Document:

<PAGE>

                                                                   EXHIBIT 10.58

                                Amendment No. 1
                                       To
                DEVELOPMENT, LICENSE AND DISTRIBUTION AGREEMENT

This Amendment is made and entered into on September 27, 2001 by and between
MTI Technology Corporation, a Delaware corporation with principal offices at
4095 E. La Palma Avenue Anaheim, CA 92807 ("MTI"), and FalconStor, Inc., a
Delaware corporation with principal offices at 125 Baylis Road, Suite 140,
Melville, New York 11747 ("FalconStor") (collectively "Parties"), and amends
the DEVELOPMENT, LICENSE AND DISTRIBUTION AGREEMENT signed by the parties on
September 10, 2001 (the "Agreement").

The parties hereby agree to amend the Agreement as follows:

1.   The following Phase I shall be added to the Project Milestones set forth
in Exhibit B "Schedule" of the Agreement:

FIBRE CHANNEL/PRIVATE LABELING DATASENTRY 2.0 SOFTWARE

<Table>
<Caption>
--------------------------------------------------------------------------------
#    TASK DESCRIPTION                                       FALCONSTOR     MTI
                                                            (FS)
--------------------------------------------------------------------------------
<S>  <C>                                                    <C>            <C>
     Complete build 445/ Alpha 1, QA start testing          9/13
--------------------------------------------------------------------------------
     Deliver Power control boxes to FS (qty. 2)                            9/19
--------------------------------------------------------------------------------
     Deliver, install and setup a V40 at FS in Long Island                 9/19
     NY
--------------------------------------------------------------------------------
     Submit the private label Console Graphics req.                        9/28
--------------------------------------------------------------------------------
     Submit Alpha 1/ build 445 release to MTI               9/21
--------------------------------------------------------------------------------
     Deliver reference platform for testing at FS                          10/1
     (2 servers)
--------------------------------------------------------------------------------
     Verification testing of Alpha 1 unit test. 2 wk.                      10/14
--------------------------------------------------------------------------------
     Update the private label Console                       10/3
--------------------------------------------------------------------------------
     Perform RCU fail-over unit test for Alpha 1 release    10/4
--------------------------------------------------------------------------------
     QA complete testing of Alpha 1 with V40                10/4
--------------------------------------------------------------------------------
     Submit Alpha 2 release to MTI                          10/4
--------------------------------------------------------------------------------
     Update online-help/user guide document and submit                     10/4
     to FS
--------------------------------------------------------------------------------
     Verification testing of Alpha 2 unit test, 5 wk.                      11/8
--------------------------------------------------------------------------------
     QA complete testing of Alpha 2 with V40                10/16
--------------------------------------------------------------------------------
     Beta release of Alpha 2                                10/16
--------------------------------------------------------------------------------
     FS Release Candidate                                   11/8
--------------------------------------------------------------------------------
     MTI X Release                                                         11/12
--------------------------------------------------------------------------------
     FS GA Release                                          11/16
--------------------------------------------------------------------------------
     MTI GA Release                                                        11/22
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
</Table>

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<PAGE>
ALPHA 2 REQUIREMENTS/DATASENTRY 2.0 SOFTWARE

--------------------------------------------------------------------------------
#    TASK DESCRIPTION                                       MAGNITUDE      MTI
--------------------------------------------------------------------------------
1    Support QLA2300 HBA                                    SS
--------------------------------------------------------------------------------
2    Support MTI RCU fail-over                              SS
--------------------------------------------------------------------------------
3    Develop group snapshot                                 H
--------------------------------------------------------------------------------
4    Develop Remote Power Control and Logic for HA          SS
--------------------------------------------------------------------------------
5    Fibre Channel Fail-over feature                        SS
--------------------------------------------------------------------------------
6    Mixed mode, all AP host & cluster fail-over mode       H
     select features
--------------------------------------------------------------------------------
7    Win 2000 cluster support                               H
--------------------------------------------------------------------------------
8    Develop CLI for commending fail-back                   H
--------------------------------------------------------------------------------
9    Veritas Netbackup support                              M
--------------------------------------------------------------------------------
10   Develop Oracle agent for Solaris                       SS
--------------------------------------------------------------------------------
11   Develop Oracle agent for Win 2000                      M
--------------------------------------------------------------------------------
12   Develop MS Exchange agent for Win 2000                 M
--------------------------------------------------------------------------------
13   Develop Other Agents for HP, AIX, ...                  L
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
SS = Show Stopper, H = High, M = Medium, L = Low

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their duly authorized representatives as of the Effective Date.

