Document:

EX-10.2

 Exhibit 10.2 

AMERICAN SUPERCONDUCTOR CORPORATION 

AMENDED AND RESTATED 

2007 DIRECTOR STOCK PLAN 
  

	1.	Purpose. 

 The purpose of this Amended and Restated 2007 Director Stock Option Plan (the
“Plan”) of American Superconductor Corporation (the “Company”) is to encourage stock ownership in the Company by outside directors of the Company whose continued services are considered essential to the Company’s future
success and to provide them with a further incentive to remain as directors of the Company. This Plan constitutes an amendment and restatement of the 2007 Director Stock Plan, as approved by the Company’s Board of Directors (the
“Board”) on May 8, 2014, and approved by the Company’s stockholders on August 1, 2014, as adjusted to take into account the Company’s reverse stock split, effective as of March 24, 2015 (the “Existing
Plan”). In the event that the Company’s stockholders do not approve the Plan, the Existing Plan will continue in full force and effect on its terms and conditions as in effect immediately prior to the date the Plan is approved by the
Board. 
  

	2.	Administration. 

 (a) Administration by Board.     The Board
shall supervise and administer the Plan. Except for grants permitted under Section 5(b), grants of stock options and stock awards under the Plan and the amount and nature of the options and awards to be granted shall be automatic in accordance
with Section 5(a). The Board shall have authority to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may construe and interpret the terms of the Plan and any
options and awards granted under the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any option or award in the manner and to the extent it shall deem expedient to carry the Plan into effect
and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the Plan or in any option or
award. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination relating to or under the Plan made in good faith. 

(b) Delegation.     To the extent permitted by applicable law, the Board may delegate any or all of its powers under
the Plan to one or more committees or subcommittees of the Board. All references in the Plan to the “Board” shall mean the Board or a committee of the Board to the extent that the Board’s powers or authority under the Plan have been
delegated to such committee. 
  

	3.	Participation in the Plan. 

 Directors of the Company who are not full-time employees of
the Company or any subsidiary of the Company (“Outside Directors”) shall be eligible to receive options and stock awards under the Plan, except that Directors of the Company who are representatives of an equity holder of the Company shall
not be eligible to receive options or awards under the Plan. 
  

	4.	Stock Subject to the Plan. 

 (a) Shares Issuable.    The
maximum number of shares of the Company’s common stock, par value $.01 per share (“Common Stock”), which may be issued under the Plan shall be 230,000 shares, subject to adjustment as provided in Section 7. 

(b) Reissuance of Shares.    If any outstanding option under the Plan for any reason expires or is terminated,
surrendered, or cancelled without having been exercised in full, the shares covered by the unexercised portion of such option shall again become available for issuance pursuant to the Plan. 

(c) Non-Statutory Options.    All options granted under the Plan shall be non-statutory options and not entitled to
special tax treatment under Section 422 of the Internal Revenue Code of 1986, as amended. 
 (d) Unissued and Treasury
Shares.    Shares of Common Stock issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 
  

  
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	5.	Director Option and Award Grants; Terms of Director Options. 

 (a) Automatic Director
Equity Grants.    The Company shall grant options or awards to Outside Directors under the Plan as follows: 
 (i)
Initial Option Grants to Outside Directors.    An option to purchase shares of Common Stock shall be granted automatically to an Outside Director on the third business day following the date of such Outside Director’s
initial election to the Board. The number of shares of Common Stock subject to such option shall be determined by dividing (A) $40,000, by (B) the Black-Scholes value of an option to purchase one share of Common Stock, which Black-Scholes
value shall be based on the last reported sale price per share of Common Stock on the second business day following the date of an Outside Director’s initial election to the Board and the valuation assumptions for the most recent period set
forth in the most recent Form 10-Q or 10-K (or any successor forms) of the Company (rounding the resulting number to the nearest whole share of Common Stock). 

