-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DEvlLDbyz8s8fIzpixi1EiENIgy/61TY+ojmlgS43zUCTHOYuMrvbA+QxVqFgYe1 3P66uVnTkxiUaXvyeJF1lw== 0001144204-10-049040.txt : 20100913 0001144204-10-049040.hdr.sgml : 20100913 20100913153044 ACCESSION NUMBER: 0001144204-10-049040 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20100913 DATE AS OF CHANGE: 20100913 GROUP MEMBERS: AEQUITAS CAPITAL MANAGEMENT, INC. 93-1125780 GROUP MEMBERS: AEQUITAS COMMERCIAL FINANCE, LLC 02-0675916 GROUP MEMBERS: AEQUITAS HOLDINGS, LLC 93-0891635 GROUP MEMBERS: CHRISTENSON LEASING COMPANY, LLC 93-1292622 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EnergyConnect Group Inc CENTRAL INDEX KEY: 0000944947 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL WORK [1731] IRS NUMBER: 930935149 STATE OF INCORPORATION: OR FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49773 FILM NUMBER: 101069123 BUSINESS ADDRESS: STREET 1: 5335 SW MEADOWS ROAD STREET 2: SUITE 325 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 8664887642 MAIL ADDRESS: STREET 1: 5335 SW MEADOWS ROAD STREET 2: SUITE 325 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 FORMER COMPANY: FORMER CONFORMED NAME: MICROFIELD GROUP INC DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: MICROFIELD GRAPHICS INC /OR DATE OF NAME CHANGE: 19950504 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Aequitas Management LLC CENTRAL INDEX KEY: 0001455890 IRS NUMBER: 412224801 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 5300 MEADOWS ROAD STREET 2: SUITE 400 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: (503) 419-3500 MAIL ADDRESS: STREET 1: 5300 MEADOWS ROAD STREET 2: SUITE 400 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 SC 13D/A 1 v196477_sc13da.htm Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
 
EnergyConnect Group, Inc.
(Name of Issuer)
 
Common Stock
 (Title of Class of Securities)
 
292748100
(Cusip Number)
 
Andrew S. Craig, 5300 Meadows Road, Suite 400, Lake Oswego, Oregon 97503
(503) 419-3500
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
 
September 8, 2010
(Date of Event Which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
 
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See §240.13d-7 for other parties to whom copies are to be sent.
 
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 

CUSIP No. 292748100
 
1.
 Name of Reporting Person: I.R.S. Identification Nos. of above persons (entities only):
  Aequitas Management, LLC  41-2224801
     
2.
 Check the Appropriate Box if a Member of a Group (See Instructions):
     
 
(a)      o
  
         
 
(b)      o
  
         
3.
 SEC Use Only:
     
4.
 Source of Funds (See Instructions):
  AF
     
5.
 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): ¨
     
6.
 Citizenship or Place of Organization:
  Oregon
     
   
7.
Sole Voting Power:
0
         
Number of
8.
Shared Voting Power:
40,739,338
Shares
      
Beneficially
9.
Sole Dispositive Power:
0
Owned by
      
Each
      
Reporting
10.
Shared Dispositive Power:
40,739, 338
Person With
      
     
11.
 Aggregate Amount Beneficially Owned by Each Reporting Person:  40,739, 338
     
12.
 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): ¨
     
13.
 Percent of Class Represented by Amount in Row (11):  30.5%
     
14.
 Type of Reporting Person (See Instructions):
  OO

 
2
 

CUSIP No. 292748100
 
1.
 Name of Reporting Person: I.R.S. Identification Nos. of above persons (entities only):
  Aequitas Holdings, LLC 01-0891635
     
2.
 Check the Appropriate Box if a Member of a Group (See Instructions):
     
 
(a)      o
  
         
 
(b)      o
  
         
3.
 SEC Use Only:
     
4.
 Source of Funds (See Instructions):
  AF
     
5.
 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): ¨
     
6.
 Citizenship or Place of Organization:
  Oregon
     
   
7.
Sole Voting Power:
0
         
Number of
8.
Shared Voting Power:
40,739, 338
Shares
      
Beneficially
9.
Sole Dispositive Power:
0
Owned by
      
Each
      
Reporting
10.
Shared Dispositive Power:
40,739, 338
Person With
      
     
11.
 Aggregate Amount Beneficially Owned by Each Reporting Person:  40,739, 338
     
12.
 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): ¨
     
13.
 Percent of Class Represented by Amount in Row (11):  30.5%
     
14.
 Type of Reporting Person (See Instructions):
  OO

 
3
 

CUSIP No. 292748100
 
1.
 Name of Reporting Person: I.R.S. Identification Nos. of above persons (entities only):
  Aequitas Capital Management, Inc. 93-1125780
     
2.
 Check the Appropriate Box if a Member of a Group (See Instructions):
     
 
(a)      o
  
         
 
(b)      o
  
         
3.
 SEC Use Only:
     
4.
 Source of Funds (See Instructions):
  WC, AF
     
5.
 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): ¨
     
6.
 Citizenship or Place of Organization:
  Oregon
     
   
7.
Sole Voting Power:
0
         
Number of
8.
Shared Voting Power:
40,739, 338
Shares
      
Beneficially
9.
Sole Dispositive Power:
0
Owned by
      
Each
      
Reporting
10.
Shared Dispositive Power:
40,739, 338
Person With
      
     
11.
 Aggregate Amount Beneficially Owned by Each Reporting Person:  40,739, 338
     
12.
 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): ¨
     
13.
 Percent of Class Represented by Amount in Row (11):  30.5%
     
14.
 Type of Reporting Person (See Instructions):
  CO
 
 
4
 

CUSIP No. 292748100
 
1.
 Name of Reporting Person: I.R.S. Identification Nos. of above persons (entities only):
  Aequitas Commercial Finance, LLC 02-0675916
     
