Document:

Exhibit 4.1

 

[TTM TECHNOLOGIES LOGO]

 

	
  COMMON STOCK

  	
   

  	
  COMMON STOCK

  
	
  NUMBER

  	
   

  	
  SHARES

  

 

INCORPORATED UNDER THE LAWS OF THE STATE OF
DELAWARE

CUSIP 87305R 10 9

SEE REVERSE FOR CERTAIN
DEFINITIONS

 

THIS CERTIFIES THAT

 

IS THE RECORD HOLDER OF

 

FULLY
PAID AND NONASSESSABLE SHARES OF COMMON STOCK, $0.001 PAR VALUE PER SHARE,

OF

 

TTM
TECHNOLOGIES, INC.

 

transferable
only on the books of the Corporation by the holder hereof in person or by duly
authorized attorney upon surrender of this certificate properly endorsed.  This certificate is not valid until
countersigned by the Transfer Agent and Registrar.

 

WITNESS
the facsimile seal of the Corporation and the facsimile signatures of its duly
authorized officers.

[CORPORATE SEAL]

 

Dated:

 

	
   

  	
   

  	
   

  	
   

  
	
  CHIEF FINANCIAL OFFICER

  	
   

  	
  CHIEF EXECUTIVE OFFICER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  COUNTERSIGNED AND REGISTERED:

  	
   

  	
   

  
	
  CHASEMELLON SHAREHOLDER SERVICES, L.L.C.

  	
   

  
	
  TRANSFER AGENT AND REGISTRAR BY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AUTHORIZED SIGNATURE

  	
   

  	
   

  

 

 

TTM TECHNOLOGIES, INC.

 

THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING,
OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF
AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS.  SUCH REQUEST MUST BE MADE TO THE
CORPORATION’S SECRETARY AT THE PRINCIPAL EXECUTIVE OFFICE OF THE CORPORATION.

 

Keep this Certificate in a safe place. 
If it is lost, stolen or destroyed, the Corporation will require a bond
of indemnity as a condition to the issuance of a replacement certificate.

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

	
  TEN COM

  	
  -as tenants in common

  
	
  TEN ENT

  	
  -as tenants by the entireties

  
	
  JT TEN

  	
  -as joint tenants with right of
  survivorship

  
	
   

  	
   and not as tenants in common

  
	
  UNIF GIFT MIN ACT

  	
  -

  	
  Custodian

  	
   

  	
   

  
	
   

  	
  (Custodian)

  	
   

  	
  (Minor)

  	
   

  
	
   

  	
  under Uniform Gifts to Minors Act

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (State)

  	
   

  
	
  UNIF TRF MIN ACT

  	
  -

  	
   Custodian
  (until age

  	
   

  	
  )

  	
   

  
	
   

  	
   

  	
   under
  Uniform Transfers to Minors Act

  	
   

  	
   

  
	
   

  	
  (Minor)

  	
   

  	
  (State)

  	
   

  
	
  Additional abbreviations may also be used
  though not in the above list.

  
	
   

  
	
  For Value
  Received, 

  	
   

  	
   hereby sell, assign and transfer unto

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  PLEASE INSERT SOCIAL SECURITY OR

  
	
  OTHER IDENTIFYING NUMBER OF ASSIGNEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (PLEASE PRINT OR TYPEWRITE NAME AND
  ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE(S)

  
	
   

  
																

	
   

  	
   Shares
  represented by the within Certificate, and do hereby irrevocably constitute
  and appoint

  	
   

  
	
  Attorney to transfer the said Shares on the
  books of the within named Corporation with full power of substitution in the
  premises.

  

 

 

	
  Dated

  	
   

  	
   

  
	
   

  	
   

  
	
  In the presence of

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NOTICE: The signature to this assignment
  must correspond with the name as written upon the face of the certificate in
  every particular, without alteration or enlargement, or any change whatever.

  
	
   

  	
   

  
	
  Signature(s) Guaranteed

  
	
  By

  	
   

  	
   

  
									

 

THE SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM PURSUANT TO
S.E.C. RULE 17Ad-15.Exhibit 10.1

 

THESE SECURITIES HAVE NOT BEEN REGISTERED FOR OFFER OR
SALE UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD OR OFFERED FOR SALE
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY
APPLICABLE STATE SECURITIES LAW OR AN APPLICABLE EXEMPTION FROM SUCH
REGISTRATION REQUIREMENTS.

 

SECURITIES
PURCHASE AGREEMENT

 

SECURITIES PURCHASE AGREEMENT (“Agreement”) dated as of August 2, 2005, between
Liquidmetal Technologies, Inc., a Delaware corporation (the “Company”), and each person or entity listed as a Purchaser
on Schedule I attached to this Agreement (collectively and individually,
the “Purchaser”).  Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Note (as defined
below).

 

W I T N E S S E T H:

 

WHEREAS, the Company desires to
sell, and the Purchasers desire to purchase, 7% Senior Secured Convertible
Notes of the Company, which notes shall be in the aggregate principal amount of
up to Fifteen Million Dollars ($15,000,000.00) and shall be in substantially
the form of Exhibit A hereto (collectively referred to as the “Notes” and individually referred to as a “Note”); and

 

WHEREAS, in connection with the
purchase of the Notes, this Agreement also provides for the grant to the
Purchasers of warrants to purchase additional shares of common stock, par value
$0.001 per share, of the Company (“Common Stock”).

 

NOW, THEREFORE, in consideration
of the foregoing premises and the covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

ARTICLE I

Purchase and Sale of Note

 

Section 1.1                                      Purchase of Notes.  At the Closing (as hereinafter defined) and subject
to the terms and conditions hereof and in reliance upon the representations,
warranties and agreements contained herein, the Company will issue and sell the
Notes to the Purchasers, and the Purchasers will purchase the Notes from the
Company, for the purchase price equal to the original principal amount of the
Notes (the “Purchase Price”).  The amount of Notes to be purchased by each
Purchaser is set forth on Schedule I hereto, and the Purchase Price
for the Notes shall be paid (i) in the form of cash, (ii) in exchange
for the Purchaser’s July 2005 Notes and/or June 2006 Notes, and/or (iii) in
satisfaction of Accrued Registration Fees. 
The form of consideration to be paid by each Purchaser is set forth
opposite such Purchaser’s name on Schedule I hereto.  For purposes hereof, the term “Conversion Shares” means any shares of
Common Stock into which the Notes are convertible according to their terms.  Notwithstanding the foregoing, any holder of July 2005
or July 2007 Notes may elect to receive all or a portion of the Accrued
Registration Fees that have accrued on such notes in cash in lieu of exchanging
such Accrued Registration Fees for Notes pursuant to this Section 1.1, and
such cash payment will be made at the Closing.

