CONSENT TO MODIFICATIONS
CONSENT TO MODIFICATIONS
This Consent to Modifications, dated September 16, 2009, is given and agreed to by the “Purchasers” under the Fifth Amended and Restated Note and Warrant Purchase Agreement by and among the Purchasers, Integral Vision, Inc., a Michigan corporation (the "Company"), and X. X. Xxxxxx Law Offices, P.C., as Agent.
Factual Statements
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A.
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The undersigned is a Purchaser under the Fifth Amended and Restated Note and Warrant Purchase Agreement (as modified December 15, 2008, January 28, 2009, June 10, 2009, and June 23, 2009), dated effective as of the date of execution by such Purchaser, for the purchase of the Notes and Warrants of the Company (the “Purchase Agreement”).
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B.
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The Company needs to raise additional funds to keep operating. Prospective investors have requested terms for their potential investments that require certain portions of the Purchase Agreement be modified. The parties to this Purchase Agreement wish to modify certain portions of the Fifth Amended and Restated Note and Warrant Purchase Agreement to accommodate said prospective investors, which shall be accomplished by attaching said changes to the Purchase Agreement in the form of an addendum to the Purchase Agreement.
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Agreement
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1.
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Modifications. The undersigned agree to the modifications to the Purchase Agreement as follows:
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Section 1. b.: In the portion of said section stating, “As used herein, “Note” or "Notes" means either “Class 2 Notes” or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $8,000,000” shall be modified to read, “As used herein, “Note” or "Notes" means either “Class 2 Notes” or “Class 3 Notes” in a total aggregate amount outstanding at any time not to exceed $10,000,000.”
Section 8.10.: Limitations of future Common Stock issuances. The following shall replace the current section in its entirety:
September 16, 2009 — Integral Vision, Inc. — Consent to Modifications
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Issue any security which commits it to issue or potentially to issue Common Stock in excess of the limit of authorized shares outstanding at the time of the issuance of any such security excepting securities which are Notes or Warrants.
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2.
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Voluntary and Informed Execution. THE PARTIES ACKNOWLEDGE THAT THEY HAVE HAD AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL WITH RESPECT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND THAT THE MODIFICATIONS SET FORTH HEREIN WERE KNOWINGLY AND VOLUNTARILY MADE.
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3.
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Effective Date. This agreement shall be effective on the date that the majority of the holders of the Notes and Shares currently outstanding under said Purchase Agreement, the Company (as authorized by its Board of Directors), and the Agent have signed this Consent to Modification.
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Signed:
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Integral Vision, Inc.
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/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
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Chairman
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X.X. Xxxxxx Law Offices, P.C.
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/s/ X. Xxxxxxx Xxxxxx
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X. Xxxxxxx Xxxxxx
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September 16, 2009 — Integral Vision, Inc. — Consent to Modifications
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Signed:
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Xxxx Xxxxxx Xxxxxxxx
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Industrial Boxboard Company
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Custodian for Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx, its General Partner
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XXX Xxxxxxxx dtd 3-30-2000
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0000 Xxxxx Xxxxx
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MSDW Account #112-014301
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Hayward, CA 94545
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000 Xxxxxx Xxxxxx, Xxxxx 000
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Palo Alto, CA 94301
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X.X. Xxxxxx and X.X. Xxxxxx, Trustees
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Industrial Boxboard Corporation
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Profit Sharing Plan and Trust
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by /s/ X.X. Xxxxxx |
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(July 1, 1989 Restatement and
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X.X. Xxxxxx, in his capacities as
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subsequent restatements)
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Beneficial Owner of the IRA
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0000 Xxxxx Xxxxx
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Trustee of the Profit Sharing Plan,
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Hayward, CA 94545
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and General Partner of the Industrial
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Boxboard Company
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Signed:
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Xxxx X. Xxxxx, III
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Xxxx X. Xxxxx, III Trust dated May 22, 2007,
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Xxxx X. Xxxxx, III, Trustee
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Xxxx X. & Xxxxxxxx Xxx Xxxxx Revocable Trust,
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Xxxx X. Xxxxx, III, Trustee
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/s/ Xxxx X. Xxxxx, III
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Xxxx X. Xxxxx, III
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In his respective capacities
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September 16, 2009 — Integral Vision, Inc. — Consent to Modifications
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Signed:
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Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, Beneficiary (for his directed IRA account)
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TD Ameritrade, Inc., Custodian for Xxxxxxx X. Xxxxx XXX, Account # 370-91506
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/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
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(Personally and as Beneficiary for his IRA)
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September 16, 2009 — Integral Vision, Inc. — Consent to Modifications
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