Document:

EXHIBIT 10.19

 

AGREEMENT

 

AGREEMENT made and entered into as of the 1st day of June, 2015, (the “Agreement”) by and between Memcine Pharmaceuticals, Inc. (the “Company”) and Dr. Tony Vanden Bush, Ph.D. (“Consultant”).

 

WHEREAS, Company desires to retain the services of an expert to serve the Company as Chief Scientific Officer; and

 

WHEREAS, Company believes that it is in the best interests of Company to utilize the experience and services of the Consultant it is hereby:

 

AGREED, that the Company hereby retains the services of Consultant under the following terms and conditions:

 

1. ENGAGEMENT. The Company agrees to engage the Consultant and the Consultant agrees to serve as Chief Scientific Officer of the Company, which shall be deemed a non-executive position.

 

2. TERM. The term of this Agreement shall be for a period of two years commencing on the Closing of that certain Securities Purchase Agreement between the Company and Spotlight Innovation Inc. dated May 29, 2015. Thereafter, this Agreement may be extended, or his position modified to serve the Company on a full time basis, by the mutual Agreement of the parties hereto. Said extensions must be in writing, executed before the end of the initial term or any extension thereof.

 

3. SERVICE. In connection with the terms of this Agreement the Consultant shall perform those services normally associated with serving as independent contractor of a company, which shall include, but not be limited to:

 

	
 

	
A.

	
Advancing the research of certain technologies under development by the Company;

	
 

	
B.

	
Working with the Board of Directors of the Company to formulate milestones for the advancement of the Company’s technologies;

	
 

	
C.

	
Maintaining and storing existing equipment of the Company; and

	
 

	
D.

	
Consultant shall dedicate, on average, during the term of this Agreement, 10 hours per month on the business and affairs of the Company.

 

4. COMPENSATION. In exchange for the services rendered hereunder by the Consultant, the Company hereby agrees to pay to the Consultant the following during the term of this Agreement: One Thousand Five Hundred ($1,500) Dollars per month during the term of this Agreement.

 

5. REPRESENTATIONS AND WARRANTIES OF THE Company. The Company represents and warrants as follows:

 

A. The Company will cooperate fully and in a timely manner with the Consultant to enable the Consultant to perform its obligations hereunder.

 

B. The execution and performance of this Agreement by the Company has been duly authorized by the Board of Directors of the Company in accordance with applicable law and the by-laws of Company.

 

	 
	
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6. REPRESENTATIONS AND WARRANTIES OF CONSULTANT. The Consultant hereby warrants and represents to the company as follows:

 

A. He has the authority to enter into this Agreement and perform its obligations hereunder in the time and manner contemplated.

 

B. He has the requisite skill and experience to perform the services and to carry out and fulfill his duties hereunder.

 

C. Consultant, during the longer of: the term of this Agreement and the period of his ownership of stock in the Company and for a period of one (1) year thereafter: (i) shall not enter into, as an employee, owner, consultant, investor or in any other capacity, the same field of business as the Company had been engaged in during the period of his stock ownership or at the time of his divestiture; (ii) shall not attempt in any manner to persuade any customer, client, supplier, licensee or other business relation of the Company to cease to do business or to reduce the amount of business that such entity has customarily done or contemplates doing with the Company; (iii) shall not employ or attempt to employ any person who is in the employ of the Company within the twelve (12) months prior to such divestiture; or (iv) not solicit or divert (or attempt to solicit or divert) business of any customer or client of the Company in the areas of products or services of the type usually provided by the Company for any such customer or client.

 

D. The Company may provide Consultant with information which is nonpublic, proprietary to the Company, or about a potential business opportunity, which may include contact names, financial data, and business plans (collectively, the "Material"). Consultant agrees as follows: The Material will be used solely for the purpose of performing the services hereunder. The Material will be kept strictly confidential and will not be disclosed in whole or part to any other person, except Consultant may disclose the Material or portions thereof to those of the Company’s directors, officers, employees and legal and financial advisors (the persons to whom such disclosure is permissible being collectively called "Representatives") who need to know such information for the purpose of performing the services hereunder (it being understood that those Representatives will be informed of the confidential nature of the Material and will agree to be bound by this Agreement). Consultant will not otherwise use the Material in any manner in contravention of any of the terms of this Agreement or in any manner that is detrimental to the interests of the Company. In the event that Consultant become legally compelled to disclose any of the Material, Consultant shall provide the Company with prompt prior written notice of such requirement so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement. In the event that such protective order or other remedy is not obtained, or the Company waives compliance with the provisions hereof, Consultant agrees to furnish only that portion of the Material which it is advised by written opinion of counsel is legally required and we shall exercise reasonable efforts to obtain assurance that confidential treatment will be accorded such portion of the Material. The term "Material" does not include any information which (i) at the time of disclosure or thereafter is generally available to and known by the public, (ii) Consultant can demonstrate was already in his possession prior to its receipt from the Company, or (iii) is obtained by Consultant on a non-confidential basis from a source other than the Company, provided that such source is not and was not bound by any duty of confidentiality to the Company. The term "person" as used in this Agreement will be interpreted broadly to include, without limitation, any company, partnership, entity or individual. Upon request, Consultant will promptly return to the Company all copies of the Material in his possession, and will destroy all copies of any analyses, compilations, studies, notes or other documents prepared by him or for his use containing or reflecting any Material. Without the prior written consent of the Company, Consultant will not disclose to any person any of the terms, conditions or other facts with respect to any possible transaction involving the Material, including the status thereof.

