Document:

Exhibit 10.1

                FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT

     THIS  FOURTH  AMENDMENT  TO PURCHASE AND SALE AGREEMENT ("Amendment") dated
this  31st  day  of  March,  2011,  is  by  and  between  J.M. Huber Corporation
("Seller")  and  High  Plains  Gas,  Inc.  ("Buyer").

                                    RECITALS

     A.     Seller  and Buyer are parties to a Purchase and Sale Agreement dated
February  2,  2011,  as  amended  from  time  to  time  (the  "Agreement").

     B.     Seller  and  Buyer  wish  to  amend  the  Agreement.

                                   AGREEMENT

     NOW, THEREFORE, in consideration of Ten Dollars ($10.00) and other good and
valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby
acknowledged,  Seller  and  Buyer  agree  as  follows:

     1.     Amendments  to  Section  2.02.

          a.  Section 2.02(a) of the Agreement is hereby amended by deleting the
     period  at  the  end  of  the  third  sentence  of  Section 2.02(a)(ii) and
     replacing  it  with  "; and". Section 2.02(a) is further amended to add the
     following:

               (iii)  Separately,  on  or before 5:00 p.m. EST on April 6, 2011,
          Buyer  shall  deliver to Seller's Edison, New Jersey office (attention
          Joseph  M. Dunning) One Million Five Hundred Thousand (1,500,000) duly
          authorized and issued shares of Buyer's common stock, par value $0.001
          per share, on a certificate bearing no legend except that the transfer
          thereof  is  restricted  pursuant  to  the Securities Act of 1933 (the
          "Shares").  If  the  Shares  are  not timely and properly delivered to
          Seller,  Seller  shall  be  entitled to retain the Two Million Dollars
          ($2,000,000.00) cash previously delivered as the Deposit as liquidated
          damages  and  terminate this Agreement. The effect of such termination
          shall  be  governed  by  Section  11.02  of  the  Agreement.

          b.  Section  2.02(b)  is  hereby  amended  by  inserting  (i) "Section
     2.02(a)(iii)  or"  between  "to"  and "Section 11.01(b)" in the second line
     thereof  and (ii) "and the Shares" between "Deposit" and "as" in the fourth
     line thereof. Section 2.02(b) of the Agreement is hereby further amended by
     amending  and  restating  the  last  sentence  thereof  as  follows:

          Buyer  and  Seller  acknowledge  and  agree  that  (i) Seller's actual
          damages  upon  a  termination  by  Seller  pursuant  to  Sections
          2.02(a)(iii),  Section  11.01(b)  or Section 11.01(d) are difficult to
          ascertain  with  any  certainty,  (ii)  the  Deposit  plus  the Shares
          constitute  a  reasonable  estimate  of such actual damages, and (iii)
          such  liquidated  damages  do  not  constitute  a

<PAGE>
          penalty.  Further,  if  the  Agreement  is  terminated  pursuant  to
          Section  11.01(b)  or  Section 11.01(d), Seller in its sole discretion
          may  dispose  of  the  Shares  in any manner and at such time(s) as it
          determines  so long as it complies with the requirements of applicable
          securities  laws,  including  without  limitation Rule 144 promulgated
          under  the  Securities  Act of 1933. Buyer agrees to maintain "current
          public  information,"  as  such  term  is used in Rule 144, so long as
          Seller  is  the  owner  of  any  Shares.

          c. Section 2.02(c) of the Agreement is hereby amended by inserting the
     following  before  the  last  sentence  thereof:

          In  addition,  Seller  shall  return  the  Shares  to Buyer within the
          same  time  period.

          d.  Section  2.02(d)  of  the  Agreement  is amended by inserting "and
     Shares"  between  "Deposit"  and  "to"  in  the  sixth  line thereof and by
     inserting "and the Shares" before the period in the final sentence thereof.

     2.     Operation  of the Assets.     The Agreement is hereby amended to add
the  following:

          SECTION 7.05 Personnel. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT,
     AS A RESULT OF CLOSING HAVING BEEN DELAYED, SELLER'S ABILITY TO OPERATE AND
     ADMINISTER THE ASSETS MAY BE COMPROMISED OR DEGRADED DUE TO PERSONNEL LOSS.
     ACCORDINGLY, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS ARTICLE 7 AND
     IN  THIS  AGREEMENT,  BUYER  RECOGNIZES AND AGREES THAT SELLER'S ABILITY TO
     PERFORM ITS COVENANTS IN ARTICLE 7 OF THIS AGREEMENT MAY BE IMPAIRED. BUYER
     HEREBY RELEASES SELLER FROM ANY AND ALL CLAIMS THAT MAY ARISE FROM SELLER'S
     FAILURE  TO  PROPERLY PERFORM OR INABILITY TO FULLY PERFORM ITS OBLIGATIONS
     UNDER  THIS  ARTICLE  7  DUE  TO  LOSS  OF  SUCH  PERSONNEL.