(ii) Stock Awards to Outside Directors.    With respect to each fiscal year of the Company: 

(A) With respect to each Outside Director providing services on the third business day following the last day of such fiscal year of the
Company, an award of Common Stock shall be granted automatically, on the third business day following the last day of such fiscal year of the Company, to such Outside Director. The number of shares of Common Stock subject to such award shall equal
the product of (x) $40,000 divided by the last reported sale price per share of Common Stock on the second business day following the last day of such fiscal year of the Company, and (y) a fraction, the numerator of which is the number of
days in such fiscal year in which such Outside Director provided services to the Company and the denominator of which is the number of days in such fiscal year (rounding the resulting product to the nearest whole share of Common Stock). 

(B) With respect to each Outside Director who provided services as of the commencement of such fiscal year, but ceased providing services
prior to any grant pursuant to Section 5(a)(ii)(A) with respect to such fiscal year, an award of Common Stock shall be granted automatically, on the last business day of service of such Outside Director, to such Outside Director. The number of
shares of Common Stock subject to such award shall equal the product of (x) $40,000 divided by the last reported sale price per share of Common Stock on the business day prior to the last business day of service of such Outside Director, and
(y) a fraction, the numerator of which is the number of days in such fiscal year in which such Outside Director provided services to the Company and the denominator of which is the number of days in such fiscal year (rounding the resulting
product to the nearest whole share of Common Stock). 
 The shares of Common Stock covered by awards described in this Section 5(a)(ii) shall be fully
vested and not subject to any repurchase rights or other contractual restrictions. 
 (b) Discretionary Equity Awards to Outside
Directors.    Without limiting Section 5(a), but subject to Section 5(d), the Board is authorized to grant options and awards to Outside Directors, from time to time, in its sole discretion, on such terms and
conditions as it may determine, which shall not be inconsistent with the Plan. 
 (c) Terms of Director
Options.    Each option granted pursuant to Section 5(a)(i) or 5(b) shall be evidenced by a written agreement in such form as the President or the Executive Vice President, Corporate Development shall from time to time
approve, which agreements shall comply with and be subject to the following terms and conditions: 
 (i) Option Exercise
Price.    The option exercise price per share for each option granted under the Plan shall be equal to the fair market value per share of Common Stock on the date of grant, which shall be determined as follows: (i) if
the Common Stock is listed on the Nasdaq Global Market or another nationally recognized exchange or trading system as of the date on which a determination of fair market value is to be made, the fair market value per share shall be deemed to be the
last reported sale price per share of Common Stock thereon on such date (or, if no such price is reported on such date, such price on the nearest preceding date on which such a price is reported); and (ii) if the Common Stock is not listed on
the Nasdaq Global Market or another nationally recognized exchange or trading system as of the date on which a determination of fair market value is to be made, the fair market value per share shall be as determined by the Board. 

 

  
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 (ii) Transferability of Options.    Subject to clause (vi) below,
except as the Board may otherwise determine, options shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent
and distribution, and, during the life of the optionee, shall be exercisable only by the optionee; provided, however, that the Board may permit or provide in an option for the gratuitous transfer of such option by the applicable
Outside Director to or for the benefit of any immediate family member, family trust or other entity established for the benefit of the Outside Director and/or an immediate family member thereof if, with respect to such proposed transferee, the
Company would be eligible to use a Form S-8 for the registration of the sale of the Common Stock subject to such option under the Securities Act of 1933, as amended; provided, further, that the Company shall not be required to
recognize any such transfer until such time as the applicable Outside Director and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company
confirming that such transferee shall be bound by all of the terms and conditions of the option. 
 (iii) Vesting Period. 

(A) General.    Each option granted pursuant to Section 5(a)(i) shall become exercisable in equal annual
installments over a two year period following the date of grant. 
 (B) Acceleration Upon a Change in Control of the
Company.    Notwithstanding the foregoing, each outstanding option granted pursuant to Section 5(a)(i) shall immediately become exercisable in full in the event a Change in Control of the Company (as defined in this
subsection) occurs. For purposes of the Plan, a “Change in Control of the Company” shall occur or be deemed to have occurred only if (i) any “person”, as such term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportion as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; (ii) during any period of two consecutive years ending during the term of any option agreement issued under the Plan,
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect any transaction described in clause (i),
(iii) or (iv) of this subsection (B)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who were either directors
at the beginning of the period or whose election or whose nomination for election was previously so approved, cease for any reason to constitute a majority of the Board; (iii) the consummation of a merger or consolidation of the Company with
any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (iv) the stockholders of the Company
approve a plan of complete liquidation of the Company or there occurs the sale or disposition by the Company of all or substantially all of the Company assets. 

