Document:

Exhibit
10.115

 

EXCHANGE
AGREEMENT

 

EXCHANGE
AGREEMENT, dated as of August 8, 2019 (the “Agreement”), by and between BIORESTORATIVE THERAPIES, INC.,
a Delaware corporation (the “Company”), and HARVEY P. ALSTODT AND MELODY ALSTODT (the “Holder”).

 

WHEREAS,
the Holder is the holder of a Promissory Note, dated February 6, 2019, issued by the Company to the Holder in the principal amount
of $450,000 (as amended, the “Note”).

 

WHEREAS,
the maturity date for the payment of the principal amount of the Note, together with accrued interest thereon, was August 6, 2019.

 

WHEREAS,
the Note provides for the right of the Holder to convert the principal amount of the Note, together with accrued interest, into
shares of Common Stock of the Company (“Common Stock”) and a warrant for the purchase of Common Stock in, or substantially
in, the form attached to the Note as Exhibit 1 (the “Current Warrant”) at a conversion price of sixty cents ($0.60)
per share of Common Stock (subject to adjustment for reverse stock splits and the like) (the “Note Conversion Price”).

 

WHEREAS,
the Company has requested that the Holder extend the maturity date of the Note to September 30, 2019 (the “New Maturity
Date”) and, in connection therewith to provide for an automatic conversion of the Note into shares of Common Stock and a
modification to the terms of the Current Warrant as hereinafter provided (the “Exchange Warrant”), in exchange for
the amounts payable pursuant to the Note (the “Exchange Offer”).

 

WHEREAS,
the Holder desires to exchange the amounts payable pursuant to the Note for Common Stock and the Exchange Warrant pursuant to
the Exchange Offer, subject to the terms and conditions hereof.

 

WHEREAS,
the Holder is willing to extend the maturity date of the Note to September 30, 2019 and modify the terms of the Note and the Current
Warrant as hereinafter provided.

 

NOW,
THEREFORE, the parties agree as follows:

 

1. Exchange;
Extension of Maturity Date.

 

1.1 In
the event, on or prior to the New Maturity Date, the Company enters into an underwriting agreement for a public offering of its
securities pursuant to which, after giving effect to such offering, the Common Stock will be listed on the Nasdaq Stock Market
(the “Public Offering”), then, thereupon, the outstanding principal amount of the Note, together with accrued interest
thereon, shall be automatically deemed to have been exchanged for Common Stock (the “Exchange Shares” and together
with the Exchange Warrant, the “Exchange Securities”) and the Exchange Warrant at an exchange price (the “Exchange
Price”) equal to the lesser of (i) seventy-five percent (75%) of the offering price for the Common Stock or units of Common
Stock and warrants, as the case may be, pursuant to the Public Offering (the “Public Offering Price”) and (ii) the
Note Conversion Price (the “Exchange”). The number of shares of Common Stock issuable pursuant to the Exchange Warrant
shall be as set forth in the Note. The exercise price of the Exchange Warrant shall be equal to the lesser of (a) the exercise
price set forth in the Current Warrant or (b) one hundred twenty-five percent (125%) of the Exchange Price.

 

    	1

    	 

    

 

1.2 The
certificates evidencing the Exchange Shares and the Exchange Warrant issuable to the Holder pursuant to the Exchange Offer will
be delivered by the Company to the Holder within five (5) days of closing of the Public Offering.

 

1.3 The
Holder agrees that, in connection with the Public Offering, it shall enter into a lock-up agreement with the managing underwriter
of the Public Offering, upon terms reasonably acceptable to such managing underwriter and the Holder, which lock-up agreement
shall provide for, among other things, a one hundred thirty-five (135) day lock-up period and a termination of such lock-up period
in the event the closing price for the Common Stock equals or exceeds one hundred fifty percent (150%) of the Public Offering
Price for a period of five (5) consecutive trading days.

 

1.4 The
parties agree that the maturity date for the payment of the principal amount of the Note, together with accrued interest thereon,
is the New Maturity Date.

 

2. Representations
by Holder.

 

The
Holder understands and agrees that the Company is relying and may rely upon the following representations, warranties, acknowledgements,
consents, confirmations and covenants made by the Holder in entering into this Agreement:

 

2.1 The
Holder recognizes that the acquisition of the Exchange Securities and, in the event of the exercise of the Exchange Warrant, the
shares of Common Stock issuable pursuant thereto (the “Warrant Shares”) involves a high degree of risk and is suitable
only for persons of adequate financial means who have no need for liquidity with respect to the Exchange Securities in that (a)
the Holder may not be able to liquidate the Exchange Securities in the event of emergency; (b) transferability is extremely limited;
and (c) the Holder could sustain a complete loss of its investment.

