Document:

First Amendment to Loan and Security Agreement

 Exhibit 10.15 
  
 FIRST AMENDMENT 
 TO 
 LOAN AND SECURITY AGREEMENT 
  
 FIRST AMENDMENT, dated as of February 19, 2004 (this “Amendment”), to the Loan and Security Agreement,
dated as of February 10, 2003 (the “Loan Agreement”), by and among, on the one hand, the lenders identified on the signature pages thereof (each a “Lender” and collectively, the “Lenders”),
and WELLS FARGO FOOTHILL, INC. (f/k/a Foothill Capital Corporation), a California corporation, as the arranger and administrative agent for the Lenders (the “Agent”), and, on the other hand, ELGIN NATIONAL INDUSTRIES, INC., a
Delaware corporation (the “Parent”), and each of Parent’s Subsidiaries identified on the signature pages thereof (such Subsidiaries, together with Parent, each a “Borrower”, and individually and collectively,
jointly and severally, the “Borrowers”). 
  
 WHEREAS, the Borrowers, the Agent and the Lenders are willing to amend the Loan Agreement; 
  
 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows: 
  
 Definitions. (a) Any capitalized term used herein and not defined herein shall have
the meaning assigned to it in the Loan Agreement. New Definitions. The definitions of the following terms are hereby added to Section 1.1 of the Loan Agreement in their entirety as follows: 
  
 “ “Joint/Teaming Agreement” means an agreement
pursuant to which Roberts & Schaefer Company or any of its Subsidiaries (x) agrees with another construction company with bonding capabilities to jointly perform construction projects, solely for the benefit of obtaining access to such other
construction company’s bonding line and (y) either acts as general contractor under such project or enters into a joint venture agreement with such other construction company.” 
  
 “ “Permitted Joint/Teaming Agreement” means any Joint/Teaming Agreement; provided, that
(A) Roberts & Schaefer Company has provided Agent with a written summary thereof at least 10 Business Days prior to its or any of its Subsidiaries’ execution and delivery thereof, (B) Borrowers have had Excess Availability of at least
$5,000,000 during the 30 day period immediately preceding the date of execution and delivery thereof and (C) Roberts & Schaefer Company or such Subsidiary does not guarantee or assume any liabilities in addition to what it would have otherwise
assumed if it was acting as a general contractor under such project without a Joint/Teaming Agreement.” 
  
 Revolver Advances. Section 2.1(b) of the Loan Agreement is hereby amended by deleting the last proviso at the end thereof in its entirety and substituting in lieu thereof the following: 
  
 “, provided that, Borrowers shall not be obligated to pay for
fees and charges incurred for any such Inventory appraisal or field audit if on the date of the commencement of such appraisal or field audit (A) no Default or Event of Default has occurred and is continuing and (B) Borrowers had Excess Availability
of not less than $5,000,000 for the 30 consecutive day period immediately prior to such date.” 

 Mandatory Prepayments. Section 2.4(c)(iv) of the Loan Agreement is hereby amended by deleting the last proviso at
the end thereof in its entirety and substituting in lieu thereof the following: 
  
 “; provided, that Borrowers shall not be obligated to pay for fees and charges incurred for any such appraisal of the Eligible Equipment or Eligible Real Property Collateral (other than the appraisals of
the Eligible Equipment and Eligible Real Property Collateral commenced by the Agent in January 2004) if on the date of the commencement of such appraisal (A) no Default or Event of Default has occurred and is continuing and (B) Borrowers had Excess
Availability of not less than $5,000,000 for the 30 consecutive day period immediately prior to such date.” 
  
 Guarantee. Section 7.6(i) of the Loan Agreement is hereby amended in its entirety as follows: 
  
 “Guarantee or otherwise become in any way liable with respect to the
obligations of any third Person except (i) by endorsement of instruments or items of payment for deposit to the account of the Loan Parties or which are transmitted or turned over to Agent, (ii) for guarantees of Indebtedness permitted under
Section 7.1 and guarantees set forth on Schedule 5.20, (iii) any guarantee of Indebtedness or any other obligation permitted by the terms of this Agreement, and (iv) any guarantee of Indebtedness or any other obligation pursuant to a
Permitted Joint/Teaming Agreement.” 
  