 

	 
	
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E. During the term of this Agreement and for a period of one (1) year following the termination of this Agreement, the Consultant shall not: (i) enter into, as an employee, owner, consultant, investor or in any other capacity, the same field of business as the Company is engaged in; (ii) attempt in any manner to persuade any customer, client, supplier, licensee or other business relation of the Company to cease to do business, or to reduce the amount of business that such entity has customarily done or contemplates doing with the Company; (iii) employ or attempt to employ any person who is in the employ of the Company within the twelve (12) months prior to such date; or (iv) solicit or divert (or attempt to solicit or divert) business of any customer or client of the Company in the areas of products or services of the type usually provided by the Corporation for any such customer or client. The provisions of this Section shall not prevent the Consultant from entering into other business ventures that do not compete with the Company’s business.

 

7. NON-EXCLUSIVE SERVICES. The Company understands that the Consultant is currently providing certain the Consultant services to other individuals or companies and the Consultant shall not be prevented or estopped from rendering such services or services of the same or similar nature required under this Agreement, to any other individual or entity. Furthermore, the Consultant understands and agrees that the Company shall be entitled to retain other persons or entities to provide services of the same or similar nature to Company as those provided here-under by the Consultant. Notwithstanding the foregoing.

 

8. ALLOCATION OF TIME AND ENERGIES. The Consultant hereby promises to perform and discharge faithfully the responsibilities which may be assigned to the Consultant from time to time by the officers and duly authorized representatives of the Company in connection with the conduct of his duties hereunder. The Consultant shall diligently and thoroughly provide the services required hereunder. Although no specific hours-per-day requirement will be required, the Consultant and the Company agree that the Consultant will perform the duties set forth herein above in a diligent and professional manner, in an average of 10 hours per month. It is explicitly understood that the Consultant’s performance of its duties hereunder will in no way be measured by the price of the Company's common stock, nor the trading volume of the Company's common stock.

 

9. NOTICES. All notices, requests, and other communications hereunder shall be deemed to be duly given if sent by U.S. mail, postage prepaid, addressed to the other party at the respective address of each party. Either party may change the address to which notices for it shall be addressed by providing written notice of such change to the other party.

 

10. SUCCESSORS AND ASSIGNS. This Agreement shall inure to the benefit of and be binding upon the Company, its successors and assigns, including, without limitation, any Company which may acquire all or substantially all of the Company's assets and business or into which the Company may be consolidated or merged.

 

11. APPLICABLE LAW. This Agreement shall be exclusively governed by, construed and enforced by the laws of the State of Iowa without giving effect to the principals of conflict of law. The parties agree that Polk County, will be the exclusive venue of any dispute and will have exclusive jurisdiction over all parties.

 

12. OTHER AGREEMENTS. This Agreement supersedes all prior understandings and Agreements between the parties. It may not be amended orally, but only by a writing signed by parties.

 

13. HEADING. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.

 

	 
	
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14. COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the instrument.

 

15. STATUS AS INDEPENDENT CONTRACTOR. The Consultant’s engagement pursuant to this Agreement shall be as independent contractor, and not as an employee, officer or other agent of the Company. Neither party to this Agreement shall represent or hold itself out to be the employer or employee of the other. The Consultant further acknowledges the consideration provided hereinabove is a gross amount of consideration and that the Company will not withhold from such consideration any amounts as to income taxes, social security payments or any other payroll taxes. All such income taxes and other such payment shall be made or provided for by the Consultant and the Company shall have no responsibility or duties regarding such matters. Neither the Company nor the Consultant possesses the authority to bind each other in any Agreements without the express written consent of the entity to be bound.

 

16. WAIVER. The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by such other party.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.

