Document:

ex1025.htm

    EXHIBIT
10.25

     

    
      FORBEARANCE
AND WARRANT MODIFICATIONAGREEMENT

      

      This
Forbearance and Warrant Modification Agreement (this “Agreement”) is made and
entered into this 25th day of February 2009, by and between NATIONAL HOLDINGS CORPORATION,
a Delaware corporation (the “Borrower”) and CHRISTOPHER C. DEWEY (the
“Lender “).

      

      

      W
I T N E S S E T H:

      

      WHEREAS, prior hereto,
Borrower and Lender entered into a Securities Purchase Agreement dated February
22, 2007 (the “Securities Purchase Agreement”), whereby Lender agreed to loan
Borrower Five Hundred Thousand ($500,000) Dollars, as evidenced by that certain
promissory note of even date therewith (the “Note”) in favor of Lender;
and

      

      WHEREAS, as of February 22,
2009 (the “Principal Payment Date”), $500,000 of principal was due and owing
under the Note, not giving effect to expiration of applicable grace periods;
and

      

      WHEREAS, pursuant to the
Securities Purchase Agreement, the Borrower issued to Lender a warrant, dated
February 22, 2007 (the “Warrant”), to purchase 125,000 shares of Borrower’s
Common Stock, $0.02 par value at a purchase price per share (the “Exercise
Price”) of $1.40; and

      

      WHEREAS, the Borrower desires
Lender to presently forbear from exercising its rights and remedies to collect
principal and accrued interest due under the Note (the “Indebtedness”) as of the
Principal Payment Date; and

      

      WHEREAS, Lender is willing to
presently forbear from exercising its rights and remedies to collect the
Indebtedness, subject to a modification of the Exercise Price, and on the other
terms and subject to the conditions contained in this Agreement.

      

      NOW, THEREFORE, in
consideration of the foregoing, the mutual promises and understandings of the
parties hereto set forth herein and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Lender and the Borrower
each hereby agree as set forth in this Agreement.

      

      1.           Use of Defined
Terms.  Except as expressly set forth in this Agreement, all
terms which have an initial capital letter where not required by the rules of
grammar are defined to the Note or Securities Purchase Agreement.

      

      2.           Reservation of
Rights.  Subject to Section 3 below, Lender reserves the right,
in its discretion, to exercise any or all of its rights and remedies arising
under the Note or Securities Purchase Agreement, applicable law or otherwise, as
a result of any Events of Default occurring after the date
hereof.  Subject to Section 3 hereof, nothing contained herein shall
be construed as a waiver of the failure of the Borrower to comply with the terms
of the Note or Securities Purchase Agreement after the date hereof.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      3.           Forbearance.  For
good and valuable consideration, Lender agrees that it shall not demand payment,
exercise setoff rights or seek to collect from the Borrower any obligations
evidenced by the Note or join in any petition or otherwise initiate any
insolvency case, reorganization or any other similar legal proceeding against
the Borrower, for a period of expiring on the close of business on May 1,
2009.

       

      4.           Modification of Exercise
Price.  As a material inducement to the Lender to enter into
this Agreement, the Warrant is hereby amended as follows:  the
Exercise Price of the Warrant is One Dollar ($1.00).  Except as
modified hereby, the Warrant shall remain in full force and effect.

      

      5.           Authority to Execute this
Agreement.  The Borrower represents and warrants that it has
the right, power and capacity and is duly authorized and empowered to enter
into, execute, deliver and perform this Agreement.

      

      6.           Construction.

      

      A.          This
Agreement shall be interpreted, construed and governed by and under the laws of
the State of New York, without regard to its conflicts of law
doctrine.

      

      B.           This
Agreement shall be binding on the Borrower and its respective successors and
heirs, and shall inure to the benefit of Lender, its successors, assigns,
affiliates, divisions and parent.  This Agreement cannot be assigned
by the Borrower at any time.  Lender may assign this Agreement without
notice or to the consent of the Borrower.

      

      C.           Whenever required by context, the
masculine pronouns will include the feminine and neuter genders, and the
singular will include the plural, and vice versa.  This Agreement
constitutes the entire agreement between the Borrower and Lender with regard to
the subject matter hereof.

      

      

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the Borrower and Lender have executed this Agreement as of the
date first set forth above.

      

      NATIONAL
HOLDINGS CORPORATION

      

      

      

      By: 
/S/ MARK
GOLDWASSER                                                                           

      Mark
Goldwasser, CEO

      

      

       

      /S/ CHRISTOPHER C.
DEWEY                                                                           

      Christopher
C. Deweyexhibit10_1.htm

    
      

      

    

     

    PROMISSORY
NOTE

    

    
      	
              $2,719,454.29

            	 
      	
              Due
      Date: March 27, 2009

            

    

    

    For value
received, the undersigned, jointly and severally, promise to pay to the order of
Forest River, Inc. the sum of Two Million Seven Hundred Nineteen Thousand Four
Hundred Fifty-four and 29/100 Dollars ($2,719,454.29) at 55470 County Road 1,
Elkhart, Indiana 46514 or at such other place as the holder hereof may direct in
writing, with interest on the unpaid balance at the rate of Ten Percent (10%)
per annum from February 19, 2009 until paid, with attorney's fees and costs of
collection, and without relief from valuation and appraisement laws. Payment of
principal and interest is to be made in full on or before March 27, 2009. This
note may be prepaid in full or in part at any time. In the event of default in
payment on the due date, the entire unpaid balance of principal and interest
shall become due and payable immediately, without notice, at the election of the
holder hereof.

