Document:

Letter Agreement between Millennium Cell Inc. and The Dow Chemical Company

                                                                                Exhibit
    10.1

    

    

    

     

    January
      26, 2007

     

    
      VIA
        FACSIMILE & U.S. MAIL

       

      The
        Dow
        Chemical Company

      2030
        Dow
        Center

      Midland,
        MI 48674

      Attention:
        Jim Plonka

    

     

    
      	
              Re:

            	
              Waiver
                of Adjustments to the Series B Conversion Price and Reduction of
                Warrant
                Exercise Price

            

    

     

    Ladies
      and Gentlemen:

     

     

    Reference
      is made to that certain Certificate of Designations of Preferences, Limitations,
      and Relative Rights of Series B Convertible Preferred Stock of Millennium Cell
      Inc. (the “Company”),
      as
      filed with the Office of the Secretary of State of the State of Delaware on
      April 22, 2005 and as amended by the Certificate of Amendment to the Certificate
      of Designations of Preferences, Limitations, and Relative Rights of Series
      B
      Convertible Preferred Stock of Millennium Cell Inc. filed with the Office of
      the
      Secretary of State of the State of Delaware on June 30, 2005 (as amended, the
      “Series
      B Certificate”).
      Capitalized terms used but not defined in this letter agreement (this
“Agreement”)
      shall
      have the meanings given to such terms in the Series B Certificate.

     

    1. Notwithstanding
      anything contained in the Series B Certificate (including, without limitation,
      the provisions contained in Section d(7) thereof), The Dow Chemical Company
      (“TDCC”),
      hereby irrevocably waives any right to any adjustment to the Applicable
      Conversion Price as a result of any of the following events: (i) any adjustment
      to the conversion price of the Company’s Series C2 Convertible Preferred Stock,
      par value $0.001 per share (the “Series
      C2 Preferred Stock”)
      or any
      conversion of any shares of Series C2 Preferred Stock into common stock, in
      each
      case, that has occurred since December 15, 2006 or does occur prior to December
      15, 2007, (ii) any adjustment to the conversion price of the Company’s Unsecured
      Convertible Debentures Due 2007 (the “Convertible
      Debentures”)
      or any
      conversion of the Convertible Debentures into common stock, in each case, that
      has occurred since December 15, 2006 or does occur prior to December 15, 2007
      or
      (iii) the equity financing transaction (including, without limitation, any
      sale
      by the Company of its common stock, warrants to purchase common stock,
      convertible preferred stock, convertible debentures, other convertible debt
      or
      any combination of the foregoing) that is currently contemplated and consummated
      by the Company or which the Company agrees to consummate prior to March 31,
      2007. 

     

    2. As
      an
      inducement to cause TDCC to deliver the waiver described in paragraph 1 above
      (the “Waiver”)
      and in
      consideration therefor, the Company hereby agrees that, effective as of the
      date
      hereof, the per share exercise price of that certain warrant to purchase 178,571
      shares of the Company’s common stock currently held by TDCC (the “TDCC
      Warrant”)
      shall
      be decreased from $2.10 to $1.25 (the “New
      Exercise Price”)
      and
      this Agreement shall be deemed to be an amendment of the TDCC Warrant to reflect
      the New Exercise Price. Upon TDCC’s surrender to the Company of the instrument
      representing the TDCC Warrant, the Company shall cancel such instrument and
      execute and deliver, in exchange therefor, a new instrument representing the
      TDCC Warrant containing the same terms but reflecting the New Exercise Price.
      In
      addition, the Company shall update its warrant register to reflect such
      cancellation and new issuance.

    

    3. TDCC
      hereby agrees that it will not sell, transfer or otherwise dispose of any shares
      of Series B Preferred Stock unless the transferee expressly assumes this
      Agreement in connection with such sale, transfer or disposition.

     

    

    
      	 	
              Very
                truly yours,

               

              MILLENNIUM
                CELL INC.