2.
 Check the Appropriate Box if a Member of a Group (See Instructions):
     
 
(a)      o
  
         
 
(b)      o
  
         
3.
 SEC Use Only:
     
4.
 Source of Funds (See Instructions):
  WC, AF
     
5.
 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): ¨
     
6.
 Citizenship or Place of Organization:
  Oregon
     
   
7.
Sole Voting Power:
0
         
Number of
8.
Shared Voting Power:
39,818,625
Shares
      
Beneficially
9.
Sole Dispositive Power:
0
Owned by
      
Each
      
Reporting
10.
Shared Dispositive Power:
39,818, 625
Person With
      
     
11.
 Aggregate Amount Beneficially Owned by Each Reporting Person:  39,818, 625
     
12.
 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): ¨
     
13.
 Percent of Class Represented by Amount in Row (11):  29.9%
     
14.
 Type of Reporting Person (See Instructions):
  OO

 
5
 

CUSIP No. 292748100
 
1.
 Name of Reporting Person: I.R.S. Identification Nos. of above persons (entities only):
  Christenson Leasing Company, LLC 93-1292622
     
2.
 Check the Appropriate Box if a Member of a Group (See Instructions):
     
 
(a)      o
  
         
 
(b)      o
  
         
3.
 SEC Use Only:
     
4.
 Source of Funds (See Instructions):
  WC, AF
     
5.
 Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): ¨
     
6.
 Citizenship or Place of Organization:
  Oregon
     
   
7.
Sole Voting Power:
0
         
Number of
8.
Shared Voting Power:
400,000
Shares
      
Beneficially
9.
Sole Dispositive Power:
0
Owned by
      
Each
      
Reporting
10.
Shared Dispositive Power:
400,000
Person With
      
     
11.
 Aggregate Amount Beneficially Owned by Each Reporting Person:  400,000
     
12.
 Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): ¨
     
13.
 Percent of Class Represented by Amount in Row (11):  0.4%
     
14.
 Type of Reporting Person (See Instructions):
  OO
 
 
6
 

Explanatory Note:  This Amendment No. 3 (this "Amendment") is being filed to amend certain information provided in the Schedule 13D/A (Amendment No. 2) (the "Prior Filing") filed by the Reporting Persons on September 2, 2009.   Each capitalized term that is used but not defined in this Amendment has the meaning given to that term in the Prior Filing.
 
Item 2.
Identity and Background
 
Item 2 of the Prior Filing is amended and restated in its entirety to read as follows:

This Amendment is filed jointly by each of the persons listed below pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act").

The persons listed below are collectively referred to as the "Reporting Persons."  The Reporting Persons have entered into a Joint Filing Agreement, dated the date hereof, a copy of which is filed with this Amendment as Exhibit 99.1, which is incorporated by reference, pursuant to which the Reporting Persons have agreed to file this Amendment jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.  Information with respect to each Reporting Person is given solely by such Reporting Person, and no Reporting Person assumes responsibility for the accuracy or completeness of the information furnished by another Reporting Person.  The Reporting Persons expressly disclaim that they have agreed to act as a group.

The following are Reporting Persons:

 
1.
Aequitas Management, LLC
 
 
(a)
Name and State of Organization:  Aequitas Management, LLC, an Oregon limited liability company ("AML")
 
 
(b)
Present Principal Business:  Holding company
 
 
2.
Aequitas Holdings, LLC
 
 
(a)
Name and State of Organization:  Aequitas Holdings, LLC, an Oregon limited liability company ("Holdings")
 
 
(b)
Present Principal Business:  Holding company
 
 
3.
Aequitas Capital Management, Inc.
 
 
(a)
Name and State of Incorporation:  Aequitas Capital Management, Inc., an Oregon corporation ("ACM")
 
 
(b)
Present Principal Business:  Business consulting and investment banking and advisory services
 
 
4.
Aequitas Commercial Finance, LLC
 
 
(a)
Name and State of Incorporation:  Aequitas Commercial Finance, LLC, an Oregon limited liability company ("ACF")

 
7
 

 
(b)
Present Principal Business:  Specialty finance company
 
5.      Christenson Leasing Company, LLC
 
 
(a)
Name and State or Organization:  Christenson Leasing Company, LLC, an Oregon limited liability company ("CLC")
 
 
(b)
Present Principal Business:  Holding company
 
The address of the principal office of each of the Reporting Persons is 5300 Meadows Road, Suite 400, Lake Oswego, Oregon 97035.

AML is the manager of Holdings, which is the sole shareholder of ACM.   ACM is the manager of both ACF and CLC.  ACF is the sole member of CLC.  All investment and voting decisions with respect to the Shares of the Company owned by the Reporting Persons are directly made by the Public Securities Investment Committee of ACM.

The name, citizenship and present principal occupation or employment for each director and executive officer of each Reporting Person are set forth on attached Schedule A.  The business address of each person listed on attached Schedule A is 5300 Meadows Road, Suite 400, Lake Oswego, Oregon 97035

During the last five years, none of the Reporting Persons and, to the best knowledge of the Reporting Persons, none of the persons listed on Schedule A have been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violations with respect to such laws.

Item 3.           Source and Amount of Funds or Other Consideration

Item 3 of the Prior Filing is hereby supplemented with the following paragraphs:

Effective December 23, 2009, the Company executed a First Amendment to Business Loan Agreement and Convertible Secured Promissory Note (the "Note Amendment") amending the Note and its related Business Loan Agreement, both dated February 26, 2009.  Among other things, the Note Amendment:  (a) reduced the rate of interest on the Note to 25% per annum, (b) extended the maturity date of the Note to February 24, 2012, and (c) made the entire outstanding principal amount of, and all accrued but unpaid interest due under, the Note convertible into common shares of the Company.  The Note and Note Amendment are attached to this Amendment as exhibits (Exhibit 99.10 and 99.11, respectively).

