Document:

Exhibit 10.1

 

AMENDMENT NO. 4 TO
REGISTRATION RIGHTS AGREEMENT

 

This
AMENDMENT NO. 4 TO REGISTRATION RIGHTS AGREEMENT (this “Amendment”),
dated as of October 31, 2008, is entered into by and among Broadwind
Energy, Inc. (f/k/a Tower Tech Holdings Inc.), a Delaware corporation (the
“Company”) and the undersigned
stockholders (the “Stockholders”) of the
Company.

 

RECITALS

 

A.            The Registration Rights
Agreement dated as of March 1, 2007, as amended October 19, 2007, July 18,
2008 and September 12, 2008, by and among the Company and the Stockholders
(the “Registration Rights Agreement”)
provides that pursuant to Section 4.3, it may be amended only with the
written consent of the Company and the Designated Holders of a majority of the
Registrable Securities.

 

B.            Pursuant to Section 2.2(a) of
the Registration Rights Agreement, the Company is required to file a
registration statement (the “Registration Statement”)
on Form S-3 (or such other appropriate registration form of the SEC) to
register shares of Registrable Securities held by the Stockholders no later
than October 31, 2008 (the “Registration Rights”).

 

C.            The Company and the
Stockholders desire to amend the Registration Rights Agreement, as set forth
herein and subject to the terms of this Amendment, to extend the period of time
that may pass before the Company is required to file its initial Registration
Statement pursuant to Section 2.2(a) of the Registration Rights
Agreement.

 

D.            The Stockholders are holders
of Registrable Securities and are entitled to the Registration Rights.

 

E.             Capitalized terms used and
not defined in this Amendment are defined in the Registration Rights Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants
and agreements hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which is acknowledged, intending
to be legally bound, the parties hereto hereby agree as follows:

 

ARTICLE 1

AMENDMENT TO THE REGISTRATION RIGHTS AGREEMENT

 

1.1           Amendments to the Registration Rights
Agreement.  Clause (a) of the definition of “Filing
Date” set forth in Article I of the Registration Rights Agreement is
hereby amended by deleting the two references to “October 31, 2008” and
replacing them with “December 31, 2008.”

 

ARTICLE 2

MISCELLANEOUS

 

2.1           Effectiveness.       This Amendment shall be deemed effective as
of the date first written above, as if executed by all parties hereto on such
date.  Except as specifically modified by
the terms set forth herein, the parties hereto acknowledge and agree that the
Registration Rights Agreement is in full force and effect.  All references in the Registration Rights
Agreement to the “Agreement” shall be 

 

 

deemed
to refer to the Registration Rights Agreement as amended October 19, 2007,
July 18, 2008, September 12, 2008 and as amended by this Amendment.

 

2.2           Further Assurances.  Each
party agrees that, from time to time upon the written request of the other
party, it will execute and deliver such further documents and do such other
acts and things as the other party may reasonably request to effect the
purposes of this Amendment.

 

2.3           Severability. 
Whenever possible, each provision of this Amendment shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of this Amendment shall be held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Amendment.

 

2.4           Counterparts.  This
Amendment may be executed in one or more counterparts each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

 

2.5           Governing Law.  This
Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware, without regard to the conflicts of laws rules or
provisions.

 

2.6           Captions.  The captions, headings and
arrangements used in this Amendment are for convenience only and do not in any
way limit or amplify the terms and provisions hereof.

 

2.7           No Prejudice.  The
terms of this Amendment shall not be construed in favor of or against any party
on account of its participation in the preparation hereof.

 

2.8           Words in Singular and Plural Form. 
Words used in the singular form in this Amendment shall be deemed to
import the plural, and vice versa, as the tense may require.

