Shares were issuable, the date of the pricing reset on the Origination
Shares, and the date to receive conditional approval from The NASDAQ Capital Market to June 30, 2018; and (ii) the Investor agreed
to conditionally waive any default in connection with the original dates, but not the damages, fees, penalties, liquidated damages,
or other amounts or remedies otherwise resulting from such a default under the SPA, Note and the Warrants, and with the waiver
conditioned on the Issuer not triggering an event of default at any time subsequent to such Amendment; and

WHEREAS, the most recent
Amendment was in the form of a Loan Extension, Additional Investment & Conversion Agreement dated February 21, 2018 (the “Conversion
Agreement”) that, among other things, provided terms under which the Issuer would satisfy all of the Issuer’s
obligations to the Investor by payment of stock.

NOW, THEREFORE, the Issuer and the Investor agree to amend the
SPA, the Note, and the Warrants as follows:

1.               Extension
of Maturity Date. In the sentence in the Note (as previously amended) that states “The Maturity Date is the earlier
of June 30, 2018 or the third business day after the closing of the Public Offering,” the date of June 30, 2018 shall be
replaced with the date of August 31, 2018.

2.               Extension
of Origination Shares Dates. The references to the date of June 30, 2018 in Sections 1.3.1 and 1.3.2 of the SPA (as previously
amended) shall be replaced with the date of September 15, 2018.

3.               Extension
of Nasdaq Approval Date. The references to the date of June 30, 2018 in Section 6(xxiii) of the Note and Section 1.11(xxiii)
of each of the Warrants (all as previously amended) shall be replaced with the date of August 31, 2018.

4.               Extension
of Conversion Date. The first sentence of Section 3 of the Conversion Agreement shall be deleted and replaced with the following
language: “Provided that (i) the Issuer both closes on the Public Offering (unless waived by both Parties) and uplists its
shares of common stock on The Nasdaq Capital Market or NYSE-MKT (or another exchange mutually agreed upon by the Issuer and the
Investor) by August 31, 2018, and (ii) no additional event of default or breach of the Transaction Documents occurs between the
date of this Agreement and the close of the Public Offering (unless waived by the Investor in its sole discretion), the Issuer
shall satisfy all of the Issuer’s obligations to the Investor under the Note and the other Transaction Documents by payment
of stock as follows:”.

    	 	1	 

    	 

    

 

5.               Conditional
Waiver of Default. The Investor conditionally waives the defaults for the Issuer’s failure to meet the original and
previously amended Maturity Dates of the Note, delivery dates for the Origination Shares, and Nasdaq approval dates, but the Investor
does not waive any damages, fees, penalties, liquidated damages, or other amounts or remedies otherwise resulting from such defaults
(which damages, fees, penalties, liquidated damages, or other amounts or remedies the Investor may choose in the future to assess,
apply or pursue in its sole discretion) and the Investor’s conditional waiver is conditioned on the Issuer’s not being
in default of and not breaching any term of the Note or the SPA or any other Transaction Documents at any time subsequent to the
date of this Agreement (if the Issuer triggers an event of default or breaches any term of the Note, the SPA, or the Transaction
Documents at any time subsequent to the date of this Agreement, the Investor may issue a notice of default for the Issuer’s
failure to meet the original Maturity Date of the Note, delivery date of the Origination Shares, and Nasdaq approval date).

ALL OTHER TERMS AND CONDITIONS
OF THE SPA, THE NOTE, AND THE WARRANTS, AS PREVIOUSLY AMENDED, REMAIN IN FULL FORCE AND EFFECT.

Please indicate acceptance and
approval of this Amendment by signing below:

	By:	/s/ Shlomi Palas	 	By:	/s/ JMJ Financial
	Name:	Shlomi Palas	 	Name:	 
	Title:	Blue Sphere Corporation	 	Title:	JMJ Financial
	 	Chief Executive Officer	 	 	Its Principal
	 	 	 	 	 

 

[Amendment #11 Signature Page]

 

    	 	2Blue Sphere Corporation 10-Q

Exhibit
10.24

 

 

 

Appendix
D to LOAN AGREEMENT

Entered
into Effective and signed in Las Vegas on August 14, 2018

 

 

 

	Between:	Global
                                         Smart cards Inc.

19528
Ventura Blvd.

Tarzana
91356

By
its Authorized Signatory

Isaac
Sambrausky

(the
"Lender")

					 

 

Of
the first part

 

 

And
between:

 

		1.	Blue
                                         Sphere Corporation No. C20110728-0183

301
McCullough Dr.

Charlotte,
NC 28262

 

		2.	Eastern
                                         Sphere Ltd. P.C. Number 514415702

of
35 Assuta St., Even Yehuda

 

Both
By its Authorized Signatory:

Mr.
Shlomo Palas I.D. 057313579

of
17 Etrog St., Rosh Ha'ain

Tel.:
03-9387196, 050-7796794

(Jointly
and severally: the "Borrower")

 

 

Of
the Second Part 

 

	WHEREAS	Borrower
                                         1 is an American company traded in the commercial trade OTC in New York;
	AND
WHEREAS 
	Borrower 2 is a subsidiary owned 100% by Borrower 1;

	AND
WHEREAS
	The parties signed on 08/20/17 a Loan agreement of the sum of 200,000$ and extension to the loan period on November
19th 2017.

