Document:

ex10-1.htm

Exhibit 10.1

 

AMENDMENT NO. 3

TO CONVERTIBLE PROMISSORY NOTE

This Amendment No. 3 to Convertible Promissory Note (the “Amendment”) is entered into as of December 8, 2014 by and between ImageWare Systems, Inc., a Delaware corporation (the “Company”), and Neal I. Goldman, or his registered assigns (“Holder”). Unless otherwise specified herein, all capitalized terms set forth in this Amendment shall have the meanings ascribed to them in the Note.

RECITALS

WHEREAS, On March 27, 2013, the Company issued to Holder a Convertible Promissory Note (the “Note”) in the principal amount of $2.5 million, which Note is currently set to mature on March 27, 2015. A copy of the Note is attached hereto as Exhibit A, which Note was amended pursuant to Amendment No. 1 to Convertible Promissory Note, dated March 12, 2014 (“Amendment No. 1”), and Amendment No. 2 to Convertible Promissory Note dated April 23, 2014 (“Amendment No. 2”);

WHEREAS, following the execution of Amendment No. 1 and Amendment No. 2, the principal amount of the Note was increased to $3.0 million, and, in the event the Company consummates a Qualified Financing resulting in gross proceeds of at least $3.5 million, the Outstanding Balance of the Note will become due and payable upon demand by the Holder;

WHEREAS, at any time prior to March 27, 2015, up to $2.5 million of the Outstanding Balance is convertible into that number of shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), equal to the Outstanding Balance, divided by $0.95 with any remaining Outstanding Balance convertible into shares of Common Stock at $2.25 per share; and

WHEREAS, Holder and the Company now desire to amend the Note, as amended in Amendment No. 1 and Amendment No. 2, to: (i) increase the principal amount of the Note to $5.0 million; (ii) update the definition of Qualified Financing to a debt and/or equity financing resulting in gross proceeds to the Company of at least $5.0 million; (iii) in the event the Holder converts the first $2.5 million of the Outstanding Balance at $0.95 per share, permit the Holder to convert the next $500,000 of the Outstanding Balance at $2.25 per share and any remaining Outstanding Balance thereafter into shares of Common Stock for $2.30 per share; and (iv) to extend the Maturity Date (as such term is defined in the Note) to March 27, 2017.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned parties agree as follows:

    1.           The principal sum of the Note is hereby increased to Five Million Dollars ($5,000,000).  Any reference to a principal amount of $3,500,000, including but not limited to Sections 2(a) and 4(d), is hereby replaced with the principal amount of $5,000,000.

 

    2.    Section 2(c) of the Note is hereby amended and replaced in its entirety with the following.

(c)  This Line of Credit shall terminate, and no further advances shall be made, upon the earlier to occur of the Maturity Date or such date that the Company consummates a debt and/or equity financing resulting in net proceeds to the Company of at least $5.0 million (“Qualified Financing”).  In the event of consummation of a Qualified Financing, the Outstanding Balance under the terms of this Note shall be due and payable on demand.

 

    3.    Section 6 of the Note is hereby amended and replaced in its entirety with the following.

  

  

  

    6.           Conversion.  At any time prior to the Maturity Date, the Holder shall have the right and option to convert the Outstanding Balance into that number of fully paid and non-assessable shares of the Company’s Common Stock equal to the quotient obtained by dividing the Outstanding Balance by the conversion prices set forth below (each a “Conversion Price”)

	
Outstanding Balance

	  	
Conversion Price

	
Up to $2,500,000

	  	
$0.95

	
The following $500,000

	  	
$2.25

	
Any remaining Outstanding Balance

	  	
$2.30

   

    4.   The Maturity Date, as such term is defined in the Note, as amended, shall be March 27, 2017.

    5.    The provisions of the Note, as amended in Amendment No. 1 and Amendment No. 2, and modified in this Amendment, shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed.  In the event of any conflict between the terms and conditions of this Amendment and the terms and conditions set forth in the Note, as amended by Amendment No. 1 and Amendment No. 2, the terms and conditions set forth herein shall control.  This Amendment shall be governed by the laws of the State of California without regard to the conflict of laws provisions thereof.  

  

  

  

           IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be duly executed by its officers, thereunto duly authorized as of the date first above written.

 

	 	  	  	  
	 	
THE COMPANY:

	 	  
	 	
ImageWare Systems, INC.,

	 	  
	 	  	  
	 	
By:

	  	

/s/ Wayne Wetherell

	 	
Name:

	  	

Wayne Wetherell

	 	
Title:

	  	

CFO

	 	  
	 	
HOLDER:

	 	  
	 	  
	 	  	  
	 	
By:

	  	

/s/ Neal I. Goldman

	 	
Name:

	  	

Neal I. GoldmanEX-10.1

 Exhibit 10.1 

Analogic Corporation 

Annual Incentive Plan for Fiscal Year 2015 
  

 
  

							
	Employee:	  		  	Company:	  	
				
	Title:	  		  	Target Level:	  	
				
	Plan Year:	  	8/1/2014 – 7/31/2015	  	Supervisor:	  	

  
 

 
 Congratulations! Analogic Corporation (the “Company”) has selected you to participate in its Annual Incentive
Plan (the “Plan”) for Fiscal Year 2015. A summary of the terms of the Plan, as it applies to you, is shown below*: 
  

	1.	Eligibility to Earn an Award 

 You will be eligible to earn an award under the
Plan if all of the following conditions apply: 
  

	 	(a)	Analogic achieves at least 50% of its Non-GAAP Earnings per Share (EPS) budget for fiscal year 2105; 

  

	 	(b)	you are an employee of the company on July 31, 2015**,or your employment is terminated involuntarily after January 31, 2015 and you are eligible for Severance Benefits. 

