Document:

Eighth Loan Modification

 Exhibit 10.21 
 EIGHTH AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 
 THIS EIGHTH AMENDMENT to Loan and Security
Agreement (this “Amendment”) is entered into this 21st day of April 2006, by and between Silicon Valley
Bank (“Bank”) and Optio Software, Inc., a Georgia corporation (“Borrower”) whose address is 3015 Windward Plaza, Windward Fairways II, Alpharetta, Georgia 30005. 
 RECITALS 
 A. Bank and Borrower have
entered into that certain Loan and Security Agreement dated as of April 25, 2002, as amended by a First Loan Modification Agreement, dated September 12, 2002, as amended by a Second Loan Modification Agreement, dated April 24, 2003,
as amended by a Third Loan Modification Agreement, dated June 4, 2003, as amended by a Fourth Loan Modification Agreement, dated December 4, 2003, as amended by a Fifth Loan Modification Agreement, dated April 6, 2004, as amended by a
Sixth Loan Modification Agreement, dated April 22, 2005, as amended by a Seventh Loan Modification Agreement, dated April 27, 2005 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan
Agreement”). 
 B. Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement to (i) extend the maturity date thereof and (ii) make certain other
revisions to the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to so amend certain provisions of the Loan
Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 
 NOW, THEREFORE, in
consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 
 2.1 Section 6.2(b) is hereby amended, in part, to delete the words “and accounts payable” at the end of such sentence. 
 2.2 Section 6.7(ii) on the Loan Agreement, entitled “EBITDA” shall be amended to read as follows: 
 (ii) EBITDA. EBITDA, as of the last day of each month, of no less than: 
  

					
	 As of the last day of:
	  	Minimum EBITDA:	 
	 April 2006
	  	$	(750,000	)
	 May 2006 – July 2006
	  	$	(500,000	)
	 August 2006 – January 2007
	  	$	(250,000	)
	 February 2007 – Maturity Date
	  	$	(750,000	)

 2.3 The definition of “Revolving Maturity Date” in Section 13.1 of the Loan
Agreement shall be amended to read as follows 
 “Revolving Maturity Date” is April 20, 2007. 
 2.4 Borrower’s Compliance Certificate is hereby amended as set forth in Exhibit A hereto. 
 3. Limitation of Amendments. 
 3.1
The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any
other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 
 4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true,
accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has
occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its
obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of Borrower delivered to Bank
on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 
 4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
  

 2 

 4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of
its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower,
(c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
 4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as
amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding
on either Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and delivered by
Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of
general application and equitable principles relating to or affecting creditors’ rights. 
 5. Counterparts. This Amendment may
be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 6. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) Borrower’s payment of an amendment fee in an amount equal to
$15,000 and all of Bank’s legal costs and expenses in connection herewith, (c) Certificate of Good Standing from Georgia, dated within 30 days of closing. 
 [Signature page follows.] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered as of the date first written above. 
  

							
	BANK	 	BORROWER
		
	Silicon Valley Bank	 	Optio Software, Inc.
				
	By:	 	 /s/ Thomas Armstrong
	 	By:	 	 /s/ Caroline Bembry

	Name:	 	 Thomas Armstrong
	 	Name:	 	 Caroline Bembry

	Title:	 	 Relationship Manager
	 	Title:	 	 Chief Financial Officer

  

 4 

 EXHIBIT A 
 COMPLIANCE CERTIFICATE 
  

			
	TO:	  	SILICON VALLEY BANK
		
	FROM:	  	OPTIO SOFTWARE, INC.

