Document:

Unassociated Document

     

    

      Exhibit
        10.1 

       

      AMENDMENT
        (the
        “Amendment”) dated as of May 1, 2008 (the “Amendment Effective Date”) by and
        between ADVANCED
        PHOTONIX, INC.,
        a
        Delaware corporation (the “Company”) and ROBIN
        F. RISSER,
        an
        individual (“Holder”) to that certain SECURED
        PROMISSORY NOTE
        (the
“Note”) dated as of May 2, 2005.

       

      The
        Company and Holder have agreed to amend and modify the Note in accordance
        with
        the terms and conditions hereinafter set forth. Unless otherwise defined
        herein,
        capitalized terms shall have the respective meanings assigned to them in
        the
        Note.

       

      NOW,
        THEREFORE, in consideration of the foregoing, the parties, intending to be
        legally bound, hereby agree to replace in its entirety Section 1 of the Note
        as
        follows:

       

      (1) PAYMENT
        OF PRINCIPAL.
        The
        Principal shall be payable in annual installments of ONE HUNDRED SIXTY SIX
        THOUSAND SIX HUNDRED SIXTY SEVEN DOLLARS ($166,667) on the first anniversary
        of
        the Issuance Date, ONE HUNDRED EIGHTY THREE THOUSAND THREE HUNDRED THIRTY
        THREE
        DOLLARS ($183,333) on the second anniversary of the Issuance Date, THREE
        HUNDRED
        THOUSAND DOLLARS ($300,000) on December 1, 2008, and a final installment
        of
        THREE HUNDRED SIXTEEN THOUSAND EIGHT HUNDRED THIRTY THREE DOLLARS ($316,833)
        on
        the fourth anniversary of the Issuance Date (the “Maturity
        Date”).

       

      Except
        to
        the extent amended hereby, the Note remains in full force and effect in
        accordance with its terms and the Interest Rate (as defined in the Note)
        will
        continue to be paid at the rate prescribed in Section 2 of the Note. The
        terms
        and conditions of this Amendment shall be construed together with the terms
        of
        the Note as a single agreement, provided that, to the extent any terms and
        conditions of the Amendment are inconsistent with the terms and conditions
        of
        the Note, the terms and conditions of this Amendment shall govern. 

       

      IN
        WITNESS WHEREOF, this Amendment has been executed by the Parties as of the
        Amendment Effective Date.

      
        	 	 	 
	 	ADVANCED
                PHOTNIX,
                INC.
	 
 	 
 	 
 
	 	By:  	/S/
                Richard D. Kurtz 
	 	
                
Richard
                D. Kurtz,
	 	Chief
                Executive Officer 

      

       

      
        	 	 	 
	 	By:  	/S/
                Robin Risser 
	 	
                
ROBIN
                F. RISSERUnassociated Document

     

    

      Exhibit
        10.2

      

      AMENDMENT
        (the
        “Amendment”) dated as of May 1, 2008 (the “Amendment Effective Date”) by and
        between ADVANCED
        PHOTONIX, INC.,
        a
        Delaware corporation (the “Company”) and STEVEN
        WILLIAMSON,
        an
        individual (“Holder”) to that certain SECURED
        PROMISSORY NOTE
        (the
“Note”) dated as of May 2, 2005.

       

      The
        Company and Holder have agreed to amend and modify the Note in accordance
        with
        the terms and conditions hereinafter set forth. Unless otherwise defined
        herein,
        capitalized terms shall have the respective meanings assigned to them in
        the
        Note.

       

      NOW,
        THEREFORE, in consideration of the foregoing, the parties, intending to be
        legally bound, hereby agree to replace in its entirety Section 1 of the Note
        as
        follows:

       

      (1) PAYMENT
        OF PRINCIPAL.
        The
        Principal shall be payable in annual installments of THREE HUNDRED THIRTY
        THREE
        THOUSAND THREE HUNDRED THIRTY THREE DOLLARS ($333,333) on the first anniversary
        of the Issuance Date, THREE HUNDRED SIXTY SIX THOUSAND SIX HUNDRED SIXTY
        SEVEN
        DOLLARS ($366,667) on the second anniversary of the Issuance Date, SIX HUNDRED
        THOUSAND DOLLARS ($600,000) on December 1, 2008, and a final installment
        of SIX
        HUNDRED THIRTY THREE THOUSAND SIX HUNDRED SIXTY SEVEN DOLLARS ($633,667)
        on the
        fourth anniversary of the Issuance Date (the “Maturity
        Date”).

       

      Except
        to
        the extent amended hereby, the Note remains in full force and effect in
        accordance with its terms and the Interest Rate (as defined in the Note)
        will
        continue to be paid at the rate prescribed in Section 2 of the Note. The
        terms
        and conditions of this Amendment shall be construed together with the terms
        of
        the Note as a single agreement, provided that, to the extent any terms and
        conditions of the Amendment are inconsistent with the terms and conditions
        of
        the Note, the terms and conditions of this Amendment shall govern. 