               

              By:
                /s/ John D. Giolli

              Name:
                John D. Giolli

              Title:  
                Chief Financial Officer

            
	
              Agreed
                to and acknowledged:

               

              THE
                DOW CHEMICAL COMPANY

               

              By:
                /s/James H. Plonka

              Name:
                James H. Plonka

              Title:  
                Vice PresidentExhibit 4.6

    
      

    

    Exhibit
      4.6

     

    VIEWSONIC
      CORPORATION

    NONSTATUTORY
      STOCK OPTION GRANT NOTICE

    (“GRANT
      NOTICE”)

    

    ViewSonic
      Corporation (“ViewSonic”), pursuant to its 2004 Equity Incentive Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of
      shares of ViewSonic’s Common Stock set forth below. This nonstatutory (or
“nonqualified”) option is subject to all of the terms and conditions as set
      forth herein and in the Stock Option Agreement, the Plan and the Notice of
      Exercise, all of which are attached hereto and incorporated herein in their
      entirety. Unless otherwise defined herein or in the Stock Option Agreement,
      capitalized terms shall have the meanings set forth in the Plan.

    

    
      	
              Optionholder:

            	 
               
	 	 
	
              Grant
                Date:

            	  
 
	 	 
	
              Number
                of Shares Subject to Maximum Award:

            	 
               
	 	 
	
              Number
                of Shares Subject to Target Award:

            	 
               
	 	 
	
              Exercise
                Price (Per Share):

            	 
               
	 	 
	
              Total
                Exercise Price:

            	 
               
	 	 
	
              Expiration
                Date:

            	 
               
	 	 
	 	 
               

    

    

    
      	
              Type
                of Grant:

            	
              Nonstatutory
                (“nonqualified”) Stock Option

            

    

    

    
      	
              Exercise
                Schedule:

            	
              Same
                as Vesting Schedule 

            

    

    

    
      	
              Vesting
                Schedule:
                

            	
              See
                Stock Option Agreement

            

    

    

    
      	
              Payment: 

            	
              By
                one or a combination of the following items (described in the Stock
                Option
                Agreement):

            

    

    

    
      	 	
              Cash,
                personal check, cashier’s check, money order or wire
                transfer

            

    

    

    Additional
      Terms/Acknowledgements:
      Optionholder acknowledges receipt of, and understands and agrees to, this Grant
      Notice, the Stock Option Agreement and the Plan. Optionholder further
      acknowledges that as of the Date of Grant, this Grant Notice, the Stock Option
      Agreement and the Plan set forth the entire understanding between Optionholder
      and ViewSonic regarding the acquisition of stock in ViewSonic and supersede
      all
      prior oral and written agreements on that subject with the exception of (i)
      options previously granted and delivered to Optionholder under the Plan, and
      (ii) the following agreements only:

    

    
      	 	
              OTHER
                AGREEMENTS:

            	 	  

    

    

    In
      addition, Optionholder agrees that in consideration for the receipt of this
      option grant, all options previously granted to Optionholder by ViewSonic and
      all shares of Common Stock subject thereto, whether subject to the 1999 Stock
      Plan or otherwise, shall be subject to the lock-up provision in Section 7(d)
      of
      the Stock Option Agreement.

    

    VIEWSONIC
      CORPORATION

    

    
      	
              By:

            	 	 	 	 	 
	 	
              Tim
                Ashcroft

            	 	 	 	 
	 	 	 	 	 	 
	
              Title:
                VP Corporate Human Resources

            	 	
              Date:

            	 	 

    

     

    
      	ENCLOSURES:	
              (1)
                Cover Memo, (2) Stock Option Agreement, (3) 2004 Equity Incentive
                Plan and
                (4) Notice of ExerciseExhibit 4.7

    
      

    

    Exhibit
      4.7

     

    VIEWSONIC
      CORPORATION

    STOCK
      OPTION AGREEMENT

    

    (FOR
      NONSTATUTORY STOCK OPTIONS

    PURSUANT
      TO THE 2004 EQUITY INCENTIVE PLAN)

    

    Pursuant
      to your Stock Option Grant Notice (“Grant
      Notice”)
      and
      this Stock Option Agreement, ViewSonic Corporation (“ViewSonic”) has granted you
      an option under its 2004 Equity Incentive Plan (the “Plan”)
      to
      purchase the number of shares of ViewSonic’s Common Stock indicated as a Maximum
      Award in your Grant Notice, at the exercise price indicated in your Grant
      Notice. Defined terms not explicitly defined in this Stock Option Agreement
      but
      defined in the Plan shall have the same definitions as in the Plan.

