AMENDMENT TO COMMON STOCK WARRANT
Exhibit 10.1
This Amendment to Common Stock Warrant (the “Amendment”) is entered into as of this
____ day of January, 2011, and effective February 20, 2009, by and between Environmental Tectonics
Corporation, a Pennsylvania corporation (the “Company”), and X.X. Xxxxxxx
(“Holder”).
BACKGROUND
WHEREAS, on February 20, 2009, the Company issued to Holder a Common Stock Warrant to purchase
143,885 shares of the Company’s common stock, par value $0.05 per share, which warrant was amended
and restated in its entirety on April 23, 2009 (as so amended and restated, the “Warrant”);
and
WHEREAS, the Company and Holder each desire to amend the Warrant under the terms set forth
herein;
NOW, THEREFORE, in consideration of the covenants contained herein, and the payment from the
Company to the Holder of five hundred dollars ($500.00 ), the parties hereby amend the Warrant as
follows:
AMENDMENT
1. Amendment. Subsection (a) of Section 6 of the Warrant is the hereby
deleted in its entirety and replaced with the words “Intentionally Deleted.” Subsections
(b) through (k) of Section 6 of the Warrant are each hereby designated as subsections (a) through
(j), respectively. All references to subsections (b) through (k) of Section 6 of the Warrant are
hereby amended to correspond to the appropriate subsections of Section 6 of the Warrant as amended
hereby.
2. Warrant Remains In Effect. Except as expressly set forth herein, the Warrant shall
remain unmodified and in full force and effect.
3. Miscellaneous. This Amendment may be executed in any number of counterparts and by
each of the undersigned on separate counterparts, which counterparts when taken together shall
constitute one and the same instrument. The Warrant, as amended and modified by the provisions of
this Amendment, shall constitute and be construed as a single agreement. Headings contained in
this Amendment are for reference purposes only and shall not affect the interpretation of any
provisions contained herein.
[Signature Page Follows]
IN WITNESS WHEREOF, the undersigned has executed and delivered this Amendment as of the date
and year first set forth above.
| ENVIRONMENTAL TECTONICS CORPORATION | ||||||
| By: Name: |
/s/ Xxxxx X. Xxxxxx
|
|||||
| Title: | Chief Financial Officer | |||||
ACKNOWLEDGED AND AGREED: |
||
/s/ X.X. Xxxxxxx
|
