Document:

Exhibit 10.2

 

First Amendment to Memorandum of Understanding

 

This First Amendment to Memorandum of Understanding (“this Amendment”) is made July 3, 2014, between Corinthian Colleges, Inc. and its wholly- and partially-owned subsidiaries (“Corinthian”) and the U.S. Department of Education (“the Department”).  This Amendment amends the Memorandum of Understanding entered into June 22, 2014, by and between the Department and Corinthian (“the Original MOU”).  Contemporaneously with the execution of this Amendment, Corinthian and the Department have executed and delivered an Operating Agreement which is effective as July 8, 2014 (the “Operating Agreement”).

 

Agreement

 

1.              The following paragraphs will be added to the Original MOU, at the end of the Section entitled “Immediate Funding”:

 

·                  Effective as of the date of this Amendment, the Department will allow Corinthian to draw down Title IV student aid funds as an advance against the 21-day delay for student rosters that it will submit by July 7, 2014, and Corinthian may continue to be allowed to draw down Title IV student aid funds for student rosters that it will submit (which rosters it may submit through July 11, 2014), in an aggregate amount not to exceed $35 million (“the Amendment Advance”).  In order to draw down the Amendment Advance, Corinthian must first satisfy the following conditions:

 

·                  Provide to the Department a detailed list of assets as described in Section I.A.2 of the Operating Agreement.

 

·                  Provide the Department with a schedule of the disbursements for which the Amendment Advance will be used, which disbursements shall comply with the requirements of Section IV.A of the Operating Agreement.

 

1

 

·                  Provide the Department with the data and documents described in an email dated June 30, 2014 from the Department to Corinthian.

 

·                  The agreement to provide immediate funding described in this Amendment is conditioned on substantiation by Corinthian, on timely demand by the Department, that the data submitted is accurate and that it is entitled to the Title IV student aid funds it claims, and any further funding will be conditioned on the results of the Department’s subsequent timely review of this data. The Department’s requests for substantiation of the accuracy of data submitted shall be consistent with ordinary course HCM-1 disbursement processing and the data elements described in the second succeeding bullet point below.

 

·                  In order to request the Amendment Advance, Corinthian will provide a list of eligible students for whom disbursements will be requested, including for each student: OPEID of the institution the student is attending, Name, Social Security Number, Date of Enrollment, Expected Graduation Date, Prior Disbursement Amounts by Program, and Current Disbursement Amounts by Program.

 

2.              The second paragraph under the heading “Appointment of Monitor” in the Original MOU is amended to delete the parenthetical therein and replace it with the following: “(including, without limitation, any disbursements made pursuant to the terms of this MOU, as amended)”.

 

3.              This Amendment does not supersede any of the Department’s statutory and regulatory authorities and responsibilities.

 

2

 

 

	
ACKNOWLEDGED   AND AGREED:
    	
 
    
	
 
    	
 
    
	
CORINTHIAN   COLLEGES, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Jack D. Massimino
    	
 
    
	
Jack   D. Massimino
    	
 
    
	
Chairman   of the Board and Chief Executive Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
U.S.   DEPARTMENT OF EDUCATION
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Ted Mitchell
    	
 
    
	
Ted   Mitchell
    	
 
    
	
Under   Secretary
    	
 
    

 

3Exhibit 10.1

 

SECOND AMENDMENT TO

AGREEMENT AND PLAN OF MERGER

AND EXCHANGE

 

This SECOND AMENDMENT TO AGREEMENT AND PLAN OF MERGER AND EXCHANGE,
dated as of July 2, 2014 is entered into by and among APPLIED NANOTECH HOLDINGS, INC., a corporation incorporated in the
State of Texas, USA (“APNT”), PEN INC., a corporation incorporated in the State of Delaware and a wholly-owned
subsidiary of APNT (“PEN”), NANOMERGER SUB INC., a corporation incorporated in the State of Delaware
and a wholly-owned subsidiary of APNT (“MergerSub”), NANOHOLDING INC., a Delaware corporation (“Nano”)
AND CARL ZEISS INC., a New York corporation (“Zeiss”).

 

WHEREAS, APNT, PEN, MergerSub, Nano and Zeiss
are parties to an Agreement and Plan of Merger and Exchange Dated as of March 10, 2014, as amended by an earlier Amendment dated
May 28, 2014 (the “Merger & Exchange Agreement”).

