Document:

Exhibit 10.1

 Exhibit 10.1 
 EXECUTION COPY 
 SECOND AMENDMENT TO AMERICAN
CAPITAL, LTD. 
 LOCK UP AGREEMENT 
 This SECOND AMENDMENT, dated as of March 26, 2010 (this “Second Amendment”), amends the Lock Up Agreement, dated as of November 20, 2009 (as amended, supplemented or otherwise
modified from time to time, the “Lock Up”), by and among American Capital, Ltd., a Delaware corporation (the “Company”), and each of the creditors party thereto (the “Consenting Creditors”).
Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Lock Up. 
 RECITALS 

 WHEREAS, pursuant to the Lock Up, the Consenting Creditors have agreed to implement a restructuring and reorganization of the
Company pursuant to the terms set forth in the Term Sheet and the Private/ Public Terms; 
 WHEREAS, the Company has requested
that the Majority Consenting Creditors enter into this Second Amendment on the terms and conditions set forth herein; 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 1. Amendment to Section 4. Section 4 is hereby amended as follows: 
 (i) in Section 4(ii), by deleting both occurrences of the date “March 15, 2010” and replacing them with “May 31,
2010” and by deleting the date “March 31, 2010” and replacing it with “June 30, 2010”. 
 (ii) in
Section 4(iii)(2), by deleting the date “May 15, 2010” and replacing it with “July 31, 2010” and by deleting the date “May 31, 2010” and replacing it with “August 15, 2010”. 
 (iii) in Section 4(iii)(3), by deleting the date “May 31, 2010” and replacing it with “August 15, 2010”.

 2. Effectiveness. This Second Amendment shall not become effective unless and until it has been duly executed and
delivered by the Company and the Majority Consenting Creditors. 
 3. Continuing Effect; No Other Amendments. Except as
expressly amended hereby, all of the terms and provisions of the Lock Up are and shall remain in full force and effect. The amendments contained herein shall not constitute an amendment or waiver of any other provision of the Lock Up or for any
purpose except as expressly set forth herein. 
  

 1 

 4. Counterparts. This Second Amendment may be executed in one or more counterparts,
each of which shall be deemed an original and all of which shall constitute one and the same Second Amendment. Delivery of an executed signature page of this Second Amendment by facsimile shall be as effective as delivery of a manually executed
signature page of this Second Amendment. 
 5. Severability. Any provision of this Second Amendment which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such
provision in any other jurisdiction. 
 6. Headings. The headings of the sections and subsections of this Second
Amendment are inserted for convenience only and shall not affect the interpretation hereof. 
 7. No Solicitation. This
Second Amendment is not and shall not be deemed to be a solicitation of votes for the Plan. In addition, this Second Amendment does not constitute an offer to issue or sell securities to any person, or the solicitation of an offer to acquire or buy
securities, in any jurisdiction where such offer or solicitation would be unlawful. 
 8. GOVERNING LAW. THIS
SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THAT STATE. 
  

 2 

 IN WITNESS WHEREOF, each of the Parties has caused this Second Amendment to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Address:
	
	Attention:
	Fax:	 	

  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	 /s/ Malon Wilkus

	 Name:
	 	 Malon Wilkus

	 Title:
	 	 Chairman of the Board and CEO

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	  
  

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	Address:
	
	 Attention:

	 Fax:

  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Second Amendment to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 AFC Investors Trust

 By: Wilmington Trust Company, not in its individual capacity, but solely as 
 owner trustee under the Trust Agreement dated December 4, 2008. 
  

			
	By:	 	/s/ Joseph B. Feil
	Name:	 	Joseph B. Feil
	Title:	 	Vice President

 Address: 
 1100 North Market Street 
 Rodney Square North

 Wilmington, DE 19890 
 Attention:
Joe Feil (jfeil@wilmingtontrust.com) 
 Fax: 302/636-4145 Phone: 302/636-6466 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	  
 NAME OF INSTITUTION:

	  
 Bank of Montreal
Capital Markets Financing Inc.

