Document:

Exhibit

Exhibit 10.89
    

AMENDMENT TO WARRANTS

This Amendment to Warrants (this “Amendment”), dated as of January 8, 2016 (the “Effective Date”), is by and between American Power Group Corporation, a Delaware corporation (the “Company”), and the party identified on the signature page to this Amendment (the “Purchaser”).

WHEREAS, the Purchaser is a party to that certain Securities Purchase Agreement dated as of the Effective Date (the “Purchase Agreement”), pursuant to which the Purchaser has purchased or will purchase shares of the Company’s Series D Convertible Preferred Stock (the “Shares”); 

WHEREAS, it is a condition to the Purchaser’s obligation to purchase the Shares that the Company execute and deliver this Amendment;

NOW, THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto agree as follows:

		
	1.
	Definitions.

“Affiliate” has the meaning assigned to such term in the Purchase Agreement. 

“Family” means, with respect to the Purchaser, any of the Purchaser’s spouse, domestic partner, parents or descendants (whether by blood or by adoption).

“Related Trust” means any trust a majority of the beneficial interests in which are owned by any one or more of the Purchaser and members of the Purchaser’s Family.

“Subject Warrants” means each Warrant, whether owned as of the Effective Date or acquired thereafter, by the Purchaser, any Affiliate of the Purchaser, any member of the Purchaser’s Family, or any Related Trust; provided, that any Warrant that is or becomes a Subject Warrant shall continue to be a Subject Warrant in the hands of any subsequent transferee or assignee thereof.

“Warrants” means each of the Common Stock purchase warrants issued by the Company pursuant to those certain Securities Purchase Agreements dated as of April 30, 2012 and November 26, 2014, or that certain Convertible Note Purchase Agreement dated as of June 2, 2015, together with any warrants issued upon the transfer or assignment thereof.

		
	2.
	Amendments to Subject Warrants.

(a)Notwithstanding the definition of “Exercise Price” in Section 2(b) of the Subject Warrants, the Exercise Price of the Subject Warrants is hereby reduced to $0.10 per share of Common Stock; provided, however, that, with respect to the Subject Warrants held by the Purchaser, any Affiliate of the Purchaser, any member of the Purchaser’s Family, or any Related Trust, together with any warrants issued upon the transfer or assignment thereof (all of such persons, together, the “Purchaser Group”), such reduction in the Exercise Price shall apply only to the exercise of a maximum number of shares of Common Stock by members of the Purchaser Group which equals the Purchaser’s Subscription Amount (as such term is defined in the Purchase Agreement) multiplied by 10.0222 (the “Reduction Limit”). Such reduction in the Exercise Price shall be applied with respect to exercises of Subject Warrants by the members of the Purchaser Group in the order in which Subject Warrants are exercised by such members. After such time as the Reduction 

Limit applicable to the Purchaser Group has been reached, the Exercise Price with respect to any further exercises of Subject Warrants by members of the Purchaser Group shall again be $0.20 per share of Common Stock.    
    
(b)Section 2(c) of each of the Subject Warrants is hereby amended by replacing the words “This Warrant” at the beginning of such section with the phrase “Except as otherwise provided below, this Warrant”.

(c)Section 2(c) of each of the Subject Warrants is hereby further amended by adding, immediately before the definition of “VWAP,” the following:

Notwithstanding the foregoing, or any other provision of this Warrant, this Warrant shall not be exercisable, in whole or in part, pursuant to this Section 2(c) unless and until all Common Stock purchase warrants issued by the Company pursuant to that certain Securities Purchase Agreement dated as of January __, 2016, held as of such date or acquired thereafter by the Holder, any Affiliate of the Holder, any member of the Holder’s Family, or any Related Trust, together with any warrants issued upon the transfer or assignment thereof, have been exercised in full in accordance with their terms. Any exercise or attempted exercise of this Warrant in violation of the foregoing restriction shall be null and void. As used in this Section 2(c), (i) “Family” means, with respect to the Holder, any of the Holder’s spouse, domestic partner, parents or descendants (whether by blood or by adoption), and (ii) “Related Trust” means any trust a majority of the beneficial interests in which are owned by any one or more of the Holder and members of the Holder’s Family.

