Document:

ex_10-7.htm

    
      

      

    

    Exhibit 10.7

     

     

    
      August
10, 2009

      

      

      Octus,
Inc.

      803
Second Street, Suite 303

      Davis, CA
95616

      Attention:
Board of Directors

      

      

      Dear
Ladies/Gentlemen:

      

      This letter will memorialize and
confirm the agreement of Octus, Inc. (the “Company”)
and the undersigned (“Officer”)
relating to the employment agreement dated February 24, 2009, between the
Company and Officer (the “Employment
Agreement”).  The Employment Agreement provides that Officer
will receive compensation at a base salary rate set forth in the Employment
Agreement.  In consideration of the Company’s current state of
operations and cash position, the Company and Officer have agreed that some or
all (with the amount determined by the board of directors of the Company, with
Officer not participating in such decision) of the base compensation amounts
payable to Officer pursuant to the Employment Agreement will be deferred [until
such time as the Company, in the good faith judgment of the board of directors
(with Officer not participating in such decision), has sufficient cash resources
(in light of its other obligations and commitments) to pay the deferred
amounts.  In all events, however, any deferred amounts with respect to
the 2009 year will be paid no later than March 15, 2010.

      

      Very
truly yours,

       

      
        OCTUS,
INC.

        
          
            
              
                
                  
                    	 	 	 	 	 
	
                            By: /s/ Christian
      Soderquist

                          	 	 	
                             

                          	 
	
                            

                              Christian
      Soderquist

                            

                            Its:
      Chief Financial Officer

                          	 	 	
                             

                          	 

                  

                

              

            

          

          
 

          OFFICER 

            	 	 	 	 	 
	
                    /s/ George
      Ecker

                  	 	 	
                     

                  	 
	
                    George
      Eckerex10-34.htm

    Exhibit
10.34

     

    
      AMENDMENT
NO. 3 TO

       

      FOREBEARANCE AND WARRANT
MODIFICATION AGREEMENT

       

      THIS AMENDMENT NO. 3, dated as of May
29, 2009 (this “Amendment”), to that certain forbearance and waiver modification
agreement, dated February 25, 2009, as amended by that certain Amendment No.1 to
forbearance and waiver modification agreement, dated May 6, 2009, and that
certain Amendment No. 2 to forbearance and waiver modification agreement, dated
May 14, 2009 (collectively, the “Agreement”), by and between NATIONAL HOLDINGS CORPORATION,
a Delaware corporation (the “Company”), and
CHRISTOPHER C. DEWEY
(the “Lender “).

      

      W I T N E S S E T
H

       

      WHEREAS, as of the date hereof there is
currently a principal amount of $500,000 due the Lender; and

       

      WHEREAS,
the Company and the Lender wish to amend the Agreement on the terms set forth
herein.

       

      NOW,
THEREFORE, the parties hereto, in consideration of the mutual promises herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement
as follows:

       

      1.           Definitions; References;
Continuation of Agreement.  Unless otherwise specified herein,
each term used herein that is defined in the Agreement shall have the meaning
assigned to such term in the Agreement.  Each reference to “hereof,”
“hereto,” “hereunder,” “herein” and “hereby” and each other similar reference,
and each reference to “this Agreement” and each other similar reference,
contained in the Agreement shall from and after the date hereof refer to the
Agreement as amended hereby.  Except as amended hereby, all terms and
provisions of the Agreement shall continue unmodified and remain in full force
and effect.  Capitalized terms used herein not otherwise defined
having the meanings ascribed to them in the Agreement.

       

      2.           Amendment.  Section
3 of the Agreement is hereby amended as follows: the date “May 22, 2009” is
hereby deleted and in its place and stead the date “June 1, 2010” is
inserted.

       

      3.           Intentionally
Omitted.

      

      4.           Modification of
Note.  Section 1(a) of the Note is hereby amended as follows:
the interest rate of “ten percent (10%) per annum” is hereby deleted and in its
place and stead the interest rate of “seven percent (7%) per annum” is
inserted.  The parties hereto hereby acknowledge that the interest
rate of the Note as modified hereby shall begin accruing at the reduced rate as
of June 1, 2009.  Except as modified hereby, the Note shall remain in
full force and effect.

       

      5.           Counterparts.  This
Amendment may be executed in two or more counterparts, all of which when taken
together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to the
other party, it being understood that both parties need not sign the same
counterpart.  In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page were an original thereof.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.           Governing
Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed on the date first above written.

       

    

    NATIONAL HOLDINGS
CORPORATION

     

    

     

    By:  /S/ MARK
GOLDWASSER

    Mark
Goldwasser, CEO

    

    

    /S/  CHRISTOPHER
C.
DEWEY                                                                           

    Christopher C. Dewey

     

     

     

    2ex_10-4.htm

    
      

      

    

    EXHIBIT
10.4

    
       

      BUSINESS
FINANCING MODIFICATION AGREEMENT

       

      This
Business Financing Modification Agreement is entered into as of August 04, 2009,
by and between Balqon Corporation (the "Borrower") and Bridge Bank, National
Association ("Lender").

