SEC Contract Filing

Filing Date: 2022-04-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex_356311.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.3</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>THIS AMENDED AND RESTATED SECURED PROMISSORY NOTE IS SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN SUBORDINATION AGREEMENT DATED AS OF NOVEMBER 12, 2021 BY AND AMONG WESTERN ALLIANCE BANK AND THE PARTIES HERETO. THE SUBORDINATION AGREEMENT CONTAINS PROVISIONS RESTRICTING, AMONG OTHER THINGS, CERTAIN PAYMENTS AND THE EXERCISE OF CERTAIN RIGHTS AND REMEDIES BY THE PARTIES HERETO.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SECURED PROMISSORY NOTE</b></p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">$1,300,000</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">New York City, New York</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Original Issuance Date:</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">November 12, 2021</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">First Additional Issuance Date:</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">January 7, 2022</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Second Additional Issuance Date:</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">April 5, 2022</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>FOR VALUE RECEIVED</b>, and subject to the terms and conditions set forth herein, Giga-tronics Incorporated, a California corporation (hereinafter referred to as &#8220;<b>Maker</b>&#8221;), hereby unconditionally promises to pay to Digital Power Lending, LLC, a California limited liability company<sup style="vertical-align:top;line-height:120%;font-size:pt"> </sup>(and together with its successors and assigns, hereinafter referred to as &#8220;<b>Holder</b>&#8221;), in the manner hereinafter provided, the aggregate principal sum of One Million Three Hundred Thousand Dollars ($1,300,000), or, if less, the aggregate unpaid principal amount of all advances made from time to time by Holder to Maker pursuant to and in accordance with this Note, in immediately available funds and in lawful money of the United States of America, together with interest thereon, all in accordance with the provisions hereinafter specified.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>1.</b><b>&nbsp;&nbsp;&nbsp;&nbsp;Advance.</b> On the Original Issuance Date Maker received an advance of the aggregate principal sum of Five Hundred Thousand Dollars ($500,000) from Holder. On the First Additional Issuance Date Maker received an advance of the aggregate principal sum of Three Hundred Thousand Dollars ($300,000) from Holder. On the Second Additional Issuance Date Maker received an advance of the aggregate principal sum of Five Hundred Thousand Dollars ($500,000) from Holder. Amounts advanced hereunder and repaid may not be reborrowed.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>2.</b><b>&nbsp;&nbsp;&nbsp;&nbsp;Accrual of Interest</b>. Interest