AMENDMENT NO. 2 TO 3% CONVERTIBLEPROMISSORY NOTE
Exhibit 10.1
AMENDMENT NO. 2 TO 3% CONVERTIBLE PROMISSORY NOTE
This Amendment No. 2 to 3% Convertible Note (the “Amendment”) effective August 15, 2013, by and among Liberator, Inc. (formerly known as Remark Enterprises, Inc., a Nevada corporation), a Florida corporation (the “Borrower”) and Hope Capital Inc., a New York corporation (the “Lender”) amends that certain 3% Convertible Promissory Note issued on June 24, 2009, as amended on August 15, 2012, in the principal amount of $375,000 by and between the Borrower and Lender (the “Note”).
WHEREAS, on June 24, 2009, the Borrower issued to the Lender the Note (Note No.: 1.01); and on August 15, 2012 the Company and Borrower amended the Note (the “Amendment No. 1”) (the Note and Amendment No. 1 collectively referred to herein as, the “Note”);
WHEREAS, the Note is convertible into securities of the Borrower; and
WHEREAS, the “Maturity Date” as defined under the Note is August 15, 2013; and
WHEREAS, the Borrower desires to retain its current working capital and to extend the Maturity Date; and
WHEREAS, the parties desire to amend the “Conversion Price” as defined under the Note;
NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency which is hereby acknowledged, the parties agree as follows:
1. | Amendment to Maturity Date. The Maturity Date, as defined under the Note, shall be August 15, 2014. |
2. | Amendment to Conversion Price. The Conversion Price, as defined under the Note, shall be $0.125. |
3. | Capitalized Terms. All capitalized terms which have not been defined shall have the meaning contained in the Note. |
4. | Ratification of the Note. In all other respects, the Note is ratified and confirmed. |
IN WITNESS WHEREOF, the undersigned have executed and delivered this Amendment to the Note, effective as of the date first written above.
BORROWER | LENDER |
LIBERATOR, INC.
| HOPE CAPITAL INC. |
/s/ Louis S. Friedman | /s/ Curt Kramer |
Louis S. Friedman, Chief Executive Officer | Curt Kramer, President |