Document:

Exhibit 10.3

 

AMENDMENT
NO.4 TO LETTER OF INTENT

 

mPhase
Technologies, Inc.

688
New Dorp Lane,

Staten
Island, New York 10306-4933

 

May
30, 2018

 

Scepter
Commodities, LLC

9841
Washingtonian Blvd., Suite 390

Gaithersburg,
MD 20878

 

Attention:
Anshu Bhatnagar

 

Re:      Amendment
No. 4 to Letter of Intent (“LOI”)

 

Dear
Anshu:

 

This
Amendment No.4 (the “Amendment”) to our LOI Intent dated December 29, 2017, as amended on February 15, 2018 and April
3, 2018 hereby amends the LOI as follows:

 

1.         The
date on or before which we, mPhase Technologies, Inc. (the “Company”) will complete its outstanding reports with the
Securities and Exchange Commission (the “SEC”) shall be June 15, 2018

 

2.
        All other terms shall remain intact.

 

THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE TO FOLLOW

 

Please
indicate your acceptance of the terms outlined in this Amendment.

 

Please
indicate your acceptance of the terms outlined in this Amendment.

 

Sincerely,

 

	/s/
    Martin Smiley	 

Martin
Smiley

CFO
and General Counsel of mPhase Technologies, Inc.

on
behalf of the Sellers.

 

	 	 	ACCEPED AND AGREED TO
	 	 	 
	/s/ Ronald
    Durando 	 	/s/ Anshu
    Bhatnagar
	Ronald Durando 	 	Anshu Bhatnagar 
	President and CEO	 	Scepter Commodities LLC
	mPhase Technologies, Inc.Exhibit

FIRST AMENDMENT
TO THE
GLOWPOINT, INC.
2014 EQUITY INCENTIVE PLAN
May 31, 2018
This First Amendment (this “Amendment”) to the 2014 Equity Incentive Plan (the “Plan”) of Glowpoint, Inc., a Delaware corporation (the “Company”), was adopted by the Company’s Board of Directors (the “Board”) on April 12, 2018, and shall become effective upon approval by the Company’s shareholders on May 31, 2018 (the “Effective Date”).  All capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.
RECITALS
WHEREAS, the Board adopted the Plan on April 22, 2014, following which the Plan was approved by the shareholders of the Company at the Company’s 2014 Annual Meeting of Shareholders held on May 28, 2014; and
WHEREAS, the Company desires to amend the Plan as set forth herein.
NOW, THEREFORE, the Plan is hereby amended as follows, effective as of the Effective Date:
AGREEMENT
1)Amendments to Plan.

a)Section 4.1. Section 4.1 of the Plan is hereby amended and restated in its entirety as set forth below:

4.1 Shares Available. Subject to the provisions of Section 7.1, the capital stock available for issuance under this Plan may consist, in whole or in part, of shares of the Corporation’s authorized but unissued Common Stock, treasury shares constituting Common Stock or shares of Common Stock reacquired by the Corporation in any manner. For purposes of this Plan, “Common Stock” shall mean the common stock of the Corporation, par value $0.0001 per share, and such other securities or property as may become the subject of awards under this Plan pursuant to an adjustment made under Section 7.1.
b)Section 4.2.  Section 4.2 of the Plan is hereby amended and restated in its entirety as set forth below:

4.2 Share Limit. The maximum number of shares of Common Stock that may be delivered pursuant to awards granted to Eligible Persons under this Plan is 7,400,000 shares of Common Stock (the “Share Limit”).
The foregoing Share Limit is subject to adjustment as contemplated by Section 4.3, Section 7.1 and Section 8.10.
c)Section 5.2.7.  Section 5.2.7 of the Plan is hereby amended and restated in its entirety as set forth below:
5.2.7 Compensation Limitations. The maximum aggregate number of shares of Common Stock that may be issued to any Eligible Person during the term of this Plan pursuant to Qualifying Options and Qualifying SARs may not exceed 7,400,000 shares of Common Stock. The maximum aggregate number of shares of Common Stock that may be issued to any Eligible Person pursuant to Performance-Based Awards granted during the 162(m) Term (other than cash awards granted pursuant to Section 5.1.6 and Qualifying Options or Qualifying SARs) may not exceed 7,400,000 shares of Common Stock. The maximum amount that may be paid to any Eligible Person pursuant to Performance-Based Awards granted pursuant to Sections 5.1.6 (cash awards) during the 162(m) Term may not exceed $10,000,000. 
d)Section 8.5.  Section 8.5 of the Plan is hereby amended and restated in its entirety as set forth below:

