Document:

10.01

Exhibit 10.1

COMPUTER PROGRAMS AND SYSTEMS, INC. 
2005 RESTRICTED STOCK PLAN

RESTRICTED STOCK 
AWARD AGREEMENT

Subject to acceptance of this Restricted Stock Award Agreement (this “Award Agreement”), including the attached terms and conditions (which form a part of this Award Agreement), you have been awarded the following shares of Restricted Stock under the Computer Programs and Systems, Inc. 2005 Restricted Stock Plan (as amended and restated, the “Plan”):

	
		
	Name of Grantee:

	[____________________]

	Total Number of Shares Granted:

	[____________________]

	Date of Grant:

These Shares Will Vest as Follows: 

	[____________________]

Vesting in four (4) annual installments of twenty-five percent (25%) each, with [_____] shares vesting on each of the first, second, third and fourth anniversary of the Date of Grant.   

Except as otherwise specified in the attached terms and conditions or the Plan, vesting of the award is conditioned upon you being continuously employed by the Company from the Grant Date to each relevant vesting date. 

By your signature and the signature of the Company’s representative below, you and the Company agree that the foregoing Restricted Stock is granted under and governed by the terms and conditions of the Plan and the terms and conditions of this Award Agreement, both of which are attached to and made a part of this document. 

	
			
	Grantee
	 
	Computer Programs and Systems, Inc.

	 
	 
	 

	______________________________
	 
	By:  ______________________________

	[________________]
	 
	Name:    David A. Dye

	 
	 
	Title:      Chief Financial Officer

    

Computer Programs and Systems, Inc.
2005 Restricted Stock Plan

TERMS AND CONDITIONS OF 
RESTRICTED STOCK AWARD AGREEMENT

	
		
	AWARD AGREEMENT

	These terms and conditions are made part of the Restricted Stock Award Agreement (the “Award Agreement”) dated as of [____________________] (“Grant Date”) awarding shares of restricted stock pursuant to the terms of the Computer Programs and Systems, Inc. 2005 Restricted Stock Plan (as amended and restated, “Plan”).  To the extent the terms of the Award Agreement (all references to which will include these terms and conditions) conflict with the Plan, the terms of the Award Agreement will govern. 

Capitalized terms that are not defined in the Award Agreement will have the same meaning as set forth in the Plan. 

Computer Programs and Systems, Inc. and its subsidiaries will be referred to collectively throughout this Award Agreement as the “Company.”

	VESTING SCHEDULE

	This award will vest according to the schedule set forth on your Award Agreement, provided that you are continuously employed by the Company through the relevant vesting date or you meet the requirement for continued vesting described below.  

	ACCELERATED VESTING

	Restricted Stock shall automatically become vested in full if any of the following events occur:

▪   The Company is subject to a Change in Control (as defined in the Plan);  or
▪   You die while you are employed by the Company; or
▪   Your employment or affiliation with the Company terminates by reason of a Disability (as defined in the Plan).

Upon vesting of the Restricted Stock, the shares shall no longer be subject to transfer restrictions other than such restrictions as may be imposed by law over which the Company has no control.

	TRANSFER RESTRICTIONS

	The Restricted Stock may not be transferred, sold, exchanged, pledged or otherwise disposed of prior to vesting other than in the limited situations discussed in the Plan. 

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	FORFEITURE

	If, prior to the vesting of the Restricted Stock, your employment or affiliation with the Company is terminated for any reason (other than as set forth under “Accelerated Vesting” above, or “Termination Without Cause” below), or if you retire from active employment with the Company, then you shall, for no consideration, forfeit to the Company all of the Restricted Stock that has not yet vested in accordance with this Award Agreement.

	TERMINATION WITHOUT CAUSE
	If your employment with the Company is terminated by the Company without Cause (as defined in the Plan), then you shall, for no consideration, forfeit to the Company all of the Restricted Stock that has not yet vested in accordance with this Award Agreement; provided, however, that the Board of Directors may determine, in its sole discretion, at the time of your termination, to accelerate the vesting of all or any portion of the Restricted Stock.

