Document:

Exhibit 10.1

 

SECOND AMENDMENT TO THE 

INSPIREMD, INC. 2013 LONG-TERM INCENTIVE
PLAN

 

This SECOND AMENDMENT
TO THE INSPIREMD, INC. 2013 LONG-TERM INCENTIVE PLAN (this “Amendment”), dated as of April 18, 2016,
is made and entered into by InspireMD, Inc., a Delaware corporation (the “Company”). Terms used in this
Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in
the InspireMD, Inc. 2013 Long-Term Incentive Plan (the “Plan”).

 

RECITALS

 

WHEREAS, Article
9 of the Plan provides that the Company’s Board of Directors (the “Board”) may amend the Plan at
any time and from time to time;

 

WHEREAS, the
Company previously reserved a total of nine million seven hundred thousand (9,700,000) shares of its Common Stock to be delivered
pursuant to Awards under the Plan;

 

WHEREAS, on
October 1, 2015, the Company effected a one-for-ten reverse stock split such that, after giving effect to the reverse stock split,
there were nine hundred seventy thousand (970,000) shares of Common Stock reserved for issuance under the Plan;

 

WHEREAS, the
Board desires to amend the Plan to increase the number of shares of Common Stock that may be delivered pursuant to Awards under
the Plan by an additional ten million (10,000,000) shares, for an aggregate maximum total of ten million nine hundred seventy thousand
(10,970,000) shares available under the Plan on a post-split basis; and

 

WHEREAS, the
Board intends to submit this Amendment to the Company’s stockholders for approval.

 

NOW, THEREFORE,
in accordance with Article 9 of the Plan and subject to stockholder approval, the Plan is hereby amended, effective as of the date
hereof, as follows:

 

1.            Section 5.1 of
the Plan is hereby amended by deleting said section in its entirety and substituting in lieu thereof the following new Section
5.1:

 

5.1          Number
Available for Awards. Subject to adjustment as provided in Articles 11 and 12, the maximum number of shares of
Common Stock that may be delivered pursuant to Awards granted under the Plan is ten million nine hundred seventy thousand (10,970,000)
shares, of which one hundred percent (100%) may be delivered pursuant to Incentive Stock Options. Subject to adjustment
pursuant to Articles 11 and 12, the maximum number of shares of Common Stock with respect to which Stock Options or SARs
may be granted to an Executive Officer during any calendar year is one hundred thousand (100,000) shares of Common Stock. Shares
to be issued may be made available from authorized but unissued Common Stock, Common Stock held by the Company in its treasury,
or Common Stock purchased by the Company on the open market or otherwise. During the term of this Plan, the Company will at all
times reserve and keep available the number of shares of Common Stock that shall be sufficient to satisfy the requirements of this
Plan.

 

     

     

    

 

2.            Except as expressly
amended by this Amendment, the Plan shall continue in full force and effect in accordance with the provisions thereof.

 

[Remainder of Page Intentionally Left
Blank

Signature Page Follows.]

 

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IN WITNESS WHEREOF,
the Company has caused this Amendment to be duly executed as of the date first written above.

 

	 	INSPIREMD, INC.
	 	 	 
	 	By:	/s/ Craig Shore
	 	Name:	Craig Shore 
	 	Title:	Chief Financial Officer, Chief Administrative Officer, Treasurer and Secretary

 

Signature Page to

Second Amendment to the 2013 Long-Term
Incentive PlanBlueprint

 

 

 

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

 

 

This First Amendment to Loan and Security Agreement (“Amendment”) is entered into as of May 24, 2016 between Comerica Bank (“Bank”) and MobileSmith, Inc., a Delaware corporation
(“Borrower”).

 

 

 

RECITALS

 

A. Borrower and Bank are parties to that Loan and Security Agreement dated June 9, 2014, (the “Agreement”).

 

 

                      

                      B.     The parties desire to amend the Agreement as set forth herein.

 

NOW, THEREFORE, the parties agree as follows:

 

 

1. Exhibit A of the Agreement is amended by amending and restating the definition of “Revolving Maturity Date” to read in its entirety as follows:

 

 

“‘Revolving Loan Maturity Date’” means June 9, 2018.”

 

 

2. No course of dealing on the part of Bank or its officers, nor any failure or delay in the exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise
of any such right. Bank’s failure at any time to require strict performance by Borrower of any provision shall not affect any right of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Bank. BORROWER WAIVES THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, AS IT MAY BE AMENDED FROM TIME TO TIME, WHICH STATES:

 

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

 

3. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended hereby, shall be and remains in full force and effect in accordance with its terms and hereby is ratified and confirmed in
all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.

 

 

4. Borrower waives, discharges, and forever releases Bank, Bank’s employees, officers, directors, attorneys, stockholders, and their successors and assigns, from and of any and all claims, causes of action, allegations or assertions that Borrower has or may have
had at any time up through and including the date of this Amendment, against any or all of the foregoing, regardless of whether any such claims, causes of action, allegations or assertions are known to Borrower or whether any such claims, causes of action, allegations or assertions arose as result of Bank’s actions or omissions in connection with the Loan Documents, or any amendments, extensions or modifications thereto, or Bank’s administration of the Obligations or otherwise.

