Document:

FIFTH AMENDMENT, MIT AMENDING THE LICENSE AGREEMENT DATED 7/6/87

 Exhibit 10.3 
  
 Confidential Materials omitted and filed separately with the 
 Securities and Exchange Commission. Asterisks denote omissions. 
  
 FIFTH AMENDMENT 
  
 This Fifth Amendment, effective as of the date set forth above the signatures of the parties below, further amends the Exclusive Patent License Agreement
dated July 6, 1987 (the “4405 LICENSE AGREEMENT”) between the MASSACHUSETTS INSTITUTE OF TECHNOLOGY (“M.I.T.”), a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts, 02139,
USA and AMERICAN SUPERCONDUCTOR CORPORATION (“COMPANY”), a Delaware corporation having its principal office at 2 Technology Drive, Westborough, MA 01581. 
  
 WHEREAS, M.I.T. is the owner of certain patent rights relating to M.I.T. Case No. 4405, “Process for Making
Superconducting Oxides (in Usable Form) by Oxidation of Alloys of the Metallic Constituents,” by John B. Vander Sande and Gregory J.Yurek that are the subject of the 4405 LICENSE AGREEMENT; 
  
 WHEREAS, COMPANY wishes to enter into a cross license agreement (hereinafter
referred to as “SCLA”) with Sumitomo Electric Industries (hereinafter referred to as “SEI”) to gain access to patents held by SEI that may be useful to COMPANY in its general activities and as partial consideration wishes to
provide SEI with a sublicense to certain of the rights granted COMPANY in the 4405 LICENSE AGREEMENT; 
  
 NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties hereby agree to modify the 4405 LICENSE AGREEMENT as
follows: 
  

	 	1.	 	This Amendment is effective if signed by COMPANY on or prior to April 18, 2003. 

  

	 	2.	 	This Amendment and M.I.T.’s agreement contained herein shall be valid only during the time period that both of the following two statements are true: 

 

	 	i.	 	The executed SCLA between COMPANY and SEI obligates COMPANY to make payments totaling [**] dollars to SEI as partial consideration for the SCLA, and 

  

	 	ii.	 	The SCLA requires SEI to pay royalties to COMPANY for sales of LICENSED PRODUCTS of [**] percent ([**]%). 

  

	3.	 	The parties agree that for the purposes of this Amendment, the following terms shall have the following meanings. 

  
 “1st RECOVERY DATE” shall mean the date after which cumulative net royalties paid to COMPANY by SEI under the SCLA exceed $[**]. 
  
 “2nd RECOVERY DATE” shall mean the date after which cumulative net royalties paid to COMPANY by SEI under the SCLA exceed $[**]. 
  
 “3rd RECOVERY DATE” shall mean the date after which cumulative net royalties paid to COMPANY by SEI under the SCLA exceed $[**]. 
  
 “4th RECOVERY DATE” shall mean the date after which cumulative net royalties paid to COMPANY by SEI under the SCLA exceed $[**]. 
  

	4.	 	As required by Article 2.4 of the 4405 LICENSE AGREEMENT, M.I.T. hereby provides its written agreement for the term of this Amendment that COMPANY may sublicense the PATENT RIGHTS
to SEI at a royalty rate of [**] percent ([**]%) instead of the [**] percent ([**]%) royalty rate called for in Article 4.1(b). Should COMPANY sublicense the PATENT RIGHTS to SEI at any rate other than [**]% then COMPANY’S obligation to M.I.T.
under Article 4.1(b) for payment of royalties on net sales made by SEI under the SCLA shall be [**] percent ([**]%). 

  

	5.	 	For all sales made by SEI during the time period that the SCLA requires SEI to pay royalties to COMPANY of [**] percent ([**]%), COMPANY’S obligation to M.I.T. under Article
4.1(b) for payment of royalties on net sales made by SEI under the SCLA for LICENSED PRODUCTS shall be according to the following: 

  
 [**] percent ([**]%) until the 1st RECOVERY DATE and then: 
  
 [**] percent ([**]%)
until the 2nd RECOVERY DATE and then: 
  
 [**] percent ([**]%) until the 3rd RECOVERY DATE 
  
 and then: 
  
 [**] percent ([**]%) until the
4th RECOVERY DATE and then: 
  
 and thereafter royalties due M.I.T. on net sales made by SEI under the SCLA shall be [**] percent ([**]%). 
  

	6.	 	Article 5.2 is amended by adding the following sentence to the end of the paragraph: 

  
 Notwithstanding the existing terms of Article 5.2, COMPANY shall only 
  

 be required to report on business conducted by SEI during the preceding [**] quarters within thirty days
after March 1st and September 1st of each year. 
  

	7.	 	COMPANY shall notify M.I.T. in writing within thirty days of the following events: 

  

	 	a.	 	when all the provisions of paragraph 2 are first met; 

	 	b.	 	if and when any of the provisions of paragraph 2 are no longer true; and 

	 	c.	 	after achieving the 1st and the 2nd and the 3rd, and the 4th RECOVERY DATES. 

