Document:

Exhibit 10.3

	
			
	 
	 
	EXHIBIT 10.3

	 
	 
	 

July 21, 2011

Mr. Joe Harlan
### ### ####### ###### # ####
St. Paul. Minnesota. 55102

Dear Joe:

It is my pleasure to offer you a position as President of the Performance Division and Executive Vice President of the The Dow Chemical Company in Midland, Michigan, reporting to myself.  I feel confident that in this significant executive position you will help to lead Dow to new heights of performance and leave a lasting impression on our company.  I hope that you will decide to take up this challenge and join what I believe is a very outstanding executive leadership team working to increase Dow's standing as the most profitable, and most respected chemical company in the world.  I am personally committed to helping you succeed, and am very excited at the prospect of having you on board.

While there are a number of details that are understandably not included in this offer letter, the following is a high level summary of the major components of the compensation and benefits package Dow is offering to provide, should you accept this position and meet the contingencies listed below.

		
	Base Pay:
	Your initial salary will be $ 880,000 per year, or $ 73,333 per month. Under our Salary Management Process, your future increases will be based upon your individual performance, relative to peers, and Dow's overall annual salary plan.  Dow conducts a global compensation planning exercise in February of each year.  At that time, you will be eligible for consideration for a salary increase.  For calendar year 2012, such an increase, if granted, would become effective in March 2012.

		
	Variable Pay:
	You will also be eligible to participate in our annual variable pay program, called the Performance Award Program.  The Performance Award Program is linked to a combination of company performance (for 2011, both Dow Net Income and Cost Savings components) and individual/team performance against business/functional goals, with a possible range of award payouts equal to 0 to 200% of your target award amount.  When the company, your team, and you deliver excellent results, Dow's Performance Award Program is designed to provide a significant financial reward.

85

	
			
	 
	 
	EXHIBIT 10.3

	 
	 
	 

Mr. Joe Harlan
July 21, 2011
Page 2

Your target Variable Pay for 2011 will be 105 % of your year-end annualized base salary.  You will receive a copy of the Program Guidelines and the target grid applicable to you at the time you begin work.  The actual award payout for the 2011 program year can range from $0 to $ 1,760,000, based on actual company and individual/team performance.  You will be eligible for a full-year (un-prorated) award for 2011, assuming that you are not eligible to receive any portion of any annual incentive plan award from your current employer for calendar year 2011.  Should you subsequently become eligible to receive any such proportionate award from your current employer, your 2011 Dow Performance Award program target will be adjusted downward proportionally  
The 2011 Performance Award Program payout, if any, is currently scheduled to be delivered in March 2012, consistent with and subject to all other terms and conditions of the 2011 Performance Award Program.

		
	Long Term Incentives:  
	You will also be considered for participation in the annual Dow Long-Term Incentive (LTI) Program based on management review and the terms of the program.  This program involves traditional stock options, performance shares, and deferred stock issued under The Dow Chemical Company 1988 Award and Option Plan (the 1988 A&O Plan).  Participation levels each year are decided by your supervisor with Compensation Committee oversight.  For calendar year 2011, your award will consist of the following mix of stock options, deferred stock, and performance shares, for an approximate value of $ 3,000,000.

		
	•
	128,700 non-qualified Stock Option Shares,

		
	•
	  30,000 Performance Shares, 

		
	•
	  21,500 Deferred Shares.

The strike price of your non-qualified stock option grant will be calculated based on the fair market value of Dow stock on your date of hire, which will also be the date of grant.  More complete terms and conditions, including the grant price and vesting periods of the awards, will be outlined in the actual award agreements you will receive, which, along with the terms of the A&O Plan, will control in the event of a conflict with the terms of this offer letter.

In 2012 calendar year, you will be eligible to participate in the calendar 2012 program in effect at that time.

