Document:

Exhibit 10-30

Exhibit 10-30

AMENDMENT NO. 1

to

LONG-TERM EXECUTIVE INCENTIVE SHARE PLAN

of

ENERGY EAST CORPORATION

 

          The Long-Term Executive Incentive Share Plan (the "Plan") of Energy East Corporation, is hereby amended as follows:

	A new Article XVII of the Plan is hereby added, effective as of January 1, 2001, which reads in its entirety as follows:

XVII.     Winding Down of Plan

Notwithstanding anything to the contrary contained in this Plan, no new Performance Cycles shall commence on or after January 1, 2001, and no new initial grants of Performance Shares shall be made under the Plan on or after that date.  All Performance Shares and Dividend Performance Shares in Participants' Performance Share Accounts for Performance Cycles which commenced prior to January 1, 2001 will continue to accrue Dividend Performance Shares in accordance with Article V hereof. 

	Article XV, Section B of the Plan is hereby amended, effective as of June 15, 2001, to read in its entirety as follows:

B.     Additional Payments after a Change in Control.  Notwithstanding anything contained herein to the contrary, if, following a Change in Control, the Plan continues in full force and effect for the remainder (if any) of Performance Cycles that began before and end after the Change in Control, a Participant shall be entitled to receive additional incentive award payments with respect to such Performance Cycles, equal to the excess of (i) the amounts determined in accordance with Articles IX and X hereof over (ii) the amounts previously paid with respect to such Performance Cycles pursuant to paragraph (iii) of Section A above.

	Article XV, Section C of the Plan is hereby amended, effective as of June 15, 2001, to read in its entirety as follows:

C.     Definition of a Change in Control.

A "Change in Control" shall be deemed to have occurred if the conditions set forth in any of the following paragraphs shall have been satisfied:

(i)  an acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (l) the then outstanding shares of common stock of the Company (the "Outstanding Company Common Stock") or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); excluding, however, the following:  (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company, or (4) any acquisition pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) of this definition; or

(ii)  a change in the composition of the Board such that the individuals who, as of June 15, 2001, constitute the Board (such Board shall be hereinafter referred to as the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section C of Article XV, that any individual who becomes a member of the Board subsequent to June 15, 2001, whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least two-thirds of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board, but, provided, further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

(iii)  consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company ("Corporate Transaction"); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 60% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or  more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or any entity controlled by the Company or such corporation resulting from such Corporate Transaction) will beneficially own, direct or indirectly, 25% or more of, respectively, the outstanding shares of common stock of the Company resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

(iv)  the approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

For purposes of the definition of Change in Control in this Section C, "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended from time to time.

	Article XVI of the Plan is amended, effective as of June 15, 2001, to read in its entirety as follows:

Plan Administration After a Change in Control

Notwithstanding any other provisions of the Plan (including, without limitation, Articles III and XII hereof), neither the Board, nor the Committee shall be authorized to, and no termination, suspension, modification or amendment of the Plan shall be permitted to, amend or modify the terms and provisions (including, without limitation, the payment provisions) of any awards made to Participants in any way which adversely affects the rights of such Participants before such action is taken, if such action is taken (i) upon or after a Change in Control, or (ii) at the request of a third party that has taken steps reasonably calculated to effect a Change in Control.LIFE SYSTEMS CORP

LIFE SYSTEMS CORP.

WARRANT

Neither this warrant nor the underlying shares of common stock have been registered under the Securities Act of 1933, as amended ("Securities Act"). This warrant or the underlying common shares may not be sold or transferred unless: (i) there is an effective registration covering the warrant or shares, as the case may be, under the Securities Act and applicable states securities laws; (ii) the Company first receives a letter from an attorney, acceptable to the board of directors or its agents, stating that in the opinion of the attorney the proposed transfer is exempt from registration under the Securities Act and applicable states securities laws; or, (iii) the transfer is made pursuant to rule 144 under the Securities Act.

BETWEEN:Fereydoon Sadri("Holder")

17008 SE 14 Lane
Bellevue, WA 98008

AND:

Life Systems Corp.("Company")
formerly Bio-Preserve International Corporation

a Nevada corporation

This Warrant, when fully executed by the Company and Holder, entitles the Holder to purchase the common voting stock ("Shares") of the Company, in the amounts and on the terms and conditions set out as follows:

Date of Warrant:November 27, 2000

Exercise Price per Share:Thirty seven and one half cents ($0.375) USD

Total Number of Shares Granted:800,000 

Total Exercise Price:$300,000.00

Vesting Schedule:200,000 shares per year over four years

Expiration Date:November 27, 2004

NUMBER OF SHARES 

This Warrant is granted by the Company to the Holder such that the Holder is entitled to purchase up to Eight Hundred Thousand (800,000) shares of the common voting stock of the Company at the exercise price of $0.375 per share, and that such entitlement shall be in accordance with the term of the vesting schedule set forth below.

VESTING SCHEDULE

Holder shall have earned and shall be entitled to exercise 200,000 shares in the first year, an additional 200,000 shares in the second year, an additional 200,000 shares in the third year, and an additional 200,000 shares in the fourth year following the Date of Warrant.

