Document:

exhibit101.htm

Exhibit 10.1

 

ASTRO-MED INC.

MANAGEMENT BONUS PLAN

GROUP III

Adopted March 15, 2010

As Amended April 3, 2013

  

  

  

ASTRO-MED, INC.

MANAGEMENT BONUS PLAN

GROUP III

TABLE OF CONTENTS

I.           OVERVIEW                                                                                                           1

A.           Perspective

B.           Key Points

II.           ELIGIBLE PARTICIPANTS                                                                            2

A.           Rules

1.           Dates of Employment

a.           Annual

2.           Leave of Absence

3.           Retirees

4.           Exclusions

III.           ELIGIBLE BONUSES                                                                                      3

A.           Financial

1.           Categories

2.           Bonus Rates

B.           Business

1.           Categories

2.           Bonus Rates

IV.           FINANCIAL OBJECTIVES                                                                              4

A.           Definition of Financial Measurement Criteria

1.           Net Sales

2.           Operating Income

3.           Net Assets

4.           ORONA

V.           GENERAL RULES                                                                                                4-5

VI.           PAYOUT MATRIX                                                                                               6-7

  

  

  

ASTRO-MED, INC.

MANAGEMENT BONUS PLAN

GROUP III

I.           OVERVIEW

A.           Perspective

Astro-Med’s pay for performance philosophy encourages rewarding individuals who are committed to the achievement of their financial and operating goals as well as ensuring our customers are totally satisfied with our products and services.  The Plan provides for incentive pay based on Financial and Business Objectives.

B.           Key Points

	
1.

	
Bonuses are earned by achieving ANNUAL Financial Objectives, including Net Sales, Operating Income and ORONA (Operating Income Return on Net Asset) Thresholds.

	
2.

	
Participation by a Corporate Officer shall be recommended by the CEO and approved by the Astro-Med, Inc. Compensation Committee.

	
3.

	
Bonuses earned for achieving the Financial Thresholds will be paid only on an annual basis.

 

4.           Bonuses earned on the Business Objectives will be paid only on an annual basis.

	
5.

	
To be eligible for the Annual Bonus, Officers must be on the Astro-Med payroll as of the last day of the fiscal year.

	
6.  

	
Annual bonuses earned by Corporate Officers for achieving the Financial Objectives will be paid only after the issuance of Astro-Med’s Audited Consolidated Financial Statements.

	
7.  

	
All levels of Operating Income Attainment must include the requisite level of bonuses earned  (e.g. adequate bonus reserves must be provided for in the Operating Income reported).

	
8.

	
All Bonuses earned will be paid only after review and written approval by Astro-Med’s CEO (and, in the case of a bonus to the CEO, approval of the Compensation Committee).

	 

 

 

  

  

  

 

	
9.

	
All combined annual bonuses paid based on achieving Financial Objectives cannot exceed 10% of Astro-Med’s consolidated Operating Income determined without deduction for the combined Corporate Management Bonus Plan pool.

	
10.

	
All Bonuses earned by achieving Financial Objectives are based on Operating Income from the Company’s normal operating activities and excludes the financial results from mergers, acquisitions, sale of assets, divestitures, etc.

II.           ELIGIBLE PARTICIPANTS

A.           Rules

1.           Dates of Employment

a.           Annual

	 	
(1)

	
Corporate Officers who are on the payroll as of the last day of the fiscal year to which the bonus relates, and who were on the payroll the first working day of such fiscal year are eligible for a full year’s bonus award.

	 	
(2)

	
Corporate Officers who were on the payroll after the first working day of the fiscal year to which the bonus relates are eligible for a pro rata bonus award.  Corporate officers who are employees for six months or more but less than twelve months are entitled to 25% of the Bonus percent earned by the Group III participants.  Corporate Officers who are employed for less than six months in the current fiscal year do not qualify for the Group III Bonus.

2.           Leave of Absence

No bonus will be paid to an officer on leave of absence.

3.           Retirees

	
  

	
Officers retiring after age 65 and prior to the last day of the fiscal year, and who were eligible for a bonus in the preceding year are eligible for a pro rata portion of a full year’s bonus (based upon the number of full months prior to retirement).

4.           Exclusions

	
  

	
Officers who are participating in other Company incentive plans (e.g. Sales Incentive Plan, etc.) are not eligible under this plan without written approval of the Astro-Med CEO.

