Document:

EXHIBIT
10.2

 

THIRD LOAN MODIFICATION AGREEMENT

 

This Third Loan Modification Agreement  (this “Loan Modification Agreement”) is entered
into as of January 31, 2006 by and between SILICON
VALLEY BANK, a California corporation with its principal place of business
at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan
production office located at One Newton Executive Park, Suite 200, 2221
Washington Street, Newton, Massachusetts 02462, doing business under the name “Silicon
Valley East” (“Bank”) and SATCON TECHNOLOGY
CORPORATION, a Delaware corporation with offices located at 27
Drydock Avenue, Boston, Massachusetts 02210 (FAX 617-897-2401); SATCON POWER SYSTEMS, INC., Delaware
corporation with offices located at 27 Drydock Avenue, Boston, Massachusetts
02210; SATCON APPLIED TECHNOLOGY, INC.,
a Delaware corporation with offices located at 27 Drydock Avenue, Boston,
Massachusetts 02210; SATCON ELECTRONICS, INC.,
a Delaware corporation with offices located at 27 Drydock Avenue, Boston,
Massachusetts 02210; and SATCON POWER SYSTEMS
CANADA LTD., a corporation organized under the laws of the Province
of Ontario, Canada with offices located at 35 Harrington Court, Burlington,
Ontario L7N 3P3 (jointly and severally, individually and collectively, “Borrower”).

 

1.             DESCRIPTION
OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to
Bank pursuant to a loan arrangement dated as of January 31, 2005, evidenced by,
among other documents,  a certain Loan
and Security Agreement dated as of January 31, 2005 between Borrower and Bank,
as amended by a certain Loan Modification Agreement dated as of May 31, 2005
and a certain Second Loan Modification Agreement dated as of November 8, 2005 (as
amended, the “Loan Agreement”). 
Capitalized terms used but not otherwise defined herein shall have the
same meaning as in the Loan Agreement.

 

2.             DESCRIPTION
OF COLLATERAL.  Repayment of the
Obligations is secured by the Collateral as described in the Loan Agreement and
a certain Intellectual Property Security Agreement dated January 31, 2005 (the “IP
Agreement”)  (together with any other
collateral security granted to Bank, the “Security Documents”).

 

Hereinafter, the Security Documents, together with all
other documents evidencing or securing the Obligations shall be referred to as
the “Existing Loan Documents”.

 

3.             DESCRIPTION
OF CHANGE IN TERMS.

 

Modification to Loan
Agreement.

 

The Loan Agreement is hereby amended by deleting the
following text appearing in Section 4 of the Schedule thereto in its entirety:

 

“MATURITY DATE

 

(Section 6.1):         364
days from the date of this Agreement.”

 

and substituting the following text therefor:

 

“MATURITY DATE

 

(Section 6.1):         February
28, 2006.”

 

 

4.             FEES.  Borrower shall reimburse Bank for all legal
fees and expenses incurred in connection with this amendment to the Existing
Loan Documents.

 

5.             RATIFICATION
OF INTELLECTUAL PROPERTY SECURITY AGREEMENT. Borrower hereby ratifies,
confirms, and  reaffirms, all and
singular, the terms and conditions of the IP Agreement and acknowledges,
confirms and agrees that the IP Agreement contains an accurate and complete
listing of all Intellectual Property.

 

6.             RATIFICATION
OF PERFECTION CERTIFICATES.  Borrower
hereby ratifies, confirms, and reaffirms, all and singular, the terms and
disclosures contained in certain Perfection Certificates delivered to the Bank
on or about January 31, 2005, and acknowledges, confirms and agrees the
disclosures and information provided therein have not changed, as of the date
hereof.

 

7.             CONSISTENT
CHANGES.  The Existing Loan Documents are
hereby amended wherever necessary to reflect the changes described above.

 

8.             RATIFICATION
OF LOAN DOCUMENTS.  Borrower hereby
ratifies, confirms, and reaffirms all terms and conditions of all security or
other collateral granted to the Bank, and confirms that the indebtedness
secured thereby includes, without limitation, the Obligations.

 

9.             NO
DEFENSES OF BORROWER.  Borrower hereby
acknowledges and agrees that Borrower has no offsets, defenses, claims, or
counterclaims against the Bank with respect to the Obligations, or otherwise,
and that if Borrower now has, or ever did have, any offsets, defenses, claims,
or counterclaims against the Bank, whether known or unknown, at law or in
equity, all of tem are hereby expressly WAIVED and Borrower hereby RELEASES the
Bank from any liability thereunder.

