Document:

ex10-1.htm

Exhibit 10.1

Execution

 

PROMISSORY NOTE

 

	
$273,887
	
New York, New York

 

 

This Promissory Note (“Note”) is being issued pursuant to that certain Stock Purchase Agreement, dated as of April 10, 2015, as amended, among DAVID LEIF GREN, RIO ASSET HOLDINGS, LLC, RIO ASSET HOLDCO, LLC, HAMPSHIRE GROUP, LIMITED, HAMPSHIRE INTERNATIONAL, LLC and RIO GARMENT, S.A. (the “Purchase Agreement”). 

 

1.     Fundamental Provisions. The following terms will be used as defined terms in this Note:

 

	
Date of this Note:
	
As of September 15, 2015

	 	 
	
Maker:
	
RIO GARMENT, S.A., a Sociedad Anónima formed under the laws of Honduras

	 	 
	
Holder:
	
HAMPSHIRE GROUP, LIMITED, a Delaware corporation

	 	 
	
Original Principal Amount:
	
$273,887 United States Currency

	 	 
	
Maturity Date:
	
September 1, 2016

 

 

1.     Promise to Pay. For good and valuable consideration, Maker promises to pay to Holder the principal amount of Two Hundred Seventy Three Thousand Eight Hundred Eighty Seven Dollars ($273,887) (collectively, the “Principal Amount”), plus with interest at the interest rate as set forth in Section 3 below (or the Default Interest Rate (as defined below) to the extent applicable). Interest and principal shall be paid as set forth in Section 3 below, and all unpaid interest and principal on this Note shall be due and payable on the Maturity Date, unless earlier payment is required as provided in this Note. Payment shall be in lawful money of the United States via wire transfer to Holder, or such other method as Holder may from time to time designate.

 

2.     Payment Provisions. 

 

(a)     Principal. The Principal Amount shall be due and payable in twelve (12) equal consecutive monthly installments in the amount of Twenty Two Thousand, Eight Hundred Twenty Three and 92/100 Dollars ($22,823.92) each, plus interest accrued through such date, commencing on October 1, 2015, and continuing on the first day of each month thereafter, and a final installment of all unpaid Principal Amount on the Maturity Date.

 

 

 

 

 

(b)     Interest. Interest on the outstanding Principal Amount shall be paid in full monthly as set forth below and the final payment of interest shall be made on the Maturity Date. This Note shall accrue interest on the unpaid Principal Amount thereof for each day this Note is outstanding from and including the date hereof, at a rate per annum equal to Holder’s cost of capital from its senior lender. Holder will: (i) prior to each payment of interest required under this Note, send to Maker a calculation in writing of the interest then due, it being understood that such payment of interest shall be due within ten days following delivery by Holder of such calculation and (ii) promptly inform Maker in writing when it is informed by its senior lender of any change of Holder’s cost of capital. Interest shall be calculated on the basis of a three hundred and sixty-five (365) day year, calculated for the actual number of days elapsed. 

 

(c)     Application of Payments. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued interest and principal in any order Holder may choose, in its sole discretion. 

 

3.     Default Interest. If any scheduled payment of principal and/or interest due under this Note is not received by Holder on the date such payment is due or otherwise paid in kind in accordance with the terms of Section 3 of this Note, the outstanding unpaid Principal Amount shall begin accruing interest at a rate per annum equal to the rate that is then applicable to this Note plus four percent (4%) (the “Default Interest Rate”) until the overdue payment has been made. The Default Interest Rate shall continue to apply whether or not judgment shall be entered on this Note. The Default Interest Rate is imposed in addition to, and not in lieu of, Holder’s exercise of any rights and remedies hereunder or under applicable law, and any fees and expenses of any agents or attorneys which Holder may employ. In addition, the Default Interest Rate reflects the increased credit risk to Holder of carrying a loan that is in default. The Maker agrees that the Default Rate is a reasonable forecast of just compensation for anticipated and actual harm incurred by Holder, and that the actual harm incurred by Holder cannot be estimated with certainty and without difficulty.

 

4.     Prepayments. This Note may be prepaid at any time in whole or in part before due without prepayment penalty or premium. All partial prepayments or principal shall be applied in inverse order of maturity.

