Document:

Amendment No. 12 to the Credit Agreement

 Exhibit 10.1 

AMENDMENT NO. 12 

This AMENDMENT NO. 12 (“AMENDMENT”) is effective as of June 30, 2010, by and among DOVER MOTORSPORTS, INC., a Delaware
corporation, DOVER INTERNATIONAL SPEEDWAY, INC., a Delaware corporation, GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION, an Illinois corporation, MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, a Tennessee corporation, NASHVILLE SPEEDWAY USA, INC., a
Tennessee corporation, and MIDWEST RACING, INC., a California corporation (collectively, “BORROWERS”); PNC BANK, NATIONAL ASSOCIATION, as agent (“AGENT”); PNC BANK, NATIONAL ASSOCIATION, in its capacity as issuer of letters of
credit (“ISSUING BANK”); and WILMINGTON TRUST COMPANY, PNC BANK, NATIONAL ASSOCIATION, and WILMINGTON SAVINGS FUND SOCIETY, FSB (collectively, “LENDERS”). 

RECITALS 
 The
BORROWERS, the AGENT, the ISSUING BANK and the LENDERS are parties to that certain Credit Agreement executed February 17, 2004 and effective as of February 19, 2004, as previously amended (“CREDIT AGREEMENT”), pursuant to which
the LENDERS and the ISSUING BANK are providing to the BORROWERS certain credit facilities (“CREDIT FACILITIES”). 

The BORROWERS’ repayment obligations in connection with the CREDIT FACILITIES are evidenced by: (a) the Third Amended and
Restated Revolving Loan Promissory Note in the stated principal amount of Forty-Four Million Three Hundred Twenty-One Thousand Four Hundred Twenty-Four Dollars ($44,321,424.00) from the BORROWERS to the order of Mercantile-Safe Deposit and Trust
Company effective as of August 21, 2009 (“PNC NOTE”); (b) the Second Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Fifteen Million Six Hundred Forty-Two Thousand Eight Hundred Fifty-Six
Dollars and Ten Cents ($15,642,856.10) from the BORROWERS to the order of Wilmington Trust Company effective as of August 21, 2009 (“WILMINGTON TRUST NOTE”); and (c) the Third Amended and Restated Revolving Loan Promissory Note
in the stated principal amount of Thirteen Million Thirty-Five Thousand Seven Hundred Nineteen Dollars and Fifty Cents ($13,035,719.50) from the BORROWERS to Wilmington Savings Fund Society, FSB effective as of August 21, 2009 (“WILMINGTON
SAVINGS NOTE”). 
 As used herein the term “LOAN DOCUMENTS” means collectively the CREDIT AGREEMENT, the PNC
NOTE, the WILMINGTON TRUST NOTE, the WILMINGTON SAVINGS NOTE and all other documents evidencing and securing the obligations in connection with the CREDIT FACILITIES. 

The BORROWERS have requested that the AGENT, the LENDER and the ISSUING BANK agree to modify certain financial covenants contained in the
CREDIT AGREEMENT and extend the maturity date of the CREDIT FACILITIES. The AGENT, the LENDER and the ISSUING BANK are willing to consent to the BORROWERS’ request subject to the terms contained in this AMENDMENT. 

NOW, THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows: 
 Section 1. Recitals. The parties acknowledge the accuracy of the
above recitals and hereby incorporate the recitals into this AMENDMENT. 
 Section 2. Amendment to Credit Agreement.
Effective as of the date of this AMENDMENT, the CREDIT AGREEMENT is hereby amended as follows: 
 a. Article
1. The definition of “ “APPLICABLE MARGIN” and “REVOLVING LOAN MATURITY DATE” contained in Article 1 of the CREDIT AGREEMENT are hereby amended by deleting their present language in their entirety and substituting in
lieu thereof the following: 

 Applicable Margin. The term “APPLICABLE MARGIN” means for
any BASE RATE BORROWING or LIBOR BORROWING on any date, the BASIS POINTS set forth below, as applicable, opposite the LEVERAGE RATIO shown on the last COMPLIANCE CERTIFICATE delivered by the BORROWERS to the AGENT pursuant to subsection 5.12.5 prior
to such date: 
  

							
	
