Document:

Exhibit 10.1

 Exhibit 10.1 
 REDEMPTION OF MEMBERSHIP INTEREST 
 THIS REDEMPTION OF MEMBERSHIP
INTEREST (this “Redemption”) is made and entered into as of September 21, 2012 (the “Effective Date”), between LED Effects, Inc., a Nevada corporation (“LED Effects”), and
LED Holdings, LLC, a Delaware limited liability company (“LED Holdings”). All terms used herein but not otherwise defined herein shall have the meanings set forth in that certain Amended and Restated Limited Liability Company
Operating Agreement of LED Holdings, LLC, dated as of March 9, 2008, as amended (the “Company Agreement”). 
 RECITALS 
 WHEREAS, LED Effects owns 1,000,000 Class B Units in LED
Holdings (the “Class B Units”) pursuant to the Company Agreement; 
 WHEREAS, LED Effects desires to
withdraw from LED Holdings and redeem the Class B Units and receive 8,200,000 shares of the common stock, par value $0.001 per share, of Lighting Science Group Corporation, a Delaware corporation (the “LSG Common Stock”) in
full liquidation of its Class B Units; 
 WHEREAS, LED Holdings desires to permit LED Effects’ withdrawal and extinguish
(i) all of LED Effects’ right, title and interest in and to its Class B Units, (ii) all rights and interests of LED Effects, as a member of LED Holdings, including, without limitation, that exist pursuant to the Company Agreement and
(iii) any and all rights and interests related to the forgoing (collectively, the “Redeemed Interest”); 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows: 
 AGREEMENT 
 1. Withdrawal and Redemption. 
 (a) LED Effects and LED Holdings hereby
agrees that as of the Effective Date and concurrently with the transfer of the Redeemed Interest, LED Effects shall and hereby does withdraw as a member of LED Holdings. 
 (b) LED Holdings hereby transfers, grants and conveys to LED Effects the LSG Common Stock and LED Effects hereby receives, assumes and accepts the LSG Common Stock from LED Holdings in full and complete
liquidation of LED Effects’ Membership Interest in LED Holdings. 
 (c) LED Effects hereby transfers, grants and conveys to
LED Holdings the Redeemed Interest and LED Holdings hereby receives, assumes and accepts the Redeemed Interest from LED Effects. LED Effects and LED Holdings agree that this Redeemed Interest includes all rights, interests, and obligations, whether
known or unknown, contingent or otherwise, that may be allocable to the Redeemed Interest, including, without limitation, all of 

 
LED Effects’ proportionate right, title, and interest in and to the business, properties, and assets of LED Holdings allocable or attributable to the Redeemed Interest, and to the capital,
distributions, profits, and losses of LED Holdings or its successors allocable or attributable to the Redeemed Interest. 
 2.
Delivery of Stock Certificate. Concurrently with the execution and delivery of this Agreement, LED Holdings shall deliver or cause to be delivered to LED Effects a stock certificate or certificates representing all of the shares the LSG
Common Stock. In the event that such stock certificate or certificates is not delivered to LED Effects, this Agreement shall be null and void and of no further force and effect. 

3. Representations of LED Effects. LED Effects hereby represents and warrants to LED Holdings that: (i) LED Effects owns the
Redeemed Interest; (ii) to LED Effects’ knowledge, there are no liens, adverse claims, charges, pledges or other encumbrances against the Redeemed Interest; and (iii) LED Effects has not previously sold, assigned, transferred,
mortgaged, pledged, or granted a lien security interest, or option in the Redeemed Interest. 
 4. Counterparts. This
Redemption may be executed in one or more counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other parties. 
 5. Governing Law. This Redemption shall be governed by and construed in
accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable conflicts of laws thereof. 
 6. Headings: Certain Interpretive Matters. The headings used in this Redemption have been inserted for convenience and do not constitute matters to be construed or interpreted in connection with
this Redemption. 
 7. Severability. This Redemption is intended to be performed in accordance with, and only to the
extent permitted by, applicable law. If any provision of this Redemption or the application thereof or circumstance shall be invalid or unenforceable, then neither the remainder of this instrument nor the application of such provision or
circumstances shall be affected thereby, but rather shall be enforced to the greatest extent permitted by law. 
 8. Further
Assurances. From time to time, as and when requested by any party hereto, any other party will execute and deliver, or cause to be executed and delivered, all such documents and instruments as may be reasonably necessary to consummate the
transactions contemplated by this Redemption. 
 9. Binding Effect. This Redemption shall be binding upon the parties
hereto and their respective successors and assigns. 
 [THE REMAINING PORTION OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

  
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 IN WITNESS WHEREOF, the undersigned have executed this Redemption as of the Effective Date.

