Document:

Exhibit 10.1

 

THIRD AMENDMENT

TO AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT

 

THIRD AMENDMENT
TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT dated as of March 31, 2016 (this “Amendment”), is among
P&F INDUSTRIES, INC., a Delaware corporation (“P&F”), FLORIDA PNEUMATIC MANAFUACTURING CORPORATION,
a Florida corporation (“Florida Pneumatic”), HY-TECH MACHINE, INC., a Delaware corporation (“Hy-Tech”),
and ATSCO HOLDINGS CORPORATION, a Delaware corporation (“ATSCO”, and together with P&F, Florida Pneumatic
and Hy-Tech, collectively, “Borrowers” and each, a “Borrower”), CONTINENTAL TOOL GROUP,
INC., a Delaware corporation (“Continental”), COUNTRYWIDE HARDWARE, INC., a Delaware corporation
(“Countrywide”), EMBASSY INDUSTRIES, INC., a New York corporation (“Embassy”), GREEN
MANUFACTURING, INC., a Delaware corporation (“Green”), PACIFIC STAIR PRODUCTS, INC., a Delaware corporation
(“Pacific”), WILP HOLDINGS, INC., a Delaware corporation (“WILP”), EXHAUST TECHNOLOGIES,
INC., a Delaware corporation (“Exhaust”), and WOODMARK INTERNATIONAL, L.P., a Delaware limited partnership
(“Woodmark”, and together with Continental, Countrywide, Embassy, Green, Pacific, WILP and Exhaust, collectively,
“Guarantors” and each, a “Guarantor”), the Lenders (defined below) party to this Agreement,
and CAPITAL ONE, NATIONAL ASSOCIATION, a national banking association, as agent for the Lenders (in such capacity, “Agent”).

 

RECITALS:

 

A.    Borrowers, Guarantors, the lenders from time to time party thereto (collectively, the “Lenders”) and
Agent have entered into an Amended and Restated Loan and Security Agreement dated as of August 12, 2014 (as amended, restated,
supplemented, or otherwise modified from time to time immediately prior to the effectiveness of this Amendment, the “Loan
Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the
Loan Agreement.

 

B.     Borrowers have requested that Agent and the Lenders amend certain provisions of the Loan Agreement and to permit certain
Distributions.

 

C.     Subject to the terms and conditions set forth below, Agent and the Lenders party hereto are willing to amend the Loan Agreement
as set forth herein.

 

In furtherance of the
foregoing, the parties agree as follows:

 

Section 1.     AMENDMENTS.
Subject to the covenants, terms and conditions set forth herein and in reliance upon the representations and warranties set
forth herein, the Loan Agreement is amended as follows:

 

(a)    The following new definition is inserted in Section 1.1 of the Loan Agreement in the appropriate alphabetical
position therein:

 

“Special
Distribution: a one-time Distribution in an amount not to exceed the lesser of $0.50 per share or $1,800,000, declared on
March 8, 2016 and made on or before April 15, 2016.”

 

(b)   The existing definition of “Fixed Charges,” in Section 1.1 of the Loan Agreement is hereby
amended by deleting such definition in its entirety and replacing it with the following:

 

“Fixed
Charges: the sum of interest expense (other than payment-in-kind), principal payments made on Borrowed Money (other than prepayments
of Revolver Loans pursuant to Section 5.2 to the extent the Revolver Commitments are not permanently reduced by a corresponding
amount pursuant to Section 2.1.4 ), and Distributions made (other than the Special Distribution).”

 

     

     

    

 

(c)   The existing Section 10.2.4 of the Loan Agreement is hereby amended by deleting Section 10.2.4 in its entirety
and replacing it with the following:

 

“10.2.4Distributions;
Upstream Payments; Executive Compensation. Declare or make any Distributions or pay executive compensation, except (a) Upstream
Payments, (b) Distributions of Equity Interests that do not result in a Change of Control, (c) executive compensation, including
incentive compensation, and management and directors’ fees and expenses consistent with past practice and, in the case of
incentive compensation, with any incentive plans approved by the Board of Directors of P&F as set forth on Schedule 10.2.4
or as subsequently approved by such Board (or a committee thereof) and such Board’s independent compensation consultant
reasonably satisfactory to Agent, (d) the Special Distribution, and (e) commencing with the Fiscal Quarter ending March 31, 2016,
quarterly Distributions to the holders of the Equity Interests of P&F in an amount not to exceed the lesser of $0.05 per share
or $200,000; or create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to make any Upstream Payment,
except for restrictions under the Loan Documents, under Applicable Law or in effect on the Closing Date as shown on Schedule
9.1.15.”

