Document:

plow_Ex10-49

		
			Exhibit 10.49
		

		
			DOUGLAS DYNAMICS, INC.
		

		
			 GRANT NOTICE FOR 2010 STOCK INCENTIVE PLAN
		

		
			RESTRICTED STOCK UNITS
		

		
			 (NONEMPLOYEE DIRECTOR)
		

		
			FOR GOOD AND VALUABLE CONSIDERATION, Douglas Dynamics, Inc. (the “Company”), hereby grants to Participant named below the number of restricted stock units specified below (the “Award”), upon the terms and subject to the conditions set forth in this Grant Notice, the Douglas Dynamics, Inc. 2010 Stock Incentive Plan (the “Plan”) and the Standard Terms and Conditions (the “Standard Terms and Conditions”) adopted under such Plan and provided to Participant, each as amended from time to time.  Each restricted stock unit subject to this Award represents the right to receive one share of the Company’s common stock, par value $0.01 (the “Common Stock”), subject to the conditions set forth in this Grant Notice, the Plan and the Standard Terms and Conditions.  This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions.
		

		
			Name of Participant: _____________
		

		
			Grant Date: __________ __, 20__
		

		
			Number of restricted stock units subject to the Award: __________
		

		
			Vesting Schedule:  All of the restricted stock units shall be fully vested on the Grant Date
		

		
			By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Award shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions.
		

		
			 
		

			
					
						DOUGLAS DYNAMICS, INC.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Participant Signature

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Address (please print)

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			DOUGLAS DYNAMICS, INC.
		

		
			 STANDARD TERMS AND CONDITIONS FOR
		

		
			RESTRICTED STOCK UNITS
		

		
			 (NONEMPLOYEE DIRECTOR)
		

		
			These Standard Terms and Conditions apply to the Award of restricted stock units granted pursuant to the Douglas Dynamics, Inc. 2010 Stock Incentive Plan (the “Plan”), which are evidenced by a Grant Notice that specifically refers to these Standard Terms and Conditions.  In addition to these Terms and Conditions, the restricted stock units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.
		

		
			1.TERMS OF RESTRICTED STOCK UNITS
		

		
			Douglas Dynamics, Inc., a Delaware corporation (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”) an award of a number of restricted stock units (the “Award” or the “Restricted Stock Units”) specified in the Grant Notice.  Each Restricted Stock Unit represents the right to receive one share of the Company’s common stock, $0.01 par value per share (the “Common Stock”), upon the terms and subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan, each as amended from time to time.  For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.
		

		
			2.VESTING OF RESTRICTED STOCK UNITS
		

		
			The Award shall be fully vested as of the Grant Date set forth in the Grant Notice.
		

		
			3.SETTLEMENT OF RESTRICTED STOCK UNITS
		

		
			The Restricted Stock Units shall be settled by the delivery to the Participant or a designated brokerage firm of one share of Common Stock per Restricted Stock Unit as soon as reasonably practicable following a Termination of Employment of the Participant that constitutes a “Separation from Service” (as defined in authoritative guidance under Section 409A of the Code), and in all events no later than the end of the calendar year in which such Termination of Employment occurs or, if later, two and one-half months after such Termination of Employment (unless delivery is subsequently deferred pursuant to a nonqualified deferred compensation plan in accordance with the requirements of Section 409A of the Code).
		

		
			4.RIGHTS AS STOCKHOLDER; DIVIDEND EQUIVALENTS
		

		
			The Participant shall not have voting rights with respect to shares of Common Stock underlying Restricted Stock Units unless and until such shares of Common Stock are reflected as issued and outstanding shares on the Company’s stock ledger.
		

		
			The Participant shall receive a cash payment equivalent to any dividends or other distributions paid with respect to the shares of Common Stock underlying the Restricted
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			Stock Units before the Restricted Stock Units are settled.  If, however, any dividends or distributions with respect to the Common Stock underlying the Restricted Stock Units are paid in Shares rather than cash, the Participant shall be credited with additional restricted stock units equal to the number of Shares that the Participant would have received had the Restricted Stock Units been actual Shares, and such restricted stock units shall be deemed Restricted Stock Units subject to the same terms of the Grant Notice, these Standard Terms and Conditions and the Plan as are the other Restricted Stock Units granted under this Award.  Any amounts due to the Participant under this provision shall be paid to the Participant, in cash, no later than the end of the calendar year in which the dividend or other distribution is paid to stockholders of the Company or, if later, the 15th day of the third month following the date the dividends are paid to stockholders; provided that, in the case of any distribution with respect to which the Participant is credited with additional Restricted Stock Units, distribution shall be made at the same time as payment is made in respect of the other Restricted Stock Units granted under this Award.
		

