Endorsement Amending 10% Senior Secured Convertible Note between Precision Optics Corporation, Inc. and Special Situations Fund III, QP, L.P.
Precision Optics Corporation, Inc. and Special Situations Fund III, QP, L.P. have agreed to amend their existing 10% Senior Secured Convertible Note. The main change is extending the note's maturity date to November 15, 2010. All other terms of the original note remain unchanged, and the company reaffirms its obligations. This amendment is effective as of October 15, 2010, with both parties' authorized representatives signing the endorsement.
EXHIBIT 10.3
ENDORSEMENT TO 10% SENIOR SECURED CONVERTIBLE NOTE
Precision Optics Corporation, Inc.
New York, New York
October 15, 2010
The 10% Senior Secured Convertible Note dated June 25, 2008 and amended December 11, 2008, June 25, 2010 and July 26, 2010 (the “Note”) of Precision Optics Corporation, Inc., a Massachusetts corporation (the “Company”), payable to the order of Special Situations Fund III, QP, L.P. (the “Holder”) in an aggregate principal amount of $275,000 and to which the Endorsement is affixed is hereby amended in the following respects:
1. The term “Stated Maturity Date” is hereby restated to be “November 15, 2010.”
2. Except as expressly amended by this Endorsement, the Note remains in full force and effect and the Company hereby reconfirms its obligations thereunder.
IN WITNESS WHEREOF, the Company has caused this Endorsement to be duly executed, and the Holder has caused this Endorsement to be duly accepted, by their respective duly authorized representatives as of the day and year first above written.
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| PRECISION OPTICS CORPORATION, INC. | ||
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| By | /s/ Richard E. Forkey | |
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| Name: Richard E. Forkey | |
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| Title: Chief Executive Officer | |
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| SPECIAL SITUATIONS FUND III QP, L.P. |
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| By: | /s/ Adam Stettner |
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| Name: Adam Stettner |
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| Title: General Partner |
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