3.No Other Amendments. All other provisions of the Warrants which are not inconsistent with this Amendment shall remain in full force and effect in accordance with their respective terms.

4.Third Party Beneficiaries. Each of the Purchaser’s Affiliates, each member of the Purchaser’s Family, each Related Trust, and each subsequent transferee or assignee of a Subject Warrant by any of the foregoing shall be a third-party beneficiary of this Amendment, and shall be entitled to enforce the provisions of this Amendment with respect to any Subject Warrant now owned or hereafter acquired.

5.Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Amendment shall be determined in accordance with the provisions of the Warrants.

6.Execution. This Amendment may be executed in counterparts, which together shall constitute one agreement binding on both parties hereto notwithstanding that the parties have not signed the same counterpart.

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(Signature Pages Follow)

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IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its officer thereunto duly authorized as of the date first above indicated.

 	
	
	 

	AMERICAN POWER GROUP CORPORATION

	 

	By:  /s/ Charles E. Coppa

	 

	Name:  Charles E. Coppa

	 

	Title:  Chief Financial Officer

[THE SIGNATURE PAGES TO THIS AMENDMENT TO THE AMERICAN POWER GROUP CORPORATION WARRANTS ARE ON FILE WITH AMERICAN POWER GROUP CORPORATION AND ARE INTENTIONALLY OMITTED]

3Exhibit

Exhibit 10.90

AMENDMENT TO WARRANTS

This Amendment to Warrants (this “Amendment”), dated as of January 8, 2016 (the “Effective Date”), is by and between American Power Group Corporation, a Delaware corporation (the “Company”), and the party identified on the signature page to this Amendment (the “Holder”).

WHEREAS, the Company has issued one or more Warrants to the Holder prior to the date hereof;

WHEREAS, the Company and certain purchasers (the “Purchasers”) are parties to that certain Securities Purchase Agreement dated as of the Effective Date (the “Purchase Agreement”), pursuant to which the Purchasers have purchased or will purchase the Company’s Series D Convertible Preferred Stock (the “Shares”); 

WHEREAS, it is a condition to the Purchasers’ obligations to purchase the Shares that the Company and the holders of not less than 70% of the Series A Warrants and the holders of 100% of the Series B Warrants shall have executed and delivered this Amendment;

NOW, THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto agree as follows:

		
	1.
	Definitions.

“Series A Warrants” means each of the Common Stock purchase warrants issued by the Company pursuant to that certain Securities Purchase Agreement dated as of April 30, 2012, together with any warrants issued upon the transfer or assignment thereof.

“Series B Warrants” means each of the Common Stock purchase warrants issued by the Company pursuant to that certain Securities Purchase Agreement dated as of November 26, 2014, together with any warrants issued upon the transfer or assignment thereof.

“Warrants” means the Series A Warrants and the Series B Warrants registered in the name of the Holder.

2.Amendment. Section 3(b) of each of the Warrants is hereby deleted in its entirety and is replaced with the phrase “Intentionally Omitted.”

3.No Other Amendments. All other provisions of the Warrants which are not inconsistent with this Amendment shall remain in full force and effect in accordance with their respective terms.

4.Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Amendment shall be determined in accordance with the provisions of the Warrants.

5.Execution. This Amendment may be executed in counterparts, which together shall constitute one agreement binding on both parties hereto notwithstanding that the parties have not signed the same counterpart.
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(Signature Pages Follow)

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its officer thereunto duly authorized as of the date first above indicated.

