Document:

exh101081309.htm

    Exhibit
10.1

     

     

    

     

    FORM OF TIME VESTING RSU
GRANT

    

     

    
 

    STOCK
UNIT AWARD AGREEMENT

    under
the

    MIPS
TECHNOLOGIES, INC.

    1998
LONG-TERM INCENTIVE PLAN

     

    This
Stock Unit Award Agreement (the “Award Agreement”), dated as of the
«Date_of_Grant» (the “Grant Date”), between MIPS Technologies, Inc., a Delaware
corporation (the “Company") and «Recipient» (the "Recipient"), is made pursuant
and subject to the provisions of the Company's Amended and Restated 1998
Long-Term Incentive Plan, and any future amendments thereto (the "Plan"). The
Plan, as it may be amended from time to time, is incorporated herein by
reference.

     

    1.    Definitions.  All
capitalized terms used herein but not expressly defined shall have the meaning
ascribed to them in the Plan. All references to the Company herein shall also be
deemed to include references to any and all entities directly or indirectly
controlled by the Company and which are consolidated with the Company for
financial accounting purposes.

     

    2.    Award of Stock
Units.  Subject to the terms and conditions of the Plan and to
the terms and conditions set forth in this Award Agreement, the Company on this
date awards to the Recipient «Shares_spelled_out» «Number_of_Shares» Stock Units
(referred to hereinafter as the "Restricted Stock Units").  The
Restricted Stock Units awarded herein do not represent an equity security of the
Company and do not carry any voting or dividend rights.  Prior to
actual distribution of Shares from any vested Restricted Stock Units, such
Restricted Stock Units will represent an unsecured obligation of the Company,
payable (if at all) only from the general assets of the Company.

     

    3.    Vesting
Schedule.  Except as otherwise provided in this Award
Agreement, the Restricted Stock Units shall vest and become non-forfeitable over
a [____] period with
[____]  of
the Restricted Stock Units vesting on [____]  (each a
“Vesting Date”) as set forth in the
following vesting schedule, provided that the Recipient’s Continuous Service
with the Company continues until the applicable Vesting Date:

     

    Vesting
Date                                                      Number of Restricted Stock
Units Vesting

    [________],
20[__]                                                      «Units_Vested_Year_1»

    [________],
20[__]                                                      «Units_Vested_Year_2»

    [________],
20[__]                                                      «Units_Vested_Year_3»

     

    Except as
otherwise specifically provided herein, there shall be no proportionate or
partial vesting in the periods prior to each Vesting Date, and vesting shall
occur only on the applicable Vesting Date.

     

    4.    Payment for Vested
Restricted Stock Units; Forfeiture of Unvested Units.  Except
as otherwise provided in Section 13 hereof, within thirty (30) days after each
Vesting Date, the Recipient shall receive one share of Stock for each vested
Restricted Stock Unit that has vested on such Vesting Date, free and clear of
the restrictions set forth in this Award Agreement, except for any restrictions
necessary to comply with federal and state securities laws. Certificates
representing such Shares shall be delivered to the Recipient or electronic
delivery shall be made to a brokerage account satisfactory to the Company as
promptly as practical following the Recipient becoming entitled to receive such
Shares.  Any Restricted Stock Units that are not vested as of the
termination of Recipient’s Continuous Service shall automatically and
immediately be forfeited on the date of the termination of Recipient’s
Continuous Service and the Recipient shall not be entitled to any Shares for
such forfeited Restricted Stock Units.

     

    5.    Tax
Withholding.  The Recipient shall pay to the Company, or make
arrangements satisfactory to the Plan Administrator for payment of, any federal,
state or local taxes of any kind required by law to be withheld with respect to
the grant of Restricted Stock Units (including without limitation the vesting
thereof) and any Dividend Equivalents or 

     

     

    
      
        
        

      

      
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          LTIP
Stock Unit Award Agreement 8.13.2009

          

        

      

      
        
           

        

      

       

       

      other
distributions made by the Company to the Recipient with respect to the
Restricted Stock Units as and when the Company determines those amounts to be
due.  The Plan Administrator, in its sole discretion and pursuant to
such procedures as it may specify from time to time, may permit Recipient to
satisfy such tax withholding obligation, in whole or in part by one or more of
the following: (a) paying cash, (b) electing to have the Company withhold
otherwise deliverable Shares having a value equal to the minimum amount
statutorily required to be withheld, (c) delivering to the Company already
vested and owned Shares having a value equal to the amount required to be
withheld, or (d) selling a sufficient number of such Shares otherwise
deliverable to Recipient through such means as the Plan Administrator may
determine in its sole discretion (whether through a broker or otherwise) equal
to the amount required to be withheld.