 

5.     Event of Default. Maker will be in default under this Note if any of the following events occur (each an “Event of Default”):

 

(a)     Maker fails to pay any principal, interest or and all accrued and unpaid interest on other indebtedness under this Note on the date when due and such failure shall continue for ten (10) days after such payment is due;

 

(b)     Maker becomes subject to any voluntary or involuntary proceeding involving liquidation, reorganization, bankruptcy, insolvency or any similar proceeding under applicable law; or Maker admits in writing its inability to pay its debts generally as they become due;

 

(c)     the occurrence of any event of default or any default and the lapse of any notice or cure period, or Maker’s failure to observe or perform any covenant or other agreement, under or contained in this Note, the Purchase Agreement or any other document, agreement or instrument now or in the future entered into in connection therewith or otherwise evidencing or securing any debt, liability or obligation of Maker to Holder; and

 

 

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(d)     The indebtedness of Maker under any of its loan agreements with any other lender is accelerated pursuant to the terms thereof.

 

6.     Acceleration. Upon the occurrence and during the continuance of an Event of Default, at the option of Holder, the entire sum of principal, interest, and all other charges due under this Note, shall become immediately due and payable without presentment, demand, protest or notice of dishonor, all of which are hereby expressly waived by Maker; and Holder shall have all rights, powers and remedies available under this Note, all of which rights, powers and remedies may be exercised at any time by Holder and from time to time after the occurrence and during the continuance of an Event of Default. All rights, powers and remedies of Holder in connection with this Note are cumulative and not exclusive and shall be in addition to any other rights, powers or remedies provided by law or equity. Without limiting the foregoing, if an Event of Default specified in Section 5(b) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder shall be immediately due and payable without demand or notice of any kind.

 

7.     Costs of Collection. Following the occurrence and during the continuance of an Event of Default, Maker agrees to pay all costs of collection when incurred, including reasonable attorneys’ fees, out-of-pocket expenses and any other costs attributable to collection, whether or not suit is filed, and all costs incurred in realizing upon any judgment entered on account of this Note. No extension of the time for the payment of this Note or any installment hereof made by agreement with any person now or hereafter liable for the payment of this Note shall operate to release, discharge, modify, change or affect the original liability under this Note of any of the undersigned not a party to such agreement.

 

8.     No Waiver. No delay or omission of Holder in exercising any right or power arising in connection with any Event of Default shall be construed as a waiver or as an acquiescence therein, nor shall any single or partial exercise thereof preclude any further exercise thereof. Holder may, as its option, in writing, waive any of the conditions herein and no such waiver shall be deemed to be a waiver of Holder’s rights hereunder, but rather shall be deemed to have been made in pursuance of this Note and not in modification thereof. No waiver of any Event of Default shall be construed to be a waiver of or acquiescence in or consent to any preceding or subsequent Event of Default.

 

9.     Waivers. Maker waives presentment, protest, demand, notice of protest or dishonor of this Note, and any and all other notices or matters of a like nature except as set forth herein, waive all applicable exemption rights, whether under any state constitution, homestead laws or otherwise. No single or partial exercise of, or forbearance from exercising, any power hereunder or under any security agreement or other agreement or instrument securing this Note shall preclude other or further exercises thereof or the exercise of any other power. Neither the granting of any extension of time, nor the acceptance or release of any security for this Note, nor the cancellation, modification or invalidity of any document evidencing or securing this Note, nor any delay or omission on the part of Holder hereof in exercising any right hereunder, shall operate as a waiver of such right or of any other right under this Note to release Maker or any endorser of this Note. The release of any party liable on this Note shall not operate to release any other party liable hereon. The acceptance by Holder hereof of any payment which is less than the payment in full of all amounts due and payable at the time of such payment shall not constitute a waiver of any default which may then exist or the right to accelerate at that time or any subsequent time or nullify any prior acceleration without the express prior written consent of Holder hereof. The right to plead any and all statutes of limitations as a defense to any demand on this Note, or any agreement to the same, or any instrument securing this Note, or any and all obligations or liabilities arising out of or in connection with this Note, is expressly waived by Maker and each and every endorser or guarantor, if any, to the fullest extent permitted by law.

