Document:

exhibit10p.htm

 

SECOND AMENDMENT

TO

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

Second Amendment (the "Amendment") to a certain Amended and Restated Loan and Security Agreement, dated as of February 19, 2009, by and among RCM Technologies, Inc. and all of its subsidiaries (collectively, the “Borrower”), Citizens Bank of Pennsylvania, a Pennsylvania state chartered bank, in its capacity as administrative agent and arranger (the “Agent”), and Citizens Bank of Pennsylvania, as lender (the “Bank”).

WHEREAS, the Bank and the Borrower made, executed and delivered a Second Amended and Restated Loan and Security Agreement, dated as of February 19, 2009, as amended by a certain Amendment to Second Amended and Restated Loan and Security Agreement dated as of July 22, 2011 (collectively, the “Original Loan  and Security Agreement"), and in connection therewith, the Borrower executed and delivered a Sixth Amended and Restated Revolving Credit Note payable to the order of the Bank, in the original principal amount of $15,000,000.00, dated February 19, 2009 (the "Revolving Promissory Note"); and

WHEREAS, as security for (a) the punctual performance in full by the Borrower of its obligations under the Loan Documents (as such term is defined in the Original Loan and Security Agreement), (b) the punctual payment in full of all amounts owing or to be owing under any Loan Document, (c) the punctual payment of any other amounts which at any time may be due and payable from the Borrower to the Bank, in each case whether presently existing or hereafter arising (collectively, the "Secured Obligations"), the Borrower granted a security interest to the Bank in the Collateral (as such term is defined in the Original Loan and Security Agreement), pursuant to the terms and provisions of the Original Loan and Security Agreement; and

 

 

 

WHEREAS, the Borrower has requested the Bank amend certain terms and provisions of the Original Loan and Security Agreement, and the Bank is willing to consent to such modifications upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained, and each intending to be legally bound hereby, the parties hereto hereby agree as follows:

1. Except as expressly defined herein, all terms used herein shall have the meanings ascribed to them in the Original Loan and Security Agreement.  This Amendment is intended to amend the Original Loan and Security Agreement, and the Original Loan and Security Agreement shall be so amended, from and as of the date hereof.

 

2. The Original Loan and Security Agreement shall be amended so that all references to "Agreement" contained therein shall mean the Original Loan and Security Agreement, as amended herein, and as further amended, supplemented or modified from time to time.

 

3. The definition of "Revolving Credit Maturity Date" found in Section 1.1 of the Original Loan and Security Agreement is hereby amended and restated in its entirety as follows:

 

"Revolving Credit Maturity Date"  ─ November 30, 2011.

 

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4. Pursuant to the terms of the Original Loan and Security Agreement, as amended herein, the Borrower has provided to the Bank, as security for the payment and performance of any and all of the Obligations and the performance of all other obligations and covenants of Borrower under the Original Loan and Security Agreement, as amended herein, the Revolving Promissory Note,  and each other Loan Document, certain or contingent, now existing or hereafter arising, which are now, or may at any time or times hereafter be owing by Borrower to Bank, a first priority, perfected security interest in the Collateral.  The Borrower hereby ratifies and confirms the liens and security interests granted under the Original Loan and Security Agreement; and further ratifies and confirms, without condition, that (a) such liens and security interests shall secure the payment and performance of any and all of the Obligations and the performance of all other obligations and covenants of Borrower under the Original Loan and Security Agreement, as amended herein, the Revolving Promissory Note, and each other Loan Document, certain or contingent, now existing or hereafter arising, which are now, or may at any time or times hereafter be owing by Borrower to Bank, and (b) the perfected status and priority of such liens and security interests shall not be affected in any way by the amendments to the Original Loan and Security Agreement , as set forth herein.  The Borrower acknowledges that the outstanding principal amounts of the Revolving Promissory Note are due and owing without any claim, defense or set-off.

 

5. All representations, warranties and covenants of the Borrower contained in the Original Loan and Security Agreement, are hereby ratified and confirmed without condition as if made anew upon the execution of this Amendment and are hereby incorporated by reference.  All representations, warranties and covenants of the Borrower, whether hereunder, or contained in the Original Loan and Security Agreement, shall remain in full force and effect until all amounts due under the Original Loan and Security Agreement, as amended herein, the Revolving Promissory Note, and each other Loan Document, are satisfied in full.

 

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6. Except as modified by the terms hereof, all terms, provisions and conditions of the Original Loan and Security Agreement, the Revolving Promissory Note and each other Loan Document, are in full force and effect, and are hereby incorporated by reference as if set forth herein.  This Amendment and the Original Loan and Security Agreement shall be deemed as complementing and not restricting the Bank's rights hereunder or thereunder.  If there is any conflict or discrepancy between the provisions of this Amendment, and any provision of the Original Loan and Security Agreement, the terms and provisions of this Amendment shall control and prevail.

 

7. As a condition precedent to the effectiveness of this Amendment, simultaneously with the execution and delivery of this Amendment, the Borrower shall deliver to the Bank the following:

 

(a) Certified copies of resolutions of the directors  of the Borrower authorizing the execution, delivery and performance of this Amendment and any other document hereunder, which resolutions shall be in form and substance satisfactory to the Bank in its sole discretion.

 

8. The Borrower hereby represents, warrants and certifies to the Bank that no Event of Default or Unmatured Event of Default has occurred and is presently existing under the Loan Documents.

 

9. This Amendment (a) shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania; (b) shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and assigns; (c) may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument; and (d) may only be amended or modified pursuant to a writing signed by the parties hereto.

 

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10. THE BORROWER HEREBY WAIVES ANY AND ALL RIGHTS WHICH IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION COMMENCED BY OR AGAINST THE BANK WITH RESPECT TO THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO.

