Document:

jcap_Ex10_5

		
			Exhibit 10.5
		

		
			JERNIGAN CAPITAL, INC.
		

		
			SECOND AMENDED AND RESTATED 2015 EQUITY INCENTIVE PLAN
		

		
			STOCK UNITS AND RESTRICTED STOCK AGREEMENT
		

		
			Jernigan Capital, Inc., a Maryland corporation (the “Company”), hereby grants stock units (“Stock Units”) to the Grantee named below, subject to the vesting and other conditions set forth below.  Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment (collectively, this “Agreement”) and in the Company’s Second Amended and Restated 2015 Equity Incentive Plan (the “Plan”).  Capitalized terms used but not defined herein shall have the meanings given them in the Plan.
		

		
			Name of Grantee:
		

		
			Target Number of Stock Units:  []*
		

		

		
			*    The actual number of Stock Units that vest will range from 0% to 200% of the Target Number of Stock Units, depending on the extent to which applicable vesting conditions are satisfied.
		

		
			Grant Date:  [], 2020
		

		
			Vesting Conditions:
		

		
			Subject to the terms and conditions set forth in this Agreement and the Plan, (i) fifty percent (50%) of the Target Number of Stock Units (rounded up to the nearest whole number of Stock Units) (the “Peer Group Performance Units”) will vest based on the Company’s TSR percentile ranking relative to the TSR of the Peer Group Companies, measured over the Performance Period, and (ii) the remaining fifty percent (50%) of the Target Number of Stock Units (rounded down to the nearest whole number of Stock Units) (the “Index Performance Units”) will vest based on the Company’s TSR percentile ranking relative to the TSR of the Index Companies during the Performance Period, in each case in accordance with the following tables:
		

			
					
						Peer Group Performance Units

				
	
					
						Company’s TSR Ranking
Relative to TSR of the Peer
Group Companies

					
					
						    

					
					
						% of Target Number of Peer
Group Performance Units that
Vest*

				
	
					
						Below 30th percentile

					
					
						 

					
					
						0%

				
	
					
						30th percentile (Threshold)

					
					
						 

					
					
						50%

				
	
					
						55th Percentile (Target)

					
					
						 

					
					
						100%

				
	
					
						75th Percentile (Maximum

					
					
						 

					
					
						200%

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						Index Performance Units

				
	
					
						Company’s TSR Ranking
Relative to TSR of the Index
Companies

					
					
						    

					
					
						% of Target Number of Index
Performance Units That Vest*

				
	
					
						Below 30th percentile

					
					
						 

					
					
						0%

				
	
					
						30th Percentile (Threshold)

					
					
						 

					
					
						50%

				
	
					
						55th Percentile (Target)

					
					
						 

					
					
						100%

				
	
					
						75th Percentile (Maximum)

					
					
						 

					
					
						200%

				

		

		
			*    If the Company’s TSR ranking is between Threshold and Target or between Target and Maximum, the portion of the Stock Units that vest will be determined using linear interpolation.
		

		
			For purposes of this Agreement, the following definitions and rules will apply:
		

		
			“Index Companies” means the companies in the MSCI US REIT Index (or, if the MSCI US REIT Index ceases to exist, such other index selected by the Committee); provided, however, that if the shares of any company in such index are not readily tradable on a national securities market as of the last day of the Performance Period, such company shall not be included in the group of Index Companies.
		

		
			“Peer Group Companies” means CubeSmart, Life Storage, Inc., National Storage Affiliates Trust and all other internally managed equity real estate investment trusts with a Total Capitalization (as defined below) of less than $2 billion as of any determination date; provided, however, that if the shares of any company in such peer group are not readily tradable on a national securities market as of the last day of the Performance Period, such company shall not be included in the group of Peer Group Companies.
		

		
			“Performance Period” means the period beginning January 1, 2020 and ending December 31, 2022, or an earlier date to the extent so provided in this Agreement or the Plan in connection with a Qualifying termination or a Change in Control.
		

		
			“Total Capitalization” means, as of any determination date, the sum, without duplication of (i) the total debt of the applicable real estate investment trust and (ii) the total stockholder’s equity of the applicable real estate investment trust.
		

		
			“TSR” means, as determined by the Committee, the cumulative total return per share with respect to the Company and each of the Peer Group Companies and the Index Companies over the Performance Period, as measured by the change in the applicable per share price, taking into account the assumed reinvestment of all dividends paid during the Performance Period, and expressed as a percentage comparing such cumulative total return to the applicable share price as of the beginning of the Performance Period.  For purposes of computing TSR: (i) any dividends paid by the Company or any of the Peer Group Companies or Index Companies shall be treated as having been reinvested at the closing stock price on the ex-dividend date; (ii) the share price as of the beginning of the Performance Period shall be the closing stock price on the first trading day in the Performance Period; and (iii) the ending share price used to calculate cumulative total return shall be the average closing stock price over the twenty (20) trading days ending on the last day of
		

		
			
		

		
			

		 

		

		
			 
		

		
			the Performance Period.  The Company’s percentile rank versus the Peer Group Companies and the Index Companies will be expressed as a percentage, with rounding to the nearest whole percent and with a tenth of a percent that is equal to or greater than 5 rounded up to the nearest whole percent.  The number of Stock Units that vest will be rounded to the nearest whole number of Stock Units, with a tenth of a percent that is equal to or greater than 5 rounded up to the nearest whole number of Stock Units.
		

