Document:

Exhibit 10.1

 

Award Number: 2015-18-0014

 

SMART & FINAL STORES, INC.

 

Restricted Stock Agreement

Pursuant to the

Smart & Final Stores, Inc.

2014 Stock Incentive Plan

 

AGREEMENT (this “Agreement”), dated as of May 14, 2018, between Smart & Final Stores, Inc., a Delaware corporation (the “Company” and, collectively with its controlled Affiliates, the “Employer”), and David Hirz (the “Participant”).

 

Preliminary Statement

 

Subject to the terms and conditions set forth herein, the Committee hereby grants shares of Common Stock as set forth below (the “Shares”) to the Participant, as an Eligible Employee, Consultant or Non-Employee Director, on May 14, 2018 (the Grant Date”) pursuant to the Smart & Final Stores, Inc. 2014 Stock Incentive Plan, as it may be amended from time to time (the “Plan”).  Pursuant to Section 2 hereof, the Shares are subject to certain restrictions, which restrictions shall lapse at the times provided under Section 2(c) hereof.  While such restrictions are in effect, the Shares subject to such restrictions shall be referred to herein as “Restricted Stock.”  Except as otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  By signing and returning this Agreement, the Participant acknowledges having received and read a copy of the Plan and agrees to comply with it, this Agreement and all applicable laws and regulations.

 

Accordingly, the parties hereto agree as follows:

 

NOW, THEREFORE, the parties agree as follows:

 

1.                                      Grant of Shares.  Subject to the Plan and the terms and conditions set forth herein and therein, the Participant is hereby granted 252,525 Shares.

 

2.                                      Restricted Stock.

 

(a)                                 Retention of Certificates.  Promptly after the date of this Agreement, the Company shall issue stock certificates representing the Restricted Stock unless it elects to recognize such ownership through book entry or another similar method.  The stock certificates shall be registered in the Participant’s name and shall bear any legend required by the Plan.  Unless held in book entry form, such stock certificates shall be held in custody by the Company (or its designated agent) until the restrictions on the Restricted Stock shall have lapsed.  Upon the Company’s request, the Participant shall deliver to the Company a duly signed stock power, endorsed in blank, relating to the Restricted Stock.  If the Participant receives, with respect to the Restricted Stock or any part thereof, any (i) dividend (whether paid in shares, securities, moneys or property), (ii) shares of Restricted Stock pursuant to any split, (iii) distribution or return of capital resulting from a split-up, reclassification or other like changes of the Restricted Stock or (iv) warrants, options or any other rights or properties (collectively “RS Property”), the Participant will also immediately deposit with and deliver to the Company any of such RS Property, including, upon the Company’s request, any certificates representing shares duly endorsed in blank or accompanied by stock powers duly executed in blank.  The RS Property shall be subject to the same restrictions, including that of this Section 2(a), as the Restricted Stock with respect to which it is issued and shall be encompassed within the term “Restricted Stock.”  Unless otherwise determined by the Committee, any RS Property issued in the form of cash will not be reinvested in Common Stock and will be held until delivered to the Participant within 30 days after the date the Restricted Stock becomes vested.

 

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(b)                                 Rights with Respect to Restricted Stock.  The Participant will have all rights of a stockholder with respect to the Restricted Stock, including the right to vote the Restricted Stock, to receive and retain any dividends payable to holders of Common Stock of record on and after the transfer of the Restricted Stock (although such dividends shall be treated, to the extent required by applicable law, as additional compensation for tax purposes if paid on Restricted Stock, and such dividends will be subject to the restrictions provided in Section 2(a)), and to exercise all other rights, powers and privileges of a holder of Common Stock with respect to the Restricted Stock set forth in the Plan, with the exceptions that:  (i) the Participant will not be entitled to delivery of the stock certificate or certificates representing the Restricted Stock until the Restriction Period shall have expired; (ii) the Company (or its designated agent) will retain custody of the stock certificate or certificates representing the Restricted Stock during the Restriction Period; (iii) no RS Property shall bear interest or be segregated in separate accounts during the Restriction Period; and (iv) the Participant may not sell, assign, transfer, pledge, exchange, encumber, hypothecate or otherwise dispose of the Restricted Stock during the Restriction Period.

