Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 4 TO AMENDED AND RESTATED 

CREDIT AND GUARANTY AGREEMENT 

This AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT (this “Amendment
No. 4”) dated as of June 30, 2017 (the “Amendment No. 4 Effective Date”), is by and among SPARTON CORPORATION, an Ohio corporation (“Borrower”), the other
Loan Parties, the Lenders from time to time a party to the Credit Agreement referred to below, and BMO HARRIS BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS, the Administrative Agent, the Lenders, the Borrower and the other Loan Parties are parties to that certain Amended
and Restated Credit and Guaranty Agreement, dated as of September 11, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, the Loan Parties have requested that the Administrative Agent and the Lenders amend certain provisions of the Credit
Agreement as set forth herein, and the Administrative Agent and the Lenders have agreed to the requests on the terms and subject to satisfaction of the conditions contained herein; and 

WHEREAS, this Amendment No. 4 shall constitute a Loan Document, these Recitals shall be construed as part of this
Amendment No. 4 and capitalized terms used but not otherwise defined in this Amendment No. 4 shall have the meanings ascribed to them in the Credit Agreement. 

NOW, THEREFORE, for and in consideration of the premises and mutual agreements herein contained and for the purposes of setting
forth the terms and conditions of this Amendment No. 4, the parties, intending to be bound, hereby agree as follows: 

SECTION 1.    Amendments. Subject to the satisfaction of the conditions set forth in Section 3 of this
Amendment No. 4, and in reliance on the representations and warranties set forth in Section 4 of this Amendment No. 4, the Loan Parties, the Administrative Agent and the Required Lenders hereby agree to amend the Credit Agreement as
of the Amendment No. 4 Effective Date as follows: 
 (a)    Section 1.18 (Incremental Commitment
Increases). Subsection (a) of Section 1.18 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(a)    Reserved.” 

(b)    Section 5.1 (Definitions – Amended and Restated). Section 5.1 of the Credit
Agreement is hereby amended by amending and restating the following definitions: 
 “Applicable
Margin” means, with respect to Loans, Reimbursement Obligations, and the commitment fees and letter of credit fees payable under Section 2.1 hereof, until 

 
the Pricing Date with respect to the last day of Parent’s fiscal quarter June 2017, the rates per annum shown opposite Level VII below, and thereafter from one Pricing Date to the next the
Applicable Margin means the rates per annum determined in accordance with the following schedule: 
  

															
	LEVEL	 	 TOTAL FUNDED

DEBT/EBITDA RATIO

FOR SUCH PRICING

DATE
	 	APPLICABLE MARGIN
FOR BASE RATE LOANS
UNDER 
REVOLVING
CREDIT AND
REIMBURSEMENT
OBLIGATIONS SHALL BE:	 	 	APPLICABLE MARGIN
FOR EUROCURRENCY
LOANS UNDER
REVOLVING 
CREDIT
AND LETTER OF CREDIT
FEE SHALL BE:	 	 	APPLICABLE MARGIN
FOR COMMITMENT
FEE SHALL BE:	 
	 VIII
	 	Greater than or equal to 3.75 to 1.00	 	 	2.75	% 	 	 	3.75	% 	 	 	.50	% 
	 VII
	 	Greater than or equal to 3.50 to 1.00 but less than 3.75 to 1.00	 	 	2.00	% 	 	 	3.00	% 	 	 	.50	% 
	 VI
	 	Less than 3.50 to 1.00, but greater than or equal to 3.00 to 1.00	 	 	1.50	% 	 	 	2.50	% 	 	 	.50	% 
	 V
	 	Less than 3.00 to 1.00, but greater than or equal to 2.50 to 1.00	 	 	1.00	% 	 	 	2.00	% 	 	 	.45	% 
	 IV
	 	Less than 2.50 to 1.00, but greater than or equal to 2.00 to 1.00	 	 	.75	% 	 	 	1.75	% 	 	 	.35	% 
	 III
	 	Less than 2.00 to 1.00, but greater than or equal to 1.50 to 1.00	 	 	.50	% 	 	 	1.50	% 	 	 	.30	% 
	 II
	 	Less than 1.50 to 1.00, but greater than or equal to 1.00 to 1.00	 	 	.25	% 	 	 	1.25	% 	 	 	.25	% 
	 I
	 	Less than 1.00 to 1.00	 	 	.00	% 	 	 	1.00	% 	 	 	.20	% 