    

    The
      details of your option are as follows:

    

    1.    VESTING.
      Subject
      to the limitations contained herein, your option will vest as hereinafter set
      forth, provided that vesting will cease upon the termination of your Continuous
      Service.

    

    (a)   Performance
      Targets. The
      initial vesting of your option shall be based on the achievement of both a
      revenue target (the “Revenue
      Target”)
      and an
      income target (the “Income
      Target”)
      as set
      by the Compensation Committee of the Board (collectively, the “Performance
      Targets”),
      which
      shall be based on the Company’s financial performance for the fiscal year ending
      December 31, 2007. The Performance Targets are set forth in ___________ (the
      “Performance
      Matrix”),
      attached hereto. The determination of whether the Performance Targets have
      been
      met shall be made by the Compensation Committee, in its sole discretion, after
      the completion of the Company’s audit for fiscal 2007 (the “Determination
      Date”).

    

    (b)   Failure
      to Achieve the Minimum Performance Targets. Both
      the
      minimum Revenue Target and the minimum Income Target must be met for any vesting
      of your option to occur. If either the minimum Revenue Target or the minimum
      Income Target is not met, your option shall be automatically cancelled and
      forfeited in its entirety.

    

    (c)   Vesting
      Based on Performance. If
      both
      of the minimum Performance Targets set forth in the Performance Matrix are
      met,
      your option shall vest as follows:

    

    The
      Target Award, as set forth in the Grant Notice, is first multiplied by the
      percentage of achievement of the Performance Targets, as determined by the
      Compensation Committee in accordance with the Performance Matrix (the
“Eligible
      Award”),
      and
      then divided by 3. This portion of the Eligible Award shall vest on the
      Determination Date. The difference between the Maximum Award and the Eligible
      Award, if any, shall be cancelled and forfeited on the Determination
      Date.

    

    The
      remainder of the Eligible Award shall vest 1/3 on the second anniversary of
      the
      Grant Date (the “Second
      Vesting Date”)
      and
      1/3 on the third anniversary of the Grant Date (the “Third
      Vesting Date”).

    

    Please
      clearly print or type all requested information.

    Questions
      about filling out this form?

    Please
      call ViewSonic’s Human Resources Department -
      909.444.8800.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    The
      vesting described above is subject to there being no break in your Continuous
      Service prior to the relevant vesting date.

    

    (d)   Termination
      of Continuous Service. If
      your
      Continuous Service terminates for any reason (other than death) before the
      Determination Date, your option shall be cancelled and forfeited in its
      entirety.

    

    If
      your
      Continuous Service terminates for any reason (other than death) after the
      Determination Date, the Eligible Award shall cease vesting, and any unvested
      portion of such Eligible Award shall be cancelled and forfeited in its
      entirety.

    

    (e)   Death.
      If
      you
      die before the Determination Date, a portion of your option shall vest on your
      date of death as follows:

    

    The
      portion that shall vest is equal to the Target Award divided by 3, with such
      quotient multiplied by a fraction, the numerator of which is the aggregate
      number of full months of Continuous Service you have completed from the Grant
      Date to the date of death and the denominator of which is 12.

    

    If
      you
      die after the Determination Date but before the Second Vesting Date, the
      following portion of your option shall vest on such date of death (in addition
      to the portion of the Eligible Award already vested as described in (c)
      above):

    

    One
      third
      (1⁄3) of the Eligible Award shall be multiplied by a fraction, the numerator of
      which is the aggregate number of full months of Continuous Service you have
      completed from the first anniversary of the Grant Date to the date of death
      and
      the denominator of which is 12.