If you accept our offer and meet the contingencies listed below, you will, upon reporting to work, also be eligible to receive the following, special, one time employment incentives:

86

	
			
	 
	 
	EXHIBIT 10.3

	 
	 
	 

Mr. Joe Harlan
July 21, 2011
Page 3
		
	Deferred Stock:
	Dow will make a Deferred Stock grant to you in the amount of 135,000 shares of Dow common stock, to be delivered on the sixtieth (60th) day following the third anniversary of your actual 2011 date of hire into Dow.  A Deferred Stock Award means that, consistent with the specified terms of the Award, the Company will deliver to you the indicated number of Dow common stock shares on the sixtieth (60th) day following the third anniversary date of your hire into Dow.  These shares will be forfeited if you leave Dow for any reason other than death, disability, or involuntary separation without cause before these shares are delivered.

From the date of grant until the shares are actually delivered to you, you will be eligible to receive a payment on those shares equal to any Dow stock dividends that are declared.  Any such dividend equivalents (less applicable taxes) will be paid to you on a quarterly basis through the normal payroll process.  More complete terms and conditions of this award will be outlined in the actual agreement you will receive, which, along with the terms of the 1988 A&O Plan, will control in the event of a conflict with the terms of this offer letter.

		
	Deferred Cash:
	A deferred cash account with an initial balance of $350,000 will be established in The Dow Chemical Company Elective Deferral Plan upon your acceptance of this offer and reporting to work.  You will have the ability to direct the investment of these funds with an array of fixed income and equity investment vehicles from which to choose.  The account will vest  20 % per year on approximately the anniversary date of your date of hire, so long as you remain an active employee in good standing through each vesting date.  In the event of your death or disability, the deferred cash account will vest immediately.  The payout of any vested amounts will be governed by the terms and conditions of the plan and any corresponding distribution elections you make under the terms and conditions of the plan.

As you know, each of the above special, one-time employment stock and cash incentives are based on our understanding that you would lose a significant amount of incentive compensation and pension shortfall projected as a result of accepting this position and leaving your current employer at this time, and as such are designed to mitigate that short-fall.  Accordingly, in the event that you should actually receive any of this incentive compensation from your current employer following your separation from employment, you agree that Dow shall modify proportionally the above special one-time incentives in its discretion to reflect any such incentive compensation that you actually receive from your current employer.  By signing this agreement, you agree to notify Dow in a timely manner should you receive any incentive compensation from your current employer for which Dow has provided replacement value with these grants.

In addition to the above special, one-time employment incentives, you will also be eligible to receive the following benefits upon reporting to work:

87

	
			
	 
	 
	EXHIBIT 10.3

	 
	 
	 

Mr. Joe Harlan
July 21, 2011
Page 4
		
	Vacation:
	You will receive 27 days of vacation for the calendar year 2011.  You will enter the Dow vacation schedule at an equivalent of 29 years of employment service credited for vacation purposes.  With each successive year of service, you will acquire an additional year of employment service for purpose of vacation benefit calculation.

		
	Pension:
	Upon hire, you will become a member of the Dow Personal Pension Account (PPA) and may choose to participate in The Dow Chemical Company Employees' Savings Plan (401(k)) and The Dow Chemical Company Elective Deferral Plan.  The PPA is a defined contribution plan where a 5 % annual contribution on base salary and actual performance award payout is made into an account in your name.

Severance:    
While, like all U.S. Dow employees, you have an at-will employment relationship with Dow, you will in the event of your involuntary separation for Dow, and depending on the circumstances of your involuntary separation, be eligible to receive any standard transition assistance benefits that are otherwise available to employees at your job level under the terms and conditions of any then applicable severance plan in which you are eligible to participate.  Dow will, if necessary because the plan does not recognize service with your predecessor employer, and of purposes only of any service-based separation payment you may be eligible to receive, provide you with a supplemental payment (less applicable taxes) equal to the difference between (a) the separation payment you are then otherwise eligible to receive under the terms and conditions of such plan based on your Dow service alone following your date of hire, and (b) the separation payment you would have received under the terms and conditions of such plan after including your non-Dow service with your immediate predecessor employer in the calculation of that separation payment amount.