    

     

    6.    Non-Transferability of
Restricted Stock Units.  No Restricted Stock Units shall be
transferable or assignable by the Recipient, other than by will or the laws of
descent and distribution.   The terms of the Plan and this Award
Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of the Recipient.  No transfer by will or the laws of
descent and distribution of any Restricted Stock Units shall be effective to
bind the Company unless the Plan Administrator shall have been furnished with
notice with a copy of the will and/or such evidence as the Plan Administrator
may deem necessary to establish the validity of the transfer and a Statement of
Acknowledgement, in a form acceptable to the Company, executed and dated by the
transferee which states that the transferee will comply with all the terms and
conditions of the Plan and the Award Agreement relating to the Restricted Stock
Units that are or would have been applicable to the Recipient.

     

    7.    Vesting Acceleration upon
Death or Disability of Recipient.  If Recipient’s Continuous
Service terminates as a result of death or Disability, then this Award shall
vest on an accelerated basis so that this Award is fully vested as of the date
of Recipient’s termination of Continuous Service.

     

    8.    Change of Control or
Capitalization.

     

                (a)    Change in Capitalization
Structure.  In the event of a change in the Company’s capital
structure, the provisions of Section 10(c) of the Plan shall apply to this Award
of Restricted Stock Units.

     

                (b)    Change in Control or
Corporate Transaction.  In the event of a Change of Control or
Corporate Transaction, the provisions of Section 9 of the Plan shall apply to
this Award of Restricted Stock Units. 

     

                (c)    Vesting
Acceleration.  If, within twenty-four (24) months after the
consummation of a Change in Control, either (a) the Recipient’s Continuous
Service is terminated by the Company without Cause or (b) the Recipient
terminates Recipient’s Continuous Service for Good Reason, then this Award shall
vest on an accelerated basis so that this Award is fully vested as of the date
of such termination.

     

    9.    No Restriction On Right Of
Company To Effect Corporate Changes. This Award and Award Agreement shall
not affect or restrict in any way the right or power of the Company or the
stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company’s capital
structure or its business, any merger or consolidation of the Company, any
issuance of stock or of stock options, warrants or rights to purchase stock or
of bonds, debentures, preferred or prior preference stocks whose rights are
superior to or affect the Common Stock or the rights thereof or which are
convertible into or exchangeable for Common Stock, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

     

    10.           Legal
Compliance.  No Shares shall be issued pursuant to this Award
Agreement unless such issuance complies with Applicable Laws.

     

    11.           Entire Agreement; Governing
Law.  The Plan is incorporated herein by
reference.  The Plan and this Award Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and
Recipient with respect to the subject matter hereof, and may not be modified
adversely to the Recipient’s interest except by means of a writing signed by the
Company and Recipient.  This agreement is governed by the internal
substantive laws but not the choice of law rules of Delaware.

     

     

    
      
        
        

      

      
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          LTIP
Stock Unit Award Agreement 8.13.2009

          

        

      

      
        
           

        

      

    

     

     

    12.           Venue. All disputes,
controversies, claims, actions or causes of action arising out of this Award
Agreement between the parties hereto shall be brought, heard and adjudicated by
the state and federal courts located in the State of California, with venue in
the County of Santa Clara. Each of the parties hereto hereby consents to
personal jurisdiction by such courts located in the State of California in
connection with any such dispute, controversy, claim, action or cause of action,
and each of the parties hereto consents to service of process by any means
authorized by federal law or the law of the State of California, as
applicable.

     

    13.           Section
409A.

     

                (a)                 General. To the extent that the
requirements of Section 409A are applicable to this Award Agreement, it is the
intention of both the Company and the Recipient that the benefits and rights to
which the Recipient could be entitled pursuant to this Award Agreement comply
with Section 409A of the Code and the Treasury Regulations and other guidance
promulgated or issued thereunder (“Section 409A”), and the provisions of this
Award Agreement shall be construed in a manner consistent with that
intention.  If the Recipient or the Company believes, at any time,
that any such benefit or right that is subject to Section 409A does not so
comply, it shall promptly advise the other and shall negotiate reasonably and in
good faith to amend the terms of such benefits and rights such that they comply
with Section 409A (with the most limited possible economic effect on the
Recipient and on the Company).