8.5 Tax Withholding. Upon any exercise, vesting, or payment of any award, the Corporation or one of its Subsidiaries shall have the right at its option to:
(a) require the participant (or the participant’s personal representative or beneficiary, as the case may be) to pay or provide for payment of up to the maximum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such award event or payment; or

(b) deduct from any amount otherwise payable in cash to the participant (or the participant’s personal representative or beneficiary, as the case may be) an amount up to the maximum amount of any taxes which the Corporation or one of its Subsidiaries may be required to withhold with respect to such cash payment.
In any case where a tax is required to be withheld in connection with the delivery of shares of Common Stock under this Plan, the Administrator may in its sole discretion (subject to Section 8.1) grant (either at the time of the award or thereafter) to the participant the right to elect, pursuant to such rules and subject to such conditions as the Administrator may establish, to have the Corporation reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of shares, valued in a consistent manner at their Fair Market Value or at the sales price in accordance with authorized procedures for cashless exercises, necessary to satisfy up to the maximum applicable withholding obligation on exercise, vesting or payment. In no event shall the shares withheld exceed the maximum whole number of shares required for tax withholding under applicable law.
2)No Further Amendments; Effective Date.  This Amendment amends only the provisions of the Plan as set forth herein, and those provisions not expressly amended shall be considered in full force and effect. Notwithstanding the foregoing, this Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and the intent of this Amendment. This Amendment shall be effective as of the Effective Date.

3)Governing Law.  This Amendment shall be governed by the law as set forth in Section 8.8.1 of the Plan.

As adopted by the Board on April 12, 2018 and approved by the Company’s shareholders on May 31, 2018.Exhibit

Exhibit 10.1

VOTING AGREEMENT
VOTING AGREEMENT (“Agreement”), dated as of May 31, 2018, by and between Orrstown Financial Services, Inc., a Pennsylvania corporation (“Buyer”), and the undersigned holder (“Stockholder”) of common stock, no par value per share (“Common Stock”), of Mercersburg Financial Corporation, a Pennsylvania corporation (the “Company”).  
WHEREAS, concurrently with the execution of this Agreement, Buyer and the Company have entered into an Agreement and Plan of Merger (as such agreement may be subsequently amended or modified, the “Merger Agreement”), providing for the merger of the Company with and into Buyer (the “Merger”);   
WHEREAS, the Stockholder beneficially owns (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) and has sole voting power with respect to the number of shares of Common Stock indicated opposite the Stockholder’s name on Schedule 1 attached hereto (as used herein, the term “Shares” means all shares of Common Stock, whether such shares of Common Stock are held by the Stockholder on the date of this Agreement or are subsequently acquired prior to the Expiration Date (as defined in Section 2));
WHEREAS, it is a condition to the willingness of Buyer to enter into the Merger Agreement that the Stockholder execute and deliver this Agreement; and
WHEREAS, all capitalized terms used in this Agreement without definition herein shall have the meanings ascribed to them in the Merger Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Stockholder and Buyer agree as follows:
1.Agreement to Vote Shares.  The Stockholder agrees that, prior to the Expiration Date, at any meeting of the stockholders of the Company, or any adjournment or postponement thereof, or in connection with any written consent of the stockholders of the Company, with respect to the Merger Agreement or any of the transactions contemplated thereby (including the Merger) or any Acquisition Proposal, the Stockholder shall:
		
	(a)
	appear at such meeting or otherwise cause the Shares to be counted as present thereat for purposes of calculating a quorum; and

		
	(b)
	vote (or cause to be voted) by person or by proxy, or deliver a written consent (or cause a written consent to be delivered) with respect to all of the Shares that such Stockholder shall be entitled to so vote (i) in favor of adoption and approval of the Merger Agreement and the transactions contemplated thereby, including the Merger; (ii) against any action or agreement that would result in a breach in any material respect of any covenant, representation or warranty, or any other obligation or agreement of the Company contained in the Merger Agreement or of the Stockholder contained in this Agreement, or that would preclude fulfillment of a condition under the Merger Agreement to the Company’s and Buyer’s respective obligations to consummate the Merger; and (iii) against any Acquisition Proposal, or any agreement or transaction that is intended, or could reasonably be expected, 