	VOTING AND DIVIDEND RIGHTS

	A certificate(s) evidencing the Restricted Stock (the “Certificate”) shall be issued by the Company in your name pursuant to which you will have voting rights and shall be entitled to receive dividends (if any) unless and until the Restricted Stock is forfeited pursuant to the provisions of this Award Agreement.

	STOCK CERTIFICATES AND LEGENDS
	The Certificate shall bear a legend evidencing the nature of the Restricted Stock.  Upon the lapse of the transfer restrictions without forfeiture, the Company shall cause a new certificate or certificates to be issued without such legend in your name for the Restricted Stock upon which the transfer restrictions lapsed.  

	ESCROW AND STOCK POWER

	To facilitate the enforcement of the transfer restrictions set forth in the preceding paragraphs and in the Plan, the Company may cause the Certificate to be delivered to a designated escrow agent (which may, but need not be, the Company) until a forfeiture occurs or the transfer restrictions lapse pursuant to the terms of the Plan and this Award Agreement.

The Company may also require you to deliver a stock power, endorsed in blank, relating to the Restricted Stock then subject to transfer restrictions. 

	TERM
	This Award Agreement terminates when all Restricted Stock is either vested or forfeited as provided in the Plan or this Award Agreement.

	WITHHOLDING TAXES AND 
STOCK WITHHOLDING

	You will be required to deliver to the Company at the time of vesting such amount of money or shares of unrestricted Stock as the Company may require to meet its withholding obligation under applicable tax laws and regulations, and if you fail to do so, the Company is authorized to withhold from any cash or stock remuneration then or thereafter payable to you any tax required to be withheld. 

2

	
		
	TAX ELECTION

	With the prior written approval of the Compensation Committee of the Board of Directors, you may, but are not required to, elect to apply the rules of Section 83(b) of the Code to the issuance of Restricted Stock hereunder.  If you make an affirmative election under Section 83(b) of the Code, you must notify the Company and file such election with the IRS within thirty (30) days after the Grant Date. 

	RESTRICTIONS ON RESALE

	By signing this Award Agreement, you agree not to sell any vested or non-vested Restricted Stock at a time when applicable laws (including federal and state securities laws) or Company policies prohibit a sale.  

You understand that resales of stock after the time the Restricted Stock ceases to be subject to restrictions or forfeiture under this Agreement by persons who may be considered “affiliates” of the Company under Rule 144 of the Securities Act of 1933 (the “1933 Act”), which include executive officers of the Company, may be made only in compliance with the applicable provisions of Rule 144 or pursuant to a separate registration for the sale of such shares. 

	INVESTMENT INTENT

	You represent and warrant that (1) you are receiving the Restricted Stock for your own account and not with a view to distribution within the meaning of the 1933 Act, other than as may be effected in compliance with the 1933 Act and the rules and regulations promulgated thereunder; (2) no one else will have any beneficial interest in the Restricted Stock; and (3) you have no present intention of disposing of the Restricted Stock at any particular time.

	RETENTION RIGHTS

	Neither your Restricted Stock nor this Award Agreement gives you the right to be retained by the Company in any capacity.  The Company reserves the right to terminate your service at any time, with or without cause, subject to any employment or other agreement that establishes the terms of your relationship with the Company.

	APPLICABLE LAW

	This Award Agreement will be interpreted and enforced under the laws of the State of Delaware (excluding their choice of law provisions).

	THE PLAN AND OTHER AGREEMENTS

	The text of the Plan is incorporated in this Award Agreement by reference.

This Award Agreement and the Plan constitute the entire understanding between you and the Company regarding the Restricted Stock.  Any prior agreements, commitments or negotiations concerning the Restricted Stock are superseded.  This Award Agreement may be amended only by another written agreement, signed by both parties.