 

(c)                                  Vesting.  The Restricted Stock shall vest and cease to be “Restricted Stock” on the dates and in the number of Shares provided in the table below; provided that the Participant has not incurred a Termination prior to the applicable vesting date. There shall be no proportionate or partial vesting in the periods between the vesting dates.

 

	
Vesting Date
    	
 
    	
Number of Shares
   Vested
    
	
 
    	
 
    	
 
    
	
May 18, 2019
    	
 
    	
84,175
    
	
 
    	
 
    	
 
    
	
May 18, 2020
    	
 
    	
84,175
    
	
 
    	
 
    	
 
    
	
May 18, 2021
    	
 
    	
84,175
    

 

(d)                                 Detrimental Activity.

 

(i)                                      In consideration for the grant of Restricted Stock and in addition to any other remedies available to the Company, the Participant acknowledges and agrees that the Restricted Stock is subject to the provisions in the Plan regarding Detrimental Activity.  If the Participant engages in any Detrimental Activity prior to, or during the one-year period after, any vesting of Restricted Stock, all unvested Restricted Stock shall be forfeited, without compensation, and the Committee shall be entitled to recover from the Participant (at any time within one year after such engagement in Detrimental Activity) an amount equal to the Fair Market Value as of the vesting date(s) of any Restricted Stock that had vested in the period referred to above.

 

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(ii)                                   The restrictions regarding Detrimental Activity are necessary for the protection of the business and goodwill of the Company and are considered by the Participant to be reasonable for such purposes.  Without intending to limit the legal or equitable remedies available in the Plan and in this Agreement, the Participant acknowledges that engaging in Detrimental Activity will cause the Company material irreparable injury for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such activity or threat thereof, the Company shall be entitled, in addition to the remedies provided under the Plan, to obtain from any court of competent jurisdiction a temporary restraining order or a preliminary or permanent injunction restraining the Participant from engaging in Detrimental Activity or such other relief as may be required to specifically enforce any of the covenants in the Plan and this Agreement without the necessity of posting a bond, and in the case of a temporary restraining order or a preliminary injunction, without having to prove special damages.

 

(e)                                  Withholding.  Unless otherwise directed or permitted by the Committee, the Participant must pay or provide for all applicable withholding taxes in respect of the Restricted Stock by (i) remitting the aggregate amount of such taxes to the Company in full, by cash, check, bank draft or money order payable to the order of the Company, or (ii) to the extent permitted by the Committee, by making arrangements with the Company to have such taxes withheld from other compensation due to the Participant.

 

(f)                                   Section 83(b).  If the Participant properly elects (as permitted by Section 83(b) of the Code) within 30 days after the Grant Date to include in gross income for federal income tax purposes in the year of issuance the fair market value of all or a portion of such Restricted Stock, the Participant shall be solely responsible for any foreign, federal, state, provincial or local taxes the Participant incurs in connection with such election.  The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to utilize such election.

 

3.                                      Legend.  All certificates representing the Restricted Stock shall have endorsed thereon the following legend:

 

(a)                                 “The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Smart & Final Stores, Inc. (the “Company”) 2014 Stock Incentive Plan (as amended from time to time, the “Plan”), and an Award Agreement entered into between the registered owner and the Company. Copies of such Plan and Agreement are on file at the principal office of the Company.”

 

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Notwithstanding the foregoing, in no event shall the Company be obligated to issue a certificate representing the Restricted Stock prior to the vesting dates set forth above.

 

4.                                      Termination.

 

(a)                                 Termination by Death or Disability.  If the Participant’s Termination is by reason of death or Disability during the Restriction Period, all Restricted Stock still subject to restriction shall immediately vest and cease to be “Restricted Stock.”

 

(b)                                 Termination for Any Reason Other than Death or Disability.  Except as otherwise provided in an employment or severance agreement between the Company and the Participant, if the Participant’s Termination is for any reason other than the Participant’s death or Disability during the Restriction Period, all Restricted Stock still subject to restriction shall be forfeited.