 

(a) The Borrower hereby agrees that it will pay, or cause to be paid or reimburse the Bank for, all of the Bank's costs and expenses in connection with this Amendment, including without limitation the fees of its legal counsel.

 

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed and delivered by their respective officers thereunto duly authorized, as of the 24th day of October, 2011.

  

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BORROWER:                                                            RCM TECHNOLOGIES, INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

 

 

RCM TECHNOLOGIES (USA), INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

                                                  

 

PROGRAMMING ALTERNATIVES OF

MINNESOTA, INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

                                                       

 

RCMT DELAWARE, INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

                                                 

 

RCM TECHNOLOGIES CANADA CORP.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

 

 

BUSINESS SUPPORT GROUP OF

MICHIGAN, INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

                                                     

 

  

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SOLTRE TECHNOLOGY, INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

                                                      

 

RCM TECHNOLOGIES SERVICES

COMPANY, INC.

 

	
By:

	
/s/ Kevin D. Miller

	  	
Kevin D. Miller

	  	
Chief Financial Officer

                                                   

 

 

	
AGENT:

	
CITIZENS BANK OF PENNSYLVANA,

	
  

	
as Administrative Agent and Arranger

 

                                                            
	
By:

	
/s/ Lisa S. Williams

	  	
Lisa S. Williams

	  	
SVP

                                               

 

LENDERS:                                           CITIZENS BANK OF PENNSYLVANIA, as

Lender

 

                                                             

	 	
/s/ Lisa S. Williams

	  	
Lisa S. Williams

	  	
SVP

 

 

  7DST EX 10.1 12.31.13

EXHIBIT 10.1
AMENDMENT TO THE DST SYSTEMS, INC.
DIRECTORS' DEFERRED FEE PLAN

THIS AMENDMENT to the DST Systems, Inc. Directors' Deferred Fee Plan is hereby adopted by the Board of Directors (the "Board") of DST Systems, Inc.
     WHEREAS, DST Systems, Inc. ("DST") sponsors the DST Systems, Inc. Directors' Deferred Fee Plan (the "Plan");
WHEREAS, the Plan was originally adopted October 9, 1985 and was terminated on September 1, 1995, with the terms of the Plan continuing with respect to amounts recorded for participants prior to termination;
WHEREAS, the Plan is "grandfathered" for purposes of Internal Revenue Code section 409A ("Section 409A");
WHEREAS, because of the Plan's grandfathered status under Section 409A, the Plan currently provides that any modification to the Plan is null and void unless such modification specifically provides that it is intended to be a "material modification" within the meaning of Section 409A; 
WHEREAS, the Board desires to amend the Plan to provide that the Plan will distribute each Plan participant's entire Plan benefit in a single, lump-sum payment in 2014, resulting in a complete liquidation of all Plan accounts; 
WHEREAS, the Board intends that the contemplated amendment be a "material modification" to the Plan within the meaning of Section 409A;
WHEREAS, the Plan may be amended pursuant to section 10.2 of the Plan by a favorable vote of two-thirds of the members of the Board who are not participants in the Plan;
WHEREAS, each Plan participant's Plan benefit will be valued as of the last day of the calendar quarter immediately preceding the date on which the distribution payment in 2014 is made; and
WHEREAS, although the Board anticipates that all distributions will be made around April 15, 2014 with the distribution amount equal to each Plan participant's account balance as of March 31, 2014, the payment date for purposes of Section 409A shall be considered 2014, and not any specific day during such year. 
NOW, THEREFORE, DST amends the Plan as follows:
1.    Sections 6, 7, 8 and 10.3 of the Plan, as amended, and any other provisions of the Plan relating to distributions (including all provisions relating to the timing and form of any distributions) shall no longer be effective as of the date this Amendment is executed. 
2.    The following new provisions shall be added to the Plan, effective as of the date this Agreement is executed:
Section 11.  Account Distributions
11.1    Distribution Events.  Distribution of each Participant's benefit under the Plan will be made as a single, lump-sum payment in 2014 on a date to be determined by the Board (the "Payment Date").  
11.2    Distribution Calculation.  Calculation of each Participant's benefit upon distribution shall include earnings or appreciation on, and losses incurred in, the Participant's Plan account through the end of the calendar quarter immediately preceding the date on which the distribution payment in 2014 is made (the "Payment Valuation Date").  No earnings or losses between the Payment Valuation Date through the Payment Date shall be taken into account. 

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Section 12.  Section 409A Compliance
12.1    Compliance with Section 409A.  It is the intent of the parties that the provisions of the Plan comply with Section 409A of the Code and the Treasury regulations and guidance issued thereunder ("Section 409A") and that the Plan be interpreted and operated consistent with such requirements of Section 409A in order to avoid the application of additive income taxes under Section 409A ("409A Penalties"). To the extent that a payment is subject to Section 409A, except as the Participant and the Board otherwise determines in writing, the payment shall be paid, settled or deferred in a manner that will meet the requirements of Section 409A, such that the payment shall not be subject to the 409A Penalties.  Notwithstanding any provision of the Plan to the contrary, this Plan shall not be amended in any manner that would cause the Plan or any amounts payable hereunder to fail to comply with the requirements of Section 409A, to the extent applicable and the provisions of any purported amendment that may reasonably be expected to result in such non-compliance shall be of no force or effect with respect to the Plan.  Neither the Company nor the Board makes any representation that the Plan complies with Section 409A.  
THIS AMENDMENT has been executed this 26th day of February, 2014 by an authorized representative of the Board.

	
				
	 
	 
	DST SYSTEMS, INC.

	 
	 
	By:
	/s/ Gregg Wm. Givens

	 
	 
	 
	Gregg Wm. Givens
Vice President, Chief Financial Officer and Treasurer

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