Document:

ex10-11june2008.htm

    EXHIBIT 10.11

    

      SEPARATION AGREEMENT AND
GENERAL RELEASE

       

      This Separation Agreement and General
Release (the “Agreement”) is made on this 2nd day of June, 2008 by and between
Daniel S. Tamkin (“Tamkin”), an individual residing at 327 Abbey Road,
Manhasset, New York 11030, and Synergx Systems Inc. (“Synergx” or the
“Company”), a Delaware corporation having its principal office at 209 Lafayette
Drive, Syosset, New York 11791.

       

      WITNESSETH
THAT:

       

      WHEREAS Tamkin has been employed by the
Company since October 1991, and has been employed as the Company’s Chairman and
Chief Executive Officer since 1997;

       

      WHEREAS Tamkin and the Company are
parties to an Employment Agreement dated October 1, 2005 (the “Employment
Agreement”); and

       

      WHEREAS Tamkin and the Company wish to
end their employment relationship on mutually acceptable terms,

       

      NOW, THEREFORE, in consideration of the
mutual covenants and promises provided herein and of the actions taken or to be
taken pursuant thereto, Tamkin and the Company (individually, a “Party” and
collectively, the “Parties”) agree as follows:

       

      1. Termination
Date.  On the Effective Date of this Agreement, as defined in
paragraph 15(d) below, Tamkin’s employment with the Company shall terminate,
Tamkin shall resign as Chief Executive Officer and from all positions held by
him at the Company and its Affiliates (as defined herein), and Tamkin thereafter
shall have no further obligations to the Company except as set forth in this
Agreement.

       

      Tamkin shall continue to receive his
base salary through the Effective Date, and shall be paid for his accrued but
unused vacation days as soon a practicable thereafter.

       

      2. Payments and Benefits Upon
Termination.  Upon the Effective Date, Tamkin shall be entitled
to the following payments and benefits:

       

      (a) a lump
sum payment of $200,000, less applicable tax and payroll withholdings, payable
on the Effective Date;

       

      (b) twelve
(12) monthly payments of $8,333.33, totaling $100,000, less applicable tax and
payroll withholdings, payable on the first day of each month following the
Effective Date;

       

      (c) six (6)
monthly payments of $1,000, as payment of Tamkin’s monthly automobile lease
payments and maintenance costs, payable in accordance with existing Synergx
policies and procedures applicable to Tamkin;

       

      (d) reimbursement
for up to twelve (12) months for the cost of continuing Tamkin’s existing health
insurance benefits coverage under COBRA; and

       

      (e) the
option for Tamkin to elect COBRA coverage for a period of up to eighteen (18)
months from the Effective Date, with the last six months of such COBRA coverage
to be paid for by Tamkin.

       

      Each Party’s original executed
Agreement shall be held in escrow by counsel for that Party until the Effective
Date.  A copy of each Party’s original executed Agreement, clearly
marked as such, shall be provided to counsel for the other Party upon
execution.  On the Effective Date, counsel for the Parties shall
simultaneously exchange the $200,000 payment under subsection (a) of this
paragraph and the original Agreements as executed by their respective
Parties.

      

      In the
event the Company fails to make timely payment of any of the amounts set forth
in this paragraph, and such failure remains uncured following five (5) business
days’ written notice from Tamkin, the balance of all unpaid amounts under
subsections (a) through (c) of this paragraph shall immediately be due in a lump
sum payment to Tamkin.

       

      3. Resignation from Board of
Directors.  Tamkin shall tender his resignation as a director
of the Company and as Chairman of the Board of the Company on the Effective
Date.

      

      4. Definitions.  For
the purposes of this Agreement, the terms set forth below shall have the
following meanings:

      

      (a) Products:  Finished
and other products being, or being contemplated to be, manufactured, assembled,
processed, distributed or marketed, in whole or in part, by the Company or any
Affiliate.

