Document:

amendmentno3-poofdeben.htm

    Exhibit 10.12

    
 

    AMENDMENT
NO. 3 TO

    7% SENIOR
SECURED CONVERTIBLE DEBENTURE

    SERIES
06-0IC DUE MARCH 10, 2008

     

    Holder:
Professional Offshore Opportunity Fund, Ltd.

     

    This
Amendment Number 3 ("Third Amendment") to 7% Senior Secured Convertible
Debenture Series 06-01C due March 10, 2008 (the "Debenture"), is entered into
between Rim Semiconductor Company, a Utah corporation (the "Company") and the
Holder named above. Terms not otherwise defined or amended herein shall have the
meanings ascribed to them in the Debenture.

     

    The
Parties agree to amend certain terms of the Debenture, as follows, effective as
of May 29, 2008.

     

    
      	
            	
              1.

            	
              Maturity
      Date; Waiver. Holder and the Company agree that the "Maturity
      Date"
      of the Debenture shall be June 10, 2008. Holder agrees to waive any Event
      of Default that may have occurred or be deemed to have occurred prior to
      the date hereof that is related to or arises from the failure to pay
      amounts due under the
      Debenture.

            

    

     

    
      	
            	
              2.

            	
              Consideration.
      In consideration of Holder's execution of this Second Amendment
      and extension of the Maturity Date to June 10, 2008, the Company agrees to
      pay Holder $15,000.00 on June 5,
2008.

            

    

     

    
      	
            	
              3.

            	
              Execution
      Date. This Amendment and the terms contained herein shall be
      considered
      null and void if a copy of this Amendment executed by Holder is not
      received by the Company by mail, fax or email by 5pm, Pacific time, on May
      30, 2008. Contact information is set forth on the signature page
      hereto.

            

    

     

    This
Amendment, the Debenture, and all other written agreements between the Company
and Holder set forth in full all of the representations and agreements of the
parties with respect to the subject matter hereof and supersede all prior
discussions, representations, agreements and
understandings between
the parties with respect to the subject hereof. Except as expressly
amended herein and as such amendment may require additional amendment to
specific terms and conditions, with such amendment being deemed made hereby, all
of the terms and provisions of the Debenture, and all other documents and
agreements between the Company and
Holder shall continue in full force and
effect and the same are hereby ratified and confirmed. In connection with this
Amendment and the transactions contemplated hereby, each of the
parties agrees to execute and deliver any additional documents and
instruments and perform any additional acts that may be necessary or appropriate
to effectuate and perform its respective obligations under this Agreement
and the
transactions contemplated hereby.

     

    [Signature
Page Follows]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of April 18,
2008.

     

    

     

    
      	 	
              HOLDER:

               

              PROFESSIONAL
      OFFSHORE 

              OPPORTUNITY
      FUND, LTD

               

               

              By:  /s/ Howard
      Berger                    
      

              Name:  Howard
      Berger

              Title: 
      Manager

               

              RIM
      SEMICONDUCTOR COMPANY

               

              By:  /s/ Brad
      Ketch                               
      

              Brad
      Ketch

              President
      and Chief Executive Officer

               

              Rim
      Semiconductor Company

              305
      NE 102nd Ave, Suite 350

              Portland,
      OR 97220

              Fax:
      503.257.6622

              Email:
      BKetch@rimsemi.comsheppardpromissorynote.htm

    Exhibit 10.13

      PROMISSORY
NOTE

       

      

      
        	
                $10,000.00

              	
                June
      3, 2008

              
	
                Maturity
      Date: June 3, 2009

              	
                Portland,
      Oregon

              

      

       

      For value
received, RIM SEMICONDUCTOR COMPANY, a Utah corporation (“Maker”),
hereby unconditionally promises to pay to the order of Charles Sheppard (“Payee”),
on or before June 3, 2009
(the “Maturity
Date”) the
principal sum of TEN THOUSAND AND NO/100 DOLLARS ($10,000.00), plus accrued
interest on the principal hereof outstanding from time to time, pursuant to the
terms and conditions of this Promissory Note (this “Note”).