 

2.2 The
Holder represents and warrants that it (a) is competent to understand and does understand the nature of the Exchange Offer; and
(b) is able to bear the economic risk of an acquisition of the Exchange Securities.

 

2.3 The
Holder represents and warrants that it is an “accredited investor,” as such term is defined in Rule 501 of Regulation
D promulgated under the Securities Act of 1933, as amended (the “Act”). The Holder meets the requirements of at least
one of the suitability standards for an “accredited investor” as set forth on the Accredited Investor Certification
contained herein.

 

2.4 The
Holder represents and warrants that it has significant prior investment experience, including investment in restricted securities,
and that it has read this Agreement and the Current Warrant in order to evaluate the merits and risks of the Exchange Offer.

 

    	2

    	 

    

 

2.5 The
Holder represents and warrants that it has reviewed all reports, statements and other documents filed by the Company with the
Securities and Exchange Commission (collectively, the “SEC Reports”), including, the risk factors set forth therein.
The Holder also represents and warrants that it has been furnished by the Company with all information regarding the Company which
it had requested or desired to know; that all documents which could be reasonably provided have been made available for its inspection
and review; that it has been afforded the opportunity to ask questions of and receive answers from duly authorized representatives
of the Company concerning the terms and conditions of the Exchange Offer, and any additional information which it had requested;
and that it has had the opportunity to consult with its own tax or financial advisor concerning an acquisition of the Exchange
Securities. The Holder confirms that no oral representations have been made or oral information furnished to the Holder or its
advisers in connection with the Exchange Offer that are inconsistent in any respect with the SEC Reports, this Agreement or the
Current Warrant.

 

2.6 The
Holder acknowledges that the Exchange Offer has not been reviewed by the Securities and Exchange Commission (the “SEC”)
because it is intended to be either (a) a non-public offering pursuant to Section 4(a)(2) of the Act and Rule 506 of Regulation
D promulgated thereunder or (b) exempt from the registration requirements of the Act pursuant to Section 3(a)(9) thereof. The
Holder represents that the Exchange Securities are and will be being acquired for its own account, for investment and not for
distribution to others. The Holder agrees that it will not sell, transfer or otherwise dispose of the Exchange Securities, or
any portion thereof, unless they are registered under the Act or unless an exemption from such registration is available.

 

2.7 The
Holder consents that the Company may, if it desires, permit the transfer of the Exchange Securities by the Holder out of its name
only when its request for transfer is accompanied by an opinion of counsel satisfactory to the Company that neither the sale nor
the proposed transfer results in a violation of the Act or any applicable state “blue sky” laws (collectively, “Securities
Laws”). The Holder agrees to be bound by any requirements of such Securities Laws.

 

2.8 The
Holder acknowledges and agrees that the Company is relying on the Holder’s representations and warranties contained in this
Agreement in determining whether to enter into this Agreement.

 

2.9 The
Holder consents to the placement of a legend on the Exchange Securities stating that they have not been registered under the Act
and setting forth or referring to the restrictions on transferability and sale thereof. The Holder is aware that the Company will
make a notation in its appropriate records with respect to the restrictions on the transferability of the Exchange Securities.

 

2.10 The
Holder represents and warrants that the address set forth on the signature page is the Holder’s true and correct address.

 

2.11 The
Holder represents and warrants that it is unaware of, is in no way relying on, and did not become aware of, the Exchange Offer
through, or as a result of, any form of general solicitation or advertising, including, without limitation, articles, notices,
advertisements or other communications published in any newspaper, magazine or other similar media or broadcast over television
or radio or any seminar or meeting where the attendees have been invited by any such means of general solicitation or advertising.

 

    	3

    	 

    

 

2.12 The
Holder represents and warrants as follows:

 

(i) if
a natural person, the Holder has reached the age of 21 and has full power and authority to execute and deliver this Agreement
and all other related agreements or certificates and to carry out the provisions hereof and thereof;

 

(ii) if
a corporation, partnership, limited liability company or partnership, association, joint stock company, trust, unincorporated
organization or other entity, the Holder was not formed for the specific purpose of acquiring the Exchange Securities, it is duly
organized, validly existing and in good standing under the laws of the state of its organization, the consummation of the transactions
contemplated hereby is authorized by, and will not result in a violation of, its charter or other organizational documents, it
has full power and authority to execute and deliver this Agreement and all other related agreements or certificates and to carry
out the provisions hereof and thereof and to acquire and hold the Exchange Securities, the execution and delivery of this Agreement
has been duly authorized by all necessary action, this Agreement has been duly executed and delivered on behalf of the Holder
and this Agreement a legal, valid and binding obligation of the Holder; and

 

(iii) if
executing this Agreement in a representative or fiduciary capacity, the Holder has full power and authority to execute and deliver
this Agreement in such capacity and on behalf of the individual, ward, partnership, trust, estate, corporation, limited liability
company or partnership, or other entity for whom the Holder is executing this Agreement, and such individual, ward, partnership,
trust, estate, corporation, limited liability company or partnership, or other entity has full right and power to perform pursuant
to this Agreement and acquire the Exchange Securities, and that this Agreement constitutes a legal, valid and binding obligation
of such entity.

