Document:

Exhibit 10.1

 

Sixth Amendment to Steam Service Contract

Between

Southwest Iowa Renewable Energy, LLC

and

MidAmerican Energy Company

MidAmerican Energy Company (“Company”), an Iowa corporation, and Southwest Iowa Renewable Energy, LLC (“Customer”), an Iowa limited liability corporation, hereby agree to this Sixth Amendment to their Steam Service Contract, dated January 22, 2007, which Steam Service Contract was previously amended on five prior occasions (as so amended, the “Contract”). Company and Customer are sometimes hereinafter collectively referred to as the “Parties” or individually as a “Party.” For good and valuable consideration, the adequacy of which is hereby acknowledged by both Parties, the Parties agree to amend the Contract as follows:

1. The first paragraph (as previously amended) of Article I, Section 2 of the said Contract shall be amended as shown below, with the underlined text to be added, text that is lined-through to be stricken, and the text that is not underlined or lined-through simply reflecting existing text that is to remain as it was originally written in the Contract.

The steam service provided will be non-interruptible except for interruptions due to: force majeure (as described in Article XIV); Planned Outages, Forced Outages (Immediate, Delayed, or Postponed), Maintenance Outages (all are defined in Exhibit A); fuel emergencies; regulatory/legal (state, local or federal) or reliability council (e.g., GADS Data Reporting Instructions, Mid-Continent Area Power Pool ("MAPP"), Midcontinent Independent System Operator (“MISO”), North American Electric Reliability Corporation ("NERC"), etc.) requirements; Reliability Interruptions (defined as interruptions required by MISO, MAPP a Regional Transmission Organization ("RTO") or Independent System Operator ("ISO"), their successors or similar organizations), during periods of peak load conditions to maintain adequate reserves to meet planning reserve requirements, contingency reserve requirements, or resource adequacy requirements, or interruptions required to alleviate capacity or energy emergencies, or interruptions required for deployment of contingency reserves or to respond to reserve sharing events, other system emergencies, or as otherwise required by MISOMAPP, an RTO or ISO; or Economic Interruptions (defined as occasions when Walter Scott Energy Center—formerly the Council Bluffs Energy Center—Unit 3 is economically dispatched by a RTO or ISO (i) at a level high enough to require curtailment, or (ii) at a level low enough that the steam quality is insufficient to meet steam quality requirements under the Contract, either of which situations, “i” or “ii,” may require, in Company’s discretion,—which may include a complete cut-off—of steam production for Customer).

2. Article XI (as previously amended) of the said Contract shall be amended as shown below, with the underlined text to be added, text that is lined-through to be stricken, and the text that is not underlined or lined-through simply reflecting existing text that is to remain as it was originally written in the Contract.

This Contract shall become effective upon execution and shall continue for a term of fifteen (15) ten (10) years from the date of Customer’s First Grind (but no later than fifteen (15) ten years from January 1, 2009, unless extended by agreement of the Parties, due to a Force Majeure event at the Customer’s facility served under this Contract), or unless earlier terminated in accordance with the terms of this Contract. Due to a Force Majeure event at the Customer’s facility served under this Contract of eleven (11) months, this Contract extends to November 30, 2024. The Parties may, but are not obligated to extend the term of this Contract. If the Parties agree to extend the term of this Contract, the document they execute to accomplish the extension shall also state the period of the extension. The Parties agree that any such extension shall provide for a two (2) year period of notice to Customer prior to any termination of the extension period agreement, unless the Parties agree to an extension period that is shorter than two (2) years in which case the Parties shall agree upon an appropriate notification period.

Pursuant to the prior paragraph, and the extension of the Contract term from ten (10) years to fifteen (15) years and eleven (11) months, the Parties agree that Company will provide Customer a two (2) year notice prior to the end of the extension period if the Company has determined it will not further extend the Contract at the end of the extension period (the “extension period” means the five (5) year and eleven (11) month period by which the term is being extended).

Company will provide Customer sufficient steam service prior to First Grind for Customer’s plant testing and start-up. Such steam service shall be provided to Customer at the Net Energy Rate established herein, and under the terms and conditions of this Contract.

3. All other provisions of the Contract shall remain unchanged.

The foregoing Sixth Amendment to Steam Service Contract is agreed to by the Parties and shall be effective as of the 15th day of July, 2015.