  

			
	LED EFFECTS, INC.,
	a Nevada corporation
		
	By:	 	 /s/ Kevin Furry

		 	Name: Kevin Furry
		 	Title: President
	
	 LED HOLDINGS, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Steven Wacaster

		 	Name: Steven Wacaster
		 	Title: Manager

 Signature Page to the 
 Redemption of Membership InterestExhibit 10.2

 Exhibit 10.2 
 SERIES I ASSIGNMENT OF PREEMPTIVE RIGHTS 
 For value received, LSGC
Holdings II LLC (“Holder”) hereby irrevocably sells, assigns and transfers unto the assignee set forth below (the “Assignee”), and Assignee hereby assumes the one-time right of Holder to purchase the
number of shares of Offered Shares (as defined in the Preemptive Notice (defined below)) and the corresponding right to receive Offered Warrants (as defined in the Preemptive Notice) set forth opposite the name of the Assignee below, each such right
subject to and in accordance with the terms of: (i) that certain Notice of Preemptive Rights (the “Preemptive Notice”) issued by Lighting Science Group Corporation, a Delaware corporation (the
“Company”), to the Holder on the date hereof and (ii) Section 14 of the Certificate of Designation governing the Company’s Series I Convertible Preferred Stock (the “Certificate”). As a
result of the assignment effected hereby, the Assignee is entitled to exercise all of the Holder’s rights and is obligated to take on all of the Holder’s obligations in respect of the transactions described in the Preemptive Notice,
including, without limitation, after the making of a written election to participate in the transaction described in the Preemptive Notice (the “First Exercise Election”), to purchase, pay for and become the owner of the
Offered Shares set forth below and to receive and become the owner of the Offered Warrants set forth below as fully and to the same extent as the Holder, but for this Assignment. 

The Holder hereby represents and warrants that (i) Holder has all requisite power, capacity and authority to execute and deliver
this Assignment and (ii) Holder owns 15,577 of the Company’s Series I Preferred Stock and 2,877,314 shares of the Company’s common stock (including warrants and options exercisable for shares of the Company’s common stock), which
shares are held free and clear of encumbrances created by the Holder that may restrict or limit this Assignment, other than those that may arise pursuant to the Company’s Certificate of Incorporation (including the Certificate) or under
applicable state and federal securities laws. The Holder hereby constitutes Assignee as its agent and attorney-in-fact to execute any and all documents necessary solely for the exercise of the rights set forth in Section 14 of the Certificate
in respect of the transactions described in the Preemptive Notice (including, without limitation, making the First Exercise Election). 
 This Assignment and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of Delaware. This Assignment may
be executed in counterparts (including via facsimile or e-mail in .pdf format), each of which shall be an original and all of which shall constitute a single agreement. 

 

									
	 Assignee
	  	Number of Offered
Shares for Which
Preemptive Rights are
Hereby
Assigned	 	  	Corresponding Number of
Offered Warrants for
Which Preemptive Rights
are Hereby
Assigned	 
			
	 Portman Limited
	  	 	705	  	  	 	115,102	  
			
	 Cleantech Europe II (A), L.P.
	  	 	3,031	  	  	 	494,856	  
			
	 Cleantech Europe II (B), L.P.
	  	 	3,194	  	  	 	521,471	  

 [Signature page follows.] 

 Dated: September 25, 2012 

 

			
	AGREED:
	
	LSGC Holdings II LLC
		
	  By:	 	 /s/ Steven Wacaster

	  Name: Steven Wacaster
	  Title:   Vice President

 Dated: September 25, 2012 

 

			
	ACCEPTED:
	
	Portman Limited
		
	By:	 	 /s/ Mohamed Ali Al Dhaheri

	Name: Mohamed Ali Al Dhaheri
	Title:   Director
		
	By:	 	 /s/ Salem Mohamed Al Ameri

	Name: Salem Mohamed Al Ameri
	Title:   Director

 Dated: September 25, 2012 

 

			
	ACCEPTED:
	
	Cleantech Europe II (A), L.P.
		
	By:	 	 /s/ Samer Salty

	Name: Samer Salty
	Title:   Chief Executive Officer

 Dated: September 25, 2012 

 

			
	ACCEPTED:
	
	Cleantech Europe II (B), L.P.
		
	By:	 	 /s/ Samer Salty

	Name: Samer Salty
	Title:   Chief Executive Officer

 Dated: September 25, 2012 

 

			
	ACKNOWLEDGED AND APPROVED:
	
	Lighting Science Group Corporation
		
	By:	 	 /s/ Thomas C. Shields

	Name: Thomas C. Shields
	Title:   Chief Financial Officer

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