     

                (b)                 No Representations as to
Section 409A Compliance.  Notwithstanding
the foregoing, the Company does not make any representation to the Recipient
that the Restricted Stock Units awarded pursuant to this Award Agreement are
exempt from, or satisfy, the requirements of Section 409A, and the Company shall
have no liability or other obligation to indemnify or hold harmless the
Recipient or any Beneficiary for any tax, additional tax, interest or penalties
that the Recipient or any Beneficiary may incur in the event that any provision
of this Award Agreement, or any amendment or modification thereof or any other
action taken with respect thereto is deemed to violate any of the requirements
of Section 409A.

     

                (c)                 6 Month Delay for Specified
Recipients.

     

                    (i)           If
the Recipient is a “Specified Employee” (as defined below), then no payment or
benefit that is payable on account of the Recipient’s “Separation from Service”
shall be made before the date that is six months after the Recipient’s
“Separation from Service” (or, if earlier, the date of the Recipient’s death) if
and to the extent that such payment or benefit constitutes deferred compensation
(or may be nonqualified deferred compensation) under Section 409A and such
deferral is required to comply with the requirements of
Section 409A.  Any payment or benefit delayed by reason of the
prior sentence shall be paid out or provided in a single lump sum at the end of
such required delay period in order to catch up to the original payment
schedule.

     

                    (ii)           For
purposes of this provision, the Recipient shall be considered to be a “Specified
Employee” if, at the time of his or her separation from service, the Recipient
is a “key employee”, within the meaning of Section 416(i) of the Code, of the
Company (or any person or entity with whom the Company would be considered a
single employer under Section 414(b) or Section 414(c) of the Code) any stock in
which is publicly traded on an established securities market or
otherwise.

     

                (d)                 No Acceleration of
Payments.  Neither the Company nor the Recipient, individually
or in combination, may accelerate any payment or benefit that is subject to
Section 409A, except in compliance with Section 409A and the provisions of this
Award Agreement, and no amount that is subject to Section 409A shall be paid
prior to the earliest date on which it may be paid without violating Section
409A.

     

    14.    No Guarantee of Continued
Service.  Recipient
acknowledges and agrees that the vesting of this Award pursuant to the vesting
schedule hereof is earned only by continuing as a Service Provider at the will
of the Company (not through the act of being hired, being granted this Award or
acquiring shares hereunder).  Recipient further acknowledges and
agrees that this Award Agreement, the transactions contemplated hereunder and
the vesting schedule set forth herein do not constitute an express or implied
promise of continued engagement as a Service Provider for the vesting period,
for any period, or at all, and shall not interfere in any way with Recipient’s
right or the company’s right to terminate 

     

     

    
      
        
        

      

      
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          LTIP
Stock Unit Award Agreement 8.13.2009

          

        

      

      
        
           

        

      

       

       

      Recipient’s
relationship as a service provider at any time, with or without
cause.

    

     

    15.           Recipient’s
Acknowledgment.  Recipient acknowledges receipt of a copy of
the Plan and represents that he or she is familiar with the terms and provisions
thereof, and hereby accepts this Award subject to all of the terms and
provisions thereof.  Recipient acknowledges that he or she has
reviewed the Plan and this Award Agreement in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Award
Agreement and fully understands all provisions of the Award.

     

    16.           Recipient’s Acceptance of
Provisions of Plan Control and Decision of Plan
Administrator.  In the event of any conflict between the
provisions of the Plan and the provisions of this Award Agreement, the
provisions of the Plan shall govern.  Recipient hereby agrees to
accept as binding, conclusive and final all decisions or interpretations of the
Plan Administrator upon any questions arising under the Plan or this Award
Agreement, including with respect to the interpretation or administration of the
Plan and/or this Award Agreement.  Recipient further agrees to notify
the Company upon any change in his or her residence address in order for the
Company’s records to be kept up to date.

     

    IN
WITNESS WHEREOF, the Company has caused this Award Agreement to be signed by a
duly authorized officer, and the Recipient has affixed his or her signature
hereto.

