Amendment Agreement to Promissory Note between Generex Biotechnology Corporation and Omicron Master Trust (June 7, 2005)

Contract Categories: Business Finance › Modification Agreements
Summary

Generex Biotechnology Corporation and Omicron Master Trust have agreed to amend their original promissory note dated April 4, 2005. The amendment extends the interest payment and maturity dates from May 15, 2005, to July 22, 2005. In return for this extension, Generex will issue Omicron a warrant to purchase 243,902 shares of its common stock at $0.82 per share, with the warrant expiring on June 7, 2010. All other terms of the original note remain unchanged.

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EX-4.24.1 7 v020049_exh4-241.htm

Exhibit 4.24.1

Generex Biotechnology Corporation
33 Harbour Square, Suite 202
Toronto, Ontario
Canada M5J 2G2

 
June 7, 2005

Omicron Master Trust
650 5th Ave., 24th Floor
New York, New York
USA 10019


Dear Sirs:

Re:         Generex Biotechnology Corporation
- Promissory Note & Agreement dated April 4, 2005

We make reference to the Promissory Note & Agreement (the “Note”) dated April 4, 2005 in the principal amount of One Hundred Thousand Dollars ($100,000) executed and delivered by Generex Biotechnology Corporation (the “Borrower”) in favour of Omicron Master Trust (the “Holder”).

We hereby confirm the mutual agreement of the Borrower and the Holder to amend the terms of the Note by extending the interest payment date and the maturity date thereof from May 15, 2005 to July 22, 2005.

We hereby further confirm that, in consideration for the Holder’s agreement to the foregoing amendment of the Note, the Borrower will forthwith issue to the Holder a warrant (the “Amendment Warrant”) to purchase an aggregate of 243,902 shares of the Borrower’s common stock (the “Amendment Warrant Shares”) at a per-share price of Eighty Two Cents ($0.82), such warrant to expire on June 7, 2010.

From and after the date hereof, the term “Warrant” in the Note will be deemed to include the Amendment Warrant, and the term “Warrant Shares” in the Note will be deemed to include the Amendment Warrant Shares.

continued



In all other respects, the Note will remain in full force and effect and unamended.

Yours truly,

Generex Biotechnology Corporation


/s/ Rose C. Perri
____________________________________
Rose C. Perri
Chief Financial Officer

AGREED.

Omicron Master Trust


/s/ Bruce Bernstein
____________________________________
Bruce Bernstein
Managing Partner

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