Document:

LightPath Technologies, Inc 10-Q

 

Exhibit 10.1

 

AMENDMENT AND ASSIGNMENT OF

SECURITIES PURCHASE AGREEMENT

 

THIS AMENDMENT AND ASSIGNMENT OF SECURITIES
PURCHASE AGREEMENT (this “Amendment”) is dated as of this 25th day of September, 2014, by and between LightPath
Technologies, Inc., a Delaware corporation (the “Company”), Pudong Science & Technology (Cayman) Co., Ltd. (“Pudong”),
and Pudong Science & Technology Investment (Cayman) Co., Ltd. (“Pudong Investment”).

 

WHEREAS, the Company and Pudong
entered into that certain Securities Purchase Agreement dated April 15, 2014 (the “SPA”), pursuant to which the Company
agreed to sell to Pudong and Pudong agreed to purchase shares of the Company’s Class A common stock, par value USD$0.01 per
share, upon satisfaction of certain closing conditions, including receipt of certain governmental approvals;

 

WHEREAS, the Company and Pudong
desire to amend and modify the SPA to (i) cap Pudong’s beneficial ownership of the Common Stock to 14.9%; (ii) extend the
Restricted Period (as defined in the SPA); and (iii) delete certain permissive language in Section 4.10 of the SPA; and

 

WHEREAS, Pudong desires to assign
the SPA, as amended hereby (the “Agreement”), and all right, title, interest and obligations therein, to Pudong Investment
and Pudong Investment desires to assume all of Pudong’s right, title, interest and obligations under the SPA.

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree to the following:

 

1.Recitals; Defined Terms.
The recitals set forth above are incorporated herein by this reference. Capitalized terms not expressly defined in this Amendment
shall have the meanings ascribed to them in the SPA.

 

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

 

(a)Section 2.1 is hereby amended
by changing the reference to “19.9%” to “14.9%”.

 

(b)Section 3.2(n)
is hereby amended by changing the reference to “19.9%” to “14.9%”.

 

(c)Section 4.9 is hereby amended
by changing the references to “19.9%” to “14.9%”.

 

(d)The first sentence of Section
4.10 is hereby deleted in its entirety and replaced with the following: “Purchaser agrees that until the next business day
after the 2018 Annual Meeting of the Company’s stockholders (the “Restricted Period”) Purchaser will not:”.

 

3.No Other Changes. Except
as expressly provided by this Amendment, no part of the SPA is in any way altered, amended or changed. In the event of any inconsistency
between the SPA and this Amendment, the terms of this Amendment shall supersede and control to the extent of any such inconsistency.

 

4.Assignment and Assumption.
Pudong hereby assigns to Pudong Investment all of Pudong’s right, title, interest and obligations, in and to the Agreement
and Pudong Investment hereby accepts the foregoing assignment, assumes the Agreement and agrees to timely perform all of Pudong’s
obligations under the Agreement, whether such obligations arose before or after execution of the SPA or this Amendment. By accepting
assignment of the Agreement, Pudong Investment hereby: (a) approves and accepts the Agreement; (b) states that all of the representations
and warranties made by Pudong as Purchaser in the Agreement are true and correct as applied to Pudong Investment and such representations
and warranties are hereby republished by Pudong Investment, in favor of the Company, as the representations and warranties of Pudong
Investment; and (c) agrees to be bound by all covenants applicable to Purchaser in the Agreement.

 

    	 

    	 

    

 

5.Consent to Share Transfer.
Notwithstanding the provisions of Section 4.12 of the SPA, the Company hereby irrevocably acknowledges and consents to the transfer
of 1,339,236 shares of the Company’s Class A common stock from Pudong to Pudong Investment.

 

6.Further Assurances. Each
party agrees to execute and deliver to the other party or parties such further documents or instruments as may be reasonable and
necessary in furtherance of the performance of the terms, covenants and conditions of the Agreement, including the assignment thereof.

 

7.Interpretation. This
Amendment shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and assigns. Whenever
possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Amendment shall be prohibited by or invalid under such law, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. This Amendment
shall be governed by and construed in accordance with the laws of the State of Florida. If a translation of this Amendment is made
by or provided to Pudong or Pudong Investment, to the extent of any conflict between the translated version and this English version,
then the English version shall control.

 

8.Counterparts. This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute but one and the same instrument. The signatures to this Amendment need not be all on a single copy of this Amendment,
and may be facsimiles or electronic scans rather than originals, and shall be fully as effective as though all signatures were
originals on the same copy.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties
have executed this Amendment on the day and year first above written.

 

	 	 	 
		 	LIGHTPATH
    TECHNOLOGIES, INC.
	 	 	 
