Document:

Unassociated Document

    
      

    

     

    Exhibit
      10.7

    AMENDMENT
      NO. 1

     

    This
      Amendment No. 1 (this “Amendment”)
      is
      executed as of December ____, 2006, between INDUSTRIAL
      PROPERTIES CORPORATION,
      a Texas
      corporation (“Landlord”),
      and
NANO-PROPRIETARY,
      INC.,
      a
      Delaware corporation (“Tenant”),
      for
      the purpose of amending the Lease Agreement between Landlord and Tenant dated
      February 6, 2004 (the “Lease”).
      Capitalized terms used herein but not defined shall be given the meanings
      assigned to them in the Lease.

     

    RECITALS:

     

    Pursuant
      to the terms of the Lease, Tenant is currently leasing Suites 105, 106, 107,
      108
      and 109 consisting of 16,111 square feet of space in the building located at
      3006 Longhorn Boulevard, Austin, Travis County, Texas, commonly known as 3006
      Longhorn Boulevard (the “Building”).
      Tenant desires to extend the Term for a period of 12 months, and Landlord has
      agreed to such extension on the terms and conditions contained
      herein.

     

    AGREEMENTS:

     

    For
      valuable consideration, whose receipt and sufficiency are acknowledged, Landlord
      and Tenant agree as follows:

     

    1.    Extension
      of Term.
      The
      Term is hereby extended such that it expires at 5:00 p.m., Austin, Texas time,
      on February 14, 2008, rather than February 14, 2007, on the terms and conditions
      of the Lease, as modified hereby. 

     

    2.    Rent.

     

    (a)    Base
      Rent.
      Beginning February 15, 2007, the monthly installments of Base Rent shall be
      $8,378.00.

     

    (b)    Additional
      Rent.
      Beginning February 15, 2007, the monthly installments of Reimbursable Expenses
      shall be as follows:

     

    Tenant’s
      Share of Taxes:$1,283.00

    Tenant’s
      Share of Common Area Maintenance:$367.00

    Tenant’s
      Share of Insurance Premiums:$86.00

    

    Tenant
      acknowledges and agrees that the foregoing amounts are estimates only and that
      such amounts shall be adjusted in accordance with the terms of the Lease (as
      amended by this Amendment).

     

     

    3.    Condition
      of Premises.
      Tenant
      hereby accepts the Premises in their “AS-IS”
      condition, and Landlord shall have no obligation for any construction or
      finish-out allowance or providing to Tenant any other tenant
      inducement.

     

    
      
        
        

      

      
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    4.    Limitation
      of Liability.
      In
      addition to any other limitations of Landlord’s liability as contained in the
      Lease, as amended to date, the liability of Landlord (and its partners,
      shareholders or members) to Tenant (or any person or entity claiming by, through
      or under Tenant) for any default by Landlord under the terms of the Lease or
      any
      matter relating to or arising out of the occupancy or use of the Premises and/or
      other areas of the Building shall be limited to Tenant’s actual direct, but not
      consequential, damages therefor and shall be recoverable only from the interest
      of Landlord in the Building, and neither Landlord nor any principal or affiliate
      of Landlord shall be personally liable for any deficiency.

     

    5.    Notices.
      All
      notices and other communications given pursuant to the Lease shall be in writing
      and shall be 1) mailed
      by first class, United States mail, postage prepaid, certified, with return
      receipt requested, and addressed to the parties hereto at the address listed
      below, 2) hand
      delivered to the intended addressee, 3) sent
      by nationally recognized overnight courier, or 4) sent
      by facsimile transmission during the hours of 9:00 a.m. and 4:00 p.m. Dallas,
      Texas time on a business day, followed by a confirmatory letter. Notice sent
      by
      certified mail, postage prepaid, shall be effective three business days after
      being deposited in the United States mail; all other notices shall be effective
      upon delivery to the address of the addressee (even if such addressee refuses
      delivery thereof). The parties hereto may change their addresses by giving
      notice thereof to the other in conformity with this provision. Landlord and
      Tenant hereby agree not to conduct the transactions or communications
      contemplated by the Lease, as amended hereby, by electronic means, except by
      facsimile transmission as specifically set forth in this
      Section 5;
      nor
      shall the use of the phrase “in writing” or the word “written” be construed to
      include electronic communications except by facsimile transmissions as
      specifically set forth in this Section 5.
      The
      addresses for notice set forth below shall supersede and replace any addresses
      for notice set forth in the Lease.

