Document:

Exhibit
10.2

 

AMENDMENT
NUMBER 11 TO LOAN DOCUMENTS

 

This
AMENDMENT NUMBER 11 TO LOAN DOCUMENTS (this “Eleventh Amendment”) is
entered into as of May 17, 2010, by and among GVEC RESOURCE IV INC. (the “Agent”),
as Agent and as a Lender,
PRIVATE EQUITY MANAGEMENT GROUP LLC, a Delaware limited liability company (“PEMG”),
EMRJSE CORPORATION, a Delaware corporation (“Parent”), and Parent’s
Subsidiaries that are signatories hereto (collectively, with Parent, the “Borrowers”
and each individually, a “Borrower”), with reference to the following
facts:

 

A.                                  Borrowers.
Agent and the Lenders named therein are parties to that certain Credit
Agreement, dated as of November 30, 2007, as amended by that certain Amendment
Number 1 to Loan Documents, dated as of August 20, 2008, that certain
Amendment Number 2 to Loan Documents, dated as of February 12, 2009, that
certain Forbearance Agreement and Amendment Number 3 to Loan Documents, dated
as of March 20, 2009 (as amended by that certain Amendment to Forbearance
Agreement and Amendment Number 3 to Loan Documents, dated as of April 9,
2009), that certain Amendment Number 4 to Loan Documents, dated as of
April 14, 2009, that certain Amendment Number 5 to Loan Documents, dated
as of August 14, 2009, that certain Amendment Number 6 to Loan Documents,
dated as of November 3, 2009, that certain Amendment Number 7 to Loan
Documents, dated as of November 13, 2009, that certain Amendment Number 8
to Loan Documents, dated as of December 31, 2009, that certain Amendment
Number 9 to Loan Documents, dated as of April 13, 2010 and that certain
Amendment Number 10 to Loan Documents, dated as of May 3, 2010 (as further
amended, restated, supplemented or modified from time to time, the “Credit
Agreement”).

 

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

 

1.                                    Defined Terms. Capitalized
terms not otherwise defined herein shall have the same meanings as set forth in
the Credit Agreement

 

2.                                    Representations
and Warranties.

 

(a)                                Each Borrower
hereby represents and warrants that, after giving effect to this Eleventh
Amendment, no Event of Default or failure of condition has occurred or exists,
or would exist with notice or lapse of time or both under the Credit Agreement.

 

(b)                               All
representations and warranties of Borrowers in this Eleventh Amendment and the
Credit Agreement are true and correct as of the date hereof, and shall survive
the execution of this Eleventh Amendment.

 

3.                                    Amendments. “Key
Milestones” numbered 8 and 9, as set forth in Annex Y to the Credit Agreement,
as amended by Annex Y-1. to the Credit Agreement, are hereby replaced in their
entireties with the Key Milestones set forth in Annex Y-2 attached hereto.  For sake of clarity, Key Milestone number 10,
as set forth in Annex Y-1 to the Credit Agreement, shall remain as set forth in
Annex Y-1.

 

4.                                    Default. In addition
to all other Events of Default under the Credit Agreement, Borrowers’ failure
to pay any amount when due under this Eleventh Amendment or to perform any
covenant or other agreement contained in this Eleventh Amendment, or any other
document entered into pursuant hereto, shall constitute Events of Default under
this Eleventh  Amendment and the Credit
Agreement.

 

5.                                    Conditions
Precedent. The effectiveness of this Eleventh Amendment is
subject to Agent’s receipt of all of the following:

 

(a)                                this Eleventh
Amendment and such other agreements and instruments reasonably requested by
Agent pursuant hereto (including such documents as are necessary to create and
perfect Agent’s interest in the Collateral), each duly executed by each
Borrower;

 

(b)                               payment by
Borrowers of all legal fees and expenses incurred through the date of this
Eleventh Amendment (which shall be remitted via wire transfer according to the
instructions set forth on Exhibit A hereto); and

 

(c)                                such other
documents and completion of such other matters as Agent may reasonably deem
necessary or appropriate.

