Document:

Exhibit

EXHIBIT 10.2

FIRST AMENDMENT  
TO ASSET PURCHASE AGREEMENT 

This FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”), is entered into as of April 22, 2016, by and among Quantum Fuel Systems Technologies Worldwide, Inc., a Delaware corporation (“Seller”), and Douglas Acquisitions LLC, a California limited liability company (“Douglas”), the K&M Douglas Trust, and the Douglas Irrevocable Descendant’s Trust (collectively referred to as the “Trusts”). Douglas and the Trusts are collectively referred to as “Buyer”. The foregoing parties are collectively referred to herein as the “Parties”.  
RECITALS
WHEREAS, the Parties entered into an Asset Purchase Agreement dated April 8, 2016 (the “Purchase Agreement”).  The Parties desire to amend the Purchase Agreement pursuant to this Amendment.  Capitalized terms used and not defined herein shall have the respective meanings ascribed to such terms in the Purchase Agreement; 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto do hereby agree as follows:
AMENDMENT
1.Amendment to Section 1.01 (Purchase and Sale of Assets). Section 1.01(f) is hereby deleted and replaced with the following: 
“all interests of Seller under all Business Contracts, to the extent assignable, that are not Excluded Executory Contracts or Assumed Executory Contracts provided that Seller has no further obligations pursuant to any such assigned Business Contract;”
2.Amendment to Section 1.05 (Purchase Price). Section 1.05(c) is hereby deleted and replaced with the following: 
“The amount of the Cash Consideration payable to Seller will be reduced on a dollar-for-dollar basis by (i) the amount of outstanding advances under the DIP Facility (and, pursuant to the terms of the DIP Facility, Seller’s obligation to repay such amounts shall be forgiven), and (ii) the amount necessary to satisfy the Senior Secured Notes held by Douglas and/or the Trusts, which amount will be applied in reduction of the balances due on such Senior Secured Notes.”
3.Amendment to Section 3.11 (Intellectual Property). Section 3.11(a) is amended by inserting a space between “Section” and “3.11(a)” in the fourth line. 

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EXHIBIT 10.2

4.Amendment to Section 5.08 (Transfer Taxes).  Section 5.08 is hereby deleted and replaced with the following:
“All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the other Transaction Documents (including any real property leasehold transfer Tax and any other similar Tax), if any, shall be borne and paid equally by Seller and Buyer when due. Seller shall, at its own expense, timely file any Tax Return or other document with respect to such Taxes or fees (and Buyer shall cooperate with respect thereto as necessary).”
5.Amendment to Section 5.10 (Assignment or Contribution to Douglas). Section 5.10 is amended by deleting the second reference to “Douglas” in the fourth line.
6.Amendment to Section 5.12 (Bankruptcy Matters).  Section 5.12(c) is hereby deleted and replaced with the following: 
“If Buyer is not deemed to be the Prevailing Bidder (as defined in the Sale Procedures Order) or the Bankruptcy Court approves the sale of substantially all of the Purchased Assets to a purchaser other than Buyer (either, an “Alternative Transaction”):
(A)  Seller shall (i) upon consummation of such Alternative Transaction, pay Buyer a break-up fee equal to two percent (2%) of the Purchase Price (the “Break-Up Fee”), provided that the aggregate purchase price paid in the Alternative Transaction is equal to or greater than Twenty Five Million ($25,000,000) Dollars (the “Price Threshold”), and (ii) reimburse the Buyer up to a maximum of $300,000 for all its reasonable documented out-of-pocket costs and expenses (not otherwise reimbursable pursuant to the DIP Facility) incurred in connection with (a) the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and any other documents prepared in connection herewith or therewith, (b) conducting due diligence on Buyer’s assets and business, (c) participating in the Bankruptcy Case, and enforcing or preserving any rights under this and any such other documents, including the fees and disbursements of counsel to the Buyer (the “Expense Reimbursement”).  The Break-Up Fee and Expense Reimbursement shall only be owed in the event the Buyer has waived its right to terminate the Agreement under Section 7.01(b)(v). 
(B)    The Break-Up Fee shall be payable and paid by Seller only out of the cash proceeds from an Alternative Transaction if the aggregate purchase price in such Alternative Transaction exceeds the Price Threshold.  Until the Break-Up Fee is paid to Buyer in full, 