 The undersigned authorized officer of Optio Software, Inc. (“Borrower”) certifies that
under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below and (ii) all representations and warranties in the Agreement, to
the knowledge of Borrower, are true and correct in all material respects on this date. Attached are the required documents supporting the certification. The Officer certifies that these are prepared in accordance with Generally Accepted Accounting
Principles (GAAP) consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The Officer acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

							
	 Reporting Covenant
	  	 Required
	  	Complies
	Monthly financial statements + CC	  	Monthly within 30 days	  	Yes    	  	No
	10-Q + CC	  	FQE within 45 days (except FYE)	  	Yes    	  	No
	10-K + CC*	  	FYE within 90 days	  	Yes    	  	No
	A/R Agings	  	Monthly within 30 days	  	Yes    	  	No
	A/R Audit	  	Annual	  	Yes    	  	No
	Borrowing Base Certificate	  	Monthly within 30 days	  	Yes    	  	No

	*	If annual 10-K delivery will be late, then Borrower shall deliver unaudited annual financial statements within 90 days of FYE, with required audited financials and 10-K delivered as
soon as available thereafter. 

  

												
	 Financial Covenant
	  	Required	 	 	Actual	  	Complies
	 Maintain:
	  				 			  		  	
	 Monthly Minimum Quick Ratio
	  	 	1.75:1.00	 	 	 	        :1.00	  	Yes	  	No
	 Quarterly Minimum Quick Ratio
	  	 	2.00:1.00	 	 	 	        :1.00	  	Yes	  	No
	 EBITDA as of the last day of each month:
	  				 			  		  	
	 April 2006
	  	$	(750,000	)	 	$	                	  	Yes	  	No
	 May - July 2006
	  	$	(500,000	)	 	$	                	  	Yes	  	No
	 August 2006 – January 2007
	  	$	(250,000	)	 	$	                	  	Yes	  	No
	 February 2007 – Maturity Date
	  	$	(750,000	)	 	$	                	  	Yes	  	No

 Have there been updates to Borrower’s intellectual property, if appropriate? Yes / No 

							
	 Comments Regarding Exceptions: See Attached.
 Sincerely,
	 		  	BANK USE ONLY
	 	 		  	Received by:	  	  

	 	 		  		  	AUTHORIZED SIGNER
			 	 
	Optio Software, Inc.	 		  	Date:	  	  

			 	 
	  
 SIGNATURE
	 		  	Verified:	  	  
 AUTHORIZED SIGNER

			 	 
	  
 TITLE
	 		  	Date:	  	  

			 
	  
 DATE
	 		  	Compliance Status:
                                        
                      Yes    NoAgreement between Plug Power and Mark Sperry

 Exhibit 10.32 
 

 
 March 20, 2000 
 Mark Sperry 
 12 Woodfield Drive 
 Webster, New York 14580 
 Dear Mark, 
 I am pleased to extend our
offer to you for the position of Vice President and Chief Marketing Officer for Plug Power. In this capacity, you will be reporting directly to me. As we have discussed your organizational and functional responsibilities will include but are not
limited to the following: 
  

	 	1)	Develop & implement strategic entry strategies for: UPS, telecom, large stationary (assist in transportation area; i.e. forklift trucks, etc.) 

  

	 	2)	Manage DTE relationship and assist them in developing programs. 

  

	 	3)	Manage GE interface in sales and marketing. 

  

	 	4)	Develop and grow Plug Power brand presence outside of GE/DTE. 

  

	 	5)	Develop a competitive analysis. 

  

	 	6)	Marketing communications in the areas of, public/press relations, customer relations, event management, brand management, “e” strategy & presence, advertising,
internal communication strategy and selection & management of PR, media and advertising firms. 

 Mark, I am pleased to outline the
following compensation package, which I believe is commensurate with our confidence in your ability to successfully lead the Marketing and Strategy efforts at Plug Power. The key elements of this package include: 
  

	1)	An annual base salary of $200,000, to be earned and paid weekly. In addition, you will be eligible for a target incentive bonus of 30% (with a maximum of 50%) based primarily on
attaining MBO targets and defined financial metrics. You and I will determine a detailed schedule for the incentive portion of your compensation within thirty days of your start date. 