BY SIGNING THE AWARD AGREEMENT ATTACHED HERETO, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

3exh_411.htm

Exhibit 4.11 and 10.30

 

EIGHTH AMENDMENT TO CREDIT AND

SECURITY AGREEMENT

 

THIS EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this “Amendment”) executed as of May 30, 2013, is by and among Tandy Brands Accessories, Inc., a Delaware corporation (“Parent”), H.A. Sheldon Canada Ltd., an Ontario corporation (“HA Sheldon”; Parent and HA Sheldon are herein collectively called “Company”), Wells Fargo Bank, National Association (“Wells Fargo”), acting through its Wells Fargo Business Credit operating division, and TBAC Investment Trust, a Pennsylvania business trust, and TBAC-TOREL, Inc., a Delaware corporation, consenting to this Amendment and ratifying their respective Guaranties (as defined in the Credit Agreement) each dated of even date with the Credit Agreement (defined below).

 

W I T N E S S E T H:

 

WHEREAS, Company and Wells Fargo entered into that certain Credit and Security Agreement dated as of August 25, 2011 (as heretofore amended, supplemented or otherwise modified, the “Original Credit Agreement”, and as amended hereby, the “Credit Agreement”), for  the purposes and consideration therein expressed, pursuant to which Wells Fargo became obligated to make loans to the Company as therein provided;

 

WHEREAS, the Company and Wells Fargo desire to amend the Original Credit Agreement as provided herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Credit Agreement, in consideration of the loans made and which may hereafter be made by Wells Fargo to Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1 Terms Defined in the Original Credit Agreement.  Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Credit Agreement shall have the same meanings whenever used in this Amendment.

 

ARTICLE II

AMENDMENTS TO ORIGINAL CREDIT AGREEMENT

 

Section 2.1 Amendment to Maximum Capital Expenditures Covenant.  Section 5.2(c) of the Original Credit Agreement is hereby amended in its entirety to read as follows:

 

	
  

	
“(c)

	
Maximum Capital Expenditures.  Company shall not incur or contract to incur Capital Expenditures of more than $25,000 in the aggregate from May 30, 2013 through the Maturity Date.”

 

Section 2.2 Amendment to Proof of Ownership of Real Property.  Section 5.9 of the Original Credit Agreement is hereby amended in its entirety to read as follows:

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Page 1

 

 

	
  

	
“5.9

	
Title.  Parent shall, not later than June 28, 2013, provide (i) evidence satisfactory to Wells Fargo as to its ownership, subject to no Liens other than Permitted Liens, of the real property located at 500 Airport Road and 502 Airport Road, Yoakum, Texas in Lavaca County or (ii) a fully paid Loan Policy of Title Insurance (Form T-2) on the standard form in use in the State of Texas in an amount  reasonably acceptable to the Lender insuring that the Deed of Trust covering the property located at 500 Airport Road and 502 Airport Road, Yoakum, Texas in Lavaca County constitutes a valid lien against the land and all improvements thereon, with endorsements reasonably acceptable to the Lender.”

 

Section 2.3 Additional Covenants.  Section 5.33 of the Original Credit Agreement is hereby amended in its entirety to read as follows:

 

	
  

	
“5.33

	
Capital Contribution; Refinance.  On or before 5:00 p.m. (Dallas, Texas time) on June 28, 2013, Company shall either (a) provide evidence satisfactory to Wells Fargo that Parent shall have received additional cash equity in the amount of $10,000,000 or more, which such amounts may be through contributions made by one or more current or new equity holders of Parent so long as any such contributions shall be made in compliance with the other terms, conditions and covenants contained in this Agreement; or (b) pay the Indebtedness in full and terminate this Agreement, in which event Company shall not be required to provide advance notice of such termination as required in Section 1.10, nor shall it be required to pay the termination fee set forth in Section 1.8(d) (which such fee is hereby waived by Wells Fargo if such prepayment is made pursuant to this Section 5.33(b)) (the date on which either Subsection (a) or (b) of this Section 5.33 is satisfied is referred to herein as the “Refinance/Contribution Date”).  Failure to comply with this Section 5.33 shall constitute an immediate Event of Default under Section 6.1(b)(ii) with no cure period.”