 

 

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10.     Permissible Interest. In no contingency or event whatsoever, by acceleration or otherwise, shall the amount of interest paid or agreed to be paid to Holder, its successors or assigns, for the loan, use, forbearance or detention of money exceed the maximum, if any, permissible under applicable law. If, from any circumstances, Holder, or its successors or assigns, should ever receive as interest an amount that would exceed the highest lawful rate, such amount as would be excessive interest shall be applied to the reduction of the unpaid principal balance of this Note and not the payment of interest. This provision shall control every other provision of this Note and all agreements between Maker and Holder, and their respective successors and assigns.

 

11.     Benefit of Notice; Assignment. Neither Maker nor Holder shall assign or otherwise transfer this Note or any of its rights hereunder, or delegate any of its obligations hereunder, without the prior written consent of the other party, and any prohibited assignment or transfer in violation hereof shall be absolutely void. Subject to the foregoing, this Note and the rights and obligations set forth herein shall inure to the benefit of, and shall be binding upon, Maker and Holder and their respective successors, heirs and assigns. 

 

12.     Choice of Law. This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in that State by residents of that State.

 

13.     Waiver of Jury Trial. Maker irrevocably waives any and all rights such Maker may have to a trial by jury in any action, proceeding or claim of any nature relating to this Note, any documents executed in connection with this Note or any transaction contemplated in any of such documents. Maker acknowledges that the foregoing waiver is knowing and voluntary.

 

14.     Severable Provisions. The provisions of this Note are intended by each party to be severable and divisible and the invalidity or unenforceability of a provision or term herein shall not invalidate or render unenforceable the remainder of this Note or any part hereof.

 

15.     Integration. In the event of a conflict between this Note and the Purchase Agreement, the provisions of this Note will govern.

 

16.     Notice. Any notice herein required or permitted to be given shall be in writing and delivered in the manner contemplated by Section 10.2 of the Purchase Agreement.

 

 

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17.     Amendments in Writing,. Any waiver of any term or condition of this Note, or any amendment of supplementation of this Note, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Note shall not in any way effect, limit or waive Maker’s or Holder’s rights hereunder at any time to enforce strict compliance thereafter with every term or condition of this Note.

 

 

 

 

 [SIGNATURE PAGE FOLLOWS]

 

 

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IN WITNESS WHEREOF, Maker has executed this Promissory Note as of the date of this Note.

 

 

	 	
MAKER:
	 
	 	 	 	 
	 	 	 	 
	 	
RIO GARMENT, S.A.
	 
	 	 	 	 
	 	 	 	 
	  	By:	
/s/ David Gren
	 
	 	Name:	David Gren	 
	 	Title	President	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	HOLDER:	 
	 	 	 	 
	 	HAMPSHIRE GROUP, LIMITED	 
	 	 	 	 
	 	 	 	 
	 	By:	
/s/ Paul M. Buxbaum
	 
	 	Name:	Paul M. Buxbaum	 
	 	Title:	CEO	 

 

 

 

 

[SIGNATURE PAGE TO PROMISSORY NOTE]ex10-2.htm

Exhibit 10.2

Execution

 

GUARANTY AGREEMENT

 

This GUARANTY AGREEMENT(this “Agreement”), dated as of September 15, 2015, is made by and among DAVID LEIF GREN, an individual (“David”), and ANGELA MARIE SMITH, an individual (“Angela”) (each of the foregoing is referred to individually as a “Guarantor” and collectively as the “Guarantors”), and HAMPSHIRE GROUP, LIMITED, a Delaware corporation, and HAMPSHIRE INTERNATIONAL, LLC, a Delaware limited liability company (each of the foregoing is referred to individually as a “Seller” and collectively as the “Sellers”) (each of the Guarantors and Sellers is referred to individually as a “Party” and collectively as the “Parties”).