    

    The
makers and endorsers, jointly and severally, waive demand, presentment, protest,
notice of protest and notice of payment or dishonor of this note, and each of
them consents to extensions of the time of payment of this note without notice.
No delay or omission on the part of the holder hereof in the exercise of any
right or remedy shall operate as a waiver thereof, and no single or partial
exercise by the holder hereof of any right or remedy shall preclude other or
further exercise thereof or of any other right or remedy. The makers and
endorsers waive all defenses that may be available to guarantors, sureties or
accommodation parties of any kind. The failure to execute and have perfected or
filed any security agreement or mortgage referred to in the next paragraph shall
not be a defense to the enforcement of this note.

    

    This
note, and any extensions or renewals hereof, is secured by a Security Agreement,
dated this same date, and mortgages, dated this same date or subsequently, and
executed in favor of and delivered to Forest River, Inc. to which reference is
made for other rights as to prepayment and acceleration.

    

    This note
is given to further evidence and collateralize the obligation, pursuant to an
Asset Purchase Agreement dated November 20, 2008, to repurchase from Forest
River, Inc. the accounts receivable that are uncollected and/or unremitted. A
default in the payment of this note shall be a default under the Asset Purchase
Agreement. This note is not a novation of the Asset Purchase Agreement; and the
Asset Purchase Agreement remains in full force and effect and is hereby ratified
by the undersigned. Acceptance of this note by Forest River, Inc. does not waive
any rights or remedies of Forest River, Inc. The undersigned acknowledged having
received and/or benefited, directly or indirectly, from the, accounts receivable
that are unremitted or uncollected.

    

    Signed
and delivered at Elkhart, Indiana, this 25th day of
February, 2009.

    

    
      	
              CONSOLIDATED
      LEISURE INDUSTRIES,

            	 
      	
              COACHMEN
      RECREATIONAL VEHICLE

            
	
              LLC

            	 
      	
              COMPANY,
      LLC

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              COACHMEN
      RECREATIONAL VEHICLE

            	 
      	
              VIKING
      RECREATIONAL VEHICLE

            
	
              COMPANY
      OF GEORGIA, LLC

            	 
      	
              COMPANY,
      LLC

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              COACHMEN
      RV GROUP WEST COAST

            	 
      	
              MICHIANA
      EASY LIVIN’ COUNTRY, LLC

            
	
              REGIONAL
      OPERATIONS CENTER, LLC

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              COACHMEN
      INDUSTRIES, INC.

            	 
      	
              COACHMEN
      OPERATIONS, INC.

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              CONSOLIDATED
      BUILDING INDUSTRIES,

            	 
      	
              ALL
      AMERICAN BUILDING SYSTEMS,

            
	
              LLC

            	 
      	
              LLC

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              ALL
      AMERICAN HOMES, LLC

            	 
      	
              ALL
      AMERICAN HOMES OF COLORADO,

            
	 
      	 
      	
              LLC

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              ALL
      AMERICAN HOMES OF INDIANA,

            	 
      	
              ALL
      AMERICAN HOMES OF OHIO, LLC

            
	
              LLC

            	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              ALL
      AMERICAN HOMES OF IOWA, LLC

            	 
      	
              ALL
      AMERICAN HOMES OF NORTH

            
	 
      	 
      	
              CAROLINA,
      LLC

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              MOD-U-KRAF
      HOMES, LLC

            	 
      	
              CONSOLIDATED
      BUSINESS

            
	 
      	 
      	
              DEVELOPMENT,
      LLC

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              COACHMEN
      TECHNOLOGY SERVICES,

            	 
      	
              COACHMEN
      ADMINISTRATIVE

            
	
              LLC

            	 
      	
              SERVICES,
      INC.

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      	
              COA
      FINANCIAL SERVICES, INC.

            	 
      	
              COA
      FINANCE COMPANY, LTD

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              COACHMEN
      PROPERTIES, INC.

            	 
      	
              ROVER
      INDUSTRIES, INC.

            
	 
      	 
      	 
      	 
      	 
      
	
              BY:

            	
              /s/
      Richard Lavers

            	 
      	
              BY:

            	
              /s/
      Richard Lavers

            
	
              Richard
      Lavers, duly authorized agent

            	 
      	
              Richard
      Lavers, duly authorized agent

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