 For purposes hereof, the term “Pricing Date” means, for any
measurement period of the Borrowers ending on or after the last day of Parent’s fiscal quarter June 2017, the date on which the Administrative Agent is in receipt of the Borrowers’ most recent financial statements (and, in the case of the year-end financial statements, audit report) for the fiscal quarter then ended, pursuant to Section 8.5 hereof. The Applicable Margin shall be established based on the Total Funded Debt/EBITDA Ratio for the
most recently completed fiscal quarter and the Applicable Margin established on a Pricing Date shall remain in effect until the next Pricing Date. If the Borrowers have not delivered their 

  
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financial statements by the date such financial statements (and, in the case of the year-end financial statements, audit report) are required to be
delivered under Section 8.5 hereof, until such financial statements and audit report are delivered, the Applicable Margin shall be the highest Applicable Margin (i.e., Level VIII shall apply). If the Borrowers subsequently deliver such
financial statements before the next Pricing Date, the Applicable Margin established by such late delivered financial statements shall take effect from the date of delivery until the next Pricing Date. In all other circumstances, the Applicable
Margin established by such financial statements shall be in effect from the Pricing Date that occurs immediately after the end of the fiscal quarter covered by such financial statements until the next Pricing Date. Each determination of the
Applicable Margin made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding on the Borrowers and the Lenders if reasonably determined. 

“Incremental Commitment Increase” means any increase to the Revolving Credit Commitments made prior to the
Amendment No. 4 Effective Date pursuant to Section 1.18 of the Agreement as in effect prior to the Amendment No. 4 Effective Date. Notwithstanding anything to the contrary in this Agreement, no Incremental Commitment Increase may be
requested on or after the Amendment No. 4 Effective Date. 
 “Permitted Acquisition” means any
Acquisition made prior to the Amendment No. 4 Effective Date that was a “Permitted Acquisition” as such term was defined in this Agreement as of the date of such Acquisition. Notwithstanding anything to the contrary contained in this
Agreement, no Acquisitions shall be permitted on or after the Amendment No. 4 Effective Date. 
 “Revolving
Credit Commitment” means, as to any Lender, the obligation of such Lender to make Revolving Loans and to participate in Swing Loans and Letters of Credit issued for the account of the Borrowers hereunder in an aggregate principal or face
amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at any time or from time to time pursuant to the
terms hereof. The Borrowers and the Lenders acknowledge and agree that the Revolving Credit Commitments of the Lenders aggregate $125,000,000 on the Amendment No. 4 Effective Date. 

(c)    Section 5.1 (Definitions - New). Section 5.1 of the Credit Agreement is hereby amended
by adding the following new definitions to such Section in their alphabetically correct order: 
 “Amendment
No. 4” means Amendment No. 4 to Amended and Restated Credit and Guaranty Agreement dated as of June 30, 2017, among Borrowers, the other Loan Parties, Administrative Agent and the Lenders. 

“Amendment No. 4 Effective Date” means the date of Amendment No. 4. 

  
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 (d)    Section 8.5 (Financial Reports). Subsection
(h) of Section 8.5 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(h)    as soon as available, and in any event no later than 30 days after the last day of each
fiscal month of each fiscal year of the Parent, commencing with the last day of fiscal month July 2017, a copy of the consolidated balance sheet of the Parent and its Subsidiaries as of the last day of such fiscal month and the consolidated
statements of income, retained earnings, and cash flows of the Parent and its Subsidiaries for the fiscal month and for the fiscal year-to-date period then ended, each
in reasonable detail showing in comparative form the figures for the corresponding date and period in the previous fiscal year, prepared by the Borrowers in accordance with GAAP (subject to the absence of footnote disclosures and year-end audit adjustments) and certified to by its chief financial officer or another officer of the Borrower Representative acceptable to the Administrative Agent;” 

