Document:

ex10_4.htm

EXHIBIT 10.4

 

WARRANT

 

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.  THIS WARRANT AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THE WARRANT AGREEMENT (AS DEFINED BELOW), PURSUANT TO WHICH THIS WARRANT WAS ISSUED.

 

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF THE WARRANT AGREEMENT AND THE SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT DATED AS OF DECEMBER 11, 2008 AMONG PATRICK INDUSTRIES, INC., THE OTHER PARTIES THERETO, AS SUCH AGREEMENTS MAY BE AMENDED, MODIFIED, SUPPLEMENTED, RESTATED OR OTHERWISE CHANGED FROM TIME TO TIME.

PATRICK INDUSTRIES, INC.

 

COMMON STOCK PURCHASE WARRANT

 

	
No. CSW-31MAR11-3

	
 

	
September 16, 2011

 

Warrant to Purchase

85,000 Shares of Common Stock

 

PATRICK INDUSTRIES, INC., an Indiana corporation (the “Company”), for value received, hereby certifies that NORTHCREEK MEZZANINE FUND I, L.P., a Delaware limited partnership or its registered assigns (the “Holder”) is entitled to purchase from the Company that number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock, without par value, of the Company (the “Common Stock”) set forth above, at a purchase price per share equal to the Exercise Price, at any time or from time to time on or after the date hereof, but prior to 11:59 p.m., New York City time, on March 31, 2016, all subject to the terms, conditions and adjustments set forth in the Warrant Agreement dated as of March 31, 2011 among the Company and the holders from time to time of the Warrants issued thereunder (as that agreement may be periodically amended, restated, modified, or supplemented in accordance with its terms, the “Warrant Agreement”).  Capitalized terms used and not otherwise defined herein have the meanings assigned such terms in the Warrant Agreement.

 

  

  

  

 

This Warrant is one of the Warrants (such term to include any such warrants issued in substitution therefor) referred to and issued under the Warrant Agreement. The number of shares of Common Stock issuable upon exercise of this Warrant as set forth on the face hereof is subject to certain adjustments as provided in the Warrant Agreement.  The Holder is entitled to certain benefits as set forth in the Second Amended and Restated Registration Rights Agreement dated as of December 11, 2008 among the Company and the other parties thereto, as such agreement may be amended, modified, supplemented, restated or otherwise changed from time to time (the “Registration Rights Agreement”).  Copies of the Warrant Agreement and the Registration Rights Agreement are available from the Company at no charge upon the request of the Holder.

 

	Dated:   September 16, 2011	PATRICK INDUSTRIES, INC.
	 	 	 
	 	
By: 

	/s/ Andy L. Nemeth
	 	Name: 	 
Andy L. Nemeth

	 	Title:	 
Executive Vice President of Finance, Chief Financial Officer, Secretary and Treasurer

 

Signature Page

Warrant

Northcreek Mezzanine Fund I, L.P.ex10_5.htm

EXHIBIT 10.5

 

WARRANT

 

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.  THIS WARRANT AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THE WARRANT AGREEMENT (AS DEFINED BELOW), PURSUANT TO WHICH THIS WARRANT WAS ISSUED.

THIS WARRANT AND THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF THE WARRANT AGREEMENT AND THE SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT DATED AS OF DECEMBER 11, 2008 AMONG PATRICK INDUSTRIES, INC., THE OTHER PARTIES THERETO, AS SUCH AGREEMENTS MAY BE AMENDED, MODIFIED, SUPPLEMENTED, RESTATED OR OTHERWISE CHANGED FROM TIME TO TIME.

PATRICK INDUSTRIES, INC.

 

COMMON STOCK PURCHASE WARRANT

 

	
No. CSW-31MAR11-4

	
 

	
September 16, 2011

 

Warrant to Purchase

50,000 Shares of Common Stock

 

PATRICK INDUSTRIES, INC., an Indiana corporation (the “Company”), for value received, hereby certifies that STINGER NORTHCREEK PATK LLC, a Delaware limited liability company or its registered assigns (the “Holder”) is entitled to purchase from the Company that number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock, without par value, of the Company (the “Common Stock”) set forth above, at a purchase price per share equal to the Exercise Price, at any time or from time to time on or after the date hereof, but prior to 11:59 p.m., New York City time, on March 31, 2016, all subject to the terms, conditions and adjustments set forth in the Warrant Agreement dated as of March 31, 2011 among the Company and the holders from time to time of the Warrants issued thereunder (as that agreement may be periodically amended, restated, modified, or supplemented in accordance with its terms, the “Warrant Agreement”).  Capitalized terms used and not otherwise defined herein have the meanings assigned such terms in the Warrant Agreement.

