Document:

THE SECURITIES
SUBSCRIBED FOR BY THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS, AND TRANSFER OF THE SECURITIES IS RESTRICTED AS A RESULT THEREOF, AND ALSO BY THE TERMS OF THIS AGREEMENT.

 

NATIONAL
BEVERAGE CORP. 

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement
(this “Agreement”), dated as of January 25, 2013, is made by and between National Beverage Corp., a Delaware
corporation (the “Company”), and 8100 Partners, LLC, a Florida limited liability company (the “Purchaser”,
and together with the Company, the “Parties”).

 

WHEREAS, the Company
desires to issue to the Purchaser, and the Purchaser desires to purchase from the Company, shares of the Company’s Special
Series D Preferred Stock, par value $1.00 per share (the “Special Series D Preferred Stock”), at a price of
Fifty Dollars ($50.00) per share.

 

NOW, THEREFORE, in
consideration of the mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows: 

 

1.             Purchase
and Sale of the Special Series D Preferred Stock. The Company hereby agrees to issue to the Purchaser Four Hundred Thousand
(400,000) shares of Special Series D Preferred Stock (the “Shares”) in exchange for Twenty Million Dollars ($20,000,00.00)
in immediately available funds (the “Purchase Price”). The Parties are executing and delivering this Agreement
in accordance with and in reliance upon the exemption from securities registration afforded by Section 4(2) of the Securities Act
of 1933, as amended (the "Securities Act").

 

2.             Purchaser's
Representations and Warranties. Purchaser hereby represents and warrants to the Company as follows:

 

2.1           Purchaser
understands that the Shares have not been registered under the Securities Act, or any state securities laws in reliance on exemptions
from such registration for transactions not involving any public offerings. Consequently, the Shares may not be sold, transferred
or otherwise disposed of unless subsequently registered under the Securities Act and applicable state securities laws or an exemption
from such registration is available. The certificate(s) representing the Shares will bear a restrictive legend consistent with
the foregoing. There is no public market for the Shares and there is no assurance one will develop in the future. Purchaser acknowledges
that it may have to bear the economic risk of this investment for an indefinite period of time. Purchaser agrees not to resell
the Shares or the shares of the Company’s common stock, par value $0.01 per share, underlying the Shares (the “Conversion
Shares”) without compliance with the terms of this Agreement, the Securities Act and any applicable state securities
laws.

 

2.2           Purchaser
is an "accredited investor" as defined in Rule 501 promulgated under the Securities Act. Purchaser has the requisite
knowledge and experience to assess the merits and risks relating to an investment in the Shares, and understands that there exists
a substantial risk of a loss of some or all of its investment. Purchaser is acquiring the Shares solely for its own account, for
investment, and not with a view to or for the resale, assignment or distribution thereof. 

 

    	 

    	 

    

 

2.3           The
Purchaser has received from the Company, and has reviewed, all such information which the Purchaser considers necessary or appropriate
to evaluate the risks and merits of an investment in the Shares. The Purchaser has had the opportunity to question, and has questioned,
to the extent deemed necessary or appropriate, representatives of the Company so as to receive answers and verify information obtained
in the Purchaser’s examination of the Company in relation to its investment in the Shares. No oral or written representations
have been made to the Purchaser in connection with the Purchaser’s acquisition of the Shares, which were in any way inconsistent
with the information reviewed by the Purchaser. The Purchaser acknowledges that no representations or warranties of any type or
description have been made to it by any person with regard to the Company, any of their respective businesses, properties or prospects
or the investment contemplated herein, other than the representations and warranties set forth in Section 3 hereof.

 

2.4           The
Purchaser is a limited liability company organized, validly existing and in good standing under the laws of the State of Florida.
The Purchaser has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder
and consummate the transactions contemplated hereby. The Purchaser has taken all necessary corporate action to authorize the execution,
delivery and performance of this Agreement and the transactions contemplated hereby. This Agreement has been duly executed and
delivered by the Purchaser and constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser
in accordance with its terms.

 

3.             Company's
Representations and Warranties. The Company hereby represents and warrants to the Purchaser as follows:

 

3.1           The
Company is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware. The Company
has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder and consummate
the transactions contemplated hereby. The Company has taken all necessary corporate action to authorize the execution, delivery
and performance of this Agreement and the transactions contemplated hereby.

 

3.2           This
Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable
principles, regardless of whether such enforceability is considered in a proceeding at law or in equity.

 

3.3           Upon
payment of the Purchase Price by the Purchaser and delivery to the Purchaser of the certificates for the Shares, such Shares will
be validly issued, fully paid and non-assessable and no preemptive rights will exist with respect to any of the Shares or the issuance
and sale thereof. In the event that Conversion Shares are issued and paid for in accordance with the terms of the Company’s
Certificate of Designations of the Relative Rights and Preferences of the Special Series D Preferred Stock in the form attached
as Exhibit A hereto (the “Certificate of Designation”), such Conversion Shares will be duly authorized
by all necessary corporate action and validly issued and outstanding, fully paid and nonassessable, and the holders shall be entitled
to all rights accorded to a holder of Common Stock.