LEVEL
	  	LEVERAGE RATIO	  	 BASE
RATE
 BORROWINGS
	  	LIBOR BORROWINGS
	
I
	  	Less than or equal to 2.5 to 1.0	  	200	  	300
	
II
	  	Greater than 2.5 to 1.0 but less than or equal to 3.0 to 1.0	  	250	  	350
	
III
	  	Greater than 3.0 to 1.0	  	300	  	400

Provided, however, that: (a) adjustments, if any, to the APPLICABLE MARGIN resulting from a change in the LEVERAGE
RATIO shall be effective five (5) BUSINESS DAYS after the AGENT has received a COMPLIANCE CERTIFICATE; (b) in the event that no COMPLIANCE CERTIFICATE has been delivered for a fiscal quarter prior to the last date on which it can be
delivered without violation of subsection 5.12.5, the APPLICABLE MARGIN from such date until such COMPLIANCE CERTIFICATE is actually delivered shall be that applicable under Level III; and (c) in the event that the actual LEVERAGE RATIO for any
fiscal quarter is subsequently determined to be greater than that set forth in the COMPLIANCE CERTIFICATE for such fiscal quarter, the APPLICABLE MARGIN shall be recalculated for the applicable period based upon such actual LEVERAGE RATIO.

 Revolving Loan Maturity Date. The term “REVOLVING LOAN MATURITY DATE” means January 1,
2012. 
 b. Section 2.12.a. Section 2.12.a of the CREDIT AGREEMENT is hereby amended by deleting
its present language in its entirety and substituting in lieu thereof the following: 
 a. Mandatory
Reductions. The amount of the TOTAL COMMITMENT shall be reduced as follows: (i) the NET AVAILABLE PROCEEDS from the MEMPHIS SALE shall be immediately paid to the AGENT to reduce the principal amount outstanding under the REVOLVING LOANS and
to permanently reduce the amount of the TOTAL COMMITMENT by an amount equal to the NET AVAILABLE PROCEEDS from the MEMPHIS SALE; (ii) the NET AVAILABLE PROCEEDS from any EXTRAORDINARY DISPOSITION shall be immediately paid to the AGENT to reduce
the principal amount outstanding under the REVOLVING LOANS and to permanently reduce the amount of the TOTAL COMMITMENT by an amount equal to the NET AVAILABLE PROCEEDS received in connection with such EXTRAORDINARY DISPOSITION; (iii) on
July 1, 2010 the amount of the TOTAL COMMITMENT shall be automatically reduced by Five Million Dollars ($5,000,000.00); (iv) on June 1, 2011 the amount of the TOTAL COMMITMENT shall be automatically reduced by Three Million Dollars
($3,000,000.00); and (v) on October 1, 2011 the amount of the TOTAL COMMITMENT shall be automatically reduced by Two Million Dollars ($2,000,000.00). 

c. Section 5.16. Section 5.16 of the CREDIT AGREEMENT is hereby amended by deleting its present language
in its entirety and substituting in lieu thereof the following: 

 Section 5.16. Leverage Ratio. The BORROWER shall maintain a LEVERAGE RATIO of
not more than: (a) 4.25 to 1.0 as of June 30, 2010; (b) 5.5 to 1.0 as of September 30, 2010; (c) 5.35 to 1.0 as of March 31, 2011; (d) 3.25 to 1.0 as of June 30, 2011; and (e) 3.0 to 1.0 as of
December 31, 2011, and as of the end of each fiscal quarter thereafter. 
 d. Section 5.18.
Section 5.18 of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 

