Attached files
file | filename |
---|---|
S-1/A - FORM S-1/A - T3M INC. | a58133a6sv1za.htm |
EX-4.5 - EX-4.5 - T3M INC. | a58133a6exv4w5.htm |
EX-5.1 - EX-5.1 - T3M INC. | a58133a6exv5w1.htm |
EX-4.3 - EX-4.3 - T3M INC. | a58133a6exv4w3.htm |
EX-23.1 - EX-23.1 - T3M INC. | a58133a6exv23w1.htm |
EX-10.63 - EX-10.63 - T3M INC. | a58133a6exv10w63.htm |
Exhibit 10.62
AMENDMENT NO. 3 TO
PROMISSORY NOTE
PROMISSORY NOTE
THIS AMENDMENT NO. 3 TO PROMISSORY NOTE (this Amendment) is made as of March 30, 2011
to that certain Promissory Note, dated as of December 31, 2007 and amended as of December 19, 2008,
and amended on April 2, 2010 in the original principal amount of $2,000,000 (the Note), made in
favor of Immersive Media Corp., a corporation organized under the laws of Alberta province in
Canada now also recognized as EmberClear Corp (Lender), by T3 Motion, Inc., a Delaware
corporation (Borrower). All capitalized terms not defined herein shall have the meanings ascribed
to such terms in the Note.
RECITALS
WHEREAS, Borrower and Lender desire to amend the terms and conditions of the Note, in
order that, among other things, the maturity date will be extended by one month.
WHEREAS, Borrower and Lender agree that Borrower has already repaid $1,000,000 of the Note
principal and that the outstanding principal amount under the Note is $1,000,000.
AMENDMENT
NOW, THEREFORE, in consideration of the foregoing premises and other good and
valuable consideration, the adequacy and sufficiency of which is hereby acknowledged, the
parties agree as follows:
1. Maturity Date Extension and Interest. The maturity date of the Note shall be
amended from March 31, 2011 to April 30, 2011. A partial payment of accrued interest totaling
$50,000 shall be paid immediately. All accrued interest through April 30, 2011 shall be paid on May
1, 2011.
2. Interest Rate Adjustment. As consideration for extending the maturity date of the
Note, Lender shall pay a new and increased interest rate on unpaid principal and interest of 19%
per annum compounded annually starting April 1, 2011.
3. Existing Terms. Except as provided herein, the Note shall remain in full force and
effect.
4. Counterparts. This Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be deemed to be an original and all of which taken
together shall constitute one and the same Amendment.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to Promissory Note to be
effective as of the date first above written.
Borrower: | ||||
T3 MOTION, INC. | ||||
By:
|
/s/ Ki Nam
|
4/8/11 | ||
Acknowledged and agreed by Lender: | ||||
IMMERSIVE MEDIA CORP. | ||||
By:
|
/s/ David Anderson
|
|||
Chief Financial Officer |