Document:

Exhibit 10.12

 

LOAN MODIFICATION AGREEMENT NO.
5

 

Preamble: This Loan Modification Agreement
(this “Agreement”), dated as of April 21, 2005 (the “Effective Date”), is
made between UPS Capital Corporation, as lender (the “Lender”) and each Person
identified as “Borrower” on the signature page(s) hereof, as borrower(s)
(individually and collectively, the “Borrower”), for the purpose of amending or
otherwise modifying the terms of that certain Loan and Security Agreement,
dated as of August 28, 2002, heretofore made between Lender and Borrower
(which, as it has been, or hereafter may be, modified or amended, is called
herein the “Loan Agreement”). Now, therefore, in consideration of the mutual
promises contained herein and in the Loan Agreement, the receipt and
sufficiency of which are hereby acknowledged, Lender and Borrower, each
intending to be legally bound, agree as follows:

 

1.  Definitions.
 Capitalized terms used herein, but not
expressly defined themselves herein, shall have the meanings given to such terms
in the Loan Agreement.

 

2.  Loan
Modifications.  Lender and Borrower agree
to modify the Loan Agreement as follows:

 

2.1  Continuation
of Line Increase.  The increase in the
Maximum Amount from $15,000,000 to $20,000,000 effected through the date hereof
pursuant to that certain Loan Modification Agreement No. 4, dated as of February 28,
2005, between Borrower and Lender (“Fourth Modification”), shall continue in
effect through the Termination Date; provided, however, that total Borrowings
under the Line of Credit shall continue to be tied to, and limited by, the
Borrowing Base in effect from time to time.

 

2.2  Continuation
of Availability Increase.  In connection
with the foregoing continuation of the increase in the Maximum Amount, the
increase in the dollar limitation on Borrowings supported by Eligible
Inventory, as reflected in the definition of the Borrowing Base, from
$7,500,000 to $10,000,000, effected pursuant to the Fourth Modification, shall
be continued through the Termination Date.

 

2.3  Definition
of Initial Term.  The definition of
Initial Term set forth in Section 1.1 of the Loan Agreement is hereby
amended to read as follows: “Initial Term” shall mean the period commencing on
the Closing Date and ending on January 31, 2006.

 

3.  Inducing
Representations.  To induce Lender to
enter into this Agreement, Borrower hereby represents and warrants that: (i) Borrower
is duly authorized to enter into this Agreement, and this Agreement, upon its
execution by Borrower and Lender, will constitute Borrower’s legal, valid and
binding obligations enforceable in accordance with its terms against Borrower; (ii) after
giving effect to this Agreement, no Event of Default exists; (iii) no
present right of setoff, counterclaim, recoupment claim or defense exists in
Borrower’s favor in respect of its payment or performance of any Obligations;
and (iv) except as modified by this Agreement, all terms of the Loan
Agreement and each Loan Document shall remain in full force and effect.

 

4.  Miscellaneous.
 Except as otherwise expressly provided
herein, all modifications to the Loan Agreement set forth herein shall take
effect on the Effective Date. Each existing Loan Document (including,
particularly, any Note) shall be deemed modified hereby as necessary to conform
its terms to the terms of the Loan Agreement, as modified hereby. This
Agreement constitutes a Loan Document, and shall be governed and construed
accordingly. This Agreement constitutes the entire agreement between Lender

 

1

 

and Borrower relative to the subject matter
hereof, and supersedes and replaces any prior understandings and agreements,
written or oral, in regard thereto. This Agreement shall be binding on, and
inure to the benefit of, the successors and assigns of Borrower and Lender.
Borrower shall reimburse Lender for all costs which Lender incurs, including
reasonable attorneys fees, in the preparation, negotiation, execution and
performance of this Agreement, and the recording of any Loan Documents in
connection herewith.

 

5.  Conditions
Precedent.  The following shall
constitute express conditions precedent to Lender having any obligations under
this Agreement, regardless of its execution hereof: if required by Lender, the
Borrower shall have delivered to Lender such additional Loan Documents,
including, particularly, any Notes, which Lender determines to be necessary to
give effect hereto.

 

IN WITNESS WHEREOF, Lender and Borrower have
executed this Agreement, by and through their respective authorized officers,
as of the Effective Date.

 

 

	
  “Borrower”

  	
  “Lender”

  
	
   

  	
   

  
	
  NATIONAL R.V. HOLDINGS, INC.

