THIRD AMENDMENT TO THE OPERATING AGREEMENT OF RIGGS CAPITAL PARTNERS II, LLC a Delaware Limited Liability Company

EX-10.2 3 w96805exv10w2.htm EXHIBIT 10.2 exv10w2
 

Exhibit 10.2

THIRD AMENDMENT TO
THE OPERATING AGREEMENT OF
RIGGS CAPITAL PARTNERS II, LLC

a Delaware Limited Liability Company

     THIS THIRD AMENDMENT is entered into as of January 1, 2004 (the “First Amendment”), by and between RIGGS NATIONAL CORPORATION (the “Managing Member” and a “Member”), RCP INVESTMENTS II, LLC (a “Member”) and RCP VENTURES MANAGEMENT INC. (“Investment Advisor”) amending the Operating Agreement of RIGGS CAPITAL PARTNERS II, LLC, a Delaware limited liability company (the “Company”), dated as of the 1st day of October, 2000, as amended by that First Amendment to the Operating Agreement of Riggs Capital Partners II, LLC dated as of January 1, 2002 (“First Amendment”), as amended by that Second Amendment to the Operating Agreement of Riggs Capital Partners II, LLC dated as of January 1, 2003 (“Second Amendment”), and as joined by RCP Ventures Management Inc. by Joinder to the Operating Agreement of Riggs Capital Partners II, LLC. The Original Agreement, the First Amendment and Joinder are collectively referred to herein as the “Operating Agreement.”

WITNESSTH

     WHEREAS, the sole Members of the Company are Riggs National Corporation and RCP Investments II, LLC;

     WHEREAS, the Members and RCP Ventures Management Inc. wish to amend Section 5.9 of the Original Agreement to state that the compensation to be paid to the Investment Advisor will be equal to $115,000 for the calendar year of 2004, or 0.38333% of $30,000,000, and will be equal to zero for the calendar year 2005;

     NOW, THEREFORE, in consideration of the premises and mutual promises hereinafter set forth, the parties hereto de hereby amend the Original Agreement as follows:

  1.   Section 5.9 of the Original Agreement is hereby amended such that the Investment Advisor shall hereafter be entitled to a management fee equal to 0.38333% of $30,000,000 or One Hundred Fifteen Thousand Dollars ($115,000) per annum for the calendar year 2004 and zero for the calendar year 2005.
 
  2.   Except as specifically provided herein, the Original Agreement and the First and Second Amendments shall remain in full force and effect. This Amendment may be executed in any number of counterparts, all of which shall constitute a single instrument. This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and assigns.

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THIRD AMENDMENT TO
THE OPERATING AGREEMENT OF
RIGGS CAPITAL PARTNERS II, LLC

     IN WITNESS WHEREOF, the undersigned have set their hands as of the day and year first above written.

     
Managing Member:   Member:
RIGGS NATIONAL CORPORATION   RCP INVESTMENTS II, LLC
     
By:/s/ Timothy C. Coughlin
       Timothy C. Coughlin, President
  By: /s/ J. Carter Beese, Jr.
       J. Carter Beese, Jr., its General Partner
     
    Investment Advisor:
    RCP VENTURES MANAGEMENT INC.
     
    By: /s/ J. Carter Beese, Jr.
       J. Carter Beese, Jr., Chairman and CEO
     
     
     

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