(iv) Termination.    Each option shall terminate, and may no longer be exercised, on the earlier of the (i) the
date ten years after the date of grant or (ii) the date 60 days after the optionee ceases to serve as a director of the Company for any reason, whether by death, resignation, removal or otherwise. 

(v) Exercise Procedure.    Options may be exercised only by written notice to the Company at its principal office
accompanied by (i) payment in cash or by certified or bank check of the full consideration for the shares as to which they are exercised or (ii) an irrevocable undertaking, in form and substance satisfactory to the Company, by a broker to
deliver promptly to the Company sufficient funds to pay the exercise price or (iii) delivery of irrevocable instructions, in form and substance satisfactory to the Company, to a broker to deliver promptly to the Company cash or a check
sufficient to pay the exercise price. 
  

  
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 (vi) Exercise by Representative Following Death of Director.    An
optionee, by written notice to the Company, may designate one or more persons (and from time to time change such designation), including his or her legal representative, who, by reason of the optionee’s death, shall acquire the right to
exercise all or a portion of the option. If the person or persons so designated wish to exercise any portion of the option, they must do so within the term of the option as provided herein. Any exercise by a representative shall be subject to the
provisions of the Plan. 
 (d) Award Limit.    Notwithstanding any provision in the Plan to the contrary, no
Outside Director shall be granted options or awards under the Plan in any one fiscal year with a grant date fair value, as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any
successor thereto, in excess of $500,000. 
  

	6.	Limitation of Rights. 

 (a) No Right to Continue as a
Director.    Neither the Plan, nor the granting of an option nor any other action taken pursuant to the Plan, shall constitute or be evidence of any agreement or understanding, express or implied, that the optionee shall be
entitled to continue as a director for any period of time. 
 (b) No Stockholder Rights for Options.    An
optionee shall have no rights as a stockholder with respect to the shares covered by his or her option until the date of the issuance to him or her of a stock certificate therefor, and no adjustment will be made for dividends or other rights (except
as provided in Section 7) for which the record date is prior to the date such certificate is issued. Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend, and the distribution
date (i.e., the date on which the closing market price of the Common Stock on a stock exchange or trading system is adjusted to reflect the split) is subsequent to the record date for such stock dividend, an optionee who exercises an option between
the close of business on such record date and the close of business on such distribution date shall be entitled to receive the stock dividend with respect to the shares of Common Stock acquired upon such option exercise, notwithstanding the fact
that such shares were not outstanding as of the close of business on such record date. 
 (c) Compliance with Securities
Laws.    Each option and stock award shall be subject to the requirement that if, at any time, counsel to the Company shall determine that the listing, registration or qualification of the shares subject to such option or
stock award upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, or the disclosure of non-public information or the satisfaction of any other condition is necessary as a
condition to, or in connection with, the issuance or purchase of shares thereunder, such option may not be exercised, in whole or in part, and such stock award shall not be granted, unless such listing, registration, qualification, consent or
approval, or satisfaction of such condition shall have been effected or obtained on conditions acceptable to the Board. 
  

	7.	Adjustments for Changes in Capitalization and Reorganization Events. 

 (a) Changes in
Capitalization.    In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any
dividend or distribution to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under the Plan, and (ii) the number and class of securities and exercise price per share of each
outstanding option and each option issuable under Section 5(a) shall be equitably adjusted by the Company. Without limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock
dividend and the exercise price of and the number of shares subject to an outstanding option are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an
option between the record date and the distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such option exercise,
notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock dividend. 

