Document:

Exhibit 10.2

      

    WAIVER AND AMENDMENT NO. 3 TO CREDIT AND SECURITY AGREEMENT

    THIS WAIVER AND AMENDMENT NO. 3 TO CREDIT AND SECURITY AGREEMENT (this "Amendment") is made as of this
      15th day of November, 2019, by and among CELADON GROUP, INC., a Delaware corporation ("Celadon Group"), any additional borrower party hereto as designated on the
      signature pages hereto (each individually as a "Borrower", and collectively as "Borrowers"), the Lenders party hereto and MIDCAP FUNDING IV TRUST, a Delaware statutory
      trust, as successor-by-assignment to MidCap Financial Trust, as Agent for Lenders (in such capacity, "Agent"), and individually, as a Lender.

    RECITALS

    A.          Agent and Lenders have previously entered into financing arrangements with
        Borrowers pursuant to that certain Credit and Security Agreement, dated as of July 31, 2019, by and among Agent, Lenders, Borrowers and the other Credit Parties from time to time party thereto (as amended, supplemented, restated or otherwise
        modified from time to time, including by this Amendment, the "Credit Agreement") and the other Financing Documents.

    B.          Borrowers have requested that Agent and Lenders amend the Liquidity
        requirement set forth in Section 6.4 to lower the liquidity threshold to $5,000,000 from November 15, 2019 until February 29, 2020.

    C.          (i) An Event of Default under Section 10.1(a)(iii) of the Credit Agreement has
        occurred and is continuing as a result of Borrowers' failure to maintain a Lease Adjusted Net Leverage Ratio of not greater than 12.00 to 1.00 for the Defined Period ended September 30, 2019 as required by Section 6.1 of the Credit Agreement, (ii)
        certain Event of Defaults under Section 10.1(a)(iii) of the Credit Agreement as a result of Borrowers' failure to timely deliver the financial statements and other required deliveries required under Section 4.1(a) of the Credit Agreement for the
        period ended September 30, 2019 and (iii) an Event of Default under Section 10.1(d)(i) of the Credit Agreement as a result of certain defaults that have occurred and are continuing under the Term Loan Credit Agreement (collectively, the Events of
        Default described in the foregoing subclauses (i) through (iii) of this paragraph (C) being hereinafter referred to as the "Existing Events of Default").

    D.          Borrowers have further requested that Agent and Lenders agree to amend the
        Credit Agreement in the manner specified in this Amendment, and Agent and Lenders have agreed to the foregoing requests, in each case on and subject to the terms and conditions set forth herein.

    AGREEMENT

    NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this
      Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders, and Borrowers hereby agree as follows:

    1.          Recitals.  This Amendment shall constitute a Financing Document and the Recitals set forth above shall be construed as part of this
        Amendment as if set forth fully in the body of this Amendment.

    
      
        

    

    
    2.          Definitions.  All capitalized terms used and not otherwise defined herein shall have their respective meanings as set forth in the Credit Agreement.

    3.          Waiver. Subject to the satisfaction of the conditions set forth in Section 9 below, and in reliance on the representations
        and warranties contained in Section 5 below, Agent and Lenders hereby agree to waive the Existing Events of Default. This is a limited waiver and shall not be deemed to constitute a waiver of any other Event of Default or any other breach
        of the Credit Agreement or any of the other Financing Documents or any other requirements of any provision of the Credit Agreement or any other Financing Documents.

    4.          Amendments to Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section 9 below, and in reliance
        on the representations and warranties contained in Section 5 below, the Credit Agreement is hereby amended and follows:

    (a)          The
        definition of the term "Applicable Margin" set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

    "Applicable Margin"
      means with respect to Revolving Loans and all other Obligations three and one-half percent (3.50%); provided, however, that during the period commencing on November 15, 2019 through February 29, 2020, the Applicable Margin with respect to Revolving
      Loans and all other Obligations is five and one-half percent (5.50%).