 

3.4           The
authorized capital stock of the Company as of the Effective Date consists of (i) 75,000,000 shares of common stock par value $0.01,
per share authorized (“Common Stock”), and (ii) 1,000,000 shares of preferred stock, par value $1.00 per share,
authorized, of which no shares are issued and outstanding. No person has any right of first refusal, preemptive right, right of
participation, or any similar right to participate in the transactions contemplated by this Agreement.

 

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3.5           Neither
the execution and delivery by the Company of this Agreement, nor the consummation of the transactions contemplated hereby, nor
the performance by the Company of its obligations hereunder, shall (or, with the giving of notice or the lapse of time or
both, would) (i) conflict with or violate any provision of the Company’s Certificate of Incorporation or Bylaws; (ii)
give rise to a conflict, breach or default, or any right of termination, cancellation or acceleration of remedies or rights, or
otherwise result in a loss of benefits to the Company, under the provisions of any note, bond, mortgage, indenture, license, agreement
or other instrument or obligation to which the Company is a party or by which it or any of its properties or assets is otherwise
bound; or (iii) violate any law applicable to the Company or any of its properties or assets.

 

4.             Covenants
and Agreements

 

4.1           The
Certificate of Designation shall be executed by the Company and filed with the Secretary of State of the State of Delaware.

 

4.2           Each
certificate representing the Shares (and the Conversion Shares when issued) shall be stamped or otherwise imprinted with a legend
substantially in the following form (in addition to any legend required by applicable state securities or "blue sky"
laws):

 

THESE
SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE ISSUER SHALL HAVE RECEIVED
AN OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE
SECURITIES LAWS IS NOT REQUIRED.

 

5.             Miscellaneous

 

5.1           All
notices or other communications given or made hereunder shall be in writing and shall be delivered by hand, against written receipt,
or mailed by registered or certified mail, return receipt requested, postage prepaid, to Purchaser at the address set forth below
and to the Company at its address set forth below. Notices shall be deemed given on the date of receipt or, if mailed, three (3)
business days after mailing, except notices of change of address, which shall be deemed given when received.

 

5.2           Each
Party will be responsible for the payment of its own expenses in connection with the (i) negotiation of this Agreement and related
agreements and (ii) consummation of the transactions contemplated hereby.

 

5.3           This
Agreement shall be construed in accordance with and governed by the laws of the State of Delaware without regard to principles
of conflict of laws.

 

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5.4           Purchaser's
representations and warranties in Section 2 above shall survive the delivery of this Agreement and the delivery of the Shares.

 

5.5           This
Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, legal representatives, successors
and assigns.

 

5.6           This
Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement. Any signed copy delivered by facsimile
or other electronic means shall be binding to the same extent as a signed original with regard to this Agreement.

 

** Remainder of Page
Intentionally Left Blank **

 

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IN WITNESS WHEREOF,
this Agreement has been carefully reviewed and duly executed by or on behalf of the Parties hereto as of the Effective Date.

 

	 	“COMPANY”
	 	 
	 	NATIONAL BEVERAGE CORP.
	 	 	 
	 	By:	/s/ Dean A. McCoy
	 	Name: Dean A. McCoy
	 	Title: Sr. VP
	 	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 
	 	“PURCHASER”
	 	 
	 	8100 PARTNERS, LLC
	 	 	 
	 	By:	/s/ George R. Bracken
	 	Name: George R. Bracken
	 	Title: Manager
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

  

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EXHIBIT A

 

Certificate of Designation of the Special
Series D Preferred Stocka50548760_ex10-1.htm

Exhibit 10.1

 

AMENDMENT NO. 2

 

TO

 

MANAGEMENT AGREEMENT

 

THIS AMENDMENT NO. 2 dated as of January 30, 2013 (this “Amendment”) to the MANAGEMENT AGREEMENT dated as of August 31, 2009 (as amended by Amendment No. 1, dated as of September 16, 2009, the “Agreement”) is made and entered into by and between CREXUS INVESTMENT CORP., a Maryland corporation (the “Company”), and FIXED INCOME DISCOUNT ADVISORY COMPANY, a Delaware corporation (together with its permitted assignees, the “Manager”).

 

WHEREAS, the Company and the Manager desire to amend the Agreement with respect to the matters set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

SECTION 1.  DUTIES OF THE MANAGER

 

The Agreement is hereby amended by adding the following as new Section 2(o):

 

“(o)  Without limiting any of the foregoing, the Manager shall, at the request of the Special Committee, in good faith do all things in its power to facilitate the Company’s efforts to actively seek and solicit Acquisition Proposals during the Transaction Solicitation Period, as each of those terms is defined in the Agreement and Plan of Merger, dated as of January 30, 2013, among the Company, Annaly and the other parties named therein.  In addition, the Manager shall, at the request of the Special Committee, in good faith do all things in its power at all times following conclusion of the Transaction Solicitation Period to facilitate the Company’s discussions, negotiations, providing of information and any other actions or inactions that the Company is permitted to do or not do with respect to possible Acquisition Proposals and related Acquisition Transactions under the terms of, and as defined in, such Agreement and Plan of Merger.”

