Document:

Exhibit 10.1

May __, 2019

 

 

Capitol Investment Corp. IV

1300 17th Street, Suite 820

Arlington, VA 22209

 

 

This letter is to confirm the undersigned’s
commitment that, if funds are needed by Capitol Investment Corp. IV (the “Company”) and upon request by the Company,
the undersigned will provide additional loans of up to an aggregate of $_______ to the Company. The undersigned understands that
if the Company does not consummate a business combination (as described in the Company's final prospectus, dated August 15, 2017),
all amounts loaned to the Company hereunder will be forgiven except to the extent that the Company has funds available to it outside
of its trust account established in connection with the Company's initial public offering. 

 

 

________________________oss-ex101_412.htm

Exhibit 10.1

Binding Commitment Letter

March 20, 2019

 

The purpose of this letter is to memorialize in writing your binding commitment to make a loan to One Stop Systems, Inc., a Delaware corporation, (the “Company”), in a principal amount of at least $2,000,000 (the “Loan”), on the terms and conditions described in this letter agreement.

By countersigning this letter agreement, you hereby agree as follows:

1.You, in your individual capacity or affiliated entities (the “Lender”), commit to making the Loan to the Company, at the sole discretion of the Company, on or before April 1, 2020.  The Company will provide written notice to you at least ten (10) business days prior to the required funding date.

2.The principal amount of the Loan will be no greater than $2,000,000, which the Company may access in whole or in part in its sole discretion.  The Loan with have an origination fee of 1.0%  earned at execution of this commitment later and payable to the Lender in cash or, at the discretion of the Company, in shares of the Company’s common stock valued at the fair market value of the Company’s common stock on the date hereof, payable at the time of funding.  Lender will be provided 10% warrant coverage on the amounts funded under the Loan, priced at the fair market value of the Company’s common stock on the date of such funding.

3.A monthly loan commitment fee of 0.25% of the Loan will accrue and be payable to the Lender on the later of (i) the end of the term of this letter agreement, (ii) upon funding the Loan, or (iii) upon termination of this letter agreement by the Company.  The commitment fee will be payable in cash or, at the discretion of the Company, in shares of the Company’s common stock.

4.Company shall provide to Lender monthly financial statements due on a timely basis after the close of each month.

5.In the event the Company enters into any loan agreement granting a senior secured interest in the Company’s assets, the Lender shall be paid in full concurrent with the closing of such agreement.

6.The Loan will be made on the terms and conditions set forth in the form of Senior Secured Promissory Note attached hereto as Exhibit A, with a stated principal amount equal to the principal amount of the Loan (the “Note”).  All obligations under the Note shall be secured by the Company’s execution and delivery to Lender of a Security Agreement the form of which is to be negotiated in good faith between Company and Lender within thirty (30) days following the execution of this letter agreement granting to Lender a first priority security interest in and to the assets of the Company (the “Security Agreement”).  On the date when the Loan is funded to the Company, the Company will execute and deliver the Note (with a stated principal amount equal to the principal amount of the Loan) and Security Agreement to the Lender.

7.This letter agreement supersedes all prior discussions, agreements and understandings (whether written or oral) between the Company and the Lender with respect to the subject matter hereof and contains the sole and entire agreement of the Company and the Lender with respect to the subject matter hereof.

8.This letter agreement shall be binding upon and inure to the benefit of the Company and the Lender and their respective heirs, executors, administrators, legal representatives, successors and assigns.

9.This letter agreement shall be governed by and construed in accordance with the internal laws of the State of California applicable to a contract executed and to be performed in such state, without giving effect to the conflicts of laws principles thereof.

10.This letter agreement may be executed in two or more counterparts and by facsimile, each of which shall be considered an original instrument, but all of which together shall be considered one and the same agreement, and shall become binding when one or more counterparts have been and executed and delivered by each of the parties hereto.

11.This letter agreement may not be amended or modified except by a written instrument signed by each of the parties hereto, nor may any of the terms of this letter agreement be waived except by a written instrument signed by the party waiving compliance.

12.The Company may terminate this letter agreement at any time upon notice to the Lender.

13.Each of the parties to this letter agreement, acknowledges and agrees that such party fully understands such party’s right to discuss all aspects of this letter agreement with an independent attorney, and that to the extent, if any, such party has desired, such party has availed itself of this right, such party has carefully read and fully understands all of the provisions of this letter agreement, and such party is voluntarily entering into this letter agreement.  The provisions of this Agreement have been carefully negotiated by the parties, and such parties do not intend that laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be applied to this letter agreement, and therefore waive their effects.

