Document:

Amendment No. 1 to Membrane Testing Agreement, dated May 17, 2004

 EXHIBIT 10.25 
  
 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 AMENDMENT NO. 1 TO 
 MEMBRANE TESTING AGREEMENT 
  
 This Amendment No. 1 to Membrane Testing Agreement (“Amendment”) is effective this 17th day of May,
2004, by and between Hoku Scientific, Inc., a Hawaii corporation located at 2153 North King Street, Suite 300, Honolulu, Hawaii 96819 USA (“HOKU”), and Nissan Motor Co., Ltd. located at 2 Takara-cho, Kanagawa-ku, Yokohama,
Kanagawa 220-8623 Japan (“NISSAN” and, together with HOKU, the “Parties”). 
  
 BACKGROUND & PURPOSE 
  
 HOKU and NISSAN are parties to that certain Membrane Testing Agreement dated as of March 19, 2004 (the “Agreement”). 

 
 NISSAN desires HOKU to perform additional testing of HOKU MEA at the HOKU
Facility as set forth herein. 
  
 For good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree as follows: 
  
 AGREEMENT 
  
 1. Definitions. All capitalized terms in this Amendment that are not otherwise defined herein shall be defined as set forth in the Agreement. 
  
 2. Completion of HOKU Testing. The Parties acknowledge and agree that each Party’s respective obligations set
forth in Sections 2 and 3 of the Agreement have been substantially performed and satisfied as of the date of this Amendment. 
  
 3. Confidentiality. Without limiting the terms of the Confidentiality Agreement, the terms of this Amendment, the testing to be performed pursuant
to this Amendment, and the results of any such testing, shall be deemed Confidential Information as defined in the Confidentiality Agreement. 
  
 4. Additional HOKU Testing. HOKU shall perform the additional tests of HOKU MEA that are described on Appendix A (“Additional
HOKU Testing”). All Additional HOKU Testing shall be performed at the HOKU Facility. 
  
 4.1. HOKU Testing Results. Upon completion of the Additional HOKU Testing, HOKU shall provide NISSAN with a written summary of the results of the
HOKU Testing (the “Additional Testing Report”). The Additional Testing Report shall be provided in hard copy and electronic formats. Such results shall be considered Confidential Information pursuant to the Confidentiality
Agreement. NISSAN may ask questions regarding the Additional Testing Report for a period of 2 months following completion of the Additional HOKU Testing. 
  
 5. Costs. NISSAN agrees to subsidize the costs for HOKU to perform the Additional HOKU Testing in the amount of [ * ] (the
“Additional Testing Cost”). HOKU shall deliver to NISSAN the Additional Testing Report immediately after the completion of the Additional HOKU Testing, and NISSAN shall, immediately upon receipt thereof, inspect the same to
verify whether the Additional HOKU Testing is performed in accordance with the description in Appendix A. In the event that the Additional Testing Report proves that the Additional HOKU Testing is completed in accordance with the 
  

							
	 HOKU Initials & Date
	 	 /s/ D.S. May 19, 2004

	 	 NISSAN Initials & Date
	 	 /s/ H.T. May 17, 2004

  
 Page 1 

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 description in Appendix A, NISSAN shall notify HOKU in writing of the inspection clearance. HOKU, after receiving
such inspection clearance, shall deliver to NISSAN an invoice and NISSAN shall, within [ * ] after receipt of such invoice from HOKU, pay HOKU for the Additional Testing Cost up to the amount specified in the invoice. [ * ] shall bear
[ * ] costs and expenses incurred in connection with the Additional HOKU Testing, including but not limited to travel costs if applicable. 
  
 6. Survival of Agreement; Extension of Term. Except as otherwise set forth herein, the terms of the Agreement survive the execution of this
Amendment; provided, however, that the term of the Agreement and this Amendment shall be extended until the earlier of (a) when HOKU delivers the Additional Testing Report and NISSAN pays any unpaid amount of the Testing Cost and the Additional
Testing Cost; and (b) January 15th, 2005 (the expiration date of the Confidentiality Agreement), but may be further extended by mutual written agreement of the Parties. Sections 5 through 7, inclusive, of the Agreement are incorporated herein by
reference. To the extent of any inconsistency between this Amendment and the Agreement, the terms of this Amendment shall be binding upon the Parties. 
  
 (Signature Page Immediately Follows) 
  

							
	 HOKU Initials & Date
	 	 /s/ D.S. May 19, 2004

	 	 NISSAN Initials & Date
	 	 /s/ H.T. May 17, 2004

  
 Page 2 

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 IN WITNESS WHEREOF, the Parties have executed this Amendment No. 1 to Membrane Testing Agreement as of the date first
set forth above. 
  

							
	 NISSAN:
  
 NISSAN MOTOR CO., LTD.
	 	 HOKU:
  
 HOKU SCIENTIFIC, INC.

