Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 1 TO LOAN AGREEMENT AND JOINDER 

This Amendment No. 1 to Loan Agreement and Joinder dated and effective as of December 21, 2015 (this “Amendment”) is made by and
among Edgewater Technology, Inc., (“Edgewater”) a Delaware corporation having an address of 200 Harvard Mill Square, Suite 210, Wakefield, Massachusetts 01880 and its Subsidiaries now or hereafter listed in Schedule 1 hereto
(with Edgewater, collectively, the “Borrower”) and Citizens Bank, N.A., formerly known as RBS Citizens, N.A. a national banking association with an address at 28 State Street, Boston, Massachusetts 02109 (the
“Lender”). All capitalized terms used herein, and not otherwise defined herein, shall have the meanings ascribed to such terms in the Loan Agreement (as defined below). 

RECITALS 
 Borrower is indebted to Lender
pursuant to a certain Loan Agreement dated as of September 23, 2013 by and among Lender and Borrower (the “Loan Agreement”). The indebtedness described in the Loan Agreement has been further evidenced by a Revolving Note also
dated as of September 23, 2013 in the principal amount of up to $10,000,000.00 (the “Revolving Note”). 
 Edgewater established
certain new Subsidiaries in 2015 to assist with the acquisition of the assets of certain sellers. Edgewater has asked that the Lender confirm its consent to such Acquisitions. 

Edgewater Technology-Branchbird, Inc. (“Branchbird”) and Edgewater Technology-Zero2Ten, Inc. (“Zero” and with Branchbird and
M2, the “New Borrowers”) were formed by Edgewater Technology, Inc. to acquire the assets of certain sellers pursuant to certain Asset Purchase Agreements dated August 17, 2015 and March 13, 2015 respectively. Edgewater
Technology-M2, Inc. (“M2”) was established October 20, 2015 to acquire the assets of M2 Dynamics Inc. Edgewater and the Lender have agreed that each of Branchbird, Zero and M2 shall become parties to this Agreement and
co-borrowers under the Loan. 
 Lender has also agreed to increase the amount of the Revolving Loan Commitment under the Loan Agreement to provide
additional funds for working capital and other business purposes of the Borrower. 
 AGREEMENT 

In consideration of the foregoing, of the undertakings of the parties hereunder and for other good and valuable consideration, the receipt and sufficiency of
which are acknowledged, Borrower and Lender agree as follows: 
  

	A.	Amendments to Loan Agreement. 

 1. Changed Definitions. The definitions of the following terms
contained in the Loan Agreement are hereby deleted and replaced with the definitions set forth below: “Borrower”, 

 
“Expiration Date”, “Lender”, “Loan Documents”, “Note”, “Obligations” and “Revolving Loan Commitment”. 

““Borrower” means collectively, each of Edgewater Technology, Inc., Edgewater Technology (Delaware), Inc., Edgewater
Technology-Ranzal, LLC, Fullscope, Inc., Edgewater Technology-Branchbird, Inc., Edgewater Technology-Zero2Ten, Inc., Edgewater Technology-M2, Inc. and any other Persons who become a Borrower hereunder with the consent of the Lender by executing a
joinder agreement acceptable to the Lender. 
 “Expiration Date” means December 21, 2018. 

“Lender” means Citizens Bank, N. A., formerly known as RBS Citizens, N.A., a national banking association with an address of
28 State Street, Boston, Massachusetts 02109. 
 “Loan Documents” means, collectively, the Note, this Agreement, the
Security Agreements, the IP Security Agreements and all other documents and instruments executed by the Borrower in connection with this Agreement and the credit facility established hereby as any of the same may be amended, restated or
replaced.” 
 “Note” means the Amended and Restated Revolving Note made by the Borrower in favor of the Lender and
dated December 21, 2015 in the amount of up to $15,000,000.00, as the same may be amended, restated or replaced. 

