Document:

lznn_ex102.htm

EXHIBIT 10.2
 
Summary Translation of the Lease Agreement 
 
Term: from June 1, 2018 to May 31, 2020
 
Landlord (Party A): Mingren Chen
 
Tenant(Party B): Chih-Yuan Hsiao
 
The Landlord and Tenant agree to the following:
 
	 
	1.	Property Address and scope of usage:
	 
	 
	Room 101, No. 341, Section 2, Wanshou Road, Guishan District, Taoyuan City

 
	 
	2.	Term: from June 1, 2018 to May 31, 2020
	 
	 
	 

	 
	3.	Monthly Rent: NTD $40,000 (about USD $ 1,266.00)
	 
	 
	 

	 
		Party B shall pay the rent on a monthly basis without any excuses, delays or resistance to make the payment (electronic fee and water fee excluded).
	 
	 
	 

	 
	4.	The monthly rent shall be paid before the 1st day of each month.
	 
	 
	 

	 
	5.	Upon the execution of this contract, Party B shall pay NTD $50,000 as security deposit to Party A. If Party B does not renew the lease, Party A shall return the security deposit without any interests to Party B.
	 
	 
	 

	 
	6.	Upon the end of the term, Party B shall leave the premises and return the premises to Party A in good condition without any delay or claiming for any rights. In the event that Party B does not return the house on the date as defined in this contract, Party A can claim penalty which is 5 times of the original rent from Party B until the day on which Party B leaves the premises, and Party B and its guarantor will have no objection.
	 
	 
	 

	 
	7.	During the term, in the event that Party B intends to move to another location, Party B shall not require Party A to pay the security deposit, relocation fee and/or any other fee to Party B, and Party B shall leave the premises and return the premises to Party A in good condition without any objections.
	 
	 
	 

	 
	8.	Without consent of Party A, Party B shall not rent, sub-lease or transfer any or all of the rights of usage of the premises to any other parties.
	 
	 
	 

	 
	9.	In the event of necessary modification, Party B could do construction work after receiving consent from Party A, and the modification shall not cause any damages to the original building structure. When Party B returns the property, Party B shall restore the property.
	 
	 
	 

	 
	10.	Party B shall not illegally use or store dangerous items on the premises which may endanger public safety.
	 
	 
	 

	 
	11.	Party B shall use the property in good faith, and shall be responsible for maintenance fees when the damages are caused by Party B, excluding the events of force majeure factors. When Party A intends to repair the damages caused by nature disaster, Party A shall bear the cost of reparation.
	 
	 
	 

	 
	12.	In the event of Party B’s breach of this contract, Party B shall pay the compensation pursuant to Party A’s requirements, the legal fees and litigation fees incurred in connection with the breach.
	 
	 
	 

	 
	13.	In the event of Party B’s breach of this contract and causing damages to the property, etc., the guarantor of Party B shall bear the joint responsibility to compensate Party A and shall give up the right of first pleading.

 
	 
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	14.	The parties shall follow the terms and provisions of this contract, in the case of breach, Party A could terminate the contract at any time and take back the property, and Party A shall not be responsible for any losses to Party B caused by such termination.
	 
	 
	 

	 
	15.	The Stamp Duty shall be bared by each party. Party A and Party B shall be responsible for their own taxes.
	 
	 
	 

	 
	16.	Party B shall be responsible for the increased taxes without any objections.
	 
	 
	 

	 
	17.	After the end date of this contract, any remaining items on the premises shall be considered as trash and Party A could dispose the items in its sole discretion. Party B shall have no objection.
	 
	 
	 

	 
	18.	Both parties hereby stipulate matters that should be enforced:

 
	 
	1)	During the term of this contract, if Party B moves out of the property, Party B shall pay Party A one extra monthly rent as compensation. Party B shall have no objection.
	 
	 
	 

	 
	2)	In the event of Party B’s breach of this contract, Party A could handle the breach at its sole discretion and Party B shall have no objection.

 
	 
	19.	From the date of possession, Party B shall be responsible for the electricity, water, gas, cleaning, and maintenance fee, etc.
	 
	 
	 

	 
	20.	The tax of rent shall be submitted to related authorities by Party A based on the receipt of rent.

 
The above terms are mutually agreed upon by both parties, and the parties hereby enter into this contract. This contract is made in two effective copies and each is held by one party.
 
