Document:

ex_130811.htm

Exhibit 10.1

 

FORM OF INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (the “Agreement”) is entered into as of November 27, 2018 by and between MedAmerica Properties Inc., a Delaware corporation (the “Company”), and [Officer/Director] (the “Indemnitee”) and replaces any and all Indemnification Agreements previously entered into between the parties.

 

WHEREAS, competent and experienced persons are becoming increasingly reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through liability insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to the corporation;

 

WHEREAS, the board of directors of the Company (the “Board”) has determined that the inability to attract and retain such persons is detrimental to the best interests of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, Section 145 of the Delaware General Corporation Law (the “DGCL”) empowers the Company to indemnify its officers, directors, employees and agents by agreement and to indemnify persons who serve, at the request of the Company, as directors, officers, employees or agents of other corporations or enterprises;

 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

 

WHEREAS, the Indemnitee is willing to serve as an officer and director of the Company on the condition that he be so indemnified.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Company and the Indemnitee do hereby covenant and agree as follows:

 

1.     Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)     “Beneficial Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Exchange Act, as defined below.

 

(b)     “Change of Control” means the occurrence after the date of this Agreement of any of the following events:

 

(i)     any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the Company’s then outstanding voting securities unless the change in relative Beneficial Ownership of the Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

 

 

 

 

(ii)     the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the voting securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the entity resulting from such transaction;

 

(iii)     during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

 

(iv)     the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

 

(c)     “Claim” means:

 

(i)     any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

 

(ii)     any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

 

(d)     “Delaware Court” shall have the meaning ascribed to it in Section 9(e) below.

 

(e)     “Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by the Indemnitee.

 

2

 

 

(f)     “Expenses” means any and all expenses, including attorneys’ and experts’ fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only, Expenses incurred by the Indemnitee in connection with the interpretation, enforcement or defense of the Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against the Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which the Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit or declaration of the Indemnitee's counsel as being reasonable shall be presumed conclusively to be reasonable.

 

(g)     “Exchange Act” means the Securities Exchange Act of 1934.

 

(h)     “Expense Advance” means any payment of Expenses advanced to the Indemnitee by the Company pursuant to Section 4 or Section 5 hereof.

 

(i)     “Indemnifiable Event” means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that the Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, “Enterprise”) or by reason of an action or inaction by the Indemnitee in any such capacity (whether or not serving in such capacity at the time any the Loss is incurred for which indemnification can be provided under this Agreement).

 

(j)     “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or the Indemnitee (other than in connection with matters concerning the Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee's rights under this Agreement.

 

(k)     “Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

 

3

 

 

(l)     “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

 

(m)     “Standard of Conduct Determination” shall have the meaning ascribed to it in Section 9(b) below.

 

2.     Agreement to Serve. The Indemnitee agrees to serve as an officer or director of the Company for so long as the Indemnitee is duly elected or appointed or until the Indemnitee tenders his resignation. This Agreement shall not be deemed an employment agreement between the Company (or any of its subsidiaries or Enterprise) and the Indemnitee. This Agreement shall continue in force after the Indemnitee has ceased to serve as an officer or director of the Company or, at the request of the Company, of any of its subsidiaries or Enterprise, as provided in Section 12 hereof.

 

3.     Indemnification. Subject to Section 9 and Section 10 of this Agreement, the Company shall indemnify the Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if the Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

 

4.     Advancement of Expenses. The Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by the Indemnitee in connection with any Claim arising out of an Indemnifiable Event. The Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 20 days after any request by the Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of the Indemnitee, (b) advance to the Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse the Indemnitee for such Expenses. If requested by a law firm or other professional representing the Indemnitee, the Company shall pay such firm(s) a reasonable retainer. In connection with any request for Expense Advances, the Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize the attorney-client privilege. In connection with any request for Expense Advances, the Indemnitee shall execute and deliver to the Company an undertaking (which shall be accepted without reference to the Indemnitee’s ability to repay the Expense Advances) to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that the Indemnitee is not entitled to indemnification hereunder. The Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

 

4

 

 

5.     Indemnification for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by the Indemnitee, shall advance to the Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by the Indemnitee in connection with any action or proceeding by the Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Certificate of Incorporation or Bylaws now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Company regardless of whether the Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be. However, in the event that the Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid. The Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by the Indemnitee was frivolous or not made in good faith.

 

6.     Partial Indemnity. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion thereof to which the Indemnitee is entitled.

 

7.     Notification and Defense of Claims.

 

(a)     Notification of Claims. The Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which the Indemnitee could seek Expense Advances, including a brief description (based upon information then available to the Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by the Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder except to the extent that the Company has been damaged by such delay. The Company shall not be liable to indemnify the Indemnitee under this Agreement with respect to any judicial award in a Claim related to an Indemnifiable Event if the Company was not given a reasonable and timely opportunity to participate at its expense in the defense of such action. If at the time of the receipt of such notice, the Company has directors’ and officers’ liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies.

 

5

 

 

(b)     Defense of Claims. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to the Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by the Indemnitee in connection with the Indemnitee’s defense of such Claim other than reasonable costs of investigation or as otherwise provided below. The Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at the Indemnitee’s own expense; provided, however, that if (i) the Indemnitee’s employment of its own legal counsel has been authorized by the Company, (ii) the Company’s counsel has reasonably determined that there may be a conflict of interest between the Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, the Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then the Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

 

8.     Procedure upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, the Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification following the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines the Indemnitee is entitled to indemnification in accordance with Section 9 below.

 

9.     Determination of Right to Indemnification.

 

(a)     Mandatory Indemnification; Indemnification as a Witness. 

 

(i)     To the extent that the Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, the Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

(ii)     To the extent that the Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in Section 9(b)) shall be required.

 

6

 

 

(b)     Standard of Conduct. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether the Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of the Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of Conduct Determination”) shall be made as follows:

 

(i)     if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

 

(ii)     if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

 

The Company shall indemnify and hold harmless the Indemnitee against and, if requested by the Indemnitee, shall reimburse the Indemnitee for, or advance to the Indemnitee, within 20 days of such request, any and all Expenses incurred by the Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination.