 

ARTICLE III

AMENDMENT FEE

 

Section 3.1 Amendment Fee.  Wells Fargo acknowledges receipt of $100,000 of the amendment fee payable pursuant to Section 4.1 of the Seventh Amendment to Credit and Security Agreement dated as of April 11, 2013.  The due date for the remaining $100,000 payable to Wells Fargo pursuant to such section is hereby extended from May 31, 2013 to the earlier of (i) June 28, 2013 or (ii) the Refinance/Contribution Date.

 

ARTICLE IV

CONDITIONS OF EFFECTIVENESS

 

Section 4.1 Effective Date.  This Amendment shall become effective as of the date first written above (the “Effective Date”) when and only when each of the following conditions precedent shall have been satisfied in full:

 

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Page 2

 

(a) Wells Fargo shall have received, at Wells Fargo’s office a duly executed counterpart by each of Parent and HA Sheldon of this Amendment and a duly executed counterpart of the attached acknowledgement and consent by TBAC Investment Trust and TBAC-TOREL, Inc.;

 

(b) Company shall have paid to Wells Fargo all outstanding fees and expenses owing to Wells Fargo under the Loan Documents as of such date;

 

(c) The representations and warranties contained herein and in the Credit Agreement and other Loan Documents are true and correct with the same effect as though such representations and warranties had been made on and as of the date hereof and after giving effect to the amendments and waiver contemplated hereby, except to the extent such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) or changes resulting from transactions expressly permitted under the Credit Agreement or other Loan Documents; and

 

(d) No Event of Default or other event which with the giving of notice or passing of time, or both, would constitute an Event of Default, shall have occurred and be continuing, other than the Specified Events of Default prior to their waiver hereof.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES

 

Section 5.1 Representations and Warranties of Company.  In order to induce Wells Fargo to enter into this Amendment, each of Parent and HA Sheldon hereby represents and warrants to Wells Fargo that:

 

(a) After giving effect to this Amendment, the representations and warranties contained in the Original Credit Agreement are true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the date hereof and after giving effect to the amendments contemplated hereby, except to the extent such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate in all material respects on and as of such earlier date) or changes resulting from transactions expressly permitted under the Credit Agreement or other Loan Documents.

 

(b) Each such Person is duly authorized to execute and deliver this Amendment and is and will continue to be duly authorized to perform its obligations under the Credit Agreement and the other Loan Documents to which it is a party and such Person is and will continue to be duly authorized to borrow under the Credit Agreement.  Each such Person has duly taken all corporate action necessary to authorize the execution and delivery of this Amendment and to authorize the performance of their respective obligations hereunder.

 

(c) The execution and delivery by such Person of this Amendment, the performance by it of its obligations hereunder and the consummation of the transactions contemplated hereby do not and will not conflict with any provision of law, statute, rule or regulation or of its articles of incorporation or bylaws, or of any agreement, judgment, license, order or permit applicable to or binding upon it.  Except for those which have been duly obtained and are in full 

 

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Page 3

 

force and effect, no consent, approval, authorization or order of any court or governmental authority or third party is required in connection with the execution and delivery by such Person of this Amendment or to consummate the transactions contemplated hereby.

 

(d) When duly executed and delivered, this Amendment will be a legal and binding instrument and agreement of Company, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency and similar laws applying to creditors’ rights generally and by principles of equity applying to creditors’ rights generally.

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.1 Ratification of Agreement.  The Original Credit Agreement as hereby amended is hereby ratified and confirmed in all respects.  This Amendment shall constitute a “Loan Document” under and as defined in the Credit Agreement in all respects and for all purposes.  Any reference to the Credit Agreement in any Loan Document shall be deemed to refer to the Original Credit Agreement as amended by this Amendment also.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Wells Fargo under the Credit Agreement or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document.

