Notice of Put and Modification of Put Agreement Terms between Advanced Aerodynamics & Structures, Inc. and Investors

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Summary

Advanced Aerodynamics & Structures, Inc. notifies several investors of its exercise of a put right under a prior Put Agreement, specifying the purchase price for each investor. The agreement confirms that the securities to be issued will follow the terms of previous subscription agreements, with certain modifications, and will be unsecured. The document also adjusts how the aggregate and individual investor amounts are calculated and clarifies that future puts will be allocated according to the original agreement. The notice is effective as of January 30, 2002.

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EX-4.5 4 dex45.txt NOTICE OF PUT, OFFICER'S AND MODIFICATION EXHIBIT 4.5 NOTICE OF PUT, OFFICER'S CERTIFICATE AND MODIFICATION OF PUT AGREEMENT TERMS FOR THIS PUT Advanced Aerodynamics & Structures, Inc., a Delaware corporation (the "Company"), hereby provides notice (the "Put Notice") to the parties set forth in the schedule attached as Exhibit A ("Schedule") to this Put Notice (the "Investors") of the exercise of its Put right pursuant to the Put Agreement dated October 26, 2001 (the "Put Agreement") by and between the Company and the Investors. The amount of the put purchase price applicable to each Investor at the closing of the Put is also set forth in the Schedule. The undersigned, L. Peter Larson, Executive Vice President and Chief Financial Officer of the Company, hereby certifies: 1.1 The securities to be issued in conjunction with this Put Notice ("Put Securities") will be issued on substantially the same terms and conditions, including the indemnification provisions and the registration rights, of the Subscription Agreement by and between the Company and the Investors dated October 26, 2001 (the "October Subscription Agreement"), as modified and superceded by the Subscription Agreement by and between the Company and certain investors dated January __, 2002 (the "January Subscription Agreement"), other than the security interest described in those documents and except for Section 12 thereof. The Put Securities will be unsecured. Where the October Subscription Agreement and the January Subscription Agreement conflict, the January Subscription Agreement shall control. 1.2 The representations and warranties of the Company contained in the October Subscription Agreement, as modified and superceded by the January Subscription Agreement, are true and accurate as of the date of this Put Notice as if such representations and warranties had been made on the closing date of the Put ("Put Closing Date"). 1.3 The covenants and undertakings of the Company as set forth in the October Subscription Agreement, as modified and superceded by the January Subscription Agreement, are true and accurate as of the date of this Put Notice as if such representations and warranties had been made on the Put Closing Date. 1.4 The legal opinion requested by the Investors will be provided by facsimile delivery to Grushko & Mittman, P.C., the escrow agent, on the Put Closing Date and by overnight delivery to same for receipt by the next business day following the Put Closing Date. Based upon the agreement of the parties and as acknowledged by the execution of this Put Notice by the Company and the Investors, the Company and the Investors agree that: 2.1 Notwithstanding Section 5 of the Put Agreement, the $5,000,000 aggregate maximum amount of funds available pursuant to the Put Agreement will not be reduced in connection with the maximum $10,000,000 offering described in the October Subscription Agreement and January Subscription Agreement nor in connection with up to $5,000,000 of additional unsecured convertible notes to be issued pursuant to a subscription agreement dated on or about January 30, 2002, on substantially the same terms as described in the January Subscription Agreement. 2.2 Notwithstanding the proportionate share percentage listed for each Investor in Schedule A of the Put Agreement, the proportion of the put purchase price allocable to each Investor pursuant to this Put Notice will be as listed in the attached Schedule. Puts to be made in the future in connection with the remaining put amount of $3,671,000 (after reflecting this Notice of Put) shall be made to the Investors in the Proportionate Shares set forth on Schedule A to the Put Agreement. [Remainder of page intentionally left blank.] 2 Effective as of the 30th day of January, 2002. ADVANCED AERODYNAMICS & STRUCTURES, INC. By: ----------------------------------------- L.Peter Larson Executive Vice President and Chief Financial Officer - ------------------------------ ----------------------------------------- ALPHA CAPITAL AKTIENGESELLSCHAFT ESQUIRE TRADE & FINANCE - - "Investor" INC. - "Investor - ------------------------------ ----------------------------------------- AUSTINVEST ANSTALT BALZERS AMRO INTERNATIONAL, S.A. - - "Investor" - "Investor" - ------------------------------ ----------------------------------------- THE SHAAR FUND LTD. - "Investor" THE ENDEAVOUR CAPITAL INVESTMENT FUND, S.A. - "Investor" - ------------------------------ ----------------------------------------- STONESTREET LIMITED PARTNERSHIP KESHET L.P. - "Investor" - - "Investor" - ------------------------------ ----------------------------------------- THE KESHET FUND L.P. - "Investor" LAURUS MASTER FUND LTD. - "Investor" - ------------------------------ ----------------------------------------- NESHER LTD. - "Investor" TALBIYA B. INVESTMENTS LTD. - "Investor" SCHEDULE A TO PUT NOTICE ------------------------
