Document:

JOY - 01.30.2015 - EX10.5 - 10Q

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of January 27, 2015 (the “Agreement”) is entered into among Joy Global Inc., a Delaware corporation (the “Borrower”), the Guarantors, the Lenders party hereto and Bank of America, N.A., as Administrative Agent.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Guarantors, the Lenders, Bank of America, N.A., as Administrative Agent, a Swing Line Lender and an L/C Issuer and JPMorgan Chase Bank, N.A., as a Swing Line Lender and an L/C Issuer have entered into that certain Second Amended and Restated Credit Agreement dated as of July 29, 2014 (as amended or modified from time to time, the “Credit Agreement”);

WHEREAS, the Borrower has requested that the Lenders agree to amend the Credit Agreement as described below;

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.Amendment.   Clause (b) of the definition of “Change of Control” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(b)    during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower 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.
2.    Condition Precedent.  This Agreement shall be effective upon receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent.

3.    Miscellaneous.

(a)    The Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement shall constitute a Loan Document.

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

(c)    The Borrower and the Guarantors hereby represent and warrant as follows:
(i)    Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(ii)    This 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 limited by Debtor Relief Laws and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(iii)    No consent, approval, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement.
(d)    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 Credit Agreement and in each other Loan Document are true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) 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 (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date and (ii) no event has occurred and is continuing which constitutes a Default or an Event of Default.

(e)    This 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 Agreement by telecopy or other electronic transmission shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[remainder of page intentionally left blank]

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:                JOY GLOBAL INC.,
a Delaware corporation

By:                        
Name:
Title:
GUARANTORS:            JOY GLOBAL UNDERGROUND MINING LLC,
a Delaware limited liability company

By:                        
Name:
Title:

JOY GLOBAL SURFACE MINING INC,
a Delaware corporation

By:                        
Name:
Title:

N.E.S. INVESTMENT CO.,
a Delaware corporation

By:                        
Name:
Title:

JOY GLOBAL CONVEYORS INC.,
a Delaware corporation

By:                        
Name:
Title:

JOY GLOBAL LONGVIEW OPERATIONS LLC
a Texas limited liability company

By:                        
Name:
Title:

ADMINISTRATIVE
AGENT:            BANK OF AMERICA, N.A.,
as Administrative Agent

By:                    
Name:
Title:

LENDERS:            BANK OF AMERICA, N.A.,
as a Lender

By:                    
Name:
Title:

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

By:                    
Name:
Title:

MIZUHO BANK LTD., 
as a Lender

By:                    
Name:
Title:

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as a Lender

By:                    
Name:
Title:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., 
as a Lender

By:                    
Name:
Title:

CITIZENS BANK, N.A., 
as a Lender

By:                    
Name:
Title:

PNC BANK, NATIONAL ASSOCIATION, 
as a Lender

By:                    
Name:
Title:

GOLDMAN SACHS BANK USA, 
as a Lender

By:                    
Name:
Title:

THE NORTHERN TRUST COMPANY, 
as a Lender

By:                    
Name:
Title:

BMO HARRIS BANK, N.A.

By:                    
Name:
Title:

DEUTSCHE BANK AG NEW YORK BRANCH

By:                    
Name:
Title:-1-

    	 

    

The following abbreviations, when used in the inscription on the
face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations.

 

	
        TEN COM - as tenants in common

        TEN ENT - as tenants by the entireties

        JT TEN - as joint tenants with right of under

        survivorship and not as tenanls in common
	 	
        UNIF GIFT MIN aCT...............Custodian.........

        (Cust) (Minor)

        Uniform Gifts to Minors

        Act..................................

        (State)

 

	 	
        Additional abbreviations may also be used though
        not In the above list.

         

 

 

For Value Received, ______________ hereby sell,
assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

_________________________________________________________________________________________________________________(PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

 

________________________________________________________________________________________________________________

 

 

_________________________________________________________________________________________________________________

 

__________________________________________________________________________________________________________Shares
of the capital stock represented by the within certificate, and do hereby irrevocably constitute and appoint _________________________________________________________________Attorney
to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

 

Dated __________________________________

 

__________________________________________________________________________________________________________________

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THECERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY
CHANGE WHATEVER

 

 

• NOTICE: SIGNATURE GUARANTEED:

 

SIGNATURE(S) MUST BE GUARANTEED BY A FIRM WHICH IS A MEMBER OF
A REGISTERED NATIONAL STOCK EXCHANGE, OR BY A BANK (OTHER THAN A SAVINGS BANK), OR A TRUST COMPANY. THE GUARANTEEING FIRM MUST
BE A MEMBER OF THE MEDALLION GUARANTEE PROGRAM.

