Document:

EX-10.2

 Exhibit 10.2 

FIRST AMENDMENT TO SECURITY AGREEMENT 

This First Amendment to Security Agreement (this “Amendment”) is entered into as of September 30, 2014, by and between
JOHN B. SANFILIPPO & SON, INC., a Delaware corporation (“Borrower”), and WELLS FARGO CAPITAL FINANCE, LLC (f/k/a Wells Fargo Foothill, LLC), a Delaware limited liability company, as administrative agent (in such capacity
“Agent”). Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement (defined below). 

WHEREAS, Borrower, Agent, and Lenders have entered into that certain Credit Agreement dated as of February 7, 2008 (as amended, restated,
modified or supplemented from time to time, the “Credit Agreement”). 
 WHEREAS, the Borrower and Agent are parties to that
certain Security Agreement dated as of February 7, 2008 (as amended, restated, modified or supplemented from time to time, the “Security Agreement”); and 

WHEREAS, Borrower, Agent and Lenders are entering into that certain Sixth Amendment to Credit Agreement of even date herewith, and in
connection with the foregoing, Borrower and Agent have agreed to amend the Security Agreement in certain respects, subject to the terms and conditions contained herein. 

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows: 

1. Amendment to Security Agreement. The Security Agreement is hereby amended as follows: 

(a) Clause (e) of Section 2 of the Security Agreement is hereby amended and restated in its entirety as follows: 

(e) [Reserved]; 
 (b)
Clause (m) of Section 2 of the Security Agreement is hereby amended by deleting the phrase “equipment,” contained therein. 

(c) Section 6(g)(iv) of the Security Agreement is hereby amended and restated in its entirety as follows: 

(iv) On the date on which a Compliance Certificate is to be delivered pursuant to Section 5.3 of the Credit Agreement (or,
if an Event of Default has occurred and is continuing, more frequently if requested by Agent), each Grantor shall provide Agent with a written report of all new Patents, Trademarks or Copyrights that are registered or the subject of pending
applications for registrations, in each case, which were acquired, registered, or for which applications for registration were filed by any Grantor during the prior period and any statement of use or amendment to allege use with respect to
intent-to-use trademark applications. 

 (d) Schedule 1 to the Security Agreement is hereby amended and restated in its entirety as set
forth on Schedule 1 attached hereto. 
 2. Continuing Effect. Except as expressly set forth in Section 1 of this
Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of any of the Loan Documents, or a waiver of any other terms or provisions thereof, and the other Loan Documents shall remain
unchanged and shall continue in full force and effect, in each case as amended hereby. 
 3. Representations and Warranties. Each
Loan Party hereby represents and warrants to Agent and Lenders, both before and after giving effect to this Amendment: 
 (a) All
representations and warranties of Borrower and its Subsidiaries contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date of this Amendment, in each case as if made on and as
of such date, other than representations and warranties that expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date); and 

(b) No Default or Event of Default has occurred and is continuing; and 

(c) This Amendment constitute legal, valid and binding obligations of Borrower and are enforceable against Borrower in accordance with their
respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

4. Miscellaneous. 
 (a)
Governing Law. THE VALIDITY OF THIS AMENDMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO OR THERETO SHALL BE
DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. 
 (b) Counterparts. This
Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one
and the same Amendment. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party
delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall
not affect the validity, enforceability, and binding effect of this Amendment. 
 [Signature Page Follows] 

  
 -2- 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the 30th day of September,
2014. 
  

			
	JOHN B. SANFILIPPO & SON, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Michael J. Valentine

	Title:	 	 Chief Financial Officer

 Signature Page to First Amendment to Security Agreement 

			
	WELLS FARGO CAPITAL FINANCE, LLC
	(f/k/a Wells Fargo Foothill, LLC), a Delaware limited liability company, as Agent
		
	By:	 	 /s/ Matt Mouledous

	Name:	 	 Matt Mouledous

	Title:	 	 Vice President

 Signature Page to First Amendment to Security AgreementConverted by EDGARwiz

This Note is not a negotiable instrument. It is subject to hold periods under the Securities Act (Alberta) and National Instrument 45-106 Prospectus and Registration Exemptions. It is also subject to U.S. SEC rules and regulations: under Section 4(a)(2) of the Securities Act of 1933, as a transaction not involving any public offering, it is exempt from certain disclosures; and, Shares issued hereunder are “restricted securities” as defined in Rule 144 promulgated under the 1933 Act, and subject to hold periods under that Rule.