 

The amendments to the Loan Agreement are
limited to the extent specifically set forth above and no other terms, covenants or provisions of the Loan Agreement are intended
to be affected hereby.

 

Section 2.     CONDITIONS
PRECEDENT. The parties hereto agree that the amendments set forth in Section 1 above shall not be effective until the
satisfaction of each of the following conditions precedent (the date of such satisfaction, the “Effective Date”):

 

(a)  Documentation. Agent
shall have received (i) a counterpart of this Amendment, duly executed and delivered by Borrowers, Guarantors and all of the Lenders
then party to the Loan Agreement, and (ii) such other documents and certificates as Agent or its counsel may reasonably
request relating to the organization, existence and good standing of Obligors, the authorization of this Amendment and any other
legal matters relating to any Obligor or the transactions contemplated hereby.

 

(b)  Fees and Expenses.  All
fees and expenses of counsel to Agent estimated to date shall have been paid in full (without prejudice to final settling of accounts
for such fees and expenses).

 

Section 3.     REPRESENTATIONS
AND WARRANTIES.

 

(a)   In order to
induce Agent and the Lenders to enter into this Amendment, each Borrower represents and warrants to Agent and the Lenders as follows:

 

(i)   The
representations and warranties made by such Borrower in Section 9 of the Loan Agreement are true and correct on and as of
the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date in which case
such representations and warranties are true and correct on and as of such earlier date.

 

(ii)   No
Default or Event of Default has occurred and is continuing or will exist after giving effect to this Amendment.

 

     

     

    

 

(b)   In order to
induce Agent and the Lenders to enter into this Amendment, each Borrower and each Guarantor represents and warrants to Agent and
the Lenders that (i) this Amendment has been duly authorized, executed and delivered by it and constitutes its legal, valid and
binding obligation and (ii) the execution, delivery and performance by each Borrower and each Guarantor of this Amendment (w) do
not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or third
party, except for (A) such as have been obtained or made and are in full force and effect or (B) the failure of which to obtain
would not reasonably be expected to result in a Material Adverse Effect, (x) do not and will not violate any Applicable Law or
the Organic Documents of such Borrower or such Guarantor, except to the extent that such violation would not reasonably be expected
to result in a Material Adverse Effect, (y) do not and will not violate or result in a default under any indenture or any other
agreement, instrument or other evidence of Material Indebtedness, except to the extent that such default would not reasonably be
expected to result in a Material Adverse Effect, and (z) do not and will not result in the creation or imposition of any Lien on
any asset of any Obligor, except Liens created under the Loan Documents.

 

Section 4.     MISCELLANEOUS.

 

(a)   Ratification and Confirmation
of Loan Documents. Each Borrower and each Guarantor hereby consents, acknowledges and agrees to the amendments set forth herein
and hereby confirms and ratifies in all respects the Loan Documents to which such Person is a party (including without limitation,
with respect to each Guarantor, the continuation of its payment and performance obligations under the guaranties set forth in Section
15 of the Loan Agreement upon and after the effectiveness of the amendments contemplated hereby and, with respect to each Borrower
and each Guarantor, the continuation and extension of the liens granted under the Loan Agreement and Security Documents to secure
the Obligations). Except as expressly set forth herein, this Amendment (i) shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, or Agent under the Loan Agreement or any other
Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Loan Agreement or any other Loan Document, all of which are ratified and affirmed in all respects
and shall continue in full force and effect. Without limiting the generality of the foregoing, the Security Documents and all of
the Collateral described therein do and shall continue to secure the payment of all Obligations of the Obligors under the Loan
Documents, in each case, as amended by this Amendment. This Amendment shall for all purposes constitute a Loan Document.

 

(b)   Fees and Expenses. Borrowers
shall pay on demand all reasonable costs and expenses of Agent in connection with the preparation, reproduction, execution, and
delivery of this Amendment and any other documents prepared in connection herewith, including, without limitation, the reasonable
fees and out-of-pocket expenses of counsel for Agent.

