Document:

Promissory Note Payoff Agreement

 Exhibit 10.1 
  
 PROMISSORY NOTE PAYOFF AGREEMENT 
  
 PROMISSORY NOTE PAYOFF AGREEMENT (this “Agreement”), dated August 1, 2003 (the “Effective
Date”), by and between ARTESYN TECHNOLOGIES, INC., a Florida corporation (the “Debtor”) and FINESTRAR INTERNATIONAL LIMITED, a British Virgin Islands corporation (the “Holder”). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, the Debtor executed a
convertible promissory note with an original issue date of January 15, 2002 (the “Note”), payable to the Holder in the principal amount of Fifty Million Dollars ($50,000,000), which Note is convertible into shares of the
Debtor’s common stock, par value $.01 per share (the “Common Stock”); 
  
 WHEREAS, the Note provides for the payment by the Debtor of principal by January 15, 2007 (the “Maturity Date”), with interest payable in semi-annual installments at the rate of three percent
(3%) per annum until the principal of the Note is paid in full; 
  
 WHEREAS, to induce the Holder to make such loans, the Debtor and the Holder entered into a securities purchase agreement dated as of January 14, 2002 (the “Securities Purchase Agreement”), whereby the Debtor agreed
to issue to the Holder a warrant (the “Warrant”) to purchase 1,550,000 shares of the Debtor’s Common Stock, subject to the terms and conditions set forth in the Securities Purchase Agreement; 
  
 WHEREAS, to induce the Holder to enter into the Securities Purchase
Agreement, the Debtor and the Holder entered into a registration rights agreement dated January 15, 2002 (the “Registration Rights Agreement”), whereby the Debtor agreed to provide certain registration rights for shares of stock
Common Stock issued or issuable upon conversion or exercise of the Note or Warrant, respectively, subject to the terms and conditions set forth in the Registration Rights Agreement; and 
  
 WHEREAS, the Debtor and the Holder have reached an agreement for the accelerated payment of the principal and
interest due and owing on the Note, which payment is contingent upon the Debtor’s successful completion of a contemplated offering of its convertible debt (the “Offering”), all upon the terms and conditions set forth in this
Agreement. 
  

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and promises contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  
 1. Prepayment of the Note. 
  
 1.1 Notwithstanding anything to the contrary set forth in the Note and subject to the successful completion of the Offering, the Debtor hereby agrees to
pay to the Holder the principal and the interest accrued and unpaid through the Date of Payment (as defined in this Section 1.1) and the Holder agrees to accept said payment as and for complete payment and satisfaction of the Note (the
“Prepayment”). For purposes hereof, “Date of Payment” shall mean the second business day following the completion of the Offering. 
  
 1.2 Prior to the Date of Payment, the Holder shall deliver to the Debtor the original Note. 
  
 1.3 Upon the receipt of the Prepayment in full pursuant to Section 1.1 hereof, (a) all obligations of the Debtor to the
Holder under the Note shall be deemed satisfied, (b) the Note shall be of no further force and effect, (c) the Holder shall be deemed to have waived and relinquished any and all rights, remedies and legal actions of any nature whatsoever which it
would otherwise be entitled to under the Note, irrespective of whether the same would, under the terms of the Note, survive termination thereof and (d) the Holder shall deliver to the Debtor any additional documentation reasonably required to
evidence satisfaction and payment in full of all of the Debtor’s obligations under the Note. 
  
 2. Termination of the Securities Purchase Agreement. 
  
 2.1 Termination Upon Receipt of Prepayment. Subject to Section 2.3 hereof, upon the receipt of the Prepayment in full pursuant to Section 1.1
hereof, (a) all obligations of the Debtor to the Holder under the Securities Purchase Agreement shall be deemed terminated, (b) the Securities Purchase Agreement shall be of no further force and effect and (c) the Holder shall be deemed to have
waived and relinquished any and all rights, remedies and legal actions of any nature whatsoever which it would otherwise be entitled to under the Securities Purchase Agreement, irrespective of whether the same would, under the terms of the
Securities Purchase Agreement, survive termination thereof. 
  
