Document:

ex_457558.htm

 

Exhibit 10.1

 

 

FIRST AMENDMENT TO

AMENDED AND RESTATED PROMISSORY NOTE

 

This FIRST AMENDMENT (this “Amendment”) to the Amended and Restated Promissory Note (the “Note”), by and between Skywords Family Foundation Inc. (“Lender”), and Cyanotech Corporation, a Nevada Corporation (“Borrower”), dated as of April 12, 2021, is entered into as of December 14, 2022. Except as otherwise provided herein, all capitalized terms not specifically defined herein will have the same meanings ascribed to them in the Note.

 

RECITALS

 

WHEREAS, Lender and Borrower are parties to the Note, pursuant to which Borrower is entitled to request certain Revolving Loans from Lender up to the Maximum Revolving Amount, subject to the terms and conditions of the Note; and

 

WHEREAS, Lender and Borrower desire to amend the Note to: (i) increase the Maximum Revolving Amount from $500,000 to $1,000,000; and (ii) extend the Maturity Date from April 12, 2024 to April 12, 2025.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender agree as follows:

 

AGREEMENT

 

1.    Amendments to the Note. The Note is hereby amended as follows:

 

(a)    The term “Maximum Revolving Amount” as used in the Note is hereby defined to be One Million Dollars ($1,000,000), and all uses of the term “Maximum Revolving Amount” in the Note shall be deemed to be references to One Million Dollars ($1,000,000) rather than Five Hundred Thousand Dollars ($500,000).

 

(b)    The second sentence of Section 4 shall be amended and restated in its entirety as follows: “The aggregate outstanding principal of each of the Loans and accrued but unpaid interest shall be due and payable on April 12, 2025 (the “Maturity Date”).” All references to the term “Maturity Date” in the Note shall be deemed to be references to April 12, 2025 rather than April 12, 2024.

 

2.    Effect of Amendment. Except as otherwise explicitly provided in this Amendment, the Note will remain unchanged and in full force and effect. The term “Note” as used in the Agreement shall for all purposes refer to the Note as amended by this Amendment.

 

3.    Complete Agreement. The Note, as amended by this Amendment, represents the complete agreement and understanding among the parties with respect to, and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to, the subject matter hereof in any way.

 

4.    Counterparts. This Amendment may be executed in separate counterparts (including by means of facsimile or by electronic transmission in portable document format (pdf) or comparable electronic transmission), each of which is deemed to be an original and all of which taken together constitute one and the same document.

 

5.    Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Amendment and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of California and as set forth in Section 17 of the Note, as if an original part thereof.

 

 

 

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment effective as of the date first above written.

 

	 	BORROWER:
	 	 
	 	
			Cyanotech Corporation

			a Nevada Corporation

			
	 	 
	 	 
	 	By:/s/Matthew Custer__________

			Name: Matthew Custer

			Title: President and CEO
	 	 
	 	 
	 	 
	 	LENDER:
	 	 
	 	Skywords Family Foundation, Inc.
	 	 
	 	 
	 	 
	 	By: 	/s/Michael Davis__________
	 	 	Name: Michael Davis
	 	 	Title: PresidentExhibit 4.1

 

DEMAND PROMISSORY NOTE

 

	$25,000.00	Sarasota, FL
	 	December 13, 2022

 

For value received, and intending to be legally bound,
INVO Bioscience Inc. (the “Maker”), promises to pay the total sum of twenty five thousand dollars ($25,000.00) to STEVE
SHUM (the “Holder”) together with a financing fee (the “Fee”) of ten percent (10%). Should this
demand promissory note (this “Note”) not be repaid in full by January 31, 2023, interest shall accrue on the Note from
the date hereof until paid, at the rate of ten percent (10%) per annum (computed on the basis of a 360-day year of twelve 30-day months).
Principal, the Fee and any interest due shall be paid in full on demand, following ten (10) calendar day prior written notice, which may
be given by Holder starting on January 13, 2022. Payments shall be applied first to any accrued interest and then to the financing fee
and shall be made at such place as the Holder may direct.

 

This Note may be prepaid in whole or in part at any
time without penalty, premium or other consideration.

 

All presentment notice of protest or notice of nonpayment
or dishonor are hereby waived, and the failure of the Holder to exercise any of his rights hereunder in any instance shall not constitute
a waiver thereof in that or any other instance.

 

Notwithstanding anything stated to the contrary herein,
this Note shall become immediately due and payable, without any demand or notice whatsoever, upon the commencement of any bankruptcy,
reorganization, receivership or insolvency proceeding by or against the Maker, or upon the Maker making any assignment for the benefit
of creditors.

 

In the event that this Note, together with all accrued
but unpaid interest hereon, is not paid within ten (10) days after the date upon which payment becomes due pursuant to the terms of this
Note, then the Maker agrees to pay all reasonable attorney’s fees and expenses incurred by the Holder in enforcing the obligations
of the Maker under this Note.

 

This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the part of the Maker or the Holder, but only by an agreement
in writing signed by both the Maker and the Holder.

 

This note shall be construed in accordance with the
laws of the State of New York, without regard to those provisions related to choice of law.

 

[Signature follows on next page]

 

    	-1-

     

    

 

IN WITNESS WHEREOF, the Maker has executed
and delivered this instrument effective as of the date first written above.