 

 

RECITALS

 

WHEREAS, the Sellers, Rio Garment, S.A. ,a Sociedad Anónima formed under the laws of Honduras (“Rio”), David, Rio Asset Holdings, LLC, a Delaware limited liability company (“Holdings”), and Rio Asset Holdco, LLC, a Delaware limited liability company (“Holdco”) (each of Holdings and Holdco individually is referred to sometimes as a “Buyer” and collectively as the “Buyers”) are parties to a Stock Purchase Agreement dated as of April 10, 2015, as amended by Amendment No. 1 thereto dated as of May 14, 2015 and Amendment No. 2 thereto dated as of the date hereof (as amended, modified, replaced or restated from time to time, “Purchase Agreement”; capitalized terms used herein without definition shall have the meanings ascribed thereto in the Purchase Agreement), pursuant to which the Buyers are purchasing all of the issued and outstanding capital stock of Rio from Sellers; and

 

WHEREAS, it is a condition precedent to the transactions contemplated by the Purchase Agreement that the Guarantors shall have executed and delivered this Agreement.

 

NOW, THEREFORE, in consideration of the premises and in order to induce the Sellers to enter into the Purchase Agreement, each Guarantor hereby agrees as follows:

 

1.     Guaranty. To induce Sellers to enter into the Purchase Agreement and the other documents contemplated thereby, each Guarantor hereby absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and punctual payment and performance by the Buyers, David and/or Rio as and when due of all liabilities and obligations of Buyers, David and/or Rio under the Purchase Agreement, including without limitation, (a) the sum of One Million Dollars ($1,000,000.00) payable as the “Deferred Purchase Price” under Section 2.1.2 of the Purchase Agreement, less any amounts properly setoff pursuant to Section 8.4.3 of the Purchase Agreement, (b) the Expense Promissory Note issued under the Purchase Agreement in the original principal amount of $273,887 plus interest, (c) the Demand Obligations set forth in the Purchase Agreement, (d) the indemnification obligations of David and Buyers under the Purchase Agreement and (e) all fees, costs and expenses (including, without limitation, fees and expenses of counsel) incurred by any Seller in enforcing any rights under this Agreement (“Collection Costs”) (all such obligations, whether now or hereafter existing, being referred to collectively as the “Guaranteed Obligations”). This Agreement constitutes a guarantee of payment and performance and not of collection.

 

 

 

 

 

2.     Authorization, Waivers and Other Agreements: Sellers are hereby authorized, without notice to or demand upon any Guarantor and without discharging or otherwise affecting the obligations of any Guarantor hereunder and without incurring any liability hereunder, from time to time, to do each of the following:

 

(a)     in accordance with the Purchase Agreement: (i) modify, amend, supplement or otherwise change, or (ii) waive, extend or otherwise consent to noncompliance with, in whole or in part, any obligations of Buyers under the Purchase Agreement or the Guaranteed Obligations; or

 

(b)     settle, release, compromise, collect or otherwise liquidate the Guaranteed Obligations;

 

provided, however, that nothing contained in this Agreement is intended to modify or supersede the provisions of the Purchase Agreement.

 

3.     Guaranty Absolute and Unconditional. Each Guarantor hereby waives and agrees not to assert any defense, setoff, counterclaim or any other circumstance that otherwise might constitute a legal or equitable discharge of Buyers whether arising in connection with or in respect of any of the following or otherwise, hereby agrees that its obligations under this Agreement are irrevocable, absolute and unconditional and shall not be discharged other than by complete performance and further agrees that the Guaranteed Obligations shall not be discharged as a result of or otherwise affected by any of the following (which may not be pleaded and evidence of which may not be introduced in any proceeding with respect to this Agreement):

 

(a)     the invalidity or unenforceability of any obligation of Buyers under the Purchase Agreement or any other agreement or instrument relating thereto (including any amendment, consent or waiver thereto), or any part thereof;

 

(b)     the absence of (i) any attempt to collect any Guaranteed Obligation or any part thereof from Buyers or other action to enforce the same or (ii) any action to enforce the Purchase Agreement; or

 

(c)     any workout, insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation or dissolution by or against any Buyer, or any procedure, agreement, order, stipulation, election, action or omission thereunder, including any discharge or disallowance of, or bar or stay against collecting, any Guaranteed Obligation (or any interest thereon) in or as a result of any such proceeding, including the case where any payment or performance of any Guaranteed Obligation by any Buyer or any Guarantor is recovered from or paid over by or on behalf of any Seller by reason of a fraudulent transfer by any Buyer or any Guarantor or as a preference in any bankruptcy.

