Document:

Exhibit 10.134

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO UNSECURED PROMISSORY
NOTE

 

This Amendment No.
1 to Unsecured Promissory Note (the "Amendment") is made as of this 5th day of April, 2016, by and between TWINLAB CONSOLIDATED
HOLDINGS, INC., a Nevada corporation ("Maker"), and GREAT HARBOR CAPITAL, LLC, a Delaware limited liability company
("Holder").

 

WHEREAS, the
Maker is indebted to the Holder under a certain Unsecured Promissory Note in the principal amount of Seven Million Dollars ($7,000,000)
dated March 21, 2016 (the "Note"); and

 

WHEREAS, the
Borrower and the Holder have agreed to amend the Note in accordance with this Amendment.

 

NOW, THEREFORE,
the parties hereto agree as follows:

 

1.          Section
2.01(c) of the Note is hereby restated in its entirely to read as follows:

 

(c)          The
occurrence of (x)(i) a default or an event of default with respect to any indebtedness of Maker for borrowed money that accrues
interest, including, but not limited to Midcap Funding X Trust, Penta Mezzanine SBIC Fund I, L.P., JL-Mezz Utah, LLC, JL Properties,
Inc., Holder, Golisano Holdings LLC ("Golisano Holdings") and JL-Utah Sub, LLC (“JL-US”) and (ii)
such indebtedness is accelerated by the creditor or (y) for the non-payment of indebtedness of Maker for borrowed money at its
scheduled final maturity (including any extension or refinancings thereof);

 

2.          Section
3.11 of the Note is hereby restated in its entirely to read as follows:

 

3.11         Pari
Passu Notes. Maker and Holder acknowledge and agree that the payment of all or any portion of the outstanding principal
amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to that certain
Unsecured Promissory Note, dated as of March 21, 2016 (the "Second Holder Note"), in the original principal
amount of $7,000,000 issued by Maker to Holder, that certain Unsecured Promissory Note, dated as of January 28, 2016 (the "First
Golisano Holdings Note"), in the original principal amount of $2,500,000 issued by Maker to Golisano Holdings, that
certain Unsecured Promissory Note, dated as of March 21, 2016, in the original principal amount of $7,000,000 issued by Maker to
Golisano Holdings (the "Second Golisano Holdings Note" and collectively with the First Golisano Holdings Note,
the "Golisano Holdings Notes"), and that certain promissory note, dated as of April 5, 2016, in the original principal
amount of $500,000 issued by Maker to JL-US (the “JL-US Note”). All payments of principal and interest on the
Notes shall be made pro rata based on the unpaid principal balance under this Note, the Second Holder Note, the Golisano Holdings
Notes and the JL-US Note. If Holder receives any payment or other amount in excess of that which it is entitled to under this Section
3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Golisano Holdings and JL-US to the
extent each is entitled thereto and shall pay such excess amount over to Golisano Holdings and/or JL-US as promptly as practicable.
Maker and Holder hereby agree that Golisano Holdings and JL-US are each an express third party beneficiary of this Section 3.11
and it shall not be amended or modified without the express written consent of Golisano Holdings and JL-US.

 

Amendment No. 1 to Unsecured Promissory
Note (Great Harbor)

 

     

     

    

 

3.          Except
as expressly amended hereby, all terms and conditions of the Note shall remain in full force and effect.

 

4.          Upon
the effectiveness of this Amendment, each reference in the Note to "the Note," "this Note," "hereunder,"
"hereof," "herein," or words of similar import shall mean and be a reference to the Note, as amended by this
Amendment.

 

5.          This
Amendment constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior negotiations, understandings, and agreements between such parties with respect to the subject matter hereof.
To the extent of any conflict between the terms and conditions of this Amendment and the Note, the terms and conditions of this
Amendment shall govern.

 

6.          This
Amendment may be executed in one or more counterparts, including by means of facsimile and/or portable document format, each of
which shall be an original and all of which shall together constitute one and the same document.

 

[SIGNATURE PAGE FOLLOWS]

 

    
	 	2	 

     

    

 

EXECUTION VERSION

 

IN WITNESS WHEREOF,
Maker and Holder have executed this Amendment as of the date first above written.

 

	 	TWINLAB CONSOLIDATED HOLDINGS, INC.
	 	 	 
