EX-10.3 29 exhibit_10-3.htm SB-2

Exhibit 10.3

AMENDMENT NO. 1
(this “Amendment”)

dated February 1, 2007

to the

BRIDGE LOAN AGREEMENT
(the “Agreement”)

dated January 26, 2007

By and between

FutureIT Inc., a Delaware corporation

(the “Company”)

and

the Lenders listed therein

(collectively, the “Lenders”)

WHEREAS: Section 1 of the Agreement provides that the Company may issue Notes (as defined in the Agreement) in the aggregate principal amount of up to $375,000; and

WHEREAS: the Company wishes to issue an additional Note in the principal amount of $25,000.

NOW, THEREFORE, the Company and the Lenders holding at least sixty six percent (66%) of the principal amount of the outstanding Notes agree as follows:

 

 

1.

Amendment to the Agreement

 

 

The Company may issue an additional Note in the principal amount of $25,000 so that the total aggregate principal amount of the Notes that can be issued pursuant to the Agreement shall be $400,000 and, consequently, the following amendments will be made to the Agreement:

 

 

1.1

The number “375,000” as it appears in all places in Section 1 of the Agreement shall be replaced by “400,000”;

 

 

1.2

The amount of Shares (as defined in the Agreement) that the Company can issue under the Agreement as specified in Section 1 of the Agreement shall be amended from “1, 350,000” to “1,440,000”;

 

 

1.3

The percentages “0.465%” and “6.98%” as specified in Section I of the Agreement will be amended to “0.463%” and “7.41%”, respectively.

 

 

1.4

Schedule 7.8 to the Agreement will be replaced by the Schedule 7.8 attached hereto.

 

 

 

 

2.

Effectiveness.

This Amendment will become effective once signed by the holders of at least sixty six percent (66%) of the principal amount of the outstanding Notes.

 

 

3.

Counterparts and Signature by Facsimile

This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same instrument. Facsimile signatures shall be considered originals.

[Signature page follows]

2

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

               FutureIT, Inc.

 

 

By:

(SIGNATURE)

 

 

Name:

(SIGNATURE)

Title:

C.O.B

 

 

 

 

 

 

 

 

 

Maller Estate Planning Trust

 

 

Dahav Financial Systems Ltd.

 

 

 

 

By:

 

 

By:

 

 

 

 

 

 

Name:

 

 

Name:

 

 

 

 

 

 

Title:

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adia Bachar

 

 

Itzhak Gillam

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omer Nirhod

 

 

Yosef Bar Eli

 

 

 

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

Avraham and Angela Lehrer

 

 

Matthew Wohl

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daniel Zahavi

 

 

Farida Suksaman Diemal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avraham Gafner

 

 

 

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature page of Amendment #1 to Bridge Loan Agreement

4

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

               FutureIT, Inc.

 

 

By:

 

 

 

Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

Maller Estate Planning Trust

 

 

Dahav Financial Systems Ltd.

 

 

 

 

By:

 

 

By:

 

 

 

 

 

 

Name:

 

 

Name:

 

 

 

 

 

 

Title:

 

 

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adia Bachar

 

 

Itzhak Gillam

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omer Nirhod

 

 

Yosef Bar Eli

 

 

 

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

Avraham and Angela Lehrer

 

 

Matthew Wohl

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daniel Zahavi

 

 

Farida Suksaman Diemal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avraham Gafner

 

 

 

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature page of Amendment #1 to Bridge Loan Agreement

4

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

               FutureIT, Inc.

 

 

By:

 

 

 

Name:

 

 

 

Title:

 

(IMAGE)



 

 

 

 

 

 

 

 

 

 

Maller Estate Planning Trust

 

 

Dahav Financial Systems Ltd.

 

 

 

 

By:

 

 

 

By:

(SIGNATURE)

 

 

 

 

 

 

Name:

 

 

 Name:

(SIGNATURE)

 

 

 

 

 

 

Title:

 

 

 

Title:

CFO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adia Bachar

 

 

Itzhak Gillam

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Omer Nirhod

 

 

Yosef Bar Eli

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

Avraham and Angela Lehrer

 

 

Matthew Wohl

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daniel Zahavi

 

 

Farida Suksaman Diemal

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avraham Gafner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature page of Amendment #1 to Bridge Loan Agreement

4

 

 

 

 

 

 

 

 

Avraham and Angela Lehrer

 

 

Matthew Wohl

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daniel Zahavi

 

 

Farida Suksaman Diemal

 

 

 

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avraham Gafner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature page of Amendment #1 to Bridge Loan Agreement

4

 

 

 

 

 

 

 

 

 

 

 

THRIFT WAREHOUSES, INC.

Avraham and Angela Lehrer

 

 

Matthew Wohl,(IMAGE)

 

 

 

 

 

 

 

(SIGNATURE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Daniel Zahavi

 

 

Farida Suksaman Diemal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avraham Gafner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature page of Amendment #1 to Bridge Loan Agreement

4

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 
FutureIT, Inc.
 
By:
Name:
Title:

 
 

Maller Estate Planning Trust
 
By:
Name:
Title:
 

Dahav Financial Systems Ltd:
 
By:
Name:
Title:
 

Adia Bachar
 

Itzhak Gillam
 
(SIGNATURE)

Omer Nirhod
 

Yosef Bar Eli
 

3

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

 
FutureIT, Inc.
 
By:
Name:
Title:

 
 

Maller Estate Planning Trust
 
By:
Name:
Title:
 

Dahav Financial Systems Ltd.
 
By:
Name:
Title:
 

Adia Bachar
 
(SIGNATURE)

Itzhak Gillam
 

Omer Nirhod
 

Yosef Bar Eli
 

3

 

 


Avraham and Angela Lehrer

(SIGNATURE)


Matthew Wohl


Daniel Zahavi


Farida Suksaman Diemal


Avraham Gafner

 

Signature page of Amendment #1 to Bridge Loan Agreement

4

Future IT Cap table

Stockholder
 Common Stock
 %
 
DataSafe Group Ltd.      18,000,000    92.59 %
Bridge loan for 375,000    1,440,000    7.41 %
                                         Subtotal:       19,440,000     100 %
   
Fully Diluted   
   
DataSafe Group Ltd.    15,500,000.00    52.84 %
Investors    7,500,000.00    25.57 %
Bridge    1,440,000.00    4.91 %
Workers of DataSafe Group Ltd.    2,500,000.00    8.52 %
JHD    2,394,000.00    8.16 %
                                            Total:       29,334,000.00     100.00 %