Effective December 31, 2009, JMW sold all of its common shares of the Company to ACF.  A form of stock power evidencing this transfer is attached to this Amendment as an exhibit (Exhibit 99.12).

 
8
 

On July 5, 2010, warrants to purchase an aggregate of 126,138 common shares of the Company that were held by JMW expired unexercised.

Item 4.
Purpose of the transaction
 
Item 4 of the Prior Filing is hereby amended and restated in its entirety to read as follows:
 
On September 8, 2010, ACF converted all but a nominal amount of the outstanding principal amount of, and accrued but unpaid interest due under, the Note into Shares of the Company.  The aggregate outstanding principal amount and accrued but unpaid interest due under the Note as of September 8, 2010 was approximately $3,307,279.26.  The conversion rate was $0.0906 per share.  As a result of the conversion, the Company will issue to ACF approximately 36,504,180 Shares (the "Conversion Shares").  The Conversion Shares represent approximately 27.5% of the Company's outstanding Shares, based on 96,458,028 Shares outstanding as of August 6, 2010.  The nominal amount remaining due under the Note after the conversion described in this paragraph will continue to accrue interest pursuant to the terms of the Note.  The aggregate amount of principal and interest due under the Note that ACF converted into the Conversion Shares is considered paid in full and may be re-borrowed by the Company.  Any amounts re-borrowed by the Company under the Note would be subject to conversion by ACF into additional Shares.

The Reporting Persons intend to continue having conversations with the Company's management to discuss the business and operations of the Company, strategic alternatives and the maximization of shareholder value. Also, consistent with their investment intent, the Reporting Persons may engage in communications with one or more shareholders of the Company, one or more officers of the Company and/or one or more members of the board of directors of the Company regarding the Company, including but not limited to its operations.

The Reporting Persons may, from time to time and at any time, acquire additional Shares and/or other equity, debt, notes, instruments or other securities of the Company (collectively, "Securities") in the open market or otherwise. The Reporting Persons reserve the right to dispose of any or all of their Securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the Securities.  No Reporting Person has made a determination regarding a maximum or minimum number of Securities which it may hold at any point in time.

The Reporting Persons, or any of them, may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto.

Item 5.            Interest in Securities of the Issuer

Paragraphs (a), (b) and (c) of Item 5 of the Prior Filing are amended and restated in their entirety to read as follows:

 
9
 

(a), (b)
The information set forth in Rows 7 through 13 of the cover page hereto for each Reporting Person is incorporated by reference.  The percentage amount set forth in Row 13 for all cover pages is calculated based upon 96,458,028 Shares outstanding as of August 6, 2010 as reported by the Company in its Quarterly Report on Form 10-Q for the quarterly period ended July 3, 2010 and filed with the Securities and Exchange Commission on August 10, 2010.
 
Each of AML and Holdings may, by virtue of their relationship to ACM (as disclosed in Item 2), be deemed indirectly to own beneficially (as that term is defined in Rule 13d-3 of the Act) the Shares that ACM, ACF and CLC directly own.  ACM may, by virtue of its relationship to ACF and CLC (as disclosed in Item 2), be deemed indirectly to own beneficially the Shares that ACF and CLC directly own.  ACF may, by virtue of its relationship to CLC (as disclosed in Item 2), be deemed indirectly to own beneficially the Shares that CLC directly owns.

Pursuant to Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this statement will not be construed as an admission that any they are, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any Shares that are held by any other Reporting Person.

See Item 3 for a description of which Reporting Persons have rights to acquire Shares.
 
(c)          See Item 3 and Item 4.

Item 7.
Material to be Filed as Exhibits
 
Exhibit Number:
  
Exhibit Description:
     
99.1
  
Joint Filing Agreement
     
99.10
  
Convertible Secured Promissory Note dated February 26, 2009 (incorporated by reference to Exhibit 99.10 of the Prior Filing)
     
99.11
  
First Amendment to Business Loan Agreement and Convertible Secured Promissory Note effective December 30, 2009 (incorporated by reference to Exhibit 10.4 of the Company's Form 10-K filed on March 18, 2010)
     
99.12
  
Stock Power

 
10
 

SIGNATURES
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
Date:  September 13, 2010
 
AEQUITAS MANAGEMENT, LLC
 
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
President
   
AEQUITAS HOLDINGS, LLC
 
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
President
   
AEQUITAS CAPITAL MANAGEMENT, INC.
 
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
Chief Executive Officer
   
AEQUITAS COMMERCIAL FINANCE, LLC, by
Aequitas Capital Management, Inc., its Manager
 
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
Chief Executive Officer
   
CHRISTENSON LEASING COMPANY, LLC, by
Aequitas Capital Management, Inc., its Manager
 
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
Chief Executive Officer

 
11
 

SCHEDULE A

DIRECTORS AND EXECUTIVE OFFICERS OF THE REPORTING PERSONS

Aequitas Management, LLC

Name:
  
Principal occupation or employment:
     
Robert J. Jesenik
  
President, Manager
Andrew N. MacRitchie
  
Executive VP, Manager
Brian A. Oliver
  
Executive VP, Manager
Patricia J. Brown
  
Senior VP, Finance
Andrew S. Craig
  
Secretary

Aequitas Holdings, LLC

Name:
  
Principal occupation or employment:
     
Robert J. Jesenik
  
President
Andrew N. MacRitchie
  
Executive VP
Brian A. Oliver
  
Executive VP
Patricia J. Brown
  
Senior VP, Finance
Andrew S. Craig
  
Secretary
Aequitas Management, LLC
  
Manager
 
Aequitas Capital Management, Inc.

