Document:

EXHIBIT 10.48

 

LEASE AMENDMENT
 

This
First Amendment to Lease (“Agreement” is made and entered into as of February
7, 2005, by and between Glenborough Fund IX, LLC, a Delaware limited liability
company, (“Landlord”) and Northwest Power Management, Inc., a Washington
corporation (“Tenant”).

 

R E  C  I  T  A  L  S

This
Agreement is made with reference to the following facts and objectives:

A.            By Lease and Addendum to Lease by and between
Landlord and Tenant dated as of March 29, 2004, (together, the “Lease”) Tenant
leased the Premises depicted in Exhibit “A” to the Lease, demised in Section 1.
of the Lease, and described in Sections 2.13. and 2.14. of the lease as Suite
283 deemed to contain approximately 1,966 square feet of Rentable Area in the
Building located at 3900 Paradise Road, Las Vegas, Nevada 89109, in the Project
known as Citibank Park Office in the Complex known as Citibank Park.

B.            Landlord and Tenant desire to expand the
premises and to otherwise modify and amend the Lease, on and subject to the
terms, covenants, and conditions set forth below.

NOW, THEREFORE, Landlord and Tenant hereby agree as
follows:

 

A G  R  E  E  M  E  N  T

1.             Effective as of April 15, 2005, (the “Effective
Date”) Tenant shall lease and expand into Suite 266, which is depicted on
Exhibit “A” attached hereto and made a part hereof.

2.             Also as of the Effective Date, the following
modifications and amendments shall be made to the Lease:

•      Section 2.13. of the lease shall be modified
and amended to add Suite 266 to the list of Suites constituting the Premises
and to specify that Suite 266 is deemed to contain approximately 1,399 square
feet of Rentable Area.

•      Section 2.6. of the Lease shall be modified
and amended to specify that the Expiration Date for Suite 283 shall remain June
30, 2007, but that Suite 266 shall have a separate, non-coterminous Expiration
Date of April 30, 2006.

•      Exhibit “A” to this Agreement depicting Suite
266 shall be added to the existing Exhibit “A” to the Lease so that the
entirety of the Premises is depicted by the two (2) pages thereafter comprising
Exhibit “A.”

•      Section 2.19. of the Lease shall be modified
and amended to add that Tenant’s Proportionate Share for Suite 266 only shall
be 1.65%, with no change to the Tenant’s Proportionate Share for Suite 283.

•      Section 2.3. of the Lease shall be modified
and amended to add 2005 as the Base Year for Suite 266, with no change to the
Base Year for Suite 283.

•      Sections 2.2. and 2.10. of the Lease shall be
modified and amended to add the following schedule of Monthly Installments of
Base Rent for Suite 266 only (the schedule for Suite 283 shall remain
unchanged):

Suite 266 Only:

April 15, 2005        through  April 31, 2006,     $2,728.05/month

3.             Suite 266 shall be delivered to Tenant
without reconfiguration or remodeling, but in vacant, clean (pursuant to
Building Standard periodic janitorial services) condition, “as-is.”

4.             All other terms, covenants, and conditions of
the Lease shall remain in full force and effect.

 

This Agreement modifies and amends the Lease. To the
extent there are any inconsistencies between this Agreement and the Lease, the
terms, covenants, and conditions of this Agreement shall govern. Capitalized
terms not defined herein are defined in the Lease.

IN WITNESS WHEREOF, Landlord and Tenant have
executed this Agreement as of the date first above written.

 

	
  LANDLORD:

  	
   

  
	
  GLENBOROUGH
  FUND IX, LLC

  	
   

  
	
  A
  Delaware limited liability company

  	
   

  
	
  By:

  	
  GRT
  IX, Inc.

  	
   

  
	
   

  	
  a
  Delaware corporation

  	
   

  
	
   

  	
  Its
  Managing Member

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Its
  Vice President

  	
   

  
	
   

  	
   

  
	
  TENANT:

  	
   

  
	
  NORTHWEST
  POWER MANAGEMENT, INC.

  	
   

  
	
  a
  Washington corporation

  	
   

  
	
  By:

  	
    \Steven
  Z. Strasser\

  	
   

  
	
   

  	
  Its
  PresidentEXHIBIT 10.49

 

SETTLEMENT AND CONSULTING AGREEMENT
 
September 22, 2004
 
Mr. Keith Collin
547 McKinley
Plymouth, MI  48170
 
Keith:
 
Please consider this letter the basis of the agreement (the “Agreement”) between you and Power Efficiency Corp. (PEC) regarding consulting for approximately the next three weeks, the schedule of payments PEC will make regarding payment of your accrued but unpaid salary, under your employment agreement dated November 13, 2003 (the “Employment Agreement”).
 