 

 

Section 1.2                                      The
Closing.  The purchase and sale of
the Notes shall take place at a closing (the “Closing”)
on the date hereof or such other date as the Purchasers and the Company may
agree upon (the “Closing Date”).  The purchase and sale of Notes may also
occur, at the Company’s option, on more than one date to accommodate different
Purchasers.  At the Closing, the Company
shall deliver to the Purchasers the Notes purchased hereunder, registered in
the name of the Purchasers or their respective nominees.  On the Closing Date the Purchaser shall
deliver by wire transfer the cash Purchase Price hereunder to an account
designated in writing by the Company and shall deliver the July 2005 and June 2006
Notes being exchanged hereunder to the Company at its offices.  In addition, each party shall deliver all
documents, instruments and writings required to be delivered by such party
pursuant to this Agreement at or prior to the Closing.  The parties acknowledge that, as a condition
to the Company’s obligation to consummate the transactions contemplated by this
Agreement, (i) all holders of the July 2005 Notes, July 2007
Notes, and June 2006 Notes must enter into this Agreement, (ii) all
holders of the July 2005 Notes must exchange such notes for the Notes to
be issued pursuant to this Agreement or must elect to have such July 2005
Notes redeemed pursuant to Section 1.6 hereof, (iii) all holders of
the July 2007 Notes must either choose to retain their July 2007
Notes or must elect to have such July 2007 Notes redeemed pursuant to Section 1.6
hereof, and (iv) all holders of the June 2006 Notes must exchange
such notes for the Notes to be issued pursuant to this Agreement.

 

Section 1.3                                      Warrants.  At the Closing, the Company will execute and
deliver to each Purchaser a warrant, substantially in the form attached hereto
as Exhibit B, to purchase such number of shares of Common Stock as
shall be equal to fifty percent of the principal amount of such Purchaser’s
Note divided by the initial Exercise Price of the warrant (the “Warrants”). 
The shares of Common Stock that are issuable pursuant to the Warrants
are hereafter referred to as the “Warrant
Shares.”

 

Section 1.4                                      Amended
and Restated Registration Rights Agreement. 
At the Closing, the Company and the Purchasers will enter into an
Amended and Restated Registration Rights Agreement in substantially the form
set forth as Exhibit C hereto (the “Amended and
Restated Registration Rights Agreement”).  The Amended and Restated Registration Rights
Agreement shall amend and restate each of the March 2004 Registration
Rights Agreement, Winvest Registration Rights Agreement, and June 2005
Registration Rights Agreement.

 

Section 1.5                                      Amended
and Restated Security Agreement.  At
the Closing, the Company and the Purchasers will enter into an Amended and
Restated Security Agreement in substantially the form set forth as Exhibit D
hereto (the “Amended and Restated Security Agreement”).  The Amended and Restated Security Agreement
will (i) amend and restate the Security Agreements, dated March 1,
2004 and as amended on July 29, 2004, among the Company and the holders of
the July 2005 Notes and July 2006 Notes and (ii) add the other
Purchasers as secured parties thereunder. 
In addition to the foregoing, the Company shall, within sixty (60) days
of the date of this Agreement, cause Liquidmetal Korea Co., Ltd., a wholly
owned subsidiary of the Company (“Liquidmetal Korea”),
to grant to the Purchasers as additional security for the Notes and the July 2007
Notes a second lien upon and security interest in Liquidmetal Korea’s
manufacturing plant in Korea (the “Factory Lien”),
and Liquidmetal Korea shall obtain any necessary consent and approval of the
Bank of Korea to the granting of the Factory Lien.  The Factory Lienshall be in
addition to and subordinate to the prior liens held or to be held by Kookmin
Bank (or any financial institution through which the Company’s or Liquidmetal
Korea’s indebtedness with Kookmin Bank is refinanced).

 

2

 

Section 1.6                                      Redemption
Option.  Any holder of July 2005
Notes or July 2007 Notes (the “July Notes”)
may, in lieu of exchanging the July 2005 Notes for Notes issued pursuant
to this Agreement or in lieu of retaining the July 2007 Notes, elect to
have the July Notes redeemed in whole or in part pursuant to this
Agreement.  Any such redemption shall be
reflected on Schedule I hereto. 
The redemption price (the “Redemption Price”)
for notes being redeemed pursuant hereto shall be equal to the amount of
principal being redeemed.  The portion of
each such note that is redeemed pursuant hereto is referred to as the “Redeemed Portion.”  On
the Closing Date, the Company will pay to each Purchaser the Redemption Price
with respect to the Redeemed Portion(s) of the July Notes held by such
Purchaser and as to which this redemption option has been elected, and the
Purchaser will return the originally signed July 2005 Note and/or July 2007
Note, as applicable, to the Company.  If
less than the entire principal amount of the July 2005 Note and/or July 2007
is being redeemed, then the Company will, within a reasonable period of time,
deliver a replacement note to the Purchaser to evidence the remaining principal
balance thereof (or, in the case of a July 2005 Note, the Company will
issue a Note to the Holder to evidence the unredeemed amount).  Each redeeming Purchaser acknowledges and
agrees that, upon receipt of the Redemption Price, the Redeemed Portion will
have been paid in full and will no longer be outstanding, and such Purchaser
acknowledges that the Purchaser will have no further rights or entitlements
under such note(s) with respect to the Redeemed Portion.   Except for the payment of the Redemption
Price and the satisfaction of Accrued Registration Fees and accrued interest in
accordance with this Agreement, such Purchaser hereby knowingly and voluntarily
waives, releases and forever discharges the Company and the Company’s
subsidiaries, parent companies, officers, directors, employees, shareholders,
and Affiliates (collectively, the “Released Parties”)
from any and all claims, demands, damages, lawsuits, obligations, promises, and
causes of action of any kind whatsoever, both known and unknown, at law or in
equity, that the Purchaser may have had or has against the Released Parties at
any time from the beginning of time up to and including the date of this
Agreement relating to or arising from the Redeemed Portion of the July Notes.

 

Section 1.7                                      Payment
of Accrued Interest at Closing.  All
accrued and unpaid interest on the July 2005 Notes, June 2006 Notes,
and July 2007 Notes through the date of Closing shall be paid in cash by
the Company at the Closing.  Each
Purchaser agrees and acknowledges that the amount set forth next to such
Purchaser’s name on Schedule I under the column “Accrued Interest” represents
the entire amount of accrued and unpaid interest owing through the date of
Closing on such Purchaser’s July 2005 Notes, June 2006 Notes, and July 2007
Notes and that, upon the payment of such interest by the Company at the Closing,
the issuance and delivery of the Notes in accordance with this Agreement (or,
if applicable, the redemption of July Notes pursuant to Section 1.6
above), and the satisfaction of Accrued Registration Fees in accordance with
this Agreement, (i) the July 2005 Notes and June 2006 Notes
shall be deemed to be paid in full, and (ii) such Purchaser hereby
knowingly and voluntarily waives, releases and forever discharges the Company
and the other Released Parties from any and all claims, demands, damages,
lawsuits, obligations, promises, and causes of action of any kind whatsoever,
both known and unknown, at law or in equity, that the Purchaser may have had or
has against the Released Parties at any time from the beginning of time up to
and including the date of this Agreement relating to or arising from July 2005
Notes or June 2006 Notes.

