Document:

exhibit101.htm

	
 

                  Exhibit 10.1

 

AMENDMENT NO. 1

 

TO

 

REVOLVING CREDIT AND SECURITY AGREEMENT

 

THIS AMENDMENT NO. 1 (this “Amendment”) is entered into as of April 28, 2011, by and among PRESSTEK, INC., a corporation organized under the laws of the State of Delaware (“Borrower”), the financial institutions set forth on the signature pages hereto (each a “Lender” and collectively, “Lenders”) and PNC BANK, NATIONAL ASSOCIATION as agent for Lenders (in such capacity, “Agent”).

 

BACKGROUND

 

Borrower, Agent and Lenders are parties to a Revolving Credit and Security Agreement dated as of March 5, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Agent and Lenders provide Borrower with certain financial accommodations.

 

Borrower has requested that Agent and Lenders make certain amendments to the Loan Agreement, and Agent and Lenders are willing to do so on the terms and conditions hereafter set forth.

 

NOW, THEREFORE, in consideration of any loan or advance or grant of credit heretofore or hereafter made to or for the account of Borrower by Agent and Lenders, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Definitions.  All capitalized terms not otherwise defined herein shall have the meanings given to them in the Loan Agreement.

 

2. Amendment to Loan Agreement.  Subject to satisfaction of the conditions precedent set forth in Section 3 below, the Loan Agreement is hereby amended as follows:

 

(a) Section 6.5 is hereby amended in its entirety to provide as follows:

 

“6.5.           Fixed Charge Coverage Ratio.  (x) For the fiscal quarter ending January 1, 2011, cause to be maintained for such fiscal quarter a Fixed Charge Coverage Ratio of not less than 1.0 to 1.0, and (y) for each fiscal quarter ending on or after the fiscal quarter ending on or about March 31, 2011, for the four fiscal quarter period then ended, a Fixed Charge Coverage Ratio of not less than 1.0 to 1.0 for each such four fiscal quarter period.”

 

(b) Section 7.4(ii) is hereby amended by adding the following proviso at the end thereof:

 

“; provided, however, that all or part of the loans by Borrower to PEL permitted by Section 7.5(d) may be converted to equity of PEL without violating the restriction on investments in Foreign Subsidiaries.”

 

3. Conditions of Effectiveness.  This Amendment shall become effective upon Agent receiving four (4) originals (or such lesser number of originals as Agent may require) of this Amendment executed by Borrower and Lenders and consented and agreed to by Guarantors.

 

4. Representations and Warranties.  Borrower hereby represents and warrants as follows:

 

(a) This Amendment and the Loan Agreement, as amended hereby, constitute legal, valid and binding obligations of Borrower and are enforceable against Borrower in accordance with their respective terms.

 

(b) Upon the effectiveness of this Amendment, Borrower hereby reaffirms all covenants, representations and warranties made in the Loan Agreement to the extent the same are not amended hereby and agree that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment.

 

(c) No Event of Default or Default has occurred and is continuing or would exist after giving effect to this Amendment.

 

(d) No Borrower has any defense, counterclaim or offset with respect to the Loan Agreement.

 

5. Effect on the Loan Agreement.

 

(a) Upon the effectiveness of Section 2 hereof, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.

 

(b) Except as specifically amended herein, the Loan Agreement, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed.

 

(c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Loan Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith.

 

6. Governing Law.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and shall be governed by and construed in accordance with the laws of the State of New York.

 

7. Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

8. Counterparts; Facsimile and Electronic Transmission.  This Amendment may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile or electronic transmission (including by “.pdf” or other similar format) shall be deemed to be an original signature hereto.

 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first written above.

 

PNC BANK, NATIONAL ASSOCIATION, as Agent and Lender

By:/s/ Christopher Gauch_____________________

Name:         Christopher Gauch

Title:           Vice President

PRESSTEK, INC.

By: /s/ Jeffrey A. Cook_____________________

Name:           Jeffrey A. Cook

Title:    Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

CONSENTED AND AGREED TO:

PRESSTEK EUROPE LIMITED

By:  /s/ Jeffrey A. Cook____________

Name: Jeffrey A. Cook

Title:           Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

PRESSTEK OVERSEAS CORP.

By:_/s/ Jeffrey A. Cook___________

Name:           Jeffrey A. Cook

Title:           Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

SDK REALTY CORP.

By:_/s/ Jeffrey A. Cook___________

Name:           Jeffrey A. Cook

Title:           Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

ABD CANADA HOLDINGS, INC.

By:_/s/ Jeffrey A. Cook___________

Name:           Jeffrey A. Cook

Title:           Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

PRESSTEK CANADA CORP.

By:_/s/ Jeffrey A. Cook___________

Name:           Jeffrey A. Cook

Title:           Executive Vice President and Chief Financial Officer

(Principal Financial Officer)savbchangeincontrolkeith.htm

 

 

 

                                                 Exhibit 10.10

CHANGE IN CONTROL AGREEMENT

THIS AGREEMENT made this 29th day of June, 2011, between The Savannah Bancorp, Inc., a Georgia Corporation (hereinafter, the "Company"), and Jerry O'Dell Keith, an employee of the Company or one or more of its subsidiaries (hereinafter, the "Employee").