	AND
WHEREAS
	The parties signed on 02/23/18 an extension to the Loan period until 04/20/18. AND WHEREAS The Borrower
requested the Lender for another extension of the loan period not later than 06/20/18. AND WHEREAS the Borrower didn't pay the
Loan on time and asks for another extension.

     
 

     

    

	AND
WHEREAS
	The Lender is willing to provide the extension in accordance with the Borrower's undertakings and representation
sunder the Loan agreement and subject to the terms and conditions of this Appendix and it's schedules hereto;

THEREFORE,
it is hereby represented, stipulated and agreed by the parties as follows:

		1.	PREAMBLE
                                         AND INTERPRETATION

		1.1	The
                                         preamble to this Agreement and the schedules hereto, constitute an integral part thereof.

		1.2	This
                                         Agreement constitutes the full and entire understandings, covenants, representations
                                         and legal relationship between the parties and no offer, agreement, understanding, representation
                                         or guaranties conducted or provided prior to executing this Agreement from one party
                                         to another, in writing or orally, explicitly or implied, shall be valid unless as stated
                                         in this Agreement.

		1.3	No
                                         modification, amendment or write-off to the terms of this Agreement pursuant to its execution,
                                         shall be valid unless made in writing and signed by the parties to this Agreement.

		1.4	The
                                         headings contained in this Agreement are for reference only and shall not in any way
                                         be part of the Agreement or affect the interpretation of this Agreement.

		1.5	The
                                         terms of the Loan agreement signed by the two parties will remain in effective unless
                                         been changed specifically in This appendix 

		2.	Extention
                                         of the Period of the loan

		2.1	Upon
                                         Borrower request The Lender agree to extend the loan period for 100 days more or the
                                         7 dates after the Borrower got paid by investor or any other 3th party (equity or debt)
                                         or 7 Business days after the Holland deal closing date but in any case not later than
                                         09/30/18 (the "extended Loan Period" and the "Loan Repayment
                                         Date" respectively).

		3.	THE
                                         payments for the extended period

		3.1	The
                                         remaining unpaid Loan accrued Principal unpaid interest and extra payments is 220,000$
                                         shall carry a fixed interest rate at the monthly rate of 3.3% (in words: three point
                                         three percent) (the "Interest") every 20th day of the
                                         month. 

		3.2	In
                                         addition the Borrower will pay to lender not later than date 09/20 extra compensation
                                         of 30,000$. 

     
 

     

    

		3.3	Further
                                         more, the Borrower will issue 40,000 warranties of BLSPfor 3 years from date of issuance
                                         to be convert at the price of the lower price published by Yahoo finance at the 7 trading
                                         days prior to the conversion notice. 

		3.4	Not
                                         later than the day of repayment of the loan principal, the Borrower shall pay to the
                                         lender Exchange rate differences to 1$=3.63Nis of each installment made under the loan
                                         agreement and this appendix. 

		3.5	The
                                         Borrower may repay the Loan prior to the date specified however, in case of early payment
                                         the Borrower will gain pardon only for the monthly interest payments. 

		3.6	The
                                         Lender is represented for the purpose of this Agreement by Advocate Yuval Ganot.

The
Borrower shall participate in the Lender's expenses for preparing this Agreement, furnishing the Loan and other expenses in the
sum of $2,500

		3.7	The
                                         Borrower hereby agrees that in the event that any claim and/or legal proceedings with
                                         the Israeli execution be submitted against the Borrower and/or the guarantor due to a
                                         breach of this Agreement and/or in case of realizing the securities, the Lender may authorize
                                         Adv. Yuval Ganot and/or anyone on its behalf, to be the Lender's authorized representative,
                                         empowering the above to collect the debt directly and personally as if the debt is in
                                         their credit.

In
such case, it is agreed that payment to Adv. Yuval Ganot shall be considered as payment in favor of the Lender.

		4.	MISCELLANEOUS

		11.2	The
                                         Parties hereby submit any dispute associated with this Agreement to the sole jurisdiction
                                         of the courts in Tel Aviv.

		11.6	Notices
                                         according to this Agreement shall be provided in writing and sent via registered mail,
                                         facsimile, electronic mail or sent by hand according to the addresses specified in the
                                         preamble to this Agreement or to any other address provided by the parties according
                                         to the provisions of this section. A notice sent by registered mail shall be deemed as
                                         duly received by the addressee within seven days from the date of dispatch to the post
                                         office, a notice delivered by hand by 17:00 of any business day, shall be deemed as duly
                                         received at the date of transmission, and if delivered after 17:00 of any business day,
                                         at the first business day following transmission, a notice delivered by facsimile or
                                         electronic mail- shall be deemed as duly received within one business day from the time
                                         of transmission via facsimile or electronic mail as confirmed by the device from which
                                         it was dispatched.

 

     
 

     

    
In
witness whereof, the parties have hereunto set their hands

on
August 14, 2018

 

 

	/s/
                           Shlomi Palas
	 
	/s/
                           Shlomi Palas
	 
	 
	 	 
	Blue
Sphere Corporation
	Eastern Sphere Ltd. 
	 
	

 
	The
Borrower
	 
	 

 

 

 

 

	/s/
                                         Global Smart cards Inc.
	 	 	 	 
	 	 	 	 	 
	The
Lender

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