 2.2 Termination of Certain Rights Prior to the Prepayment. As of the Effective Date, the Holder hereby agrees to waive all rights it may have with respect to the Offering under section 9.1 (Right of First Negotiation) of the
Securities Purchase Agreement. 
  

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 2.3 Survival of Certain Provisions of the Securities Purchase Agreement. Notwithstanding Section
2.1 hereof, the following provisions of the Securities Purchase Agreement shall survive and be enforceable in accordance with their respective terms and provisions: 
  
 (a) the Indemnification Obligations as set forth in sections 10.1, 10.2 and 10.3; 
  
 (b) the Communications instructions as set forth in section
11.1; 
  
 (c) the Governing Law provisions as set
forth in section 11.6; 
  
 (d) the Consent to
Jurisdiction as set forth in section 11.12; 
  
 (e) the Agent for Service of Process as set forth in section 11.13; and 
  
 (f) any and all obligations of confidentiality as set forth in the Securities Purchase Agreement. 
  
 3. Amendment of the Registration Rights Agreement. 
  
 3.1 Section 1(v) of the Registration Rights Agreement is hereby amended by
deleting such section in its entirety and replacing such section with the following: (v) “Shares” means the shares of Common Stock issued or issuable upon exercise of the Warrants. Except as set forth in Section 3.1 hereof, the
Registration Rights Agreement remains in full force and effect. 
  
 4. Termination of this Agreement. 
  
 4.1 In the
event that the Debtor notifies the Holder in writing that it will not proceed with the Offering, this Agreement shall immediately terminate without any further act of the parties and the Note, the Securities Purchase Agreement, the Warrant and the
Registration Rights Agreement each shall remain unchanged and in full force and effect in accordance with their respective terms and provisions. Nothing contained herein shall obligate the Debtor to complete the Offering. 
  
 5. Representations and Warranties of the Debtor. The Debtor hereby
represents and warrants to the Holder as follows: 
  
 5.1 Power
and Authority. The execution and delivery by the Debtor of this Agreement, the performance by the Debtor of its obligations hereunder, and the consummation by the Debtor of the transactions contemplated hereby have been duly and validly
authorized by all necessary corporate action on the part of the Debtor. The Debtor has the requisite corporate power and authority with respect to the foregoing. This Agreement has been duly executed and delivered by the Debtor and is the valid and
binding obligation of the Debtor, enforceable against the Debtor in accordance with its terms. 
  

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 6. Representations and Warranties of the Holder. The Holder hereby represents and warrants to the
Debtor as follows: 
  
 6.1 Power and Authority. The
execution and delivery by the Holder of this Agreement, the performance by the Holder of its obligations hereunder, and the consummation by the Holder of the transactions contemplated hereby have been duly and validly authorized by any necessary
corporate action on the part of the Holder. The Holder has the requisite corporate power and authority with respect to the foregoing. This Agreement has been duly executed and delivered by the Holder and is the valid and binding obligation of the
Holder, enforceable against the Holder in accordance with its terms. 
  
 7. Further Covenants. 
  
 7.1 Participation in
the Offering. The Holder agrees that it and the Purchaser Group will not participate in, nor will it or the Purchaser Group assert any right to participate in, the Offering.  
  
 7.2. Further Assurances. Each of the parties hereto shall execute such documents and other papers and take such
further action as may be reasonably required to carry out the provisions hereof and effectuate the transactions contemplated hereby, including, but not limited to, obtaining any consents, waivers or approvals required in connection herewith.

  
 8. Miscellaneous. 
  
 8.1. Definitions. Unless otherwise defined in this Agreement, all
capitalized terms used herein shall be deemed to have the meanings ascribed thereto in the Securities Purchase Agreement. 
  