    (b)          The
        definition of the term "Defined Period" set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

    "Defined Period" means for any given calendar month, the twelve
      (12) month period immediately preceding any such calendar month; except, for the purpose of measuring Lease Adjusted Leverage Ratio and Fixed Charge Coverage Ratio, Consolidated EBITDA, Consolidated EBITDAR, and Consolidated Fixed Charges will be
      measured as follows:  (a) for the quarter ending September 30, 2019, each of Consolidated EBITDA, Consolidated EBITDAR, and Consolidated Fixed Charges for such period multiplied by four (4); (b) for the 5-month period ending February 29, 2020, each
      of Consolidated EBITDA, Consolidated EBITDAR, and Consolidated Fixed Charges for such period multiplied by 12/5; (c) for the three quarters ending March 31, 2020, each of Consolidated EBITDA, Consolidated EBITDAR, and Consolidated Fixed Charges for
      such period multiplied by 4/3; and (d) for the four quarters ending June 30, 2020, and thereafter, each of Consolidated EBITDA, Consolidated EBITDAR, and Consolidated Fixed Charges for the four quarters then ending.

    (c)          Section
        1.1 of the Credit Agreement is hereby amended to add the definition of the term "Minimum Revolving Loan Availability Amount" in appropriate alphabetical order as follows:

    "Required Revolving Loan Availability Amount" means $0;
      provided, that, on January 1, 2020 the Required Revolving Loan Availability Amount shall equal $150,000 and shall increase by an additional $150,000 on each Wednesday thereafter until such time as the Required Revolving Loan Availability Amount
      equals $1,500,000.

    
      2

      
        

    

    (d)          Section 6.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

    6.1          Lease Adjusted Net Leverage Ratio.  Borrowers will maintain a Lease Adjusted Net Leverage Ratio for any Defined Period, as tested on quarterly, of not greater than the ratio set below for
        such Defined Period.

    	
            Defined Period Ending Date

          	 	
            Lease Adjusted Net Leverage Ratio

          
	
            February 29, 2020

          	 	
             10.00 to 1.00

          
	
            March 31, 2020

          	 	
            9.75 to 1.00

          
	
            June 30, 2020

          	 	
            9.00  to 1.00

          
	
            September 30, 2020

          	 	
            7.25  to 1.00

          
	
            December 31, 2020

          	 	
            6.50 to 1.00

          
	
            March 31 2021

          	 	
            6.25 to 1.00

          
	
            June 30, 2021

          	 	
            6.00 to 1.00

          
	
            September 30, 2021

          	 	
            5.50 to 1.00

          
	
            December 31, 2021

          	 	
            5.00 to 1.00

          
	
            March 31, 2022

          	 	
            4.75 to 1.00

          
	
            June 30, 2022

          	 	
            4.50 to 1.00

          

    

    

    (e)          Section 6.3 of the Credit Agreement is hereby amended and restated in its entirety as follows:

    6.3          Fixed Charge Coverage Ratio.  Borrowers and their Subsidiaries will not permit the Fixed Charge Coverage Ratio for any Defined Period, as tested quarterly, to be less than the ratio set below for
        such Defined Period:

    	
            Defined Period Ending Date

          	 	
            Fixed Charge Coverage Ratio

          
	
            February 29, 2020

          	 	
            0.50 to 1.00

          
	
            March 31, 2020

          	 	
            0.45 to 1.00

          
	
            June 30, 2020

          	 	
            0.55 to 1.00

          
	
            September 30, 2020

          	 	
            0.65 to 1.00

          
	
            December 31, 2020

          	 	
            0.70 to 1.00

          
	
            March 31, 2021 and the last day of each fiscal quarter thereafter

          	 	
            0.75 to 1.00

          

    

    

    
      3

      
        

    

    (f)          Section 6.4 of the Credit Agreement is hereby amended and restated in its entirety, as follows:

    6.4          Minimum Liquidity.  Borrower
        will not permit Liquidity at any time during any period described below to be less than the amount set forth opposite the applicable period in the table below:

    	
            Period

          	 	
            Liquidity

          
	
            Closing Date through October 14, 2019

          	 	
            $10,000,000

          
	
            October 15, 2019 through November 15, 2019

          	 	
            $8,000,000

          
	
            November 15, 2019 through February 29, 2020

          	 	
            $5,000,000

          
	
            March 1, 2020 through March 31, 2020

          	 	
            $12,500,000

          
	
            Fiscal quarter ending June 30, 2020

          	 	
            $12,500,000

          
	
            Fiscal Quarter ending September 30, 2020 

            and each fiscal quarter thereafter

          	 	
            $15,000,000

          

    

    

    ; provided, that notwithstanding the foregoing,
      Liquidity shall be composed of Revolving Loan Availability that is not less than the Required Revolving Loan Availability Amount and Qualified Cash.

