Amendment to 8% Negotiable Convertible Promissory Note between Player Network and Continental Equities
This amendment updates the terms of an 8% negotiable convertible promissory note originally executed on August 9, 2012, between Player Network and Continental Equities. The main change is to the conversion price formula, now set at 70% (a 30% discount) of the average of the three lowest trading prices of Player Network’s common stock over the 30 days before conversion, or $0.001 per share, whichever is higher. All other terms remain unchanged.
Exhibit 10.9
Amendment to 8% Negotiable Convertible Promissory Note
Effective upon original execution date: August 9, 2012
This amendment is to correct and amend the Conversion Price in Section 3 as follows, and throughout all references within the promissory note where applicable:
As originally stated:
“Conversion Price” means an amount equal to 30% of the average of the three lowest reported daily sale or daily closing trading prices (whichever is the lower) for the Company’s common stock as reported on the OTCQB (or such other OTC Markets or OTC Tiers, stock markets or stock exchange upon which the Company’s common stock is listed or traded) during the thirty (30) trading days immediately preceding the Conversion Date, subject to adjustment as provided herein (including, without limitation, adjustment pursuant to Section 6), or a fixed conversion price of $0.001 per share, whichever is greater.
As amended and restated:
“Conversion Price” means an amount equal to 70% (which represents a 30% discount) of the average of the three lowest reported daily sale or daily closing trading prices (whichever is the lower) for the Company’s common stock as reported on the OTCQB (or such other OTC Markets or OTC Tiers, stock markets or stock exchange upon which the Company’s common stock is listed or traded) during the thirty (30) trading days immediately preceding the Conversion Date, subject to adjustment as provided herein (including, without limitation, adjustment pursuant to Section 6), or a fixed conversion price of $0.001 per share, whichever is greater.
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Mark Bradley, CEO
Player Network
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Continental Equities