     

                                        MIPS Technologies,
Inc.

     

        

                                                                        

                                        By:

     

     

     

     

     

                                        RECIPIENT

     

    

                                                                       

                                        «Recipient»

     

    
      
         

      

      
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          LTIP
Stock Unit Award Agreement 8.13.2009Exhibit
10.2

 

FIRST
AMENDMENT TO CREDIT AGREEMENT AND LOAN DOCUMENTS

 

THIS
FIRST AMENDMENT TO CREDIT AGREEMENT AND LOAN DOCUMENTS (this “Amendment”)
is made as of the 30th day of June, 2008 by and between SUMMER
INFANT, INC., a Delaware corporation (“SI Holdings”), SUMMER INFANT (USA), INC., a Rhode Island corporation (“SI
USA”), KIDDOPOTAMUS & COMPANY, a
Delaware corporation (“Kiddopotamus”), , SUMMER
INFANT EUROPE LIMITED, a private company limited by shares organized
under the laws of England and Wales with registered number 04322137 (“SI
Europe”), SUMMER INFANT ASIA LIMITED, a Hong
Kong corporation (“SI Asia”), and SUMMER INFANT CANADA,
LIMITED, a corporation organized under the laws of the Province of
New Brunswick, Canada (“SI Canada”, and collectively with SI Holdings,
SI USA, Kiddopotamus, SI Europe and SI Asia, the “Original Borrowers”
and each individually an “Original Borrower”), certain Lenders
identified on the signature pages hereto (collectively, the “Lenders”
and each individually, a “Lender”), and BANK OF
AMERICA, N.A., a national banking association, as Administrative
Agent (in such capacity, the “Agent”).

 

RECITALS:

 

WHEREAS,
the Lenders, BANK OF AMERICA, N.A., a national
banking association, as Swing Line Lender (the “Swing Line Lender”) and
L/C Issuer (the “L/C Issuer”), the Agent and the Original Borrowers are
parties to a certain Credit Agreement dated as of April 10, 2008, as
supplemented by a Joinder and Security Agreement dated as of April 18,
2008, by and among the Lenders, the Agent, the Original Borrowers and Kiddo
Acquisition Co., Inc., a Rhode Island corporation (as supplemented, the “Credit
Agreement”), which Credit Agreement is incorporated herein by reference and
made a part hereof (capitalized terms used herein that are not otherwise
defined herein shall have the meanings set forth in the Credit Agreement); and

 

WHEREAS,
the Original Borrowers have applied to the Lenders, the Swing Line Lender, the
L/C Issuer and the Agent (collectively, the “Lender Parties”) to make
certain amendments to the Credit Agreement and certain other Loan Documents;
and

 

WHEREAS,
on or about June 30, 2008, the Lender Parties agreed to effect such
amendments subject to the execution and delivery of an amendment in form and
substance satisfactory to the Lender Parties to evidence such amendments; and

 

WHEREAS,
the Lender Parties and the Original Borrowers desire to amend the Credit
Agreement in the manner set forth below.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                                       The parties
hereto hereby agree that SI Europe, SI Asia and SI Canada shall be and are
hereby released as “Borrowers” under the Credit Agreement and the Notes, and as
“Grantors” under the Guaranty and Security Agreement of the Original Borrowers
in favor of the Agent for the benefit of the Lenders and other Lender Parties
dated as of April 10, 2008 (the “Security Agreement”).  Accordingly, the terms “Borrower”, “Borrowers”, “Loan Party”
and “Loan Parties” appearing in the Credit Agreement and the Notes, and
the terms “Grantor” and “Grantors” appearing 

 

 

in
the Security Agreement, are hereby amended to delete all references to SI
Europe, SI Asia and SI Canada.  Nothing
contained herein is intended to modify, release or discharge any of the
obligations, indebtedness or liabilities of SI Holdings, SI USA or Kiddopotamus
under the Credit Agreement, the Notes, the Security Agreement or any other Loan
Documents, and SI Holdings, SI USA and Kiddopotamus (collectively, the “Borrowers”)
shall remain obligated under each of the Credit Agreement, the Notes, the
Security Agreement and all other Loan Documents, and shall remain jointly and
severally liable for the payment and performance of all Obligations.