				
	 By:.
	 	 /s/ Hideyuki Tamura

	 	 By:
	 	 /s/ Dustin M. Shindo

	 Name:
	 	 Hideyuki Tamura
	 	 Name:
	 	 Dustin M. Shindo

	 Title:
	 	 General Manager,
 Technology Research Laboratory No.2
	 	 Title:   Hoku Scientific, Inc.
 Chairman & CEO

	 Nissan Motor Co., Ltd.
 Authorized Signatory
	 	 Authorized Signatory

  

 SIGNATURE PAGE TO AMENDMENT
NO. 1 TO MEMBRANE TESTING AGREEMENT 

 [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
  

 APPENDIX A 
  
 ADDITIONAL HOKU TESTING 
  
 1) Conduct HOKU MEA Preliminary Testing 
  
 [ * ] 
  
 2) Conduct Duty Cycle 
  
 [ * ] 
  
 3) Conduct Hoku MEA Post Testing 
  
 [ * ] 
  
 Time Period: 
  
 Testing and work related
to this agreement will take place a period of [ * ] after the effective date stated above. 
  

							
	 HOKU Initials & Date
	 	 /s/ D.S. May 19, 2004

	 	 NISSAN Initials & Date
	 	 /s/ H.T. May 17, 2004

  
 APPENDIX
A-1Second Amendment to the Fourth Restated Articles of Incorporation

 Exhibit 4.1 
  
 SECOND AMENDMENT TO THE FOURTH RESTATED 
  
 ARTICLES OF INCORPORATION OF UNITED FIRE & CASUALTY COMPANY 
  
 TO THE SECRETARY OF STATE OF THE STATE OF IOWA: 
  
 Pursuant to the provisions of Section 490.601 and Section 490.602 of the Iowa Business
Corporation Act, Code of Iowa, as amended, United Fire & Casualty Company, an Iowa corporation (the “Corporation”), does hereby adopt the following Articles of Amendment to its Fourth Restated Articles of Incorporation: 
  
 ARTICLES OF AMENDMENT 
  
 I. The name of the corporation is UNITED FIRE & CASUALTY COMPANY. 
  
 II. The following amendment to the Fourth Restated Articles of Incorporation was recommended
to the shareholders by the Board of Directors and on May 18, 2005 was adopted by the shareholders of United Fire & Casualty Company, all in the manner prescribed by the Iowa Business Corporation Act: 
  
 RESOLVED, that Section 1 of Article V of the Amended and Substituted Articles of
Incorporation of United Fire & Casualty Company be replaced with the following: 
  
 Section 1. a. Authorized Capital Stock. The authorized capital stock of this corporation is Two Hundred Forty-nine Million Nine Hundred Ninety-nine Thousand Nine Hundred Ninety-nine Dollars and Ninety-nine Cents divided into (i) 75,000,000
shares of common stock (“Common Stock”) having a par value of Three Dollars Thirty-three and One-third Cents ($3.33 1/3) per share; and (ii) 10,000,000 shares of serial preferred stock, having no par value per share (“Preferred Stock”). 
  
 b. Preferred Stock. The Board of Directors of this corporation is authorized, subject to limitations prescribed by the Iowa Business Corporation Act and the provisions of
the Articles of Incorporation, as amended and restated, of this corporation, by resolution or resolutions, from time to time and by filing articles of amendment with the Secretary of Sate of the Sate of Iowa in accordance with the applicable
provisions of the Iowa Business Corporation Act, to provide for the issuance of the shares of Preferred Stock in series, to establish from time to time the number of shares to be included in each such series and to fix the preferences, limitations
and relative rights of the series. 
  
 III. The number of shares of United Fire
& Casualty Company Common Stock outstanding at the time of adoption of the amendment and the number of shares entitled to vote thereon was 20,353,766. United Fire & Casualty Company does not have any other class of capital stock issued and
outstanding. 
  
 IV. This number of shares of Common Stock voted for the amendment
was 16,210,551; the number of shares of Common Stock that abstained from voting was 18,422; and the number of shares of Common Stock voted against the 

 
amendment was 1,603,643. The number of shares of Common Stock voted for the amendment is sufficient for approval of the amendment by the shareholders.

  
 V. The amendment does not provide for an exchange, reclassification or
cancellation of issued shares. 
  
 VI. The amendment shall become effective when
filed in the Office of the Secretary of State of the State of Iowa. 
  
 Dated this
19th day of May, 2005. 
  

	
	
	 /S/ John A. Rife

	 JOHN A. RIFE, President & CEO

	
	 /S/ Shona Frese

	 SHONA FRESE, Corporate SecretarySecond Amendment to Credit Agreement

 Exhibit 10.1 
  
 SECOND AMENDMENT TO 
 CREDIT AGREEMENT 
  
 dated
as of July 28, 2005 
  
 among 
  
 STRATEGIC HOTEL FUNDING, L.L.C., 
  
 as the Borrower, 
  
 VARIOUS FINANCIAL INSTITUTIONS NAMED THEREIN, 
  
 as the Lenders, 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
  
 as the Administrative Agent 
  
 and 
  
 DEUTSCHE BANK SECURITIES INC. 
  
 as Sole Lead Arranger and Sole Book Running Manager 

 SECOND AMENDMENT TO CREDIT AGREEMENT 
  
 THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this Amendment) is dated as of July 28, 2005 by and among STRATEGIC
HOTEL FUNDING, L.L.C., a Delaware limited liability company (the Borrower), DEUTSCHE BANK TRUST COMPANY AMERICAS (DBTCA), as the administrative agent (in such capacity, the Administrative Agent) and the various financial
institutions become parties thereto (together with DBTCA, collectively the Lenders and individually, a Lender). 
  