		
			Except as provided otherwise in this Agreement, to the extent the Stock Units vest, one Share of Restricted Stock will be issued for each Stock Unit that vests.  Fifty percent (50%) of the Shares of Restricted Stock shall vest on the sixtieth (60th) day following the last day of the Performance Period) and the remaining fifty percent (50%) of the Shares of Restricted Stock shall vest on the one (1)-year anniversary of the last day of the Performance Period, in each case subject to your continued Service through the applicable vesting date (except as otherwise provided in this Agreement or the Plan).
		

		
			By your signature below, you agree to all of the terms and conditions described in this cover sheet, in the attached Stock Units and Restricted Stock Agreement and in the Plan.
		

			
					
						Grantee:

					
					
						 

					
					
						    

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						(Signature)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Company:

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						 

					
					
						(Signature)

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			Attachment
		

		
			This is not a stock certificate or a negotiable instrument.
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

		
			JERNIGAN CAPITAL, INC.
		

		
			SECOND AMENDED AND RESTATED 2015 EQUITY INCENTIVE PLAN
		

		
			STOCK UNITS AND RESTRICTED STOCK AGREEMENT
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Stock Units

					
					
						    

					
					
						This Agreement evidences an award of Stock Units (and the right to receive Shares of Restricted Stock with respect to Stock Units that vest) subject to the vesting and other conditions set forth in the cover sheet, in this Stock Units and Restricted Stock Agreement and in the Plan.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Transfer of Stock Units and Restricted Stock

					
					
						 

					
					
						Neither the Stock Units nor any Shares of Restricted Stock issued under this Agreement may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered, whether by operation of law or otherwise, nor may the Stock Units or Shares of Restricted Stock be made subject to execution, attachment or similar process.  If you attempt to do any of these things, the Stock Units or Shares of Restricted Stock (as applicable) will immediately become forfeited.  For avoidance of doubt, the foregoing restrictions shall not apply after Shares of Restricted Stock vest.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Vesting

					
					
						 

					
					
						Vesting provisions applicable to the Stock Units and any Shares of Restricted Stock issued with respect to Stock Units that vest are set forth in the cover sheet, in this Stock Units and Restricted Stock Agreement and in the Plan; provided, however, that if you are party to an employment, severance, change in control or similar agreement or are a participant in a severance, change in control or similar plan maintained by the Company or an Affiliate, and the terms of such agreement or plan provide more favorable vesting terms, the terms of such agreement or plan shall control.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Qualifying Termination of Service

					
					
						 

					
					
						During Performance Period:

					
						 

					
						In the event of (i) a termination of your Service due to death or Disability, (ii) a termination of your Service by the Company or its Affiliate without Cause or (iii) a termination of your Service by you for Good Reason (each, a “Qualifying Termination”) during the Performance Period, the Stock Units will vest pro rata based on the Company’s relative TSR performance calculated in accordance with the cover sheet, except that for purposes of calculating the Company’s TSR and the TSR of the Peer Group Companies and the Index Companies, the last day of the Performance Period shall be deemed to be the date of the Qualifying Termination and the number of Stock Units that are determined to have vested based on such calculations shall be prorated by multiplying such number of Stock Units that vest

				

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						by a fraction, the numerator of which is the number of days elapsed since the commencement of the Performance Period through the date of such Qualifying Termination (including the first day of the Performance Period and the day the Qualifying Termination occurs) and the denominator of which is the total number of days in the Performance Period (1,095 or, if the Performance Period includes a leap year, 1,096).  As soon as practicable (and in all events within sixty (60) days) after the date of the Qualifying Termination, one Share (which shall not be subject to additional vesting conditions) shall be issued for each vested Stock Unit that is deemed to have vested.

					
						 

					
						After Performance Period:

					
						 

					
						In the event of a Qualifying Termination after the last day of the Performance Period, but prior to vesting of any Shares of Restricted Stock issued in respect of any vested Stock Units, all such Shares of Restricted Stock will fully vest upon the date of the Qualifying Termination.  If the Qualifying Termination occurs after the end of the Performance Period but prior to determination of the number of Stock Units that will vest based on performance over the Performance Period, upon such determination, which shall in all events occur within sixty (60) days after the date of the Qualifying Termination, one Share (which shall not be subject to additional vesting conditions) will be issued for each Stock Unit that vests.

					
						 

					
						For purposes of this Agreement, unless defined otherwise in an employment, severance change in control or similar agreement or plan to which you are a party or in which you are a participant (in which case such definition will control) the terms “Disability, “Cause” and “Good Reason” shall have the meaning given to such terms in the Plan.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Change in Control

					
					
						 

					
					
						During the Performance Period:

					
						 

					
						Notwithstanding anything to the contrary in the Plan, in the event of a Change in Control during the Performance Period, subject to your continued Service with the Company or its Affiliate through the consummation of such Change in Control, (i) if an acquirer of the Company (or a parent entity of the acquirer) assumes the Award during the Performance Period and the Committee determines that no modification of any of the performance-based vesting metrics set forth in this Agreement is required, there shall be no acceleration or other change to the vesting terms or performance criteria applicable to the Award, (ii) if an acquirer of the Company (or a parent entity of the acquirer) assumes the Award during the Performance Period and the Committee determines that modification of the performance-based

				

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						vesting metrics set forth in this Agreement would be required, the Company’s relative TSR performance shall calculated as of the date of the Change in Control in accordance with the cover sheet, except that for purposes of calculating the Company’s TSR and the TSR of the Peer Group Companies and the Index Companies, the last day of the Performance Period shall be deemed to be the date of the Change in Control, and the terms of the Award shall otherwise remain the same, with continued Service required through December 31, 2020 (subject to accelerated vesting in connection with a Qualifying Termination) and (iii)  if an acquirer of the Company (or a parent entity of the acquirer) does not assume the Award, the Stock Units will become vested upon consummation of the Change in Control, with the number of Stock Units that vests determined based on the Company’s relative TSR performance calculated as of the date of the Change in Control in accordance with the cover sheet, except that for purposes of calculating the Company’s TSR and the TSR of the Peer Group Companies and the Index Companies, the last day of the Performance Period shall be deemed to be the date of the Change in Control.