 

 

EXERCISE OF WARRANT

This Warrant is exercisable by delivery of an exercise notice, in the form attached as Exhibit A ("Exercise Notice"), which shall state the election to exercise the Warrant, the number of Shares in respect of which the Warrant is being exercised ("Exercised Shares"), and such other representations and agreements as may be required herein. The Exercise Notice shall be completed by the Holder and delivered to the Company. The Exercise Notice shall be accompanied by payment of an amount equal to the number of Exercised Shares multiplied by the Exercise Price per Share (the "Aggregate Exercise Price") as to all Exercised Shares. This Warrant shall be deemed to be exercised upon receipt by the Company of the fully executed Exercise Notice accompanied by the Aggregate Exercise Price.

COMPLIANCE WITH APPLICABLE LAW

No Shares shall be issued pursuant to the exercise of this Warrant unless such issuance and exercise complies with applicable state or federal law, including securities laws, corporate laws, the Code or any stock exchange or quotation system. If the Company at any time determines that registration or qualification of the Shares or the Warrant under state or federal law, or the consent approval of any governmental regulatory body is necessary or desirable, then the Warrant may not be exercised, in whole or in part, until such registration, qualification, consent, or approval shall have been effected or obtained free of any conditions not acceptable to the Company. Assuming compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Holder on the date the Warrant is exercised with respect to such Exercised Shares.

If required by the Company at the time of any exercise of the Warrant in order to comply with federal or state securities laws, as a condition to such exercise, the Employee shall enter into an agreement with the Company in form satisfactory to counsel for the Company by which the Holder: (i) shall represent that the Shares are being acquired for Holder's own account for investment and not with a view to, or for sale in connection with, any resale or distribution of such Shares; and, (ii) shall agree that if Holder should decide to sell, transfer, or otherwise dispose of any such Shares, Holder may do so only if the Shares are registered under the Securities Act and the relevant state securities law, unless, in the opinion of counsel for the Company, such registration is not required, or the transfer is pursuant to the Securities and Exchange Commission Rule 144.

METHOD OF PAYMENT

Payment of the Aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Holder:

(a)cash;

(b)certified or cashier's check;

(c)consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan;

(d)surrender of other Shares which (i) in the case of Shares acquired upon exercise of an option, have been owned by the Optionee for more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares; or

(e)delivery of Optionee's non-recourse promissory note (the "Note"), in the amount of the aggregate Exercise Price of the Exercised Shares and any associated withholding taxes incurred in connection with the exercise, together with the execution and delivery by the Optionee of a Security Agreement which provides that in the event of non-payment of the Note all Exercised Shares shall be delivered to the Company for cancellation. The Note shall bear interest at the "applicable federal rate" prescribed under the Code and its regulations at time of purchase, and shall be exclusively secured by a pledge of the Shares purchased by the Note pursuant to the Security Agreement

NON-TRANSFERABILITY OF WARRANT

This Warrant may not be transferred in any manner except to "family members" (as the term "family members" is defined in Form S-8 under the Securities Act) who acquire the warrants through a gift or a domestic relations order; and may not be transferred for consideration. For the purpose of this restriction, the following transactions are not deemed to be transfers for consideration:
(a)a transfer under a domestic relations order in settlement of marital property rights; and

(b)a transfer to an entity in which more than fifty percent of the voting interests are owned by family members (or the Holder) in exchange for an interest in that entity.

The terms of this Warrant shall be binding upon the executors, administrators, heirs, successors and assigns of Holder.

TERM OF WARRANT

This Warrant may be exercised only within the period from the Date of Warrant until the Expiration Date, both of which are set out above, and only in accordance with the terms of this Warrant Agreement.

The Company will register the Shares as soon as practicable after becoming a reporting company, pursuant to an S-8 filing.

RESALE RESTRICTIONS

Holder acknowledges and agrees that whatever period determined appropriate by the Company, underwriter, or federal and state regulatory officials including, but not limited to, the Securities and Exchange Commission, National Association of Securities Dealers and NASDAQ, following the effective date of a registration statement of the Company covering common stock (or other securities) of the Company to be sold on its behalf in an underwriting, Holder will not sell or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) Shares of the Company held by Holder at any time during such period except securities included in that registration.

Holder acknowledges and agrees that if for purposes of a registration statement of the Company the underwriter or federal or state regulatory officials fix a specific Common Stock or Warrant lockup period, such fixed lockup period shall apply to Holder under this Agreement.

SIGNATURES

Dated November 27th, 2000Dated: November 27, 2000

LIFE SYSTEMS CORP

/s/ signed/s/ Fereydoon Sadri

By: By: 

Authorized Representative Fereydoon Sadri

/s/ signed

By: ____________________________

Authorized Representative

 

 

 

EXHIBIT A

EXERCISE NOTICE

TO:LIFE SYSTEMS CORP.

Attention:Corporate Secretary

Effective as of today, ________________, 200_, the undersigned ("Holder") hereby elects to purchase ______________ shares ("Shares") of the Common Stock of Life Systems Corporation ("Company") pursuant Warrant dated November 27, 2000 ("Warrant"). Holder herewith delivers to the Company the full purchase price for the Shares of $_____________, as required by the Warrant.

Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Warrant. The Shares shall be issued to the Holder as soon as practicable after exercise of the Warrant. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance.

Holder understands that Holder may suffer adverse tax consequences as a result of Holder's purchase or disposition of the Shares. Holder represents that Holder has consulted with any tax consultants Holder deems advisable in connection with the purchase or disposition of the Shares and that Holder is not relying on the Company for any tax advice.

Submitted by:Accepted by:

Holder:Life Systems Corp.

SignatureBy

 

Print NameIts

Address:Address:
2889 152nd Ave. NE, #B

Redmond, WA 98052
Date Received:

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