Document:

f10q093010_ex10-8.htm

Exhibit 10.8

PROMISSORY NOTE

 

	 $480,000      	 September 15, 2010

For Value Received, the undersigned jointly and severally promises to pay to the order of

 

YTB INTERNATIONAL, INC.

the sum of Four Hundred Eighty Thousand and no/100 Dollars ($480,000.00), together with interest thereon from the date hereof until paid at the rate of Six Percent (6.00%) per annum, only being payable in monthly installments of $9,279.79, the first such installment being due on the 16th day of January, 2011, and a like installment being due on the 16th day of each succeeding month thereafter, and a final installment, including the full balance of principal and interest thereon being due on the 16th day of June, 2016.

The payment of this note is secured by the lien of the improvements made to the Lessee's property located at 1901 E. Edwardsville Road, Wood River, Illinois.

Makers reserve the right and privilege of prepaying any amount on the principal of this note, on any interest payment date, interest to abate on all payments so made. Such prepayments, if any, shall be applied to the principal amount outstanding and shall not extend of or postpone the due date of any subsequent monthly installments or change the amount of such installments unless the holder hereof shall otherwise agree in writing.

If any payment of principal or interest be not made promptly and in strict accordance with the tenor and effect hereof the holder of Holders shall, notify the Makers that this Promissory Note shall be in Default if such payment is not paid within ten (10) days of such notice. If Default occurs because of the Makers' failure to cure within such ten (10) day period after the holder or holders' notice of intent to declare Default, then at the election of the holder or holders of this note made at any time after such default, the entire principal sum hereof, then unpaid, together with accrued interest thereon, shall at once become payable.

The principal amount, and each installment thereof, shall bear interest at the rate of Ten Percent (10.00%) per annum after it becomes due whether by acceleration or otherwise, and during the period of any default hereunder.

 

 

  

  

  

 

Every person now or at any time liable, whether primarily or secondarily, for the payment of the indebtedness hereby evidenced, for each such person, expressly waived presentment for payment, notice of dishonor, protest, notice of protest, and diligence in collection, and assents that the time of said payment may be extended without anywise modifying, altering, releasing, affecting, or limiting her liability.

This Promissory Note shall be governed by and construed in accordance with the laws of Illinois.

	 	ZEISER AUTOMOTIVE GROUP	 
	 	 	 	 	 
	
 

	
BY: 

	 /s/ David G. Zeiser – President	 
	 	 	 	 	 
	 	 	 Attest:	/s/ Clay Winfield   9/28/10WebFilings | EDGAR view

Exhibit 10.1
 
EXECUTION  VERSION 
 
 
AMENDMENT NO. 1 TO JOINT VENTURE AGREEMENT
This AMENDMENT NO. 1 TO JOINT VENTURE AGREEMENT (this “Amendment”) is made and entered into as of June 29, 2010, by and among (i) SunPower Technology, Ltd., a company organized under the laws of the Cayman Islands (“SPTL”); (ii) AU Optronics Singapore Pte. Ltd., a company organized under the laws of Singapore (“AUO”); (iii) solely for purpose of Section 18 below, AU Optronics Corporation, a company organized under the laws of Taiwan, R.O.C. (“AUO Taiwan”); and (iv) SunPower Malaysia Manufacturing SDN.BHD., a company organized under the laws of Malaysia (the “JVC”). Capitalized terms used but not defined herein shall have the meanings given to them in the Initial Agreement (as defined below).
RECITALS
A.    The parties hereto are parties to that certain Joint Venture Agreement dated as of May 27, 2010 (the “Initial Agreement”).
B.    The parties hereto desire to enter into this Amendment to memorialize their agreement with respect to the matters referred to herein.
AGREEMENT
NOW THEREFORE, in furtherance of the foregoing premises and in consideration of the mutual covenants and obligations hereinafter set forth, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, do agree as follows:
1.Each reference, whether direct or indirect, in the Initial Agreement to the Initial Agreement (including, without limitation, references to “this Agreement”) shall mean and be a reference to the Initial Agreement, as amended by this Amendment.
 
		
	2.    
	Section 2.4(a) of the Initial Agreement is hereby deleted in its entirety and replaced with the following:

 
“(a)    On the Closing Date, (i) pursuant to a Subscription Agreement, in a form mutually agreed upon in writing by the JVC and the Shareholders (the “SPTL Subscription Agreement”), SPTL shall subscribe for, and the JVC shall issue to SPTL, an additional number of Shares mutually agreed upon in writing by the JVC and the Shareholders (which, together with the Shares beneficially owned by SPTL prior to the Closing, will constitute fifty percent (50%) of the equity interest in the JVC, measured on a fully-diluted basis, on the Closing Date), and (ii) pursuant to a Subscription Agreement, in a form mutually agreed upon in writing by the JVC and the Shareholders (the “AUO Subscription Agreement”), AUO shall subscribe for, and the JVC shall issue to AUO, a number of Shares mutually agreed upon in writing by the JVC and the Shareholders (which will constitute fifty percent (50%) of the equity interest in the JVC, measured on a fully-diluted basis, on the Closing Date). For the avoidance of doubt, the Parties acknowledge and agree that (i) on the Closing Date, the Shareholders will subscribe for, and the JVC will issue to the Shareholders, all of the Shares contemplated by this Section 2.4(a), even though not all of the purchase price for such Shares will have been paid by the Shareholders on the Closing Date, (ii) the cash payments to be 