 

Notwithstanding anything to the contrary contained in this Agreement or otherwise, the Sellers hereby agree that the Guarantors may assert, as a defense to, or release or discharge of, any payment or performance by the Guarantors under this Agreement, any deduction or setoff pursuant to Section 8.4.3 of the Purchase Price or counterclaim that Buyers could assert against the Sellers pursuant to the terms of the Purchase Agreement.

 

 

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4.     Waivers. Except for any applicable notice required to be provided pursuant to the Purchase Agreement, each Guarantor hereby unconditionally and irrevocably waives and agrees not to assert any claim, defense, setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder, including any of the following (but excluding any applicable notice required to be provided pursuant to the Purchase Agreement): 

 

(a)     any demand for payment or performance and protest and notice of protest;

 

(b)     any notice of acceptance;

 

(c)     any presentment, demand, protest or further notice or other requirements of any kind with respect to any Guaranteed Obligation becoming immediately due and payable; or

 

(d)     any other notice in respect of any Guaranteed Obligation or any part thereof, any defense arising by reason of any disability of any Buyer or any Guarantor or any defense based on the absence or lack of authority of any Buyer or any Guarantor. 

 

5.     Waiver of Rights of Subrogation. Each Guarantor unconditionally and irrevocably agrees not to enforce or otherwise exercise any right of subrogation or any right of reimbursement or contribution or similar right against Buyers by reason of the Purchase Agreement or any payment made thereunder. 

 

6.     Representation and Warranty. Each Guarantor represents and warrants to Sellers that: (a) such Guarantor has received a copy of the Purchase Agreement and all amendments, (b) such Guarantor has obtained the advice of counsel with respect to the Purchase Agreement and this Agreement; (c) such Guarantor has the financial capacity (individually or jointly with such Guarantor’s spouse) to pay and perform when due such Guarantor’s obligations hereunder and all funds necessary for Guarantor to fulfill such Guarantor’s obligations under this Agreement shall remain available to such Guarantor for so long as this Agreement shall remain in effect; (d) such Guarantor has the capacity to enter into this Agreement; (e) the execution, delivery and performance of this Agreement will not conflict with or result in a breach of the terms of any agreement, judgment or order to which such Guarantor is a party or to which such Guarantor is obligated to comply, (f) such Guarantor is not in violation of any law, regulation or order which would materially affect the financial status of Guarantor; and (g) such Guarantor is solvent.

 

7.     Sellers’ Exercise of Remedies. No failure on the part of Sellers to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Sellers of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power by Sellers. Each and every right, remedy and power hereby granted to Sellers or allowed under applicable law or other agreement shall be cumulative and not exclusive of any other and may be exercised by Sellers at any time or from time to time. 

 

 

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8.     Survival of Obligations. This Agreement is a continuing guaranty and shall be binding upon each Guarantor until all the Guaranteed Obligations have been satisfied and/or paid in full; provided, however, after the later of (a) the payment in full to Sellers of the Deferred Purchase Price, the Expense Promissory Note and the Demand Obligations (as such terms are defined in the Purchase Agreement), including, as applicable, interest and other costs, and (b) the first anniversary of the date hereof, Sellers will execute and deliver to Angela a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement with respect to Angela within ten (10) days of a written request therefor from Angela; provided, however, this Agreement shall not terminate with respect to Angela if at the time of the request for termination there are any pending claims by any Seller against the Buyers and/or Rio and/or David under the Purchase Agreement, against Guarantors under this Agreement or against David under the Pledge Agreement. In such event, this Agreement shall continue in full force and effect with respect to Angela after the date otherwise provided for in the preceding sentence and until (i) such claims have been finally resolved by agreement of the parties or by final judicial determination without further right of appeal and (ii) any amount payable to or for the benefit of Sellers under such agreement or judicial determination has been paid in full. In the event of any termination of this Agreement with respect to Angela, this Agreement shall remain in full force and effect with respect to David.