       

      (b) Confidential
Information:  That secret proprietary information of the Company or
any Affiliate of whatever kind or nature disclosed to Tamkin or known by Tamkin
(whether or not discovered or developed by Tamkin) as a consequence of or
through his employment with the Company.  Such proprietary information
shall include without limitation, all customers lists, costs, price lists, price
quotations, employee information, supplier information, marketing information
and strategies and all information relating to the Products, processing,
manufacturing, assembly, quality control, know-how, research and development,
sources of supplies and materials, operating and other cost data, distribution
arrangements and Product proposals and marketing, any of which information is
not generally known in the industry or in related industries in which the
Company or any Affiliate engages in business (including industries supplying to
or purchasing from the Company or any Affiliate) in the United States and Canada
and shall specifically include all information contained in manuals,
communications with customers and suppliers, memoranda, formulae, plans,
drawings and designs, specifications, equipment and machinery configurations,
and records of the Company and any Affiliate legend or otherwise identified by
the Company or any Affiliate as Confidential Information.

       

      (c) Inventions:  Those
discoveries, developments, concepts and ideas whether or not patentable,
relating to the Products and to the present and prospective activities of the
Company or any Affiliate (which activities are known to Tamkin by reason of his
employment with the Company).

       

      (d) Affiliate:  An
entity controlling, controlled by or under common control, or in joint venture
with the Company.

       

      5. Inventions.  All
Inventions which are at any time developed by Tamkin acting alone or in
conjunction with others, during the period commencing with his employment by the
Company until the Effective Date (or, if based on or related to Tamkin’s
activities with the Company or on behalf of any Affiliate or any Confidential
Information or Invention(s) made by Tamkin within one year after the Effective
Date) shall be the property of the Company, free of any reserved or other rights
of any kind on Tamkin’s part in respect thereof.  Tamkin agrees to
make full disclosure of any such undisclosed Inventions to the Company on or
before the Effective Date, and at the Company’s cost and expense to execute
formal applications for patents and also to do all other acts and things
(including, among others, the execution and delivery of instruments of further
assurance or confirmation) deemed by the Company to be necessary or desirable at
any time or times in order to effect the full assignment to the Company of his
rights and title to such Inventions and otherwise to carry out the purposes of
this paragraph 5.

      

      6. Non-Disclosure.  Tamkin
represents that he has not, and agrees that following the Effective Date he will
never directly or indirectly use, publish, disseminate or otherwise disclose any
Confidential Information or Inventions without the prior written consent of the
Company.

      

      7. Return of Proprietary
Materials.  Tamkin agrees that upon the Effective Date, all
equipment, models, prototypes, designs, plans, drawings, documents, procedural
manuals, specifications, guides and similar materials, records, notebooks and
similar repositories of or containing Confidential Information or Inventions,
including all whether prepared by Tamkin or others, will be left with or
promptly returned by Tamkin to the Company.

      

      8. Non-Disparagement.  Each
Party agrees not to make any disparaging statements or remarks, whether orally
or in writing (including by e-mail) to any person or entity regarding the other
Party.  For a period of one year commencing on the Effective Date,
Tamkin shall not participate in any solicitation (which solicitation has not
been approved or authorized by the Company’s Board of Directors) of proxies or
consents with respect to any securities of the Company which are, or may be,
entitled to vote in the election of the Company’s Board of
Directors.  For a period of one year commencing on the Effective Date,
Tamkin shall not participate in any way, directly or indirectly, in any hostile
takeover of Synergx.

      

      9. Non-Competition.  Tamkin
agrees that he shall, for a period of one year commencing on the Effective Date,
be bound to not solicit or accept work from any competitor of the
Company.  Tamkin acknowledges and agrees that he shall, for a period
of one year commencing on the Effective Date, be bound to not solicit or accept
work of a type performed by the Company (directly as an employee, partner,
sub-contractor, consultant or otherwise) from any customer of the Company, or on
or with respect to any project, facility or installation to which the Company
provides services on the Effective Date.  Tamkin further agrees that
for a period of one year commencing on the Effective Date, he shall not recruit,
solicit the employment or services of, or induce employees of the Company or any
subsidiary or affiliate to terminate their employment.  Tamkin hereby
acknowledges and agrees that the provisions contained in this paragraph 9 are
necessary for the Company’s legitimate protection of its business interests, are
reasonable, and will not prevent him form obtaining other employment or a
livelihood.