					
						 

					
						After the Performance Period:

					
						 

					
						Notwithstanding anything to the contrary in the Plan, in the event of a Change in Control after the Performance Period, subject to your continued Service with the Company or its Affiliate through the consummation of such Change in Control, any Shares of Restricted Stock issued pursuant to this Agreement that are outstanding as of the date of the Change in Control shall become 100% vested immediately prior to the consummation of the Change in Control.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Settlement of Stock Units/Issuance of Restricted Stock

					
					
						 

					
					
						To the extent the Stock Units vest, except as otherwise provided in this Agreement in connection with a Qualifying Termination or a Change in Control, one Share of Restricted Stock will be issued for each Stock Unit that vests, with each such Share of Restricted Stock subject to the vesting conditions set forth in the cover sheet, this Stock Units and Restricted Stock Agreement and the Plan.  Any such Shares of Restricted Stock shall be issued as soon as practicable (and in all events within sixty (60) days) after the last day of the Performance Period.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Dividends/Dividend Equivalent Rights

					
					
						 

					
					
						With Respect to Stock Units.

					
						 

					
						No dividends shall be payable in respect of the Stock Units; however, you may earn Dividend Equivalent Rights with respect to the Stock Units that vest.  The Dividend Equivalent Rights entitle you to payment (if the Stock Units vest) in an amount equal to the amount of any dividends that would have been paid to you had the Shares

				

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						underlying such vested Stock Units been outstanding, provided the applicable record date for the dividend occurs between the Grant Date and the date of issuance of any Shares of Restricted Stock (or unrestricted Shares, as applicable).  Any such payments with respect to Dividend Equivalent Rights relating to vested Stock Units shall be paid as soon as practicable (and in all events within sixty (60) days) after the date on which such Stock Units vest.  For avoidance of doubt, you shall not be entitled to Dividend Equivalent Right payments with respect to Stock Units that do not vest.

					
						 

					
						With Respect to Shares of Restricted Stock.

					
						 

					
						You shall be entitled to receive all dividends payable with respect to any Shares of Restricted Stock issued in respect of Stock Units that vest if and to the extent dividends are paid on outstanding Shares, provided the applicable record date for the dividend occurs on or after the date the Restricted Stock is issued to you.  Any such dividends shall be paid at the same time other stockholders of the Company receive the dividend.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Voting Rights

					
					
						 

					
					
						With Respect to Stock Units.

					
						 

					
						You shall not be entitled to any voting rights in respect of the Stock Units.

					
						 

					
						With Respect to Shares of Restricted Stock.

					
						 

					
						You shall be entitled to voting rights with respect to any Shares of Restricted Stock (or unrestricted Shares, as applicable) issued in respect of Stock Units.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Evidence of Issuance

					
					
						 

					
					
						The issuance of the Shares in respect of Stock Units that vest pursuant to this Agreement shall be evidenced in such a manner as the Company, in its discretion, will deem appropriate, including, without limitation, book-entry, registration or issuance of one or more Share certificates.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Forfeiture of Unvested Stock Units and Restricted Stock

					
					
						 

					
					
						Unless the termination of your Service triggers accelerated vesting of your Stock Units or Shares of Restricted Stock pursuant to this Agreement, the terms of the Plan, or the terms of an employment, severance or any other written agreement or plan to which you are a party or in which you participate, you will automatically forfeit to the Company all of the unvested Stock Units and unvested Shares of Restricted Stock upon termination of Service.

				

		
			 
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						Leaves of Absence

					
					
						 

					
					
						For purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by your employer in writing if the terms of the leave of absence provide for continued Service crediting, or when continued Service crediting is required by applicable law.  Your Service will terminate in any event when the approved leave of absence ends unless you immediately return to active employee work.

					
						 

					
						Your employer may determine, in its discretion, which leaves of absence count for this purpose, and when your Service will terminate for all purposes under the Plan in accordance with the provisions of the Plan. Notwithstanding the foregoing, the Company may determine, in its discretion, that a leave of absence counts for this purpose even if your employer does not agree.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Withholding Taxes

					
					
						 

					
					
						You agree as a condition of this grant that you will make acceptable arrangements to satisfy any withholding or other taxes that may be due in connection with this Award.  In the event that the Company or any Affiliate determines that any federal, state, local or foreign tax or withholding payment is required relating to this Award, the Company or any Affiliate shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate (including withholding the delivery of unrestricted Shares otherwise deliverable under this Agreement). You may elect to satisfy all or part of such withholding requirement by tendering previously-owned Shares or by having the Company withhold Shares having a Fair Market Value equal to the minimum statutory withholding (based on minimum statutory withholding rates for federal, state and local tax purposes, as applicable, including payroll taxes) that could be imposed on the transaction, and, to the extent the Committee so permits, amounts in excess of the minimum statutory withholding (up to the maximum statutory withholding rate) to the extent it would not result in additional accounting expense.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Retention Rights

					
					
						 

					
					
						This Agreement and the grant evidenced hereby do not give you the right to be retained by the Company or any Affiliate in any capacity. Unless otherwise specified in an employment or other written agreement between the Company or any Affiliate and you, the Company or any Affiliate reserves the right to terminate your Service with the Company or its Affiliate at any time and for any reason.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Stockholder Rights

					
					
						 

					
					
						You, or your estate or heirs, do not have any of the rights of a stockholder with respect to any vested or unvested Stock Units until Shares have been issued to you and either a certificate evidencing your Shares have been issued or an appropriate entry has been made on the Company’s books.

