Document:

Registration Rights Agreement

 Exhibit 10.2 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of August 22, 2006, by and among Tut Systems, Inc., a Delaware corporation (the “Company”), and the investors signatory hereto (each a “Investor”
and collectively, the “Investors”). 
 This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the
date hereof among the Company and the Investors (the “Purchase Agreement”). 
 The Company and the Investors hereby agree as
follows: 
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement will
have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms have the respective meanings set forth in this Section 1: 
 “Advice” has the meaning set forth in Section 6(d). 
 “Effective Date” means, as to a Registration Statement, the date on which such Registration Statement is first declared
effective by the Commission. 
 “Effectiveness Date” means (a) with respect to the initial Registration
Statement required to be filed under Section 2(a), the earlier of: (i) the 90th day following the Closing
Date; provided, that, if the Commission reviews and has written comments to the filed Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Date under this clause
(a)(i) shall be the 120th day following the Closing Date, and (ii) the fifth Trading Day following the date on
which the Company is notified by the Commission that the initial Registration Statement will not be reviewed or is no longer subject to further review and comments; and (b) with respect to any additional Registration Statements that may be
required pursuant to Section 2(b), the earlier of (i) the 90th day following (x) if such Registration
Statement is required because the Commission shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, the date or time on which the Commission shall
indicate as being the first date or time that such Registrable Securities may then be included in a Registration Statement, or (y) if such Registration Statement is required for a reason other than as described in (x) above, the date on
which the Company first knows, or reasonably should have known, that such additional Registration Statement(s) is required, provided, that, if the Commission reviews and has written comments to the filed Registration Statement that would
require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Date under this clause (b)(i) shall be the 120th day following the Closing Date, and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that such additional Registration Statement will not be
reviewed or is no longer subject to further review and comments. 
 “Effectiveness Period” has the meaning
set forth in Section 2(a). 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Filing Date” means (a) with respect to the initial Registration Statement required to be filed under
Section 2(a), the 45th day following the Closing Date; and (b) with respect to any additional Registration
Statements that may be required pursuant to Section 2(b), the 30th day following (x) if such Registration
Statement is required because the Commission shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, the date or time on which the Commission shall
indicate as being the first date or time that such Registrable Securities may then be included in a Registration Statement, or (y) if such Registration Statement is required for a reason other than as described in (x) above, the date on
which the Company first knows, or reasonably should have known, that such additional Registration Statement(s) is required. 
 “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities. 
 “Indemnified Party” has the meaning set forth in Section 5(c). 
 “Indemnifying Party” has the meaning set forth in Section 5(c). 
 “Losses” has the meaning set forth in Section 5(a). 
 “New York Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Registrable Securities” means: (i) the Underlying Shares, (ii) the Warrant Shares, and (iii) any
securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event, or any conversion price adjustment with respect to any of the securities referenced in (i) or (ii) above. 
 “Registration Statement” means the initial registration statement required to be filed in accordance with
Section 2(a) and any additional registration statement(s) required to be filed under Section 2(b), including (in each case) the Prospectus, amendments and supplements to such registration statements or Prospectus, including pre- and
post-effective amendments, all 

  

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exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference therein. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule. 
 “Rule 424” means Rule 424 promulgated by the
Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Underlying Shares” means the shares of Common Stock issuable upon conversion of the Notes. 
 “Warrants” means the Common Stock purchase warrants issued or issuable to the Investors pursuant to the Purchase
Agreement and to any placement agent identified in Schedule 3.1(u) to the Purchase Agreement in accordance with the terms of the engagement or similar agreements between the Company and any such agents. 
 “Warrant Shares” means the shares of Common Stock issued or issuable upon exercise of the Warrants. 
 2. Registration. 
 (a)
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415, on Form S-3 (or on such other form appropriate for such purpose). Such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the
Commission upon a review of such Registration Statement) the “Plan of Distribution” attached hereto as Annex A. The Company shall cause such Registration Statement to be declared effective under the Securities Act as soon as possible but,
in any event, no later than its Effectiveness Date, and shall use its reasonable best efforts to keep the Registration Statement continuously effective under the Securities Act until the date which is the earliest of (i) five years after its
Effective Date, (ii) such time as all of the Registrable Securities covered by such Registration Statement have been publicly sold by the Holders, or (iii) such time as all of the Registrable Securities covered by such Registration
Statement may be sold by the Holders pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders (the
“Effectiveness Period”). By 5:00 p.m. (New York City time) on the Effective Date, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection 

  