 

2.                                       The following
definitions of “Applicable Rate”, “Borrowing Base Availability”, “Letter
of Credit” and “Pledging Borrowers” set forth in Section 1.01 of the Credit Agreement are hereby amended
to read in their entirety as follows

 

““Applicable Rate” means, from time to time,
the following percentages per annum, based upon the Funded Debt to EBITDA Ratio
(the “Financial Covenant”) as set forth in the most recent Compliance
Certificate received by Agent pursuant to Section 6.02(b):

 

Applicable Rate

 

	
  Pricing

  Level

  	
   

  	
  Funded Debt to EBITDA

  Ratio

  	
   

  	
  Applicable Rate for

  Eurodollar Rate Loans and

  Letters of Credit

  	
   

  	
  Applicable Rate For

  Base Rate Loans

  
	
  1.

  	
   

  	
  <2.75:1.00

  	
   

  	
  1.50%

  	
   

  	
  -0-

  
	
  2.

  	
   

  	
  >2.75:1.00 but £3.25:1.00

  	
   

  	
  1.75%

  	
   

  	
  0.25%

  
	
  3.

  	
   

  	
  >3.25:1.00

  	
   

  	
  2.00%

  	
   

  	
  0.50%

  

 

Any increase or decrease
in the Applicable Rate resulting from a change in the Financial Covenant shall
become effective as of the first Business Day of the month immediately
following the date a Compliance Certificate is delivered pursuant to Section 6.02(b);
provided, however, that if a Compliance Certificate is not
delivered when due in accordance with such Section, then Pricing Level 3 shall
apply as of the first Business Day of the month following the date such
Compliance Certificate was required to have been delivered.  The Applicable Rate in effect from the
Closing Date through June 30, 2008 shall be determined based upon Pricing
Level 3.

 

Notwithstanding anything to the contrary contained
in this definition, (i) the determination of the Applicable Rate for any
period shall be subject to the provisions of Section 2.10(b); and (ii) at
any time the Borrowers’ Funded Debt to EBITDA ratio exceeds 3.25:1.00 and the
Aggregate Commitments are calculated using the Overadvance Amount, the
Applicable Rate set forth in this definition shall increase by one quarter of
one percent (0.25%) for the longer of (A) ninety (90) days from the date
that the Aggregate Commitments began to be calculated using the Overadvance
Amount; or (B) the delivery of a Borrowing Base Certificate which shows
that such overadvance has been eliminated.”

 

““Borrowing Base Availability” means an amount which shall not
exceed the aggregate Dollar Equivalent of (i) eighty-five percent (85%) of
Total Eligible Toys R Us 

 

2

 

Receivables
outstanding from time to time, plus (ii) eighty-five percent (85%) of
Total Eligible Target Receivables outstanding from time to time, plus (iii) eighty
percent (80%) of Eligible Domestic Receivables outstanding from time to time;
plus (iv) sixty percent (60%) of the value of Eligible Domestic Inventory;
plus (v) fifty-five percent (55%) of the value of Intransit Inventory; provided,
however, the amount available for Loans against Eligible Domestic
Inventory and Intransit Inventory shall not exceed the lesser of (A) fifty
percent (50%) of Borrowing Base Availability under (i) through (v) above,
and (B) Twenty-Three Million Dollars ($23,000,000).

 

““Letter of Credit” means any standby letter of credit and any commercial letter of credit
issued hereunder.”

 

“Pledging Borrowers” means, collectively, SI Holdings, SI USA,
Kiddopotamus and any future Borrower that pledges Collateral for the
Obligations pursuant to a first-priority perfected security interest.”

 

3.                                       The definitions
of “Eligible Foreign Inventory” and “Eligible Foreign Receivable”
set forth in Section 1.01 of the Credit
Agreement are hereby deleted from the Credit Agreement in their entirety.

 

4.                                       Exhibit F to the Credit
Agreement is hereby amended to read in its entirety in the form of Annex A
attached hereto and made in part hereof.