       

      IN
        WITNESS WHEREOF, this Amendment has been executed by the Parties as of the
        Amendment Effective Date.

    

    
      
        	 	 	 
	 	ADVANCED
                PHOTNIX,
                INC.
	 
 	 
 	 
 
	 	By:  	/S/
                Richard D. Kurtz 
	 	
                
Richard
                D. Kurtz,
	 	Chief
                Executive Officer 

      

       

      
        	 	 	 
	 	By:  	/S/
                Steven Williamson 
	 	
                
STEVEN
                WILLIAMSONUnassociated Document

     

    

      CHINA
        WIND SYSTEMS, INC.

      No.
        9
        Yanyu Middle Road

      Qianzhou
        Village, Huishan District

      Wuxi
        City, Jiangsu Province, PRC

      

      March
        24,
        2008

      

      

        
          	
                  To:

                	
                  Mr.
                    Gerald Goldberg

                
	 	
                  19
                    Peter Andrew Crescent

                
	 	
                  Thornhill,
                    Ontario L4J 3E2

                
	 	
                  CANADA

                
	 	 
	 	Re: China
                  Wind Systems, Inc. Board of
                  Directors

        

      

      

      Dear
        Mr.
        Goldberg:

      

      China
        Wind Systems, Inc., a Delaware corporation (the “Company”), is pleased to advise
        you that you have been elected as a director of China Wind Systems, Inc.,
        subject to your acceptance and agreement to serve as a member of the our
        Board
        of Directors (the “Board”). Directors are elected for a period of one year and
        until their successors are elected and qualified. At each annual meeting
        of
        stockholders, we elect directors to serve for the following year. The Board
        is
        responsible for managing our business and affairs. 

      

      This
        Agreement shall set forth the terms of your service as a director, keeping
        in
        mind that, as a director of a Delaware corporation, you have the
        responsibilities of a director under the Delaware General Corporation
        Law.

       

      1.  Acceptance;
        Board and Committee Service.
        You
        hereby accept your election as a director of the Company. You agree to serve
        on
        the audit and compensation committees, and to serve as chairman of the audit
        committee. You confirm to us that you are an independent director as defined
        in
        the Nasdaq rules and regulations.

       

      2.  Services.

       

      (a)  The
        Board
        will have four regular meetings each year, one of which will be held in the
        People’s Republic of China. Special meetings may be called from time to time to
        the extent that they are deemed necessary. In addition, the independent
        directors may have separate meetings, which may be held on the same day as
        a
        board meeting.

       

      (b)  The
        audit
        committee will have four regular meetings, one to review the financial
        statements for each of the first three fiscal quarters and a fourth to review
        the audited financial statements for the fiscal year. At these meetings,
        the
        audit committee will meet with representatives of our independent registered
        accounting firm (the “auditors”) and, if the audit committee deems necessary or
        desirable, the chief financial officer, to review the financial statements
        together with any questions raised by the auditors’ review of our disclosure and
        internal controls. The audit committee will also work with the auditors in
        connection with the implementation of internal controls. It is possible that
        additional meeting of the audit committee may be required.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (c)  The
        compensation committee is responsible for administering any stock option
        of
        other equity-based incentive plans and for determining the compensation of
        the
        chief executive officer and other executive officers. We expect that the
        compensation committee will meet twice a year.

       

      (d)  A
        copy of
        the charters for the audit and compensation committee and our code of ethics
        have previously been provided to you.

       

      3.  Attendance.
        Meetings for each year shall be scheduled at the beginning of the year and
        shall
        be reasonably acceptable to all directors. If you are unable to attend a
        meeting
        in person, you may participate by conference call. In addition, you shall
        be
        available to consult with the other members of the Board as necessary via
        telephone, electronic mail or other forms of correspondence. In addition,
        you
        will review our financial statements and annual and quarterly reports prior
        to
        the audit committee meetings. We anticipate that your participation by means
        other than personal attendance, including review of our financial statements
        and
        annual and quarterly reports, as described herein shall be, on the average
        during the year, not more than ten hours per month.

       

      4.  Services
        for Others.
        While
        we recognize that you may serve as a director of other companies and you
        are a
        partner in a registered accounting firm that may represent other companies,
        you
        understand and agree that you are and will be subject to our policy that
        restricts you from using or disclosing any material non-public information
        concerning our company or from using or disclosing any of our trade secrets
        or
        other proprietary information. Similarly, you agree that you will not use
        or
        disclose, in the performance of your duties as a director, any trade secrets
        or
        proprietary information of any other company. You agree to execute our standard
        non-disclosure agreement.

