Document:

Exhibit 10.5

 

 

FIRST AMENDMENT TO REGISTRATION
RIGHTS AGREEMENT

 

This FIRST AMENDMENT
TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is made and entered into as of September 23, 2014, by and between
NEPHROS, INC., a Delaware corporation (the “Company”), and LAMBDA INVESTORS LLC (“Lambda”). Capitalized
terms used herein but not defined herein shall have the meanings given to such terms in the Registration Rights Agreement (as defined
herein).

 

WHEREAS, the Company
and Lambda entered into that certain Registration Rights Agreement dated as of August 29, 2014 (the “Registration Rights
Agreement”); and

 

WHEREAS, pursuant to
Section 10(a) of the Registration Rights Agreement, the Company and Lambda desire to amend the Registration Rights Agreement as
set forth in this Amendment.

 

NOW, THEREFORE, in
consideration of the premises and mutual covenants and obligations hereinafter set forth, the Company and Lambda, intending legally
to be bound, hereby agree as follows.

 

1.           Definitions.
Section 1 of the Registration Rights Agreement is hereby amended to replace the following definition in its entirety: 

 

“Filing Date”
shall mean the thirtieth (30th) day after receipt by the Company of written notice from Lambda directing the Company
to file the Resale Registration Statement; provided that, if the Filing Date falls on a Saturday, Sunday or any other day
which shall be a legal holiday or a day on which the SEC is authorized or required by law or other government actions to close,
the Filing Date shall be the following Business Day.

 

2.           Miscellaneous.

 

(a)           Ratification
and Incorporation. Except as amended hereby, the Registration Rights Agreement is in all respects ratified and confirmed,
and all of the terms thereof shall remain in full force and effect. This Amendment is executed and shall be construed as an amendment
to the Registration Rights Agreement and, as provided in the Registration Rights Agreement, this Amendment forms a part thereof
for all purposes. The Registration Rights Agreement and this Amendment shall be read, taken and construed as one and the same instrument,
and each Holder shall be bound by the Registration Rights Agreement as amended hereby.

 

(b)           Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(c)           Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT
REGARD TO THE PRINCIPLES OF THE CONFLICT OF LAWS THEREOF.

 

(d)           Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

[Signature Page Follows
Immediately]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above. 

 

	 	NEPHROS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ John C. Houghton	 
	 	Name:	John C. Houghton	 
	 	Title:	President, Chief Executive Officer	 
	 	 	and Acting Chief Financial Officer	 

 

 

 

HOLDER: Lambda
Investors LLC

 

 

	By:	/s/ Arthur H. Amron	 
	Name:	Arthur H. Amron
	Title:	Vice President and Assistant Secretary

 

Address for Notices:

Lambda Investors LLC

c/o Wexford Capital LP

411 West Putnam Avenue

Greenwich, CT 06830

 

Attention: Arthur H. AmronFirst Amendment Agreement

 Exhibit 10.38 

FIRST AMENDMENT AGREEMENT 
 AMENDMENT
AGREEMENT (“Amendment”) dated as of November 6, 2014 to the Amended and Restated Committed Facility Agreement dated August 29, 2013 between BNP Paribas Prime Brokerage, Inc., on behalf of itself and as agent for the BNPP
Entities (“BNPP PB, Inc.”) and Paris Funding LLC (“Customer”). 
 WHEREAS, BNPP PB, Inc. and Customer previously entered
into an Amended and Restated Committed Facility Agreement dated as of August 29, 2013 (as amended from time to time, the “Agreement”); 

WHEREAS, the parties hereto desire to amend the Agreement as provided herein; 

NOW THEREFORE, in consideration of the mutual agreements provided herein, the parties agree to amend the Agreement as follows: 

 

	1.	Amendment to Section 1 of the Agreement (‘Definitions’) 

 The following
definition is hereby added to Section 1 of the Agreement in alphabetical order, reordering such other definitions as appropriate: 

““Funding Event” means on any day (the “Date of Determination”), BNP Paribas’ long-term credit
rating has declined to a level three or more notches below its highest rating by any of Standard & Poor’s Ratings Services, Moody’s Investor Service, Inc. or Fitch Ratings, Ltd. during the period beginning on November 6, 2014
and ending on and including such Date of Determination.” 
  