		
	 By:
	 	 /s/ Lana Powers

	 Name:
	 	Lana Powers
	 Title:
	 	Vice President/Director

 Address: 
 115 South LaSalle Street, 12th Floor 
 Chicago, IL 60603 
 Attention: Lana Powers 
 Fax: 312-461-7958 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	  
 NAME OF INSTITUTION:

	  
 Bank Leumi
USA

		
	 By:
	 	 /s/ Joung Hee Hong

	 Name:
	 	Joung Hee Hong
	 Title:
	 	First Vice President

 Address: 
 562 Fifth Avenue 
 New York, NY 10036 

Attention: Joung Hee Hong 
 Fax: 212-407-4317

  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 Bank of America, NA

		
	By:	 	 /s/ Sean A. Tobias

	Name:	 	Sean A. Tobias
	Title:	 	Senior Vice President

 Address: 
 901 Main Street 
 66th Floor, TX1-492-66-01 
 Dallas, Texas 75202 
 Attention: Sean Tobias

 Fax: 214-530-2657 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 BFC Investors Trust

	
	By: Wilmington Trust Company, not in its individual capacity, but solely as owner trustee under the Trust Agreement dated December 4, 2008.
		
	By:	 	 /s/ Joseph B. Feil

	Name:	 	Joseph B. Feil
	Title:	 	Vice President

 Address: 
 1100 North Market Street 
 Rodney Square North

 Wilmington, DE 19890 
 Attention:
Joe Feil (jfeil@wilmingtontrust.com) 
 Fax: 302/636-4145 Phone: 302/636-6466 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Cathay United Bank

		
	 By:
	 	 /s/ Grace Chou

	 Name:
	 	Grace Chou
	 Title:
	 	SVP & General Manager

 Address: 
 725 South Figueroa Street, Suite 4150 
 Los Angeles
CA 90017 
 Attention: Janet Fu 
 Fax:
213-627-6817 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Credit Suisse AG, Cayman Islands Branch

		
	 By:
	 	 /s/ Gil Golan

	 Name:
	 	Gil Golan
	 Title:
	 	Vice President
		
	 By:
	 	 /s/ Ian Landow

	 Name:
	 	Ian Landow
	 Title:
	 	Authorized Signatory

 Address: 
 11 Madison Avenue (5th Floor) 
 New
York, NY 10010 
 Attention: Ashwinee Sawh 
 Fax: (212) 325-8129 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 
	Name:	 	
	Title:	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
 CFC Investors Trust 
 By: Wilmington Trust Company, not in its individual capacity, but solely as 
 owner trustee under the Trust Agreement dated December 11, 2008. 
  

			
	By:	 	/s/ Joseph B. Feil
	Name:	 	Joseph B. Feil
	Title:	 	Vice President

 Address: 
 1100 North Market Street 
 Rodney Square North

 Wilmington, DE 19890 
 Attention:
Joe Feil (jfeil@wilmingtontrust.com) 
 Fax: 302/636-4145 Phone: 302/636-6466 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 
	Name:	 	
	Title:	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
 Citibank, NA, in its capacity as Safekeeping Agent for Midtown
Acquisitions, 
 L.P. (f/k/a DK Acquisition Partner, L.P.). 
  

			
	By:	 	/s/ Camille Tomao
	Name:	 	Camille Tomao
	Title:	 	Director

 Address: 
 Camille R. Tomao, Director 
 Citi,
Agency & Trust 
 388 Greenwich Street, 14th Floor 
 New
York, NY 10013 
 212-816-5692 
 Attention: 
 Fax: 212-816-5530 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Credit Suisse Loan Funding LLC

		
	By:	 	 /s/ Kenneth Hoffman

	Name:	 	Kenneth Hoffman
	Title:	 	Managing Director
		
	By:	 	 /s/ Douglas DiBella

	Name:	 	Douglas DiBella
	Title:	 	Authorized Signatory

 Address: 
 11 Madison Avenue (5th Floor) 
 New
York, NY 10010 
 Attention: Ashweinee Sawh 
 Fax: (212) 325-8129 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	  
 NAME OF INSTITUTION:

	  
 EFC Investors Trust

	  
 By: Wilmington Trust Company, not in its individual
capacity, but solely as owner trustee under the Trust Agreement dated December 4, 2008.

