Document:

Second Amendment dated September 13, 2002

  
 Exhibit 10.1 
  
 SECOND AMENDMENT 
  
 TO 

 
 HILLSIDE—AMPEX/SHERBORNE AGREEMENT 
  
 This Second Amendment, made as of the 13th day of
September 2002, by and among the undersigned parties to the Hillside-Ampex/Sherborne Agreement, dated December 1, 1994, as amended as of November 30, 1995 (the “Agreement”), by and among (i) Ampex Corporation and each other member of the
Ampex Group (as defined in the Agreement), (ii) Hillside Capital Incorporated and each other member of the Limited Hillside Group (as defined in the Agreement), and (iii) Sherborne Holdings Incorporated and each other member of the Sherborne Group
(as defined in the Agreement). 
  
 All capitalized terms defined in the Agreement when used herein shall have the
same meaning as in the Agreement. 
  
 W I T N E S S E T H : 
  
 WHEREAS, Hillside has requested that a member of the Hillside Group become the named fiduciary, with respect to investment and management of the Plans, and to become plan
administrator, with respect to the designation of the actuary for the Plans, in place of Ampex, the current such named fiduciary and administrator; and 
  
 WHEREAS, pursuant to Section 7.1(e) of the Agreement, Hillside cannot become or cause a member of the Hillside Group to become such named fiduciary or a plan administrator until the Ampex Group fails
to make, and the Hillside Group does make, $3.1 million in Required Contributions to the Plans; and 
  
 WHEREAS, to
accommodate Hillside’s request, the Ampex Group will not make the full Annual Contribution on September 15, 2002, so that the Ampex Group will have failed to make in the aggregate at least $3.1 million in Required Contributions; and

  
 WHEREAS, in consideration for the Ampex Group’s accommodation of Hillside’s request, upon Hillside
becoming named fiduciary and an administrator of the Plans, Ampex will be permitted to retain limited control over certain investments of the Plans and will retain certain rights regarding the selection of a plan actuary and actuarial assumptions;

  
 NOW, THEREFORE, in consideration of the foregoing, each entity in the Ampex
Group, Sherborne Group and Limited Hillside Group hereby agrees as follows: 
  
 1.  Not later than the
fifth business day after Hillside notifies Ampex of its election to do so, Hillside shall cause a member of the Hillside Group to become the named fiduciary with respect to investment and management of all assets of the Plans, except as specifically
provided otherwise in Section 2 herein. 
  
 2.  Notwithstanding the foregoing Section 1, Ampex shall remain
named fiduciary over the Plans’ investments set forth in Attachment A hereto (the “Ampex Controlled Investments”). However, Ampex agrees that without the express written consent of Hillside, no current or future asset of the Plans,
other than those assets that are currently Ampex Controlled Investments, or unfunded commitments thereto, shall be invested or reinvested in or as Ampex Controlled Investments, and any distributions from or proceeds of liquidation of Ampex
Controlled Investments shall be forthwith transferred to the investment management control of Hillside or another member of the Hillside Group as directed by Hillside. 
  
 3.  On the date that a member of the Hillside Group becomes the named fiduciary with respect to investment and management of the assets of the Plans as provided
in Section 1 herein, Hillside or a member of the Hillside Group shall become the administrator of the Plans with respect to the engagement of a plan actuary, and Section 8.1(e) of the Agreement is amended to read as follows: 
  
 “(e) With respect to any Plan Year commencing prior to January 1, 2005, to the extent permitted by Applicable Law, Hillside shall not
change either Plan’s actuary without the advance written approval of Ampex, and unless otherwise imprudent, shall endeavor not to change or consent to change either Plan’s actuarial methods and assumptions from those used in the January 1,
2002 actuarial report for the Plan for the 2 Plan Years beginning January 1, 2003 and January 1, 2004. 
  