  
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 (b) Reorganization Events. 

(i) Definition.    A “Reorganization Event” shall mean: (a) any merger or consolidation of the
Company with or into another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (b) any exchange of all of the Common
Stock of the Company for cash, securities or other property pursuant to a share exchange transaction or (c) any liquidation or dissolution of the Company. 

(ii) Consequences of a Reorganization Event on Options.    In connection with a Reorganization Event, the Board may
take any one or more of the following actions as to all or any (or any portion of) outstanding options on such terms as the Board determines: (i) provide that the options shall be assumed, or substantially equivalent options shall be
substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to an optionee, provide that the optionees’ unexercised options will terminate immediately prior to the consummation of such
Reorganization Event unless exercised by the optionee within a specified period following the date of such notice, (iii) provide that outstanding options shall become exercisable, in whole or in part, prior to or upon such Reorganization Event,
(iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the “Acquisition Price”), make
or provide for a cash payment to a participant equal to the excess, if any, of (A) the Acquisition Price times the number of shares of Common Stock subject to the optionees’ options (to the extent the exercise price does not exceed the
Acquisition Price) over (B) the aggregate exercise price of such outstanding options and any applicable tax withholdings, in exchange for the termination of such options, (v) provide that, in connection with a liquidation or dissolution of
the Company, Awards shall convert into the right to receive liquidation proceeds (if applicable, net of the exercise price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. 

 

	8.	Amendment, Modification or Termination of Options. 

 (a) Amendment, Modification or
Termination.    Subject to Section 8(b), the Board may amend, modify or terminate any outstanding option, including but not limited to, substituting therefor another option of the same or a different type and changing
the date of exercise or realization. A Outside Director’s consent to such action shall be required unless (i) the Board determines that the action, taking into account any related action, would not materially and adversely affect the
Outside Director’s rights under the Plan or (ii) the change is permitted under Section 7 hereof. 
 (b) Required
Stockholder Approval.    Unless such action is approved by the Company’s stockholders: (1) no outstanding option granted under the Plan may be amended to provide an exercise price per share that is lower than the
then-current exercise price per share of such outstanding option (other than adjustments pursuant to Section 7) and (2) the Board may not cancel any outstanding option (whether or not granted under the Plan) and grant in substitution
therefor new options under the Plan covering the same or a different number of shares of Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled option. 

 

	9.	Termination and Amendment of the Plan. 

 The Board may suspend, terminate or discontinue
the Plan or amend it in any respect whatsoever; provided, however, that without approval of the stockholders of the Company, no amendment may (i) increase the number of shares subject to the Plan (except as provided in
Section 7), or (ii) effect any action which requires approval of the stockholders pursuant to the rules or requirements of the Nasdaq Stock Market (“Nasdaq”) or any other exchange on which the Common Stock of the Company is
listed. No amendment that would require stockholder approval under Nasdaq rules may be made effective unless and until such amendment shall have been approved by the Company’s stockholders. If Nasdaq amends its corporate governance rules so
that such rules no longer require stockholder approval of “material amendments” to equity compensation plans, then, from and after the effective date of such amendment to the Nasdaq rules, no amendment to the Plan (A) materially
increasing the number of shares authorized under the Plan, (B) expanding the types of options or stock awards that may be granted under the Plan, or (C) materially expanding the class of participants eligible to participate in the Plan

  
 5 

 
shall be effective unless stockholder approval is obtained. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section 9 shall apply to,
and be binding on the holders of, all options and awards outstanding under the Plan at the time the amendment is adopted, provided the Board determines that such amendment does not materially and adversely affect the rights of participants under the
Plan. 
  

	10.	Notice. 

 Any written notice to the Company required by any of the provisions of the Plan
shall be addressed to the Treasurer of the Company and shall become effective when it is received. 
  

	11.	Governing Law. 

 The Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Delaware (without regard to conflicts of law principles of any jurisdiction). 
  