		
	 By:
	 	 /s/ Joseph B. Feil

	 Name:
	 	Joseph B. Feil
	 Title:
	 	Vice President

 Address: 
 1100 North Market Street 
 Rodney Square North

 Wilmington, DE 19890 
 Attention:
Joe Feil (jfeil@wilmingtontrust.com) 
 Fax: 302/636-4145 Phone: 302/636-6466 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
  

	
	FFC Investors Trust

 By: Wilmington Trust Company, not in its individual capacity, but solely as owner 
 trustee under the Trust Agreement dated
January 9, 2009. 
  

			
	By:	 	/s/ Joseph B. Feil
	Name:	 	Joseph B. Feil
	Title:	 	Vice President

 Address: 
 1100 North Market Street 
 Rodney Square North

 Wilmington, DE 19890 
 Attention:
Joe Feil (jfeil@wilmingtontrust.com) 
 Fax: 302/636-4145 Phone: 302/636-6466 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
  

	
	GoldenTree Credit Opportunities Second Financing, Limited

  

			
	 By:
	 	Goldentree Asset Management, LP.
		
	By:	 	/s/ William D .Christian
	Name:	 	William D. Christian
	Title:	 	Chief Operating Officer

 Address: 
 1230 Avenue of the Americas 
 3
rd Floor 
 NY, NY 10022 
 Attention: Karen Weber 

Fax: 212-847-3431 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
  

			
	 GoldenTree 2004 Trust

		
	By:	 	Goldentree Asset Management, LP.
		
	By:	 	 /s/ William D .Christian

	Name:	 	William D. Christian
	Title:	 	Chief Operating Officer

 Address: 
 1230 Avenue of the Americas 
 3
rd Floor 
 NY, NY 10022 
 Attention: Karen Weber 

Fax: 212-847-3431 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
	By:	 	  

	Name:	 	
	Title:	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
  

			
	 GNS SIP Limited

		
	By:	 	Goldentree Asset Management, LP.
		
	By:	 	 /s/ William D .Christian

	Name:	 	William D. Christian
	Title:	 	Chief Operating Officer

 Address: 
 1230 Avenue of the Americas 
 3
rd Floor 
 NY, NY 10022 
 Attention: Karen Weber 

Fax: 212-847-3431 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 GoldenTree Credit Opportunities Financing, Limited

		
	By:	 	Goldentree Asset Management, LP.
		
	By:	 	/s/ William D .Christian
	Name:	 	William D. Christian
	Title:	 	Chief Operating Officer

 Address: 
 1230 Avenue of the Americas 
 3
rd Floor 
 NY, NY 10022 
 Attention: Karen Weber 

Fax: 212-847-3431 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 CONSENTING CREDITORS:

	
	NAME OF INSTITUTION:
	
	 Goldman Sachs Lending Partners LLC

		
	By:	 	/s/ Andrew Caditz
	Name:	 	Andrew Caditz
	Title:	 	Authorized Signatory

 Address: 
 30 Hudson Street 
 Jersey City, NJ 07302

 Attention: Lauren Day 
 Fax:
646-769-7700 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 HSBC Bank USA, National Association

		
	By:	 	 /s/ Patrick M. Hanley

	Name:	 	Patrick M. Hanley
	Title:	 	Senior Vice President

 Address: 
 One HSBC Center, 26th Floor 
 Buffalo, NY 14203 
 Phone: Patrick M. Haley 
 Fax: 716-841-1968 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 Jefferies Leveraged Credit Products, LLC

		
	By:	 	 /s/ William M. McLoughlin

	Name:	 	William M. McLoughlin
	Title:	 	Senior Vice President

 Address: 
 Jefferies & Co. 
 The Metro Center

 One Station Place 13N 
 Stanford, CT
06102 
 Attention: Anna Lopicollo 
 Fax: 201-221-8265 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 JPMorgan Chase Bank, N.A.

