Document:

ex102.htm

    Exhibit
10.2

     

     

    WARRANT
ISSUANCE AGREEMENT

     

    THIS
WARRANT ISSUANCE AGREEMENT (this “Agreement”) is made
and entered into as of January 30, 2008, by and between eMagin Corporation, a
Delaware corporation (the “Company”), and Moriah
Capital, L.P., a Delaware limited partnership (the “Lender”).

     

    Capitalized
terms not otherwise defined herein have the meaning set forth in that certain
Loan and Security Agreement by and between Lender, as lender, and the Company,
as borrower, dated as of August 7, 2007 (as amended form time to time, the
“Loan
Agreement”).

     

    RECITALS

     

    WHEREAS,
the Company and the Lender are parties to a Loan Conversion Agreement, dated as
of August 7, 2007 (the “Loan Conversion
Agreement”), with respect to conversion of the Loan Indebtedness defined
therein;

     

    WHEREAS,
the Company has requested that the Lender consent to the termination of the Loan
Conversion Agreement in consideration for, among other things, the issuance by
the Company to the Lender of the Warrant (as defined herein); and

     

    WHEREAS,
the Warrant Shares (as defined herein) shall be subject to registration under
the Registration Rights Agreement, dated as of August 7, 2007, between the
Company and the Lender (as amended hereby, the “Registration Rights
Agreement”);

     

    NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises,
representations, warranties and covenants set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     

    1. Issuance of Warrants; Termination of
Loan Conversion Agreement.

     

    
      	
              1.1  

            	
              On
      the date of execution of this Agreement, also known as the Closing Date,
      the Company is hereby issuing to Lender, and Lender agrees to acquire from
      the Company, a five-year warrant to acquire  750,000 shares of
      the Company’s common stock at an exercise price of $1.50 per share, in the
      form annexed hereto as Exhibit A (the
      “Warrant”).

            

    

     

    
      	
              1.2  

            	
              The
      parties hereby confirm that the Loan Conversion Agreement is terminated
      effective as of the date hereof and is of no further force or effect, and
      neither party shall have any further liability
      thereunder.  

            

    

     

    2. Closing;
Delivery.  

     

    
      	
              2.1  

            	
              Closing Obligations of
      Company. On or prior to the date hereof, the Company shall have
      taken and shall take all actions necessary to issue the Warrants to Lender
      and to consummate the transactions contemplated hereby, including, without
      limitation, delivery or causing to be delivered to Lender on the date
      hereof the following:

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    
      	
              (i)  

            	
              The  Warrant,
      duly executed and delivered by the
Company;

            

    

     

    
      	
              (ii)  

            	
              An
      amendment to the Registration Rights Agreement described below;
      and

            

    

     

    
      	
              (iii)  

            	
              such
      other certificates, documents, receipts and instruments as Lender or its
      legal counsel may reasonably
request.

            

    

     

    
      	
              2.2  

            	
              Closing Obligations of
      Lender.  On or prior to the date hereof, Lender shall
      have taken and shall take all actions necessary for consummation by Lender
      of the transactions contemplated
hereby.

            

    

     

    3. Registration of Warrant
Shares. The parties hereby agree that the Registration Rights Agreement
shall be deemed amended to the extent set forth below as the context indicates,
but shall otherwise shall remain in full force and effect  as
follows:

     

    
      	
              3.1  

            	
              Registrable
      Securities. The Warrant Shares shall be “Registrable Securities”,
      as defined in the Registration Rights
Agreement.

            

    

     

    
      	
              3.2  

            	
              Registration Statement
      –Warrant Shares. The Company shall file a Registration
      Statement  (as defined in the Registration Rights Agreement) for
      the  hares of common stock underlying the Warrant (the “Warrant
      Shares”) no later than thirty (30) days from the date hereof (such
      deadline referred to as the “Warrant Shares Filing Date”), with an
      Effectiveness Date (as defined in the Registration Rights Agreement) no
      later than one hundred twenty (120) days from the Warrant Shares Filing
      Date.

