Document:

Secured Promissory Note

Exhibit 10.54.2

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 OR THE SECURITIES LAWS OF ANY APPLICABLE STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE
IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144
UNDER THE ACT, OR THE COMPANY RECEIVES EVIDENCE SATISFACTORY TO IT WHICH MAY INCLUDE AN OPINION OF COUNSEL FOR THE HOLDER OF THESE
SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AND IN EACH CASE SUCH TRANSACTION IS REGISTERED OR EXEMPT UNDER THE SECURITIES LAWS
OF ALL APPLICABLE STATES.

SECURED PROMISSORY NOTE

 

FOR VALUE RECEIVED, the undersigned, BRIAZZ, INC., a Washington corporation (the
“Company”), promises to pay to the order of __________________________ (“Holder”), at such
place as may be designated from time to time in writing by Holder, the principal sum of _____________________ ($____________), in
lawful money of the United States of America.

This Note is being issued in connection with a certain Amended and Restated Securities
Purchase Agreement dated XXX __, 2004 (such Securities Purchase Agreement, and as it may be supplemented, amended, restated
otherwise modified from time to time, being the “Purchase Agreement”) by and among the
Company and certain investors, including Holder.  Capitalized terms used herein without definition shall have the
meanings given such terms in the Purchase Agreement.

1.        Payment Terms.  The unpaid principal balance of this Promissory Note (this
“Note”) shall bear simple interest beginning on the date hereof at the rate of ___%, which is LIBOR plus one
percent per annum (360-day year, actual days elapsed), payable (i) on the Maturity Date (as defined below) unless the term of this
Note is extended pursuant to Section 5 in which event interest shall be payable (ii) on the first day of each calendar quarter
beginning March 31, 2004 until the Extended Maturity Date.  In the event the Maturity Date is not extended pursuant to Section
5, and unless paid (as described in Section 4 hereof) on or prior thereto, the unpaid principal balance of, and all unpaid and
accrued interest of this Note shall be due and payable on March 31, 2004 (such date, unless extended pursuant to Section 5, the
“Maturity Date”).  “LIBOR” is the rate for one month U.S. dollar deposits as reported on
Telerate page 3750 as of 11:00 a.m., London time, on the second business prior to the date hereof, or if such day is not a London
business day, then the immediately preceding London business day (or if not so reported, then as determined by Holder from another
recognized source or interbank quotation.

 

2.        Security Interest.  Pursuant to the terms of the Security Agreement attached as Exhibit D to the Purchase
Agreement, the Company has granted to Holder a security interest in all of the Company’s assets (of every nature and type
whatsoever), to secure the payment of all of the Company’s indebtedness hereunder.

3.        Event of Default.  Upon the occurrence of an Event of Default (as defined in the Purchase Agreement), Holder shall
have the rights and remedies described in the Purchase Agreement and Sections 6 and 7 of the Purchase Agreement are incorporated
herein by reference.

4.        Prepayment.  The Company may prepay this Note only in accordance with terms set forth in the Purchase
Agreement.

5.        Extension of Maturity Date; Additional Shares of Series G Preferred Stock.  Upon the mutual consent of the Company
and the Holder, the Maturity Date may be extended to January 9, 2006 (such date, the “Extended Maturity Date”). 
Upon such election by the Company and the Holder, the Company shall issue to the Holder 640,000 shares of the Series G Preferred
Stock of the Company in consideration of the value of such extension to the Company provided that the Company shall not be
obligated to issue such shares if there is not at such time an available exemption from registration under the Securities Act of
1933, as amended, and applicable state securities laws.

6.        Representations and Warranties.  The respective representations and warranties of the Company and Holder set
forth in the Purchase Agreement are incorporated herein by reference.

7.        Successors and Assigns.  Subject to the restrictions on transfer described in Section 8 below, the rights and
obligations of the Company and Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and
transferees of the parties.

8.        Transfer.  Holder (and any Permitted Transferee) (i) acknowledges that this Note is non-transferable without
the consent of the Company, except that Holder (and any Permitted Transferee) shall be permitted to transfer this Note, in the case
of a Holder that is an entity, to its partners or members or to an entity affiliated with such Holder, partner or member, or in the
case of a Holder that is a natural person, for estate planning purposes, provided that each transferee is an “accredited
investor” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Act”) and
the Company receives evidence satisfactory to it (which may include an opinion of counsel reasonably satisfactory to the Company)
that such transfer will not result in a violation of the Act or any state securities laws. 