     

    

      
        	Landlord:	
                Industrial
                  Properties Corporation

                100
                  McKinney Avenue, Suite 700

                Dallas,
                  Texas 75201

                Attention:
                  Lee Halford, Jr.

                Telecopy
                  No.: 214.661.1001

              

      

       

      
        	with
                a copy to: 	
                Crow
                  Holdings

                2100
                  McKinney Avenue, Suite 700

                Dallas,
                  Texas 75201

                Attention:
                  Asset Manager - IPC - DASA

                Telecopy
                  No.: 214.661.8041

              

      

       

      
        	Tenant:	
                Nano-Proprietary,
                  Inc. 

                3006
                  Longhorn Boulevard, Suite 106

                Austin,
                  Texas 78758

                Attention:
                  Thomas Bijou 

                Telecopy
                  No.: 512.339.5021

              

      

       

    

    6.    Brokerage.
      Landlord and Tenant each warrant to the other that it has not dealt with any
      broker or agent in connection with the negotiation or execution of this
      Amendment other than DASA Management, L.P., whose commission shall be paid
      by
      Landlord pursuant to a separate written agreement. Tenant and Landlord shall
      each indemnify the other against all costs, expenses, attorneys’ fees, and other
      liability for commissions or other compensation claimed by any other broker
      or
      agent claiming the same by, through, or under the indemnifying
      party.

     

    
      
        
        

      

      
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    7.    Determination
      of Charges.
      Landlord and Tenant agree that each provision of the Lease (as amended by this
      Amendment) for determining charges and amounts payable by Tenant (including
      provisions regarding Additional Rent) is commercially reasonable and, as to
      each
      such charge or amount, constitutes a statement of the amount of the charge
      or a
      method by which the charge is to be computed for purposes of Section 93.012
      of the Texas Property Code.

     

    8.    Prohibited
      Persons and Transactions.
      Tenant
      represents and warrants to Landlord that Tenant is currently in compliance
      with,
      and shall at all times during the Term (including any extension thereof) remain
      in compliance with, the regulations of the Office of Foreign Asset Control
      (“OFAC”)
      of the
      Department of the Treasury (including those named on OFAC’s Specially Designated
      Nationals and Blocked Persons List) and any statute, executive order (including
      the September 24, 2001, Executive Order Blocking Property and Prohibiting
      Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism),
      or other governmental action relating thereto.

     

    9.    Ratification.
      Tenant
      hereby ratifies and confirms its obligations under the Lease, and represents
      and
      warrants to Landlord that Tenant has no defenses thereto. Additionally, Tenant
      further confirms and ratifies that, as of the date hereof, 5) the
      Lease is and remains in good standing and in full force and effect, 6) Tenant
      has no claims, counterclaims, set-offs or defenses against Landlord arising
      out
      of the Lease or in any way relating thereto or arising out of any other
      transaction between Landlord and Tenant, and 7) all
      tenant finish-work allowances provided to Tenant under the Lease or otherwise,
      if any, have been paid in full by Landlord to Tenant, and Landlord has no
      further obligations with respect thereto.

     

    10.          Binding
      Effect; Governing Law.
      Except
      as modified hereby, the Lease shall remain in full effect and this Amendment
      shall be binding upon Landlord and Tenant and their respective successors and
      assigns. If any inconsistency exists or arises between the terms of the Lease
      and the terms of this Amendment, the terms of this Amendment shall prevail.
      This
      Amendment shall be governed by the laws of the State of Texas.

     

    11.         
      Counterparts.
      This
      Amendment may be executed in multiple counterparts, each of which shall
      constitute an original, but all of which shall constitute one
      document.

     

    [THE
      REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
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    Executed
      as of the date first written above.