If the terms and conditions set forth in this letter agreement are acceptable to the Lender, please acknowledge your acceptance of and agreement with such terms and conditions by executing this letter agreement in the space provided below and returning a countersigned copy to the Company.

Sincerely,

ONE STOP SYSTEMS, INC.,

a Delaware corporation

 

	
 

	
By:
	
John Morrison, Chief Financial Officer

	
Date:
	
 

 

ACCEPTED, ACKNOWLEDGED AND AGREED TO:

 

	
 

	
By:Exhibit 10.7

 

EXECUTION VERSION

 

OMNIBUS AMENDMENT AGREEMENT

 

This OMNIBUS AMENDMENT
AGREEMENT (this “Amendment”), dated as of February 26, 2019, is entered into by and among APPLIED DNA SCIENCES,
INC., a Delaware corporation (the “Issuer”), APDN (B.V.I.) INC., a corporation organized under the
laws of the British Virgin Islands (the “Guarantor”, and together with the Issuer, collectively, the “Grantors”
and each a “Grantor”), DELAWARE TRUST COMPANY, a Delaware corporation, as collateral agent (together
with its successors and assigns, in such capacity, the “Collateral Agent”) for the benefit of the Buyers (defined
below) and each of the investors listed on Schedule I attached hereto (each, a “Buyer” and collectively,
the “Buyers”; the Buyers and the Collateral Agent are collectively, together with their successors and assigns,
collectively, the “Secured Parties”).

 

WITNESSETH:

 

WHEREAS, the
Issuer and the Collateral Agent are parties to that certain Security Agreement, dated as of October 19, 2018 (as amended to date
and as the same may be further amended, amended and restated, supplemented or otherwise modified from time to time, the “Security
Agreement”), whereby the Issuer granted a security interest in substantially all of its tangible and intangible assets,
whether real or personal property, now or hereafter acquired (the “Issuer Collateral”), to the Collateral Agent
for the ratable benefit of the Secured Parties; and

 

WHEREAS, the
Guarantor and the Collateral Agent are parties to that certain Guaranty and Security Agreement, dated as of October 19, 2018 (as
amended, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty and Security Agreement”
and together with the Security Agreement, collectively, the “Security Agreements”), whereby the Guarantor granted
a security interest in substantially all of its tangible and intangible assets, whether real or personal property, now or hereafter
acquired (the “Guarantor Collateral”, and together with the Issuer Collateral, collectively, the “Collateral”),
to the Collateral Agent for the ratable benefit of the Secured Parties; and

 

WHEREAS, the
Collateral Agent, the Grantors and the investors party thereto as Buyers (the “Original Buyers”; each Buyer
party hereto which is not an Original Buyer is a “New Buyer”) are parties that certain Collateral Agency Agreement,
dated as of October 19, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Collateral
Agency Agreement”), whereby, among other things, the Original Buyers appointed the Collateral Agent as the Secured Parties’
representative and agent with respect to the Collateral; and

 

WHEREAS, the
Grantors have requested and the Secured Parties, by their execution and acknowledgement hereof, have each agreed, subject to the
terms of this Amendment, to amend each of the Security Agreement, the Guaranty and Security Agreement and the Collateral Agency
Agreement (each a “Transaction Document” and collectively, the “Transaction Documents”),
as provided herein.

 

NOW, THEREFORE,
the parties hereto hereby agree as follows, for good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged and intending to be legally bound:

 

1.           Definitions.
Capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings given to such terms in the
applicable Transaction Document.

 

     

     

    

 

2.           Joinder.
Each New Buyer hereby becomes a Buyer under the terms of the Collateral Agency Agreement and any other Transaction Document (as
defined in the Collateral Agency Agreement) to which any Buyer is a party (collectively, the “Buyer Documents”),
and appoints the Collateral Agent as provided in Section 1 of the Collateral Agency Agreement. Each New Buyer agrees that it hereby
is, and shall be deemed to be, and assumes the obligations of, a “Buyer” under each of the Buyer Documents, including
the joint and several indemnification obligations in the Collateral Agency Agreement. Each New Buyer hereby agrees to perform,
comply with, and be subject to and bound by each of the terms and provisions of each of the Buyer Documents jointly and severally
with the other Buyers party thereto.