Name:
  
Principal occupation or employment:
     
Robert J. Jesenik
  
Director, Chairman of the Board, Chief Executive Officer, President
Brian A. Oliver
  
Director, Executive Vice President
Andrew N. MacRitchie
  
Director, Executive Vice President, Public Securities Investment Committee member
Steven M. Wright
  
Executive VP
Thomas A. Szabo
  
Executive VP
Thomas A. Sidley
  
Vice President, Public Securities Investment Committee Member
Anthony J. Buda
  
Public Securities Investment Committee member
Patricia J. Brown
  
Senior Vice President (Finance)
Wayne Marschall
  
Senior Vice President, Portfolio Finance
Andrew S. Craig
  
Secretary

 
12
 

Aequitas Commercial Finance, LLC

Name:
  
Principal occupation or employment:
     
Robert J. Jesenik
  
President
Andrew N. MacRitchie
  
Executive VP
Brian A. Oliver
  
Executive VP
Patricia J. Brown
  
Senior VP, Finance
Andrew S. Craig
  
Secretary
Aequitas Capital Management, Inc.
  
Manager

Christenson Leasing Company, LLC

Name:
  
Principal occupation or employment:
     
Aequitas Capital Management, Inc.
  
Manager

Except for Mr. MacRitchie, each person listed in this Schedule A is a citizen of the United States.  Mr. MacRitchie is a citizen of the United Kingdom.

 
13
 
EX-99.1 2 v196477_ex99-1.htm
JOINT FILING AGREEMENT
 
In accordance with Rule 13d-l(k) under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of a Statement on Schedule 13D (including amendments thereto) with respect to the common stock of EnergyConnect Group, Inc., an Oregon corporation, and further agrees that this Joint Filing Agreement be included as an exhibit to such filings; provided, that, as contemplated by Section 13d-l(k)(l)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.  This Joint Filing Agreement may be executed in any number of counterparts, all of which together shall constitute one and the same instrument.
 
DATED EFFECTIVE:  September 13, 2010.
 
AEQUITAS MANAGEMENT, LLC
   
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
President
   
AEQUITAS HOLDINGS, LLC
   
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
President
   
AEQUITAS CAPITAL MANAGEMENT, INC.
   
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
CEO
   
AEQUITAS COMMERCIAL FINANCE, LLC, by
Aequitas Capital Management, Inc., its Manager
   
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
CEO
   
CHRISTENSON LEASING COMPANY, LLC, by
Aequitas Capital Management, Inc., its Manager
   
/s/ Robert J. Jesenik
By:
Robert J. Jesenik
Its:
Chief Executive Officer

 
 
 
EX-99.11 3 v196477_ex99-11.htm
EXECUTION VERSION

FIRST AMENDMENT TO BUSINESS LOAN AGREEMENT
AND CONVERTIBLE SECURED PROMISSORY NOTE

This First Amendment to Business Loan Agreement and Convertible Secured Promissory Note (this “Amendment”) is entered into and made effective December 23, 2009 (the “First Amendment Effective Date”) by and between EnergyConnect Group, Inc. (“ECGroup”), an Oregon corporation, and EnergyConnect, Inc. (“ECInc”), an Oregon corporation (each, a “Borrower” and collectively, the “Borrowers”), and Aequitas Commercial Finance, LLC, an Oregon limited liability company (“Lender”).  Capitalized terms used herein and not otherwise defined shall have the meaning given thereto in the Loan Agreement (as defined below).
 
RECITALS:

A.          WHEREAS, the Borrowers and Lender are party to (i) that certain Business Loan Agreement dated effective February 26, 2009 (as the same may be amended, modified, or supplemented from time to time, the “Loan Agreement”) pursuant to which Lender has agreed to make certain Loans to the Borrowers on the terms and conditions set forth therein; and (ii) that certain Convertible Secured Promissory Note dated February 26, 2009, by the Borrowers in favor of Lender in the original principal amount of $5,000,000 (as the same may be amended, modified, or supplemented from time to time, the “Note”); and
 
B.           WHEREAS, the Borrowers have requested that Lender, and Lender is willing to, amend the Loan Agreement and the Note to extend the Final Maturity, reduce the interest rate, and modify certain covenants, among other things.
 
C.           WHEREAS, the aggregate outstanding principal balance of Loans owing to Lender on the date hereof equals $2,050,000.
 
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
 
AGREEMENT:

1.            Amendments.  Subject to the terms and conditions of this Amendment, the Loan Agreement and the Note are hereby amended as follows:
 
 
a.
Interest.  Section 2(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following, and Section 3 of the Note is amended to reflect the changes made to Section 2(a) of the Loan Agreement:
 
“(a) Interest.  Interest shall accrue on the unpaid balance of the Loan calculated on the basis of a 365-day year and actual days elapsed, as follows:

 
 
 
EXECUTION VERSION
  
(i)  During the 12-month period from the Effective Date to the first anniversary thereof, at the rate of (A) 30% per annum with respect to Loans made prior to December 23, 2009, as follows: (1) interest at the rate of 23% per annum shall accrue and be due and payable to Lender monthly in arrears (the “Current Interest”) and (2) interest at the rate of 7% per annum shall accrue and shall be added to the unpaid principal balance of the Loan on the first anniversary of the Effective Date (the “Deferred Interest”); and (B) 25% per annum with respect to Loans made on and after December 23, 2009, as follows:  (1) Current Interest shall accrue at the reduced rate of 22% per annum and be due and payable to Lender monthly in arrears and (2) Deferred Interest shall accrue at the reduced rate of 3% per annum and shall be added to the unpaid principal balance of the Loan on the first anniversary of the Effective Date.  Any Current Interest not paid when due also will be added to the Loan and increase the unpaid principal balance thereof.
 
(ii)  From and after the first anniversary of the Effective Date, all Loans (regardless when made) shall accrue interest at the rate of 25% per annum as follows: (A) Current Interest shall accrue at the rate of 22% per annum and be due and payable to Lender monthly in arrears and (B) Deferred Interest shall accrue at the rate of 3% per annum and shall be added to the unpaid principal balance of the Loan in arrears on the first day of each month.  Any Current Interest not paid when due also will be added to the Loan and increase the unpaid principal balance thereof.
 