 8.2. Publicity. No publicity release or announcement concerning this Agreement or the transactions contemplated hereby shall be issued without
advance approval of the form and substance thereof by the Debtor. 
  
 8.3. Entire Agreement. This Agreement and the documents executed in connection with the consummation of the transactions contemplated hereby embody the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof. 
  
 8.4. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely within such jurisdiction. 
  

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 8.5 Applicability of Certain Sections of the Securities Purchase Agreement to this Agreement. All
terms and provisions of sections 11.1 (Communications), 11.12 (Consent to Jurisdiction) and 11.13 (Agent for Service of Process) of the Securities Purchase Agreement are incorporated herein by reference and apply to this Agreement with full force
and effect as if fully set forth herein. 
  
 8.6 Waivers and
Amendments. This Agreement or any provisions hereof may be changed, waived, discharged or terminated only by a statement in writing signed by the Debtor and by the Holder. 
  
 8.7 Headings. The headings in this Agreement are for convenience of reference only, and shall not limit or otherwise
affect the terms hereof. 
  
 8.8 Successors. All the
covenants and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns and transferees. 
  
 8.9 Severability. If any provision of this Agreement shall be held to be invalid and unenforceable, such invalidity
or unenforceability shall not affect any other provision of this Agreement. 
  
 8.10 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original, but all of which shall constitute but one and the same instrument. An executed counterpart of this
Agreement transmitted and received by facsimile shall be deemed for all purposes to be an original, executed counterpart hereof. Duplicate unexecuted pages of the counterparts (whether original or received by facsimile) may be discarded and the
remaining pages assembled as one document. An executed counterpart of this Agreement transmitted and received by facsimile shall be deemed for all purposes to be an original, executed counterpart hereof. 
  
 [Signature Pages To Follow] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above
written. 
  

	ARTESYN TECHNOLOLGIES, INC.
		
	By:	 	 /s/    Richard J. Thompson

	 	

	 Name:
	 	 Richard J. Thompson

	 Title:
	 	 Vice President–Chief Financial Officer

	 	 	 
	
	 FINESTAR INTERNATIONAL LIMITED

		
	 By:
	 	 /s/    Bruce Cheng

	 	

	 Name:
	 	 Bruce Cheng

	 	

	 Title:
	 	 Director

	 	

  

	 ACKNOWLEDGED AND AGREED:
  
 DELTA ELECTRONICS, INC.

		
	By:	 	 /s/    Bruce Cheng

	 	

	 Name:
	 	 Bruce Cheng

	 	

	 Title:
	 	 Chairman and CEO

	 	

  

 6Supplemental Agreement

 Exhibit 10.2 
  
 AGREEMENT made the 5th day of September 2003 BETWEEN the INDUSTRIAL DEVELOPMENT AGENCY (IRELAND) having its principal office at Wilton Park House, Wilton Place, Dublin 2 (“IDA”) of the first part,
ARTESYN INTERNATIONAL LIMITED having its registered office at Youghal, Co. Cork (“the Company”) of the second part, ARTESYN TECHNOLOGIES, INC. (having replaced Berg Electronics Group, Inc. as Promoters) having its registered offices at 1
Place de la Coupole Courbevoie, France of the third part (“the Promoters”) SUPPLEMENTAL to the Grant Agreements dated 26th day of October 1994 and the 5th day of December 1997 (“the Principal Agreements”)

  
 WHEREAS: 
  

	 	A.	Under the terms and conditions of the Principal Agreements IDA agreed to make certain grants available to the Company towards the costs of carrying on an undertaking for the
provision of power supplies (“the Undertaking”) and for the creation of employment for 134 persons over a base of 168 and 251 persons over, a base of 302 respectively; 

  

	 	B.	The Company has reduced employment to 70 persons and under the terms and conditions of the Principal Agreements is liable to repay grants in an amount of €2,474,402 to IDA in
respect of this employment reduction; 

