Exhibit 10.1

 

Amendment to Convertible note PURCHASE AGREEMENT

 

This Amendment, dated May 26, 2017 (this “Amendment”) amends the Convertible
Note Purchase Agreement dated as of January 27, 2017 (the “Agreement”) among
American Power Group Corporation, a Delaware corporation (the “Company”), and
the purchasers identified in the Agreement (each, a “Purchaser” and collectively
the “Purchasers”). Capitalized terms used in this Amendment without definition
shall have the respective meanings assigned to them in the Agreement.

 

WHEREAS, pursuant to the Agreement, the Company issued Notes in the aggregate
principal amount of $2,605,000;

 

WHEREAS, the principal amount of the Notes, together with all accrued and unpaid
interest thereon, will automatically convert into share of Series E Preferred
Stock upon the filing of the Certificate of Designation with the Secretary of
State of Delaware;

 

WHEREAS, the Company is required to file the Certificate of Designation and the
Certificate of Amendment with the Secretary of State of Delaware within two
Business Days after receiving stockholder approval thereof;

 

WHEREAS, the parties desire to amend the Agreement to extend the date by which
the Company must file the Certificate of Designation with the Secretary of State
of Delaware; and

 

WHEREAS, the Agreement may be amended with the written consent of the Company
and the Purchasers holding 67% of the Notes then outstanding;

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this
Amendment, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree
as follows:

 

1. Amendment to Section 4.14 of the Agreement. The last sentence of Section 4.14
of the Agreement is hereby amended to read in its entirety as follows:

 

“The Company shall file the Certificate of Amendment with the Secretary of State
of Delaware within two Business Days after receiving stockholder approval
thereof as contemplated by the Proxy Statement, and the Company shall file the
Certificate of Designation with the Secretary of State of Delaware within two
Business Days after receiving written notice from the Purchasers holding 67% of
the Notes then outstanding requesting the Company to file said Certificate of
Designation.” 

 

   

   

 

2. Interpretation. This Amendment together with the Agreement and the other
Transaction Documents constitute the full and entire understanding and agreement
among the parties with respect to the subject matter hereof, and supersede any
prior or contemporaneous oral or written discussions as to the subject matter
hereof. Except as expressly amended by this Amendment, the terms of the
Agreement and the Transaction Documents shall remain in full force and effect
hereafter.

 

3. Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Amendment shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof.

 

4. Execution. This Amendment may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed the Company and by
Purchasers holding 67% of the Notes now outstanding, it being understood that
the parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

 

(Signature Pages Follow)

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment dated as of
May 26, 2017 to be duly executed by their respective authorized signatories as
of such date.

 

American Power Group Corporation   Address for Notice:         By: /s/ Charles
E. Coppa   As set forth on the Company’s Name:  Charles E. Coppa   signature
page to the Agreement Title: Chief Financial Officer    

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.

SIGNATURE PAGES FOR PURCHASERS FOLLOW.]

 

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[PURCHASER SIGNATURE PAGES TO AMENDMENT TO

AMERICAN POWER GROUP CORPORATION

CONVERTIBLE NOTE PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment dated as of
May 26, 2017 to be duly executed by their respective authorized signatories as
of such date.

 

Name of Purchaser: Associated Private Equity

 

Signature of Authorized Signatory of Purchaser: /s/ Neil K. Braverman

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:________________________________________

 

Facsimile Number of Authorized Signatory: _____________________________________

 

Address for Notice of Purchaser:

 

_________________________

_________________________

_________________________

_________________________

Fax: _____________________

 

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[PURCHASER SIGNATURE PAGES TO AMENDMENT TO

AMERICAN POWER GROUP CORPORATION

CONVERTIBLE NOTE PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment dated as of
May 26, 2017 to be duly executed by their respective authorized signatories as
of such date.

 

Name of Purchaser: Arrow, LLC

 

Signature of Authorized Signatory of Purchaser: /s/ Matthew Van Steenwyk

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:________________________________________

 

Facsimile Number of Authorized Signatory: _____________________________________

 

Address for Notice of Purchaser:

 

_________________________

_________________________

_________________________

_________________________

Fax: _____________________

 

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