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with sales pursuant to such Registration Statement (whether or not such filing is technically required under such Rule). 
 (b) If for any reason the Commission does not permit all of the Registrable Securities to be included in the Registration Statement filed
pursuant to Section 2(a), or for any other reason any outstanding Registrable Securities are not then covered by an effective Registration Statement, then the Company shall prepare and file by the Filing Date for such Registration Statement, an
additional Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415, on Form S-3 (or on
such other form appropriate for such purpose). Each such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of
Distribution” attached hereto as Annex A. The Company shall cause each such Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event, by its Effectiveness Date, and shall use its
reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period. By 5:00 p.m. (New York City time) on the Effective Date of such Registration Statement, the Company
shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such filing is technically required under such
Rule). 
 (c) If: (i) a Registration Statement is not filed on or prior to its Filing Date (if the Company files a
Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) hereof, the Company shall not be deemed to have satisfied this clause (i)), or (ii) a Registration Statement
is not declared effective by the Commission on or prior to its required Effectiveness Date or if by the Trading Day immediately following the Effective Date the Company shall not have filed a “final” prospectus for the Registration
Statement with the Commission under Rule 424(b) (whether or not such a prospectus is actually required by such Rule), or (iii) after its Effective Date, without regard for the reason thereunder or efforts therefore, such Registration Statement
ceases for any reason to be effective and available to the Holders as to all Registrable Securities to which it is required to cover at any time prior to the expiration of its Effectiveness Period for more than an aggregate of 20 Trading Days (which
need not be consecutive) (any such failure or breach being referred to as an “Event,” and for purposes of clauses (i) or (ii) the date on which such Event occurs, or for purposes of clause (iii) the date which such 20
Trading Day-period is exceeded, being referred to as “Event Date”), then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date, and on each monthly anniversary of each such
Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 1.5% of the
aggregate Investment Amount paid by such Holder pursuant to the Purchase Agreement. The parties agree that (1) the Company will not be liable for liquidated damages under this Agreement in respect to any Warrants or Warrant Shares and
(2) in no event will the Company be liable for liquidated damages under this Agreement in excess of 1.5% of the aggregate Investment Amount of the Holders in any 30-day period and the maximum aggregate liquidated damages payable to a Holder
under this Section 2(c) shall be ten percent (10%) of the aggregate Investment Amount paid by such Holder pursuant to the Purchase 

  

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Agreement. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of
an Event, except in the case of the first Event Date. 
 (d) Each Holder agrees to furnish to the Company a completed
Questionnaire in the form attached to this Agreement as Annex B (a “Selling Holder Questionnaire”). The Company shall not be required to include the Registrable Securities of a Holder in a Registration Statement and shall not
be required to pay any liquidated or other damages under Section 2(c) to any Holder who fails to furnish to the Company a fully completed Selling Holder Questionnaire at least two Trading Days prior to the Filing Date (subject to the
requirements set forth in Section 3(a)). 
 3. Registration Procedures. 
 In connection with the Company’s registration obligations hereunder, the Company shall: 
 (a) Not less than four Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or
supplement thereto, the Company shall furnish to each Holder copies of the “Selling Stockholders” section of such document, the “Plan of Distribution” and any risk factor contained in such document that addresses specifically
this transaction or the Selling Stockholders, as proposed to be filed which documents will be subject to the review of such Holder. The Company shall not file a Registration Statement, any Prospectus or any amendments or supplements thereto in which
the “Selling Stockholder” section thereof differs from the disclosure received from a Holder in its Selling Holder Questionnaire (as amended or supplemented). 
 (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to each Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible
provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that would not result in the disclosure to the Holders of material and non-public information concerning the
Company; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration
Statement. 
 (c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three
Trading Days prior to such filing and, in the case of (v) below, not less than three Trading Days prior to the financial statements in any Registration Statement 

  

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becoming ineligible for inclusion therein) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the
day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such
Registration Statement and whenever the Commission comments in writing on such Registration Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to the Holders as
a Selling Stockholder or to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment,
when the same has become effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of
the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose;
and (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement
or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. 
 (d) Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain
the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at
the earliest practicable moment. 
 (e) Furnish to each Holder, without charge and upon request, at least one conformed copy
of each Registration Statement and each amendment thereto and all exhibits (including those previously furnished) promptly after the filing of such documents with the Commission. 
 (f) Upon notification by the Commission that a Registration Statement will not be reviewed or is no longer subject to further review and
comments, the Company shall request acceleration of such Registration Statement such that it becomes effective at 5:00 p.m. (New York City time) on such Effective Date. 
 (g) Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus)
and each amendment or supplement thereto as such Persons may reasonably request. The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling 

