Amendment to $800,000 Promissory Note between Advaxis, Inc. and JMJ Financial (September 4, 2013)

Contract Categories: Business Finance › Note Agreements
Summary

Advaxis, Inc. and JMJ Financial have agreed to amend their $800,000 promissory note originally dated April 26, 2013. The amendment allows JMJ Financial, if Advaxis completes a public offering of $5,000,000 or more, to require repayment of the note at 125% of the repaid principal plus accrued interest and other amounts due. All other terms of the original note remain unchanged. The amendment is effective as of September 4, 2013.

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EX-10.3 4 v354683_ex10-3.htm EXHIBIT 10.3

 

EXHIBIT 10.3

 

AMENDMENT

TO THE $800,000 PROMISSORY NOTE DATED APRIL 26, 2013

 

 

The parties agree that the $800,000 Promissory Note dated April 26, 2013 by and between Advaxis, Inc. and JMJ Financial (the “Note”) is hereby amended as follows:

 

1.Future Financings. Section 6 of the Note shall be amended and replaced with the following:

 

“6.        Repayment. If the Borrower completes a public offering of $5,000,000 or more, the Lender shall have the right, at its election, to have the Borrower repay this Note, in whole or in part, in an amount equal to 125% of the sum of the funded principal amount being repaid plus all accrued and unpaid interest, liquidated damages, fees, and other amounts due on such principal amount.”

 

 

ALL OTHER TERMS AND CONDITIONS OF THE $800,000 PROMISSORY NOTE REMAIN IN FULL FORCE AND EFFECT.

 

Please indicate acceptance and approval of this amendment dated September 4, 2013 by signing below:

 

 

 

/s/ DANIEL J. O’CONNOR    
Daniel J. O’Connor   JMJ Financial  
Advaxis, Inc.   Its Principal  
Chief Executive Officer      
       
       
       
/s/ MARK ROSENBLUM      
Mark Rosenblum      
Advaxis, Inc.      
Chief Financial Officer