Document:

Exhibit 10.2

Amendment to Subscription Agreement

Amendment to Subscription Agreement dated as of January 12, 2011, by and between, Acorn Energy, Inc. (the “Company”) and Joe Cogdell (the “Investor”).

WHEREAS, the Company and the Investor have entered into a Subscription Agreement dated as of December 17, 2010 (the “Subscription Agreement”);

WHEREAS, pursuant to the Subscription Agreement, the Investor agreed to acquire 3,000 shares of the Company’s Common Stock (the “Shares”) at a price of $3.50 per share (the “Purchase Price”);

WHEREAS, on December 21, 2010, the Investor tendered an aggregate of $10,500 to the Company in consideration for and against the issuance to the Investor of the Shares; and

WHEREAS, the Company and the Investor have agreed to amend the Subscription Agreement to increase the Purchase Price by $0.20 to $3.70 per share in order to comply with certain NASDAQ rules and certain interpretations of the NASDAQ staff of such rules.

NOW, THEREFORE, the parties hereto hereby agree as follows:

1.           The Signature Page of the Subscription Agreement is hereby amended to state that the “Purchase Price Per Share” set forth thereon shall be $3.70 and the “Aggregate Purchase Price” set forth thereon shall be $11,100.

2.           Concurrent with the execution of this Amendment to Subscription Agreement, the Investor has delivered a check in the amount of $600 payable to the order of the Company representing the increase in the Aggregate Purchase Price from $10,500 to $11,100.

2            Except as amended hereby, the Subscription Agreement remains in full force and effect.

 

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

 

ACORN ENERGY, INC.

 

	
By:

	  
	  	
Name:

	  	
Title:

	  	  
	  	
Joe CogdellExhibit 10.3

AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT TO EMPLOYMENT AGREEMENT, dated as of March 15, 2011 (the “Amendment”) by and between ACORN ENERGY, INC., a Delaware corporation (with its successors and assigns, referred to as the “Corporation”) and JOHN A. MOORE hereinafter referred to as “Moore.”

Preliminary Statement

The Corporation and Moore previously entered into an Employment Agreement dated as of March 4, 2008 (the “Agreement”), and the Corporation and Moore hereby desire to amend the Agreement as set forth herein.

Agreement

Moore and the Corporation therefore agree as follows:

1.           Extension of Term.  The first sentence of Section 1, Commencement of Employment Term, is hereby amended to delete the phrase “third anniversary of the date hereof” and substitute in its place “the fourth anniversary of the date hereof.”

2.           Adjustment of Base Salary.  The first two sentences of Section 3(a) Compensation, Base Salary, are hereby amended to provide that effective November 1, 2010, Moore’s base salary shall be $300,000 per annum.

3.           Ratification.  Moore and the Corporation hereby ratify and confirm the terms of the Agreement as amended hereinabove.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

	 	 	 
	  	
JOHN A. MOORE

	 
	  	  	 
	  	
ACORN ENERGY, INC.

	 
	  	  	  	 
	  	
By:

	  	 
	  	  	
Joe B. Cogdell, Jr.

	 
	  	  	
Vice President, General Counsel & Secretary

	 
	  	  	  	 
	  	
By:

	  	 
	  	  	
Richard Giacco, Director on behalf

	 
	  	  	
of the Board of DirectorsExhibit 10.4

AMENDMENT TO AMENDED AND RESTATED

NON-PLAN STOCK OPTION AGREEMENT

THIS AMENDMENT TO AMENDED AND RESTATED NON-PLAN STOCK OPTION AGREEMENT (the “Amendment”) is made and dated as of March 10, 2011 between ACORN ENERGY, INC., a Delaware corporation (the “Company”), and JOHN A. MOORE (the “Optionee”).

WITNESSETH:

WHEREAS, the parties previously entered into that certain Amended and Restated Non-Plan Stock Option Agreement dated as of December 28, 2006 (the “Agreement”); and

WHEREAS, the parties hereto now wish to amend the Agreement to provide an additional manner of exercise of the Option as set forth below.