		
	Executive Benefits:
	In addition to the full array of benefits available to all US-based salaried employees, you will also be eligible to participate in several of Dow's Executive Benefits Programs, including support for financial planning and executive physical examinations.

		
	Company Car:
	As an Executive President of the company you will receive the use of a company car

		
	Relocation:
	You are eligible for Dow's domestic relocation package for transferees.  The major components of our transferee package include a house-hunting trip, a guaranteed offer to purchase your home in the depature 

88

	
			
	 
	 
	EXHIBIT 10.3

	 
	 
	 

Mr. Joe Harlan
July 21, 2011
Page 5
location, new home closing costs for your home in Midland, the shipment of your household goods, final move expenses, and a miscellaneous relocation allowance to assist you with relocation related expenses that are not covered by the package.

		
	Other Benefits:
	You will be eligible to participate in a range of additional benefits including employee stock purchase plan, health, life, dental and disability insurance, consistent with your enrollment elections and the terms and conditions of those programs.  The details of these programs will be provided to you in our standard benefits package materials.

More complete terms and conditions of each of the active employee and  benefits available under the applicable Dow benefit plans and programs will be outlined in the official plan summaries for each plan or program that will be made available to you which, along with the actual terms of each such plan or program, will control in the event of a conflict with the terms of this offer letter.  Dow reserves the right to amend, modify or terminate any or all of its benefit and compensation plans and programs, at any time.

This job offer and all of the corresponding compensation and benefits summarized above (including the special, one-time employment incentives, is contingent upon:

		
	•
	Providing documentation of the proper authorization to work in the United States and, if required, obtaining the appropriate U.S. export license(s).  Only U.S. citizens or nationals, U.S. Permanent Residents, or aliens who are authorized to work in the United States can be considered for employment with Dow; and

		
	•
	Completing, signing and returning a Dow application.  Dow will provide an application to you as soon as possible in order to expedite the hiring process.  Both the Dow application and release form must be completed, signed in order to initiate a background check; and

		
	•
	Dow determining, to its satisfaction, that (a) your commencing employment with Dow does not violate any confidentiality and/or non-competition agreements you may have entered into with your current or former employers or (b) your employment with Dow would not be unacceptably limited by any such confidentiality and/or non-competition agreements.  It is critical that Dow is able to assess and resolve any such confidentiality and/or non-competition agreements as soon as possible given the above contingency.  Should any such agreements or restrictions exist, you should forward them immediately to Gregory Freiwald via fax at ###-###-####.  Otherwise, please confirm in writing upon your receipt of this letter to Gregory Freiwald that no such agreements or obligations exist.

Continued employment, and your eligibility to receive the special, one-time employment incentives, is also contingent upon complying with the following requirements:

		
	•
	Signing two (2) standard Dow Chemical Employee Agreement forms (patent and trade secret) on your report-to-work date, a sample of which is enclosed for your review.  

89

	
			
	 
	 
	EXHIBIT 10.3

	 
	 
	 

Mr. Joe Harlan
July 21, 2011
Page 6
Among other things, this Agreement clarifies that you will at all times have an at-will employment status with Dow.  Nothing in this offer letter constitutes or may be relied upon as a contract of employment for any specified period or duration or otherwise alters your status as an at-will employee of Dow.
		
	•
	Passing a screening for illegal and controlled substances (negative results) administered during the first week of employment by Dow Health Services.  You may voluntarily authorize a screening prior to acceptance of this job offer.

		
	•
	Verifying your employment eligibility by completing an I-9 form with supportive documentation on your report-to-work date.  As required by law, Dow employs only U.S. citizens and aliens authorized to work in the United States.

Joe, we are confident you will find working for Dow an exciting and challenging experience and hope you will give our offer your most serious consideration.  Please indicate your acceptance of this offer by signing and returning by fax (###-###-####) the second copy of this letter on or before Tuesday, July 25th, 2011 and mailing the original copy.  If we can answer any questions or concerns that will assist you with your decision, please call me or Gregory Freiwald at (###) ###-####.