 

TRANSFER FEE WILL APPLY

 

 

 

 

 

 

 

 

 

 

 

    	-2-Void after December 31, 2016

 

Warrant No. A-100

 

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF
THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, THIS WARRANT AND SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEPTION THEREFROM UNDER SAID ACT. THIS WARRANT AND SUCH SHARES MAY NOT BE TRANSFERRED
EXCEPT UPON THE CONDITIONS SPECIFIED IN THIS WARRANT, AND NO TRANSFER OF THIS WARRANT OR SUCH SHARES SHALL BE VALID OR EFFECTIVE
UNLESS AND UNTIL SUCH CONDITIONS SHALL HAVE BEEN COMPLIED WITH.

 

GREY CLOAK TECH INC

 

COMMON STOCK PURCHASE WARRANT

 

Grey Cloak Tech Inc., a Nevada corporation (the “Company”),
having its principal office at 10300 W. Charleston Blvd. Suite 13-378 Las Vegas NV 89135, hereby certifies that , for value received
________________________________________________, or assigns, is entitled, subject to the terms set forth below, to purchase from
the Company at any time on or from time to time after the Original Issue Date (as defined below) and before 5:00 P.M., PST, on
December 31 2016, or as extended in accordance with the terms hereof (the “Expiration Date”). ___________ fully paid
and non-assessable shares of Common Stock of the Company, at the initial purchase price per share (as defined below) of $.50 (fifty
cents per share) (Purchase Price).

 

Background, The Company agreed to issue warrants to
purchase an aggregate of up to 3,300,000 shares of Common Stock (subject to adjustment as provided herein) (the “Warrants”),
in connection with a private placement dated January 15 2015 pursuant to the Subscription Agreement (the “Subscription Agreement”)
between the Company and the investors party thereto (the “Offering”) .

 

Capitalized terms have the meaning as defined in the Subscription
Agreement, or if not defined therein, have the following respective meanings:

 

“Holder” means any record owner of Warrants or
the Warrant Shares.

 

“Market Price” at any date shall be deemed to
be (i) if the principal trading market for such securities is a Nasdaq market or another exchange, the average of the high reported
sale prices per share of Common Stock for the five preceding consecutive trading days on which the Common Stock trades ending on
the date immediately before the date of determination. (ii) if the principal market for the Common Stock is the over-the-counter
market, the average of the high reported sale prices per share on such trading days as set forth by such market. (iii) if there
is no high reported sale prices per share on such trading days for the Common Stock on such over-the-counter market, the average
of the mean of the bid and asking prices per share on such trading days as set forth in the National Quotation Bureau, now known
as, OTC Markets Group, sheet listing such securities for such days or (iv) if there is no reported high bid and asked prices, as
the case may be, reported on any of the five trading days preceding the event requiring a determination of Market Price hereunder,
then the Market Price shall be determined in good faith by resolution of the board of directors of the Company, based on the best
information available to it.

 

“Original Issue Date” means January 30,
2015

 

“Securities Act” means the Securities
Act of 1933 as the same shall be in effect at the time.

 

		1.	Sale or Exercise. If, at the time of any exercise, transfer or surrender for exchange
of a Warrant or Warrant Shares previously issued upon the exercise of Warrants, and such Warrant or Warrant Shares has not been
registered under the Securities Act, the Company may require, as a condition of allowing such exercise, transfer or exchange, that
the Holder or transferee of such Warrant or Warrant Shares, as to the effect that such

    	-1-

    	 

    

exercise, transfer or exchange may be made without
registration under the Securities Act, provided that the disposition thereof shall at all times be within the control of such Holder
or transferee, as the case may be, and provided further that nothing contained in this Section 1 shall relieve the company from
complying with its obligations concerning registration of warrant Shares pursuant to the Subscription Agreement.

 

		2.	Exercise of Warrant.

 

2.1Exercise in Full. Subject to
the provisions hereof, this Warrant may be exercised in full by the Holder thereof by surrender of this Warrant, with the form
of subscription at the end hereof duly executed by such Holder, to the Company at its principal offices accompanies by payment,
in cash, bank wire or by certified or official bank check payable to the order of the Company, in the amount obtained by multiplying
the number of Shares of Common Stock issuable upon exercise of this Warrant by the Purchase Price per share, after giving effect
to all adjustments through the date of exercise.