	2.	Amendment to Section 6 (‘Scope of Committed Facility’) 

 Section 6
of the Agreement is hereby amended by adding the following to the end thereof: 
 “Notwithstanding the foregoing, on or after the
occurrence of a Funding Event, BNPP PB, Inc. shall have the option to terminate the Agreement with 29 days’ notice; provided that, if such 29th day is not a Business Day, then the first day that is a Business Day immediately preceding the 29th
day following such notice (the “Termination Date”). Upon termination resulting from the exercise of such option, BNPP PB, Inc. shall pay to Customer a fee equal to 25 bps on the Maximum Commitment Financing on the Termination
Date.” 
  

	3.	Amendment to the Collateral Requirements in Section 1 in Appendix A of the Agreement 

The Collateral Requirements in Section 1(d) in Appendix A of the Agreement is hereby amended by replacing the words “40%”
currently appearing therein with the words “30%”. 
  

	4.	Amendment to the Commitment Fee in Appendix B of the Agreement 

 The definition for
“Commitment Spread” under the Commitment Fee section is hereby deleted in its entirety and replaced with the following: 

““Commitment Spread” means, (i) if the Outstanding Debit Financing as of such day is equal to or greater than 50%
of the Maximum Commitment Financing, 40 bps; or (ii) if the Outstanding Debit Financing as of such day is less than 50% of the Maximum Commitment Financing, 50 bps.” 

 

	5.	Representations 

 Each party represents to the other party that all representations
contained in the Agreement are true and accurate as of the date of this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment 

  
 1 

	6.	Miscellaneous 

  

	 	(a)	Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings specified for such terms in the Agreement. 

 

	 	(b)	Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communications and prior writings (except as otherwise
provided herein) with respect thereto. 

  

	 	(c)	Counterparts. This Amendment may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 

 

	 	(d)	Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment. 

 

	 	(e)	Governing Law. This Amendment will be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine). 

[Signature page follows.] 

  
 2 

 IN WITNESS WHEREOF the parties have executed this Amendment with effect from the first date specified on
the first page of this Amendment. 
  

					
	 BNP PARIBAS PRIME BROKERAGE, INC.,

for itself and as agent for the BNPP Entities
	 		 	PARIS FUNDING LLC
			
	 /s/ Jonathan Muir
	 		 	 /s/ Paul S. Saint-Pierre

	Name: Jonathan Muir	 		 	Name: Paul S. Saint-Pierre
	 Title: Managing Director
	 		 	Title: Chief Financial Officer
			
	 /s/ Jeffrey Lowe
	 		 	
	 Name: Jeffrey Lowe
	 		 	
	 Title: Managing Director
	 		 	

  
 3Exhibit 4.1

 

	
  

   