    5.          Representations and Warranties.  Each Borrower represents and warrants to Agent and Lenders that, before and after giving effect to this Amendment:

    (a)          all
        representations and warranties of the Credit Parties contained in the Financing Documents were true and correct in all material respects when made (except to the extent that any such representation or warranty is by its terms subject to a
        materiality qualification, in which case such representation or warranty was true, correct and complete in all respects) and, except to the extent that such representations and warranties relate expressly to an earlier date, continue to be true and
        correct in all material respects on the date hereof (except to the extent that any such representation or warranty is by its terms subject to a materiality qualification, in which case such representation or warranty is true, correct and complete
        in all respects);

    (b)          the
        execution and delivery by each Credit Party of this Amendment and the performance by it of the transactions herein contemplated (i) are and will be within its corporate powers, (ii) have been authorized by all necessary corporate action, and (iii)
        are not and will not be in contravention of any order of any court or other agency of government, of law or any other indenture, agreement or undertaking to which such Borrower is a party or by which the property of such Credit Party is bound, or
        be in conflict with, result in a breach of, or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or undertaking or result in the imposition of any lien, charge or encumbrance of any nature on any of the
        properties of such Credit Party;

    
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    (c)          this
        Amendment and all assignments, instruments, documents, and agreements executed and delivered in connection herewith, are and will be valid, binding, and enforceable against each Credit Party in accordance with their respective terms; and

    (d)          after
        giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under the Credit Agreement or any of the other Financing Documents.

    6.          Reaffirmation of Security Interest.  Each Credit Party confirms and agrees that:  (i) all security interests and Liens granted by such
        Credit Party to Agent continue in full force and effect, and (ii) all Collateral remains free and clear of any Liens other than Liens in favor of Agent and Permitted Liens.  Nothing herein contained is intended to impair or limit the validity,
        priority and extent of Agent's security interest in and Liens upon the Collateral.

    7.          Enforceability.  This Amendment constitutes the legal, valid and binding obligation of each
        Credit Party, and is enforceable against each Credit Party in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors' rights generally
        and by general equitable principles.

    8.          Costs and Expenses. Borrowers shall be responsible, in accordance with Section
          12.14(a)(i) of the Credit Agreement, for the payment of all of Agent's costs and expenses incurred in connection with this Amendment and any related documents, including, without limitation, the reasonable fees and expenses of Agent's
        counsel.  Borrowers hereby authorize Agent to pay all of such costs and expenses by charging same to any account of Borrowers maintained by Agent under the Credit Agreement.

    9.          Conditions to Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent or
        concurrent, all in form and substance satisfactory to Agent:

    (a)          Agent
        shall have received a fully executed copy of this Amendment executed by Borrowers, each other Credit Party and each Lender together with such other documents, agreements and instruments as Agent may reasonably require or reasonably request;

    (b)          Agent
        shall have received a fully executed copy of a waiver and amendment to the Term Loan Credit Agreement pursuant to which Term Loan Agent and the Term Loan Lenders waive the existing defaults thereunder and agree to modifications of the covenants set
        forth in the Term Loan Credit Agreement in a manner consistent with the terms of this Amendment;

    (c)          Borrowers

        shall have paid all fees, costs and expenses due and payable as of the date hereof under the Credit Agreement and the other Financing Documents; and

    (d)          after
        giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing or shall be caused by the transactions contemplated by this Amendment and the other Financing Documents delivered in connection herewith.

    
      5

      
        

    

    10.          Updated Budget; Cash Flow Forecasts; Control Agreements.

    (a)          On or
        before January 15, 2020, Borrowers shall deliver to Agent, budgets, sales projections, and operating plans, in form and substance satisfactory to Agent and prepared by the chief financial officer of Borrower Representative, on a month-by-month
        basis for the period commencing December 1, 2019 and ending on December 31, 2020, including a plan to obtain additional capital prior to February 29, 2020 (the "Updated Budget").

    (b)          On
        Friday of each week during the period  commencing on November 22, 2019 and ending on February 29, 2020, Borrowers shall deliver an updated 13-week cash flow forecast in reasonable detail, prepared by the chief financial officer of Borrower
        Representative (together with an Excel file with the detail contained in such 13-week cash flow forecast), which forecast shall update the 13-week cash flow forecast from the prior week to add an additional week to the forecast and shall include a
        variance report reconciling the Borrowers' actual performance for the week ended the preceding Friday with the Borrowers' projected performance pursuant to the previously delivered 13-week cash flow forecast and the Updated Budget (if previously
        delivered to Agent), including an analysis of dollar and percentage variances, on a line item basis and on a cumulative basis for collections and disbursements and a written explanation and detail for any variance of 10% or more with respect to the
        aggregate collections and aggregate disbursements line items.  Such report shall also include information regarding cash on hand, including a breakdown of cash balances in each deposit account maintained by the Credit Parties.