 

	2.	Performance Factors  

 The Target Level for your award is listed above. Your
actual award may be greater or less than the Target Level, depending on the Company’s results and your performance relative to Individual Objectives for the Plan year. If you are eligible to receive an award, your final award amount will be
determined based upon the following performance factors: 
  

	 	(a)	Analogic Non-GAAP EPS – 60% of your award shall be determined by Analogic’s year-end results for Non-GAAP EPS relative to budget for fiscal year 2015. 

 

	 	(b)	Analogic Revenue – 30% of your award shall be determined by Analogic’s year-end results for total Company Revenue relative to budget for fiscal year 2015. 

 

	 	(c)	Analogic Non-GAAP Return on Invested Capital (ROIC) – 10% of your award shall be determined by Analogic’s year-end results for Non-GAAP ROIC relative to budget for fiscal year 2015. 

 

	3.	Determining your award 

 (a) Your award will be equal to your Target Level
multiplied by your Eligible Base Earnings, adjusted for the actual performance measures relative to budget attained for 2015. Eligible Base Earnings means total base salary payments (including vacation, sick and holiday pay) made through Company
payroll for the Plan year. Payments made to employees during approved medical leaves of absence are excluded. 
 (b) Actual awards will range
from 1 to two (2) times the Target Level for the performance factors and 0 to 1.5 times the Target Level for individual objectives. 

(c) If you are not eligible for an award for the entire 2015 fiscal year or if your Target Level changes during the Plan year, your award will
be pro-rated based on the number of months that you were eligible to receive the award. 
 This document is not an employment agreement, and
terms of employment are unaffected because of this document. Equitable adjustments will be made to exclude the impact of acquisitions or divestitures during the performance period. The Company reserves the right to adjust awards up or down in its
discretion based on exceptional circumstances. If Analogic Non-GAAP EPS is less than 50% of Budget, no awards will be earned under this plan. 
  

	*	For more information concerning the Plan, please contact the Human Resources Department 

	**	Because payment of an award under the Plan is determined in part upon the Company’s performance during the 2015 Fiscal Year, the payment date of any award will be after the completion of fiscal year 2015, as
determined in the sole discretion of the Company’s Compensation Committee.EX-10.2

 Exhibit 10.2 

DEFERRAL ELECTION FORM 

ANALOGIC CORPORATION AMENDED AND RESTATED 

NON-EMPLOYEE DIRECTOR STOCK PLAN (THE “PLAN”) 
  

	I.	Plan Year and Return Information. This deferral election applies only to the Plan Year shown below. We must receive your completed form by the Return Date or your deferral election will not be effective.

  

			
	Plan Year	  	CY2015
	Return Date:	  	December 15, 2014
	Return To:	  	 Jackie Lucas at
Analogic
 e-mail: jlucas@analogic.com

  

	II.	Participant Name and Address 

  

			
	Name:	  	          
	Address:	  	          

  

	III.	Annual Cash Retainer Deferral Election. Please defer my Annual Cash Retainer ($30,000 for CY2015) as shown below. The deferral percentage must be between 0% and 100%, in multiples of 10
(e.g., 10%, 20%, 30%, etc.). The total of the deferral percentages must equal either 0% or 100%. 

  

			
	Percentage Deferred as Deferred Stock Units	  	0%
	Percentage Deferred into Cash Account	  	0%
	Total of above:	  	0%

  

	IV.	Annual Share Retainer Deferral Election. Please defer the indicated portion of my Annual Share retainer into Deferred Stock Units as shown below. The deferral percentage must be between 0% and 100%, in
multiples of 10 (e.g., 10%, 20%, 30%, etc.). 

  

			
	Percentage Deferred as Deferred Stock Units	  	0%

  

	V.	Distribution Election. Please distribute the then-current value of my Deferred Stock Units and/or cash account for the current Plan Year when indicated below. Mark only one/select date as applicable.

  

			
	 ̈	  	Upon termination of my service to Analogic as a member of the Board of Directors.
	 ̈  Date:           	  	On the date shown (must be at least one year from the date of your election).

  

	VI.	Participant Signature and Date. I acknowledge that my deferral election is subject to the Plan and the Plan Prospectus, copies of which have been provided to me. Deferral elections that are contrary to the Plan
or that are received after the Return Date will not be effective. Capitalized terms that are not defined in this form will have the definitions given to them in the Plan. 

 

			
	  

Signature:
  
	  	                  
      Date:

 2014 11 07 – For CY2015

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