 4.  Hillside and Ampex shall take such action as may be necessary or 

 
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 appropriate to effectuate the intent of this Second Amendment, including but not limited to adoption of Board of Directors resolutions and/or
amendment of the Plans. 
  
 5.  The Agreement remains in full force and effect without modification or
amendment (except as set forth herein). 

 
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 ATTACHMENT A 
 AMPEX RETIREMENT PLAN 
 AMPEX CONTROLLED INVESTMENTS 
 Valued as of July 31, 2002 
  
 
	  	  	 Fair value
 

	 Distressed Debt Securities:
 	  	  
	 BIII
 	  	 9,328,500
 
	 BIIIa
 	  	 6,890,320
 
	 BIV (a)
 	  	 495,972
 
	 Cybernet Systems
 	  	  
	 46,526 Shares of Common Stock
 	  	 375,000
 
	 Ampex Corporation
 	  	  
	 534 Shares of Redeemable Preferred Stock
 	  	 24,030
 
	 3,019,772 Shares of Common Stock
 	  	 271,779
 

 
 
(a)  Unfunded commitments at July 31, 2002 totaled $4.5
million of which $750,000 was funded on August 27, 2002, leaving a remaining commitment of $3.75 million. 

 
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 IN WITNESS WHEREOF, the parties have executed this Second Amendment (which may be
executed in separate counterparts with the same effect as if each party had executed the same counterpart) as of the date set forth herein above. 
  
 AMPEX GROUP 
  
 
	 
	 AMPEX CORPORATION
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 AMPEX DATA SYSTEMS
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 AMPEX FINANCE CORPORATION
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 AMPEX INTERNATIONAL CREDIT CORPORATION
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 AMPEX INTERNATIONAL SALES CORPORATION
 
	 
	 By:
 	 	 /s/ Joel D. Talcott
 

	  	 	 Joel D. Talcott
 Title: Vice-President
 Telephone No:
 Fax No:
 

 

 
 5 

 
	 
	 AMPEX LEASING CORPORATION
 
	 
	 By:
 	 	 /s/ Joel D. Talcott
 

	  	 	 Joel D. Talcott
 Title: Vice-President
 Telephone No:
 Fax No:
 

 

 
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 SHERBORNE GROUP 
  
 
	 
	 NEWHILL PARTNERS, C.P.
 
	 
	 By:
 	 	 Sherborne & Company, Inc., General Partner
 
	 
	  	 	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 

 
  
 
	 
	 SHERBORNE HOLDINGS INCORPORATED
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 NH BOND CORP.
 
	 
	 By:
 	 	 /s/ Edward J. Bramson
 

	  	 	 Edward J. Bramson
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 XEPMA II INC.
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 
	 
	 XEPMA III INC.
 
	 
	 By:
 	 	 /s/ Craig L. McKibben
 

	  	 	 Craig L. McKibben
 Title: Vice-President
 Telephone No:
 Fax No:
 

 

 
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	 LIMITED HILLSIDE GROUP:
 
	 
	 BROOKSIDE INTERNATIONAL INCORPORATED
 
	 
	 By:
 	 	 /s/ John N. Irwin III
 

	 Name:
 Title:
 	 	 John N. Irwin III
 Managing
Director
 
	 
	 HILLSIDE CAPITAL INCORPORATED
 
	 
	 By:
 	 	 /s/ John N. Irwin III
 

	 Name:
 Title:
 	 	 John N. Irwin III
 Managing
Director
 

 

 
 8Amendment to Gas Sales Agreement Dated 09/01/2002

  Exhibit 10.88
 SECOND AMENDMENT TO 
GAS SALES AGREEMENT
          This Second Amendment to Gas Sales Agreement (“Amendment”) is executed as of September 1, 2002, by Tipperary Oil & Gas (Australia) Pty Ltd (ACN 077 536 871)
of GPO Box 1100, Brisbane, Queensland, Australia 4001 (“Seller”), and QUEENSLAND FERTILISER ASSETS LIMITED (ACN 011 062 294) of 76 Arthur Street, Roma, Queensland, Australia (“Buyer”).
 WITNESSETH: 