            

    

     

    
      	
              3.3  

            	
              Cut
      Back Provision.   Notwithstanding anything contained herein
      to the contrary, in the event that the Securities and Exchange Commission
      (the “Commission”) limits the amount of (i) Registrable Securities (as
      defined in the Registration Rights Agreement) or (ii) the number of
      Warrant Shares that may be sold by selling security holders in a
      particular Registration Statement, or the Commission takes the position
      that the all or a portion of the Registrable Securities or Warrant Shares
      cannot be registered, the Company may exclude from such registration
      statement the minimum number of Registrable Securities and/or Warrant
      Shares on behalf of the Lender as is necessary to comply with such
      limitation by the Commission; provided that any such cutback shall be on a
      ratable basis with other selling securityholders under such registration
      statement to the extent not prohibited by any agreement to which the
      Company is a presently a party. In such event the Company shall give the
      Lender prompt notice of the number of the shares so
      excluded. Further, and in addition to the foregoing, the Company will
      not be liable for payment of any damages or penalties for any delay in
      registration of the Registrable Securities and/or Warrant Shares in the
      event that such delay is due to the fact that the Commission has limited
      the amount of Registrable Securities and/or Warrant Shares that may be
      included and sold by selling security holders in the Registration
      Statement pursuant to Rule 415 promulgated under the 1933 Act or any other
      basis.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Without
limiting Lender’s rights under the Registration Rights Agreement, in the event
of any such cutback, the Company shall use its reasonable best efforts to
register the securities that were the subject of such cutback in accordance with
Section 7(e) (“Piggy-Back Registrations”) of the Registration Rights
Agreement.

     

    4. Representations and
Warranties of the Company.  The Company hereby represents and
warrants to Lender as follows:

     

    4.1 Organization, Good Standing
and Qualification.  Each of the Company and its Subsidiaries is
a corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization.  Each of the Company and its
Subsidiaries has the corporate power and authority to own and operate its
properties and assets; to execute, deliver and perform or cause to be executed,
delivered and performed this Agreement ; and to carry on its business as
presently conducted.

     

    
      	
              4.2  

            	
              Capitalization; Voting
      Rights.

            

    

     

    (i) The
authorized and issued capital stock of the Company as of the date hereof is as
disclosed in the Company’s filings that are required by the Securities Act of
1933, as amended (the “Securities Act”) and
the Securities Exchange Act of 1934, as amended (the “Securities Exchange
Act”) (the “SEC
Reports”) to be filed with the Securities and Exchange Commission (“SEC”).

     

    (ii) Except as
disclosed in the SEC Reports, other than: (i) Common Stock reserved for issuance
under the Company’s stock option plans and (ii) the Warrants, there are no
outstanding options, warrants, rights (including, but not limited to, conversion
or preemptive rights and rights of first refusal), proxy or stockholder
agreements, or other arrangements or agreements of any kind for the purchase or
acquisition from the Company or its Subsidiaries, of any of their
securities.  Neither the offer, issuance or sale of any of, or the
issuance of any of, the Issued Shares, nor the consummation of any transactions
contemplated hereby, will result in a change in the price or number of any
securities of the Company or its Subsidiaries authorized or issued.

     

    (iii) All
issued and outstanding securities: (i) have been duly authorized and validly
issued and are fully paid and nonassessable and (ii) were issued in compliance
with all applicable state and federal laws.

     

    (iv) The
Warrant Shares have been duly and validly reserved for issuance.  When
issued in compliance with the provisions of this Agreement and the Warrants, the
Warrant Shares will be validly issued, fully paid and nonassessable, and will be
free of any liens, charges, encumbrances, options, rights of first refusal,
security interests, claims, mortgages, pledges, charges, easements, covenants,
restrictions, (except as contained herein) obligations, or any other
encumbrances (including, without limitation, any conditional sale or other title
retention agreement or any lease in the nature thereof and any agreement to
grant or to permit or suffer to exist any of the foregoing) or third party
rights or equitable interests of any nature whatsoever or any Liens all of the
above shall be referred to herein as a “Lien”.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    4.3 Authorization; Binding
Obligations.  All corporate action on the part of the Company
necessary for the authorization of the Warrants, and the performance of the
same, has been taken.  The Warrants, when executed and delivered, will
be valid and binding obligations of the Company, enforceable against it in
accordance with their terms.

