Document:

Exhibit 10.2

 

BEACON POWER CORPORATION

 

WARRANT AMENDMENT AND EXERCISE AGREEMENT

 

This Agreement (the “Agreement”) dated October 3, 2011 relates to (i) Warrant Number A-8 dated December 23, 2010 (the “Warrant”) issued by Beacon Power Corporation, a Delaware corporation (the “Company”) to Pacific Capital Management LLC (the “Holder”), pursuant to which the Holder is entitled to subscribe for and purchase up to 441,274 (after giving effect to all stock splits and reverse stock splits on or prior to the date hereof) shares of the voting common stock of the Company, par value $0.01 per share (the “Common Stock”). Capitalized terms used but not defined in this Agreement have the meanings given to them in the Warrant.

 

WHEREAS, the Company and the Holder wish to amend the Warrant, and the Holder wishes to exercise the Warrant in part according to its amended terms;

 

NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:

 

Amendments.

 

1.1                                 The definition of “Exercise Price” in Section 1(b) of the Warrant is hereby amended and restated in its entirety as follows:

 

“(b) Exercise Price.  For purposes of this Warrant, “Exercise Price” means $0.30, after giving effect to all stock splits and reverse stock splits on or prior to October 3, 2011, subject to further adjustment as provided herein.”

 

1.2                                 All other terms of the Warrant shall remain unchanged.

 

The Holder agrees to exercise the Warrant in part for 250,000 shares of Common Stock (the “Exercise”) at the amended terms on the date hereof, and to deliver concurrently with the execution of this Agreement an exercise notice with respect to such Exercise.

 

The Company represents, warrants and agrees that:

 

it has all the requisite authority and power to enter into and consummate the transactions contemplated herein and such transactions shall not contravene any contractual, regulatory, statutory or other obligation or restriction applicable to the Company;

 

this Agreement has been duly and validly authorized, executed and delivered by the Company, and shall constitute a legal, valid, and binding obligation of the Company, enforceable against it in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles whether in a proceeding in equity or at law;

 

it has a sufficient number of authorized and unissued shares of voting common stock to issue upon the Exercise; and

 

any shares issued to Holder pursuant to the Exercise shall be registered under the Company’s effective shelf registration statements on Form S-3 (File No. 333-152140 and 333-161648) and shall be freely tradable, subject to the accuracy of Holder’s representations in Section 4.4 below.

 

The Holder  represents and warrants that:

 

it has the authority to enter into the transactions and consummate the transactions contemplated herein and such transactions shall not contravene any contractual, regulatory, statutory or other obligation or restriction applicable to the Holder;

 

this Agreement has been duly and validly authorized, executed and delivered by the Holder, and shall constitute a legal, valid, and binding obligation of the Holder, enforceable against it in accordance with its terms, except as the enforcement 

 

1

 

thereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles whether in a proceeding in equity or at law;

 

it has sufficient knowledge and experience in financial and business matters so as to be capable of bearing the economic risks of participation in this Agreement, and it is capable of evaluating the merits and risks of participating in this Agreement, including any risks associated with surrendering certain rights related to the Warrant; and

 

it is not an affiliate of the Company as such term is defined in Rule 144 promulgated under the Securities Act of 1933, as amended.

 

Miscellaneous. This Agreement may be executed in multiple original counterparts, each of which shall be an original, but all of which shall constitute one and the same Agreement.  This Agreement and all rights, obligations and liabilities hereunder shall be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

2

 

IN WITNESS WHEREOF, the Holder and the Company have executed this Agreement as of October 3, 2011.

 

 

	
 
    	
THE HOLDER:
    
	
 
    	
 
    	
 
    
	
 
    	
Pacific Capital Management LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
THE COMPANY:
    
	
 
    	
 
    	
 
    
	
 
    	
Beacon Power Corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

3exh_10-1.htm

Exhibit 10.1

FIFTH AMENDMENT TO

SECOND AMENDED AND RESTATED REVOLVING CREDIT PROMISSORY NOTE (LIBOR/PRIME)

(Avistar Communications Corporation)

Fifth Amendment dated as of August 24, 2011  (this “Amendment”) to that certain Second Amended and Restated Revolving Credit Promissory Note dated as of December 22, 2009, as amended, by Avistar Communications Corporation, a Delaware corporation (the “Borrower”), to the order of JPMorgan Chase Bank, N.A. (the “Bank”), in the maximum principal amount of $8,000,000 (the “Promissory Note”).

For value received, the parties hereto hereby agree as follows:

	
1.  

	
Initially capitalized terms used herein without definition have the meanings given them in the Promissory Note.

	
2.  