 

1

 

6.                                   Release.

 

(a)                                Each Borrower
acknowledges that neither Agent, any Lender nor PEMG (the “Released Parties”)
would enter into this Eleventh Amendment without Borrowers’ assurance
hereunder. Except for the obligations arising hereafter under this Eleventh
Amendment, each Borrower hereby absolutely discharges and releases the Released
Parties, any person or entity that has obtained any interest from any of them
under the Credit Agreement or otherwise and each of the Released Parties’ and
such entities’ former and present partners, stockholders, officers, directors,
employees, successors, assignees, agents and attorneys from any known or
unknown claims which any Borrower now has against any of them of any nature,
including any claims that any Borrower, its successors, counsel, and advisors
may in the future discover they would have now had if they had known facts not
now known to them, whether founded in contract, in tort or pursuant to any
other theory of liability, including but not limited to any claims arising out
of or related to the Credit Agreement or the transactions contemplated thereby.

 

(b)                               Each Borrower
waives the provisions of California Civil Code Section 1542, which states:

 

A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS
FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE
MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

 

(c)                                The provisions,
waivers and releases set forth in this section are binding upon each Borrower
and each Borrower’s shareholders, agents, employees, assigns and successors in
interest. The provisions, waivers and releases of this section shall inure to
the benefit of the Released Parties and their respective agents, employees,
officers, directors, assigns and successors in interest.

 

(d)                               Each Borrower
warrants and represents that such Borrower is the sole and lawful owner of all
right, title and interest in and to  all
of the  claims released hereby and  no Borrower has heretofore assigned or
transferred or purported to assign or transfer to any person any such claim or
any portion thereof. Each Borrower shall indemnify and hold harmless Agent,
each Lender and PEMG from and against any claim, demand, damage, debt,
liability (including payment of attorneys’ fees and costs actually incurred
whether or not litigation is commenced) based on or arising out of any such
assignment or transfer.

 

(e)                                The provisions
of this section shall survive payment in full of the Obligations, full
performance of all the terms of this Eleventh Amendment and the Credit
Agreement, and/or Agent’s, any Lender’s or PEMG’s actions to exercise any
remedy available under the Credit Agreement or otherwise.

 

7.                                    Consultation of
Counsel. Each Borrower acknowledges that such Borrower has had the opportunity
to be represented by legal counsel of its own choice throughout all of the
negotiations that preceded the execution of this Eleventh Amendment. Each
Borrower has executed this Eleventh Amendment after reviewing and understanding
each provision of this Eleventh Amendment and without reliance upon any promise
or representation of any person or persons acting for or on behalf of Agent.
Each Borrower further acknowledges that such Borrower and its counsel have had
adequate opportunity to make whatever investigation or inquiry they may deem
necessary or desirable in connection with the subject matter of this Eleventh
Amendment prior to the execution hereof and the delivery and acceptance of the
consideration described herein.

 

8.                                   Miscellaneous.

 

(a)                                Successors and
Assigns. This Eleventh Amendment shall be binding upon and shall inure to the
benefit of Borrower and Agent and their respective successors and assigns;
provided, however, that the foregoing shall not authorize any assignment by Borrower
of its rights or duties hereunder.

 

(b)                               Integration. This Eleventh
Amendment and any documents executed in connection herewith or pursuant hereto
contain the entire Eleventh Amendment between the parties with respect to the
subject matter hereof and supersede all prior agreements, understandings,
offers and negotiations, oral or written, with inspect thereto and no extrinsic
evidence whatsoever may be introduced in any judicial or arbitration
proceeding, if any, involving this Eleventh Amendment; except that any
financing statements or other agreements or instruments filed by Agent with
respect to Borrower shall remain in full force and effect.