  
 The EFFECTIVE DATE of this Agreement is April 18, 2003 
  

	 MASSACHUSETTS INSTITUTE OF
 TECHNOLOGY
	 	 	 	 AMERICAN SUPERCONDUCTOR
 CORPORATION

					
	By:	 	 /s/    Lita L. Nelson

	 	 	 	By:	 	 /s/    Alexis P. Malozemoff

	Name:	 	 Lita L. Nelson, Director

	 	 	 	 Name:
	 	 Alexis P. Malozemoff

	 Title:
	 	 Technology Licensing Office

	 	 	 	Title:	 	 Chief Technical OfficerAmendment to Employment Agreement (Robert S. Schneider)

 Exhibit 10.1 
  
 AMENDMENT TO THE RESTATED AND AMENDED EMPLOYMENT 
 AGREEMENT 
  
 This AMENDMENT dated
as of June 2, 2003 (the “Amendment”) by and between USI INSURANCE SERVICES CORP. (the “Company”) and ROBERT S. SCHNEIDER (the “Executive”), to that certain Employment Agreement, dated effective
November 1, 2002 (the “Employment Agreement”), by and between Company and Executive (the Employment Agreement as amended by this Amendment is hereinafter referred to as the “Agreement”). The Company and the
Executive shall be referred to hereinafter collectively as the “Parties”. 
  
 RECITALS: 
  
 WHEREAS, the Parties
desire to further amend the Employment Agreement. 
  
 NOW
THEREFORE, to reflect the agreement of the Parties as to the following modifications to the Agreement, and in consideration of the premises and the mutual promises made therein and herein, and intending to be legally bound, the Parties agree as
follows: 
  
 1. Executive’s Position. Section 2.1 of
the Employment Agreement is deleted and restated in its entirety as follows:  
  
 Executive’s Position. On the terms and conditions set forth in this Agreement, the Company shall employ Executive to serve as Executive Vice President and Chief Financial Officer of the Company and
USI. Executive shall report to the CEO of USI (“the USI CEO”), or his designee. 
  
 2. Miscellaneous. The Parties acknowledge and agree that all other provisions of the Employment Agreement, to the extent not amended or superseded by the terms of this Amendment, are hereby ratified and
reaffirmed. Capitalized terms not defined herein shall have the meanings set forth in the Agreement. The Parties further acknowledge and agree that the Employment Agreement integrates all previous oral and written communications and understandings
between the parties with respect thereto. The Parties also acknowledge and agree that any representations made or communications effected by them, in each case relating to the Agreement, are void unless set forth in this writing. This Amendment
shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. This Amendment shall be governed by and construed in accordance with the domestic laws of, and enforced in, the State of New
York, without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of New York. 
  
  

 -1- 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the dated first above written.

  

	
	/s/    ROBERT S. SCHNEIDER        
	

	ROBERT S. SCHNEIDER

  

	USI INSURANCE SERVICES CORP.
		
	By:	 	/s/    DAVID L. ESLICK        
	 	

	 Name:
 Title:
	 	 David L. Eslick
 Chairman, President & CEO

  

 -2-Amendment to Employment Agreement (Edward J. Bowler)

 Exhibit 10.2 
  
 AMENDMENT TO THE RESTATED AND AMENDED EMPLOYMENT 
 AGREEMENT 
  
 This AMENDMENT dated
as of June 2, 2003 (the “Amendment”) by and between USI INSURANCE SERVICES CORP. (the “Company”) and EDWARD J. BOWLER (the “Executive”), to that certain Amended and Restated Employment Agreement,
dated effective January 22, 2002 (the “Restated Employment Agreement”), by and between Company and Executive (the Restated Employment Agreement as amended by this Amendment is hereinafter referred to as the
“Agreement”). The Company and the Executive shall be referred to hereinafter collectively as the “Parties”. 
  
 RECITALS: 
  
 WHEREAS, the Parties desire to further amend the Restated Employment Agreement. 
  
 NOW THEREFORE, to reflect the agreement of the Parties as to the following modifications to the Agreement, and in
consideration of the premises and the mutual promises made therein and herein, and intending to be legally bound, the Parties agree as follows: 
  
 1. Executive’s Position. Section 2.1 of the Restated Employment Agreement is deleted and restated in its entirety as follows: 
  
 Executive’s Position. On the terms and conditions set
forth in this Agreement, the Company shall employ Executive to serve as Senior Vice President of Corporate Development of the Company and USI. Executive shall report to the CEO of USI (“the USI CEO”), or his designee. 
  
 2. Waiver of Termination by Executive For Good Reason.
Executive hereby expressly waives any and all rights to terminate the Agreement under Section 8.3 (ii) of the Restated Employment Agreement with respect to the mutually agreed upon change in his title, duties and responsibilities referred to in
Section 1 of this Amendment. 
  
 3. Miscellaneous. The
Parties acknowledge and agree that all other provisions of the Restated Employment Agreement, to the extent not amended or superseded by the terms of this Amendment, are hereby ratified and reaffirmed. Capitalized terms not defined herein shall have
the meanings set forth in the Agreement. The Parties further acknowledge and agree that the Restated Employment Agreement integrates all previous oral and written communications and understandings between the parties with respect thereto. The
Parties also acknowledge and agree that any representations made or communications effected by them, in each case relating to the Agreement, are void unless set forth in this writing. This Amendment shall be binding upon and inure to the benefit of
the Parties hereto and their respective successors and permitted assigns. This Amendment shall be governed by and construed in accordance with the domestic laws of, and enforced in, the State of New York, without giving effect to any choice or
conflict 
  

 -1- 

 of law provision or rule that would cause the application of the laws of any jurisdiction other than the State of New
York. 
  
 IN WITNESS WHEREOF, the Parties hereto have executed
this Amendment as of the dated first above written. 
  

	
	/s/    EDWARD J. BOWLER        
	

	EDWARD J. BOWLER

  

	USI INSURANCE SERVICES CORP.
		
	By:	 	/s/    DAVID L. ESLICK        
	 	

	 Name:
 Title:
	 	 David L. Eslick
 Chairman, President & CEO

  

 -2-

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