 

 

	
Consultant

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
Dr. Tony Vanden Bush, Ph.D. 

	
 

	
 

	
 

	
 

	
Address: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Memcine Pharmaceuticals, Inc.

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
Cristopher Grunewald, President 

	
 

	
 

	
 

	
 

	
Address: 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

4Exhibit 10.1 - 4th Amendment to Credit Agreement

FOURTH AMENDMENT TO CREDIT AGREEMENT
THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment Agreement”) dated as of April 29, 2015 (the “Amendment Closing Date”) is entered into among SHILOH INDUSTRIES, INC., a Delaware corporation (the “Company”), SHILOH HOLDINGS NETHERLANDS B.V., a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of the Netherlands (the “Dutch Borrower” and together with the Company, each a “Borrower” and collectively, the “Borrowers”), the Guarantors party hereto, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender, Dutch Swing Line Lender and an L/C Issuer.
RECITALS
WHEREAS, the Company, the Guarantors, the Lenders and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer entered into that certain Credit Agreement dated as of October 25, 2013 (as amended by that certain First Amendment to Credit Agreement dated as of December 30, 2013, that certain Second Amendment to Credit Agreement dated as of June 26, 2014, that certain Third Amendment to Credit Agreement dated as of September 29, 2014 and as otherwise amended, supplemented or modified, the “Existing Credit Agreement”);
WHEREAS, the Borrowers have requested that the Lenders make certain amendments and modifications to the Existing Credit Agreement; and
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Defined Terms.  Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Existing Credit Agreement or the Amended Credit Agreement (as defined below), as the context may require.
2.Amendments.  The Existing Credit Agreement is hereby amended (as so amended by this Fourth Amendment Agreement, the “Amended Credit Agreement”) as follows:
(a)    The following definitions are hereby added to Section 1.01 of the Existing Credit Agreement in appropriate alphabetical order to read as follows:
“Fourth Amendment Effective Date” means April 29, 2015.

“Incremental Amount” means TWENTY-FIVE MILLION DOLLARS ($25,000,000); provided, that, if upon giving Pro Forma Effect to any increase in the Aggregate Revolving A Commitments pursuant to Section 2.02(f) (and assuming for purposes of such calculation that such increase is fully drawn) the Consolidated Leverage Ratio would be less than 3.00 to 1.0 as of the most recent fiscal quarter end for which the Company was required to deliver financial statements pursuant to Section 7.01(a) or (b), the “Incremental Amount” shall instead be ONE HUNDRED MILLION DOLLARS ($100,000,000).

“Leverage Increase Period” has the meaning set forth in Section 8.11(a).

(b)    The pricing grid in the definition of “Applicable Rate” in Section 1.01 of the Existing Credit Agreement is hereby amended to read as follows:

	
							
	 	Pricing Tier
	Consolidated Leverage Ratio
	Commitment Fee
	Letter of Credit Fee
	Eurocurrency Rate Loans
	Base Rate Loans

	 
	 	1
	>3.50 to 1.00
	0.50%
	3.00%
	3.00%
	2.00%

	 	2
	< 3.50 to 1.00 
but 
>3.25 to 1.00
	0.45%
	2.75%
	2.75%
	1.75%

	 	3
	< 3.25 to 1.00
but
> 3.00 to 1.00
	0.40%
	2.50%
	2.50%
	1.50%

	 	4
	< 3.00 to 1.00 
but
> 2.50 to 1.00
	0.35%
	2.25%
	2.25%
	1.25%

	 	5
	< 2.50 to 1.00 
but
> 2.00 to 1.00
	0.35%
	2.00%
	2.00%
	1.00%

	 	6
	< 2.00 to 1.00 
but
> 1.50 to 1.00
	0.30%
	1.75%
	1.75%
	0.75%

	 	7
	< 1.50 to 1.00 
but
> 1.00 to 1.00
	0.25%
	1.50%
	1.50%
	0.50%

	 	8
	< 1.00 to 1.00
	0.20%
	1.25%
	1.25%
	0.25%

(c)    The penultimate sentence in the definition of “Applicable Rate” in Section 1.01 of the Existing Credit Agreement is hereby amended to read as follows:

The Applicable Rate in effect from the Fourth Amendment Effective Date to the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b) for the fiscal period ending April 30, 2015 shall be determined based upon Pricing Tier 1.

(d)    The reference to “Section 2.04(g)” in the definition of “Auto Borrow Agreement” is hereby amended to read “Section 2.04(b)(ii)”.

