Document:

Exhibit
10.22

 

AMENDMENT
NO. 4 TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This Amendment No.
4 to Amended and Restated Loan and Security Agreement (“Amendment”) is made on December 6, 2017 (“Third
Amendment Effective Date”) between Northern Power Systems, Inc., a
Delaware corporation (“Borrower”) and Comerica Bank, a
Texas banking association (“Bank”).

 

Borrower and Bank entered
into an Amended and Restated Loan and Security Agreement dated December 31, 2013 (“Loan and Security Agreement”)
providing terms and conditions governing certain loans and other credit accommodations extended by Bank to Borrower (“Indebtedness”).

 

Borrower and Bank have
agreed to amend the terms of the Loan and Security Agreement as provided in this Amendment.

 

Accordingly, Borrower
and Bank agree as follows:

 

1.                  
Capitalized Terms. In this Amendment, capitalized terms that are used without separate definition shall have the
meanings given to them in the Loan and Security Agreement.

 

2.                  
Amendments. The Loan and Security Agreement is amended as follows:

 

(a)           
Section 4.4 Lock Box is amended and restated as follows:

 

“Section
4.4 [Reserved].

 

(b)          
The paragraph located immediately after Section 6.2(k) is amended and restated as follows:

 

“Bank shall have a right
from time to time hereafter to audit Borrower’s Accounts and appraise Collateral at Borrower’s expense, provided that
such audits will be conducted no more often than every twelve (12) months unless an Event of Default has occurred and is
continuing. Bank agrees to coordinate the timing of such audits with Borrower to accommodate Borrower’s standard monthly
closing procedures so long as no Event of Default has occurred and is continuing beyond any applicable cure period or waived by
Bank.”

 

(c)          
The following terms, which are defined in Exhibit A of the Loan and Security Agreement, are given the following amended
definitions:

 

“Ex-Im
Facility Documents” means the Ex-Im Facility Letter Agreement, the Loan Authorization Notice, the Borrower Agreement
and the Economic Impact Certification, each dated as of December ____, 2017 and the Master Revolving Note (in the amended principal
amount of $2,500,000) dated as of June 30, 2014, as the same may be amended and or amended and restated from time to time.

 

3.                  
Representations. Borrower represents, covenants and agrees that:

 

(a)               
Notwithstanding anything to the contrary in the Loan and Security Agreement, the Revolving Line is hereby terminated and
cancelled, there being no Advances currently outstanding or hereafter permitted under such Revolving Line or the Loan and Security
Agreement.

 

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(b)               
The representations, warranties and covenants set forth in the Loan and Security Agreement shall continue to be applicable
to the Ex-Im Facility Documents until Payment-in-Full of the Ex-Im Facility Loans.

 

(c)               
Except as expressly modified in this Amendment, (i) the representations and warranties set forth in the Loan and Security
Agreement and in each Loan Document remain true and correct in all respects, except to the extent that they expressly speak as
of a specific prior date, and (ii) the covenants set forth in the Loan and Security Agreement continue to be satisfied in all respects,
and are legal, valid and binding obligations with the same force and effect as if entirely restated in this Amendment.

 

(d)               
When executed, this Amendment will be a duly authorized, legal, valid, and binding obligation of Borrower enforceable in
accordance with its terms, and will not conflict with or violate any of Borrower’s formation documents or any agreement,
instrument, law, or order to which Borrower or any material portion of its assets is subject or bound.

 

(e)               
The bylaws of the Borrower delivered to Bank on or about December 1, 2011 remain in full force and effect, have not been
amended, repealed or rescinded in any respect and may continue to be relied upon by Bank until written notice to the contrary is
received by Bank, and Borrower continues to be in good standing under the laws of the States of Delaware and Vermont.

 

(f)                
There is no default continuing under the Loan and Security Agreement, or any related document, agreement, or instrument,
and no event has occurred or condition exists that is or, with the giving of notice or lapse of time or both, would be such a default.

 

4.            
Conditions Precedent. The effectiveness of this Amendment is subject to Bank’s receipt of or Borrower’s
satisfaction of all of the following:

 

(a)               
this Amendment, duly executed by Borrower and the documents identified on attached Schedule 1, and such other agreements
and instruments reasonably requested by Bank pursuant thereto (including such documents as are necessary to create and perfect
Bank’s interest in the Collateral), each duly executed by Borrower and/or other party as applicable;

 

(b)               
payment of Bank’s expenses (including reasonable attorneys’ fees) incurred through the date of this Amendment
(it being acknowledged that the Bank is not charging an amendment fee in connection with this Amendment); and

 

(c)               
such other documents and completion of such other matters as Bank may reasonably deem necessary or appropriate.

 

5.            
No Other Changes. Except as specifically provided in this Amendment, it does not vary the terms and provisions of
any of the Loan Documents. This Amendment shall not impair the rights, remedies, and security given in and by the Loan Documents.
The terms of this Amendment shall control any conflict between its terms and those of the Loan and Security Agreement.

 

6.             
Ratification. Except for the modifications under this Amendment, the parties ratify and confirm the Loan and Security
Agreement and the Loan Documents and agree that they remain in full force and effect.