 

(c)                                Course of
Dealing; Waivers. No course of dealing on the part of Agent or its
officers, nor any failure or delay in the exercise of any right by Agent, shall
operate as a waiver thereof, and any single or partial exercise of any such
right shall

 

2

 

not preclude any later
exercise of any such right. Agent’s failure at any time to require strict
performance by Borrower of any provision shall not affect any right of Agent
thereafter to demand strict compliance and performance. Any suspension or
waiver of a right must be in writing signed by an officer of Agent.

 

(d)                               Time is of the
Essence. Time is of the essence as to each and every term and provision of
this Eleventh Amendment and the other Credit Agreement.

 

(e)                                Legal Effect. The Credit
Agreement remains in full force and effect.  If any provision of this Eleventh Amendment
conflicts with applicable law, such provision shall be deemed severed from this
Eleventh Amendment, and the balance of this Eleventh Amendment shall remain in full
force and effect.

 

(f)                                  Choice of Law
and Venue; Jury Trial Waiver; Judicial Reference; Service of Process.
Section 12 of the Credit Agreement hereby is incorporated herein by this reference as though fully set
forth.

 

(g)                               Upon the
effectiveness of this Eleventh Amendment, each reference in the Credit
Agreement to “this Eleventh Amendment,” “hereunder,” “herein,”
“hereof” or words of like import referring to the Credit Agreement shall
mean and refer to the Credit Agreement as amended by this Eleventh Amendment.

 

(h)                               Upon the
effectiveness of this Eleventh Amendment, each reference in the Loan Documents
to the “Credit Agreement” “thereunder,” “therein,” “thereof
or words of like import referring to the Credit Agreement shall mean and refer
to the Credit Agreement as amended by this Eleventh Amendment.

 

(i)                                   Assignment and
Indemnity. Borrower consents to Agent’s assignment, in
accordance with Section 13 of the Credit Agreement, of all or any part of
Agent’s rights under this Eleventh Amendment and the Credit Agreement.

 

9.                                   Entire
Amendments; Effect of Eleventh Amendment. This Eleventh Amendment,
and the terms and provisions hereof, constitutes the entire Eleventh Amendment
among the parties pertaining to the subject matter hereof and supersedes any
and all prior or contemporaneous amendments relating to the subject matter
hereof. Except as expressly set forth in this Eleventh Amendment, the Credit
Agreement and other Loan Documents shall remain unchanged and in full force and
effect. To the extent any terms or provisions of this Eleventh Amendment
conflict with those of the Credit Agreement or other Loan Documents, the terms
and provisions of this Eleventh Amendment shall control. This Eleventh
Amendment is a Loan Document.

 

10.                              Counterparts;
Electronic Transmission. This Eleventh Amendment may be executed in
any number of counterparts, all of which taken together shall constitute one
and the same instrument and any of the parties hereto may execute this Eleventh
Amendment by signing any such counterpart. Delivery of an executed counterpart
of this Eleventh Amendment by electronic mail shall be equally as effective as
delivery of an original executed counterpart of this Eleventh Amendment. Any
party delivering an executed counterpart of this Eleventh Amendment by
electronic mail also shall deliver an original executed counterpart of this
Eleventh Amendment, but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this
Eleventh Amendment.

 

[Balance of Page Intentionally Left Blank]

 

3

 

IN WITNESS WHEREOF, the
parties have caused this Amendment Number 11 to Loan Documents to be executed
and delivered on the date first written above.

 

	
  EMRISE CORPORATION

  	
   

  	
  EMRISE ELECTRONICS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Carmine Oliva

  	
   

  	
  By:

  	
  /s/ Carmine Oliva

  
	
  Name: 

  	
  Carmine Olivas

  	
   

  	
  Name:

  	
  Carmine Oliva

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CXR LARUS CORPORATION

  	
   

  	
  ADVANCED CONTROL
  COMPONENTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Carmine Oliva

  	
   

  	
  By:

  	
  /s/ Carmine Oliva

  
	
  Name:

  	
  Carmine Oliva

  	
   

  	
  Name:

  	
  Carmine Oliva

  
	
  Title:

  	
  President

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CUSTOM COMPONENTS, INC.