	12.	Stockholder Approval; Effective Date. 

 The Plan (as amended and restated hereby) shall
become effective on the date the Plan (as amended and restated hereby) is approved by the Company’s stockholders. No options or stock awards shall be granted under the Plan after the expiration of ten years from August 1, 2024, but options
previously granted may extend beyond that date. 
  

			
		 	First adopted by the Board of Directors on May 15, 2007 and approved by the stockholders on August 3, 2007
		
		 	 Plan, as amended, approved by the Board of Directors on October 30, 2008

 
 Plan, as amended, approved by the Board of Directors on May 12, 2009

 
 Plan, as amended, approved by the Board of Directors on March 31, 2014

 
 Plan, as amended, approved by the Board of Directors on May 8, 2014 and approved
by the stockholders on August 1, 2014
  
 Plan, as amended, approved by the
Board of Directors on June 14, 2016 and approved by the stockholders on July 29, 2016

  
 6ex1001form8k072716.htm

	  	 	
EXHIBIT 10.01

	
THIRD AMENDMENT TO THE

CASPIAN SERVICES INC. SECURED

 NON-NEGOTIABLE PROMISSORY NOTE

	 	

ТРЕТЬЯ ПОПРАВКА

К ОБЕСПЕЧЕННОМУ КОРПОРАЦИЕЙ «CASPIAN SERVICES» НЕОБОРОТНОМУ ДОЛГОВОМУ ОБЯЗАТЕЛЬСТВУ

	 	 	 
	
This Third Amendment to the Caspian Services, Inc. Secured Non-Negotiable Promissory Note (this “Amendment Agreement No. 3”) dated July 27, 2016, is made between Caspian Services, Inc., a Nevada corporation (the “Issuer”) and Bakhytbek Baiseitov, an individual (the “Initial Holder”).

	 	
Настоящая Третья поправка к Обеспеченному корпорацией «Caspian Services» необоротному долговому обязательству от «27» июля

 2016 г. (именуемая ниже «Дополнительное соглашение No3») заключена между корпорацией «Caspian Services», зарегистрированной в штате Невада (США) («Векселедатель») и физическим лицом г-ном Бахытбеком Байсеитовым («Первичный держатель»).

	 	 	 
	
RECITALS

	 	
ПРЕАМБУЛА

	
 

WHEREAS:

	 	
 

ПРИНИМАЯ ВО ВНИМАНИЕ, ЧТ

	 	 	 
	
(A)          The Issuer and the Initial Holder have previously entered into the Caspian Services Inc. Secured Non-Negotiable Promissory Note, Issuance Date September 30, 2011 (the “Non-Negotiable Note”);

 

 

(B)           The Issuer and the Initial Holder have previously entered into a First Amendment to the Caspian Services, Inc. Secured Non-Negotiable Promissory Note, dated September 24, 2014, and a Second Amendment to the Caspian Services, Inc. Secured Non-Negotiable Promissory Note, dated June 30, 2015, (collectively referred to as the “Prior Amendment Agreements”)  extending the Maturity Date to June 30, 2016; and

	 	
(A)   Векселедатель и Первичный держатель ранее договорились о выдаче Обеспеченного корпорацией «Caspian Services» необоротного долгового обязательства, дата выдачи - 30 сентября 2011 года («Необоротное долговое обязательство»); 

 

(B)       Векселедатель и Первичный держатель ранее оформили Первую поправку к Обеспеченному корпорацией «Caspian Services» необоротному долговому обязательству от «24» cентября 2014 г. и Вторую поправку к Обеспеченному корпорацией «Caspian Services» необортному долговому обязательству от «30» июня 2015 г. (совместно именуемые ниже «Заключеные ранее дополнительные солашения»), согласно которым

 Срок погашения был продлен до «30» июня 2016 г.

	 	 	 
	
(C)           The Issuer and the Initial Holder wish to extend the Maturity Date of the Non-Negotiable Note as set forth below.