 

7.              
Further Modification; No Reliance. This Amendment may be altered or modified only by written instrument duly executed
by Borrower and Bank. In executing this Amendment, Borrower is not relying on any promise or commitment of Bank that is not in
writing signed by Bank. This Amendment shall not be more strictly construed against any one of the parties as compared to any other.

 

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8.                
Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon the parties and their respective
successors and assigns.

 

9.                
Governing Law. The parties agree that the terms and provisions of this Amendment shall be governed by and construed
in accordance with the internal laws of the State of California, without regard to principles of conflicts of law.

 

10.              
No Defenses. Borrower acknowledges, confirms, and warrants to Bank that as of the date hereof Borrower has absolutely
no defenses, claims, rights of set-off, or counterclaims against Bank under, arising out of, or in connection with, this Amendment,
the Loan and Security Agreement, the Loan Documents and/or the individual advances under the Indebtedness, or against any of the
indebtedness evidenced or secured thereby.

 

11.              
Expenses. Borrower shall promptly pay all out-of-pocket fees, costs, charges, expenses, and disbursements of Bank
incurred in connection with the preparation, execution, and delivery of this Amendment, and the other documents contemplated by
this Amendment.

 

12.              
Counterparts. This Amendment may be executed in one or more counterparts, and by separate parties on separate counterparts,
all of which shall constitute one and the same agreement. Facsimile copies of signatures or copies of signatures sent by electronic
mail (as a “pdf” or “tif” attachment) shall be treated as manually signed originals for the purposes of
this Amendment and the documents to be delivered pursuant to Section 5. Any party delivering an executed counterpart of this Amendment
by facsimile or electronic mail also shall deliver a manually executed counterpart of this Amendment, but the failure to deliver
a manually executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

[end of amendment – signature page
follows]

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This Amendment No.
4 to Amended and Restated Loan and Security Agreement is executed and delivered as of the Third Amendment Effective Date.

 

 

 

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SCHEDULE 1

 

CLOSING CHECKLIST

 

[See Document No. 30,236,900]

 

5Exhibit 10.23

 

AMENDMENT
NO. 3 TO MASTER REVOLVING NOTE

 

This Amendment No.
3 to Master Revolving Note (“Amendment”) dated as of December 6, 2017, is made between Northern Power Systems,
Inc. a Delaware corporation (“Borrower”) and Comerica Bank, a Texas banking association (“Bank”)
in order to amend the terms of the $6,000,000.00 Master Revolving Note dated June 30, 2014, made by Borrower to Bank (the “Note”).

 

1.                  
Amendment to Note. The Note is amended as follows:

 

(a)               
The principal amount of the Note is hereby increased to $2,500,000 and each reference in the Note to “$2,000,000”
and “Two Million Dollars” is amended and restated as “$2,500,000” and “Two Million Five Hundred Thousand
Dollars” respectively.

 

(b)               
The Maturity Date is extended from December 31, 2017 to June 30, 2019.

 

2.                  
Defined Terms. Initially capitalized terms used and not defined in this Amendment have the meanings given to them
in the Note.

 

3.                  
Payment Application. Borrower acknowledges that one or more Guaranties have been entered into which guarantee a portion
of the Indebtedness under the Note. Upon partial satisfaction of the Indebtedness, Borrower expressly waives any right to designate
the portion of the Indebtedness that is satisfied by such payment.

 

4.                  
Legal Effect. Except as specifically modified hereby, all of the terms and conditions of the Note remain in full
force and effect, provided that in the event of any conflict between the terms of this Amendment and the terms of the Note, this
Amendment shall control.

 

5.                  
No Further Amendment. This Amendment is not an agreement to any further or other amendment of the Note. Borrower
expressly acknowledges and agrees that except as expressly amended in this Amendment, the Note, as amended, remains in full force
and effect and is ratified and confirmed. The execution of this Amendment shall not be deemed to be a waiver of any Default or
Event of Default.

 

6.                  
Waiver. Borrower waives, discharges, and forever releases Bank, Bank’s employees, officers, directors, attorneys,
stockholders, and their successors and assigns, from and of any and all claims, causes of action, allegations or assertions that
Borrower has or may have had at any time up through and including the date of this Amendment, against any or all of the foregoing,
regardless of whether any such claims, causes of action, allegations or assertions are known to Borrower or whether any such claims,
causes of action, allegations or assertions arose as result of Bank’s actions or omissions in connection with the Note, or
any amendments, extensions or modifications thereto, or Bank’s administration of the debt governed by the Note or otherwise.

 

7.                  
Costs. Borrower is responsible for all costs incurred by Bank, including without limit reasonable attorney fees,
with regard to the preparation and execution of this Amendment.

 

    

     

    

8.                  
Counterparts. This Amendment may be executed in one or more counterparts, and by separate parties on separate counterparts,
all of which shall constitute one and the same agreement. Facsimile copies of signatures or copies of signatures sent by electronic
mail (as a “pdf” or “tif” attachment) shall be treated as manually signed originals for the purposes of
this Amendment and the documents to be delivered pursuant to Section 4. Any party delivering an executed counterpart of this Amendment
by facsimile or electronic mail also shall deliver a manually executed counterpart of this Amendment, but the failure to deliver
a manually executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

[Signature Page Follows]

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                                                                                     2 - 

     

    

 

This Amendment No. 3 to Master Revolving Note is executed and
delivered as of the date set forth above.

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