 

[Signature page follows]

 

2

 

IN WITNESS WHEREOF, the
undersigned have executed this Amendment No. 4 to Registration Rights
Agreement as of the date and year set forth above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  BROADWIND
  ENERGY, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. Cameron Drecoll

  
	
   

  	
   

  	
  J.
  Cameron Drecoll, Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  STOCKHOLDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
  TONTINE
  CAPITAL PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Tontine
  Capital Management, L.L.C., its general

  partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Jeffrey L. Gendell

  
	
   

  	
   

  	
   

  	
  Jeffrey
  L. Gendell, as managing member

  
	
   

  	
   

  	
   

  
	
   

  	
  TONTINE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Tontine
  Management L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Jeffrey L. Gendell

  
	
   

  	
   

  	
   

  	
  Jeffrey
  L. Gendell, as managing member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TONTINE
  CAPITAL OVERSEAS MASTER FUND,

  L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Tontine
  Capital Overseas GP, L.L.C., its general

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Jeffrey L. Gendell

  
	
   

  	
   

  	
   

  	
  Jeffrey
  L. Gendell, as managing member

  

 

 

[Signature page to Amendment No. 4 to Registration Rights
Agreement]

 

S-1

 

	
   

  	
  TONTINE
  25 OVERSEAS MASTER FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Tontine
  Capital Management, L.L.C., its general

  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Jeffrey L. Gendell

  
	
   

  	
   

  	
   

  	
  Jeffrey
  L. Gendell, as managing member

  
	
   

  	
   

  	
   

  
	
   

  	
  TONTINE
  OVERSEAS FUND, LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Tontine
  Overseas Associates, L.L.C., its

  investment advisor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Jeffrey L. Gendell

  
	
   

  	
   

  	
   

  	
  Jeffrey
  L. Gendell, as managing member

  

 

 

[Signature
page to Amendment No. 4 to Registration Rights Agreement]

 

S-2Exhibit
10.1

 

September 19, 2008

 

Howard H. Pien

c/o Medarex, Inc.

707 State Road

Princeton, NJ 08540

 

Dear Howard:

 

Last year, in connection
with your acceptance of the job of President and Chief Executive Officer of
Medarex, Inc. (the “Company”), you
were awarded, in addition to stock options, 300,000 shares of restricted stock
under the Company’s 2005
Equity Incentive Plan, as amended (the “Plan”),
including 75,000 shares of Company common stock vesting on June 14, 2012,
with the possibility of accelerated vesting beginning in 2010 under certain
conditions (the “Performance Stock Grant”).

 

It
has recently come to our attention that Section 4 of the Plan states that,
in any fiscal year, a maximum of 200,000 shares of Restricted Stock (as defined
in the Plan), plus an additional 50,000 shares of Restricted Stock in
connection with commencement of employment, may be granted to any Plan
participant.

 

Therefore,
to enable the Company to comply with the Plan, we hereby request your consent
to the rescission of the grant of 50,000 shares of Restricted Stock that were
awarded to you in 2007 as part of the Performance Stock Grant.  If such rescission occurs, you would continue
to own, subject to the restrictions set forth in the original grant, the
remaining 25,000 shares originally awarded to you as part of the Performance
Stock Grant.

 

Please
acknowledge your consent to such rescission by executing below.

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MEDAREX,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/Christian S. Schade

  
	
   

  	
   

  	
   Christian S. Schade

  
	
   

  	
   

  	
   Chief Financial Officer

  

 

Agreed
and Acknowledged

this
30th day of September, 2008

 

 

	
  /s/
  Howard H. Pien

  	
   

  
	
  Howard
  H. PienExhibit
10.2

 

AMENDED AND RESTATED
RESTRICTED STOCK AGREEMENT

 

This Amended and Restated Restricted Stock Agreement
(the “Amended Agreement”) is made
as of the 30th  day of September, 2008,
between Medarex, Inc., a New Jersey corporation (the “Company”), and Howard H. Pien (the “Grantee”). 
In consideration of the agreements set forth below, the Company and the
Grantee agree as follows:

 

1.             Amendment and Restatement.  Effective as of the date hereof, this Amended
Agreement amends and restates in its entirety the Restricted Stock Agreement
(the “Original Agreement”) dated
June 29, 2007 (the “Original Grant Date”)
between the Company and Grantee.