 

2.13 The
Holder represents and warrants that the execution and delivery of this Agreement will not violate or be in conflict with any order,
judgment, injunction, agreement or other document to which the Holder is a party or by which it is bound.

 

2.14 NEITHER
THE EXCHANGE SHARES, NOR THE WARRANT NOR THE WARRANT SHARES OFFERED HEREBY HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE EXCHANGE SHARES, THE WARRANT AND THE WARRANT SHARES ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION
OR EXEMPTION THEREFROM. NEITHER THE EXCHANGE SHARES, NOR THE WARRANT NOR THE WARRANT SHARES HAVE BEEN APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF
THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE SEC REPORTS.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

    	4

    	 

    

 

2.15 The
Holder represents and warrants that no commission or other remuneration has been or will be given, directly or indirectly, by
the Holder in connection with the Exchange Offer.

 

2.16 The
Holder represents and warrants that the officers, directors, trustees, managers and other controlling parties of the Holder, if
any, have not adopted any resolutions relative to the distribution of any of the Exchange Securities to its shareholders, members
or beneficiaries and they have no present intention to do so.

 

2.17 The
Holder represents and warrants that any information which the Holder has heretofore furnished or furnishes herewith to the Company
is complete and accurate and may be relied upon by the Company.

 

2.18 The
Holder represents and warrant that it does not control, and it is not controlled by, any officer, director, employee or consultant
of the Company and that it has determined to accept the Exchange Offer knowingly and voluntarily and without any coercion or direction
on the part of any person.

 

3. Representations
by the Company.

 

The
Company represents and warrants to the Holder 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 with full
power and authority to carry on its business as now conducted.

 

3.2 The
Company has the power and authority to execute and deliver this Agreement and to carry out its obligations hereunder. The execution,
delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of the Company and this Agreement constitutes the valid and legally binding
obligation of the Company enforceable against the Company in accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, reorganization or other laws affecting the enforcement of creditors’ rights generally now or hereafter in effect
and subject to the application of equitable principles and the availability of equitable remedies.

 

3.3 The
execution, delivery and performance of this Agreement do not and will not, with the giving of notice or the passage of time or
both, violate or result in a breach or termination of any provision of, or constitute a default under, the certificate of incorporation
or by-laws of the Company or any order, judgment, decree, statute, regulation, contract, agreement or any other restriction of
any kind or description to which the Company or its assets may be bound or subject.

 

    	5

    	 

    

 

4. Miscellaneous.

 

4.1 Any
notice or other communication given hereunder shall be deemed sufficient if in writing and hand delivered or sent by certified
mail (return receipt requested, postage prepaid), or overnight mail or courier, addressed as follows:

 

To
the Company:

 

40
Marcus Drive, Suite One

Melville,
New York 11747

Attn:
Chief Executive Officer

 

With
a copy to:

 

Certilman
Balin Adler & Hyman, LLP

90
Merrick Avenue

East
Meadow, New York 11554

Attn:
Fred Skolnik, Esq.

 

To
the Holder: at its address indicated on the signature page of this Agreement

 

or
to such other address as to which either party shall notify the other in accordance with the provisions hereof. Notices shall
be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given
when received.

 

4.2 This
Agreement shall not be changed, modified or amended except by a writing signed by the party to be charged, and this Agreement
may not be discharged except by performance in accordance with its terms or by a writing signed by the party to be charged.

 

4.3 This
Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective successors, assigns and
legal representatives. This Agreement sets forth the entire agreement and understanding between the parties as to the subject
matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature between
them.

 

4.4 This
Agreement and its validity, construction and performance shall be governed in all respects by the laws of the State of New York,
applicable to agreements to be performed wholly within the State of New York. The Company and the Holder hereby irrevocably consent
and submit to the exclusive jurisdiction of any federal or state court located within Nassau County or Suffolk County, New York
over any dispute arising out of or relating to this Agreement and each party hereby irrevocably agrees that all claims in respect
of such dispute or any legal action related thereto may be heard and determined in such courts. Each of the Company and the Holder
hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have
to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such
dispute.

 

4.5 The
headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, extend or interpret the
scope of this Agreement or of any particular section.

 

    	6

    	 

    

 

4.6 All
references to the neuter gender herein shall likewise apply to the masculine or feminine gender as and where applicable, and vice-versa.