to impede, interfere with, delay, postpone, discourage or adversely affect the consummation of the Merger or any of the transactions contemplated by the Merger Agreement.
Any such vote shall be cast or consent shall be given in accordance with such procedures relating thereto so as to ensure that it is duly counted for purposes of determining that a quorum is present and for purposes of recording the results of such vote or consent.
2.Expiration Date.  As used in this Agreement, the term “Expiration Date” shall mean the earliest to occur of (i) the Effective Time of the Merger, (ii) such date and time as the Merger Agreement shall be terminated pursuant to Article VIII thereof, or (iii) upon mutual written agreement of the parties hereto to terminate this Agreement.  Upon termination or expiration of this Agreement, no party shall have any further obligations or liabilities under this Agreement; provided, however, that such termination or expiration shall not relieve any party from liability for any willful breach of this Agreement prior to the termination or expiration hereof.
3.Subsequently Acquired Shares; Agreement to Retain Shares.  The Stockholder agrees that any shares of Common Stock which are acquired after the date of this Agreement (whether by purchases in the open market, privately or otherwise) shall be bound by and subject to the terms of this Agreement.  The Stockholder shall not, except as contemplated by this Agreement or the Merger Agreement, directly or indirectly, (a) sell, assign, transfer, or otherwise dispose of (including, without limitation, by the creation of a lien, claim, charge or other encumbrance or restriction of any kind whatsoever), any Shares, (b) enter into any contract, option, commitment or other arrangement or understanding with respect to the sale, transfer, assignment or other disposition of, any Shares, (c) deposit any Shares in a voting trust or enter into a voting agreement or similar agreement with respect to any Shares or grant any proxy or power of attorney with respect thereto other than in accordance with the terms and conditions of this Agreement, or (d) take any action that would make any representation or warranty of the Stockholder contained herein untrue or incorrect or have the effect of preventing or disabling the Stockholder from performing the Stockholder’s obligations under this Agreement.  Notwithstanding the foregoing, the Stockholder may make transfers of Shares (a) by will or by operation of law, in which case this Agreement shall bind the transferee, (b) in connection with estate and charitable planning purposes, including transfers to relatives, trusts and charitable organizations, subject to the transferee agreeing in writing to be bound by the terms of, and perform the obligations of the Stockholder under, this Agreement, and (c) as Buyer may otherwise agree in writing in its sole discretion.  Upon the effective transfer of shares pursuant to this Section 3, the transferred shares shall no longer be considered “Shares” for purposes of the Stockholder’s rights and obligations hereunder.
4.Representations and Warranties of Stockholder.  Except as disclosed on Schedule 1 hereto, the Stockholder hereby represents and warrants to Buyer as follows:
		
	(a)
	the Stockholder has the full power and authority to execute and deliver this Agreement and to perform the Stockholder’s obligations hereunder;

		
	(b)
	this Agreement has been duly executed and delivered by the Stockholder and (assuming this Agreement constitutes a valid and binding agreement of Buyer) is a valid and legally binding agreement with respect to the Stockholder, enforceable in accordance with its terms (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles); and

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	(c)
	the Stockholder beneficially owns the number of Shares indicated opposite such Stockholder’s name on Schedule 1, free and clear of any liens, claims, charges or other encumbrances or restrictions of any kind whatsoever, and has sole, and otherwise unrestricted, voting and investment power with respect to such Shares.

