Document:

Document

Exhibit 10.1
EXECUTION VERSION

National CineMedia, Inc. 
6300 S. Syracuse Way, Suite 300
Centennial, Colorado 80111

June 2, 2022
Standard General L.P.
767 Fifth Avenue, 12th Floor
New York, NY 10153

Ladies and Gentlemen:
This letter agreement (this “Agreement”) constitutes the agreement between National CineMedia, Inc., a Delaware corporation (the “Company”), and Standard General L.P., a Delaware limited partnership (the “Investor”).  Each of the Company and the Investor is individually a “Party” and collectively, they are the “Parties.”
1.Registration Rights. 
(a)Initial. Within forty-five (45) days following the date of this Agreement, the Company will file with the United States Securities and Exchange Commission (“SEC”) a registration statement (a “Registration Statement”), registering under the Securities Act of 1933, as amended (the “Securities Act”) the resale of 17,449,272 shares of the common stock of the Company, par value $0.01 per share (“Company Shares”) held by the Investor (the “Investor Shares”). The Investor Shares will be included with the registration statement that the Company is required to file pursuant to the Registration Rights Agreement, dated as of February 13, 2007, by and among the Company, American Multi-Cinema, Inc., Regal CineMedia Holdings, LLC, and Cinemark Media, Inc. (the “Existing Registration Rights Agreement”) or in a separate resale registration statement under which the Investor Shares will be registered to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, as determined by the Company in its sole discretion. The Investor shall provide such information as is reasonably requested by the Company to cause the registration of the Investor Shares on a Registration Statement. The provisions of Section 2(g) of the Existing Registration Rights Agreement shall apply to the Investor and the Company mutatis mutandis in connection the registration pursuant to this paragraph 1; provided that the Investor’s indemnification obligation pursuant to Section 2(g)(ii) shall be deemed mandatory and not require a separate undertaking. 
(b)Expenses. The Company will pay all expenses of registration pursuant to this paragraph 1 and Investor will pay all of its expenses associated with this registration, including, but not limited to, its attorneys’ fees. Other than as set forth in the preceding sentence, all fees, costs and expenses, including, without limitation, attorneys’ fees, incurred by each of the Parties in connection with the matters contemplated by this Agreement shall be borne by the Party incurring such fees, costs or expenses.
(c)Effective Registration Statement. The Company shall use commercially reasonable efforts to cause a Registration Statement required to be filed pursuant to this paragraph 1 to become effective and remain effective in compliance with the provisions of the Securities Act, with respect to the disposition of the Investor Shares until the earlier of (x) three years following the date of this Agreement or (y) such time as all Company Shares then held by the Investor may be sold pursuant to Rule 144 promulgated under the Securities Act without any limitation as to manner-of-sale restrictions or volume limitations (the “Registration Period”).
(d)Stand-Off. During the Registration Period, if the Company is engaged or expects to engage in  a stock repurchase or an underwritten primary equity offering for cash, the 

 