     

    
      	
              LANDLORD:

               

            	
              INDUSTRIAL
                PROPERTIES CORPORATION,

              a
                Texas corporation

               

               

              By:_______________________________ 

              Name:
                _____________________________

              Title:
                ______________________________

               

            
	 	 
	TENANT:	
              NANO-PROPRIETARY,
                INC., 

              a
                Delaware corporation

               

               

              By:_______________________________ 

              Name:
                _____________________________

              Title:
                ______________________________

            

    

    
 

     

     

     

     

     

     

     

     

     

     

    4Consultancy Agreement

 EXHIBIT 10.27 
 CONSULTANCY AGREEMENT 
 THIS AGREEMENT is
effective as of this 30th day of December 2005 by and between QUINTANA MARITIME LIMITED having its registered office
at Ajeltake Island, Majuro, Marshall Islands, (the “Company”) and SHIPMANAGEMENT CONSULTANTS INC. a company having its registered office at Ajeltake Island, Majuro, Marshall Islands (the “Consultant”). 
 BY WHICH, in consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as follows: 
 1. The Company. The Company is engaged in shipping business worldwide. 
 2. Engagement. The Company hereby engages the Consultant to act as consultant for the Company and for any shipowning companies under its management (the “Owning Companies”) as directed by the Company, in connection with all
duties related to the operation and management of the Company and/or of the Owning Companies and the Consultant hereby accepts such engagement. 
 3. Duration. The duration of the engagement shall be as of the 1st January, 2006 until its termination as per Clause 6 of this Agreement (the “Term”). 
 For the accounting purposes of the Company the duration of the engagement shall be divided into years, i.e. each
such year commencing on the 1st day of January of a calendar year and ending on the 31st day of December of the same calendar year (the “Year”). 
 4. Duties. The Consultant shall provide its services through various nominees (the “Consultant’s Nominees), using all its/their experience, resources
and due diligence. The Consultant represents that its Nominees are fully qualified, without the benefit of any further training or experience, to perform the duties customarily incident to such services. The duties of the Consultant shall be
offered, to the Company or to the Owning Companies or to the vessels managed by the Company on a worldwide basis. The Consultant shall report to the management of the Company about the affairs of the Company and/or the Owning Companies with which it
deals, in such manner and at such times as may from time to time be requested by the management of the Company. The Consultant’s duties and responsibilities hereunder shall always be subject to the policies and directives of the Company’s
management as communicated from time to time to the Consultant or, as the case may be, of the Owning Companies’ management as communicated from time to time to the Consultant. 
  

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 It is a condition to this Agreement that the Consultant’s Nominees will provide services commensurate with the high
level of services provided by the Company and the importance of the Consultant’s role. 
 It is within the role of the Consultant to inform the
management of the Company and/or of the Owning Companies and to carry out their instructions, regarding all matters related to the consultancy undertaken hereunder. In order to properly carry out this job, the Consultant’s Nominees will have
the authority, as the case may be, to direct the actions of other employees of the Company and/or of the Owning Companies whose functions involve matters related to the consultancy undertaken hereunder, and such employees will, inter alios, report
to the Consultant’s Nominees. 
 Subject to the above, the precise duties, responsibilities and authority of the Consultant may be expanded or modified,
from time to time, at the discretion of the management of the Company and/or of the Owning Companies. The Consultant agrees that during the term of its engagement hereunder, it shall devote substantially its full attention, knowledge and experience
and give its best effort, skill and abilities, in the supervision of, attendance to, promotion of and handling of the affairs related to the consultancy undertaken hereunder, the business and interests of the Company and/or the Owning Companies.

