EXHIBIT 10.7
AMENDMENT NO. 1 TO THE
BRIDGE LOAN AGREEMENT
This
Amendment No. 1 to the Bridge Loan
Agreement (this "Amendment") is entered
into as of the 9 TH day of July, 2008, by and
among S3 Investment Company, Inc., a California
corporation (the “ Company ” or “
SIVC” ), and the investors listed on the SCHEDULE OF
INVESTORS attached to the original Bridge Loan Agreement (the
“ Investors” ).
Investors and the Company have previously
entered into that certain Bridge Loan Agreement dated January 28,
2008 (the "Agreement"). Investors and the Company desire to
amend the Agreement as provided herein. Terms defined in the
Agreement which are used herein shall have the same meanings as set
forth in the Agreement, unless otherwise specified.
NOW,
THEREFORE, Investors and the Company hereby modify and amend the
Agreement as follows:
1.
The first sentence of Section 2.2(a) of the Agreement is hereby
amended in its entirety to read as follows:
“On the funding dates set forth
below, the Company may, at one or more additional closings (each an
“Additional Closing” ), issue and sell to the
Investors additional Senior Notes in the amount set forth opposite
such Investor’s name listed on the Schedule of Investors, and
such Senior Notes having an aggregate principal amount of up to
$500,000, provided, however, that achievement of the milestone
event at each such Additional Closing shall have been previously
approved by a majority of the aggregate principal amount of the
Senior Notes:”
2.
The Schedule of Investors