Company shall notify the Investor of such activities a reasonable period of time in advance of such activities and the dates upon which the stock repurchase or underwritten offering are expected to occur. In the case of notice of any stock repurchase or underwritten primary equity offering of the Company for cash, the Investor shall not sell any Company Shares pursuant to the Registration Statement (i) on such dates upon which the Company is engaging in a stock repurchase, or (ii) if the sales of the Company Shares by the Investor would reasonably constitute a “distribution” within the meaning of Regulation M (17 CFR 242), on such dates that would cause the dates upon which the Company proposes to engage in a stock repurchase or an underwritten primary equity offering for cash to would fall within the “restricted period” within the meaning of Regulation M (17 CFR 242) associated with such distribution. In addition, in the case of any such registered underwritten offering by the Company of Company Shares during the Registration Period, to the extent requested by the managing underwriter of such offering, the Investor shall enter into a customary lock-up agreement with the managing underwriter limiting the ability of the Investor to sell Company Shares for a period of up to ninety (90) days, provided that a similar lock-up agreement is being entered into by the Founding Members (as defined in the Existing Registration Rights Agreement), but excluding any such Founding Member that is not an Affiliate, and the Company’s directors and officers. 
2.Sales to Competitors. During the Registration Period, Investor shall not knowingly transfer or sell any Company Shares, directly or indirectly, without the Company’s prior written consent to (i) any person primarily engaged in a business similar to either the Company’s media advertising business or the cinema exhibition business, or (ii) any person (together with any Affiliates (as defined below)) that directly or indirectly controls any company of the nature described in clause (i) of this definition. “Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and shall include persons who become Affiliates of any person subsequent to the date of this Agreement; provided, that for the purposes of this Agreement, the Investor and the Company shall not be deemed to be Affiliates of each other.
3.Standstill.  Reference is made to that certain letter agreement, dated June 1, 2018, by and between the Company and the Investor (the “Prior Letter Agreement”). During the Registration Period, the Investor shall not, and shall cause its Affiliates not to, directly or indirectly, absent prior express written invitation or authorization by the Company’s Board of Directors, take, authorize or approve any of the actions set forth in paragraphs 6(e), 6(f), 6(g), or 6(k) of the Prior Letter Agreement. During the Registration Period, the Investor shall promptly (and in any event within three (3) business days) notify the Company in writing upon the Investor together with its Affiliates, in the aggregate, Economically Owning (as defined in the Prior Letter Agreement) more than 30.0% of the then outstanding Company Shares or having a Total Net Long Position (as defined in the Prior Letter Agreement) relating to a number of Company Shares greater than 30.0% of the then outstanding Company Shares.  
4.Investor Representations.  The Investor represents, warrants and agrees that this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of such Investor, enforceable against it in accordance with its terms. 
5.Company Representations.  The Company represents and warrants solely as to itself that this Agreement has been duly authorized, executed and delivered by it and is a valid and binding obligation of the Company, enforceable against it in accordance with its terms.
6.Miscellaneous.  This Agreement (including its exhibits and schedules) constitutes the only agreement between the Investor and the Company with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written.  This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.  No Party may assign or otherwise 
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transfer either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other Party.  Any purported transfer requiring consent without such consent shall be void.  No amendment, modification, supplement or waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the Parties hereto.  Any waiver by any Party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement.  The failure of a Party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. This Agreement may be executed by the Parties in separate counterparts (including by fax, jpeg, .gif, .bmp and .pdf), each of which when so executed shall be an original, but all such counterparts shall together constitute one and the same instrument. Paragraphs 7 (Securities Law Acknowledgement), 11(a) (Specific Performance; Remedies), 13 (Validity), 14 (Governing Law; Jurisdiction), 15 (No Third Party Beneficiaries), 16 (Notice), 18 (Representation by Counsel), 20 (Non-disparagement) and 21 (Waiver of Jury Trial) of the Prior Letter Agreement are incorporated herein by reference and shall apply to this Agreement, mutatis mutandis.
7.Term.  This Agreement (i) may be terminated at any time by mutual written consent of the Company and the Investor, and (ii) will terminate automatically upon the termination of the Registration Period.
[Signature pages follow.]
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If the terms of this Agreement are in accordance with your understanding, please sign below, whereupon this Agreement shall constitute a binding agreement among us.
						
		

Very truly yours,

NATIONAL CINEMEDIA, INC. 

By:                                              
Name:    
Title:    

[Signature Page to Letter Agreement]
 

 

						
	Accepted and agreed to as of the date first written above:	
		
	STANDARD GENERAL L.P.

By:                                              
Name:    
Title:    
	
	

      
	
	

        
	

    [Signature Page to Letter Agreement]Document

Exhibit 10.1

INCREMENTAL REVOLVING LOAN AMENDMENT TO CREDIT AGREEMENT 

    THIS INCREMENTAL REVOLVING LOAN AMENDMENT TO CREDIT AGREEMENT, dated and effective as of May 27, 2022 (this “Amendment”), is among THE ANDERSONS, INC., an Ohio corporation (the “Borrower”), U.S. BANK NATIONAL ASSOCIATION, in its capacity as the administrative agent (in such capacity, the “Administrative Agent”), each of the Guarantors party hereto and each of the Lenders party hereto.  

Recitals:

A.The Borrower, the lenders party thereto (the “Lenders”) and the Administrative Agent have entered into that certain Credit Agreement dated as of January 11, 2019 (as has been amended prior to the date hereof, the “Existing Credit Agreement”).  Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Existing Credit Agreement, as modified by the terms hereof (the “Credit Agreement”).
B.The Guarantors and the Administrative Agent have entered into that certain Guaranty dated as of January 11, 2019 (as has been amended prior to the date hereof, the “Guaranty”).
C.The Borrower, the Guarantors, the Administrative Agent and certain Lenders previously entered into certain incremental term loan amendments to the Existing Credit Agreement, pursuant to which such Lenders extended certain delayed draw term loan commitments to the Borrower.
D.The Borrower has advised the Administrative Agent and the Lenders that it desires to terminate such delayed draw commitments and replace them with revolving loan commitments pursuant to the terms set forth herein.  
E.Subject to the terms and conditions set forth below, the Administrative Agent, the LC Issuer and the Lenders party hereto have agreed to the foregoing pursuant to the terms and conditions set forth herein.
    In furtherance of the foregoing, the parties agree as follows:
    