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EXHIBIT 10.2

Seller shall not use any amount of the purchase price received in such Alternative Transaction in excess of the Price Threshold for any other purpose.
(C)    The Expense Reimbursement shall include, but not be limited to (i) all such costs and expenses incurred from and after March 7, 2016 through and including the participation by Buyer in the Sale Hearing (as defined in the Sale Procedures Order), (ii) preparation for and attendance at hearings in the Bankruptcy Case, (iii) preparation for and participation in the Auction (as defined in the Sale Procedures Order), and (iv) preparation for and participation in the Sale Hearing (as defined in the Sale Procedures Order). Seller’s obligation to pay the Break-Up Fee and Expense Reimbursement shall constitute an administrative expense of Seller under Section 503 of the Bankruptcy Code, which shall be subject to any carve out under the DIP Facility and the DIP Order. The Expense Reimbursement shall be payable and paid by Seller only out of the cash proceeds from any Alternative Transaction.”
7.Amendment to Section 7.01 (Termination). Section 7.01 is amended as follows:
		
	a.
	Section 7.01(c)(ii) is deleted in its entirety.

		
	b.
	A new subsection 7.01(d) is added that reads as follows: 

“by Buyer or Seller in the event that (i) there shall be any Law that makes consummation of the Contemplated Transactions illegal or otherwise prohibited or (ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining the Contemplated Transactions, and such Governmental Order shall have become final and non-appealable.”
8.Amendment to Section 7.01(b)(v)(Termination).  Section 7.01(b)(v) is hereby deleted and replaced with the following :
“at any time prior to May 13, 2016 (the “Diligence Deadline”), if Buyer determines, in its sole and absolute discretion, that it is not satisfied with the results of its due diligence, including the Cure Amounts payable in connection with the Business Contracts, provided however, that Buyer shall be entitled to seek an order from the Bankruptcy Court entered before the Diligence Deadline to extend the Diligence Deadline if the Seller has unreasonably delayed response to reasonable due diligence requests and reasonable requests for access by Buyer’s representatives, which requests must be made by Buyer upon reasonable advance notice;”
9.Amendment to Section 7.02 (Termination).  The reference in Section 7.02 of the Agreement to Section 5.08 is deleted and replaced with Section 5.12.

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EXHIBIT 10.2

10.Amendment to Definition of Senior Secured Notes in Exhibit A. The definition of “Senior Secured Notes” in Exhibit A to the Agreement is deleted and replaced with the following:
“Senior Secured Notes” means the Senior Secured Series A Convertible Notes and the Senior Secured Series B Convertible Notes issued by the Seller, having a aggregate principal balance outstanding of $12,475,000 as of the Petition Date.”
11.Revised Sale Procedures Order.  The form of Exhibit C attached to the Agreement is deleted in its entirety and replaced with Exhibit C attached hereto.
12.Entire Agreement.  This Amendment and the Purchase Agreement constitute the entire agreement of the Parties with respect to the subject matter hereof.  Except as amended by this Amendment, the Purchase Agreement remains in full force and effect.
13.Governing Law.  This Amendment shall be governed by and construed in accordance with the domestic Laws of, and enforced in, the State of California without giving effect to any choice or conflict of law provision or rule that would cause the application of the Laws of any jurisdiction other than the State of California.
14.Binding Effect.  Except to the extent set forth and amended expressly herein, each of the Parties hereto acknowledges and agrees that all terms and provisions, covenants and conditions of the Purchase Agreement and all documents executed in conjunction therewith shall be and remain in full force and effect.  Further, each of the Parties hereto acknowledges and agrees that the Purchase Agreement as amended hereby, shall constitute its legal, valid, and biding obligation, in each case, enforceable in accordance with its terms.
15.Section References.  Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not part of the agreements among the parties hereto evidenced hereby.
16.Counterparts.   This Amendment may be signed in any number of counterparts, each of which shall be an original, but all of which taken together constitute one and the same instrument.
[Signature Page Follows]

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EXHIBIT 10.2

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

	
	
	Quantum Fuel Systems
Technologies Worldwide, Inc.