 

4.7 This
Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall constitute
one instrument. Signatures transmitted herein via facsimile or other electronic image shall be deemed original signatures. Upon
the execution and delivery of this Agreement by the Holder, this Agreement shall become the binding obligation of the Holder with
respect to the acquisition of the Exchange Securities as herein provided.

 

4.8 Only
upon written approval and acceptance of this Agreement by the Company shall the Company be obligated hereunder.

 

4.9 The
Holder acknowledges that it has been represented by counsel, or afforded the opportunity to be represented by counsel, in connection
with this Agreement. Accordingly, any rule of law or any legal decision that would require the interpretation of any claimed ambiguities
in this Agreement against the party that drafted it has no application and is expressly waived by the Holder. The provisions of
this Agreement shall be interpreted in a reasonable manner to give effect to the intent of the parties hereto.

 

[Remainder
of page intentionally left blank. Signature page follows.]

 

    	7

    	 

    

 

BIORESTORATIVE
THERAPIES, INC.

 

EXCHANGE
AGREEMENT

 

Accredited
Investor Certification

(Initial
the appropriate box(es))

 

The
Holder represents and warrants that it, he or she is an “accredited investor” based upon the satisfaction of one or
more of the following criteria:

 

		_____	(1)
                                         he or she is a natural person who has a net worth or joint net worth with his or her
                                         spouse in excess of $1,000,000 at the date hereof1; or

 

		_____	(2)
                                         he or she is a natural person who had an individual income in excess of $200,000 in each
                                         of the two most recent years or a joint income with his or her spouse in excess of $300,000
                                         in each of those years and has a reasonable expectation of reaching the same income level
                                         in the current year; or

 

		_____	(3)
                                         he or she is a director or executive officer of the Company; or

 

		_____	(4)
                                         it is either (a) a bank as defined in Section 3(a)(2) of the Securities Act of 1933,
                                         as amended (the “Securities Act”), or a savings and loan association or other
                                         institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in
                                         its individual or fiduciary capacity, (b) a broker or dealer registered pursuant to Section
                                         15 of the Securities Exchange Act of 1934, (c) an insurance company as defined in Section
                                         2(13) of the Securities Act, (d) an investment company registered under the Investment
                                         Company Act of 1940 or a business development company as defined in Section 2(a)(48)
                                         of such act, (e) a small business investment company licensed by the United States Small
                                         Business Administration under Section 301(c) or (d) of the Small Business Investment
                                         Act of 1958, (f) a plan established and maintained by a state or its political subdivisions,
                                         or any agency or instrumentality of a state or its political subdivisions, for the benefit
                                         of its employees, if such plan has total assets in excess of $5,000,000 or (g) an employee
                                         benefit plan within the meaning of Title I of the Employee Retirement Income Security
                                         Act of 1974, if the determination to accept the Exchange Offer is made by a plan fiduciary,
                                         as defined in Section 3(21) of such act, which plan fiduciary is a bank, savings and
                                         loan association, an insurance company or a registered investment advisor, or if the
                                         employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed
                                         plan, with the determination to accept the Exchange Offer made solely by persons who
                                         otherwise meet these suitability standards; or

 

 

1
For purposes of calculating net worth: 

 

(i)
The Holder’s primary residence shall not be included as an asset;

(ii) Indebtedness
that is secured by the Holder’s primary residence, up to the estimated fair market value of the primary residence at the
date hereof, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the date hereof
exceeds the amount outstanding 60 days before the date hereof, other than as a result of the acquisition of the primary residence,
the amount of such excess shall be included as a liability); and

(iii) 
Indebtedness that is secured by the Holder’s
primary residence in excess of the estimated fair market value of the primary residence at the date hereof shall be included as
a liability.

 

    	 

     

    

 

		_____	(5)
                                         it is a private business development company as defined in Section 202(a)(22) of the
                                         Investment Advisers Act of 1940; or

 

		_____	(6)
                                         it is an organization described in Section 501(c)(3) of the Internal Revenue Code of
                                         1986, as amended, a corporation, a Massachusetts or similar business trust or a partnership
                                         not formed for the specific purpose of acquiring the Exchange Securities offered hereby,
                                         with total assets in excess of $5,000,000; or

 

		_____	(7)
                                         it is a trust, with total assets in excess of $5,000,000, not formed for the specific
                                         purpose of acquiring the Exchange Securities, whose determination to accept the Exchange
                                         Offer is directed by a sophisticated person who has such knowledge and experience in
                                         financial and business matters that he or she is capable of evaluating the merits and
                                         risks of the acquisition of the Exchange Securities; or

 

		_____	(8)
                                         it is a corporation, partnership or other entity, and each and every equity owner of
                                         such entity initials a separate Accredited Investor Certification pursuant to which it,
                                         he or she certifies that it, he or she meets the qualifications set forth in either (1),
                                         (2), (3), (4), (5), (6) or (7) above.