 

5.                                      Change in Control.  The provisions in the Plan regarding Change in Control shall apply to the Shares.

 

6.                                      Restriction on Transfer of Shares.  The provisions in the Plan regarding Transfer Restrictions shall apply to the Shares.

 

7.                                      Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference. If and to the extent that this Agreement conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.

 

8.                                      Notices.  All notices, demands or requests made pursuant to, under or by virtue of this Agreement must be in writing and sent to the party to which the notice, demand or request is being made:

 

(a)                                 unless otherwise specified by the Company in a notice delivered by the Company in accordance with this Section 8, any notice required to be delivered to the Company shall be properly delivered if delivered to:

 

Smart & Final Stores, Inc.

600 Citadel Drive
 Commerce, California 90040

Attention:                                         General Counsel

Telephone:                                   (323) 869-7500

Facsimile:                                         (323) 869-7862

 

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with a copy (which shall not constitute notice) to:

 

Proskauer Rose LLP
 2049 Century Park East, Suite 3200
 Los Angeles, CA 90067
 Attention:                                         Michael A. Woronoff
 Telephone:                                   (310) 284-4550
 Facsimile:                                         (310) 557-2193

 

(b)                                 if to the Participant, to the address on file with the Employer.

 

Any notice, demand or request, if made in accordance with this Section 8 shall be deemed to have been duly given:  (i) when delivered in person; (ii) three days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service.

 

9.                                      No Right to Employment/Consultancy/Directorship.  This Agreement shall not give the Participant or other Person any right to employment, consultancy or directorship by the Employer, or limit in any way the right of the Employer to terminate the Participant’s employment, consultancy or directorship at any time.

 

10.                               Waiver of Jury Trial.  EACH PARTY TO THIS AGREEMENT, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THE PLAN OR THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THE PLAN OR THIS AGREEMENT.

 

11.                               Dispute Resolution.  All controversies and claims arising out of or relating to this Agreement, or the breach hereof, shall be settled by the Employer’s mandatory dispute resolution procedures as may be in effect from time to time with respect to matters arising out of or relating to Participant’s employment with the Employer.

 

12.                               Severability of Provisions.  If at any time any of the provisions of this Agreement shall be held invalid or unenforceable, or are prohibited by the laws of the jurisdiction where they are to be performed or enforced, by reason of being vague or unreasonable as to duration or geographic scope or scope of the activities restricted, or for any other reason, such provisions shall be considered divisible and shall become and be immediately amended to include only such restrictions and to such extent as shall be deemed to be reasonable and enforceable by the court or other body having jurisdiction over this Agreement and the Company and the Participant agree that the provisions of this Agreement, as so amended, shall be valid and binding as though any invalid or unenforceable provisions had not been included.

 

13.                               Governing Law.  All matters arising out of or relating to this Agreement and the transactions contemplated hereby, including its validity, interpretation, construction, performance and enforcement, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws.

 

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14.                               Section 409A.  Although the Company makes no guarantee with respect to the tax treatment of the Restricted Stock, the award of Restricted Stock pursuant to this Agreement is intended to be exempt from Section 409A and shall be limited, construed and interpreted in accordance with such intent.  With respect to any dividends and other RS Property, however, this Agreement is intended to comply with, or to be exempt from, the applicable requirements of Section 409A and shall be limited, construed and interpreted in accordance with such intent; provided that the Employer does not guarantee to the Participant any particular tax treatment of the Restricted Stock or RS Property.  In no event whatsoever shall the Employer be liable for any additional tax, interest or penalties that may be imposed on the Participant by Section 409A or any damages for failing to comply with Section 409A.