 

(c)     Making the Standard of Conduct Determination. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination Section 9(b) shall not have made a determination within 30 days after the later of (A) receipt by the Company of a written request from the Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then the Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of the Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim. For avoidance of doubt, this does not affect the Indemnitee’s right to Expense Advances under Section 4.

 

(d)     Payment of Indemnification. If, in regard to any Losses:

 

(i)     The Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

 

(ii)     no Standard Conduct Determination is legally required as a condition to indemnification of the Indemnitee hereunder; or

 

7

 

 

(iii)     the Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) have satisfied the Standard of Conduct Determination,

 

then the Company shall pay to the Indemnitee, within five days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

 

(e)     Selection of Independent Counsel for Standard of Conduct Determination. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(i)(C), the Independent Counsel shall be selected by the Board of Directors, and the Company shall give written notice to the Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii)(B), the Independent Counsel shall be selected by the Indemnitee, and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, the Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” in Section 1(i), and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within 20 days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or the Indemnitee gives its initial notice pursuant to the second sentence of this Section 9(e) as the case may be, either the Company or the Indemnitee may petition the Court of Chancery of the State of Delaware (“Delaware Court”) to resolve any objection which shall have been made by the Company or the Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Court or such other person as the Court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b).

 

8

 

 

(f)     Presumptions and Defenses. 

 

(i)     The Indemnitee’s Entitlement to Indemnification. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that the Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that the Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to the Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that the Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by the Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that the Indemnitee has not met any applicable standard of conduct.

 

(ii)     Reliance as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, the Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if the Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters the Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to indemnity hereunder.

 

(iii)     No Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that the Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

 

(iv)     Defense to Indemnification and Burden of Proof. It shall be a defense to any action brought by the Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

 

9

 

 

(v)     Resolution of Claims. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which the Indemnitee is a party is resolved in any manner other than by adverse judgment against the Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that the Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

 

10.     Exclusions from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

 

(a)     indemnify or advance funds to the Indemnitee for Expenses or Losses with respect to proceedings initiated by the Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

 

(i)     proceedings referenced in Section 5 above (unless a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous); or

 

(ii)     where the Company has joined in or the Board has consented to the initiation of such proceedings.

 

(b)     indemnify the Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law.

 

(c)     indemnify the Indemnitee for the disgorgement of profits arising from the purchase or sale by the Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

 

(d)     indemnify or advance funds to the Indemnitee for the Indemnitee’s reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by the Indemnitee or payment of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

 

10

 

 

11.     Settlement of Claims. The Company shall not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent, which shall not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee or subject the Indemnitee to any equitable relief without the Indemnitee’s prior written consent.

 

12.     Duration. All agreements and obligations of the Company contained herein shall continue during the period that the Indemnitee is an officer or director of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as the Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by the Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

 

13.     Non-Exclusivity. The rights of the Indemnitee hereunder will be in addition to any other rights the Indemnitee may have under the Certificate of Incorporation or Bylaws, the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent that the Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, the Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, the Indemnitee will be deemed to have such greater right hereunder.

 

14.     Liability Insurance. For the duration of the Indemnitee’s service as an officer or director for the Company, and thereafter for so long as the Indemnitee shall be subject to any pending Claim relating to an Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to obtain or continue to maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’ liability insurance.. In all policies of directors’ and officers’ liability insurance maintained by the Company, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if the Indemnitee is a director, or of the Company’s officers, if the Indemnitee is an officer (and not a director) by such policy. Upon request, the Company will provide to the Indemnitee copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.

 

11

 

 

15.     No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment to the Indemnitee in respect of any Losses to the extent the Indemnitee has otherwise received payment under any insurance policy, the Certificate of Incorporation and Bylaws, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

 

16.     Subrogation. In the event of payment to the Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee. The Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

17.     Amendments. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

 

18.     Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substances satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

19.     Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

12

 

 

20.     Notices. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered to the addressees in person, by Federal Express or similar overnight next business day delivery, or by email delivery followed by overnight next business day delivery, as follows:

 

To the Company:     MedAmerica Properties Inc.

Boca Center, Tower I

5200 Town Center Circle,

Suite 550, Boca Raton,

Florida 33486

Attn: Joseph C. Bencivenga

Title: President and Chief Executive Officer

Email: joe.bencivenga@medamericaproperties.com

 

With a Copy to:        Nason Yeager Gerson White & Lioce, P.A.

3001 PGA Boulevard, Suite 305

Palm Beach Gardens, FL 33410

Attention: Michael D. Harris, Esq.

Email: mharris@nasonyeager.com

 

To the Indemnitee:  To the address set forth on the signature page hereto.

 

or to such other address as any of them, by notice to the other may designate from time to time. Time shall be counted from the date of transmission.

 

21.     Governing Law and Forum. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the state or federal courts located in the State of Delaware and not in any other state or federal court in the United States, (b) consent to submit to the exclusive jurisdiction of the such courts for purposes of any action or proceeding arising out of or in connection with this Agreement.

 

22.     Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

 

23.     Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

 

[Signature page follows]

 

13

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	MEDAMERICA PROPERTIES INC.
	 	 
	 	 
	 	 
	 	
			By: /s/ Gary O. Marino

			       Gary O. Marino, Chairman

			
	 	 
	 	 
	 	
			THE INDEMNITEE

			
	 	
			 

			 

			__________________________

			          [Name]

			 

			Address: ___________________

			                ____________________

			

 

14Exhibit 10.1

    

    

    

    Execution Version

    

    

    NINTH AMENDMENT TO CREDIT AGREEMENT

    

    

    THIS NINTH AMENDMENT TO CREDIT AGREEMENT (this
        “Ninth Amendment”), dated as of November 28, 2018, is by and among NEW MEDIA HOLDINGS I
          LLC, a Delaware limited liability company (“Holdings”), NEW MEDIA HOLDINGS II
          LLC, a Delaware limited liability company (the “Borrower”), certain Subsidiaries of Holdings party hereto (together with Holdings, collectively, the “Guarantors”), the several banks and other financial institutions or entities party hereto (the “Incremental
            Term Lenders”) and CITIZENS BANK OF PENNSYLVANIA, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter
        defined) (in such capacity, the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the
        Credit Agreement.