(e)    Section 8.7 (Indebtedness). Subsection (h) of Section 8.7 of the Credit Agreement
is hereby amended and restated in its entirety as follows: 
 “(h)    Indebtedness of Foreign
Subsidiaries in an aggregate principal amount at any time outstanding not to exceed $5,000,000, provided that, at the time such Indebtedness is incurred (i) no Default or Event of Default has occurred and is continuing or would result
from the incurrence of such Indebtedness and (ii) the Loan Parties shall be in compliance with each of the financial covenants set forth in Section 8.23, calculated on a Pro Forma Basis after giving effect to the incurrence of such
Indebtedness; and” 
 (f)    Section 8.9 (Investments). 

(i)    Subsection (k) of Section 8.9 of the Credit Agreement is hereby amended and restated in
its entirety as follows: 
 “(k)    Permitted Acquisitions made prior to the Amendment No. 4
Effective Date.” 
 (ii)    Subsections (p) and (q) of Section 8.9 of the Credit
Agreement are hereby amended and restated in their entirety as follows: 
 “(p)    Investments made
prior to the Amendment No. 4 Effective Date consisting of the acquisition of capital stock or other equity interests of a Person who is not and will not thereby become a Subsidiary of the Parent in an aggregate amount not to exceed at any time
$5,000,000 so long as (i) no Default or Event of Default exists or would be caused by such Investment, and (ii) the Loan Parties are in compliance with the financial covenants set forth in Section 8.23 calculated on a Pro Forma Basis
after giving effect to such Investment; provided that, any Acquisition must satisfy each of the conditions set forth in the definition of “Permitted Acquisition”; and” 

“(q)    other Investments in addition to those otherwise permitted by this Section in an amount
not to exceed $1,000,000 in the aggregate at any one time outstanding.” 

  
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 (g)    Section 8.10 (Mergers, Consolidations and
Sales). Subsection (i) of Section 8.10 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“(i)    the sale, transfer, lease or other disposition of Property of any Loan Party or any
Subsidiary (excluding any disposition of Property as part of a sale and leaseback transaction and any capital stock or other equity interests of a Subsidiary) aggregating for the Loan Parties and their respective Subsidiaries not more than
$1,500,000 during any fiscal year of the Borrowers.” 
 (h)    Section 8.12 (Dividends and
Certain Other Restricted Payments). Section 8.12 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“Section 8.12    Dividends and Certain Other Restricted Payments. No
Loan Party shall, nor shall any Loan Party permit any Subsidiary to, (a) declare or pay any dividends on or make any other distributions in respect of any class or series of its capital stock or other equity interests (other than dividends or
distributions payable solely in its capital stock or other equity interests), or (b) directly or indirectly purchase, redeem, or otherwise acquire or retire any of its capital stock or other equity interests or any warrants, options, or similar
instruments to acquire the same (the dividends, distributions, purchases, redemptions and other payments restricted by this Section 8.12, collectively, “Restricted Payments”); provided that, that the foregoing shall not
operate to prevent (i) the making of dividends or distributions by any Subsidiary to any Loan Party or by any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party, or (ii) payments made in accordance with
Borrower’s existing stock option plans and other equity compensation plans for employees in the aggregate amount of up to $500,000 during any fiscal year so long as in the case of this clause (ii) (A) no Default or Event of Default
exists or would be caused by such Restricted Payment and (B) the Loan Parties are in compliance with the financial covenants set forth in Section 8.23 calculated on a Pro Forma Basis after giving effect to such Restricted Payment.”

 (i)    Section 8.23 (Financial Covenants). 

