Document:

exv10w3

 

Exhibit 10.3

FIRST AMENDMENT TO

THE INVESTMENT AND MANAGEMENT AGREEMENT

OF RIGGS CAPITAL PARTNERS II, LLC

         THIS FIRST AMENDMENT is entered into as of January 1, 2002 (the “First
Amendment”), by and between RIGGS CAPITAL PARTNERS II, LLC and RCP INVESTMENTS
II, LLC amending the Investment and Management Agreement of RIGGS CAPITAL
PARTNERS II, LLC, a Delaware limited liability company (the “Company”), dated
as of the 1st day of December, 2000 (the “Original Agreement”). Riggs Capital
Partners II, LLC and RCP Investment II, LLC are hereinafter known as the
“parties” to this First Amendment.

WITNESSTH

         WHEREAS, the parties wish to amend the Original Agreement to designate RCP
Ventures Management Inc., a Delaware corporation, as the Management Company (as
that term is defined in the Original Agreement); and

         WHEREAS, RCP Ventures Management Inc. and the parties have executed an
Agreement of Joinder of even date herewith whereby RCP Ventures Management Inc.
has acknowledged and agreed to be bound by the terms of the Original Agreement
pertaining to the Management Company.

         NOW, THEREFORE, in consideration of the premises and mutual promises
hereinafter set forth, the parties hereto do hereby amend the Original
Agreement as follows:

         1.     In the first sentence of the first paragraph of the Original Agreement,
the phrase “RCP INVESTMENTS II, LLC” is hereby replaced with the phrase “RCP
Ventures Management Inc.” with the result being that in the Original Agreement,
as amended by this First Amendment, the “Management Company” means “RCP
Ventures Management Inc.”

         2.     Section 8 of the Original Agreement is hereby amended by replacing “RCP
Investments II, LLC” as the entity to receive notification under the Original
Agreement with “RCP Ventures Management Inc.”

         3.     Except as specifically provided herein, the Original Agreement shall
remain in full force and effect. This First Amendment may be executed in any
number of counterparts, all of which shall constitute a single instrument.
This First Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and assigns.

(Signatures on next page.)

 

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         IN WITNESS WHEREOF, the undersigned have set their hands as of the day and
year first above written.

	 	 	 	 	 
	 	 	RIGGS CAPITAL PARTNERS II, LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
BY:
	 	Riggs National Corporation

Managing Member
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
BY:
	 	/s/ Timothy C. Coughlin

Name: Timothy C. Coughlin

Title: President
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	RCP INVESTMENTS II, LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
BY:
	 	/s/ J. Carter Beese, Jr.

Name: J. Carter Beese, Jr.

Title: Managing Member

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JOINDER TO

THE INVESTMENT AND MANAGEMENT AGREEMENT OF

RIGGS CAPITAL PARTNERS II, LLC

         Concurrently with the execution of the First Amendment to the Investment
and Management Agreement of Riggs Capital Partners II, LLC (the “IM
Agreement”), RCP Ventures Management Inc. has executed this Joinder thereto.

WITNESSTH

         WHEREAS, RCP Ventures Management Inc. was formed to provide certain
investment and management services to Riggs Capital Partners, LLC (“Fund I”)
and Riggs Capital Partners II, LLC (“Fund II”) in exchange for equitable
compensation;

         WHEREAS, the above mentioned investment and management services have been
provided prior to the execution of this Joinder to Fund I by RCP Investments,
LLC (“Investments I”) and Fund II by RCP Investments II, LLC (“Investments
II”);

         WHEREAS, the members of Fund II, being Riggs National Corporation and
Investments II (the “Members”), who are the parties to the Operating Agreement
of Riggs Capital Partners II, LLC dated as of October 1, 2000 (the “Operating
Agreement”), have concurrently herewith executed the First Amendment to the
Operating Agreement, which designated RCP Ventures Management Inc. as the
Investment Advisor (as that term is defined in such agreement) to Fund II and,
concurrently therewith, RCP Ventures Management Inc. has executed a Joinder to
the Operating Agreement;

         WHEREAS, Fund II and Investments II, who are the parties to the Investment
and Management Agreement dated as of December 1, 2000, have concurrently
herewith executed the First Amendment to such agreement which designated RCP
Ventures Management Inc. as the Management Company (as that term is defined in
such agreement) for Fund II; and

         WHEREAS, Riggs Bank N.A. and Investments I, who are parties to the
Operating and Services Agreement dated as of December 1, 2000, and along with
Investments II are parties to the First Amendment thereto dated as of December
1, 2000, have all concurrently herewith executed the Second Amendment to such
agreement which designated RCP Ventures Management Inc. as the Management
Company (as that term is defined in such agreement) and, concurrently
therewith, RCP Ventures Management Inc. has executed a Joinder to the Operating
and Services Agreement and the First Amendment thereto.

         NOW THEREFORE, in consideration of the actions taken that are listed above
and the premises hereinafter set forth:

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         The undersigned, RCP Ventures Management Inc., hereby executes this
Joinder and in so doing agrees to be bound by the terms and conditions
applicable to the Management Company (as that term is defined in the IM
Agreement) and shall for such purposes be deemed a party to the IM Agreement.

Dated: January 1, 2002

	 	 	 	 	 
	 	 	RCP Ventures Management Inc.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	/s/ J. Carter Beese, Jr.

J. Carter Beese, Jr.

Chairman & Chief Executive Officer

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Exhibit 10.4

SECOND AMENDMENT TO THE

OPERATING AND SERVICES AGREEMENT

         THIS SECOND AMENDMENT (“Second Amendment”) to the OPERATING AND SERVICES
AGREEMENT (the “Original Agreement”), is made as of this 1st day of January
2002, by and between Riggs Bank N.A. (“Riggs”), and RCP Investments, L.P.
(“Investment Company I”) and RCP Investments II, LLC (“Investment Company II).
Riggs, Investment Company I and Investment Company II are herein collectively
referred to as the “parties.”