9.        Waiver and Amendment.  Except as otherwise provided in the Purchase Agreement or the Security Agreement, any
provision of this Note may be amended, waived or modified only by an instrument in writing signed by the Company and Holder.

 

 

10.       Assignment by the Company.  Except as otherwise provided in the Purchase Agreement or the Security Agreement,
neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in
whole or in part, by the Company without the prior written consent of Holder.

11.       Notices.  Notices and communications hereunder shall be given in accordance with the Purchase
Agreement.

12.       Governing Law.  The Note shall be enforced and construed in accordance with the laws of the State of New York,
excluding that body of law concerning conflict of laws. All actions and proceedings arising out of or relating to this Note shall
be heard and determined exclusively in any New York state or federal court sitting in the Borough of Manhattan of The City of New
York.  The parties hereto hereby (a) submit to the exclusive jurisdiction of any state or federal court sitting in the Borough
of Manhattan of The City of New York for the purpose of any action arising out of or relating to this Note brought by any party
hereto, and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the action is brought in an inconvenient forum, that the venue of the action is improper, or that
this Note or the transactions contemplated by this Note may not be enforced in or by any of the above-named courts.

13.       Waiver of Jury Trial.  Each of the parties hereto hereby waives to the fullest extent permitted by applicable law
any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in
connection with this Note or the transactions contemplated by the Purchase Agreement.  Each of the parties hereto (a)
certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other
party would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges that it and the other party
hereto have been induced to enter into this Note and the transactions contemplated by this Note, as applicable, by, among other
things, the mutual waivers and certifications in this Section 13.

14.        Miscellaneous.

(a)        No delay or omission on the part of Holder in exercising any right under this Note shall operate as a waiver of such right or
of any other right under this Note.

(b)        The Company hereby waives presentment for payment, demand, notice of demand and of dishonor and non-payment of this Note,
protest and notice of protest, diligence in collecting, and the bringing of suit against any other party.  The pleading of any
statute of limitations as a defense to any demand against the Company, any endorsers, guarantors and sureties of this Note is
expressly waived by such parties to the extent permitted by law.

(c)        Any payment hereunder shall be made in lawful tender of the United States and shall first be applied to any collection costs,
then against accrued and unpaid interest hereunder and then against the outstanding principal balance of this Note.

  

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the
date first written above.

	
     	BRIAZZ, INC.,

 a Washington corporationBy:                                                                              

    Name:                                                                         

    Title:Untitled Document

 
 SECURITIES PURCHASE AGREEMENT  

      THIS SECURITIES PURCHASE AGREEMENT (the “Agreement”)
  dated as of the 5th day of April, 2004, by and between BRIAZZ, INC., a Washington corporation (the “Company”)
  and Weisburg Limited (the “Purchaser”). Company and Purchaser are sometimes referred to herein as the “Parties.”
   

      WHEREAS,
  the Company desires to sell and the Purchaser desires to purchase a promissory note in the principal amount of $100,000 in substantially
  the form attached hereto as Exhibit A (the “Note”) and associated warrant exercisable for 128,122 shares of
  common stock in substantially the form attached as Exhibit B (the “Warrant” and, collectively with the Note,
  the “Securities”).  

      NOW, THEREFORE,
  in consideration of the covenants, agreements, warranties and payments herein set forth, the Parties hereto do hereby agree as follows:
   

      1. Agreement of Sale; Purchase Price.
  Effective as of the date of this Agreement (the “Effective Date”), and subject to the terms and conditions of this
  Agreement, Purchaser agrees to purchase from Company, and the Company agrees to sell to Purchaser the Securities for the aggregate purchase
  price of One Hundred Thousand (US$100,000) (the “Purchase Price”). Payment of the Purchase Price shall be made concurrent
  herewith by check or wire transfer to an account as designated by Company, the receipt of which is acknowledged.  

      2. Delivery of Securities.
  As soon as practical after the Effective Date, Company shall cause to be deliver to Purchaser, at Purchaser’s address set forth
  on the signature page below or at any other location as the Purchaser may designate, the Securities.  