      

      10. General
Releases.

      

      (a) In
consideration of the payments and promises made or to be made by Synergx under
this Agreement, which represent consideration for signing this Agreement and are
not salary, wages, or benefits to which Tamkin was already entitled in
connection with his employment with Synergx, Tamkin, on behalf of each of his
heirs, executors, administrators, legal representatives, successors and assigns,
and any other person or entity acting through his or on his behalf, releases and
forever discharges Synergx, its present and former parent companies,
subsidiaries, divisions, affiliated entities, predecessor entities, and their
respective present and former officers, directors, trustees, administrators,
executors, agents, owners, shareholders, attorneys, employees, successors and
assigns, individually and in their official capacities, and their employee
benefit plans and programs and their administrators and fiduciaries, together
with their heirs, successors, assigns, executors, and legal representatives
(collectively, the “Synergx Releasees”), from any and all claims, debts,
obligations, liabilities, promises, grievances, agreements, liens, charges,
demands, complaints, causes of action, damages or injuries of any kind or
nature, whether arising under equity or at law, whether sounding in contract,
tort or otherwise, whether known or unknown, arising out of any event,
occurrence, or omission to date, which Tamkin had, has or may have against the
Synergx Releasees, from the beginning of the world until the Effective Date of
this Agreement, including, without limitation, all claims for personal injury,
negligence, wage-hour, wage-payment (and all wage orders and interpretations),
pension, employee benefits, discrimination on the basis of gender, disability,
age, sexual orientation, race, religion, creed, national origin or any other
basis upon which denial of benefits, harassment, discrimination or retaliation
in employment is prohibited by any federal, state or local statute, law,
regulation or ordinance, including, but not limited to, Title VII of the Civil
Rights Act of 1964, as amended, the Civil Rights Act of 1991, Age Discrimination
in Employment Act of 1967, as amended, the Older Workers Benefits Protection
Act, as amended, the Equal Pay Act of 1963, the Family and Medical Leave Act,
the Americans with Disabilities Act, the Rehabilitation Act of 1973, as amended,
the Employee Retirement Income Security Act, as amended, the Civil Rights Act of
1991, as amended, Sections 1981 through 1988 of Title 42 of the United States
Code, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Labor
Management Relations Act, as amended, the Sarbanes-Oxley Act of 2002, the Worker
Adjustment and Retraining Act of 1989, the New York Executive Law, the New York
Labor Law, and the New York City Administrative Code.  Tamkin intends
that the release contained in this paragraph 10(a) shall discharge Synergx and
Synergx Releasees to the maximum extent permitted by
law.  Notwithstanding the foregoing, nothing herein shall release
Tamkin’s rights pursuant to this Agreement.  Tamkin acknowledges and
agrees that he is competent to execute this Agreement and knowingly and
willingly waives any claims he may have against Synergx Releasees.

       

      (b) In
consideration of the promises made by Tamkin herein, the receipt and sufficiency
of which is hereby acknowledged, Synergx releases and discharges Tamkin,
together with his heirs, successors, assigns, executors, and legal
representatives (collectively, the “Tamkin Releasees”), from all actions, causes
of action, suits, debts, dues, sums of money, accounts, reckonings, extents,
executions, claims, and demands whatsoever, in law or equity, whether known or
unknown, which against the Tamkin Releasees, or any of them, Synergx ever had,
now has or hereafter can, shall, or may have, for, upon, or by reason of any
matter, cause, or thing whatsoever from the beginning of the world until the
Effective Date of this Agreement.  In addition, to the extent allowed
by law, Synergx releases and discharges Tamkin and the Tamkin Releasees from all
the aforesaid claims as could be made by any of Synergx’s present and former
parent companies, subsidiaries, divisions, affiliated entities, predecessor
entities, and their respective present and former officers, directors, trustees,
administrators, executors, agents, owners, shareholders, attorneys, employees,
successors and assigns, individually and in their official capacities, and their
employee benefit plans and programs and their administrators and fiduciaries,
together with their heirs, successors, assigns, executors, and legal
representatives.  Synergx intends that the release contained in this
paragraph 10(b) shall discharge Tamkin and the Tamkin Releasees to the maximum
extent permitted by law.  Notwithstanding the foregoing, nothing
herein shall release Synergx’s rights pursuant to this Agreement.