 

  

  

  

 

This Warrant is one of the Warrants (such term to include any such warrants issued in substitution therefor) referred to and issued under the Warrant Agreement. The number of shares of Common Stock issuable upon exercise of this Warrant as set forth on the face hereof is subject to certain adjustments as provided in the Warrant Agreement.  The Holder is entitled to certain benefits as set forth in the Second Amended and Restated Registration Rights Agreement dated as of December 11, 2008 among the Company and the other parties thereto, as such agreement may be amended, modified, supplemented, restated or otherwise changed from time to time (the “Registration Rights Agreement”).  Copies of the Warrant Agreement and the Registration Rights Agreement are available from the Company at no charge upon the request of the Holder.

 

	
Dated:    September 16, 2011  

	PATRICK INDUSTRIES, INC.
	 	 
	 	 	 
	 	
By: 

	/s/ Andy L. Nemeth                                                      
	 	Name: 	 
Andy L. Nemeth

	 	Title:	 
Executive Vice President of Finance, Chief Financial Officer, Secretary and Treasurer

 

Signature Page

Warrant

Stinger Northcreek PATK LLCex10_6.htm

EXHIBIT 10.6

FIRST AMENDMENT

TO

WARRANT AGREEMENT

This FIRST AMENDMENT TO WARRANT AGREEMENT (the "First Amendment") among Patrick Industries, Inc., an Indiana corporation (the “Company”); Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership (“Tontine”); Northcreek Mezzanine Fund I, L.P., a Delaware limited partnership (“Northcreek”); and Stinger Northcreek PATK LLC, a Delaware limited liability company (“Stinger Northcreek”) takes effect September 16, 2011.

 

RECITALS

 

A.           The Company, Tontine, and Northcreek are parties to the Note Purchase Agreement.

 

B.            In connection with the Note Purchase Agreement, the Company, Tontine, and Northcreek entered into a Warrant Agreement dated March 31, 2011 (the “Warrant Agreement”) whereby the Company issued to each of Tontine and Northcreek a Warrant to purchase 125,000 shares of Common Stock at $0.01 (the “First Tranche Warrants”).  The Warrant Agreement provided for the future issuance of additional Warrants to purchase up to an additional 150,000 shares of Common Stock.

 

C.            The Company, Tontine, and Northcreek are entering into a First Amendment to Note and Warrant Purchase Agreement dated the date of this First Amendment to amend the Note Purchase Agreement to, among other things, provide for (i) the Company’s sale of an additional $2,700,000 of additional Subordinated Debt (as defined in the Note Purchase Agreement) to Northcreek and Stinger and (ii) in connection with that sale of Subordinated Debt, the Company’s issuing to Northcreek and Stinger Warrants to aggregately purchase 135,000 shares of Common Stock (collectively, the “Second Tranche Warrants”).

 

D.            In order to reflect the Company’s issuance of the Second Tranche Warrants to Northcreek and Stinger Northcreek, the parties have agreed to amend the Warrant Agreement, all on the terms and conditions set forth in this First Amendment.

 

Accordingly, in consideration of their mutual covenants and agreements set forth below and intending to be legally bound hereby, the parties agree as follows:

 

1.      Recitals.

 

Recitals A – D above are incorporated into this First Amendment and are acknowledged by the Company as true and correct.

 

(a)    Capitalized Terms, References.  A term with its initial letter or initial letters capitalized that is used but not defined in this First Amendment (including the Recitals) has the meaning assigned to it in the Warrant Agreement (as amended by this First Amendment).  As used in this First Amendment, "including" is not a term of limitation and means "including without limitation."  Each reference to "hereof," "hereunder," "herein," and "hereby" and similar references contained in the Warrant Agreement and each reference to "this Agreement" and similar references contained in the Warrant Agreement, on and after the date of this First Amendment, will refer to the Warrant Agreement as amended by this First Amendment.

 

(b)    Existing Definitions.  The following existing definitions in Article I of the Warrant Agreement are hereby amended and restated in their entirety to read as follows:

 

  

  

  

 

“Holder” means (i) a Person to whom the Company has issued a Warrant in accordance with the Note Purchase Agreement and this Agreement and (ii) a Person acquiring a Warrant by a transfer of a Warrant accomplished in accordance with this Agreement and the Note Purchase Agreement.

 

“Initial Number of Shares” means 400,000 shares of Common Stock.

 

“Note Purchase Agreement” means the Secured Senior Subordinated Note and Warrant Purchase Agreement dated March 31, 2011 among the Company, Tontine Capital Overseas Master Fund II, L.P., a Cayman Islands limited partnership, and Northcreek Mezzanine Fund I, L.P., a Delaware limited partnership, as that agreement may be periodically amended, restated, supplemented, or modified in accordance with its terms.

 

2.      Amendment to Introductory Paragraph.  The introductory paragraph of the Warrant Agreement is amended by deleting the following text: “(along with their permitted transferees, the ‘Holders’)”.