(i)    Section 8.23(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 “(a) Total Funded Debt/EBITDA Ratio. As of the last day of each of the following fiscal quarters of Parent,
the Loan Parties shall not permit the Total Funded Debt/EBITDA Ratio to be greater than the respective following amounts set forth opposite such fiscal quarters: 
  

					
	 Fiscal Quarter End
	  	Total Funded Debt/
EBITDA Ratio	 
	 June 2017
	  	 	4.25: 1.00	 
	 September 2017
	  	 	4.25: 1.00	 
	 December 2017
	  	 	4.25: 1.00	 
	 March 2018 and each fiscal quarter thereafter
	  	 	3.00: 1.00”	 

  
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 (ii)    Section 8.23 of the Credit Agreement is hereby
amended by adding a new subsection (c) thereto as follows: 
 “(c)    Minimum EBITDA.
As of the last day of each of the following fiscal quarters of the Parent, the Loan Parties shall not permit EBITDA for the period of four fiscal quarters then ended to be less than the following: 

 

					
	 Fiscal Quarter End
	  	Minimum EBITDA	 
	 June 2017
	  	$	22,500,000	 
	 September 2017
	  	$	20,000,000	 
	 December 2017
	  	$	22,000,000”	 

 (j)    Schedule I (Commitments). Schedule I of the Credit
Agreement is hereby amended and restated in its entirety, to read as set forth on Annex A attached hereto. 

SECTION 2.    Waiver of Event of Default. Subject to the satisfaction of the conditions set forth in
Section 3 of this Amendment No. 4, and in reliance on the representations and warranties set forth in Section 4 of this Amendment No. 4, the Required Lenders hereby waive any Event of Default that may have occurred solely as a
result of the Loan Parties’ failure to comply with Section 8.23(a) of the Credit Agreement as in effect prior to the effectiveness of this Amendment No. 4 solely with respect to the test period ending on the last day of Parent’s
fiscal quarter June 2017 (the “Subject Default”).    The Required Lenders’ waiver of the Subject Default shall not be deemed to be a waiver of any other existing or hereafter arising Event of Default or any
other deviation from the express terms of the Credit Agreement including any further breach of Section 8.23(a) of the Credit Agreement. 

SECTION 3.    Conditions of Effectiveness. This Amendment No. 4 shall become effective on the Amendment
No. 4 Effective Date, but only upon receipt by the Administrative Agent of the following: 

(a)    one or more counterparts of this Amendment No. 4 executed by the Loan Parties, Swing Line
Lender, L/C Issuer, the Administrative Agent and the Required Lenders; 
 (b)    one replacement Note
for each Lender requesting a Note, executed by the Borrowers; 
 (c)    Borrowers shall have paid the
fees set forth in the fee letter dated of even date herewith among Borrower Representative, the Administrative Agent and the other parties named therein to the Administrative Agent for its own account or for the account of the Lenders as set forth
therein; provided that (i) the upfront fees provided therein shall be paid (A) only to each Lender who has, on or before 3:00 p.m. Central Standard Time on Friday, June 30, 2017, (x) confirmed to Agent in
writing that such Lender has obtained all approvals necessary for such Lender to execute and deliver this Amendment No. 4 and (y) delivered to Agent such Lender’s signature page to this Amendment No. 4 duly executed by such
Lender (each Lender who satisfies the conditions set forth in this clause (i), a “Qualifying Lender”) and (B) on the 

  
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allocated Revolving Credit Commitment of each Qualifying Lender set forth on Annex A to this Amendment No. 4 and (ii) Lenders who are not Qualifying Lenders shall not be entitled
to any upfront or other fee with respect to this Amendment No. 4; and 
 (d)    receipt of any
other deliveries set forth on the closing document checklist delivered to the Borrower Representative prior to the date of this Amendment No. 4. 