 

3.           Amendment
to the Collateral Agency Agreement. 

 

(a) the first
“WHEREAS” clause of the Collateral Agency Agreement is hereby amended and restated, in its entirety, as follows:

 

“WHEREAS,
the Issuer and the Buyers are parties to (i) that certain Securities Purchase Agreement, dated as of August 31, 2018 (the “August
Securities Purchase Agreement” or (ii) that certain Securities Purchase Agreement, dated as of November 29, 2018 (the
“November Securities Purchase Agreement” and together with the August Securities Purchase Agreement, collectively,
the “Securities Purchase Agreement”), and certain other agreements, documents and instruments executed and delivered
in connection therewith (together the Securities Purchase Agreement and this Agreement, collectively, the “Transaction
Documents”), pursuant to which the Issuer shall be required to sell, and the Buyers shall purchase or have rights to
purchase, on a several and not joint basis, the principal amount of the notes issued pursuant thereto (as such notes may be amended,
amended and restated, supplemented or otherwise modified from time to time, the “Notes”).”

 

(b) Section
10(a) (Extension) of the Collateral Agency Agreement is hereby amended and restated, in its entirety, as follows:

 

“The
Buyers and the Issuer hereby agree to extend all delivery dates set forth in the Securities Purchase Agreement for the granting
of liens securing the Notes and perfection of the security interests contemplated therein for completion within a reasonable period
of time following the execution thereof, as determined by the Issuer and the Collateral Agent in their reasonable discretion; provided,
however, that, all of the Buyers may agree in writing to instruct the Collateral Agent not to perfect its security interest, for
the benefit of the Secured Parties, in certain types of Collateral if, in the reasonable judgment of all the Buyers, the expense
or process for achieving such perfection is determined to be unduly burdensome.”

 

(c) Schedule
1 of the Collateral Agency Agreement is hereby amended and restated, in its entirety in the form of Schedule 1 attached
hereto.

 

     

     

    

 

4.            Amendment
to the Security Agreement. 

 

(a) the Preamble
of the Security Agreement is hereby amended and restated, in its entirety, as follows:

 

“SECURITY
AGREEMENT (as amended, supplemented, amended and restated or otherwise modified from time to time, this “Agreement”)
dated October 19, 2018 made by APPLIED DNA SCIENCES, INC., a Delaware corporation with headquarters located at 50 Health Sciences
Drive, Stony Brook, New York 11790 (the “Grantor”), in favor of DELAWARE TRUST COMPANY, a Delaware corporation,
as collateral agent (together with any successor collateral agent, in such capacity, the “Collateral Agent”)
for the benefit of the investors listed on the Schedule of Buyers (each a “Buyer” and collectively, the “Buyers”;
the Buyers and the Collateral Agent are collectively, with their respective successors and assigns, the “Secured Parties”))
set forth in (i) the Securities Purchase Agreement, dated as of August 31, 2018 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “August Securities Purchase Agreement”), and (ii) the Securities
Purchase Agreement, dated as of November 29, 2018 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “November Securities Purchase Agreement” and together with the August Securities Purchase Agreement,
collectively, the “Securities Purchase Agreement”), and the other Secured Parties.”

 

(b) the second
WHEREAS clause in each of Exhibits A and B of the Security Agreement is hereby amended and restated, in its entirety, as
follows:

 

“WHEREAS,
Grantor is party to the (i) Securities Purchase Agreement, dated as of August 31, 2018 (the “August Securities Purchase
Agreement”) and (ii) the Securities Purchase Agreement, dated as of November 29, 2018 (the “November Securities
Purchase Agreement” and together with the August Securities Purchase Agreement, collectively, the “Securities
Purchase Agreement”), in each case, with the Buyers party thereto.”

