FOURTH AMENDMENT TO REVOLVING NOTE
Exhibit
10.1
FOURTH
AMENDMENT
TO
THIS
FOURTH AMENDMENT (this “Fourth
Amendment”)
is
made to that certain Revolving Note dated as of May 29, 2003 (the “Note”)
in
favor of XXXX X. XXXXXXXX TRUST U/A/D dated October 1, 1987 (the “Lender”)
by a
wholly-owned subsidiary of DYADIC INTERNATIONAL, INC., a Delaware corporation
(the “Borrower”),
Dyadic International (USA), Inc., a Florida corporation (formerly known as
Dyadic International, Inc.) (the “Borrower’s
Predecessor”)
and
assumed by the Borrower pursuant to an Assumption Agreement dated October 29,
2004 by and between the Borrower and the Lender.
RECITALS:
A. The
Note
is secured pursuant to the terms of a Security Agreement dated as of May 29,
2003.
B. Capitalized
terms not expressly defined herein shall have the meaning assigned those terms
in the Note, as amended by First Amendment dated February 13, 2004 and Second
Amendment dated August 19, 2004.
C. Lender
owns and holds the Note.
D. Borrower
has requested that Lender extend the scheduled Maturity Date under the Note
until January 1, 2009.
AMENDMENT
TO NOTE:
NOW,
THEREFORE, in consideration of the foregoing Recitals and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
expressly acknowledged by Lender, Borrower and Lender hereby agree as
follows:
1. Incorporation
of Recitals.
The
foregoing Recitals are incorporated herein and by this reference made a part
hereof, and this Fourth Amendment shall be construed in accordance
therewith.
2. Amendment
of Maturity Date.
The
Note shall be amended by deleting all references contained therein to the phrase
“January 1, 2008” and substituting therefore the phrase “January 1,
2009”.
3. Attachment;
Continued Effectiveness of Note.
This
Fourth Amendment is attached to and forms an integral part of the Note. All
of
the provisions of the Note, as amended by this Fourth Amendment, shall remain
in
full force and effect.
4. Effective
Date.
This
Fourth Amendment shall be effective as of March 21, 2007.
5. Counterparts.
This
Fourth Amendment may be signed in multiple counterparts, each of which shall
be
deemed to be an original and all of which, taken together, shall constitute
one
and the same instrument.
DYADIC
INTERNATIONAL, INC., a Delaware
corporation
Accepted:
XXXX
X.
XXXXXXXX TRUST U/A/D October 1, 1987
By:
/s/
Xxxx X. Emalfarb__________
Xxxx
X.
Xxxxxxxx, Trustee