 

Section 1.8                                      Certain
Definitions.  For purposes of this
Agreement, the following definitions shall apply, unless otherwise indicated
herein:

 

3

 

(a)                                  “July 2004 Note Exchange Agreement” means the Note
Exchange Agreement, dated July 29 2004, among the Company, Jess Morgan &
Co. and the other parties identified as “Noteholders” therein.

 

(b)                                 “Winvest Note Exchange Agreement” means the Note Exchange
Agreement, dated July 29, 2004, between the Company and Winvest Venture
Partners Inc.

 

(c)                                  “June 2005 Securities Purchase Agreement” means that
certain Securities Purchase Agreement, dated June 10, 2005, among the
Company and the parties identified as “Purchasers” therein.

 

(d)                                 “July 2005 Notes” means the 10% Senior Secured Notes Due
July 29, 2005 that were previously issued by the Company in an aggregate
principal amount of $2,854,501, pursuant to the July 2004 Note Exchange
Agreement and Winvest Note Exchange Agreement.

 

(e)                                  “July 2007 Notes” means the 6% Senior Secured Notes Due July 29, 2007 that were previously issued by the
Company in an aggregate principal amount of $2,854,501, pursuant to the 2004
Note Exchange Agreement and Winvest Note Exchange Agreement.

 

(f)                                    “June 2006 Notes” means the 10% Convertible Unsecured
Notes Due June 10, 2005 that were previously issued by the Company in an
aggregate principal amount of $3,250,000, pursuant to the June 2005
Securities Purchase Agreement.

 

(g)                                 “March 2004 Registration Rights Agreement” means the
Registration Rights Agreement, dated March 1, 2004, among the Company,
Jess Morgan & Co. and the other parties identified as “Purchasers”
therein, as amended by the July 2004 Note Exchange Agreement.

 

(h)                                 “Winvest Registration Rights Agreement” means the
Registration Rights Agreement, dated March 1, 2004, among the Company,
Winvest Venture Partners Inc., and the other parties identified as “Purchasers”
therein, as amended by the Winvest Note Exchange Agreement.

 

(i)                                     “June 2005 Registration Rights Agreement” means the
Registration Rights Agreement, dated June 10, 2005, among the Company and
the holders of the June 2006 Notes.

 

(j)                                     “Accrued Registration Fees” mean any “Late Filing Payments”
and “Late Registration Payments” that have accrued under Section 2(c)(ii) of
the March 2004 Registration Rights Agreement and Section 2(c)(ii) of
the Winvest Registration Rights Agreement through June 30, 2005.

 

4

 

ARTICLE II

Representations and Warranties

 

Section 2.1                                      Representations
and Warranties of the Company.  The
Company hereby makes the following representations and warranties to the
Purchaser as of the date hereof and the Closing Date:

 

(a)                                  Organization and Qualification; Material Adverse Effect.  The Company is a corporation duly
incorporated and existing in good standing under the laws of the State of
Delaware and has the requisite corporate power to own its properties and to
carry on its business as now being conducted. 
The Company is duly qualified as a foreign corporation to do business
and is in good standing in every jurisdiction in which the nature of the
business conducted or property owned by it makes such qualification necessary
other than those in which the failure so to qualify would not have a Material
Adverse Effect.  “Material
Adverse Effect” means any adverse effect on the business,
operations, properties, prospects or financial condition of the Company and its
subsidiaries, if any, and which is (either alone or together with all other
adverse effects) material to the Company and its subsidiaries.

 

(b)                                 Authorization; Enforcement. 
(i)  The Company has all requisite corporate power and authority to
enter into and perform this Agreement, the Notes, the Warrants, the Amended and
Restated Registration Rights Agreement, the Amended and Restated Security
Agreement, the provisions of Section 1.6 hereof, and any other agreements
or documents delivered by the Company at the Closing (“Transaction
Documents”) and to issue the Notes and Warrants in accordance with
the terms hereof, (ii) the execution and delivery of the Transaction
Documents by the Company and the consummation by it of the transactions
contemplated hereby and thereby, including the issuance of the Notes, have been
duly authorized by all necessary corporate action, and no further consent or
authorization of the Company or its Board of Directors (or any committee or
subcommittee thereof) or stockholders is required, (iii) the Transaction
Documents have been duly executed and delivered by the Company, (iv) the
Transaction Documents constitute valid and binding obligations of the Company
enforceable against the Company, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally the enforcement of
creditors’ rights and remedies or by other equitable principles of general
application, and (v) the Warrant Shares and the Conversion Shares have
been duly authorized and, upon issuance thereof and payment therefor in
accordance with the terms of the Warrants and the Notes, as the case may be,
will be validly issued, fully paid and non-assessable, free and clear of any
and all liens, claims and encumbrances.

 

(c)                                  No Conflicts.  The
execution, delivery and performance of the Transaction Documents by the Company
and the consummation by the Company of the transactions contemplated hereby and
thereby and issuance of the Notes, the Conversion Shares, the Warrants and the
Warrant Shares will not (i) result in a violation of the Certificate of
Incorporation; (ii) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or
give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the Company or
any of its subsidiaries is a party, or (iii) to the Company’s knowledge
result in a violation of any law, rule, regulation, order, judgment or decree (including
United States federal

 

5

 

and state securities laws) applicable to the Company or any of its
subsidiaries or by which any property or asset of the Company or any of its
subsidiaries is bound or affected, except in the case of clause (ii), such
conflicts that would not have a Material Adverse Effect.

 

(d)                                 SEC Documents.  Since December 31,
2004, the Company has filed all reports, schedules, forms, statements and other
documents required to be filed by it with the SEC pursuant to the reporting
requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing filed prior to the date
hereof and all exhibits included therein and financial statements and schedules
thereto and documents incorporated by reference therein being hereinafter
referred to as the “SEC Documents”).  To the Company’s knowledge, as of their
respective dates and except as provided in Item 9A of the Form 10-K/A
filed by the Company on May 10, 2005, the SEC Documents complied in all
material respects with the requirements of the 1934 Act and the rules and
regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC,
contained any untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

 

(e)                                  No Contemplated Bankruptcy.  On the date hereof, the Company
does not contemplate and has no knowledge of any person contemplating the
filing of any petition against the Company or any subsidiary under any federal
or state bankruptcy, insolvency, receivership or other such law.  The
Company does not intend to, and does not believe that it will, incur debts and
liabilities (including, among other things, contingent liabilities and other
commitments) beyond its ability to pay such debts as they mature (taking into
account the timing and amounts to be payable on or in respect of obligations of
Company).  The execution, delivery,
observance, performance and fulfillment of Company’s obligations and duties
under this Agreement will not render the Company insolvent or unable to pay its
debts as they become due.  The Company
has (a) not entered into the transactions contemplated by this Agreement
with the actual intent to hinder, delay, or defraud
any creditor and (b) received reasonably equivalent value in exchange for
its obligations under this Agreement.