  

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Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

 (h) Prior to any public offering of Registrable Securities, register or qualify such Registrable Securities for offer and
sale under the securities or Blue Sky laws of all jurisdictions within the United States, as any Holder reasonably requests, to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do
any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, however the Company shall in no event be required
(i) to qualify to do business in any state where it is not qualified, or (ii) take any action that would subject it to tax or to the general service of process in any such state where it is not then subject. 
 (i) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be
delivered to a transferee pursuant to the Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as any such Holders may request. 
 (j) Upon the occurrence of any event contemplated by
Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or
deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor the Prospectus will contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 4. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold
pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to
filings required to be made with any Trading Market on which the Common Stock is then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation,
expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other
Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities exchange as required hereunder. 
  

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 5. Indemnification. 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold
harmless each Holder, the officers, directors, agents, investment advisors, partners, members and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act) and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the
extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such
Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or
in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder
of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and
to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution,
threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 
 (b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within
the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all
Losses, as incurred, arising solely out of or based solely upon: (x) such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact contained in any
Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading to the extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder 

  

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expressly for use in the Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or such
form of Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has
notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the
amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from
whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the
Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the
Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including
any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not
have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, 

  

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as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such
Indemnified Party is not entitled to indemnification hereunder). 
 (d) Contribution. If a claim for indemnification
under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as
well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any
reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this
Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 
 The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties. 
 6. Miscellaneous. 
 (a) Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company
and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for 

  

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specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b) No Piggyback on Registrations. Except as and to the extent specified in Schedule 3.1(v) to the Purchase Agreement,
neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities, and the Company shall not during
the Effectiveness Period enter into any agreement providing any such right to any of its security holders. 
 (c)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement.

 (d) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon
receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such
Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and,
in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce
the provisions of this paragraph. 
 (e) Piggy-Back Registrations. If at any time during the Effectiveness Period there
is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of
others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each Holder written notice of such determination and, if within fifteen calendar days
after receipt of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such holder requests to be registered, subject to customary
underwriter cutbacks applicable to all holders of registration rights. 
 (f) Amendments and Waivers. The provisions of
this Agreement, including the provisions of this Section 6(f), may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by
the Company and the Holders of no less than a majority of the then outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of certain Holders and that does not directly or indirectly affect the rights of other Holders may be given by 

  

 11 

 
Holders of at least a majority of the Registrable Securities to which such waiver or consent relates. 
 (g) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile (provided the sender receives a machine-generated confirmation of successful
transmission) at the facsimile number specified in this Section prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	Tut Systems, Inc.
		  	6000 SW Meadows Rd., Suite 200
		  	Lake Oswego, Oregon 97035
		  	Facsimile: (971) 217-0456
		  	Attention: Chief Financial Officer
		
	With a copy to:	  	DLA Piper Rudnick Gray Cary US LLP
		  	4365 Executive Drive, Suite 1100
		  	San Diego, CA 92121
		  	Facsimile: (858) 677-1401
		  	Attn: Marty B. Lorenzo, Esq.
		
	If to an Investor:	  	To the address set forth under such Investor’s name on the signature pages hereto.
	
	If to any other Person who is then the registered Holder:
		
		  	To the address of such Holder as it appears in the stock transfer books of the Company

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

(h) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior written consent of each Holder. Each Holder may assign their respective rights hereunder
in the manner and to the Persons as permitted under the Purchase Agreement. 
 (i) Execution and Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, 

  

 12 

 
all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such
signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 
 (j) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, employees or agents) will be commenced in the New York Courts. Each party hereto hereby irrevocably submits to the
exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
Proceeding, any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party
hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall
commence a Proceeding to enforce any provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Proceeding. 
 (k) Cumulative Remedies. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law. 
 (l) Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no
way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant
or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (m) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. 
 (n) Independent Nature of Investors’ Obligations and
Rights. The obligations of each Investor under this Agreement are several and not joint with the obligations of each other 

  

 13 

 
Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under this Agreement. Nothing
contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any other Transaction Document. Each Investor acknowledges that no other Investor will be acting
as agent of such Investor in enforcing its rights under this Agreement. Each Investor shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Investor to be joined as an additional party in any Proceeding for such purpose. The Company acknowledges that each of the Investors has been provided with the same Registration Rights Agreement for the purpose of closing a
transaction with multiple Investors and not because it was required or requested to do so by any Investor. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK 
 SIGNATURE PAGES TO FOLLOW] 
  

 14 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	TUT SYSTEMS, INC.
		