       

      11. No Other
Claims.  The Parties represent that they have not filed,
directly or indirectly, nor caused to be filed and will not file or cause to be
filed, any legal proceeding in any state or federal court or in arbitration,
asserting any claims arising out of or related to Tamkin’s employment with
Synergx or termination of employment.

      

      12. Indemnification.

      

      (a) Tamkin
shall continue to be indemnified for acts and omissions occurring on or prior to
the Effective Date to the fullest extent permitted under applicable law and
pursuant to the Company’s corporate governance documents and the Company’s
existing policies and procedures, unless such acts and omissions occurred due to
Tamkin’s fraud, gross negligence, willful misconduct or bad
faith.  Tamkin will continue to be covered under the Company’s
directors’ and officers’ insurance for matters occurring during Tamkin’s tenure
as an officer or employee of the Company.  Tamkin represents that
there are no proceedings or claims now pending or threatened against him which
would give rise to the application of these indemnification rights.

       

      (b) For a
period of one year commencing on the Effective Date, Tamkin agrees that, upon
reasonable notice from the Company, he shall reasonably cooperate with the
Company in the defense, including the preparation of any defense, of any
litigation or administrative proceedings or appeals brought against the Company
of which he has any personal knowledge.

       

      13. Confidentiality of
Agreement.  The Parties agree to keep confidential and not
disclose orally or in writing directly or indirectly to any person, except as
required by law and except to Tamkin’s spouse and each Party’s respective
attorneys or accountants (who shall be instructed to comply with the terms of
this paragraph), any and all information concerning this Agreement and any of
its terms.

      

      14. No Admission of
Liability.  The Parties understand and agree that by entering
into this Agreement, neither Party admits any liability whatsoever to the other
Party arising out of any claims that have been or hereafter are asserted
regarding Tamkin’s employment with Synergx or termination of employment, and
that both parties expressly deny any and all such liability.

      

      15. Acknowledgements.

      

      (a) The
Parties acknowledge that they have each been advised by competent and
independent legal counsel of their own choosing in connection with the execution
of this Agreement, that they understand their respective rights and obligations
hereunder, and that they are entering into this Agreement of their own free
will.  The Parties each agree to bear their own costs and attorneys’
fees which have been or may be incurred in connection with the negotiation and
consummation of this Agreement or any action to enforce the provisions of this
Agreement.

       

      (b) The
drafting and negotiation of this Agreement have been participated in by the
Parties, and this Agreement shall be deemed for all purposes to have been
drafted jointly by the Parties, and not to be construed against either Party to
this Agreement.

       

      (c) Tamkin
acknowledges and understands that he has twenty-one (21) days from his receipt
of this Agreement to review it and to consider his decision to sign it; agrees
and acknowledges that the waiver or release herein of his rights under the New
York Executive Law, the New York City Administrative Code, the Age
Discrimination in Employment Act, as amended, Title VII of the Civil Rights Act,
The Equal Pay Act, the Employee Retirement Income Security Act, the Americans
with Disabilities Act and/or any other local, state or federal law is knowing
and voluntary.  Tamkin further acknowledges that he may waive such
21-day consideration period by signing the waiver in the form attached as
Exhibit A to this Agreement.

       

      (d) Tamkin
acknowledges and understands that for a period of 7 calendar days after he
executes this Agreement, he is entitled to revoke it, and this Agreement will
not become effective or enforceable until that 7-day period has expired without
a revocation by him (the “Effective Date”).  To revoke this Agreement,
Tamkin understands that he must deliver to Synergx a writing requesting
revocation.  The writing must be physically received by Synergx at the
address set forth in paragraph 16 below within 7 calendar days of the date of
Tamkin’s signature on this Agreement.  Tamkin understands that if he
revokes this Agreement, it shall not become effective, he shall not be entitled
to any of the consideration provided for herein, and the Parties will be fully
restored to the positions they were in prior to the execution of this
Agreement.