	 	 	 	 
	 	 	By:	
        /s/
J. James Gaynor 

	 	 	 	J. James Gaynor, President
& Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	 	PUDONG SCIENCE & TECHNOLOGY
    (CAYMAN) CO., LTD.
	 	 	 	 
	 	 	 	 
	 	 	By:	
        /s/ Zhu Xudong

	 	 	 	Dr. Zhu Xudong,
Director
	 	 	 
	 	 	 
		 	PUDONG
    SCIENCE & TECHNOLOGY INVESTMENT (CAYMAN) CO., LTD.
	 	 	 
	 	 	By:	
        /s/ Zhu Xudong

	 	 	 	Dr. Zhu Xudong,
DirectorLightPath Technologies, Inc 10-Q

Exhibit 10.2

 

SECOND AMENDMENT 

TO

LOAN AND SECURITY AGREEMENT

 

This Second Amendment
to Loan and Security Agreement is entered into as of November 5, 2014 (the “Amendment”), by and between AVIDBANK CORPORATE
FINANCE, a division of AVIDBANK (“Bank”), and LIGHTPATH TECHNOLOGIES, INC. (“Borrower”).

 

RECITALS

 

Borrower and Bank are
parties to that certain Loan and Security Agreement dated as of September 30, 2013 and as amended from time to time, including
pursuant to that certain First Amendment to Loan and Security Agreement dated as of September 2, 2014 (collectively, the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE, the
parties agree as follows:

 

1.                  
Borrower acknowledges that there are existing and uncured Events of Default arising from Borrower’s failure to
comply with Section 6.9 of the Agreement for the period ended September 30, 2014 (the “Covenant Defaults”). Subject
to the conditions contained herein and performance by Borrower of all of the terms of the Agreement after the date hereof, Bank
waives the Covenant Defaults. Bank does not waive Borrower’s obligations under such sections after the date hereof, and Bank
does not waive any other failure by Borrower to perform its Obligations under the Loan Documents.

 

2.                  
Borrower acknowledges and agrees that the Lockbox Services Agreement by and between Bank and Borrower dated as of August
6, 2013 and previously delivered to Bank (the “Lockbox Agreement”) is hereby in full force and effect as of the date
hereof, and Section 12 of the Lockbox Agreement is deleted in its entirety and of no further force or effect.

 

3.                  
In addition to the foregoing, Section 2.3(d) of the Agreement is amended and restated in its entirety to read as follows:

 

	 	(d)       Lockbox.   Borrower
    shall cause all account debtors to wire any amounts owing to Borrower to such account (the “Bancontrol Account”)
    as Bank shall specify, and to mail all payments made by check to a post office box under Bank’s control. All invoices
    shall specify such post office box as the payment address. Bank shall have sole authority to collect such payments and deposit
    them to the Bancontrol Account. If Borrower receives any amount despite such instructions, Borrower shall immediately deliver
    such payment to Bank in the form received, except for an endorsement to the order of Bank and, pending such delivery, shall
    hold such payment in trust for Bank. Two Business Days after clearance of any checks, Bank, may, in its sole discretion, credit
    any amounts paid into the Bancontrol Account first against any amounts outstanding under the Revolving Line, and then, any
    remaining balance of such amount shall be credited to Borrower’s operating account maintained at Bank. Bank may, at
    its option, conduct a credit check of the Account Debtor for each Eligible Account requested by Borrower for inclusion in
    the Borrowing Base. Bank may also verify directly with the respective account debtors the validity, amount and other matters
    relating to the Eligible Accounts, and notify any account debtor of Bank’s security interest in the Borrower’s
    Accounts.

 

 

4.                  
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 remain in full force and effect in accordance with its respective 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. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into
in connection with the Agreement.

 

    	 

    	 

    

 

5.                  
Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct
as of the date of this Amendment, and that no Event of Default (other than the Covenant Defaults) has occurred and is continuing.

 

6.                  
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. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original hereof. Notwithstanding the foregoing, Borrower shall deliver all original signed documents no later than
ten (10) Business Days following the date of execution.

 

7.                  
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, duly executed by Borrower;
	 	 	 	 
	 	 	(b)	payment of a waiver fee of $1,500;
	 	 	 	 
	 	 	(c)	payment of all Bank Expenses incurred through the date of this Amendment; and
	 	 	 	 
	 	 	(d)	such other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

 

 

 

 

[signature
page follows]

  

    	 

    	 

    

 

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

 

	 	LIGHTPATH TECHNOLOGIES, INC.
	 	 
	 	 
	 	By:	/s/ J. James Gaynor	 
	 	 
	 	Title:	Chief Executive Officer	 
	 	 
	 	 
	 	AVIDBANK
	 	 
	 	 
	 	By:	/s/ Jon Krogstad	 
	 	 
	 	Title:	Senior Vice President

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