Document:

Exhibit

Exhibit 10.1

THIRD AMENDMENT
TO
CREDIT AND SECURITY AGREEMENT
THIS THIRD AMENDMENT TO CREDIT AND SECURITY AGREEMENT, effective as of December 20, 2019 (this “Amendment”), is entered into by and between RED IRON ACCEPTANCE, LLC, a Delaware limited liability company (“Borrower”), and TCF INVENTORY FINANCE, INC., a Minnesota corporation (“Lender”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as hereinafter defined).
RECITALS
A.    Borrower and Lender are parties to that certain Credit and Security Agreement, dated as of August 12, 2009, as amended by the First Amendment to Credit and Security Agreement dated as of June 6, 2012 and the Second Amendment to Credit and Security Agreement dated as of November 29, 2016 (as so amended, the “Credit Agreement”).
B.    The parties hereto have agreed to amend the Credit Agreement as provided herein.
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:
AGREEMENT
1.Amendments.
(a)    Extension of Revolving Loan Maturity Date. The first sentence of Section 2.01(a) of the Credit Agreement is amended and restated to extend the Revolving Loan Maturity Date by two years (to end on October 31, 2026) as follows:
“Subject to the terms and conditions of this Agreement, Lender agrees to advance to Borrower from time to time during the period beginning on the Closing Date and ending on October 31, 2026, or such earlier date on which the LLC Term shall end (such date or such earlier date, if applicable, the “Revolving Loan Maturity Date”), such loans as Borrower may request under this Section 2.01 (individually, a “Revolving Loan”); provided, however, that the aggregate principal amount of all Revolving Loans outstanding at any time shall not exceed the Commitment at such time.”
(b)    Increase in Commitment. The reference to “$550,000,000” in Section 2.02(a) of the Credit Agreement is replaced with “$625,000,000.”

(c)    Increase in Revolving Loan Note. The first two sentences of Section 2.05(a) of the Credit Agreement are amended and restated to reflect the issuance of a new Revolving Loan Note in the amount of the increased Commitment, as follows:
“The obligation of Borrower to repay the Revolving Loans and to pay interest thereon at the rate provided herein shall be evidenced by a promissory note in the form agreed to by Lender (the “Revolving Loan Note”), which note shall be (i) in the face principal amount of $625,000,000, (ii) dated as of December 20, 2019, and (iii) otherwise appropriately completed. The Revolving Loan Note shall amend, restate, and replace in its entirety the original promissory note dated November 29, 2016 executed by the Borrower and payable to the order of the Lender in the face principal amount of $550,000,000 and is not intended to constitute a novation of the Borrower’s obligations thereunder.”
(d)    Definition of Lender. The definition of “Lender” in Schedule 1.01 to the Credit Agreement is amended and restated to correct the cross-reference to the preamble as follows:
“Lender” shall have the meaning given to that term in the preamble of this Agreement.”
(e)    Definition of LIBOR. The definition of “LIBOR” in Schedule 1.01 to the Credit Agreement is amended and restated as follows:
“LIBOR” shall mean the most recent 15 Business Day moving average of one-month interbank offered rates for dollar deposits in the London market, as reported to Lender by “The Bloomberg Financial Markets, Commodities and News,” a publicly available financial reporting service (“Bloomberg”). If Bloomberg no longer publishes such rates, Lender may, in its discretion, choose a similar successor publicly available financial reporting service.  If Lender determines (which determination shall be conclusive absent manifest error) that (A) adequate and reasonable means do not exist for ascertaining LIBOR, including, without limitation, because such rate is no longer published by Bloomberg or by any such successor, and such circumstances are unlikely to be temporary; or (B) that such rate is no longer an active base rate measure, then, reasonably promptly after such determination by Lender, Lender and Borrower will work together in good faith to amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar credit facilities for such alternative benchmarks, together with any changes to this Agreement advisable or appropriate to conform to such alternate benchmark rate. The substitute index determined as provided herein shall constitute “LIBOR” for all purposes under this Agreement. In addition, if LIBOR as determined without regard to this sentence would be less than 