  

	 	C.	The Grantees and the Promoters have applied to IDA for its consent to: 

  

	 	a.	The Company being permitted to retain grants in the amount of €1,274,402 for the maintenance of 70 higher value functions in Cork 

  
 NOW IT IS HEREBY WITNESSED that in consideration of the Company continuing to carry on
the Undertaking in accordance with the terms of the Principal Agreements IDA hereby consents to the request at Recital C SUBJECT ALWAYS to the following terms and conditions:- 
  

	1.	That the liability period under the Principal Agreements is hereby extended to the 31st day of December 2009; 

  

	2.	That the company will repay to IDA a total of €1,200,000 in four equal instalments as outlined in the schedule below: 

  

	 Year of Repayment

	 	 Amount to be repaid

	 5th January 2005
	 	€300,000
	 5th January 2006
	 	€300,000
	 5th January 2007
	 	€300,000
	 5th January 2008
	 	€300,000

  

	3.	That the Company shall maintain 70 jobs in the Undertaking for the duration of the Principal Agreements as outlined at Clause 1 above; 

  

	4.	Should the Company reduce employment below 70 during the term of this Agreement, the Company and/or the Promoters shall repay to IDA on demand €18,206 for each and every job
which reduces below 70 and in default of such repayment such sums shall be recoverable by IDA from the Company and/or the Promoters as a joint and several simple contract debt; 

  

	5.	The cancellation of all grant balances as outline in the Schedule attached hereto; 

  

	6.	That the terms and conditions of the Principal Agreement save insofar as same require to be altered or extended by the provisions hereof are hereby confirmed and shall remain in
full force and effect. 

  

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 SCHEDULE 
  

The; following grant balances are hereby withdrawn and cancelled. 
  

	 Grant Type

	  	 Date of Agreement/Acceptance

	  	Amount
Approved

	  	Amount
Paid

	  	Balance
Cancelled

	 Employment
	  	26 October 1994	  	1,701,449	  	1,668,752	  	32,697
	 Employment
	  	5 December 1997	  	2,390,282	  	785,650	  	1,604,632
	 R&D
	  	1 July 1997	  	571,382	  	546,125	  	25,257
	 R&D
	  	21 September 1993	  	340,925	  	323,242	  	17,683
	 Total
	  	 	  	 	  	 	  	1,680,269

  

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 IN WITNESS WHEREOF of the parties hereto have caused their respective Seals to be affixed hereto the day
and year first herein written, 
  
 PRESENT when the Seal of the

 INDUSTRIAL DEVELOPMENT AGENCY (IRELAND) 
 was affixed
hereto:- 
  

	
	/s/ Richard Regan
	

	AUTHORISED OFFICER

  

	
	/s/ Miriam Johnston
	

	AUTHORISED OFFICER

  
 PRESENT when the
Seal of the 
 ARTESYN INTERNATIONAL LIMITED 
 was
affixed hereto:- 
  

	
	/s/ Joe O’Callaghan
	

	DIRECTOR

  

	
	/s/ Philip Whelan
	

	DIRECTOR

  
 PRESENT when the
Seal of the 
 ARTESYN TECHNOLOGIES, INC. 
 was
affixedhereto:- 
  

	
	/s/ Richard J. Thompson
	

	DIRECTOR

  

	
	/s/ Joseph M. O’Donnell
	

	DIRECTOR

  

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	 Dated the 5th day of September 2003

	
	 INDUSTRIAL              DEVELOPMENT AGENCY
 (IRELAND)

  

	
	 First part

	
	ARTESYN              INTERNATIONAL LIMITED

  

	
	 Second Part

	
	ARTESYN TECHNOLOGIES, INC.

  

	
	Third Part
	
	 SUPPLEMENTAL
AGREEMENT
    
    
 Industrial Development Agency
(Ireland)
 Wilton Park House
 Wilton Place
 Dublin 2

  

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