CONVERTIBLE NOTE

WHEREAS Holder has delivered the following services to Company: ______________________________________________________

____________________________________________________________________________________________________________

AND WHEREAS this Note is intended to: (check one)

___

replace all prior instruments and understandings as to Company’s debt to Holder for said services, or

___

record a new debt of Company to Holder for said services

FOR SAID VALUE RECEIVED, Company issues this Note as a promise to pay Holder U.S. $________________. Non-compounding interest shall accrue at _______% per annum. Payments shall be applied first to principal and then to interest. This Note is subject to the following terms and conditions and Holder is entitled to the benefits set out herein:

1. DEFINITIONS. For the purposes of this Note, the following words and expressions shall have the following meanings:

"Company" means Perpetual Industries Inc., a corporation incorporated under the laws of the State of Nevada.

5-8720 Macleod Trail South, #110, Calgary, Alberta, Canada T2H 0M4

Tel 403-214-4321, Fax 403-770-8122, Email: notice@perpetualindustries.com

"Conversion Basis" means one Share is valued at U.S. $_____________________.

"Debt" means the remaining principal and accrued interest owed by Company to Holder hereunder at a given time.

"Holder" means HOLDERNAME (or the successor thereof).

[Address]

[Tel, fax, email]

"Share" means a Class A Common Share in the capital of Company. 

2. COMPANY’S REPAYMENT RIGHT. Company may repay the Debt in whole or part at any time without notice, penalty or bonus.

3. HOLDER’S CONVERSION RIGHT. Holder has the right, at any time, to convert all or any portion of the then outstanding Debt into Shares on the Conversion Basis, by delivering to Company a completed Holder’s Conversion Form, Schedule "A" hereto. Conversion is subject to applicable regulatory approvals, and to corporate consent (not to be unreasonably withheld) upon which Company shall arrange without delay to issue via Company’s transfer agent an electronic certificate for the Shares. The number of Shares in any conversion must be a multiple of 1,000.

4. RESPONSIBILITY FOR INCOME TAX. Holder is responsible for payment of Holder’s income tax in relation to (i) the Debt and (ii) any payment or issuance of Shares by Company. Holder relieves Company of liability in relation to Holder’s income tax.

5. GENERAL PROVISIONS

Parties in Interest. This Note shall enure to the benefit of and be binding on the parties hereto and their respective successors or designees.

Assignment. The rights of Holder under this Note shall not be assignable in whole or in part, except to the extent that Shares from a conversion hereunder may be issued in the name of one or more designees that, at Company’s discretion, are reasonably connected with Holder or otherwise acceptable to Company.

Proper Law and Attornment. This Note shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein. Each of the parties attorns and submits to the jurisdiction of the courts of the Province of Alberta for all matters arising pursuant to this Note. 

IN WITNESS WHEREOF Company and Holder have executed this Note as of the ______ day of ________________________, 20____.

			
	HOLDERNAME

Per: 

	 
	PERPETUAL INDUSTRIES INC.

Per: 

Brent W. Bedford

SCHEDULE "A"

HOLDER’S CONVERSION FORM

To:

COMPANY

Perpetual Industries Inc.

5-8720 Macleod Trail South, #110

Calgary, Alberta, Canada T2H 0M4

Tel 403-214-4321, Fax 403-770-8122

Email: notice@perpetualindustries.com

Holder hereby gives five (5) business days notice to Company of its intention to convert U.S. $______________________ of the current outstanding Debt of U.S. $__________________________  into _______________________ [figure must be evenly divisible by 1,000 shares] Shares of the Company.

Delivery of this completed form to Company creates a contract in which Holder subscribes for the foregoing Shares, to be issued as fully paid and non-assessable, satisfying and discharging the respective portion of the Debt.

Dated this _______ day of _______________________ , 20_____.

			
	 
	 
	HOLDER

Holdername

Per: 

Shares shall be issued in the name of:

_______________________________________________

Name to Appear on Certificate

_______________________________________________

Address Line 1

_______________________________________________

Address Line 2

_______________________________________________

Telephone

_______________________________________________

Email

_______________________________________________

SSN (or other government ID if not U.S. resident)

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