	By:	 	  
		 	 Name: Salvatore D’Auria
 Title: President and
Chief Executive Officer

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES OF INVESTORS TO FOLLOW] 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	NAME OF INVESTING ENTITY
	
	  
		
	By:	 	  
		 	Name:
		 	Title:
	
	ADDRESS FOR NOTICE
		
	c/o:	 	  

			
		
	Street:	 	  

			
		
	City/State/Zip:	 	  

			
		
	Attention:	 	  

			
		
	Tel:	 	  

			
		
	Fax:	 	  

			
		
	Email:	 	  

  

 16 

 Annex A 
 Plan of Distribution 
 The Selling Stockholders and any of their pledgees, donees, transferees, assignees
and successors-in-interest may, from time to time, sell any or all of their shares of Common Stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated
prices. The Selling Stockholders may use any one or more of the following methods when selling shares: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits Investors; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	to cover short sales made after the date that this Registration Statement is declared effective by the Commission; 

  

	 	•	 	broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The Selling Stockholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus. 
 Broker-dealers engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for
the purchaser of shares, from the purchaser) in amounts to be negotiated. The Selling Stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved. 
 The Selling Stockholders may from time to time pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may offer and sell shares of Common Stock from time to time under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act of 1933 amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. 
  

 17 

 Upon the Company being notified in writing by a Selling Stockholder that any material arrangement has
been entered into with a broker-dealer for the sale of Common Stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus will be filed, if
required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such Selling Stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such the
shares of Common Stock were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or
incorporated by reference in this prospectus, and (vi) other facts material to the transaction. In addition, upon the Company being notified in writing by a Selling Stockholder that a donee or pledgee intends to sell more than 500 shares of
Common Stock, a supplement to this prospectus will be filed if then required in accordance with applicable securities law. 
 The Selling
Stockholders also may transfer the shares of Common Stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 
 The Selling Stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the
meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. Discounts, concessions, commissions and similar selling expenses, if any, that can be attributed to the sale of Securities will be paid by the Selling Stockholder and/or the purchasers. Each Selling Stockholder
has represented and warranted to the Company that it acquired the securities subject to this registration statement in the ordinary course of such Selling Stockholder’s business and, at the time of its purchase of such securities such Selling
Stockholder had no agreements or understandings, directly or indirectly, with any person to distribute any such securities. 
 The Company
has advised each Selling Stockholder that it may not use shares registered on this Registration Statement to cover short sales of Common Stock made prior to the date on which this Registration Statement shall have been declared effective by the
Commission. If a Selling Stockholder uses this prospectus for any sale of the Common Stock, it will be subject to the prospectus delivery requirements of the Securities Act. The Selling Stockholders will be responsible to comply with the applicable
provisions of the Securities Act and Exchange Act, and the rules and regulations thereunder promulgated, including, without limitation, Regulation M, as applicable to such Selling Stockholders in connection with resales of their respective shares
under this Registration Statement. 
 The Company is required to pay all fees and expenses incident to the registration of the shares, but
the Company will not receive any proceeds from the sale of the Common Stock. The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

  

 18 

 Annex B 
 TUT SYSTEMS, INC. 
 Selling Securityholder Notice and Questionnaire 
 The undersigned beneficial owner of common stock (the “Common Stock”), of Tut Systems, Inc. (the “Company”) understands that the
Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a Registration Statement for the registration and resale of the Registrable Securities, in accordance with the terms of the
Registration Rights Agreement, dated as of     , 2006 (the “Registration Rights Agreement”), among the Company and the Investors named therein. A copy of the Registration Rights Agreement is available from
the Company upon request at the address set forth below. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
 The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate: 
 QUESTIONNAIRE 
 1. Name. 
  

	 	(a)	Full Legal Name of Selling Securityholder 

  

	 	

  

	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held: 

  

	 	

  

	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by the
questionnaire): 

  

	 	

 2. Address for Notices to Selling Securityholder: 
  

			
	  
	  
	  
	Telephone:	 	  

  

 19 

			
	Fax:	 	  

			
	Contact Person:	 	  

 3. Beneficial Ownership of Registrable Securities: 
 Type and Principal Amount of Registrable Securities beneficially owned: 
  

	 	

  

	 	

  

	 	

 4. Broker-Dealer Status: 
  

	 	(a)	Are you a broker-dealer? 

 Yes   ̈    No   ̈ 

 

	 	Note: 	If yes, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement. 

  

	 	(b)	Did you acquire the Registrable Securities for investment purposes? 

 Yes   ̈    No   ̈ 
  

	 	(c)	Are you an affiliate of a broker-dealer? 