    (c)          Agent
        hereby extends to November 22, 2019, the date on which the Borrowers are required pursuant to Section 7.4 of the Credit Agreement) to deliver to Agent a duly executed Deposit Account Control Agreement with respect to each Deposit Account of a
        Credit Party (other than Excluded Accounts), including Deposit Accounts maintained at PNC Bank, National Association, Bank of Montreal and Bank of America, N.A. or if any of the Deposit Accounts maintained as of the Closing Date with PNC Bank,
        National Association, Bank of Montreal and/or Bank of America, N.A. are closed, Borrowers shall deliver to Agent evidence of such closure and duly executed Deposit Account Control Agreements with respect to each replacement Deposit Account of the
        Credit Parties, each of which shall be maintained at financial institutions acceptable to Agent (other than Excluded Accounts).

    (d)          On or
        before November 22, 2019, Borrowers shall deliver to Agent a duly executed Deposit Account Control Agreement with respect to each Deposit Account of a Credit Party (other than Excluded Accounts) maintained at JPMorgan Chase Bank, N.A.

    Notwithstanding the provisions set forth in Credit Agreement or the other Financing Documents to the contrary, the parties hereto agree that a breach of any
      requirement of this Section 10 shall constitute and immediate and automatic Event of Default under the Credit Agreement.

    11.          No Waiver or Novation.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided in this Amendment, operate as a waiver of any right,
        power or remedy of Agent, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing.  This Amendment
        (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement.

    
      6

      
        

    

    12.          Affirmation.  Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and
        agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by each Credit Party.  Each Credit Party covenants and agrees to comply with all of the terms, covenants and conditions of the Credit
        Agreement (as amended hereby) and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent's or any Lender's part which might otherwise constitute or be construed as a waiver of
        or amendment to such terms, covenants and conditions.

    13.          Release.

    (a)          Each
        Credit Party hereby acknowledges and agrees that the Obligations under the Credit Agreement and the other Financing Documents are payable pursuant to the Credit Agreement and the other Financing Documents as modified hereby without defense, offset,
        withholding, counterclaim, or deduction of any kind.

    (b)          Effective

        on the date hereof, each Credit Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby waives, releases,
        remises and forever discharges Agent and each Lender and each of their respective Affiliates, and each of their respective successors in title, past, present and future officers, directors, employees, limited partners, general partners, managers,
        investors, attorneys, assigns, subsidiaries, affiliates, shareholders, trustees, agents and other professionals and all other persons and entities to whom Agent or any Lender would be liable if such persons or entities were found to be liable to
        such Credit Party (each a "Releasee" and collectively, the "Releasees"), from any and all past, present and future claims, suits, liens, lawsuits, adverse consequences, amounts paid in settlement, debts, deficiencies, diminution in
        value, disbursements, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind or character, whether based in equity, law, contract, tort, implied or express warranty, strict liability, criminal or civil
        statute or common law (each a "Claim" and collectively, the "Claims"), whether known or unknown, fixed or contingent, direct, indirect, or derivative, asserted or unasserted, matured or unmatured, foreseen or unforeseen, past or
        present, liquidated or unliquidated, suspected or unsuspected, which such Credit Party ever had from the beginning of the world to the date hereof, or now has, against any such Releasee which relates, directly or indirectly to the Credit Agreement,
        any other Financing Document, or to any acts or omissions of any such Releasee with respect to the Credit Agreement or any other Financing Document, or to the lender-borrower relationship evidenced by the Financing Documents, except for the duties
        and obligations set forth in any of the Financing Documents or in this Amendment.

    AS TO EACH AND EVERY CLAIM RELEASED HEREUNDER, EACH CREDIT PARTY HEREBY REPRESENTS THAT IT HAS RECEIVED THE ADVICE OF LEGAL COUNSEL WITH REGARD TO THE RELEASES
      CONTAINED HEREIN, AND HAVING BEEN SO ADVISED, SPECIFICALLY WAIVES THE BENEFIT OF THE PROVISIONS OF SECTION 1542 OF THE CIVIL CODE OF CALIFORNIA WHICH PROVIDES AS FOLLOWS:

    
      7

      
        

    

    "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME
      OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR."