  	
  THIS CERTIFIES
  THAT is the owner of CUSIP DATED COUNTERSIGNED AND
  REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A.
  TRANSFER AGENT AND REGISTRAR, FULLY-PAID AND NON-ASSESSABLE SHARES OF CLASS A
  COMMON STOCK OF Neff Corporation (hereinafter called the “Company”),
  transferable on the books of the Company in person or by duly authorized
  attorney, upon surrender of this Certificate properly endorsed. This
  Certificate and the shares represented hereby, are issued and shall be held
  subject to all of the provisions of the Certificate of Incorporation, as
  amended, and the By-Laws, as amended, of the Company (copies of which are on
  file with the Company and with the Transfer Agent), to all of which each
  holder, by acceptance hereof, assents. This Certificate is not valid unless
  countersigned and registered by the Transfer Agent and Registrar. Witness the
  facsimile seal of the Company and the facsimile signatures of its duly
  authorized officers. CLASS A COMMON STOCK PAR VALUE $0.01 CLASS A COMMON
  STOCK THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA, JERSEY CITY, NJ AND
  COLLEGE STATION, TX SEE REVERSE FOR CERTAIN DEFINITIONS Certificate Number
  Shares. NEFF CORPORATION INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
  FACSIMILE SIGNATURE TO COME FACSIMILE SIGNATURE TO COME President Secretary
  By AUTHORIZED SIGNATURE 2014 DELAWARE NEFF CORPORATION ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS#
  640094 20 7 DD-MMM-YYYY * * 000000* * * * * * * * *
  * * * * * * * * * * * * 000000* * * * * * * * * * * * * * * * * * * * *
  000000* * * * * * * * * * * * * * * * * * * * * 000000* * * * * * * * * * * *
  * * * * * * * * * 000000* * * * * * * * * * * * * * ** Mr. Alexander David
  Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
  Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
  Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
  Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander
  David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
  **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.
  Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample ****
  Mr. Sample
  **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***
  *000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****
  000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0
  00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00
  0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000
  000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000
  00**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00000
  0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000
  **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*
  *Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
  Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S
  ***ZERO HUNDRED THOUSAND ZERO HUNDRED AND ZERO*** MR. SAMPLE & MRS.
  SAMPLE & MR. SAMPLE & MRS. SAMPLE ZQ00000000
  Certificate Numbers 1234567890/1234567890 1234567890/1234567890
  1234567890/1234567890  1234567890/1234567890
  1234567890/1234567890  1234567890/1234567890
  Total Transaction Num/No. 123456 Denom. 123456 Total 1234567 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4
  Neff Corporation PO BOX 43004, Providence, RI 02940-3004 CUSIP
  XXXXXX XX X Holder ID XXXXXXXXXX
  Insurance Value 1,000,000.00 Number of Shares 123456 DTC
  12345678 123456789012345 

  

 

	
  

  	
  The IRS
  requires that we report the cost basis of certain shares acquired after
  January 1, 2011. If your shares were covered by the legislation and you have
  sold or transferred the shares and requested a specific cost basis
  calculation method, we have processed as requested. If you did not specify a
  cost basis calculation method, we have defaulted to the first in, first out
  (FIFO) method. Please visit our website or consult your tax advisor if you
  need additional information about cost basis. If you do not keep in contact
  with us or do not have any activity in your account for the time periods
  specified by state law, your property could become subject to state unclaimed
  property laws and transferred to the appropriate state. THE COMPANY WILL
  FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE
  POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR
  OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE
  QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS,
  AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH
  SERIES, WHICH ARE FIXED BY THE ARTICLES OF INCORPORATION OF THE COMPANY, AS
  AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE
  AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE
  SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE
  COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE
  OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES,
  TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND
  REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE
  ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. For value received,
  hereby sell, assign and transfer unto Shares Attorney Dated: _20  Signature:
  Signature:  Notice: The signature to
  this assignment must correspond with the name as written upon the face of the
  certificate, in every particular, without alteration or enlargement, or any
  change whatever. PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
  ASSIGNEE (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP
  CODE, OF ASSIGNEE) of the common stock represented by the within Certificate,
  and do hereby irrevocably constitute and appoint to transfer the said stock
  on the books of the within-named Company with full power of substitution in
  the premises. . NEFF CORPORATION Signature(s) Guaranteed: Medallion Guarantee
  Stamp THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
  INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit
  Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,
  PURSUANT TO S.E.C. RULE 17Ad-15.
  The following abbreviations, when used in the inscription on the face of this
  certificate, shall be construed as though they were written out in full
  according to applicable laws or regulations: TEN COM - as tenants in common UNIF GIFT MIN ACT - Custodian (Cust)
  (Minor) TEN ENT - as tenants by the entireties
  under Uniform Gifts to Minors Act (State) JT TEN - as joint tenants with
  right of survivorship UNIF  TRF
  MIN ACT - Custodian (until age ) and not as tenants in common (Cust) under Uniform Transfers to Minors Act (Minor)
  (State) Additional abbreviations may also be used though not in the above
  list. SECURITY INSTRUCTIONS THIS IS WATERMARK PAPER, DO NOT ACCEPT WITHOUT
  NOTHING WATERMARK. HOLD TO LIGHT TO LIGHT TO VERIFY WATERMARK.

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