RECITALS

	A.	 	The parties entered into the First Amendment (the “First Amendment”) to
the Original Agreement as of December 1, 2000.
	 
	B.	 	The Parties wish to further amend the Original Agreement to replace
Investment Company I and Investment Company II as the management companies
for Riggs Capital Partners, LLC (“Fund I”) and Riggs Capital Partners II,
LLC (“Fund II”) with a new management company named RCP Ventures
Management Inc., which will provide the services presently provided by
Investment Company I and Investment Company II.
	 
	C.	 	RCP Ventures Management Inc. has executed an Agreement of Joinder of even
date herewith whereby RCP Ventures Management Inc. has acknowledged and
agreed to be bound by the terms of the Original Agreement and the First
Amendment thereto.

         NOW, THEREFORE, Riggs, Investment Company I and Investment Company II, in
consideration of the foregoing and the covenants and agreements hereinafter set
forth, do hereby agree as follows:

	1.	 	The definition of “Management Company” in the preamble to the Original
Agreement is hereby revised by removing “RCP Investments, L.P.” and “RCP
Investments II, LLC” and inserting in their place “RCP Ventures Management
Inc.”
	 
	2.	 	. Except as specifically provided herein, the Original Agreement and the
First Amendment shall remain in full force and effect. This Second
Amendment may be executed in any number of counterparts, all of which
shall constitute a single instrument. This Second Amendment shall be
binding upon and inure to the benefit of the parties hereto and their
respective heirs, successors and assigns.

(Signatures are on next page.)

 

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	RIGGS BANK N.A.	 	RCP INVESTMENTS, L.P.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	By: /s/ Steven Tamburo

Steven Tamburo

Chief Financial Officer	 	
By:
	 	/s/ J. Carter Beese, Jr.

J. Carter Beese, Jr.

General Partner
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	RCP INVESTMENTS II, LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	/s/ J. Carter Beese, Jr.
	 	 	 	 	

	 	 	 	 	J. Carter Beese, Jr.,

Managing Director

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JOINDER TO

THE OPERATING AND SERVICES AGREEMENT OF

RIGGS CAPITAL PARTNERS, LLC

AND

RIGGS CAPITAL PARTNERS II, LLC

         Concurrently with the execution of the Second Amendment to the Operating
and Services Agreement (the “Services Agreement”) of Riggs Capital Partners,
LLC and Riggs Capital Partners II, LLC, RCP Ventures Management Inc. has
executed this Joinder thereto.

WITNESSTH

         WHEREAS, RCP Ventures Management Inc. was formed to provide certain
investment and management services to Riggs Capital Partners, LLC (“Fund I”)
and Riggs Capital Partners II, LLC (“Fund II”) in exchange for equitable
compensation;

         WHEREAS, the above mentioned investment and management services have been
provided prior to the execution of this Joinder to Fund I by RCP Investments,
LLC (“Investments I”) and Fund II by RCP Investments II, LLC (“Investments
II”);

         WHEREAS, the members of Fund I, being Riggs National Corporation and
Investments I, who are the parties to the Operating Agreement dated as of
November 30, 1999, the First Amendment thereto dated December 1, 2000 and the
Second Amendment thereto dated March 31, 2001, have concurrently with the
execution of this Joinder, executed the Third Amendment to the Operating
Agreement, which designated RCP Ventures Management Inc. as the Investment
Advisor (as that term is defined in such agreement) to Fund I;

         WHEREAS, the members of Fund II, being Riggs National Corporation and
Investments II, who are the parties to the Operating Agreement dated as of
October 1, 2000, have concurrently with the execution of this Joinder, executed
the First Amendment to the Operating Agreement, which designated RCP Ventures
Management Inc. as the Investment Advisor (as that term is defined in such
agreement) to Fund II;

         WHEREAS, Fund I and Investments I, who are the parties to the Investment
and Management Agreement dated as of December 1, 2000, have concurrently
herewith executed the First Amendment to such agreement which designated RCP
Ventures Management Inc. as the Management Company (as that term is defined in
such agreement) for Fund I and concurrently herewith RCP Ventures Inc. executed
a Joinder to such Investment and Management Agreement;

         WHEREAS, Fund II and Investments II, who are the parties to the Investment
and Management Agreement dated as of December 1, 2000, have concurrently
herewith executed the First Amendment to such agreement which designated RCP
Ventures Management Inc. as the Management Company (as that term is defined in
such agreement) for Fund II, and

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concurrently herewith RCP Ventures Management
Inc. executed a Joinder to such Investment and Management Agreement; and

         WHEREAS, Riggs Bank N.A. and Investments I, who are parties to the
Operating and Services Agreement dated as of December 1, 2000, and along with
Investments II are parties to the First Amendment thereto dated as of December 1, 2000, have all
concurrently herewith executed the Second Amendment to such agreement which
designated RCP Ventures Management Inc. as the Management Company (as that term
is defined in such agreement).

         NOW THEREFORE, in consideration of the actions taken that are listed above
and the premises hereinafter set forth:

         The undersigned, RCP Ventures Management Inc., hereby executes this
Joinder and in so doing agrees to be bound by the terms and conditions
applicable to the Management Company (as that term is defined in the Operating
and Services Agreement and the amendments thereto) and shall for such purposes
be deemed a party to the Operating and Services Agreement and the amendments
thereto.

Dated: January 1, 2002

	 	 	 	 	 
	 	 	RCP Ventures Management Inc.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	/s/ J. Carter Beese, Jr.

J. Carter Beese, Jr.

Chairman & Chief Executive Officer

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