By /s/ Kenneth Lombardo
Name: Kenneth Lombardo
Title: Vice President - Legal

	Douglas Acquisitions LLC

By /s/ Timothy McGaw
Name: Timothy McGaw
Title: President

	The K&M Douglas Trust 

By /s/ Kevin Douglas
Name: Kevin Douglas
Title: Trustee

	The Douglas Irrevocable Descendant’s Trust 

By /s/ Kevin Douglas
Name: Kevin Douglas
Title: Trustee

(Signature Page to First Amendment to Purchase Agreement)
DWT 29375865v1 0091125-000010

4831-6387-4096.2
DWT 29375865v3 0091125-000010Exhibit 10.1

 

Wilhelmina International, Inc.

 

April 4, 2016

 

James McCarthy

229 Chrystie Street #916

New York, NY 10002

 

Dear Jim,

 

Wilhelmina International, Inc. (“Wilhelmina”)
is pleased to make you the following offer of employment for the salaried, exempt position of Chief Financial Officer of Wilhelmina.
This offer letter shall be the employment agreement (the "Agreement") governing the terms of your employment with Wilhelmina
and its subsidiaries (collectively, the "Company") and shall become effective on the Starting Date indicated below.

 

		Position:	Chief Financial Officer
of Wilhelmina

 

		Duties:	Such duties as the Chief Executive Officer, the Board of Directors or Chairman of Wilhelmina shall
from time to time assign to you. You shall report to the Chief Executive Officer of Wilhelmina. At the Company's request, you shall
serve Wilhelmina and/or its subsidiaries and affiliates in other offices and capacities in addition to the foregoing. In the event
that you serve in any one or more of such additional capacities, your compensation shall not be increased beyond that specified
below.

 

Base Annual

		Salary:	$225,000 annual base pay, paid according to the Company’s standard pay practices, subject
to all applicable withholdings. The Company currently issues payroll checks semi-monthly, on the 15th and last day of
each month.

 

Starting

		Date:	April 22, 2016

 

		Location:	Your primary work location shall be the Company’s New York City offices, which are currently
located at 300 Park Avenue South. Your job will also require regular travel to other Company locations.

 

		Exclusivity:	

During your employment with the Company,
you agree (i) to devote substantially all of your business time, energy, skill and best efforts to the performance of your duties
hereunder in a manner that will faithfully and diligently further the business and interests of the Company, and (ii) that you
shall have no agreements with, or material obligations to, any other individual, partnership, corporation, or legal entity, specifically
including any confidentiality, nondisclosure, non-solicitation, or non-competition agreements or obligations, that may or would
conflict with your obligations under this Agreement.

 

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Wilhelmina International, Inc.

 

Annual Incentive Compensation:

In addition to your Base Annual Salary,
you shall be eligible to earn an annual bonus of 30% of your base annual salary based on the achievement of 100% of your bonus
targets. The amount of bonus earned is typically based on the achievement of certain financial objectives and personal or strategic
goals relative to targets set by the Board of Directors. You may receive an amount of bonus in excess of 30% of your base salary
if the Company’s financial objectives and your personal goals are exceeded. The amount of bonus earned each year is subject
to the approval of the Board of Directors, which may use its discretion to interpret the Company's achievement of the bonus targets
and take into consideration unusual, one-time, or forward-looking factors that affected the Company's historical results or may
affect the Company's future prospects. Bonuses are typically not paid until the Company's financial audit is complete, and executives
must remain employed by the Company until the bonus payment date to receive a bonus. Your bonus potential for the 2016 year shall
be pro-rated for the portion of the year that you are employed by the Company.

 

Stock Options:

As additional consideration for the duties
and responsibilities to be performed, you will be eligible to participate in the Company's 2011 Incentive Plan (the "Option
Plan"). Upon your start date with the company, you will be granted 30,000 options to purchase Company stock at a strike price
determined on the date of issuance. The terms and conditions associated with these grants, including the vesting schedule, will
be detailed in a separate option grant letter and are subject to the Option Plan. You shall be eligible to receive additional option
grants in subsequent years subject to the Board’s discretion and approval.

 

"At Will" Employee:

It is anticipated that you will be a long-term
employee of the Company. However, your employment with the Company is for no specified period and constitutes "at-will"
employment, which means that you have the right to resign from your employment at any time, with or without notice, and the Company
has the right to modify your employment, subject to the compensation provisions outlined above, or terminate your employment at
any time, with or without cause, and with or without notice. Subsequent to the 1st anniversary of your employment, if
the Company terminates your employment without cause (for cause to be determined in the sole judgment of Company) it shall pay
you 60 days of base salary. No representative of the Company has the authority to enter into any agreement with you guaranteeing
employment for any specified period of time or modifying the at-will relationship, unless it is done so in writing and signed by
you and the Chairman of the Company and approved by the Board of Directors.