  	
   

  	
  GVEC RESOURCE IV INC.,

  
	
   

  	
   

  	
  as Agent and a Lender

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Carmine Oliva

  	
   

  	
  By: PRIVATE EQUITY
  MANAGEMENT GROUP LLC, its Court-Appointed Receiver

  
	
   

  
	
  Name:

  	
  Carmine Oliva

  	
   

  	
   

  
	
  Title:

  	
  President

  	
   

  	
  By:

  	
  /s/ Jim LeSieur

  
	
   

  	
   

  	
  Name:

  	
  Jim LeSieur

  
	
   

  	
   

  	
  Title:

  	
  Chief Operating Officer

  
	
  PRIVATE EQUITY MANAGEMENT GROUP
  LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Jim LeSieur

  	
   

  	
   

  
	
  Name:

  	
  Jim LeSieur

  	
   

  	
   

  
	
  Title:

  	
  Chief Operating Officer

  	
   

  	
   

  

 

[Signature
Page to Amendment Number 11 to Loan Documents]

 

 

ANNEX
Y-2

(Amended
“Key Milestones” re Sale of ACC)

 

	
  Key

  Milestone

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  #

  	
   

  	
  Date

  	
   

  	
  PEM Deliverable

  	
   

  	
  Description

  
	
  8

  	
   

  	
  6/1

  	
   

  	
  Binding SPA

  	
   

  	
  ·                  Sign binding SPA

  
	
  9

  	
   

  	
  6/3

  	
   

  	
  Preliminary proxy

  	
   

  	
  ·                  File preliminary proxy with
  SEC for shareholder approvalExhibit 10.3

 

AMENDMENT NUMBER 12 TO LOAN DOCUMENTS

 

This
AMENDMENT NUMBER 12 TO LOAN DOCUMENTS (this “Twelfth Amendment”) is
entered into as of June 1, 2010, by and among GVEC RESOURCE IV INC. (the “Agent”),
as Agent and as a Lender, PRIVATE EQUITY MANAGEMENT GROUP LLC, a Delaware
limited liability company (“PEMG”), EMRISE CORPORATION, a Delaware
corporation (“Parent”), and Parent’s Subsidiaries that are signatories
hereto (collectively, with Parent, the “Borrowers” and each
individually, a “Borrower”), with reference to the following facts:

 

A.                                   Borrowers,
Agent and the Lenders named therein are parties to that certain Credit
Agreement, dated as of November 30, 2007, as amended by that certain
Amendment Number 1 to Loan Documents, dated as of August 20, 2008, that
certain Amendment Number 2 to Loan Documents, dated as of February 12,
2009, that certain Forbearance Agreement and Amendment Number 3 to Loan
Documents, dated as of March 20, 2009 (as amended by that certain
Amendment to Forbearance Agreement and Amendment Number 3 to Loan Documents,
dated as of April 9, 2009), that certain 
Amendment Number 4 to Loan Documents, dated as of April 14, 2009,
that certain  Amendment Number 5 to Loan
Documents, dated as of August 14, 2009, that certain  Amendment Number 6 to Loan Documents, dated
as of November 3, 2009, that certain Amendment Number 7 to Loan Documents,
dated as of November 13, 2009, that certain Amendment Number 8 to Loan
Documents, dated as of December 31, 2009, that certain Amendment Number 9
to Loan Documents, dated as of April 13, 2010, that certain Amendment
Number 10 to Loan Documents, dated as of May 3, 2010 and that certain
Amendment Number 11 to Loan Documents, dated as of May 17, 2010 (as
further amended, restated, supplemented or modified from time to time, the “Credit
Agreement”).

 

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

 

1.                                       Defined Terms.  Capitalized terms not otherwise defined
herein shall have the same meanings as set forth in the Credit Agreement.

 

2.                                       Representations
and Warranties.

 

(a)                                  Each Borrower
hereby represents and warrants that, after giving effect to this Twelfth
Amendment, no Event of Default or failure of condition has occurred or exists,
or would exist with notice or lapse of time or both under the Credit Agreement.