    

    

    

    

    W I T N E S S E T H

    

    

    WHEREAS, the Borrower, Holdings, certain banks
        and financial institutions from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain credit agreement dated as of June 4,
        2014 (as previously amended or modified pursuant to that certain letter agreement dated as of July 17, 2014, that certain First Amendment dated as of September 3, 2014, that certain Second Amendment dated as of November 20, 2014, that certain Third
        Amendment dated as of January 9, 2015, that certain Fourth Amendment dated as of February 13, 2015, that certain Fifth Amendment dated as of March 6, 2015, that certain Sixth Amendment dated as of May 29, 2015, that certain Seventh Amendment dated
        as of July 14, 2017 and that certain Eighth Amendment dated as of February 16, 2018 and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”);

    

    

    WHEREAS, pursuant to Section 2.24(a) of the
        Credit Agreement, the Borrower has notified the Administrative Agent that it is requesting (i) a Term Loan Increase in an aggregate principal amount of $30,000,000 (the

        “Ninth Amendment Incremental Term Loan”) on the terms set forth in this Ninth Amendment and (ii) that the Administrative Agent and the Incremental Term Lenders amend the
        Credit Agreement to effect such amendments as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the Ninth Amendment Incremental Term Loan;

    

    

    WHEREAS, the Incremental Term Lenders are
        willing to provide the Ninth Amendment Incremental Term Loan and to make such amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth 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:

    

    

    
      
        

    

    
    ARTICLE I

        AMENDMENT AND INCREMENTAL TERM LOANS

    

    

    1.1          Ninth Amendment.  This Ninth Amendment constitutes an “Incremental Amendment” pursuant to Section 2.24 of the Credit Agreement.

    

    

    1.2        Amendments to Credit Agreement.  From and after the Ninth Amendment Effective Date (as
        hereinafter defined), the Credit Agreement is amended pursuant to this Ninth Amendment to make the amendments set forth in Annex A to this Ninth Amendment.

    

    

    1.3         Amendments to Schedule 2.1.  From and after the Ninth Amendment Effective Date, Schedule
        2.1 to the Credit Agreement is hereby amended and supplemented to add the information set forth on the Supplement to Schedule 2.1 attached as Annex B to this Ninth
        Amendment to reflect amendments pursuant to this Ninth Amendment.  All other Schedules to the Credit Agreement shall not be modified or otherwise affected.

    

    

    1.4         Ninth Amendment Incremental Term Loans.  Each Incremental Term Lender hereby agrees,
        severally and not jointly, to provide the Ninth Amendment Incremental Term Loans in the form of a Term Loan Increase (which shall be of the same Class as, and fungible with, the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans
        and the Eighth Amendment Incremental Term Loans and shall have identical terms as the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans and the Eighth Amendment Incremental Term Loans) in an aggregate principal amount of
        $30,000,000 to the Borrower on the Ninth Amendment Effective Date (as hereinafter defined), on the terms and conditions set forth herein and in the Credit
        Agreement (as amended by this Amendment).

    

    

    1.5         Credit Agreement Governs.  Except as set forth in this Ninth Amendment and in the Credit
        Agreement (as amended by this Amendment), the Ninth Amendment Incremental Term Loans shall be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan Parties or any provisions regarding
        the rights of the Lenders, of the Credit Agreement and the other Loan Documents.

    

    

    ARTICLE II

    INTEREST PERIODS

    

    

    In connection with this Ninth Amendment, the Interest Periods applicable to the Seventh Amendment Extended Term Loans, the 2017
        Incremental Term Loans and the Eighth Amendment Incremental Term Loans shall be reset as necessary to cause the Interest Periods applicable to the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans and the Eighth Amendment
        Incremental Term Loans to be identical to the Interest Periods applicable to the Ninth Amendment Incremental Term Loans funded on the Ninth Amendment Effective Date.  The Borrower shall be responsible for any costs arising under Section 2.19 of the
        Credit Agreement resulting from such action.

    

    

    
      2

      
        

    

    ARTICLE III

    CONDITIONS TO EFFECTIVENESS

    

    

    3.1          Closing Conditions.  This Ninth Amendment shall become effective as of the day and year
        set forth above (the “Ninth Amendment Effective Date”) upon satisfaction (or waiver) of the following conditions (in each case, in form and substance reasonably acceptable
        to the Administrative Agent):

    

    

    (a)         Executed Ninth Amendment.  The Administrative Agent shall have received a copy of this Ninth Amendment duly executed by each of the Loan Parties, the Administrative Agent and the Incremental Term
        Lenders.

    

    

    (b)         Ninth Amendment Incremental Term Loan Conditions.  The conditions set forth in Section 2.24(d) of the Credit Agreement shall have been satisfied.

    

    

    
      
        	

              	(c)	
                Fees and Expenses.

              

      

    

    

    

    (i)          The Borrower shall have paid, or
        cause to be paid, or shall have arranged for such payment in a manner reasonably satisfactory to the Administrative Agent, all fees due and payable on the Ninth Amendment Effective Date pursuant to the terms of that certain Engagement Letter, dated
        as of November 14, 2018, by and among the Borrower, the Administrative Agent, and Citizens Bank, N.A., as lead arranger.

    

    

    (ii)         The Administrative Agent shall
        have received from the Borrower such other fees and expenses that are due and payable in connection with the consummation of the transactions contemplated hereby and King & Spalding
          LLP shall have received from the Borrower payment of all outstanding fees and expenses previously incurred and all fees and expenses incurred in connection with this Ninth Amendment.

    

    

    (d)          Closing Certificates.  The Administrative Agent shall have received for each Loan Party a certificate (which may be in the form of an omnibus certificate) (A) certifying that the articles of
        incorporation or other organizational documents, as applicable, of each Loan Party that were delivered on the Closing Date (or later date, as applicable) remain true and complete as of the Ninth Amendment Effective Date (or certified updates as
        applicable), (B) certifying that the bylaws, operating agreements or partnership agreements of each Loan Party that were delivered on the Closing Date (or later date, as applicable) remain true and correct and in force and effect as of the Ninth
        Amendment Effective Date (or certified updates as applicable), (C) attaching copies of the resolutions of the board of directors or comparable managing body of each Loan Party approving and adopting this Ninth Amendment, the transactions
        contemplated herein and authorizing execution and delivery hereof, and certifying such resolutions to be true and correct and in force and effect as of the Ninth Amendment Effective Date and (D) certifying that each officer listed in the incumbency
        certification contained in each

      

    

    

    
      3

      
        

    

    

      Loan Party’s secretary’s certificate, delivered on the Closing Date (or later date, as applicable) remains duly authorized to execute and deliver on behalf of such Loan Party the Ninth
        Amendment or attaching a new incumbency certificate for each officer signing this Ninth Amendment.