 

	If
    the Holder is an INDIVIDUAL, or if the Exchange Securities are being acquired as JOINT TENANTS, as TENANTS IN COMMON, or as
    COMMUNITY PROPERTY:	 	If the Holder is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:
	 	 	 
	Harvey
    P. Alstodt and Melody Alstodt	 	 	 
	Name(s)
    of Holder	 	Name of Holder
	 	 	 	 
	 	 	By:	 
	Signature
    of Holder	 	 	Signature
    of Authorized Representative
	 	 	 	 
	 	 	 	 
	Signature,
    if jointly held	 	Name and Title of Authorized Representative
	 	 	 	 
	August
    8, 2019	 	 	 
	Date	 	Date	 

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Exchange Agreement as of the day first above written.

 

	 	BIORESTORATIVE THERAPIES, INC.
	 	 	 
	 	By:	               
	 	 	Mark
    Weinreb
	 	 	President
    and Chief Executive Officer

 

If
the Holder is an INDIVIDUAL, or if the Exchange Securities are being acquired as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY
PROPERTY:

 

	Harvey
    P. Alstodt and Melody Alstodt	 	###-##-####
    / ###-##-####
	Print
    Name(s)	 	Social
    Security Number
	 	 	 
	 	 	224
    Grande Pointe Drive
	 	 	Palm
    Beach Gardens, FL 33418
	Signature(s)	 	Address(es)
	 	 	 
	 	 	August
    8, 2019
	 	 	Date

 

 

 

If
the Holder is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY or TRUST:

 

	 	 	 
	Name of Partnership, Corporation	 	Type
    of Entity
	Limited Liability Company or Trust	 	 
	 	 	 	 
	By:	      	 	Federal
    Taxpayer Identification Number
	Name:	 	 	 
	Title:	 	 	 
	 	 	 	Address
	 	 	 	 
	 	 	 	 
	 	 	 	State
    of Organization
	 	 	 	 
	 	 	 	 
	 	 	 	Dateex_157265.htm

 

Exhibit 10.30

 

AMENDMENT NUMBER SIX TO SECOND 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDMENT NUMBER SIX TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of September 5, 2019, is entered into by and between JMP HOLDING LLC, formerly known as JMP Group LLC, a Delaware limited liability company (“Borrower”), the lenders from time to time party to the below-defined Credit Agreement (together with their respective successors and assigns, each a “Lender” and collectively, the “Lenders”) and CITY NATIONAL BANK, a national banking association (“CNB”), as the administrative agent for the Lenders, (in such capacity, together with its successors and assigns in such capacity, the “Agent”) , and in light of the following:

 

W I T N E S S E T H

 

WHEREAS, Borrower, Agent and the Lenders are party to that certain Second Amended and Restated Credit Agreement, dated as of April 30, 2014 (as amended and in effect immediately prior to the effectiveness of this Amendment, the “Existing Credit Agreement”; the Existing Credit Agreement, as amended by this Amendment, is referred to herein as the “Credit Agreement”);

 

WHEREAS, Borrower has requested that Agent and the Lenders make certain amendments to the Existing Credit Agreement; and

 

WHEREAS, upon the terms and conditions set forth herein, Agent and the Lenders are willing to accommodate Borrower’s requests.

 

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

 

1.     DEFINITIONS. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

2.     AMENDMENTS TO EXISTING CREDIT AGREEMENT. On the terms and subject to the conditions of this Amendment:

 

(a)      The definition of “Debt” in Section 1.1 of the Credit Agreement is hereby amended to add the following sentence to the end thereof:

 

“Notwithstanding the foregoing, for purposes of calculating the Senior Leverage Ratio, the Liquidity to Debt Service Ratio and the ratio of Net Asset Value to Total Funded Debt as of any date, the term “Debt” shall not include the outstanding principal amount of any debt securities issued by Ultimate Parent or any of its Subsidiaries to the extent that, no later than seven Business Days after such date (i) the obligations of the issuer of such debt securities (and any guarantor thereof) under the indenture governing such debt securities shall have been discharged in accordance with the terms of such indenture, (ii) the issuer of such debt securities shall have delivered (or the indenture trustee under the applicable indenture shall have delivered on such issuer’s behalf) to the holders of such debt securities an irrevocable notice of redemption with respect to all of such debt securities for redemption on a date within 35 days of such notice of redemption and such debt securities are actually redeemed within such 35 day period or (iii) funds have been delivered to the trustee of the related indenture or deposited into an escrow account for the purposes of redeeming or discharging such debt securities.”