	 	By:  	/s/ Naomi Whittel
	 	 	Name:  Naomi Whittel
	 	 	Title: Chief Executive Officer
	 	 	 
	 	GREAT HARBOR CAPITAL, LLC
	 	 	 
	 	By:  	/s/ Mark J. Bugge
	 	 	Mark J. Bugge
	 	 	Title: Secretary

 

Amendment No. 1 to Unsecured Promissory
Note (Great Harbor)Exhibit 10.1

Amendment
to Loan Documents

 

THIS AMENDMENT TO LOAN DOCUMENTS (this “Amendment”)
is made as of January 6, 2016, by and between NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION (the “Borrower”),
and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

 

BACKGROUND

 

 A. The Borrower has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral assignments, and other agreements, instruments, certificates and documents, some or all of which are more fully described on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which evidence or secure some or all of the Borrower’s obligations to the Bank for one or more loans or other extensions of credit (the

“Obligations”).

 

 B. The Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment.

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as
follows:

 

 1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as amended by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents. Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Documents. To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control.

 

 2. The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment, are, except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not be cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.

 

 3. The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

 

 4. As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified in Exhibit A.

 

 5. To induce the Bank to enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its officers, directors, attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against the Bank or any of them arising out of or relating to the Obligations. The Borrower further agrees to indemnify and hold the Bank and its officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any claims arising out of or relating to the Obligations. The Borrower further states that it has carefully read the foregoing release and indemnity, knows the contents thereof and grants the same as its own free act and deed.

 

     

     

    

 6. This Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart. Any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.

 

 7. The Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail).

 

 8. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns.

 

 9. This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated in the Loan Documents is located. This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State where the Bank’s office indicated in the Loan Documents is located, excluding its conflict of laws rules.

 

 10. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and confirms the confession of judgment (if applicable) and waiver of jury trial or arbitration provisions contained in the Loan Documents. 

 

REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK

 

WITNESS the due execution of this
Amendment as a document under seal as of the date first written above.

 

	WITNESS / ATTEST: 	
        NORTHERN TECHNOLOGIES 

        INTERNATIONAL CORPORATION

	 	 
	/s/ Lauren Worwa	By: /s/ Matthew Wolsfeld 
	 	(SEAL) 
	Print Name: Lauren Worwa 	Matthew Wolsfeld 
	 	Chief Financial Officer 
	 	PNC BANK, NATIONAL ASSOCIATION 
	 	 
	 	By: /s/ Yelena Spadafora 
	 	(SEAL) 
	 	Yelena Spadafora , Vice President 

 

 

     

     

    

EXHIBIT
A TO

AMENDMENT
TO LOAN DOCUMENTS 

DATED
AS OF JANUARY 6, 2016 

 

		A.	The “Loan Documents” that are the subject of this Amendment include the following (as
any of the foregoing have previously been amended, modified or otherwise supplemented):

 

		1.	$3,000,000.00 Amended and Restated Committed Line of Credit Note dated January 10, 2011
executed and delivered to the Bank by the Borrower (the “Line of Credit Note”)

 

		2.	Working Cash®, Line of Credit, Investment Sweep Rider, dated January 10, 2011, between the
Borrower and the Bank

 

		3.	Loan Agreement dated January 10,
                                         2011 between the Borrower and the Bank (the “Loan Agreement”)

 

		4.	Security Agreement dated January 10, 2011 between the Borrower and the Bank

 

		5.	Reimbursement Agreement for Standby Letter(s) of Credit dated January 10, 2011, executed and delivered
to the Bank by the Borrower

 

		6.	All other documents, instruments, agreements, and certificates executed and delivered in connection
with the Loan Documents listed in this Section A. 

 

		B.	The Loan Documents are amended as follows:

 

		1.	The Line of Credit Note is amended as follows:

 

			Effective on January 8, 2016, the Expiration Date set forth in the Line of Credit Note is hereby
extended from January 7, 2016 to January 7, 2017.

 

		2.	The Loan Agreement is amended as follows:

 

	 	 	Section
5.7 of the Loan Agreement is hereby amended and restated to read in its entirety as follows:
	 	 	 
			“5.7. Dividends. On and after the occurrence of an Event of Default or if an
Event of Default would occur as a result thereof, declare or pay any dividends on or make any distribution with respect to any
class of its equity or ownership interest, or purchase, redeem, retire or otherwise acquire any of its equity up to $3,000,000.00.”

 

		C.	Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments
set forth in this Amendment is subject to the prior satisfaction of the following conditions:

 

		1.	Execution by all parties and delivery to the Bank of this Amendment.

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