     

      

    (e)         Legal Opinion.  The Administrative Agent shall have received an opinion from Cleary Gottlieb Steen and Hamilton LLP, New York counsel for the Loan Parties, dated the Ninth Amendment Effective Date
        and addressed to the Administrative Agent and the Lenders which shall be in form and substance reasonably satisfactory to the Administrative Agent.

    

    

    (f)          Good Standings.  The Administrative Agent shall have received for each Loan Party customary certificates of good standing, existence or its equivalent with respect to such Loan Party in its state of
        incorporation or organization, as applicable.

    

    

    ARTICLE IV

        MISCELLANEOUS

    

    

    4.1         Amended Terms.  On and after the Ninth Amendment Effective Date, all references to the
        Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Ninth 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.

    

    

    4.2         Representations and Warranties of the Loan Parties.  The Loan Parties hereby represent and
        warrant that (a) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents is true and correct in all material respects on and as of the Ninth Amendment Effective Date as if made on and as of such date,
        except to the extent that any such representation and warranty specifically relates to an earlier date, in which case such representation and warranty was true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to any representation and warranty that is already qualified or modified by materiality in the
        text thereof and (b) no Default or Event of Default has occurred and is continuing on the Ninth Amendment Effective Date or after giving effect to this Ninth Amendment.

    

    

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

    

    

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

    

    

    4.5         Expenses.  The Borrower agrees to pay all reasonable and documented out-of-pocket costs and
        expenses of the Administrative Agent in connection with the preparation,

      

    

    

    
      4

      
        

    

    

      execution and delivery of this Ninth Amendment, including without limitation the reasonable and documented fees and expenses of the Administrative Agent’s legal counsel.

     

      

    4.6         Further Assurances.  The Loan Parties agree to promptly take such action, upon the
        reasonable request of the Administrative Agent, as is necessary to carry out the intent of this Ninth Amendment.

    

    

    4.7          Entirety.  This Ninth 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.

    

    

    4.8         Counterparts; Telecopy.  This Ninth 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 Ninth Amendment by telecopy or other electronic means shall
        be effective as an original and shall constitute a representation that an original will be delivered.

    

    

    4.9         GOVERNING LAW.  THIS NINTH AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

    

    

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

    

    

    4.11        Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction,
        service of process and waiver of jury trial provisions set forth in Sections 9.12 and 9.18 of the Credit Agreement are hereby incorporated by reference, mutatis
          mutandis.

    

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    

    

    
      5

      
        

    

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

    

    

    	
            BORROWER:

          	
            NEW MEDIA HOLDINGS II LLC

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Gregory W. Freiberg

          
	 	
            Name:

          	
            Gregory W. Freiberg

          
	 	
            Title:

          	
            Chief Financial Officer

          
	 	 	 
	
            GUARANTORS:

          	
            NEW MEDIA HOLDINGS I LLC

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Gregory W. Freiberg

          
	 	
            Name:

          	
            Gregory W. Freiberg

          
	 	
            Title:

          	
            Chief Financial Officer

          
	 	 	 
	 	
            LOCAL MEDIA GROUP HOLDINGS LLC

          
	 	
            LOCAL MEDIA GROUP, INC.

          
	 	
            SEACOAST NEWSPAPERS, INC.

          
	 	
            LMG MASSACHUSETTS, INC.

          
	 	
            THE INQUIRER AND MIRROR, INC.

          
	 	
            THE MAIL TRIBUNE, INC.

          
	 	
            LMG NATIONAL PUBLISHING, INC.

          
	 	
            THE NICKEL OF MEDFORD, INC.

          
	 	
            LMG STOCKTON, INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Gregory W. Freiberg

          
	 	
            Name:

          	
            Gregory W. Freiberg

          
	 	
            Title:

          	
            Chief Financial Officer

          

    

    

    

    

    

    

    

    

    NEW MEDIA HOLDINGS II LLC

    NINTH AMENDMENT TO CREDIT AGREEMENT

    
      
        

    

    

    

    	
            COPLEY OHIO NEWSPAPERS, INC.

          	 	
            GATEHOUSE MEDIA MICHIGAN HOLDINGS, INC.

          
	
            ENHE ACQUISITION, LLC

          	 	
            GATEHOUSE MEDIA MINNESOTA HOLDINGS, INC.

          
	
            ENTERPRISE NEWSMEDIA HOLDING, LLC

          	 	
            GATEHOUSE MEDIA MISSOURI HOLDINGS II, INC.

          
	
            ENTERPRISE NEWSMEDIA, LLC

          	 	
            GATEHOUSE MEDIA MISSOURI HOLDINGS, INC.

          
	
            ENTERPRISE PUBLISHING COMPANY, LLC

          	 	
            GATEHOUSE MEDIA MASSACHUSETTS I, INC.

          
	
            GATEHOUSE MEDIA ARKANSAS HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA MASSACHUSETTS II, INC.

          
	
            GATEHOUSE MEDIA CALIFORNIA HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA NEBRASKA HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA COLORADO HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA VIRGINIA HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA CONNECTICUT HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA NEW YORK HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA CORNING HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA NORTH DAKOTA HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA DELAWARE HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA OHIO HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA DIRECTORIES HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA OKLAHOMA HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA FREEPORT HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA OPERATING, LLC

          
	
            GATEHOUSE MEDIA HOLDCO, LLC

          	 	
            GATEHOUSE MEDIA PENNSYLVANIA HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA ILLINOIS HOLDINGS II, INC.

          	 	
            GATEHOUSE MEDIA SUBURBAN NEWSPAPERS, INC.

