Fifth Amendment to Transaction Documents
Exhibit 10.27
Fifth Amendment to Transaction Documents
This Fifth Amendment to the Transaction (this “Amendment”) is effective as of November 16, 2022 (“Effective Date”), by and between Puritan Partners LLC, a New York limited liability company (“Puritan Partners”) and Curative Biotechnology, Inc., a Florida corporation (the “Company”), having its principal place of business at 0000 XX Xxxxxxxxx Xxxx., Xxxxx 000 Xxxx Xxxxx, XX 00000, each a “Party” and collectively the “Parties”. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Securities Purchase Agreement, dated as of March 2, 2022, as amended, entered between the Parties (the “Securities Purchase Agreement”)
Recitals
WHEREAS, pursuant to the Transaction Documents, Puritan Partners purchased a 12.5% Original Issue Discount Senior Secured Note in the principal amount of $1,142,857.14 due March 2, 2023 ( as amended, the “Note”) and was issued a common stock purchase warrant to purchase 22,857,143 shares of the common stock at $0.0001 exercise price ( as amended, the “Warrant”);
WHEREAS, Puritan Partners and Company are parties to the Transaction Documents, which were previously amended on August 18, 2022 , October 2, 2022, October 14, 2022, and November 2, 2022, and the parties now desire to further amend the respective Transaction Documents in accordance with the terms of this Amendment.
NOW, THEREFORE, in consideration of the following and other consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
a) | Monthly Redemption Date. The definition of “Monthly Redemption Date” set forth in Section 1 of the Note is deleted in its entirety and hereby replaced with the following: |
“Monthly Redemption Date” means the second of each month, commencing immediately upon December 17, 2022, and terminating upon the full redemption of this Note. Provided however that upon completion of a Qualified Offering, the entire outstanding balance of the Note will be due and payable at closing of the Qualified Offering.
(b) | Monthly Redemption Amount. The definition of “Monthly Redemption Amount” set forth in Section 1 of the Note is deleted in its entirety and hereby replaced with the following: |
“Monthly Redemption Amount” means, as to a Monthly Redemption, one fourth of the original principal amount at 110% of such principal amount, plus accrued but unpaid interest, liquidated damages and any other amounts then owing to the Holder in respect of this Note.
(c) | The interest on the Note that is due and payable on December 2, 2022 as well as any other unpaid accrued and unpaid interest, shall instead be due and payable on the earlier of (i) December 17, 2022 and (ii) the closing of the Qualified Offering. | |
(d) | In further consideration for extending by one month the straight-line amortization payment requirement under the Note, the Company agrees that (i) the number of shares underlying the Warrant shall be increased from 26,666,667 shares to 28,571,429shares (which amount may be subject to adjustment per the terms of the Warrant) and (ii) upon the closing of Company’s offering being registered pursuant to the S-1 Registration Statement (Registration. No. 333-264339), the outstanding principal balance, along with any accrued interest, fees or costs, will be repaid, in full pursuant to either the Optional Redemption provisions contained in Section 5(a) of the Note or the Mandatory Prepayment provisions contained in Section 5(d) of the Note, as the case may be. |
Each of the undersigned has caused this Amendment to be duly executed and delivered as of the date first written above and will become effective as of the Effective Date.
CURATIVE BIOTECHNOLOGY, INC. | ||
By: | ||
Name: | Xxxxxxx Xxxx | |
Title: | Chief Executive Officer |
Puritan Partners LLC | ||
By: | ||
Name: | Xxxxxxx Xxxxxxxxx | |
Title: | Managing Member |