“Obligations” means all loans, advances, debts, liabilities, obligations, agreements, undertakings, covenants and duties
owing or to be performed or observed by the Borrower to or in favor of Lender, of every kind and description, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising (whether or not evidenced by any Notes
or other instrument; for the payment of money; arising out of this Agreement or any other instrument of the Borrower in favor of Lender in connection with this Agreement; or arising out of or relating to transactions described herein), including
without limitation all costs and expenses as set forth below and all other interest, fees, charges, and amounts chargeable to the Borrower under this Agreement or otherwise; for the avoidance of doubt, “Obligations” includes (i) all
Hedging Obligations (other than Excluded Hedging Obligations with respect only to any particular Borrower which is not an “eligible contract participant”), (ii) any other swap transaction or other interest rate protection transaction,
involving the Borrower and Lender or an Affiliate of Lender, (iii) all obligations under any treasury management agreement between the Borrower and Lender or an Affiliate of Lender, and (iv) all Bank Product Obligations. 

“Revolving Loan Commitment” means Fifteen Million U.S. Dollars ($15,000,000.00), which is subject to increase on the terms
and subject to the conditions set forth in Section 2(h) hereof.” 

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 2

 2. The following new definitions are hereby added to Section 1 of the Loan Agreement in appropriate
alphabetical order: 
 “Commodity Exchange Act” means, collectively, the Commodity Exchange Act (7 U.S.C. § 1 et
seq.), as amended from time to time, any successor statute, and any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof). 

“Excluded Hedging Obligations” means, with respect to any Borrower, any Hedging Obligations if, and to the extent that, such
Borrower fails for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act. 
 3. Section 2(h)
of the Loan Agreement is hereby deleted in its entirety and is replaced by the following new Section 2(h): 
 “(h) Increase in
Revolving Loan Commitment. Prior to the Expiration Date, and provided there is no Default or Event of Default at the time of such request, Borrower may make a written request to Lender for an increase in the Revolving Loan Commitment up to a
maximum amount of $20,000,000.00. Lender may permit such increase in its sole discretion subject to such additional terms and conditions as Lender may require in connection with such increase.” 

4. Schedule 1 referenced in Sections 3(a) and 3(b) of the Loan Agreement is hereby deleted and replaced with the new Schedule 1 annexed hereto.

  

	B.	Joinder of New Borrowers. 

 1. Each of Branchbird, Zero and M2 is hereby added as a signatory to the Loan
Agreement effective as of the date of this Amendment. The Lender and each other Borrower consent to adding Branchbird, Zero and M2 as additional co-borrowers under the Loan Agreement, jointly and severally responsible for all of the obligations of a
Borrower thereunder. 
 2. Effective as of the date of this Amendment, each of Branchbird, Zero and M2 shall be deemed to have made each representation
contained in Section 3 of the Loan Agreement and to have undertaken each and every warranty and covenant contained in the Loan Agreement. 
  

	C.	Miscellaneous. 

 1. Conditions of Effectiveness. This Amendment shall become effective when, and
only when, Lender shall have received: (a) a counterpart of this Amendment executed by each Borrower, together with, unless waived by Lender, a certificate of the secretaries/managers of each Borrower, (i) attesting on behalf of Borrower
to all company actions taken by Borrower, including resolutions of each Borrower’s directors/managers, authorizing the execution, delivery and performance of this Amendment and each other document to be delivered in connection with this
Amendment, (ii) attesting to the names and true signatures of the persons authorized to sign 