	 		A. The Seller and Buyer have previously delivered Gas Sales Agreement dated September 28, 2001, as amended by Amendment to Gas Sales Agreement executed as of May 30, 2002 (collectively, the “Original Agreement”)
governing the sale and supply of Gas to Buyer subject to the terms and conditions set forth therein including, without limitation, the Seller and the Buyer obtaining necessary financing commitments, under terms reasonably acceptable to each of them,
by September 1, 2002 for (a) Buyer to construct and commission the Plant and the Pipeline between December 1, 2002 and the Commencement Date and (b) Seller to drill and complete the number of wells, and install laterals and compressors, as Seller
reasonably deems necessary between December 1, 2002 and the Commencement Date to deliver the ACQ to the Delivery Point and meet Pipeline Pressure requirements; and 

	 		B. The Seller and Buyer have agreed, subject to the terms and conditions set forth below, to amend the Original Agreement to (1) extend the date for Seller and Buyer to obtain their respective financing commitments to
January 1, 2003 and (2)otherwise modify theOriginal Agreement as set forth herein.

          NOW, THEREFORE, for a sufficient consideration received by each, the Seller and Buyer agree to amend the Original Agreement as follows. 

	 	1.	 	Definitions. The definition of Commencement Date in the Original Agreement is hereby amended and replaced in its entirety as set forth below. 

	 	         “Commencement Date” means the later of:	

	 	(a)	 	1 November 2004; or

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	 	 (b)	 	the date after 1 November 2004 on which the Buyer takes the first delivery of Gas from the Seller under this Agreement pursuant to the notice given under Clause 2.4;

	 		provided that, if Buyer has not previously taken the first delivery of Gas from the Seller under Subparagraph (b) above, the Commencement Date shall be deemed to occur on 1 March
2005.”

	 	2.	 	Sale and Purchase. Section 2.1, the preamble of Section 2.2 and Section
2.4 of the Original Agreement, each stating conditions precedent to Seller’s and Buyer’s obligations under the Original Agreement, are hereby amended and replaced in their entirety as set forth below.

	 		“2.1   The obligations of the Parties under the Agreement, other than their obligations under Clauses 17, 20 and 24, are subject to and do not become
binding unless: 

	 	(a)	 	Buyer: (i) establishes and maintains its creditworthiness to the reasonable satisfaction of the Seller, and (ii) the Buyer has in place the necessary financing commitments, under terms reasonably acceptable to Buyer and
Seller, that will foreseeably allow Buyer to construct and commission the Plant and the Pipeline between March 1, 2003 and the Commencement Date. If these conditions precedent are not satisfied by 1 January 2003, then this Agreement will terminate
(except for Clauses 17, 20 and 24 and the enforcement of any right or claim which arises thereunder), unless the Seller agrees in writing to extend the time required to meet these
conditions.
	 	 	 
	 	(b)	 	Seller has in place the necessary financing commitments, under terms reasonably acceptable to Buyer and Seller, that will foreseeably allow Seller to drill and complete the number of wells, to install laterals and
compressors, as Seller reasonably deems necessary between March 1, 2003 and the Commencement Date to deliver the ACQ to the Delivery Point and meet Pipeline Pressure requirements. If these conditions precedent are not satisfied by 1 January 2003,
then this Agreement will terminate (except for Clauses 17, 20 and 24 and the enforcement of any right of claim which arises thereunder), unless Buyer agrees in writing to extend the time required to
meet this condition.”

	 		“2.2   In addition to the conditions in Clause 2.1, Buyer shall begin actual construction of the Plant by 1 March, 2003, and diligently prosecute actual
construction of the Plant and the Pipeline thereafter in an orderly and prudent manner through and until the Commencement Date.”