     

    4.4 Title to Properties and
Assets; Liens, Etc.  Except for Permitted Encumbrances, each of
the Company and each of its Subsidiaries has good and marketable title to its
properties and assets, and good title to its leasehold estates, in each case not
subject to any Liens.

     

    4.5 No
Conflicts.  Neither the Company nor any of its Subsidiaries is
in violation or default of (a) any term of its formation documents or by-laws or
(b) of any provision of any indebtedness for borrowed money, Contract any
mortgage, indenture, lease, license, agreement or contract (collectively, “Contracts”) or
judgment, order, writ, injunction, or decree (“Orders”).  The
execution, delivery and performance of this Agreement will not, with or without
the passage of time or giving of notice, result in any violation, or be in
conflict with, or constitute a default under, any such term or provision of
indebtedness for borrowed money, Contract or Order, or result in the creation of
any Lien upon any of the securities, properties or assets of the Company or any
of its Subsidiaries, or the suspension, revocation, impairment, forfeiture or
nonrenewal of any licenses, permits, franchises, approvals, consents, waiver,
notices, authorizations, qualifications, concessions, or the like.

     

    4.6 Registration Rights and
Voting Rights.  Except as disclosed in the Registration Rights
Agreement, neither the Company nor any of its Subsidiaries is presently under
any obligation, and neither the Company nor any of its Subsidiaries has granted
any rights, to register any of the Company’s or its Subsidiaries’
securities.  Except as disclosed in any SEC Reports, to the Company’s
best knowledge, no stockholder of the Company or any of its Subsidiaries has
entered into any agreement with respect to the voting of equity securities of
the Company or any of its Subsidiaries.

     

    4.7 Valid
Offering.  Assuming the accuracy of the representations and
warranties of Lender contained in this Agreement, the offer, sale and issuance
of the Warrants and the Warrant Shares will be exempt from the registration
requirements of the Securities Act, and will have been registered or qualified
(or are exempt from registration and qualification) under the registration,
permit or qualification requirements of all applicable state securities
laws.

     

    4.8 SEC
Reports.  The Company’s SEC Reports do not  contain
any untrue statement of a material fact nor omit to state a material fact
necessary in order to make the statements contained herein or therein, in light
of the circumstances in which they are made, not misleading.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    5. Representations and
Warranties of Lender.  The Lender hereby represents and
warrants to the Company that (a) the Lender has the power and authority to
execute, deliver and perform this Agreement, (b) all partnership or corporate
action on Lender’s part required for the execution, delivery and performance of
this Agreement has been taken, (c) upon execution and delivery, this Agreement
is the valid and binding obligation of Lender, enforceable in accordance with
its terms.

     

    6. Covenants of the
Company.  The Company covenants and agrees with Lender as
follows:

     

    6.1 Reporting
Requirements.  So long as the Warrant has not been exercised or
terminated, the Company and its Subsidiaries will timely file with the SEC and
state regulatory authorities all reports, documents, information and other
material required to be filed or disclosed thereto.

     

    6.2 SEC
Reporting.  So long as the Warrant has not been exercised or
terminated, the Company shall comply with all reporting requirements under the
Securities Exchange Act, including, but not limited to, making available all
required current information regarding the Company under Rule 144(c) under the
Securities Act, so as to enable Lender to effect resales of the Issued Shares
under Rule 144.  The Company shall cooperate with Lender in connection
with all resales pursuant to Rule 144(d) and Rule 144(k) and provide legal
opinions necessary to allow such resales, provided the Company and its counsel
receive reasonably requested representations from Lender and broker, if
any.