 

15.                               Interpretation.  Unless a clear contrary intention appears: (a) the defined terms herein shall apply equally to both the singular and plural forms of such terms; (b) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are not prohibited by the Plan or this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually; (c) any pronoun shall include the corresponding masculine, feminine and neuter forms; (d) reference to any agreement, document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (e) reference to any law, rule or regulation means such law, rule or regulation as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any law, rule or regulation means that provision of such law, rule or regulation from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision; (f) “hereunder,” “hereof,” “hereto,”  and words of similar import shall be deemed references to this Agreement as a whole and not to any particular article, section or other provision hereof; (g) numbered or lettered articles, sections and subsections herein contained refer to articles, sections and subsections of this Agreement; (h) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; (i) “or” is used in the inclusive sense of “and/or”; (j) references to documents, instruments or agreements shall be deemed to refer as well to all addenda, exhibits, schedules or amendments thereto; and (k) reference to dollars or $ shall be deemed to refer to U.S. dollars.

 

16.                               No Strict Construction.  This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

 

[Remainder of Page Left Intentionally Blank]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

 

	
 
    	
SMART & FINAL STORES, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Leland   Smith
    
	
 
    	
Title:
    	
Sr   Vice President, General Counsel
    
				

 

PARTICIPANT

 

	
By:
    	
 
    	
 
    
	
Name:
    	
David   Hirz
    	
 
    
	
Participant   Address: 12062 Woodbine Dr., Santa Ana, CA 92705EX-10.1

 Exhibit 10.1 

SEVENTH AMENDMENT 

TO LOAN AND SECURITY AGREEMENT 

THIS SEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) entered into as of this 23rd day of July, 2018 is by
and among MANITEX INTERNATIONAL, INC., a Michigan corporation (“Manitex International”), MANITEX, INC., a Texas corporation (“Manitex”), MANITEX SABRE, INC., a Michigan corporation (“Sabre”), BADGER
EQUIPMENT COMPANY, a Minnesota corporation (“Badger”), CRANE AND MACHINERY, INC., an Illinois corporation (“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois corporation (“Crane and
Machinery Leasing”), and MANITEX, LLC, a Delaware limited liability company (“Manitex LLC”; together with Manitex International, Manitex, Sabre, Badger, Crane and Machinery, and Crane and Machinery Leasing, collectively,
the “Borrowers”), CIBC BANK, USA, formerly known as The PrivateBank and Trust Company (in its individual capacity, “CIBC Bank”), as administrative agent and sole lead arranger (in such capacity,
“Administrative Agent”), and the lenders party thereto (the “Lenders”). 
 W I T
N E S S E T H: 
 WHEREAS, Administrative Agent, Lenders, and Borrowers are party to that
certain Loan and Security Agreement dated as of July 20, 2016, as amended by that certain First Amendment to Loan and Security Agreement dated as of August 4, 2016, that certain Consent and Second Amendment to Loan and Security Agreement
dated as of September 30, 2016, that certain Third Amendment to Loan and Security Agreement dated as of November 8, 2016, that certain Fourth Amendment to Loan and Security Agreement dated as of February 10, 2017, that certain Fifth
Amendment to Loan and Security Agreement dated as of April 26, 2017 and that certain Sixth Amendment to Loan and Security Agreement dated as of March 9, 2018 (as amended hereby and as the same may be from time to time further amended,
supplemented or otherwise modified, the “Agreement”); and 
 WHEREAS, Administrative Agent, Lenders and Borrowers desire to
enter into this Amendment to, among other items, (i) consent to the sale of certain equity interests in Manitex International, certain proceeds of which will be transferred to PM Group, structured as an additional equity investment in, or
intercompany loan to, PM Group by Manitex International or one or more of its Subsidiaries, (ii) modify certain financial covenants, (iii) modify the definition of EBITDA, (iv) extend the Maturity Date as provided for herein and
(v) otherwise amend the Agreement in accordance with the terms herein. 
 NOW, THEREFORE, for and in consideration of the premises and
mutual agreements herein contained and for the purposes of setting forth the terms and conditions of this Amendment, the parties, intending to be bound, hereby agree as follows: 

Section 1    Incorporation of the Agreement. All capitalized terms which are not defined hereunder shall have
the same meanings as set forth in the Agreement, and the Agreement, to the extent not inconsistent with this Amendment, is incorporated herein by this reference as though the same were set forth in its entirety. To the extent any terms and
provisions of the Agreement are inconsistent with the amendments set forth in Section 2 below, such terms and provisions shall be deemed superseded hereby. Except as specifically set forth herein, the Agreement shall remain
in full force and effect and its provisions shall be binding on the parties hereto. 