 

WHEREAS, the parties desire to amend the Merger
&Exchange Agreement to change the date when the parties may have the right to terminate the Merger & Exchange Agreement
so that it is after the scheduled meeting of the shareholders of APNT.

 

NOW, THEREFORE, in consideration of the agreements
contained in this Amendment and other good and valuable consideration, the parties agree that the date in Section 14.1 clause (b)(i)
is hereby changed from July 31, 2014 to September 3, 2014. Except as stated in the preceding sentence, the Merger & Exchange
Agreement remains in full force and effect.

 

 

[Signatures begin next page]

    	 

    	 

    

 

 

IN WITNESS WHEREOF, the Parties hereto have
caused this Second Amendment to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	 	 	 
	 	APPLIED NANOTECH HOLDINGS, INC.
	 	 	 
	 	 	 
	 	By: 	/s/ Robert Ronstadt ___________________
	 	 	Robert Ronstadt, Chairman
	 	 	 
	 	 	 
	 	 	 
	 	PEN INC.
	 	 	 
	 	 	 
	 	By: 	s/s Robert Ronstadt____________________
	 	 	Robert Ronstadt, Chairman
	 	 	 
	 	 	 
	 	NANOMERGER SUB INC.
	 	 	 
	 	 	 
	 	By:	/s/ Robert Ronstadt____________________
	 	 	Robert Ronstadt, Chairman
	 	 	 
	 	 	 
	 	
        NANOHOLDINGS INC.

         

	 	 	 
	 	 	 
	 	By:	
        /s/ Scott E. Rickert                                           

        Scott E. Rickert, President

	 	 	 
	 	 	 
	 	 	 
	 	
        CARL ZEISS, INC.

         

	 	 	 
	 	 	 
	 	By:	
        /s/ James Sharp_______________

        James Sharp, PresidentRocketFuel-Comerica-FirstAmendmentConformedSignatures

Execution Copy
FIRST AMENDMENT TO AMENDED AND RESTATED                                                  REVOLVING CREDIT AND TERM LOAN AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED REVOVLING CREDIT AND TERM LOAN AGREEMENT (“First Amendment”) is made as of this 30th day of June, 2014 by and among Rocket Fuel Inc. (“Borrower”), the Lenders (as defined below) party hereto and Comerica Bank, as administrative agent for the Lenders (in such capacity, “Agent”).
RECITALS
A.    Borrower has entered into that certain Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 20, 2013 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”) with Agent, the financial institutions from time to time signatory thereto (collectively, the “Lenders” and each, individually, a “Lender”) and Silicon Valley Bank, as Syndication Agent, under which the Lenders extended (or committed to extend) credit to Borrower, as set forth therein.
B.    Borrower has requested that Agent and the Lenders make certain amendments to the Credit Agreement, and Agent and the Lenders are willing to do so, but only on the terms and conditions set forth in this First Amendment.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Borrower, Agent and the Lenders agree as follows:
		
	1.
	Section 1.1 of the Credit Agreement is hereby amended as follows:

		
	(a)
	The definition of “EBITDA” is hereby amended to add the following clause (viii) immediately after the comma at the end of existing clause (vii):

    
“plus (viii) payroll-related expenses incurred during the fiscal quarters ending June 30, 2014 and September 30, 2014 in connection with the exercise of employee stock options, in an aggregate amount not to exceed $1,000,000,”  

		
	(b)
	The definition of “Letter of Credit Maximum Amount” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Letter of Credit Maximum Amount” shall mean Twelve Million Dollars ($12,000,000).

		
	2.
	Clause (i) of Section 7.9(a) is hereby amended and restated in its entirety as follows:

“(i)    Borrower shall maintain, as of the last day of each fiscal quarter, commencing with the fiscal quarter ending on June 30, 2014, EBITDA for the six months then ending of not less than the amount set forth below opposite the applicable fiscal quarter ending date:
	
		
	Fiscal Quarter Ending
	Amount

	June 30, 2014
	($9,100,000)

	September 30, 2014
	($10,000,000)

	December 31, 2014
	$10,000,000

		
	3.
	The reference to “$12,500,000” in Section 8.1(c) of the Credit Agreement is hereby deleted and replaced with “$25,000,000.” 

		
	4.
	On or before July 7, 2014 (or such later date as agreed to by Agent), Borrower shall deliver or cause to be delivered to Agent a duly executed Account Control Agreement in connection with the deposit account maintained by Borrower at Silicon Valley Bank.