 

5.                                       The Borrowers
and the Agent shall execute such agreements and documents as the Agent shall
reasonably require in order to limit the security interests granted by the
Borrowers in the capital stock of SI Asia, SI Europe and SI Canada to a pledge
of not more than sixty-five percent (65%) of the capital stock of each of such
subsidiaries held by the Borrowers, and the Borrowers shall execute and deliver
to the Agent such additional agreements as the Agent shall reasonably request
from time to time to grant and perfect such security interests in such portion
of the capital stock of each of such subsidiaries.  Except for the modification set forth in the
preceding sentence, all other security interests granted by the Borrowers in
and to the Collateral described in the Security Agreement shall remain in full
force and effect and are in all respects hereby ratified and affirmed by the
Borrowers.

 

6.                                       The Borrowers
shall pay all reasonable expenses incurred by the Agent in the drafting,
negotiation and closing of the documents and transactions contemplated hereby,
including the reasonable fees and disbursements of the Agent’s counsel.

 

7.                                       All references
to the Credit Agreement in the Note and the Security Documents shall be deemed
to refer to the Credit Agreement, as amended by this Amendment and any other
amendments which may be executed.  All
references in the Loan Documents to “the Notes” shall be deemed to refer to the
Notes, as amended by this Amendment. 
This Amendment shall constitute a “Loan Document” as defined in the
Credit Agreement.

 

8.                                       The Borrowers
hereby warrant that all of the representations and warranties contained in Article III
of the Credit Agreement are true and correct as of the date hereof and that no
Event of Default has occurred and is continuing or would result by the
execution of this Amendment 

 

3

 

or
would constitute such an Event of Default but for the requirement that notice
be given or time elapse or both.

 

9.                                       This Amendment
may be executed in several counterparts, each of which when executed and
delivered is an original, but all of which together shall constitute one
instrument.  In making proof of this
Amendment, it shall not be necessary to produce or account for more than one
such counterpart executed by the party against whom enforcement of this
Amendment is sought.

 

10.                                 Except as
modified and amended hereby, the Credit Agreement shall remain in full force and
effect and is in all other respects ratified and confirmed by the Borrowers,
the Lenders and the Agent.

 

(The next page is the signature page.)

 

4

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.

 

	
   

  	
  BANK OF AMERICA, N.A., as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brenda Little

  
	
   

  	
   

  	
  Brenda
  H. Little, Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as a Lender, Swing Line Lender and
  L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Angell

  
	
   

  	
   

  	
  David
  J. Angell, Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  RSB
  CITIZENS, NATIONAL ASSOCIATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert Kent

  
	
   

  	
   

  	
  Name:
  Robert R. Kent

  
	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  RHODE ISLAND, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter J. Difilippo

  
	
   

  	
   

  	
  Name:
  Peter J. Difilippo

  
	
   

  	
   

  	
  Title:   Senior Vice President

  

 

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  	
   

  
	
   

  	
  SUMMER
  INFANT (USA), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
   

  	
  Jason
  P. Macari, President

  
	
   

  	
   

  	
   

  
	
   

  	
  SUMMER
  INFANT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
   

  	
  Jason
  P. Macari, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KIDDOPOTAMUS &
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Acknowledged
  and Agreed:

  
	
   

  	
   

  	
   

  
	
   

  	
  SUMMER
  INFANT EUROPE LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
   

  	
  Jason
  P. Macari, President

  
	
   

  	
   

  	
   

  
	
   

  	
  SUMMER
  INFANT ASIA LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
   

  	
  Jason
  P. Macari, President

  
	
   

  	
   

  	
   

  
	
   

  	
  SUMMER
  INFANT CANADA LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
   

  	
  Jason
  P. Macari, President

  

 

 

ANNEX A

 

EXHIBIT F

 

FORM OF BORROWING BASE CERTIFICATE

 

SUMMER
INFANT

 

MONTH-END
COLLATERAL REPORT AND BORROWING CERTIFICATE

 

For the
Month-ending

 

REVOLVING FACILITY

 

	
  DOMESTIC
  ACCOUNTS RECEIVABLE (Excluding Target/Toys R Us)

  
	
   

  	
   

  	
   

  
	
  1.)

  	
  End of Month Balance

  	
  $

  
	
   

  	
   

  	
   

  
	
  2.)

  	
  Ineligible Accounts
  Receivable, Determined without Duplication

  	
  $

  
	
   

  	
   

  	
   

  
	
  3.)

  	
  Net Eligible Accounts
  Receivable

  	
  $

  
	
   

  	
   

  	
   

  
	
  ELIGIBLE
  TARGET RECEIVABLES

  
	
   

  	
   

  	
   

  
	
  4.)