 

 

5. Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct in all material respects as of the date of this Amendment, and that no Event of Default has occurred and is continuing.

 

 

6. As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

 

 

(a) this Amendment, executed by Borrower;

 

1

 

 

 

(b) a Certificate of the Chief Executive Officer of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this Amendment;

 

 

(c) a facility fee, in the amount of $12,500, which fee is fully earned and non-refundable, and which may be debited from Borrower’s account;

 

 

(d) amendments to (i) that certain Convertible Secured Subordinated Note Purchase Agreement, dated November 14, 2007, and the Convertible Secured Subordinated Promissory Notes issued thereunder, among Borrower and the holders of such Convertible Secured Subordinated
Promissory Notes, extending the maturity date of such Convertible Secured Subordinated Promissory Notes beyond the Revolving Loan Maturity Date, duly executed by Borrower and the holders of such Convertible Secured Subordinated Promissory Notes, and (ii) that certain Convertible Subordinated Note Purchase Agreement, dated as of December 11, 2014, and the Convertible Subordinated Promissory Notes issued thereunder, among Borrower and the holders of such Convertible Subordinated Promissory Notes, extending the
maturity date of such Convertible Subordinated Promissory Notes beyond the Revolving Loan Maturity Date, duly executed by Borrower and the holders of such Convertible Subordinated Promissory Notes;

 

(e) all reasonable Bank Expenses incurred through the date of this Amendment, which may be debited from any of Borrower’s accounts; and

 

 

(f) such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

 

7. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

 

 

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2

 

 

 

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

 

 

 

MOBILESMITH, INC.

By: /s/ Amir Elbaz                                                                            

Name:  Amir Elbaz                                                                            

Title: CEO                     
                                                                            

 

 

 

                                                                           
                COMERICA BANK

By: /s/ Chad Murray                                                                                

Name:  Chad Murray                                                                              

Title: AVP                                                                                              

 

 

 

 

3SALES AGENCY
AGREEMENT

 

This
SALES AGENCY AGREEMENT (“Agreement”) is entered into effective as of May 1, 2016 (the “Effective Date”)
between E&F Co., Ltd, a Japan corporation with principal offices at 1-2-38-8F, Esaka-cho, Suita-shi, Osaka 564-0063, Japan
(the “Company”) and Exceed Japan Co., Ltd, , a Japan corporation with its principal place of business at 4-3-8-8F,
Nishinakajima, Yodogawa-ku, Osaka-shi, Osaka, 532-0011, Japan (the “Supplier”).

 

1. Governing
Law

1-1
This Agreement shall be interpreted and governed in accordance with the laws of Japan.

 

1-2
Both party shall comply with all governmental laws and fulfil this Agreement faithfully by mutual confidence.

 

2. Purpose

2-1
The Company shall sell and distribute the supplement products which are provided by the Supplier (“Products”) as the
sales agency of the Supplier. Products are as follows:

		・	PURE
                                         ESALA

		・	POPOCA

		・	Le
                                         jeune

		・	Magic
                                         Soap in Bath

 

2-2
Both party may change or add Products by mutual agreement in writing.

 

3. Business
Transaction

The
Company shall purchase Products from the Supplier and sell to customers in the name and account of the Company.

 

4. Basic
Agreement

This
Agreement shall be applied in Separate Agreements (“Separate Agreements”) between the Company and the Supplier. If
there is a difference between this Agreement and Separate Agreements, Separate Agreements shall be prior to this Agreement.

 

5. Separate
Agreements

5-1
Necessary matters in the transactions under this Agreement shall be fixed in Separate Agreements at each transaction.

 

5-2
Separate Agreements shall be effective when writing order is closed.

 

6. Competing
products

If
the Company wish to deal competing products against the Supplier, the Company shall obtain a
written approval from the Supplier in advance.

 

7. Documentation

Discussion,
approval, notification, direction, claim, etc. shall be made through the documentation as a general rule. However, in case of
emergency, both party may contact and notify by telephone, facsimile, email, etc.

 

8. Delivery

8-1
The Supplier shall deliver Products to the place specified in Separate Agreements and the Company shall inspect delivered products
immediately after receiving of Products.

 

8-2
The Company shall complete the inspection in the preceding paragraph 30 days after receiving of Products. If the inspection is
not completed within such period, it shall be regarded to be completed and accepted.

 

8-3
If there is a quality defect or shortage in the inspection, the Supplier shall redeliver Products.

 

8-4
This article shall also be applied to redelivered products.

 

9. Ownership
and Risk Taking

9-1
The ownership of Products shall be transferred from the Supplier to the Company at acceptance of the inspection.

 

9-2
Risks of Products shall be transferred from the Supplier to the Company at acceptance of the inspection.

 

10. Ownership
and Risk Taking

10-1
The Company shall pay the Supplier the amount of Products by bank transfer. The closing date of amount shall be the end of the
month and the due date for payment shall be the end of the next month. The Company shall also pay bank transfer charge.

 

10-2
The Company shall pay sales taxes together with the amount of Products unless specified in Separate Agreements.