III.           ELIGIBLE BONUS

A.           Threshold and Target Financial Objectives for Net Sales, Operating Income, and Return on Net Assets (RONA) and the related Bonus Rates (Percentage of Base Salary) shall be established annually by the Compensation Committee and communicated to the Plan participants by the CEO.

 

 

  

  

  

 

B.           Plan Participants may also receive a bonus based upon achieving specified Strategic and Tactical Business Objectives.  The maximum Bonus Rate (percentage of Base Salary) that may be earned by a Plan participant based upon achieving such Business Objectives shall be established annually by the Compensation Committee.  The Business Objectives shall be established by the Compensation Committee for the CEO and by the CEO for all other Plan participants and the determination as to achievement of such Business Objectives and the portion of the bonus earned therefor shall be made by the CEO (or, in the case of the CEO, by the Compensation Committee).

IV.           FINANCIAL OBJECTIVES

A.           Definition of Financial Measurement Criteria

1.           Net Sales:  Astro-Med Consolidated Net Sales

2.           Operating Income:  Astro-Med Consolidated Operating Income

3.           Net Assets:  Astro-Med Consolidated Net Assets

4.           ORONA:  Astro-Med Consolidated Ooperating Income = %

  Astro-Med Consolidated Net Assets

Note:                      For purposes of ORONA calculations on an annual basis, Astro-Med’s consolidated Net Assets will represent a twelve month average of the Company’s Assets less a twelve month average of Liabilities.

V.           GENERAL RULES

A.           Participation

1.           Corporate Officers as approved by Astro-Med Compensation Committee.

B.           Minimum and maximum Payouts

	
  

	
1.

	
No bonus will be paid to any Officer on Financial or Business Objectives if either Astro-Med’s Consolidated Operating Income and Net Sales for the fiscal year is less than the applicable Threshold established by the Compensation Committee.

No bonus will be paid in excess of 60% of an Officer’s annual Base Salary.

C.           Definition of Salary

Annual bonuses are based on salary in effect as of the last day of the fiscal year.

D.           Timing of Bonus Payout

 

 

  

  

  

	
1.  

	
Bonus earned for achieving the Financial Objectives and Business Objectives will be paid on an annual basis.

	
  

	
2.

	
Annual bonuses will be calculated and paid as soon as the Company’s audited financial statements are issued.  This should be in March of the following fiscal year.

	
  

	
3.

	
All bonuses earned will be paid only after review and written approval by Astro-Med’s CEO and approval of the Compensation Committee in the case of the CEO.

E.           Modification and Continuation of the Bonus Plan

The Plan may be modified by Astro-Med’s CEO at any time, provided that any material modification of the Financial Targets, Financial Thresholds or Bonus Rates shall be approved by the Astro-Med, Inc. Compensation Committee.  The Astro-Med CEO has final authority as to any payment hereunder (other than payments to the CEO), including the authority to interpret the provisions of this Plan.  The Compensation Committee has sole discretion as to the continuation of the Plan for any fiscal year and, accordingly, continuation of the Plan beyond the current fiscal year is not guaranteed.Exhibit 4(h)

 

SEVENTH AMENDMENT OF

CONSTRUCTION LOAN AGREEMENT

 

THIS SEVENTH
AMENDMENT OF CONSTRUCTION LOAN AGREEMENT (“Amendment”) is made this 13 day of March, 2013 by and among ONE EARTH
ENERGY, LLC, an Illinois limited liability company (“BORROWER”), FIRST NATIONAL BANK OF OMAHA
(“FNBO”), a national banking association headquartered in Omaha, Nebraska as a BANK and as administrative agent
for the BANKS (in such capacity, the “ADMINISTRATIVE AGENT”), as accounts bank (in such capacity, the
“ACCOUNTS BANK”) and as collateral agent for the BANKS (in such capacity, the “COLLATERAL AGENT”),
and the BANKS party to the AGREEMENT. This Amendment amends that certain Construction Loan Agreement dated September 20,
2007 among the AGENT, BANKS and BORROWER (“AGREEMENT”).