  	
  UPS CAPITAL
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /S/

  	
  Thomas J. Martini

  	
   

  	
  By:

  	
  /S/ John P. Holloway

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
  Authorized
  Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  NATIONAL R.V., INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/

  	
  Thomas J. Martini

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  COUNTRY COACH, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/

  	
  Thomas J. Martini

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer Treasurer

  	
   

  	
   

  
								

 

2Exhibit 10.13

 

Form of Stock Option
Agreement

 

1.  Grant of Options.                            
(the “Optionee”) has been serving as a key employee of National R.V. Holdings, Inc.
or of National R.V. Inc. or Country Coach Inc., wholly-owned subsidiaries of National
R.V. Holdings, Inc. (collectively, the “Company”). As compensation for the
Optionee’s services to the Company and to create an incentive to the Optionee in
carrying out his duties, the Company hereby grants, as of the date hereof,
                        
(the “Grant Date”), to the Optionee, options (the “Options”) to purchase                         
shares (the “Shares”) of Common Stock, $.01 par value, of the Company, subject to
all the terms and conditions of this Stock Option Agreement (the “Agreement”) and
the Company’s
                
Stock Option Plan (the “Plan”) which is incorporated in its entirety herein. In
the event of any inconsistency between the terms of this Agreement and the
provisions of the Plan, the provisions of the Plan shall control. The Options granted
hereby shall terminate and expire on the tenth anniversary of the Grant Date, or
earlier upon termination of employment as described in the Plan. As many of the
Options granted hereby as permitted under the Internal Revenue Code of 1986, as
amended (the “Code”), shall be deemed Incentive Stock Options within the
meaning of the Plan and the Code. The Company shall make the determination as
to the number of Options, which shall be classified as Incentive Stock Options.

 

2.  Exercise of the Option.  Unless this Option is terminated in accordance
with the Plan, the Optionee may exercise the Options according to the following
vesting schedule: Options shall be exercisable in three equal installments each
equal to 33.33% of the entire Option granted, the first of which shall become exercisable
on the first anniversary of the date of the grant of the Options, the second installment
of which shall become exercisable on the second anniversary of the date of the
grant of the Options and the third installment of which shall become
exercisable on the third anniversary of the date of the grant of the Options.
Shares shall become fully vested on the dates shown as follows:

 

Incentive stock options (ISO) - nn,nnn Shares:

 

	
  Shares

  	
   

  	
  Type

  	
   

  	
  Full Vest

  	
   

  	
  Expiration

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Non-qualified stock options (NQ) - nn,nnn Shares:

 

	
  Shares

  	
   

  	
  Type

  	
   

  	
  Full Vest

  	
   

  	
  Expiration

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

3.  The Exercise Price.  The exercise price shall be $      
per share, subject to adjustments as described in the Plan (the “Exercise Price”).

 

4.  Transferability.  These Options may only be transferred in
accordance with the Plan.

 

5.  Manner of Exercise.  These Options shall be exercisable by delivery
to the Company of a notice in the form attached hereto as Exhibit A or
such other form that is acceptable by the Company (the “Notice”) which has been
completed and duly executed by the Optionee and payment of the Exercise Price
in the form of cash or a check payable to the Company, or in shares of the
Company’s Common Stock or any combination thereof. In the event that all or
part of the Exercise Price is paid in shares of the Company’s Common Stock, the
shares used in payment shall be valued at their Fair Market Value on the date
of exercise of these Options. Fair Market Value on any date means the average
of the high and

 

 

low sales prices of the shares on such date on the principal national
securities exchange (including on the New York Stock Exchange) on which such
shares are listed or admitted to trading, or if such shares are not so listed, admitted
to trading or quoted, the arithmetic mean of the per share closing bid price
and per share closing asked price on such date as quoted on Nasdaq or such other
market in which such prices are regularly quoted, or, if there have been no published
bid or asked quotations with respect to shares on such date, the Fair Market Value
shall be the value established by the Board of Directors in good faith. As
promptly as practicable following receipt of the Notice and Exercise Price, the
Company shall issue to the Optionee certificates representing the full number
of Shares set forth in such Notice.

 

6.  Notices.  Any notice, request, instructions or other
document required or permitted hereunder shall be given in writing and shall be
deemed to be effective upon personal delivery or on the fifth day following deposit
in the United States mail by certified or registered mail, postage prepaid, addressed
to the Optionee at its address shown above, to the Company at 135 E. 1st
Avenue, Junction City, Oregon 97448 or 3411 N. Perris Blvd., Perris, California
92571, or to such other address as either party may designate in writing to the
other party.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date set forth below.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL R.V. HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]