Sincerely,

Andrew. N. Liveris
President and CEO
The Dow Chemical Company

Acceptance of Dow offer:

	
			
	/s/ JOE E. HARLAN
	 
	7/24/2011

	Signature
	 
	Date

90EX10.1  First Amendment to Credit And Security Agreement

EXHIBIT 10.1

FOIA- CONFIDENTIAL TREATMENT REQUESTED

FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT

This FIRST Amendment (the "Amendment"), dated December 21, 2011, is entered into by and between EMCORE CORPORATION, a New Jersey corporation ("Company"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Wells Fargo"), acting through its Wells Fargo Capital Finance operating division.

Recitals

Company and Wells Fargo are parties to a Credit and Security Agreement dated November 11, 2010 (as amended from time to time, the "Credit Agreement").  Capitalized terms used in these recitals have the meanings given to them in the Credit Agreement unless otherwise specified.

The Company has requested that certain amendments be made to the Credit Agreement, which Wells Fargo is willing to make pursuant to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

1.    Amendments.  The Credit Agreement is hereby amended as follows:

(a)   Section 1.2(a) of the Credit Agreement is hereby deleted and replaced as follows:

		
	(a)
	Borrowing Base.  The borrowing base (the "Borrowing Base") is an amount equal to:

		
	(i)
	85% or such lesser percentage of Eligible Accounts as Wells Fargo in its sole discretion may deem appropriate; provided, that the percentage shall be 85% so long as the dilution of the Accounts is 5% or less, plus 

		
	(ii)
	85% or such lesser percentage of Eligible Foreign Accounts (which are not more than 120 days past invoice date) as Wells Fargo in its sole discretion may deem appropriate, provided, that the percentage shall be 85% so long as the dilution of the Accounts is 5% or less or $10,000,000.00, whichever is less, plus

		
	(iii)
	the lesser of (x) the lesser of (a) 85% or such lesser percentage of the Net Orderly Liquidation Value of the Eligible Equipment (as determined by an appraisal acceptable to Wells Fargo) as Wells Fargo in its sole discretion may deem appropriate, or (b) 100% or such lesser percentage of the Net Forced Liquidation Value of the Eligible Equipment (as determined by an appraisal acceptable to Wells Fargo) as Wells Fargo in its sole discretion may deem appropriate, plus only after complying with all FIRREA requirements and only after Wells Fargo's receipt of a Lender's title insurance policy in form and substance satisfactory to Wells Fargo, 50% or such lesser percentage of the AS IS Market Value of the Real Property (as determined by an appraisal acceptable to Wells Fargo) as Wells Fargo in its sole discretion may deem appropriate, or (y) $10,000,000.00 (which dollar figure shall be automatically reduced on March 1, 2012, and on the first day of each month thereafter in an amount sufficient to fully amortize the Eligible Equipment component of this Romanette (iii) over an assumed term of 7 years and the Real Estate component of this Romanette 

(iii) over an assumed term of 15 years, and which amount shall be automatically reduced to $0.00 on the earlier of (x) December 31, 2012, or (y) the date that the Company receives insurance proceeds of not less than $30,000,000.00 in the aggregate applicable to the flood event described in the Company's October 24, 2011 press release, plus
		
	(iv)
	85% or such lesser percentage of the Net Orderly Liquidation Value of Eligible Inventory (consisting of finished goods or raw materials) as Wells Fargo in its sole discretion may deem appropriate, or $10,000,000.00, whichever is less, less

(v)    the Borrowing Base Reserve, less 
		
	(vi)
	Indebtedness (including amounts outstanding under letters of credit) that Company owes Wells Fargo that has not been advanced on the Revolving Note, less 

		
	(vii)
	Indebtedness that is not otherwise described in Section 1, including Indebtedness that Wells Fargo in its sole discretion finds on the date of determination to be equal to Wells Fargo's net credit exposure with respect to any rate hedge agreement, derivative, foreign exchange, deposit, treasury management or similar transaction or arrangement extended to Company by Wells Fargo and any Indebtedness owed by Company to Wells Fargo Merchant Services, L.L.C. 