     3.     Amendments  to  Section  10.02.

          a.     The  following  is  hereby  inserted as a new Section 10.02(c):

               (c)  At Closing, the Shares will, in Seller's sole discretion, be
          treated  as  follows:

                    (i)  if  the  Seller does not wish to retain the Shares, the
               Shares  shall  be  returned  to  Buyer immediately after Seller's
               receipt  of  the  Purchase  Price,  in which event there shall be
               neither  an  increase  to  the Purchase Price pursuant to Section
               10.02(a) nor a decrease to the Purchase Price pursuant to Section
               10.02(b);

<PAGE>

                    or

                    (ii) if the Seller wishes to retain the Shares it may do so,
               in  which  event  the  Purchase  Price  shall be decreased by One
               Million  Five  Hundred  Thousand  Dollars  ($1,500,000.00)  as  a
               downward  adjustment  pursuant  to  Section  10.02  (b).

          b.  Section  10.02(c)  of the Agreement is hereby re-lettered "Section
     10.02(d)"  and  is  hereby  amended  and  restated  as  follows:

               (d)  The  allocations of costs and expenses and/or adjustments to
          the Purchase Price described in Section 10.02(a), Section 10.02(b) and
          Section  10.02(c)(ii)  (the latter only if the Seller elects to retain
          the  Shares) are referred to herein as the "Purchase Price Allocations
          and  Adjustments."

     4.     Registration  of the Shares.  The Agreement is hereby amended to add
the  following:

          SECTION  10.10 Registration of the Shares. If the Seller elects in its
     sole  discretion  to  retain  the  Shares pursuant to Section 10.02(c)(ii),
     Buyer  (at its sole expense) shall register the Shares for resale on behalf
     of  Seller  in  any  registration  statement filed by Buyer with the United
     States  Securities  and  Exchange  Commission  ("SEC"). The Shares shall be
     registered  on  no  less  favorable  terms than those accorded to any other
     investor  the  resale of whose common stock issued by Buyer is also covered
     by  such  registration  statement.  Seller  agrees to enter into, and to be
     bound  by the terms of, a registration rights agreement on customary terms.
     Notwithstanding  the  foregoing,  in  its  sole discretion, Seller may also
     dispose of the Shares in any manner and at such time(s) as it determines so
     long  as  it  complies with the requirements of applicable securities laws,
     including  without limitation Rule 144 promulgated under the Securities Act
     of  1933.  Buyer  agrees  to maintain "current public information," as such
     term  is  used  in  Rule 144, so long as Seller is the owner of any Shares.

     5.     Closing  Date.  In  Section 10.01 of the Agreement, "March 31, 2011"
is  hereby  deleted  and  replaced  with  "April  29,  2011."

     6.     Further Amendment.  In Section 11.01(d) of the Agreement, "March 31,
2011"  is  hereby  deleted  and  replaced  with  "April  29,  2011."

     7.     Defined  Terms.  Capitalized  terms  not  otherwise  defined in this
Amendment  shall  have  the  meaning  ascribed  to  them  in  this  Agreement.

     8.     No Other Amendments.  Except as expressly provided in this Amendment
above,  all  terms  of the Agreement remain in full force and effect and nothing
herein shall otherwise affect any other provision of the Agreement or the rights
and  obligations  of  Buyer  and  Seller  therein.

<PAGE>

     9.     Counterparts.  This  Amendment  may  be  executed  in  one  or  more
counterparts,  each of which when executed shall be deemed to be an original but
all  of  which  taken  together  shall  constitute  one and the same instrument.

     10.     Construction.  This  Amendment shall be governed by and interpreted
and  enforced  in  accordance  with  the  terms  of  the  Agreement.

                              SELLER:

                              J.M.  HUBER  CORPORATION

                              By:    ________________________________
                              Name:  ________________________________
                              Title: ________________________________

                              BUYER:

                              HIGH  PLAINS  GAS,  INC.