 

SECTION 2. INDEMNIFICATION.

 

The Agreement is hereby amended by adding the following as new Section 11(d):

 

“(d)  Without limiting any of the foregoing, the Manager and each of the persons named on Exhibit A to the Protocol for Maintaining Wall, dated December 12, 2012 (the “FIDAC Designees”), shall not be liable to the Company or its Subsidiaries or to any other person for or because of anything the Manager or any FIDAC Designee does or does not do, or causes the Company or its Subsidiaries to do or not do, in each case in accordance with instructions from the Special Committee and Section 2(o) of this Agreement (other than, in all cases, actions or inactions carried out by the Manager in bad faith or as a result of the Manager’s willful misconduct, gross negligence or reckless disregard of its duties hereunder).”

 

SECTION 2. TERM; TERMINATION.

 

The Agreement is hereby amended by Section 13(b) becoming Section 13(c) and the headings of the remaining subsections of Section 13 being updated accordingly.

 

The Agreement is hereby also amended by adding the following as new Section 13(b):

 

“(b)  If a person other than Annaly or a wholly owned subsidiary of Annaly acquires a majority of the outstanding capital stock or of the assets of the Company, the Company may terminate this Agreement at the end of any calendar month within six months after the calendar month in which that person acquires a majority of the outstanding stock or of the assets of the Company, upon at least 60 days prior written notice to the Manager.”

 

  

  

  

 

The Agreement is hereby also amended as follows:

 

(i)           The reference to Section 13(b) that appears in Section 1(oo) of the Agreement is deleted and replaced by a reference to Section 13(c) of the Agreement;

 

(ii)           The references to Section 13(b) that appear in Section 8(b) of the Agreement and Section 8(c) of the Agreement shall each be deleted and replaced by references to “Section 13(a) or Section 13(b) of this Agreement”;

 

(iii)           The reference to Section 13(a) that appears in Section 13(c) of the Agreement, as amended by this Amendment, is deleted and replaced by “Section 13(a) of the Agreement or Section 13(b) of the Agreement”;

 

(iv)           The reference to Section 13(c) that appears in Section 13(d) of the Agreement, as amended by this Amendment, is deleted and replace by a reference to Section 13(d) of the Agreement;

 

(v)           The reference to Section 13(b) in Section 13(e) of the Agreement, as amended by this Amendment, is deleted and replaced by a reference to Section 13(c); and

 

(vi)           The reference to Section 13(a) in Section 16 of the Agreement is deleted and replaced by a reference to “Section 13(a) or Section 13(b).”

 

SECTION 4. STATUS.

 

This Amendment amends the Agreement, but only to the extent expressly set forth herein. All other provisions of the Agreement remain in full force and effect. Unless otherwise defined herein, initially capitalized terms have the meaning given them in the Agreement.

 

SECTION 5. REPRESENTATIONS.

 

In order to induce both the Company and the Manager to execute and deliver this Amendment, each party represents that as of the date hereof, it is in full compliance with all of the terms and conditions of the Agreement, including, but not limited to, the warranties and representations set forth in the Agreement.

 

SECTION 6. GOVERNING LAW.

 

This Amendment shall be governed by and construed in accordance with the applicable terms and provisions of Section 23 of the Agreement, which terms and provisions are incorporated herein by reference.

 

SECTION 7. COUNTERPARTS.

 

This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall be considered one and the same instrument.

 

SECTION 8. FACSIMILE EXECUTION.

 

Facsimile signatures on counterparts of this Amendment are hereby authorized and shall be acknowledged as if such facsimile signatures were an original execution, and this Amendment shall be deemed as executed when an executed facsimile hereof is transmitted by a party to any other party.

 

 

[SIGNATURE PAGE FOLLOWS]

 

  

2

  

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.

 

	  	  	  	  	  
	  	
CREXUS INVESTMENT CORP.

	  	  	  	  	  
	  	
By:

	
 

	
/s/ Kevin Riordan

	  
	  	
Name:

	
Kevin Riordan

	  
	  	
Title:

	
Chief Executive Officer and President

	  
	  	  	  	  	  
	  	  
	  	  
	  	
FIXED INCOME DISCOUNT ADVISORY COMPANY

	  	  	  	  	  
	  	
By:

	
 

	
/s/ Wellington Denahan

	  
	  	
Name:

	
Wellington Denahan

	  
	  	
Title:

	
Chief Executive Officer

	  

 

 

 

 

 

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