Accordingly, the parties hereto agree as follows:

1.           Manner of Exercise.  Section 6, Manner of Exercise, of the Agreement is hereby amended to add the following clause (iii) at the end of the first sentence of Section 6, Manner of Exercise:

“or (iii) by a Net Exercise.  In a Net Exercise of an Option, the Company will not require a payment of the exercise price of the Option from the Optionee but will reduce the number of shares of Common Stock issued upon the exercise of the Option by the smallest number of whole shares that has an aggregate Fair Market Value equal to or in excess of the aggregate exercise price for the Option Shares covered by the Option exercised; and under this method, the excess of the Fair Market Value of the shares shall be paid to the Optionee or may be used to satisfy tax withholding obligations.”

2.           Certain Definitions.  Exhibit A to the Agreement, Certain Definitions, is hereby amended to add the following Section 4, Net Exercise:

“4.  Net Exercise.  ‘Net Exercise’ shall mean a method for settling Options whereby instead of receiving a payment or tender by the Optionee to cover the exercise price of the Option, the Company issues to the Optionee the net shares of Common Stock representing the difference between the aggregate Fair Market Value of the shares of Option Shares and the aggregate exercise price of the Option.”

3.           Option Exercise Form.  Exhibit B, Option Exercise Form, to the Agreement is hereby amended and restated in its entirety as set forth in the attached Exhibit B which is incorporated herein by reference.

4.           Defined Terms.  Terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement.

  

  

 

 

5.           Ratification.  The parties hereto do hereby ratify and confirm the Agreement as amended hereinabove.

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

	  	  	  	 
	  	
ACORN ENERGY, INC.

	 
	  	  	  	 
	  	
By:

	  	 
	  	  	
Joe B. Cogdell, Jr.

	 
	  	  	
Vice President, General Counsel & Secretary

	 
	  	  	  	 
	  	
OPTIONEE:

	 
	  	  	  	 
	  	
By:

	  	 
	  	  	
John A. Moore

	 

 

  

2

 

 

EXHIBIT B TO STOCK OPTION AGREEMENT

OPTION EXERCISE FORM

ACORN ENERGY, INC.

4 West Rockland Road

Montchanin  DE  19710

 

Gentlemen:

 

I hereby exercise the following portion of the stock options that have heretofore been granted to me under the Amended and Restated Non-Plan Stock Option Agreement, as amended, by and between myself and Acorn Energy, Inc. dated as of December 28, 2006:

	
Date of grant

	  	
March 27, 2006

	 	 	 
	
Exercise price per share

	  	
$2.60

	 	 	 
	
Number of options originally granted

	  	
200,000

	 	 	 
	
Number of options currently held

	  	  
	 	 	 
	
Number of options being exercised hereby

	  	  
	 	 	 
	
In connection with this exercise [check one]:

	  	  

	                           	  	
I enclose my check in the amount of $

	  	  	  
	                           	  	
I am delivering to a broker designated or approved by the Company irrevocable instructions to (i) sell shares of Common Stock acquired upon exercise and (ii) promptly deliver to the Company a portion of the proceeds thereof equal to the Exercise Price and any applicable withholding taxes.

	  	  	  
	                           	  	
By my selection of this method of exercise, I hereby irrevocably direct the Company to effect this exercise by Net Exercise and reduce the number of shares of Common Stock issued upon this exercise by the smallest number of whole shares that has an aggregate Fair Market Value equal to or in excess of the aggregate exercise price for the Option Shares covered by the Exercise of this Option.

 

I hereby agree to execute whatever other documents are necessary in order to comply with the Agreement and any applicable legal requirements in connection with the issuance of the stock to me pursuant to the Agreement.

	
Optionee (Signature)

	 	
Social Security Number:

	 
	  	 	  	 
	  	 	  	 
	
Please print name

	 	  	 
	  	 	  	 
	
Date:

	  	 	
Address:

	 
	  	 	  	 
	  	 	  	 
	  	 	  	 
	  	 	  	 

 

  

3Exhibit 10.5

AMENDMENT TO AMENDED AND RESTATED

NON-PLAN STOCK OPTION AGREEMENT

THIS AMENDMENT TO AMENDED AND RESTATED NON-PLAN STOCK OPTION AGREEMENT (the “Amendment”) is made and dated as of March 10, 2011 between ACORN ENERGY, INC., a Delaware corporation (the “Company”), and JOHN A. MOORE (the “Optionee”).