(e)    Clause (b) in the definition of “Change of Control” in Section 1.01 of the Existing Credit Agreement is hereby amended to read as follows:

(b)    during any period of twenty-four (24) consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Company cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or

(f)    The definition of “Consolidated EBITDA” in Section 1.01 of the Existing Credit 

Agreement is hereby amended to read as follows:

 “Consolidated EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to (a) Consolidated Net Income for such period plus (b) the following (without duplication) to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) consolidated depreciation and amortization expense for such period, (iv) all non-cash charges or expenses for such period (excluding any non-cash charges or expenses related to accounts receivable) that do not represent a cash item in such period or any future period, (v) non-cash stock based employee compensation expenses for such period, (vi) to the extent not capitalized, fees, costs and expenses (including appraisal costs and fees) for such period related to the closing of this Agreement and any amendment, consent or waiver related thereto, all as determined in accordance with GAAP, (vii) non-recurring cash charges or expenses for such period, provided that the aggregate amount of all such non-recurring cash charges or expenses added back pursuant to this clause (vii) shall not exceed $2,500,000 during the term of this Agreement and (viii) to the extent not capitalized, transaction fees, costs and expenses for such period in connection with any public offering of debt securities (whether or not consummated), provided that the aggregate amount of all such transaction fees, costs and expenses added back pursuant to this clause (viii) shall not exceed $6,000,000 during the term of this Agreement, minus (c) the following (without duplication) to the extent included in calculating such Consolidated Net Income, (i) all non-cash income or gains for such period and (ii) all federal, state, local and foreign income tax credits of the Company and its Subsidiaries during such period, all as determined in accordance with GAAP, plus (d) cost savings (net of realized benefits) projected by the Company in good faith to be realized as a result of any Permitted Acquisition and incurred within twelve (12) months after consummation of such Permitted Acquisition, to the extent approved by the Administrative Agent in its reasonable discretion.

(g)    Clause (a) in the definition of “Cumulative Credit” in Section 1.01 of the Existing Credit Agreement is hereby amended to read as follows:

(a)    $20,000,000, plus
(h)    Clause (e) in the definition of “Permitted Acquisitions” in Section 1.01 of the Existing Credit Agreement is hereby amended to read as follows:

(e) the Company shall have delivered to the Administrative Agent a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such Acquisition on a Pro Forma Basis, (i) the Loan Parties would be in compliance with the financial covenants set forth in Section 8.11 as of the most recent fiscal quarter end for which the Company was required to deliver financial statements pursuant to Section 7.01(a) or (b), (ii) the Consolidated Leverage Ratio is at least 0.25 less than the ratio required to be maintained at such time by Section 8.11(a) and (iii) the Consolidated Leverage Ratio is less than 3.00 to 1.0,  

(i)    Clause (c) in the definition of “Request for Credit Extension” in Section 1.01 of the Existing Credit Agreement is hereby amended to read as follows:

(c) with respect to a Swing Line Loan at any time an Auto Borrow Agreement is not in effect, a Swing Line Loan Notice and

(j)    The introductory paragraph of Section 2.02(f) of the Existing Credit Agreement is hereby 

amended to read as follows:

(f)    The Company may at any time and from time to time, upon prior written notice by the Company to the Administrative Agent, increase the Aggregate Revolving A Commitments (but not the Letter of Credit Sublimit, the Swing Line Sublimit or the Alternative Currency Sublimit) by a maximum aggregate amount of up to the Incremental Amount with additional Revolving A Commitments from any existing Lender with a Revolving A Commitment or new Revolving A Commitments from any other Person selected by the Company and acceptable to the Administrative Agent and the L/C Issuer; provided, that:

(k)    Section 2.04(a) of the Existing Credit Agreement is hereby amended to read as follows:

(a)    Swing Line Facility.  Subject to the terms and conditions set forth herein and in the Auto Borrow Agreement then in effect, the Swing Line Lender, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, may in its sole discretion, subject to the terms of any Auto Borrow Agreement, make loans (each such loan, a “Swing Line Loan”) to the Company in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit; provided, however, that (x) after giving effect to any Swing Line Loan, (i) the Total Revolving A Outstandings shall not exceed the Aggregate Revolving A Commitments, and (ii) the Revolving A Credit Exposure of any Lender shall not exceed such Lender’s Revolving A Commitment, (y) the Company shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan, and (z) the Swing Line Lender shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure.  Within the foregoing limits, and subject to the other terms and conditions hereof, the Company may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04.  Each Swing Line Loan shall be a Base Rate Loan; provided however, that if the Auto Borrow Agreement is in effect, the Swing Line Lender may, at its discretion, provide for an alternate rate of interest on Swing Line Loans under the Auto Borrow Agreement with respect to any Swing Line Loans for which the Swing Line Lender has not requested that the Revolving A Lenders fund Revolving  A Loans to refinance, or to purchase and fund risk participations in, such Swing Line Loans pursuant to Section 2.04(c)).  Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan.