    As to each and every Claim released hereunder, each Credit Party also waives the benefit of each other similar provision of applicable federal
      or state law (including without limitation the laws of the state of California), if any, pertaining to general releases after having been advised by its legal counsel with respect thereto.

    (c)          Each
        Credit Party, for itself and on behalf of its successors, assigns, and officers, directors, employees, agents and attorneys, and any Person acting for or on behalf of, or claiming through it, hereby absolutely, unconditionally and irrevocably,
        covenants and agrees with and in favor of each Releasee above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released, remised and discharged by such Person pursuant to the
        above release. If any Credit Party or any of its respective successors, assigns, or officers, directors, employees, agents or attorneys, or any Person acting for or on behalf of, or claiming through it violate the foregoing covenant, such Person,
        for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Releasee may sustain as a result of such violation, all attorneys' fees and costs incurred by such Releasee as a result of
        such violation.

    14.          Miscellaneous.

    (a)          Reference

          to the Effect on the Credit Agreement.  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 by this Amendment.  Except as specifically amended above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall
        remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.

    (b)          Incorporation

          of Credit Agreement Provisions.  The provisions contained in Section 11.6 (Indemnification), Section 12.6 (Confidentiality), Section 12.8 (Governing Law; Submission to Jurisdiction) and Section 12.9 (Waiver of
        Jury Trial) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

    (c)          Headings. 
        Section headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

    (d)          Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original,
        with the same effect as if the signatures thereto and hereto were upon the same instrument.  Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the parties hereto.

    [SIGNATURES APPEAR ON FOLLOWING PAGES]

    
      8

      
        

    

    IN WITNESS WHEREOF, intending to be legally bound, and intending that this document constitute an
      agreement executed under seal, the undersigned have executed this Amendment under seal as of the day and year first hereinabove set forth.

    
      	
              BORROWERS:

            	
              CELADON GROUP, INC., a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	
               

            	
              CELADON E-COMMERCE, INC., a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON TRUCKING SERVICES, INC., a New Jersey corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON REALTY, LLC, a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            

    

    

    

    

    

    

  

  
     Signature Page to Waiver and Amendment No. 3 to Credit and Security Agreement

    

    

    

    

    

    
      
        

    

    

    

    
      	
               

            	
              OSBORN TRANSPORTATION, INC., an Alabama corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              BEE LINE, INC., an Ohio corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              DISTRIBUTION, INC., an Oregon corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY COMPANIES LLC, an Indiana limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	QUALITY EQUIPMENT LEASING, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

    

    

    

    

    

    

    

     

    

    Signature Page to Waiver and Amendment No. 3 to Credit and Security Agreement 

    

    

    
      
        

    

    
      	
               

            	
              QUALITY INSURANCE, LLC, an Indiana limited liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON LOGISTICS SERVICES, INC., a Delaware corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              EAGLE LOGISTICS SERVICES INC., an Indiana corporation

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	VORBAS, LLC, an Ohio corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary
	 	 	 
	 	 	 
	 	CELADON CANADIAN HOLDINGS, LIMITED, an Ontario corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

    

    

    

    

    

    

    

    
       

      

      Signature Page to Waiver and Amendment No. 3 to Credit and Security Agreement 

       

      

      
        
          

      

    

    
      	

            	HYNDMAN TRANSPORT LIMITED, an Ontario corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary
	 	 	 
	 	 	 
	 	TAYLOR EXPRESS, INC., a North Carolina corporation
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

    

    

    

    

    

    

    

    
       

      

      Signature Page to Waiver and Amendment No. 3 to Credit and Security Agreement 

       

      

      
        
          

      

    

    
      	
              AGENT:

            	
              MIDCAP FUNDING IV TRUST, as Agent

              

            
	 	 	 
	 	By:	Apollo Capital Management, L.P., its investment manager
	 	 	 
	 	By:	Apollo Capital Management GP, LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Maurice Amsellem

            
	 	
              Name:

            	
              Maurice Amsellem

            
	 	
              Title:

            	
              Authorized Signatory

            

    

    

    

    

    

    

    

    Signature Page to Waiver and Amendment No. 3 to Credit and Security Agreement 

    
      