 

9.     Notices. All notices, consents or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) five business days after being mailed by first class certified mail, return receipt requested, postage prepaid, (c) one business days after being sent by a nationally recognized overnight express courier service, postage or delivery charges prepaid, or (d) one day after being transmitted by email or facsimile if confirmed within 24 hours thereafter by a signed original sent in a manner set forth in (a), (b) or (c) above, to the Parties at their respective addresses set forth below:

 

If to Guarantors, to:

 

David Leif Gren and Angela Marie Smith

c/o Rio Garments

ZIP Rio Blanco Nave #10

San Pedro Sula, Cortes

HONDURAS

Facsimile: (989) 624-0023

Email: dlg2569@gmail.com

 

with a copy to:

 

Buchalter Nemer, PC.

1000 Wilshire Boulevard, Suite 1500

Los Angeles, CA 90017

Attention: Jeffrey H. Kapor, Esquire

Facsimile: (213) 630-5663

Email: jkapor@buchalter.com

 

 

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If to Buyers, to:

 

Hampshire Group, Limited

114 West 41st Street

New York, NY 10036

Attention: Paul M. Buxbaum, Chief Executive Officer

Facsimile: __________________

Email: pbuxbaum@hamp.com

 

with a copy to:

 

Blank Rome LLP

One Logan Square

Philadelphia, PA 19103

Attention: Louis Rappaport, Esquire

Facsimile: 215-832-5647

Email: rappaport@blankrome.com

 

Any Party may change its address for notice and the address to which copies must be sent by giving notice of the new address to the other Parties in accordance with this Section provided that any such change of address notice shall not be effective unless and until received.

 

10.     Entire Understanding. This Agreement, together with the Purchase Agreement and the other documents and agreements contemplated by the Purchase Agreement, states the entire understanding between the Parties with respect to the subject matter hereof and supersedes all prior oral and written communications and agreements with respect to the subject matter hereof. 

 

11.     Amendment and Waivers. No waiver, modification or amendment of any provisions of this Agreement shall be effective except pursuant to a written agreement signed by Sellers and by Guarantors, and any waiver shall be effective only in the specific instance and for the purpose for which given. 

 

12.     Parties in Interest. This Agreement shall bind, benefit, and be enforceable by Guarantors and Sellers and their respective successors, legal representatives, permitted assigns, heirs, executors, administrators and personal representatives. 

 

13.     Joint and Several Liability of Guarantors. The liabilities and obligations of Guarantors hereunder shall be joint and several.

 

14.     Assignment. No Party shall, voluntarily, by operation of Law or otherwise, assign any of its rights or obligations under this Agreement without the prior written consent of the other Parties hereto; provided, however, that Sellers shall have the right to assign this Agreement to any acquiror of all or substantially all of the stock or assets of any Seller without the consent of the Guarantors, provided that the Sellers shall remain liable for their respective obligations under this Agreement.

 

 

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15.     Severability. If any provision of this Agreement is construed to be invalid, illegal or unenforceable, then the remaining provisions hereof shall not be affected thereby and shall be enforceable without regard thereto.

 

16.     Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile or other means of electronic transmission, such as by electronic mail in “.pdf” form), each of which when so executed and delivered shall be an original hereof, and it shall not be necessary in making proof of this Agreement to produce or account for more than one counterpart hereof.

 

17.     Section Headings. Section and subsection headings in this Agreement are for convenience of reference only, and shall neither constitute a part of this Agreement nor affect its interpretation.

 

18.     References. All words in this Agreement shall be construed to be of such number and gender as the context requires or permits.

 

19.     Controlling Law. THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS (WITHOUT GIVING EFFECT TO PRINCIPALS OF CONFLICTS OF LAW) OF THE STATE OF NEW YORK, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN.

 

20.     Jurisdiction and Process. IN ANY ACTION BETWEEN OR AMONG ANY OF THE PARTIES, WHETHER ARISING OUT OF THIS AGREEMENT, ANY OF THE AGREEMENTS CONTEMPLATED HEREBY OR OTHERWISE, (A) EACH OF THE PARTIES IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE FEDERAL AND STATE COURTS LOCATED IN THE STATE OF NEW YORK, (B) IF ANY SUCH ACTION IS COMMENCED IN A STATE COURT, THEN, SUBJECT TO APPLICABLE LAW, NO PARTY SHALL OBJECT TO THE REMOVAL OF SUCH ACTION TO ANY FEDERAL COURT LOCATED IN THE STATE OF NEW YORK; (C) EACH OF THE PARTIES IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY, (D) EACH OF THE PARTIES IRREVOCABLY CONSENTS TO SERVICE OF PROCESS BY FIRST CLASS CERTIFIED MAIL, RETURN RECEIPT REQUESTED, POSTAGE PREPAID, TO THE ADDRESS AT WHICH SUCH PARTY IS TO RECEIVE NOTICE IN ACCORDANCE WITH SECTION 9, AND (E) THE PREVAILING PARTIES SHALL BE ENTITLED TO RECOVER THEIR REASONABLE ATTORNEYS’ FEES, COSTS AND DISBURSEMENTS FROM THE OTHER PARTIES (IN ADDITION TO ANY OTHER RELIEF TO WHICH THE PREVAILING PARTIES MAY BE ENTITLED).