		
	 By:
	 	 /s/ Melissa Ferro

	 Name:
	 	Melissa Ferro
	 Title:
	 	Executive Director

 Address: 
 277 Park Avenue, 36th Floor 
 New
York, NY 10172 
 Attention: Melissa Ferro 
 Fax: 212-270-2642 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Macquarie Bank Limited

		
	 By:
	 	 /s/ Marc Thatcher

	 Name:
	 	Marc Thatcher
	 Title:
	 	Division Director
		
	 By:
	 	 /s/ Lisa Knowles

	 Name:
	 	Lisa Knowles
	 Title:
	 	Division Director

 Address: 
 c/o Macquarie Capital (USA) Inc. 
 125 West 55th Street 
 New York, New York 10019 
 Attention: FICC Credit
Sales & Trading 
 Fax: (212) 231-2399 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 Mega International Commercial Bank Co.,
Ltd. Chicago Branch

			
		
	By:	 	 /s/ Liu, Ming Yung

	Name:	 	Liu, Ming Yung
	Title:	 	SVP & General Manager

 Address: 
 2 N. LaSalle Street, Suite 1803 
 Chicago, IL 60076

 Attention: Ms. Louisa Chan 
 Fax: 1-312-782-2402 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 Mega International Commercial Bank Co., Ltd., New York
Branch

			
		
	By:	 	 /s/ Priscilla Hsing

	Name:	 	Priscilla Hsing
	Title:	 	VP & DGM

 Address: 
 65 Liberty Street 
 New York, NY 10005 

Attention: Ifen Lee Loan Division 
 Fax:
212-766-5006 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	  
 NAME OF INSTITUTION:

	  
 Mega International
Commercial Bank Co., Ltd., Silicon Valley Branch

		
	 By:
	 	 /s/ Kuang Hua Wei

	 Name:
	 	Kuang Hua Wei
	 Title:
	 	Senior Vice President & General Manager

 Address: 
 333 W. San Carlos Street 
 Suite 100 
 San Jose, CA 95110 
 Attention: Sandy Chang 
 Fax: 408-283-1678 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	  
 NAME OF INSTITUTION:

	  
 MFC Investors Trust

			
	  
 By: Wilmington Trust Company, not in its individual
capacity, but solely as owner trustee under the Trust Agreement dated May 8, 2009.

			
		
	 By:
	 	 /s/ Joseph B. Feil

	 Name:
	 	Joseph B. Feil
	 Title:
	 	Vice President

 Address: 
 1100 North Market Street 
 Rodney Square North

 Wilmington, DE 19890 
 Attention:
Joe Feil (jfeil@wilmingtontrust.com) 
 Fax: 302/636-4145 Phone: 302/636-6466 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Morgan Stanley Bank, NA

		
	By:	 	 /s/ Todd Vannucci

	Name:	 	Todd Vannucci
	Title:	 	Authorized Signatory

 Address: 
 Morgan Stanley Principal Investments 
 1585 Broadway (2nd Floor) 
 New York, NY 10036 
 Attention: David Hansen

 Fax: 646-403-9616 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Royal Bank of Canada

		
	 By:
	 	 /s/ Kirsten Monaghan

	 Name:
	 	Kirsten Monaghan
	 Title:
	 	Director
		 	RBC Royal Bank

 Address: 
 20 King Street West, 9th Floor 
 Toronto, ON M5H 1C4 
 Attention: Kirsten Monaghan 
 Fax: 416-974-8376 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

	
	CONSENTING CREDITORS:
	  
 NAME OF
INSTITUTION:

	  
 Societe
Generale

  

			
	By:	 	/s/ Shelley Yu
	Name:	 	Shelley Yu
	Title:	 	Director

 Address: 
 1221 Avenue of the Americas 
 New York, NY 10020

 Attention: Shelley Yu 
 Fax:
212-278-7569 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

	
	CONSENTING CREDITORS:
	  
 NAME OF
INSTITUTION:

	  
 Special Value Continuation Partners, LP

  