 Yes   ̈    No   ̈ 
  

	 	(d)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the
Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities? 

 Yes   ̈    No   ̈ 
  

	 	Note: 	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement. 

 5. Beneficial Ownership of Other Securities of the Company Owned by the Selling Securityholder. 
 Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than
the Registrable Securities listed above in Item 3. 
  

 20 

 Type and Amount of Other Securities beneficially owned by the Selling Securityholder: 
  

	 	

  

	 	

 6. Relationships with the Company: 
 Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of
the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years. 
 State any exceptions here: 
  

	 	

  

	 	

 The undersigned agrees to promptly notify the Company of any inaccuracies or
changes in the information provided herein that may occur subsequent to the date hereof and prior to the Effective Date for the Registration Statement. 
 By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 6 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

									
					
	Dated:	 	  	 		 	Beneficial Owner:	 	  

									
					
		 		 		 	By:	 	  
		 		 		 		 	Name:
		 		 		 		 	Title:

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND 
 QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO: 
 DLA Piper Rudnick Gray Cary US LLP 
 4365 Executive Drive, Suite 1100 
 San Diego, CA 92121 
 Attn: Thomas Sohn, Esq.

 Facsimile: (858) 677-1401 
  

 21EX-10.1

Exhibit 10.1

FIFTEENTH AMENDMENT TO

LOAN AGREEMENT

THIS FIFTEENTH AMENDMENT TO LOAN AGREEMENT (the “Amendment”) dated as of August 24, 2006
between NVR MORTGAGE FINANCE, INC., a Virginia corporation (“Borrower”), and U.S. BANK NATIONAL
ASSOCIATION, as agent (the “Agent”) for the Lenders that are parties to the Loan Agreement referred
to below, and U.S. Bank National Association, as a Lender.

WITNESSETH THAT:

WHEREAS, the Borrower, the Lenders and the Agent are parties to a Loan Agreement dated as of
September 7, 1999, as amended by a Consent, Waiver and First Amendment to Loan Agreement dated as
of November 19, 1999, a Second Amendment to Loan Agreement and Second Amendment to Pledge and
Security Agreement dated as of September 1, 2000, a Third Amendment to Loan Agreement dated as of
February 16, 2001, a Fourth Amendment to Loan Agreement dated as of August 31, 2001, a Fifth
Amendment to Loan Agreement dated as of November 1, 2001, a Consent, Waiver and Sixth Amendment to
Loan Agreement dated as of December 14, 2001, a Seventh Amendment to Loan Agreement dated as of May
17, 2002, an Eighth Amendment to Loan Agreement dated as of August 15, 2002, a Ninth Amendment to
Loan Agreement dated as of April 16, 2003, a Tenth Amendment to Loan Agreement dated as of August
28, 2003, an Eleventh Amendment to Loan Agreement dated as of August 26, 2004, a Twelfth Amendment
to Loan Agreement dated as of October 22, 2004, a Thirteenth Amendment to Loan Agreement dated as
of August 25, 2005 and a Fourteenth Amendment to Loan Agreement dated as of December 15, 2005 (as
so amended, the “Loan Agreement”), pursuant to which the Lenders provide the Borrower with a
revolving mortgage warehousing credit facility,

WHEREAS, the Borrower has requested the addition of Washington Mutual Bank, FA (the “New
Lender”) as a New Lender under the Loan Agreement and has requested certain other changes in the
Loan Agreement and the Lenders are willing to add the New Lender and to make the other changes upon
the terms and subject to the conditions hereof.

NOW, THEREFORE, for value received, the receipt and sufficiency of which are hereby
acknowledged, the Borrower, the undersigned Lenders and the Agent agree as follows:

1. Certain Defined Terms. Each capitalized term used herein without being defined
herein that is defined in the Loan Agreement shall have the meaning given to it therein.

2. Amendments to Loan Agreement. The Loan Agreement is hereby amended as follows:

(a) Schedule 1.1(a) to the Loan Agreement is hereby amended and restated to read as set
forth in Exhibit A attached hereto.

(b) The definition of “Borrowing Base” in Section 1.1 of the Loan Agreement is
hereby amended to amend clause (vi) thereof in its entirety to read as follows

(vi) Wet Mortgage Loans shall be (A) during the period commencing on the third
to last Business Day of any calendar month and continuing through and including the
fourth Business Day of the following calendar month, 75% of the then Total
Commitment, and (B) at any other time, 40% of the then Total Commitment, and

(c) The definition of “Eligible Mortgage Loan” in Section 1.1 of the Loan Agreement is
hereby amended to amend clause (o) thereof by deleting therefrom the phrase “21 days” and
inserting in its place the phrase “20 days”.