 

WHEREAS, pursuant to
the AGREEMENT and the other LOAN DOCUMENTS, BANKS extended the LOANS and other financial accommodations and extensions of
credit described in the AGREEMENT to BORROWER, all as more fully described in the AGREEMENT;

 

WHEREAS, pursuant to
that certain First Amendment of Construction Loan Agreement dated September 19, 2008, the LOAN TERMINATION DATE of the
REVOLVING LOAN was extended from September 19, 2008 to September 18, 2009, the Maintenance Building Land, Tucker Land,
Wellsite Lease and Scott Lease were added as collateral for the LOANS and the MORTGAGE was amended accordingly, and the
AGREEMENT was otherwise amended as provided for therein;

 

WHEREAS, pursuant to that
certain Second Amendment of Construction Loan Agreement dated January 30, 2009, the allocation of the TERM LOANS was modified by
the addition of the FIXED RATE II TERM LOAN, provisions relating to the Ameren Agreement were added and the AGREEMENT was otherwise
amended as provided for therein;

 

WHEREAS, pursuant to that
certain Third Amendment of Construction Loan Agreement dated September 18, 2009, the LOAN TERMINATION DATE of the REVOLVING LOAN
was extended to September 17, 2010, the interest rate and non-usage fee applicable to the REVOLVING LOAN was modified as provided
for therein and the AGREEMENT was otherwise amended as provided for therein;

 

WHEREAS, pursuant to that
certain Fourth Amendment of Construction Loan Agreement dated June 1, 2010, the LOAN TERMINATION DATE of the REVOLVING LOAN was
extended to May 31, 2011, the interest rate applicable to the LOANS was modified, the restrictions on CAPITAL EXPENDITURES for
BORROWER’S 2010 fiscal year was modified, the amortization of the FIXED RATE LOAN was modified and the AGREEMENT was otherwise
amended as provided for therein;

 

WHEREAS, pursuant to that
certain Fifth Amendment of Construction Loan Agreement dated May 31, 2011, the LOAN TERMINATION DATE of the REVOLVING LOAN was

    	 

    	

    

extended to May 30, 2012,
the interest rate applicable to the REVOLVING LOAN was modified, the COMMITMENTS of the BANKS in the REVOLVING LOAN were modified
and the AGREEMENT was otherwise amended as provided for therein;

 

WHEREAS, pursuant to that
certain Assignment and Assumption Agreement dated May 16, 2012 (the “Midland Assignment”) between Deere Credit, Inc.
and Midland States Bank (“Midland”), Midland acquired all of Deere Credit, Inc.’s right, title and interest in
the Fixed Rate Loan, and Midland agreed to become a BANK under the AGREEMENT;

 

WHEREAS, pursuant to that
certain Sixth Amendment of Construction Loan Agreement dated May 30, 2012, the LOAN TERMINATION DATE of the REVOLVING LOAN was
extended from May 30, 2012 to May 29, 2013, the FIXED CHARGE COVERAGE RATIO was modified, the NET WORTH financial covenant was
removed, the capital expenditures covenant was modified, the application of the EXCESS CASH FLOW payment was modified, the LONG
TERM REVOLVING LOAN was paid off and terminated and the AGREEMENT was otherwise amended as provided for therein;

 

WHEREAS, BORROWER has violated
the FIXED CHARGE COVERAGE RATIO financial covenant for the reporting period ending December 31, 2012 and has requested, and under
the terms of this Amendment BANKS have agreed, to waive such violation and modify the testing of the FIXED CHARGE COVERAGE RATIO
to annually; and

 

WHEREAS, the parties hereto
agree to amend the AGREEMENT as provided for in this Amendment.

 

NOW, THEREFORE, in consideration
of the amendments of the AGREEMENT set forth below, the mutual covenants herein and other good and valuable consideration, the
sufficiency and receipt of which is hereby acknowledged, the parties agree to amend the AGREEMENT as follows:

 

1.  Capitalized
terms used herein shall have the meaning given to such terms in the AGREEMENT as amended in this Amendment, unless
specifically defined herein.

 

2. Section 6.2.1
of the AGREEMENT is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

6.2.1 BORROWER shall
maintain a FIXED CHARGE COVERAGE RATIO, measured on a rolling four quarters trailing basis, of no less than 1.10:1.0. The
FIXED CHARGE COVERAGE RATIO shall be tested by ADMINISTRATIVE AGENT annually at the end of each of BORROWER’s fiscal
years.