 

21.     Neutral Construction. In view of the fact that each of the Parties hereto have been represented by their own counsel and this Agreement has been fully negotiated by all Parties, the legal principle that ambiguities in a document are construed against the draftsperson of that document shall not apply to this Agreement.

 

[continued and to be signed on the following page]

 

 

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IN WITNESS WHEREOF, Guarantors and Sellers have duly executed and delivered this Agreement as of the day first written above.

 

 

GUARANTORS:

 

	
/s/ David Leif Gren
	
/s/ Angela Marie Smith

	David Leif Gren	Angela Marie Smith

 

 

Agreed to and accepted by:

 

SELLERS:

 

	
HAMPSHIRE GROUP, LIMITED
	 	
HAMPSHIRE INTERNATIONAL, LLC
	 
	 	 	 	 	 	 
	By:	
/s/ Paul M. Buxbaum
	 	By:	
/s/ Paul M. Buxbaum
	 
	 	Paul M. Buxbaum	 	 	Paul M. Buxbaum	 
	 	Chief Executive Officer	 	 	Chief Executive Officer	 

  

 

 

[Signature page to Guaranty Agreement]

 

 

 

 

 

	
STATE OR JURISDICTION OF
	
Michigan
	
)

	
 
	

	

	
COUNTY OF
	
Saginaw
	
) ss:)

	
 
	

	

	
COUNTRY OF
	
USA
	
)

 

The undersigned, David Leif Gren, being duly sworn deposes and says:

 

I am the spouse of Angela Marie Smith.

 

I signed the foregoing Guaranty Agreement for the purposes stated therein.

 

 

	
 
	
/s/ David Leif Gren
	 
	
 
	
Signature: David Leif Gren

 

 

 

Subscribed, sworn to and acknowledged before me by David Leif Gren, known to me (or satisfactorily proven to me) to be the person described in the foregoing Guaranty Agreement, who executed the Guaranty Agreement in my presence and who acknowledged that he executed the same in the capacity therein stated, and for the purposes therein contained, before me, this 11th day of September, 2015.

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

/s/ Joshua A. Rodammer                 

Notary Public 

 

[Notary Seal]

 

Joshua A. Rodammer

Notary Public, Tuscola County, MI

Acting in Saginaw County, MI

My Commission expires Jan 22, 2102

 

 

8

 

 

	
STATE OR JURISDICTION OF
	
Michigan
	
)

	
 
	

	

	
COUNTY OF
	
Saginaw
	
) ss:)

	
 
	

	

	
COUNTRY OF
	
USA
	
)

 

The undersigned, Angela Marie Smith, being duly sworn deposes and says:

 

I am the spouse of David Leif Gren.

 

I signed the foregoing Guaranty Agreement for the purposes stated therein.

 

 
	
 
	
/s/ Angela Marie Smith
	 
	
 
	
Signature: Angela Marie Smith         

 

 

 

Subscribed, sworn to and acknowledged before me by Angela Marie Smith, known to me (or satisfactorily proven to me) to be the person described in the foregoing Guaranty Agreement, who executed the Guaranty Agreement in my presence and who acknowledged that she executed the same in the capacity therein stated, and for the purposes therein contained, before me, this 11th day of September, 2015.

 

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

 

/s/ Joshua A. Rodammer                 

Notary Public 

 

[Notary Seal]

 

Joshua A. Rodammer

Notary Public, Tuscola County, MI

Acting in Saginaw County, MI

My Commission expires Jan 22, 2102

 

 

 

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