(l)    Section 2.04(b) of the Existing Credit Agreement is hereby amended to read as follows:

(b)    Borrowing Procedures.  

(i)    At any time an Auto Borrow Agreement is not in effect, each Borrowing of Swing Line Loans shall be made upon the Company’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by:  (A) telephone or (B) a Swing Line Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice.  Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum principal amount of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent 

(by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Borrowing of Swing Line Loans (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article V is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Company.

(ii)    In order to facilitate the borrowing of Swing Line Loans, the Company and the Swing Line Lender may mutually agree to, and are hereby authorized to, enter into an Auto Borrow Agreement in form and substance satisfactory to the Administrative Agent and the Swing Line Lender (the “Auto Borrow Agreement”) providing for the automatic advance by the Swing Line Lender of Swing Line Loans under the conditions set forth in such agreement, which shall be in addition to the conditions set forth herein.  At any time an Auto Borrow Agreement is in effect, the requirements for Borrowings of Swing Line set forth in the immediately preceding paragraph shall not apply, and all Borrowings of Swing Line Loans shall be made in accordance with the Auto Borrow Agreement; provided that any automatic advance made by Bank of America in reliance of the Auto Borrow Agreement shall be deemed a Swing Line Loan as of the time such automatic advance is made notwithstanding any provision in the Auto Borrow Agreement to the contrary.  For purposes of determining the Total Revolving Outstandings at any time during which an Auto Borrow Agreement is in effect, the Outstanding Amount of all Swing Line Loans shall be deemed to be the amount of the Swing Line Sublimit.  For purposes of any Borrowing of Swing Line Loans pursuant to the Auto Borrow Agreement, all references to Bank of America in the Auto Borrow Agreement shall be deemed to be a reference to Bank of America, in its capacity as Swing Line Lender hereunder.

(m)    Section 2.04(g) of the Existing Credit Agreement is hereby deleted in its entirety.

(n)    The introductory proviso in Section 2.05(a)(ii) of the Existing Credit Agreement is hereby amended in its entirety to read as follows:

At any time the Auto Borrow Agreement is not in effect, the Company may, upon notice to the Swing Line Lender pursuant to delivery to the Swing Line Lender of a Notice of Loan Prepayment (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty;

(o)    Section 2.06(b) of the Existing Credit Agreement is hereby amended to read as follows:

(b)    Mandatory Reductions.  
    
(i)    If after giving effect to any reduction or termination of Revolving A Commitments under this Section 2.06, the Letter of Credit Sublimit, the Swing Line Sublimit or the Alternative Currency Sublimit exceeds the Aggregate Revolving A Commitments at such time, the Letter of Credit Sublimit, the Swing Line Sublimit or the Alternative Currency Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.  If after giving effect to any reduction or termination of 

Revolving B Commitments under this Section 2.06, the Dutch Swing Line Sublimit exceeds the Aggregate Revolving B Commitments at such time, the Dutch Swing Line Sublimit shall be automatically reduced by the amount of such excess.

(ii)    Notwithstanding anything to the contrary contained herein, the Aggregate Revolving A Commitments shall be automatically and permanently reduced on the dates set forth below and in the amounts corresponding to such dates:

Reduction Date        Reduction Amount
April 30, 2016         $3,263,888.89
April 30, 2017         $4,895,833.33
April 30, 2018         $4,895,833.33
April 30, 2019        $6,527,777.78

Schedule 2.01 shall be deemed revised to reflect any decrease in the Aggregate Revolving A Commitments pursuant to this Section 2.06(b)(ii).  It is understood and agreed that the Company will make any prepayments required by Section 2.05(b)(i)(A) in connection with any such reduction.

(iii)    Notwithstanding anything to the contrary contained herein, the Aggregate Revolving B Commitments shall be automatically and permanently reduced on the dates set forth below in the amounts corresponding to such dates:

Reduction Date        Reduction Amount
April 30, 2016        $1,736,111.11
April 30, 2017        $2,604,166.67
April 30, 2018         $2,604,166.67
April 30, 2019         $3,472,222.22

Schedule 2.01 shall be deemed revised to reflect any decrease in the Aggregate Revolving B Commitments pursuant to this Section 2.06(b)(iii).  It is understood and agreed that the Dutch Borrower will make any prepayments required by Section 2.05(b)(i)(B) in connection with any such reduction.