 

(b)                                 All
representations and warranties of Borrowers in this Twelfth Amendment and the
Credit Agreement are true and correct as of the date hereof, and shall survive
the execution of this Twelfth Amendment.

 

3.                                       Amendments.  “Key Milestones” numbered 8 and 9, as set
forth in Annex Y to the Credit Agreement, as amended by Annex Y-2 to the Credit
Agreement, are hereby replaced in their entireties with the Key Milestones set
forth in Annex Y-3 attached hereto.  For
sake of clarity, Key Milestone number 10, as set forth in Annex Y-1 to the
Credit Agreement, shall remain as set forth in Annex Y-1.

 

4.                                       Consent.  Notwithstanding any provision of the Credit
Agreement or other Loan Agreements, PEMG, as Court-appointed Receiver for the
Agent, hereby consents to the execution, delivery, and performance by Borrower
Emrise Electronics Corporation (“ECC”) of that certain Stock Purchase
Agreement (the “Purchase Agreement”) by and between Aeroflex
Incorporated (or its designated affiliate) and ECC, and such other documents
and instruments reasonably necessary to effectuate the Purchase Agreement, and
to the consummation of the transactions contemplated thereby.

 

5.                                       Default.  In addition to all other Events of Default
under the Credit Agreement, Borrowers’ failure to pay any amount when due under
this Twelfth Amendment or to perform any covenant or other agreement contained
in this Twelfth Amendment, or any other document entered into pursuant hereto,
shall constitute Events of Default under this Twelfth Amendment and the Credit
Agreement.

 

6.                                       Conditions
Precedent.  The
effectiveness of this Twelfth Amendment is subject to Agent’s receipt of all of
the following:

 

1

 

(a)                                  this Twelfth
Amendment and such other agreements and instruments reasonably requested by
Agent pursuant hereto (including such documents as are necessary to create and
perfect Agent’s interest in the Collateral), each duly executed by each
Borrower;

 

(b)                                 payment by
Borrowers of all legal fees and expenses incurred through the date of this
Twelfth Amendment (which shall be remitted via wire transfer according to the
instructions set forth on Exhibit A hereto); and

 

(c)                                  such other
documents and completion of such other matters as Agent may reasonably deem
necessary or appropriate.

 

7.                                       Release.

 

(a)                                  Each Borrower
acknowledges that neither Agent, any Lender nor PEMG (the “Released Parties”)
would enter into this Twelfth Amendment without Borrowers’ assurance
hereunder.  Except for the obligations
arising hereafter under this Twelfth Amendment, each Borrower hereby absolutely
discharges and releases the Released Parties, any person or entity that has
obtained any interest from any of them under the Credit Agreement or otherwise
and each of the Released Parties’ and such entities’ former and present
partners, stockholders, officers, directors, employees, successors, assignees,
agents and attorneys from any known or unknown claims which any Borrower now
has against any of them of any nature, including any claims that any Borrower,
its successors, counsel, and advisors may in the future discover they would
have now had if they had known facts not now known to them, whether founded in
contract, in tort or pursuant to any other theory of liability, including but
not limited to any claims arising out of or related to the Credit Agreement or
the transactions contemplated thereby.

 

(b)                                 Each Borrower
waives the provisions of California Civil Code Section 1542, which states:

 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

 

(c)                                  The provisions,
waivers and releases set forth in this section are binding upon each Borrower
and each Borrower’s shareholders, agents, employees, assigns and successors in
interest.  The provisions, waivers and
releases of this section shall inure to the benefit of the Released Parties and
their respective agents, employees, officers, directors, assigns and successors
in interest.