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 3

 
this Amendment and the other documents to be delivered by Borrower under this Amendment; and (iii) attesting that there have been no amendments to the charter documents of any Borrower since
September 23, 2013, (b) the Security Agreements for the New Borrowers, (c) Amendment No. 1 to Security Agreements with respect to each other Borrower, (d) Amendment and Joinder to Intellectual Property Security Agreement
with respect to each Borrower, (e) the Amended and Restated Revolving Note, (f) the other documents, instruments and agreements contemplated by the Closing Agenda annexed hereto as Exhibit A, and (g) such other documents,
instruments and agreements as Lender may reasonably request. 
 The within amendments are also subject to Borrower’s reimbursement to Lender of
reasonable legal fees, expenses and other disbursements in connection with this Amendment and closing of the transactions contemplated hereby. 
 2.
Representations and Warranties. Each Borrower hereby represents and warrants as follows: (a) the representations and warranties contained in Section 3 of the Loan Agreement are true, correct and complete in all material respects on
and as of the date hereof as though made on and as of such date (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date); (b) no Default or Event of Default as
described in the Loan Agreement has occurred and is continuing or would result from the signing of this Amendment or the transactions contemplated hereby; and (c) there has been no material adverse change in the condition (financial or
otherwise) of Borrower or the ability of Borrower to perform its respective Obligations as amended hereby since the date of the last financial statements furnished to Lender. 

3. Reference to and Effect on the Loan Agreement. Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby. Except as specifically amended above, the Loan Agreement shall remain in
full force and effect and is hereby ratified and confirmed. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Lender under the Loan
Agreement, nor constitute a waiver of any provision of the Loan Agreement. 
 4. Costs, Expenses and Taxes. Borrower agrees to pay on demand all
reasonable costs and expenses of Lender in connection with the preparation, execution and delivery of this Amendment and any other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for Lender with respect thereto and with respect to advising Lender as to its rights and responsibilities hereunder and thereunder. 

5. Execution in Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but one and the same instrument. 

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 4

 6. WAIVER OF JURY TRIAL. BORROWER AND LENDER HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM OF ANY KIND OR NATURE RELATED DIRECTLY OR INDIRECTLY TO (a) THIS AMENDMENT, (b) THE TRANSACTIONS AND OBLIGATIONS CONTEMPLATED HEREBY AND BY THE OTHER LOAN DOCUMENTS, OR (c) ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF LENDER OR BORROWER. THE WAIVER MADE HEREUNDER IS MADE KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY FOR SUBSTANTIAL CONSIDERATION AND AS AN INDUCEMENT FOR LENDER TO ENTER INTO THIS
AMENDMENT. 
 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the Commonwealth of
Massachusetts. 

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 5

 IN WITNESS WHEREOF, this Note has been executed and delivered under seal December 21, 2015. 

 

							
		 		 	BORROWER:
		 		 	Edgewater Technology, Inc.
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Chief Financial Officer / Secretary
			
		 		 	Edgewater Technology (Delaware), Inc.
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Treasurer / Secretary
			
		 		 	Edgewater Technology-Ranzal, LLC
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Treasurer / Secretary
			
		 		 	Fullscope, Inc.
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Treasurer / Secretary
			
		 		 	Edgewater Technology-Branchbird, Inc.
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Treasurer / Secretary

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 6

							
		 		 	Edgewater Technology-M2, Inc.
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Treasurer / Secretary
			
		 		 	Edgewater Technology-Zero2Ten, Inc.
				
	 /s/ Paul McNeice
	 		 	By:	 	 /s/ Timothy R. Oakes

	Witness	 		 	Name:	 	Timothy R. Oakes
		 		 	Title:	 	Treasurer / Secretary
			
		 		 	LENDER
			
		 		 	Citizens Bank, N.A.
				
	 /s/ Marc Lubelcyzk
	 		 	By:	 	 /s/ Brendan Roche

	Witness	 		 	Name:	 	 Brendan Roche

		 		 	Title:	 	 Senior Vice President

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 7

 Schedule 1 

Schedule of Borrowers 
  

					
	 Borrower
	  	 Address
	  	 Federal Id No.