    Section 1.    Amendments to Existing Credit Agreement.  Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties set forth herein, the Existing Credit Agreement is hereby amended by amending the provisions of the Existing Credit Agreement that were amended by Amendment No. 2, applied mutatis mutandis with respect to the May 2022 Incremental Revolving Loan Commitments (as defined below) as needed to give effect to the following.  This Amendment constitutes an Incremental Revolving Loan Amendment.  For the avoidance of doubt, the May 2022 Incremental Revolving Loan Commitments constitute separate and independent Commitments of each relevant Lender and not increases of the existing Revolving Commitments under Section 2.25 of the Credit Agreement.

As of the date hereof, $350,000,000 Q1 2022 Term Loans are outstanding.  Upon the effectiveness hereof: (i) the Q1 2022 Delayed Draw Term Loan Commitments are hereby terminated and of no further force and effect; (ii) the aggregate principal amount of Q1 2022 Loans will be rolled over to the below-defined May 2022 Incremental Revolving Loan Commitments and shall be outstanding thereunder as May 2022 Revolving Loans (as defined below); and (iii) the Borrower agrees to pay to the Administrative Agent (on behalf of the Q1 2022 Lenders), on the date hereof, all accrued and unpaid fees in respect of the Q1 2022 Delayed Draw Term Loan Commitments.

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The Borrower has requested Incremental Revolving Loan Commitments in the aggregate amount of $450,000,000 (the “May 2022 Incremental Revolving Loan Commitments”; Loans thereunder, the “May 2022 Revolving Loans”).  May 2022 Incremental Revolving Loan Commitments will be outstanding and available during the period beginning on the date hereof and ending on August 31, 2022 (the “May 2022 Extension Period”).  Each of U.S. Bank National Association and Farm Credit Mid-America, PCA hereby agrees, by its execution hereof, to extend May 2022 Incremental Revolving Loan Commitments in an amount equal to $225,000,000 (each, a “May 2022 Lender”).  The Q1 2022 Loans rolled over as May 2022 Revolving Loans shall be shared ratably between the May 2022 Lenders.

May 2022 Revolving Loans will be extended ratably by the May 2022 Lenders based on their respective May 2022 Incremental Revolving Loan Commitments.  No May 2022 Revolving Loans shall be extended after the May 2022 Extension Period expires.  May 2022 Revolving Loans shall be requested in the same way Revolving Loans are requested under Section 2.8 of the Credit Agreement, and shall be subject to the minimum borrowing amount requirements of Section 2.6 of the Credit Agreement.  Any Note evidencing a May 2022 Incremental Revolving Loan Commitment shall be in form and substance similar to Exhibit D-2 to the Credit Agreement.  All May 2022 Revolving Loans (including all accrued and unpaid interest in respect thereof) shall be repaid in their entirety no later than the last day of the May 2022 Extension Period.  Subject to the remainder hereof, all accrued and unpaid commitment fees shall be fully paid no later than the last day of the May 2022 Extension Period.

Interest and commitment fees shall accrue in respect of the May 2022 Revolving Loans and May 2022 Incremental Revolving Loan Commitments pursuant to Sections 2.5 and 2.10 of the Credit Agreement at the same rates, with the same payment dates and notice requirements, and otherwise on terms and conditions to which Five-Year Revolving Commitments and Five-Year Revolving Loans are subject.  The Borrower may from time to time permanently reduce or terminate the amount of undrawn May 2022 Incremental Revolving Loan Commitments in the same way the Borrower may reduce undrawn Five-Year Revolving Commitments.  Schedule 1 to the Credit Agreement (the Schedule of Commitments) is hereby modified to include the May 2022 Incremental Revolving Loan Commitments.  No Increasing Lender Supplement shall be required to be delivered in connection with a May 2022 Incremental Revolving Loan Commitment.  The May 2022 Incremental Revolving Loan Commitments and May 2022 Revolving Loans, subject to the foregoing, shall be governed by and subject to the Credit Agreement to the same extent other Loans are governed thereby and subject thereto, including, without limitation, the draw requirements of Section 4.2 of the Credit Agreement.

Section 2.    Conditions Precedent.  The effectiveness of this Amendment and the amendments and other agreements contemplated hereby is subject to the satisfaction of the following conditions precedent:

(a)     Documentation.  The Administrative Agent shall have received this Amendment, duly executed and delivered by the Borrower, the Guarantors, the Administrative Agent, and the May 2022 Lenders.
(b)    Fees and Expenses.  The Borrower shall have paid all fees payable to each of the Administrative Agent and the other Lenders party hereto pursuant to the terms hereof and the fee letter among the Borrower, U.S. Bank and Farm Credit Mid-America, PCA delivered in connection herewith, in each case to the extent due and payable on the date hereof. In addition, the Borrower shall have paid all fees and expenses of the Administrative Agent required to be reimbursed in connection herewith pursuant to the Credit Agreement.