          
	
            GATEHOUSE MEDIA ILLINOIS HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA TENNESSEE HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA INTERMEDIATE HOLDCO, LLC

          	 	
            GATEHOUSE MEDIA TEXAS HOLDINGS, INC.

          
	
            GATEHOUSE MEDIA IOWA HOLDINGS, INC.

          	 	
            UPCURVE, INC.

          
	
            GATEHOUSE MEDIA KANSAS HOLDINGS II, INC.

          	 	
            GATEHOUSE MEDIA, LLC

          
	
            GATEHOUSE MEDIA KANSAS HOLDINGS, INC.

          	 	
            GEORGE W. PRESCOTT PUBLISHING COMPANY, LLC

          
	
            GATEHOUSE MEDIA LANSING PRINTING, INC.

          	 	
            LIBERTY SMC, L.L.C.

          
	
            GATEHOUSE MEDIA LOUISIANA HOLDINGS, INC.

          	 	
            LOW REALTY, LLC

          
	
            GATEHOUSE MEDIA MANAGEMENT SERVICES, INC.

          	 	
            LRT FOUR HUNDRED, LLC

          
	
            GATEHOUSE MEDIA MICHIGAN HOLDINGS II, INC.

          	 	
            MINERAL DAILY NEWS TRIBUNE, INC.

          
	 	 	
            NEWS LEADER, INC.

          
	 	 	
            SUREWEST DIRECTORIES

          
	 	 	
            TERRY NEWSPAPERS, INC.

          
	 	 	
            THE PEORIA JOURNAL STAR, INC.

          

    

    

    

    

    

    

    	 	
            By:

          	
            /s/ Gregory W. Freiberg

          
	 	
            Name:

          	
            Gregory W. Freiberg

          
	 	
            Title:

          	
            Chief Financial Officer

          

    

    

    

    

    

    

    

    

    NEW MEDIA HOLDINGS II LLC

    NINTH AMENDMENT TO CREDIT AGREEMENT

    
      
        

    

    

    

    	
            GATEHOUSE MEDIA TEXAS HOLDINGS II, INC.

          	 	
            BRIDGETOWER MEDIA DLN, LLC

          
	
            LMG RHODE ISLAND HOLDINGS, INC.

          	 	
            DAILY JOURNAL OF COMMERCE, INC.

          
	
            LMG MAINE HOLDINGS, INC.

          	 	
            DAILY REPORTER PUBLISHING COMPANY

          
	
            CUMMINGS ACQUISITION, LLC

          	 	
            BRIDGETOWER MEDIA HOLDING COMPANY

          
	
            CA ALABAMA HOLDINGS, INC.

          	 	
            ARIZONA NEWS SERVICE, LLC

          
	
            CA FLORIDA HOLDINGS, LLC

          	 	
            MISSOURI LAWYERS MEDIA, LLC

          
	
            CA SOUTH CAROLINA HOLDINGS, INC.

          	 	
            FINANCE AND COMMERCE, INC.

          
	
            CA NORTH CAROLINA HOLDINGS, INC.

          	 	
            THRIVEHIVE, INC.

          
	
            CA LOUISIANA HOLDINGS, INC.

          	 	
            CYBERINK, LLC

          
	
            CA MASSACHUSETTS HOLDINGS, INC.

          	 	
            UPCURVE CLOUD LLC

          
	
            DB ACQUISITION, INC.

          	 	
            GATEHOUSE MEDIA GEORGIA HOLDINGS, INC.

          
	
            DB ARKANSAS HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA ALASKA HOLDINGS, INC.

          
	
            DB IOWA HOLDINGS, INC.

          	 	
            GATEHOUSE MEDIA OREGON HOLDINGS, INC.

          
	
            DB NORTH CAROLINA HOLDINGS, INC.

          	 	 
	
            DB OKLAHOMA HOLDINGS, INC.

          	 	 
	
            DB TENNESSEE HOLDINGS, INC.

          	 	 
	
            DB TEXAS HOLDINGS, INC.

          	 	 
	
            DB WASHINGTON HOLDINGS, INC.

          	 	 
	
            W-SYSTEMS CORP.

          	 	 
	
            GATEHOUSE MEDIA OHIO HOLDINGS II, INC.

          	 	 
	
            DOLCO ACQUISITION, LLC

          	 	 
	
            BRIDGETOWER MEDIA, LLC

          	 	 
	
            THE NWS COMPANY, LLC

          	 	 
	
            LONG ISLAND BUSINESS NEWS, LLC

          	 	 
	
            NEW ORLEANS PUBLISHING GROUP, L.L.C.

          	 	 
	
            NOPG, L.L.C.

          	 	 
	
            LAWYER’S WEEKLY, LLC

          	 	 
	
            THE DAILY RECORD COMPANY, LLC

          	 	 
	
            IDAHO BUSINESS REVIEW, LLC

          	 	 
	
            THE JOURNAL RECORD PUBLISHING CO., LLC

          	 	 

    

    

    

    

    	 	
            By:

          	
            /s/ Gregory W. Freiberg

          
	 	
            Name:

          	
            Gregory W. Freiberg

          
	 	
            Title:

          	
            Chief Financial Officer

          

    

    

    

    

    

    

    

    

    NEW MEDIA HOLDINGS II LLC

    NINTH AMENDMENT TO CREDIT AGREEMENT

    

    

    
      
        

    

    

    

    	
            ADMINISTRATIVE AGENT:

          	
            CITIZENS BANK OF PENNSYLVANIA, as Administrative Agent

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Arthur D. Burns

          
	 	
            Name:

          	
            
              Arthur D. Burns

            

          
	 	
            Title:

          	
            
              
                Managing Director

                 

            

          

    

    

    

    

    

    

    

    

    NEW MEDIA HOLDINGS II LLC

    NINTH AMENDMENT TO CREDIT AGREEMENT

    

    

    

    

    
      
        

    

    

    

    	
            INCREMENTAL TERM LENDERS:

          	
            CITIZENS BANK, N.A., as an Incremental Term Lender

          
	 	 	 
	 	 	 
	 	
            By:

          	
            /s/ Arthur D. Burns

          
	 	
            Name:

          	
            
              Arthur D. Burns

            

          
	 	
            Title:

          	
            
              Managing Director

               

          

    

    

    

    

    

    

    

    

    NEW MEDIA HOLDINGS II LLC

    NINTH AMENDMENT TO CREDIT AGREEMENT

    

    

    
      
        

    

    Annex A

    

    

    Amendments to Credit Agreement

    

    

    

    

    1.1          New Definitions.  Section 1.1 of the Credit Agreement is hereby amended by inserting in
        appropriate alphabetical order the following new definitions:

    

    

    “Ninth Amendment” means that certain
        Ninth Amendment to Credit Agreement dated as of the Ninth Amendment Effective Date, by and among Holdings, the Borrower, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent.