SECTION 4.    Representations and Warranties. Each Loan Party represents and warrants to the Administrative
Agent and the Lenders that: 
 (a)    (i) such Loan Party has all necessary power and authority to
execute and deliver this Amendment No. 4 and to perform its obligations hereunder, (ii) this Amendment No. 4 has been duly authorized by all requisite corporate or limited liability company action, as applicable, and constitutes the
legal, valid and binding obligations of such Loan Party and is enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by applicable solvency, bankruptcy, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and applicable equitable principles (whether considered in a proceeding at law or in equity), and (iii) neither the execution, delivery or performance by such Loan Party of this Amendment
No. 4 (A) violates any material provision of any law or regulation applicable to such Loan Party, or any other decree of any governmental body, (B) conflicts with or results in the breach or termination of, constitutes a default under
or accelerates any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which any Loan Party or Subsidiary is a party or by which such Person or any of its property is bound, (C) results in
the creation or imposition of any Lien (other than Liens permitted pursuant to Section 8.8 of the Credit Agreement) upon any Property of such Loan Party, (D) violates or conflicts with the articles of incorporation (or articles of
formation), bylaws (or operating agreement), or other organizational documents, as applicable, of such Loan Party, or (E) requires the consent, approval or authorization of, or declaration or filing with, any other Person, except for those
already duly obtained; 
 (b)    After giving effect to this Amendment No. 4, no Default or Event
of Default shall have occurred or be continuing as of the date hereof; and 
 (c)    After giving effect
to this Amendment No. 4 and the transactions contemplated hereby, the representations and warranties of the Loan Parties contained in the Credit Agreement and other Loan Documents are true and correct on and as of date hereof to the same extent
as though made on and as of such date except to the extent such representations and warranties specifically relate to an earlier date, in which case each such representation or warranty shall have been true and correct on and as of such earlier
date. 
 SECTION 5.    Reference to, and Effect on, Loan Documents. 

(a)    Fees and Expenses. The Borrower agrees to pay, on demand, in accordance with
Section 13.15 of the Credit Agreement, all costs and expenses of, or incurred by, the Administrative Agent, including but not limited to reasonable attorneys’ fees and costs in connection with the preparation, execution and delivery of
this Amendment No. 4. 

  
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 (b)    Ratification of Loan Documents. Except as
specifically amended above, the Credit Agreement and the other Loan Documents shall remain in full force and effect. Notwithstanding anything contained herein, the terms of this Amendment No. 4 are not intended to and do not effect a novation
of the Credit Agreement or any other Loan Document. Each of the Loan Parties hereby ratifies and reaffirms each of the terms and conditions of the Loan Documents to which it is a party and all of its obligations thereunder. 

(c)    No Waiver. Except as expressly set forth in this Amendment No. 4, the execution,
delivery and effectiveness of this Amendment No. 4 shall not operate as a waiver of any Default or Event of Default whether now existing or hereafter arising or of any right, power or remedy of the Administrative Agent or the Lenders under the
Credit Agreement, under any of the other Loan Documents or under applicable law. 

(d)    References. Upon the effectiveness of this Amendment No. 4, each reference in
(i) the Credit Agreement to “this Agreement,” “this Credit Agreement,” “hereunder,” “hereof” or words of similar import and (ii) any other Loan Document to “the Credit Agreement” or words
of similar import shall, in each case and except as otherwise specifically stated therein, mean and be a reference to the Credit Agreement as amended hereby. Upon the effectiveness of this Amendment No. 4, each reference to the Loan Documents
in the Credit Agreement shall include this Amendment No. 4. 
 SECTION 6.    Miscellaneous. 

(a)    Successors and Assigns. This Amendment No. 4 shall be binding on the Loan Parties and
shall inure to the benefit of the Administrative Agent and the Lenders and their respective successors and assigns. 

(b)    Entire Agreement. This Amendment No. 4 constitutes the entire agreement of the parties
hereto with respect to the subject matter hereof and supersedes all other understandings, oral or written, with respect to the subject matter hereof. 

(c)    Headings. Section headings in this Amendment No. 4 are included herein for
convenience of reference only and shall not constitute a part of this Amendment No. 4 for any other purpose. 

(d)    Severability. Wherever possible, each provision of this Amendment No. 4 shall be
interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Amendment No. 4 shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Amendment No. 4. 

(e)    Counterparts. This Amendment No. 4 may be executed in any number of separate original
counterparts and by the different parties on separate counterparts, each of which shall be deemed to be an original, but all of such counterparts shall together constitute one agreement. Delivery of an executed counterpart of a signature page to
this Amendment No. 4 by facsimile, “pdf” or other form of electronic delivery shall be effective as delivery of a manually executed counterpart of this Amendment No. 4. 