FALCONSTOR, INC.                        MTI TECHNOLOGY CORPORATION

By: /s/ JACOB FERNG                     By: /s/ V. S. VENKATARAMAN
    -------------------------------         -----------------------------------

Name: Jacob Ferng                       Name: V. S. Venkataraman
      -----------------------------           ---------------------------------

Title: VP/CFO                           Title: Sr. V.P. Operations and Services
       ----------------------------            --------------------------------

Date: 9/28/01                           Date: 10/01/01
      -----------------------------           -------------------------------

                                       2<PAGE>
                                                                   EXHIBIT 10.59

                                Amendment No. 2
                                       To
                DEVELOPMENT, LICENSE AND DISTRIBUTION AGREEMENT

     This Amendment No. 2 is made and entered into on February 21, 2002 by and
between MTI Technology Corporation, a Delaware corporation with principal
offices at 4095 E. La Palma Avenue, Anaheim, CA 92807 ("MTI"), and FalconStor,
Inc., a Delaware corporation with principal offices at 125 Baylis Road, Suite
140, Melville, New York 11747 ("FalconStor") (collectively "Parties"), and
amends the DEVELOPMENT, LICENSE AND DISTRIBUTION AGREEMENT signed by the
parties on September 10, 2001 (the "Agreement").

     The parties hereby agree to amend the Agreement as follows:

     1. Replace SECTION 6 "MARKETING EFFORTS" with the following: "MTI shall
use commercially reasonable efforts to market and promote the Software through
advertising, point-of-sale and online promotions, sales literature and
brochures, co-marketing opportunities, including customer service and online
forums, and such other promotions as MTI shall deem appropriate in furtherance
of its responsibilities under this Agreement to its sole and absolute
discretion. FalconStor shall reimburse MTI for MDF of $20,000.00 and shall
further accumulate an additional 35% of net sales for "FalconStor branded"
Software License (stand-alone FalconStor packaging product) as co-op marketing
expenses until such deliverables have been accepted by MTI.

     2. Replace "I. MTI DISCOUNT RATE" of Exhibit C with the following: "The
following discount will be applied to the prices set forth in the Pricing Table:

- 65% for Software License (MTI OEM bundle version)
- 50% for Maintenance and Support Fee
- 30% only for "FalconStor Branded" Software License (stand-alone FalconStor
  packaging product) until such Deliverables have been accepted by MTI. And the
  30% is only valid for this window period. "Window Period" shall be from
  November 1, 2001 until the date that MTI accepts the OEM bundle version.

     FalconStor shall reimburse MTI for Marketing Development Funds (MDF) of
$20,000.00 and shall further accumulate an additional 35% of net sales for
co-op marketing expenses based on stand-alone FalconStor packaging product for
the total Revenue dollars shipped on a monthly basis until such time the
Deliverables have been accepted by MTI ("MTI OEM bundle version"). The MDF and
co-op marketing dollars accumulated shall be applied to marketing activities
mutually agreed by both Parties.

            [The balance of this page is intentionally left blank.]

                                       1
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to
be duly executed by their duly authorized representatives as of the Effective
Date.

FALCONSTOR SOFTWARE, INC.                MTI TECHNOLOGY CORPORATION

By:  /s/ JACOB FERNG                     By:  /s/ VENKI VENKATARAMAN

Name:  Jacob Ferng                       Name:  Venki Venkataraman

Title:  VP/CFO                           Title: Senior Vice President of
      ---------------------------               Customer Service/Support

Date:  2/25/02                           Date:  2-22-2002
     ----------------------------             ----------------------------

                                       2

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