    

    

    “Ninth Amendment Effective Date” means November 28, 2018.

    

    

    “Ninth Amendment Incremental Term Commitment”
        means, as to each Term Loan Lender, its obligation (if applicable) to make a Ninth Amendment Incremental Term Loan to the Borrower pursuant to Section 2.1(a)(ix) in an aggregate amount not to exceed the amount specified opposite such Lender’s name
        on Schedule 2.1 under the caption “Ninth Amendment Incremental Term Commitment” or in the Assignment and Acceptance (or Affiliated Lender Assignment and Assumption)
        pursuant to which such Term Loan Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including pursuant to Section 2.24 or Section 2.25).  The aggregate amount of the
        Ninth Amendment Incremental Term Commitments as of the Ninth Amendment Effective Date is $30,000,000.

    

    

    “Ninth Amendment Incremental Term Loans”
        means the term loans made by the Lenders on the Ninth Amendment Effective Date to the Borrower pursuant to Section 2.1(a)(ix); it being understood that except as set forth in the Ninth Amendment and in this Agreement, the Ninth Amendment
        Incremental Term Loans shall be of the same Class as (and fungible with) the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans and the Eighth Amendment Incremental Term Loans, shall have identical terms as the Seventh Amendment
        Extended Term Loans, the 2017 Incremental Term Loans and the Eighth Amendment Incremental Term Loans and shall otherwise be subject to the provisions, including any provisions restricting the rights, or regarding the obligations, of the Loan
        Parties or any provisions regarding the rights of the Lenders, of this Agreement and the other Loan Documents.

     

      

    
      1.2          Amended Definitions. The following definitions in Section 1.1 of the Credit Agreement
          shall be amended as follows:

      

      

      (a)          Clause (a) of the definition of “Applicable Margin”
          shall be replaced in its entirety with the following:

       

    

    

    
      
        

    

    

    “(a)          (i) with respect to Fourth Amendment Replacement
        Term Loans and the Sixth Amendment Incremental Term Loans, (x) 6.25% for Eurodollar Rate Loans and (y) 5.25% for Base Rate Loans and (ii) with respect to Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment
        Incremental Term Loans and the Ninth Amendment Incremental Term Loans, (x) 6.25% for Eurodollar Rate Loans and (y) 5.25% for Base Rate Loans; and”

    

    

    (b)          The first sentence of the definition of “Base Rate”
        shall be replaced in its entirety with the following:

    

    

    “”Base Rate” means, for any day, a
        rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the
        Eurodollar Rate for an Interest Period of one month plus 1.0%; provided, however, that
        notwithstanding the foregoing, the Base Rate with respect to Fourth Amendment Replacement Term Loans, Sixth Amendment Incremental Term Loans, Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental
        Term Loans and the Ninth Amendment Incremental Term Loans shall at no time be less than 2.0% per annum.”

    

    

    (c)          The definition of “Incremental Term Commitment” shall
        be replaced in its entirety with the following:

    

    

    ““Incremental Term Commitment” has the
        meaning set forth in Section 2.24(a) and shall include the Sixth Amendment Incremental Term Loan Commitment, the 2017 Incremental Term Loan Commitment, the Eighth Amendment Incremental Term Loan Commitment and the Ninth Amendment Incremental Term
        Loan Commitment.”

    

    

    (d)          The definition of “Incremental Term Loans” shall be
        replaced in its entirety with the following:

    

    

    ““Incremental Term Loans” has the
        meaning set forth in Section 2.24(b) and shall include the Sixth Amendment Incremental Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans and the Ninth Amendment Incremental Term Loans.”

    

    

    (e)          The definition of “Interest Period” shall be amended
        by (x) deleting the “and” at the end of clause (vi) thereof, (y) inserting “; and” at the end of clause (vii) thereof and inserting the following as a new clause (viii):

    

    

    “(viii)          any Interest Period election with respect to the
        Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans and the Eighth

      

    

    

    
      
        

    

    Amendment Incremental Term Loans as in effect on the Ninth Amendment Effective Date shall apply to the Ninth Amendment Incremental Term Loans.”

    

    

    (f)          The definition of “Maturity Date” shall be replaced
        in its entirety with the following:

    

    

    ““Maturity Date” means (i) with respect
        to the Fourth Amendment Replacement Term Loans and the Sixth Amendment Incremental Term Loans (for the avoidance of doubt, other than any Fourth Amendment Replacement Term Loans and the Sixth Amendment Incremental Term Loans that have been
        converted to Seventh Amendment Extended Term Loans), the sixth anniversary of the Closing Date; (ii) with respect to the Seventh Amendment Extended Term Loans, the

        2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans and the Ninth Amendment Incremental Term Loans, July 14, 2022 and (iii) with respect
        to the Revolving Credit Facility, July 14, 2021 (the “Revolving Credit Maturity Date”); (iv) with respect to any tranche of Extended Term Loans (other than the Seventh
        Amendment Extended Term Loans), Extended Revolving Credit Commitments, the final maturity date as specified in the applicable Extension Request accepted by the respective Lender or Lenders and (v) with respect to any Incremental Loans (other than
        the Sixth Amendment Incremental Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans and the Ninth Amendment Incremental Term Loans) or Incremental Revolving Credit Commitments (other than the Fifth Amendment
        Incremental Revolver Increase), the final maturity date as specified in the applicable Incremental Amendment; provided that, in each case, if such day is not a Business
        Day, the applicable Maturity Date shall be the Business Day immediately succeeding such day.”

