Document:

AMENDMENT TO NOTE DATED 06/30/1999 BETWEEN REGISTRANT AND IMPAC

 Exhibit 10.1 
  
 PROMISSORY NOTE AMENDMENT 
  
 This Promissory Note Amendment by and between Impac Funding Corporation (“Maker”) and Impac Mortgage Holdings,
Inc. (“Holder”) is made and executed effective as of June 30, 2004 (the “Amendment”). 
  
 RECITALS: 
  
 WHEREAS, Maker executed and issued that certain Note dated June 30, 1999 in the original principal amount of $14,500,000 in favor of Holder, a copy of which is attached hereto as Exhibit A (the “Note”); 
  
 WHEREAS, the parties acknowledge and agree that Maker has timely made
all minimum required payments under, and currently is not in default of any of the terms or conditions of, the Note; and 
  
 WHEREAS, notwithstanding its rights under the Note, Holder has agreed to extend the term of the Note until June 30, 2005 and to accept monthly
interest only payments in accordance with the terms of this Amendment for an additional 12-month period ending June 30, 2005 (the “Extended Interest Only Period”). 
  
 NOW THEREFORE, the parties intending to be legally bound, hereby agree that the foregoing recitals are incorporated herein
by reference and as follows: 
  
 1. Extension of Term. The
parties hereby agree to extend the term of the Note until June 30, 2005 (the “Maturity Date”), at which time any and all remaining principal and unpaid interest shall be due and payable. 
  
 2. Interest Rate. For each calendar month during the Extended Interest
Only Period, the Note shall bear interest (computed on the basis of a 360-day year, for the actual number of days occurring in the period for which such interest is payable) at a rate per annum equal to the Prime Rate (as defined below) on the
principal amount from time to time remaining unpaid. For purposes of this Amendment, the “Prime Rate” in effect for any particular calendar month during the Extended Interest Only Period shall be the “prime rate” established in
the Wall St. Journal on the first business day of such calendar month. 
  
 3. Minimum Interest Only Payments. Commencing July 31, 2004 and continuing thereafter on the last day of each calendar month until the Maturity Date, Maker shall pay in arrears, and Holder agrees to accept, monthly interest only
payments calculated in accordance with Section 2 above. 
  
 4.
Conflict of Terms. All other terms and conditions of the Note shall remain unchanged and in full force and effect. In the event of a conflict between the terms of the Note and this Amendment, this Amendment shall control. Nothing contained in
this Amendment shall effect [sic] the right of Maker to prepay in part or in full without penalty or premium all amounts owed under the Note. 

 5. Complete Agreement. This Amendment, along with the Note, constitutes the entire understanding
of the parties and supersede [sic] in their entirety all prior oral or written understandings related thereto. 
  
 6. Consideration. The parties acknowledge and agree the mutual covenants contained herein shall be sufficient consideration for all purposes.

  
 7. Notice. Any notice required or permitted to be sent
pursuant to this Amendment shall be sent by United States certified mail, return receipt requested, to the last known address of such party. 
  
 [SIGNATURES ON FOLLOWING PAGE] 
  

 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment effective as of June 30, 2004. 

 

									
	 	 	MAKER:	 	 	 	IMPAC FUNDING CORPORATION
					
	 	 	 	 	 	 	By:	 	/s/    RICHARD J.
JOHNSON        
	 	 	 	 	 	 	Name:	 	Richard Johnson
	 	 	 	 	 	 	Title:	 	CFO and Executive Vice President
					
	 	 	 	 	 	 	By:	 	/s/    RONALD M.
MORRISON        
	 	 	 	 	 	 	Name:	 	Ronald Morrison
	 	 	 	 	 	 	Title:	 	Executive Vice President
				
	 	 	HOLDER:	 	 	 	IMPAC MORTGAGE HOLDINGS
					
	 	 	 	 	 	 	By:	 	/s/    JOSEPH TOMKINSON        
	 	 	 	 	 	 	Name:	 	Joseph Tomkinson
	 	 	 	 	 	 	Title:	 	Chief Executive Officer
					
	 	 	 	 	 	 	By:	 	/s/    WILLIAM ASHMORE        
	 	 	 	 	 	 	Name:	 	William Ashmore
	 	 	 	 	 	 	Title:	 	President

  

 3Form of Option Agreement for use with 2000 Stock Incentive Plan - Incentive Stoc

 Exhibit 10.1 
  
 Form of Option Agreement for use with 2000 Stock Incentive Plan 
 Incentive Stock Option Agreement 
  
 Gensym Corporation                     Grant No.
         
  
 Incentive Stock Option Agreement 
 Granted Under 2000 Stock Incentive Plan  
  
 1 Grant of Option. 
  
 This agreement evidences the grant by Gensym Corporation, a Delaware
corporation (the “Company”), on              (the “Grant Date”) to             , an employee of
the Company (the “Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2000 Stock Incentive Plan (the “Plan”), a total of
             shares (the “Shares”) of common stock, $.01 par value per share, of the Company (“Common Stock”) at
$             per Share. Unless earlier terminated, this option shall expire on              (the “Final
Exercise Date”). 
  
 It is intended that the option evidenced
by this agreement shall be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term
“Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 
  

2 Vesting Schedule. 
  
 This option will become exercisable (“vest”) as to 33.33% of the original number of Shares on the first, second, and third anniversary of the
Grant Date. This option shall expire upon, and will not be exercisable after, the Final Exercise Date. 
  
 The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall
continue to be exercisable, in whole or in part, with respect to all shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 
  
 3 Exercise of Option. 
  
 3.1 Form of Exercise. Each election to exercise this option shall be in writing,
signed by the Participant, and received by the Company at its principal office, accompanied by this agreement, and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of shares covered hereby,
provided that no partial exercise of this option may be for any fractional share. 
  
 3.2 Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all
times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company or any parent or subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”). 

 
 3.3 Termination of Relationship with the Company. If the Participant ceases to be
an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided
that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates
the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon
such violation. 
  
 3.4 Exercise Period Upon Death or Disability. If the
Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as
specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant by the Participant, provided that this option shall be exercisable only to the extent that
this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date. 
  
 3.5 Discharge for Cause. If the Participant, prior to the Final Exercise Date, is discharged by the Company for “cause” (as
defined below), the right to exercise this option shall terminate immediately upon the effective date of such discharge. “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her
responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company),
as determined by the Company, which determination shall be conclusive. The Participant shall be considered to have been discharged for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that
discharge for cause was warranted. 
  

	4	Withholding. 

  
 No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to
the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 

 5 Nontransferability of Option. 
  
 This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily
or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant. 
  
 6 Disqualifying Disposition. 
  
 If the Participant disposes of Shares acquired upon exercise of this option within two years from the Grant Date or one year after such Shares were
acquired pursuant to exercise of this option, the Participant shall notify the Company in writing of such disposition. 
  
 7 Provisions of the Plan. 
  
 This option is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this option. 
  
 IN WITNESS WHEREOF, the Company has caused this option to be executed under
its corporate seal by its duly authorized officer. This option shall take effect as a sealed instrument. 
  

					
	 	 	 Gensym Corporation

			
	 Dated:
                    
	 	 By:
	 	  

	 	 	 Name:
	 	 Lowell B. Hawkinson

	 	 	 Title:
	 	 President, Chairman and Chief
 Executive Officer

  
 PARTICIPANT’S
ACCEPTANCE 
  
 The undersigned hereby accepts the foregoing
option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2000 Stock Incentive Plan. 
  

			
	
	 PARTICIPANT:

	
	  

		
	 Address:

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