     

    6.3 Indemnification.  The
Company and its Subsidiaries agree, jointly and severally, to indemnify, hold
harmless, reimburse and defend Lender, and Lender’s partners, officers,
directors, agents, representatives, affiliates, members, managers, and
employees, against any claim, cost, expense, liability, obligation, loss or
damage (including, without limitations, reasonable legal fees) of any nature,
incurred by or imposed upon them which results, arises out of, or is based upon:
(a) any misrepresentation by the Company or any of its Subsidiaries, or breach
of any warranty by the Company or any of its Subsidiaries in this Agreement, or
in any exhibits or schedules attached hereto, and (b) any breach or default in
performance by Company or any of its Subsidiaries of the their obligations
hereunder.

     

    7.           Miscellaneous.

     

    7.1           Notices.  All
notices, requests and demands to or upon the respective parties hereto shall be
given in writing and shall be deemed to have been duly given or made upon
receipt by the receiving party.  All notices, requests and demands are
to be given or made to the respective parties at the following addresses (or to
such other addresses as either party may designate by notice in accordance with
the provisions of this paragraph):

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If to the Company:

    

    10500
N.E. 8th
Street

    Suite
1400

    Bellevue,
Washington 12533

    Attention: John Atherly

    

    With a copy to:

    

    Sichenzia Ross Friedman Ference
LLP

    61 Broadway

    New York, New York 10006

    Attention:  Richard A.
Friedman, Esq.

    

    If to Lender:

    

    685 Fifth Avenue

    New York, New York 10022

    Attention: Greg
Zilberstein

    

    With a copy to:

    

    Cohen Tauber Spievack & Wagner
LLP

    420 Lexington Avenue, Suite
2400

    New York, New York 10170

    Attention:  Adam Stein,
Esq.

    

    7.2           Amendment.  Any
modification or amendment shall be in writing and signed by the parties hereto,
and any waiver of, or consent to any departure from, any representation,
warranty, covenant or other term or provision shall be in writing and signed by
each affected party hereto or thereto, as applicable.

     

    7.3           Construction.  No
provision of this Agreement shall be construed against or interpreted to the
disadvantage of any party hereto by reason of such party or its counsel having,
or being deemed to have, structured or drafted such provision.

     

    7.4           Entire
Agreement.  This Agreement contains the entire agreement of the
parties with respect to the subject matter hereof and supersedes all other
negotiations, representations, warranties, agreements and understandings, oral
or otherwise, between the parties with respect to the matters contained
herein.

     

    7.5           Headings.  Section
and paragraph headings are for convenience only and shall not be construed as
part of this Agreement.

     

    7.6           Severability.  Every
provision of this Agreement is intended to be severable.  If, in any
jurisdiction, any term or provision hereof is determined to be invalid or
unenforceable, (a) the remaining terms and provisions hereof shall be
unimpaired, (b) any such invalidity or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such term or provision in any other
jurisdiction, and (c) the invalid or unenforceable term or provision shall, for
purposes of such jurisdiction, be deemed replaced by a term or provision that is
valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision.  If a court of competent
jurisdiction determines that any covenant or restriction, by the length of time
or any other restriction, or portion thereof, set forth in this Agreement is
unreasonable or unenforceable, the court shall reduce or modify such covenants
or restrictions to those which it deems reasonable and enforceable under the
circumstances and, as so reduced or modified, the parties hereto agree that such
covenants and restrictions shall remain in full force and effect as so
modified.  In the event a court of competent jurisdiction determines
that any provision of this Agreement is invalid or against public policy and
cannot be so reduced or modified so as to be made enforceable, the remaining
provisions of this Agreement shall not be affected thereby, and shall remain in
full force and effect.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.7           Successors and
Assigns.  All covenants, promises and agreements by or on
behalf of the parties contained in this Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns; provided, however, that nothing
in this Agreement, express or implied, shall confer on the Company the right to
assign any of its rights or obligations hereunder at any time.

     

    7.8           Survival.  All
covenants, agreements, representations and warranties made by the Company herein
or in any certificate, report or instrument contemplated hereby shall survive
any independent investigation made by Lender and the execution and delivery of
this Agreement, and such certificates, reports or instruments and shall continue
so long as any Obligations are outstanding and unsatisfied, applicable statutes
of limitations to the contrary notwithstanding.

