Document:

Third Amendment to Additional Investment Senior Secured Convertible Promissory

 Exhibit 10.1 
 EXECUTION COPY 
 THIRD AMENDMENT TO ADDITIONAL INVESTMENT SENIOR SECURED 
 CONVERTIBLE PROMISSORY NOTES 
 THIRD AMENDMENT TO ADDITIONAL INVESTMENT SENIOR SECURED CONVERTIBLE PROMISSORY NOTES (this “Third Amendment”), dated as of May 22, 2008, by and between Distributed Energy Systems Corp., a Delaware
corporation (the “Company”) and Perseus Partners VII, L.P., a Delaware limited partnership (the “Holder”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined have the
respective meanings provided such terms in the Purchase Agreement and the Notes referred to below. 
 W I T N
E S S E T H: 
 WHEREAS, the Company and the Holder are parties to a Securities Purchase
Agreement, dated as of May 10, 2007 and amended on March 13, 2008 (as further amended, modified and/or restated from time to time, the “Purchase Agreement”); 
 WHEREAS, under the terms of the Purchase Agreement, on March 13, 2008 the Company issued to the Holder a senior secured convertible
promissory note in the principal amount of $1,500,000.00 (the “Additional Investment Note”); 
 WHEREAS, on
April 1, 2008, the Company issued to the Holder an additional senior secured convertible promissory note in the principal amount of $488,304.12 as payment for interest due and payable on the Additional Investment Note (the “PIK
Note”, and together with the Additional Investment Note, the “Notes”, and each individually, a “Note”); 
 WHEREAS, the Company and the Holder amended certain provisions of the Notes effective May 8, 2008 (the “First Amendment”) and effective May 16, 2008; and 
 WHEREAS, the Company has requested an amendment of certain provisions of the Notes as herein provided; 
 NOW, THEREFORE, it is agreed: 
 1.
Amendment of Each Note. The Holder and the Company hereby agree that as of the Third Amendment Effective Date (as defined below) and through 11:59 p.m. EDT on May 30, 2008, Section 4(i) of each Note is amended by: 
 (a) setting the Net Working Capital benchmark at $1,250,000; and 
 (b) setting the unrestricted cash and cash equivalents benchmark at $2,000,000. 
 After 11:59 p.m. EDT on May 30, 2008, each benchmark will revert to the benchmark in place prior to the effective date of the First Amendment. 

 2. Representations and Warranties. The representations and warranties of the Company contained in
the Purchase Agreement or in any other Transaction Document that are qualified as to materiality are true and correct, and all other representations and warranties of the Company contained in the Purchase Agreement or in any other Transaction
Document that are not so qualified are true and correct in all material respects, in each case with the same effect as though made as of the date of this Third Amendment, except that the accuracy of representations and warranties that by their terms
speak as of a specified date are determined as of such date and except for matters arising after the Effective Date of the Purchase Agreement that, (A) when viewed in the aggregate, have not had and are not reasonably likely to have a Material
Adverse Effect or (B) have been disclosed in writing or electronically to the Holder or its representatives. 
 3. GOVERNING
LAW. THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 4. Effectiveness. This Third Amendment is effective upon execution of this Third Amendment by both Parties (the “Third Amendment Effective
Date”). 
 5. Waiver and Release. The Company by signing below hereby waives and releases the Holder, its respective
affiliates and its and its affiliates’ respective directors, officers, employees and attorneys from any and all claims, offsets, defenses and counterclaims of the Company arising on or prior to the date hereof in connection with any action or
inaction taken by any such Person pursuant to this Third Amendment, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.

 6. Expenses. The Company hereby reconfirms its obligations under Section 8.6(a)(ii) of the Purchase Agreement to pay and
reimburse the Holder for all reasonable out-of-pocket expenses and fees and disbursements, including attorneys’ and accountants’ fees, incurred by the Holder and its representatives in connection with this Third Amendment. 
 7. Transaction Documents. From and after the Third Amendment Effective Date, all references in the Purchase Agreement and each of the other
Transaction Documents to each Note shall be deemed to be references to such Note as amended, modified and/or restated hereby. 
 8.
Counterparts. Signatures on this Third Amendment may be communicated by facsimile or electronic transmission and shall be binding upon the Parties so transmitting their signatures. Counterparts with original signatures shall be provided to
the other Party following the applicable facsimile or electronic transmission, provided that the failure to provide the original counterpart shall have no effect on the validity or the binding nature of this Third Amendment. No Party shall raise
facsimile or electronic delivery of a signature or the fact that any signature or agreement or instrument was transmitted or communicated by a facsimile or e-mail as a defense to the formation nor enforceability of a contract and each such Party
forever waives any such defense. 

 IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized officers to execute and
deliver this Third Amendment as of the date first above written. 
  

			
	DISTRIBUTED ENERGY SYSTEMS CORP.
		
	By:	 	 /s/ Peter J. Tallian

	Name:	 	Peter J. Tallian
	Title:	 	CFO
	
	PERSEUS PARTNERS VII, L.P.
		