1. Consulting Agreement:
Up to October 11, 2004, you agree to assist PEC with the following items for up to 80 hours of total work:
c.               Transition accounting and financial management functions to the future accounting and finance personnel.
d.              Assist in the negotiation (including direct negotiation) with PEC creditors regarding unpaid amounts, with the goal of reducing the immediate and long term capital outflow from PEC to these creditors.  This will be done on a best efforts basis.
e.               Sundry matters with which new PEC management requests your assistance.
For this consulting you will receive the following compensation:
f.                 $1,500 per week beginning the week of September 20, 2004, paid near the beginning of each week, up to a total of $5,000 if all 80 hours are worked. The 80 hours of time will include all time incurred prior to September 20, 2004 which totaled 11 hours. Amounts you currently owe PEC for prepaid travel expenses will be credited against hours worked prior to September 20, 2004 with the balance being applied as determined between the two of us. PEC reserves the right to end this consulting agreement at the beginning of each week.
g.              35,000 warrants with an exercise price of $0.65 per share. Furthermore, PEC will make every reasonable effort to register these warrants with the first securities registration statement the company files with the Securities and Exchange Commission. PEC anticipates it will be filing this registration statement within the next three months and further anticipates working to make that registration statement effective as soon as reasonably possible thereafter.
 
2. Payment of Back Pay
PEC currently owes you $27,083.00 (Keith – please check this amounts) in accrued and unpaid salary. PEC agrees to make the following payments to you for this back pay:
d.              $10,000 promptly after the company closes on a financing of at least $1 million (the “Financing”).
e.               $5,000 per month (paid on the first pay day after the Financing) until such time that the total accrued and unpaid salary is fully paid.
 
Mutual Release of Potential Obligations from Employment Contract
 
PEC may owe you further consideration to you pursuant to your Employment Agreement, except as stated under Section 11 (Indemnification) of the agreement. Any further consideration owed you may include severance or termination payments; any options that have or have not been issued or should have vested; wages and commissions owed to you for past service under your Employment Agreement (collectively these potentially owed amounts are the “Potential Obligations”).
 
By accepting the terms of this Agreement and signing this letter below, you hereby agree that PEC owes you no payments, options or any other consideration for the Potential Obligations or under your Employment Agreement (the “Release”). You further agree that you resigned from the company and that you were not Terminated Without Cause and you did not resign for Good Reason (as those terms are defined in the Employment Agreement).
 
PEC also hereby releases you of all future obligations under the Employment Agreement except that you agree to be bound by section 10 “Confidential Information” as it is written in the Employment Agreement. However, the company explicitly waives in its entirety your need to comply with Section 10.3.1 (“Non-Competition”).

 

 

PEC and you understand that your agreement to this Release is null and void if PEC fails to make the cash payments and issue the warrants promised to you under sections 1 and 2 of this letter.
 
If you agree to the terms of this Agreement, please sign and date the letter below and send the original back to my office in Las Vegas, NV.
 

	Regards,
	 

	 
	 

	/s/ John Lackland
	 
	 

	 
	 

	BJ Lackland
	 

	Interim CFO
	 

	Power Efficiency Corporation
	 

	 
	 

	/s/ Keith Collin
	 
	September 22, 2004
	 

	Accepted and Agreed
	Date

	Keith CollinEXHIBIT 10.50

 

SETTLEMENT AGREEMENT
 

This
Settlement Agreement (the “Agreement”) is entered into this 21st day of
December, 2004 (the “Effective Date”), by and between Thomas Mills (“Mills”),
located at 3115 34th Street NW, Washington, DC 20008, and Power Efficiency
Corporation (“PEC”), located at 3900 Paradise Road, Suite 282, Las Vegas, NV
89109.

 

WHEREAS:          PEC and Mills previously signed a
settlement agreement on or about September 30, 2004 (the “September Settlement”)
that provides for:

1.               the payment of $18,750 in gross wages from
PEC to Mills, and

2.               the issuance of 36,500 qualified options to
Mills with a strike price of $0.65 per share,

 

in
lieu of the payment of $37,500 in accrued wages owed to Mills.