 

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Wilhelmina International, Inc.

 

Employee Benefits:

During the Initial Term and any Extended
Term while you are employed by the Company, you will be entitled to receive the same benefits as the Company makes generally available
from time to time to the Company's senior executives, as those benefits may be modified, reduced or eliminated from time to time.
Vacation, medical and dental insurance, 401(k), and other rights and benefit plans will be available to you as set forth in the
Company's standard benefit package and Employee Handbook. Such rights, programs and benefit plans may be revised from time
to time at the Company's sole discretion. Your eligibility for the Company benefit plans is effective the first of the month following
60 days of employment. Your annual paid vacation time will be three weeks.

 

Non-Disclosure of Confidential Information:

You acknowledge that in your employment
with the Company, you will occupy a position of trust and confidence. You agree that during your employment with the Company and
at any time thereafter, except as may be required to perform your job duties for the benefit of the Company or as required by applicable
law, disclose to others or use, whether directly or indirectly, any Confidential Information regarding the Company. "Confidential
Information" shall mean any non-public or proprietary information regarding the Company, its business, and customers, in whatever
form, tangible or intangible, that is not disclosed publicly by the Company, including (without limitation) any proprietary knowledge,
trade secrets, designs, products, inventions, business practices, programs, processes, techniques, know-how, management programs,
methodology, financial information, pricing and fee information, talent agreements, arrangements with affiliates, employee files,
personnel records, internal corporate records, corporate and business contacts and relationships, corporate and business opportunities,
telephone logs and messages, client, consultant and customer lists and any and all other materials and information pertaining to
the Company or its business to which you have been exposed or have access to as a consequence of your employment with the Company.
You acknowledge that such Confidential Information is specialized, unique in nature and of great value to the Company, and that
such information gives the Company a competitive advantage. You agree to deliver or return to the Company, at the Company's request
at any time or upon termination of your employment all Confidential Information (and all copies thereof) furnished by the Company
or prepared by you during your employment with the Company.

 

Ownership of Rights:

You acknowledge and confirm that the Company
shall own, in perpetuity, throughout the universe, all right, title and interest in and to the results and proceeds of your services
to the Company and all material produced and/or furnished by you, of any kind and nature whatsoever, it being understood and agreed
that the Company hereby acquires the maximum rights permitted to be obtained by the Company in all proprietary rights and information.
Any such materials and/or ideas submitted to the Company hereunder automatically shall become the property of Company, and you
hereby transfer and agree to transfer and assign to Company all of said rights and materials (including, without limitation, all
copyrights and similar protections, renewals and extensions of copyright, and any and all causes of action that may have accrued
in your favor for infringement of copyright), it being understood that you, for purposes of your employment with the Company, are
acting entirely as Company's executive for hire. You agree that you will, at Company's request, execute and deliver to Company
or procure the execution and delivery to Company of such documents or other instruments which Company may from time to time deem
reasonably necessary or desirable to evidence, maintain and protect its rights hereunder and to carry out the intent and purposes
of this Agreement and to convey to Company all rights in and to the material supplied to Company by you in this Agreement.

 

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Wilhelmina International, Inc.

 

Non-Competition:

As consideration for the employment terms
and stock option grant provided by the Company, you agree that at any time during your employment and for a period of twelve (12)
months after the end of your employment with the Company, regardless of the payment of any severance or other consideration to
you following the cessation of your employment with the Company, you shall not either alone or jointly, with or on behalf of others,
directly or indirectly, whether as principal, partner, agent, shareholder, director, employee, consultant or otherwise, provide
consultative services or otherwise provide services to, own, manage, operate, join, develop, control, participate in, or be connected
with, any business, individual, partner, firm, corporation, or other entity that is engaged in a Competing Business that is not
owned by the Company; provided, however, that the "beneficial ownership" by Executive, either individually or as a member
of a "group," as such terms are used in Rule 13d of the General Rules and Regulations under the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), of not more than five percent (5%) of the voting stock of any publicly traded
corporation not shall alone constitute a violation of this Agreement. A "Competing Business" means any model agency or
talent management company that derives more than 30% of its gross revenues from the representation of model talent or celebrities.

