Document:

EXHIBIT 10.1

 

Agreement to
Amend Warrants

 

This Agreement to Amend
Warrants (this “Agreement”) is made this 3rd day
of July, 2009, by and between SatCon Technology Corporation, a Delaware
corporation (the “Company”), and
RockPort Capital Partners II, L.P. (the “Investor”).

 

WHEREAS, pursuant to that certain Stock and Warrant Purchase Agreement, dated as
of November 8, 2007, as amended (the “Purchase Agreement”),
by and among the Company, the Investor and NGP Energy Technology Partners,
L.P., the Company (i) issued to the Investor a First Tranche Warrant to
purchase 7,631,036 shares of Common Stock, (ii) issued to the Investor a
Second Tranche Warrant to purchase 4,195,887 shares of Common Stock and (iii) issued,
and has agreed to issue, to the Investor Additional Warrants in accordance with
Section 8.8 of the Purchase Agreement.  The Investor’s First Tranche Warrant, Second
Tranche Warrant and Additional Warrants (whether currently issued or to be
issued pursuant to the Purchase Agreement) are collectively referred to herein
as the “Warrants.”  Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings ascribed to such
terms in the Purchase Agreement (except that capitalized terms used in the
amended provision of the Warrants described below shall have the respective
meanings ascribed to such terms in the Warrants);

 

WHEREAS, the parties hereto desire to amend each of the Warrants as set forth
herein.

 

NOW THEREFORE, in consideration of the premises and mutual covenants herein contained,
the parties agree as follows:

 

1.             Section 3(d) of each of the Warrants (whether
currently issued or, with respect to Additional Warrants, to be issued pursuant
to the Purchase Agreement) is hereby amended and restated in its entirety to
read as follows:

 

“(d)         Adjustments
for Dilutive Below Market  Issuances.

 

(i)            In
the event the Company shall, at any time and from time to time, issue or sell
any Additional Shares of Common Stock at a price per share less than (x) the
Conversion Price then in effect (or if there are no longer any shares of Series C
Preferred Stock outstanding, a price per share less than the Conversion Price
that would be in effect if shares of Series C Preferred Stock were still
outstanding) and (y) the VWAP (as defined below) for the last full Trading
Day immediately preceding such issuance or sale, then the Warrant Price then in
effect shall be adjusted pursuant to the following formula:

 

NWP = WP - [A*(B - C)]

D

 

Where:

 

NWP = new Warrant Price (following the adjustment)

 

 

WP = existing Warrant Price (prior to the
adjustment)

 

A = the number of Additional Shares of Common Stock
issued

 

B = the VWAP for the last full Trading Day
immediately preceding such issuance or sale

 

C = the price per share at which the Additional Shares of Common Stock
were issued or sold

 

D = the total number of shares of Common Stock outstanding immediately
prior to the issuance of such Additional Shares of Common Stock (including, for
this purpose, all shares of Common Stock issuable upon exercise or conversion
of any Convertible Securities or Common Stock Equivalents outstanding
immediately prior to the issuance of such Additional Shares of Common Stock)

 

The provisions of this Section 3(d)(i) shall
similarly apply to successive issuances of Additional Shares of Common Stock at
a price per share less than (x) the Conversion Price then in effect and (y) the
VWAP for the last full Trading Day immediately preceding such issuance or
sale.  No adjustment of the Warrant Price
shall be made pursuant to this Section 3(d)(i) upon the issuance of
any Additional Shares of Common Stock which are issued pursuant to the exercise
of any warrants or other subscription or purchase rights or pursuant to the
exercise of any conversion or exchange rights in any Common Stock Equivalents

 

(ii)           In the event the Company shall, at any time and from time
to time, issue or sell any Convertible Securities or Common Stock Equivalents
with an Aggregate Per Common Share Price less than (x) the Conversion
Price then in effect (or if there are no longer any shares of Series C
Preferred Stock outstanding, an Aggregate Per Common Share Price less than the
Conversion Price that would be in effect if shares of Series C Preferred
Stock were still outstanding), and (y) the VWAP for the last full Trading
Day immediately preceding such issuance or sale, or if, after any such issuance
of Convertible Securities or Common Stock Equivalents, the price per share for
which Additional Shares of Common Stock may be issuable thereafter is amended
or adjusted, and such price as so amended or adjusted shall make the Aggregate
Per Common Share Price less than the Conversion Price in effect at the time of
such amendment or adjustment and less than the VWAP for the last full Trading
Day immediately preceding such amendment or adjustment, then the Warrant Price
then in effect shall be adjusted pursuant to the formula set forth in Section (3)(d)(i) above
assuming that all Additional Shares of Common Stock have been issued pursuant
to the Convertible Securities or Common Stock Equivalents for a purchase price
equal to the Aggregate Per Common Share Price.

