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EXHIBIT 10.9

 

ENDORSEMENT TO 10% SENIOR SECURED CONVERTIBLE NOTE

 

Precision Optics Corporation, Inc.

New York, New York

December 3, 2010

 

The
10% Senior Secured Convertible Note dated June 25, 2008 and amended
December 11, 2008, June 25, 2010, July 26, 2010, September 15,
2010, October 15, 2010, November 15, 2010, November 30, 2010 and
December 1, 2010 (the “Note”) of Precision Optics
Corporation, Inc., a Massachusetts corporation (the “Company”),
payable to the order of Special Situations Fund III, QP, L.P. (the “Holder”)
in an aggregate principal amount of $275,000 and to which the Endorsement is
affixed is hereby amended in the following respects:

 

1.                                       The term “Stated
Maturity Date” is hereby restated to be “December 17, 2010.”

 

2.                                       Except as
expressly amended by this Endorsement, the Note remains in full force and
effect and the Company hereby reconfirms its obligations thereunder.

 

IN
WITNESS WHEREOF, the Company has caused this Endorsement to be duly executed,
and the Holder has caused this Endorsement to be duly accepted, by their
respective duly authorized representatives as of the day and year first above
written.

 

 

	
   

  	
  PRECISION
  OPTICS CORPORATION, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Richard E. Forkey

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:
  Richard E. Forkey

  
	
   

  	
   

  	
  Title:
  Chief Executive Officer

  
	
  Accepted:

  	
   

  
	
   

  	
   

  
	
  SPECIAL
  SITUATIONS FUND III QP, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Adam Stettner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:
  Adam Stettner

  	
   

  
	
   

  	
  Title:
  General PartnerEXHIBIT 10.10

 

ENDORSEMENT TO 10% SENIOR SECURED CONVERTIBLE NOTE

 

Precision Optics Corporation, Inc.

New York, New York

December 3, 2010

 

The
10% Senior Secured Convertible Note dated June 25, 2008 and amended
December 11, 2008, June 25, 2010, July 26, 2010, September 15,
2010, October 15, 2010, November 15, 2010, November 30, 2010 and
December 1, 2010 (the “Note”) of Precision Optics
Corporation, Inc., a Massachusetts corporation (the “Company”),
payable to the order of Arnold Schumsky (the “Holder”) in an aggregate
principal amount of $50,000 and to which this Endorsement is affixed is hereby
amended in the following respects:

 

1.                                       The term “Stated
Maturity Date” is hereby restated to be “December 17, 2010.”

 

2.                                       Except as
expressly amended by this Endorsement, the Note remains in full force and
effect and the Company hereby reconfirms its obligations thereunder.

 

IN
WITNESS WHEREOF, the Company has caused this Endorsement to be duly executed,
and the Holder has caused this Endorsement to be duly accepted, by their
respective duly authorized representatives as of the day and year first above
written.

 

 

	
   

  	
  PRECISION
  OPTICS CORPORATION, INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  Richard E. Forkey

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:
  Richard E. Forkey

  
	
   

  	
   

  	
  Title:
  Chief Executive Officer

  

 

	
  Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Arnold Schumsky 

  	
   

  
	
   

  	
   

  
	
  Arnold SchumskyExhibit 10.11

 

COMPENSATION AGREEMENT

 

This
COMPENSATION AGREEMENT (the “Compensation Agreement”) is entered into as of December 3,
2010, by and between Precision Optics, Inc., a Massachusetts corporation
(the “Company”) and Richard E. Forkey, an individual residing in Massachusetts
(“Employee”).

 

WHEREAS, the Company owes Employee $474,646, representing all
deferred salary due to Employee as of the date of this Compensation Agreement (the
“Deferred Salary”);

 

WHEREAS, the Company and Employee have agreed to pay
Deferred Salary due to Employee via the issuance of common stock of the
Company; and

 

WHEREAS, all references to shares of the Company’s common
stock give effect to a 1 for 25 reverse stock split, effective December 11,
2008 (the “Reverse Split”).

 

NOW THEREFORE, in consideration of the premises and the
undertakings set forth herein, and intending to be fully bound hereby, the
parties agree:

 

1.                                       Employee will
forgive the Deferred Salary owed to him by the Company, and in return, Company
will issue Employee 172,599 shares of common stock of the Company (the “Shares”).

 

2.                                       The Shares will
be issued as registered common stock within 5 business days following the
filling of a Registration Statement on Form S-8 with the Securities and
Exchange Commission, however if the Form S-8 is not filed within six
months of this agreement, the Shares will be issued as restricted common stock.

 

3.                                       The shares
shall vest as follows: one eighth (1/8th) of the Shares shall vest on January 1, 2012,
and one eighth (1/8th) each quarter
thereafter on the first day of each quarter, commencing on April 1, 2012,
until the Shares are fully vested.

 

4.                                       This
Compensation Agreement sets forth the entire agreement of the parties relating
to the subject matter hereof and supersedes any other agreement verbal or
written.

 

5.                                       This
Compensation Agreement shall be governed by and construed in accordance with
the laws of the State of Massachusetts, without regard to conflicts of laws
principles that would result in the application of the substantive law of
another jurisdiction. This Compensation Agreement may not be amended or
modified except by an instrument in writing signed by each party.

 

The
parties agree this compensation agreement may be delivered and/or returned by
telephone facsimile in one or more counterpart copies, and the parties may rely
upon the signatures hereto whether in original or facsimile copy.

