Amendment No. 3 to Debt Conversion Agreement between Vuzix Corporation and Kopin Corporation

Contract Categories: Business Finance › Modification Agreements
Summary

This amendment updates the original Debt Conversion Agreement between Vuzix Corporation and Kopin Corporation. It extends the deadline for the debt conversion to August 31, 2013, and removes all provisions related to approval by the TSX Venture Exchange. All other terms of the original agreement remain unchanged. The amendment is effective immediately upon signing by both parties.

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EX-10.72 2 v351217_ex10-72.htm EXHIBIT 10.72

 

Amendment #3 To

 

DEBT CONVERSION AGREEMENT

 

This Agreement (the “Amendment Agreement”) is an amendment to the Debt Conversion Agreement dated the 25th day of March, 2013 (“Conversion Agreement”), by and between KOPIN CORPORATION ("Holder"), and VUZIX CORPORATION, a Delaware corporation ("Company").

 

In consideration of the mutual covenants and agreements contained herein and in the Debt Conversion Agreement, the parties agree to amend the Conversion Agreement effective immediately as follows:

 

 

1.Paragraph 6 (a) of the Conversion Agreement currently provides that:

 

6 (a) At the option of any party in the event that the Debt Conversion has not occurred by June 30, 2013 and such delay was not as a result of any breach of this Agreement by the terminating party;

 

The Conversion Agreement Paragraph 6 (a) is hereby amended to state:

 

6 (a) At the option of any party in the event that the Debt Conversion has not occurred by August 31 June 30, 2013 and such delay was not as a result of any breach of this Agreement by the terminating party;

 

2.All other provisions and terms making reference to or subject to the approval of the TSX Venture Exchange (“TSXV”) shall be deleted and removed from the Conversion Agreement and any amendments there to.

 

3.All other provisions and terms of the Conversion/Exchange Agreement and any amendments thereto shall remain the in effect in accordance with their original terms.

 

EXECUTED on this 29th day of July 2013.

 

  Company:   Vuzix Corporation   Holder: Kopin Corporation
             
    By: /s/ Paul Travers   By: /s/ Richard Sneider
    Name:   Paul Travers   Name:   Richard Sneider
    Title: President & CEO   Title: CFO