 

Section 2.2                                      Representations
and Warranties of the Purchasers. 
Each Purchaser (severally and not jointly) hereby makes the following
representations and warranties to the Company as of the date hereof and the
Closing Date:

 

(a)                                  Accredited Investor Status; Sophisticated Purchaser.  The Purchaser is an “accredited investor” as
that term is defined in Rule 501(a) of Regulation D under the
Securities Act of 1933, as amended (the “1933 Act”).  The Purchaser has such knowledge and
experience in financial and business matters that the Purchaser is capable of
evaluating the merits and risks of the purchase of the Notes, the Conversion
Shares, the Warrants and the Warrant Shares. 
The Purchaser is not registered as a broker or dealer under Section 15(a) of
the 1934 Act, affiliated with any broker or dealer registered under Section 15(a) of
the 1934 Act, or a member of the National Association of Securities Dealers, Inc.

 

(b)                                 Information.  The
Purchaser and its advisors, if any, have been furnished with all materials
relating to the business, finances and operations of the Company which have
been requested and materials relating to the offer and sale of the Notes, the

 

6

 

Conversion Shares, the Warrants and the Warrant
Shares, which have been requested by the Purchaser.  The Purchaser and its advisors, if any, have
been afforded the opportunity to ask questions of the Company.  The Purchaser acknowledges that (i) Purchaser
has been provided with and has reviewed copies of the following filings made by
the Company with the Securities and Exchange Commission: Form 10-Q filed
on May 16, 2005, Form 10-K filed on March 30, 2005 (as amended
on May 5, 2005), Form 8-K filed on May 10, 2005, Form 8-K
filed on April 15, 2005, and Form 8-K filed on June 16, 2005;
and (ii) Purchaser’s purchase of the Notes, Warrants, and (if applicable)
the Conversion Shares and the Warrant Shares involves a high degree of risk and
that Purchaser may never recover Purchaser’s investment in these securities.

 

(c)                                  Investment Representation. 
The Purchaser is purchasing the Note and the Warrant for the Purchaser’s
own account and not with a view to distribution in violation of any securities
laws.  The Purchaser has been advised and
understands that neither the Note, the Warrant, the Conversion Shares nor the
Warrant Shares have been registered under the 1933 Act or under the “blue sky”
laws of any jurisdiction and may be resold only if registered pursuant to the
provisions of the 1933 Act or if an exemption from registration is available,
except under circumstances where neither such registration nor such an
exemption is required by law.  The
Purchaser has been advised and understands that the Company, in issuing the Notes
and the Warrants, is relying upon, among other things, the representations and
warranties of the Purchaser contained in this Section 2.2 in concluding
that such issuance is a “private offering” and is exempt from the registration
provisions of the 1933 Act.

 

(d)                                 Rule 144.  The
Purchaser understands that there is no public trading market for the Note or
Warrant, that none is expected to develop, and that the Note and Warrant must
be held indefinitely unless and until such Note and the Warrant, or if applicable,
the Warrant Shares and Conversion Shares, are registered under the 1933 Act or
an exemption from registration is available. 
The Purchaser has been advised or is aware of the provisions of Rule 144
promulgated under the 1933 Act.

 

ARTICLE III

Covenants and Acknowledgments

 

Section 3.1                                      Prohibition
on Net Short Positions.  From
and including the date of this Agreement, the Purchaser agrees that such
Purchaser shall not maintain a Net Short Position.  “Net Short Position”
shall mean that the aggregate number of shares of Common Stock held in a short
position by such Purchaser exceeds the sum of (i) the number of shares of
Common Stock owned by such Purchaser, plus (ii) the number of Warrant
Shares or Conversion Shares issuable to such Purchaser.

 

Section 3.2                                      Senior
Status of Notes.   Beginning
on the date of this Agreement and for so long as any Notes remain outstanding,
neither the Company nor any subsidiary of the Company shall, without the prior
written consent of Purchasers holding a majority of the aggregate outstanding
Principal Amount of the Notes, incur or otherwise become liable with respect to
any indebtedness that would rank senior or pari
passu to the Notes in order of payment, except that (i) indebtedness
and obligations in existence on the date hereof and trade payables incurred in
the ordinary course of business shall not be required to be subordinated to the
Notes, and the Company may pay such obligations and payables as

 

7

 

they become due, (ii) the Notes shall be
subordinate to the Company’s and its subsidiaries’ outstanding debt to Kookmin
Bank and the July 2007 Notes, (iii) the Company shall be permitted to
incur secured indebtedness used solely to finance the purchase or lease of
assets (provided that such debt may only be secured by the purchased or leased
assets and not by any other assets of the Company) and shall be permitted to
pay such indebtedness as it becomes due, (iv) the Notes shall be
subordinate to, and the Company shall be permitted to incur, any indebtedness
from any loan that replaces or refinances the Company’s remaining outstanding
balance under its existing credit facility with Kookmin Bank, provided that the
amount of such indebtedness does not exceed such remaining outstanding balance,
and (v) the Notes shall be subordinate to, and the Company shall be
permitted to incur, any indebtedness under a Qualified Credit Facility.  For purposes hereof, a “Qualified Credit
Facility” shall mean any secured or unsecured credit facility that the Company
may obtain after the date hereof from a lender that makes commercial loans or
extends commercial credit facilities in the ordinary course of its business
which is secured by inventory and/or accounts receivable, provided that the amount
of such indebtedness thereunder shall not exceed fifty percent (50%) of the
fair market value of eligible inventory (in the case of a loan based on and
secured by inventory) plus eighty percent (80%) of eligible accounts receivable
(in the case of a loan based on and secured by accounts receivable).  Purchaser hereby agrees to execute any
acknowledgment or sign any reasonable subordination agreement evidencing the
fact that the Notes are subordinate to such a credit facility in all respects,
including right of payment and security.

 

Section 3.3                                      Acknowledgments
by all Purchasers.  Each Purchaser
hereby agrees that the issuance of Notes pursuant to this Agreement in exchange
for the July 2005 Notes and June 2006 Notes, or the redemption of July 2005
Notes or July 2007 Notes pursuant to Section 1.6 above, shall
constitute full and complete satisfaction of such July 2005 Notes, June 2006
Notes, or July 2007 Notes (or the portion of such notes being redeemed, as
applicable), and except for the payment of accrued and unpaid interest on such
notes through the date of Closing, each such Purchaser hereby irrevocably
waives and releases the Company from any breach or default under such notes
occurring on or prior to the date of Closing.