 Section 2    Waivers Confirming Consents. Subject to the
satisfaction of the conditions precedent set forth in Section 4 hereof, and the covenants set forth in Section 5 hereof: 

(a)    Administrative Agent (i) acknowledges that it previously consented to the purchase by Tadano, Ltd. of 2,918,542
shares of common stock of Manitex International for a purchase price of $32,700,000 and (ii) hereby consents to an additional Investment of up to $10,000,000 by Manitex International or one or more of its Subsidiaries into PM Group S.p.A., a
company organized under the laws of Italy, which Investment may be structured as an intercompany loan or any investment of equity. For the avoidance of doubt and to confirm the prior consent, the Lenders hereby waive any Default or Event of Default
that may have occurred, if any, under Section 13.4 or (ii) Section 13.6, respectively, with respect to the foregoing (together, the “Waivers”); provided that to the extent that any portion of
the foregoing Investment is structured as an intercompany loan, Borrowers shall deliver the original note evidencing such intercompany loan to the Administrative Agent as security for all Obligations. 

(b)    The foregoing Waivers are expressly limited to the transactions described above in this
Section 2 and shall not be deemed or otherwise construed to constitute a waiver of any other Default or Event of Default, whether or not similar to the transactions described above in this
Section 2. Administrative Agent and the Lenders have granted the Waivers set forth in this Section 2 in this particular instance and in light of the facts and circumstances that presently exist,
and the grant of such Waivers shall not constitute a course of dealing or impair Administrative Agent’s or any Lender’s right to withhold any similar waiver or otherwise declare any other Default or Event of Default in the future. 

Section 3    Amendment of the Agreement. 

(a)    The definition of the terms “EBITDA”, “Maturity Date” and “Senior Leverage
Ratio” appearing in Section 1.1 of the Agreement are hereby amended and restated to read as follows: 

EBITDA shall mean, without duplication, with respect to any period, Borrowers’ (i) net income after Taxes for such period
(excluding any after-tax gains or losses on the sale of assets (other than the sale of Inventory in the ordinary course of business) and excluding other after-tax
extraordinary gains or losses), plus (ii) Interest Expense (whether paid or accrued), plus (iii) income tax expense (whether paid or accrued), plus (iv) depreciation, plus (v) amortization (including
amortization of goodwill, debt issuance costs and amortization and any non-cash impairment of intangibles) for such period, plus (vi) upon approval by Administrative Agent, any fees, expenses or
other costs incurred in connection with the sale of any Subsidiary, plus (vii) any other non-cash charges or gains which have been subtracted in calculating net income after Taxes for such period
(including stock-based compensation), plus (viii) management fees received in cash not to exceed $500,000 per Fiscal Year, plus (ix) non-cash stock and other non-cash expenses approved by the Administrative Agent, plus (x) one-time extraordinary expenses in an amount not to exceed $675,000 incurred during the calendar
quarter ended December 31, 2017, plus (xii) one-time cash expenses approved in writing by the Administrative Agent in its sole discretion. 

  
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 Maturity Date shall mean the earlier to occur of (i) the date that is thirty
(30) days prior to the maturity of any Subordinated Debt and (ii) July 20, 2021. 
 Senior Leverage Ratio shall mean,
as of any date of determination, the ratio of (i) the outstanding principal amount of the Obligations represented by this Agreement to (ii) EBITDA. 

(b)    The definition of the term “Third PM Group Investment” is hereby added to
Section 1.1 of the Agreement to read in its entirety as follows: 
 Third PM Group Investment shall mean
(i) that certain additional Investment by Manitex International in PM Group, utilizing proceeds from the purchase by Tadano Ltd. of equity of Manitex International in an amount not to exceed $10,000,000 and (ii) certain additional
Investments in PM Group made after July 23, 2018; provided that no Default or Event of Default exists, Borrowers have at least $15,000,000 of Excess Availability and Borrowers have less than $10,000,000 in outstanding Revolving Loans, in each
case, immediately before and immediately after giving effect to such Investment (it being understood and agreed that such limitations shall only apply at the time of and immediately after such Investment and shall not be applicable at any time
thereafter). Further, any such Investment structured as a loan to the PM Group shall be evidenced by an intercompany note which shall be delivered to the Administrative Agent as security for the Obligations. 