- ------------------------------------------------------- -------------------------- --------------------- ------------------- INVESTOR AMOUNT OF PUT WARRANTS WARRANTS PURCHASE PURCHASE PRICE $.30 PRICE $.25 - ------------------------------------------------------- -------------------------- --------------------- ------------------- ALPHA CAPITAL AKTIENGESELLSCHAFT $325,000.00 325,000 325,000 Pradafant 7 9490 Furstentums Vaduz, Lichtenstein Fax: 011-42-32323196 - ------------------------------------------------------- -------------------------- --------------------- ------------------- ESQUIRE TRADE & FINANCE, INC. -0- -0- -0- Trident Chambers P.O. Box 146 Road Town, Tortola, B.V.I. Fax: 011 ###-###-#### - ------------------------------------------------------- -------------------------- --------------------- ------------------- AUSTINVEST ANSTALT BALZERS -0- -0- -0- Landstrasse ###-###-#### Furstentums Balzers, Liechtenstein Fax: 011-534-534100 - ------------------------------------------------------- -------------------------- --------------------- ------------------- AMRO INTERNATIONAL, S.A. $200,000.00 200,000 200,000 C/o Ultra Finanz Ltd. Grossmuensterplatz 6, P.O. Box 4401 Zurich, CH-8022, Switzerland Fax: 011 ###-###-#### - ------------------------------------------------------- -------------------------- --------------------- ------------------- THE SHAAR FUND LTD. $100,000.00 100,000 100,000 C/o Herrick Feinstein, LLP 2 Park Avenue New York, New York 10022 Fax: 212- - ------------------------------------------------------- -------------------------- --------------------- ------------------- THE ENDEAVOUR CAPITAL INVESTMENT FUND, S.A. $254,000.00 254,000 254,000 Cumberland House 27 Cumberland Street, Nassau New Providence, The Bahamas Fax: 1 ###-###-#### - ------------------------------------------------------- -------------------------- --------------------- ------------------- STONESTREET LIMITED PARTNERSHIP $450,000.00 450,000 450,000 C/o Canaccord Capital Corporation 320 Bay Street, Suite 1300 Toronto, ON M5H 4A6, Canada Fax: 416 ###-###-#### - ------------------------------------------------------- -------------------------- --------------------- ------------------- KESHET L.P. -0- -0- -0- Ragnall House, 18 Peel Road Douglas, Isle of Man 1M1 4L2, United Kingdom Fax: #-661594 - ------------------------------------------------------- -------------------------- --------------------- ------------------- THE KESHET FUND L.P. -0- -0- -0- 135 West 50th Street, Suite 1700 New York, New York 10020 Fax: 212 ###-###-#### - ------------------------------------------------------- -------------------------- --------------------- ------------------- LAURUS MASTER FUND LTD. -0- -0- -0- C/o Onshore Corporate Services Ltd. P.O. Box 1234 G.T. Queensgate House, South Church Street Grand Cayman, Cayman Islands Fax: 345 ###-###-#### - ------------------------------------------------------- -------------------------- --------------------- ------------------- NESHER LTD. -0- -0- -0- Ragnall House, 18 Peel Road Douglas, Isle of Man 1M1 4L2, United Kingdom Fax: #-661594 - ------------------------------------------------------- -------------------------- --------------------- ------------------- TALBIYA B. INVESTMENTS LTD. -0- -0- -0- Ragnall House, 18 Peel Road Douglas, Isle of Man 1M1 4L2, United Kingdom Fax: #-661594 - ------------------------------------------------------- -------------------------- --------------------- ------------------- TOTAL $1,329,000.00 1,329,000 1,329,000 - ------------------------------------------------------- -------------------------- --------------------- -------------------
SCHEDULE B TO PUT NOTICE ------------------------ PUT CLOSING -----------
- ------------------------------------------------------------------ ---------------------------- ------------------------- FINDER UNSECURED NOTE WARRANTS TO FINDER'S FEE PURCHASE COMMON SHARES - ------------------------------------------------------------------ ---------------------------- ------------------------- LUCRATIVE INVESTMENTS $54,240.00 154,971 Ajeltake Island P.O. Box 1405 Majuro Marshall Island, M.H. 96960 Fax: 011-35041555 - ------------------------------------------------------------------ ---------------------------- ------------------------- SAM ROTHMAN -0- -0- 14 Valencia Drive Monsey, New York 10952 Fax: - ------------------------------------------------------------------ ---------------------------- ------------------------- LIBRA FINANCE, S.A. $38,000.00 108,571 P.O. Box 4603 Zurich, Switzerland Fax: 011 ###-###-#### - ------------------------------------------------------------------ ---------------------------- ------------------------- AMRO INTERNATIONAL, S.A. $8,000.00 22,858 C/o Ultra Finanz Ltd. Grossmuensterplatz 6, P.O. Box 4401 Zurich, CH-8022, Switzerland Fax: 011 ###-###-#### - ------------------------------------------------------------------ ---------------------------- ------------------------- THE ENDEAVOUR CAPITAL INVESTMENT FUND, S.A. $10,160.00 29,028 Cumberland House 27 Cumberland Street, Nassau New Providence, The Bahamas Fax: 1 ###-###-#### - ------------------------------------------------------------------ ---------------------------- ------------------------- STONESTREET LIMITED PARTNERSHIP $22,500.00 64,286 C/o Canaccord Capital Corporation 320 Bay Street, Suite 1300 Toronto, ON M5H 4A6, Canada Fax: 416 ###-###-#### - ------------------------------------------------------------------ ---------------------------- ------------------------- TOTAL $132,900.00 379,714 - ------------------------------------------------------------------ ---------------------------- -------------------------