	
MidAmerican Energy Company

	 	
Southwest Iowa Renewable Energy, LLC

	 	 	 	 	 	 
	
By:

	
/s/ Dave Ulozas

	 	
By:

	
/s/ Brian T. Cahill

	 
	 	 	 	 	 	 
	
Title:

	
VP Generation

	 	
Title:

	
President/CEOExhibit 4.1

 

NEPHROS,
Inc.

 

Warrant
AMENDMENT AND EXERCISE Agreement

 

 

THIS WARRANT AMENDMENT
AND EXERCISE AGREEMENT (this “Amendment”) is entered into as of September 29, 2015 (the “Effective
Date”), by and between Nephros, Inc. (the “Company”), and Lambda Investors LLC (the “Holder”).

 

WHEREAS, the Company
issued to the Holder that certain Class D Warrant for the Purchase of Shares of Common Stock dated November 14, 2007, and identified
as Warrant No. D-1 (together with all amendments thereto entered into prior to the date hereof, the “Warrant”),
which currently provides Holder with the right to purchase 11,742,100 shares of the Company’s common stock (the “Warrant
Shares”) at a per share exercise price of $0.30 (the “Exercise Price”);

 

WHEREAS, the Company
is in need of capital, and Company has determined that, a the current time, incentivizing all its warrant holders to exercise their
options provides the Company with the best source of capital available to it;

 

WHEREAS, as an inducement
to Holder to exercise the Warrant, the Company has offered to reduce the current Exercise Price of the Warrant by fifty percent
(50%) and to offer the same terms and conditions to the Company’s other warrant holders, as set forth more fully herein;
and

 

WHEREAS, the Company
and the Holder desire to enter into this Amendment on the terms and conditions set forth below.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein, the Company and the Holder hereby agree as follows:

 

1.                 
Exercise Price. The Exercise Price is hereby reduced by fifty percent (50%), to $0.15 per share.

 

2.                 
Exercise of Warrant. Holder agrees to exercise, and hereby does exercise, the entirety of the purchase rights represented
by the Warrant to purchase 11,742,100 Warrant Shares at the Exercise Price (as amended by Paragraph 1 of this Amendment), for an
aggregate cash payment of $1,761,315.00. Holder shall remit to the Company on the date hereof the aggregate Exercise Price for
such Warrant Shares to the Company in immediately available cash (and not on a cashless exercise basis). Upon receipt of such payment,
the Company will cause its transfer agent to issue the Warrant Shares to Holder. Upon such exercise of the Warrant in accordance
with the terms of this Amendment, the parties acknowledge and agree that the Warrant shall terminate in its entirety and Holder
shall have no further rights thereunder (other than with respect to its right to receive Warrant Shares in accordance with this
Amendment).

 

3.                 
Offer to Other Warrant Holders. The Company hereby agrees and covenants to Holder that, as promptly as practicable,
it will offer to all the other holders of warrants to purchase shares of the Company’s common stock the opportunity to exercise
their warrants at an exercise price that is equal to fifty percent (50%) of the current exercise price of such warrants, and the
Company shall hold such offer open for period of no more than forty five (45) days.

 

     

     

    

 

 

4.                 
Securities Matters. Holder represents to the Company that it is an “accredited investor” as that term
is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.

 

5.                 
Incorporation of Terms. All of the provisions of this Amendment are hereby incorporated into the Warrant, so that
all of such provisions shall constitute a part of the Warrant. In the event of any conflict or inconsistency between the provisions
of this Amendment, on the one hand, and the provisions of the Warrant, on the other hand, the provisions of this Amendment shall
be controlling.

 

6.                 
Limited Effect. Except as expressly amended and modified by this Amendment, the Warrant shall continue to be, and
shall remain, in full force and effect in accordance with its terms. Reference to this Amendment need not be made in the Warrant
or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or
made pursuant to, or with respect to, the Warrant, any reference in any of such items to the Warrant being sufficient to refer
to the Warrant as amended hereby.

 

7.                 
Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State
of Delaware without regard to conflict of laws principles.

 

8.                 
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall constitute an original,
but all of which together shall constitute one and the same instrument.

 

[Signature page follows.]

 

     

     

    

 

 

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

 

 

NEPHROS, INC.

 

 

By:  /s/ Daron Evans

Name: Daron Evans

Title: Chief Executive Officer

 

 

LAMBDA
INVESTORS LLC

 

 

By:  /s/ Arthur Amron

Name:
Arthur Amron

Title:
Vice President and Assistant Secretary

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