 5. Compensation. The Company shall pay the Consultant a consulting fee in the amount of U.S.$ 1,005,480 (U.S. Dollars one million five thousand
four hundred eighty) per Year (unless agreed otherwise between the parties) payable on an accrued basis within such Year by way of installments, the number and time of payment of which will be determined by the Company at its discretion (the
“Consulting Fees”). 
 The parties hereby acknowledge and agree that all Consulting Fees paid during the Term shall represent fees and remuneration
for consulting services provided by the Consultant as an independent contractor worldwide, and shall therefore be paid without any deductions or withholdings taken therefrom for taxes or any other purpose. The Consultant acknowledges that it is
solely responsible for the reporting and payment of all tax obligations which may arise from the payments made pursuant to this Agreement. In the event that any taxing authority seeks to collect from the Company any of the foregoing taxes or any
interest and/or penalties thereon or relating thereto, the Consultant hereby agrees to pay any such amounts directly to such taxing authority or to indemnify the Company, if it is required to pay any such amounts. 
 6. Termination. This Agreement, unless otherwise agreed in writing between the parties, shall be terminated forthwith (with or without cause) upon notice in
writing to the Consultant by the Company. No additional compensation will be payable to the Consultant upon such termination. 
  

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 7. Notices. Every notice, request, demand or other communication under this Agreement shall: 
 (a) be in writing delivered personally or by courier or by fax or shall be served through a process server; 
 (b) be deemed to have been received, subject as otherwise provided in this Agreement in the case of fax upon receipt of a successful transmission report (or –if
sent after business hours– the following business day) and in the case of a letter when delivered personally or through courier or served at the address below; and 
 (c) be sent: 
 (i) If to the Company, to: 
 601 Jefferson Street, Suite 3600, 
 Houston, TX 77002 
 U.S.A. 
 Telephone: + 713 751 7522 
 Telefax: + 713 751 7533 
 Attn: Mr. Steve Putman 
 (ii) If to the Consultant, to: 
 c/o PELAGHIAS, CRISTODOULOU, VRACHAS & CO 
 41 Themistocles Dervis Street, Hawaii
Nicosia Tower, Offices 806-807, 
 P.O. Box 21684, Nicosia 1512, Cyprus 
 Telephone: + 357 22764216 
 Telefax: + 357 22768277 
 Attn: Mr. Petros Vrachas 
 or to such other person, address or telefax, as is notified by the relevant Party to the other Party to this Agreement and such notification shall not become effective
until notice of such change is actually received by the other Party. Until such change of person or address is notified, any notification to the above addresses and fax numbers are agreed to be validly effected for the purposes of this Agreement.

 8. Entire Agreement. This Agreement supersedes all prior agreements written or oral, with respect thereto. 
 9. Amendments. This Agreement may be amended, superseded, canceled, renewed or extended and the terms hereof may be waived, only by a written instrument signed by
the parties. 
 10. Independent Contractor. All services provided hereunder shall be provided by the Consultant as an independent contractor. No
employment contract, partnership or joint venture has been created in or by this Agreement or as a result of services provided hereunder. 
 11.
Assignment. This Agreement, and the Consultant’s rights and obligations hereunder, may not be assigned by the Consultant; any purported assignment in 

  

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violation hereof shall be null and void. This Agreement, and the Company’s rights and obligations hereunder, may not be assigned by the Company,
provided however that in the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets and business, whether by merger, consolidation or otherwise, the Company shall assign this Agreement and its
rights hereunder to the successor to its assets and business. 
 12. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties and their respective successors, permitted assigns, heirs, executors and legal representative. 
 13. Counterparts. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two copies
hereof each signed by one of the parties hereto. 
 14. Headings. The headings in this Agreement are for reference only and shall not affect the
interpretation of this Agreement. 
  

	15.	Governing Law and Jurisdiction. 

 (a) This Agreement shall be
governed by and construed in accordance with English Law. 
 (b) The parties hereby irrevocably submit to the exclusive jurisdiction of the High Court of
Justice in London, England, in connection with any dispute which may arise out of or is related to this Agreement. Finally, the parties hereby waive any objections to the inconvenience of England as a forum. 
 IN WITNESS WHEREOF, the parties hereto have signed their names on the 11th day of December 2006, effective as of the day and year first above written. 
  

			
	 For QUINTANA MARITIME LIMITED

		
	 By:
	 	/s/ Steve Putman
		 	Steve Putman

  

			
	For SHIPMANAGEMENT CONSULTANTS INC.
		
	 By:
	 	/s/ [illegible]
		 	

  

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