     

    7.9           No Waiver; Rights and
Remedies.  A waiver of a breach of any term, covenant or
condition of this Agreement shall not operate or be construed as a continuing
waiver of such term, covenant or condition, or breach, or of any other term,
covenant or condition, or breach by such party.  No failure to
exercise and no delay in exercising any right, remedy, or power hereunder shall
preclude any other or further exercise of any other right, remedy or power
provided herein or by law or in equity.  Lender is entitled to
exercise all rights and remedies available to it at law or in equity in
connection with this Agreement.  The rights and remedies of Lender
hereunder are several and cumulative at Lender’s discretion and may be exercised
at Lender’s discretion.

     

    7.10           Governing Law;
Jurisdiction.  This Agreement shall be governed by and
construed in accordance with the applicable laws pertaining in the State of New
York (without giving effect to New York's principles of conflicts of
law).  The parties hereby (a) irrevocably submit and consent to the
exclusive jurisdiction of the Supreme Court for New York County, State of New
York, and the United State District Court for the Southern District of New York
with respect to any action or proceeding arising out of this Agreement and (b)
waive any objection based on venue or forum non conveniens with
respect hereto.  In any such action or proceeding, the Company waives
personal service of the summons and complaint or other process and papers
therein and agrees that the service thereof may be made by mail directed to the
Company at its office set forth herein or other address thereof of which Lender
has received notice as provided herein, service to be deemed complete as
permitted under the rules of either of said Courts.  Any such action
or proceeding commenced by the Company against Lender will be litigated only in
the New York Supreme Court for New York County, State of New York, and the
United States District Court for the Southern District of New York.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7.11           Counterparts.  This
Agreement may be executed in counterparts and by facsimile or electronic
signature, each of which when so executed, shall be deemed an original, but all
of which shall constitute but one and the same instrument.

     

    

    

    

    

    

    

    [SIGNATURE
PAGE FOLLOWS]

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

                    IN
WITNESS WHEREOF, the parties hereto have executed this Warrant Issuance
Agreement as of the date set forth in the first paragraph hereof.

    

    
      
        	 	EMAGIN
    CORPORATION	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Michael
      D. Fowler 	 
	 	 	Name:
      Michael D. Fowler 	 
	 	 	Title:
      Interim Chief Financial Officer 	 
	 	 	 	 

      

      
        	 	MORIAH CAPITAL,
      L.P.	 
	 	 	 	 
	
                 

              	
                By:
      

              	Moriah Capital Management,
      L.P., General
      Partner	 
	 	By	 Moriah Capital
      Management, GP, LLC,General
      Partner	 
	 	 	 	 
	 	 	 	 

      

    
      
        	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Alexandre
      Speaker	 
	 	 	Name:
       Alexandre Speaker	 
	 	 	Title:
      Managing Member 	 
	 	 	 	 

      

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    EXHIBIT
A

    

    FORM
OF WARRANT

    

    [ATTACHED]QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.14    
    

 
 

NOVATION AND AMENDMENT AGREEMENT    
    

         

  

Dated
18 December 2007 

 
 

GOOD 'N' NATURAL LIMITED
  the Company    

with 

 
 

JPMORGAN CHASE BANK, N.A., LONDON BRANCH
  the Existing Lender    

and

 
 

J.P. MORGAN EUROPE LIMITED
  as New Lender    

RELATING
TO A £9,575,000 FACILITY AGREEMENT

DATED

22 DECEMBER 2006 

 

 

THIS AGREEMENT is dated 18 December 2007 and made between: 

	(1)
	GOOD 'N' NATURAL LIMITED (the "Company");

	(2)
	JPMORGAN CHASE BANK, N.A., LONDON BRANCH (the "Existing Lender"); and

	(3)
	J.P. MORGAN EUROPE LIMITED (the "New Lender"). 

WHEREAS:  

	(A)
	The
Company has requested that the Existing Lender extend the tenor of the Facility (which is fully drawn) to 31 December 2010 (the
"Extension").