  
 8 

 (Signature Pages Follow) 

  
 9 

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 

IN WITNESS WHEREOF, intending to be legally bound, the parties hereto have duly executed this Amendment No. 4 to Amended
and Restated Credit and Guaranty Agreement as of the date first above written. 
  

							
	 BORROWER:
	 		 	SPARTON CORPORATION, an Ohio corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Senior Vice President and Chief Financial Officer

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 GUARANTORS:
	 		 	SPARTRONICS, INC., a Michigan corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer
			
		 		 	SPARTON TECHNOLOGY, INC., a New Mexico corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer
			
		 		 	SPARTON DELEON SPRINGS, LLC, a Florida limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON MEDICAL SYSTEMS, INC., a Michigan corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 GUARANTORS:
	 		 	SPARTON MEDICAL SYSTEMS COLORADO, LLC, a Colorado limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON BP MEDICAL DENVER, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON ONYX HOLDINGS, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON ONYX, LLC, a South Dakota limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 GUARANTORS:
	 		 	RESONANT POWER TECHNOLOGY, INC., a Wisconsin corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON AUBREY GROUP, INC., a California corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON BROOKSVILLE, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON AYDIN, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 GUARANTORS:
	 		 	SPARTON BECKWOOD, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	BECKWOOD SERVICES, INC., a New Hampshire corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer
			
		 		 	SPARTON eMT, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON IRVINE, LLC, a California limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 GUARANTORS:
	 		 	SPARTON IED, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	SPARTON DESIGN SERVICES, LLC, a Delaware limited liability company
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President and Secretary
			
		 		 	REAL TIME ENTERPRISES, INC., a New York corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer
			
		 		 	HUNTER TECHNOLOGY CORPORATION, a California corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer
			
		 		 	HTC-EIAC, INC., a California corporation
				
		 		 	By:	 	 /s/ Joseph G. McCormack

		 		 		 	Joseph G. McCormack
		 		 		 	Vice President, Secretary and Treasurer

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 ADMINISTRATIVE AGENT:
	 		 	BMO HARRIS BANK N.A., as Administrative Agent
				
		 		 	By:	 	 /s/ Julie A. Hughes

		 		 		 	Julie A. Hughes
		 		 		 	Vice President

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 LENDER, SWING LINE LENDER AND L/C ISSUER:
	 		 	BMO HARRIS BANK N.A.
				
		 		 	By:	 	 /s/ Julie A. Hughes

		 		 		 	Julie A. Hughes
		 		 		 	Vice President

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 LENDER:
	 		 	U.S. BANK NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ Victoria D. Ehle

		 		 		 	Victoria D. Ehle
		 		 		 	Vice President

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 LENDER:
	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	 /s/ Brian Haldane

		 		 		 	Brian Haldane
		 		 		 	Vice President

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 LENDER:
	 		 	SUNTRUST BANK
				
		 		 	By:	 	 /s/ Samuel M. Ballesteros

		 		 		 	Samuel M. Ballesteros
		 		 		 	Senior Vice President

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 LENDER:
	 		 	FIFTH THIRD BANK
				
		 		 	By:	 	 /s/ Cynthia Clark

		 		 		 	Cynthia Clark
		 		 		 	Vice President

 (Signature Page to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement) 
  

							
	 LENDER:
	 		 	KEYBANK NATIONAL ASSOCIATION
				
		 		 	By:	 	 /s/ Brian P. Fox

		 		 		 	Brian P. Fox
		 		 		 	Vice President

 ANNEX A 

to Amendment No. 4 to Amended and Restated 

Credit and Guaranty Agreement 

SCHEDULE I 

COMMITMENTS 
  

					
	