 

1

 

 

(b)     The definition of “Fixed Charges” in Section 1.1 of the Credit Agreement is hereby amended to add the following sentence to the end thereof:

 

“Notwithstanding the foregoing, the term “Fixed Charges” shall not include Interest Expense accruing on any debt securities from and after the date that (i) the obligations of the issuer of such debt securities (and any guarantor thereof) under the indenture governing such debt securities shall have been discharged in accordance with the terms of such indenture, (ii) the issuer of such debt securities shall have delivered (or the indenture trustee under the applicable indenture shall have delivered on such issuer’s behalf) to the holders of such debt securities an irrevocable notice of redemption with respect to all of such debt securities for redemption on a date within 35 days of such notice of redemption and such debt securities are actually redeemed within such 35 day period or (iii) funds have been delivered to the trustee of the related indenture or deposited into an escrow account for the purposes of redeeming or discharging such debt securities.”

 

(c)     The definition of “Refinancing Debt” in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows:

 

““Refinancing Debt” means refinancings, renewals, or extensions of Debt to the extent that: (a) the terms and conditions of such refinancings, renewals, or extensions do not materially impair the prospects of repayment of the Obligations by Borrower or materially impair Borrower’s creditworthiness, (b) such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Debt so refinanced, renewed, or extended (except by an amount (such amount with respect to any refinancing, renewal or extension, the “Additional Amount”) equal to the sum of (x) the amount of any accrued interest, premiums, underwriting discounts and any other transaction fees or expenses payable in connection with such refinancing, renewal or extension, plus, (y) with respect a refinancing of the JMP Notes only, such additional amount as may be necessary to round the face amount of such Debt upward to the nearest increment of $5,000,000, plus (z) with respect to a refinancing of the 2013 Notes only, so long as Ultimate Parent is the issuer of Debt with respect to such refinancing of the 2013 Notes, an additional amount not to exceed $6,000,000), (c) such refinancings, renewals, or extensions do not result in an increase in the interest rate with respect to the Debt so refinanced, renewed, or extended above the then-prevailing market rate with respect to similar Debt issued under similar circumstances by similarly situated companies, (d) such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity of the Debt so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are materially more burdensome or restrictive to Borrower, (e) if the Debt that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable to Agent as those that were applicable to the refinanced, renewed, or extended Debt, and (f) the Debt that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations other than (x) those Persons which were obligated with respect to the Debt that was refinanced, renewed, or extended and (y) Ultimate Parent. If any refinancing, renewal or extension of Debt satisfies all of the requirements for Refinancing Debt other than the requirement that the amount of such refinancing, renewal or extension does not result in an increase in the principal amount of the Debt so refinanced, renewed, or extended by more than the Additional Amount, then (1) the amount of Debt incurred in connection with such refinancing, renewal or extension of Debt equal to the sum of (x) the principal amount of the Debt so refinanced, renewed, or extended plus (y) the Additional Amount shall constitute Refinancing Debt and (2) the amount of Debt incurred in connection with such refinancing, renewal or extension of Debt in excess of the sum of (x) the principal amount of the Debt so refinanced, renewed, or extended plus (y) the Additional Amount shall not constitute Refinancing Debt.”

 

3.     REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and warrants to Agent and the Lenders as follows:

 

a.     Borrower has the requisite power and authority to execute and deliver this Amendment and the authority to perform its obligations hereunder and under the Loan Documents to which it is a party. The execution, delivery, and performance of this Amendment and the performance by Borrower of each Loan Document to which it is a party (i) have been duly approved by all necessary action and no other proceedings are necessary to consummate such transactions; and (ii) are not in contravention of (A) any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court or governmental authority binding on it, (B) the terms of its organizational documents, or (C) any provision of any contract or undertaking to which it is a party or by which any of its properties may be bound or affected;

 

b.     This Amendment has been duly executed and delivered by Borrower. This Amendment will, upon its effectiveness in accordance with the terms hereof, and each Loan Document to which Borrower is a party is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, and is in full force and effect except as such validity and enforceability is limited by the laws of insolvency and bankruptcy, laws affecting creditors’ rights and principles of equity applicable hereto;

 

c.     No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein has been issued and remains in force by any Governmental Authority against Borrower;

 

d.     Borrower does not have any actual or potential claim or cause of action against Agent or any Lender for any actions or events occurring on or before the date hereof, and Borrower hereby waives and releases any right to assert same;

 

2

 

 

e.     No Default or Event of Default has occurred and is continuing on the date hereof or as of the date of the effectiveness of this Amendment after giving effect to this Amendment; and

 

f.     The representations and warranties in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except to the extent qualified by materiality, then such representations and warranties are true and correct in all respects) on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date) after giving effect to this Amendment and the Disclosure Statement Update (as defined in that certain Amendment Number Five to Second Amended and Restated Credit Agreement, dated as of July 1, 2019, among Borrower, Agent and the Lenders party thereto).

