Document:

Exhibit 10.2

 

FOURTH
AMENDED AND RESTATED REVOLVER NOTE

 

	April 12, 2022	$18,000,000.00	New York, New York

 

P&F
INDUSTRIES, INC., a Delaware corporation (“P&F”), FLORIDA PNEUMATIC MANAFUACTURING CORPORATION,
a Florida corporation (“Florida Pneumatic”) and HY-TECH MACHINE, INC., a Delaware corporation (“Hy-Tech”,
and together with P&F and Florida Pneumatic collectively, “Borrowers” and each, a “Borrower”),
for value received, hereby unconditionally promise to pay, on a joint and several basis, to the order of CAPITAL ONE, NATIONAL ASSOCIATION
(“Lender”), the principal sum of EIGHTEEN MILLION AND NO/100 DOLLARS ($18,000,000.00), or such lesser amount as may
be advanced by Lender as Revolver Loans and owing as LC Obligations from time to time under the Loan Agreement described below, together
with all accrued and unpaid interest thereon. Terms are used herein as defined in the Second Amended and Restated Loan and Security Agreement
dated as of April 5, 2017, among Borrowers, the Guarantors from time to time party thereto, Capital One, National Association, as
Agent, Lender and certain other financial institutions, as such agreement may be amended, modified, renewed or extended from time to time
(“Loan Agreement”).

 

Principal of and interest
on this Fourth Amended and Restated Revolver Note (this “Note”) from time to time outstanding shall be due and payable
as provided in the Loan Agreement. This Note is issued pursuant to and evidences Revolver Loans and LC Obligations under the Loan Agreement,
to which reference is made for a statement of the rights and obligations of Lender and the duties and obligations of Borrowers. The Loan
Agreement contains provisions for acceleration of the maturity of this Note upon the happening of certain stated events, and for the borrowing,
prepayment and reborrowing of amounts upon specified terms and conditions.

 

The holder of this Note is
hereby authorized by Borrowers to record on a schedule annexed to this Note (or on a supplemental schedule) the amounts owing with respect
to Revolver Loans and LC Obligations, and the payment thereof. Failure to make any notation, however, shall not affect the rights of the
holder of this Note or any obligations of Borrowers hereunder or under any other Loan Documents.

 

Time is of the essence of
this Note. Each Borrower and all endorsers, sureties and guarantors of this Note hereby severally waive demand, presentment for payment,
protest, notice of protest, notice of intention to accelerate the maturity of this Note, diligence in collecting, the bringing of any
suit against any party, and any notice of or defense on account of any extensions, renewals, partial payments, or changes in any manner
of or in this Note or in any of its terms, provisions and covenants, or any releases or substitutions of any security, or any delay, indulgence
or other act of any trustee or any holder hereof, whether before or after maturity. Borrowers jointly and severally agree to pay, and
to save the holder of this Note harmless against, any liability for the payment of all costs and expenses (including without limitation
reasonable attorneys’ fees) if this Note is collected by or through an attorney-at-law.

 

     

     

    

 

In no contingency or event
whatsoever shall the amount paid or agreed to be paid to the holder of this Note for the use, forbearance or detention of money advanced
hereunder exceed the highest lawful rate permitted under Applicable Law. If any such excess amount is inadvertently paid by Borrowers
or inadvertently received by the holder of this Note, such excess shall be returned to Borrowers or credited as a payment of principal,
in accordance with the Loan Agreement. It is the intent hereof that Borrowers not pay or contract to pay, and that holder of this Note
not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrowers
under Applicable Law.

 

This
Note amends and restates that certain Third Amended and Restated Revolver Note dated as of April 5, 2017 (the “Prior Note”)
executed by the Borrowers and delivered to Lender in connection with the Loan Agreement, in the original principal amount of $16,000,000.00.
The execution of this note does not extinguish the Indebtedness outstanding in connection with the Prior Note, nor does it constitute
a novation with respect to the Indebtedness outstanding in connection therewith.

 

This Note shall be governed
by the laws of the State of New York, without giving effect to any conflict of law principles (but giving effect to federal laws relating
to national banks).

 

[Signature page follows.]

 

     

     

    

 

IN
WITNESS WHEREOF, this Note is executed as of the date set forth above.

 

	 	 	P&F INDUSTRIES, INC.
	 	 	 
	Attest:	 	By:	 /s/ Joseph A. Molino, Jr.
	 	 	Name: Joseph A. Molino, Jr.
	/s/ Richard Goodman	 	Title: Vice President
	Assistant Secretary	 	 
	 	 	 
	 	 	FLORIDA PNEUMATIC MANUFACTURING CORPORATION
	 	 	 
	Attest:	 	By:	 /s/ Joseph A. Molino, Jr.
	 	 	Name: Joseph A. Molino, Jr.
	/s/ Richard Goodman	 	Title: Vice President
	Assistant Secretary	 	 
	 	 	 
	 	 	HY-TECH MACHINE, INC.
	 	 	 