 

3. Pursuant to Section
6.2.1 of the AGREEMENT, BORROWER is required to maintain a FIXED CHARGE COVERAGE RATIO of not less than 1.10:1.0. For the reporting
period ending December 31, 2012, BORROWER failed to maintain the required FIXED CHARGE COVERAGE RATIO required in Section 6.2.1
of the AGREEMENT. BORROWER has requested that BANKS waive BORROWER’s violation of the foregoing FIXED CHARGE

    	-2-

    	

    

COVERAGE RATIO covenant
for the reporting period ending December 31, 2012. BANKS hereby waive BORROWER’s violation of the FIXED CHARGE COVERAGE RATIO
covenant required under Section 6.2.1 of the AGREEMENT solely for the reporting period ending December 31, 2012. The foregoing
waiver is strictly limited to BORROWER’s violation of the FIXED CHARGE COVERAGE RATIO solely for the reporting period ending
December 31, 2012. This waiver shall not obligate BANKS to waive any future violations with respect to the same or different covenants,
terms and conditions of the AGREEMENT and/or the other LOAN DOCUMENTS.

 

4. Except as modified
herein, all other terms, provisions, conditions and obligations imposed under the terms of the AGREEMENT and the other LOAN DOCUMENTS
shall remain in full force and effect and are hereby ratified, affirmed and certified by BORROWER. BORROWER hereby ratifies and
affirms the accuracy and completeness of all representations and warranties contained in the AGREEMENT and other LOAN DOCUMENTS.
BORROWER represents and warrants to the ADMINISTRATIVE AGENT and the BANKS that the representations and warranties set forth in
the AGREEMENT, and each of the other LOAN DOCUMENTS, are true and complete on the date hereof as if made on and as of the date
hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, such representation
or warranty shall be true and correct as of such specific date), and as if each reference in “this AGREEMENT” included
references to this Amendment. BORROWER represents, warrants and confirms to the ADMINISTRATIVE AGENT and the BANKS that no Events
of Default is now existing under the LOAN DOCUMENTS and that no event or condition exists which would constitute an Event of Default
with the giving of notice and/or the passage of time. Nothing contained in this Amendment either before or after giving effect
thereto, will cause or trigger an Event of Default under any LOAN DOCUMENT. To the extent necessary, the LOAN DOCUMENTS are hereby
amended consistent with the amendments provided for in this Amendment.

 

5. This Amendment
may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and
all of which counterparts, taken together, shall constitute but one and the same instrument.

 

6. This Amendment
will be governed by and construed in accordance with the laws of the State of Nebraska, exclusive of its choice of laws rules.

 

7. BORROWER will comply
with all terms and conditions of this Amendment and any other documents executed pursuant hereto and will, when requested by ADMINISTRATIVE
AGENT, execute and deliver such further documents and instruments necessary to consummate the transactions contemplated hereby
and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes
of this Amendment.

 

[SIGNATURE PAGES FOLLOW]

    	-3-

    	

    

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

 

	 	ONE EARTH ENERGY, LLC
	 	 	 
	 	By:	/s/ Steve Kelly
	 	Title:	President
	 	 	 
	 	FIRST NATIONAL BANK OF OMAHA,

 in its capacity as a BANK,

 ADMINISTRATIVE AGENT, 

COLLATERAL AGENT and  ACCOUNTS

 BANK
	 	 	 
	 	By:	/s/ Mark Baratta
	 	Title:	Vice President

    	-4-

    	

    

	 	1st FARM CREDIT SERVICES, as a
	 	BANK
	 	 	 
	 	By:	/s/ Dale Richardson
	 	Title:	Vice President

    	 

    	

    

	 	TRANSAMERICA LIFE
	 	INSURANCE COMPANY, as a BANK
	 	 	 
	 	By:	/s/ Stephen Noonan
	 	 	 
	 	Title:	Vice President

    	 

    	

    

	 	MIDLAND STATES BANK, as a BANK
	 	 	 
	 	By:	/s/ Joseph Bates
	 	 	 
	 	Title:	Commercial Relationship Manager

    	 

    	

    

	 	CITIZENS FIRST NATIONAL BANK, as
	 	a BANK
	 	 	 
	 	By:	/s/ Derek Fetzer
	 	 	 
	 	Title:	Vice President

    	 

    	

    

	 	FARM CREDIT SERVICES OF
	 	AMERICA, as a BANK
	 	 	 
	 	By:	/s/ Kathryn Frahm
	 	 	 
	 	Title:	Vice President

    	 

    	

    

	 	QUAD CITY BANK AND TRUST, 

as a BANK
	 	 	 
	 	By:	/s/ Greg Keppy
	 	 	 
	 	Title:	Junior Credit Officer

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