WHEREAS, the Employee is employed by the Company and has agreed to continue to work for the Company on the terms and conditions set forth hereinafter;

WHEREAS, the Company and the Employee agree that this Agreement shall be relied on by each party in continuing the employment relationship described herein and that the execution of this Agreement is a condition precedent to the Employee's continued employment with the Company.

NOW, THEREFORE, for and in consideration of the premises and promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Employee hereby agree as follows:

1.           Termination. (a)  If there occurs a Change In Control (hereinafter defined) during the Employee's employment with the Company and the Employee's employment with the Company or a Successor Entity (hereinafter defined) is terminated by the Company or Successor Entity Without Cause (hereinafter defined) during the one (1) year period immediately following the date of the Change In Control, then, notwithstanding such termination, the Employee shall continue to receive compensation at that rate which the Employee was entitled to receive as of the date of Change In Control for the one (1) year period immediately following the date the Employee's employment with the Company or a Successor Entity is terminated by the Company or a Successor Entity Without Cause.

(b)  If there occurs a Change in Control during the Employee's employment with the Company and the Employee voluntarily terminates his employment with the Company or a Successor Entity during the one (1) year period immediately following the date of the Change in Control, then, notwithstanding such termination, the Employee shall continue to receive compensation at that rate which the Employee was entitled to receive as of the date of the Change In Control for the remainder of the one (1) year period immediately following the date of the Change in Control.

           2.           Involuntary Reduction in Benefits.  If there occurs a Change In Control (hereinafter defined) during the Employee's employment with the Company and the Employee's rate of compensation is decreased by the Company or a Successor Entity (hereinafter defined) from that rate which the Employee was entitled to receive as of the date of the Change In Control without the Employee's written consent during the one (1) year period immediately following the date of the Change In Control, then, notwithstanding such reduction, the Employee shall continue to receive compensation at that rate which the Employee was entitled to receive as of the date of Change In Control for the one (1) year period immediately following the date the Employee's rate of compensation is decreased by the Company or a Successor Entity.

 

          3.           Change In Control.  A "Change In Control" is defined as (i) the sale of all, or a substantial portion of, the assets of the Company, (ii) a merger or other reorganization whereby the Company is not the surviving entity, or (iii) a change in control of the Company as defined or determined by the Office of the Comptroller of the Currency and whether by acquisition of stock or assets of the Company.  A Change in Control shall be deemed to have occurred on the final closing date of the transaction, or series of transactions, resulting in the Change in Control.

 

         4.           Successor Entity.  A "Successor Entity" is defined as a person or entity, other than the Company, which acquires all, or substantially all of, the stock or assets of the Company as a result of a transaction or series of transactions which resulted in a Change In Control.

 

        5.           Without Cause.  The Employee will be deemed to have been terminated Without Cause if he is terminated for any reason other than:

	
  

	
(a)

	
the Employee being convicted of, being found guilty of, pleading guilty to, pleading nolo contendere to, or taking first offender treatment to a felony or any crime involving moral turpitude; or

	
  

	
(b)

	
the Employee engaging in any misappropriation, embezzlement or other intentional fraud upon the Company.

 

         6.           Disclosure by Company.  The Employee agrees that the Company may disclose the covenants contained in this Agreement to any person or entity who, at any time, considers purchasing all, or substantially all of, the assets of the Company or a majority of the issued and outstanding stock of the Company.

 

        7.           Breach.  In the event a breach of this Agreement occurs and the non-breaching party retains an attorney for enforcement of his rights hereunder or other action (whether suit be brought or not), the non-breaching party shall be entitled to reimbursement on demand of all costs and expenses associated therewith, including reasonable attorney's fees.

 

         8.           Entire Agreement; Modification; Binding Effect.  This Agreement constitutes the entire and complete agreement between the parties hereto and supersedes any prior oral or written agreement between the parties with respect to the obligations and covenants contemplated hereunder.  It is expressly agreed that there are no verbal understandings or agreements which in any way change the terms, covenants, and conditions herein set forth, and that no modification of this Agreement shall be effective unless made in writing and duly executed by all parties hereto.  This Agreement shall inure to the benefit of and be binding upon the respective assigns, successors, heirs, estates, and legal and personal representatives of the parties hereto.

IN WITNESS WHEREOF, the Company and the Employee have executed this Agreement as set forth below.

 

	 THE COMPANY:	 
	 	 
	 THE SAVANNAH BANCORP, INC.	 
	 	 	 
	 By: 	 /s/ J. Wiley Ellis	 
	 	 J. Wiley Ellis	 
	 	 Chairman	 
	 	 	 
	Attest:	 /s/ John C. Helmken II	 
	 	 John C. Helmken II 	 
	 	 President	  [SEAL]
	 	 	 
	 THE EMPLOYEE:	 
	 	  /s/ Jerry O'Dell Keith     (L.S.)	 
	 	 Jerry O'Dell Keith

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