Document:

EX-10.1

   

  Exhibit 10.1

  AMENDMENT NUMBER ONE TO CREDIT AGREEMENT

  This AMENDMENT NUMBER ONE TO CREDIT AGREEMENT (this “Amendment”), dated as March 25, 2022, is entered into by and between WINC, INC., a Delaware corporation, doing business in California as CLUB W, INC. (“Parent”), and BWSC, LLC, a California limited liability company (“BWSC”) (Parent and BWSC are sometimes collectively referred to herein as “Borrowers” and each individually as a “Borrower”), and BANC OF CALIFORNIA, N.A., as successor-by-merger to PACIFIC MERCANTILE BANK (“Bank”), with reference to the following facts:

  A.         Borrowers and Pacific Mercantile Bank previously entered into that certain Credit Agreement, dated as of December 15, 2020 (the “Agreement”).

  B.         Borrowers and Bank desire to amend the Agreement, subject to the terms and conditions of this Amendment.

  NOW, THEREFORE, in consideration of the foregoing, Bank and Borrowers hereby agree as follows:

  1.Defined Terms.  All initially capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement.

  2.Amendment to Summary of Credit Terms.  Section 1.1 – Revolving Loans Maturity Date of the Summary of Credit Terms set forth in the Agreement is hereby amended in its entirety as follows:

  		
	Section 1.1 –  Revolving Loans Maturity Date
	June 30, 2022

  3.Conditions Precedent to Effectiveness of Amendment.  The effectiveness of this Amendment is subject to and contingent upon the fulfillment of each and every one of the following conditions to the satisfaction of Bank:

  (a)Bank shall have received this Amendment, duly executed by Borrowers;

  (b)no Event of Default or Default shall exist; and

  (c)all of the representations and warranties set forth herein and in the Agreement shall be true, complete and accurate as of the date hereof.

  4.Representations and Warranties.  In order to induce Bank to enter into this Amendment, Borrowers hereby represents and warrants to Bank that:

  (a)no Event of Default or Default exists;

  (b)all of the representations and warranties set forth herein and in the Agreement are true, complete and accurate; and

  (c)This Amendment has been duly executed and delivered by Borrowers, and the Agreement continues to constitute the legal, valid and binding agreements and obligations of Borrowers, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, and similar laws and equitable principles affecting the enforcement of creditors’ rights generally.

  5.Counterparts; Electronic Execution.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment electronically shall be equally as effective as delivery of a manually executed counterpart of this Amendment.  Any party delivering an executed counterpart of this Amendment electronically also shall deliver a manually executed counterpart of this Amendment but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

  6.Integration.  The Agreement as amended by this Amendment constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and thereof, and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof and thereof.

  7.No Waiver.  The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default, whether or not known to Bank and whether or not existing on the date of this Amendment.  Nothing in this Amendment, any correspondence, any oral 

   

  

   

  communications between Bank and Borrowers, or the making of any Loans or the issuance of any Letters of Credit, should be construed to be a waiver, modification or release of any breach, default or Event of Default, whether now existing or hereafter arising, or any of Bank’s rights and remedies under the Agreement, the Loan Documents, and applicable law.  Bank’s forbearance does not constitute a course of dealing or a course of conduct.

  8.Release.

  (a)Each Borrower hereby absolutely and unconditionally releases and forever discharges Bank, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which such Borrower has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown. Each Borrowers certifies that it has read the following provisions of California Civil Code Section 1542:

  A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

  (b)Each Borrower understands and acknowledges that the significance and consequence of this waiver of California Civil Code Section 1542 is that even if it should eventually suffer additional damages arising out of the facts referred to above, it will not be able to make any claim for those damages. Furthermore, each Borrower acknowledges that it intends these consequences even as to claims for damages that may exist as of the date of this release but which it does not know exist, and which, if known, would materially affect its decision to execute this Amendment, regardless of whether its lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause.

  9.Reaffirmation of the Agreement.  The Agreement as amended hereby remains in full force and effect.

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

  		
	  
	WINC, INC.,
a Delaware corporation
 
By: /s/ Carol Brault                                                       
Name: Carol Brault
Title:    Chief Financial Officer

	  
	  

	  
	BWSC, LLC,
a California limited liability company
 
By: Winc, Inc.,
its managing member
 
By: /s/ Carol Brault                                                                   
Name: Carol Brault
Title:    Chief Financial Officer

	  
	  

	  
	BANC OF CALIFORNIA, N.A.
  
