Document:

Twelfth Amendment to Loan and Security Agreement

 Exhibit 10.1 

TWELFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT 

THIS TWELFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is dated July 1, 2010 and is by and between
MEDALLION FINANCIAL CORP., a Delaware corporation having an address of 437 Madison Avenue, New York, New York 10022 (the “Borrower”), and STERLING NATIONAL BANK, a national banking association having an address of 650 Fifth Avenue, New
York, New York 10019 (the “Bank”). 
 RECITALS 

A. The Borrower and the Bank entered into a Loan and Security Agreement dated April 26, 2004 (the “Original Loan
Agreement”), pursuant to which the Bank has agreed to extend certain credit and make certain loans to the Borrower. 
 B.
The Borrower and the Bank have amended the Original Loan Agreement pursuant to various amendments prior to the date hereof (the Original Loan Agreement, as amended by such prior amendments, is collectively referred to herein as the “Loan
Agreement”). 
 C. The Borrower has requested, and the Bank has agreed to make, certain amendments to the Loan Agreement,
all as more fully described herein. 
 NOW, THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT

 1. Defined Terms. Except as otherwise indicated herein, all words and terms defined in the Loan Agreement shall
have the same meanings when used herein. 
 2. Extension of Revolving Credit Termination Date. The Revolving Credit
Termination Date is hereby extended to October 1, 2010. Accordingly, the definition of the term “Revolving Credit Termination Date” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “Revolving Credit Termination Date” shall mean October 1, 2010. 

3. Amendments to Other Loan Documents. Each of the other Loan Documents is hereby amended to the extent necessary to reflect the
amendments to the terms of the Loan Agreement effected by this Amendment. Without limiting the generality of the foregoing, each of the other Loan Documents shall secure the Revolving Credit Note (as defined below) to the same extent, and with the
same effect, as it secured the Prior Note (as defined below). The Borrower shall take or cause to be taken such actions, and shall execute, deliver, file and/or record or cause to be executed, delivered, filed and/or recorded such documents and
other instruments, as the Bank shall deem to be necessary or advisable in order to confirm, implement or perfect the amendments to the other Loan Documents effected by this Paragraph. 

 4. No Defenses. The Borrower acknowledges that, as of June 30, 2010, the
aggregate outstanding principal balance under the Revolving Credit Loan is $17,000,000.00. The Borrower acknowledges and agrees that, as of the date hereof, it has no offsets, counterclaims or defenses of any nature whatsoever to its Obligations to
the Bank under the Loan Agreement or any of the other Loan Documents, and hereby expressly waives and releases any and all claims against the Bank which exist on the date hereof with respect thereto. 

5. Substitute Note. Concurrently herewith, the Borrower is executing and delivering to the Bank a Substitute Revolving Credit Note
in the maximum principal amount of $20,000,000 (the “Revolving Credit Note”) in substitution for, but not in repayment of, the Substitute Revolving Credit Note dated as of May 31, 2010 in the maximum principal amount of $20,000,000
previously issued by the Borrower to the Bank (the “Prior Note”). The execution and delivery by the Borrower of the Revolving Credit Note pursuant to the provisions hereof shall not constitute a refinancing, repayment, accord and
satisfaction or novation of the Prior Note or the indebtedness evidenced thereby. 
 6. Reaffirmation of Guaranty Agreement
and Security Agreement. In order to induce the Bank to enter into this Amendment and to amend the Loan Agreement as provided herein, the Borrower is causing Medallion Funding LLC to execute and deliver to the Bank concurrently herewith a
Reaffirmation of Guaranty and Security Agreement. 
 7. Representations and Warranties. In order to induce the Bank to
enter into this Amendment and to amend the Loan Agreement as provided herein, the Borrower hereby represents and warrants to the Bank that: 

(a) All of the representations and warranties of the Borrower set forth in the Loan Agreement are true, complete and correct in all
material respects on and as of the date hereof with the same force and effect as if made on and as of the date hereof and as if set forth at length herein. 

(b) After giving effect to this Amendment, no Event of Default presently exists and is continuing on and as of the date hereof.

 (c) Since the date of the Borrower’s most recent financial statements delivered to the Bank, the Borrower has not
experienced a material adverse effect in its business, operations or financial condition. 
 (d) The Borrower has full power and
authority to execute, deliver and perform any action or step which may be necessary to carry out the terms of this Amendment and this Amendment has been duly executed and delivered by the Borrower and is the legal, valid and binding obligation of
the Borrower enforceable in accordance with its terms, subject to any applicable bankruptcy, insolvency, general equity principles or other similar laws affecting the enforcement of creditors’ rights generally. 