 

(d)                                 Each Borrower
warrants and represents that such Borrower is the sole and lawful owner of all
right, title and interest in and to all of the claims released hereby and no
Borrower has heretofore assigned or transferred or purported to assign or
transfer to any person any such claim or any portion thereof.  Each Borrower shall indemnify and hold
harmless Agent, each Lender and PEMG from and against any claim, demand, damage,
debt, liability (including payment of attorneys’ fees and costs actually
incurred whether or not litigation is commenced) based on or arising out of any
such assignment or transfer.

 

(e)                                  The provisions
of this section shall survive payment in full of the Obligations, full
performance of all the terms of this Twelfth Amendment and the Credit
Agreement, and/or Agent’s, any Lender’s or PEMG’s actions to exercise any
remedy available under the Credit Agreement or otherwise.

 

8.                                       Consultation of
Counsel.  Each Borrower acknowledges
that such Borrower has had the opportunity to be represented by legal counsel
of its own choice throughout all of the negotiations that preceded the
execution of this Twelfth Amendment. 
Each Borrower has executed this Twelfth Amendment after reviewing and
understanding each provision of this Twelfth Amendment and without reliance
upon any promise or representation of any person or persons acting for or on
behalf of Agent.  Each Borrower further acknowledges
that such Borrower and its counsel have had adequate opportunity to make
whatever investigation or inquiry they may deem necessary or desirable in
connection with the subject matter of this Twelfth Amendment prior to the
execution hereof and the delivery and acceptance of the consideration described
herein.

 

2

 

9.                                       Miscellaneous.

 

(a)                                  Successors and
Assigns.  This Twelfth Amendment shall
be binding upon and shall inure to the benefit of Borrower and Agent and their
respective successors and assigns; provided, however, that the foregoing shall
not authorize any assignment by Borrower of its rights or duties hereunder.

 

(b)                                 Integration.  This Twelfth Amendment and any documents
executed in connection herewith or pursuant hereto contain the entire Twelfth
Amendment between the parties with respect to the subject matter hereof and
supersede all prior agreements, understandings, offers and negotiations, oral
or written, with respect thereto and no extrinsic evidence whatsoever may be
introduced in any judicial or arbitration proceeding, if any, involving this
Twelfth Amendment; except that any financing statements or other agreements or
instruments filed by Agent with respect to Borrower shall remain in full force
and effect.

 

(c)                                  Course of Dealing;
Waivers.  No course of dealing on the
part of Agent or its officers, nor any failure or delay in the exercise of any
right by Agent, shall operate as a waiver thereof, and any single or partial
exercise of any such right shall not preclude any later exercise of any such
right.  Agent’s failure at any time to
require strict performance by Borrower of any provision shall not affect any
right of Agent thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be
in writing signed by an officer of Agent.

 

(d)                                 Time is of the
Essence.  Time is of the essence as to
each and every term and provision of this Twelfth Amendment and the other
Credit Agreement.

 

(e)                                  Legal Effect.  The Credit Agreement remains in full force
and effect.  If any provision of this
Twelfth Amendment conflicts with applicable law, such provision shall be deemed
severed from this Twelfth Amendment, and the balance of this Twelfth Amendment
shall remain in full force and effect.

 

(f)                                    Choice of Law
and Venue; Jury Trial Waiver; Judicial Reference; Service of Process.  Section 12 of the Credit Agreement
hereby is incorporated herein by this reference as though fully set forth.

 

(g)                                 Upon the
effectiveness of this Twelfth Amendment, each reference in the Credit Agreement
to “this Twelfth Amendment,” “hereunder,” “herein,” “hereof”
or words of like import referring to the Credit Agreement shall mean and refer
to the Credit Agreement as amended by this Twelfth Amendment.

 

(h)                                 Upon the
effectiveness of this Twelfth Amendment, each reference in the Loan Documents
to the “Credit Agreement” “thereunder,” “therein,” “thereof
or words of like import referring to the Credit Agreement shall mean and refer
to the Credit Agreement as amended by this Twelfth Amendment.

 

(i)                                     Assignment and
Indemnity.  Borrower
consents to Agent’s assignment, in accordance with Section 13 of the
Credit Agreement, of all or any part of Agent’s rights under this Twelfth
Amendment and the Credit Agreement.

