Document:

Exhibit 10.12

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT
made as of the 6th day of August, 2014.

 

BETWEEN:

BIONIK LABORATORIES INC.,
a corporation incorporated under the laws of Canada (hereinafter referred to as the "Company"),

 

- and

 

LESLIE MARKOW, an individual
resident in the City of Toronto in the Province of Ontario (hereinafter referred to as the "Employee"),

 

WHEREAS the Company is engaged in the
business of the Medical Device Research, Development and production;

 

AND WHEREAS the Company and the Employee
have agreed to enter into an employment relationship upon the terms and subject to the conditions hereinafter set forth;

 

THIS AGREEMENT witnesses that the parties
have agreed that the terms and conditions of the relationship shall be as follows:

 

ARTICLE 1- EMPLOYMENT AND DUTIES

 

1.1           Appointment.
Subject to the terms and conditions of this Agreement, the Company hereby agrees to employ the Employee, and the Employee hereby
accepts employment in the Position of CHIEF FINANCIAL OFFICER (the "Position") of the Company effective September
2, 2014 (the "Start Date").

 

1.2           Probationary
Period. The Employee's employment includes a probationary period of three (3) months, ending three (3) months from the Start
Date (the "Probationary Period"). This period will provide an opportunity for both the Employee and the Company to decide
if the relationship is mutually agreeable. If the Company concludes, in its sole discretion, that the Employee is not suitable
for the position or that the Employee is unable to properly carry out any of the assigned duties or functions, it may terminate
the Employee's employment at any time during this probationary period, without cause, notice or pay in lieu of notice. Similarly,
if during the probationary period the Employee concludes that the position is not suitable, for whatever reason, the Employee may
resign at any time, either with or without notice.

 

    	 

    	 

    

 

1.3           Reporting
and Duties. The Employee shall report to Peter Bloch, Chief Executive Officer, The Employee shall perform the duties and responsibilities
of Chief Financial Officer, in the area of Finance for the Company and its products and such other reasonable duties as may be
designated by the Chief Executive Officer of the Company from time to time. Services performed pursuant to this Agreement shall
be performed at such place or places and at such times as shall be mutually agreeable to the Company and Employee and during such
hours as shall not conflict with any other employment. The services that are the subject of this Agreement, and any additions or
modifications to the limits contained in the preceding sentence, are describe on Schedule 1 attached hereto. The Employee agrees
to comply with all applicable policies and rules of Company.

 

1.4           Authority.
The Employee shall have authority only to provide Financial-related services and innovation with respect to the Financial operations
of the Company's products and business.

 

1.5           Term.
The Employee shall be employed on an indefinite basis, subject to the termination provisions set out in this Agreement and to any
amendments as may from time to time be agreed to in writing by the Employee and the Company.

 

1.6           Duties
and Responsibilities. The Employee shall during her period of her employment devote no less than 2.5 days a week working time,
attention and ability to the business and affairs of the Company, including her role in her Position and other duties, if arty,
and shall faithfully and honestly serve the Company throughout her employment and use her best efforts to promote the interests
of the Company. The foregoing shall not preclude the Employee from:

 

(a)          engaging
in charitable, education, communal or recreational activities; or

 

(b)          engaging
in another business enterprise as a passive investor;

 

(c)          working
for TMF Group as MD Canada for 2.5 days a week;

 

(d)          being
a Director of leintee Inc

 

provided, in each case, the same does not result
in a contravention of Article 3 hereof or impair the ability of the Employee to discharge her duties to the Company hereunder,
it being acknowledged that, generally, it is not expected the Employee will be required to devote any significant portion of her
time to any such matters during regular business hours. In addition, the Employee shall truly and faithfully account for and deliver
to the Company or, where applicable, any subsidiary or other affiliate of the Company (collectively, the Subsidiaries"), all
money, securities and things of value belonging to the Company or the Subsidiaries which the Employee may from time to time receive
for, from or on account of the Company or the Subsidiaries.

 

    	 

    	 

    

 

ARTICLE 2 - COMPENSATION

 

2.1           Base
Salary. The Employee will receive fixed remuneration for her employment pursuant to this Agreement consisting of an annual
base salary of Ninety-six thousand dollars (Cdr 596,000), payable monthly in arrears, and subject to applicable statutory deductions
required by law. The Employee's annual salary based on 2.5 days per week will be reviewed on an annual basis or if the position
of CFO becomes full time to determine potential increases based on the Employee's performance and that of the Company.

 

2.2           Options.
The Employee will be granted a market related option grant on the date of completion of the RTO transaction, at the price of the
RTO financing transaction. The options will vest 1/3 per year over the following 3 years and be subject to the additional terms
of the Company's stock option plan.