 

2

 

The provisions of this Section 3(d)(ii) shall
similarly apply to successive issuances of Convertible Securities or Common
Stock Equivalents with an Aggregate Per Common Share Price less than (x) the
Conversion Price then in effect and (y) the VWAP for the last full Trading
Day immediately preceding such issuance or sale.  No adjustment of the Warrant Price shall be
made under this Section 3(d)(ii) upon the issuance of any Convertible
Security which is issued pursuant to the exercise of any warrants or other
subscription or purchase rights therefor. 
No adjustment shall be made to the Warrant Price upon the issuance of
Common Stock pursuant to the exercise, conversion or exchange of any
Convertible Security or Common Stock Equivalent.

 

(iii)          Notwithstanding
the foregoing, the Company shall not be required to make any adjustment to the
Warrant Price as a result of any of the issuances of securities described in Section 5(e)(viii) of
the Certificate of Designation.

 

(iv)          For
purposes hereof, “VWAP” means on any particular Trading Day the volume weighted
average trading price per share of Common Stock on such date on the Principal
Market as reported by Bloomberg L.P. or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities
exchange or trading market on which the Common Stock is then listed, or any
successor performing similar functions; provided, however,
that during any period the VWAP is being determined, the VWAP shall be subject
to adjustment from time to time for stock splits, stock dividends, combinations
and similar events as applicable.”

 

2.             In
consideration of the foregoing amendment, the Company agrees to issue to the
Investor an Additional Warrant (as amended in accordance with Section 1 of
this Agreement), dated the date hereof, to purchase 228,000 shares of Common
Stock at an exercise price of $1.80 per share.

 

3.             This Agreement shall be governed by and construed in accordance with the
laws of the State of New York without regard to the principles of conflicts of
law thereof.

 

4.             This Agreement may be executed in any number of
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.  In the event that any
signature is delivered by facsimile transmission, such signature shall create a
valid binding obligation of the party executing (or on whose behalf such
signature is executed) the same with the same force and effect as if such
facsimile signature were the original thereof.

 

****************

 

3

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement to Amend Warrants on the day and year first above written.

 

 

	
   

  	
  SATCON TECHNOLOGY CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John W. Peaocck

  
	
   

  	
  Name: John W. Peacock

  
	
   

  	
  Title:
  Corporate Controller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROCKPORT CAPITAL PARTNERS II,
  L.P.

  
	
   

  	
   

  
	
   

  	
  By: RockPort Capital II, LLC

  
	
   

  	
  Its:  Managing
  Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David J. Prend

  
	
   

  	
  Name: 

  	
  David J. Prend

  
	
   

  	
  Title:

  	
  Managing General Partner

  
				

 

4EXHIBIT 10.2

 

Agreement to
Amend Warrants

 

This Agreement to Amend
Warrants (this “Agreement”) is made this 3rd day
of July, 2009, by and between
SatCon Technology Corporation, a Delaware corporation (the “Company”), and NGP Energy Technology Partners, L.P. (the “Investor”).

 

WHEREAS, pursuant to that certain
Stock and Warrant Purchase Agreement, dated as of November 8, 2007, as
amended (the “Purchase Agreement”), by and among
the Company, the Investor and RockPort
Capital Partners II, L.P., the Company (i) issued to the Investor a First
Tranche Warrant to purchase 7,631,036 shares of Common Stock, (ii) issued
to the Investor a Second Tranche Warrant to purchase 253,580 shares of Common
Stock and (iii) issued, and has agreed to issue, to the Investor Additional
Warrants in accordance with Section 8.8 of the Purchase Agreement.  The Investor’s First Tranche Warrant, Second
Tranche Warrant and Additional Warrants (whether currently issued or to be
issued pursuant to the Purchase Agreement) are collectively referred to herein
as the “Warrants.”  Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings ascribed to such
terms in the Purchase Agreement (except that capitalized terms used in the
amended provision of the Warrants described below shall have the respective
meanings ascribed to such terms in the Warrants);

 

WHEREAS, the parties hereto desire
to amend each of the Warrants as set forth herein.

 

NOW THEREFORE, in consideration of the
premises and mutual covenants herein contained, the parties agree as follows:

 

1.             Section 3(d) of each of the Warrants (whether
currently issued or, with respect to Additional Warrants, to be issued pursuant
to the Purchase Agreement) is hereby amended and restated in its entirety to
read as follows:

 

“(d)         Adjustments
for Dilutive Below Market  Issuances.