NAME OF LENDER
	  	REVOLVING CREDIT COMMITMENT	 
	 BMO Harris Bank, N.A.
	  	$	26,534,090.91	 
	 U.S. Bank National Association
	  	$	22,889,610.39	 
	 Bank of America, N.A.
	  	$	21,428,571.43	 
	 SunTrust Bank
	  	$	19,034,090.91	 
	 Fifth Third Bank
	  	$	12,500,000.00	 
	 Associated Bank, N.A.
	  	$	11,363,636.36	 
	 Keybank National Association
	  	$	11,250,000.00	 
	 TOTAL
	  	$	125,000,000.00Exhibit

Exhibit 10.1

FIRST SUPPLEMENTAL INDENTURE

THIS FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated effective as of July 1, 2017 is by and among Alon USA Energy, Inc., a Delaware corporation (the “Company”), Delek Holdco, Inc., a Delaware corporation (“Holdco” and “Guarantor”), and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).  
W I T N E S S E T H:
WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of September 16, 2013 (the “Indenture”), pursuant to which the Company issued its 3.00% Convertible Senior Notes due 2018 (the “Notes”), which are currently convertible into shares of the Company’s Common Stock (as defined in the Indenture) or cash or a combination of cash and Common Stock, all as provided in Section 4.03 of the Indenture;
WHEREAS, Holdco is currently a wholly owned subsidiary of Delek US Holdings, Inc., a Delaware corporation (“Delek US”);
WHEREAS, the Company entered into an Agreement and Plan of Merger, dated as of January 2, 2017 (the “Merger Agreement”), by and among, among others, Delek US, Holdco, Astro Mergeco, Inc., a Delaware corporation and wholly owned subsidiary of Holdco (“Astro Merger Sub”), and the Company, as amended from time to time;
WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions therein, among other things, Astro Merger Sub will merge with and into the Company (the “Alon Merger”), and the Company will continue as the surviving entity of the Alon Merger as a wholly-owned subsidiary of Holdco;
WHEREAS, pursuant to the Merger Agreement and subject to the terms and conditions and exceptions therein, at the effective time of the Alon Merger (the “Effective Time”), a Merger Event (as defined in the Indenture) will occur, as a result of which the Common Stock will be converted into the right to receive and be exchangeable for 0.504 shares of common stock, par value $0.01 per share, of Holdco (the “Holdco Common Stock,” with such number of shares of Holdco Common Stock being a “Unit of Reference Property” as defined in the Indenture);
WHEREAS, in accordance with Section 4.07(a) of the Indenture, at the Effective Time, the right to convert each $1,000 principal amount of Notes based on a number of shares of Common Stock equal to the Conversion Rate in effect immediately prior to such Merger Event, which, for the avoidance of doubt, is 74.2405 shares of Common Stock per $1,000 principal amount of Notes, will, without the consent of the Holders, be changed into a right to convert each $1,000 principal amount of Notes into or based on a number of Units of Reference Property equal to the Conversion Rate in effect immediately prior to such Merger Event, in accordance with the terms of the Indenture and this Supplemental Indenture;

WHEREAS, in accordance with Section 4.07(a) of the Indenture, as of the Effective Time, Holdco desires to fully and unconditionally guarantee on a senior basis the Company’s obligations under the Notes;
WHEREAS, pursuant to Section 8.01 of the Indenture, the Company and the Trustee may enter into indentures supplemental to the Indenture for the purpose of, among other things, (i) in connection with a Merger Event, providing for the rights of the Holders to convert the Notes into Reference Property, including any adjustments required thereunder, and (ii) adding guarantees with respect to the Notes;
WHEREAS, in connection with the execution and delivery of this Supplemental Indenture and the Merger, the Trustee has received an Officer’s Certificate and an Opinion of Counsel as contemplated by Sections 5.07, 8.04 and 9.03 of the Indenture; and
WHEREAS, the Company and Holdco have requested that the Trustee execute and deliver this Supplemental Indenture and have satisfied all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, Holdco and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
Article I 
 
DEFINITIONS
		
	Section 1.1
	Definitions in the Supplemental Indenture.  A term defined in the Indenture has the same meaning when used in this Supplemental Indenture unless such term is otherwise defined herein or amended or supplemented pursuant to this Supplemental Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.