(d) The definition of “Scheduled Termination Date” in Section 1.1 of the Loan
Agreement is hereby amended in its entirety to read as follows:

“Scheduled Termination Date” means August 23, 2007

(e) The definition of “Super Jumbo Loan” in Section 1.1 of the Loan Agreement is hereby
amended in its entirety to read as follows:

“Super Jumbo Loan” means a Mortgage Loan, the original principal amount of
which is greater than $1,000,000 but no greater than $2,000,000, which complies with all
applicable requirements for purchase under the FNMA or FHLMC standard form of conventional
mortgage purchase contract then in effect, except that the amount of such loan is greater
than the maximum loan amount under such requirements.

(f) Section 2.11 (c) of the Loan Agreement is hereby amended in its entirety to read as
follows:

(c) LIBOR Segments. A LIBOR Segment consisting of any portion of a
Construction/Lot Loan Tranche shall bear interest at a rate per annum equal to the sum of
LIBOR plus 1.125% per annum. A LIBOR Segment consisting of any portion of a Gestation Loan
Tranche shall bear interest at a rate per annum equal to the sum of LIBOR plus 0.65% per
annum. A LIBOR Segment consisting of any portion of a Regular Tranche shall bear interest
at a rate per annum equal to the sum of LIBOR plus 1.00% per annum.

(g) The Trust Receipt, Attachment 6 to the Pledge and Security Agreement, is amended in
its entirety to read as set forth on Exhibit B hereto.

3. Concerning the New Lender

(a) Addition of New Lender. Subject to Section 4 hereof, upon and after the
Effective Date (defined below), the New Lender hereby assumes, adopts and agrees to become a
party, as a Lender, to the Loan Agreement and to each other Loan Document to which the
Lenders are parties and for all purposes thereof, with a Commitment Amount as stated in the
amended Schedule 1.1(a) to the Loan Agreement attached hereto as Exhibit A, and the parties
hereto, other than the New Lender, each acknowledge and consent to such actions by the New
Lender. Upon and after the Effective Date, the New Lender shall be a Lender under the Loan
Agreement and the other Loan Documents to which the Lenders are parties and shall have all
of the rights, privileges and benefits of a Lender under the Loan Agreement and the other
Loan Documents, and all of the duties of a Lender thereunder, in each case as if such New
Lender had been initially a party to the Loan Agreement. Upon the Effective Date (defined
below), the New Lender shall make Warehouse Advances as calculated by the Agent so that its
outstanding Warehouse Advances are equal to its ratable share of all Warehouse Advances
outstanding on such date and the Agent shall distribute the proceeds of such Warehouse
Advances to the other Lenders in accordance with their ratable share of all Warehousing
Advances outstanding on the Effective Date, in each case after giving effect to this
Amendment, but prior to any additional Warehousing Advances requested by the Borrower to be
made on the Effective Date.

(b) Interest and Fees. From and after the Effective Date, all interest and all
facility fees accrued under Section 2.4(a) of the Loan Agreement for the billing period in
which the Effective Date falls shall be paid to the Agent as provided in the Loan Agreement,
and distributed by the Agent (i) with respect to amounts accrued before the Effective Date,
to the Lenders (other than the New Lender) and (ii) with respect to amounts accrued on or
after the Effective Date, to the New Lender and the other Lenders, in accordance with the
terms of the Loan Agreement.

(c) Copies of Loan Documents. The Agent represents and warrants to the New
Lender that the copies of the Loan Documents and the related agreements, certificates, and
opinion letters previously delivered to such the New Lender are true and correct copies of
the Loan Documents and related agreements, certificates, and opinion letters executed by
and/or delivered in connection with the closing of the credit facilities contemplated by the
Loan Agreement, other than the Agent Fee Letter.

(d) No Representation or Warranty by Lenders. The New Lender agrees and
acknowledges that no Lender nor the Agent (i) make any representation or warranty and assume
no responsibility with respect to any statements, warranties or representations made in or
in connection with the Loan Documents or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of any of the Loan Documents or any other instrument or
document furnished pursuant thereto and (ii) make any representation or warranty and assume
any responsibility with respect to the financial condition of the Borrower, or the
performance or observance by the Borrower or any other Person of any of their respective
obligations under the Loan Documents or any other instrument or document furnished pursuant
thereto.

