Document:

Exhibit
4.11

 

Amendment
No. 1 to the

 

Amended
and Restated

WARRANT
AGREEMENT

dated
July 26, 2001 (which was effective as of August 31, 2001),

which
amended and restated that certain

Amended
and Restated Warrant Agreement dated December 12, 2000,

which
amended and restated

the
Warrant Agreement dated as of June 1, 2000,

as
amended as of August 9, 2000

 

Between

 

ISONICS
CORPORATION

AND

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

THIS FIRST AMENDMENT TO THE
AMENDED AND RESTATED WARRANT AGREEMENT between ISONICS CORPORATION and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY dated as of July 26, 2001
(the “Warrant Agreement”) is entered into this 10th day of June 2005
effective as of June 17, 2005. 
Capitalized terms used herein, but not defined shall have the meanings
ascribed to such terms in the Warrant Agreement.

 

W I T N E S S E T H :

WHEREAS, pursuant to the Warrant Agreement, the Class B Warrants and
the Class C Warrants are scheduled to expire at the close of business on
December 31, 2005, unless previously exercised; and

WHEREAS, the parties desire to amend the Warrant Agreement to extend
the expiration date of the Class B Warrants and the Class C Warrants to the
close of business on December 29, 2006.

NOW, THEREFORE, ISONICS CORPORATION, a California corporation
(the “Company”), and CONTINENTAL STOCK TRANSFER & TRUST COMPANY (the
“Warrant Agent”), hereby agree
to amend the Warrant Agreement as follows:

 

                1.             Paragraph
(w) of Section 1 be and hereby is amended in its entirety so that it now reads
as follows:

 

“Warrant Expiration Date”
shall mean, unless the Warrants are redeemed as provided in Section 9 hereof
prior to such date, 5:00 p.m. (New York time): (i) with respect to the Class B
Warrants, on December 29, 2006, and (ii) with respect to the Class C Warrants,
on December 29, 2006, or if earlier, the Redemption Date 

 

 

 

as defined herein, whichever
date is earlier; provided that if such date shall in the State of New York be a
holiday or a day on which banks located in the State of New York are authorized
to close, then 5:00 p.m. (New York time)on the next following day which, in the
State of New York, is neither a holiday nor a day on which such banks are
authorized to close. Upon prior written notice to the Registered Holders, the
Company (in its sole discretion) shall have the right to extend the Warrant
Expiration Date.”

 

2.            Exhibit “A” to the Warrant Agreement is hereby modified
to conform with the extension of the expiration date of the Class B Warrants
and the Class C Warrants to and including December 29, 2006.

 

3.             Except as modified herein, the terms and conditions of
the Warrant Agreement shall remain in full force and effect.

 

4.             This First Amendment may be executed in one or more
counterparts, and by different parties hereto on separate counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

IN WITNESS WHEREOF, this First Amendment has been executed as of the
date first written above.

 

 

	
  ATTEST:

  	
   

  	
  ISONICS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John V. Sakys

  	
   

  	
   

  	
  By:

  	
  James E. Alexander

  	
   

  
	
  John V. Sakys, Secretary

  	
   

  	
  James E. Alexander,
  President

  
							

 

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

 

	
   

  	
  By:

  	
  /s/ William Seegraber

  	
   

  
	
   

  	
  Name:

  	
  William Seegraber

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

2Exhibit 10.1

 

 

AMENDMENT
NO. TWO TO LOAN AGREEMENT

 

This Amendment No. Two
(the “Amendment”) dated as of June 6, 2005, is between Bank of America,
N.A. (the “Bank”) and Thomas Group, Inc. (the “Borrower”).

 

RECITALS

 

A.  The Bank and the Borrower entered into a
certain Loan Agreement dated as of July 21, 2004 (together with any
previous amendments, the “Agreement”).

 

B.  The Bank and the Borrower desire to amend the
Agreement.

 

AGREEMENT

 

1.  Definitions.  Capitalized terms used but not defined in
this Amendment shall have the meaning given to them in the Agreement.

 

2.  Amendments.  The Agreement is hereby amended as follows:

 

(a)          Paragraph number 1.1 is hereby
amended to read in its entirety as follows:

 

1.1         “Borrowing Base” means the sum of:

 

(a)          80% of the balance due on Acceptable
Commercial Receivables; and

 

(b)         90% of the balance due on Eligible Prime
Government Receivables; and

 

(c)          80% of the balance due on Eligible Sub
Contractor or other Government Receivables.