 Investments. Section 7.13 of the Loan Agreement is hereby amended in its entirety as follows: 
  
 “(a) Directly or indirectly, make or acquire any Investment, or incur any liabilities (including contingent obligations) for or in connection with
any Investment, except for (i) Permitted Investments and (ii) Investments by Roberts & Schaefer Company in Crystal Peak Environmental LLC, in an aggregate principal amount (including all costs and expenses in connection with the formation and
operation of Crystal Peak Environmental LLC) not to exceed $200,000 in any Fiscal Year. 
  
 (b) Maintain Permitted Investments (other than in the Cash Management Accounts and payroll accounts) in deposit accounts or Securities Accounts in excess of $200,000 outstanding at any one time (excluding amounts with
respect to which checks are outstanding and amounts necessary to meet minimum balance requirements) unless the applicable Loan Party, and the applicable securities intermediary or bank have entered into Control Agreements or similar arrangements
governing such Permitted Investments, as Agent shall determine in its Permitted Discretion, to perfect (and further establish) the Agent’s Liens in such Permitted Investments. 
  
 Conditions to Effectiveness. The effectiveness of this Amendment is subject to the fulfillment, in a manner satisfactory to the
Agent, of each of the following conditions precedent (the date such conditions are fulfilled or waived by the Agent is hereafter referred to as the “Amendment Effective Date”): 
  
 The representations and warranties contained herein, in Section 7 of the
Loan Agreement and in each other Loan Document and certificate or other writing delivered to the Agent or any Lender pursuant thereto on or prior to the Amendment Effective Date shall be true and correct in all material respects on and as of the
Amendment Effective Date as though made on and as of such date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall be true and correct in
all material respects on and as of such date). No Default or Event of Default shall have occurred and be continuing on the Amendment Effective Date or result from this Amendment becoming effective in accordance with its terms. The Agent and the
Lenders shall have executed this Amendment and received a counterpart of this Amendment that bears the signature of each Borrower. Representations and Warranties. Each Borrower hereby represents and warrants to the Agent and the Lenders
as follows: 
  
 The representations and warranties herein, in
Section 5 of the Loan Agreement and in each other Loan Document and certificate or other writing delivered to the Agent or any Lender pursuant thereto on or prior to the Amendment Effective Date are true and correct in 

 all material respects on and as of the Amendment Effective Date as though made on and as of such date, except to the
extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties are true and correct in all material respects on and as of such date). 
  
 No Default or Event of Default has occurred and is continuing or would
result from this Amendment becoming effective in accordance with its terms. 
  
 Each Borrower (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) has all requisite power and authority to execute, deliver and perform this
Amendment and to perform the Loan Agreement, as amended hereby, and (iii) is duly qualified to do business in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such
qualification necessary, except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Change. 
  
 The execution, delivery and performance by each Borrower of this Amendment and the performance by each Borrower of the Loan Agreement, as amended by
this Amendment, (i) have been duly authorized by all necessary action, and (ii) do not and will not contravene such Borrower’s Governing Documents. 
  
 The execution, delivery, and performance by each Borrower of this Amendment and the performance by each Borrower of the Loan Agreement, as amended by
this Amendment, do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority or other Person. 
  
 This Amendment, when executed and delivered by each Borrower, and the Loan Agreement, as amended by this Amendment, will
be the legally valid and binding obligation of each Borrower, enforceable against each Borrower in accordance with their respective terms. Miscellaneous. 
  