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	 	 “2.4   The Buyer must deliver written notice to the Seller not less that forty-five (45) Business Days’ before the Day on which the Buyer intends to take the first delivery of Gas from the Seller
under this Agreement; provided that Seller shall have no obligation to supply Gas to Buyer before 1 November 2004.”	

	 	3.	 	Authority, Effect and Governing Law. Section 20.1 (a), containing a representation and warranty regarding Seller’s and Buyer’s
corporate proceedings with respect to the Original Agreement, is hereby amended and replaced in its entirety as set forth below. 

	 		“20.1   Each Party represents and warrants to the other Party now and at all times during the Term:

	 	(a)	 	It is a company duly incorporated under the laws of Queensland and has the power and authority to enter into this Agreement and will have undertaken and complied with the necessary corporate proceedings to ensure this
Agreement is enforceable and binding on it or before January 1, 2003 (unless otherwise terminated on or before that date);”

	 	4.	 	Capitalized Terms. All capitalized terms shall have the meaning assigned to them in the Original Agreement, except as added, amended or otherwise restated herein or
unless the context clearly requires otherwise. In addition: references in the Original Agreement to the “Agreement,” “hereof”, “herein” and words of similar import shall be deemed to be references to the Original
Agreement as amended hereby. 
	 	 	 
	 	5.	 	Representations. The Seller and Buyer respectively represent and warrant that all of the representations and warranties contained in the Original Agreement (and any certificates and
documents executed pursuant thereto or contemplated thereby) are true and correct in all material respects on and as of the effective date of this Amendment.
	 	 	 
	 	6.	 	Conflicts and Continuation. In the event that this Amendment conflicts or is inconsistent with the Original Agreement, this Amendment shall control. Except as
specifically amended herein, all of the terms and conditions of the Original Agreement (and any certificates and documents executed pursuant thereto or contemplated thereby) shall remain in full force and effect in accordance with their respective
terms. 
	 	 	 
	 	7.	 	Severability. In the event any one or more provisions contained in the Original Agreement or this Amendment should be held to be invalid, illegal or unenforceable in any respect, the
validity, enforceability and legality of the remaining provisions contained herein and therein shall not be affected

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	 	in any way or impaired thereby and shall be enforceable in accordance with their respective terms.	

	 	8.	 	Acknowledgment. The Seller and Buyer respectively ratify and confirm that the Original Agreement (and any certificates and documents executed pursuant thereto
or contemplated thereby) remain in full force and effect in accordance with their respective terms, except as amended hereby. The representatives of the Seller and Buyer executing this Amendment each represent and warrant to the others that they are
duly appointed agents or officers of the party to the Original Agreement as designated in the signature lines below, they have full power and authority to execute and deliver this Amendment on behalf of the party to the Original Agreement as
designated below, they have obtained all corporate or other authorizations as may be applicable to each of them.

 EXECUTED as an agreement.

	THE, COMMON SEAL of TIPPERARY OIL & GAS (Australia)	 	)
	Pty LTD (ACN 077 536 871 was duly affixed to this document in	 	)
	accordance with its articles of association in the presence of:	 	)

		 	 	 
	
/s/ ELAINE R. TREECE	 	 	
/s/ DAVID L. BRADSHAW
	
			

	Signature of Secretary	 	 	Signature of Director

		 	 	 
	
ELAINE R. TREECE	 	 	
DAVID L. BRADSHAW
	
			

	Name of Secretary – please print	 	 	Name of Director – please print

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	THE COMMON SEAL OF QUEENSLAND	 	)
	FERTILIZER ASSETS LIMITED (ACN 011 062 294)	 	)
	was duly affixed to this document in accordance	 	)
	with its Articles of Association in the presence of:	 	)

		 	 	 
	
/s/ H. J. K. HOWES	 	 	
/s/ W. J. PEART
	
			

	Signature of Secretary	 	 	Signature of Director

		 	 	 
	
H. J. K. HOWES	 	 	
W. J. PEART
	
			

	Name of Secretary – please print	 	 	Name of Director – please print

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