 

10.                                 Entire
Amendment; Effect of Twelfth Amendment.  This Twelfth Amendment, and the terms and
provisions hereof, constitutes the entire Twelfth Amendment among the parties
pertaining to the subject matter hereof and supersedes any and all prior or
contemporaneous amendments relating to the subject matter hereof. Except as
expressly set forth in this Twelfth Amendment, the Credit Agreement and other
Loan Documents shall remain unchanged and in full force and effect. To the
extent any terms or provisions of this Twelfth Amendment conflict with those of
the Credit Agreement or other Loan Documents, the terms and provisions of this
Twelfth Amendment shall control. This Twelfth Amendment is a Loan Document.

 

11.                                 Counterparts; Electronic Transmission. This Twelfth
Amendment may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties
hereto may execute this Twelfth Amendment by signing any such counterpart.
Delivery of an executed counterpart of this Twelfth Amendment by electronic
mail shall be equally as effective as delivery of an original executed
counterpart of this Twelfth Amendment. Any party delivering an executed
counterpart of this Twelfth Amendment by electronic mail also shall deliver an
original executed counterpart of this Twelfth Amendment, but the failure to
deliver an original executed counterpart shall not affect the validity,
enforceability, and binding effect of this Twelfth Amendment.

 

[Balance of Page Intentionally Left Blank]

 

3

 

IN
WITNESS WHEREOF, the parties have caused this AMENDMENT NUMBER 12 TO LOAN
DOCUMENTS to be executed and delivered on the date first written above.

 

	
  EMRISE
  CORPORATION

  	
   

  	
  EMRISE
  ELECTRONICS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Carmine Oliva

  	
   

  	
  By:

  	
  /s/
  Carmine Oliva

  
	
  Name:

  	
  Carmine
  Oliva

  	
   

  	
  Name:

  	
  Carmine
  Oliva

  
	
  Title:

  	
  Chief
  Executive Officer

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CXR
  LARUS CORPORATION

  	
   

  	
  ADVANCED
  CONTROL COMPONENTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Carmine Oliva

  	
   

  	
  By:

  	
  /s/
  Carmine Oliva

  
	
  Name:

  	
  Carmine
  Oliva

  	
   

  	
  Name:

  	
  Carmine
  Oliva

  
	
  Title:

  	
  President

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CUSTOM
  COMPONENTS, INC.

  	
   

  	
  GVEC
  RESOURCE IV INC.,

  
	
   

  	
   

  	
  as
  Agent and a Lender

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Carmine Oliva

  	
   

  	
  By:
  PRIVATE EQUITY MANAGEMENT GROUP LLC, its Court-Appointed Receiver

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Carmine
  Oliva

  	
   

  	
   

  
	
  Title:

  	
  President

  	
   

  	
  By:

  	
  /s/
  Jim LeSieur

  
	
   

  	
   

  	
  Name:

  	
  Jim
  LeSieur

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Operating Officer

  
	
  PRIVATE
  EQUITY MANAGEMENT GROUP LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Jim LeSieur

  	
   

  	
   

  
	
  Name:

  	
  Jim
  LeSieur

  	
   

  	
   

  
	
  Title:

  	
  Chief
  Operating Officer

  	
   

  	
   

  

 

[Signature Page to
Amendment Number 12 to Loan Documents]

 

 

ANNEX Y-3

(Amended “Key Milestones” re Sale of ACC)

 

	
  Key

  Milestone

  #

  	
   

  	
  Date

  	
   

  	
  PEM Deliverable

  	
   

  	
  Description

  
	
  8

  	
   

  	
  6/8

  	
   

  	
  Binding
  SPA

  	
   

  	
  ·                  Sign binding SPA

  
	
  9

  	
   

  	
  6/11

  	
   

  	
  Preliminary
  proxy

  	
   

  	
  ·                  File preliminary proxy
  with SEC for shareholder approval

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]