        

    

    
      	
               LENDER:

            	
              MIDCAP FUNDING IV TRUST, as a Lender

              

            
	 	 	 
	 	By:	Apollo Capital Management, L.P., its investment manager
	 	 	 
	 	By:	Apollo Capital Management GP, LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Maurice Amsellem

            
	 	
              Name:

            	
              Maurice Amsellem

            
	
               

            	
              Title:

            	
              Authorized Signatory

            

    

    

    

    

    

    
      

      

      Signature Page to Waiver and Amendment No. 3 to Credit and Security Agreement 

       

      

       

      

       

      

       

      

       

        

       
      Back to Form 8-KExhibit

Exhibit 4.6 

DESCRIPTION OF THE REGISTRANT’S SECURITIES 
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
As of the date of the Annual Report on Form 10-K of which this exhibit is a part, Forestar Group Inc. (the “Company”) has one class of security registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, $1.00 par value per share.

Description of Common Stock

The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Second Amended and Restated Certificate of Incorporation (the “Charter”) and our Second Amended and Restated Bylaws, as amended (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. We encourage you to read our Charter, our Bylaws and the applicable provisions of Delaware General Corporation Law for additional information.
Voting Rights. Holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. The vote of the holders of a majority of votes cast by the stockholders entitled to vote thereon, present in person or represented by proxy, is generally required to take stockholder action, unless a greater vote is required by law. The holders are not entitled to cumulative voting in the election of directors. Our Charter and Bylaws provide that all of our directors will be of one class and will be elected annually. Director nominees in uncontested elections must receive a majority of the votes cast to be elected, and director nominees in contested elections must receive a plurality of the votes cast to be elected.
Stockholder’s Agreement. In connection with D.R. Horton, Inc.’s acquisition of 75% of our outstanding shares in October 2017 through the merger of the Company with a wholly-owned subsidiary of D.R. Horton, we entered into a Stockholder’s Agreement with D.R. Horton (the “Stockholder’s Agreement”) that provides for certain board and board committee appointment rights. Under the terms of the Stockholder’s Agreement and the Charter, at all times when D.R. Horton and its affiliates beneficially own 20% or more of our voting securities, our Board of Directors (the “Board”) will have five directors unless otherwise agreed in writing between us (as approved by a majority of our independent directors) and D.R. Horton, and D.R. Horton will have the right to designate a number of directors equal to the percentage of our voting securities beneficially owned by D.R. Horton and its affiliates multiplied by the total number of directors that we would have if there were no vacancies, rounded up to the nearest whole number (and in any event not less than one). We and D.R. Horton have also each agreed to use reasonable best efforts to cause at least three of the directors to be considered “independent” under the rules of the SEC and under applicable listing standards.
Pursuant to the Charter, any director may be removed from office at any time, with or without cause, by the affirmative vote of the holders of at least a majority of the voting power of all of the outstanding shares of our capital stock entitled to elect such director, voting separately as a class, at a duly organized meeting of stockholders or by written consent; provided that no D.R. Horton designee may be removed without the prior written consent of D.R. Horton. Pursuant to the Stockholder’s Agreement, D.R. Horton has agreed to cause its shares of our common stock not to be voted in favor of the removal of any director not designated by D.R. Horton other than for cause.
Pre-Emptive Rights. During the term of the Stockholder’s Agreement, D.R. Horton has a pre-emptive right (but not the obligation) to participate in any issuance of our equity or other securities by purchasing up to D.R. Horton’s and its subsidiaries’ pro rata portion of such equity or other securities at the price and otherwise upon the same terms and conditions as offered to other investors. This pre-emptive right generally will not apply to equity issuances (i) pursuant to compensation and benefits plans approved by the Board, (ii) in connection with any proportionate stock split or stock dividend or recapitalization approved by the Board, (iii) as consideration in any direct or indirect acquisition or business combination by the Company or any of its subsidiaries, or (iv) upon conversion of our or any of our subsidiaries’ notes, debentures or other indebtedness in accordance with the terms of such notes, debentures or other indebtedness. Other than such pre-emptive rights of D.R. Horton, holders of shares of the common stock are not entitled to pre-emptive rights.