			
	By:	 	Tennenbaum Capital Partners, LLC, its Investment Manager
		
	By:	 	/s/ Howard M. Levkowitz
	Name:	 	Howard M. Levkowitz
	Title:	 	Authorized Signatory

 Address: 
 2951 28th Street, Suite 1000 
 Santa Monica, CA 90405 
 Attention: 
 Fax: 310-899-4950 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 Tennenbaum Opportunities Partners V, LP

		
	By:	 	Tennenbaum Capital Partners, LLC, its Investment Manager
		
	By:	 	 /s/ Howard M. Levkowitz

	Name:	 	Howard M. Levkowitz
	Title:	 	Authorized Signatory

 Address: 
 2951 28th Street, Suite 1000 
 Santa Monica, CA 90405 
 Attention: 
 Fax: 310-899-4950 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	CONSENTING CREDITORS:
	
	NAME OF INSTITUTION:
	
	 The Bank of East Asia, Limited, New York Branch

		
	By:	 	 /s/ Kenneth A. Pettis

	Name:	 	Kenneth A. Pettis
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Kitty Sin

	Name:	 	Kitty Sin
	Title:	 	Senior Vice President

 Address: 
 202 Canal Street 
 New York, NY 10013 

Attention: Jun Ren 
 Fax: 212-962-1334

  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
  

			
	 The Royal Bank of Scotland PLC

		
	By:	 	RBS Securities Inc, its Agent
		
	By:	 	 /s/ Matthew S. Rosencrans

	Name:	 	Matthew S. Rosencrans
	Title:	 	Vice President

 Address: 
 600 Washington Blvd. 
 Stamford, CT 06901

 Attention: Matthew Rosencrans 
 Fax:
(201) 215-9316 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 AMERICAN CAPITAL, LTD.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 UBS AG, Stamford Branch

		
	 By:
	 	 /s/ Irja R. Otsa

	 Name:
	 	Irja R. Otsa
	 Title:
	 	Associate Director
		 	Banking Products Services, US
		
	 By:
	 	 /s/ Michael Cerniglia

	 Name:
	 	Michael Cerniglia
	 Title:
	 	Director
		 	Banking Products Services, US

 Address: 

677 Washington Boulevard 
 Stamford, CT 06901

 Attention: Denise Bushee 
 Fax:
203-719-3888 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

			
	CONSENTING CREDITORS:
	
	 NAME OF INSTITUTION:

	
	 Wachovia Bank, N.A.

		
	 By:
	 	 /s/ Mike Romanzo

	 Name:
	 	Mike Romanzo
	 Title:
	 	Director

 Address: 
 201 South College Street 
 NC0680/CP8 

Charlotte, NC 28288-0608 
 Attention:
Syndication Agency Services 
 Fax: 704-383-0288 
  

 [Second Amendment to RLOC Lock Up Agreement] 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 CONSENTING CREDITORS: 
 NAME OF INSTITUTION: 
  

			
	 West LB AG New York Branch

		
	By:	 	 /s/ E. Keith Min

	Name:	 	E. Keith Min
	Title:	 	Managing Director
		
	By:	 	 /s/ Sharon Wang

	Name:	 	Sharon Wang
	Title:	 	Associate Director

 Address: 
 1211 Avenue of the Americas 
 New York, NY 10036

 Attention: Sharon Wang 
 Fax:
212-852-6320 
  

 [Second Amendment to RLOC Lock Up Agreement]4th Amend to Forbearance Agreement & 6th Amend to Credit & Security Agreement