 

(i)            In
the event the Company shall, at any time and from time to time, issue or sell
any Additional Shares of Common Stock at a price per share less than (x) the
Conversion Price then in effect (or if there are no longer any shares of Series C
Preferred Stock outstanding, a price per share less than the Conversion Price
that would be in effect if shares of Series C Preferred Stock were still
outstanding) and (y) the VWAP (as defined below) for the last full Trading
Day immediately preceding such issuance or sale, then the Warrant Price then in
effect shall be adjusted pursuant to the following formula:

 

NWP = WP - [A*(B - C)]

D

 

Where:

 

NWP = new Warrant Price (following the adjustment)

 

 

WP = existing Warrant Price (prior to the
adjustment)

 

A = the number of Additional Shares of Common Stock
issued

 

B = the VWAP for the last full Trading Day
immediately preceding such issuance or sale

 

C = the price per share at which the Additional Shares of Common Stock
were issued or sold

 

D = the total number of shares of Common Stock outstanding immediately
prior to the issuance of such Additional Shares of Common Stock (including, for
this purpose, all shares of Common Stock issuable upon exercise or conversion
of any Convertible Securities or Common Stock Equivalents outstanding
immediately prior to the issuance of such Additional Shares of Common Stock)

 

The provisions of this Section 3(d)(i) shall
similarly apply to successive issuances of Additional Shares of Common Stock at
a price per share less than (x) the Conversion Price then in effect and (y) the
VWAP for the last full Trading Day immediately preceding such issuance or
sale.  No adjustment of the Warrant Price
shall be made pursuant to this Section 3(d)(i) upon the issuance of
any Additional Shares of Common Stock which are issued pursuant to the exercise
of any warrants or other subscription or purchase rights or pursuant to the
exercise of any conversion or exchange rights in any Common Stock Equivalents

 

(ii)           In the event the Company shall, at any time and from time
to time, issue or sell any Convertible Securities or Common Stock Equivalents
with an Aggregate Per Common Share Price less than (x) the Conversion
Price then in effect (or if there are no longer any shares of Series C
Preferred Stock outstanding, an Aggregate Per Common Share Price less than the
Conversion Price that would be in effect if shares of Series C Preferred
Stock were still outstanding), and (y) the VWAP for the last full Trading
Day immediately preceding such issuance or sale, or if, after any such issuance
of Convertible Securities or Common Stock Equivalents, the price per share for
which Additional Shares of Common Stock may be issuable thereafter is amended
or adjusted, and such price as so amended or adjusted shall make the Aggregate
Per Common Share Price less than the Conversion Price in effect at the time of
such amendment or adjustment and less than the VWAP for the last full Trading
Day immediately preceding such amendment or adjustment, then the Warrant Price
then in effect shall be adjusted pursuant to the formula set forth in Section (3)(d)(i) above
assuming that all Additional Shares of Common Stock have been issued pursuant
to the Convertible Securities or Common Stock Equivalents for a purchase price
equal to the Aggregate Per Common Share Price.

 

The provisions of this Section 3(d)(ii) shall
similarly apply to successive issuances of Convertible Securities or Common
Stock Equivalents with an Aggregate Per

 

2

 

Common Share Price less than (x) the Conversion
Price then in effect and (y) the VWAP for the last full Trading Day
immediately preceding such issuance or sale. 
No adjustment of the Warrant Price shall be made under this Section 3(d)(ii) upon
the issuance of any Convertible Security which is issued pursuant to the
exercise of any warrants or other subscription or purchase rights
therefor.  No adjustment shall be made to
the Warrant Price upon the issuance of Common Stock pursuant to the exercise,
conversion or exchange of any Convertible Security or Common Stock Equivalent.

 

(iii)          Notwithstanding
the foregoing, the Company shall not be required to make any adjustment to the
Warrant Price as a result of any of the issuances of securities described in Section 5(e)(viii) of
the Certificate of Designation.

 

(iv)          For
purposes hereof, “VWAP” means on any particular Trading Day the volume weighted
average trading price per share of Common Stock on such date on the Principal
Market as reported by Bloomberg L.P. or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities
exchange or trading market on which the Common Stock is then listed, or any
successor performing similar functions; provided, however,
that during any period the VWAP is being determined, the VWAP shall be subject
to adjustment from time to time for stock splits, stock dividends, combinations
and similar events as applicable.”

 

2.             In
consideration of the foregoing amendment, the Company agrees to issue to the
Investor an Additional Warrant (as amended in accordance with Section 1 of
this Agreement), dated the date hereof, to purchase 152,000 shares of Common
Stock at an exercise price of $1.80 per share.

 

3.             This Agreement shall be
governed by and construed in accordance with the laws of the State of New York
without regard to the principles of conflicts of law thereof.

 

4.             This
Agreement may be executed in any number of 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. 
In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid binding obligation of the party executing
(or on whose behalf such signature is executed) the same with the same force
and effect as if such facsimile signature were the original thereof.

 

****************

 

3

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement to Amend Warrants on the day and
year first above written.

 

 

	
   

  	
  SATCON TECHNOLOGY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John W. Peaocck

  
	
   

  	
  Name: John W. Peacock

  
	
   

  	
  Title:
  Corporate Controller

  
	
   

  	
   

  
	
   

  	
  NGP ENERGY TECHNOLOGY PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:  NGP ETP, L.L.C.Its:  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Philip J. Deutch

  
	
   

  	
  Name:

  	
  Philip J. Deutch

  
	
   

  	
  Title:

  	
  Managing Partner

  
				

 

4

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