		
	(b)   
	Effective on January 1, 2012, Section 1.7(a) of the Credit Agreement is hereby deleted and replaced as follows:

(a)    Interest Rates Applicable to Line of Credit.  Except as otherwise provided in this Agreement, the unpaid principal amount of each Line of Credit Advance evidenced by the Revolving Note shall accrue interest at an annual interest rate calculated as follows:
Floating Rate Pricing
The "Floating Rate" for Line of Credit Advances = An interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever Daily Three Month LIBOR changes, plus (ii) four percent (4%), provided however, if but only if there is not a then existing Event of Default or Default Period, then effective on January 1, 2013, the Floating Rate shall be reduced to an interest rate equal to the sum of (i) Daily Three Month LIBOR, which interest rate shall change whenever the Daily Three Month LIBOR changes, plus (ii) three percent (3.0%).
(c)   Section 5.2 of the Credit Agreement is hereby deleted and replaced as follows:

5.2    Financial Covenants.  Company agrees, for any fiscal quarter in which the excess availability under the Borrowing Base plus all of the Company's cash and cash equivalents on deposit with Wells Fargo is at any time less than $3,500,000.00, which amount shall be automatically increased to $7,500,000.00 on the earlier of (i) December 31, 2012, (ii) the date that the Eligible Equipment and Real Estate component of the Borrowing Base has been permanently reduced to $0.00 (which availability may be supplemented by draws upon the committed common stock equity facility dated August 16, 2011 and maintained with Commerce Court, not more than two times per year), to comply with the financial covenants described below, which shall be calculated using GAAP consistently 

applied, except as they may be otherwise modified by the following capitalized definitions.  Any of the foregoing notwithstanding, the Company shall have the right to draw on its equity facility at any time for any purpose other than that specifically limited by this Section 5.2.
(a)Tangible Net Worth.  The Company shall, during each period described below, maintain a Tangible Net Worth of not less than the amounts set forth below:
	
		
	Quarter Ending
	Minimum Required Tangible
Net Worth

	December 31, 2011
	$75,000,000.00

	March 31, 2012
	$52,000,000.00

	June 30, 2012
	$48,500,000.00

	September 30, 2012
	$54,000,000.00

	December 31, 2012
	$65,000,000.00

(b)EBITDA.  The Company shall, during each period described below, achieve an EBITDA of not less than (or in the event a negative EBITDA is permitted a negative EBITDA of not more than) the amounts set forth below, as measured from the last day of the immediately preceding fiscal year.  For purposes of determining compliance with this Section 5.2(b), write downs on Equipment and Inventory and insurance recoveries applicable to the occurrence of the flood (which was described in the Company's October 24, 2011 press release) shall not be included in the EBITDA calculation.
	
		
	Quarter Ending
	Minimum Required EBITDA/ (Maximum Permitted negative EBITDA)

	December 31, 2011
	$(7,500,000)

	March 31, 2012
	$(16,000,000)

	June 30, 2012
	$(18,000,000)

	September 30, 2012
	$(18,500,000)

	December 31, 2012
	$1,500,000.00

(c)Capital Expenditures.  The Company shall not incur or contract to incur Capital Expenditures (whether unfinanced or not) of more than $12,500,000.00 in the aggregate during the Company's 2012 fiscal year.

(d)New Covenants.  The Company and Wells Fargo shall agree on new financial covenants for Sections 5.2(a-c) by December 31, 2012, and by December 31 of each year thereafter.  Wells Fargo will propose new financial covenants within two (2) weeks of receipt of projections required pursuant to Section 5.1(d).