 

4.     CONDITIONS PRECEDENT TO THIS AMENDMENT. The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of this Amendment and each and every provision hereof

 

a.     Agent shall have received this Amendment, duly executed by Borrower, and the same shall be in full force and effect;

 

b.     Agent shall have received a reaffirmation and consent (the “Reaffirmation and Consent”) substantially in the form attached hereto as Exhibit A, duly executed and delivered by each Person that is listed on the signature pages thereof;

 

c.     The representations and warranties in the Credit Agreement and the other Loan Documents shall be true and correct in all respects on and as of the date hereof, as though made on such date (except to the extent that such representations and warranties relate solely to an earlier date) after giving effect to this Amendment and the Disclosure Statement Update;

 

d.     No Default or Event of Default shall have occurred and be continuing as of the date of the effectiveness of this Amendment after giving effect to this Amendment and the Disclosure Statement Update;

 

e.     No injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the consummation of the transactions contemplated herein shall have been issued and remain in force by any Governmental Authority against Borrower; and

 

f.     All other documents and legal matters in connection with the transactions contemplated by this Amendment shall have been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Agent.

 

3

 

 

5.     Agreements.   This Amendment has been entered into without force or duress, of the free will of Borrower, and the decision of Borrower to enter into this Amendment is a fully informed decision and Borrower is aware of all legal and other ramifications of each decision. It has read and understands this Amendment, has consulted with and been represented by independent legal counsel of its own choosing in negotiations for and the preparation of this Amendment, has read this Amendment in full and final form, and has been advised by its counsel of its rights and obligations hereunder and thereunder.

 

6.     Payment of Costs and Fees. Borrower shall reimburse Agent on demand for all of its actual out-of-pocket costs, expenses, fees and charges in connection with the preparation, negotiation, execution and delivery of this Amendment and any documents and instruments relating hereto (which costs may include the reasonable fees and expenses of any attorneys retained by Agent).

 

7.    CONSTRUCTION. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF CALIFORNIA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF CALIFORNIA.

 

8.     ENTIRE AMENDMENT. This Amendment, and terms and provisions hereof, the Credit Agreement and the other Loan Documents constitute the entire understanding and agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior or contemporaneous amendments or understandings with respect to the subject matter hereof, whether express or implied, oral or written.

 

9.     COUNTERPARTS; ELECTRONIC EXECUTION. This Amendment may be executed in any number of counterparts, all of which when taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart of this Amendment by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

10.    Effect on Loan Documents.

 

a.     The Existing Credit Agreement, as amended hereby, and each of the other Loan Documents shall be and remain in full force and effect in accordance with their respective terms and hereby are ratified and confirmed in all respects. Except for the amendments to the Credit Agreement expressly set forth herein, the Credit Agreement and other Loan Documents shall remain unchanged and in full force and effect. The execution, delivery and performance of this Amendment shall not operate, except as expressly set forth herein, as a modification or waiver of any right, power, or remedy of Agent or any Lender under the Credit Agreement or any other Loan Document. The amendments set forth herein are limited to the specifics hereof, and, except as expressly set forth herein, shall neither excuse any future non-compliance with the Credit Agreement, nor operate as a waiver of any Unmatured Event of Default or Event of Default.

 

4

 

 

b.     Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.

 

c.     To the extent any terms or provisions of this Amendment conflict with those of the Credit Agreement or other Loan Documents, the terms and provisions of this Amendment shall control. To the extent that any terms and conditions in any of the Loan Documents shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified or amended hereby.

 

d.     This Amendment is a Loan Document.

 

e.     Unless the context of this Amendment clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”.

 

11.   Reaffirmation of Obligations. Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in the Credit Agreement and the other Loan Documents to which it is a party effective as of the date hereof and as amended hereby. Borrower hereby further ratifies and reaffirms the validity and enforceability of all of the liens and security interests in the Collateral heretofore granted, pursuant to and in connection with any Loan Document to Agent as collateral security for the obligations under the Loan Documents in accordance with their respective terms, and acknowledges that all of such liens and security interests, and all Collateral heretofore pledged as security for such obligations, continues to be and remain collateral for such obligations from and after the date hereof, in each case except as otherwise expressly provided in the Loan Documents.

 

12.    Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

5

 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered as of the date first written above.