				

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						Clawback

					
					
						 

					
					
						If the Company adopts a “clawback” or recoupment policy, this Award will be subject to repayment to the Company to the extent so provided under the terms of such policy.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Applicable Law

					
					
						 

					
					
						This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						The Plan

					
					
						 

					
					
						The text of the Plan is incorporated in this Agreement by reference.

					
						 

					
						Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.

					
						 

					
						Except as otherwise provided in this Agreement, this Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Data Privacy

					
					
						 

					
					
						In order to administer the Plan, the Company may process personal data about you.  Such data includes, but is not limited to, information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as your contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan.

					
						 

					
						By accepting this grant, you give explicit consent to the Company to process any such personal data.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Code Section 409A

					
					
						 

					
					
						It is intended that this Award comply with Section 409A of the Code and the Treasury Regulations and guidance promulgated thereunder (collectively, “Code Section 409A”) or an exemption to Code Section 409A, and this Award shall be interpreted accordingly.  To the extent that the Company determines that you would be subject to the additional twenty percent (20%) tax imposed on certain non-qualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of this Agreement or the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax.  The nature of any such amendment shall be determined by the Company. If any amounts issuable or payable under the Award constitute deferred compensation for purposes of Code Section 409A, to the extent necessary to comply with Code Section 409A with respect to such amounts, (i) a termination of Service shall only be deemed to have occurred upon an event that would be a “separation from service” within the meaning of

				

		
			 
		

		
			
		

		
			

		 

		

		
			 
		

			
					
						 

					
					
						 

					
					
						Code Section 409A, and (ii) if this Agreement, the Plan or another agreement or plan specifies a period of time within which Shares or other amounts hereunder may be issued or paid, (A) the Company (and not you) shall determine when within such period such issuance or payment shall be made and (B) to the extent such period spans calendar years and the entitlement to such issuance or payment is subject to a condition that is within your control, such issuance or payment shall be made within such period in the latter calendar year.

				

		
			 
		

		
			 
		

		
			By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.mcft-ex101_137.htm

Exhibit 10.1

 

Execution Copy

AMENDMENT NO. 3 TO FOURTH
AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

THIS AMENDMENT NO. 3 TO FOURTH AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT (this “Amendment”), dated as of May 7, 2020 (the “Amendment No. 3 Effective Date”), is by and among MASTERCRAFT BOAT COMPANY, LLC, a Delaware limited liability company (“MasterCraft”), MASTERCRAFT SERVICES, LLC, a Tennessee limited liability company (“Services”), MASTERCRAFT INTERNATIONAL SALES ADMINISTRATION, INC., a Delaware corporation (“Sales Administration”), NAUTIC STAR, LLC, a Mississippi limited liability company (“Nautic”), NS TRANSPORT, LLC, a Mississippi limited liability company (“NS Transport”), and CREST MARINE LLC, a Michigan limited liability company (“Crest”) (collectively, “Borrowers” and, individually, each a “Borrower”), MASTERCRAFT BOAT HOLDINGS, INC., a Delaware corporation (f/k/a MCBC Holdings, Inc., “Holdings”), as a Guarantor, the various institutions named on the signature pages to this Amendment as party to this Amendment, as Lenders (the “Lenders”), and FIFTH THird Bank, NATIONAL ASSOCIATION, a national banking association, as Agent and L/C Issuer.  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement described below.

W I T N E S S E T H

WHEREAS, the Borrowers, Holdings, the Lenders and the Agent are parties to that certain Fourth Amended and Restated Credit and Guaranty Agreement, dated as of October 1, 2018 (as amended by that certain (i) Amendment No. 1 dated as of November 8, 2018, and (ii) Amendment No. 2 dated as of July 24, 2019, and as may be further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); and

WHEREAS, the Credit Parties and the Required Lenders desire to amend certain provisions of the Credit Agreement, as set forth in this Amendment.

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

Article I
AMENDMENT TO CREDIT AGREEMENT

1.1Amendment to Section 1.1 (Definitions- Amended).  Section 1.1 of the Credit Agreement is hereby amended by amending the following defined terms as follows:

(a)“Adjusted LIBOR” shall be amended and restated in its entirety to read as follows: “means, for any Borrowing of Eurodollar Loans, the greater of (a) a rate per annum equal to one half of one percent (0.50%), and (b) a rate per annum equal to the quotient of (i) LIBOR, divided by (ii) one minus the Reserve Percentage.”

(b)“Agent” shall be amended and restated in its entirety to read as follows: “means Fifth Third Bank, National Association, a national banking association (f/k/a Fifth Third 

			
	
 
	
 
	
 

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Bank, an Ohio banking corporation), in its capacity as administrative agent for itself and the other Lenders and any successor pursuant to Section 9.7 hereof.”