5. No Solicitation.  From and after the date hereof until the Expiration Date, the Stockholder, in his or her capacity as a Stockholder of the Company, shall not, nor shall such Stockholder authorize any partner, officer, director, advisor or representative of, such Stockholder or any of his or her affiliates, other than the Company in accordance with the terms of the Merger Agreement (and, to the extent applicable to the Stockholder, such Stockholder shall use reasonable best efforts to prevent any of his or her representatives or affiliates, other than the Company in accordance with the terms of the Merger Agreement), to (a) initiate, solicit, induce or knowingly encourage, or take any action to facilitate the making of, any inquiry, offer or proposal which constitutes, or could reasonably be expected to lead to, an Acquisition Proposal, (b) participate in any discussions or negotiations regarding any Acquisition Proposal, or furnish, or otherwise afford access, to any person (other than Buyer) any information or data with respect to the Company or any of its Subsidiaries or otherwise relating to an Acquisition Proposal, (c) enter into any agreement, agreement in principle or letter of intent with respect to an Acquisition Proposal, (d) solicit proxies or become a “participant” in a “solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) with respect to an Acquisition Proposal (other than the Merger Agreement) or otherwise encourage or assist any party in taking or planning any action that would compete with, restrain or otherwise serve to interfere with or inhibit the timely consummation of the Merger in accordance with the terms of the Merger Agreement, (e) initiate a stockholders’ vote or action by consent of the Company’s stockholders with respect to an Acquisition Proposal, or (f) except by reason of this Agreement, become a member of a “group” (as such term is used in Section 13(d) of the Exchange Act) with respect to any voting securities of the Company that takes any action in support of an Acquisition Proposal.
6.Specific Enforcement.  The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof or was otherwise breached.  It is accordingly agreed that the parties shall be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in any state or federal court located in the Commonwealth of Pennsylvania, in addition to any other remedy to which they may be entitled at law or in equity.  Any requirements for the securing or posting of any bond with respect to any such remedy are hereby waived.
7.No Waivers.  No waivers of any breach of this Agreement extended by Buyer to the Stockholder shall be construed as a waiver of any rights or remedies of Buyer with respect to any other stockholder of the Company who has executed an agreement substantially in the form of this Agreement with respect to shares beneficially owned by such stockholder or with respect to any subsequent breach of the Stockholder or any other such stockholder of the Company.  No waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.  
8.Capacity as Stockholder.  Notwithstanding anything herein to the contrary, the covenants and agreements set forth herein shall not have any effect on the ability of the Stockholder to exercise his or her duties as an officer and/or director of the Company, while acting in such capacity as an officer and/or director of the Company.  The Stockholder is executing this Agreement solely in his or her capacity as a Stockholder of the Company.

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9.Entire Agreement; Amendments.  This Agreement supersedes all prior agreements, written or oral, among the parties hereto with respect to the subject matter hereof and contains the entire agreement among the parties with respect to the subject matter hereof.  This Agreement may not be amended, supplemented or modified, and no provisions hereof may be modified or waived, except by an instrument in writing signed by each party hereto.
10.Severability.  If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.
11.Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together shall constitute one and the same instrument.  
12.Effect of Headings.  The section headings herein are for convenience only and shall not affect the construction or interpretation of this Agreement.
13.Public Disclosure.  The Stockholder shall not issue any press release or any public statement or other disclosure with respect to this Agreement, the Merger Agreement or the transactions contemplated by the Merger Agreement, including the Merger, without the prior consent of Buyer.  The Stockholder hereby permits Buyer to publish and disclose in any document and/or schedule filed by Buyer with the Securities and Exchange Commission and any other applicable Regulatory Authority such Stockholder’s identity and ownership of Shares and the nature of such Stockholder’s commitments and obligations pursuant to this Agreement.
14.Assignment.  This Agreement may not be assigned by any party hereto without the prior written consent of the other party hereto; provided, however, that, notwithstanding the foregoing, Buyer may assign its rights and obligations under this Agreement to any Subsidiary wholly owned by it.  All of the covenants and agreements contained in this Agreement shall be binding upon, and inure to the benefit of, the respective parties and their permitted successors, assigns, heirs, executors, administrators and other legal representatives, as the case may be.
15.Governing Law.  This Agreement shall be governed by interpreted in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the principles of conflicts of laws thereof.  The parties hereto hereby irrevocably and unconditionally consent to and submit to the jurisdiction of the courts of the Commonwealth of Pennsylvania and of the United States of America located in the Commonwealth of Pennsylvania (the “Pennsylvania Courts”) for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby, waive any objection to the laying of venue of any such litigation in the Pennsylvania Courts and agree not to plead or claim in any Pennsylvania Court that such litigation brought therein has been brought in any inconvenient forum.
16.Waiver of Jury Trial.  The parties hereto hereby waive any right to trial by jury with respect to any action or proceeding related to or arising out of this Agreement, any document executed in connection herewith and the matters contemplated hereby and thereby.

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17.No Agreement Until Executed.  Irrespective of negotiations among the parties or the exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until (a) the Board of Directors of the Company has approved, for purposes of any applicable anti-takeover laws and regulations, and any applicable provision of the Company’s Articles of Association, as amended, the transactions contemplated by the Merger Agreement and this Agreement, (b) the Merger Agreement is executed by all parties thereto, and (c) this Agreement is executed by all parties hereto.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

Orrstown Financial Services, Inc.

By:_____________________________________
Name:                
Title:

STOCKHOLDER  

By:_____________________________________
Name:    

[Signature Page to Voting Agreement]

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SCHEDULE 1
	
			
	Stockholder
	 
	Shares

	 
	 
	 

Schedule 1 to Voting Agreement

7

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