Addendum to Secured Convertible Promissory Note between PositiveID Corp. and GHS Investments, LLC (August 29, 2016)
This addendum, dated August 29, 2016, is between PositiveID Corp. and GHS Investments, LLC. It modifies their existing Secured Convertible Promissory Note by setting a minimum conversion price of $0.00005 per share, regardless of other terms in the original note. Both parties have agreed to this amendment, which ensures that the conversion price cannot fall below this specified minimum.
This Addendum is made as of this August 29, 2016, by and between PositiveID Corp. (the “Company”) and GHS Investments, LLC (“Investor”) to the Secured Convertible Promissory Note between the Company and Investor dated August 11, 2016, including all schedules and exhibits thereto, as amended and modified by this Addendum (the “Note”). The Company wishes to amend and modify the Note, all on the terms and conditions set forth in this Addendum.
1. Section 1.2(a) of the Note has been revised to add the following: Notwithstanding anything set forth in the Note, the minimum conversion price shall not be less than $.00005.
| ACCEPTED & ACKNOWLEDGED | |||
| Positive ID Corp. | |||
| By: | /s/ William Caragol | ||
| Name: | William Caragol | ||
| Title: | Chief Executive Oficer | ||
| GHS INVESTMENTS, LLC | |||
| By: | /s/ Mark Grober | ||
| Name: | Mark Grober | ||
| Title: | Member | ||
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