(p)    Section 2.07(b) of the Existing Credit Agreement is hereby amended to read as follows:

(b)    Swing Line Loans.  At the time the Auto Borrow Agreement is in effect, the Swing Line Loans shall be repaid in accordance with the terms of the Auto Borrow Agreement.  At any time the Auto Borrow Agreement is not in effect, the Company shall repay each Swing Line Loan on the earliest to occur of (i) the date within one (1) Business Day of demand therefor by the Swing Line Lender, (ii) the date thirty (30) Business Days after such Swing Line Loan is made and (iii) the Maturity Date.

(q)    Clause (iii) in Section 2.08(a) of the Existing Credit Agreement is hereby amended to read as follows:

(iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate, or, if an Auto Borrow Agreement is in effect, at a rate per annum provided by the Swing Line Lender and

(r)    Section 5.02(c) of the Existing Credit Agreement is hereby amended to read as follows:

(c)    The Administrative Agent and, if applicable, the L/C Issuer, the Swing Line Lender, if no Auto Borrow Agreement is then in effect, and/or the Dutch Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

(s)    The last paragraph in Section 5.02 of the Existing Credit Agreement is hereby amended to read as follows:

Each Request for Credit Extension submitted by a Borrower and each Borrowing of Swing Line Loans pursuant to an Auto Borrow Agreement shall be deemed to be a representation and warranty that the conditions specified in Sections 5.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

(t)    Section 8.02 of the Existing Credit Agreement is hereby amended to delete the text “and” at the end of clause (l) thereof, to replace the “.” at the end of clause (m) with “; and” and to add a new clause (n) immediately following clause (m) to read as follows:

(n)    Investments made by the Company in the Dutch Borrower, in an aggregate amount not to exceed $25,000,000, so long as one hundred percent (100%) of the proceeds of such Investments are used by the Dutch Borrower to repay Revolving B Loans on the date such Investments are made.

(u)    Section 8.11(a) of the Existing Credit Agreement is hereby amended to read as follows:

(a)    Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Company to be greater than the ratio set forth below corresponding to such fiscal quarter:        

	
					
	Calendar Year
	January 31
	April 30
	July 31
	October 31

	2015
	N/A
	4.00 to 1.0
	4.00 to 1.0
	4.00 to 1.0

	2016
	3.75 to 1.0
	3.75 to 1.0
	3.50 to 1.0
	3.50 to 1.0

	2017
	3.25 to 1.0
	3.25 to 1.0
	3.00 to 1.0
	3.00 to 1.0

	2018
	3.00 to 1.0
	3.00 to 1.0
	3.00 to 1.0
	3.00 to 1.0

	Thereafter
	3.00 to 1.0
	3.00 to 1.0
	3.00 to 1.0
	3.00 to 1.0

 
(v)    Section 11.06(b)(i)(C) of the Existing Credit Agreement is hereby deleted in its entirety.

(w)    Section 11.06(b)(v) of the Existing Credit Agreement is hereby amended to read as follows:

(v)    No Assignment to Certain Persons.  No such assignment shall be made (A) to the Company or any of the Company’s Affiliates or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), (C) to a natural Person or (D) solely with respect to an assignment of the Revolving B Commitments and/or Revolving B Loans, to a Person that does not qualify as a professional market party within the meaning of the Dutch Act on financial supervision (Wet op het financieel toezicht), or to a Person that forms part of the term “public” within the meaning of the Capital Requirements Regulation (EU/575/2013)).

(x)    Exhibit E to the Existing Credit Agreement is hereby amended to read as provided on Exhibit E attached hereto.

1.Conditions Precedent.  This Fourth Amendment Agreement shall become effective upon satisfaction of the following conditions precedent:
(a)Fourth Amendment Agreement: Receipt by the Administrative Agent of counterparts of this Fourth Amendment Agreement executed by the Borrowers, the Guarantors party hereto and the Required Lenders.
(b)Organization Documents, Resolutions, Etc.:  Receipt by the Administrative Agent of the following, each of which shall be originals, certified copies or facsimiles (followed promptly by originals), in form and substance reasonably satisfactory to the Administrative Agent and its legal counsel:
(i)certificates of Responsible Officers of each Loan Party certifying (x) copies of the Organization Documents of such Loan Party to be true and correct as of the Amendment Closing Date, in each case in form and substance satisfactory to the Administrative Agent or (y) that no changes, amendments or other modifications have been made to the Organization Documents of such Loan Party since the Closing Date, the Third Amendment Effective Date or the date such Loan Party became a Loan Party, as applicable;
(ii)such certificates of resolutions or other action and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Fourth Amendment Agreement and the transactions contemplated hereby; 
(iii)such documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party is duly organized, formed or incorporated, and is validly existing, in good standing (to the extent applicable) and qualified to engage in business in its state of organization, formation or incorporation, in each case in form and substance satisfactory to the Administrative Agent; and
(iv)in respect of the Dutch Borrower:

(A)    an up-to-date extract from the Dutch trade register (handelsregister) relating to it dated no earlier than 15 Business Days prior to the Amendment Closing Date; and
(B)    a copy of a resolution of its board of managing directors approving the execution of, and the terms of, and the transactions contemplated by, this Fourth Amendment Agreement.