 

(c)   Headings. Section and
subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose or be given any substantive effect.

 

(d)   Governing Law; Waiver of
Jury Trial. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, and shall
be further subject to the provisions of Sections 14.13, 14.14 and 14.15 of the Loan Agreement.

 

(e)   Counterparts. This Amendment
may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original, and
all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature
page of this Amendment by facsimile or electronic transmission (including .pdf file) shall be effective as delivery of a manually
executed counterpart hereof.

 

     

     

    

 

(f)   Notices.
All communications and notices hereunder shall be given as provided in the Loan Agreement as amended hereby.

 

(g)   Entire Agreement. This
Amendment, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire
understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations
and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or
implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise,
condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the
Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other.
None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise except in a
writing signed by Agent for such purpose.

 

(h)   Enforceability; Severability.
Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the
parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. Any provision of this
Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction

 

(i)   Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of each Borrower, each Guarantor, Agent, each Lender
and their respective successors and assigns (subject to Section 13 of the Loan Agreement).

 

(j)   Guarantor
Acknowledgement. Each Guarantor hereby: (i) consents to this Amendment and to the changes to the Loan Agreement to be
effected by this Amendment; (ii) acknowledges that this Amendment does not in any way modify, limit, or release any of its
obligations under the Loan Agreement; and (iii)  acknowledges that its consent to any other modification to any Loan Document
will not be required as a result of the consent set forth in this Section 4 having been obtained, except to the extent,
if any, required by the specific terms of that Loan Document.

 

 

[Remainder of Page
Intentionally Left Blank; Signature Pages Follow]

 

 

 

     

     

    

  

The following parties
have caused this Third Amendment to Amended and Restated Loan and Security Agreement to be executed as of the date first written
above.

 

	 	BORROWERS:
	 	 
	 	P&F INDUSTRIES, INC.
	 	FLORIDA PNEUMATIC MANUFACTURING
	 	CORPORATION
	 	HY-TECH MACHINE, INC.
	 	ATSCO HOLDINGS CORPORATION
	 	 
	 	 
	 	By:       /s/ Joseph A. Molino, Jr.              
	 	Name:  Joseph A. Molino, Jr.                    
	 	Title:    Vice President                                 
	 	 
	 	GUARANTORS:
	 	 
	 	CONTINENTAL TOOL GROUP, INC.
	 	COUNTRYWIDE HARDWARE, INC.
	 	EMBASSY INDUSTRIES, INC.
	 	GREEN MANUFACTURING, INC.
	 	PACIFIC STAIR PRODUCTS, INC.
	 	EXHAUST TECHNOLOGIES, INC.
	 	WILP HOLDINGS, INC.
	 	 
	 	By:       /s/ Joseph A. Molino, Jr.               
	 	Name:  Joseph A. Molino, Jr.                     
	 	Title:    Vice President                                  
	 	 
	 	WOODMARK INTERNATIONAL, L.P.
	 	 
	 	By: Countrywide Hardware, Inc.
	 	 
	 	By:       /s/ Joseph A. Molino, Jr.                
	 	Name:  Joseph A. Molino, Jr.                      
	 	Title:    Vice President                                   

 

 

 

THIRD AMENDMENT
TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

Signature
Page

     

     

    

 

 

	 	AGENT AND LENDERS:
	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION, as 

Agent and Lender
	 	 
	 	By:      /s/ Jon Oldham                                
	 	Name: Jon Oldham                                      
	 	Title:   Senior Director                                   
	 	 

 

 

 

THIRD AMENDMENT
TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

Signature
PageExhibit 10.1

 

AMENDMENT TO PURCHASE AND SALE AGREEMENT

 

 

This Amendment to Purchase
and Sale Agreement (this “Amendment”), is dated March 31, 2016 by and between Oasis Petroleum North America
LLC, a Delaware limited liability company (“Oasis”), and Samson Oil and Gas USA, Inc., a Colorado Corporation
(“Samson”). Oasis and Samson are each a “Party” and collectively the “Parties.”