	Attest:	 	By:	 /s/ Joseph A. Molino, Jr.
	 	 	Name: Joseph A. Molino, Jr.
	/s/ Richard Goodman	 	Title: Vice President
	Assistant Secretary	 	 

 

FOURTH AMENDED AND RESTATED REVOLVER NOTE

Signature PageEXHIBIT
10.1

April
12, 2022

 

Rose
Bentley

Sent
via email

 

Dear
Rose,

 

Congratulations!
We are very pleased to inform you of your appointment to the position of Chief Executive Officer of Qumu Corporation (“Qumu”
or “Company”). Your appointment will be effective April 16, 2022 (“Effective Date”), at which point your employment
will be subject to the terms and conditions set forth in this offer letter. In addition, as of the Effective Date, you will be elected
as a member of the Qumu board of directors. We are excited to have you join us as a director.

 

Base
Salary

 

As
of the Effective Date, your annual base salary will be $385,000 for 2022, less applicable deductions and withholdings. Thereafter, the
Compensation Committee will determine and set your annual base salary and other elements of your compensation.

 

Target
Incentive – Annual Company Bonus

 

You
will continue to be eligible to participate in the annual company bonus plan, or any successor or similar plan maintained by Qumu for
the benefit of executive officers, subject to the terms and conditions of such plans and at the discretion of and subject to approval
by the Compensation Committee. Your target bonus for the 2022 annual company bonus plan has been set by the Compensation Committee to
be 110% of your post-Effective Date Base Salary. The calculation of your 2022 annual company bonus plan will based on your post-Effective
Date base salary and post-Effective Date target bonus percentage, without pro ration.

 

As
was the case prior to your promotion, all bonuses and incentive compensation are subject to reduction, cancellation, forfeiture, or recoupment
by Qumu upon the occurrence of (i) termination of your employment for “Cause” as defined in any agreement between you and
Qumu, (ii) violation by you of material Company policies, (iii) your misstatement of financial or other material information about the
Company, (iv) fraud or misconduct by you; (v) breach of noncompetition, confidentiality, non-solicitation, noninterference, corporate
property protection, or other agreement that may apply to you, or (vi) other conduct by you that the Qumu Compensation Committee determines
is detrimental to the business or reputation of the Company or any subsidiary or affiliate, including facts and circumstances discovered
after termination of your employment.

 

400 S. 4th St., Suite 401-412 | Minneapolis, MN 55415, USA | www.qumu.com

 

    	 

    	 

    

 

 

Letter
Agreement

 

You
and Qumu have entered into an agreement relating to severance and change in control benefits (the “Letter Agreement”). Neither
this offer letter nor the Letter Agreement is an agreement for a term of employment. Your employment is “at will” and may
be terminated by you or by Qumu at any time with or without cause, subject to the benefits of the Letter Agreement. There are no express
or implied agreements to the contrary.

 

As
of the Effective Date, Qumu will amend the Letter Agreement to provide enhanced benefits to you. Specifically, you will be entitled to
severance under Section 1(a)(i) for 12 months (instead of 6 months) if your employment is terminated by Qumu without Cause (other than
during the 12 month period following a Change in Control) and you will be entitled to 100% (instead of 50%) of your base salary and Target
Bonus in effect under Section 2(a)(i) if a Change in Control shall occur and if on the date of the Change in Control or within 12 months
following, your employment is terminated by Qumu without Cause or by you for Good Reason.

 

Equity

 

You
will continue to be eligible to participate in Qumu’s Second Amended and Restated 2007 Stock Incentive Plan, as amended (the “2007
Plan”), or any successor or similar plan maintained by Qumu for the benefit of executive officers, subject to the terms and conditions
of such plans and the applicable award agreements. All awards under the 2007 Plan are at the discretion of and subject to approval by
the Compensation Committee.

 

The
Compensation Committee has approved under the Plan an award of 50,000 stock options and 150,000 restricted stock units (RSUs) as of the
first day of the open window period following the Effective Date. The stock option award and RSU award will be on Qumu’s standard
award terms and granted under the 2007 Plan. These awards are in addition to the award of 60,000 performance stock units (PSUs) you already
received in your role as Chief Operating Officer in 2022. The Compensation Committee will determine and approve your future equity incentives
as a component of your overall compensation.

 

This
offer letter, whether or not executed, does not constitute a binding agreement. The terms herein represent the conditions under which
Qumu is willing to offer you employment as the Chief Executive Officer, and supersedes any prior representations or agreements, whether
written or oral, with respect to our offer of employment to you. The terms of this offer may be modified, amended, or withdrawn by Qumu
at any time.

 

Rose,
we are excited to have you assume the position of Chief Executive Officer and look forward to working with you in your new role. Please
indicate your acceptance of this offer by countersigning this letter and returning the original to me. As always, please contact me if
you have questions.

 

    	 

    	 

    

 

 

	Sincerely,	 
	 	 
	/s/
    Neil E. Cox	 
	 	 
	Neil
    E. Cox	 
	Chair
    of the Board of Directors	 

 

	Accepted
    and agreed:	 
	 	 
	 	 
	/s/
    Rose Bentley	 
	Rose
    Bentley	 
	 	 
	April
    12, 2022	 
	Date

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