Section 5.18. Tangible Net Worth. The BORROWERS shall maintain a CONSOLIDATED TANGIBLE NET WORTH of not
less than Forty-Five Million Dollars ($45,000,000.00) as of June 30, 2010 and as of the end of each fiscal quarter thereafter, provided that the amount of CONSOLIDATED TANGIBLE NET WORTH required to be maintained pursuant to this section shall
be increased as of December 31st of each year,
commencing with the FISCAL YEAR ending December 31, 2010, by an amount equal to twenty-five percent (25%) of the aggregate positive CONSOLIDATED NET INCOME of the BORROWERS for the FISCAL YEAR ending on such
December 31st, as evidenced by the BORROWERS’
audited financial statements for such FISCAL YEAR which are delivered to the AGENT pursuant to Section 5.12.2 hereof. There shall be no decrease in the amount of the acquired CONSOLIDATED TANGIBLE NET WORTH for any negative CONSOLIDATED NET
INCOME of the BORROWERS. 
 Section 3. Appraisal. Within ninety (90) days after the date of this AMENDMENT the
AGENT shall receive an appraisal of the enterprise value of Dover International Speedway, Inc. as a going concern. The BORROWERS shall take all action requested by the AGENT in connection with such appraisal and shall pay to the AGENT the cost of
such appraisal upon the demand of the AGENT. 
 Section 4. Other Terms. Except as specifically modified herein, all
other terms and provisions of the CREDIT AGREEMENT and all other documents evidencing, securing or otherwise documenting the terms and provisions of the credit facilities being provided by the LENDERS and the ISSUING BANK to the BORROWERS remain in
full force and effect and are hereby ratified and confirmed. All security interests and liens securing the BORROWERS’ obligations under the LOAN DOCUMENTS remain in full force and effect and are hereby ratified and confirmed. 

Section 5. Fees And Expenses. On the date of this AMENDMENT the BORROWERS shall pay to the AGENT, for the benefit of the
LENDERS, a fee in the amount of One Hundred Seventy Thousand Dollars ($170,000.00). In addition, the BORROWERS shall pay to the AGENT upon the request of the AGENT all fees and expenses in connection with the structuring, preparation and negotiation
of this AMENDMENT and of any documents executed in connection herewith. 
 Section 6. Choice of Law. The laws of the
State of Maryland (excluding, however, conflict of law principals) shall govern and be applied to determine all issues relating to this AMENDMENT and the rights and obligations of the parties hereto, including the validity, construction,
interpretation and enforceability of this AMENDMENT. 
 Section 7. Representations and Warranties. The BORROWERS
hereby make the representations and warranties set forth in Article 4 of the CREDIT AGREEMENT, in the same manner as provided in Section 2.1.b of the CREDIT AGREEMENT (regarding the confirmation of such representations and warranties upon the
making of any advances). 
 Section 8. Counterparts; Delivery by Telecopier. This AMENDMENT may be executed in
counterparts, and any counterpart delivered by telecopier or electronic transmission will be effective as an original. Any party delivering its counterpart of this AMENDMENT by telecopier or electronic transmission shall forthwith deliver the
original thereof by another method permitted under the CREDIT AGREEMENT for the delivery of notices; provided, that failure to do so shall not impair the effectiveness of the delivery by telecopier or electronic transmission. 

 IN WITNESS WHEREOF, the parties have executed this AMENDMENT with the specific intention of
creating a document under seal. 
  

			
	BORROWERS:
	
	 DOVER MOTORSPORTS, INC.,

	A Delaware Corporation
		
	By:	 	/S/ THOMAS G. WINTERMANTEL (SEAL)
		 	Name: Thomas G. Wintermantel
		 	Title: Treasurer & Asst. Secretary
	
	DOVER INTERNATIONAL SPEEDWAY, INC.,
	A Delaware Corporation
		
	By:	 	/S/ THOMAS G. WINTERMANTEL (SEAL)
		 	Name: Thomas G. Wintermantel
		 	Title: Treasurer & Asst. Secretary
	
	GATEWAY INTERNATIONAL
 MOTORSPORTS CORPORATION,

	An Illinois Corporation
		
	By:	 	/S/ THOMAS G. WINTERMANTEL (SEAL)
		 	Name: Thomas G. Wintermantel
		 	Title: Treasurer & Asst. Secretary
	
	MEMPHIS INTERNATIONAL MOTORSPORTS

CORPORATION,

	A Tennessee Corporation
		
	By:	 	/S/ THOMAS G. WINTERMANTEL (SEAL)
		 	Name: Thomas G. Wintermantel
		 	Title: Treasurer & Asst. Secretary
	
	NASHVILLE SPEEDWAY USA, INC.,
	A Tennessee Corporation
		
	By:	 	/S/ THOMAS G. WINTERMANTEL (SEAL)
		 	Name: Thomas G. Wintermantel
		 	Title: Treasurer & Asst.
Secretary