 

WHEREAS:          On November 1, 2004, Mills resigned
from PEC, thus terminating his employment with PEC.

 

WHEREAS:          Between the end of the period covered
by the September Settlement and Mills’ resignation on November 1, 2004, Mills
claims to have worked for and earned $5,000 in wages (the “Accrued Salary”).

 

WHEREAS:          Mills has submitted to PEC an expense
report with various travel and other expenses for the period of May 26 to
October 1, 2004, which have remained unreimbursed to this time (the “Unreimbursed
Expenses”), and which total $8,368.23; and

 

WHEREAS:          With PEC’s consent, Mills purchased a
computer (the “PC”) for Mills to use on PEC, academic, and personal matters
during his employment with PEC, and for which he was partially reimbursed by
PEC, and whereas further Mills wishes to have the PC for his own use in the
future, recognizing that PEC paid $1,967.17 of the total amount of the cost of
the PC.

 

NOW, THEREFORE, the parties hereby agree to settle these
matters as described in the following items:

 

1.             The parties agree they continue to
be bound by the September Settlement; PEC will make the payments of cash and
options called for in the September Settlement, and Mills reaffirms his consent
that the September Settlement is just and complete consideration for all wages,
back pay, and all other compensation PEC owed Mills through September 30, 2004.

 

2.             PEC agrees to pay Mills the
complete $5,000 in gross wages for the Accrued Salary.

 

3.             PEC agrees to reimburse Mills for
the complete amount of the Unreimbursed Expenses, in accordance with PEC’s
expense reimbursement policies and the requirements of Mills employment
contract with PEC, minus the $1,967.17 PEC already reimbursed Mills for the PC,
for a net amount of ($8,368.23 - $1,967.17) = 
$6,401.06.

 

 

4.             Mills accepts the consideration
described in items 1-3 above as complete and final compensation and payment of
all amounts currently owed to him by PEC, and further agrees that PEC does not
and will not owe him any further payment of any kind for anything. PEC will
make all salary payments as soon after the Effective Date as ADP, PEC’s payroll
processor, can make the payment. The parties understand that the Unreimbursed
Expenses require significant time to enter into PEC’s accounting and that
payment for the Unreimbursed Expenses will be sent as soon as reasonably
possible by PEC, but in no case later than January 5, 2005.

 

5.             Regarding withholding and all other
taxes, the parties agree: a) that PEC will withhold standard taxes from all
cash payments made to Mills, except for cash payments for the Unreimbursed
Expenses, and b) that Mills will pay any and all taxes associated with any
capital gains and income from the options related to the September Settlement.

 

6.             The parties agree that the
employment agreement entered into between PEC and Mills on October 16th,
2003, is hereby terminated and the parties hereby release each other from any
and all obligations and claims under this employment agreement, with the
exception of sections 10 and 11, which will survive and are hereby incorporated
in this Agreement.

 

7.             The parties agree that the
validity, interpretation and effect of this Agreement be governed by the laws
of the State of Nevada, and that if any provision of this Agreement is held to
be invalid, such provision shall be deleted and the remainder of this Agreement
shall remain in full force and effect.

 

8.             The parties agree that any legal
suit, action or proceeding arising out of or relating to this Agreement shall
be instituted exclusively in and subject to the jurisdiction of the courts of
the State of Nevada, Clark County. The parties further waive any objection to
the venue of any such suit, action or proceeding and the right to assert that
such forum is not a convenient forum.

 

9.             The parties agree that this
settlement represents the entire agreement of the parties and that no
modification or amendment of this Agreement shall be binding or effective,
unless such modification or amendment is in writing and executed by each party
hereto. This Agreement may be executed in several counterparts, each of which
when so executed shall be deemed to be an original and such counterparts
together shall constitute one and the same Agreement.  Any counterpart of this Agreement shall be
validly and effectively delivered, if delivered by facsimile transmission.

 

IN WITNESS
HEREOF, the parties
hereto have executed this Agreement as of the date and year first above written

 

	
  POWER EFFICIENCY CORPORATION

  
	
   

  	
   

  
	
  By:

  	
  /s/
  John Lackland

  	
   

  
	
  Name:

  	
  BJ
  Lackland

  
	
  Title:

  	
  Interim
  CFO

  
	
   

  	
   

  
	
  THOMAS MILLS

  
	
   

  	
   

  
	
   

  	
  /s/
  Tom Mills

  	
   

  
	
  Thomas
  Mills

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