 

2.3           Bonus,
The Employee shall be entitled to a target annual bonus of up to 30% per annum of base salary. payable based on performance in
the previous fiscal year ending March 31. The bonus will be determined based on the achievement of the employee's objectives that
will be agreed to with the Board of Directors .

 

2.4           Benefits.
The Employee shall be entitled to participate in all of the Company's benefit plans generally available to its employees from time
to time in accordance with the terms thereof and the participation and full coverage of the Employee in such plans shall become
fully effective as of the commencement of her employment under this Agreement. The Company reserves the right to alter, amend,
replace or discontinue the benefit plans it makes available to its employees at any time, with or without notice. In addition the
Employee will be entitled to participate in the Company's Stock Option Plan as designated by the CEO or COO of the Company based
on the terms of the Stock Option Plan. The Stock Option Plan is in the process of being revised and the Employee agrees that her
participation will be based on the terms of the plan when finalized. The granting of any options is conditional on the written
approval of the Board of Directors and the Company reserves the right to alter, amend, replace or discontinue this plan at any
time, with or without notice to the Employee.

 

2.5           Vacation.
The Employee shall be entitled to three (3) weeks vacation per calendar year. Such vacation shall be taken at a time or times acceptable
to the Company having regard to its operations. The Employee shall be allowed to carry forward any unused vacation into the next
calendar year with the prior written approval of the CEO or COO.

 

2.6           Expense
Reimbursement. The Employee shall be reimbursed for all reasonable expenses actually and properly incurred by her in connection
with the performance of her duties hereunder. The Employee shall submit to the Company written, itemized expense accounts, together
with supporting invoices, acceptable to the Company and such other additional substantiation and justification as the Company may
reasonably request within sixty (60) days after the expenses have been incurred.

 

    	 

    	 

    

 

ARTICLE 3 - COVENANTS

 

3.1           Confidential
Information. The Employee hereby acknowledges that, by reason of her employment with the Company, she has and will acquire
information about certain matters and things which are confidential to the Company and the Subsidiaries (the "Confidential
Information"), and which Confidential Information is the exclusive property of the Company and/or the Subsidiaries, respectively.
The Confidential Information includes, without limitation, information concerning the Company's and the Subsidiaries' strategic
plans, product research and development plans, details and results, trade secrets, supplier lists, data, work product developed
by or for the Company or the Subsidiaries, and all other data and information concerning the business and affairs of the Company
and the Subsidiaries. Notwithstanding anything to the contrary contained herein, for the purposes hereof, Confidential Information
shall not include:

 

(a)          
any information that has entered or enters the public domain through lawful means; or

 

(b)          information
which the Employee is required to disclose pursuant to applicable law, policies or due processes of applicable regulatory bodies
or legal or regulatory proceedings; provided that the Employee provides the Company with prompt notice of same and assists the
Company in seeking to prevent or limit such requirement.

 

The Employee agrees that during the Term of
Employment and for five (5) years after the termination hereof, for any reason, she shall not (except in the performance of his
responsibilities) directly or indirectly, (i) use for her own benefit or for the benefit of others; (ii) disseminate, publish or
disclose; or (iii) authorize or permit the use, dissemination or disclosure by any person, firm or entity of any Confidential Information
without the express written consent of the board of directors of the Company and the Subsidiaries. Upon termination of this Agreement
for any reason, the Employee agrees to return to the Company and its Subsidiaries (or, in the case of electronic items, permanently
delete) all documents, records, storage, data, samples, and other property of the Company and its Subsidiaries, together with all
copies thereof which contain or incorporate any Confidential Information.

 

3.2           Intellectual
Property, Inventions and Patents. As part of the consideration for this Agreement and for her employment by the Company, subject
to the provisions of this Agreement, the Employee hereby assigns to the Company, as and when same arise, her entire right, title
and interest, including all intellectual property rights and trade secret rights, in and to any and all work product that is conceived,
created, developed or otherwise generated by the Employee from time to time that relates to the business of the Company or the
Subsidiaries, including all inventions, research, designs, trade secrets, improvements, plans, specifications and documentation
(collectively, "Work Product"). The Employee further agrees that she will promptly, fully disclose to the Company or
the Subsidiaries her Work Product and will, at any time from the date hereof, including during and after her employment with the
Company, at the Company's expense, render to the Company or the Subsidiaries as requested such co-operation and assistance as the
Company or the Subsidiaries may deem advisable in order to obtain copyright, patent, trade-mark or industrial design registrations
as the case may be on, or otherwise vest, perfect or defend the Company's or the Subsidiaries' rights with respect to, any or all
Work Product, including, but not limited to, the execution of any and all applications for copyright, patent, trade-mark or industrial
design registrations, assignments of copyrights and other instruments in writing which the Company and the Subsidiaries may deem
necessary or desirable. The Employee hereby irrevocably waives all of her moral rights in the Work Product in favour of the Company
and its Subsidiaries and their respective successors, assignees and licensees.