contributed by the Shareholders after the Closing Date in accordance with Section 2.4(b)(i) and Section 2.4(c)(i) represent the only portion of the purchase price for such Shares that will not be paid by the Shareholders on the Closing Date, (iii) the making of such additional cash payments by the Shareholders will not represent additional purchases of Shares, and (iv) no additional representations or warranties will be made after the Closing Date with respect to the Shares contemplated by this Section 2.4(a).”
3.Section 2.4(b)(i) of the Initial Agreement is hereby deleted in its entirety and replaced with the following:
“(i)    SPTL shall cause to be contributed to the JVC cash contributions in an aggregate amount equal to RM48,000,000 (less RM750,000, which represents the aggregate amount of cash contributed by SPTL to the JVC prior to the date of this Agreement) plus $335,000,000, with an initial portion of such contributions being paid to the JVC prior to the Closing Date and the remaining portions paid to the JVC over time, in each case in the amounts and on the dates mutually agreed in writing by the JVC and the Shareholders (as may be adjusted and amended from time to time by mutual written agreement of both Shareholders, and in no event may the total cash contribution made by SPTL pursuant to this Section 2.4(b)(i) exceed $350,000,000);”
 
4.Section 2.4(c)(i) of the Initial Agreement is hereby deleted in its entirety and replaced with the following:
“(i)    AUO shall cause to be contributed to the JVC cash contributions in an aggregate amount equal to RM48,000,000 plus $335,000,000, with an initial portion of such contributions being paid to the JVC on the Closing Date and the remaining portions paid to the JVC over time, in each case in the amounts and on the dates mutually agreed in writing by the JVC and the Shareholders (as may be adjusted and amended from time to time by mutual written agreement of both Shareholders, and in no event may the total cash contribution made by AUO pursuant to this Section 2.4(c)(i) exceed $350,000,000);”
5.Each party hereto hereby represents to the other parties hereto that, to the extent applicable, (i) all action on the part of such representing party, its officers, directors, partners and securityholders necessary for the authorization, execution, delivery and performance of all obligations under this Amendment has been taken, (ii) this Amendment constitutes a valid and legally binding obligation of such representing party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors' rights and remedies generally, and subject as to enforceability to general principles of equity, and (iii) the execution, delivery and performance of this Amendment will not result in any violation of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice, any provision of such representing party's organizational documents, in each case as amended through the date hereof.
 
6.Except as expressly modified by this Amendment, the Initial Agreement shall remain in full force and effect in accordance with its terms. To the extent that there are any inconsistencies or ambiguities between this Amendment and the Initial Agreement, the terms of this Amendment shall supersede the Initial Agreement. 

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7.This Amendment shall not be modified, amended, canceled or altered in any way, and may not be modified by custom, usage of trade or course of dealing, except by an instrument in writing signed by all of the parties hereto. All amendments or modifications of this Amendment shall be binding upon the parties hereto despite any lack of consideration so long as the same shall be in writing and executed by the parties hereto.
 
8. This Amendment and all disputes arising out of or in connection with this Amendment shall be governed by, interpreted under, and construed and enforceable in accordance with, the laws of the State of California, without regard to conflicts of laws principles. Any disputes incapable of being resolved by mutual agreement of the parties hereto shall be handled in accordance with Section 18.2 (Arbitration) of the Initial Agreement; provided, however, that the JVC may not take any action with respect to any such disputes or arbitration or settlement thereof without the written consent of both SPTL and AUO.
 
9. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
 
[Signatures follow]

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IN WITNESS WHEREOF, the Parties have caused this Amendment No. 1 to Joint Venture Agreement to be executed by their respective duly authorized signatories as of the day and year first written above.
		
	AU OPTRONICS SINGAPORE PTE. LTD.
	AU OPTRONICS CORPORATION

	 
	 

	 
	 

	By:       /s/ James CP Chen
	By:       /s/ Lai Juh Chen

	 
	 

	Name:  James CP Chen
	Name:  Lai Juh Chen

	 
	 

	Title:    Junior AVP
	Title:    President

	 
	 

	SUNPOWER TECHNOLOGY, LTD.
	SUNPOWER MALAYSIA MANUFACTURING SDN.BHD.

	 
	 

	 
	 

	By:       /s/ Thomas H. Werner
	By:  /s/ Thomas H. Werner

	 
	 

	Name:  Thomas H. Werner
	Name:  Thomas H. Werner

	 
	 

	Title:    President and Chief Executive Officer
	Title:  Director

 
 
 
 
 
 
 

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