  

	2)	 As a Plug Power employee, you will be eligible to participate in Plug Power’s 1999 Stock Option and Incentive Plan (the “Plan”). Pursuant to the
Plan, you will be granted an option to purchase 70,000 shares of Plug Power common stock, subject to the approval of Plug Power’s President & Chief Executive Officer. The exercise price of the option will be equal to NASDAQ’s
closing price of Plug Power’s stock on the date of your hire. Please be advised that any grant of options to you is subject to ratification by the Board of Directors and is subject to the express provisions, including, but not limited to, the
vesting schedule 

 
and employment termination provisions of the Plan. Following ratification by the Board of Directors, you will be given a stock option grant agreement,
together with a Summary and Prospectus that summarizes the provisions of the Plan. 
  

	3)	Additional stock options to be awarded based on established performance objectives - target 50,000 (before any splits) concurrent with the first board meeting in 2001, at the then
current market price. 

  

	4)	A one-time $30,000 (gross) sign-on bonus that will be processed through payroll upon employment. 

  

	5)	Reimbursement for all ordinary expenses incurred in relocating. This includes moving household goods, two house hunting trips to the Albany area for you and your wife, temporary
living costs during the relocation period, not to exceed beyond July 31, 2000, closing costs associated with selling your current residence and purchasing a new residence in the Capital District, reasonable incidental costs, and the personal
tax consequences thereof. 

  

	6)	Twelve months salary continuation at a salary level of 50% of base pay and continued employee “status” in the event that you are terminated from the company for any reason
other than gross misconduct, negligence, theft, fraud or complete failure to perform your job. This means that healthcare and vesting in stock options continue to occur over the twelve-month period as if you were an employee.

  

	7)	Within 12 months I will bring to the Board of Directors for consideration your appointment as Senior Vice President, providing performance targets are met. 

 

	8)	Four weeks vacation for which you are immediately eligible. 

  

	9)	All normal Plug Power employee benefits including healthcare, 401(k), etc. I am enclosing an Employee Benefits Summary, which provides general information about our various benefit
plans. These plans have different eligibility dates, depending on the benefit provided. If you have any questions, please contact Tina Leonard, Director of Human Resources at 518-7827700, ext. 1146. 

 As you know, there are several other essential terms and conditions of your employment with Plug Power. These include, but are not limited to, the following: 

First, Plug Power’s offer of employment is for an employment-at-will position. As an employee-at-will, your employment is not for a definite or
guaranteed period of time and you may be discharged, or you may resign, at any time, for any reason or no reason, with or without cause, and with or without any prior notice. Your employment-at-will status cannot be changed or amended unless Plug
Power- and you enter into a written agreement signed by both an authorized corporate officer and the Director of Human Resources. 
 Second,
you must read and sign Plug Power’s Employee Patent, Confidential Information and Non-Compete Agreement (“Agreement”) prior to reporting to work. (A copy of this Agreement is enclosed with this letter.) You must fully comply with this
Agreement. 

 Third, it is essential that you identify immediately any circumstances or agreements with prior employers
- including, but not limited to non-compete agreements - which might interfere or limit in any way your ability to work at Plug Power and to perform fully your duties and responsibilities. This information must be communicated to myself immediately.

 Fourth, the board must approve your appointment as an officer of this company. However, I wish to add here that I have no reason to believe
that this will become an issue and that board approval is required for gaining of officer status only. Your hiring and compensation package other than the stock options does not require board approval. 
 Mark, I am sincerely enthusiastic at the prospect of you joining our team. Plug Power is poised to continue on the successful path that has made us a recognized market
leader and premier developer in the residential fuel cell market. It is apparent to all of us here that your experience and style compliment Plug Power’s business initiatives and culture. We are all convinced that together, we will capitalize
on the challenges that lie before us. This is truly a unique opportunity; and we look forward to sharing the excitement with you. Should you have any questions, please do not hesitate to contact me directly. 
 Sincerely, 
  

	
	 /s/ Gary Mittleman

	 Gary Mittleman
 President an Chief Executive
Officer

 Enclosures 
 I acknowledge and accept this offer of employment with Plug Power. 
  

					
	 /s/ Mark Sperry
	 		  	March 30, 2000
	Mark Sperry	 		  	Date

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