                              By:    ________________________________
                              Name:  ________________________________
                              Title: ________________________________ex-4_1.htm

 

Lightpath Technologies, Inc. 8-K

Exhibit 4.1

 

SECOND AMENDMENT TO

8% SENIOR SECURED CONVERTIBLE DEBENTURES DUE AUGUST 1, 2011

THIS SECOND AMENDMENT TO 8% SENIOR SECURED CONVERTIBLE DEBENTURES DUE AUGUST 1, 2011 (this “Amendment”) is made as of March 30, 2011 among Lightpath Technologies, Inc., a Delaware corporation (the “Company”), and the undersigned, being Holders (as that term is defined in each Debenture) holding approximately 98.71% of the current outstanding principal amount of the Debentures, pursuant to and in accordance with Section 9(k) of each debenture identified on Exhibit A attached hereto (each, a “Debenture”).

WHEREAS, the Company desires to extend (the “Extension”) the maturity date of each Debenture until August 1, 2013 (the “Extended Maturity Date”).

WHEREAS, subsequent to the Extension, the Company desires to prepay on August 1, 2011 and August 1, 2012, all interest that would accrue under each Debenture for the year subsequent to each as identified on Exhibit B attached hereto (each such prepayment being hereinafter referred to as the “Debenture Interest Prepayment” and together with the Extension, the “Transactions”).

WHEREAS, the parties desire to amend each Debenture to authorize the Transactions.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.           Recitals.  The above recitals, definitions, preamble and provisions are hereby made a part of this Amendment.

2.           Capitalized Terms.  Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the applicable Debenture.

3.           Amendments to Each Debenture.

(a)           The title of the Debenture shall be deleted and replaced with the following:

	
  

	
“8% SENIOR SECURED CONVERTIBLE DEBENTURE DUE August 1, 2013”.

(b)           The preamble of the Debenture shall be deleted and replaced with the following:

“THIS 8% SENIOR SECURED CONVERTIBLE DEBENTURE is one of a series of duly authorized and validly issued 8% Senior Secured Convertible Debentures of Lightpath Technologies, Inc., a Delaware corporation, (the “Company”), having its principal place of business at 2603 Challenger Tech Court, Suite 100, Orlando, Florida 32826, designated as its 8% Senior Secured Convertible Debenture due August 1, 2013 (this debenture, the “Debenture” and collectively with the other debentures of such series, the “Debentures”).”

(c)           The second paragraph of the Debenture shall be deleted and replaced with the following:

	
  

	
“FOR VALUE RECEIVED, the Company promises to pay to ______________ or its registered assigns (the “Holder”), or shall have paid pursuant to the terms hereunder, the principal sum of $___________ on August 1, 2013 (the “Maturity Date”) or such earlier date as this Debenture is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture in accordance with the provisions hereof.  This Debenture is subject to the following additional provisions:”

 

  

  

  

 

(d)           Section 2(a) of each Debenture shall be deleted and replaced by the following:

“a)          Payment of Interest.  The Company shall prepay interest to accrue under this Debenture to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 8% per annum, on August 1, 2011 for the period beginning on August 1, 2011 through July 31, 2012 and on August 1, 2012 for the period beginning on August 1, 2012 through the Maturity Date (each date on which interest shall be prepaid, an “Interest Payment Date”).”

	
  

	
(e)

	
The preamble of Annex A Notice of Conversion shall be amended by deleting the reference to “8% Senior Secured Convertible Debenture due August 1, 2011” and replacing such reference with “8% Senior Secured Convertible Debenture due August 1, 2013.”

	
  

	
(f)

	
The preamble of Schedule 1 Conversion Schedule shall be amended by deleting the reference to “The 8% Senior Secured Convertible Debenture due on August 1, 2011” and replacing such reference with “The 8% Senior Secured Convertible Debenture due August 1, 2013.”

4.           One-Time Waiver of Pro Rata Payment of Optional Redemption in Cash.  The Optional Redemption provision contained in Section 6(a) and (b) in each of the Debentures provides that the Company’s determination to pay an Optional Redemption in cash shall be applied ratably to all of the Holders of the then outstanding Debentures based on their (or their predecessor’s) initial purchases of Debentures pursuant to the Purchase Agreement.  The parties acknowledge that in lieu of entering into the Transactions, some Holders may elect to not participate in the Transactions and instead may convert their respective Debentures into Common Stock in accordance with their terms or permit the Company to pay an Optional Redemption in cash, redeeming all of such Holder’s then outstanding principal amount due on such Debenture.  The undersigned Holders hereby consent to such Optional Redemption and waive the requirements contained in Section 6(a) and (b) of each such Debenture requiring pro rata application to all Holders of such payment in cash.

5.           Date of the Transactions.  The Transactions will be effected as of March 30, 2011.

6.           Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.  Delivery of executed counterparts of this Amendment electronically (by email or telecopy) shall be effective as an original and shall constitute a representation that an original will be delivered.