(c)    Section 9.3 of the Loan Agreement is hereby amended and restated to read as follows: 

9.3 Financial Statements. Borrowers shall deliver to Administrative Agent the following financial information, all of which shall be
prepared in accordance with generally accepted accounting principles consistently applied, and shall be accompanied by a compliance certificate in the form of Exhibit C hereto: (i) no later than thirty (30) days
after each month which is not a calendar quarter end (except for the month of January) and forty-five (45) days after the month of January and each quarter ending calendar month, copies of internally prepared financial statements, including,
without limitation, (A) balance sheets and statements of income of Borrowers, on a consolidating basis, (B) statements of equity on a consolidated basis certified by the Chief Financial Officer of each Borrower and (C) a calculation
of EBITDA and total Capital Expenditures for such month; (ii) no later than forty-five (45) days after each calendar quarter, a calculation of all financial covenants contained in this Agreement which are then in effect; and (iii) no
later than one hundred twenty (120) days after the end of each of Borrowers’ Fiscal Years, audited annual financial statements with an unqualified opinion by independent certified public accountants selected by Borrowers and reasonably
satisfactory to Administrative Agent, which financial statements shall be accompanied by copies of any management letters sent to a Borrower by such accountants. 

  
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 (d)    Section 13.6(l) of the Agreement is hereby amended and restated
to read as follows: 
 (l)    The Initial PM Group Loan, the Additional PM Group Investment and the Third PM Group
Investment, together with other Investments made by Borrowers in any Foreign Subsidiary; provided that with respect to Investments in Foreign Subsidiaries other than PM Group, (i) no Default or Event of Default shall exist before and after
giving effect to such Investment; (ii) the amount of such Investment shall not exceed $1,000,000 in the aggregate; (iii) no more than one (1) Investment may be made in each calendar quarter; and (iv) each such Investment shall be
returned to the applicable Borrower within sixty (60) days of the date each such Investment is made; 

(e)    Section 13.6 of the Agreement is hereby amended by deleting the period at the end of such
Section, replacing it with “; and” and adding a new subsection (p) to read as follows: 

(p)    additional investments made to purchase some or all of the existing Indebtedness of PM Group; provided that no
Default or Event of Default exists, Borrowers have at least $15,000,000 of Excess Availability and Borrowers have less than $10,000,000 in outstanding Revolving Loans, in each case, immediately before and immediately after giving effect to such
investment. 
 (f)    Section 14.1 of the Agreement is hereby amended and restated to read as follows: 

14.1    Fixed Charge Coverage. If, as of the end of any applicable Computation Period set forth below, Borrowers
have (x) less than $15,000,000 of Excess Availability and (y) more than $5,000,000 in outstanding Revolving Loans, then Borrowers shall not permit the ratio of (i) EBITDA minus (ii) all unfinanced Capital Expenditures of
Borrowers during the applicable period to (iii) Fixed Charges to be less than the ratio for such period set forth below: 
  

					
	 Period
	  	
Ratio
	 
	 Twelve (12) month period ended March 31, 2018 and each Computation Period ended
thereafter
	  	 	1.15:1.0	 

 Section 4    Delivery of Documents. The following documents and other items
shall be delivered concurrently with this Amendment: 
 (i)    this Amendment; 

(ii)    such other documents and certificates as Administrative Agent shall reasonably request; and 

(iii)    payment of an amendment fee of $25,000, which amount shall be fully earned, payable and non-refundable as of the date hereof. 