WITNESSETH:

WHEREAS, the parties previously entered into that certain Amended and Restated Non-Plan Stock Option Agreement dated as of December 28, 2006 (the “Agreement”); and

WHEREAS, the parties hereto now wish to amend the Agreement to provide an additional manner of exercise of the Option as set forth below.

Accordingly, the parties hereto agree as follows:

1.           Manner of Exercise.  Section 6, Manner of Exercise, of the Agreement is hereby amended to add the following clause (iii) at the end of the first sentence of Section 6, Manner of Exercise:

“or (iii) by a Net Exercise.  In a Net Exercise of an Option, the Company will not require a payment of the exercise price of the Option from the Optionee but will reduce the number of shares of Common Stock issued upon the exercise of the Option by the smallest number of whole shares that has an aggregate Fair Market Value equal to or in excess of the aggregate exercise price for the Option Shares covered by the Option exercised; and under this method, the excess of the Fair Market Value of the shares shall be paid to the Optionee or may be used to satisfy tax withholding obligations.”

2.           Certain Definitions.  Exhibit A to the Agreement, Certain Definitions, is hereby amended to add the following Section 4, Net Exercise:

“4.  Net Exercise.  ‘Net Exercise’ shall mean a method for settling Options whereby instead of receiving a payment or tender by the Optionee to cover the exercise price of the Option, the Company issues to the Optionee the net shares of Common Stock representing the difference between the aggregate Fair Market Value of the shares of Option Shares and the aggregate exercise price of the Option.”

3.           Option Exercise Form.  Exhibit B, Option Exercise Form, to the Agreement is hereby amended and restated in its entirety as set forth in the attached Exhibit B which is incorporated herein by reference.

4.           Defined Terms.  Terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement.

  

  

 

 

5.           Ratification.  The parties hereto do hereby ratify and confirm the Agreement as amended hereinabove.

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

	  	
ACORN ENERGY, INC.

	 
	  	  	  	 
	  	
By:

	  	 
	  	  	
  Joe B. Cogdell, Jr.

	 
	  	  	
  Vice President, General Counsel & Secretary

	 
	  	  	  	 
	  	
OPTIONEE:

	 
	  	  	  	 
	  	
By:

	  	 
	  	  	
  John A. Moore

	 

 

  

2

 

 

EXHIBIT B TO STOCK OPTION AGREEMENT

OPTION EXERCISE FORM

ACORN ENERGY, INC.

4 West Rockland Road

Montchanin  DE  19710

 

Gentlemen:

 

I hereby exercise the following portion of the stock options that have heretofore been granted to me under the Amended and Restated Non-Plan Stock Option Agreement, as amended, by and between myself and Acorn Energy, Inc. dated as of December 28, 2006:

	
Date of grant

	  	
March 27, 2006

	 	 	 
	
Exercise price per share

	  	
$2.60

	 	 	 
	
Number of options originally granted

	  	
200,000

	 	 	 
	
Number of options currently held

	  	  
	 	 	 
	
Number of options being exercised hereby

	  	  
	 	 	 
	
In connection with this exercise [check one]:

	  	  

	                           	  	
I enclose my check in the amount of $

	 	 	 
	                           	  	
I am delivering to a broker designated or approved by the Company irrevocable instructions to (i) sell shares of Common Stock acquired upon exercise and (ii) promptly deliver to the Company a portion of the proceeds thereof equal to the Exercise Price and any applicable withholding taxes.

	  	  	  
	                           	  	
By my selection of this method of exercise, I hereby irrevocably direct the Company to effect this exercise by Net Exercise and reduce the number of shares of Common Stock issued upon this exercise by the smallest number of whole shares that has an aggregate Fair Market Value equal to or in excess of the aggregate exercise price for the Option Shares covered by the Exercise of this Option.

 

I hereby agree to execute whatever other documents are necessary in order to comply with the Agreement and any applicable legal requirements in connection with the issuance of the stock to me pursuant to the Agreement.

	  	 	  	 
	
Optionee (Signature)

	 	
Social Security Number:

	 
	  	 	  	 
	  	 	  	 
	
Please print name

	 	  	 
	  	 	  	 
	
Date:

	  	 	
Address:

	 
	  	 	  	 
	  	 	  	 
	  	 	  	 

 

  

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]