Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO 

EXECUTIVE SEVERANCE AGREEMENT

 

THIS AMENDMENT NO. 1 is entered into
as of this 25th day of June, 2019 by and between Escalade, Incorporated, an Indiana corporation (the “Company”)
and David L. Fetherman (the “Executive”).

 

WHEREAS, the Company and Executive
entered into an Executive Severance Agreement dated as of June 9, 2016 (the “Agreement”); and

 

WHEREAS, the Company and Executive
desire to amend the Agreement as set forth herein;

 

NOW, THEREFORE, in consideration
of the premises and the agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which
the parties hereby acknowledge, the parties agree as follows:

 

1. Defined Terms. All capitalized
terms used herein but not defined herein shall have the same meaning as set forth in the Agreement.

 

2. Term of Agreement. The
parties hereby agree that Section 3 of the Agreement is hereby deleted and replaced in its entirety with the following new Section
3:

 

“3. Term of Agreement.
This Agreement began on June 9, 2016 and is currently in effect through December 31, 2020, unless extended as provided in this
Section 3. On December 31, 2020 or the anniversary date of any term thereafter (a “Renewal Date”), this Agreement will
expire unless the Company, upon approval of the Board, provides written notice to the Executive not later than one month prior
to such expiration that it has elected to extend this Agreement for an additional one-year period (e.g. if notice to extend is
given on or before November 30, 2020, then this Agreement will be extended through December 31, 2021; if no notice is given, then
this Agreement will terminate as of 11:59 p.m. on December 31, 2020). Notwithstanding anything contained herein to the contrary,
in the event that the Company chooses not to extend this Agreement and the Executive’s employment with the Company is terminated
by the Company without Cause or by the Executive for Good Reason on or prior to November 30 of the calendar year following the
end of the term of the Agreement as provided in this Section 3, then the Executive shall be entitled to receive payments as set
forth in Section 4(c) below. Notwithstanding the foregoing, (a) if a Change in Control of the Company occurs during the term of
this Agreement, then the term of this Agreement will be extended for 12 months beyond the end of the month in which any such Change
in Control occurs, or (b) if the Executive’s employment with the Company is terminated at any time prior to a Change in Control
of the Company but after the commencement of discussions with a third party relating to such a possible Change in Control which
Change of Control is consummated with that third party within 12 months after the date of the Executive’s termination of
employment with the Company, then (i) the term of this Agreement will be deemed to have continued in full force and effect through
the end of the month in which such Change in Control occurred, and (ii) the Executive shall be entitled to compensation under this
Agreement as provided herein as if this Agreement and Executive’s employment with the Company had terminated as of such month-end,
provided, however, that any Severance Benefits previously paid to the Executive shall be credited towards any additional amounts
due to the Executive upon such a Change of Control.”

 

     

     

    

 

3. Reaffirmation. Except for
the changes set forth in this Amendment No.1, the Agreement remains in full force and effect without modification.

 

4. Entire Agreement. The terms
and provisions of the Agreement, together with this Amendment, constitute the entire agreement among the parties and supersede
all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

5. Governing Law. This Amendment
and the Agreement shall be governed by and construed under the laws of the State of Indiana without regard to its conflict of law
provisions.

 

6. Counterparts. This Amendment
No. 1 may be signed in counterparts by the Company and Executive, all of which shall be considered one and the same agreement,
and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties. The parties
need not sign the same counterpart.

 

IN WITNESS WHEREOF, the parties have
executed this Amendment No. 1 to Executive Severance Agreement as of the date set forth above.

 

	 	COMPANY:	 
	 	 	 	 
	 	ESCALADE, INCORPORATED	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ WALTER P. GLAZER, JR.	 
	 	 	Walter P. Glazer, Jr.,	 
	  	 	Chairman of the Board of Directors	 

 

	 	EXECUTIVE:	 
	 	 	 
	 	 	 
	 	/s/ DAVID L. FETHERMAN	 
	 	David L. Fetherman	 

 

    2CONTRACT
NO: POUK/C2394

 

AMENDMENT
NO: 02

 

between

 

PREMIER
OIL UK LIMITED

 

and

 

OCEAN
POWER TECHNOLOGIES INC.