 

    	 

    	 

    

 

The Employee shall take all precautions to
maintain and protect the legal rights of the Company and its Subsidiaries in the Work Product, and to maintain the confidentiality
of trade secrets included in the Work Product in accordance with Section 3.1 hereof. For certainty, no license to the Work Product
is granted to the Employee, except to the extent required for the performance of her responsibilities under this Agreement.

 

The Employee irrevocably appoints any officer
of the Company or the Subsidiaries from time to time to be her attorney, with full power of substitution, to do on the behalf of
the Employee anything that the Employee can lawfully do by an attorney to do all acts and things in relation to ownership of the
Work Product which the Company or the Subsidiaries shall deem desirable, and to do, sign and execute all documents, conveyances,
deeds, assignments, transfers, assurances and other instruments which may reasonably be necessary or desirable for the purpose
of registering, vesting, perfecting; defending, assigning or otherwise dealing with the Work Product. Such power of attorney is
given for valuable consideration acknowledged by the Employee to be coupled with an interest, shall not be revoked by the bankruptcy
or insolvency of the Company or the Subsidiaries and may be exercised by the officers of any successor or assign of the Company
or the Subsidiaries.

 

The Employee hereby covenants that the Work
Product will not violate or infringe any intellectual property rights of any third party or constitute an unauthorized use of confidential
or proprietary information of a third party.

 

All of the aforesaid covenants in this Section
shall be binding on the assigns, executors, administrators and other legal representatives of the Employee.

 

33           Non-Solicitation
of Employees. The Employee shall not, during the period from the date hereof to that date which is one (1) year following the
termination of this Agreement or the Employee's employment, for any reason, directly or indirectly, hire any employees or consultants
of the Company or the Subsidiaries or induce or attempt to induce, solicit or attempt to solicit any of the employees or consultants
of the Company or the Subsidiaries to leave their employment or engagement with the Company.

 

    	 

    	 

    

 

3.4           Non-Solicitation
of Customers and Suppliers. The Employee shall not, during the period from the date hereof to that date which is one (1) year
following the termination of this Agreement or the termination of the Employee's employment, for any reason, directly or indirectly,
without the prior written consent of the Company, solicit or attempt to solicit any customers of the Company or the Subsidiaries
with whom the Employee had contact with or material knowledge of, for the purpose of selling to those customers any products or
services which are the same as or substantially similar to or in any way competitive with the products or services sold by the
Company or the Subsidiaries, at the time of termination of this Agreement. The Employee shall not, during the period from the date
hereof to that date which is one (1) year following the termination of this Agreement or the termination of the Employee's employment,
for any reason, directly or indirectly, without the prior written consent of the Company, solicit or attempt to solicit any suppliers
of the Company or the Subsidiaries with whom the Employee had contact with or material knowledge of, for the purpose of diverting
or attempting to divert business away from the Company or the Subsidiaries.

 

3.5           Non-Competition.
Subject as hereinafter provided, the Employee shall not, without the prior written consent of the CEO of the Company at any time
during the period from the date hereof to that date which is one (1) year following the date of termination this Agreement or the
Employee's employment, engage in the development of similar medical devices or devices that are in any way competitive with the
products or services sold by the Company or the Subsidiaries at the time of the termination of this Agreement, either individually
or in partnership or jointly or in conjunction with any person as principal, agent, employee, shareholder (other than a holding
of shares listed on a Canadian or United States stock exchange that does not exceed five percent (5%) of the outstanding shares
so listed) or in any other manner whatsoever, nor shall the Employee lend money to, guarantee the debts or obligations of or permit
her name or any part thereof to be used or employed by any person engaged in a similar business to the Company or the Subsidiaries.

 

3.6           Acknowledgement,
Waiver and Enforcement. The Employee confirms that the restrictions contained in this Article 3 are reasonable and valid to
protect the legitimate business interests of the Company and the Subsidiaries. The Employee hereby agrees and acknowledges that
it would be extremely difficult to measure the damages that might result from any breach of any of the covenants of the Employee
contained herein and that any breach of any of the covenants of the Employee might result in irreparable injury to the business
for which monetary damages could not adequately compensate. If a breach of any of the covenants of the Employee occurs, the Company
shall be entitled, in addition to any other rights or remedies the Company may have at law or in equity, to have an injunction
issued by any competent court enjoining and restricting the Employee and all other parties involved therein from continuing such
breach.

