SEPARATION AGREEMENT AND GENERAL RELEASE ---------------------------------------- THIS SEPARATION AGREEMENT AND GENERAL RELEASE (hereinafter "AGREEMENT") is made and entered into by and between Dario Emanuel DaPra ("DaPra") and SpaceDev, Inc....Separation Agreement and General • April 6th, 2004 • Spacedev Inc • Guided missiles & space vehicles & parts • California
Re: Waiver Letter -------------- Dear Mr. Slansky:Spacedev Inc • April 6th, 2004 • Guided missiles & space vehicles & parts
Reference is hereby made to that certain Security Agreement dated June 3, 2003 by and between SpaceDev, Inc. (the "Company") and Laurus Master Fund, Ltd. ("Laurus") (the "Security Agreement"). Capitalized terms used but not defined herein shall have the meanings ascribed them in the Security Agreement and that certain waiver letter dated June 3, 2003 between the Company and Laurus (the "June Waiver"). Laurus is hereby notifying you of its decision to exercise the discretion granted to it pursuant to Section 2 (ii) of the Security Agreement to make a Revolving Credit Advance to the Company in the amount of $779,850 on the date hereof (the "Advance"), which such amount would otherwise exceed eighty five percent (85%) of the Company's Eligible Accounts on the date hereof.
AMENDMENT NO. 1 TO NOTE March 31, 2004 Reference is made to that certain Secured Convertible Note dated June 3, 2003 (as amended, modified or supplemented from time to time, the "Borrowing Note"), made by SpaceDev, Inc., a Colorado corporation (the...Spacedev Inc • April 6th, 2004 • Guided missiles & space vehicles & parts