    

    

    (g)          The definition of “Repricing Transaction” shall be
        replaced in its entirety with the following:

    

    

    ““Repricing Transaction” means (a) the
        prepayment, refinancing, substitution, replacement or conversion of all or a portion of the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term
        Loans with the incurrence by the Borrower or any Subsidiary of any Indebtedness under any credit facilities that results in the reduction of the All-In Yield of such Indebtedness relative to the Seventh Amendment Extended Term Loans, the 2017
        Incremental Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term Loans so repaid, refinanced, substituted, replaced or converted and (b) any amendment to this Agreement that results in the reduction of the
        All-In Yield applicable to the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term Loans, excluding, in each case, for avoidance of doubt, any
        such reductions in connection

    

    

    
      
        

    

    

      with a Change of Control; provided, that, for the avoidance of doubt, a Repricing Transaction does not
        include any prepayment, repayment or refinancing, as the case may be, in connection with a Change of Control.”

     

      

    1.3          Other Amendments.  The following sections of the Credit Agreement shall be amended as
        follows:

    

    

    (a)          The first whereas clause in the recitals shall be
        replaced in its entirety with the following:

    

    

    “WHEREAS, the Borrower has requested the Lenders to extend credit in the form of (i) Initial Term Loans in an
        aggregate principal amount of $200,000,000, (ii) First Amendment Incremental Term Loans in an aggregate principal amount of $25,000,000, (iii) Third Amendment Incremental Term Loans in an aggregate principal amount as of the Third Amendment
        Effective Date of $102,000,000, (iv) Fourth Amendment Replacement Term Loans in an initial aggregate principal amount of $327,000,000 which Fourth Amendment Replacement Term Loans replaced the Initial Term Loans, the First Amendment Incremental
        Term Loans and the Third Amendment Incremental Term Loans in accordance with the terms of Section 9.1(d) of this Agreement and on the Seventh Amendment Effective Date, $317,725,312.50 of such Fourth Amendment Replacement Term Loans were converted
        into Seventh Amendment Extended Term Loans in accordance with the terms of Section 2.25(a) of this Agreement, (v) Revolving Credit Commitments in an initial aggregate principal amount of $25,000,000 (which may be used for the issuance of one or
        more Letters of Credit from time to time and one or more Swing Line Loans from time to time), which Revolving Credit Commitments were increased to $75,000,000 as of the Third Amendment Effective Date by an Incremental Revolving Credit Commitment of
        $50,000,000 (such increase, the “Third Amendment Incremental Revolver Increase” and the Revolving Credit Loans made thereunder, the “Third Amendment Incremental Revolving Credit Loans”) and which Third Amendment Incremental Revolving Credit Loans have been repaid prior to the Conversion Date and the Third Amendment Incremental
        Revolver Increase automatically terminated in accordance with Section 2.2(a)(ii), (vi) additional Revolving Credit Commitments in an aggregate principal amount of $15,000,000 as of the Fifth Amendment Effective Date (such increase, the “Fifth Amendment Incremental Revolver Increase”), (vii) Sixth Amendment Incremental Term Loans in an aggregate principal amount of $25,000,000 and on the Seventh Amendment
        Effective Date, $24,436,085.38 of such Sixth Amendment Incremental Term Loans were converted into Seventh Amendment Extended Term Loans in accordance with the terms of Section 2.25(a) of this Agreement, (viii) 2017 Incremental Term Loans in an
        aggregate principal amount of $20,000,000, (ix) Eighth Amendment Incremental Term Loans in an aggregate principal amount of $50,000,000 and (x) Ninth Amendment Incremental Term Loans in an aggregate principal amount of $30,000,000;”

    

    

    
      
        

    

    (b)          Section 2.1(a) shall be amended by adding the
        following as a new clause (ix):

    

    

    “(ix)      Subject to the terms and conditions
        hereof, the Term Loan Lenders with a Ninth Amendment Incremental Term Commitment severally agree to make a Ninth Amendment Incremental Term Loan denominated in Dollars to the Borrower on the Ninth Amendment Effective Date in an amount equal to the
        amount of the Ninth Amendment Incremental Term Commitment of such Lender, provided that, there may only be one Borrowing Date for the Ninth Amendment Incremental Term
        Loan and any remaining Ninth Amendment Incremental Term Commitment that is not borrowed shall automatically expire on such Borrowing Date.  The Ninth Amendment Incremental Term Loans may from time to time be Eurodollar Rate Loans or Base Rate
        Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.1 and 2.11.  Subject to Sections 2.5, 2.9 and 2.10, all amounts owed hereunder with respect to the Ninth Amendment Incremental Term Loans
        shall be paid in full no later than the Maturity Date with respect thereto.  Amounts repaid or prepaid on the Ninth Amendment Incremental Term Loans may not be reborrowed.”

    

    

    (c)          Section 2.1(b) shall be amended by adding the
        following as a new clause (viii):

    

    

    “(viii)    The Borrower shall deliver to the
        Administrative Agent a Borrowing Notice (which Borrowing Notice must be received by the Administrative Agent prior to 10:00 A.M., New York City time, one (1) Business Day prior to the Ninth Amendment Effective Date) requesting that the Term Loan
        Lenders with a Ninth Amendment Incremental Term Commitment make the Ninth Amendment Incremental Term Loans on the Ninth Amendment Effective Date.  Upon receipt of such Borrowing Notice, which notice shall be irrevocable, the Administrative Agent
        shall promptly notify each Term Loan Lender with a Ninth Amendment Incremental Term Commitment thereof.  Not later than 10:00 A.M., New York City time, on the Ninth Amendment Effective Date, each Term Loan Lender with a Ninth Amendment Incremental
        Term Commitment shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Ninth Amendment Incremental Term Loan to be made by such Lender.  The Administrative Agent shall promptly
        make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Term Loan Lenders in Dollars.”

