Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.23

CHANGE IN TERMS AGREEMENT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal

$3,517,572.00
	 	Loan Date

04-23-2007
	 	Maturity

03-23-2008
	 	Loan No

3787
	 	Call / Coll

2200
	 	Account
	 	Officer

242
	 	Initials
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing “***” has been omitted due to text length limitations.

	 	 	 	 	 	 	 	 	 
	Borrower:

	 	Homeland Energy Solutions, LLC (TIN:

48-1200438)

106 W Main, PO Box C

Riceville, IA 50466
	 	 	 	Lender:
	 	Home Federal Savings Bank

Business Banking

1016 Civic Center Dr NW Suite 300

Rochester, MN 55901

					
	 	 	 	 	 
	Principal Amount: $3,517,572.00
	 	Interest Rate: 8.250%
	 	Date of Agreement: April 23, 2007

DESCRIPTION OF EXISTING INDEBTEDNESS. That certain Promissory Note dated March 23, 2007 in
the original principal amount of $3,517,572.00.

DESCRIPTION OF COLLATERAL. Mortgage dated March 23, 2007 and Assignments of Deposit Accounts
dated March 23, 2007.

DESCRIPTION OF CHANGE IN TERMS. Change the payment from interest only monthly to a single pay
note with principal and interest due at maturity. All other terms and conditions remain the
same.

PAYMENT. Borrower will pay this loan in one principal payment of $3,517,572.00 plus interest on
March 23, 2008. This payment due on March 23, 2008, will be for all principal and all accrued
interest not yet paid.

CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original
obligation or obligations, including all agreements evidenced or securing the obligation(s),
remain unchanged and in full force and effect. Consent by Lender to this Agreement does not
waive Lender’s right to strict performance of the obligation(s) as changed, nor obligate Lender
to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of
the obligation(s). It is the intention of Lender to retain as liable parties all makers and
endorsers of the original obligations), including accommodation parties, unless a party is
expressly released by Lender in writing. Any maker or endorser, including accommodation makers,
will not be released by virtue of this Agreement. If any person who signed the original
obligation does not sign this Agreement below, then all persons signing below acknowledge that
this Agreement is given conditionally, based on the representation to Lender that the
non-signing party consents to the changes and provisions of this Agreement or otherwise will
not be released by it. This waiver applies not only to any initial extension, modification or
release, but also to all such subsequent actions.

PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS
AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS CHANGE IN TERMS AGREEMENT AND ALL
OTHER DOCUMENTS RELATING TO THIS DEBT.

BORROWER:

HOMELAND ENERGY SOLUTIONS, LLC

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Stephen K. Eastman
	 	 	 	By:
	 	/s/ Bernard Retterath
	 

	 	 
	 	 	 	 	 	 
	 

	 	Steve Eastman, President of Homeland Energy
Solutions, LLC
	 	 	 	 	 	Bernard Retterath, Treasurer of Homeland Energy
Solutions, LLC

 

 

 

DISBURSEMENT REQUEST AND AUTHORIZATION

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal

$3,517,572.00
	 	Loan Date

04-23-2007
	 	Maturity

03-23-2008
	 	Loan No

3787
	 	Call / Coll

2200
	 	Account
	 	Officer

242
	 	Initials
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

References in the shaded area are for Lender’s use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing “***” has been omitted due to text length limitations.

	 	 	 	 	 	 	 	 	 
	Borrower:

	 	Homeland Energy Solutions, LLC (TIN:

48-1200438)

106 W Main, PO Box C

Riceville, IA 50466
	 	 	 	Lender:
	 	Home Federal Savings Bank

Business Banking

1016 Civic Center Dr NW Suite 300

Rochester, MN 55901

LOAN TYPE. This is a Fixed Rate (8.250%) Nondisclosable Loan to a Limited Liability Company
for $3,517,572.00 due on March 23, 2008. This is a secured renewal loan.

PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for:

o Personal, Family, or Household Purposes or Personal Investment.

þ Business (Including Real Estate Investment).

SPECIFIC PURPOSE. The specific purpose of this loan is: CIT: Change the payment from interest
only monthly to a single pay note with principal and interest due at maturity. All other terms
and conditions remain the same.

DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be disbursed until
all of Lender’s conditions for making the loan have been satisfied. Please disburse the loan
proceeds of $3,517,572.00 as follows:

	 	 	 	 	 
	Other Disbursements:
	 	$	3,517,572.00	 
	$3,517,572.00 Funds already disbursed
	 	 	 	 
	 
	 	 	 
	Note Principal:
	 	$	3,517,572.00	 

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS DISBURSEMENT REQUEST AND
AUTHORIZATION AND ALL OTHER DOCUMENTS RELATING TO THIS DEBT.

FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER
THAT THE INFORMATION PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL
ADVERSE CHANGE IN BORROWER’S FINANCIAL CONDITION AS DISCLOSED IN BORROWER’S MOST RECENT
FINANCIAL STATEMENT TO LENDER. THIS AUTHORIZATION IS DATED APRIL 23, 2007.

BORROWER:

HOMELAND ENERGY SOLUTIONS, LLC

	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Stephen K. Eastman
	 	 	 	By:
	 	/s/ Bernard Retterath
	 

	 	 
	 	 	 	 	 	 
	 

	 	Steve Eastman, President of Homeland Energy
Solutions, LLC
	 	 	 	 	 	Bernard Retterath, Treasurer of Homeland Energy
Solutions, LLCFiled by Bowne Pure Compliance

 

Exhibit 10.48

NOVINT TECHNOLOGIES, INC.

AMENDMENT NO. 1 TO UNIT SUBSCRIPTION AGREEMENT

THIS AMENDMENT NO. 1, dated as of the 2nd day of March, 2007 by and among the Investors (as
defined below) who have signed this Amendment 1 (the “Participating Investors”) and NOVINT
TECHNOLOGIES, INC., a Delaware corporation (referred to herein as the “Company”).

W I T N E S S E T H:

WHEREAS, the parties wish to amend the Unit Subscription Agreement, dated as of February 23,
2007, by and among the Investors as defined therein and the Company (the “Unit Subscription
Agreement”),

WHEREAS, capitalized terms not otherwise defined in this Amendment shall have the meaning set
forth in the Unit Subscription Agreement,

WHEREAS, the parties wish to extend the offering of Shares pursuant to the Unit Subscription
Agreement,

NOW THEREFORE, in consideration of the mutual promises, representations and warranties made
each to the other, it is hereby agreed that the Unit Subscription Agreement is hereby amended and
supplemented as follows:

1. The Participating Investors hereby consent to the amendment of the Unit Subscription
Agreement pursuant to this Amendment.

2. The Participating Investors and the Company hereby agree that the First Closing Date under
the Unit Subscription Agreement shall be extended until March 6, 2007.

3. Except as explicitly amended as set forth in this Amendment, the terms and provisions of
the Unit Subscription Agreement shall continue in full force and effect. This Amendment shall be
effective when duly executed by the Company and Participating Investors who have subscribed for
Units, and whose subscriptions have been accepted by the Company, on the date hereof constituting
at least 2,500,000 Units.

4. This Amendment may be executed in one or more counterparts, each of which shall be deemed
an original but all of which shall constitute a single instrument.

[the balance of this page is intentionally blank]

 

 

 

Signature Pages

to

Novint Technologies, Inc. Amendment No. 1, dated March 2, 2007

to Unit Subscription Agreement, dated February 23, 2007

IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals on the day and year
first above written.

THE COMPANY:

	 	 	 	 	 
	 	 	NOVINT TECHNOLOGIES, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

PARTICIPATING INVESTORS:

	 	 	 	 	 	 	 	 	 
	SOUTH FERRY #2, L.P.	 	 	 	AIGH INVESTMENT PARTNERS LLC
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Orin Hirschman, Manager
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	[                                        ]	 	 	 	GLOBIS CAPITAL PARTNERS, L.P.
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	_________________________________, General Partner
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	HERSCHEL BERKOWITZ	 	 	 	PAUL PACKER

 

- 2 -Filed by Bowne Pure Compliance

 

Exhibit 10.49

NOVINT TECHNOLOGIES, INC.

AMENDMENT NO. 2 TO

UNIT SUBSCRIPTION AGREEMENT

COMMON STOCK

AND WARRANTS

THIS AMENDMENT NO. 2 TO UNIT SUBSCRIPTION AGREEMENT is dated as of March 30, 2007, (this
“Amendment”), among Novint Technologies, Inc., a Delaware corporation (the
“Company”), and the persons who execute this Amendment as investors (each an
“Investor” and collectively the “Investors”).

Background: On February 23, 2007, the Company and the Investors entered into the Unit
Subscription Agreement (the “Agreement”) whereby the Company issued and sold to the Investors nine
million (9,000,000) Units consisting of shares of common stock, $.01 par value per share, of the
Company (the “Shares”) and 5-year warrants, in substantially the form attached thereto. In
addition, the Company was permitted to sell an additional one million (1,000,000) Units (he
“Additional Securities”) on the same terms to a strategic investor by March 30, 2007.