(iii)  During the life of the Loan until the later of Final Maturity and repayment of the Loan in full, unless otherwise provided for in this Agreement, minimum interest of $50,000 per month shall be payable as follows: minimum Current Interest of $38,333 per month plus minimum Deferred Interest of $11,667 per month.”
 
 
b.
Funding Default.  Section 2(e) of the Loan Agreement is hereby amended by deleting clause (i) thereof in its entirety and replacing it with the following, and Section 3 of the Note is amended to reflect the changes made to Section 2(e) of the Loan Agreement:
 
(i)  During any Lender Default Period, the minimum interest provision of Section 2(a)(iii) shall not apply and instead interest shall accrue and be calculated, and Borrowers shall pay such interest, on the actual principal balance of the Loan outstanding at a per annum rate equal to the rate originally applicable to such Loan pursuant to Section 2(a) above less five hundred basis points (5.0%), which interest rate reduction shall first be subtracted from the interest rate that otherwise would be used to calculate Deferred Interest payable on the Loan, and then, to the extent that the Deferred Interest rate is reduced to zero prior to giving effect to the full five hundred basis point interest rate reduction, from the interest rate that otherwise would be used to calculate Current Interest payable on the Loan.
 
 
c.
Final Maturity.  Subject to the acceleration and prepayment provisions described in Section 10 of the Loan Agreement and Section 14 of the Note, the Final Maturity date defined in Section 2(c) of the Loan Agreement and Section 4(b) of the Note is hereby extended to February 24, 2012.
 
 
d.
Borrowing Base.  Section 3(b)(ii) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
 
“(ii)   Borrowing Base.  Subject to the maximum Facility Amount, the maximum amount of an Advance requested by the Borrowers, plus all outstanding Advances made to the date of such request, may not exceed an amount (the “Borrowing Base Total”) equal to 75% of the sum of the Confirmed Registrations balance shown on the most recent Borrowing Base Certificate plus 80% of the ILR Account Receivable balance shown on the most recent Borrowing Base Certificate.”

 
 
 
EXECUTION VERSION
  
 
e.
Company Budget Performance.  Section 3(b)(iii) of the Loan Agreement is hereby replaced with the following:
 
“(iii)  Company Budget Performance.  Prior to receiving any Advance, the Borrowers must demonstrate that, on a consolidated basis, either Borrowers’ total revenue or gross margin are performing at (A) from the Effective Date to the first anniversary thereof, 80% or better, and (B) from and after the first anniversary of the Effective Date, 90% or better, of the then-current Company Budget, as shown on the most recent Monthly Compliance Certificate.”
 
 
f.
Financial Covenants and Ratios.  Section 5(f) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
 
“(f)  Financial Covenants and Ratios.  Comply with the following covenants and ratios:
 
 
i.
Accumulated EBITDA.  Maintain consolidated ECGroup EBITDA of not less than:
 
(A)  –$2,250,000 for the Quarter ending April 4, 2009,
 
(B)  –$3,500,000 for the two (2) Quarters ending July 4, 2009,
 
(C)  –$300,000 for the three (3) Quarters ending October 3, 2009,
 
(D)  –$1,200,000 for the (4) Quarters ending January 2, 2010
 
(E)  90% of the EBITDA set forth in the Company Budget for the Quarter ending April 3, 2010, or for any Quarter thereafter, and
 
(F)  $1 for each Fiscal Year, commencing with the Fiscal Year ending January 1, 2011.
 
ii.           Accumulated Net Income.  Maintain consolidated ECGroup net income of not less than:
 
(A)  90% of the net income set forth in the Company Budget for the Quarter ending April 3, 2010, or for any Quarter thereafter, and
 
(B)  $1 for each Fiscal Year, commencing with the Fiscal Year ending January 1, 2011.
 
iii.           Tangible Net Worth.  In no event shall the Tangible Net Worth fall below –$500,000.”
 
 
g.
Compliance Certificate.  Section 5(q) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
 
“Compliance Certificate.  Unless waived in writing by Lender, provide Lender at least monthly with a certificate executed by such Borrower’s chief financial officer, or other officer or person acceptable to Lender, in the form attached hereto as Exhibit B.”

 
 
 
EXECUTION VERSION
  
 
h.
Management Review.  The following new Section 5(v) is hereby added to the Loan Agreement:
 
“(v)  Management Review.  Permit employees or agents of Lender at any reasonable time during normal business hours upon reasonable advance notice to meet with management of the Borrowers following each meeting of the board of directors of a Borrower or the submission of each compliance certificate to Lender pursuant to the terms of this Loan Agreement, in order to review then-current operations or financial results of the Borrowers.  Any expense incurred by Lender incident to the exercise by Lender of any right under this section shall be borne by Lender, except during periods during which an uncured Event of Default has occurred hereunder.  Any expense incurred by the Borrowers incident to the exercise by Lender of any right under this section shall be borne by the Borrowers.”
 
 
i.
Permitted Indebtedness.  Clause (1) of Section 7(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
 
“(a)  Indebtedness and Liens.  (1)  Except for trade debt incurred in the normal course of business, the unsecured line of credit in the amount of $120,000 from Wells Fargo Bank N.A., purchase money secured debt incurred to purchase equipment for use in the Borrowers’ business (provided that (A) liens or security interests securing the same attach only to the equipment acquired by the incurrence of such debt and the proceeds thereof, and (B) the aggregate amount of such debt outstanding does not exceed $500,000 at any time), and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases, or incur any other liabilities in excess of $1,000,000 in the aggregate.”
 
 
j.
Capital Expenditures.  Section 7(d) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
 
“(d)  Capital Expenditures.  Make or permit any subsidiary to make aggregate capital expenditures during any Fiscal Year from the Effective Date until Final Maturity that exceed $200,000.”
 