 

WHEREAS, the Parties
entered into that certain Purchase and Sale Agreement dated December 31, 2015, (as amended, supplemented, restated or otherwise
modified from time to time, the “PSA”);

 

WHEREAS, for the avoidance
of doubt, a fully executed copy of the current PSA, with all exhibits, schedules and attachments as agreed by the Parties, is attached
hereto as Attachment 3 and incorporated by reference herein;

 

WHEREAS, the Parties
desire to further amend the PSA as provided herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants and conditions set forth herein and in the PSA, and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound by the terms hereof, hereby
agree as follows:

 

1.Certain Definitions.
Capitalized terms used herein and not otherwise defined in this Second Amendment shall have the meanings set forth for such terms
in the PSA.

 

2.Definitions.
The following definition is hereby added to Article 13 of the PSA in alphabetical order:

 

		(a)	“Note” has the meaning set forth in Section 9.3(a).

 

3.Amendment
to Purchase Price. The amount set forth in Section 2.1 of the PSA as the Purchase Price shall be amended from Sixteen
Million Five Hundred Thousand Dollars ($16,500,000) to Sixteen Million Dollars ($16,000,000).

 

4.Amendments
to Title Claim Date and Environmental Claim Date.

 

		(a)	The definition of Title Claim Date in Section 3.4(a) of the PSA shall be amended from “on
or before the date that is seven (7) Business Days before the Scheduled Closing Date” to “on or before January 21,
2016”.

 

		(b)	The definition of Environmental Claim Date in Section 4.3 of the PSA shall be amended from “on
or before the date that is seven (7) Business Days before the Scheduled Closing Date” to “on or before January 21,
2016”.

 

5.Amendment
of Closing Date and Termination Date. The date set forth in Section 9.1(a)(i) of the PSA as the “Scheduled Closing
Date” shall be amended from February 1, 2016 to March 31, 2016. The date set forth in Section 10.1 of the PSA as the
“Termination Date” shall be amended from February 15, 2016 to April 1, 2016.

 

     

     

    

 

6.Promissory
Note; Closing Payment. The PSA shall be further amended as follows:

 

		(a)	The following language shall be added to the end of Section 9.3(a):

 

“...and an executed
promissory note (the “Note”) in the form attached hereto as Exhibit G, in the principal amount of Four
Million Dollars ($4,000,000) and security agreements in the form attached hereto as Exhibit H;”

 

		(b)	The promissory note attached to this Amendment as Attachment 1 shall be added to the PSA
as Exhibit G.

 

		(c)	The security agreements attached to this Amendment as Attachment 2 shall be added to the
PSA as Exhibit H.

 

		(d)	The last sentence of Section 9.4(a) shall be deleted in its entirety and replaced with the
following:

 

The Adjusted Purchase Price
as determined in accordance with this Section 9.4(a) shall constitute the “Closing Amount,” and the Closing
Amount, less the principal amount of the Note, shall constitute the “Closing Payment” to be paid by Purchaser
to Seller at the Closing.

 

		(e)	The references to the term “Closing Payment” in Sections 2.2(d),
2.2(f), 3.4(h), 4.4(b), and 9.4(b) shall be deleted and replaced with the term “Closing Amount”.

 

7.Amendment
to Schedules 1.2(d), 2.3 and 5.15.

 

		(a)	Schedule 1.2(d) is hereby deleted in its entirety and replaced with the attached Schedule 1.2(d).

 

		(b)	Schedule 2.3 is hereby deleted in its entirety and replaced with the attached Schedule 2.3.

 

		(c)	Schedule 5.15 is hereby deleted in its entirety and replaced with the attached Schedule 5.15.

 

8.Amendment
to Exhibit E. Exhibit E is hereby deleted in its entirety and replaced with the attached Exhibit E.

 

9.Certain Environmental
Repairs. Purchaser hereby acknowledges and agrees that all of Seller’s obligations under Section 7.14 of the PSA
have been satisfied in full and hereby releases any and all claims against Seller for breach of Section 7.14 of the PSA.