 

2.             Grant.  The
following restricted stock awards (collectively, the “Award”) of shares of the Company’s common
stock, $.01 par value per share (“Common
Stock”), were granted by the Company to the Grantee on the Original
Grant Date subject to (i) the terms and conditions hereof, (ii) the
provisions of the Medarex, Inc. 2005 Equity Incentive Plan, as amended
(the “Plan”), a copy of which is
attached hereto as Exhibit A and the terms of which are
incorporated by reference herein, (iii) the terms and conditions of the
Grantee’s employment agreement with the Company dated May 16, 2007 (the “Employment Agreement”), and (iv) the
receipt by the Company of a stock power endorsed in blank by the Grantee, in
the form attached hereto as Exhibit B:

 

(a)                                  50,000
shares (the “Inducement Shares”);

(b)                                 175,000
shares (the “Initial Award Shares”);
and

(c)                                  25,000
shares (the “Performance Shares”).

 

The Inducement Shares, the Initial Award Shares and
the Performance Shares shall be referred to collectively herein as the “Award Shares.”  The term “Change
in Control” as used herein shall have the meaning set forth in the
Employment Agreement and not in the Plan. 
All capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Plan.  In
the event of any conflict between the provisions of this Amended Agreement, the
Original Agreement, the Employment Agreement and those of the Plan, the
provisions of the Plan shall control.

 

3.             Transfer Restrictions.  None of the Award Shares shall be sold,
assigned, pledged or otherwise transferred, voluntarily or involuntarily, by
the Grantee, except in accordance with the terms of this Amended Agreement and
the Plan.

 

4.             Release of Restrictions.

 

(a)      The restrictions set forth in
Section 3 above shall lapse as follows, provided that the Grantee remains
employed by the Company from June 14, 2007 (the “Start Date”) through the
applicable date:

 

1

 

(i)                                   With
respect to the Inducement Shares, restrictions on 25,000 Inducement Shares
lapsed on June 14, 2008 (in accordance with the terms and conditions of
the Original Agreement), and with respect to the remaining 25,000 Inducement
Shares, restrictions will lapse on June 14, 2009;

 

(ii)                                With
respect to the Initial Award Shares, on June 14, 2009 with respect to
87,500 Initial Award Shares and on June 14, 2010 with respect to the remaining
87,500 Initial Award Shares; and

 

(iii)                             With
respect to the Performance Shares, on the five-year anniversary of the Start
Date; provided, however, that if
the price of the Common Stock equals or exceeds $26 per share for the 20
consecutive trading days immediately preceding the three-year anniversary of
the Start Date, then the restrictions with respect to  the 25,000 Performance Shares shall lapse on
such three-year anniversary of the Start Date and; provided further, however, that if the price of the Common
Stock equals or exceeds $26 per share for the 20 consecutive trading days
immediately preceding the four-year anniversary of the Start Date, then with
respect to any Performance Shares for which restrictions have not yet lapsed,
the restrictions shall lapse on such four-year anniversary of the Start Date.

 

(b)           In the event the Grantee’s employment
is terminated by the Company “Without Cause”
or by the Grantee for “Good Reason”
(each of such terms as defined in the Employment Agreement), any restrictions
on the Initial Award Shares that would have lapsed during the eighteen (18)
months following the date the Grantee’s employment is terminated shall
immediately lapse.

 

(c)           In the event of a Change in Control,
any restrictions on the Award Shares shall immediately lapse upon the effective
date of the Change in Control.

 

(d)           In the event the Grantee’s employment
with the Company is terminated prior to the date the restrictions lapse, as
provided in Section 4(a), due to the Grantee’s retirement, permanent disability,
or death, or in cases of special circumstances, the Committee may, in its sole
discretion, when it finds that a waiver would be in the best interests of the
Company, waive in whole or in part any or all remaining restrictions with
respect to the Grantee’s Award Shares.

 

5.             Forfeiture. 
Except as set forth in Section 4 above, in the event the Grantee’s
employment with the Company is terminated for any reason prior to the date the
restrictions lapse as provided in Section 4 above, the Award Shares for
which restrictions have not lapsed shall be forfeited to the Company.