7.           Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

 

  

  

  

 

8.           Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

9.           No Other Modification.  Except to the extent specifically provided to the contrary in this Amendment, all terms and conditions of each Debenture shall remain in full force and effect, without modification or limitation.  In the event of any conflict or inconsistency between any Debenture and the provisions of this Amendment, this Amendment will control and supersede to the extent of such conflict or inconsistency.

 

[Signature pages follow.]

 

  

  

  

 

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

 

	THE COMPANY:	  	
LIGHTPATH TECHNOLOGIES, INC.

	  
	  	  	  	  
	  	  	
By:

	

/s/J. James Gaynor

	  
	  	  	
Name:

	J. James Gaynor	  
	  	  	
Title:

	Chief Executive Officer	  

 

 

	THE HOLDERS:	  	 	  
	  	  	  	  
	/s/ Louis Leeburg	  	

/s/Robert Ripp

	  
	Louis Leeburg	  	
Robert Ripp

	  
	  	  	 	  

 

	 CRANSHIRE CAPITAL LP	  	

STEVEN R. J. CYNTHIA H. BRUECK REVOCABLE TRUST UTA DTD 3/14/1991

	  
	 	  	  	  	  
	By:	/s/ Mitchell Kopin	  	
By:

	

/s/Steven Brueck

	  
	Name:	Mitchell Kopin	  	
Name:

	Steven Brueck	  
	Title:	President of Downsview Capital, Inc., General Partner	  	
Title:

	Trustee	  

 

 

	 	  	

BERG & BERG ENTERPRISES, LLC

	  
	  	  	  	  
	/s/ Gary Silverman	  	
By:

	

/s/Carl E. Berg

	  
	
Gary Silverman

	  	
Name:

	Carl E Berg	  
	  	  	
Title:

	Member	  
	 	 	 	 	 
	 /s/ J. James Gaynor	 	 	 	 
	Joseph J. Gaynor Jr.	 	 	 	 

 

  

  

  

 

EXHIBIT A

Debentures

1.           8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $25,000 and a current outstanding principal amount of $18,750, with an original issue date of August 1, 2008 issued by Lightpath Technologies, Inc. (“LPTH”) in favor of Louis Leeburg

2.           8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $250,000 and a current outstanding principal amount of $187,500, with an original issue date of August 1, 2008 issued by LPTH in favor of Robert Ripp

3.           8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $25,000 and a current outstanding principal amount of $18,750, with an original issue date of August 1, 2008 issued by LPTH in favor of Gary Silverman

4.           8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $25,000 and a current outstanding principal amount of $18,750, with an original issue date of August 1, 2008 issued by LPTH in favor of Joseph J. Gaynor Jr.

5.           8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $1,000,000 and a current outstanding principal amount of $750,000, with an original issue date of August 1, 2008 issued by LPTH in favor of Berg & Berg Enterprises, LLC

6.           8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $25,000 and a current outstanding principal amount of $18,750, with an original issue date of August 1, 2008 issued by LPTH in favor of Steven R. J. Cynthia H. Brueck Revocable Trust UTA dtd. 3/14/1991

 

7.    8% Senior Secured Convertible Debenture Due August 1, 2011 in the original principal amount of $100,000 and a current outstanding principal amount of $75,000 with an issue date of August 1, 2008 issued by LPTH in favor of Cranshire Capital LP.

 

  

  

  

 

EXHIBIT B

Interest Pre-Payments

	  	
Holder

	 	
Interest to be Pre-Paid 

for period 08.01.11 

through 07.31.12

	 	 	
Interest to be Pre-Paid 

for period 08.01.12 

through 08.01.13

	 
	
1.

	
Louis Leeburg

	 	$	1,500	 	 	$	1,500	 
	
2.

	
Robert Ripp

	 	$	15,000	 	 	$	15,000	 
	
3.

	
Gary Silverman

	 	$	1,500	 	 	$	1,500	 
	
4.

	
Joseph J. Gaynor Jr.

	 	$	1,500	 	 	$	1,500	 
	
5.

	
Berg & Berg Enterprises LLC

	 	$	60,000	 	 	$	60,000	 
	
6.

	
Steve R. J. Cynthia H. Brueck Revocable Trust UTA dtd 3/14/1991

	 	$	1,500	 	 	$	1,500	 
	7.	Cranshire Capital LP 	 	$	6,000	 	 	$	6,000	 
	 	
Total

	 	$	87,000	 	 	$	87,000

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