The Company has requested, and the Investors have agreed, to amend the Agreement to provide that
the Company may sell the Additional Securities on or prior to May 11, 2007 to either a strategic
investor, or an investor yet to be identified.

In consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, the parties agree as
follows:

Certain Definitions: All terms used in this Amendment, but not defined herein, shall have
the meaning ascribed such terms in the Agreement.

1. Definition of Second Closing. The Investors and the Company hereby agree that
Section 1.2 of the Agreement shall be amended to change the definition of “Second Closing” from
March 30, 2007 to May 11, 2007, such that the third sentence of that Section is hereby modified to
read in its entirety as follows:

“A second closing (the “Second Closing, and with the First Closing, the “Closings”)
for the sale of the Additional Securities shall take place no later than May 11, 2007 (the
“Second Closing Date”, and with the First Closing Date, the “Closing Dates”).”

2. Definition of Additional Securities. The Investors and the Company hereby agree
that the definition of “Additional Securities” shall be modified to mean the sale of an additional
one million (1,000,000) Units on the same terms to an investor by May 11, 2007 and that such
investor may be, but need not be, a strategic investor.

 

 

 

3. Amendment to Certificate of Incorporation. The Investors and the Company hereby
agree that Section 2.2(b)(iii) is hereby modified to read in its entirety as follows:

(iii) In the event that (x) the Company does not file the Information Statement
within 15 business days following the date of this Agreement, (y) the Company fails
to file the Restated Certificate and make it effective under Delaware law within 120
days following the date of this Agreement, or (z) the Company’s Board of Directors
fails to act as required pursuant to the provisions of Section 2.2(b)(ii), the
Company shall pay to each Investor a cash penalty equal to 10% of the aggregate
amount invested by such Investor at the Closing; provided, however, that, with
respect to clause (y) above, no such penalty shall apply in the event that a delay
beyond the 120th day arises out of review by the SEC including the SEC’s
requirement that in lieu of an Information Statement, the Company conduct a meeting
of stockholders and utilize a proxy statement on Schedule 14A under the Exchange Act
(the “Proxy Statement”) to obtain the required votes of the Company’s stockholders
as long as the Company continues to use its best efforts to cause the Information
Statement or Proxy Statement to be approved by the SEC and mailed to stockholders,
and if required, use its best efforts to conduct a meeting of stockholders under the
SEC rules and regulations and under Delaware law before effecting the filing of the
Restated Certificate in Delaware. Any payments made pursuant to this Section
2.2(b)(iii) shall not constitute the Investors’ exclusive remedy for such events.

4. Counterparts. This Amendment may be executed (including by facsimile transmission)
with counterpart signature pages or in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

2

 

SIGNATURE PAGE

TO

NOVINT TECHNOLOGIES, INC.

AMENDMENT NO. 2 TO

UNIT SUBSCRIPTION AGREEMENT

Dated as of March 30, 2007

IF the INVESTOR is an INDIVIDUAL, please complete the following:

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first above
written.

	 	 	 	 	 
	 

Print Name

	 	 	 	 
	 
	 	 	 	 
	 

Signature of Investor

	 	 	 	 

 

 

 

SIGNATURE PAGE

TO

NOVINT TECHNOLOGIES, INC.

AMENDMENT NO. 2 TO

UNIT SUBSCRIPTION AGREEMENT

Dated as of March 30, 2007

IF the INTERESTS will be held as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY
PROPERTY, please complete the following:

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 

Print Name of Purchaser

	 	 	 	 
	 
	 	 	 	 
	 

Signature of a Purchaser

	 	 	 	 
	 
	 	 	 	 
	 

Print Name of Spouse or Other Purchaser

	 	 	 	 
	 
	 	 	 	 
	 

Signature of Spouse or Other Purchaser

	 	 	 	 

 

 

 

SIGNATURE PAGE

TO

NOVINT TECHNOLOGIES, INC.

AMENDMENT NO. 2 TO

UNIT SUBSCRIPTION AGREEMENT

Dated as of March 30, 2007

IF the INVESTOR is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST or OTHER
ENTITY, please complete the following:

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	 	 
	Print Full Legal
Name of Partnership, Company, Limited Liability Company, Trust or Other Entity
	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Authorized Signatory)	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 	 	 

 

2

 

SIGNATURE PAGE

TO

NOVINT TECHNOLOGIES, INC.

AMENDMENT NO. 2 TO

UNIT SUBSCRIPTION AGREEMENT

Dated as of March 30, 2007

NOVINT TECHNOLOGIES, INC.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 
	Dated:
	 	 	 	 
	 

	 	 

	 	 

 

3

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