Redemption Rights. The Charter provides that outstanding shares of our common stock and preferred stock will always be subject to redemption by us, if in the judgment of the Board such action should be taken, pursuant to Section 151(b) of the General Corporation Law of the State of Delaware (or by any other applicable provision of law), to the extent necessary to prevent the loss or secure the reinstatement of any license or franchise from any governmental agency we hold to conduct any portion of our business, which license or franchise is conditioned upon some or all of the holders of our common stock of any class or series possessing prescribed qualifications.
Dividends. Subject to prior dividend rights of the holders of any preferred stock and any other class or series of stock having a preference as to dividends over our common stock, holders of shares of our common stock will be entitled to receive dividends when, as and if declared by the Board, subject to the rights of D.R. Horton under the Stockholder’s Agreement.
Other Rights. In the event of any liquidation, dissolution or winding up of our Company, after the satisfaction in full of the liquidation preferences of holders of any preferred stock, holders of shares of our common stock will be entitled to ratable distribution of the remaining assets available for distribution to stockholders. Our common stock will not be subject to redemption by operation of a sinking fund. The outstanding shares of our common stock are fully paid and nonassessable.
Anti-Takeover Effects. In addition to the provisions described above regarding D.R. Horton’s rights with respect to membership of the Board, the following provisions in the Charter, Stockholder’s Agreement or Bylaws may make a takeover of our Company more difficult: 
		
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	an article in the Charter prohibiting us from taking certain actions without the prior written consent of D.R. Horton for so long as D.R. Horton and its affiliates beneficially own 35% or more of our voting securities;

		
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	provisions in the Charter and the Stockholder’s Agreement providing that, for so long as D.R. Horton and its affiliates beneficially own 20% or more of our voting securities, we will not amend or seek to amend the Charter or the Bylaws in any manner that could limit, restrict or adversely affect the rights of any stockholder under the Stockholder’s Agreement;

		
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	a provision in the Bylaws providing that special meetings of stockholders may only be called by the chairman of the Board or pursuant to a written request by a majority of the entire Board. Only such business as is specified in the notice of any special meeting of the stockholders shall come before such meeting; and

		
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	a provision in the Bylaws containing advance notice procedures for stockholders to make nominations of candidates for election as directors or to bring other business before a meeting of the stockholders. The business to be conducted at an annual meeting is limited to business properly brought before the annual meeting by or at the direction of the Board or a duly authorized committee thereof or by a stockholder of record who has given timely written notice to our Company’s secretary of that stockholder’s intention to bring such business before the meeting.

These provisions may delay stockholder actions with respect to business combinations and the election of new members to the Board. As such, the provisions could discourage open market purchases of our common stock because a stockholder who desires to participate in a business combination or elect a new director may consider them disadvantageous. Additionally, the issuance of preferred stock could delay or prevent a change of control or other corporate action.
Delaware Anti-Takeover Statute. Section 203 of the Delaware General Corporation Law prevents an “interested stockholder” from engaging in a “business combination” with us for three years following the date that person became an interested stockholder, unless: 
		
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	before that person became an interested stockholder, our Board approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination;

		
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	upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding stock held by persons who are both directors and officers of our corporation or by certain employee stock plans; or

		
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	on or following the date on which that person became an interested stockholder, the business combination is approved by our Board and authorized at a meeting of stockholders by the affirmative vote of the holders of at least 66 2/3% of our outstanding voting stock excluding shares held by the interested stockholder.

An “interested stockholder” is generally a person owning 15% or more of our outstanding voting stock. A “business combination” includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder.
We are not governed by Section 203 until such time as D.R. Horton gives public notice that it owns less than 15% of our voting securities, at which time we will once again become governed by Section 203.
Corporate Opportunities. Pursuant to the Stockholder’s Agreement, D.R. Horton and its affiliates, and their respective representatives, shall not in any way be prohibited or restricted from engaging or investing in any business opportunity of any type or description, and we shall not have any right in or to such business opportunities or to the income or proceeds derived therefrom. None of D.R. Horton, its affiliates or their respective representatives will be obligated to present any business opportunity to us or any other stockholder, even if the opportunity is of the character that, if presented to us, we could take, or if presented to any other stockholder, could be taken by such stockholder, unless the opportunity is offered to an individual who is both an affiliate of D.R. Horton and an officer or director of ours and the offer is made in writing to the individual in his or her capacity as an officer or director of our Company.
Transfer Agent and Registrar. The transfer agent and registrar for the common stock is Computershare Trust Company, N.A.
NYSE Listing. Our common stock is listed on the New York Stock Exchange under the symbol “FOR.”

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