 

2

 

6.             Tender Offer/Merger; Adjustment of Shares.  Notwithstanding anything contained herein to
the contrary:

 

(a)           Award Shares (i) may be tendered
in response to a tender offer for or a request or invitation to tenders of
greater than 50% of the outstanding Common Stock of the Company or
(ii) may be surrendered in a merger, consolidation or share exchange
involving the Company; provided, however,
that in each case, in the event such tender offer, request for tender, merger,
consolidation or share exchange does not result in a Change in Control, the
securities or other consideration received in exchange therefore shall
thereafter be subject to the restrictions and conditions set forth herein.

 

(b)           In the event of any change in the
outstanding Common Stock resulting from a subdivision or consolidation of
shares, whether through reorganization, recapitalization, share split, reverse
share split, share distribution or combination of shares or the payment of a
share dividend, the Award Shares shall be treated in the same manner in any
such transaction as other Common Stock. 
Any Common Stock or other securities received by the Grantee with respect
to the Award Shares in any such transaction shall be subject to the
restrictions and conditions set forth herein.

 

7.             Rights as Stockholder.  The Grantee shall be entitled to all of the
rights of a stockholder with respect to the Award Shares held in escrow
including the right to vote such shares and to receive dividends and other
distributions payable with respect to such shares since the Original Grant
Date, even if some or all of such Award Shares have not yet vested and been
released from the restrictions set forth in Section 3 above.

 

8.             Escrow of Share Certificates.  Certificates for the Award Shares shall be
issued in the Grantee’s name and shall be held in escrow by the Company until
all restrictions lapse or such shares are forfeited as provided herein;
provided, however, that the terms of such escrow shall make allowance for the
transactions contemplated by Section 6 above.  A certificate or certificates representing
the Award Shares as to which restrictions have lapsed shall be delivered to the
Grantee upon such lapse, provided that any withholding obligations of the
Company are satisfied pursuant to Section 10 below.

 

9.             Government Regulations.  Notwithstanding anything contained herein to
the contrary, the Company’s obligation to issue or deliver certificates
evidencing the Award Shares shall be subject to all applicable laws,
rules and regulations and to such approvals by any governmental agencies
or national securities exchanges as may be required.

 

10.           Withholding Taxes.  The Company shall have the right to require
the Grantee to remit to the Company, or to withhold from other amounts payable
to the Grantee, as compensation or otherwise, an amount sufficient to satisfy
all federal, state and local withholding tax requirements which may arise in
connection with this Award.

 

11.           Tax Consequences.   The acquisition and vesting of the Award
Shares may have adverse tax consequences to the Grantee that may be avoided or
mitigated by filing an election under Section 83(b) of the Code.  Such election had to be filed within thirty
(30) days after the Original Grant Date. 
The Grantee hereby acknowledges that it was his responsibility, and not
the 

 

3

 

Company’s, to file a timely election under
Section 83(b) of the Code, even if the Grantee requested the Company
to make such filing on his behalf.

 

12.           Award not a Service Contract.  This Award is not an employment or service
contract, and nothing in this Award shall be deemed to create in any way
whatsoever any obligation on the Grantee’s part to continue in the employ of or
service to the Company, or on the part of the Company to continue the Grantee’s
employment or service.

 

13.           Governing Law.  This Amended Agreement shall be construed
under the laws of the State of New Jersey, without regard to its conflicts of
laws principles.

 

IN WITNESS WHEREOF,
(i) the Company has caused this Award to be granted on the Original Grant
Date, and (ii) the parties have executed this Amended Agreement on the
date first above written.

 

	
   

  	
  Medarex, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christian S. Schade

  
	
   

  	
   

  	
  Christian S. Schade,

  
	
   

  	
   

  	
  Senior Vice President and

  
	
   

  	
   

  	
  Chief Financial Officer

  

Accepted:

 

	
  /s/ Howard H. Pien

  	
   

  
	
  Howard H. Pien – Grantee

  	
   

  

 

4

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