 

Section 3.4                                      Further
Acknowledgment by Holders of July 2007 Notes.  Each Purchaser that will, immediately after
the Closing, continue to hold any July 2007 Notes hereby acknowledges and
agrees that (i) it shall not be a violation of Section 2 of the July 2007
Notes or Section 3.12 of the July 2004 Note Exchange Agreement or
Winvest Note Exchange Agreement for the Company to issue the Notes pursuant to
this Agreement and pay interest thereon in accordance with the terms of the
Notes, (ii)  the exceptions set forth in clause (v) of Section 3.2
above and the two sentences following such clause shall apply to the July 2007
Notes, and the holders of the July 2007 Notes shall be subject to the
exception and covenants set forth therein, and (iii) except for the
payment of accrued and unpaid interest on the July 2007 Notes through the
date of Closing, each such Purchaser hereby irrevocably waives and releases the
Company from any breach or default under the July 2007 Notes occurring on
or prior to the date of Closing.  Each
such Purchaser agrees that it will not transfer or assign any July 2007
Note to any third party unless the transferee of such note unconditionally and
irrevocably acknowledges and agrees in writing to the terms of this Section 3.4
and such written acknowledgment and agreement is delivered to the Company.

 

Section 3.5                                      Company
Acknowledgement.  The Company
hereby acknowledges that each Purchaser is purchasing the Notes and Warrants
separately and independently from each other Purchaser and that the failure of
any Purchaser to enforce a right under this Agreement or under such Purchaser’s

 

8

 

Note shall not affect the rights of any other
Purchaser under this Agreement or under such other Purchaser’s Note..

 

ARTICLE IV

 

Legend and Stock

 

Upon payment therefor as provided in this Agreement,
the Company will issue the Note in the name the Purchaser or its designees and
in such denominations to be specified by the Purchaser prior to (or from time
to time subsequent to) Closing.  The Note
and Warrant and any certificate representing Conversion Shares or Warrant
Shares issued upon conversion or exercise thereof, prior to such Conversion
Shares or Warrant Shares being registered under the 1933 Act for resale or
available for resale under Rule 144 under the 1933 Act, shall be stamped
or otherwise imprinted with a legend in substantially the following form:

 

THESE SECURITIES HAVE NOT
BEEN REGISTERED FOR OFFER OR SALE UNDER THE SECURITIES ACT OF 1933 OR ANY STATE
SECURITIES LAWS.  THEY MAY NOT BE SOLD
OR OFFERED FOR SALE EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW OR AN APPLICABLE
EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS.

 

The Company agrees to reissue the Note, Conversion
Shares and Warrant Shares without the legend set forth above, at such time as (i) the
holder thereof is permitted to dispose of securities pursuant to Rule 144(k)
under the 1933 Act, or (ii) such securities are sold to a purchaser or
purchasers who (in the opinion of counsel to the seller or such purchaser(s),
in form and substance reasonably satisfactory to the Company and its counsel)
are able to dispose of such shares publicly without registration under the 1933
Act, or (iii) such securities have been registered under the 1933 Act.

 

ARTICLE V

 

Governing Law; Miscellaneous

 

Section 5.1                                      Governing
Law.  THIS AGREEMENT SHALL BE
GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS.

 

Section 5.2                                      Counterparts.  This Agreement may be executed in two or more
identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each
party and delivered to the other party; provided that a facsimile signature
shall be considered due execution and shall be binding upon the signatory
thereto with the same force and effect as if the signature were an original,
not a facsimile signature.

 

Section 5.3                                      Headings.  The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

 

Section 5.4                                      Severability.  If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the

 

9

 

remainder
of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction.

 

Section 5.5                                      Entire
Agreement; Amendments; Waivers. 
This Agreement supersedes all other prior oral or written agreements
between the Purchaser, the Company, their affiliates and persons acting on
their behalf with respect to the matters discussed herein, and this Agreement
and the instruments referenced herein (including the other Transaction
Documents) contain the entire understanding of the parties with respect to the
matters covered herein and therein and, except as specifically set forth herein
or therein, neither the Company nor the Purchaser makes any representation,
warranty, covenant or undertaking with respect to such matters.  In addition: 

 

A.                                   The
provisions of this Agreement may from time to time be amended, modified or
waived, if such amendment, modification or waiver is in writing and consented
to by the Company and the Purchasers holding not less than 50% in principal
amount of the Notes then outstanding (the “Required Holders”);
provided, however, that no such amendment, modification or waiver
which would (i) modify this Section 5.5, or (ii) reduce the
principal amount or any amounts payable under the Notes or (iv) not be
uniform and non-discriminatory as to any particular Purchaser, shall be made
without the consent of the Purchaser so affected.

 

B.                                     Except
as provided herein, no failure or delay on the part of the Purchaser in
exercising any power or right under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or the exercise of any other
power or right.  No notice to or demand
on the Company in any case shall entitle it to any notice or demand in similar
or other circumstances.  No waiver or
approval by the Purchaser shall, except as may be otherwise stated in such
waiver or approval, be applicable to subsequent transactions.  No waiver or approval hereunder shall require
any similar or dissimilar waiver or approval thereafter to be granted
hereunder.

 

Section 5.6                                      Notices.  Any notices, consents, waivers or other
communications required or permitted to be given under the terms of this
Agreement must be in writing, must be delivered by (i) courier, mail or
hand delivery or (ii) facsimile, and will be deemed to have been
delivered upon receipt. The addresses and facsimile numbers for such
communications shall be:

 

If to the Company:

 

Liquidmetal Technologies, Inc.

25800 Commercentre Dr., Suite 100

Lake Forest, California 92630

Telephone: 
(949) 206-8002

Fax:  (949) 206-8008

Attention:  John
Kang, President

 

With a copy to:

 

Foley & Lardner LLP

100 North Tampa Street, Suite 2700

 

10

 

Tampa, Florida 33602

Telephone: 
(813) 229-2300

Facsimile: 
(813) 221-4210

Attention:  Curt
P. Creely

 

If to the Transfer Agent:

 

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, New York 10039

Telephone: 
(718) 921-8124

Facsimile: 
(718) 236-2641

Attention:  Joe
Wolf

 

If to the Purchasers, to the addresses listed on Schedule I
hereto:

 

Each party shall provide five (5) days prior
written notice to the other party of any change in address, telephone number or
facsimile number.  Written confirmation
of receipt (A) given by the recipient of such notice, consent, waiver or
other communication, (B) mechanically or electronically generated by the
sender’s facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission or (C) provided
by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.

 

Section 5.7                                      Successors
and Assigns.  Except as otherwise
provided herein, this Agreement shall be binding upon and inure to the benefit
of the parties and their respective successors and assigns, including any
permitted assignee of the Note and Warrant. 
The Purchaser may assign some or all of its rights hereunder to any
permitted assignee of the Note or Warrant; provided, however, that any
such assignment shall not release the Purchaser from its obligations hereunder
unless such obligations are assumed by such assignee and the Company has
consented to such assignment and assumption.

 

Section 5.8                                      Further
Assurances.  Each party shall do and
perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates,
instruments and documents, as the other party may reasonably request in order
to carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby.

