Document:

Exhibit 10.13

 

Waiver
and Amendment No. 1

to

Board
of Directors Services Agreement 

 

This
Waiver and Amendment No. 1 to Board of Directors Services Agreement (this “Amendment”) is entered into as of February
4, 2019, between Inpixon, f/k/a Sysorex Global Holdings Corp., a Nevada corporation (the “Company”), and Tanveer
A. Khader, an individual (“Director”).

 

WHEREAS,
the Company and Director entered into that certain Board of Directors Services Agreement, dated October 21, 2014 (the “Original
Agreement”);

 

WHEREAS,
Section 2(d) of the Original Agreement provided that Director shall be entitled to a restricted stock award equal to 5,000 shares
per quarter (each, a “Quarterly Stock Award” and collectively, the “Quarterly Stock Awards”) so long as
Director continues to fulfill Director’s duties and provides services pursuant to the Original Agreement;

 

WHEREAS,
the Quarterly Stock Awards have not been granted to Director from July 1, 2017 to the date of this Amendment (the “Unissued
Quarterly Stock Awards”);

 

WHEREAS,
Director has agreed to (i) waive any such Quarterly Stock Awards and (ii) amend the Original Agreement to remove the requirement
to grant future Quarterly Stock Awards; and

 

WHEREAS,
the Company and Director desire to amend the Original Agreement to provide for an annual grant of stock options to purchase up
to 20,000 shares of the Company’s common stock in accordance with this Amendment so long as Director continues to fulfill
Director’s duties and provide services pursuant to the Original Agreement.

 

NOW
THEREFORE, for consideration and as set forth herein, the parties hereto agree as follows:

 

1. Waiver.
Director hereby waives any right under the Original Agreement to receive any Unissued Quarterly Stock Awards. Director acknowledges
that by signing this Amendment, the Company is released from any obligation to issue the Unissued Quarterly Stock Awards to Director.

 

2. Amendments
to Original Agreement.

 

2.1 Section
2(c) of the Original Agreement is deleted and replaced in its entirety with the following:

 

“(c) Options.
In addition to the above-mentioned compensation, Director shall also be entitled to non-qualified stock options to purchase up
to 20,000 shares of the Company’s common stock every calendar year so long as Director continues to fulfill Director’s
duties and provide services pursuant to this Agreement, issued under the Company’s equity incentive plan(s) (individually
or collectively, the “Plan”), in accordance with the terms of the Plan and the standard non-qualified stock option
agreement under such plan (an “Annual Option Grant”). Each Annual Option Grant shall be subject to the approval of
the Company’s Board of Directors, which shall determine the appropriate vesting schedule, if any, and the exercise price
in accordance with the terms and conditions of the Plan. In the event of a change in the outstanding shares of common stock of
the Company by reason of stock dividends, stock splits, reverse stock splits, recapitalizations, mergers, consolidations, combinations
or exchanges of shares, separations, reorganizations or liquidations, the number of shares of common stock under an outstanding
Annual Option Grant granted in accordance with this Section 2(c) shall be correspondingly adjusted, provided, that there
shall be no adjustment to the number of shares of common stock underlying the Annual Option Grant to be granted in accordance
with this Section 2(c) subsequent to such change.”

 

     

     

    

 

2.2. Section
2(d) of the Original Agreement is deleted in its entirety and replaced with the following:

 

“(d) Intentionally
deleted.”

 

3. All
references to the term “Agreement” in the Original Agreement shall be deemed to refer to the Original Agreement, as
modified by this Amendment.

 

4. Except
as otherwise provided in this Amendment, all of the terms, covenants and conditions of the Original Agreement shall remain in
full force and effect.

 

[SIGNATURE
PAGE FOLLOWS]

 

    2

     

    

 

IN
WITNESS WHEREOF, the parties hereto enter into this Amendment as of the date first set forth above.

 

	 	THE COMPANY:
	 	 
	 	Inpixon
	 	 
	 	By: 	/s/ Nadir
    Ali
	 	Name:  	Nadir Ali
	 	Title: 	Chief Executive Officer
	 	 
	 	DIRECTOR:
	 	 
	 	/s/ Tanveer
    A. Khader
	 	Tanveer
    A. Khader

 

 

3Exhibit

Exhibit 10.1

REVOLVING LINE OF CREDIT NOTE
(VARIABLE MAXIMUM)

$30,000,000.00    Roanoke, Virginia
March 26, 2019

FOR VALUE RECEIVED, the undersigned ROANOKE GAS COMPANY ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") at its office at MAC: R4046-080, 10 South Jefferson Street, 8th Floor, Roanoke, Virginia 24011-1331 or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Thirty Million Dollars ($30,000,000.00), or so much thereof as may be advanced and be outstanding pursuant to the terms of the Credit Agreement, as defined herein, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

DEFINITIONS:

As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the meaning set forth at the place defined:

(a)    "Daily One Month LIBOR" means, for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period.

(b)    "LIBOR" means the rate of interest per annum determined by Bank based on the rate for United States dollar deposits for delivery of funds for one (1) month as published by the ICE Benchmark Administration Limited, a United Kingdom company,  at approximately 11:00 a.m., London time, or, for any day not a London Business Day, the immediately preceding London Business Day (or if not so published, then as determined by Bank from another recognized source or interbank quotation); provided, however, that if LIBOR determined as provided above would be less than zero percent (0.0%), then LIBOR shall be deemed to be zero percent (0.0%).

