SEC Contract Filing

Filing Date: 2015-07-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101-amendmenttodebt.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<a name="sD7B6E2404A1C0746306045A385B49FD3"></a><div><div style="line-height:130%;padding-bottom:10px;text-align:right;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:130%;padding-bottom:10px;text-align:right;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><br><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AMENDMENT TO DEBT REPAYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Amendment to Debt Repayment Agreement (this &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Amendment</font><font style="font-family:inherit;font-size:11pt;">&#8221;) is dated this 26th day of June, 2015 by and among Quantum Fuel Systems Technologies Worldwide, Inc., a Delaware corporation, with its principal place of business at 25242 Arctic Ocean Drive, Lake Forest, California 92630 (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Quantum</font><font style="font-family:inherit;font-size:11pt;">&#8221;), Advanced Green Innovations, LLC (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">AGI</font><font style="font-family:inherit;font-size:11pt;">&#8221;), a Nevada limited liability company, and ZHRO Solutions, LLC (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">ZHRO</font><font style="font-family:inherit;font-size:11pt;">&#8221;), a Nevada limited liability company, with their principal place of business at 7030 West Oakland Street, Suite 103, Chandler, Arizona 85226. AGI and ZHRO are collectively referred to herein as the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">AGI Parties</font><font style="font-family:inherit;font-size:11pt;">.&#8221; Quantum, AGI and ZHRO are sometimes individually referred to herein a &#8220;Party&#8221; and collectively referred to as &#8220;Parties.&#8221;</font></div><div style="line-height:130%;padding-bottom:10px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RECITALS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A. &#160;&#160;&#160;&#160;The Parties previously entered into the Debt Repayment Agreement dated December 10, 2014 (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">B. &#160;&#160;&#160;&#160;The Agreement had a principal balance of $2,193,123.99 plus accrued interest at 5% per annum through December 31, 2014 and increasing to 18% per annum thereafter upon AGI&#8217;s default applicable as of January 1, 2015. AGI has subsequently made payments of $575,000 reducing the principal balance to $1,618,123.99. Unpaid interest accrued as of June&#160;26, 2015 is $127,724.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">C. &#160;&#160;&#160;&#160;The Parties desire to amend the Agreement and payment schedule of the debt evidenced thereby under the following terms and conditions:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AGREEMENTS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In consideration of the mutual covenants of the Parties and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:48px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:24px;">1.</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Definitions:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Defined terms not otherwise defined herein shall have the meaning set forth in the Agreement. The Parties agree to the following additional defined term:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;Proceeds Collected&#8221; means (i) any and all cash receipts generated for the benefit of, attributable to, or received by, the AGI Parties from distributor agreements; and (ii) any and all unrestricted cash receipts generated for the benefit of, attributable to, or received by the AGI Parties from any source, including: (a) capital proceeds raised via debt or equity instruments; (b) factoring of purcha