 

Section 5.9                                      Days.  Unless the context refers to “business days”
or “Trading Days”, all references herein to “days” shall mean calendar
days.  “Trading Day”
shall mean a day on which there is trading on the market or exchange on which
the Common Stock is then principally traded, listed, or quoted.

 

11

 

IN WITNESS WHEREOF, the parties
hereto have caused this Securities Purchase Agreement to be duly executed as of
the date and year first above written.

 

 

COMPANY:

 

 

	
  LIQUIDMETAL TECHNOLOGIES, INC.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John Kang

  	
   

  	
   

  
	
   

  	
  John Kang,

  	
   

  
	
   

  	
  President and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
				

Signatures of Purchasers
on following page(s)

 

12

 

COUNTERPART SIGNATURE PAGE

TO SECURITIES PURCHASE AGREEMENT

DATED AUGUST 2, 2005,

AMONG LIQUIDMETAL
TECHNOLOGIES, INC.

 AND
THE “PURCHASERS” IDENTIFIED THEREIN

 

The undersigned hereby executes and delivers the
Securities Purchase Agreement to which this Signature Page is attached,
which, together with all counterparts of the Securities Purchase Agreement and
Signature Pages of the Company and other “Purchasers” under the Securities
Purchase Agreement, shall constitute one and the same document in accordance
with the terms of the Securities Purchase Agreement.

 

 

	
  PURCHASER:

  	
  Jess S. Morgan & Co., Inc.

  	
   

  
	
  By:

  	
  /s/

  	
  Gary Levenstein

  	
   

  
	
  Name:

  	
  Gary Levenstein

  	
   

  
	
  Title:

  	
  President, Investment Division Jess S. Morgan &
  Co., Inc.

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Prana, LLC

  	
   

  
	
  By:

  	
  /s/

  	
  Renee Vallese

  	
   

  
	
  Name:

  	
  Renee Vallese

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Rodd Friedman

  	
   

  
	
  By:

  	
  /s/

  	
  Rodd Friedman

  	
   

  
	
  Name:

  	
  Rodd Friedman

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Bruce Rosen

  	
   

  
	
  By:

  	
  /s/

  	
  Bruce Rosen

  	
   

  
	
  Name:

  	
  Bruce Rosen

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Caydal, LLC

  	
   

  
	
  By:

  	
  /s/

  	
  Kevin Daly

  	
   

  
	
  Name:

  	
  Kevin Daly

  	
   

  
	
  Title:

  	
  Managing Member

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Marlin Fund, LP

  	
   

  
	
  By:

  	
  /s/

  	
  Michael W. Masters

  	
   

  
	
  Name:

  	
  Michael W. Masters

  	
   

  
	
  Title:

  	
  Managing Member of the General Partner

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Marlin Fund II, LP

  	
   

  
	
  By:

  	
  /s/

  	
  Michael W. Masters

  	
   

  
	
  Name:

  	
  Michael W. Masters

  	
   

  
	
  Title:

  	
  Managing Member of the General Partner

  	
   

  
						

 

 

	
  PURCHASER:

  	
  Marlin Fund Offshore, Ltd.

  	
   

  
	
  By:

  	
  /s/

  	
  Michael W. Masters

  	
   

  
	
  Name:

  	
  Michael W. Masters

  	
   

  
	
  Title:

  	
  Managing Member of the Investment Manager

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Larry Bouts

  	
   

  
	
  By:

  	
  /s/

  	
  Larry Bouts

  	
   

  
	
  Name:

  	
  Larry Bouts

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Really Cool Group Ltd.

  	
   

  
	
  By:

  	
  /s/

  	
  J. Segal

  	
   

  
	
  Name:

  	
  J. Segal

  	
   

  
	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Myron Neugeboren

  	
   

  
	
  By:

  	
  /s/

  	
  Myron Neugeboren

  	
   

  
	
  Name:

  	
  Myron Neugeboren

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Jonas Brachfeld

  	
   

  
	
  By:

  	
  /s/

  	
  Jonas Brachfeld

  	
   

  
	
  Name:

  	
  Jonas Brachfeld

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Greg Osborn

  	
   

  
	
  By:

  	
  /s/

  	
  Greg Osborn

  	
   

  
	
  Name:

  	
  Greg Osborn

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Richard Molinsky

  	
   

  
	
  By:

  	
  /s/

  	
  Richard Molinsky

  	
   

  
	
  Name:

  	
  Richard Molinsky

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Richard and Joanne Kane

  	
   

  
	
  By:

  	
  /s/

  	
  Richard Kane and Joanne Kane

  	
   

  
	
  Name:

  	
  Richard Kane and Joanne Kane

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Ricardo A. Salas

  	
   

  
	
  By:

  	
  /s/

  	
  Ricardo A. Salas

  	
   

  
	
  Name:

  	
  Ricardo A. Salas

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
						

 

2

 

	
  PURCHASER:

  	
  Wry Ltd.

  	
   

  
	
  By:

  	
  /s/

  	
  J. Segal

  	
   

  
	
  Name:

  	
  J. Segal

  	
   

  
	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Keith Barksdale

  	
   

  
	
  By:

  	
  /s/

  	
  Keith Barksdale

  	
   

  
	
  Name:

  	
  Keith Barksdale

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Winvest Venture Partners Inc.

  	
   

  
	
  By:

  	
  /s/

  	
  Chang Ki Cho

  	
   

  
	
  Name:

  	
  Chang Ki Cho

  	
   

  
	
  Title:

  	
  President and CEO

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Eric Brachfeld

  	
   

  
	
  By:

  	
  /s/

  	
  Eric Brachfeld

  	
   

  
	
  Name:

  	
  Eric Brachfeld

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Edward Neugeboren

  	
   

  
	
  By:

  	
  /s/

  	
  Edward Neugeboren

  	
   

  
	
  Name:

  	
  Edward Neugeboren

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Dolphin Offshore Partners, LP

  	
   

  
	
  By:

  	
  /s/

  	
  Peter E. Salas

  	
   

  
	
  Name:

  	
  Peter E. Salas

  	
   

  
	
  Title:

  	
  General Partner

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Harvard Developments, Inc.

  	
   

  
	
  By:

  	
  /s/

  	
  Arden Giesbrecht and Terry Downie

  	
   

  
	
  Name:

  	
  Arden Giesbrecht and Terry Downie

  	
   

  
	
  Title:

  	
  Controller and VP, Finance (respectively)

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Echo Capital Growth Corporation

  	
   

  
	
  By:

  	
  /s/

  	
  Paul J. Hill

  	
   

  
	
  Name:

  	
  Paul J. Hill

  	
   

  
	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Terrence L. Mealy

  	
   

  
	
  By:

  	
  /s/

  	
  Terrence L. Mealy

  	
   

  
	
  Name:

  	
  Terrence L. Mealy

  	
   

  
	
  Title:

  	
  Self

  	
   

  
						

 

3

 

	
  PURCHASER:

  	
  Shinnston Enterprises, Ltd.