		
	(d)   
	The following definitions are, as applicable, hereby added to or amended in Exhibit A of the Credit Agreement:

"Collateral" means all of Company's Accounts, chattel paper and electronic chattel paper, deposit accounts, documents, Equipment, General Intangibles, goods, instruments, Inventory, Investment Property, the Real Property, letter-of-credit rights, letters of credit, all sums on deposit in any Collection Account, and any items in any Lockbox; together with (a) all substitutions and replacements for and products of such property; (b) in the case of all goods, all accessions; (c) all accessories, attachments, parts, 

Equipment and repairs now or subsequently attached or affixed to or used in connection with any goods; (d) all warehouse receipts, bills of lading and other documents of title that cover such goods now or in the future; (e) all collateral subject to the Lien of any of the Security Documents; (f) any money, or other assets of Company that come into the possession, custody, or control of Wells Fargo now or in the future; (g) Proceeds of any of the above Collateral; (h) books and records of Company, including without limitation all mail or e-mail addressed to Company; and (i) all of the above Collateral, whether now owned or existing or acquired now or in the future or in which Company has rights now or in the future.
"Deed of Trust" means the Deed of Trust and Assignment of Rents and Leases that encumbers the Real Property.
"Net Cash Proceeds" means the cash proceeds of any asset sale (including cash proceeds received as deferred payments pursuant to a note, installment receivable or otherwise, but only upon actual receipt) net of (a) attorney, accountant, and investment banking fees, (b) brokerage commissions, (c) amounts required to be applied to prior Liens and the repayment of debt secured by a Lien not prohibited by this Agreement on the asset being sold, and (d) taxes paid or reasonably estimated to be payable as a result of such asset sale.
"Net Forced Liquidation Value" means a professional opinion of the probable Net Cash Proceeds that could be realized at a properly advertised and professionally managed forced sale public auction conducted without reserve under economic trends current within 60 days of the appraisal, which opinion may consider physical location, difficulty of removal, adaptability, specialization, marketability, physical condition, overall appearance and psychological appeal.
"Net Orderly Liquidation Value" means a professional opinion of the probable Net Cash Proceeds that could be realized at a properly advertised and professionally conducted liquidation sale, conducted under orderly sale conditions for an extended period of time (usually six to nine months), under the economic trends existing at the time of the appraisal.
"Real Property" means the real property that is the subject of the lien of the Deed of Trust.
"Security Documents" means this Agreement, the Negative Pledge, the Deed of Trust, the Patent and Trademark Security Agreement(s), and any other document delivered to Wells Fargo from time to time to secure the Indebtedness.
		
	(e)   
	Exhibit E to the Credit Agreement is hereby deleted and replaced with Exhibit E attached hereto.

		
	2.    
	No Other Changes.  Except as explicitly amended by this Amendment, all of the terms and conditions of the Credit Agreement shall remain in full force and effect and shall apply to any advance or letter of credit thereunder.

		
	3.    
	Amendment Fee.  The Company shall pay Wells Fargo a fully earned, non-refundable fee in the amount of $100,000.00 in consideration of Wells Fargo's execution and delivery of this Amendment, which fee shall be due and payable on January 31, 2012.

		
	4.    
	Conditions Precedent.  This Amendment shall be effective when Wells Fargo shall have received an executed original hereof, together with each of the following, each in substance and form acceptable to Wells Fargo in its sole discretion:

		
	(a)   
	The Acknowledgment and Agreement of Guarantors set forth at the end of this Amendment, duly executed by each Guarantor.

		
	(b)   
	A Certificate of the Secretary of the Company certifying as to (i) the resolutions of the board of directors of the Company approving the execution and delivery of this Amendment, (ii) the fact that the articles of incorporation and bylaws of the Company, which were certified and delivered to Wells Fargo pursuant to the Certificate of Authority of the Company's secretary or assistant secretary dated November 11, 2010 continue in full force and effect and have not been amended or otherwise modified except as set forth in the Certificate to be delivered, and (iii) certifying that the officers and agents of the Company who have been certified to Wells Fargo, pursuant to the Certificate of Authority of the Company's secretary or assistant secretary dated November 11, 2010, as being authorized to sign and to act on behalf of the Company continue to be so authorized or setting forth the sample signatures of each of the officers and agents of the Company authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of the Company.