 

11. Defect
warranty liability

If
a product defect which has not been discovered in Products inspection is discovered, the Company may claim re-delivery of Products
or repayment of the amount for 3 months from date of delivery.

 

12. Prohibition
of Transfer of Power

Both
party shall be prohibited from transferring its status, rights and obligations which arise from this Agreement or Separate Agreements
to a third party without written consent of the other party.

 

13. Term

This
Agreement shall effect for 3 years from the Effective Date. Thereafter, this Agreement shall be renewed automatically for successive
additional 3 years terms unless either party chooses not to continue the relationship 30 days prior to the natural expiration
of the existing three-year term.

 

14. Termination

14-1
Each party may terminate this Agreement or Separate Agreements if the other party violate this Agreement or Separate Agreements
and cannot correct for 30 days from the improvement instruction.

 

14-2
This Agreement may be terminated by as follows:

 

14-2-1
By either party if the other party are seized

14-2-2
By either party if the other party becomes insolvent

14-2-3
By either party if the other party becomes bankrupt, or files a voluntary petition in bankruptcy

10.2.4
By either party if the other party becomes suspension of business or dissolution

10.2.5
By either party if the other party becomes worse of its property or credit

 

15. Elimination
of Antisocial Forces

15-1
Each party shall affirm to the other party as follows:

 

15-1-1
Each party does not have no relation to antisocial forces

15-1-2
Directors or officers in each party does not have no relation to antisocial forces

15-1-1
Each party does not enter into this Agreement for antisocial forces

15-1-1
Each party does not do threatening or violent behavior

 

15-2
Each party may terminate this Agreement or Separate Agreements if there is a violation in preceding paragraphs without notice.

 

15-3
In case of the termination in preceding paragraph, the party terminated cannot claim any compensation for damages.

 

16. Effect
of Termination

If
this Agreement terminate or expire, Separate Agreements shall be effective except for the case in the preceding article.

 

17. Compensation
for Damage

If
each party is damaged be the other party intentionally or negligently, the party which cause damage shall be liable to compensate
for damages

 

18. Abnormal
Natural Disaster

The
Supplier shall not be liable to compensation for losses due to force majeure, for example, abnormal natural disaster, war, riot,
revision or repeal of laws, exercise of public authority, etc..

 

19. Confidentiality
Obligation

19-1
Each word shall be defined as follows:

 

19-1-1
Disclosing Party shall be the party which disclose the information.

19-1-2
Receiving Party shall be the party which receive the information.

19-1-3
Confidential Information include all information or material which has or could have commercial value or other utility in the
business in which Disclosing Party is engaged and Disclosing Party specify as Confidential Information in writing.

 

19-2
Receiving Party shall not disclose Confidential Information to third party for the purpose of fulfillment of this Agreement or
Separate Agreements. Receiving Party's obligations under this Agreement do not extend to following information:

 

19-2-1
Publicly known at the time of disclosure or subsequently becomes publicly known through no fault of Receiving Party

19-2-2
Discovered or created by Receiving Party before disclosure by Disclosing Party

19-2-3
Learned by Receiving Party through legitimate means other than from Disclosing Party or Disclosing Party's representatives

19-2-4
Is disclosed by Receiving Party with Disclosing Party's prior written approval

 

19-3
Receiving Party shall hold and maintain Confidential Information in strictest confidence for the sole and exclusive benefit of
Disclosing Party.

 

19-4
Receiving Party shall not, without prior written approval of Disclosing Party, use for Receiving Party's own benefit, publish,
copy, or otherwise disclose to others, or permit the use by others for their benefit or to the detriment of Disclosing Party,
any Confidential Information.

 

19-5
Receiving Party shall return to Disclosing Party any and all records, notes, and other written, printed, or tangible materials
in its possession pertaining to Confidential Information immediately if Disclosing Party requests it in writing.

 

19-6
The nondisclosure provisions of this Agreement shall survive the termination of this Agreement and Receiving Party's duty to hold
Confidential Information in confidence shall remain in effect until Confidential Information no longer qualifies as a trade secret
or until Disclosing Party sends Receiving Party written notice releasing Receiving Party from this Agreement, whichever occurs
first.

 

20. Notification
Obligation

Each
party shall notify the other party following matters promptly:

 

20-1
Merger, company split, share transfer, share exchange, assignment of business or other significant change in management

 

20-2
Change of the representative, company name, head office, main bank, etc.

 

20-3
If there is possibility to be impossible to fulfill this Agreement or Separate Agreements

 

21. Mutual
Consultation

If
matters which are not covered by this Agreement and Separate Agreements or doubts about interpretation of terms or conditions
arise, each party shall resolve by mutual consultation faithfully.

 

22. Jurisdiction
of Court

Jurisdiction
of the court shall be the district court of first instance having jurisdiction over the location of the head office of the Supplier.

 

This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one instrument.

 

May
1, 2016

 

Company

E&F
Co., Ltd.

Tomoo
Yoshida, President

/b/
Tomoo Yoshida

 

Supplier

Exceed
Japan Co., Ltd.

Koichi
Yoshimi, President

/b/
Koichi Yoshimi

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