       

      1.           DESCRIPTION
OF EXISTING INDEBTEDNESS: Among other indebtedness which may be owing by
Borrower to Lender, Borrower is indebted to Lender pursuant to, among other
documents, a Business Financing Agreement, dated February 18, 2009 by and
between Borrower to Lender, as may be amended from time to time (the "Business
Financing Agreement"). Capitalized terms used without definition herein shall
have the meanings assigned to them in the Business Financing
Agreement.

       

      Hereinafter,
all indebtedness owing by Borrower to Lender shall be referred to as the
"Indebtedness" and the Business Financing Agreement and any and all other
documents executed by Borrower in favor of Lender shall be referred to as the
"Existing Documents."

       

      2.           DESCRIPTION OF CHANGE IN
TERMS.

       

      
        	
              	
                A.

              	
                Modification(s)
      to
      Business Financing
Agreement:

              

      

       

      
        	
              	
                1.

              	
                The
      following defined term in Section 14.1 is hereby amended as
      follows:

              

      

       

      "Credit Limit" means
$2,000,000.00, which is intended to be the maximum amount of Advances at any
time outstanding.

       

      3.           CONSISTENT
CHANGES. The Existing Documents are each hereby amended wherever
necessary to reflect the changes described above.

       

      4.           PAYMENT OF ADDITIONAL
FACILITY FEE. Borrower shall pay Lender a fee in the amount of $4,375
("Prorated Additional Facility Fee") plus all out-of-pocket
expenses.

       

      5.           NO DEFENSES
OF BORROWER/GENERAL RELEASE. Borrower agrees that, as of this date, it
has no defenses against the obligations to pay any amounts under the
Indebtedness. Borrower ("Releasing Party") acknowledges that Lender would not
enter into this Business Financing Modification Agreement without Releasing
Party's assurance that it has no claims against Lender or any of Lender's
officers, directors, employees or agents. Except for the obligations arising
hereafter under this Business Financing Modification Agreement, each Releasing
Party releases Lender, and each of Lender's and entity's officers, directors and
employees from any known or unknown claims that Releasing Party now has against
Lender of any nature, including any claims that Releasing Party, its successors,
counsel, and advisors may in the future discover they would have now had if they
had known facts not now known to them, whether founded in contract, in tort or
pursuant to any other theory of liability, including but not limited to any
claims arising out of or related to the Agreement or the transactions
contemplated thereby. Releasing Party waives the provisions of California Civil
Code section 1542, which states:

       

      "A
general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him must have materially affected his settlement with the
debtor."

       

      The
provisions, waivers and releases set forth in this section are binding upon each
Releasing Party and its shareholders, agents, employees, assigns and successors
in interest. The provisions, waivers and releases of this section shall inure to
the benefit of Lender and its agents, employees, officers, directors, assigns
and successors in interest. The provisions of this section shall survive payment
in full of
the Obligations, full performance of all the terms of this Business Financing
Modification Agreement and the Agreement, and/or Lender's actions to exercise
any remedy available under the Agreement or otherwise.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      6.           CONTINUING VALIDITY.
Borrower understands and agrees that in modifying the existing Indebtedness,
Lender is relying upon Borrower's representations, warranties, and agreements,
as set forth in the
Existing Documents. Except as expressly modified pursuant to this Business
Financing Modification Agreement, the terms of the Existing Documents remain
unchanged and in full force and effect. Lender's agreement to modifications to
the existing Indebtedness pursuant to this Business Financing Modification
Agreement in no way shall obligate Lender to make any future modifications to
the Indebtedness. Nothing in this Business Financing Modification Agreement
shall constitute a satisfaction of the Indebtedness. It is the intention of
Lender and Borrower to retain as liable parties all makers and endorsers of
Existing Documents, unless the party is expressly released by Lender in writing.
No maker, endorser, or guarantor will be released by virtue of this Business
Financing Modification Agreement. The terms of this paragraph apply not only to
this Business Financing Modification Agreement, but also to any subsequent
Business Financing modification agreements.

       

      7.           CONDITIONS.
The effectiveness of this Business Financing Modification Agreement is
conditioned upon payment of the Prorated Additional Facility Fee.

       

      8.           COUNTERSIGNATURE.
This Business Financing Modification Agreement shall become effective only when
executed by Lender and Borrower.

       

      
        
          
            	
                    BORROWER:

                  	
                    LENDER:

                  
	 
      	 
      
	
                    BALQON
      CORPORATION

                  	
                    BRIDGE
      BANK, NATIONAL ASSOCIATION

                  
	 
      	 
      
	
                    By:
      /s/ Balwinder
      Samra

                  	
                    By:
      /s/ Sarah
      Henderson

                  
	
                    Name:
      Balwinder Samra

                  	
                    Name:
      Sarah Henderson

                  
	
                    Title:
      President/CEO

                  	
                    Title:
      Vice President

                  

          

        

      

       

       

      2

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