    

    If
      you
      die after the Second Vesting Date but before the Third Vesting Date, the
      following portion of your option shall vest on such date of death (in addition
      to the portion of the Eligible Award already vested as described in (c)
      above):

    

    One
      third
      (1⁄3) of the Eligible Award shall be multiplied by a fraction, the numerator of
      which is the aggregate number of full months of Continuous Service you have
      completed from the second anniversary of the Grant Date to the date of death
      and
      the denominator of which is 12.

    

    (f)    Change
      in Control. If
      the
      effective date of a Change in Control (the “Effective
      Date”)
      occurs
      before the Determination Date, the Target Award shall vest on the Effective
      Date
      as follows:

    

    The
      portion that shall vest is equal to the Target Award divided by 3, with such
      quotient multiplied by a fraction, the numerator of which is the aggregate
      number of full months of Continuous Service you have completed from the Grant
      Date to the Effective Date and the denominator of which is 12.

    Please
      clearly print or type all requested information.

    Questions
      about filling out this form?

    Please
      call ViewSonic’s Human Resources Department - 909.444.8800.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    If
      the
      Effective Date occurs after the Determination Date but before the Second Vesting
      Date, the following portion of your option shall vest on such date (in addition
      to the portion of the Eligible Award already vested as described in (c)
      above):

    

    One
      third
      (1⁄3) of the Eligible Award shall be multiplied by a fraction, the numerator of
      which is the aggregate number of full months of Continuous Service you have
      completed from the first anniversary of the Grant Date to the Effective Date
      and
      the denominator of which is 12.

    

    If
      the
      Effective Date occurs after the Second Vesting Date but before the Third Vesting
      Date, the following portion of the Eligible Award shall vest on such date (in
      addition to the portion of the Eligible Award already vested as described in
      (c)
      above):

    

    One
      third
      (1⁄3) of the Eligible Award shall be multiplied by a fraction, the numerator of
      which is the aggregate number of full months of Continuous Service you have
      completed from the second anniversary of the Grant Date to the Effective Date
      and the denominator of which is 12.

    

    2.    NUMBER
      OF SHARES AND EXERCISE PRICE.
      The
      number of shares of Common Stock subject to your option and your exercise price
      per share referenced in your Grant Notice may be adjusted from time to time
      for
      Capitalization Adjustments.

    

    3.    METHOD
      OF PAYMENT.
      Payment
      of the exercise price is due in full upon exercise of all or any part of your
      option. You may elect to make payment of the exercise price in cash or by check
      or in any other manner permitted
      by your Grant Notice,
      which
      may include one or more of the following:

    

    (a)    In
      ViewSonic’s sole discretion at the time your option is exercised and provided
      that at the time of exercise the Common Stock is publicly traded and quoted
      regularly in The
      Wall Street Journal,
      pursuant to a program developed under Regulation T as promulgated by the Federal
      Reserve Board that, prior to the issuance of Common Stock, results in either
      the
      receipt of cash (or check) by ViewSonic or the receipt of irrevocable
      instructions to pay the aggregate exercise price to ViewSonic from the sales
      proceeds.

    

    (b)    Provided
      that at the time of exercise the Common Stock is publicly traded and quoted
      regularly in The
      Wall Street Journal,
      by
      delivery of already-owned shares of Common Stock either that you have held
      for
      the period required to avoid a charge to ViewSonic’s reported earnings
      (generally six (6) months) or that you did not acquire, directly or indirectly
      from ViewSonic, that are owned free and clear of any liens, claims, encumbrances
      or security interests, and that are valued at Fair Market Value on the date
      of
      exercise. “Delivery” for these purposes, in the sole discretion of ViewSonic at
      the time you exercise your option, shall include delivery to ViewSonic of your
      attestation of ownership of such shares of Common Stock in a form approved
      by
      ViewSonic. Notwithstanding the foregoing, you may not exercise your option
      by
      tender to ViewSonic of Common Stock to the extent such tender would violate
      the
      provisions of any law, regulation or agreement restricting the redemption of
      ViewSonic’s stock.