	
The definition of Maximum Facility Amount in Section 1 of the Promissory Note is hereby amended and restated as follows:

“Maximum Facility Amount” shall mean the lesser of (i) Nine Million Dollars ($9,000,000) and (ii) the value assigned by the Bank from time to time, in its sole reasonable discretion, to the collateral, if any, pledged and collaterally assigned to the Bank, and in which the Bank has a first-priority security interest and against which the Bank has a right of setoff, as security for the Borrower’s payment of its obligations under this Note.

	
3.  

	
The Borrowing Notice is hereby amended and restated as set forth in Exhibit A hereto.

	
4.  

	
This Amendment shall become effective on the later of the date hereof and the first date by which all of the following shall have occurred :

	
a.  

	
The Borrower’s payment of $2,500 to the Bank’s counsel in respect of services rendered to the Bank in connection with the Borrower;

	
b.  

	
The Bank’s receipt of a Reaffirmation of Guaranty substantially in the form attached hereto as Exhibit B, duly executed by each Guarantor; and

	
c.  

	
The Bank’s receipt of a Secretary’s Certificate substantially in the form of the certificate attached hereto as Exhibit C, duly executed by the Secretary of the Borrower.

	
d.  

	
The Bank’s receipt of a Form U-1 substantially in the form attached hereto as Exhibit D, duly executed by the Secretary of the Borrower

 

 

	
5.  

	
The Promissory Note, as amended by this Amendment, remains in full force and effect.

	
6.  

	
This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws principles.

	
7.  

	
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by e-mail or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

The rest of this page is intentionally blank.

Note.Second Amended and Restated.005.Amnd-5.002.doc

UCN 006754857000

Facility ID 198245263

  

  

  

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

JPMorgan Chase Bank, N.A.

By:      /s/ Nancy A. Sheppard

                                             

            Nancy A. Sheppard

            Managing Director

Avistar Communications Corporation

By:          /s/ Robert F. Kirk

 

Name: Robert F. Kirk

Title: CEO

By:           /s/ Elias MurrayMetzger

 

Name: Elias MurrayMetzger

Title: CFO

State of _________                                )

) ss.:

	
County of ________

	
)

On the ____ day of August in the year 2011, before me, the undersigned, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

____________________________________

Notary Public

	
State of _________

	
)

) ss.:

	
County of ________

	
)

On the ____ day of August in the year 2011, before me, the undersigned, personally appeared ______________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.

____________________________________

Notary Public

UCN 006754857000 [Signature Page of Fifth Amendment to

Facility ID 198245263 Second Amended and Restated Revolving Credit Promissory Note]

  

  

  

EXHIBIT A

Form of Borrowing Notice

Date:  __________________

JPMorgan Chase Bank, N.A.

Attn:  Bill Raines

1111 Fannin Street

14th Floor

Houston, Texas 77002

Telecopier:  (800) 576-3217

Telephone:  (713) 750-3217

Gentlemen:

The undersigned hereby requests a Loan (the “Requested Loan”) under the Second Amended and Restated Revolving Credit Promissory Note (Libor/Prime) dated as of December 22, 2009, as amended, by the undersigned to your order with a maximum principal amount of $9,000,000 (as amended, the “Note”).  Initial capitalized terms used herein without definition have the meanings given such terms in the Note.

The undersigned is faxing this Borrowing Notice to you (i) if the Requested Loan is a Prime Loan, by 12:00 noon (NYC time) on the “Disbursement Date” (as specified below) and  (ii) if the Requested Loan is a Libor Loan, by 12:00 noon (NYC time) at least three Banking Days prior to the Disbursement Date.  The undersigned will promptly mail the signed original of this Borrowing Notice to you.

Please book the Requested Loan as follows:

Disbursement Date:                                       _________­­________ ___, 20___

 

Amount:                                       $                Type:           ____ LIBOR                                ____ Prime

 

LIBOR Period (if applicable):                                                      ____ 1 month    ____ 2 months    ____ 3 months

 

Disbursement Instructions:                                                      

 

The proceeds of the Requested Loan shall be used for working capital purposes.  Immediately upon funding of the Requested Loan, the aggregate principal amount of all Loans then outstanding will be $__________________.

 

In witness whereof, the undersigned has executed this Borrowing Notice as of the date first written above.

Avistar Communications Corporation

By:           

Name:           

Title:           

By:           

Name:           

Title:           

UCN 006754857000

Facility ID 198245263

  

  

  

EXHIBIT B

Reaffirmation of Guaranty

UCN 006754857000

Facility ID 198245263

  

  

  

EXHIBIT C

Secretary’s Certificate

UCN 006754857000

Facility ID 198245263

  

  

  

EXHIBIT D

Form U-1

UCN 006754857000

Facility ID 198245263

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