Party A: Mingren Chen
Identity Number: [*]
Address: Room 101, No. 341, Section 2, Wanshou Road, Guishan District, Taoyuan City
 
Party B: Chih-Yuan Hsiao
 
Identity Number: [*]
Lazuriton Nano Biotechnology Co., Ltd. 
Address: Room 28, No. 81, Ziqiang South Road, Guishan District, Taoyuan City
 
 
	2Exhibit 10.1

 

 

 

FIFTH AMENDMENT
TO

STANDSTILL AGREEMENT

 

This Fifth Amendment
to Standstill Agreement (this “Amendment”) is effective as of June 13, 2019 by and between Perceptron, Inc., a Michigan
corporation (the Company”) and Harbert Discovery Fund LP, Harbert Discovery Fund GP, LLC, Harbert Fund Advisors Inc. and
Harbert Management Corporation (collectively, the “Holders”). Capitalized terms not otherwise defined herein have the
meanings set forth in the Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Company
and the Holders are parties to that certain Standstill Agreement dated as of August 9, 2016, as amended by the First Amendment
to Standstill Agreement dated as of November 17, 2016, the Second Amendment to Standstill Agreement dated as of May 31, 2017,
the Third Amendment to Standstill Agreement dated as of December 18, 2017 and the Fourth Amendment to Standstill Agreement dated
as of August 9, 2018 (the “Agreement”); and

 

WHEREAS, the parties
wish to further amend the Agreement as set forth herein.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the mutual promises contained herein, and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties agree as follows:

 

1.                  
The Company shall waive the limitations of Section 6 of that certain Voting Agreement dated as of August 9, 2016, between
the Company and Moab Partners, L.P. and Moab Capital Partners, LLC (collectively, “Moab”), as amended by the First
Amendment to Voting Agreement dated as of November 17, 2016, the Second Amendment to Voting Agreement dated as of May 31,
2017, the Third Amendment to Voting Agreement dated as of December 18, 2017and the Fourth Amendment to Voting Agreement dated as
of August 9, 2018 in order to permit Moab to sell and Holders to purchase all of the shares of the Company’s Common Stock
owned by Moab as of the date of this Agreement.

 

2.                  
Section 4(d) of the Agreement shall be amended to add Jay W. Freeland to the list of persons appointed as proxy for the
Holders.

 

3.                  
Section 3(d) of the Agreement shall be deleted from the Agreement.

 

4.                  
Section 5 of the Agreement shall be amended and restated to read as follows:

 

“5.      Directorships.

 

(a)       The
Nominating and Corporate Governance Committee of the Board and the Board will nominate, recommend and support John F. Bryant (the
“Holders Director”) for election at each Annual Meeting of the Shareholders of Perceptron during the Covered Period.
Perceptron agrees to solicit proxies for the Holders Director during the Covered Period pursuant to this Section 5(a) and include
the Holders Director in its slate of nominees (the “Company Slate”) for election as directors of Perceptron during
the Covered Period in the same manner as it does for all the other incumbent members of the Company Slate.

 

(b)       As
a condition to the Holders Director nomination for election to the Board during the Covered Period, Holders and the Holders Director
agree to provide to Perceptron the information required to be disclosed for directors, candidates for directors and their affiliates
and representatives in a proxy statement or other filings under applicable law or stock exchange rules or listing standards, information
in connection with assessing eligibility, independence and other criteria applicable to directors, and satisfying other compliance
requirements and legal obligations in the same manner as any other director, a fully completed copy of Perceptron’s standard
director questionnaire and such other information as reasonably requested by Perceptron from time to time with respect to Holders
and the Holders Director.

 

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(c)       The
Holders Director agrees that, at all times while serving as a member of the Board, he will (i) meet all director independence standards
of Perceptron, The NASDAQ Stock Market and the SEC and applicable provisions of the Exchange Act, and the rules and regulations
promulgated thereunder, and (ii) be qualified to serve as a director under the Michigan Business Corporation Act.

 

(d)       At
all times while serving as a Director, the Holders Director will receive the same benefits of directors’ and officers’
insurance and any indemnity and exculpation arrangements available generally to the other non-executive Board members and the same
compensation and other benefits for his service as a director as the compensation and other benefits received by the other non-executive
Board members for service as a director.

 

(e)       Holders
shall cause the Holders Director to comply with all corporate and Board policies and principles of Perceptron in force from time
to time and applicable to Directors of Perceptron generally, and to provide Perceptron with signed agreements from the Holders
Director to that effect.