 

5.           Amendment
to the Guaranty and Security Agreement. 

 

(a) the Preamble
of the Guaranty and Security Agreement is hereby amended and restated, in its entirety, as follows:

 

“GUARANTY
AND SECURITY AGREEMENT (as amended, supplemented, amended and restated or otherwise modified from time to time, this “Agreement”)
dated October 19, 2018 made by APDN (B.V.I.) INC., a corporation organized under the laws of the British Virgin Islands (the “Grantor”),
in favor of DELAWARE TRUST COMPANY, a Delaware corporation, as collateral agent (together with any successor collateral, in such
capacity, the “Collateral Agent”) for the benefit of the investors listed on the Schedule of Buyers (each a
“Buyer” and collectively, the “Buyers”; the Buyers and the Collateral Agent are collectively,
with their respective successors and assigns, the “Secured Parties”)) set forth in (i) the Securities Purchase
Agreement, dated as of August 31, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “August Securities Purchase Agreement”) and (ii) the Securities Purchase Agreement, dated as of November
29, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “November Securities
Purchase Agreement” and together with the August Securities Purchase Agreement, collectively, the “Securities
Purchase Agreement”), and the other Secured Parties.”

 

     

     

    

 

(b) the second
WHEREAS clause in each of Exhibits A and B of the Guarantor IP Security Agreement is hereby amended and restated, in its
entirety, as follows:

 

“WHEREAS,
Grantor is a wholly owned subsidiary of APPLIED DNA SCIENCES, INC., a Delaware corporation (the “Company”),
and the Company is party to the (i) Securities Purchase Agreement, dated as of August 31, 2018 (the “August Securities
Purchase Agreement”) and (ii) the Securities Purchase Agreement, dated as of November 29, 2018 (the “November
Securities Purchase Agreement” and together with the August Securities Purchase Agreement, collectively, the “Securities
Purchase Agreement”), in each case, with the Buyers party thereto.”

 

6.            Ratification.
This Amendment shall be construed in connection with and as a part of each of the Security Agreement, the IP Security Agreement,
the Guaranty and Security Agreement, the Guarantor IP Security Agreement and Collateral Agency Agreement, as applicable, and, except
as expressly amended by this Amendment, all terms, conditions, covenants, representations and warranties contained in the Security
Agreement, the IP Security Agreement, the Guaranty and Security Agreement, the Guarantor IP Security Agreement and Collateral Agency
Agreement, respectively, are hereby ratified and shall be and remain in full force and effect. Any and all notices, requests, certificates
and other instruments executed and delivered after the execution and delivery of this Amendment may refer to the Security Agreement,
the IP Security Agreement, the Guaranty and Security Agreement, the Guarantor IP Security Agreement and Collateral Agency Agreement,
as applicable, without making specific reference to this Amendment, but nevertheless all such references shall include this Amendment.

 

7.           Parties
Bound. This Amendment shall be binding on and inure to the benefit of (i) each Grantor and (ii) the Secured Parties, as
well as each of their respective heirs, executors, administrators, legal representatives, successors and assigns, except as otherwise
expressly provided for herein.

 

8.           Counterparts
and Signatures. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed to be an original, and all of which taken together shall constitute but one and the same instrument. The transmission
or receipt of a facsimile or similar communication being a reproduction of a party’s signature or initial shall produce the
same legal result as the transmission or receipt of an original signature or initial.

 

9.            Severability
of Provisions. Any provision of this Amendment which is prohibited and unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibitive or enforceability without invalidating the remaining provisions
hereof or affecting the validity or enforceability of such provisions in any other jurisdiction.

 

10.     
   Section Headings. The Section headings used in this Amendment are for convenience only and shall
not affect the construction of this Amendment.

 

11.         Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

     

     

    

 

12.          Instruction
to Collateral Agent. Each of the Buyers, by its acknowledgement hereof, hereby directs the Collateral Agent to execute
and deliver this Amendment, and authorizes the Collateral Agent to take action as agent on its behalf and to exercise such powers
and discretion under the Security Agreement, the Guaranty and Security Agreement and the Collateral Agency Agreement and the other
Transaction Documents (as defined in the Collateral Agency Agreement) as are delegated to the Collateral Agent by the terms thereof,
together with such powers and discretion as are reasonably incidental. This Section 12 is solely for the benefit of the
Collateral Agent and the Buyers and neither the Grantor nor any other Person shall have rights as a third party beneficiary of
the provisions in this Section 12.

 

13.         Costs
and Expenses. Without limiting any expense or indemnity provisions set forth in the Security Agreement, the Guaranty and
Security Agreement and the Collateral Agency Agreement or any other Transaction Document, the Grantor agrees to pay on demand all
reasonable and documented out-of-pocket expenses, fees, and disbursements (including reasonable and documented attorneys’
fees and expenses) of the Collateral Agent and the Buyers in connection with the negotiation, preparation, execution, delivery
and administration of this Amendment.