 

3.      Amendment to WHEREAS Clause.  The first WHEREAS clause of  the Warrant Agreement is hereby amended by deleting the text “(the ‘Note Purchase Agreement’).”

 

4.      Amendment to Schedule A.  Schedule A of the Warrant Agreement is entirely deleted and replaced with the Schedule A attached to this First Amendment.

 

5.      Confirmation.  The parties confirm that the Second Tranche Warrants are Warrants issued under and governed by the Warrant Agreement and the Note Purchase Agreement.

 

6.      Force and Effect.  The Warrant Agreement remains unchanged and continues in full force and effect, as amended by this First Amendment.  Except as expressly set forth in Sections 2 – Section 5 of this First Amendment, nothing in this First Amendment (i) modifies or alters, in any way, the Warrant Agreement or (ii) waives, releases, or limits any rights or remedies that Tontine or Northcreek have under the Warrant Agreement, or at law or equity.

 

7.      Governing Law.  Illinois (without regard to any jurisdiction’s conflict-of-laws principles) exclusively governs all matters arising from or relating in any way to this First Amendment.

 

8.      Counterparts, Telecopy Signatures.  This First Amendment may be signed in any number of counterparts each of which shall be deemed an original, but all of which together shall constitute one and the same instrument; and, delivery of signed signature pages hereof by telecopy transmission, or other electronic transmission in .pdf or similar format, from one party to another shall constitute effective and binding signing and delivery of this First Amendment by such party.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

 

  

2

  

 

The parties have signed this First Amendment as of the day and year specified in the introductory paragraph.

 

	  	
PATRICK INDUSTRIES, INC.

	  	  	  	  	  
	  	
By:

	
/s/ Andy L. Nemeth

	  
	  	  	  	  	  
	  	
Title:

	
Executive Vice President of Finance, Chief Financial Officer

	  
	  	  	  	  	  
	  	
Name:

	
Andy L. Nemeth

	  
	  	  	
Print Name

	  	  
	  	  	  
	  	
NORTHCREEK MEZZANINE FUND I, L.P.

	  	  	  	  	  
	  	
By:

	
NMF GP, LLC, its general partner

	  
	  	  	  	  	  
	  	  	
By:

	
Northcreek Management, Inc., its manager

	  
	  	  	  	  	  
	  	  	
By:

	
/s/ Barry A. Peterson

	  
	  	  	  	  	  
	  	  	
Title:

	
Vice President

	  
	  	  	  	  	  
	  	  	
Name:

	
Barry A. Peterson

	  
	  	  	  	
Print Name

	  
	  	
STINGER NORTHCREEK PATK LLC

	  	  	  	  	  
	  	
By:

	
Northcreek Management, Inc., its manager

	  
	  	  	  	  	  
	  	  	
By:

	
/s/ Barry A. Peterson

	  
	  	  	  	  	  
	  	  	
Title:

	
Vice President

	  
	  	  	  	  	  
	  	  	
Name:

	
Barry A. Peterson

	  
	  	  	  	
Print Name

	  
	  	  	  
	  	
TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P.

	  	  	  	  	  
	  	
By:

	
Tontine Asset Associates, L.L.C., its general partner

	  
	  	  	  	  	  
	  	  	
By:

	
/s/ Jeffrey L. Gendell

	  
	  	  	
Jeffrey L. Gendell, Managing Member

	  

 

Signature Page

First Amendment to Warrant Agreement

 

  

  

  

 

SCHEDULE A

To Warrant Agreement

	
Holder

Address and Facsimile Number

	
Aggregate 

Number of 

Warrant Shares

	
Issue Date

	
Tontine Capital Overseas Master Fund II, L.P.

55 Railroad Avenue

Greenwich, CT 06830

Telephone: (203) 769-2000

Facsimile: (203) 769-2010

Attn: Mr. Jeffrey L. Gendell

 

	
125,000

 

First Tranche 

Warrant

	
03/31/2011

	
Northcreek Mezzanine Fund I, L.P.

255 East Fifth Street, Suite 3010

Cincinnati, OH 45202

Telephone: (513) 985-6601

Facsimile: (513) 985-6603

Attn: Barry A. Peterson

 

	
125,000

 

First Tranche 

Warrant

	
03/31/2011

	
Northcreek Mezzanine Fund I, L.P.

255 East Fifth Street, Suite 3010

Cincinnati, OH 45202

Telephone: (513) 985-6601

Facsimile: (513) 985-6603

Attn: Barry A. Peterson

 

	
85,000

 

Second Tranche 

Warrant

	
09/16/2011

	
Stinger Northcreek PATK LLC

c/o Northcreek Mezzanine Fund I, L.P.

255 East Fifth Street, Suite 3010

Cincinnati, OH 45202

Telephone: (513) 985-6601

Facsimile: (513) 985-6603

Attn: Barry A. Peterson

 

	
50,000

 

Second Tranche 

Warrant

	
09/16/2011

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