 

2.2Partial Exercise. Subject to
the provision hereof, this Warrant may be exercised in part by surrender of this Warrant in the manner and at the place provided
in Section 2.1 except that the amount payable by the Holder upon any partial exercise shall be the amount obtained by multiplying
(a) the number of shares of Common Stock (without giving effect to any adjustment therein) designated by the Holder in the subscription
at the end hereof by (b) the Purchase Price per share. Upon any such partial exercise, the Company at its expense will forthwith
issue and deliver to or upon the order of the Holder hereof a new Warrant or Warrants of like tenor, in the name of the Holder
hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes) may request, calling in the aggregate on
the face or faces thereof for the number of shares of common Stock equal (without giving effect to any adjustment therein) to the
number of such shares called for on the face of this Warrant minus the number of such shares designated by the Holder in the subscription
at the end hereof.

 

2.3Company to Reaffirm Obligations.
This Company will, at the time of any exercise of this warrant, upon the request of the Holder hereof, acknowledge in writing its
continuing obligation to afford to such holder any rights (including, without limitation , any right to registration of the Warrant
Shares) to which such Holder shall continue to be entitled after such exercise in accordance with the provisions of this Warrant,
provided that if the Holder of this Warrant shall fail to make any such request, such failure shall not affect the continuing obligation
of the Company to afford such Holder any such rights.

 

2.4Certain Exercises. If an exercise
of a Warrant or Warrants is to be made in connection with a registered public offering or sale of the Company, such exercise may,
at the election of the holder, be conditioned on the consummation of the public offering or sale of the company, in which case
such exercise shall not be deemed effective until the consummation of such transaction.

 

		3.	Delivery of Stock Certificates, etc., on Exercise. As soon as practicable after the exercise
of this Warrant in full or in part, and in any event within ten business days after delivery or surrender of all documents and
instruments required to be delivered or surrendered to the Company for such exercise, including payment of the exercise price in
cash in accordance with this Warrant, the Company at its own expense (including the payment by it of any applicable issue taxes)
will cause to be issued in the name of and delivered to the Holder hereof, or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct, a certificate or certificates for the number of fully paid and non-assessable shares of
Common Stock to which such Holder shall be entitled upon such exercise, plus, in lieu of any fractional share to which such Holder
would otherwise be entitled, cash equal to such fraction multiplied by the then current Market Price of one full share, together
with any other stock or other securities and property (including cash, where applicable) to which such Holder is entitled upon
such exercise pursuant to Section 4 or otherwise.

 

		4.	Dividends: Reclassifications, Exchange or Substitution: Combinations

 

		(a)	If the Company declares or pays a dividend on its Common Stock payable in Common Stock, or other
securities, subdivides the outstanding Common Stock into a greater or lesser amount, as applicable, of Common Stock, then upon
exercise of this Warrant, for each Warrant Share acquired, Holder shall receive,

    	-2-

    	 

    

without cost to Holder, the total number and kind
of securities to which Holder would have been entitled had Holder owned the Warrant Shares of record as of the date the dividend
or subdivision occurred.

 

		(b)	Upon any reclassification, exchange, substitution, or other event that results in a change of
the number and/or class of the securities issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive,
upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for
the warrant Shares if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other
event. The Company or its successor shall promptly issue to a Holder a new Warrant for such new securities or other property. The
new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Section 4. The provisions of this Section 4(b) shall similarly apply to successive reclassifications, exchanges, substitutions,
or other events. 

 

		(c)	If the outstanding Warrant Shares are combined or consolidated, by reclassification or otherwise,
into a lesser number of shares, the Purchase Price shall be proportionately increased. 

 

		5.	Further Assurances. The Company will take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and non-assessable shares of stock upon the exercise of all
Warrants from time to time outstanding. 

 

		6.	Reservation of Stock, etc., Issuable on Exercise of Warrants. The Company will at all
times reserve and keep available, solely for issuance and delivery upon the exercise of the Warrants, all shares of Common Stock
from time to time issuable upon the exercise of the Warrants.

 

		7.	Company’s Rights, etc., The Company reserves the right to extend the date of the
warrant. The Company reserves the right to “Call” the warrant. The call provision will only be enforceable when and
if the Company files a registration statement with the Securities and Exchange Commission and the registration statement becomes
effective and remains current and the common shares underlying the warrant are registered. In addition the company must be and
remain current on all its financial reporting requirements in order to “call” the warrants. The Company can only “call”
the warrant if the Company’s common stock is traded on a recognizable market or exchange, including but not limited to NASDAQ,
AMEX and OTC Markets Group. The Company reserves the right to call the warrant if the Company’s common stock price (see “Market
Price” above) trades at 150% of the warrant exercise price for a period of 20 consecutive trading days. In the event the
Company “Calls” the warrant the warrant holder shall have 20 days to exercise the warrant certificate in whole or in
part after the Company officially notifies the warrant holder. The Company will notify the warrant holder by written notification
to the warrant holders last known address that is on file with the Company’s transfer agent. The Company reserves the right
to cancel, without any redemption price, any outstanding warrants that are not exercised 20 days after the warrants have been called.