(e) No Reliance By New Lender. The New Lender (i) confirms to each other
Lender and the Agent that it has received a copy of the Loan Documents together with such
other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Amendment; and (ii) acknowledges that it has, independently
and without reliance upon the Agent or any other Lender and instead in reliance upon its own
review of such documents and information as the New Lender deems appropriate, made its own
credit analysis and decision to enter into this Amendment and the Loan Documents and agrees
that it will, independently and without reliance upon the Agent or any other Lender, and
based on such documents and information as the New Lender shall deem appropriate at the
time, continue to make its own credit decision in taking or not taking action under the Loan
Documents.

4. Conditions to Effectiveness of this Amendment. This Amendment shall be effective
as of the date first above written (the “Effective Date”), provided the Agent shall have received
at least nine (9) counterparts of this Amendment, a new Committed Warehouse Promissory Note in
favor of the Agent and each Lender, each duly executed by the Borrower and, as to this Amendment,
the undersigned Lenders, and the following conditions are satisfied:

(a) Before and after giving effect to this Amendment, the representations and
warranties of the Borrower in Section 5 of the Loan Agreement and Section 5 of the Security
Agreement shall be true and correct as though made on the date hereof, except to the extent
such representations and warranties by their terms are made as of a specific date and except
for changes that are permitted by the terms of the Loan Agreement.

(b) Before and after giving effect to this Amendment, no Event of Default and no
Default shall have occurred and be continuing.

(c) No material adverse change in the business, assets, financial condition or
prospects of the Borrower shall have occurred since June 30, 2006.

(d) The Agent shall have received the following, each duly executed or certified, as
the case may be, and dated as of the date of delivery thereof:

(i) a copy of resolutions of the Board of Directors of the Borrower, certified
by its respective Secretary or Assistant Secretary, authorizing or ratifying the
execution, delivery and performance of this Amendment;

(ii) a certified copy of any amendment or restatement of the Articles of
Incorporation or the Bylaws of the Borrower made or entered following the date of
the most recent certified copies thereof furnished to the Lenders; and

(iii) such other documents, instruments and approvals as the Agent may
reasonably request.

5. Acknowledgments. The Borrower and the undersigned Lenders each acknowledge that,
as amended hereby, the Loan Agreement remains in full force and effect with respect to the Borrower
and the Lenders, and that each reference to the Loan Agreement in the Loan Documents shall refer to
the Loan Agreement, as amended hereby. The Borrower confirms and acknowledges that it will
continue to comply with the covenants set out in the Loan Agreement and the other Loan Documents,
as amended hereby, and that its representations and warranties set out in the Loan Agreement and
the other Loan Documents, as amended hereby, are true and correct as of the date of this Amendment,
except to the extent such representations and warranties by their terms are made as of a specific
date and except for changes that are permitted by the terms of the Loan Agreement. The Borrower
represents and warrants that (i) the execution, delivery and performance of this Amendment is
within its corporate powers and have been duly authorized by all necessary corporate action; (ii)
this Amendment has been duly executed and delivered by the Borrower and constitutes the legal,
valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with
its terms (subject to limitations as to enforceability which might result from bankruptcy,
insolvency, or other similar laws affecting creditors’ rights generally and general principles of
equity) and (iii) no Events of Default or Default exist.

6. General.

(a) The Borrower agrees to reimburse the Agent upon demand for all reasonable expenses
(including filing and recording costs and fees, charges and disbursements of outside counsel
to the Agent (determined on the basis of such counsel’s generally applicable rates, which
may be higher than the rates such counsel charges the Agent in certain matters) and/or the
allocated costs of in-house counsel incurred from time to time) incurred by the Agent in the
preparation, negotiation and execution of this Amendment and any other document required to
be furnished herewith, and to pay and save the Lenders harmless from all liability for any
stamp or other taxes which may be payable with respect to the execution or delivery of this
Amendment, which obligations of the Borrower shall survive any termination of the Loan
Agreement.

(b) This Amendment may be executed in several counterparts, each of which, when so
executed, shall be deemed an original but all such counterparts shall constitute but one and
the same instrument.

(c) Any provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining portions hereof or
affecting the validity or enforceability of such provisions in any other jurisdiction.

(d) This Amendment shall be governed by, and construed in accordance with, the internal
law, and not the law of conflicts, of the State of Minnesota, but giving effect to federal
laws applicable to national banks.

(e) This Amendment shall be binding upon the Borrower, the Lenders, the Agent and their
respective successors and assigns, and shall inure to the benefit of the Borrower, the
Lenders, the Agent and the successors and assigns of the Lenders and the Agent.

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1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of
the day and year first above written.

NVR MORTGAGE FINANCE, INC.