  	
  End of Month Balance

  	
  $

  
	
   

  	
   

  	
   

  
	
  5.)

  	
  Ineligible Accounts
  Receivable, Determined without Duplication

  	
  $

  
	
   

  	
   

  	
   

  
	
  6.)

  	
  Net Eligible Accounts
  Receivable

  	
  $

  
	
   

  	
   

  	
   

  
	
  7.)

  	
  Total Eligible Target
  Receivables (98% of Line 6)

  	
  $

  
	
   

  	
   

  	
   

  
	
  ELIGIBLE
  TOYS R US RECEIVABLES

  
	
   

  	
   

  	
   

  
	
  8.)

  	
  End of Month Balance

  	
  $

  
	
   

  	
   

  	
   

  
	
  9.)

  	
  Ineligible Accounts
  Receivable, Determined without Duplication

  	
  $

  
	
   

  	
   

  	
   

  
	
  10.)

  	
  Net Eligible Accounts
  Receivable

  	
  $

  
	
   

  	
   

  	
   

  
	
  11.)

  	
  Total Eligible Toys R Us
  Receivables (86% of Line 10)

  	
  $

  
	
   

  	
   

  	
   

  
	
  DOMESTIC
  INVENTORY

  
	
   

  	
   

  	
   

  
	
  12.)

  	
  Month Ending Inventory
  Balance

  	
  $

  
	
   

  	
   

  	
   

  
	
  13.)

  	
  Less: Ineligible
  Domestic Inventory

  	
  $

  
	
   

  	
   

  	
   

  
	
  14.)

  	
  Eligible Inventory

  	
  $

  

 

 

	
  IN-TRANSIT
  INVENTORY

  
	
   

  	
   

  	
   

  
	
  15.)

  	
  Month Ending Inventory
  Balance

  	
  $

  
	
   

  	
   

  	
   

  
	
  16.)

  	
  Less: Ineligible
  In-Transit Inventory

  	
  $

  
	
   

  	
   

  	
   

  
	
  17.)

  	
  Eligible In-Transit
  Inventory

  	
  $

  
	
   

  	
   

  	
   

  
	
  BORROWING
  BASE

  
	
   

  	
   

  	
   

  
	
  18.)

  	
  a)

  	
  Domestic Accounts
  Receivable (80% of Line 3)

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  b)

  	
  Target Receivables (85%
  of Line 7)

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  c)

  	
  Toys R Us Receivables
  (85% of Line 11)

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  d)

  	
  Domestic Inventory (60%
  of Line 14)

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  e)

  	
  Intransit Inventory
  (55% of Line 17)

  	
  $

  
	
   

  	
   

  	
   

  
	
  19.)

  	
  Inventory Availability
  (Lesser of Lines 18d + 18e OR $23,000,000)

  	
  $

  
	
   

  	
   

  	
   

  
	
  20.)

  	
  Gross Availability
  (Lines 18a + 18b + 18c + 19)

  	
  $

  
	
   

  	
   

  	
   

  
	
  21.)

  	
  Lesser of Line 20 or
  $46,000,000 (Line Limit)

  	
  $

  
	
   

  	
   

  	
   

  
	
  LOAN
  DETAIL

  
	
   

  	
   

  	
   

  
	
   

  	
  Prime Rate

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  LIBOR

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Other

  	
  $

  	
   

  
	
   

  	
   

  	
   

  
	
  22.)

  	
  Total Loans Outstanding
  at Month-End

  	
  $

  
	
   

  	
   

  	
   

  
	
  23.)

  	
  Net Borrowing Base
  Availability (Line 21 minus Line 22)

  	
  $

  
					

 

The
undersigned represents and warrants that:

 

(A)                              The information provided above and in the
accompanying supporting documentation is true and correct, and complies fully
with the conditions, terms and covenants of the Credit Agreement dated April 10,
2008 as amended to the date (the “Agreement”) between the undersigned and Bank
of America (the “Bank”).

 

 

(B)                                Since the date of the last financial
statement or certification furnished to the Bank.

 

(i)            There has been no material adverse
change in the financial condition or operations of the undersigned, and

 

(ii)           There is no event which is, or with
notice or lapse of time or both would be, a default under the Agreement

 

 

Summer Infant, Inc.

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]