 

		8.	Exchange of Warrants. Subject to the provisions of Section 1 hereof, upon surrender for
exchange of any Warrant, properly endorsed, to the Company, as soon as practicable, the Company at its own expense will issue and
deliver to or upon the order of the Holder thereof a new Warrant or Warrants of like tenor, in the name of such Holder or as such
Holder (upon payment by such Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces of the Warrant or Warrants so surrendered.

 

		9.	Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon delivery
of an indemnity agreement reasonably satisfactory in the form and amount to the Company or, in the case of any such mutilation,
upon surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant
of like tenor. 

 

		10.	Negotiability, etc. Subject to Section 1 above, this Warrant is issued upon the following
terms, to all of which each holder or owner hereof by the taking hereof consents and agrees:

    	-3-

    	 

    

 

		(a)	subject to the provisions hereof, title to this Warrant may be transferred by endorsement (by
the Holder hereof executing the form of assignment at the end hereof) and delivery in the same manner as in the case of a negotiable
instrument transferable by endorsement and delivery:

 

		(b)	subject to the foregoing, any person in possession of this Warrant properly endorsed is authorized
to represent himself as absolute owner hereof and is empowered to transfer absolute title hereto by endorsement and delivery hereof
to a bona fide purchaser hereof for value: each prior taker or owner waives and renounces all of this equities or rights in this
Warrant in favor of each such bona fide purchaser and each such bona fide purchaser shall acquire absolute title hereto and to
all rights represented hereby: and

 

		(c)	until this Warrant is transferred on the books of the Company, the Company may treat the registered
Holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 

 

		11.	Notices, etc. All notices and other communications form the Company to the Holder of this
Warrant shall be mailed by first class registered or certified mail, postage prepaid, at such address as may have been furnished
to the Company in writing by such Holder, or, until an address is so furnished, to and at the address of the last Holder of this
Warrant who has so furnished an address to the Company. 

 

		12.	Miscellaneous. This warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the Company and the Holders of outstanding Warrants to the purchase a majority
of the shares of Common Stock underlying all the outstanding Warrants. This Warrant is being delivered din the State of Nevada
and shall be construed and enforced in accordance with and governed by the laws of such State. The headings in this Warrant are
for purposed of reference only, and shall not limit or otherwise affect any of the terms hereof. Subject to Section 1 hereof, this
Warrant is fully assignable at any time. 

 

		13.	Amendments. This Warrant may not be amended, modified or terminated, and no rights or
provisions may be waived, except with (a) the written consent of the Holder and the Company or (b) in the event that all Warrants
issued under the Subscription Agreement are to be amended in like fashion, a majority in interest of the holders of all such Warrants
and the company. 

 

 

Dated: January 30 2015

 

GREY CLOAK TECH INC.

 

 

 

 

_______________________________

 

William Bossung

Title: Secretary, Director

 

 

 

 

 

 

 

 

 

    	-4-

    	 

    

 

 

 

 

 

 

 

FORM OF SUBSCRIPTION

(To be
signed only upon exercise of Warrant)

 

To: Grey Cloak Tech Inc.

 

The undersigned, the Holder of the within Warrant,
herby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, shares of
Common Stock of GREY CLOAK TECH INC, and herewith makes payment therefore:

 

Of $_____________

 

and requests that the certificates for such shares
be issued in the name of. and delivered to. ____________________________, whose address is ________________________________________________.

 

The undersigned represents that the undersigned
is acquiring such securities for its own account for investment and not with a view to or for sale in connection with any distribution
thereof (except for any resale pursuant to, and in accordance with a valid registration statement effective under the Securities
Act of 1933).

 

Dated:____________________

 

_______________________________________

(Signature must conform in all respects to name
of Holder as specified on the face of the Warrant)

 

 

_______________________________________

(Address)

 

Insert here (________________)
the number of shares called for on the face of the Warrant (or in the case of a partial exercise, the portion thereof as to which
the Warrant is being exercised).

    	-5-

    	 

    

 

 

 

 

FORM OF ASSIGNMENT

 

(To be signed only upon transfer
of Warrant)

 

For value received, the undersigned herby sells,
assigns and transfers unto ________________________ the right represented by the within Warrant to purchase _____________ of common
Stock of GREY CLOAK TECH INC. to which the within Warrant relates, and appoints _____________________ Attorney to transfer such
right on the books of GREY CLOAK TECH INC with full power of substitution in the premises.

 

Dated:____________________

 

_______________________________________

(Signature must conform in all respects to name
of Holder as specified on the face of the Warrant)

 

 

_______________________________________

(Address)

 

 

Signature guaranteed by a Bank

or Trust company

 

    	-6-

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