2

0%, LIBOR shall be 0%. LIBOR for any month will be based on the reported one-month LIBOR rate for the most recent 15 Business Days preceding the 25th day of the immediately preceding month.”
(f)    Updated Notice Address. The notice address for each of Red Iron and for Fox Rothschild LLP in Section 8.01 of the Credit Agreement are amended and restated as follows:
Red Iron Acceptance, LLC
8111 Lyndale Avenue South
Bloomington, MN 55420
Attention: General Manager

Fox Rothschild LLP
Campbell Mithun Tower- Suite 2000
222 South Ninth Street
Minneapolis, MN  55402
Attention:  Christopher M. Scotti

2.    Amended and Restated Revolving Loan Note. Borrower will enter into a Second Amended and Restated Revolving Loan Note, dated as of the date of this Amendment (the “Second Amended and Restated Revolving Loan Note”). All references in any document or instrument to the Revolving Loan Note (other than the reference in Section 3.01(b) of the Credit Agreement, which will continue to refer to the promissory note issued on August 12, 2009) are hereby amended to refer to the Second Amended and Restated Revolving Loan Note.  Lender shall return to Borrower the original promissory note made by Borrower dated November 29, 2016, and the originals of all promissory notes predecessor thereto.
3.    Representations and Warranties. Borrower certifies to Lender that the representations and warranties of Borrower in Section IV of the Credit Agreement are true and correct in all respects as of the date of this Amendment.
4.    Affirmation of Credit Agreement; Further References. The parties hereto each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects, and all terms, conditions and provisions of the Credit Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement (including references in the Credit Agreement to the terms thereof) are hereby amended to refer to the Credit Agreement as amended through this Amendment.
5.    Entire Agreement. This Amendment, on and after the date hereof, contains all of the understandings and agreements of whatsoever kind and nature existing among the parties hereto with respect to this Amendment, the subject matter hereof, and the rights, interests, understandings, agreements and obligations of the parties hereto pertaining to the subject matter hereof with the effect that this Amendment shall control with respect to the specific subjects hereof.

3

6.    Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic mail in portable document format (.pdf) shall be as effective as delivery of a manually executed counterpart hereof.
[Signature Page Follows]

4

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written.
RED IRON ACCEPTANCE, LLC
By: /s/ Mark J. Wrend
Name: Mark J. Wrend
Its:  Manager
TCF INVENTORY FINANCE, INC.
By: /s/ Mark J. Wrend
Name: Mark J. Wrend
Its: Executive Vice President

(Signature Page to Third Amendment to Credit and Security Agreement)Exhibit 4.17

 

Description of Bio-Path Holdings,
Inc.’s Securities Registered under Section 12 of the Securities Exchange Act of 1934

 

We have one class of securities, our common
stock, registered under Section 12 of the Securities Exchange Act of 1934, as amended. Our common stock is listed for trading on
the Nasdaq Capital Market under the symbol “BPTH.” Our authorized capital stock consists of 200,000,000 shares of common
stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. The following description
of our common stock is a summary. It is not complete and is subject to and qualified in its entirety by our certificate of incorporation
and first amended and restated bylaws, each of which is filed as an exhibit to this Annual Report on Form 10-K and is incorporated
by reference herein.

 

Common Stock

 

Holders of common stock
are entitled to one vote for each share held in the election of directors and on all other matters submitted to a vote of stockholders.
Cumulative voting of shares of common stock is prohibited. Accordingly, holders of a majority of the shares of common stock entitled
to vote in any election of directors may elect all of the directors standing for election.

 

Subject to the prior
rights of the holders of any outstanding preferred stock, holders of common stock are entitled to receive dividends when, as and
if declared by our board of directors out of funds legally available therefor. Upon the liquidation, dissolution or winding up
of our company, the holders of common stock are entitled to receive ratably the assets of our company remaining after payment of
all liabilities and payment to holders of preferred stock if such preferred stock has an involuntary liquidation preference over
the common stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. The outstanding shares
of common stock are validly issued, fully paid and nonassessable.