(c)“Applicable Margin” shall be amended by amending and restating the schedule and first sentence of the immediately following paragraph therein to read as follows:

					
	
Level
	
Total
net Leverage Ratio for Such Pricing Date
	
Applicable Margin for Eurodollar Loans:
	
Applicable Margin for Base Rate Loans:
	
Applicable Margin for Commitment Fee:

	
I
	
Greater than or equal to  4.00 to 1.0
	
3.250%
	
2.250%
	
0.450%

	
II
	
Less than 4.00 to 1.0, but greater than or equal to 3.50 to 1.0
	
3.000%
	
2.000%
	
0.450%

	
III
	
Less than 3.50 to 1.0, but greater than or equal to 3.00 to 1.0
	
2.750%
	
1.750%
	
0.450%

	
IV
	
Less than 3.00 to 1.0, but greater than or equal to 2.50 to 1.0
	
2.500%
	
1.500%
	
0.450%

	
V
	
Less than 2.50 to 1.0, but greater than or equal to 2.00 to 1.0
	
2.250%
	
1.250%
	
0.400%

	
VI
	
Less than 2.00 to 1.0, but greater than or equal to 1.50 to 1.0
	
2.000%
	
1.000%
	
0.350%

	
VII
	
Less than 1.50 to 1.0, but greater than or equal to 1.00 to 1.0
	
1.750%
	
0.750%
	
0.300%

	
VIII
	
Less than 1.00 to 1.0
	
1.500%
	
0.500%
	
0.250% 

 

For purposes hereof, the term “Pricing Date” means, for any fiscal quarter of the Credit Parties and their Subsidiaries ending on or after June 30, 2020, the date on 

			
	
 
	
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which the Agent is in receipt of Borrowers’ and their Subsidiaries’ most recent financial statements for the fiscal quarter then ended, pursuant to Section 6.1 hereof; and the Applicable Margin shall be set at Level I from the Amendment No. 3 Effective Date through the June 30, 2020 Pricing Date.

(d)“EBITDA” shall be amended by amending and restating clause “(h)” set forth therein to read as follows:  “(h) severance costs and overhead expenses incurred in connection with the COVID-19 outbreak, in an aggregate amount not to exceed $2,000,000, and all other extraordinary or non-recurring expenses and losses for such period in an amount reasonably acceptable to Agent,”

(e)“Fifth Third” shall be amended and restated in its entirety to read as follows: “means Fifth Third Bank, National Association, a national banking association (f/k/a Fifth Third Bank, an Ohio banking corporation), in its individual capacity and any successor thereof.

(f)“Mortgages” shall be amended and restated in its entirety to read as follows: “means, collectively, (a) each Mortgage and Security Agreement with Assignment of Rents and Open-End Mortgage or Deed of Trust and Security Agreement with Assignment of Rents between any Credit Party and the Agent relating to such Credit Party’s fee real property, fixtures and interests in real property commonly known as (i) 100 Cherokee Cove Drive, Monroe County, Vonore Tennessee 37885, (ii) 500 Waterway Drive , Amory, MS 38821, and (iii) 2170 South M-52, Owosso, Michigan 48867 (formerly covered by a leasehold mortgage prior to the purchase of this real property by Crest in October 2019), and (b) any other mortgages or deeds of trust or leasehold mortgages delivered to the Agent pursuant to Section 4.2 hereof, as the same may be amended, modified, supplemented or restated from time to time.”

(g)“Total Net Leverage Ratio” shall be amended and restated in its entirety to read as follows:  “means, as of the date of determination thereof, the ratio of (a) Total Funded Debt minus Unrestricted Cash (in an aggregate amount not to exceed $20,000,000 for all periods of calculation from and after June 30, 2021), to (b) EBITDA for the period of four fiscal quarters then ended.”

1.2Amendment to Section 1.1 (Definitions- New).  Section 1.1 of the Credit Agreement is hereby amended by adding the following defined terms, in alphabetical order, to such Section:

(a)“Amendment No. 3” means that certain Amendment No. 3 to this Agreement dated as of the Amendment No. 3 Effective Date”.

(b)“Amendment No. 3 Effective Date” means May 1, 2020.

(c)“Governmental Assistance” is defined in Section 6.7(f) hereof.

(d)“Interest Coverage Ratio” is defined in Section 6.22 (c )(ii) hereof.

(e)“Limited Covenant Relief Period” is defined in Section 6.22 (c)(i) hereof. 

(f)“Liquidity” is defined in Section 6.22 (c)(iii) hereof

			
	
 
	
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1.3Amendment to Section 2.8 (b)(iii) (Mandatory Prepayments).   Section 2.8(b)(iii) of the Credit Agreement is hereby amended by adding the following as a new last sentence at the end of such Section: “Notwithstanding the foregoing, in connection with Amendment No. 3, no Excess Cash Flow payment shall be due and payable with respect to the fiscal year ending June 30, 2020.”

1.4Amendment to Section 6.1 (Information Covenants).  Section 6.1(a) of the Credit Agreement is hereby amended by replacing “[Reserved]” with the following:

“(a)Monthly Financial Reports during Limited Covenant Relief Period; Compliance Certificates for Monthly and Quarterly Replacement Financial Covenants.  During the Limited Covenant Relief Period: (i) within thirty (30) days after the end of each fiscal month, from and after the Amendment No. 3 Effective Date commencing May 31 2020 and through June 30, 2021, the Credit Parties shall deliver to Agent and each Lender, (A) the consolidated and consolidating balance sheet of the Credit Parties and their Subsidiaries as at the end of such fiscal month and the related consolidated and consolidating statements of income and retained earnings and of cash flows for such fiscal month and for the elapsed portion of the fiscal year-to-date period then ended, each in reasonable detail, prepared by the Credit Parties in accordance with GAAP, in all material respects (subject to year-end audit adjustments, the absence of footnotes and treatment of research and development) setting forth comparative figures for the corresponding fiscal month in the prior fiscal year and comparable budgeted figures for such fiscal month, all of which shall be certified by the chief financial officer or other officer of the Credit Parties acceptable to the Agent that they fairly present in all material respects in accordance with GAAP the financial condition of the Credit Parties and their Subsidiaries as of the dates indicated and the results of their operations and changes in their cash flows for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes, and (B) a Compliance Certificate/ Limited Covenant Relief Period, in the form attached to Amendment No. 3 as Exhibit E-1, with a detailed calculation and attestation of the Minimum Liquidity covenant test set forth in Section 6.22(c)(iii) as of such fiscal month end; and (ii) within thirty (30) days after the end of each fiscal quarter of the Credit Parties and their Subsidiaries, commencing for the fiscal quarter ending June 30, 2020 and continuing through March 31, 2021, a Compliance Certificate/ Limited Covenant Relief Period, in the form attached to Amendment No. 3 as Exhibit E-1, with a detailed calculation and attestation of the Interest Coverage Ratio set forth in Section 6.22(c)(ii), and the Maximum Unfinanced Capital Expenditures limitation set forth in Section 6.22(c)(iv), each as of the last day of such fiscal quarter. 

