Document:

ex_120208.htm

Exhibit 10.1

 

THIRTEENTH AMENDMENT TO

FINANCING AGREEMENT

 

THIS THIRTEENTH AMENDMENT TO FINANCING AGREEMENT (this “Amendment”), dated the 7th day of August, 2018, and becoming effective as described in Section 3.2 hereof, is made by and among:

 

CROWN CRAFTS, INC., a Delaware corporation (“CCI”);

 

HAMCO, INC., a Louisiana corporation (“Hamco”);

 

CAROUSEL DESIGNS, LLC (f/k/a Carousel Acquisition, LLC), a Delaware limited liability company (“Carousel”);

 

CROWN CRAFTS INFANT PRODUCTS, INC., a Delaware corporation (“CCIP”; together with CCI, Hamco and Carousel, the “Companies” and each a “Company”); and

 

THE CIT GROUP/COMMERCIAL SERVICES, INC., a New York corporation (“CIT”),

 

to the Financing Agreement, dated July 11, 2006 (as amended, modified, restated or supplemented from time to time, the “Financing Agreement”), among CIT and the Companies. All capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Financing Agreement.

 

RECITALS

 

A.     Pursuant to the Financing Agreement, CIT has agreed to make loans and extend credit to the Companies in the amounts, upon the terms and subject to the conditions contained therein.

 

B.     CIT and the Companies have agreed to make certain changes to the Financing Agreement pursuant to the terms and conditions of this Amendment.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the Companies and CIT hereby agree as follows:

 

 

 

 

ARTICLE I

 

AMENDMENTS TO FINANCING AGREEMENT

 

The Financing Agreement is hereby amended as follows:

 

(a)      Section 1.1 of the Financing Agreement is amended by deleting the defined term “Applicable Margin” in its entirety and the following is inserted in lieu thereof:

 

“Applicable Margin shall mean -0.5% for Chase Bank Rate Loans and 1.75% for LIBOR Loans.”

 

And

 

(b)      Section 1.1 of the Financing Agreement is amended by replacing the date “July 11, 2019” in the defined term “Termination Date” with the date “July 11, 2022” in lieu thereof.

 

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES

 

The Companies hereby represent and warrant to CIT that:

 

2.1     Compliance With the Financing Agreement. As of the execution of this Amendment, each Company is in compliance with all of the terms and provisions set forth in the Financing Agreement and the other Loan Documents to be observed or performed by such Company.

 

2.2     Representations in Financing Agreement. The representations and warranties of each Company set forth in the Financing Agreement and the other Loan Documents are true and correct in all material respects except to the extent that such representations and warranties relate solely to or are specifically expressed as of a particular date or period which is past or expired as of the date hereof.

 

2.3      No Event of Default. No Default or Event of Default exists.

 

ARTICLE III

 

CONDITIONS PRECEDENT

 

3.1     Loan Documents. The Financing Agreement and the other Loan Documents are amended to provide that any reference therein to the Financing Agreement shall mean, unless otherwise specifically provided, the Financing Agreement as amended hereby, and as further amended, restated, supplemented or modified from time to time.

 

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3.2      Conditions Precedent.

 

(a)      The amendments to the Financing Agreement contained in this Amendment shall become effective, and shall be deemed effective as of August 1, 2018 (the “Effective Time”), provided the following conditions precedent have been satisfied or waived by CIT:

 

(i)      CIT shall have received the following documents, each to be in form and content satisfactory to CIT and its counsel:

 

(x)     this Amendment, duly executed by the Companies; and

 

(y)     such other documents, instruments and agreements as CIT shall reasonably request in connection with the foregoing matters.

 

(ii)      There shall not have occurred any event, condition or state of facts which would reasonably be expected to have a Material Adverse Effect, as reasonably determined by CIT; and

 

(iii)     At the Effective Time and on the date hereof, no Default or Event of Default exists.

 

For the avoidance of doubt, it is understood and agreed that if the conditions precedent described in this Section 3.2 are not satisfied or waived by CIT as of the Effective Time, the amendments to the Financing Agreement contained in this Amendment shall be deemed to be null and void and of no further force and effect whatsoever.

 

ARTICLE IV

 

GENERAL

 

4.1     Full Force and Effect. As expressly amended hereby, the Financing Agreement and the other Loan Documents shall continue in full force and effect in accordance with the provisions thereof. As used in the Financing Agreement and the other Loan Documents, “hereinafter,” “hereto,” “hereof,” or words of similar import, shall, unless the context otherwise requires, mean the Financing Agreement or the other Loan Documents, as the case may be, as amended by this Amendment.

 

4.2     Applicable Law. This Amendment shall be governed by and construed in accordance with the internal laws and judicial decisions of the State of New York.

 

4.3     Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of this Agreement by telefacsimile or by electronic transmission in “pdf” or other imaging format shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by telefacsimile or electronic transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Agreement.

 

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4.4     Further Assurances. The Companies shall execute and deliver to CIT such documents, certificates and opinions as CIT may reasonably request to effect the amendments contemplated by this Amendment.

 

4.5     Headings. The headings of this Amendment are for the purpose of reference only and shall not effect the construction of this Amendment.

 

4.6     Expenses. The Companies shall reimburse CIT for CIT’s legal fees and expenses (whether in-house or outside) incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and all other agreements and documents contemplated hereby.

 

4.7    Waiver of Jury Trial.     TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH COMPANY AND CIT WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS AMENDMENT, THE FINANCING AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO.

 

[Signature page follows.]

 

4

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers on the day and year first above written.

 

	 	COMPANIES:
	 	 	 
	 	
			CROWN CRAFTS, INC.

			HAMCO, INC. 