	By:	 	 Perseus Partners VII GP, L.P. 
 its general
partner

		
	By:	 	 Perseus Partners VII GP, L.L.C. 
 its
general partner

		
	By:	 	 /s/ Teresa Y. Bernstein

		 	Teresa Y. Bernstein
		 	Secretary and TreasurerForm of Stock Purchase Agreement

 Exhibit 10.31 
 FORM OF 
 STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT is dated as of
                    , 2008 (this “Agreement”), by and between BGC Partners, Inc., a Delaware corporation (the
“Purchaser”), and the person named on the signature page hereto (the “Seller”). 
 RECITALS

 WHEREAS, the Seller owns or will own prior to the Closing (as defined in Section 3) shares of Class A common stock, par
value $0.01 per share, of the Purchaser (the “Class A Common Stock”); and 
 WHEREAS, the Purchaser proposes to effect an
underwritten firm commitment public offering of shares of Class A Common Stock (the “Offering”) pursuant to an Equity Underwriting Agreement (the “Underwriting Agreement”) to be entered into by and among the
Purchaser, certain stockholders of the Purchaser, including Cantor Fitzgerald L.P., and the underwriters listed on Schedule I to the Underwriting Agreement (the “Underwriters”); and 
 WHEREAS, contingent upon the closing of the Offering, the Purchaser desires to purchase from the Seller and the Seller desires to sell to the Purchaser
175,000 shares of Class A Common Stock (collectively, the “Shares,” and individually, a “Share”), upon the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements hereinafter set forth, the Purchaser and the Seller hereby agree as
follows: 
 1. Purchase of the Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing, the Purchaser agrees to purchase
from the Seller, and the Seller agrees to sell to the Purchaser, the Shares, free and clear of any liens, encumbrances, equities and claims. 
 2.
Consideration for the Purchase of the Shares. In consideration for the purchase of the Shares by the Purchaser, the Purchaser shall pay to the Seller a purchase price per Share equal to the purchase price per share of Class A Common
Stock paid by the Underwriters to the Purchaser in the Offering. Payment for the Shares to be purchased hereunder is to be made at or as soon as practicable following the Closing via check at the address indicated by the Seller to the Purchaser
against the Seller’s delivery at the Closing of certificates therefor and/or other evidence (including an executed stock power with a signature guarantee) of the good and valid transfer of the Shares to the Purchaser. The Seller agrees that
there may be deducted from the purchase price paid to the Seller for the Shares any applicable taxes, insurance payment or other similar liability. 
 3.
Closing. The closing of the purchase and sale of the Shares (the “Closing”) shall be contingent upon, and shall take place immediately following, the closing of the Offering pursuant to the Underwriting Agreement. 

 

 4. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser that
the statements in this Section 4 are true, complete and correct in all respects as of the date hereof and shall be true, complete and correct in all respects as of the Closing as if made at and as of such time, except to the extent that any
such representation and warranty, by its terms, is expressly limited to a specific date, in which case, as of such specific date. 
 (a) As of
the Closing, the Seller shall (i) have good and valid title to the Shares to be sold by the Seller to the Purchaser, free and clear of any liens, encumbrances, equities and claims, and (ii) have full right, power and authority to effect
the sale and delivery of such Shares to the Purchaser; and upon the delivery of, against payment for, such Shares pursuant to this Agreement, the Purchaser shall acquire good and valid title thereto, free and clear of any liens, encumbrances,
equities and claims. There are no outstanding securities, options, warrants, calls, rights, conversion rights, preemptive rights, rights of first refusal, redemption rights, repurchase rights, plans, “tag-along” or “drag along”
rights, commitments, agreements, arrangements or undertakings giving any person other than the Purchaser a right to acquire, directly or indirectly, any of the Shares. 
 (b) The Seller has full right, power and authority to execute and deliver this Agreement and to perform his obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by or on
behalf of the Seller. The execution and delivery of this Agreement, the consummation by the Seller of the transactions contemplated herein and the fulfillment by the Seller of the terms hereof will not require any consent, approval, authorization,
or order of any court, regulatory body, administrative agency or other governmental body and will not result in a breach of any of the terms and provisions of, or constitute a default under, any indenture, mortgage, deed of trust or other agreement
or instrument to which the Seller is a party, or of any order, rule or regulation applicable to the Seller of any court or of any regulatory body or administrative agency or other governmental body having jurisdiction over the Seller or the Shares.

 (c) As of the Closing, no consent, approval or waiver is required under any instrument or agreement to which the Seller is a party or by
which the Seller or the Shares are bound or under which Seller is entitled to any right or benefit in connection with the sale by the Seller of Shares to the Purchaser under this Agreement. 
  

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 5. Counterparts; Facsimile Execution and Delivery. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A facsimile or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by
facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any
party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile or other reproduction hereof. 
 6.
Further Assurances. Each party hereto shall execute and deliver such additional instruments and other documents and shall take such further actions as may be necessary or appropriate to effectuate, carry out and comply with all of its
obligations under this Agreement. 
 7. Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, between the parties with respect to the subject matter hereof. 
 8. Amendments; Waiver. This Agreement may not
be amended except by written instrument executed by each of the parties. The failure by any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision nor in any way
to affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or
subsequent breach or non-compliance. Any waiver made by any party hereto in connection with this Agreement shall not be valid unless set forth in writing by such party. 
 9. Binding Effect; Persons Benefiting; No Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Nothing in this
Agreement is intended or shall be construed to confer upon any entity or person other than the parties hereto and their respective successors and permitted assigns any right, remedy or claim under or by reason of this Agreement or any part hereof.
This Agreement may not be assigned by any party hereto without the prior written consent of the other party hereto, and any purported assignment without such consent shall be void and unenforceable. 
 10. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to
any choice of law or conflict of law provisions or rule that could cause the application of the laws of any other jurisdiction. 
 11. Termination. If
the Closing has not yet occurred, this Agreement shall terminate on the earlier to occur of (i) the termination of the Underwriting Agreement pursuant to its terms; or (ii) December 31, 2008. 
 [Signature page follows.] 
  

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

			
	BGC PARTNERS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SELLER
	
	  

	Stephen M. Merkel

  

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