MATURITY DATE EXTENSION INNOPUMP, INC. OBLIGATION SEA CHANGE GROUP, LLC – LENDER
Exhibit
10.1
MATURITY
DATE EXTENSION
INNOPUMP,
INC. OBLIGATION
SEA
CHANGE GROUP, LLC – LENDER
THE
UNDERSIGNED, SEA CHANGE GROUP, LLC (the “Lender”), holder of a promissory note
dated October 20, 2008 in the original principal amount of $3,445,750 (the
“Note”), issued by Innopump, Inc. (the “Company”), hereby consents to the
extension of the current Maturity Date of the Note through and including the
earlier of (i) July 31, 2009 or (ii) the date on which the Company, or its
parent, Versadial, Inc., receives gross proceeds in excess of $7,000,000 from
any debt or equity financing closed subsequent to the date hereof (such new date
being referred to as the “Maturity Date”).
The extension
of the Maturity Date set forth herein is given in recognition of (i)
the Lender entering into a confession of judgment in favor of JBCP-24
LLC in the amount of $4,991,218 and (ii) the Company’s confirming
in writing that it has read and consents to all provisions in
the Forbearance Agreement of the Lender with JBCP-24 LLC dated as of
June 30, 2009 which pertain to the confession of judgment issued by the Company
to the Lender.
Nothing
contained herein shall change any of Company’s obligations under the Note other
than the Maturity Date. All other terms and conditions of the Note
are hereby reaffirmed.
IN
WITNESS WHEREOF, the undersigned has executed this extension to the Note as of
the date set forth below.
Lender:
SEA
CHANGE GROUP, LLC
By: /s/ Xxxxxxxx
Xxxxxxxxx
Name:
Xxxxxxxx Xxxxxxxxx
Title:
Managing Member
Effective
Date: June 30, 2009