 

Section 6.2 Survival of Agreements.  All representations, warranties, covenants and agreements of Company herein shall survive the execution and delivery of this Amendment and the performance hereof, and shall further survive until all of the Indebtedness is paid in full.  All statements and agreements contained in any certificate or instrument delivered by Company and any Guarantors hereunder or under the Credit Agreement to Wells Fargo shall be deemed to constitute representations and warranties by, or agreements and covenants of, such Person or any such Guarantor, as applicable, under this Amendment and under the Credit Agreement.

 

Section 6.3 Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable; provided that the parties hereto shall endeavor in good faith to promptly replace any such invalid or unenforceable provisions with substantially similar provisions that are enforceable.

 

Section 6.4 Further Assurances.  Each of Parent and HA Sheldon hereby agrees to establish, make, prepare, execute, deliver, file, amend, authorize, ratify, affirm and/or approve any and all agreements, instruments, notes, waivers, consents, licenses, accounts and other documents, and take any and all other actions and do all other things necessary or desirable to consummate or otherwise give effect to the transactions and grant of security contemplated by this Amendment and the Credit Agreement.

 

Section 6.5 GOVERNING LAW; JURISDICTION, VENUE; WAIVER OF JURY TRIAL.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS (OTHER THAN CONFLICT LAWS) OF THE STATE OF TEXAS.  THE PARTIES TO THIS AMENDMENT (A) CONSENT TO THE PERSONAL JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE 

 

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Page 4

 

STATE OF TEXAS IN CONNECTION WITH ANY CONTROVERSY RELATED TO THIS AMENDMENT; (B) WAIVE ANY ARGUMENT THAT VENUE IN ANY SUCH FORUM IS NOT CONVENIENT; (C) AGREE THAT ANY LITIGATION INITIATED BY WELLS FARGO OR COMPANY IN CONNECTION WITH THIS AMENDMENT OR THE OTHER LOAN DOCUMENTS MAY BE VENUED IN EITHER THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF DALLAS, STATE OF TEXAS; AND (D) AGREE THAT A FINAL JUDGMENT IN ANY SUCH SUIT, ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. THE PARTIES HERETO WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION AT LAW OR IN EQUITY OR IN ANY OTHER PROCEEDING BASED ON OR PERTAINING TO THIS AMENDMENT.

 

Section 6.6 Counterparts; Fax.  This Amendment may be separately executed in counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment.  This Amendment may be duly executed and delivered by facsimile transmission, electronic mail or other electronic means.

 

Section 6.7 FINAL AGREEMENT.  THIS AMENDMENT TOGETHER WITH THE OTHER LOAN DOCUMENTS COMPRISES THE COMPLETE AND INTEGRATED AGREEMENT OF THE PARTIES ON THE SUBJECT MATTER OF THIS AMENDMENT AND SUPERSEDES ALL PRIOR AGREEMENTS, WHETHER ORAL OR EVIDENCED IN A RECORD.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[The remainder of this page is intentionally left blank.]

 

 

 

 

 

 

 

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Page 5

 

IN WITNESS WHEREOF, the undersigned by their respective duly authorized officers thereunto have executed and delivered this Amendment as of the date first above written.

 

 

	 	
TANDY BRANDS ACCESSORIES, INC.

	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	
H.A. SHELDON CANADA, LTD.

	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	
WELLS FARGO BANK, NATIONAL

ASSOCIATION

	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Signature Page to Consent and Ratification

 

Each of the undersigned by their respective signatures hereunto acknowledges its receipt and review of this Amendment and hereby consents to the execution and delivery of, and the terms of, this Amendment and hereby ratifies and confirms their respective Guaranty and the obligations guarantied thereunder in all respects and for all purposes.

 

	 	

TBAC INVESTMENT TRUST

	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	
not in his/her individual capacity, but solely as Trustee

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	

TBAC-TOREL, INC.

	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	N. Roderick McGeachy, III
	 	 	Title:	
President and Chief Executive Officer

 

 

 

 

 

 

EIGHTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT - Signature Page to Consent and Ratification

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