 EXHIBIT 10.51 
 FOURTH AMENDMENT TO FORBEARANCE AGREEMENT 
 AND SIXTH
AMENDMENT TO CREDIT AND SECURITY AGREEMENT 
 THIS FOURTH AMENDMENT TO FORBEARANCE AGREEMENT AND SIXTH AMENDMENT TO CREDIT
AND SECURITY AGREEMENT (the “Amendment”), dated November 18, 2009, is entered into by and among PHOENIX FOOTWEAR GROUP, INC., a Delaware corporation (“Phoenix Footwear”), PENOBSCOT SHOE COMPANY, a Maine
corporation (“Penobscot”), H.S. TRASK & CO., a Montana corporation (“Trask”), CHAMBERS BELT COMPANY, a Delaware corporation (“Chambers”), and PHOENIX DELAWARE ACQUISITION, INC., a Delaware
corporation (“Phoenix Acquisition”, and together with Phoenix Footwear, Penobscot, Trask and Chambers, each individually, a “Company,” and collectively, the “Companies”), and WELLS FARGO BANK,
NATIONAL ASSOCIATION (“Wells Fargo”), acting through its Wells Fargo Business Credit operating division. 
 RECITALS 
 A. Companies and Wells Fargo are parties to a Credit and Security Agreement dated as of June 10, 2008
(as amended by that certain Forbearance Agreement and First Amendment to Credit and Security Agreement, dated as of July 7, 2009 (the “First Amendment”), that certain First Amendment to Forbearance Agreement and Second
Amendment to Credit and Security Agreement, dated as of July 24, 2009 (the “Second Amendment”), that certain Second Amendment to Forbearance Agreement and Third Amendment to Credit and Security Agreement, dated as of
September 29, 2009 (the “Third Amendment”), that certain Third Amendment to Forbearance Agreement and Fourth Amendment to Credit and Security Agreement, dated October 16, 2009 (the “Fourth Amendment”; and
together with the First Amendment, the Second Amendment, and the Third Amendment, collectively, the “Forbearance Agreement”), and that certain Fifth Amendment to Credit and Security Agreement, dated as of November 5, 2009, and
as further amended from time to time, the “Credit Agreement”). Capitalized terms used in these recitals have the meanings given to them in the Credit Agreement unless otherwise specified. 
 B. Companies and Wells Fargo desire to amend the Forbearance Agreement and the other Loan Documents as set forth in this Amendment.

 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as
follows: 
 1. Amendment to Forbearance Agreement. Section 1 of the Forbearance Agreement is hereby amended by deleting it in
its entirety and replacing it with the following: 
 “1. Temporary Forbearance. Subject to the satisfaction
of the terms and conditions set forth herein, until that date (the “Forbearance Termination Date”) which is the earliest to occur of (a) 5:00 p.m. Pacific time on November 30, 2009; (b) the date of the occurrence of
any Event of Default (other than (i) the Designated Events of Default, or (ii) any breaches of Section 5.2 of the Credit Agreement that occur on or prior to November 30, 2009 (the “Forbearance Period Financial Covenant
Defaults”); (c) the date of the occurrence of any breach of any term or provisions of this Amendment, including, but not limited to, Section 8 and Section 13 of this Amendment; or (d) the Termination Date, Wells Fargo
will not exercise or enforce its rights or remedies against Companies which Wells Fargo would be entitled to exercise or enforce under the terms of the Loan Documents by reason of the occurrence of the Designated Events of Default; provided that
such forbearance shall not act as a waiver of Wells Fargo’s right to enforce all claims, rights, and remedies from time to time on or after the Forbearance Termination Date. Furthermore, nothing contained herein shall be construed as requiring
Wells Fargo to extend the Forbearance Termination Date. Companies acknowledge and agree that Wells Fargo has not waived, and by entering into this Amendment Wells Fargo is not waiving, the Designated Events of Default or any Forbearance Period
Financial Covenant Defaults that may occur on or prior to November 30, 2009.” 