       

      1.           Principal and
Interest.  Maker promises to pay on the Maturity Date: (a) the
principal amount of this Note and (b) interest on the principal amount at the
rate of the lesser of: (i) the maximum amount permitted by law, and (ii) ten
percent (10%) per annum, compounded annually, based on a three hundred
sixty-five day year.  Maker shall pay the principal and the interest
in a lump sum on the Maturity Date.  All payments hereunder shall be
in lawful money of the United States of America and shall be made to
Payee.  Without prejudice to the other rights of Payee pursuant to
this Note, if Maker fails to pay any amounts due on this Note after demand, all
unpaid amounts shall accrue interest at the lesser of: (a) the maximum amount
permitted by law and (b) ten percent (10%) per annum, until paid.

       

      2.           Right to
Prepay.  The principal amount hereof may be prepaid in whole or
in part without prepayment penalty.  Any prepayment of the principal
amount hereof, whether in part or in whole, shall include accrued interest to
the date of prepayment on the principal amount being paid.

       

      3.           Costs and
Expenses.  Maker promises to pay, upon Payee's demand therefor,
all costs and expenses, including reasonable attorneys' fees (defined as being
actual hours worked at the standard billing rates of the attorneys involved in
any matter), incurred in the collection and enforcement of this
Note.

       

      4.           Waiver.  No
delay on the part of Payee in the exercise of any right, power or remedy shall
operate as a waiver thereof, nor shall any single or partial exercise by Payee
of any right, power or remedy preclude other or further exercise thereof, or the
exercise of any other right, power or remedy.  No waiver by Payee of
any right or remedy hereunder shall be effective unless in a writing signed by
Payee.

       

      5.           Amendments.  No
amendment, modification or waiver of, or consent with respect to, any provision
of this Note shall in any event be effective unless the same shall be in writing
and signed and delivered by Payee, and then any such amendment, modification,
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

       

      
        
           

        

        
          - 1
-

          
            

          

        

        
           

        

      

      6.           Invalidity.  If
any provision of this Note, or the application of it to any party or
circumstance is held to be invalid, the same shall be ineffective, but the
remainder of this Note, and the application of such provisions to other parties
or circumstances, shall not be affected thereby.

       

      7.           Successors,
Assignment.  The terms and conditions of this Note shall apply
to and bind the heirs, successors, legal representatives and assigns of the
parties.

       

      8.           Governing Law and Selection
of Forum.  The terms of this Note shall be construed in
accordance with the laws of the State of California, as applied to contracts
entered into by California residents within the State of California and to be
performed entirely within the State of California.  The parties agree
that any litigation concerning this Note shall take place in California state
court.  Each party hereby consents to the jurisdiction of that
court.

       

      9.           Notice.  All
notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by facsimile and electronic
transmission) and, unless otherwise expressly provided herein, shall be deemed
to have been duly given or made (i) in the case of delivery by hand, when
delivered, (ii) in the case of delivery by mail, three (3) days after being
deposited in the mails, postage prepaid, or (iii) in the case of delivery by
facsimile or electronic transmission, when sent and receipt has been confirmed,
addressed as follows:

       

      If to
Maker:

      Rim Semiconductor Company

      305 NE 102nd Avenue,
Suite 350

      Portland, OR 97220

      Facsimile:  (503)
257-6700

      Attention: Chief Executive
Officer

      

      If to
Payee:

      Charles Sheppard

      412 Red
Hill Ave # 21

      San
Anselmo, CA 94960

      

      

      

      IN WITNESS WHEREOF, Maker has executed
and delivered this Promissory Note effective as of the day and year and the
place first above written.

       

      
      

       

      
        	 	
                Rim
      Semiconductor Company

                 

                 

                By:  /s/ Brad
      Ketch                      
      

                Name: 
      Brad Ketch

                Title: 
      President and CEO

              

      

       

       

       

       

      
 
- 2
-musickpromissorynote.htm

Exhibit 10.14

    PROMISSORY
NOTE

     

    
      	 
      	 
      
	
              $49,000.00

            	
              June
      4, 2008

            
	
              Maturity
      Date: June 4, 2009

            	
              Portland,
      Oregon

            

    

     

    For value
received, RIM SEMICONDUCTOR COMPANY, a Utah corporation (“Maker”),
hereby unconditionally promises to pay to the order of Craig Musick (“Payee”),
on or before June 4, 2009
(the “Maturity
Date”) the
principal sum of FORTY-NINE THOUSAND AND NO/100 DOLLARS ($49,000.00), plus
accrued interest on the principal hereof outstanding from time to time, pursuant
to the terms and conditions of this Promissory Note (this “Note”).