	 	
(C)   Векселедатель и Первичный держатель намерены продлить Срок погашения Необоротного долгового обязательства, как изложено ниже,

	 	 	 

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IT IS THEREFORE AGREED in consideration of these presents, the parties agree as follows:

	 	
С УЧЕТОМ ВЫШЕИЗЛОЖЕННОГО, стороны договорились о нижеследующем:

	 	 	 
	
ARTICLE I - AMENDMENT TO LOAN AGREEMENT

	 	
СТАТЬЯ I - ПОПРАВКИ К ДОГОВОРУ ЗАЙМА

	
                Section 1.01. Variation of the “Due” Date of the Non-Negotiable Note

	 	
            Раздел 1.01. Изменение «Даты погашения» Необоротного долгового обязательства

	
 

The date the Non-Negotiable Note is due appearing on the first page of the Non-Negotiable Note, as amended by the Prior Amendment Agreements, immediately below the title line shall be amended by deleting it in its entirety and replacing it with:

	 	
 

Дата погашения Необоротного долгового обязательства, указанная на первой странице Необоротного долгового обязательства (с поправками, внесенными Заkлюченными ранее дополнительными соглашениями) непосредственно под заголовком, полностью удаляется и заменяется следующим текстом:

	 	 	 
	
“Due June 30, 2017 (this “Note”)”

	 	
«подлежащее погашению 30 июня 2017 года (настоящее «Долговое обязательство»)»

	 	 	 
	
 

                Section 1.02. Variation to Section 1 (Payment of Principal and Interest) of the Non-Negotiable Note

	 	
            Раздел 1.02. Изменения в Разделе 1 (Выплата основной суммы и процентов) Необоротного долгового обязательства

	
 

Section 1(a) of the Non-Negotiable Note, as amended by the Prior Amendment Agreements, shall be amended by deleting it in its entirety and replacing it with the following:

	 	
 

Раздел 1(a) Необоротного долгового обязательства (с поправками, внесенными Заkлюченными ранее дополнительными соглашениями) полностью удаляется и заменяется следующим текстом:

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“(a) Payment of Principal.  The Initial Holder shall have the right, at any time after the Closing Date, to demand and receive payment of the Note by the issuance of Common Stock of the Issuer on the terms and conditions of this Note and the Loan Consolidation and Restructuring Agreement between Caspian Services, Inc. and Bakhytbek Baiseitov dated July 31, 2011, as amended September 30, 2011.  The price per share for principal and interest shall be $.12 per share for a total of 90,000,000 shares of restricted Common Stock of the Issuer for the payment of principal, plus interest shares.  The Issuer shall have the right to pay the principal and interest under this Note by the issuance of Common Stock as set forth above on the earlier of: (i) the date on which the Issuer and the Initial Holder shall complete a renegotiation of the terms of the EBRD Financing; or (ii) the date when the Issuer and the Initial Holder elect to terminate restructuring negotiations with EBRD, but in no event later than June 30, 2017.  If the issuance of Common Stock has not been demanded by the Initial Holder or made at the election of the Issuer by no later than June 30, 2017, then the Issuer shall make payment in full of the principal and interest in cash (Maturity Date).”

	 	
(a) Выплата основной суммы. Первичный держатель вправе в любое время после Даты окончательного оформления сделки затребовать и получить оплату Долгового обязательства путем выпуска Обыкновенных акций Векселедателя в порядке и на условиях, изложенных в настоящем Долговом обязательстве и Договора о консолидации и реструктуризации займа между корпорацией «Caspian Services» и Бахытбеком Байсеитовым от 31 июля 2011 года, с изменениями, внесенными 30 сентября 2011 года. Цена за акцию для основной суммы долга и процентов будет равна 0,12 долларов США за акцию для общего количества ограниченных обыкновенных акций Векселедателя, равному 90 000 000 акций, для целей оплаты акциями основного долга и процентов. Векселедатель вправе выплатить основную сумму долга и проценты по настоящему Долговому обязательству путем выпуска Обыкновенных акций, в вышеизложенных целях в более раннюю из следующих дат: (i) в дату, в которую Векселедатель и Первичный держатель завершат переговоры по изменению условий финансирования со стороны ЕБРР; или (ii) в дату, в которую Векселедатель и Первичный держатель примут решение прекратить переговоры по реструктуризации с ЕБРР, но ни в коем случае не позднее, чем 30 июня 2017 года. Если выпуск Обыкновенных акций не будет затребован Первичным держателем или не будет произведен по решению Векселедателя не позднее 30 июня 2017 года, то Векселедатель обязан произвести выплату основной суммы и процентов в полном объеме в денежной форме («Срок погашения»).»