 2. Amendment to Fourth Amendment. The last paragraph of Section 3 of the Fourth Amendment
is hereby deleted in its entirety and replaced with the following: 
 “With respect to the payment from Tandy Brands,
Accessories, Inc. received by Companies on or about November 16, 2009, in the amount of $597,378.16 (the “November Tandy Payment”) in connection with the Chambers Sale, the November Tandy Payment shall be applied as follows:
(i) first, to the repayment of the principal amount of the Revolving Note in the amount of $297,378.16 (and such repayment may not be reborrowed unless consented to by Wells Fargo in its sole discretion), and (ii) the remainder (i.e.,
$300,000) shall be applied to the outstanding principal amount of the Revolving Note, but such amount may be reborrowed in accordance with, and subject to, the terms of the Credit Agreement. Any subsequent payments to Companies by Tandy Brands,
Accessories, Inc. in connection with the Chambers Sale shall be applied to the repayment of the principal amount of the Revolving Note and may not be reborrowed unless consented to by Wells Fargo in its sole discretion.” 
 3. Amendments to Credit Agreement. 
 3.1 Section 1.1(a) of the Credit Agreement. Section 1.1(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 “(a) Line of Credit and Limitations on Borrowing. Wells Fargo shall make Advances to Companies under the Line of
Credit that, together with the L/C Amount, shall not at any time exceed in the aggregate the lesser of (i) the Maximum Line Amount (as in effect from time to time as described below), or (ii) the Borrowing Base limitations
described in Section 1.2. Within these limits, Companies may periodically borrow, prepay in whole or in part, and reborrow. Wells Fargo has no obligation to make an Advance during a Default Period or at any time Wells Fargo believes that an
Advance would result in an Event of Default. As of the November 18, 2009, the “Maximum Line Amount” shall be $4,950,000.” 
  

 -2- 
  

 3.2 Exhibit A to the Credit Agreement. Exhibit A to the Credit Agreement is hereby
amended as follows: 
 (a) The following definitions are hereby deleted in their entirety and replaced with the following:

 “Forbearance Agreement” means that certain Forbearance Agreement and First Amendment to Credit and Security
Agreement, among the Companies and Wells Fargo, dated as of July 7, 2009, as amended by that certain First Amendment to Forbearance Agreement and Second Amendment to Credit and Security Agreement, among the Companies and Wells Fargo, dated as
of July 29, 2009, that certain Second Amendment to Forbearance Agreement and Third Amendment to Credit and Security Agreement, dated as of September 29, 2009, that certain Third Amendment to Forbearance Agreement and Fourth Amendment to
Credit and Security Agreement, dated as of October 16, 2009, and that certain Fourth Amendment to Forbearance Agreement and Sixth Amendment to Credit and Security Agreement, dated as of November 18, 2009. 
 “Inventory Sublimit” shall mean $2,000,000. 
 4. No Other Changes. Except as explicitly amended or waived by this Amendment, all of the terms and conditions of the Credit Agreement, Forbearance Agreement, and the other Loan Documents shall
remain in full force and effect and shall apply to any advance or letter of credit thereunder. 
 5. Accommodation Fee. [Intentionally
Omitted]. 
 6. Conditions Precedent. This Amendment shall be effective when Wells Fargo shall have received and accepted an executed
original of this Amendment, together with each of the following, each in substance and form acceptable to Wells Fargo in its sole discretion: 
 6.1 A Certificate of the Secretary of each Company certifying as to (i) the resolutions of the board of directors of such Company approving the execution and delivery of this Amendment, (ii) the
fact that the articles of incorporation and bylaws of such Company, which were certified and delivered to Wells Fargo pursuant to the Certificate of Authority of such Company’s secretary or assistant secretary dated June 10, 2008, continue
in full force and effect and have not been amended or otherwise modified except as set forth in the Certificate to be delivered, and (iii) except as noted on each such Certificate, certifying that the officers and agents of such Company who
have been certified to Wells Fargo, pursuant to the Certificate of Authority of such Company’s secretary or assistant secretary dated June 10, 2008, as being authorized to sign and to act on behalf of such Company continue to be so
authorized or setting forth the sample signatures of each of the officers and agents of such Company authorized to execute and deliver this Amendment and all other documents, agreements and certificates on behalf of such Company; and 
  