(a)No Material Adverse Change.  There shall not have occurred a material adverse change since October 31, 2014 in the business, assets, income, properties, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Company and its Subsidiaries, taken as a whole.
(b)Litigation.  There shall not exist any action, suit, investigation or proceeding pending or threatened in any court or before an arbitrator or Governmental Authority that could reasonably be expected to have a Material Adverse Effect.
(c)Closing Certificate.  Receipt by the Administrative Agent of a certificate signed by a Responsible Officer of the Company certifying that (i) the conditions specified in Sections 3(c) and (d) of this Fourth Amendment Agreement and Sections 5.02(a) and (b) of the Amended Credit Agreement have been satisfied and (ii) the Company and its Subsidiaries (after giving effect to this Fourth Amendment Agreement and the transactions contemplated hereby) are Solvent on a consolidated basis.

(d)Fees.  Receipt by the Administrative Agent, the Joint Lead Arrangers and the Lenders of any fees required to be paid on or before the Amendment Closing Date.
(e)Attorney Costs.  Unless waived by the Administrative Agent, the Borrowers shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent to the extent invoiced prior to the Amendment Closing Date.

4. FATCA.  For purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Fourth Amendment Agreement, the Company and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

5.Miscellaneous. 
    
a.The parties hereto agree that, on the Amendment Closing Date, the following transactions shall be deemed to occur automatically, without further action by any party hereto: (i) all Obligations under the Existing Credit Agreement outstanding on the Amendment Closing Date shall in all respects be continuing and shall be deemed to be Obligations outstanding under the Amended Credit Agreement, (ii) the Guaranties made to the Lenders, the Swap Banks and the Treasury Management Banks pursuant to the Existing Credit Agreement shall remain in full force and effect with respect to the Obligations and are hereby reaffirmed and (iii) the Collateral Documents and the Liens created in connection with the Existing Credit Agreement shall remain in full force and effect with respect to the Obligations and are hereby reaffirmed.  The parties hereto further acknowledge and agree that this Fourth Amendment Agreement constitutes an amendment to the Existing Credit Agreement made under and in accordance with the terms of Section 11.01 of the Existing Credit Agreement.

b.Except as expressly set forth herein, this Fourth Amendment Agreement shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, the L/C Issuers, the Swing Line Lender, the Dutch Swing Line Lender or the Lenders under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other Loan Document, all of which, as amended, supplemented or otherwise modified hereby, are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement, the Amended Credit Agreement or any other Loan Document in similar or different circumstances.  This Fourth Amendment Agreement shall constitute a Loan Document.

c.Each Guarantor party hereto (i) hereby acknowledges and consents to all of the terms and conditions of this Fourth Amendment Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Fourth Amendment Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Existing Credit Agreement, the Amended Credit Agreement or the other Loan Documents.

d.The Borrowers and the Guarantors party hereto hereby represent and warrant as follows:

CHAR1\1405778v9
CHAR1\1405778v9
CHAR1\1405778v9

(i)Each of the Loan Parties has taken all necessary action to authorize the execution, delivery and performance of this Fourth Amendment Agreement.
(ii)This Fourth Amendment Agreement has been duly executed and delivered by the Loan Parties and constitutes each of the Loan Parties’ legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(iii)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Fourth Amendment Agreement, other than (A) those that have already been obtained and are in full force and effect, (B) filings to perfect the Liens created by the Collateral Documents, (C) those approvals, consents, exemptions, authorizations, actions, notices or filings described in the Collateral Documents and (D) those approvals, consents, exemptions, authorizations, actions, notices or filings, to the extent that the failure to obtain the same could not reasonably be expected to have a Material Adverse Effect.

e.  The Loan Parties represent and warrant to the Lenders that (i) the representations and warranties of the Loan Parties set forth in Article VI of the Amended Credit Agreement and in each other Loan Document are true and correct in all material respects (or, if any such representation or warranty is qualified by materiality or Material Adverse Effect, it shall be true and correct in all respects) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date, in which case they shall be true and correct in all material respects (or, if any such representation or warranty is qualified by materiality or Material Adverse Effect, it shall be true and correct in all respects) as of such earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.

f.  This Fourth Amendment Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Fourth Amendment Agreement by telecopy or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof.

g.  THIS FOURTH AMENDMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[Signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment Agreement to be duly executed as of the date first above written.
		