 

After calculating the Borrowing Base as provided
above, the Bank may deduct such reserves as the Bank may establish from time to
time in its reasonable credit judgment, including, without limitation, reserves
for rent at leased locations subject to statutory or contractual landlord’s
liens, inventory shrinkage, dilution, customs charges, warehousemen’s or bailee’s
charges, liabilities to growers of agricultural products which are entitled to
lien rights under the federal Perishable Agricultural Commodities Act or any
applicable state law, and the amount of estimated maximum exposure, as
determined by the Bank from time to time, under any interest rate contracts
which the Borrower enters into with the Bank (including interest rate swaps,
caps, floors, options thereon, combinations thereof, or similar contracts).

 

(b)          Paragraph number 1.6, entitled “Overadvance
Limit” is hereby deleted in its entirety

 

(c)          Paragraph number 7.7, entitled “Subordination
Agreements” is hereby deleted in its entirety.

 

(d)          Paragraph number 9.2 is hereby
amended to read in its entirety as follows:

 

9.2 Minimum EBITDA Amount.  To maintain on a consolidated basis a minimum
EBITDA amount of not less than $1,700,000.

 

1

 

“EBITDA” means net income, less income or plus loss
from discontinued operations and extraordinary items, plus income taxes, plus
interest expense, plus depreciation, depletion, and amortization.

 

This minimum EBITDA amount will be calculated at the
end of each reporting period for which the Bank requires financial statements,
using the results of the twelve-month period ending with that reporting period.

 

(e)          Paragraph number 9.3 is hereby
amended to read in its entirety as follows:

 

9.3  Funded
Debt to EBITDA Ratio.  To maintain on
a consolidated basis a ratio of Funded Debt to EBITDA not exceeding 2.5:1.0.

 

“Funded Debt” means all outstanding liabilities for
borrowed money and other interst-bearing liabilities, including current and
long term debt, less the non-current portion of Subordinated Liabilities.

 

“EBITDA” means net income, less income or plus loss
from discontinued operations and extraordinary items, plus income taxes, plus
interest expense, plus depreciation, depletion, and amortization.

 

This ratio will be calculated at the end of each
reporting period for which the Bank requires financial statements, using the
results of the twelve-month period ending with that reporting period.

 

“Subordinated Liabilities” means liabilities
subordinated to the Borrower’s obligations to the Bank in a manner acceptable
to the Bank in its sole discretion.

 

3.  Representations and Warranties.  When the Borrower signs this Amendment, the
Borrower represents and warrants to the Bank that:  (a) there is no event which is, or with
notice or lapse of time or both would be, a default under the Agreement except
those events, if any, that have been disclosed in writing to the Bank or waived
in writing by the Bank, (b) the representations and warranties in the
Agreement are true as of the date of this Amendment as if made on the date of
this Amendment, (c) this Amendment does not conflict with any law,
agreement, or obligation by which the Borrower is bound.

 

4.  Conditions.  This Amendment will be effective when the
Bank receives the following items, in form and content acceptable to the Bank:

 

(a)  If the Borrower or any guarantor is anything
other than a natural person, evidence that the execution, delivery and
performance by the Borrower and/or such guarantor of this Amendment and any
instrument or agreement required under this Amendment have been duly
authorized.

 

(b)  Payment
by the Borrower of a loan documentation fee in the amount of Five Thousand
Dollars ($5,000.00).

 

5.  Effect of Amendment.  Except as provided in this Amendment, all of
the terms and conditions of the Agreement shall remain in full force and
effect.

 

6.  Counterparts.  This Amendment may be executed in
counterparts, each of which when so executed shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument.

 

7.  FINAL AGREEMENT.  BY SIGNING THIS DOCUMENT
EACH PARTY REPRESENTS AND AGREES THAT:  (A) THIS
DOCUMENT REPRESENTS THE FINAL AGREEMENT BETWEEN PARTIES WITH RESPECT TO THE
SUBJECT MATTER HEREOF, (B) THIS DOCUMENT SUPERSEDES ANY COMMITMENT LETTER,
TERM SHEET OR OTHER WRITTEN OUTLINE OF TERMS AND CONDITIONS RELATING TO THE
SUBJECT MATTER HEREOF, UNLESS SUCH COMMITMENT LETTER, TERM SHEET OR OTHER
WRITTEN OUTLINE OF TERMS AND CONDITIONS EXPRESSLY PROVIDES TO THE CONTRARY, (C) THERE
ARE NO

 

2

 

UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES, AND (D) THIS DOCUMENT MAY NOT BE CONTRADICTED BY
EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR
UNDERSTANDINGS OF THE PARTIES.

 

8.  Notice of Final Agreement.  THIS WRITTEN AGREEMENT AND
THE LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

 

This Amendment is
executed as of the date stated at the beginning of this Amendment.

 

	
  Borrower:

  	
  Bank:

  
	
   

  	
   

  
	
  Thomas Group, Inc.

  	
  Bank of America, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ James T. Taylor

  	
   

  	
  By

  	
  /s/ Tim Leach

  
	
  James T. Taylor, CEO/President

  	
  Tim Leach

  
					

 

3

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