  	
   

  
	
  By:

  	
  /s/

  	
  James K. Murray Jr.

  	
   

  
	
  Name:

  	
  James K. Murray Jr.

  	
   

  
	
  Title:

  	
  Limited Partner

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Shea Diversified Investments, Inc.

  	
   

  
	
  By:

  	
  /s/

  	
  Ronald Lakey

  	
   

  
	
  Name:

  	
  Ron Lakey

  	
   

  
	
  Title:

  	
  Assistant Secretary

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Commonwealth Associates, LP

  	
   

  
	
  By:

  	
  /s/

  	
  Robert A. O’Sullivan

  	
   

  
	
  Name:

  	
  Robert A. O’Sullivan

  	
   

  
	
  Title:

  	
  CEO and President

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Neal I. Goldman

  	
   

  
	
  By:

  	
  /s/

  	
  Neal I. Goldman

  	
   

  
	
  Name:

  	
  Neal I. Goldman

  	
   

  
	
  Title:

  	
  N/A

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  LBJ Holdings, LLC

  	
   

  
	
  By:

  	
  HSP Group, Inc. (Its Manager)

  	
   

  
	
  By:

  	
  /s/

  	
  Brian Potiker

  	
   

  
	
  Name:

  	
  Brian Potiker

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  John D. Stout

  	
   

  
	
  By:

  	
  /s/

  	
  John D. Stout

  	
   

  
	
  Name:

  	
  John D. Stout

  	
   

  
	
  Title:

  	
  Individually

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  MicroCapital Fund Ltd.

  	
   

  
	
  By:

  	
  /s/

  	
  Christopher P. Swenson

  	
   

  
	
  Name:

  	
  Christopher P. Swenson

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  MicroCapital Fund LP

  	
   

  
	
  By:

  	
  /s/

  	
  Christopher P. Swenson

  	
   

  
	
  Name:

  	
  Christopher P. Swenson

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Journeys End Partners, LLC

  	
   

  
	
  By:

  	
  /s/

  	
  Gerald B. Cramer

  	
   

  
	
  Name:

  	
  Gerald B. Cramer

  	
   

  
	
  Title:

  	
  Manager

  	
   

  
						

 

4

 

	
  PURCHASER:

  	
  Wynnefield Partners Small Cap Value, LP

  	
   

  
	
  By:

  	
  /s/

  	
  Nelson Obus

  	
   

  
	
  Name:

  	
  Nelson Obus

  	
   

  
	
  Title:

  	
  Managing Member

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Wynnefield Partners Small Cap Value, LP I

  	
   

  
	
  By:

  	
  /s/

  	
  Nelson Obus

  	
   

  
	
  Name:

  	
  Nelson Obus

  	
   

  
	
  Title:

  	
  Managing Member

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Wynnefield Small Cap Value Offshore Fund, Ltd.

  	
   

  
	
  By:

  	
  /s/

  	
  Nelson Obus

  	
   

  
	
  Name:

  	
  Nelson Obus

  	
   

  
	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
  Min Capital Corp Retirement Trust

  	
   

  
	
  By:

  	
  /s/

  	
  Robert Friedman

  	
   

  
	
  Name:

  	
  Robert Friedman

  	
   

  
	
  Title:

  	
  Trustee

  	
   

  
						

 

5

 

EXHIBIT A

 

Form of Note

 

(See Exhibit 10.2)

 

 

EXHIBIT B

 

Form of Warrant

 

(See Exhibit 10.3)

 

 

EXHIBIT C

 

Form of Amended and Restated
Registration Rights Agreement

 

(See Exhibit 10.4)

 

 

EXHIBIT D

 

Form of Amended and Restated
Security Agreement

 

(See Exhibit 10.5)

 

 

SCHEDULE I

 

	
   

  	
   

  	
  Principal
  Amount of Notes

  	
   

  	
  Cash
  Paid at Closing to Purchasers

  	
   

  
	
  Purchaser Name and Address

  	
   

  	
  Cash

  	
   

  	
  July 2005
  Notes

  	
   

  	
  June 2006

  Notes

  	
   

  	
  Accrued

  Interest*

  	
   

  	
  Accrued

  Registration

  Fee

  	
   

  	
  TOTAL

  	
   

  	
  Redemption
  of

  Notes

  	
   

  	
  Accrued

  Interest

  	
   

  	
  Accrued

  Registration

  Fee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jess S. Morgan & Co. Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16830 Ventura Blvd, Ste 411

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Encino, CA 91436

  	
   

  	
  0.00

  	
   

  	
  617,500.00

  	
   

  	
  996,000.00

  	
   

  	
  83,776.66

  	
   

  	
  222,300.00

  	
   

  	
  1,919,576.66

  	
   

  	
  20,000.00

  	
   

  	
  1,976.90

  	
   

  	
  5,760.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Prana

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8491 Sunset Blvd., Suite 415

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Los Angeles, CA 90069-1911

  	
   

  	
  0.00

  	
   

  	
  100,000.00

  	
   

  	
  —

  	
   

  	
  12,000.00

  	
   

  	
  36,000.00

  	
   

  	
  148,000.00

  	
   

  	
  —

  	
   

  	
  133.33

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DKR Soundshore Oasis Holding Fund Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1281 East Main Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Stamford, CT 06902

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attn: Dan Saks

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  475,000.00

  	
   

  	
  57,633.33

  	
   

  	
  171,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Rodd Friedman

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  93 Hillspoint Road

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Westport, CT 06880

  	
   

  	
  0.00

  	
   

  	
  100,500.00

  	
   

  	
  —

  	
   

  	
  12,194.00

  	
   

  	
  36,180.00

  	
   

  	
  148,874.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bear Stearns f/b/o Rosen Capital LP M/P/P Plan
  and Bruce Rosen TTEE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1365 York Avenue

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Apt. 34B

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10021

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  49,500.00

  	
   

  	
  6,006.00

  	
   

  	
  17,820.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Caydal, LLC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  90 Madison Street, Suite 301

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Denver, CO 80206

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  50,000.00

  	
   

  	
  6,066.67

  	
   

  	
  18,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Marlin Fund, LP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3060 Peachtree Road, NW

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Suite 1815

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Atlanta, GA 30305

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  290,250.50

  	
   

  	
  35,217.06

  	
   

  	
  104,490.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Marlin Fund II, LP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3060 Peachtree Road, NW

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Suite 1815

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Atlanta, GA 30305

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  54,000.00

  	
   

  	
  6,552.00

  	
   

  	
  19,440.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Marlin Fund Offshore, Ltd.

  c/o Hemisphere Management (B.V.I.) Limited

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bison Court

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P.O. Box 3460

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Road Town

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tortola

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  British Virgin Islands

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  330,750.50

  	
   

  	
  40,131.06

  	
   