  
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 Section 5    Representations, Covenants and Warranties; No
Default. Borrowers hereby represent and warrant to Administrative Agent as of the date hereof as follows: 

(a)    The execution and delivery of this Amendment and the performance by Borrowers of their obligations hereunder are
within Borrowers’ powers and authority, have been duly authorized by all necessary corporate action and do not and will not contravene or conflict with the organizational documents of Borrowers; 

(b)    The Agreement (as amended by this Amendment) and the other Loan Documents constitute legal, valid and binding
obligations enforceable in accordance with their terms by Administrative Agent against Borrowers, and Borrowers expressly reaffirm and confirm each of their obligations under the Agreement (as amended by this Amendment) and each of the other Loan
Documents. Borrowers further expressly acknowledge and agree that Administrative Agent has a valid, duly perfected, first priority and fully enforceable security interest in and lien against each item of Collateral except as otherwise set forth in
the Agreement. Borrowers agree that they shall not dispute the validity or enforceability of the Agreement (as it was stated before and after this Amendment) or any of the other Loan Documents or any of its respective obligations thereunder, or the
validity, priority, enforceability or extent of Administrative Agent’s security interest in or lien against any item of Collateral, in any judicial, administrative or other proceeding; 

(c)    No consent, order, qualification, validation, license, approval or authorization of, or filing, recording,
registration or declaration with, or other action in respect of, any governmental body, authority, bureau or agency or other Person is required in connection with the execution, delivery or performance of, or the legality, validity, binding effect
or enforceability of, this Amendment; 
 (d)    The execution, delivery and performance of this Amendment by Borrowers
does not and will not violate any law, governmental regulation, judgment, order or decree applicable to Borrowers and does not and will not violate the provisions of, or constitute a default or any event of default under, or result in the creation
of any security interest or lien upon any property of Borrowers pursuant to, any indenture, mortgage, instrument, contract, agreement or other undertaking to which any Borrower is a party or is subject or by which any Borrower or any of its real or
personal property may be bound; and 
 (e)    The representations, covenants and warranties set forth in
Section 11 of the Agreement shall be deemed remade as of the date hereof by Borrowers, except that any and all references to the Agreement in such representations and warranties shall be deemed to include this Amendment. No
Event of Default has occurred and is continuing and no event has occurred and is continuing which, with the lapse of time, the giving of notice, or both, would constitute such an Event of Default under the Agreement. 

Section 6    Fees and Expenses. The Borrowers agree to pay on demand all costs and expenses of or incurred by
Administrative Agent, including, but not limited to, legal fees and expenses, in connection with the evaluation, negotiation, preparation, execution and delivery of this Amendment. 

  
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 Section 7    Effectuation. The amendments to the Agreement
contemplated by this Amendment shall be deemed effective immediately upon the full execution of this Amendment and without any further action required by the parties hereto. There are no conditions precedent or subsequent to the effectiveness of
this Amendment. 
 Section 8    Counterparts. This Amendment may be executed in two or more counterparts,
each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. A facsimile or other electronic signature to this Amendment shall be deemed an original signature hereunder. 

[SIGNATURE PAGES FOLLOW] 

  
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 Signature Page to Seventh Amendment to Loan and Security Agreement 

IN WITNESS WHEREOF, the parties hereto have duly executed this Seventh Amendment to Loan and Security Agreement as of the date first above
written. 
  

							
	BORROWERS:	 		 	 MANITEX INTERNATIONAL, INC., a Michigan corporation

MANITEX, INC., a Texas corporation
 MANITEX
SABRE, INC., a Michigan corporation
 BADGER EQUIPMENT COMPANY, a Minnesota corporation

CRANE AND MACHINERY, INC., an Illinois corporation

CRANE AND MACHINERY LEASING, INC., an Illinois corporation

MANITEX, LLC, a Delaware limited liability company

				
		 		 	By:	 	/s/ David J. Langevin
		 		 	Name: David J. Langevin
		 		 	Title: Chairman & CEO

 Signature Page to Seventh Amendment to Loan and Security Agreement 

 

							
	 ADMINISTRATIVE AGENT
 AND
LENDER:
	 		 	 CIBC BANK, USA, as Administrative Agent

and a Lender

				
		 		 	By:	 	        /s/ Todd Bernier
		 		 		 	         Todd Bernier, Managing Director

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