	 	 	 
	By:

	 	William J. Inman
	
 
	 	 
	Its:

	 	President
	
 
	 	 

U.S. BANK NATIONAL ASSOCIATION, as

Agent and Lender

	 	 	 
	By:

	 	William J. Umscheid
	
 
	 	 
	Its:

	 	Vice President
	
 
	 	 
	 
	 	 

2

JPMORGAN CHASE BANK

	 	 	 
	By:

	 	Cynthia E. Crites
	
 
	 	 
	Its:

	 	Vice President
	
 
	 	 
	 
	 	 

3

GUARANTY BANK

	 	 	 
	By:

	 	Jenny Ray Stilwell
	
 
	 	 
	Its:

	 	Vice President
	
 
	 	 
	 
	 	 

4

NATIONAL CITY BANK, as successor by merger to
NATIONAL CITY BANK OF

KENTUCKY

	 	 	 
	By:

	 	Mary Jo Reiss
	
 
	 	 
	Its:

	 	Vice President
	
 
	 	 
	 
	 	 

5

COMERICA BANK

	 	 	 
	By:

	 	Steve D. Clear
	
 
	 	 
	Its:

	 	Officer
	
 
	 	 
	 
	 	 

6

WASHINGTON MUTUAL BANK, F.A.

	 	 	 
	By:

	 	Rodney Davis
	
 
	 	 
	Its:

	 	Vice President
	
 
	 	 

7

Exhibit A-Schedule 1.1(a)

Commitment Schedule as of the Effective Date

	 	 	 	 	 
	 	 	Commitment
	Lender	 	Amount
	 
	 	 	 	 
	U.S. Bank National Association
Mortgage Banking Services
U.S. Bank Place
800 Nicollet Mall
Mail Station BC-MN-H03B
Minneapolis, Minnesota 55402
Attention: William Umscheid
Telephone: 612-303-3575
Telecopy: 612-303-2253
	 	$	45,000,000	 
	 
	 	 	 	 
	JPMorgan Chase Bank
707 Travis – 6 CBBN 91
Houston, TX 77002-8091
Attention: Ms. Cynthia E. Crites
Telephone: 713-216-4425
Telecopy: 713-216-1567
	 	$	40,000,000	 
	 
	 	 	 	 
	Guaranty Bank
8333 Douglas, 11th Floor
Dallas, Texas 75225
Attention: Trey Worley
Telephone: 214-360-1612
Telecopy: 214-360-4892
	 	$	25,000,000	 
	 
	 	 	 	 
	Comerica Bank
Comerica Tower at Detroit Center
500 Woodward Avenue
Detroit, MI 48226
Attention: Steve D. Clear
Telephone: 313-222-3042
Telecopy: 313-222-9295
	 	$	25,000,000	 
	 
	 	 	 	 
	National City Bank
101 South 5th Street
Louisville, KY 40202
Attention: Mary Jo Reiss
Telephone: 502-581-4197
Telecopy: 502-581-4154
	 	$	20,000,000	 
	 
	 	 	 	 
	Washington Mutual Bank FA
20 North Wacker Drive, Suite 3410
Chicago, IL 60606
Attn: Rodney Davis
Telecopy: 312-782-3731
	 	$	20,000,000	 
	 
	 	 	 	 
	TOTAL
	 	$	175,000,000	 
	 
	 	 	 	 

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Exhibit B to Fifteenth Amendment

Attachment 6 to

Pledge and Security Agreement

TRUST RECEIPT

Temporary Release of Collateral

The undersigned hereby acknowledges receipt this       day of      ,
   _, from U.S. Bank National Association (the “Agent”) of the following described property
(hereinafter called “Collateral”):

Loan #       Mortgagor Name:      

The undersigned represents, warrants and agrees that:

1. The undersigned has requested and obtained possession of the Collateral from the Agent for
the purpose set forth below and for no other purpose:

Correction of:      

2. The Collateral and the proceeds thereof are and will remain subject to the security
interest held by the Agent and the undersigned will keep the Collateral and any such proceeds
segregated and identifiable and free and clear of all liens, charges and encumbrances.

3. The Collateral will be redelivered to the Agent or its designee as soon as the purpose for
which possession was taken has been accomplished, and in any event within twenty (20) days from the
date of taking possession.

4. In the event of any default in the performance of any term or condition of this Trust
Receipt, all or any part of the indebtedness secured by the Collateral may be declared immediately
due and payable without notice or demand.

5. Additional limitations, if any:

	 	 	 
	NVR MORTGAGE FINANCE, INC.

	 
	 	 
	By

	 	                                                
	
 
	 	 
	Its

	 	                                                
	
 
	 	 
	 
	 	 

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