     

    Please
      clearly print or type all requested information.

    Questions
      about filling out this form?

    Please
      call ViewSonic’s Human Resources Department -
      909.444.8800.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    4.    WHOLE
      SHARES.
      You may
      exercise your option only for whole shares of Common Stock.

    

    5.    SECURITIES
      LAW COMPLIANCE.
      Notwithstanding anything to the contrary contained herein, you may not exercise
      your option unless the shares of Common Stock issuable upon such exercise are
      then registered under the Securities Act or, if such shares of Common Stock
      are
      not then so registered, ViewSonic has determined that such exercise and issuance
      would be exempt from the registration requirements of the Securities Act. The
      exercise of your option also must comply with other applicable laws and
      regulations governing your option, and you may not exercise your option if
      ViewSonic determines that such exercise would not be in material compliance
      with
      such laws and regulations.

    

    6.    TERM.
      You may
      not exercise your option before the commencement of its term or after its term
      expires. The term of your option commences on the Date of Grant and expires
      upon
      the earliest of the following:

    

    (a)    three
      (3)
      months after the termination of your Continuous Service for any reason other
      than Cause, Disability or death, provided that if during any part of such three
      (3) month period you may not exercise your option solely because of the
      conditions set forth in Section 6 of the Plan, your option shall not expire
      until the earlier of the Expiration Date or until it shall have been exercisable
      for an aggregate period of three (3) months after the termination of your
      Continuous Service;

    

    (b)    twelve
      (12) months after the termination of your Continuous Service due to your
      Disability;

    

    (c)    eighteen
      (18) months after your death if you die either during your Continuous Service
      or
      within three (3) months after your Continuous Service terminates;

    

    (d)    immediately
      upon the termination of your Continuous Service if for Cause;

    

    (e)    the
      Expiration Date indicated in your Grant Notice; or

    

    (f)    the
      day
      before the tenth (10th) anniversary of the Date of Grant.

    

    7.    EXERCISE.

    

    (a)    You
      may
      exercise the vested portion of your option during its term by delivering a
      Notice of Exercise (in a form designated by ViewSonic) together with the
      exercise price to the Secretary of ViewSonic, or to such other person as
      ViewSonic may designate, during regular business hours, together with such
      additional documents as ViewSonic may then require.

    

    (b)    By
      exercising your option you agree that, as a condition to any exercise of your
      option, ViewSonic may require you to enter into an arrangement providing for
      the
      payment by you to ViewSonic of any tax withholding obligation of ViewSonic
      arising by reason of (1) the exercise of your option, (2) the lapse of any
      substantial risk of forfeiture to which the shares of Common Stock are subject
      at the time of exercise, or (3) the disposition of shares of Common Stock
      acquired upon such exercise.

     

    Please
      clearly print or type all requested information.

    Questions
      about filling out this form?

    Please
      call ViewSonic’s Human Resources Department -
      909.444.8800.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    (c)    By
      exercising your option you agree that you shall not sell, dispose of, transfer,
      make any short sale of, grant any option for the purchase of, or enter into
      any
      hedging or similar transaction with the same economic effect as a sale, any
      shares of Common Stock or other securities of ViewSonic held by you, for a
      period of time specified by the managing underwriters) (not to exceed one
      hundred eighty (180) days) following the effective date of a registration
      statement of ViewSonic filed under the Securities Act (the “Lock Up Period”);
provided,
      however,
      that
      nothing contained in this Section 7(d) shall prevent the exercise of a
      repurchase option, if any, in favor of ViewSonic during the Lock Up Period.
      You
      further agree to execute and deliver such other agreements as may be reasonably
      requested by ViewSonic and/or the underwriter(s) that are consistent with the
      foregoing or that are necessary to give further effect thereto. In order to
      enforce the foregoing covenant, ViewSonic may impose stop-transfer instructions
      with respect to your shares of Common Stock until the end of such period. The
      underwriters of ViewSonic’s stock are intended third party beneficiaries of this
      Section 7(d) and shall have the right, power and authority to enforce the
      provisions hereof as though they were a party hereto.