By: /s/ George Burnett                                                                  
Name:  George Burnett
Title:     Vice President
  
  

    

    

    

    

   

   

   

   

   

   

   

   

   

  Amendment Number One to Credit AgreementDocument

Exhibit 10.1

FIRST AMENDMENT TO AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
This First Amendment to Amended and Restated Employment Agreement (this “Amendment”), is made as of March 22, 2022, among MEDIAALPHA, INC., a Delaware corporation (“Parent”), QUOTELAB, LLC, a Delaware limited liability company (the “Company”), and STEVEN YI (the “Executive”).  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Employment Agreement (as defined below).
RECITALS
    A.    WHEREAS, Parent, the Company and the Executive are parties to that certain Amended and Restated Employment Agreement, dated as of October 27, 2020 (the “Employment Agreement”); and
    B.    WHEREAS, the parties desire to amend certain provisions of the Employment Agreement, as more particularly set forth herein.
AGREEMENT
    In consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows:
1.    Amendment of Section 4(c).  Section 4(c) of the Employment Agreement is hereby amended and restated in its entirety to read as follows:
    “(c)    Annual Bonus. During the Term, commencing with 2022, in lieu of Executive’s participation in the Company’s annual cash incentive bonus plan (the “Incentive Plan”), the Executive shall be eligible to receive an annual award of performance-vesting restricted stock units with respect to Parent’s Class A common stock (the “PRSUs”).  Such PRSU’s shall be granted under Parent’s 2020 Omnibus Incentive Plan as of the 15th day of a calendar month next occurring following the Committee’s approval of the terms of the Incentive Plan for such year, and shall be on substantially the following terms, together with such other terms as may be approved by the Committee:  
(i)    The number of PRSUs to be granted to Executive each year shall be calculated by (A) multiplying Executive’s Target Bonus (as defined below) by the maximum payout approved by the Committee for such year under the Incentive Plan, and (B) dividing the resulting amount by the Average Share Price (as defined below).
(ii)    The vesting provisions of the PRSU shall reflect performance measures, weightings and targets that are substantially equivalent to those approved by the Committee for such year under the Incentive Plan, and the achievement of such performance targets shall be determined by the Committee in the same manner as with the Incentive Plan for such year.  
(iii)    The number of PRSUs that shall vest shall be determined by dividing the dollar value determined to have been earned under such vesting terms by the Average Share Price, and any PRSUs not determined to have been so vested shall be forfeited.  Such vested PRSUs shall be settled within sixty (60) days following such vesting determination by delivery of an equivalent number of shares of Parent’s Class A common stock.  In the event the number of PRSUs to be vested pursuant to such calculation is greater than the number of PRSUs granted, the Company shall grant an additional number of vested RSUs to Executive equal to such shortfall.
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Exhibit 10.1

(iv)    As used herein, “Target Bonus” shall mean the annual target bonus opportunity approved by the Committee for the Executive for such year, and the “Average Share Price” shall mean the weighted-average closing price of Parent’s Class A common stock for the three-month period ended on the Friday preceding (A) the date of the Committee’s approval of the Incentive Plan terms (for the calculation of the number of PRSUs to be granted), or (B) the date of the Committee’s determination of the achievement under the Incentive Plan for the preceding year (for the calculation of the shares to be vested), as applicable.”
2.    Amendment and Ratification.  Except as specifically amended hereby, all terms, conditions, covenants, representations, and warranties contained in the Employment Agreement shall remain in full force and effect and shall be binding upon the parties.

3.    Entire Agreement.  The Employment Agreement (including the Schedules thereto), in each case as amended hereby, together with the Executive’s Confidential Information and Inventions Agreement, constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the parties with respect to the subject matter hereof and thereof.  

4.    Governing Law.  This Amendment and all disputes or controversies arising out of or relating to this Amendment or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware.

5.    Counterparts.  This Amendment may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party.

6.    Facsimile or .pdf Signature.  This Amendment may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall constitute an original for all purposes.

[Signature page follows]

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Exhibit 10.1

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

By:  /s/ Patrick R. Thompson     
        Name:  Patrick R. Thompson
        Title:  Chief Financial Officer
QUOTELAB, LLC

By:  /s/ Patrick R. Thompson     
        Name:  Patrick R. Thompson
        Title:  Chief Financial Officer

EXECUTIVE
/s/ Steven Yi    
    Steven Yi

[SIGNATURE PAGE TO FIRST AMENDMENT TO EMPLOYMENT AGREEMENT]

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