 

FOR
THE PROVISION OF INTELLIGENT MONITORING BUOY

 

    	 	 	 

     

    

 

Premier
Oil UK Limited

 

This
Amendment, dated 3rd June, 2019 is made between

 

Premier
Oil UK Limited, a company incorporated in Scotland (registered number SC048705) with its registered office at 4th Floor, Saltire
Court, 20 Castle Terrace, Edinburgh, EH1 2EN and its principal place of business at Upper Denburn House, Prime Four Business Park,
Kingswells Causeway, Kingswells, Aberdeen, AB15 8PU (the “COMPANY” as hereinafter defined)

 

AND

 

Ocean
Power Technologies Inc., a company incorporated in the State of Delaware, United States of America (Company Registration Number
is US Federal ID: 22-2535818 with its registered office at 28 Engelhard Drive, Monroe Township, New Jersey USA 08534 hereinafter
called the CONTRACTOR

 

WHEREAS

 

The
COMPANY and the CONTRACTOR entered into Contract No. POUK/C2394 (hereinafter referred to as the “CONTRACT”) whereby
the CONTRACTOR agreed to provide the COMPANY with the provision of Intelligent Monitoring Buoy and Support Services.

 

The
COMPANY and the CONTRACTOR now desire to enter into this Amendment No. 02 for the purpose of revising Exhibit 2 “CONTRACT
Milestones” to incorporate the agreed milestones and dates for completion of those Milestones.

 

NOW
THEREFORE IT IS AGREED AS FOLLOWS:

 

	 	1:	Notwithstanding the date hereof this Amendment
    No. 02 is effective 3rd June 2019
	 	2.	The Milestones and
    dates in Exhibit 2 of the CONTRACT are deleted and replaced as per attached.

 

Save
as specifically provided for herein, all other provisions of the CONTRACT shall remain unchanged by this Amendment.

 

    	POUK/C2394	Page 2 of 5	Date 03/06/2019
	 	 	 
	Approved for COMPANY	 	Approved for CONTRACTOR

     

    

 

Premier
Oil UK Limited

 

IN
WITNESS WHEREOF, each party hereto has caused this Amendment No. 02 to be executed by their duly authorised representatives as
of the dates shown below:

 

	For
    COMPANY:	 	For
    CONTRACTOR:
	 	 	 	 	 
	PREMIER
    OIL UK LIMITED	 	OCEAN
    POWER TECHNOLOGIES INC.
	 	 	 	 	 
	Signature:
    	/s/
    Calum Knowles	 	Signature:	/s/
    George Kirby
	Name:	Calum
    Knowles	 	Name:	George
    Kirby
	Title:	Senior
    Contracts Engineer	 	Title:	President
    & CEO 
	Date:	June
    3, 2019	 	Date:	June
    24, 2019

 

    	POUK/C2394	Page 3 of 5	Date 03/06/2019
	 	 	 
	Approved for COMPANY	 	Approved for CONTRACTOR

     

    

 

Premier
Oil UK Limited

 

ATTACHMENT
1

TO

AMENDMENT
NO. 02

 

 

 

 

 

    	POUK/C2394	Page 4 of 5	Date 03/06/2019
	 	 	 
	Approved for COMPANY	 	Approved for CONTRACTOR

     

    

 

Premier
Oil UK Limited

 

EXHIBIT
2

 

Exhibit
2

 

Contract Milestones

 

	Milestone	 	Date	 	 	 	Description
	Ml	 	No
    later than 19 July 2019	 	Delivery
    Date	 	PB3
    Delivered to Premier Oil Aberdeen nominated facility
	 	 	 	 	 	 	 
	M2	 	Ml+
    14 Days	 	Deemed
    “Fit for Purpose”	 	Completion
    of quayside payload re- assembly and Pre-Deployment Checklist. PB3 ready for load-out onto deployment vessel.
	 	 	 	 	 	 	 
	M3	 	—	 	Initial
    Trial Commencement	 	Completion
    of Offshore Commissioning of PB3
	 	 	 	 	 	 	 
	M4	 	M3
    + 90 Days	 	Initial
    Trial Completion	 	Completion
    of the first three-month rental period
	 	 	 	 	 	 	 
	M5	 	M4+
    180 Days	 	Six
    Month Option Completion	 	Completion
    of the remaining six- month rental of the cumulative nine-month Rental Period
	 	 	 	 	 	 	 
	M6*	 	MS+
    14 Days	 	Redelivery
    Date	 	PB3
    redelivered to Premier Oil Aberdeen nominated facility by Premier Oil at the conclusion of the Rental Period, subject to the
    term of the Rental Period. This date is intended to represent the end of the nine (9) month rental period.