 

1.5Amendment to Section 6.11 (Indebtedness).  Section 6.11(h) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“(h)unsecured Indebtedness of Borrowers and their Subsidiaries not otherwise permitted by this Section in an amount not to exceed $14,000,000 in the aggregate at any one time outstanding, and any Permitted Refinancing Indebtedness with respect thereto, 

			
	
 
	
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including, without limitation, (i) Floorplan First Loss Guaranty Obligations and other unsecured Indebtedness (other than Governmental Assistance as provided in clause “(ii)” below), in an amount not to exceed $4,000,000 in the aggregate at any one time outstanding, and (ii) Indebtedness in the form of any unsecured loan or financial assistance received by any Borrower from any federal, state or local government program enacted in response to the COVID-19 outbreak (“Governmental Assistance”), in form and substance acceptable to Agent; provided that (A) Borrowers shall promptly provide written notice thereof to Agent, (B) Borrowers covenant and agree that the proceeds and benefits of any Governmental Assistance received by any Borrowers shall be used solely to support the operations and, to the extent not prohibited by the applicable Governmental Authority, such proceeds shall be deemed to be part of the Collateral for the Obligations, and each Borrower hereby grants to Agent, for the benefit of the Lenders, a lien and security interest therein, (C) in the event that any such Governmental Assistance is in the form of a loan that can be forgiven, to the extent that Borrowers or its Subsidiaries are able to qualify for such forgiveness, Borrowers shall comply with all requirements to ensure such loan is forgiven in accordance with the applicable program, in each case to the extent the terms and methods of such satisfaction are acceptable to Agent, and (D) Borrowers shall execute and deliver to Agent such additional amendments, documents and instruments as may be reasonably required in connection with such Governmental Assistance and the provisions of this Section 6.11(h).

1.6Amendment to Section 6.13 (Consolidation, Merger, Sale of Assets, etc).  Section 6.13 of the Credit Agreement is hereby amended by adding the following as a new not lettered paragraph at the end of such Section:

“Notwithstanding the foregoing provisions of this Section 6.13 or any other provisions in this Agreement or in any of the other Loan Documents, in connection with Amendment No. 3, no Credit Party shall, during the Limited Covenant Relief Period from and after the Amendment No. 3 Effective Date through June 30, 2021, make enter into or agree to enter into (i) any Acquisition or Permitted Acquisition and mergers or consolidations in connection with any Acquisition or Permitted Acquisition, and (ii) the sale, transfer, lease, or other disposition of Property of any Credit Party or any Subsidiary not otherwise permitted under this Agreement (including any disposition of Property as part of a sale and leaseback transaction and any Equity Interests of any Subsidiary and Accounts).”

1.7Amendment to Section 6.15 (Restricted Payments).  Section 6.15 of the Credit Agreement is hereby amended by adding the following as a new not lettered paragraph at the end of such Section:

“Notwithstanding the foregoing provisions of this Section 6.15 or any other provisions in this Agreement or in any of the other Loan Documents, in connection with Amendment No. 3, no Restricted Payments shall be made by any Credit Party during the Limited Covenant Relief Period from and after the Amendment No. 3 Effective Date through June 30, 2021, except for Restricted Payments permitted under Subsections 6.15(a) and (c).”

			
	
 
	
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1.8Amendment to Section 6.22 (Financial Covenants).  Section 6.22 of the Credit Agreement is hereby amended by adding the following as a new subsection “(c)” at the end of such Section:

“(c)Limited Covenant Relief Period; Replacement Financial Covenants.  

(i)Limited Covenant Relief Period.  Notwithstanding the provisions of Section 6.22 (Financial Covenants) to the contrary, Borrower's failure to satisfy the financial covenant set forth in Section 6.22(a) (Total Net Leverage Ratio) and Section 6.22(b) (Fixed Charge Coverage Ratio) for the quarterly test periods ending June 30, 2020, September 30, 2020, and December 31, 2020 and March 31, 2021 shall not constitute an Event of Default (each covenant compliance period addressed above in this Section, a “Limited Covenant Relief Period”).  For the avoidance of doubt, such accommodations shall apply only during the applicable Limited Covenant Relief Period, and from and after the end of the Limited Covenant Relief Period and commencing for the calendar quarter ending June 30, 2021, Borrower shall be required to comply with the financial covenants set forth in Section 6.22(a) (Total Net Leverage Ratio) and Section 6.22(b) (Fixed Charge Coverage Ratio), and failure to do so shall constitute an Event of Default in accordance with the terms of this Agreement; 