		
	(c)   
	The Deed of Trust, in the form attached hereto as Exhibit A, duly executed and acknowledged by the Company.

(d)   Such other matters as Wells Fargo may require.

		
	5.    
	Representations and Warranties.  The Company hereby represents and warrants to Wells Fargo as follows:

		
	(a)   
	The Company has all requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder and to perform all of its obligations hereunder, and this Amendment and all such other agreements and instruments has been duly executed and delivered by the Company and constitute the legal, valid and binding obligation of the Company, enforceable in accordance with its terms.

		
	(b)   
	The execution, delivery and performance by the Company of this Amendment and any other agreements or instruments required hereunder have been duly authorized by all necessary corporate action and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to the Company, or the articles of incorporation or by-laws of the Company, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which the Company is a party or by which it or its properties may be bound or affected.

		
	(c)   
	All of the representations and warranties contained in Article V of the Credit Agreement are correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date.

		
	6.    
	References.  All references in the Credit Agreement to "this Agreement" shall be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the Security Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.

		
	7.    
	No Waiver.  The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreement or a waiver of any breach, default or event of default under any Security Document or other document held by Wells Fargo, whether or not known to Wells Fargo and whether or not existing on the date of this Amendment.

		
	8.    
	Release.  The Company, and each Guarantor signing the Acknowledgment and Agreement of Guarantors set forth below, hereby absolutely and unconditionally releases and forever discharges Wells Fargo, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Company or each Guarantor has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

		
	9.    
	Costs and Expenses.  The Company hereby reaffirms its agreement under the Credit Agreement to pay or reimburse Wells Fargo on demand for all costs and expenses incurred by Wells Fargo in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel.  Without limiting the generality of the foregoing, the Company specifically agrees to pay all title insurance premiums, fees and disbursements of counsel to Wells Fargo for the services performed by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto.  The Company hereby agrees that Wells Fargo may, at any time or from time to time in its sole discretion and without further authorization by the Company, make a loan to the Company under the Credit Agreement, or apply the proceeds of any loan, for the purpose of paying any such premiums, fees, disbursements, costs and expenses and the fee required under Paragraph 3 of this Amendment.

		
	10.    
	Appraisal.  As permitted pursuant to Section 5.9(d) of the Credit Agreement, Wells Fargo shall order an appraisal of the Company's domestic Equipment and Real Estate.  The Company will assist in all reasonable ways with the preparation of the appraisal.  The appraisal shall be performed by an appraiser satisfactory to Wells Fargo and shall be performed at the Company's sole cost and expense.  

		
	11.    
	Acknowledgment.  Wells Fargo acknowledges that the occurrence of the flood (which was described in the Company's October 24, 2011 press release) does not constitute an Event of Default under Section 6.1(o) of the Credit Agreement.

		
	12.    
	Sale of Assets.  The Company wishes to dispose of certain non-core assets that [***] (the "Non-Core Assets").  Absent a consent from Wells Fargo, the disposal of the Non-Core Assets would constitute an Event of Default under Section 5.17 of the Credit Agreement.  Subject to the sales price of the Non-Core Assets being not less than [***], Wells Fargo hereby consents to the sale of the Non-Core Assets so long as the proceeds of the same are applied in full to outstanding Advances or used in part to pay the outstanding balance of the Advances to $0.00.

		
	13.    
	Miscellaneous.  This Amendment and the Acknowledgment and Agreement of Guarantors may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.

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

	
		
	 
	EMCORE CORPORATION, a New Jersey corporation

By: /s/ Hong Q. Hou

Its: Chief Executive Officer

WELLS FARGO Bank, National 
Association

By: /s/ Joe Primack

Its Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]