       

      (e) In the
event of a material breach by Tamkin of paragraphs 5, 6, 7, 8, or 9 of this
Agreement, and such material breach remains uncured following five (5) business
days’ written notice from the Company, the Company shall be entitled to pursue
all available legal and equitable remedies, subject to satisfaction of all legal
or equitable requirements for such relief, including an injunction, to be issued
by any court of competent jurisdiction, restraining Tamkin from committing or
continuing any violation of these provisions, without the necessity of showing
actual damage and without any bond or other security being
required.  If Tamkin continues to breach any of the provisions of this
Agreement and such material breach remains uncured following five (5) business
days’ written notice from the Company, the Company may suspend making any
payments under subsections (a) through (c) of paragraph 2 to Tamkin without
triggering the acceleration of the remaining payments pursuant to paragraph
2.

       

      16. Notices.  Any
notices or other communications under this Agreement shall be in writing and
shall be given by personal delivery, certified mail/return receipt requested,
overnight delivery service, or by facsimile if receipt is
confirmed.  Notices shall be sent to the Parties at the following
addresses and shall be deemed effective upon receipt:

      

                 If
to
Synergx:              Synergx
Systems Inc.

                                                                      209
Lafayette Drive

                                                                       Syosset,
New York 11791

                                                                      Attention:  John
A. Poserina

      

                            With
a courtesy copy to:   Peter DiChiara

                                                                      Sichenzia,
Ross, Friedman, Ference

                                                                      61
Broadway

                                                                      New
York, New York

                                                                      (212)
930-9725 – facsimile

      

                 If
to
Tamkin:                327
Abbey Road

         Manhasset, New York
11030

      

                            With
a courtesy copy to:  Michael G. Berger, Esq.

                                                                       Law
Offices of Michael G. Berger

                                                                       250
Park Avenue, 20th Floor

                                                                       New
York, New York 10177

                                                                       (212)
983-6008 – facsimile

      

      17. Severability.  The
provisions of this Agreement are severable.  If a court or tribunal of
competent jurisdiction rules that any provision of this Agreement is invalid or
unenforceable, such ruling shall not affect the validity or enforceability of
any other provision in the Agreement.

      

      18. Governing
Law.  This Agreement and any disputes concerning its
interpretation or application shall be governed by and construed in accordance
with the laws of the State of New York without regard to principles of conflicts
of law or where the Parties are located at the time a dispute
arises.

      

      19. Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
Agreement.  A signature by facsimile shall be deemed to have the same
effect as an original signature.

      

      20. Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning of terms contained herein.

      

      21. Entire Agreement and Binding
Effect.  This Agreement contains the entire agreement between
Tamkin and Synergx relating to the rights herein granted and the obligations
herein assumed, and it completely supersedes any prior written or oral
agreements or representations concerning the subject matter hereof, including
but not limited to the Employment Agreement.  Any oral representation
or modification concerning this Agreement shall be of no force or
effect.  This Agreement can be waived or modified only by a writing
signed by Tamkin and Synergx.  This Agreement shall bind and inure to
the benefit of all heirs, executors, administrators, successors and assigns of
the Parties.

      

      

                 IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first
above written.

       

      

      
        	 	
                Synergx
      Systems Inc.

              

      

      

      

      
        	 	
                By:  /s/JOHN A.
    POSERINA

              

      

      
        	 	
                John
      A. Poserina

              

      

                                                                             
 Treasurer, Vice President,

      Chief Financial Officer and
Director

      

      

      
        	 	
                /s/
      DANIEL S. TAMKIN

              

      

      
        	 	
                Daniel
      S. Tamkin

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      EXHIBIT
A

       

      WAIVER
OF TWENTY-ONE DAY CONSIDERATION PERIOD

      

      

      I acknowledge and understand that I
have been given twenty-one (21) days from June 2, 2008 to review and consider
the Agreement attached hereto, and hereby waive the balance of such
consideration period.

      

      

      Dated:                      New
York, New
York                                      /s/ DANIEL S. TAMKIN

                 June
2,
2008                                                                           DANIEL S. TAMKINex10-3.htm

Exhibit 10.3

    
      

    

    
      

    

    THIRD
LOAN MODIFICATION AGREEMENT

    (Loan
No. 9117000148)

     

    

    This Loan
Modification Agreement (“Third Modification”) is made and entered as of May 1,
2008, between CALIFORNIA BANK
& TRUST, a California banking corporation (“Bank”); ICON INCOME FUND EIGHT B L.P.; ICON
INCOME FUND NINE, LLC; ICON INCOME FUND TEN, LLC; and ICON LEASING FUND ELEVEN, LLC
(separately and collectively “Original Borrower”), and ICON LEASING FUND TWELVE, LLC
(“Added Borrower”).  As used herein the term “Borrower” means,
separately and collectively, the Added Borrower and the Original
Borrower.