 

	
			BORROWER: 

				
			JMP HOLDING LLC, formerly known as 

				
			 

			
	 	
			JMP Group LLC,

				 
	 	a Delaware limited liability company	 
	 	 	 
	 	 	 
	
			 

				
			By: 

				
			/s/ Raymond Jackson

				
			 

			
	
			 

				
			Name:

				
			Raymond Jackson 

				
			 

			
	
			 

				
			Title:

				
			Chief Financial Officer 

				
			 

			

 

 

[Signature Page To Amendment Number six To

second amended and restated Credit Agreement]

 

 

 

 

	
			AGENT AND LENDER: 

				
			CITY NATIONAL BANK, 

				
			 

			
	 	a national banking association,	 
	 	as Agent and as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Garen Papazyan

				
			 

			
	
			 

				
			Name: 

				
			Garen Papazyan

				
			 

			
	
			 

				
			Title: 

				
			Senior Vice President 

				
			 

			

 

 

[Signature Page To Amendment Number six To

second amended and restated Credit Agreement]

 

 

 

 

EXHIBIT A

 

REAFFIRMATION AND CONSENT

 

All capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to them in (a) that certain Second Amended and Restated Credit Agreement entered into between JMP HOLDING LLC, formerly known as JMP Group LLC, a Delaware limited liability company (“Borrower”), the lenders from time to time party to the below-defined Credit Agreement (together with their respective successors and assigns, each a “Lender” and collectively, the “Lenders”), and CITY NATIONAL BANK, a national banking association (“CNB”), as the administrative agent for the Lenders, (in such capacity, together with its successors and assigns in such capacity, the “Agent”), dated as of April 30, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), (b) that certain Amendment Number One to Second Amended and Restated Credit Agreement, dated as of April 25, 2016 (the “First Amendment”) by and among Borrower, Agent and the Lenders, (c) that certain Amendment Number Two to Second Amended and Restated Credit Agreement, dated as of August 24, 2016 (the “Second Amendment”) by and among Borrower, Agent and the Lenders, (d) that certain Amendment Number Three to Second Amended and Restated Credit Agreement, dated as of May 12, 2017 (“Third Amendment”) by and among Borrower, Agent and the Lenders, (e) that certain Amendment Number Four to Second Amended and Restated Credit Agreement, dated as of August 6, 2018 (the “Fourth Amendment”) by and among Borrower, Agent and Lenders, (f) that certain Amendment Number Five to Second Amended and Restated Credit Agreement, dated as of July 1, 2019, and (g) that certain Amendment Number Six to Second Amended and Restated Credit Agreement, dated as of September 5, 2019 (the “Amendment”) by and among Borrower, Agent and Lenders. The undersigned hereby (a) represents and warrants to Agent and the Lenders that the execution, delivery, and performance of this Reaffirmation and Consent are within its powers, have been duly authorized by all necessary action, and are not in contravention of any law, rule, or regulation, or any order, judgment, decree, writ, injunction, or award of any arbitrator, court, or governmental authority, or of the terms of its charter or bylaws, or of any contract or undertaking to which it is a party or by which any of its properties may be bound or affected; (b) consents to the transactions contemplated by the Amendment and by each amendment to any Loan Document executed on or before the date hereof; (c) acknowledges and reaffirms its obligations owing to Agent and the Lenders under any Loan Documents to which it is a party; and (d) agrees that each of the Loan Documents to which it is a party is and shall remain in full force and effect. Although each of the undersigned has been informed of the matters set forth herein and has acknowledged and agreed to same, each understands that Agent and the Lenders have no obligation to inform it of such matters in the future or to seek its acknowledgment or agreement to future amendments, and nothing herein shall create such a duty. Delivery of an executed counterpart of this Reaffirmation and Consent by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Reaffirmation and Consent. Any party delivering an executed counterpart of this Reaffirmation and Consent by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Reaffirmation and Consent but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Reaffirmation and Consent. This Reaffirmation and Consent shall be governed by the laws of the State of California.

 

[Signature page to follow.]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have each caused this Reaffirmation and Consent to be executed as of the date of the Amendment.

 

	
			 

				
			HARVEST CAPITAL STRATEGIES LLC, 

				
			 

			
	 	a Delaware limited liability company	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Raymond Jackson

				
			 

			
	
			 

				
			 

				
			Name: Raymond Jackson 

				
			 

			
	
			 

				
			 

				
			Title: Chief Financial Officer 

				
			 

			
	 	 	 	 
	 	 	 	 
	 	JMP ASSET MANAGEMENT INC.,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP INVESTMENT HOLDINGS LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Raymond Jackson 	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP ASSET MANAGEMENT LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP CAPITAL LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 

 

 

 

 

	 	JMP CAPITAL I MANAGING MEMBER LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	HARVEST CAPITAL STRATEGIES HOLDINGS LLC,
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP REALTY I LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP REALTY II LLC,	 
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	JMP GROUP INC.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Raymond Jackson	 
	 	 	Name: Raymond Jackson	 
	 	 	Title: Chief Financial Officer

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