 

Note:
Milestone M6 subject to adjustment pending extension of Rental Period

 

    	POUK/C2394	Page 5 of 5	Date 03/06/2019
	 	 	 
	Approved for COMPANY	 	Approved for CONTRACTORsamg-ex41_6.htm

Exhibit 4.1

 

EXECUTION VERSION

 

SIXTH AMENDMENT TO CREDIT AGREEMENT

This Sixth Amendment to Credit Agreement (this “Amendment”) is entered into as of June 20, 2019, by and among SILVERCREST ASSET MANAGEMENT GROUP LLC, a Delaware limited liability company (“Silvercrest”), SILVERCREST INVESTORS LLC, a Delaware limited liability company (“Silvercrest Investors”), SILVERCREST INVESTORS II LLC, a Delaware limited liability company (“Silvercrest Investors II”), SILVERCREST FINANCIAL SERVICES, INC., a New York corporation (“Silvercrest Financial”, and together with Silvercrest, Silvercrest Investors, and Silvercrest Investors II, each, a “Borrower”, and collectively, “Borrowers”), and CITY NATIONAL BANK, a national banking association (“Lender”).  

RECITALS

	
A.
	
Borrowers and Lender are parties to that certain Credit Agreement, dated as of June 24, 2013 (as heretofore amended, supplemented or otherwise modified, the “Credit Agreement”). 

	
B.
	
As of the date hereof, the aggregate principal amount of all Revolving Loans outstanding under the Credit Agreement is $0, the amount of Letter of Credit Usage is $585,667 and the aggregate principal amount of all Term Loans outstanding under the Credit Agreement is $0.  

	
C.
	
Borrowers have requested that the Credit Agreement be amended, and Lender is willing to agree to such amendment on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises and the other mutual covenants contained herein, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

	
1.
	
Definitions.  Capitalized terms used in this Amendment without definition shall have the meanings set forth in the Credit Agreement.

	
2.
	
Amendment to Credit Agreement.  The term “Revolving Credit Maturity Date” set forth in Section 1.1 of the Credit Agreement is hereby amended in its entirety to read as follows:

““Revolving Credit Maturity Date” means the earlier of (a) June 19, 2020 and (b) such earlier date on which the Obligations shall become due and payable in accordance with the terms of this Agreement and the other Loan Documents.”

	
3.
	
Costs and Expenses.  Borrowers shall pay to Lender the costs and expenses incurred by Lender in connection with this Amendment, including but not limited to, attorney’s fees and costs.  

 
 

 

	
4.
	
Amendment Fee.  In consideration of the agreements set forth herein, Borrowers shall pay to Lender an amendment fee in the amount of $7,500 (the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned as of the date of this Amendment.  The Amendment Fee shall be paid in full on the date of this Amendment.

	
5.
	
Conditions Precedent.  This Amendment shall become effective upon the fulfillment of all of the following conditions to Lender’s satisfaction:

	
 
	
(a)
	
Lender shall have received this Amendment duly executed by Borrowers.

	
 
	
(b)
	
Lender shall have received an Acknowledgment and Agreement of Guarantor and Obligor set forth at the end of this Amendment duly executed by the Person set forth in the signature page thereof.

	
 
	
(c)
	
Lender shall have received a certificate executed by a Responsible Officer of each Loan Party, dated as of the date of this Amendment, certifying as to (i) copies of the resolutions or the unanimous written consents of the board of directors or other governing body of such Loan Party approving the execution and delivery of this Amendment as being true, correct and complete copies thereof, (ii) the fact that the Governing Documents of such Loan Party that were previously certified and delivered to Lender continue to be in full force and effect and have not been amended or otherwise modified except as set forth in the certificate to be delivered, (iii) the officers and agents of such Loan Party who are authorized to sign on behalf of such Loan Party, and (iv) certificate of status with respect to such Loan Party, dated within thirty (30) days of this Amendment, issued by the appropriate officer of the jurisdiction of organization of such Loan Party, which certificate shall indicate that such Loan Party is in good standing in such jurisdiction. 

	
 
	
(d)
	
Lender shall have received the Amendment Fee.

	
 
	
(e)
	
The representations and warranties set forth herein shall be true and correct in all material respects.

	
 
	
(f)
	
All other documents and legal matters in connection with this Amendment shall be reasonably satisfactory in form and substance to Lender and its counsel.

	
6.
	
Reference to and Effect on the Loan Documents.

	
 
	
(a)
	
Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.  