		
	5.
	This First Amendment shall become effective (according to the terms hereof) on the date that the following conditions have been satisfied (the “First Amendment Effective Date”):

(a)    Agent shall have received executed facsimile or email counterparts of this First Amendment in each case duly executed and delivered by Agent, the Lenders and Borrower, with originals following promptly thereafter; and
(b)    Borrower shall have paid to Agent all fees, costs and expenses, if any, owed to Agent and Lenders and accrued to the First Amendment Effective Date, in each case, as and to the extent required to be paid in accordance with the Loan Documents.  
		
	6.
	Borrower hereby represents and warrants that, after giving effect to any amendments contained herein, (a) execution and delivery of this First Amendment and the performance by Borrower of its obligations under the Credit Agreement as amended hereby (herein, as so amended, the “Amended Credit Agreement”) are within its corporate powers, have been duly authorized, are not in contravention of law applicable to Borrower or the terms of its articles of incorporation or bylaws or articles of organization or operating agreement, and do not require the consent or approval of any governmental body, agency or authority, and the Amended Credit Agreement will constitute the valid and binding obligations of Borrower, enforceable in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance, ERISA or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law), (b) the representations and warranties set forth in Section 6 of the Amended Credit Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty to the extent that it is already qualified or modified by materiality in the text thereof) on and as of the First Amendment Effective Date (except to the extent such representations specifically relate to an earlier date), and (c) on and as of the First Amendment Effective Date, after giving effect to this First Amendment, no Default or Event of Default shall have occurred and be continuing.   

		
	7.
	Except as specifically set forth herein, this First Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement (including without limitation all conditions and requirements for Advances and any financial covenants), any of the Notes issued thereunder or any of the other Loan Documents.  Nor shall this First Amendment constitute a waiver or release by Agent or the Lenders of any right, remedy, Default or Event of Default under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Notes issued thereunder or any of the other Loan Documents.  Furthermore, this First Amendment shall not affect in any manner whatsoever any rights or remedies of the Lenders or Agent with respect to any other non-compliance by Borrower or any Guarantor with the Credit Agreement or the other Loan Documents, whether in the nature of a Default or Event of Default, and whether now in existence or subsequently arising, and shall not apply to any other transaction.  Borrower hereby confirms that each of the Collateral Documents continues in full force and effect and secures, among other things, all of its obligations, liabilities and indebtedness owing to Agent and the Lenders under the Credit Agreement and the other Loan Documents (where applicable, as amended herein).

		
	8.
	Borrower hereby reaffirms, confirms, ratifies and agrees to be bound by its covenants, agreements and obligations under the Amended Credit Agreement and each other Loan Document previously executed and delivered by it, or executed and delivered in accordance with this First Amendment.  Each reference in the Credit Agreement to “this Agreement” or “the Credit Agreement” shall be deemed to refer to the Credit Agreement as amended by this First Amendment.

		
	9.
	Borrower hereby acknowledges and agrees that this First Amendment and the amendment contained herein do not constitute any course of dealing or other basis for altering any obligation of Borrower, any other Credit Party or any Guarantor or any rights, privilege or remedy of the Lenders under the Credit Agreement or any other Loan Document.

		
	10.
	Unless otherwise defined to the contrary herein, all capitalized terms used in this First Amendment shall have the meanings set forth in the Credit Agreement.

		
	11.
	This First Amendment may be executed in counterpart, in accordance with Section 13.9 of the Credit Agreement.  

		
	12.
	This First Amendment shall be construed in accordance with and governed by the laws of the State of California (without giving effect to conflict of laws principles). 

(Remainder of page intentionally left blank.)

IN WITNESS WHEREOF, Borrower, the Lenders and Agent have each caused this First Amendment to be executed by their respective duly authorized officers or agents, as applicable, all as of the date first set forth above.

COMERICA BANK, as Agent and a Lender 

By:      /s/ Dennis Rapoport            
Name:  Dennis Rapoport            
Title:      VP                    
SILICON VALLEY BANK, as a Lender 

By:      /s/ Shawn Parry            
Name:  Shawn Parry                
Title:      V.P.                    
 CITY NATIONAL BANK, as a Lender 

By:      /s/ Brian Lewis            
Name:  Brian Lewis                
Title:      VP                    
ROCKET FUEL INC.

By:      /s/ J. Peter Bardwick            
Name:  J. Peter Bardwick            
Title:      CFO                    

Detroit_3435281_6_

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