REVOLVING LINE OF TRADE CREDIT AGREEMENT
Amendment
To
This
Agreement (the “Amendment Agreement”) is an amendment to the Revolving Line of
Trade Credit Agreement dated the 21th day of
May, 2010 (“Credit Agreement”), by and between KOPIN CORPORATION ("Lender"), and
VUZIX CORPORATION, a Delaware corporation ("Borrower").
In
consideration of the mutual covenants and agreements contained herein and in the
Credit Agreement, the parties agree to amend the Credit Agreement effective
immediately as follows:
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1.
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The
amount of Advances that Lender is obligated to make to Borrower is limited
in Paragraph 1 of the Credit Agreement to a total Credit Limit of Two
Hundred Fifty Thousand Dollars ($250,000.00). The Credit
Agreement is hereby amended, effective immediately, so as to increase the
Credit Limit to Five Hundred Thousand Dollars
($500,000.00).
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2.
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As
additional compensation to the bonus warrants originally issued in
Paragraph 5 of the Credit Agreement, Borrower shall issue to Lender, a
further bonus of 555,555 non-transferable warrants (“Further Warrants”) in
consideration of the risks taken by the Lender in extending and increasing
this revolving credit line. Each Further Warrant shall be exercisable to
acquire one share of common stock of Vuzix Corporation (each, a “Share”
and collectively, the “Shares”) at a price of Cdn $0.12 per share on the
same terms and conditions as originally laid out in Paragraph 5 of the
Credit Agreement. The Further Warrants are exercisable until the earlier
of the expiration of the line of credit and repayment of all advances made
thereunder or May 21, 2015 and subject to standard TSXV approvals, hold
periods and US SEC Rule 144 restrictions. Borrower shall have no
obligation to ensure that Rule 144 is available to Lender at any
time.
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3.
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All
other provisions and terms of the Credit Line Agreement shall remain the
in effect in accordance with their original
terms.
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EXECUTED
on this 8th day of October 2010.
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Borrower: Vuzix
Corporation
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Lender:
Kopin Corporation
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By: /s/ Xxxx
Xxxxxxx
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By: /s/ Xxxxxxx Xxxxxxx
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Name: Xxxx
Xxxxxxx
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Name: Xxxxxxx
Xxxxxxx
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Title: President
& CEO
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Title:
CFO
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