 

3.7           Survival
and Enforceability. It is expressly agreed by the parties hereto that the provisions of this Article 3 shall survive the termination
of this Agreement and the Employee's employment.

 

    	 

    	 

    

 

ARTICLE 4 - DEATH

 

4.1           Death.
If the Employee dies while employed under this Agreement, this Agreement shall terminate immediately and the Company shall pay
to the Employee's estate, the annual salary earned by the Employee up to the date of her death. All options and warrants vested
in the Employee prior to the date of her death shall continue in frill force and effect, subject to the terms and conditions of
the Stock Option Plan.

 

ARTICLE 5 - TERMINATION OF EMPLOYMENT

 

5.1           Termination
by Company for Cause. The Company may terminate this Agreement for cause at any time without any notice or payment in lieu
of such notice of termination. The Employee will be provided with her annual salary, benefits as set out in Section 2.2, and expenses
incurred up to the date of termination. For the purposes of this Agreement, "cause" includes:

 

(a) a material breach by the Employee
of the terms of this Agreement; and

 

(b) any act or conduct that would
constitute cause at common law.

 

5.2           Termination
by Disability. The Company may terminate this Agreement as a result of any mental or physical disability or illness which results
in the Employee being unable to substantially perform her duties for a continuous period of 150 days or for periods aggregating
180 days within any period of 365 days. Permanent or indefinite inability to perform essential functions shall be based on the
opinion of a qualified medical provider if a medical condition is involved, or as otherwise required by law_ Termination will be
effective on the date designated by Company and the Employee will he paid her annual salary, benefits as set out in Section 2.2,
and expenses incurred up to the date of termination.

 

5.3           Termination
by Employee. The Employee may terminate this Agreement and her employment at any time, for any reason, provided that the Employee
provides the Company with thirty (30) days' prior written notice. The Employee agrees to use her best effort to assist the Company
to complete an effective reallocation of her responsibilities upon the giving of such notice. The Company may waive notice, in
whole or in part, by providing the Executive pay in lieu of notice for the balance of the thirty (30) day period, including benefits
as set out in Section 2.2 and expenses incurred.

 

5.4           Termination
by Company for Other than Cause. The Company may terminate this Agreement and the Employee's employment, for any reason after
the completion of the Probationary Period and without cause, provided that the Company provides the Employee with notice of termination,
pay in lieu of notice, or some combination of the two, equal to the greater of: (i) three (3) weeks' notice or pay in lieu of notice
for each completed year of service to a maximum of nine (9) months; or (ii) the minimum amounts required to be provided to the
Employee in respect of termination and severance pay, if applicable, and all other entitlements owing pursuant to the Ontario Employment
Standards Act, 2000. In the event of termination by the Company for reasons other than cause, the Employee's benefits in Section
2.2 will be maintained for the minimum period required pursuant to the Ontario Employment Standards Act, 2000, at which time ail
coverage will be discontinued. The Employee will be eligible to exercise all vested options in accordance with the terms of the
Stock Option Plan. An unvested option immediately forfeit upon the Employee being provided with notice of termination of her employment.

 

    	 

    	 

    

 

5.5           Limitation
of Liability. The Employee acknowledges, understands and agrees that the notice/pay in lieu of notice and other benefits provided
for above represent the Company's maximum termination and severance obligations to the Employee. No other notice or severance entitlements
shall apply. This provision shall remain in full force and effect unamended, notwithstanding any other alterations to the terms
and conditions of the Employee's employment, unless agreed to by the Company in writing. The Employee also acknowledges, understands
and agrees that the giving of notice or the payment of pay in lieu of notice by the Company to the Employee on termination of the
Employee's employment shall not prevent the Company from alleging cause for the termination.

 

5.6           Effect
of Termination. Upon any termination of this Agreement., the Employee shall immediately deliver or cause to be delivered to
the Company all Confidential Information and company property belonging to the Company which are in the possession, charge, control
or custody of the Employee.

 

ARTICLE 6 - GENERAL

 

6.0           Release.
Upon any termination of this Agreement or the Employee's employment, the Employee vets to release the Company, the Subsidiaries,
and all officers, directors and employees of the Company or Subsidiaries from all actions, causes of action, claims or demands
as a result of such termination, except as otherwise expressly provided in this Agreement Upon compliance with the applicable termination
provisions of this Agreement by the Company, the Employee agrees to deliver to the Company a full and final written release of
and from all actions or claims in connection with this Agreement and the Employee's employment in favour of the Company, the Subsidiaries,
and their directors, officers and employees in a form to be provided by the Company.