    

    8.    TRANSFERABILITY.

    

    (a)    Your
      Nonstatutory Stock Option, your option is not transferable, except (i) by will
      or by the laws of descent and distribution, (ii) with the prior written approval
      of ViewSonic, by instrument to an inter vivos or testamentary trust, in a form
      accepted by ViewSonic, in which the option is to be passed to beneficiaries
      upon
      the death of the trustor (settlor) and (iii) with the prior written approval
      of
      ViewSonic, by gift, in a form accepted by ViewSonic, to a permitted
      transferee.

    

    9.    OPTION
      NOT A SERVICE CONTRACT.
      Your
      option is not an employment or service contract, and nothing in your option
      shall be deemed to create in any way whatsoever any obligation on your part
      to
      continue in the employ of ViewSonic or an Affiliate, or of ViewSonic or an
      Affiliate to continue your employment. In addition, nothing in your option
      shall
      obligate ViewSonic or an Affiliate, their respective stockholders, Boards of
      Directors, Officers or Employees to continue any relationship that you might
      have as a Director or Consultant for ViewSonic or an Affiliate.

    

    10.   WITHHOLDING
      OBLIGATIONS.

    

    (a)    At
      the
      time you exercise your option, in whole or in part, or at any time thereafter
      as
      requested by ViewSonic, you hereby authorize withholding from payroll and any
      other amounts payable to you, and otherwise agree to make adequate provision
      as
      instructed by ViewSonic (including by means of a “cashless exercise” pursuant to
      a program developed under Regulation T as promulgated by the Federal Reserve
      Board to the extent instructed by ViewSonic), for any sums required to satisfy
      the federal, state, local and foreign tax withholding obligations of ViewSonic
      or an Affiliate, if any, which arise in connection with the exercise of your
      option.

     

    Please
      clearly print or type all requested information.

    Questions
      about filling out this form?

    Please
      call ViewSonic’s Human Resources Department -
      909.444.8800.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    (b)    ViewSonic
      may, in its sole discretion, and in compliance with any applicable legal
      conditions or restrictions, withhold from fully vested shares of Common Stock
      otherwise issuable to you upon the exercise of your option a number of whole
      shares of Common Stock having a Fair Market Value, determined by ViewSonic
      as of
      the date of exercise, not in excess of the minimum amount of tax required to
      be
      withheld by law (or such lower amount as may be necessary to avoid variable
      award accounting). Any adverse consequences to you arising in connection with
      such share withholding procedure shall be your sole responsibility.

    

    (c)    You
      may
      not exercise your option unless the tax withholding obligations of ViewSonic
      and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise
      your option when desired even though your option is vested, and ViewSonic shall
      have no obligation to issue a certificate for such shares of Common Stock or
      release such shares of Common Stock from any escrow provided for herein unless
      such obligations are satisfied.

    

    11.    NOTICES.
      Any
      notices provided for in your option or the Plan shall be given in writing and
      shall be deemed effectively given upon receipt or, in the case of notices
      delivered by mail by ViewSonic to you, five (5) days after deposit in the United
      States mail, postage prepaid, addressed to you at the last address you provided
      to ViewSonic.

    

    12.    GOVERNING
      PLAN DOCUMENT.
      Your
      option is subject to all the provisions of the Plan, the provisions of which
      are
      hereby made a part of your option, and is further subject to all
      interpretations, amendments, rules and regulations, which may from time to
      time
      be promulgated and adopted pursuant to the Plan. In the event of any conflict
      between the provisions of your option and those of the Plan, the provisions
      of
      the Plan shall control.

    

    [The
      remainder of this page is blank.]

     

    

    Please
      clearly print or type all requested information.

    Questions
      about filling out this form?

    Please
      call ViewSonic’s Human Resources Department - 909.444.8800.

     

    6.

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