     

      

    
      (d)          Section 2.5(a) shall be replaced in its entirety
          with the following:

      

      

      “(a)   The Borrower hereby unconditionally
          promises to pay to the Administrative Agent for the account of the appropriate Term Loan Lender (i) (x) on June 30, 2017, each Term Loan Lender’s pro rata share of $877,344.68 (which payments shall be reduced as a result of the application of
          prepayments in accordance with the order of priority set forth in Section 2.9 and Section 2.10) and (y) on the last Business Day of each March, June,
          September and December after

       

    

    

    
      
        

    

    

      September 30, 2018 commencing with December 31, 2018, with respect to the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term
        Loans and the Ninth Amendment Incremental Term Loans, each applicable Term Loan Lender’s pro rata share of $1,098,636.93 (which payments shall be reduced as a result of the application of prepayments in accordance with the order of priority set
        forth in Section 2.9 and Section 2.10) and (ii) on the Maturity Date for the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans and for the Ninth Amendment Incremental Term Loans, the
        aggregate principal amount of all Seventh Amendment Extended Term Loans, 2017 Incremental Term Loans, Eighth Amendment Incremental Term Loans and Ninth Amendment Incremental Term Loans outstanding on such date (or on such earlier date on which the
        Loans become due and payable pursuant to Section 7).  With respect to any Replacement Loans, Incremental Term Loans or Extended Term Loans, such Loans shall be repaid by the Borrower in the amounts and on the dates set forth in the Incremental
        Amendment or Extension Amendment, as applicable.” 

    

    (e)          The first sentence in Section 2.7(d) shall be amended
        by deleting the word “and” at the end of clause (vi) thereof and adding the following text immediately before the period at the end thereof:

    

    

    “and (viii) for the account of each Lender with a Ninth Amendment Incremental Term Loan Commitment on the Ninth Amendment Effective
        Date, to such Lender out of the proceeds of the Ninth Amendment Incremental Term Loan made by such Lender on the Ninth Amendment Effective Date, as fee compensation for the funding of such Lender’s Ninth Amendment Incremental Term Loan a closing
        fee to be effected in the form of an OID in an amount equal to 0.25% of such Lender’s Ninth Amendment Incremental Term Loan Commitment on the Ninth Amendment Effective Date.”

    

    

    (f)          The second sentence in Section 2.7(d) shall be
        replaced in its entirety with the following:

    

    

    “Such closing fee will be in all respects fully earned, due and payable on (i) with respect to the Initial Term Loan, the Closing Date,
        (ii) with respect to the First Amendment Incremental Term Loan, the First Amendment Effective Date, (iii) with respect to the Third Amendment Incremental Term Loan and the Third Amendment Incremental Revolver Increase, the Third Amendment Effective
        Date, (iv) with respect to the Sixth Amendment Incremental Term Loan, the Sixth Amendment Effective Date, (v) with respect to the 2017 Incremental Term Loan, the Seventh Amendment Effective Date, (vi) with respect to the Eighth Amendment
        Incremental Term Loan, the Eighth Amendment Effective Date and (vii) with respect to the Ninth Amendment Incremental Term Loan, the Ninth Amendment Effective Date, and in each case will be non-refundable and non-creditable thereafter.”

    
      
        

    

    (g)          Section 2.9(b) shall be replaced in its entirety with
        the following:

     

      

    “(b)       Loan Repricing Protection.  In the event that, on or prior to the six month anniversary of the Ninth Amendment Effective Date, the Borrower (a) makes any prepayment of the Seventh Amendment Extended
        Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term Loans in connection with any Repricing Transaction or (b) effects any amendment of this Agreement resulting in a
        Repricing Transaction with respect to the Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term Loans, the Borrower shall pay to the
        Administrative Agent, for the ratable account of each applicable Lender, (i) in the case of clause (a), a prepayment premium not to exceed 1.00% of the aggregate principal amount of the Seventh Amendment Extended Term Loans, the 2017 Incremental
        Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term Loans being prepaid and (ii) in the case of clause (b), a
        payment not to exceed 1.00% of the aggregate principal amount of the applicable Seventh Amendment Extended Term Loans, the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans or the Ninth Amendment Incremental Term Loans outstanding immediately prior to such amendment that is subject to such Repricing Transaction (it being understood that if a Non-Consenting Lender is removed
        pursuant to Section 2.23  in connection with a Repricing Transaction, such fee shall be paid to the Non-Consenting Lender and not to the replacement Lender pursuant to Section 2.23).”

    

    

    (h)          Section 2.24(d) shall be amended by replacing clause
        (iii) thereof in its entirety with the following:

    

    

    “(iii)      the aggregate principal amount of
        Incremental Term Loans and Incremental Revolving Credit Commitments incurred on and after the Seventh Amendment Effective Date shall not exceed $100,000,000 in the aggregate (the “Available

            Incremental Amount”) (and after giving effect to the incurrence of the 2017 Incremental Term Loans, the Eighth Amendment Incremental Term Loans and the Ninth Amendment Incremental Term Loans, the remaining Available Incremental
        Amount shall be $0); and”

    

    

    (i)          Section 3.16 shall be amended by adding the following
        text before the last sentence thereof:

    

    

    “The proceeds of the Ninth Amendment Incremental Term Loans made on the Ninth Amendment Effective Date shall be applied by the Borrower
        for general corporate purposes, including, without limitation, to finance acquisitions permitted under this Agreement and the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business.”

    

    

    
      
        

    

    (j)          Section 5.10 shall be amended by adding the following
        text before the last sentence thereof:

    

    

    “The proceeds of the Ninth Amendment Incremental Term Loans made on the Ninth Amendment Effective Date shall be applied by the Borrower
        for general corporate purposes, including, without limitation, to finance acquisitions permitted under this Agreement and the working capital needs of the Borrower and its Subsidiaries in the ordinary course of business.”

    

    

    
      
        

    

    Annex B

    

    

    Supplement to Schedule 2.1 to Credit Agreement

    

    

    [See attached]

    
      
        

    

    SCHEDULE 2.1

    

    

    Ninth Amendment Incremental Term Commitment

    

    

    	
            Lender

          	
            Ninth Amendment Incremental Term Commitment

          
	
            CITIZENS BANK, N.A.

          	
            $30,000,000

          
	
            TOTAL:

          	
            $30,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]