 Continued Effectiveness of the Loan Agreement. Except as otherwise expressly provided herein, (i) the Loan Agreement and the other Loan Documents are,
and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, except that on and after the Amendment Effective Date (A) all references in the Loan Agreement to “this Agreement”,
“hereto”, “hereof”, “hereunder” or words of like import referring to the Loan Agreement shall mean the Loan Agreement as amended by this Amendment and (B) all references in the other Loan Documents to the “Loan
Agreement”, “thereto”, “thereof”, “thereunder” or words of like import referring to the Loan Agreement shall mean the Loan Agreement as amended by this Amendment, (ii) to the extent that the Loan Agreement or any
other Loan Document pledges or purports to pledge to Agent, or grants or purports to grant to Agent a security interest in or lien on, any collateral as security for the Obligations, such pledge or grant of a security interest or lien is hereby
ratified and confirmed in all respects, and (iii) the execution, delivery and effectiveness of this Amendment shall not operate as an amendment of any right, power or remedy of the Agent or the Lenders under the Loan Agreement or any other Loan
Document, nor constitute an amendment of any provision of the Loan Agreement or any other Loan Document. 
  
 No Waiver. This Amendment is not a waiver of, or consent to, any Default or Event of Default now existing or hereafter arising under the Loan Agreement
or any other Loan Document, and the Agent and the Lenders expressly reserve all of their rights and remedies under the Loan Agreement and the other Loan Documents, under applicable law or otherwise. 
  
 Amendment as Loan Document. Each Borrower hereby acknowledges and agrees
that this Amendment constitutes a “Loan Document” under the Loan Agreement. Accordingly, it shall be an Event of Default under the Loan Agreement if any Borrower fails to perform, keep or observe any term, provision, condition, covenant or
agreement contained in this Amendment or if any representation or warranty made by any Borrower under or in connection with this Amendment shall have been untrue, false or misleading in any material respect when made. 
  
 Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by
telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this Amendment. Headings. Section headings herein are included for convenience of reference only and shall not constitute a part of
this Amendment for any other purpose. 
  
 Governing Law.
This Amendment shall be governed by, and construed in accordance with, the law of the State of New York. 
  
 [Remainder of this page intentionally left blank] 
  

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

			
	BORROWERS:
	
	BEST METAL FINISHING, INC.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	CABELL CONSTRUCTION COMPANY
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Vice
President

	
	CENTRIFUGAL SERVICES, INC.
	an Illinois corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	CLINCH RIVER CORPORATION
	a Virginia corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	ELGIN INTERNATIONAL, LTD.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Vice
President

	
	ELGIN NATIONAL INDUSTRIES, INC.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Vice
President

			
	ELGIN REAL ESTATE HOLDINGS, LTD.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Vice
President

	
	LELAND-POWELL FASTENERS, INC.
	a Tennessee corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	MINING CONTROLS, INC.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	NORRIS SCREEN AND MANUFACTURING, INC.
	a West Virginia corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	ROBERTS & SCHAEFER COMPANY
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	ROBERTS & SCHAEFER INTERNATIONAL, LTD.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

  
  

			
	SOROS ASSOCIATES, INC.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Vice
President

	
	SOROS INTERNATIONAL, LTD.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	TABOR MACHINE COMPANY
	a West Virginia corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	TRANSERVICE, INC.
	a Delaware corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Senior Vice
President

	
	VANCO INTERNATIONAL, INC.
	a Georgia corporation
		
	By:	 	 /S/    Wayne J. Conner

	 	 	 Name: Wayne J. Conner
 Title: Vice
President

			
	AGENT AND LENDER: 
	
	WELLS FARGO FOOTHILL, INC.
	a California corporation, as Agent and as Lender
		
	 By:
	 	 /S/    ANDREW T. FURLONG
III        

	 Name:
	 	 Andrew T. Furlong III

	 Title:
	 	 Vice President

  

			
	LENDERS: 
	
	ABLECO FINANCE LLC
	 a Delaware limited liability company, as a Lender

		
	 By:
	 	 /S/    KEVIN GENDA        

	 Name:
	 	 Kevin Genda

	 Title:
	 	 SVPLetter Agreement with Michael A. Micallef

			
	 January 30, 2003
	 	EXHIBIT 10.1

  
 Mr. Michael A. Micallef, Jr.