	Edgewater Technology, Inc.	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	71-0788538
			
	Edgewater Technology (Delaware), Inc.	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	04-3206861
			
	Edgewater Technology-Ranzal, LLC	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	20-1652835
			
	Fullscope, Inc.	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	38-3479107
			
	Edgewater Technology-Branchbird, Inc.	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	47-4773649
			
	Edgewater Technology-M2, Inc.	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	47-5385060
			
	Edgewater Technology-Zero2Ten, Inc.	  	 200 Harvard Mill Square, Suite 210
 Wakefield,
MA 01880
	  	47-3381754
			
	 Edgewater Solutions Canada, Inc.
 (subsidiary;
not a borrower)
	  	 2135 rue de la Montagne
 Montreal, QC H3G
1Z8
 Canada
	  	N/A (foreign corporation)

  
  

 

			
	Amendment No. 1 to Loan Agreement	 	Page 8exh10_1.htm

  

  

  

	  	
Exhibit 10.1

SOVRAN SELF STORAGE, INC.

6467 Main Street

Buffalo, New York  14221

	  	
December 17, 2015

______________

______________

______________

RE:  Long Term Incentive Restricted Stock Award Notice

Dear [Name]:

          The Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Sovran Self Storage, Inc. (the "Company") has selected you to receive shares of restricted stock under the Sovran Self Storage, Inc. 2015 Award and Option Plan (the "Plan").

          Your shares of restricted stock are described in the balance of this letter agreement between us.  This letter constitutes your Award Notice with respect to the shares of restricted stock described herein.

          The Plan text governs the operation of the Plan as well as the terms and conditions of your shares of restricted stock granted under the Plan, and is incorporated herein by reference.  A copy of the Plan text is enclosed.  Any term not defined in this letter agreement shall have the same meaning as it is defined in the Plan.

AWARD OF RESTRICTED STOCK

          You are hereby awarded, effective December 17, 2015, [___________] shares of common stock, $.01 par value, of the Company subject to the restrictions set forth herein ("Restricted Stock").

VESTING OF RESTRICTED STOCK

          Except as otherwise provided herein or in the Plan, your shares of Restricted Stock shall vest in accordance with the following schedule:

	  	
*

	
_______ shares of Restricted Stock (approx. 33% of the total shares under this award) shall vest on December 17, 2016

 

1

  

  

  

	  	
*

	
_______ shares of Restricted Stock (approx. 33% of the total shares under this award) shall vest on December 17, 2017

 

	  	
*

	
________shares of Restricted Stock (approx. 34% of the total shares under this award) shall vest on December 17, 2018.

RESTRICTIONS

          Your shares of Restricted Stock may not be sold, transferred, assigned, pledged or otherwise disposed of unless and until they shall have vested in accordance with the schedule set forth above.

          The stock certificate(s) for your shares of Restricted Stock will be issued in your name but held by the Company for your account, together with stock powers you will execute in favor of the Company, until the shares shall have vested.  You shall execute stock power(s) in favor of the Company as a condition to receiving this award of Restricted Stock.  Except as otherwise provided herein, if and when your shares of Restricted Stock vest, the Company will deliver to you the certificates for such shares.

TERMINATION OF EMPLOYMENT

          Except as otherwise provided in the Plan, on termination of your employment with the Company or a Subsidiary for any reason other than death, Disability (as defined below), or for a reason approved by the Committee, in its sole discretion, your then unvested shares of Restricted Stock shall be deemed forfeited and canceled.

          On termination of your employment with the Company or a Subsidiary by reason of your death, Disability (as defined below), or for a reason approved by the Committee, in its sole discretion, your then unvested shares of Restricted Stock shall be deemed vested and all restrictions thereon shall lapse.

          For purposes of your Restricted Stock and this letter agreement, the term "Disability" means total disability entitling you to benefits under the Company's long-term disability plan, as in effect from time to time.

RIGHTS AS A STOCKHOLDER

          You shall be entitled to vote your shares of Restricted Stock and to receive cash dividends as and when paid, to the same extent as any other holder of Common Stock of the Company which are not subject to restrictions.

