Document:

Exhibit 10.1

 

SIXTH AMENDMENT TO CREDIT AGREEMENT

 

This Sixth Amendment
to Credit Agreement (the “Sixth Amendment”) is made as of the 6th day of March, 2020, by and between XpresSpa
Holdings, LLC, a Delaware limited liability company (the “Borrower”) and B3D, LLC, a North Carolina
limited liability company (the “Lender”).

 

WHEREAS, the
Borrower and Lender are parties to that certain Credit Agreement dated April 22, 2015, as amended by the First Amendment to Credit
Agreement and Waiver dated August 8, 2016, as assigned (together with the Existing Note, the Security Agreement, and each Guarantee)
with Borrower’s consent by Lender’s predecessor, Rockmore Investment Master Fund Ltd. (“Rockmore”)
to Lender on February 7, 2017, as amended by the Second Amendment dated May 10, 2017, as amended by the Third Amendment dated as
of May 11, 2018, as Amended by the Fourth Amendment dated July 8, 2019 and as amended by the Fifth Amendment to Credit Agreement
dated January 9, 2020, and as further as amended, restated, amended and restated extended, renewed, replaced, supplemented or otherwise
modified from time to time (as amended, the “Credit Agreement”);

 

WHEREAS, pursuant
to the Credit Agreement the Lender agreed to provide credit facilities to Borrower, as defined therein;

 

WHEREAS, Borrower’s
obligations under the Credit Agreement are evidenced by the Third Amended and Restated Note, dated January 9, 2020, in the principal
amount of $7,150,000 executed by Borrower (the “Existing Note”) and are secured by a first priority lien on
and security interest in substantially all of the assets of the Borrower;

 

WHEREAS, the
Lender is willing to fund an additional $500,000 to the Borrower on the date hereof (the “Additional Funding”)
and increase the principal of the Loan due and payable to Lender by the amount of seven hundred fifty thousand ($750,000.00) dollars
(the “Note Increase”), payable as provided herein below; and

 

WHEREAS, the
Borrower and Lender accordingly wish to amend certain terms of the Credit Agreement in accordance with this Sixth Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Lender and the Borrower agree as follows:

 

1.                 
Recitals. The Recitals to this Sixth Amendment are incorporated herein by reference and form a part hereof.

 

2.                 
Note Increase; Note. In consideration for Lender’s agreement to enter into this Sixth Amendment, Borrower agrees
to pay Lender the Note Increase. The Note Increase shall be added to, and form a part of, the outstanding principal amount due
for the Loan under the Credit Agreement and related instruments and shall be reflected in the Fourth Amended and Restated Note
in the principal amount of $7,900,000, of even date herewith, executed by Borrower in the form annexed hereto as Exhibit
A (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
 “Replacement Note”).

 

     

     

    

 

3.                 
Conversion. Following the date hereof, the Lender shall submit one or more executed conversion notices electing to
convert an aggregate of $375,000 of the principal amount of the Note, effective on or prior to March 27, 2020.

 

4.                 
Amendments.

 

(a)              
Commitment Amount.Section 1.01 Definitions is hereby amended by deleting the definition corresponding
to the following definition and substituting in its place the following definition:

 

““Commitment
Amount”: $7,900,000.00.”

 

(b)              
Sixth Amendment. Section 1.01 Definitions is hereby amended by inserting the following definition thereto
in proper alphabetical order as follows:

 

““Sixth
Amendment”: that certain Sixth Amendment to Credit Agreement, dated as of March 6, 2020, and effective as of the Sixth
Amendment Effective Date, by and between Borrower and Lender.”

 

(c)              
Sixth Amendment Effective Date. Section 1.01 Definitions is hereby amended by inserting the following definition
thereto in proper alphabetical order as follows:

 

““Sixth
Amendment Effective Date”: the date on which the Sixth Amendment shall have become effective in accordance with its terms.”

 

(d)              
Loan. Section 2.01 Loan is hereby deleted and replaced with the following:

 

“Subject
to the terms and conditions of this Agreement, the Lender agrees to make a loan (the “Loan”) to the Borrower
through an advance of (i) $6,000,000 on the Effective Date of this Agreement, (ii) $500,000, which, on August 8, 2016, was added
to the Commitment Amount and the principal balance of the Note, (iii) an additional $500,000, which, on the July 8, 2019, was added
to the Commitment Amount and the principal balance of the Note, (iv) an additional $150,000, which on January 9, 2020 was added
to the Commitment Amount and the principal balance of the Note and (v) an additional $750,000, which on the Sixth Amendment Effective
date was added to the Commitment Amount and the principal balance of the Note.”

 

(e)              
Note. At all times from the Sixth Amendment Effective Date and thereafter, the definition of “Note” in
Section 2.02 shall be deemed to mean the Replacement Note and all references in the Credit Agreement and any other Loan Document
to the “Note” shall be deemed to be a reference to the Replacement Note.

 

5.                 
Amendment Effective Date. This Amendment shall become effective on the date (the “Sixth Amendment Effective
Date”) that Lender shall have received each of the following, in form and substance satisfactory to the Lender:

 

(a)              
Copies of this Amendment executed by Borrower and the Lender;

 

(b)              
Receipt by the Borrower of the Additional Funding;

 

(c)              
One (1) original Replacement Note executed by Borrower; and

 

(d)              
Conversion notice executed by the Lender electing to convert $375,000 of the principal amount of the Note effective as
of March 6, 2020.