     

    RECITALS

     

    A.           Pursuant
to the terms of a Commercial Loan Agreement (the "Loan Agreement") between Bank
and Original Borrower, dated as of August 31, 2005, Bank agreed to make a
revolving line of credit in the principal sum of $17,000,000 (the “Line of
Credit”) available to Original Borrower; capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the
Loan Agreement.

     

    B.           The
Line of Credit was evidenced by a promissory note (the “Note”) of even date with
the Loan Agreement, executed by Original Borrower in favor of Bank.

     

    C.           Original
Borrower's indebtedness under the Loan Agreement was secured by assets of
Original Borrower under a separate Security Agreement, dated August 31, 2005
(the “Security Agreement” executed by each entity comprising Original
Borrower).

     

    D.           Under
the terms of a Loan Modification Agreement, dated as of December 26, 2006,
executed by Original Borrower and Bank (the “First Modification”), the Loan
Agreement was amended.

     

    E.           Under
a further Loan Modification Agreement, dated June 20, 2007, executed by Original
Borrower, Added Borrower, and Bank (“Second Modification”), among other things,
Added Borrower became a Borrower under the Loan Agreement and became a party to
the Security Agreement, Alternative Dispute Resolution Agreement, Designation of
Deposit Accounts and Contribution Agreement which had previously been executed
by Original Borrower.  By the Second Modification, and amended note
(the “Amended Note”) replaced the Note and there were amendments to a financial
reporting covenant under the Loan Agreement.  As used herein the term
“Prior Modifications” means the First Modification and the Second
Modification.

     

    D.           In
response to Borrower's request and in reliance upon Borrower's representations
made to Bank in support thereof, Bank has agreed to modify the terms of the Loan
Agreement as set forth in this Third Modification.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower and Bank agree as follows:

     

    1.     Adoption of
Recitals.  Borrower hereby represents and warrants that each of
the recitals set forth above is true, accurate and complete.

     

    2.     Acknowledgment of
Debt.  Borrower acknowledges that, to the best of Borrower’s
knowledge, there are no claims, demands, offsets or defenses at law or in equity
that would defeat or diminish Bank's present and unconditional right to collect
the indebtedness evidenced by the Amended Note and to proceed to enforce the
rights and remedies available to Bank as provided in the Amended Note, Loan
Agreement, Security Agreement, Prior Modifications or any other instrument,
agreement, or document given in connection with the Line of Credit (collectively
the “Loan Documents”) or by law.  Until the Line of Credit is paid in
full, interest and other charges shall continue to accrue and shall be due and
owing.

     

    3.     Representations and
Warranties.  Borrower hereby represents and warrants that no
material default exists under the Line of Credit and no event of default, breach
or failure of condition has occurred or exists, or would exist with notice or
lapse of time, or both, under any of the Loan Documents that could reasonably be
expected to have a Material Adverse Change, and all representations and
warranties of Borrower in this Third Modification and the other Loan Documents
are true and correct in all material respects as of the date of this Third
Modification (other than any such representations and warranties that, by their
terms, are specifically made as of a date other than the date hereof) and shall
survive the execution of this Third Modification.

     

    4. Modification of Loan
Documents.  The Loan Documents are hereby supplemented, amended
and modified to incorporate the following, which shall supersede and prevail
over any existing and conflicting provisions thereof:

     

    (a)     Section 1.1
of the Loan Agreement, entitled “Definitions” is modified as
follows:

     

    (i) By deleting the definition of “Line of
Credit Expiration Date” and replacing it in its entirety with the
following:

     

    “Line of Credit Expiration
Date” shall mean April 30, 2010, unless extended pursuant to Section
2.1.a.

