VU1 CORPORATION
AMENDMENT NO. 1
TO
SECURED CONVERTIBLE GRID
PROMISSORY NOTE
This Amendment No. 1 to Secured Convertible Grid
Promissory Note (this “ Amendment ”) is entered
into as of August 31, 2009 and amends that certain Secured
Convertible Grid Promissory Note dated June 8, 2009 (the “
Original Note ”) issued by Vu1 Corporation, a
California corporation (the “ Company ”), to
Full Spectrum Capital LLC, a Washington limited liability company
(the “ Holder ”). All capitalized terms used in
this Amendment but not defined herein have the meanings ascribed to
them in the Original Note.
In consideration of the mutual covenants
contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:
1.
Extension of Time for Making Advances and Other Dates
. The Company and Holder desire to extend the time for
Holder to make additional advances to the Company from August 31,
2009 to October 31, 2009, and to make corresponding changes to
other dates in the Original Note with respect to quarterly interest
payments, Maturity Date, Second Loan and right of first
refusal. Accordingly, the following sections of the
Original Note are hereby amended as follows:
(a) The
third sentence of Section 1 (Advances; Schedule A) is amended to
read as follows (changes marked):
“The
Holder may make one or more advances to the Company under this Note
at any time on or prior to October August 31, 2009,
in such amounts and at such times as it determines; provided,
however, that each such advance shall be in a minimum amount of
$250,000.”
(b) Section
2(b) (Quarterly Payments of Interest) is amended to read as follows
(changes marked):
“The
Company shall make quarterly payments of accrued and unpaid
interest only, beginning on December October 1, 2009,
and on the first business day of each consecutive calendar quarter
thereafter.”
(c) Section
3(a) (Maturity Date) is amended to read as follows (changes
marked):