 

[remainder of page intentionally left
blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Amendment as of the day and year first above written.

 

	 	GRANTORS:
	 	 
	 	APPLIED DNA SCIENCES, INC., a Delaware corporation 
	 	 
	 	By:	/s/ Beth Jantzen
	 	Print Name:  Beth Jantzen, CPA
	 	Its:  Chief Financial Officer
	 	 
	 	APDN (B.V.I.) INC., a corporation formed under the laws of the British Virgin Islands 
	 	 
	 	By:	/s/ James A. Hayward
	 	Print Name:  James A. Hayward
	 	Its:  Authorized Signatory

 

[Signatures Continue on Following Page]

 

Signature Page to Omnibus Amendment Agreement

 

     

     

    

 

	 	COLLATERAL AGENT
	 	 
	 	DELAWARE TRUST COMPANY,
	 	as Collateral Agent
	 	 
	 	By:	/s/ Alan R. Halpern
	 	Name: Alan R. Halpern
	 	Title: Vice President

 

[Signatures Continue on Following Page]

 

Signature Page to Omnibus Amendment Agreement

 

     

     

    

 

ACKNOWLEDGED AND CONSENTED TO BY
BUYERS:

 

	By:  	/s/ James A. Hayward	 
	Print Name:  James A. Hayward	 
	 	 
	By:  	/s/ Judith Murrah	 
	Print Name:  Judith Murrah	 
	 	 
	By:	/s/ Yavoc Shamash	 
	Print Name:  Yavoc Shamash	 
	 	 
	By:  	/s/ Robert Catell 2/13/19	 
	Print Name:  Robert Catell	 
	 	 
	By: 	/s/ Elizabeth Schmalz Ferguson	 
	Print Name:  Elizabeth Schmalz Ferguson	 
	 	 
	By: 	/s/ Gregg Baldwin	 
	Print Name:  Gregg Baldwin	 
	 	 
	By:  	/s/ William Montgomery 2/11/19	 
	Print Name:  William Montgomery	 
	 	 
	By:  	/s/ J van Eeden	 
	Print Name:  Johnette van Eeden	 
	 	 
	By:	/s/ John Cartier	 
	Print Name:  John Cartier	 
	 	 
	By: 	/s/ Wayne Buchen	 
	Print Name:  Wayne Buchen	 

 

Signature Page
to Omnibus Amendment Agreement 

 

     

     

    

 

ACKNOWLEDGED AND CONSENTED TO BY
BUYERS (continued):

 

	Delabarta II	 
	 	 
	By:  	/s/ John Bitzer III	 
	Print Name:  John F. Bitzer III	 
	Title:  President	 
	 	 
	The Rodgers Living Trust Dated April 7, 1995	 
	 	 
	By: 	 /s/ Jay D. Rodgers	 
	Print Name:  Jay D. Rodgers	 
	Title:  Trustee	 

 

Signature Page to Omnibus Amendment Agreement

 

     

     

    

 

SCHEDULE I

 

SCHEDULE OF BUYERS

 

	Buyer	 	Address for Notices
	James A. Hayward	 	
        1 Emmet Drive, Stony Brook, NY 11790 and

        50 Health Sciences Drive, Stony Brook, NY 11790

	Judith Murrah	 	8 Old Post Lane, Saint James, NY 11780
	Delabarta II	 	c/o Delaware Corporate  Management, 1105 North Market Street, Suite 1300, Wilmington, DE  19801
	Yavoc Shamash	 	7 Quaker Hill Road, Stony Brook, NY 11790
	Robert Catell	 	62 Osborne Road, Garden City, NY 11530
	Elizabeth Schmalz Ferguson	 	101 Jersey Avenue, Spring Lake, NJ 07762
	The Rodgers Living Trust Dated April 7, 1995	 	1277 Porter Road, Flower Mound, TX 75022
	Gregg Baldwin	 	3391 Ichabod Way, The Villages, FL 32163
	William Montgomery	 	34211 Seavey Loop Road, Eugene, OR 97405
	Johnette van Eeden	 	451 Westpark Way, Suite 5, Euless, TX 76040
	John Cartier	 	P.O. Box East Hampton, NY 11937
	Wayne Buchen	 	50 Health Sciences Drive, Stony Brook, NY 11790

 

Schedule I to Omnibus Amendment Agreement

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