 

(f)        Other
than any incentive, compensation or other payment John F. Bryant may receive in his employment roles with the Holders, which arrangements
will not be materially increased in connection with or as a result of John F. Bryant becoming or serving as a Holders Director,
the Holders Director will not accept any incentive, compensation or other payment that would influence him to recommend that Perceptron
enter into a transaction for the sale of Perceptron or to recommend any other significant initiative affecting Perceptron and its
shareholders, but nothing herein will prevent Holders Director from recommending such transactions or initiatives as specifically
permitted in this Agreement.

 

(g)        Except
as otherwise set forth in this Section 5(g), the Holders Director shall comply with all policies, procedures processes, codes,
rules, standards, and guidelines applicable to Directors (as each may be amended from time to time for all Directors) and will
execute the Non-Disclosure Agreement substantially in the form attached hereto as Exhibit A (the “Confidentiality Agreement”).
Notwithstanding the foregoing, John F. Bryant may discuss confidential information with officers and managers of the Holders in
accordance with and subject to the terms of the Confidentiality Agreement after the Confidentiality Agreement has been mutually
executed and delivered to Perceptron by John F. Bryant, and if applicable, officers and managers of the Holders who will receive
confidential information, and subject to full compliance with Perceptron’s insider trading policies.

 

(h)        Perceptron
agrees that if the Holders Director is unable to serve as a director, resigns as a director or is removed as a director, Holders
shall have the ability to recommend a substitute person who satisfies all of the requirements for board candidates set forth in
Section 1(f) and 5 (“Replacement Director”) for approval by the Nominating and Corporate Governance Committee of the
Board, in good faith after exercising its fiduciary duties, which approval shall not be unreasonably withheld. Upon the recommendation
of a Replacement Director nominee by the Nominating and Corporate Governance Committee of the Board, the Board shall vote on the
appointment of such Replacement Director to the Board no later than ten (10) business days after the Nominating and Corporate Governance
Committee recommendation of such Replacement Director; provided, however, that if the Board does not elect such replacement Director
to the Board, the parties shall continue to follow the procedures of this Section 5(h) until a Replacement Director is elected
to the Board.”

 

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5.                  
Section 9(a) of the Agreement shall be amended and restated to read as follows:

 

“(a)This
Agreement is effective as of the date hereof and shall remain in full force and effect for the period (the “Covered Period”)
commencing on the date hereof and ending on the earlier of (i) date that is thirty (30) days prior to the deadline for a shareholder
to submit nominations at the 2020 Annual Meeting of the Shareholders of Perceptron in accordance with the provisions set forth
in Perceptron’s Bylaws in effect at such time, or (ii) the termination of this Agreement as set forth in Section 9(b)(ii).”

 

6.                  
If there is any inconsistency or ambiguity between this Amendment and the Agreement, this Amendment shall control in all
respects.

 

7.                  
Except as is specifically set forth in this Amendment, the remaining provisions of the Agreement are not otherwise modified
or amended, and all such provisions of the Agreement shall remain in full force and effect.

 

8.                  
This Amendment may be executed in as many counterparts as may be deemed necessary and convenient, and by the different parties
hereto on separate counterparts, and each of which, when so executed, shall be deemed an original, and all such counterparts shall
constitute one and the same instrument.

 

[Signature Page Follows]

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties have executed this Amendment as of the date set forth above.

 

 

	 	Perceptron, Inc.	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ David L. Watza	 
	 	Name:	David L. Watza	 
	 	Title:	President and Chief Executive Officer
	 	 	 	   	 
	 	 	 	 	 
	 	HARBERT DISCOVERY FUND, LP
	 	By:  Harbert Discovery Fund GP, LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Kevin A. McGovern	 
	 	Name:  	Kevin A. McGovern	 
	 	Title:	Vice President and Associate General Counsel
	 	 	 	 
	 	 	 	 
	 	HARBERT DISCOVERY FUND, GP, LLC
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Kevin A. McGovern	 
	 	Name:	Kevin A. McGovern	 
	 	Title:   	Vice President and Associate General Counsel
	 	 	 	 
	 	 	 	 
	 	HARBERT FUND ADVISORS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ John W. McCullough	 
	 	Name:	John W. McCullough
	 	Title:  	Executive Vice President and General Counsel
	 	 	 	 
	 	HARBERT MANAGEMENT CORPORATION
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ John W. McCullough	 
	 	Name: 	 John W. McCullough
	 	Title:	Executive Vice President and General Counsel

 

 

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