(c)    "London Business Day" means any day that is a day for trading by and between banks in dollar deposits in the London interbank market.

INTEREST:

(a)    Interest.  The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a fluctuating rate per annum determined by Bank to be one percent (1.00%) above Daily One Month LIBOR in effect from time to time.  Bank is hereby authorized to note the date and interest rate applicable to this Note and any payments made thereon on Bank's books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima facie evidence of the accuracy of the information noted.

(b)    Taxes and Regulatory Costs.  Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to become due hereunder, any and all (i) 

	
			
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withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and (ii) costs, expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal Reserve System (or any successor) for "Eurocurrency Liabilities" (as defined in Regulation D of the Federal Reserve Board, as amended), assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any manner to LIBOR.  In determining which of the foregoing are attributable to any LIBOR option available to Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower.

(c)    Default Interest.  The Bank shall have the option in its sole and absolute discretion to have the outstanding principal balance of this Note bear interest at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to three percent (3%) above the rate of interest from time to time applicable to this Note (i) from and after the maturity date of this Note; (ii) from and after the date prior to the maturity date of this Note when all principal owing hereunder becomes due and payable by acceleration or otherwise; and/or (iii) upon the occurrence and during the continuance of any Event of Default.

BORROWING AND REPAYMENT:

(a)    Borrowing and Repayment of Principal.  Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any document executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount set forth above or such lesser amount as shall at any time be available hereunder.  The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder.  The outstanding principal balance of this Note shall be due and payable in full on March 31, 2021.

(b)    Payment of Interest.  Interest accrued on this Note shall be payable on the first day of each month, commencing April 1, 2019, and on the maturity date set forth above.

(c)    Adjustments in Availability.  Notwithstanding the principal amount set forth above, the maximum principal amount available under this Note shall vary from time to time as follows:

		
	(i)
	$17,000,000.00 from the date of this Note up to and including March 31, 2019;

		
	(ii)
	$3,000,000.00 from April 1, 2019 up to and including July 18, 2019;

		
	(iii)
	$12,000,000.00 from July 19, 2019 up to and including September 19, 2019;

		
	(iv)
	$22,000,000.00 from September 20, 2019 up to and including March 31, 2020; 

		
	(v)
	$16,000,000.00 from April 1, 2020 up to and including July 16, 2020;

		
	(vi)
	$21,000,000.00 from July 17, 2020 up to and including September 17, 2020;

		
	(vii)
	$30,000,000.00 from September 18, 2020 up to and including March 31, 2021.

	
			
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If the outstanding principal balance of this Note at any time is greater than the new maximum principal amount then available hereunder, Borrower shall immediately make a principal reduction on this Note in an amount sufficient to reduce the then outstanding principal balance hereof to an amount not greater than the new maximum principal amount available hereunder.  Such principal reduction shall be subject to any prepayment fee set forth in this Note, if applicable.

(d)    Advances.  Advances hereunder, to the total amount of the principal sum stated above, may be made by the holder at the oral or written request of (i) HOWARD T. LYON, PAUL W. NESTER or JOHN S. D’ORAZIO, any one acting alone (subject to any of Bank’s applicable authentication policies or procedures, which may require that a particular individual—including another specific individual listed above—provide verification of the identity of the requestor), who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account.  The holder shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

(e)    Application of Payments.  Each payment made on this Note shall be credited first, to any interest then due and second, to the outstanding principal balance hereof.  

EVENTS OF DEFAULT:

This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated March 31, 2016, as amended from time to time (the "Credit Agreement").  Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an "Event of Default" under this Note.

MISCELLANEOUS:

(a)    Remedies.  Upon the sale, transfer, hypothecation, assignment or other encumbrance, whether voluntary, involuntary or by operation of law, of all or any interest in any real property securing this Note, if any, or upon the occurrence of any Event of Default, the holder of this Note, at the holder's option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand, notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate.  Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated costs of the holder's in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder's rights and/or the collection of any amounts which become due to the holder under this Note whether or not suit is brought, and the prosecution or defense of any action in any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, 

	
			
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and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity.

(b)    Obligations Joint and Several.  Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

(c)    Governing Law.  This Note shall be governed by and construed in accordance with the laws of Virginia, but giving effect to federal laws applicable to national banks, without reference to the conflicts of law or choice of law principles thereof.

(d)    Effective Date. The effective date of this Note shall be the date that Bank has accepted this Note and all conditions to the effectiveness of the Credit Agreement have been fulfilled to Bank’s satisfaction.  Notwithstanding the occurrence of the effective date of this Note, Bank shall not be obligated to extend credit under this Note until all conditions to each extension of credit set forth in the Credit Agreement have been fulfilled to Bank's satisfaction. 

(e)    Business Purpose.  Borrower represents and warrants that all loans evidenced by this Note are for a business, commercial, investment, or other similar purpose and not primarily for a personal, family or household use.
        
IN WITNESS WHEREOF, the undersigned has executed this Note to be effective as of the effective date set forth herein.

ROANOKE GAS COMPANY

By: /s/ John S. D'Orazio  
      JOHN S. D’ORAZIO,
      CHIEF EXECUTIVE 
      OFFICER

By: /s/ Paul W. Nester   
      PAUL W. NESTER, 
      PRESIDENT, CHIEF FINANCIAL OFFICER, 
      SECRETARY, TREASURER

	
			
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