Exhibit
10.1
BRISTOL
CAPITAL ADVISORS, LLC
NOTIFICATION
OF DISPOSITION OF COLLATERAL
Date: June
5, 2008
To: Oxis
International, Inc.
323
Vintage Park Drive, Suite B
Foster
City, California 94404
Fax:
(650) 212-2569
Attention:
Marvin S. Hausman, M.D., President and Chief Executive Officer
From: Bristol
Investment Fund, Ltd.
c/o Bristol Capital Advisors,
LLC
10990 Wilshire Boulevard, Suite
1410
Los Angeles, California
90024
Reference
is made to the Security Agreement dated as of October 25, 2006 (the “Security
Agreement”) among Oxis International, Inc. (the “Company”), the Subsidiaries of
the Company signatory thereto and the holders signatory thereto of the Company’s
Original Issue Discount Secured Convertible Debentures due October 25, 2008 and
issued on October 25, 2006 in the original aggregate principal amount of
$1,694,250.
We will
sell all or some of the “Pledged Securities” (as that term is defined in the
Security Agreement) to the highest qualified bidder in public as
follows:
Day and
Date: Thursday, June 19, 2008
Time: 10
A.M.
Place: The
Offices of Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue
Tower, 65 East 55th Street,
New York, NY 10022.
You are
entitled to an accounting of the unpaid indebtedness secured by the property
that we intend to sell for a charge equal to our reasonable cost for the
preparation thereof. You may request an accounting by calling us at
310-696-0333.
This
Notice is made in satisfaction of Section 9-613 of the Uniform Commercial
Code.
10990
Wilshire Blvd., Suite 1410
Los
Angeles, California 90024
Tel:
(310) 696-0333 Fax: (310) 696-0334
579761-2