		
			5.RESTRICTIONS ON RESALES OF SHARES
		

		
			The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any Common Stock issued in respect of Restricted Stock Units, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.
		

		
			6.TAXES
		

		
			The Company shall not deliver shares in respect of any Restricted Stock Units unless and until the Participant has made arrangements satisfactory to the Company for the satisfaction of any applicable withholding tax obligations.  The Company shall not be required to issue shares or to recognize the disposition of such shares until such obligations are satisfied.  Unless the Participant pays the withholding tax obligations to the Company by cash or check in connection with the delivery of the Common Stock, withholding may be effected, at the Company’s option, by withholding Common Stock issuable in connection with the Award (provided that shares of Common Stock may be withheld only to the extent that such withholding will not result in adverse accounting treatment for the Company).  The Participant acknowledges that the Company shall have the right to deduct any taxes required to be withheld by law in connection with the Award from any amounts payable by it to the Participant (including, without limitation, future cash wages).
		

		
			7.NON-TRANSFERABILITY OF AWARD
		

		
			The Participant represents and warrants that the Restricted Stock Units are being acquired by the Participant solely for the Participant’s own account for investment and not with a view to or for sale in connection with any distribution thereof.  The Participant further understands, acknowledges and agrees that, except as otherwise provided in the Plan or
		

		
			
		

		
			

		 

		

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			as permitted by the Administrator, the Restricted Stock Units may not be sold, assigned, transferred, pledged or otherwise directly or indirectly encumbered or disposed of.
		

		
			8.OTHER AGREEMENTS SUPERSEDED
		

		
			The Grant Notice, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding the Restricted Stock Units.  Any prior agreements, commitments or negotiations concerning the Restricted Stock Units are superseded.
		

		
			9.LIMITATION OF INTEREST IN SHARES SUBJECT TO RESTRICTED STOCK UNITS
		

		
			Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person in connection with the Award.  Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate the Participant’s employment at any time for any reason.
		

		
			10.GENERAL
		

		
			In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.
		

		
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.
		

		
			These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
		

		
			These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of law.
		

		
			In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Plan shall control.  In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.
		

		
			
		

		
			

		 

		

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			All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion.
		

		
			11.ELECTRONIC DELIVERY
		

		
			By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the Restricted Stock Units via Company web site or other electronic delivery.
		

		 

		

			5bwen_Ex_10-24

		
			EXHIBIT 10.24
		

		
			 
		

		
			SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT
		

		
			THIS SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is dated as of January 16, 2019, by and among CIBC BANK USA, formerly known as THE PRIVATEBANK AND TRUST COMPANY (“Lender”), BROADWIND ENERGY, INC., a Delaware corporation (“Parent”), BRAD FOOTE GEAR WORKS, INC., an Illinois corporation (“Brad Foote”), BROADWIND TOWERS, INC., a Wisconsin corporation (“Towers”), RED WOLF COMPANY, LLC, a North Carolina limited liability company (“Red Wolf”), BROADWIND SERVICES, LLC, a Delaware limited liability company (“Services,” and collectively with Parent, Brad Foote, Towers and Red Wolf, “Borrowers,” and each, a “Borrower”).
		

		
			WITNESSETH:
		

		
			 
		

		
			WHEREAS, Lender and Borrowers have previously entered into that certain Loan and Security Agreement dated October 26, 2016, as amended by that certain First Amendment to Loan and Security Agreement dated February 10, 2017, that certain Second Amendment to Loan and Security Agreement dated March 27, 2017, that certain Third Amendment to Loan and Security Agreement dated January 29, 2018, that certain Fourth Amendment to Loan and Security Agreement dated May 2, 2018, and that certain Fifth Amendment to Loan and Security Agreement dated October 26, 2018 (as amended, restated, modified or supplemented from time to time, the “Loan Agreement”); and 
		

		
			WHEREAS, the parties desire to amend the terms of the Loan Agreement as provided below.
		

		
			NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Amendment, and in consideration of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby covenant and agree as follows:
		

		
			 
		

			
	
			
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			Definitions.  All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement.