 

Preferred Stock

 

Our board of directors
is authorized, without any further notice to or action of the stockholders, to issue up to 10,000,000 shares of preferred stock
in one or more series and to fix by resolution or resolutions the designations, powers, preferences and rights, and the qualifications,
limitations or restrictions thereof, of any wholly unissued series of our preferred stock, including without limitation authority
to fix by resolution or resolutions the dividend rights, dividend rate, conversion rights, voting rights, rights and terms of redemption
(including sinking fund provisions), redemption price or prices, and liquidation preferences of any such series, and the number
of shares constituting any such series and the designation thereof, or any of the foregoing. Our board of directors may cause shares
of preferred stock to be issued in public or private transactions for any proper corporate purposes, and such issuance could adversely
affect the voting rights of the holders of our common stock. The issuance of our preferred stock could also affect the likelihood
that the holders of common stock will receive dividends or distributions upon liquidation. In addition, the issuance of preferred
stock could have the effect of acting as an anti-takeover device to prevent a change in control of our company.

 

     

     

    

 

Limitation on Liability and Indemnification of Officers and
Directors

 

Our certificate of incorporation and first
amended and restated bylaws provide for indemnification of our officers and directors to the fullest extent permitted by Delaware
law. Our certificate of incorporation and first amended and restated bylaws limit the liability of our directors for monetary damages
to the fullest extent permitted by Delaware law. We maintain directors’ and officers’ liability insurance.

 

Anti-Takeover Effects of Provisions of Our Certificate of
Incorporation, Our Bylaws and Delaware Law

 

Some provisions of Delaware law and our
certificate of incorporation and our first amended and restated bylaws contain provisions that could have the effect of delaying,
deterring or preventing another party from acquiring or seeking to acquire control of us. These provisions are intended to discourage
certain types of coercive takeover practices and inadequate takeover bids and to encourage anyone seeking to acquire control of
us to negotiate first with our board of directors. However, these provisions may also delay, deter or prevent a change in control
or other takeover of our company that our stockholders might consider to be in their best interests, including transactions that
might result in a premium being paid over the market price of our common stock and also may limit the price that investors are
willing to pay in the future for our common stock. These provisions may also have the effect of preventing changes in our management.

 

Our certificate of incorporation and first
amended and restated bylaws include anti-takeover provisions that:

 

	 	•	
        authorize our board of directors, without further action
by the stockholders, to issue shares of preferred stock in one or more series, and with respect to each series, to fix the number
of shares constituting that series and establish the rights and other terms of that series; 

	 	 	 
	 	•	
        establish advance notice procedures for stockholders
to submit nominations of candidates for election to our board of directors and other proposals to be brought before a stockholders
meeting; 

	 	 	 
	 	•	
        provide that our first amended and restated bylaws
may be amended by our board of directors without stockholder approval; 

	 	 	 
	 	•	
        limit our stockholders’ ability to call special
meetings of stockholders; 

	 	 	 
	 	•	
        allow our directors to establish the size of the board
of directors by action of the board, subject to a minimum of three members; 

	 	 	 
	 	•	
        provide that vacancies on our board of directors or
newly created directorships resulting from an increase in the number of our directors may be filled only by a majority of directors
then in office, even though less than a quorum; and 

	 	 	 
	 	•	do not give the holders of our common stock cumulative voting rights with respect to the election of directors.

 

Business Combinations

 

Section 203 of the Delaware General Corporation
Law provides that we may not engage in certain “business combinations” with any “interested stockholder”
for a three-year period following the time that the person became an interested stockholder, unless:

 

	 	•	
        prior to the time that person became an interested
stockholder, our board of directors approved either the business combination or the transaction which resulted in the person becoming
an interested stockholder;

	 	 	 
	 	•	
        upon consummation of the transaction which resulted
in the person becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation
outstanding at the time the transaction commenced, excluding certain shares; or

	 	 	 
	 	•	
        at or subsequent to the time the person became an interested
stockholder, the business combination is approved by the board of directors and by the affirmative vote of at least 66 2/3% of
the outstanding voting stock which is not owned by the interested stockholder.

 

Generally, a business combination includes
a merger, consolidation, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder.
Subject to certain exceptions, an interested stockholder is a person who, together with that person’s affiliates and associates,
owns, or within the previous three years owned, 15% or more of our voting stock. The statute could prohibit or delay mergers or
other takeover or change in control attempts with respect to us and, accordingly, may discourage attempts to acquire us.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our
common stock is American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219. Its phone
number is (800) 937-5449.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]