       

      5.  Blackout
        Period.
        You
        understand that we have a policy pursuant to which no officer, director or
        key
        executive may not engage in transactions in our stock during the period
        commencing two weeks prior to the end of a fiscal quarter and ending the
        day
        after the financial information for the quarter and year have been publicly
        released. As a member of the audit committee, if you have information concerning
        our financial results at any time, you may not engage in transactions in
        our
        securities until the information is publicly disclosed.

       

      6.  Compensation.
        As an
        independent director and member of the audit and compensation committees
        and
        chairman of the audit committee, you will receive the following
        compensation:

       

      (a)  An
        annual
        fee of $25,000, payable quarterly.

       

      (b)  Such
        number of shares of common stock as has a value on the date of your acceptance,
        of $45,000, based on the closing price of the stock on such date. You shall
        have
        piggyback registration rights with respect to such shares; provided, that
        such
        right will be subordinate to the rights of any investors in any past or present
        private placement of securities and such right may not be exercised if the
        total
        number of shares issued to you pursuant to this Agreement, is not more than
        1%
        of our outstanding common stock.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (c)  The
        compensation covers four meeting that you attend. If you attend more than
        four
        meetings in person, you will receive a per diem fee of $5,000 for meeting
        for
        each meeting you attend in person after the first such meeting. If board
        and
        committee meetings are held on the same day or the following day, they shall
        be,
        for purposes of this Section 6, be treated as one meeting.

       

      (d)  
        If a
        meeting that you attend in person two days of meeting, you shall be compensated
        $3,000 per day for each additional day of meeting that is convened for that
        meeting.

       

      (e)  Within
        six months from the date of this Agreement, we shall adopt and implement,
        subject to stockholder approval, an equity participation plan that provides
        for
        equity participation by independent directors.

       

      (f)  If
        your
        duties require you to devote more than an average of ten hours per month,
        you
        shall receive $375 for each hour or partial hour that your average monthly
        time
        exceeds ten hours.

       

      7.  Compensation
        for Subsequent Years.
        Your
        compensation for subsequent years shall be determined by the Board or the
        compensation committee, provided that the compensation for any year shall
        not be
        less than the compensation for the immediately prior year.

       

      8.  Reimbursement
        of Expenses.
        You
        will be reimbursed for all reasonable expenses incurred in connection with
        the
        performance of your services as a director and committee member and/or chairman,
        including your travel, lodging and related expenses, which will include business
        class travel to, and five-star lodging in, the People’s Republic of China for
        one meeting of the Board and any other meeting where you are required or
        requested to attend in person. If the Board or any committee has more than
        one
        meeting in China, you may attend that meeting by conference call unless you
        are
        otherwise in China.

       

      9.  Officers’
        and Directors’ Liability Insurance.
        We
        presently have officers’ and directors’ liability insurance in the amount of $5
        million, and we will maintain such insurance in not less than that amount.
        

       

      10.  Certain
        Representations.
        You
        represent and agree that you are accepting the shares of common stock being
        issued to you pursuant to this Agreement for your own account and not with
        a
        view to or for sale of distribution thereof. You understand that the securities
        are restricted securities and you understand the meaning of the term “restricted
        securities.” You further represent that you were not solicited by publication of
        any advertisement in connection with the receipt of the Shares and that you
        have
        consulted tax counsel as needed regarding the Shares.

       

      11.  Independent
        Contractor.
        You
        understand that, as a director, you will be an independent contractor and
        not an
        employee, and, unless the Board expressly grants you such authorization,
        you
        shall have no authority to bind us or to act as our agent.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      12.  Entire
        Agreement; Amendment; Waiver.
        This
        Agreement expresses the entire understanding with respect to the subject
        matter
        hereof and supersedes and terminates any prior oral or written agreements
        with
        respect to the subject matter hereof. This Agreement may be modified or amended,
        and no provision of this Agreemetn may be waived, except by a writing that
        expressly refers to this Agreements, states that it is an amendment,
        modification or waiver and is signed by both parties, in the case of an
        amendment or modification or the party granting the waiver in the case of
        a
        waiver. Waiver of any term or condition of this Agreement by any party shall
        not
        be construed as a waiver of any subsequent breach or failure of the same
        term or
        condition or waiver of any other term or condition of this Agreement. The
        failure of any party at any time to require performance by any other party
        of
        any provision of this Agreement shall not affect the right of any such party
        to
        require future performance of such provision or any other provision of this
        Agreement.

       

      The
        Agreement has been executed and delivered by the undersigned and is made
        effective as of the date set first set forth above. 

      

      

                  Sincerely,

      

                  CHINA
        WIND SYSTEMS,
        INC.

      

      

                  By:       
        /s/
        Jianhua Wu            

                  Jianhua
        Wu

                  Chief
        Executive
        Officer

      

      AGREED
        AND ACCEPTED:

      

      

       
        /s/ Gerry Goldberg                

      Gerry
        Goldberg

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