 

Non-Solicitation:

As consideration for the employment terms
and stock option grants provided by the Company, you agree that you shall not, either alone or jointly, with or on behalf of others,
directly or indirectly, whether as principal, partner, agent, shareholder, director, employee, consultant or otherwise, at any
time during your employment and for a period of eighteen (18) months after the end of your employment with the Company, regardless
of the payment of any severance or other consideration to you following the cessation of your employment with the Company; (a)
directly or indirectly hire or solicit the employment or engagement of, or otherwise aid in the inducement or enticement away from
the employment or engagement of the Company or any affiliated entity, either for your own benefit or for any other person or entity,
any employee or consultant who was employed or engaged by the Company or any such affiliated entity during the term of your employment,
whether or not such employee or consultant would commit any breach of his/her contract of employment or consulting arrangement
by reason of his/her leaving the service of the Company or any affiliated entity; or (b) directly or indirectly solicit, induce
or entice any model, client, franchisee, supplier, customer, contractor, licensor, agent, partner or other business relationship
of the Company (including any such types of parties of which the Company is or was actively pursuing a business relationship that
had not yet been consummated as of your termination date) to terminate, discontinue, renegotiate or otherwise cease or modify its
or their relationship with the Company or any affiliated entity.

 

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Wilhelmina International, Inc.

 

Acknowledgement:

You expressly acknowledge and agree that
the restrictions contained in this Agreement (exclusivity, non-disclosure, non-competition and non-solicitation) are reasonably
tailored to protect the Company's Confidential Information and its business and are reasonable in all circumstances in scope, duration
and all other respects. It is expressly agreed by the parties that if for any reason whatsoever, any one or more of the restrictions
in this Agreement shall (either taken by itself or themselves together) be adjudged to go beyond what is reasonable in all circumstances
for the protection of the legitimate interests of the Company, the parties agree that the prohibitions shall be in effect and upheld
to the fullest extent permissible under applicable laws.

 

Acceptance:

This offer is effective immediately and
may be accepted by your signing and dating a copy of this document and returning it to me on or before close of business on April
5, 2016. If accepted and executed, this offer shall be deemed to be a binding definitive agreement in full force and effect. If
not so accepted by that time, this offer will be deemed withdrawn and will be no further in force or effect. Any representations
that may have been made to you concerning the terms or conditions of employment, whether orally or in writing, are cancelled and
superseded by this letter. Any modifications to the terms of your employment must be confirmed to you in writing to be valid and
enforceable and your election to continue in the Company's employ after such confirmation will be deemed to be your agreement to
such modifications. You will also be asked to bring to your first day of work personal identification documents in order to complete
your employment eligibility paperwork as required by Federal law. Furthermore, in the Company’s discretion, the effectiveness
of this employment offer is contingent upon successfully passing the pre-employment background screening.

 

Governing Law:

Your principal work location will be in
New York with travel as required to perform the duties of your job. This Agreement will be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and performed in such State without giving effect to the choice
of law principles of such State that would require or permit the application of the laws of another jurisdiction.

 

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Wilhelmina International, Inc.

 

Successors:

This Agreement is personal to you and shall
not be assignable by you. This Agreement shall inure to the benefit of and be binding upon the Company and its affiliated companies,
successors and assigns.

 

Severability:

If a provision of this Agreement shall
be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of this Agreement and this Agreement
shall be construed and enforced as if the illegal or invalid provision had never comprised a part of this Agreement.

 

 

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Wilhelmina International, Inc.

 

Construction:

No term or provision of this Agreement shall be construed so as to require the commission of any act contrary
to law, and wherever there is any conflict between any provision of this Agreement and any present or future statue, law, ordinance,
or regulation contrary to which the parties have no legal right to contract, the latter shall prevail , but in such event the affected
provision of this agreement shall be curtailed and limited only to the extent necessary to bring the provision within the requirements
of the law.

 

We appreciate your interest in this opportunity
at the Company and we look forward to a mutually rewarding relationship.

 

Agreed and Accepted:

 

 

Employer:

Wilhelmina International, Inc.

 

 

 

	/s/ MARK SCHWARZ	 	4-4-16	 
	Mark Schwarz	 	Date	 
	Executive Chairman	 	 	 

 

 

Employee:

 

 

	/s/ JAMES MCCARTHY	 	April
4, 2016	 
	James McCarthy	 	Date	 

 

 

 

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