 
	
	
	AMERICAN POWER GROUP CORPORATION

	 

	By:   /s/ Charles E. Coppa

	 

	Name:  Charles E. Coppa

	 

	Title:  Chief Financial Officer

[THE SIGNATURE PAGES TO THIS AMENDMENT TO THE AMERICAN POWER GROUP CORPORATION WARRANTS ARE ON FILE WITH AMERICAN POWER GROUP CORPORATION AND ARE INTENTIONALLY OMITTED]Exhibit

Exhibit 10.91

AMENDMENT NO. 2 TO REGISTRATION RIGHTS AGREEMENT

This Amendment No. 2, dated as of January 8, 2016 (this “Amendment”), to the Registration Rights Agreement dated as of June 2, 2015 (the “Agreement”), is by and among American Power Group Corporation, a Delaware corporation (the “Company”), and the other parties thereto. Capitalized terms that are used in this Amendment without definition, but which are defined in the Agreement, shall have the meanings given them in the Agreement.

WHEREAS, on June 2, 2015, the Company issued certain Promissory Notes to certain purchasers (the “Original Purchasers”) and, pursuant to the Agreement, granted certain registration rights to the Original Purchasers; 

WHEREAS, on August 24, 2015, the Original Purchasers extended the rights under the Agreement to certain additional parties (the “Investors”);

WHEREAS, pursuant a Securities Purchase Agreement dated as of the date hereof, by and among the Company and certain purchasers (the “New Purchasers”), the Company has issued or will issue shares of its Series D Convertible Preferred Stock, Series D-2 Convertible Preferred Stock and Series D-3 Convertible Preferred Stock and warrants to purchase shares of Common Stock (the “New Warrants”) to the New Purchasers; and

WHEREAS, the parties wish to extend the rights under the Agreement to the New Purchasers; 

NOW, THEREFORE, in consideration of the agreements of the parties herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company, the Original Purchasers, the Investors and each New Purchaser agree as follows:

1.Amendment. Each of the New Purchasers, upon such New Purchaser’s execution of a counterpart signature page to this Amendment, is hereby made a party to the Agreement, with all of the rights, and subject to all of the obligations, of a Purchaser. 

2.Registrable Securities. For the avoidance of doubt, all shares of Common Stock issued or issuable pursuant to the conversion of the Series D Convertible Preferred Stock, the Series D-2 Convertible Preferred Stock or the Series D-3 Convertible Stock or the exercise of the New Warrants shall be deemed to be Registrable Securities. 

3.Agreement to Remain in Force. Except as expressly amended by this Amendment, the terms of the Agreement, as previously amended, shall remain in full force and effect hereafter.

4.Effectiveness of Amendment.  This Amendment shall be effective upon its execution by the Company and by the other parties to the Agreement holding (immediately prior to the execution of this Amendment) a majority of the Registrable Securities, at which time it shall become binding on all of the parties to the Agreement. 

5.Counterparts. This Amendment may be executed and delivered by original or facsimile signatures and in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to Registration Rights Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

	
	
	AMERICAN POWER GROUP CORPORATION

	 

	By:  /s/ Charles E.Coppa

	 

	Name:  Charles E. Coppa

	 

	Title:  Chief Financial Officer

[THE SIGNATURE PAGES TO AMENDMENT NO. 2 TO THE AMERICAN POWER GROUP CORPORATION REGISTRATION RIGHTS AGREEMENT ARE ON FILE WITH AMERICAN POWER GROUP CORPORATION AND ARE INTENTIONALLY OMITTED]

2

COUNTERPART SIGNATURE PAGE TO

AMENDMENT NO. 2 TO

REGISTRATION RIGHTS AGREEMENT

The undersigned agrees to become a “Purchaser” party to that certain Registration Rights Agreement (the “Agreement”), dated as of June 2, 2015, as amended, by and among American Power Group Corporation and the other parties named therein, and agrees to be bound by all of the provisions of the Agreement that apply to the Purchasers.  

All defined terms used but not defined herein shall have the meaning set forth in the Agreement.

IN WITNESS WHEREOF, this counterpart signature page has been duly executed by or on behalf of the undersigned as of the date below written.

                        
                                                
Name:______________________________

    
Address:  ___________________________

___________________________
                        

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