 

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6.                 
Reaffirmation and Affirmation of Representations. The Borrower hereby agrees with, affirms, reaffirms and acknowledges
the representations and warranties contained in the Loan Documents, including but not limited to the facts set forth in the Recitals
hereto relating to Borrower’s consent to the assignment of the Credit Agreement, the Existing Note and all other Loan Documents
(including guaranties and security documents) by Rockmore to Lender. The Borrower represents that the representations and warranties
contained in the Loan Documents are true and in full force and effect and continue to be true and in full force and effect.

 

7.                 
Ratification of Unchanged Terms. The Borrower affirms, ratifies and reaffirms all terms, covenants, conditions and
agreements contained in the Loan Documents, in each case as amended and modified by this Sixth Amendment. All terms and conditions
of the Credit Agreement and Loan Documents not amended or modified by this Sixth Amendment, and any and all Exhibits annexed thereto
and all other writings submitted by the Borrowers to the Lender pursuant thereto, and all Liens granted thereunder, shall remain
unchanged and in full force and effect, in each case except as amended by this Sixth Amendment.

 

8.                 
No Waiver. This Sixth Amendment shall not constitute a waiver or modification of any of the Lender’s rights
and remedies or of any of the terms, conditions, warranties, representations, or covenants contained in the Loan Documents, except
as specifically set forth hereinabove, and the Lender hereby reserves all of its rights and remedies pursuant to the Loan Documents
and applicable law.

 

9.                 
Severability. Any provision of this Sixth Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confirmed to the provision so held
to be invalid or unenforceable.

 

10.                 
Binding Effect; No Third Party Beneficiaries. This Sixth Amendment shall be binding upon and inure to the benefit
of each of the parties hereto and their respective successors and assigns. This Sixth Amendment is solely for the benefit of each
of the parties hereto and their respective successors and assigns, and no other Person shall have any right, benefit, priority
or interest under, or because of the existence of, this Sixth Amendment.

 

11.             
Governing Law. This Sixth Amendment is governed by and is to be construed and enforced in accordance with the laws
of the State of New York (without regard to the conflicts of law rules of New York). The parties to this Agreement hereby consent
to the exclusive jurisdiction of the federal and state courts of the State of New York in the event of any dispute arising under
or in connection with this Agreement.

 

12.             
Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional
action as may be necessary or desirable to effectuate the provisions and purposes of this Sixth Amendment.

 

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13.             
Authorization. The Borrower represents and warrants to the Lender that this Sixth Amendment has been approved by
proper corporate authorization and resolution of the Borrower.

 

14.             
Counterparts. This Sixth Amendment may be executed in several counterparts, each of which, when executed and delivered,
shall be deemed an original, and all of which together shall constitute one agreement. Any signature delivered by a party by facsimile
transmission or by email in “PDF” or similar format shall be deemed to be an original signature hereto.

 

[Signature Page Follows]

 

***

 

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IN WITNESS WHEREOF,
each of the undersigned has executed and delivered this Sixth Amendment to Credit Agreement as of the date first above written.

 

	 	XPRESSPA HOLDINGS, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Douglas Satzman 
	 	Name:	Douglas Satzman
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	B3D, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Brian Daly
	 	Name:	Brian Daly
	 	Title:	Manager

 

[Signature Page
to Sixth Amendment to Credit Agreement]

 

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EXHIBIT A

 

REPLACEMENT NOTE

 

 

Attached.

 

    6Document

Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

The following description of Adams Resources & Energy, Inc. (the “Company”) capital stock does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of Delaware General Corporation Law, the Company’s certificate of incorporation, as amended, and bylaws. 

Authorized Capital Stock.  The Company’s authorized capital stock consists of 7,50,000,000 shares of common stock, par value $0.10 per share, and 960,000 shares of preferred stock, par value $1.00 per share.

Voting Rights.  The holders of the Company’s common stock are entitled to one vote per share on all matters to be voted on by stockholders generally, including the election of directors.  There are no cumulative voting rights, meaning that the holders of a majority of the shares voting for the election of directors can elect all of the candidates standing for election.  The holders of a majority of the stock issued and outstanding and entitled to vote shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute. 

Dividends.  Holders of the Company’s common stock will be entitled to receive such dividends as may from time to time be declared by the Company’s board of directors out of funds legally available for the payment of dividends.  Dividends may be paid in cash, in property, or in shares of capital stock, subject to the provisions of the certificate of incorporation, as amended.  If the Company issues preferred stock in the future, payment of dividends to holders of common stock may be subject to the rights of holders of preferred stock with respect to payment of preferential dividends, if any.

 Liquidation Rights.  If the Company is liquidated, dissolved or wound up, the holders of the Company’s common stock will share pro rata in the Company’s assets after satisfaction of all of its liabilities and the prior rights of any outstanding class of preferred stock.

Miscellaneous.  The outstanding shares of common stock are fully paid and nonassessable.  The common stock has no preemptive or conversion rights and there are no redemption or sinking fund provisions applicable thereto.

Trading Symbol.  The Company’s common stock is listed on the New York Stock Exchange under the symbol “AE.”  

Transfer Agent and Registrar.  The transfer agent and registrar for the Company’s common stock is Broadridge Corporate Issuer Solutions, Inc.

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