	(B)
	The
Existing Lender and the New Lender are prepared to agree to the Extension, subject to the Company agreeing that all the rights and obligations of the Existing Lender as Lender
under the Original Facility Agreement (as defined below) be novated to the New Lender for certain withholding tax-related reasons as disclosed to the Company by the Existing Lender (the
"Novation").

	(C)
	The
Company agrees to the Novation and the parties now wish to document the Novation and the Extension by entering into this Agreement. 

IT IS AGREED as follows: 

	1.
	DEFINITIONS AND INTERPRETATION

	1.1
	Definitions

        In
this Agreement: 

"Amended Agreement" means the Original Facility Agreement, as amended by this Agreement. 

"Original Facility Agreement" means the £9,575,000 sterling term facility agreement dated 22 December 2006 between the Company and
the Existing Lender (as amended from time to time prior to the date of this Agreement). 

"Transfer Date" means [21] December 2007 (or such other date as the New Lender and the Existing Lender may agree to in
accordance with Clause 2 (Conditions Precedent) below. 

	1.2
	Incorporation of defined terms

	(a)
	Unless
a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning in this Agreement.

	(b)
	The
principles of construction set out in the Original Facility Agreement shall have effect as if set out in this Agreement.

	1.3
	Clauses

In
this Agreement any reference to a "Clause" or a "Schedule" is, unless the context otherwise requires, a reference to a Clause of or a Schedule to this Agreement. 

	1.4
	Third Party Rights

A
person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 

	1.5
	Designation

In
accordance with the Original Facility Agreement, each of the Company and the Existing Lender designate this Agreement as a Finance Document. 

1

 
	2.
	CONDITIONS PRECEDENT

The
provisions of Clause 4 (Transfer by Novation) and Clause 5 (Amendment) shall be
effective on and from the Transfer Date only if, not later than 11.00 a.m. on the Transfer Date, the New Lender has received all the documents and other evidence listed in Schedule 1
(Conditions Precedent) in form and substance satisfactory it. The New Lender shall notify the Company promptly upon being so satisfied. If
such documents are not received by such time on the Transfer Date, the Existing Lender and the New Lender will, at their discretion, determine a new time by which such documents are to be provided to
the New Lender by the Company and on which date. 

	3.
	REPRESENTATIONS

The
Company makes the Repeating Representations by reference to the facts and circumstances then existing: 

	(a)
	on
the date of this Agreement; and

	(b)
	on
the Transfer Date.

	4.
	TRANSFER BY NOVATION

	4.1
	Transfer by novation

On
the Transfer Date the Existing Lender shall transfer by novation all of its rights and obligations under the Original Facility Agreement to the New Lender, so that the New Lender will become the
Lender under the Amended Agreement with a participation in each Loan as notified to it by the Existing Lender prior to the Transfer Date. 

	4.2
	Procedure for transfer by novation

The
transfer by novation set out in Clause 4.1 (Transfer by novation) shall take effect on the Transfer Date so that: 

	(a)
	to
the extent that in Clause 4.1 (Transfer by novation) the Existing Lender seeks to transfer by novation its rights and
obligations under the Original Facility Agreement each of the Company and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their
respective rights against one another shall be cancelled (being the "Discharged Rights and Obligations");

	(b)
	each
of the Company and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations
only insofar as the Company and the New Lender have assumed and/or acquired the same in place of the Company and the Existing Lender; and

	(c)
	the
New Lender shall become a Party as a "Lender".

	4.3
	Administrative Details

The
New Lender's address, fax number and attention details for the purposes of Clause 25.2 (Addresses) of the Amended Agreement are the same as
those of the Existing Lender. 

	5.
	AMENDMENTS

	5.1
	Amendments

With
effect from the Transfer Date, the Original Facility Agreement shall be amended as follows: 

	(a)
	All
references to "JPMorgan Chase Bank, N.A." shall be amended to read "J.P. Morgan Europe Limited". 