     

    1.           Principal and
Interest.  Maker promises to pay on the Maturity Date: (a) the
principal amount of this Note and (b) interest on the principal amount at the
rate of the lesser of: (i) the maximum amount permitted by law, and (ii) ten
percent (10%) per annum, compounded annually, based on a three hundred
sixty-five day year.  Maker shall pay the principal and the interest
in a lump sum on the Maturity Date.  All payments hereunder shall be
in lawful money of the United States of America and shall be made to
Payee.  Without prejudice to the other rights of Payee pursuant to
this Note, if Maker fails to pay any amounts due on this Note after demand, all
unpaid amounts shall accrue interest at the lesser of: (a) the maximum amount
permitted by law and (b) ten percent (10%) per annum, until paid.

     

    2.           Right to
Prepay.  The principal amount hereof may be prepaid in whole or
in part without prepayment penalty.  Any prepayment of the principal
amount hereof, whether in part or in whole, shall include accrued interest to
the date of prepayment on the principal amount being paid.

     

    3.           Costs and
Expenses.  Maker promises to pay, upon Payee's demand therefor,
all costs and expenses, including reasonable attorneys' fees (defined as being
actual hours worked at the standard billing rates of the attorneys involved in
any matter), incurred in the collection and enforcement of this
Note.

     

    4.           Waiver.  No
delay on the part of Payee in the exercise of any right, power or remedy shall
operate as a waiver thereof, nor shall any single or partial exercise by Payee
of any right, power or remedy preclude other or further exercise thereof, or the
exercise of any other right, power or remedy.  No waiver by Payee of
any right or remedy hereunder shall be effective unless in a writing signed by
Payee.

     

    5.           Amendments.  No
amendment, modification or waiver of, or consent with respect to, any provision
of this Note shall in any event be effective unless the same shall be in writing
and signed and delivered by Payee, and then any such amendment, modification,
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

     

    6.         
Invalidity.  If
any provision of this Note, or the application of it to any party or
circumstance is held to be invalid, the same shall be ineffective, but the
remainder of this Note, and the application of such provisions to other parties
or circumstances, shall not be affected thereby.

     

     

    
      
        
        

      

      
        - 1
-

        
          

        

      

      
        
        

      

    

     

    7.           Successors,
Assignment.  The terms and conditions of this Note shall apply
to and bind the heirs, successors, legal representatives and assigns of the
parties.

     

    8.           Governing Law and Selection
of Forum.  The terms of this Note shall be construed in
accordance with the laws of the State of California, as applied to contracts
entered into by California residents within the State of California and to be
performed entirely within the State of California.  The parties agree
that any litigation concerning this Note shall take place in California state
court.  Each party hereby consents to the jurisdiction of that
court.

     

    9.           Notice.  All
notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by facsimile and electronic
transmission) and, unless otherwise expressly provided herein, shall be deemed
to have been duly given or made (i) in the case of delivery by hand, when
delivered, (ii) in the case of delivery by mail, three (3) days after being
deposited in the mails, postage prepaid, or (iii) in the case of delivery by
facsimile or electronic transmission, when sent and receipt has been confirmed,
addressed as follows:

     

    If to
Maker:

    Rim Semiconductor Company

    305 NE 102nd Avenue,
Suite 350

    Portland, OR 97220

    Facsimile:  (503)
257-6700

    Attention: Chief Executive
Officer

    

    If to
Payee:

    Craig Musick

    29620 N.
152nd
Way

    Scottsdale,
AZ 85262

    

    

    

    IN WITNESS WHEREOF, Maker has executed
and delivered this Promissory Note effective as of the day and year and the
place first above written.

     

     

    
      	 	
              Rim
      Semiconductor Company

               

               

              By:  /s/ Brad
      Ketch                      
      

              Name: 
      Brad Ketch

              Title: 
      President and CEO

            

     

    -2-

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