 

10.           CONTINUING
VALIDITY.  Borrower understands and
agrees that in modifying the existing Obligations, Bank is relying upon
Borrower’s representations, warranties, and agreements, as set forth in the
Existing Loan Documents.  Except as
expressly modified pursuant to this Loan Modification Agreement, the terms of
the Existing Loan Documents remain unchanged and in full force and effect.  Bank’s agreement to modifications to the
existing Obligations pursuant to this 
Loan Modification Agreement in no way shall obligate Bank to make any
future modifications to the Obligations. 
Nothing in this Loan Modification Agreement shall constitute a
satisfaction of the Obligations.  It is
the intention of Bank and Borrower to retain as liable parties all makers of
Existing Loan Documents, unless the party is expressly released by Bank in writing.  No maker will be released by virtue of this
Loan Modification Agreement.

 

11.           COUNTERSIGNATURE.  This Loan Modification Agreement shall become
effective only when it shall have been executed by Borrower and Bank.

 

[Remainder of page
intentionally left blank]

 

2

 

This Loan Modification Agreement is executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the
date first written above.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  SATCON
  TECHNOLOGY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  David B. Eisenhaure

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  David B. Eisenhaure

  
	
   

  	
   

  
	
   

  	
  Title:
  Chairman of the Board, CEO and Secretary

  
	
   

  	
   

  
	
   

  	
  SATCON
  POWER SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  David B. Eisenhaure

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  David B. Eisenhaure

  
	
   

  	
   

  
	
   

  	
  Title:
  Chairman of the Board, CEO and Secretary

  
	
   

  	
   

  
	
   

  	
  SATCON
  APPLIED TECHNOLOGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  David B. Eisenhaure

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  David B. Eisenhaure

  
	
   

  	
   

  
	
   

  	
  Title:
  Chairman of the Board, CEO and Secretary

  
	
   

  	
   

  
	
   

  	
  SATCON
  ELECTRONICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  David B. Eisenhaure

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  David B. Eisenhaure

  
	
   

  	
   

  
	
   

  	
  Title:
  Chairman of the Board, CEO and Secretary

  
	
   

  	
   

  
	
   

  	
  SATCON
  POWER SYSTEMS CANADA LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  David B. Eisenhaure

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  David B. Eisenhaure

  
	
   

  	
   

  
	
   

  	
  Title:
  Chairman of the Board, CEO and Secretary

  

 

3

 

	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  SILICON
  VALLEY BANK, d/b/a

  
	
   

  	
  SILICON
  VALLEY EAST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael Trumack

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:
  Michael Trumack

  
	
   

  	
   

  
	
   

  	
  Title:
  Vice President

  

 

4Exhibit 10.1

 

SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT

 

This
Second Amendment to Employment Agreement (“Second Amendment”) is effective as
of the 1st day of August, 2005 (the “Effective Date”) by and between
Prospect Medical Holdings, Inc., a Delaware corporation (“Employer”) and Jacob
Y. Terner, M.D. (“Employee”) with reference to the following:

 

a.             Employer
and Employee previously entered into an Employment Agreement dated as of August
1, 1999 providing for the employment of Employee (the “Original Employment
Agreement”)

 

b.             The
Original Employment Agreement was amended effective August 1, 2002 by means of
that Amendment to Employment Agreement (the “First Amendment”) which, among
other things, extended the term of the Employment Agreement until August 1, 2005
(the Original Employment Agreement as amended by the First Amendment is
hereinafter referred to as the “Employment Agreement”).

 

c.             Employer
and Employee have agreed to extend the term of the Employment Agreement for an
additional three (3) years ending August 1, 2008.

 

d.             By
this Second Amendment, Employer and Employee desire to modify the Employment
Agreement to reflect the extension of the term.

 

FOR
GOOD AND VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged,
Employer and Employee agree to and hereby amend the Employment Agreement in the
following respects.

 

1.             Contract Term.  Section 3.1 of the Employment Agreement is
hereby deleted in its entirety and replaced with the following: “The initial
term of this Agreement shall commence on the Effective Date, and shall continue
for a period of three (3) years, subject to the earlier termination of this
Agreement as provided herein. 
Notwithstanding the foregoing, the term of this Agreement may be
extended for subsequent terms (each, an extension term) upon the mutual
agreement of Employer and Employee.  This
Agreement shall have an extension term commencing August 1, 2005 and ending
August 1, 2008.”

 

2.             Employment Agreement Continued.  Except as modified by this
Second Amendment, the Employment Agreement is ratified and shall continue in
all respects.

 

IN
WITNESS WHEREOF, Employer and Employee have executed this Second Amendment as
of the date set forth above.

 

	
  “EMPLOYER”

  	
  “EMPLOYEE”

  
	
   

  	
   

  
	
  PROSPECT MEDICAL HOLDINGS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Mike Heather

  	
   

  	
  /s/ Jacob Y. Terner, M.D

  	
   

  
	
   

  	
  Mike Heather

  	
   

  	
  Jacob Y. Terner, M.D.

  	
   

  
	
   

  	
  Chief Financial Officer

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