2

 

	(b)
	The
definition of "Cash Collateral Agreement" shall be amended to read as follows: 

"Cash Collateral Agreement" means the cash collateral agreement dated 22 December 2006 between the Borrower and JPMorgan Chase Bank, N.A., London
Branch, the benefit of which was assigned by JPMorgan Chase Bank, N.A., London Branch to J.P. Morgan Europe Limited pursuant to an assignment agreement between JPMorgan Chase Bank, N.A., London Branch
as assignor and J.P. Morgan Europe Limited as assignee dated on or about [18] December 2007. 

	(c)
	The
definition of "Termination Date" shall be amended to read as follows: 

"Termination Date" means 31 December 2010. 

	(d)
	Clause 23.1.2
(Payments to the Lender) of the Original Facility Agreement shall be amended to read as follows: 

	23.1.2	 	Payment shall be made to the relevant account below (or such other account as the Lender may specify for such purpose):
	

 	
 	

Pay to (Name of Bank):	
 	

J P Morgan Europe Limited, London—CHASGB22
	

 	
 	

Address:	
 	

Direct Sort Code 40-52-06
	

 	
 	

Reference:	
 	

LDNLOANS /Good 'N' Natural Limited

	5.2
	Continuing obligations

The
provisions of the Original Facility Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full force and effect. 

	6.
	MISCELLANEOUS

	6.1
	Incorporation of terms

The
provisions of Clause 25 (Notices) and Clause 32 (Enforcement) of the Original Facility
Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to "this Agreement" are references to this Agreement and as if
references in those clauses to "Party" and "Lender" include the New Lender. 

	6.2
	Counterparts

This
Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

	7.
	GOVERNING LAW

This
Agreement is governed by English law. 

This Agreement has been entered into on the date stated at the beginning of this Agreement.

3

 
 
 

SCHEDULE 1
  CONDITIONS PRECEDENT    
    

	1.
	Company

	(a)
	A
copy of a resolution of the board of directors of the Company:

	(i)
	approving
the terms of, and the transactions contemplated by, this Agreement and the Deed of Assignment (as defined below) and resolving that it execute this Agreement
and the Deed of Assignment; and

	(ii)
	authorising
a specified person or persons to execute this Agreement and the Deed of Assignment on its behalf.

	(b)
	A
specimen of the signature of each person authorised by the resolution referred to in paragraph (a) above.

	2.
	Other documents and evidence

	(a)
	A
duly executed letter from the Guarantor confirming that the Guarantee will continue in full force and effect and, upon execution of this Agreement, will be for the benefit of the
New Lender in its capacity as Lender under the Amended Agreement.

	(b)
	The
deed of assignment between the Existing Lender, the New Lender and the Company (relating to the cash collateral agreement dated 22 December 2006 between the Company and the
Existing Lender) duly signed by the Company (the "Deed of Assignment"). 

4

 

	SIGNATURES	 	 
	
The Company	
 	

 
	
GOOD 'N' NATURAL LIMITED	
 	

 
	

By:	
 	

/s/  PETER HOWARD ALDIS      
	
 	

 
	Name:	 	Peter Howard Aldis	 	 
	Title:	 	Director	 	 
	

 	
 	

 	
 	

 
	The Existing Lender	 	 
	
JPMORGAN CHASE BANK, N.A., LONDON BRANCH
	

By:	
 	

/s/  MARK HERRIDGE      
	
 	

 
	Name:	 	Mark Herridge	 	 
	Title:	 	Vice President	 	 
	

 	
 	

 	
 	

 
	The New Lender	 	 
	
J.P. MORGAN EUROPE LIMITED	
 	

 
	

By:	
 	

/s/  MARK HERRIDGE      
	
 	

 
	Name:	 	Mark Herridge	 	 
	Title:	 	Vice President	 	 
	

By:	
 	

/s/  DANA E. JURGENS      
	
 	

 
	Name:	 	Dana E. Jurgens	 	 
	Title:	 	Vice President	 	 

5

QuickLinks

Exhibit 10.14

NOVATION AND AMENDMENT AGREEMENT

GOOD 'N' NATURAL LIMITED the Company

JPMORGAN CHASE BANK, N.A., LONDON BRANCH the Existing Lender

J.P. MORGAN EUROPE LIMITED as New Lender

SCHEDULE 1 CONDITIONS PRECEDENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]