 -3- 

 6.2 Such other matters as Wells Fargo may require. 
 7. Events of Default. In the event Company fails to comply with any or all of the terms, conditions, or covenants set forth in this Amendment, or if
any other Event of Default shall occur, the Forbearance Period shall automatically end, and Wells Fargo may, in Wells Fargo’s sole discretion, immediately proceed to exercise any or all legal rights and remedies in any order selected by Wells
Fargo, and those other rights and remedies contained in the Loan Documents, all without any further notice to Companies (except as expressly required by the Loan Documents or applicable law). 
 8. Representations and Warranties. Each Company hereby represents and warrants to Wells Fargo as follows: 
 8.1 Such Company has all requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder
and to perform all of its obligations hereunder, and this Amendment and all such other agreements and instruments has been duly executed and delivered by such Company and constitute the legal, valid and binding obligation of such Company,
enforceable in accordance with its terms. 
 8.2 The execution, delivery and performance by such Company of this Amendment and
any other agreements or instruments required hereunder have been duly authorized by all necessary corporate action and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency
or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to such Company, or the articles of incorporation or
by-laws of such Company, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which such Company is a party or by which it or its properties may be
bound or affected. 
 8.3 All of the representations and warranties contained in Article IV of the Credit Agreement are correct
on and as of the date hereof as though made on and as of such date, except (i) to the extent that such representations and warranties relate solely to an earlier date, (ii) that the Event of Default has occurred; and (iii) to the
extent otherwise disclosed to Wells Fargo in writing and consented to or waived by Wells Fargo. 
 9. References. All references in the
Credit Agreement to “this Agreement” shall be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the Loan Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended
hereby. 
 10. No Waiver. The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall
not be deemed to be a waiver of any Default or Event of Default under the Forbearance Agreement or a waiver of any breach, default or event of default under any other Loan Document or other document held by Wells Fargo, whether or not known to Wells
Fargo and whether or not existing on the date of this Amendment. 
  

 -4- 

 11. Release. Each Company hereby absolutely and unconditionally releases and forever discharges Wells
Fargo, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents, attorneys,
and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which such
Company has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims,
demands and causes of action are matured or unmatured or known or unknown. It is the intention of each Company in executing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified and in
furtherance of this intention each Company waives and relinquishes all rights and benefits under Section 1542 of the Civil Code of the State of California, which provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT
THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MIGHT HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 The parties acknowledge that each may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agree that this instrument shall be and
remain effective in all respects notwithstanding any such differences or additional facts. 
 12. Costs and Expenses. Companies hereby
reaffirm their agreement under the Credit Agreement to pay or reimburse Wells Fargo on demand for all costs and expenses incurred by Wells Fargo in connection with the Loan Documents, including without limitation all reasonable fees and
disbursements of legal counsel. Without limiting the generality of the foregoing, Companies specifically agree to pay all fees and disbursements of counsel to Wells Fargo for the services performed by such counsel in connection with the preparation
of this Amendment and the documents and instruments incidental hereto. Companies hereby agree that Wells Fargo may, at any time or from time to time in its sole discretion and without further authorization by Companies, make a loan to Companies
under the Credit Agreement, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses and the Accommodation Fee or the Deferred Accommodation Fee required under Section 5 of this Amendment.

 13. Miscellaneous. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument. Signed counterparts delivered by facsimile or electronic mail transmission shall also be binding of the parties, regardless of whether a
signed original is also delivered. 
 [Signatures on the next page] 
  

 -5- 

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

			
	PHOENIX FOOTWEAR GROUP, INC.
	
	By:                                       
                                         
                
	 Print Name: James R. Riedman

	 Title: Chairman

	
	PENOBSCOT SHOE COMPANY
	
	By:                                       
                                         
                
	 Print Name: James R. Riedman

	 Title: Chairman

	
	H.S. TRASK & CO.
	
	By:                                       
                                         
                
	 Print Name: James R. Riedman

	 Title: Chairman

	
	CHAMBERS BELT COMPANY
	
	By:                                       
                                         
                
	 Print Name: James R. Riedman

	 Title: Chairman

	
	PHOENIX DELAWARE ACQUISITION, INC.
	
	By:                                       
                                         
                
	 Print Name: James R. Riedman

	 Title: Chairman

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	
	By:                                       
                                         
                
	 Print Name: Harry L. Joe

	 Title: Vice President

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