      3. Rights of Purchaser.
  The Company shall use its best efforts to obtain the consent of Laurus Master Fund Ltd., Briazz Venture LLC, Flying Food Group LLC,
  Spinnaker Investment Partners, L.P., Lionheart Holdings, Inc., Dorsey & Whitney LLP and Delafield Hambrecht, Inc. to add the Purchaser
  and the Securities to the Amended and Restated Securities Purchase Agreement dated January 15, 2004, Intercreditor Agreement dated August
  1, 2003, the Security Agreement dated August 1, 2003 and the Registration Rights Agreement dated August 1, 2003, all as they may from
  time to time be amended and ensure that the Purchaser shall be entitled to all rights and preferences under such agreements with respect
  to the Securities.  

      4. Representations and Warranties of the
  Company. The Company hereby represents and warrants that: 

           (a) Company has the power and authority to enter
  into this Agreement and to perform the same, and is not a party to or obligated under or restricted by any contract or other

 
 provision, which has not been waived, that will be violated in any material respect
  by making and performing this Agreement except as set forth in Section 3;  

           (b) No consent, approval or authorization of
  or designation, declaration or filing with any governmental authority on the part of Company is required in connection with the valid
  execution and delivery of this Agreement, or the offer or sale of the Securities or the consummation of any other transaction contemplated
  hereby;  

           (c) The execution, delivery and performance
  of and compliance with this Agreement, and the sale of the Securities to Purchaser will not result in any material violation of, or
  conflict with, or constitute a material default under any agreement to which Company is a party except as set forth in Section 3; 

           (d) The Company has made offers to transfer
  the Securities only to the Purchaser, whom the Company had a reasonable basis to believe is an “accredited investor” as such
  term is defined in Rule 501 promulgated under the United States Securities Act of 1933, as amended (the “Act”); and
   

           (e) Company has not offered the Securities in
  any manner involving any general solicitation or general advertising, including advertisements, articles, notices or other communications
  published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or meeting whose attendees
  have been invited by general solicitation or general advertising and Company has not engaged in any activities that would constitute
  a “public offering” within the meaning of the Act. 

      5. Representations and Warranties of Purchaser.
  Purchaser represents and warrants that: 

           (a) Purchaser has the power and authority to
  enter into this Agreement and to perform the same, and is not a party to or obligated under or restricted by any contract or other provision,
  which has not been waived, that will be violated in any material respect by making and performing this Agreement; 

           (b) Purchaser is purchasing the Securities,
  and any securities issued upon conversion of the Securities, for investment purposes only and not with a view to any resale, distribution
  or other disposition of the Securities, and any securities issued upon conversion of the Securities, to the public in violation of applicable
  federal and state securities laws. Other than this Agreement, no contractual arrangement with respect to the sale of the Securities,
  oral or written, exists or will exist between the Company and Purchaser, the Company or any other person with respect to the sale of
  the Securities;  

           (c) Purchaser has had access to adequate information
  concerning the Company, its business, financial condition, results of operations and prospects, sufficient to make an informed decision
  concerning the sale of the Securities;  

 
           (d) Purchaser acknowledges that the Securities,
  or any securities issuable thereunder, have not been registered under the Act, and agrees to transfer the Securities, and any securities
  issued upon conversion of the Securities, only in a transaction that complies with the registration provisions of the Act or an exemption
  therefrom;  

           (e) Purchaser has such knowledge and experience
  in financial and business matters as to be capable of evaluating the merits and risks of the sale of the Securities and is able to bear
  the economic risks of such investment;  

           (f) Purchaser is an “accredited investor”
  as such term is defined in Rule 501 promulgated under the Act;  

           (g) Purchaser acknowledges that he is not accepting
  delivery of the Securities as a result of any general solicitation or general advertising;  

           (h) Purchaser agrees that if he decides to offer,
  sell or otherwise transfer the Securities, or any securities issued upon conversion of the Securities, Purchaser will not offer, sell
  or otherwise transfer the Securities, or any securities issued upon conversion of the Securities, directly or indirectly, unless (A)
  the sale is to the Company, (B) the sale is outside the United States in accordance with Rule 904 of Regulation S under the Act, if
  applicable, or (C) the sale is made inside the United States (i) pursuant to an effective registration statement under the Act, (ii)
  pursuant to an exemption from registration under the Act provided by Rule 144 thereunder, if applicable, and in compliance with applicable
  state securities laws or (iii) in a transaction that does not require registration under the Act or any applicable state laws governing
  the offer and sale of securities, and Purchaser has furnished to the Company an opinion of counsel, reasonably satisfactory to the Company,
  to that effect;  

