Exhibit 10.1





 





EXECUTION VERSION


 


FIRST AMENDMENT TO CREDIT AGREEMENT


 


This FIRST AMENDMENT TO CREDIT AGREEMENT,
dated as of May 9, 2014 (this “Amendment”), is by and among (a) HURCO COMPANIES, INC. (the “Borrower”),
an Indiana corporation, (b) JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative Agent”)
and as Issuing Bank (as defined in the Credit Agreement referred to below) and (c) the Lenders (as defined in the Credit Agreement
referred to below) signatory hereto. Capitalized terms used herein without definition shall have the meanings assigned to such
terms in the Credit Agreement.


 


WHEREAS, the
Administrative Agent, certain financial institutions as Lenders and the Borrower entered into that certain Credit Agreement dated
as of December 7, 2012 (as amended, restated and otherwise modified from time to time, the “Credit Agreement”);
and


 


WHEREAS, the
Borrower, the Administrative Agent and the undersigned Lenders wish to amend the Credit Agreement on the terms and conditions set
forth below.


 


NOW THEREFORE,
in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Borrower, the Administrative Agent and the Lenders hereby agree as follows:


 


§1.Amendment
to Credit Agreement. Section 2.05(b) of the Credit Agreement is hereby amended by deleting the reference to the number
“$3,000,000” therein and replacing such reference with the number “$5,000,000”.


 


§2.Conditions to Effectiveness.
This Amendment shall become effective as of the date set forth above upon the receipt subject to the satisfaction or waiver by
the Administrative Agent on behalf of the Required Lenders of the following conditions precedent (the “Amendment Effective
Date”):


 


		A.	each of the representations and warranties set forth in Section 3 of this Amendment shall be true
and correct in all respects as of the date of this Amendment;



 


		B.	the Administrative Agent shall have received a counterpart signature page to this Amendment, duly
executed and delivered by the Borrower and the Required Lenders;



 


		C.	each of the Subsidiary Guarantors shall have executed and delivered a Reaffirmation of Guaranty
in the form of Exhibit A hereto; and



  






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		D.	the Administrative Agent shall have received evidence, satisfactory to the Administrative Agent,
that the Borrower has paid all fees and, to the extent billed, expenses payable by the Credit Partiers hereunder or under the Credit
Agreement on the Amendment Effective Date.



 


§3.Representations
and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as follows:


 


		A.	Representations and Warranties. Each of the representations and warranties contained in
Article III of the Credit Agreement and in each other Credit Document were true and correct in all respects when made, and after
giving effect to this Amendment, are true and correct in all respects on and as of the date hereof, except to the extent that such
representations and warranties relate specifically to a prior date, then such representations and warranties are true and correct
in all respects on and as such earlier date.



 


		B.	Enforceability. The execution and delivery by the Borrower of this Amendment, and the performance
by the Borrower of this Amendment are within the corporate authority of the Borrower and have been duly authorize by all necessary
corporate proceedings. This Amendment constitutes valid and legally binding obligations of the Borrower, enforceable against it
in accordance with its terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or affecting the enforcement of creditors’ rights in general.



 


		C.	No default or Event of Default. No Default or Event of Default has occurred and is continuing,
and after giving effect to this Amendment, no Default or Event of Default will result from the execution, delivery and performance
by the Borrower of this Amendment or form the consummation of the transactions contemplated herein.



 


§4.No
Other Amendments, etc. Except as expressly provided in this Amendment, (a) all of the terms and conditions of the Credit
Agreement and the other Credit Documents remain unchanged and (b) all of the terms and conditions of the Credit Agreement and the
other Credit Documents are hereby ratified and confirmed and remain in full force and effect (including, without limitation, with
respect to any guarantees provided thereunder and any security interests granted in any Collateral in support of the Obligations
under or with respect to the Credit Documents). Nothing herein shall be construed to be an amendment, consent or a waiver of any
requirements of the Borrower, any other Credit Party or of any other Person under the Credit Agreement and other Credit Documents
except as expressly set forth herein. Nothing in this Amendment shall be construed to imply any willingness on the part of any
Lender to grant any similar or future amendment, consent or waiver of any of the terms and conditions of the Credit Agreement and
the other Credit Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to
the Credit Agreement as amended hereby. For the avoidance of doubt, this Amendment shall constitute a “Credit Document”
under the Credit agreement and each other Credit Document.


 






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§5. Costs and Expenses.
The Borrower hereby affirms its obligation under Section 9.03 (a) of the Credit Agreement to reimburse the Administrative Agent
for all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation,
execution and delivery of this Amendment, including but not limited to the reasonable fees, charges and disbursements of attorneys
for the Administrative Agent with respect thereto.


 


§6.Execution
in Counterparts. This Amendment may be executed in any number of counterparts and by each party on a separate counterpart,
each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In
proving this Amendment, it shall not be necessary to produce or account for more than one such counterpart signed by the party
against whom enforcement is sought.


 


§7. Successors
and Assigns. This Amendment shall be binding upon and shall insure to the benefit of the parties hereto and their respective
successors and assigns.


 


§8.Governing
Law; Captions. This Amendment shall for all purposes be construed in accordance with and governed by the laws of the State
of Indiana. The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof.


  


 


 


[Signature Pages Follow]





 






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IN WITNESS WHEREOF,
the undersigned have duly executed this Amendment as of the date first set forth above.


 


 





	 	Borrower:
	 	 
	 	HURCO COMPANIES, INC.
	 	  
	 	By:	/s/ Michael Doar
	 	Name:	Michael Doar
	 	Title:	Chairman & Chief Executive Officer


  


 


 


 


[Signature Page to First Amendment]


 



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	 	JPMORGAN CHASE BANK, N.A., 

as Administrative Agent, Issuing Bank and a Lender
	 	 
	 	By:	 /s/  Thomas W. Harrison
	 	 	Thomas W. Harrison
	 	 	Senior Vice President / Authorized Officer


 





 


 


 


[Signature Page to First Amendment]


  



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EXHIBIT A


 


REAFFIRMATION OF GUARANTY


 


Each of the undersigned
acknowledges receipt of a copy of the First Amendment to the Credit Agreement (the “Amendment”) dated as of May 9,
2014, consents to such amendment and each of the transactions referenced therein and hereby reaffirms its obligations under the
Subsidiary Guaranty dated as of December 7, 2012 (as amended from time to time) in favor of JPMorgan Chase Bank, N.A., as Administrative
Agent, and the Lenders (as defined in the Amendment).


 


Dated as of May 9, 2014


  


	 	SUBSIDIARY GUARANTORS:
	 	 	 
	 	HURCO INTERNATIONAL, INC.
	 	 	 
	 	BY: 	/s/ Michael Doar
	 	Name: 	Michael Doar
	 	Title: 	Chairman & Chief Executive Officer
	 	 	 
	 	HURCO INTERNATIONAL HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Michael Doar
	 	Name: 	Michael Doar
	 	Title: 	Chairman & Chief Executive Officer
	 	 	 
	 	HURCO MIDWEST, LLC
	 	 	 
	 	By: 	/s/ Michael Doar
	 	Name: 	Michael Doar
	 	Title: 	Chairman & Chief Executive Officer
	 	 	 





 






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