 

    	 	- 2 -	 

     

    

 

10.Marketing
Agreements. Purchaser and Seller agree and acknowledge that Seller has disclosed to Purchaser that (i) pursuant to that certain
Gas Purchase Agreement by and between ONEOK Rockies Midstream, L.L.C. (“ORM”) and Seller dated April 1, 2004,
as amended (the “2004 ORM Gas Purchase Agreement”), Seller has received a letter from ORM exercising certain
of ORM’s contractual rights pursuant to the 2004 ORM Gas Purchase Agreement and that certain wells to be assigned to Purchaser
pursuant to the PSA have been released, (ii) pursuant to that certain Gas Purchase Agreement by and between ORM and Seller dated
March 1, 2010, as amended (the “2010 ORM Gas Purchase Agreement”), Seller has received a termination notice
from ORM electing to terminate the 2010 ORM Gas Purchase Agreement and on February 29, 2016 the 2010 ORM Gas Purchase Agreement
was terminated, (iii) that certain Gas Purchase Agreement by and between ORM and Seller dated March 1, 2016, as amended (the “March
2016 GPA”) replaced the 2010 ORM Gas Purchase Agreement for a primary term commencing on March 1, 2016 and ending on
March 31, 2016, and that Seller has received a termination notice from ORM electing to terminate the March 2016 GPA and on March
31, 2016, the March 2016 GPA shall terminate, and (iv) that certain Gas Purchase Agreement to be effective April 1, 2016 that is
currently being negotiated by ORM and Seller, shall replace the March 2016 GPA. Further, in consideration of the aforementioned
acknowledgement and disclosure, and the reduction of the Purchase Price from Sixteen Million Five Hundred Thousand Dollars ($16,500,000)
to Sixteen Million Dollars ($16,000,000), Purchaser hereby waives all claims Purchaser may have against Seller with respect to
the aforementioned marketing agreements, including any claims related to disclosure of, or failure to disclose, the status of such
agreements.

 

11.Schmitz Well.
On February 3, 2016, Seller received a letter from the North Dakota Department of Health (the “NDDH”) including
settlement terms and an administrative penalty of $33,000 owed by Seller regarding Seller’s alleged violation of certain
water pollution controls at the Schmitz 44-30H location. Seller agrees to pay the $33,000 administrative penalty pursuant to such
letter; provided, that, Purchaser shall assume all other obligations and be liable and responsible for any further
remediation, monitoring or repairs as requested by the NDDH in connection with the Schmitz 44-30H location.

 

12.Consent to
Assign. Purchaser hereby acknowledges and agrees that the consents to assign the Gas Agreements (as defined below) require
third party consents to assign and that the Parties shall use commercially reasonable efforts to obtain such consents after Closing.
The term “Gas Agreements” means the following agreements: (i) that certain Gas Processing Contract by and between
True Oil Company, predecessor to Oneok Rockies Midstream, L.L.C. and Luff Exploration Company, predecessor to Oasis Petroleum North
America LLC, dated April 14, 1982, (ii) that certain Gas Processing Contract by and between True Oil Company, predecessor to Oneok
Rockies Midstream, L.L.C. and Luff Exploration Company, predecessor to Oasis Petroleum North America LLC, dated September 4, 1981,
and (iii) that certain that certain Gas Processing Contract by and between True Oil Company, predecessor to Oneok Rockies Midstream,
L.L.C. and Irex Operating Company, predecessor to Oasis Petroleum North America LLC, dated January 1, 1986.

 

13.Ratification.
From and after the date of this Amendment, all references to the PSA set forth therein or in any other agreement or instrument
shall, unless otherwise specifically provided, be references to the PSA as amended by this Amendment and as may be further amended,
modified, restated or supplemented from time to time by the parties. This Amendment shall not constitute or be deemed to constitute
an amendment, modification or waiver of any provision of the PSA, except as expressly set forth herein. As amended hereby, the
PSA shall continue in full force and effect according to its terms.

 

    	 	- 3 -	 

     

    

 

14.Counterparts.
This Amendment may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original
instrument, but all of such counterparts shall constitute for all purposes one agreement. Any signature hereto delivered by a Party
by facsimile transmission or other electronic transmission shall be deemed an original signature hereto.

 

[signature page follows]

 

 

    	 	- 4 -	 

     

    

 

IN WITNESS WHEREOF,
Oasis and Samson have executed this Amendment on the date first above written.

 

	 	OASIS PETROLEUM NORTH AMERICA LLC
	 	 
	 	 
	 	By:	/s/ Michael Lou
	 	Name:	Michael Lou
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 

 

 

	 	SAMSON OIL AND GAS USA, INC.
	 	 
	 	 
	 	By:	/s/ Robyn Lamont
	 	Name:	Robyn Lamont
	 	Title:	Chief Financial Officer
	 	 	 

 

 

 

 

[Signature page to Amendment to Purchase
and Sale Agreement]

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