 
k.
Definitions.
 
 
i.
The defined term “Borrowing Base Certificate” in Section 13 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “Borrowing Base Certificate.  A certificate substantially in the form of Exhibit C that sets forth information relating to the then-current ILR Account Receivable.”
 
 
ii.
The defined term “Budgeted Company Revenue” in Section 13 of the Loan Agreement is hereby deleted in its entirety and replaced with the following, added to the Loan Agreement in the appropriate alphabetical order: “Company Budget.  The monthly financial budget of the Borrowers on a consolidated basis as initially approved by the boards of directors for any Fiscal Year, which shall be provided to Lender promptly after such approval by the Borrower’s board of directors (but in no event later than sixty (60) days after the beginning of the Fiscal Year to which it relates), and which shall detail total revenue, gross margin, Net Income, and EBITDA, as well as other customary revenue and expense categories.”
 
 
 
EXECUTION VERSION
  
 
iii.
The defined term “EBITDA” in Section 13 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “EBITDA.  The consolidated Net Income of the Borrowers plus the aggregate amounts deducted in determining such Net Income in respect of interest expenses, taxes, depreciation and amortization; but not, however, giving effect to extraordinary losses or gains in calculating Net Income.”
 
 
iv.
The defined term “Quarters or Quarterly” in Section 13 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: “Quarters or Quarterly.  The fiscal quarters of ECGroup’s Fiscal Year, which will end on the following dates during the term of this Agreement:  April 4, 2009; July 4, 2009; October 3, 2009; January 2, 2010; April 3, 2010; July 3, 2010; October 2, 2010; January 1, 2011; April 2, 2011; July 2, 2011; October 1, 2011; and December 31, 2011.”
 
 
v.
The following new defined terms are hereby added to Section 13 of the Loan Agreement in appropriate alphabetical order and the subsections of Section 13 shall be renumbered accordingly:
 
 
1.
Fiscal Year.  The fiscal year of ECGroup, which comprises 52 or 53 weeks and ends on the Saturday closest to December 31.”
 
 
2.
“Net Income.  Net income of the Borrowers for any measurement period, calculated in accordance with GAAP but deducting therefrom the non-cash charge, if any, relating to the discount against the Note attributed to the beneficial conversion feature of the Note pursuant to EITF 98-5.”
 
 
l.
Exhibits.  Exhibit B and Exhibit C to the Loan Agreement are hereby deleted in their entirety and replaced with Exhibit B and Exhibit C attached to this Amendment.
 
 
 
 
EXECUTION VERSION
  
 
m.
Conversion of Note to Common Stock.  Section 6 of the Note is hereby amended as follows:
 
 
i.
Section 6.a. of the Note is hereby deleted in its entirety and replaced with the following:
 
“a.  Voluntary Conversion.  Lender may elect at any time, in its sole and absolute discretion, to convert (i) prior to the first anniversary of the Effective Date, up to (A) two-thirds (2/3) of the principal amount of, plus all accrued and unpaid Interest under, this Note with respect to Loans made prior to December 23, 2009, that remain outstanding on the date of such election, plus (B) one hundred percent (100%) of the principal amount of, plus all accrued and unpaid Interest under, this Note with respect to Loans made after December 23, 2009, that remain outstanding on the date of such election, and (ii) from and after the first anniversary of the Effective Date, up to one hundred percent (100%) of the principal amount of, plus all accrued and unpaid Interest under, this Note with respect to all Loans, whenever extended by Lender to Borrowers, that remain outstanding on the date of such election, in each case, into the number of whole shares of ECGroup’s Common Stock (as so converted, the “Conversion Securities”) equal to the amount of principal and interest to be converted divided by $0.0906 (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization affecting such Common Stock after the date hereof) (the “Conversion Price”), which Conversion Price represents eighty percent (80%) of the volume-weighted average price of ECGroup’s Common Stock quoted on the Nasdaq over-the-counter Bulletin Board over the 10 business days preceding the Effective Date.
 
 
ii.
The following new Section 6.e. is hereby added to the Note:
 
“e.  Forced Conversion by ECGroup.  Notwithstanding anything in this Section 6 to the contrary, if, prior to the Final Maturity and if this Note has not yet been converted pursuant to Section 6.a., ECGroup proposes any sale or issuance to an unrelated third party (an “Acquiror”) of a number of shares of ECGroup’s Common Stock (or securities convertible, exchangeable or exercisable for shares of) constituting a majority of the total voting power of ECGroup in exchange for securities, cash or other consideration issued or caused to be issued by Acquiror or any of its affiliates (a “Change of Control”), ECGroup shall give written notice (a “Change of Control Notice”) to Lender at least 15 days prior to the closing of the Change of Control and may cause Lender to exercise its rights under Section 6.a. above and convert the full amount of the outstanding principal amount of the Note, plus all accrued and unpaid interest hereunder, provided that the following conditions of the Change of Control are met: (i) the Acquiror is a public company the equity securities of which are listed on the NYSE or Nasdaq; (ii) the average trading volume in such equity securities of the Acquiror over the 10-day period immediately preceding the date of the Change of Control Notice has been greater than the as-converted equity holding of Lender in ECGroup represented by the Note; and (iii) the fully diluted conversion price applicable to such forced conversion is at least $0.14 per share of Common Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or similar recapitalization affecting such Common Stock after the date hereof).  The other provisions of this Section 6 relating to conversion procedures and mechanics shall apply to a conversion under this Section 6.e.
 