	
ARTICLE II – MISCELLANEOUS

 

	
СТАТЬЯ II – РАЗНОЕ

	
Section 2.01. Definitions

	
Раздел 2.01. Определения

	 	 
	
In this Amendment Agreement No. 3 (including the recitals hereof), terms used and not otherwise defined herein shall have the meanings ascribed to them in the Non-Negotiable Note, as amended by the Prior Amendment Agreements.

	
Термины, используемые и не получившие иного определения в настоящем Дополнительном соглашении No3 (включая его Преамбулу), имеют значения, закрепленные за ними в Необоротном долговом обязательстве (с поправками, внесенными Заkлюченными ранее дополнительными соглашениями).

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                Section 2.02. Effectiveness

	
                Раздел 2.02. Вступление в силу

	 	 
	
This Amendment Agreement No. 3 shall take effect on the date first written above.

	
Настоящее Дополнительное соглашение No3 вступает в силу с даты, указанной в первом абзаце настоящего документа.

	
 

Section 2.03. Continuing Agreement

	
 

Раздел 2.03. Непрерывность действия договора

	 	 
	
This Amendment Agreement No. 3 is supplemental to, and shall be construed as one with the Non-Negotiable Note, as amended by the Prior Amendment Agreements and after the date referred to in Section 2.02 (Effectiveness) hereof and, from that date, all references to the Non-Negotiable Note and/or in the Non-Negotiable Note to this “Agreement” shall be deemed to be references to the Non-Negotiable Note, including the Prior Amendment Agreements, as amended hereby.  The Issuer and Initial Holder hereby confirm that the Non-Negotiable Note, as amended by the Prior Amendment Agreements, remains and shall continue in full force and effect as expressly amended by this Amendment Agreement No. 3.

	
Настоящее Дополнительное соглашение No3 является дополнением и подлежит совместному толкованию с Необоротным долговым обязательством, (с поправками, внесенными Заkлюченными ранее дополнительными соглашениями) и, начиная с даты, указанной в Разделе 2.02 (Вступление в силу) настоящего документа, все ссылки на Необоротное долговое обязательство и/или все ссылки в Необоротном долговом обязательстве на «настоящее Соглашение», считаются ссылками на Необоротное долговое обязательство (с поправками, внесенными Заkлюченными ранее дополнительными соглашениями) с изменениями, внесенными в него настоящим Дополнительным соглашением No3. Векселедатель и Первичный держатель настоящим подтверждают, что Необоротное долговое обязательство (с поправками, внесенными Заkлюченными ранее дополнительными соглашениями) сохраняет полную юридическую силу и действие в том виде, в котором оно в прямой форме было изменено настоящим Дополнительным соглашением No3.

	 	 
	
Section 2.04. Representations and Warranties

	
Раздел 2.04. Заявления и гарантии

	 	 
	
The Issuer represents and warrants to the Initial Holder that:

	
Векселедатель заявляет и гарантирует Первичному держателю, что:

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(a) it is duly organized and validly existing under the laws of the State of Nevada and has all requisite power and authority, corporate or otherwise, to enter into, execute, deliver and perform this Amendment Agreement No. 3;

	
(a) он является корпорацией, должным образом организованной и действующей в соответствии с законодательством штата Невада (США), и обладает всеми необходимыми правами и полномочиями (корпоративными и иными), необходимыми для подписания, вручения и исполнения настоящего Дополнительного соглашения No3;

	 	 
	
(b) it has taken all necessary action to authorize the execution, delivery and performance by it of this Amendment Agreement No. 3;