 W I T N E S S E T H: 
  
 WHEREAS, pursuant to that certain Credit Agreement, dated as of June 29, 2004, as amended by that certain First Amendment to Credit Agreement, dated as of
March 22, 2005, among Borrower, the Lenders, and the Administrative Agent (as amended, restated, replaced, supplemented or otherwise modified from time to time, the Credit Agreement), Borrower obtained the Facility from the Lenders;

  
 WHEREAS, Borrower has requested that the Lenders agree to
amend the Credit Agreement as set forth herein. 
  
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree to amend the terms of the Credit Agreement as follows: 
  

	1.	Definitions. Capitalized terms used in this Amendment and not defined herein shall have the meaning provided in the Credit Agreement. 

  

	2.	Amendment to Credit Agreement. 

  
 The definition of “Maximum Additional Revolving Loan Commitment Amount” is hereby deleted in full and replaced by the following: 
  
 “Maximum Additional Revolving Loan Commitment Amount” means
Fifty-Five Million Dollars ($55,000,000). 
  

	3.	Total Interest Coverage Ratio. 

  
 Section 7.2.4(a) is hereby deleted in full and replaced by the following: 
  
 Total Interest Coverage Ratio. The Borrower will not permit the Total Interest Coverage Ratio, on a consolidated
basis, as of the end of any Fiscal Quarter to be less than 2.50:1.00. 
  

	4.	Document References. All references to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended hereby.

  

	5.	Effectiveness. This Amendment shall become effective only upon receipt by the Administrative Agent of counterparts hereof signed by the Borrower, the Administrative Agent and
the Required Lenders (or, in the case of any party as to which an executed counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of telegraphic, telex or other written confirmation from such party
of execution of a counterpart hereof by such party). 

  

 1 

	6.	Full Force and Effect. Except as amended by this Amendment, each of the Loan Documents shall continue to remain in full force and effect. 

  

	7.	Headings. Each of the captions contained in this Amendment are for the convenience of reference only and shall not define or limit the provisions hereof.

  

	8.	Governing Law. This Amendment shall be governed by the laws of the State of New York, without regard to choice of law rules. 

  

	9.	Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original and all of which when taken together shall constitute one
binding agreement. 

  

	10.	Severability. The provisions of this Amendment are severable, and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part, then such
invalidity or unenforceablity shall affect only such clause or provision, or part thereof, and not any other clause or provision of this Amendment. 

  
 [signatures follow] 
  

 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  
 Borrower: 
  

			
	 STRATEGIC HOTEL FUNDING, L.L.C.
 a Delaware limited liability company

		
	 By:
	 	 /S/    JAMES E. MEAD

	 	 	Name: James E. Mead
	 	 	 Title:   Executive Vice President and
             Chief Financial Officer

  
 Administrative Agent and
Lender: 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

		
	By:	 	 /S/    GEORGE R. REYNOLDS

	 	 	Name: George R. Reynolds
	 	 	Title:   Vice President
		
	By:	 	 /S/    JAMES ROLISON

	 	 	Name: James Rolison
	 	 	Title:   Director

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement 

 Lender: 
  

			
	 BANK OF AMERICA, N.A.

		
	 By:
	 	 /S/    WILL T. BOWERS,
JR.

	 	 	 Name: Will T. Bowers, Jr.

	 	 	 Title:   Senior Vice President

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement 

 Lender: 
  

			
	CREDIT SUISSE, Cayman Islands Branch (formerly known as CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands Branch)
		
	By:	 	 /S/    BILL O’DALY

	 	 	Name: Bill O’Daly
	 	 	Title:   Director
		
	By:	 	 /S/    CASSANDRA DROOGAN

	 	 	Name: Cassandra Droogan
	 	 	Title:   Associate

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement 

 Lender: 
  

			
	 LASALLE BANK NATIONAL
 ASSOCIATION

		
	 By:
	 	 /S/    KIM KALSETH

	 	 	Name: Kim Kalseth
	 	 	Title:   Vice President

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement 

 Lender: 
  

			
	 MERRILL LYNCH CAPITAL, a division of
 Merrill
Lynch Business Financial Services, Inc.

		
	 By:
	 	 /S/    TIMOTHY R. VERRILLI

	 	 	Name: Timothy R. Verrilli
	 	 	 Title:   Director
             Senior Transaction Attorney

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement 

 Lender: 
  

			
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION

		
	 By:
	 	 /S/    CASEY FOULKS

	 	 	Name: Casey Foulks
	 	 	Title:   Vice President

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement 

 Lender: 
  

			
	 RAYMOND JAMES BANK, FSB

		
	 By:
	 	 /S/    THOMAS F. MACINA

	 	 	Name: Thomas F. Macina
	 	 	Title:   Senior Vice President

  
 Signature Page to
Second Amendment to Strategic Hotel Funding LLC Credit Agreement

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