Agreement to Amendment the Conversion Terms of the $500,000 15% Convertible Promissory Note Due June 18, 2007
Agreement
to Amendment the Conversion Terms of the
$500,000
15% Convertible Promissory Note Due June 18, 2007
Agreement
by and between Smart Energy Solutions, Inc., a Nevada corporation (“Maker”), and
Ever Green Fields Enterprises, Ltd. (“Lender”).
1. The
Conversion Price, as used in the Note, shall mean 60% of the average closing
price of the Common Stock as quoted on the over-the-counter market under the
symbol “SMGY” for 15 consecutive trading days prior to the closing (the
“Closing”) of the offering (the “Offering”) contemplated by the Placement Agent
Agreement, dated April 3, 2008, between Maker and EKN Financial Services, Inc.,
and warrants (“Warrants”) to purchase an additional amount of Common Stock equal
to 25% of the aggregate number
of
shares of Common Stock issuable upon conversion of the Note, which warrants
shall be exercisable, for a period of five (5) years from the closing, at an
exercise price per share equal to 100% of the purchase price of the Common
Stock
sold in the Offering.
2. The
entire outstanding principal and all accrued and unpaid interest pursuant to
the
Note shall be converted into shares of Maker’s Common Stock and
Warrants on
the
date of the Closing.
EVER GREEN FIELDS ENTERPRISES, LTD. | |
/s/
Xxxxxx Xxxxxxx
|
/s/ Xxxxxxxx X. Xxxxxxxxxx |
Xxxxxx
Xxxxxxx
Chief
Financial Officer
|
Name:
Xxxxxxxx X. Xxxxxxxxxx
Title:
Signatory
|