	
(b) он предпринял все действия, необходимые для обеспечения правомочности подписания, вручения и исполнения им настоящего Дополнительного соглашения No3;

	 	 
	
(c) this Amendment Agreement No. 3 has been duly executed and delivered by it and constitutes its valid and legally binding obligation, enforceable in accordance with its terms;

	
(c) настоящее Дополнительное соглашение No3 было надлежащим образом оформлено и вручено им и является его действительным юридическим обязательством, подлежащим исполнению в соответствии с его условиями;

	 	 
	
(d) the execution, delivery and performance of this Amendment Agreement No. 3 will not violate any applicable law nor will they violate any provision of its organizational documents nor conflict with or breach or require any consent under any agreement or instrument to which the Issuer is a party or by which the Issuer or any of its assets are bound;

	
(d) подписание, вручение и исполнение настоящего Дополнительного соглашения No3 не нарушает никаких применимых законов и любых положений его организационных документов, а также не вступает в конфликт, не нарушает и не требует согласований по любому соглашению или документу, стороной которого является Векселедатель, или которыми Векселедатель или любой из его активов связаны;

	 	 
	
(e) no authorizations, approvals, consents, recordings, filings, exemptions, registrations, notarizations or other requirements of or with any governmental, judicial and public bodies of or in the Republic of Kazakhstan are required in connection with the execution, validity and performance by the Issuer of this Amendment Agreement No. 3 nor for the enforceability thereof by the Initial Holder; and

	
(e) для целей подписания, действительности и исполнения Векселедателем настоящего Дополнительного соглашения No3, а также для целей приведения его в исполнение Первичным держателем, не требуется никаких разрешений, согласований, одобрений, записей, подачи документов, исключений, регистраций, нотариальных заверений или других действий со стороны любых правительственных, судебных и государственных органов Республики Казахстан; и

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(f) no payment of any duty or tax and no action whatsoever which has not been duly and unconditionally obtained, made or taken is necessary or desirable to ensure the validity, legality and enforceability of this Amendment Agreement No. 3.

	
(f) были должным образом и безоговорочно предприняты все действия, необходимые или желательные для обеспечения действительности, законности и исполнимости настоящего Дополнительного соглашения No3, включая оплату любых пошлин или налогов.

	 	 
	
Section 2.05. Governing Law

	
Раздел 2.05. Применимое законодательство

	 	 
	
This Amendment Agreement No. 3 shall be governed by and construed in accordance with the laws of the State of Utah (without regard to the principles thereof governing conflicts of laws.)

	
Настоящее Дополнительное соглашение No3 подлежит регулированию и истолкованию в соответствии с законами штата Юта (США) (без учета содержащихся в них принципов разрешения коллизий правовых норм).

	 	 
	
Section 2.06.  Counterparts

	
Раздел 2.06. Экземпляры

	 	 
	
This Amendment Agreement No. 3 may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement.

	
Настоящее Дополнительное соглашение No3 может быть подписано в нескольких экземплярах, каждый из которых будет считаться оригиналом, но совместно все эти экземпляры составляют один и тот же договор.

	 	 
	
IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this Amendment Agreement No. 3 to be signed in their respective names as of the date first written above.

	
В УДОСТОВЕРЕНИЕ ЧЕГО Стороны, действуя через своих должным образом уполномоченных представителей, подписали настоящее Дополнительное соглашение No3 своими именами в дату, указанную в первом абзаце настоящего документа.

	
CASPIAN SERVICES, INC.

	
КОРПОРАЦИЯ «CASPIAN SERVICES»

	
By:                       /s/ Alexey Kotov 

	
Подпись: /s/ Alexey Kotov 

	
Name:                      Alexey Kotov                                                      

	
ФИО:  Alexey Kotov 

	
Title:                      CEO                                                      

	
Должность: CEO   

	
BAKHYTBEK BAISEITOV

	
БАХЫТБЕК БАЙСЕИТОВ

	
By:                      /s/ Bakhytbek Baiseitov 

	
Подпись: /s/ Bakhytbek Baiseitov

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