2

  

  

  

ADDITIONAL SHARES SUBJECT TO RESTRICTIONS

          In the event that, as a result of a stock dividend, stock split, recapitalization, combination of shares, or other adjustment in the capital stock of the Company or otherwise, or as a result of a merger, consolidation, or other reorganization, the Common Stock of the Company shall be increased, reduced, or otherwise changed, and by virtue of any such change you shall in your capacity as owner of shares of Restricted Stock be entitled to new or additional or different shares of stock or securities (other than rights or warrants to purchase securities) ("Adjustment Shares"), the certificates representing the Adjustment Shares, together with a stock power executed by you in favor of the Company shall also be delivered to and held by the Company.  Any Adjustment Shares shall be Restricted Stock for all purposes of this Award Notice, subject to the same restrictions and vesting schedule as were applicable to the shares of Restricted Stock to which they relate.

          If you shall receive rights or warrants in respect of any shares of Restricted Stock or any Adjustment Shares, such rights or warrants may be held, exercised, sold or otherwise disposed of by you, and any shares or other securities acquired by you as a result of the exercise of such rights or warrants likewise may be held, sold, or otherwise disposed of by you free and clear of any restrictions.

ADMINISTRATION OF THE PLAN; AUTHORITY OF THE COMMITTEE

          The Plan shall be administered by the Committee.  The Committee has the authority, in its sole discretion, to interpret the Plan and all awards of restricted stock thereunder, to establish, amend and rescind rules and regulations relating to the Plan, and to make any determination it believes necessary or advisable for the administration of the Plan.  The scope of the Committee's authority is more fully described in the Plan.  All decisions of the Committee in the administration of the Plan are conclusive and binding on you.

FORFEITURE

          If (1) in the opinion of the Committee, you, without the written consent of the Company, engage directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee, owner, promoter or otherwise, in any business or activity competitive with the business conducted by the Company or any Subsidiary, or (2) you perform any act or engage in any activity which in the opinion of the Committee is inimical to the best interests of the Company, your unvested shares of Restricted Stock shall be deemed forfeited and canceled.

MISCELLANEOUS

          You have no right to assign, sell, transfer, pledge or encumber your unvested shares of Restricted Stock, except by will, or by the laws of descent and distribution.

          Nothing in this letter agreement, the Plan or your Restricted Stock confers on you any right to continue in the employment of the Company or a Subsidiary or restricts the right of the Company or a Subsidiary to terminate your employment.

3

  

  

  

          At the time you are taxable with respect to your Restricted Stock, the Company may deduct and withhold from amounts payable to you under the Plan or from any payment of any kind otherwise due to you, an amount sufficient to satisfy all Federal, state and/or local income and employment tax withholding requirements.  In accordance with Section 14(b) of the Plan, you may elect to have the withholding obligation satisfied by authorizing the Company to hold back shares of Common Stock to be issued that have a Fair Market Value as of the date withholding is effected sufficient to satisfy the withholding amount due, or by transferring to the Company shares of Common Stock having a Fair Market Value as of the date withholding is effected sufficient to satisfy such withholding amount; provided, however, that if you are subject to Section 16(b) of the Securities Exchange Act of 1934 you may do so only in compliance with the additional requirements set forth in Section 14(b)(i)-(v) of the Plan.

          This letter agreement shall be binding on and inure to the benefit of the Company (and its successors and assigns) and you (and your estate).

          This letter agreement shall be governed, construed and enforced in accordance with the Plan and with the laws of the State of New York.

ACCEPTANCE

          If the foregoing is acceptable to you, kindly acknowledge your acceptance and agreement by signing the enclosed copy of this letter and returning it to _____________ of the Company.

	
Very truly yours,

	  	  
	  	  	  
	
SOVRAN SELF STORAGE, INC.

	  	  
	  	  	  
	  	  	  
	
By                                     

	  	
By                                     

	  	  	  
	  	  	  
	  	  	  
	  	  	  
	
AGREED TO AND ACCEPTED

this __th day of December, 2015

	  	  
	  	  	  
	  	  	  
	
                                           

	  	  

4

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