(e) The execution, delivery and performance of this Amendment will not (i) violate any provision of any existing law, statute, rule,
regulation or ordinance, (ii) conflict with, result in a breach of, or constitute a default under (A) the certificate of incorporation or by-laws of the Borrower, (B) any order, judgment, award or decree of any court, governmental
authority, 
  

 2 

 
bureau or agency, or (C) any mortgage, indenture, lease, contract or other material agreement or undertaking to which the Borrower is a party or by which the Borrower or any of its
properties or assets may be bound, or (iii) result in the creation or imposition of any lien or other encumbrance upon or with respect to any property or asset now owned or hereafter acquired by the Borrower, other than liens in favor of the
Bank, except, in the case of clauses (ii) and (iii) above, for any deviation from the foregoing which would not reasonably be expected to have a Material Adverse Effect. 

(f) No consent, license, permit, approval or authorization of, exemption by, notice to, report to, or registration, filing or declaration
with any person is required in connection with the execution, delivery and performance by the Borrower of this Amendment or the validity thereof or the transactions contemplated thereby, other than (i) filing or recordation of financing
statements and like documents in connection with the Liens granted in favor of the Bank, (ii) those consents, if they were not obtained or made, which would not reasonably be expected to have a Material Adverse Effect and (iii) filings
which the Borrower may be obligated to make with the Securities and Exchange Commission. 
 8. Bank Costs. The Borrower
shall reimburse the Bank on demand for all costs, including reasonable legal fees and expenses and recording fees, incurred by the Bank in connection with this Amendment and the transactions referenced herein. If payment of such costs is not made
within ten (10) days of the Bank’s demand therefor, the Bank may, and the Borrower irrevocably authorizes the Bank to, charge the Borrower’s account with the Bank or make an Advance under the Revolving Credit Loan in order to satisfy
such obligation of the Borrower. 
 9. Counterparts. This Amendment may be signed in several counterparts, each of which
shall be an original and all of which shall constitute one and the same instrument. 
 10. No Change. Except as expressly
set forth herein, all of the terms and provisions of the Loan Agreement shall continue in full force and effect. 
 11.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. 

[Signatures on following page] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the date set forth on the first page hereof. 
  

					
	MEDALLION FINANCIAL CORP.
		
	By:	 	 /s/ Brian O’Leary

		 	Name:	 	Brian O’Leary
		 	Title:	 	Executive Vice President and Chief Operating Officer
	
	 STERLING NATIONAL BANK

		
	By:	 	 /s/ Leonard Rudolth

		 	Name:	 	 Leonard Rudolth

		 	Title:	 	Senior Vice President

  

 4Third Amendment to Stock Purchase Plan

 Exhibit 10.1 

THIRD AMENDMENT TO PIER 1 IMPORTS, INC. STOCK PURCHASE PLAN 

WHEREAS, the Pier 1 Imports, Inc. Stock Purchase Plan (the “Plan”) was established in 1980 and was most recently amended
and restated on June 20, 2008; 
 WHEREAS, on January 22, 2009, the Board of Directors of the Company, upon
recommendation of the Administrative Committee, approved a resolution (i) to suspend Participant compensation deductions, Company matching contributions and enrollment of new Participants under the Plan and (ii) to suspend purchases of
shares of Common Stock under the Plan, each to occur after the last event in which Participant compensation deductions plus Company matching contributions could be used to purchase shares of Common Stock within the authorized aggregate amount for
issuance under the Plan of 2,541,025 shares of Common Stock; 
 WHEREAS, the Plan was amended by an Amendment to Pier 1
Imports, Inc. Stock Purchase Plan, which established the effective date of such suspension as March 28, 2009 (the “2009 Suspension Date”); and 

WHEREAS, the Plan was amended by a Second Amendment to Pier 1 Imports, Inc. Stock Purchase Plan effective as of July 14,
2009; 
 NOW THEREFORE: 

A.    The suspension period which began on the 2009 Suspension Date will end as soon as administratively practicable
after this Third Amendment to the Plan is approved by the shareholders of Pier 1 Imports, Inc. at their annual meeting on June 29, 2010. Should this Third Amendment not be approved at that meeting, then the suspension period will continue and
this Third Amendment will have no force and effect. During the suspension period, all other aspects of the Plan will continue in full force and effect. 

B.    The first sentence of Article VII of the Plan is replaced with the following: 

“Unless previously terminated by the Board of Directors, the Plan will automatically terminate on the earlier of
(i) June 29, 2015, or (ii) when an aggregate of 3,500,000 shares of Common Stock, plus 881,923 authorized shares of Common Stock which remained available for issuance under the Plan on the 2009 Suspension Date, have been issued after
June 29, 2010.” 
 C.    All terms used in this Third Amendment, unless specifically defined
herein, have the same meanings attributed to them in the Plan. As amended hereby, the Plan is specifically ratified and reaffirmed. 

Signed effective as of June 29, 2010. 

 

			
	Pier 1 Imports, Inc.,
	a Delaware corporation
		
	 By:
	 	 /s/ Gregory S. Humenesky

		 	 Gregory S. Humenesky

Executive Vice President

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