 6756 Brookhurst Circle 
 Lake Worth, Florida 33463 

 
 Dear Michael: 
  
 Marco Community Bank, In Organization (the Bank) offers to retain you as President and Chief Executive Officer. This employment offer
contains the terms and provisions of approved by the Board of Directors relative to your joining our organization: 
  

	1.	Starting Date. 

 The starting date of
employment will be on or before March 03, 2003. 
  

	2.	Compensation. 

 Base Salary: Marco Community
Bank, Marco Island, Florida, will pay you a starting salary of One Hundred Twenty-Thousand ($120,000) dollars per annum. The Bank agrees to a future salary increase of Fifteen-Thousand ($15,000) Dollars after two (2) consecutive quarters of profit.

  

	3.	Signing Bonus. 

	 	(a)	You will be paid a total signing bonus of Fifteen –Thousand ($15,000) Dollars Payable as follows: 

  
 $5,000 immediately upon commencing employment 
 $5,000 after twelve (12) months, (Feb. 26, 2004) 
 $5,000 after twenty-four (24) months, (Feb. 26, 2005) 
  

	 	(b)	Annual Bonus. 

 Discretionary, based upon
accomplishments and bottom-line profitability. 
  

	4.	Fringe Benefits. 

  

	 	(a)	Medical Coverage: You are entitled to participate in all medical and health benefit plans through health insurance, medical reimbursement plans or other plans provided by
Marco Community Bank for our employees on the same basis as will be provided by The Bank to its other employees. 

  
 Until the health insurance plan of the Bank is put in place the Bank agrees to compensate you for one half (50%) of the cost of carrying the insurance
coverage thru your previous employer (COBRA). 
  

	 	(b)	Relocation Allowance: We will pay for the transportation of your furniture from West Palm Beach to Collier County. We will pay such expenses directly to you upon satisfactory
evidence of such expenditure. The Bank will reimburse you up to a total of Four-Thousand ($4,000) dollars. 

  

 1 

	(c)	Temporary Housing: Reimbursement for temporary housing shall not exceed Two-Thousand Five Hundred ($2,500) Dollars. The Bank will reimburse for actual expenses, for
example; if only $1,300 is utilized the Bank is not liable to expense the remainder. 

  

	(d)	Auto Allowance: You will be paid an automobile allowance of Seven-Thousand Five Hundred ($7,500) Dollars per year, payable on a monthly basis of Six-Hundred
Twenty-Five ($625) Dollars per month.  

  

	(e)	Stock Options. 

 Upon commencement of your
employment with Marco Community Bank, you will be awarded initial Stock Options for Twenty-Five Thousand (25,000) shares of Marco Community Bank Corp. stock at Nine-Dollars ($9.00) per share. The award of the options shall be at the earliest meeting
of the Board of Directors. The grant of stock options shall be made strictly in accordance with the terms of the Stock Option Plan and in accordance with the Company’s standard form of Stock Option Agreement. 
  

	(f)	Appreciation Rights. 

 None at this time. To
be considered to be awarded at a later date. 
  

	(g)	SERP Retirement Plan w BOLI Policy. 

 Plan
designed to supplement key management’s retirement benefits. The cost to the Bank shall not exceed One-Thousand Three Hundred Eighty Nine ($1,389) Dollars per annum ($115.75 per month) to provide you with this benefit. 
  

	(h)	Vacation. 

 Three weeks per year. Additional one
week after March 1, 2004, for a total of four weeks per year. 
  

	(i)	Title & Responsibilities. 

 You will
serve in the position of President and Chief Executive Officer through election by our Board. In such capacity you shall have the same powers, duties and responsibilities of supervision and management of the Bank usually accorded to the Chief
Executive Officer of similar Banks. 
  
