Amended Lease Schedule No. 001R between Winthrop Resources Corporation and Ultralife Batteries, Inc.

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Summary

This amended lease schedule is an agreement between Winthrop Resources Corporation (Lessor) and Ultralife Batteries, Inc. (Lessee) for the lease of various manufacturing equipment. The lease term is 60 months, with quarterly payments of $225,639.00. Ultralife must provide a security deposit and a satisfactory letter of credit as conditions for the lease. The agreement outlines the equipment to be leased and specifies that the security deposit will be applied to the final lease payment if there is no default. The lease is effective upon execution by both parties and delivery of required documents.

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EX-10.1 3 e13019ex10_1.txt AMENDED LEASE SCHEDULE Exhibit 10.1 AMENDED LEASE SCHEDULE LEASE SCHEDULE NO. 001R (This Lease Schedule No. 001R replaces Lease Schedule No. 001) This Lease Schedule is issued pursuant to the Lease Agreement Number UL022101 dated February 21, 2001. The terms of the Lease Agreement and serial numbers contained on Certificates of Acceptance are a part hereof and are incorporated by reference herein. LESSOR LESSEE Winthrop Resources Corporation Ultralife Batteries, Inc. 11100 Wayzata Boulevard 2000 Technology Parkway Suite 800 Newark, NY 14513 Minnetonka, MN 55305 SUPPLIER OF EQUIPMENT LOCATION OF INSTALLATION Various Same As Above Term of Lease from Commencement Date: 60 Months (20 quarters) Quarterly Lease Charge: $75,213.00, due quarterly as $225,639.00 Anticipated Delivery and Installation: February 2001 - March 2002 Security Deposit: Upon Lessee's execution of this Lease Schedule, Lessee shall deliver a security deposit in the amount of $225,639.00. If there is no event of default, this security deposit will be applied toward the total Lease Charges associated with the last quarter of this Lease Schedule. EQUIPMENT --------- MANUFACTURER QTY MACHINE/MODEL EQUIPMENT DESCRIPTION (including features - ------------ --- ------------- ----------------------------------------- SEE ATTACHMENT A Upon execution of this Lease Schedule, Lessee shall deliver a non-refundable sum of money equal to the Security Deposit, which shall become the Security Deposit after Lessor's receipt of a letter of credit satisfactory in all respects to Winthrop Resources Corporation. If a letter of credit is not delivered by Lessee, Lessor shall be entitled to retain any and all monies paid it by Lessee. Lease Agreement Number UL022101 and this Lease Schedule 001R are subject to Winthrop Resources Corporation receiving a letter of credit that is satisfactory in all respects to Wintrhop Resources Corporation, including, but not limited to, the terms and conditions contained therein and the bank drawn thereon. Obtaining this letter of credit is a condition precedent to Winthrop Resources Corporations's obligations under Lease Agreement UL022101 and Lease Schedule Number 001R. The Monthly Lease Charge will be prorated and charged as interim rent between the date an item of equipment is accepted and the Commencement Date. Agreed to and Accepted: Agreed to and Accepted: WINTHROP RESOURCES CORPORATION ULTRALIFE BATTERIES, INC. "LESSOR" "LESSEE" By: s/o Richard J. Pieper By: s/o Molly Henderson Print Print Name: Richard J. Pieper Name: Molly Henderson Title: Sr. Vice President Title: Corporate Controller Date: September 26, 2001 Date: August 15, 2001 Lease Agreement Number: UL022101 Lease Schedule Number: 001R
ATTACHMENT A ------------ MANUFACTURER QTY MACHINE/MODEL EQUIPMENT DESCRIPTION (including features) - ------------ --- ------------- ------------------------------------------ Innovative Machine Corp. Coating Line Equipment Various Cathode Manufacturing Cell Various Anode Manufacturing Cell Various Other Related Equipment LET 1 Laminator Bi-cell Asselmby Lamination Machine and Packaging Machine LET 1 Tab Welder LET Tab Welder LET 1 Benchtop Benchtop Form Station Which Includes ATP, 303480, 103 X103 Products LET 1 PCB Welding System DDS 1 Accumulator System for Custom Automation Equipment Intelligent 1 Automation Trim and Fold Machine Automation Intelligent 1 Automation Trim and Fold Machine Final Payment Automation Intelligent 1 Automation Trim and Fold Machine ECN Automation Intelligent 1 Automation Trim and Fold Machine 10% due with Ultralife Automation Acceptance
Agreed to and Accepted: Agreed to and Accepted: WINTHROP RESOURCES CORPORATION ULTRALIFE BATTERIES, INC. "LESSOR" "LESSEE" By: s/o Richard J. Pieper By: s/o Molly Henderson Print Print Name: Richard J. Pieper Name: Molly Henderson Title: Sr. Vice President Title: Corporate Controller Date: September 26, 2001 Date: August 15, 2001