	BORROWERS:
	SHILOH INDUSTRIES, INC.,

a Delaware corporation                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

SHILOH HOLDINGS NETHERLANDS B.V.,
a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of the Netherlands 

                        	
		
	By:
	/s/ Ramzi Y. Hermiz

	Name:
	Ramzi Y. Hermiz

	Title:
	Director B

and
                        	
		
	By:
	/s/ H.L. Jewitt

	Name:
	H.L. Jewitt

	Title:
	Director A

GUARANTORS:                SHILOH CORPORATION, 
an Ohio corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

GREENFIELD DIE & MANUFACTURING CORP.,
a Michigan corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

                        

JEFFERSON BLANKING INC., 
a Georgia corporation
                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

    
SHILOH AUTOMOTIVE, INC.,
an Ohio corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

SHILOH INDUSTRIES, INC. DICKSON 
MANUFACTURING DIVISION, 
a Tennessee corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

LIVERPOOL COIL PROCESSING, INCORPORATED,
an Ohio corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

MEDINA BLANKING, INC., 
an Ohio corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

                

THE SECTIONAL DIE COMPANY,
an Ohio corporation
                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

                

SECTIONAL STAMPING, INC., 
an Ohio corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

SHILOH DIE CAST LLC,
an Ohio limited liability company

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

                

ALBANY-CHICAGO COMPANY LLC, 
a Wisconsin limited liability company

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SHILOH DIE CAST MIDWEST LLC,
an Ohio limited liability company

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

                    
SHILOH HOLDINGS INTERNATIONAL, INC.,
a Michigan corporation

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Vice President of Finance and Treasurer

    

FMS MAGNUM HOLDINGS LLC,
an Ohio limited liability company

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

WENTWORTH ACQUISITION LLC,
a Michigan limited liability company

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

SHILOH MANUFACTURING LLC,
an Ohio limited liability company

                        	
		
	By:
	/s/ Thomas M. Dugan

	Name:
	Thomas M. Dugan

	Title:
	Treasurer

            

ADMINISTRATIVE
		
	AGENT:
	BANK OF AMERICA, N.A.

as Administrative Agent	
		
	By:
	/s/ Rosanne Parsill

	Name:
	Rosanne Parsill

	Title:
	Vice President 

        

		
	LENDER:
	BANK OF AMERICA, N.A.

as a Lender, Swing Line Lender: Dutch Swing Line Lender
 and L/C Issuer	
		
	By:
	/s/ Michael Miller

	Name:
	Michael Miller

	Title:
	Vice President 

                        
LENDER:                    JPMORGAN CHASE BANK, N.A.,
as a Lender

	
		
	By:
	/s/ Henry W. Centa

	Name:
	Henry W. Centa

	Title:
	Executive Director

                        

LENDER:                    COMPASS BANK,
as a Lender

                        	
		
	By:
	/s/ Sandra Centa

	Name:
	Sandra Centa

	Title:
	Senior Vice President

    

LENDER:                    CITIZENS BANK, N.A.
as a Lender

                        	
		
	By:
	/s/ Megan M. Livingston

	Name:
	Megan M. Livingston

	Title:
	Vice President

LENDER:                    THE PRIVATEBANK AND TRUST COMPANY,
as a Lender

                        	
		
	By:
	/s/ Robert Cheffins

	Name:
	Robert Cheffins

	Title:
	Commercial Banking Officer

LENDER:                    THE HUNTINGTON NATIONAL BANK
as a Lender

                        	
		
	By:
	/s/  Amanda M. Sigg

	Name:
	Amanda M. Sigg

	Title:
	Vice President

LENDER:                    FIRST NIAGARA BANK, N.A.
as a Lender

                        	
		
	By:
	/s/ Philip L. Rice

	Name:
	Philip L. Rice

	Title:
	Senior Vice President

    

LENDER:                    ASSOCIATED BANK, N.A.
as a Lender

                        	
		
	By:
	/s/ Viktor R. Gottlieb

	Name:
	Viktor R. Gottlieb

	Title:
	Vice President

    

LENDER:                    FIRSTMERIT BANK, N.A.
as a Lender

                        	
		
	By:
	/s/ Robert G. Morlan

	Name:
	Robert G. Morlan

	Title:
	Senior Vice President

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