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Section 3.    Representations and Warranties.  

(a)    In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders party hereto as follows:

    (i)    The representations and warranties contained in Article V of the Credit Agreement are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty is true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects as of the date hereof, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty is true and correct in all material respects on and as of such earlier date.

(ii)    There exists no Default or Event of Default, nor would a Default or Event of Default result from this Amendment or the incurrence of any Indebtedness in connection herewith.

(iii)    The Borrower is in compliance with Section 6.4 of the Credit Agreement immediately before and immediately after giving effect to this Amendment.

(b)    In order to induce the Administrative Agent and the Lenders party hereto to enter into this Amendment, each of the Borrower and each Guarantor represents and warrants to the Administrative Agent and the Lenders party hereto that this Amendment has been duly authorized, executed and delivered by it and sets forth the legal, valid and binding obligations of the Borrower or such Guarantor, respectively, and is enforceable against the Borrower and such Guarantor, respectively, in accordance with its terms. 

Section 4.    Miscellaneous.

    (a)    Ratification and Confirmation of Loan Documents.  Each of the Borrower and each Guarantor hereby consents, acknowledges and agrees to the amendments and other agreements set forth herein and hereby confirms and ratifies in all respects the Loan Documents to which such Person is a party (including without limitation, with respect to each Guarantor, the continuation of its payment and performance obligations under the Guaranty), in each case after giving effect to the amendments and other agreements contemplated hereby. 

    (b)    Fees and Expenses.  Without limiting the generality of Section 2(b) above or the fee letter delivered together herewith, the Borrower shall pay all reasonable out-of-pocket expenses of the Administrative Agent in connection with the preparation, negotiation, execution, and delivery of this Amendment and any other documents prepared in connection herewith, including, without limitation, the reasonable out-of-pocket fees, disbursements and charges of outside counsel for the Administrative Agent.

    (c)    Headings.  Section and subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

    (d)    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York (but giving effect to federal laws applicable to national banks), and shall be further subject to the provisions of Sections 15.2 and 15.3 of the Credit Agreement.

    (e)    Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken 
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together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic transmission (including .pdf file) shall be effective as delivery of a manually executed counterpart hereof. The words “execution,” “signed,” “signature,” and words of like import herein shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the E-SIGN Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act (UETA).  Each party hereto may rely on any such electronic signatures without further inquiry.

    (f)    Entire Agreement.  This Amendment and the other Loan Documents (collectively, the “Relevant Documents”) set forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise except in writing in accordance with Section 8.3 of the Credit Agreement. 

    (g)    Severability of Provisions.  Any provision in this Amendment that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Amendment are declared to be severable.

(h)    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns (subject to Article XII of the Credit Agreement).
The remainder of this page intentionally is blank.
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    The following parties have caused this Amendment to be executed as of the date first written above.

                    BORROWER:

THE ANDERSONS, INC.

By:                                  
Name:  
Title:

GUARANTORS: 

THE ANDERSONS EXECUTIVE SERVICES LLC

By:      
Name:  
Title:    

THE ANDERSONS PLANT NUTRIENT LLC

By:      
Name:  
Title:    

THE ANDERSONS ETHANOL LLC

By:      
Name:  
Title:    

LANSING TRADE GROUP, LLC

By:      
Name:  
Title:    

PLANT NUTRIENT OPERATIONS LLC

By:      
Name:  
Title:    

Signature Page to Incremental Revolving Loan Amendment
The Andersons Credit Agreement (2022) 
 
			
	

									
			U.S. BANK NATIONAL ASSOCIATION,

		as LC Issuer and as Administrative Agent

		
		

By: _________________________
Name:
Title:

Signature Page to Incremental Revolving Loan Amendment
The Andersons Credit Agreement (2022) 

			
	

									
			U.S. BANK NATIONAL ASSOCIATION, as a May 2022 Lender

By: _________________________
Name:
Title:

		

Signature Page to Incremental Revolving Loan Amendment
The Andersons Credit Agreement (2022) 

			
	

									
			FARM CREDIT MID-AMERICA, PCA, as a May 2022 Lender

By: _________________________
Name:
Title:

		

Signature Page to Incremental Revolving Loan Amendment
The Andersons Credit Agreement (2022)

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