           (i) Purchaser understands and acknowledges that
  until such time as the same is no longer required under applicable requirements of the Act or applicable state laws, the Securities
  and all certificates issued in exchange therefor or in substitution thereof, shall bear a legend containing substantially the restrictions
  described in Section 4(h); and  

           (j) Purchaser consents to the Company making
  a notation on its record or giving instructions to any transfer agent of the Securities in order to implement the restrictions on transfer
  set forth and described herein.  

      6. Covenants of Company.
  Company hereby covenants and agrees that Company shall perform and fulfill all conditions and obligations on its part to be performed
  and fulfilled under this Agreement, to the end that the transactions contemplated by this Agreement shall be carried out. 

      7. Covenants of Purchaser.
  Purchaser hereby covenants and agrees that Purchaser shall perform and fulfill all conditions and obligations on its part to be performed
  and fulfilled under this Agreement, to the end that the transactions
  contemplated by this Agreement shall be carried out.  

 
      8. Finder’s
  Fees. 

           (a) Company (i) represents and warrants that
  it has retained no finder or broker in connection with the transactions contemplated by this Agreement and (ii) hereby agrees to indemnify
  and hold harmless Purchaser from any liability for any commission or compensation in the nature of a finder’s fee to any broker
  or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which Company, or
  any of its affiliates or agents, are responsible.  

           (b) Purchaser (i) represents and warrants that
  it has retained no finder or broker in connection with the transactions contemplated by this Agreement and (ii) hereby agrees to indemnify
  and hold harmless Company from any liability for any commission or compensation in the nature of a finder’s fee to any broker or
  other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which Purchaser, or
  any of its affiliates or agents, are responsible.  

      9. Counterparts. This
  Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which, when taken together,
  shall constitute one and the same instrument. Delivery of a signed counterpart by telephone facsimile transmission shall be effective
  as delivery of a manually signed counterpart of this Agreement.  

      10. Governing Law; Survival of Rights;
  Severability. This Agreement shall be governed by the laws of the State of New
  York without giving effect to principles of conflicts of laws, and shall bind and inure to the benefit of the heirs, executors, personal
  representatives, successors and assigns of the Parties hereto; provided, however, that Purchaser may not assign or delegate
  any of its rights or obligations hereunder without the express written consent of Company. If any provision of this Agreement shall
  be held to be invalid, the remainder of this Agreement shall not be affected thereby.  

      11. Entire Agreement. This
  Agreement and the Securities constitute the entire agreement among the Parties with respect to the subject matter hereof and supersedes
  any prior agreement or understandings among them, oral or written, all of which are hereby cancelled. This Agreement may not be modified
  or amended without the express written consent of the Parties hereto.  

      12. Captions; Pronouns.
  The paragraph titles or captions contained in this Agreement are inserted only as a matter of convenience of reference. Such titles
  and captions in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. All pronouns
  and any variation thereof shall be deemed to refer to the masculine,
  feminine or neuter, singular or plural, as the identity of the person or persons may require.

 
      13. No Waiver. The
  failure of any party to seek redress for violation, or to insist on strict performance, of any covenant of this Agreement shall not
  prevent a subsequent act which would have constituted a violation from having the effect of an original violation.  

      14. Further Assurances.
  The Parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the
  intent of this Agreement.  

 
      IN WITNESS WHEREOF, the undersigned have executed
  this Agreement as of the date and year first above written.  

	 	 	COMPANY: 
	 	 	 
	 	 	BRIAZZ, INC.
	 	 	 
	 	By:  	 
	 	 	 

	 	 	Victor D. Alhadeff,

      Chief Executive Officer
	PURCHASER: 	 	 
	 	 	 
	Weisburg Limited	 	 
	 	 	 
	By: __________________________	 	 
	Print Name: ____________________	 	 
	Print Title: _____________________	 	 
	 	 	 
	Address: ______________________	 	 
	              ______________________	 	 
	             ______________________	 	 
	 	 	 

 

 
 Exhibit A

 
 Exhibit B

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