			
	MIDWEST RACING, INC.,
	 A California Corporation

		
	By:	 	/S/ THOMAS G. WINTERMANTEL (SEAL)
		 	Name: Thomas G. Wintermantel
		 	Title: Treasurer & Asst. Secretary
	
	AGENT:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/S/ TIMOTHY M. NAYLON (SEAL)
		 	Name: Timothy M. Naylon
		 	Title: Sr. Vice President
	
	LENDERS:
	
	WILMINGTON TRUST COMPANY
		
	By:	 	/S/ MICHAEL B. GAST (SEAL)
		 	Name: Michael B. Gast
		 	Title: Vice President
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/S/ TIMOTHY M. NAYLON (SEAL)
		 	Name: Timothy M. Naylon
		 	Title: Sr. Vice President
	
	WILMINGTON SAVINGS FUND SOCIETY,
	FSB
		
	By:	 	/S/ JAMES A. WALLS (SEAL)
		 	Name: James A. Walls
		 	Title: Vice President
	
	ISSUING BANK:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	/S/ TIMOTHY M. NAYLON (SEAL)
		 	Name: Timothy M. Naylon
		 	Title: Sr. Vice
PresidentIndependent Contractor Agreement

 Exhibit 10.1 

Amendment No. 2 

INDEPENDENT CONTRACTOR AGREEMENT 

This Amendment No. 2 to Independent Contractor Agreement (“Agreement”) is effective July 1, 2010 and is between GEOVIC Ltd.
(“Company” or “Geovic”) and Mineral Services, LLC, (“Contractor”) 142 Stratford Avenue, Garden City, New York 11530. The Company and the Contractor are in some places herein referred to individually as a Party and
collectively as the Parties. 
 WHEREAS: 
  

	 	A.	Contractor and Company entered into the Independent Contractor Agreement effective June 15, 2009 (“Original Agreement”), following approval by the Board
of Directors of Geovic Mining Corp.; 

  

	 	B.	The Compensation Committee of the Board of Directors approved the material terms of this Amendment No.1 in December 2009; 

 

	 	C.	The Parties intend that the Original Agreement shall be amended to change the compensation arrangements for the Contractor commencing October 2009, the beginning of the
third fiscal quarter of the Company as set forth herein, 

  

	 	D.	The parties intend to extend the term during which compensation at the rate described in Section 1.3.1 below is paid; and 

 

	 	E.	Except as set forth in this Agreement, all other terms and conditions of the Original Agreement shall remain in full force and effect. 

WHEREFORE, IT IS HEREBY AGREED as follows: 
 1.
Change in Compensation. Section 1.3 of the Original Agreement shall be further revised and amended to provide as follows: 
  

	 	1.3	The Geovic shall pay the Contractor (“Contractor Fees”) against delivery of an invoice by the Contractor containing such details of Services as the Geovic
shall reasonably request, as follows: 

  

	 	1.3.1	Fixed Fee. Twenty-eight Thousand US dollars ($28,000) per calendar quarter, payable calendar quarterly in arrears for all Services provided by Contractor
during the quarter; 

  

 1 

	 	1.3.2	Timeliness of Invoices. Invoices in reasonable detail shall be provided to Geovic within 20 days of each calendar quarter end shall be payable upon
receipt. 

  

	 	1.3.3	Unless extended by mutual agreement of the Parties, the quarterly compensation payable to Contractor under this Agreement shall revert to the rate payable under the
Original Agreement for calendar quarters commencing January 1, 2011. 

 2. No Other Changes. Except as set forth in
this Agreement, all other terms and conditions of the Original Agreement shall remain in full force and effect. 
 IN WITNESS WHEREOF,
the Parties hereto have executed the Agreement effective as of the date first above written. 
  

	
	 Geovic Ltd.,
 A
corporation organized under the laws of the Cayman Islands

	
	/S/
	 By: John E. Sherborne

Authorized officer

  

	
	 Mineral Services, LLC

Contractor

	
	/S/
	 By: Michael Mason

Authorized Member

 Tax I.D.
#                         
  

	
	/S/ Michael Mason
	Michael Mason, Individually

  

 2

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