2.           Conditions Precedent.  Lender’s obligations hereunder shall be subject to the fulfillment to Lender’s satisfaction of all of the following conditions:
 
 
a.
The Borrowers shall execute and deliver to Lender an executed counterpart to this Amendment;
 
 
 
 
EXECUTION VERSION
   
 
b.
The Borrowers shall have paid to Lender all fees and costs incurred by Lender in connection with preparing and negotiating this Amendment, including reasonable attorneys’ fees;
 
 
c.
The Borrowers shall have paid to Lender in immediately available funds a non-refundable amendment fee in the amount of Twenty Five Thousand Dollars ($25,000);
 
 
d.
Approval of this Amendment by Borrowers’ boards of directors and shareholders, as necessary; and
 
 
e.
Approval of this Amendment by Lender’s Investment Committee.
 
3.           Representations and Warranties.  The Borrowers represent and warrant to Lender that all representations and warranties set forth in the Loan Agreement are true and correct in all material respects as of the First Amendment Effective Date, except to the extent that such representations and warranties relate expressly to an earlier date.
 
4.           Recitals.  The recitals contained in this Amendment as incorporated herein by this reference as though fully set forth herein.
 
5.           Effect of Amendment.  This Amendment, the Loan Agreement, the Note, the Related Documents, and any prior written amendments signed by Lender and the Borrowers, and the other written documents and agreements between Lender and the Borrowers set forth in full all of the representations and agreements of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings between the parties with respect to the subject hereof.  Except to the extent expressly set forth in this Amendment, all of the terms and provisions of the Loan Agreement (as amended hereby), the Note, Related Documents and all other documents and agreements between Lender and the Borrowers shall continue in full force and effect and the same are hereby ratified and confirmed.
 
6.           Severability.  If any of the provisions contained in this Amendment shall be invalid, illegal or unenforceable in any respect, the validity of the remaining provisions contained in this Agreement, the Loan Agreement, the Note, or the Related Documents shall not be affected.
 
7.           Counterparts.  This Amendment may be executed in counterparts, each of which will be deemed an original, and all of which taken together shall constitute one and same instrument.
 
[Remainder of page intentionally left blank.]

 
 
 
EXECUTION VERSION
  
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.

BORROWERS:
 
ENERGYCONNECT GROUP, INC.,
an Oregon corporation
 
By:
/s/ Andrew Warner
Name:
Andrew Warner
Title:
CFO
 
ENERGYCONNECT, INC.
an Oregon corporation
 
By:
/s/ Andrew Warner
Name:  
Andrew Warner
Title:
CFO
 
LENDER:
 
AEQUITAS COMMERCIAL FINANCE, LLC,
an Oregon limited liability company
 
By:
/s/  Andrew N. MacRitchie
Name:
Andrew N. MacRitchie
Title:
Executive VP

 
 
 
EXECUTION VERSION
  
EXHIBIT B

MONTHLY COMPLIANCE CERTIFICATE
 
Borrower: 
EnergyConnect Group, Inc.
EnergyConnect, Inc.
 
CERTIFICATION
 
I,      Name     , am the      Title      of     Borrower   ,  and am authorized to make the following statements and Certification pursuant to the Business Loan Agreement dated effective February 26, 2009 (as the same may be amended, modified, or supplemented from time to time, the "Loan Agreement") between Aequitas Commercial Finance, LLC ("Lender"), and EnergyConnect, Inc. (“ECInc”) and EnergyConnect Group, Inc. (“ECGroup”) (each a "Borrower" and collectively, the “Borrowers”).  Capitalized terms used in this Certification, unless otherwise defined, shall have the meaning given them in the Loan Agreement.
 
As of the date of this Certification, __Borrower     hereby certifies on behalf of both of the Borrowers that the following information is true and correct with respect to the fiscal period most recently ended:
 
1.
No default or Event of Default exists under the Loan Agreement or the Related Documents and no event has occurred which, with the passage of time or otherwise, would constitute an Event of Default.
 
2.
The representations and warranties contained in the Loan Agreement are true and correct in all material respects as of the date of this Certification, with the same effect as though such representations and warranties had been made on the date hereof, except to the extent that such representations and warranties relate expressly to an earlier date.
 
3.
The Borrowers are in compliance with the financial covenants required by the Loan Agreement, calculated on a consolidated basis as follows:

a)           Accumulated Quarterly EBITDA
 
(i)
Required:  –$1,200,000 for the (4) Quarters ending January 2, 2010, OR 90% of the EBITDA set forth in the Company Budget for the Quarter ending April 3, 2010, or for any Quarter thereafter, AND $1 for each Fiscal Year, commencing with the Fiscal Year ending January 1, 2011
(ii)          As at the end of the most recent referenced period: $_____________

b)           Accumulated Net Income (applicable only after delivery of 2010 Company Budget)
(i)           Required: 90% of the net income in the most recent Company Budget
(ii)          As at the end of the most recent referenced period:
Budgeted net income:  $_____________
Actual net income:  $_____________

c)           Minimum Tangible Net Worth
(i)           Required:  Note less than -$500,000
(ii)          As at the end of the most recent referenced period:  $_____________

d)           Company Budget Performance
 
(i)           Required: demonstrate that either Borrowers’ total revenue or gross margin are performing at 80% or better (90% or better effective on the first anniversary of the Effective Date) of the then-current Company Budget (this will not be measured in the first two months of the year until after the Fiscal Year Company Budget  is provided to Lender after approval by the Borrower’s board of directors (as provided in the Agreement), at that time Borrower will reissue its Monthly Compliance Certificate for any months where no Company Budget measure was previously available) .
 