		
			 
		

			
	
			
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			Amendment to Loan Agreement.  

		
			 
		

			
	
			
				 (a)
			

			
	
			
			“5,000,000” in the first sentence of Section 3.1 of the Loan Agreement is hereby deleted and replaced with “$10,000,000”.

		
			 
		

			
	
			
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			Representations and Warranties.  Each Borrower represents and warrants as follows: (a) the execution and delivery of and the performance under this Amendment is within such Borrower’s power and authority, has been duly authorized by all requisite action and is not in contravention of any law, any other agreement made by such Borrower or by which such Borrower’s assets are bound, except for conflicts with agreements, contracts or other documents which would not reasonably be expected to have a Material Adverse Effect; (b) this Amendment (and the Loan Agreement in its entirety) constitutes the legal, valid and binding obligations of such Borrower and are enforceable against such Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies; (c) the representations and warranties of such Borrower set forth in the Loan Documents are true and correct as of the date hereof (except for representations and warranties that expressly relate to an earlier date which are true and correct as of such earlier date); (d) there exists no Event of Default, and no event has occurred and is continuing which, with the lapse of time or the giving of notice, or both, would constitute an Event of Default; and (e) such Borrower has no defenses to the enforcement of the Loan Agreement or the other Loan Documents.

		
			 
		

		
			

		 

 

		

			
	
			
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			Reaffirmation.  Except as expressly modified or amended by this Amendment, each Borrower reaffirms and reconfirms each and all of the warranties, representations, covenants and agreements of such Borrower under all Loan Documents to which such Borrower is party.

		
			 
		

			
	
			
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			Release by Borrowers.  Each Borrower hereby releases Lender from any and all causes of action or claims, whether known or unknown, which such Borrower may have as of the date hereof for any asserted loss or damages to such Borrower claimed to be caused by, or arising from, any act or omission to act on the part of Lender, its shareholders, directors, officers, employees, agents or representatives with respect to the Loan Documents.

		
			 
		

			
	
			
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			References.  All references to the Loan Agreement in any future correspondence or notice shall be deemed to refer to the Loan Agreement as modified by this Amendment. 

		
			 
		

			
	
			
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			Ratification.  Except as expressly modified or amended by this Amendment, all of the terms, covenants and conditions of the Loan Agreement are hereby ratified and confirmed.  

		
			 
		

			
	
			
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			Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Illinois, without regard to principles of conflicts of laws.  

		
			 
		

			
	
			
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			Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were on the same instrument.  Delivery of this Amendment by facsimile, pdf, or .tif signature by any party shall represent a valid and binding execution and delivery of this Amendment by such party.

		
			 
		

			
	
			
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			JURISDICTION; VENUE.  THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AMENDMENT, SHALL BE LITIGATED ONLY IN COURTS HAVING SITUS WITHIN CHICAGO, ILLINOIS.  EACH PARTY HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURT LOCATED THEREIN AND WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO TRANSFER THE VENUE OF ANY SUCH LITIGATION.

		
			 
		

			
	
			
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			WAIVER OF JURY TRIAL.  EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

		
			 
		

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

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						BORROWERS:

					
					
						 

					
					
						LENDER:

				
	
					
						BROADWIND ENERGY, INC.

					
					
						 

					
					
						CIBC BANK USA

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By: /s/ Jason Bonfigt

					
					
						 

					
					
						By: /s/ Tom Hunt

				
	
					
						Name: Jason Bonfigt

					
					
						 

					
					
						Name: Tom Hunt

				
	
					
						Title: VP, CFO & Treasurer

					
					
						 

					
					
						Title: Managing Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BRAD FOOTE GEAR WORKS, INC.

					
					
						 

					
					
						 

				
	
					
						 

					
						By: /s/ Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Name: Jason Bonfigt 

					
					
						 

					
					
						 

				
	
					
						Title: Authorized Signatory

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BROADWIND TOWERS, INC.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By: /s/ Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Name: Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Title: Authorized Signatory

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BROADWIND SERVICES, LLC

					
						 

					
					
						 

					
					
						 

				
	
					
						By: /s/ Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Name: Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Title: Authorized Signatory

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						RED WOLF COMPANY, LLC

					
						 

					
					
						 

					
					
						 

				
	
					
						By: /s/ Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Name: Jason Bonfigt

					
					
						 

					
					
						 

				
	
					
						Title: Authorized Signatory

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