Document:

ex4-15.htm

EX 4.15

 

AMENDMENT TO WARRANT

 

This AMENDMENT TO WARRANT (“Amendment”) is executed by and on behalf of the undersigned holders (together, the “Holder”) of certain warrants to purchase shares of Common Stock, par value $0.01 (each a “Warrant” and together, the “Warrants”), of ImageWare Systems, Inc. (the “Company”), as more particularly set forth on Schedule A attached hereto.

 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned Holder hereby agrees to the Amendment, as set forth below.

 

1. Subject to the terms and conditions set forth in this Amendment, Section 3, Paragraph (b) of each Warrant is hereby amended and replaced in its entirety with the following:

 

“Section 3. Certain Adjustments.

 

(b) Subsequent Equity Sales.  If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase or sell or grant any right to reprice its securities, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced and only reduced to equal the Base Share Price.  Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued.  Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance, or in the event the adjustment results in an Exercise Price below $0.50 per share of Common Stock.  The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”).  For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.”

 

2. The undersigned Holder represents that it owns the Warrants set forth on Schedule A attached hereto, has not transferred ownership or any right, title or interest in or to the Warrants, and has the requisite power and authority to enter into this Amendment to bind the Holder hereto.

 

3. To the extent of any conflicts between this Amendment and the terms and conditions set forth in the Warrants, the terms and conditions set forth herein shall control.  Notwithstanding the execution of this Amendment, all other terms and conditions set forth in the Warrants shall remain in full force and effect.

 

IN WITNESS WHEREOF, this Amendment was duly executed on the date set forth below.

 

  

  

  

 

J. PATTERSON McBAINE:

 

/s/ __________________________

 

Date: _______________________

 

 

GRUBER & McBAINE INTERNATIONAL:

 

By: ­­­­­­­­­­­­­­­__________________________

 

Print Name:  ___________________

 

Print Title: ____________________

 

Date: ________________________

 

 

LAGUNITAS PARTNERS, LP:

 

By: ­­­­­­­­­­­­­­­__________________________

 

Print Name:  ___________________

 

Print Title: ____________________

 

Date: ________________________

 

 

  

  

  

 

SCHEDULE A

 

 

	
WARRANT HOLDER

	
WARRANT NO.

	
ISSUE DATE

	
SHARES

	
EXERCISE PRICE

	
J Paterson McBain

	
15a

	
03-09-07

	
3,947

	
$0.50

	
Gruber & McBaine International

	
15d

	
03-09-07

	
5,328

	
$0.50

	
Lagunitas Partners, LP

	
15e

	
03-09-07

	
17,368

	
$0.50ex10-40.htm

EX 10.40

 

Fourth Amendment

to

Employment Agreement

 

This Fourth Amendment to Employment Agreement (the “Fourth Amendment”), is being entered into effective March 10, 2011 by and between ImageWare Systems, Inc., a Delaware corporation (the “Company”) and Mr. S. James Miller Jr. (the “Executive”).

                    

WHEREAS, the Company and Executive entered into an Employment Agreement dated as of September 27, 2005 and subsequently amended on September 27, 2008 and again on April 6, 2009 and again on December 10, 2009 (as amended, the “Employment Agreement”);

 

WHEREAS, the Executive continues to perform valuable services for the Company and the Company desires to assure itself of the continuing services of Executive; and

 

WHEREAS, in consideration of the foregoing and in order to amend the terms of the Agreement and to provide for the continued services of the Executive in accordance with the present intent of the Company and the Executive.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, and in further consideration of the mutual covenants contained in the Employment Agreement, the parties do hereby agree that the Employment Agreement is hereby amended as follows:

 

	
1.

	
Section “2. Term of Agreement”  strike the language “continue until December 31, 2011” and replace it with “continue until December 31, 2012”.

 

	
2.

	
Except as expressly amended herein, the Employment Agreement shall continue and be in full force in all respects.

 

 

 

	/s/ ImageWare Systems, Inc.	 	/s/ S. James Miller	 
	ImageWare Systems, Inc.	 	S. James Millerex10-41.htm

EX 10.41

 

Fourth Amendment 

to

Employment Agreement

 

This Fourth Amendment to Employment Agreement (the “Fourth Amendment”), is being entered into effective March 10, 2011 by and between ImageWare Systems, Inc., a Delaware corporation (the “Company”) and Mr. Wayne Wetherell (the “Executive”).

                    

Whereas, the Company and Executive entered into an Employment Agreement dated as of September 27, 2005 and subsequently amended on September 27, 2008 and again on April 6, 2009 and again on December 10, 2009 (as amended, the “Employment Agreement”);

 

WHEREAS, the Executive continues to perform valuable services for the Company and the Company desires to assure itself of the continuing services of Executive; and

 

WHEREAS, in consideration of the foregoing and in order to amend the terms of the Agreement and to provide for the continued services of the Executive in accordance with the present intent of the Company and the Executive.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, and in further consideration of the mutual covenants contained in the Employment Agreement, the parties do hereby agree that the Employment Agreement is hereby amended as follows:

 

	
1.

	
Section “2. Term of Agreement”  strike the language “continue until December 31, 2010” and replace it with “continue until December 31, 2011”.

 

	
2.

	
Except as expressly amended herein, the Employment Agreement shall continue and be in full force in all respects.

 

 

 

	/s/ ImageWare Systems, Inc.	 	/s/ Wayne Wetherell	 
	ImageWare Systems, Inc.	 	Wayne Wetherellex10-42.htm

EX 10.42

 

Fourth Amendment

To

Change of Control and Severance Benefits Agreement

 

This Fourth Amendment (the “Fourth Amendment”) to Change of Control and Severance Benefits Agreement is made this 10h day of March, 2011, by and between ImageWare Systems, Inc., a Delaware corporation (the “Company”), on the one hand, and David Harding, Vice President of Engineering and Chief Technical Officer, on the other hand (the “Executive”).  

                    

WHEREAS, the Company and the Executive entered into a Change of Control and Severance Benefits Agreement dated as of May 21, 2007 which was then  subsequently amended on September 27, 2008 and again on April 6, 2009 and again on December 10, 2009   (the “Severance Agreement”); and

 

WHEREAS, the Executive continues to perform valuable services for the Company and the Company desires to assure itself of the continuing services of Executive; and

 

WHEREAS, in consideration of the foregoing and in order to amend the terms of the Agreement and to provide for the continued services of the Executive in accordance with the present intent of the Company and the Executive.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, and in further consideration of the mutual covenants contained in the Severance Agreement, the parties do hereby agree that the Severance Agreement is hereby amended as follows:

 

Section “2. Term of Agreement”  strike the language “continue until December 31, 2010” and replace it with “continue until December 31, 2011”.

 

 

 

	/s/ ImageWare Systems, Inc.	 	/s/ David Harding	 
	ImageWare Systems, Inc.	 	David Harding

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