(ii)           Actual consolidated total revenue of the Borrowers for Current Month:  $______________.
 
iii)           Consolidated total revenue of the Borrowers for Current Month per Company Budget:  $_________________.
 
iv)           The Borrowers’ total revenue performance percentage (a/b x 100):  ____% (must equal or exceed 80% or better (90% or better effective on the first anniversary of the Effective Date))

 
 
EXECUTION VERSION
  
v)           Actual consolidated gross margin of the Borrowers for Current Month:  ______%.
 
vi)           Consolidated gross margin of the Borrowers for Current Month per Company Budget:  ______%.
 
vii)          The Borrowers’ gross margin performance percentage (d/e x 100):  ____% (must equal or exceed 80% or better (90% or better effective on the first anniversary of the Effective Date))
 
4.
ILR Account Receivable.
 
a)           Borrower Loan balance at the end of the Period: $______________.
 
e)           Balance of ILR Account Receivable on the last day of the Period:  $________________.
 
f)            Balance of Confirmed Registrations on the last day of the Period:  $________________.
 
g)
Borrowing Base Total on the last day of the Current Month ( f x .75 + e x .80): $_________________________.
 
o           PJM report of ECInc’s confirmed ILR program portfolio as of the last day of the Period is attached.
 
5.
Attached are the Borrowers’ consolidated and consolidating balance sheet, income statement, and statement of cash flow for the monthly period ended ________________ (the “Period”).  Such financial statements are prepared in accordance with GAAP (subject to year-end adjustments and footnote information required by GAAP).
 
6.
Attached is a forecast of the Borrowers’ balance sheet, income statement and cash flow for the next 12 months on a 12 month rolling basis.
 
7.
Attached is a summary of ECInc’s current sales backlog and sales opportunities pipeline relating to the ILR Account Receivable.
 
8.
Attached is the Borrowers’ accounts receivable and accounts payable, including detail of any reductions in the ILR Account Receivable experienced during the Period.
 
9.
As of the date of this certification on ____ days PJM mandatory energy curtailment events have occurred relating to PJM regions served by ECInc during the period between June 1 and September 30 of the current or, prior to June 1 in the current Fiscal Year, previous year.
 
10.
The ILR Notification System has been operating properly and has experienced no material detrimental changes since February 26, 2009 except those as reported below.
_____________________________________________________________________________________
 
11.
The Borrowers are otherwise in compliance with all terms and conditions set forth in the Loan Agreement and the Related Documents.
 
In my capacity indicated above, I confirm that the information contained in such financial statements fairly presents in all material respects the financial position of each Borrower on the date thereof (subject to year-end adjustments and footnote information required by GAAP).
 
 Dated: _______________________.
 
________________________________________________
[signature]
Name:                                           
Title:                                           

 
 
EXECUTION VERSION
  
EXHIBIT C

BORROWING BASE CERTIFICATE
 
Borrower: 
EnergyConnect Group, Inc.
EnergyConnect, Inc.
 
CERTIFICATION

I,      Name     , am the      Title      of      Borrower   ,  and am authorized to make the following statements and Certification pursuant to the Business Loan Agreement dated effective February 26, 2009 (as the same may be amended, modified, or supplemented from time to time, the "Loan Agreement") between Aequitas Commercial Finance, LLC ("Lender"), and EnergyConnect, Inc. (“ECInc”) and EnergyConnect Group, Inc. (“ECGroup”) (each a "Borrower" and collectively, the “Borrowers”).  Capitalized terms used in this Certification, unless otherwise defined, shall have the meaning given them in the Loan Agreement.
 
As of the date of this Certification,     Borrower     hereby certifies on behalf of both of the Borrowers on a consolidated basis that the following information is true and correct with respect to the month ending __________________ (“Current Month”):
 
1.  ILR Account Receivable.
 
a)       Portion of ILR Account Receivable attributable to the month preceding Current Month:  $______________.
 
b)       Amount actually received in Current Month relating to month preceding Current Month: $________________.
 
c)       Percentage reduction in ILR payment with respect to month preceding Current Month (1 – b/a x 100):  ___%
 
d)       Portion of ILR Account Receivable attributable to Current Month:  $________________.
 
e)       Balance of ILR Account Receivable on the last day of the Current Month:  $________________.
 
f)        Balance of Confirmed Registrations on the last day of the Current Month:  $________________.
 
g)       Borrowing Base Total on the last day of the Current Month ( f x .75 + e x .80): $_________________________.
 
o       PJM report of ECInc’s confirmed ILR program portfolio as of Current Month is attached.

Dated: _______________________.
________________________________________________
[signature]
Name:                                           
Title:                                                      

 
 
EX-99.12 4 v196477_ex99-12.htm
MELLON INVESTOR SERVICES
STOCK POWER FORM

FOR VALUE RECEIVED, I/we hereby sell, assign and transfer to (1):
02-0675916
 
Social Security # or Tax I.D. # of New Owner.

(2)
Aequitas Commercial Finance, LLC
 
Print/Type all Names & Address of NEW OWNERS, Indicate if joint, trust or custodian account
   
 
5300 Meadows Road, Suite 400

 
Lake Oswego
OR
97035
 
City
State
Zip Code

Transfer (3)        963,000             certificate shares represented by the enclosed certificate number(s) (4)                MG 5711 and MG 6057     , AND/OR (5)                                   book-entry shares (including shares held for you in a dividend reinvestment or other plan).

Registered to (6)
JMW GROUP, LLC

Account Number (7)
  

The undersigned does (do) hereby irrevocably constitute and appoint Mellon Investor Services attorney to transfer the said stock on the books of              EnergyConnect Group, Inc.                     with full power of substitution in the
Company Name            
premises.
 
Signature(s) of Registered Owners: Please sign as name appears on registration.  Joint owners should each sign.  When signing as attorney, executor, administrator, trustee or guardian, please give full title of such.

(8)
/s/ Patricia J. Brown
  
Date:
12/31/09
 
Signature of registered holder or authorized representative
      
 
Patricia J. Brown, Senior VP, Finance of Aequitas
      
 
Capital Management, Inc., Manager of JMW Group, LLC
      
         
 
Signature of Joint Owner
  
Telephone:
(503) 419-3500
       
Daytime number

Affix Medallion Signature Guarantee by a financial institution enrolled in an approved Medallion Program pursuant to S.E.C. Rule 17 Ad-15.
 

 
 
 
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