2

DB2/ 36661847.7

 
 

 

	
 
	
(b)
	
The Credit Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of each Borrower to Lender without defense, offset, claim or contribution.

	
 
	
(c)
	
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

	
7.
	
Ratification.  Each Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in each Loan Document to which it is a party, in each case as amended hereby, effective as of the date hereof.

	
8.
	
Representations and Warranties.  Each Borrower represents and warrants as follows:

	
 
	
(a)
	
Requisite Power and Authorization.  Each Borrower has all requisite power to execute and deliver this Amendment.  The execution, delivery, and performance by each Borrower of this Amendment have been duly authorized by each Borrower and all necessary action in respect thereof has been taken, and the execution, delivery, and performance thereof do not require any consent or approval of any other Person that has not been obtained.  

	
 
	
(b)
	
Binding Agreement.  This Amendment, when executed and delivered by Borrowers, will constitute, the legal, valid, and binding obligations of Borrowers, enforceable against Borrowers in accordance with its terms, except as the enforceability hereof may be affected by: (a) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’ rights generally, and (b) the limitation of certain remedies by certain equitable principles of general applicability.

	
 
	
(c)
	
Representations and Warranties.  The representations and warranties contained in the Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality in the text thereof) on and as of the date of the date hereof as though made on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality in the text thereof) as of such earlier date.  

	
 
	
(d)
	
No Default.  Immediately after giving effect to the terms of this Amendment, no event has occurred and is continuing that constitutes an Unmatured Event of Default or Event of Default.

3

DB2/ 36661847.7

 
 

 

	
9.
	
Counterparts.  This Amendment may be executed in any number of counterparts (including by facsimile or “pdf”), and by the different parties hereto or thereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which, as applicable, together shall constitute one and the same agreement.  Transmission by facsimile or “pdf” file of an executed counterpart shall be deemed to constitute due and sufficient delivery of such counterpart.  Any party hereto may request an original counterpart of any party delivering such electronic counterpart.  

	
10.
	
Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN, AND SHALL BE SUBJECT TO THE DISPUTE RESOLUTION PROVISIONS OF, THE CREDIT AGREEMENT.

[Signatures follow]

 

4

DB2/ 36661847.7

 
 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first above written.

 

BORROWERS:  

SILVERCREST ASSET MANAGEMENT GROUP LLC,
a Delaware limited liability company

SILVERCREST INVESTORS LLC, 
a Delaware limited liability company 

SILVERCREST INVESTORS II LLC, 
a Delaware limited liability company

By:SILVERCREST L.P., 
a Delaware limited partnership, 
its Managing Member

 

By:SILVERCREST ASSET
MANAGEMENT GROUP INC., 
a Delaware corporation,
its General Partner

 

 

By: /s/ Scott Gerard

Name:Scott Gerard

Title:Chief Financial Officer

SILVERCREST FINANCIAL SERVICES, INC., a New York corporation

By:/s/ Scott Gerard
Name: Scott Gerard
Title:  Chief Financial Officer

 

 

 

[Sixth Amendment to Credit Agreement]

 

		
		
	
 
	
LENDER:

CITY NATIONAL BANK

By: /s/ Jennifer Velez
Name:Jennifer Velez
Title:Senior Vice President

 

[Sixth Amendment to Credit Agreement]

 

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR 
AND OBLIGOR

 

The undersigned, being a Guarantor pursuant to a General Continuing Guaranty, dated as of June 24, 2013 (the “Guaranty”), executed by the undersigned in favor of City National Bank (“Lender”), and an Obligor pursuant to an Intercompany Subordination Agreement, dated as of June 24, 2013 (the “Subordination Agreement”), hereby (i) acknowledges receipt of the foregoing Amendment; (ii) consents to the terms and execution, delivery and performance thereof; (iii) reaffirms all obligations to Lender pursuant to the terms of the Guaranty and Subordination Agreement; and (iv) acknowledges that Lender may amend, restate, extend, renew or otherwise modify the Loan Documents and any indebtedness or agreement of the Borrowers, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the obligations of the undersigned under the Guaranty or Subordination Agreement.

 

SILVERCREST L.P.,

a Delaware limited partnership

 

By:SILVERCREST ASSET MANAGEMENT 
GROUP INC., 
a Delaware corporation,
its General Partner

 

 

By:/s/ Scott Gerard

Name: Scott Gerard

Title: Chief Financial Officer

 

[Sixth Amendment to Credit Agreement]

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