ARTICLE II     
 
EFFECT OF ALON MERGER ON CONVERSION RIGHTS
		
	Section 2.1
	Conversion Right.  In accordance with and subject to the provisions of Section 4.07(a) of the Indenture,  from and after the Effective Time, in lieu of any rights to convert Notes into or based on shares of Common Stock, the Holders of Notes shall thereafter be entitled to convert each $1,000 principal amount of Notes into or based on a number of Units of Reference Property equal to the Conversion Rate in effect immediately prior to the Effective Time; provided that, in accordance with Section 4.03 of the Indenture, at and after the Effective Time, (x) the Company will continue to have the right to determine the Settlement Method upon conversion of the Notes pursuant to Section 4.03(a)(i) of the Indenture and (y) (i) any amount payable in 

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cash upon conversion of the Notes in accordance with Section 4.03 of the Indenture shall continue to be payable in cash, (ii) the number of shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 4.03 of the Indenture shall instead be deliverable in Units of Reference Property and (iii) the Daily VWAP and the Last Reported Sale Price will, to the extent reasonably possible, be calculated based on the value of a Unit of Reference Property, as determined in good faith by the Company in accordance with the Indenture, and the definitions of VWAP Trading Day and VWAP Market Disruption Event shall be determined by reference to the components of a Unit of Reference Property.  

		
	Section 2.2
	Dividend Threshold Amount. From and after the Effective Time, the Dividend Threshold Amount, as defined in Section 4.04(d) of the Indenture, shall be adjusted to equal (x) the Dividend Threshold Amount immediately prior to the Effective Time, divided by (y) the number of shares of Holdco Common Stock that a holder of one share of Alon USA Common Stock will receive in the Merger Event. 

		
	Section 2.3
	Further Adjustments to Conversion Rate. From and after the Effective Time, the Conversion Rate shall be subject to adjustments as nearly equivalent to the adjustments provided for in Article 4 of the Indenture as determined from time to time by the Board of Directors or the board of directors of Holdco. 

ARTICLE III     
 
HOLDCO GUARANTEE
		
	Section 3.1
	Guarantee. At and after the Effective Time, Holdco hereby fully and unconditionally guarantees on a senior basis the Company’s obligations under the Notes.  Holdco agrees that its guarantee hereunder constitutes a guarantee of payment when due and not a guarantee of collection and that such guarantee shall not be subject to any reduction, limitation, impairment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Company’s obligations under the Notes.  

ARTICLE IV     
 
MISCELLANEOUS
		
	Section 4.1
	Trustee Matters.  The Trustee accepts the Indenture, as supplemented hereby, and agrees to perform the same upon the terms and conditions set forth therein, as supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. The recitals contained in this Supplemental Indenture shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee 

3

makes no representation as to the validity or sufficiency of this Supplemental Indenture.
		
	Section 4.2
	No Third-Party Beneficiaries.  Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties to the Indenture, as supplemented hereby, and their successors, and to the Holders of the Notes, any benefit of any legal or equitable right, remedy or claim under the Indenture, as supplemented hereby.

		
	Section 4.3
	Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

		
	Section 4.4
	Governing Law.  THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, HOLDCO, THE HOLDERS BY THEIR ACCEPTANCE OF THE SECURITIES AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

		
	Section 4.5
	Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of the date first written above.
ALON USA ENERGY, INC.  
 
 
 
By:  /s/ Shai Even     
    Name:   Shai Even
    Title:    EVP & CFO
 

DELEK HOLDCO, INC. (GUARANTOR) 
 
 
 
By:  /s/ Kevin Kremke     
    Name:   Kevin Kremke
    Title:    CFO/EVP/Secretary

By:  /s/ Danny Norris     
    Name:   Danny Norris
    Title:    VP-CAO

 
U.S. BANK, NATIONAL ASSOCIATION, as Trustee 
 
 
 
By:  /s/ Mauri J. Cowen     
    Name:   Maurie J. Cowen
    Title:    Vice President

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