Exhibit 10.2
December 31, 2008
Stephen Hamilton
Vice-President – Finance
Lighting Science Group Corporation
2100 McKinney Avenue, Suite 1555
Dallas, TX 75201
Re: Satisfaction of our outstanding invoices
Dear Mr. Hamilton:
This letter sets forth our understanding of the terms upon which Lighting
Science Group Corporation (“LSG”) has agreed to satisfy payment of our
outstanding invoices and unbilled services in the amount of $410,000.00 (the
“Amount Due”) for services rendered to LSG during July–December, 2008. The
Amount Due includes amounts payable pursuant to the invoices itemized in
Exhibit A attached hereto and $51,655.29 representing our estimated unbilled
services rendered through December 31, 2008.
You have advised us that LSG has through action of its board of directors
authorized creation of a series C preferred stock (the “Preferred Stock”) having
the rights and preferences set forth in Exhibit B attached hereto, and a warrant
to purchase shares of common stock of LSG (the “Warrant”) in the form set forth
in Exhibit C attached hereto. The Preferred Stock and Warrant will be issued
today and we will be the record holder of the Preferred Stock and Warrant
effective today. On or about January 5, 2009 LSG will deliver to our firm a
stock certificate representing 32,157 shares of the Preferred Stock (the
“Preferred Shares”) and the Warrant.
LSG confirms that (1) it will not register the Preferred Stock under section 12
of the Securities Exchange Act of 1934, and (2) it has received independent
counsel with respect to the transaction contemplated by this letter. We confirm
that we are acquiring the Preferred Stock and Warrant for our own account for
investment only and not with a view towards, or for resale in connection with,
the public sale or distribution of the Preferred Stock or Warrant (including the
shares of Common stock underlying the Warrant), except pursuant to sales
registered or exempted under the Securities Act of 1933, as amended.

 

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Stephen Hamilton, Vice-President – Finance
December 31, 2008
Page Two
Please sign in the place set forth below a copy of this letter, and it will then
become an agreement between us on the terms set forth above. Signatures may be
on separate counterparts.
Sincerely,
/s/ Gregory Samuel
Gregory Samuel
For Haynes and Boone, LLP
Accepted and agreed to this 31st day of December, 2008
Lighting Science Group Corporation

         
By:
Name:
  /s/ Stephen Hamilton
 
Stephen Hamilton    
Title:
  Vice-President – Finance    

 

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Exhibit A
Invoices

 

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Exhibit B

 

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Exhibit C