     

    (b)     Section
2.1.a. of the Loan Agreement, entitled “Revolving Line of Credit”, is deleted
and replaced in its entirety with the following:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    Revolving Line of
Credit.  During the Line of Credit Availability Period and so
long as no Event of Default has occurred and is continuing, Bank will, on a
revolving basis, make advances to Borrower (“Line of Credit”),
which, except as set forth below, may not at any time exceed an aggregate amount
outstanding equal to the lesser of Thirty Million Dollars ($30,000,000.00) or
the Borrowing Base (collectively the “Line of Credit
Limit”).  Borrower’s obligation to repay advances under the
Line of Credit shall be evidenced by a promissory note in a form acceptable to
Bank (the “Line of
Credit Note”).  During the Line of Credit Availability Period,
Borrower may repay principal amounts and reborrow them.  Borrower
agrees that Borrower will not permit the outstanding balance under the Line of
Credit to exceed the Line of Credit Limit unless Borrower increases the
Restricted Cash Deposit by an amount equal to the sum that would otherwise be
overadvanced, in which case Borrower shall have the right to borrow an amount in
excess of the Borrowing Base but not more than
$30,000,000.00.  Provided no Event of Default has occurred and is
continuing at such time, Borrower may request (i) one year extensions of the
Line of Credit Availability Period within 390 days of the then applicable Line
of Credit Expiration Date, but Bank has no obligation to grant the extension
and/or (ii) the addition to Borrower of an additional fund or funds managed by
Manager or an Affiliate of Manager acceptable to Bank, but Bank has no
obligation to grant the addition and/or (iii) the deletion from Borrower of a
fund managed by Manager or an Affiliate of Manager, but Bank has no obligation
to grant the deletion.

     

    (c)     The first
sentence of Section 3.5.c. of the Loan Agreement, entitled “Unused Commitment
Fee,” is deleted and replaced in its entirety with the following:

     

    For the
Line of Credit, Borrower agrees to pay a fee (“Unused Commitment Fee”) equal to
the product of one-quarter of one percent (0.25%) multiplied by the difference
between Thirty Million Dollars ($30,000,000.00) and the amount of credit
extended to Borrower, determined by the Average Loan Balance, as defined below,
maintained during the Line of Credit Availability Period.

     

    (d)     Section
8.5 of the Loan Agreement, entitled “Tangible Net Worth,” is deleted and
replaced in its entirety with the following:

     

    Tangible
Net Worth.  To maintain as of
the end of each fiscal quarter, based on the financial results of each Borrower
as Reported on SEC Form 10-Q or 10-K, as applicable, of each entity comprising
Borrower, a combined Tangible Net Worth of not less than Three Hundred Million
Dollars ($300,000,000.00).

     

    (e)     Section
8.7 of the Loan Agreement, entitled “Minimum Liquidity,” is deleted and replaced
in its entirety with the following:

     

    Minimum
Liquidity.  To maintain, as
of the end of each fiscal quarter, based on the combined financial results as
reported on the SEC Form 10-Q or 10-K, as applicable, of each Borrower,
Liquidity of at least Ten Million Dollars ($10,000,000.00).

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    (f)     The
Amended Note is superseded and replaced by the Second Amended Note, described
below, and all references in the Loan Documents to “Note” shall mean and refer
to the Second Amended Note.

     

    (g)     The form
of the Compliance Certificate shall be replaced by the Second Amended Compliance
Certificate appended hereto.

     

    (h)     Upon the
effectiveness of this Third Modification, the Loan Documents which recite that
they are security instruments shall secure, in addition to any other obligations
secured thereby, the payment and performance by Borrower of all obligations
under the Line of Credit, as modified hereby, and any amendments, modifications,
extensions or renewals of the same which are hereafter agreed to in writing by
the parties.

     

    5.     Conditions
Precedent.  This Modification shall only be effective upon
Borrower's  completion of the following conditions precedent to Bank’s
satisfaction.