			CAROUSEL DESIGNS, LLC

			CROWN CRAFTS INFANT PRODUCTS, INC.

			
	 	 	 
	 	 	 
	 	By:	/s/ Olivia Elliott
	 	 	
			Olivia Elliott

			CFO

			
	 	 	 
	 	 	 
	 	
			CIT:

			 

			THE CIT GROUP/COMMERCIAL SERVICES, INC.

			
	 	 	 
	 	 	 
	 	By: 	/s/ Michael G. Hudgens
	 	 	
			Michael G. Hudgens

			Managing Director

			

 

 

5sph-ex102_134.htm

 

Exhibit 10.2

 

FIFTH AMENDMENT

TO

SUBURBAN PROPANE RETIREMENT SAVINGS & INVESTMENT PLAN

 

Pursuant to Article XI of the Suburban Propane Retirement Savings & Investment Plan effective January 1, 2013, said Plan is amended as set forth herein effective as of April 1, 2018.

               FIRST:          Article V of the Plan is restated in its entirety, as attached hereto.

               SECOND:     In all other respects, the Plan is ratified and approved.

               IN WITNESS WHEREOF, the duly authorized Members of the Benefits Administration Committee have adopted this amendment this 15th day of May 2018.

 

	
/s/ DANIEL S. BLOOMSTEIN
	
 
	
/s/ STEVEN C. BOYD

	
Daniel S. Bloomstein
	
 
	
Steven C. Boyd

	
 
	
 
	
 

	
 
	
 
	
 

	
/s/ A. DAVIN D’AMBROSIO
	
 
	
/s/ MICHAEL A. KUGLIN

	
A. Davin D’Ambrosio
	
 
	
Michael A. Kuglin

	
 
	
 
	
 

	
 
	
 
	
 

	
/s/ SANDRA N. ZWICKEL
	
 
	
 

	
Sandra N. Zwickel
	
 
	
 

 

 

 

 

ARTICLE V ‐ BENEFITS

5.01 Retirement Benefits:

	
 
	
(a)
	
 Normal Retirement:  A Participant is entitled to receive his Normal Retirement Benefit as of his Normal Retirement Date.

	
 
	
(i)
	
Normal Retirement Date shall mean the later of the date on which the Participant attains age 65 or the 5th anniversary of his Date of Participation.

	
 
	
(ii)
	
Normal Retirement Benefit shall mean the entire balance of the Participant’s account, valued in accordance with the provisions of Section 5.05, and distributed in accordance with the provisions of Articles VI and VII of the Plan.

	
 
	
(b)
	
Late Retirement:  A Participant whose employment continues beyond his Normal Retirement Date shall continue to participate in this Plan until his actual retirement and is entitled to receive, as his Late Retirement Benefit, the entire balance remaining in his account, valued in accordance with the provisions of Section 5.05, and distributed in accordance with the provisions of Articles VI and VII of the Plan.

(c)Early Retirement:  No Early Retirement Benefit is provided under the terms of this Plan.

5.02  RESERVED

5.03  Death Benefit:  Upon the death of a Participant prior to his separation from service with the Employer (including while on a leave of absence for Qualified Military Service, in accordance with Section 12.04), the entire balance of his account, valued in accordance with the provisions of Section 5.05, shall be distributable, as a Death Benefit, as soon as administratively feasible and in accordance with the provisions of Articles VII of the Plan.

5.04  Deferred Vested Benefit:  The Vested Portion of a Participant’s Accounts shall be 100% at all times, such that he shall be entitled to the entire balance in his account, valued in accordance with the provisions of Section 5.05, if his participation ceases for any reason whatsoever. Distribution of such deferred vested benefit shall be made in accordance with the provisions of Articles VI and VII.

5.05 Valuation Date:  The assets of the Plan shall be valued as of each day on which the New York Stock Exchange is open for trading.  For purposes of distribution, the value of a Participant’s account shall be determined as of the valuation date coincident with or immediately preceding the date on which (a) the Participant or other payee becomes entitled to distribution by virtue of the occurrence of a distributable event, (b) consent of the Participant or other payee is provided (if such consent is required), and (c) the Participant or other payee completes and submits all required distribution election forms, if any, which date shall be referred to as the “benefit entitlement date.”  

5.06  “Year of Vested Service”:  A Participant shall be credited with a Year of Vested Service, for purposes of Section 5.04, for any Plan Year, or any comparable twelve-month period prior to the Effective Date of the Plan, during which he has been credited with an Hour of Service.

5.07  Forfeiture for Cause:  No vested benefit under this Plan shall be subject to forfeiture for cause.

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5.08  In-Service Withdrawals:  Any Participant may make withdrawals, at any time and without regard to termination of employment with the Employer, from his Employer Contribution Account, and Voluntary Nondeductible Contribution Account, or from amounts transferred to this Plan from a prior plan or by rollover pursuant to Article XIII. Any Participant who has attained age 59-1/2 may make withdrawals from any or all of his Accounts prior to his termination of employment with the Employer; provided, however, that such withdrawals shall be made from the following sources in the following order: (a) amounts transferred to this Plan from a prior plan or by rollover pursuant to Article XIII, (b) Voluntary Nondeductible Contribution Account, (c) Employer Contribution Account and/or Employer Matching Contribution Account, and (d) Elective Deferral Contribution Account.

5.09  Qualified Reservist Distribution:  Effective as of January 1, 2011, any Participant, regardless of age, who is a member of the reserves and who is ordered or called to active duty for a period in excess of 179 days or for an indefinite period may withdraw all or any portion of his Elective Deferral Contribution Account, provided that such withdrawal is made during the period beginning on the date of such order or call to active duty and ending at the close of the active duty period.

 

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