 

Dated:
December 3, 2010

 

 

AGREED
AND ACCEPTED

 

By:
 Employee

 

	
  /s/Richard
  E. Forkey

  	
   

  
	
  Name:
   Richard E. Forkey

  

 

 

By:
 Precision Optics, Inc. and duly authorized to sign:

 

	
  By:

  	
  /s/Don
  Major

  	
   

  
	
  Name:
   Don Major

  
	
  Title:
   DirectorExhibit 10.12

 

COMPENSATION AGREEMENT

 

This
COMPENSATION AGREEMENT (the “Compensation Agreement”) is entered into as of December 3,
2010, by and between Precision Optics, Inc., a Massachusetts corporation
(the “Company”) and Joseph N. Forkey, an individual residing in Massachusetts (“Employee”).

 

WHEREAS, the Company owes Employee $29,999, representing all
deferred salary due to Employee as of the date of this Compensation Agreement (the
“Deferred Salary”);

 

WHEREAS, the Company and Employee have agreed to pay
Deferred Salary due to Employee via the issuance of common stock of the
Company; and

 

WHEREAS, all references to shares of the Company’s common
stock give effect to a 1 for 25 reverse stock split, effective December 11,
2008 (the “Reverse Split”).

 

NOW THEREFORE, in consideration of the premises and the
undertakings set forth herein, and intending to be fully bound hereby, the
parties agree:

 

1.             Employee will forgive the
Deferred Salary owed to him by the Company, and in return, Company will issue
Employee 10,909 shares of common stock of the Company (the “Shares”).

 

2.             The Shares will be issued as
registered common stock within 5 business days following the filling of a
Registration Statement on Form S-8 with the Securities and Exchange
Commission, however if the Form S-8 is not filed within six months of this
agreement, the Shares will be issued as restricted common stock.

 

3.
            The shares
shall vest as follows: one eighth (1/8th) of the Shares shall vest on January 1, 2012,
and one eighth (1/8th) each quarter
thereafter on the first day of each quarter, commencing on April 1, 2012,
until the Shares are fully vested.

 

4.
            This
Compensation Agreement sets forth the entire agreement of the parties relating
to the subject matter hereof and supersedes any other agreement verbal or
written.

 

5.
            This
Compensation Agreement shall be governed by and construed in accordance with
the laws of the State of Massachusetts, without regard to conflicts of laws
principles that would result in the application of the substantive law of
another jurisdiction. This Compensation Agreement may not be amended or
modified except by an instrument in writing signed by each party.

 

The
parties agree this compensation agreement may be delivered and/or returned by
telephone facsimile in one or more counterpart copies, and the parties may rely
upon the signatures hereto whether in original or facsimile copy.

 

Dated:
December 3, 2010

 

 

AGREED
AND ACCEPTED

 

By:
 Employee

 

	
  /s/Joseph
  N. Forkey

  	
   

  
	
  Name:
   Joseph N. Forkey

  	
   

  

 

 

By:
 Precision Optics, Inc. and duly authorized to sign:

 

	
  By:

  	
  /s/Don
  Major

  	
   

  
	
  Name:
   Don Major

  	
   

  
	
  Title:
   DirectorExhibit 10.13

 

COMPENSATION AGREEMENT

 

This
COMPENSATION AGREEMENT (the “Compensation Agreement”) is entered into as of December 3,
2010, by and between Precision Optics, Inc., a Massachusetts corporation
(the “Company”) and Joel R. Pitlor, an individual residing in Massachusetts (“Consultant”).

 

WHEREAS, the Company owes Consultant $170,000, representing
all deferred compensation due to Consultant as of the date of this Compensation
Agreement (the “Deferred Compensation”);

 

WHEREAS, the Company and Consultant have agreed to pay
Deferred Compensation due to Consultant via the issuance of common stock of the
Company; and

 

WHEREAS, all references to shares of the Company’s common
stock give effect to a 1 for 25 reverse stock split, effective December 11,
2008 (the “Reverse Split”).

 

NOW THEREFORE, in consideration of the premises and the
undertakings set forth herein, and intending to be fully bound hereby, the
parties agree:

 

1.             Consultant will forgive the
Deferred Compensation owed to him by the Company, and in return, Company will
issue Consultant 61,818 shares of common stock of the Company (the “Shares”).

 

2.             The Shares will be issued as
registered common stock within 5 business days upon the filling of a
Registration Statement on Form S-8 with the Securities and Exchange
Commission, however if the Form S-8 is not filed within six months of this
agreement, the Shares will be issued as restricted common stock.

 

3.
            The shares
shall vest as follows: one eighth (1/8th) of the Shares shall vest on January 1, 2012,
and one eighth (1/8th) each quarter
thereafter on the first day of each quarter, commencing on April 1, 2012,
until the Shares are fully vested.

 

4.
            This
Compensation Agreement sets forth the entire agreement of the parties relating
to the subject matter hereof and supersedes any other agreement verbal or
written.

 

5.
            This
Compensation Agreement shall be governed by and construed in accordance with
the laws of the State of Massachusetts, without regard to conflicts of laws
principles that would result in the application of the substantive law of
another jurisdiction. This Compensation Agreement may not be amended or
modified except by an instrument in writing signed by each party.

 

The
parties agree this compensation agreement may be delivered and/or returned by
telephone facsimile in one or more counterpart copies, and the parties may rely
upon the signatures hereto whether in original or facsimile copy.

 

Dated:
December 3, 2010

 

AGREED
AND ACCEPTED

 

By:
 Consultant

 

	
  /s/Joel
  R. Pitlor

  	
   

  
	
  Name:
   Joel R. Pitlor

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:
   Precision Optics, Inc. and duly authorized to sign:

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/Don
  Major

  	
   

  
	
  Name:
   Don Major

  	
   

  
	
  Title:
   Director

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