(ii)Minimum Interest Coverage Ratio during Limited Covenant Relief Period.  Borrowers shall not permit, during the Limited Covenant Relief Period, the Interest Coverage Ratio, as of the last day of each fiscal quarter of the Credit Parties and their Subsidiaries, commencing as of June 30, 2020 and continuing through March 31, 2021, to be less than 3.00 to 1.00 for the period of four fiscal quarters ending on such date.  As used herein, "Interest Coverage Ratio" means, with respect to the Credit Parties and their Subsidiaries, on a consolidated basis, for the applicable period, the ratio of EBITDA to Interest Expense;

(iii)Minimum Liquidity during Limited Covenant Relief Period.  Borrowers shall maintain, at all times during the Limited Covenant Relief Period, Liquidity of no less than $17,500,000, as tested on the last day of each fiscal month, commencing May 31, 2020 and continuing through May 31, 2021. As used herein, "Liquidity" means, with respect to the Borrowers, the sum of Unrestricted Cash plus Revolving Loan Availability; and 

(iv)Maximum Unfinanced Capital Expenditures during the Limited Covenant Relief Period.  Borrowers shall not make or incur, during the Limited Covenant Relief Period, any unfinanced Capital Expenditures in excess of an aggregate amount of Six Million Dollars ($6,000,000), on a cumulative basis during the Limited Covenant Relief Period, as tested as of the last day of each calendar quarter, commencing June 30, 2020 and continuing through March 31, 2021.  

 

			
	
 
	
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Article II
CONDITIONS TO EFFECTIVENESS

2.1Amendment Fee; Fee Letter.  In consideration of the financial and other accommodations set forth in Amendment No. 3, Borrowers shall pay (i) to Agent, for the ratable benefit of the Lenders, an amendment and modification fee (the “Amendment No. 3 Fee”) in the amount of $206,021.57, which Amendment No. 3 Fee shall be fully earned as of the Amendment No. 3 Effective Date, non-refundable, and shall be charged to operating account of the Borrowers maintained with Agent as of the Amendment No. 3 Effective Date; and (ii) to Fifth Third the fees set forth in the Fifth Third Fee Letter (Amendment No. 3) with Agent.

2.2Closing Conditions.  This Amendment shall become effective as of the Amendment No. 3 Effective Date, but only upon receipt by Agent of each of the following, each in form and substance satisfactory to Agent:

(a)one or more fully executed counterparts of this Amendment from each of the Credit Parties and the Required Lenders; 

(b)the payment by the Borrowers of the Amendment No. 3 Fee and the fees set forth in the Fifth Third Fee Letter (Amendment No. 3); and

(c)such other documents, instruments and certificates as may be reasonably required by Agent or any Lender.

Article III
MISCELLANEOUS

3.1Amended Terms.  On and after the Amendment No. 3 Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

3.2Representations and Warranties of Credit Parties.  Each of the Credit Parties represents and warrants as follows:

(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.

(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

			
	
 
	
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(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment.

(d)The representations and warranties set forth in Section 5 of the Credit Agreement are true and correct in all material respects (except those that are qualified by materiality or a Material Adverse Effect, which representations and warranties are true and correct in all respects) as of the date hereof (except for those which expressly relate to an earlier date).

(e)After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default.

(f)The Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Agent, for the benefit of the Agent and the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other than Permitted Liens.

3.3Reaffirmation of Obligations.

(a)Each Credit Party hereby ratifies the Credit Agreement and all other Loan Documents and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and all other Loan Documents applicable to it and (b) that it is responsible for the observance and full performance of its respective Obligations.

(b)Each of the Guarantors hereby acknowledge and consent to all of the terms and conditions of this Amendment and agree that this Amendment does not operate to reduce or discharge the Guarantors’ obligations under the Credit Agreement, as amended hereby, or the other Loan Documents. 

(c)Each Credit Party further acknowledges and agrees that such Credit Party has no claims, counterclaims, offsets, or defenses to the Loan Documents and the performance of its obligations thereunder or if such Credit Party did have any such claims, counterclaims, offsets or defenses to the Loan Documents or any transaction related to the Loan Documents, the same are hereby waived, relinquished and released in consideration of the Lenders’ execution and delivery of this Amendment.  

(d)Each Credit Party hereby confirms and agrees that notwithstanding the effectiveness of this Amendment, the Collateral Documents to which each of the undersigned is a party and all of the Collateral described therein do, and shall continue to, secure the payment of all of the Obligations.

3.4Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

3.5Expenses.  The Borrower agrees to pay all reasonable costs and expenses of the Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Agent’s legal counsel.

			
	
 
	
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3.6Further Assurances.  The Credit Parties agree to promptly take such action, upon the request of the Agent, as is necessary to carry out the intent of this Amendment.

3.7Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

3.8Counterparts; Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as an original and shall constitute a representation that an original will be delivered upon request of Agent.

3.9GOVERNING LAW.  THIS AMENDMENT, AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF ILLINOIS (INCLUDING, WITHOUT LIMITATION, 735 ILCS SECTION 105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS) OF THE STATE OF ILLINOIS.

3.10Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

3.11Submission to Jurisdiction; Waiver of Jury Trial.  The submission to jurisdiction and waiver of jury trial provisions set forth in Section 10.20 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

			
	
 
	
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Exhibit E-1

___________________________________________________

Compliance Certificate
Limited covenant relief period

	
To:
	
Fifth Third Bank, as Agent under, and the Lenders party to, the Credit Agreement described below

This Compliance Certificate is furnished to the Agent and the Lenders pursuant to that certain Amendment No. 3 to Fourth Amended and Restated Credit and Guaranty Agreement, dated as of May 1, 2020 (together with the Credit Agreement, as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in Amendment No. 3 and in the Credit Agreement.