     

    (a)     Execution
and delivery by Borrower of this Third Modification and the Second Amended Note
in form satisfactory to Bank;

     

    (b)     Execution
and delivery to Bank of a Corporate Resolution for Borrowing by Limited
Liability Companies and Limited Partnership in form satisfactory to
Bank;

     

    (c)     Execution
and delivery to Bank of a Certificate of Limited Liability Company and
Authorization to Sign on behalf of Added Borrower;

     

    (d)     Such
other documents or instruments as Bank shall reasonably require;

     

    (e)     After
giving effect to this Modification, the absence of any Event of Default under
the Loan Agreement except as may be expressly waived in writing by Bank;
and

     

    (f)     Payment
of a line of credit extension fee in the sum of $75,000.00 to Bank.

     

    (g)     Payment
of Bank's reasonable attorneys fees incurred in preparation of this Modification
and related documents.

     

    6.     Governing
Law.  This Modification shall be construed, governed and
enforced in accordance with the laws of the State of California.

     

    7.     Interpretation.  No
provision of this Modification is to be interpreted for or against either
Borrower or Bank because that party, or that party's representative, drafted
such provision.

     

    8.     Full Force and
Effect.  Except as set forth herein, all other terms and
conditions of the Loan Documents shall remain in full force and
effect.  Upon and after the effectiveness of this Third Modification,
each reference in the Loan Agreement and Security Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Loan Agreement or
Security Agreement, as applicable, and each reference in the other Loan
Documents to “Loan Agreement”, “Security Agreement”, “thereunder”, “thereof” or
words of like import referring to the Loan Agreement or Security Agreement, as
applicable, shall mean and be a reference to the Loan Agreement or Security
Agreement, as applicable, as modified hereby.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    9. Reaffirmation.      Except as
specifically modified by this Third Modification, Borrower hereby acknowledges,
reaffirms and confirms its obligations under the Loan Documents.

     

    10. Entire
Agreement.  This
Third Modification and the Loan Documents represent the entire agreement of the
parties and supersede all prior oral and written communication between the
parties.  If there is any conflict between this Third Modification and
any documents referred to herein, this Third Modification shall
prevail.  No amendment of this Third Modification shall be valid
unless it is in writing and is signed by the parties to this Third
Modification.

     

    11. Counterparts.     This Third
Modification may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement.  Delivery of an executed
counterpart of a signature page to this Third Modification by facsimile shall be
effective as delivery of a manually executed counterpart of this Third
Modification.

     

    IN
WITNESS WHEREOF, the parties have executed this Modification as of the day and
year first above written.

     

    
      	
              ICON
      INCOME FUND EIGHT B L.P.,

              a
      Delaware limited partnership

              By:           ICON CAPITAL CORP.,its
      general partner

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President
      and Co-Chief Executive Officer

               

            	
              CALIFORNIA BANK &
      TRUST,

              a
      California banking corporation

               

               

              By:             /s/
      J. Michael Sullivan

              Name: J. Michael
      Sullivan

              Title: Vice President
      andRelationship Manager

               

            
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND EIGHT B L.P.

              c/o
      ICON Capital Corp., its general partner

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co-President
      and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

               

            	
              Address
      where notices are to be sent:

               

              South
      Bay Commercial Banking

              1690
      South El Camino Real

              San
      Mateo, CA 94402

               

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

              ICON
      INCOME FUND NINE, LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND NINE, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co-President
      and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

               

            	 
      
	
               

              ICON
      INCOME FUND TEN, LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:      /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

               

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      INCOME FUND TEN, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co-President
      and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

            	 
      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    
      	
               

              ICON
      LEASING FUND ELEVEN, LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

               

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      LEASING FUND ELEVEN, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th
      Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co
      President and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

               

            	 
      
	
               

              ICON LEASING FUND TWELVE,
      LLC,

              a
      Delaware limited liability company

              By:           ICON CAPITAL CORP.,its
      manager

               

               

              By:       /s/ Michael A.
      Reisner

              Michael A. Reisner

              Co-President and Co-Chief
      Executive Officer

               

            	 
      
	
              Address
      where notices are to be sent:

               

              ICON
      LEASING FUND TWELVE, LLC

              c/o
      ICON Capital Corp., its manager

              100
      Fifth Avenue, 4th Floor

              New
      York, NY 10011

              Attention:  General
      Counsel

              Attention:  Michael
      A. Reisner

                                Co
      President and Co-Chief Executive Officer

              Facsimile
      No.:  (212) 418-4739

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