  	
  119,070.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Larry Bouts

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  140 Delaware Lane

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Franklin Lakes, NJ 07417

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  25,000.00

  	
   

  	
  3,033.33

  	
   

  	
  9,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Really Cool Group Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Metrepole

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Roseville Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  St. Helier, Jersey

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Channel IIslands, UK

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  100,000.00

  	
   

  	
  12,133.33

  	
   

  	
  36,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Myron Neugeboren

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  199 Wells Hill Road

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Lakeville, CT 06039

  	
   

  	
  0.00

  	
   

  	
  24,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  24,000.00

  	
   

  	
  —

  	
   

  	
  2,912.00

  	
   

  	
  8,640.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jonas Brachfeld

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  227 Nicholson Drive

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Moorestown, NJ 08057

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  12,000.00

  	
   

  	
  1,456.00

  	
   

  	
  4,320.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greg Osborn

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  202 Mountain Avenue

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ridgewood, NJ 07450

  	
   

  	
  0.00

  	
   

  	
  20,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  20,000.00

  	
   

  	
  26,250.00

  	
   

  	
  5,611.67

  	
   

  	
  16,650.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Richard Molinsky

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  51 Lords Highway East

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Weston, CT 06883

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  30,000.00

  	
   

  	
  3,640.00

  	
   

  	
  10,800.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Richard and Joanne Kane

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  95 Wildwood Road

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ridgewood, NJ 07452

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  20,000.00

  	
   

  	
  2,426.67

  	
   

  	
  7,200.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ricardo Salas

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  64 Ritz Cove Drive

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Monarch Beach, CA 92629

  	
   

  	
  0.00

  	
   

  	
  125,000.00

  	
   

  	
  —

  	
   

  	
  15,166.67

  	
   

  	
  45,000.00

  	
   

  	
  185,166.67

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wry Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Metropole

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Roseville Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  St. Helier, Jersey, Channel

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Islands, UK

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  30,000.00

  	
   

  	
  3,640.00

  	
   

  	
  10,800.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Keith Barksdale

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  95 Wildwood Road

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ridgewood, NJ 07452

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  46,250.00

  	
   

  	
  5,611.67

  	
   

  	
  16,650.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Winvest Venture Partners Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Cambridge B/D 2F, 1461-15

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seochodong, Seochogu,

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seoul Korea 137-720

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Att: Mr. Chang-Ki Cho

  	
   

  	
  0.00

  	
   

  	
  250,000.00

  	
   

  	
  —

  	
   

  	
  30,333.33

  	
   

  	
  90,000.00

  	
   

  	
  370,333.33

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

 

	
   

  	
   

  	
  Principal
  Amount of Notes

  	
   

  	
  Cash
  Paid at Closing to Purchasers

  	
   

  
	
  Purchaser Name and Address

  	
   

  	
  Cash

  	
   

  	
  July 2005
  Notes

  	
   

  	
  June 2006

  Notes

  	
   

  	
  Accrued

  Interest*

  	
   

  	
  Accrued

  Registration

  Fee

  	
   

  	
  TOTAL

  	
   

  	
  Redemption
  of

  Notes

  	
   

  	
  Accrued

  Interest

  	
   

  	
  Accrued

  Registration

  Fee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Eric Brachfeld

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  890 West End Ave.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Apartment 16D

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10025

  	
   

  	
  0.00

  	
   

  	
  31,250.00

  	
   

  	
  —

  	
   

  	
  3,791.67

  	
   

  	
  11,250.00

  	
   

  	
  46,291.67

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ed Neugeboren

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  282 New Norwalk Road

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New Canaan, CT 06840

  	
   

  	
  0.00

  	
   

  	
  15,625.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  15,625.00

  	
   

  	
  15,625.00

  	
   

  	
  3,791.67

  	
   

  	
  11,250.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dolphin Direct Equity Partners, L.P.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o Dolphin Asset Management Corp.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  129 East 17th Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10003

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  250,000.00

  	
   

  	
  2,222.22

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dolphin Offshore Partners, L.P.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o Dolphin Asset Management Corp.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  129 East 17th Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10003

  	
   

  	
  500,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  500,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Harvard Developments Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2000-1874 Scarth Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Regina, Saskatchewan, Canada S4P4B3

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  450,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  450,000.00

  	
   

  	
  —

  	
   

  	
  4,000.00

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Echo Capital Growth Corporation

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2000-1874 Scarth Street

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Regina, Saskatchewan, Canada S4P4B3

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  300,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  300,000.00

  	
   

  	
  —

  	
   

  	
  2,666.67

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Terrence L. Mealy

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1821 Briarwood Lane

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Muscatine, IA 52761

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  250,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  250,000.00

  	
   

  	
  —

  	
   

  	
  2,222.22

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Shinnston Enterprises Ltd

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1700 S MacDill Ave, Ste 220

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tampa, FL 33629

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  100,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  100,000.00

  	
   

  	
  —

  	
   

  	
  888.89

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Shea Diversified Investments, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  655 Brea Canyon Road

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Walnut, CA 91789

  	
   

  	
  500,000.00

  	
   

  	
  —

  	
   

  	
  750,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  1,250,000.00

  	
   

  	
  —

  	
   

  	
  6,666.67

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Commonwealth Associates, L.P.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  830 Third Avenue, 8th Fl

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
  0.00

  	
   

  	
  —

  	
   

  	
  150,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  150,000.00

  	
   

  	
  —

  	
   

  	
  1,333.33

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Neil I Goldman

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  812 Park Avenue – 8E

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10021

  	
   

  	
  300,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  300,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LBJ Holdings, LLC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3366 N. Torrey Pines Court, Suite 210

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  La Jolla, CA 92037

  	
   

  	
  150,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  150,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jay Stout

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  885 Third Avenue, 34th FL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10022

  	
   

  	
  100,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  100,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MicroCapital Fund Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  201 Post St. Suite 1001

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  San Francisco, CA 94108

  	
   

  	
  500,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  500,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MicroCapital Fund L.P.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  201 Post St. Suite 1001

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  San Francisco, CA 94108

  	
   

  	
  1,000,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  1,000,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Journeys End Partners, LLC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  707 Westchester Ave., 4th FL

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wite Plains, NY 10604

  	
   

  	
  300,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  300,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wynnefield Partners Small Cap Value LP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  450 Seventh Avenue, Suite 509

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10123

  	
   

  	
  420,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  420,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wynnefield Partners Small Cap Value LP I

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  450 Seventh
  Avenue, Suite 509

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10123

  	
   

  	
  550,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  550,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wynnefield Small Cap Value Offshore Fund, Ltd.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  450 Seventh Avenue, Suite 509

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York, NY 10123

  	
   

  	
  530,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  530,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Min Capital Corp Retirement Trust

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  27110 Grand Central Pky, Apt 4c

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Floral Park, NY 11005

  	
   

  	
  150,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  150,000.00

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

*These investors
elected to be paid certain accrued interest in the form of Notes.

 

**Not a signatory
to this Agreement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]