The Undersigned hereby certifies, solely in his/her capacity as an officer of Borrower Representative, and not individually that:

	
 
	
1.
	
I am the duly elected ____________ of the undersigned Borrower Representative;

	
 
	
2.
	
I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Credit Parties and their Subsidiaries during the accounting period covered by the attached financial statements;

	
 
	
3.
	
The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes an Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below;

	
 
	
4.
	
The financial statements required by Section 6.1 (a) (Monthly Financial Reports during Limited Covenant Relief Period) of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true, correct and complete in all material respects as of the date and for the periods covered thereby;

	
 
	
5.
	
The representations and warranties of Borrower contained in Section 5 of the Credit Agreement and in the other Loan Documents are true and correct in all material respects (provided that if any representation or warranty is by its terms qualified by concepts of materiality, such representation and warranty is true and correct in all respects) as though made on and as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects (provided that if any representation or warranty is by its terms qualified by concepts of materiality, such representation and warranty is true and correct in all respects) as of such earlier date);

			
	
 
	
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6.
	
The Schedule I attached by Borrowers hereto sets forth financial data and computations evidencing Borrower’s compliance with the following financial covenants applicable pursuant to Amendment No. 3 and set forth in Section 6.22(c) of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement:

(i)Minimum Interest Coverage Ratio during Limited Covenant Relief Period.  Borrowers shall not permit, during the Limited Covenant Relief Period, the Interest Coverage Ratio, as of the last day of each fiscal quarter of the Credit Parties and their Subsidiaries, commencing as of June 30, 2020, to be less than 3.00 to 1.00 for the period of four fiscal quarters ending on such date.  As used herein, "Interest Coverage Ratio" means, with respect to the Credit Parties and their Subsidiaries, on a consolidated basis, for the applicable period, the ratio of EBITDA to Interest Expense.

		
	
-The Credit Parties are in compliance (circle yes or no)
	
yes/no

 

(ii)Minimum Liquidity during Limited Covenant Relief Period.  Borrowers shall maintain, at all times during the Limited Covenant Relief Period, Liquidity of no less than $17,500,000, as tested on the last day of each fiscal month, commencing May 31, 2020. As used herein, "Liquidity" means, with respect to the Borrowers, the sum of Unrestricted Cash plus Revolving Loan Availability.

		
	
-The Borrowers are in compliance (circle yes or no)
	
yes/no

 

	
 
	

	
(iii)Maximum Unfinanced Capital Expenditures during the Limited Covenant Relief Period.  Borrowers shall not make or incur, during the Limited Covenant Relief Period, any unfinanced Capital Expenditures in excess of an aggregate amount of Six Million Dollars ($6,000,000), on a cumulative basis during the Limited Covenant Relief Period, as tested as of the last day of each calendar quarter, commencing June 30, 2020.

		
	
-The Borrowers are in compliance (circle yes or no)
	
yes/no

 

	
 
	
7.
	
The Schedule II attached by Borrowers hereto sets forth a comparison of current monthly financials against the budget for such period, as required by Sections 6.1(a) of the Credit Agreement.

Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Credit parties have taken, is taking, or proposes to take with respect to each such condition or event:

			
	
 
	
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The foregoing certifications, together with the computations set forth in Schedule I and Schedule II hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this ______ day of __________________, 20___.  Under no circumstances shall the undersigned officer of Borrower Representative have any personal liability hereunder.

 

	
 
	
MASTERCRAFT BOAT COMPANY, LLC, a Delaware limited liability company,
as Borrower Representative

By
Name
Title

 

			
	
 
	
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(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

	
BORROWERS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
	
MASTERCRAFT BOAT COMPANY, LLC, a Delaware limited liability company

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
	
MASTERCRAFT SERVICES, LLC, a Tennessee limited liability company

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
	
MASTERCRAFT INTERNATIONAL SALES ADMINISTRATION, INC., a Delaware corporation

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

	
 

 

 

 

 

 

 

 

 

 

 
	
NAUTIC STAR, LLC, a Mississippi limited liability Company

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
BORROWERS:
	
NS TRANSPORT, LLC, a Mississippi limited liability Company

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

	
 
	
CREST MARINE LLC, a Michigan limited liability company

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

	
HOLDINGS:
	
MASTERCRAFT BOAT HOLDINGS, INC. (f/k/a MCBC HOLDINGS, INC.), a Delaware corporation

By/s/ Timothy M. Oxley
Timothy M. Oxley
Chief Financial Officer, Treasurer &
Secretary

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
AGENT AND LENDER:
	
FIFTH THIRD BANK, NATIONAL ASSOCIATION, a national banking association, as a Lender, as L/C Issuer, and as Agent 

By:/s/ Jonathan Godfrey
Authorized Signatory

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
LENDER:
	
BANK OF AMERICA, N.A.,
as a Lender

By/s/ Andy Martin, SVP
Authorized Signatory

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
LENDER:
	
JPMORGAN CHASE BANK, N.A.,
as a Lender

By/s/ Brandon Abney
Authorized Signatory

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
LENDER:
	
TRUIST BANK as successor by merger to SUNTRUST BANK as a Lender

By/s/ James Ford
James Ford

      Managing Director

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
LENDER:
	
REGIONS BANK
as a Lender

By/s/ Brand Hosford
Authorized Signatory

			
	
 
	
 
	
 

VP/#36415215.9 

(Signature Page to Amendment No. 3 to Fourth Amended and Restated
Credit and Guaranty Agreement)

	
LENDER:
	
UNITED COMMUNITY BANK
as a Lender

By/s/ Jeff Wilson
Authorized Signatory

 

 

			
	
 
	
 
	
 

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