 

	By Maker:	 	Reviewed and Approved By:
	 	 	 
	/s/ Andrea Goren	 	/s/ Matthew Szot
	Andrea Goren	 	Matthew Szot
	Chief Financial Officer	 	Chairman, Audit Committee
	INVO Bioscience Inc.	 	INVO Bioscience Inc.

 

    	-2-Exhibit 4.2

 

DEMAND PROMISSORY NOTE

 

	$25,000.00	Sarasota, FL
	 	December 13, 2022

 

For value received, and intending to be legally bound,
INVO Bioscience Inc. (the “Maker”), promises to pay the total sum of twenty five thousand dollars ($25,000.00) to ANDAX
LLC (the “Holder”) together with a financing fee (the “Fee”) of ten percent (10%). Should this demand
promissory note (this “Note”) not be repaid in full by January 31, 2023, interest shall accrue on the Note from the
date hereof until paid, at the rate of ten percent (10%) per annum (computed on the basis of a 360-day year of twelve 30-day months).
Principal, the Fee and any interest due shall be paid in full on demand, following ten (10) calendar day prior written notice, which may
be given by Holder starting on January 13, 2022. Payments shall be applied first to any accrued interest and then to the financing fee
and shall be made at such place as the Holder may direct.

 

This Note may be prepaid in whole or in part at any
time without penalty, premium or other consideration.

 

All presentment notice of protest or notice of nonpayment
or dishonor are hereby waived, and the failure of the Holder to exercise any of his rights hereunder in any instance shall not constitute
a waiver thereof in that or any other instance.

 

Notwithstanding anything stated to the contrary herein,
this Note shall become immediately due and payable, without any demand or notice whatsoever, upon the commencement of any bankruptcy,
reorganization, receivership or insolvency proceeding by or against the Maker, or upon the Maker making any assignment for the benefit
of creditors.

 

In the event that this Note, together with all accrued
but unpaid interest hereon, is not paid within ten (10) days after the date upon which payment becomes due pursuant to the terms of this
Note, then the Maker agrees to pay all reasonable attorney’s fees and expenses incurred by the Holder in enforcing the obligations
of the Maker under this Note.

 

This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the part of the Maker or the Holder, but only by an agreement
in writing signed by both the Maker and the Holder.

 

This note shall be construed in accordance with the
laws of the State of New York, without regard to those provisions related to choice of law.

 

[Signature follows on next page]

 

    	-1-

     

    

 

IN WITNESS WHEREOF, the Maker has executed
and delivered this instrument effective as of the date first written above.

 

	By Maker:	 	Reviewed and Approved By:
	 	 	 
	/s/ Steve Shum	 	/s/ Matthew Szot
	Steve Shum	 	Matthew Szot
	Chief Executive Officer	 	Chairman, Audit Committee
	INVO Bioscience Inc.	 	INVO Bioscience Inc.

 

    	-2-Exhibit 4.3

 

DEMAND PROMISSORY NOTE

 

	$50,000.00	Sarasota, FL
	 	December 13, 2022

 

For value received, and intending to be legally bound,
INVO Bioscience Inc. (the “Maker”), promises to pay the total sum of fifty thousand dollars ($50,000.00) to JAG MULTI
INVESTMENTS LLC (the “Holder”) together with a financing fee (the “Fee”) of ten percent (10%). Should
this demand promissory note (this “Note”) not be repaid in full by January 31, 2023, interest shall accrue on the Note
from the date hereof until paid, at the rate of ten percent (10%) per annum (computed on the basis of a 360-day year of twelve 30-day
months). Principal, the Fee and any interest due shall be paid in full on demand, following ten (10) calendar day prior written notice,
which may be given by Holder starting on January 13, 2023. Payments shall be applied first to any accrued interest and then to the financing
fee and shall be made at such place as the Holder may direct.

 

This Note may be prepaid in whole or in part at any
time without penalty, premium or other consideration.

 

All presentment notice of protest or notice of nonpayment
or dishonor are hereby waived, and the failure of the Holder to exercise any of his rights hereunder in any instance shall not constitute
a waiver thereof in that or any other instance.

 

Notwithstanding anything stated to the contrary herein,
this Note shall become immediately due and payable, without any demand or notice whatsoever, upon the commencement of any bankruptcy,
reorganization, receivership or insolvency proceeding by or against the Maker, or upon the Maker making any assignment for the benefit
of creditors.

 

In the event that this Note, together with all accrued
but unpaid interest hereon, is not paid within ten (10) days after the date upon which payment becomes due pursuant to the terms of this
Note, then the Maker agrees to pay all reasonable attorney’s fees and expenses incurred by the Holder in enforcing the obligations
of the Maker under this Note.

 

This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the part of the Maker or the Holder, but only by an agreement
in writing signed by both the Maker and the Holder.

 

This note shall be construed in accordance with the
laws of the State of New York, without regard to those provisions related to choice of law.

 

[Signature follows on next page]

 

    	 

     

    

 

IN WITNESS WHEREOF, the Maker has executed
and delivered this instrument effective as of the date first written above.

 

	By Maker:	 
	 	 
	/s/ Steven Shum	 
	Steven Shum	 
	Chief Executive Officer	 
	INVO Bioscience Inc.

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