 In addition, you shall use
your best efforts to perform the duties and responsibilities enumerated in this Agreement and any other duties assigned to you by our Board. Specifically, you shall devote your full business time and attention and use your best efforts to accomplish
and fulfill the following duties and responsibilities as well as other duties assigned to you from time to time by Marco Community Bank’s Board of Directors. 
  

 2 

	 	(i)	Keep the Bank in compliance with government laws and regulations and otherwise keep the Bank in as good a financial and legal posture as possible; and 

  

	 	(ii)	conduct and undertake all other activities, responsibilities and duties normally undertaken and accomplished by the Chief Executive Officer of a Bank similar in scope and operation
to our business. 

  

	 	(b)	General Duties: During the term, and except for illness, vacation, period and leaves of absences, you shall devote all of you working time, attention, skill and best efforts
to accomplish and faithfully perform all of the duties assigned to you on a full-time basis. You shall, at all times, conduct yourself in a manner that will reflect positively upon the Bank. You shall join and maintain membership in such social and
civic organizations as you or we deem appropriate to foster your contacts and business network in the community. 

  

	 	(c)	Policies and Manuals: You agree to comply with the policies and procedures that we adopt and implement from time to time as described in our Employee Manual, including any
policies relating to a “drug-free workplace.” 

  

	5.	Termination. 

	 	(a)	Termination for Good Cause: We may, at anytime, terminate your employment for “good cause.” If we terminate your employment for “good cause”, we shall not
be obligated to pay to you any severance. The term “good cause” shall mean any of the following acts committed by you: 

  

	 	(i)	personal dishonesty; 

	 	(ii)	incompetence; 

	 	(iii)	a pattern of unacceptable behavior; 

	 	(iv)	willful misconduct; 

	 	(v)	breach of fiduciary duty involving personal profit; 

	 	(vi)	intentional failure to perform duties; 

	 	(vii)	willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or any final cease-and-desist order. 

  

	 	(b)	Termination Without “Good Cause”: 

 The
Board of Directors of Marco Community Bank may terminate your employment at any time without prior notice. However, if we terminate your employment for any reason other than for “good cause”, we will pay to you as severance the full
portion of the Base Salary we then pay to you for nine (9) months following termination. The amount of this severance shall not be less than Ninety Thousand Dollars ($90,000.) 
  

 3 

	 	(c)	Change in Control: 

 In the event of a Change in
Control of the Holding Company or the Bank, defined herein as the sale of more than fifty percent (50%) of the outstanding shares of capital stock of either the Holding Company or the Bank, you will be entitled to terminate your employment, at your
option, anytime during the six (6) month period following the effective date of the change in control; and we or our successors will pay you a Termination Payment equal to nine months of your then Annual Base Salary, however not less than Ninety
Thousand Dollars ($90,000), which is your original starting annual salary. This Change in Control clause cannot change unless mutually agreed upon by both the employer and employee. 
  
 The above referenced termination payment will be made in regular intervals based upon the payroll method of the Bank for
each of its employees. This payment method may change only if mutually agreed upon by the employer and employee. 
  
 Please acknowledge acceptance of this employment offer by signing this Agreement and sending a copy to my attention: Mr. Robert Marks, Chairman of the Board 

 
 Sincerely, 
  
  
 MARCO COMMUNITY BANK 
  
  
  

									
	 	 	 	 	 
					
	By:	 	     /s/ Robert A. Marks
	 	 	 	By:	 	     /s/ Edward T. Skone

	 	 	
	 	 	 	 	 	

	 	 	         Robert A. Marks
         Chairman of the Board
	 	 	 	 	 	         Edward T. Skone
         Organizer & Director

  

			
	Date:         January 30, 2003	 	Date:         January 30, 2003

  

  
 I have read, understand and accept the above terms and conditions of this Agreement: 
  

							
	 	 	 	 	 
				
	/s/ Michael A. Micallef, Jr.	 	 	 	Date:	 	    January 30, 2003
	
	 	 	 	 	 	 
	Michael A. Micallef, Jr.	 	 	 	 	 	 

  

 4

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