 

6.1           Recitals.
The parties agree that the Recitals set out herein are true and accurate and shall form part of this Agreement.

 

6.2           Headings.
The division of this Agreement into articles and sections and the insertion of headings are for the convenience of reference only
and shall not affect the construction or interpretation of this

 

Agreement

 

    	 

    	 

    

 

Assignment. This Agreement shall be
personal as to the Employee and shall not be assignable by the Employee subject to the terms herein. This Agreement shall enure
to the benefit of and be binding upon the heirs, executors, administrators and legal personal representatives of the Employee and
the successors and permitted assigns of the Company.

 

6.3           Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
cancels and supersedes any prior understandings and agreements between the parties hereto with respect thereto, whether verbal
or in writing. There are no other written or verbal representations, warranties, terms, conditions, undertakings or collateral
agreements, express, implied or statutory between the parties.

 

6.4           Amendments.
No amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by both of the parties hereto.
The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of
any subsequent breach by any party.

 

6.5           Severability.
If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability
shall attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall
continue in full force and effect.

 

6.6           Further
Acts. The parties shall do all such further acts and things and provide all such assurances and deliver all such documents
in writing as may be required, from time to time in order to fully carry out the terms, provisions and intent of this Agreement.

 

6.7           Notice.
Any demand, notice or other communication to be given in connection with this Agreement shall be given in writing by personal delivery,
electronic delivery or by registered mail addressed to the recipient as follows:

 

Bionik Laboratories Inc.

 

10 Dundas Street East, AMC-B202

 

Toronto, Ontario

M5B 2G9

 

Telephone: (416) 640-7887

 

Email: pb@bionildabs.com

 

Leslie Markow

 

215 Glendonwynne Raod

Toronto, ON M6P 304

 

    	 

    	 

    

 

or such other address, individual or telecopy
number as may be designated by either party to the other in accordance herewith. Any notice given by personal delivery will be
conclusively deemed to have been given on the day of actual delivery of the notice and, if given by registered mail, on the third
day, other than a Saturday, Sunday or statutory holiday in Ontario, following the deposit of the notice in the mail. If the party
giving any notice knows or ought reasonably to know of any difficulties with the postal system that might affect the delivery of
mail, any such notice may not be mailed but must be given by personal delivery. In the case of electronic delivery, on the same
day that it was sent if sent on a business day and the acknowledgement of receipt is received by the sender before 5:00 p.m. (in
the place of receipt) on such day, and otherwise on the first business day thereafter.

 

7.11         Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and any applicable federal
laws of Canada. Each of the parties hereto agrees that any action or proceeding related to this Agreement must be brought in any
court of competent jurisdiction in the Province of Ontario, and for that purpose hereby attorns and submits to the jurisdiction
of such Ontario court.

 

6.8           Securities
Regulatory Authority Requirement. The Company and the Employee acknowledge that this Agreement shall be subject to compliance
with any applicable rules, regulations and policies of any stock exchange or exchanges on which any securities of the Company may
from time to time be listed and any other securities authority having jurisdiction.

 

6.9           Time
of the Essence. Time shall be of the essence in this Agreement.

 

6.10         Independent
Legal Advice. The Employee acknowledges that she has been advised to seek independent legal counsel in respect of the Agreement
and the matters contemplated herein. To the extent that she declines to receive independent legal counsel in respect of the Agreement,
she waives the right, should a dispute later develop, to rely on her lack of independent legal counsel to avoid her obligations,
to seek indulgences from the Company or to otherwise attack the integrity of the Agreement and the provisions thereof, in whole
or in part.

 

    	 

    	 

    

 

IN WITNESS WHEREOF this Agreement has
been executed by the parties hereto as of the date first written above.

 

	SIGNED, SEALED AND DELIVERED	)
	in the presence of	)
	 	)
	 	)
	 	)
	 	)
	 	)

 

 

	/s/ Michael S. King	 	/s/ Leslie Markow
	WITNESS	 	Leslie Markow
	 	 	 
	 	 	BIONIK LABORATORIES, INC.
	 	 	 
	 	 	Per:	   /s/
    Peter Bloch                
	 	 	Authorized Signing Officer
	 	 	 
	 	 	I have authority to bind the corporation.

 

    	 

    	 

    

 

SCHEDULE I

 

JOB DESCRIPTION

 

• All financial reporting

 

• Quarterly MD&A in compliance with
GAAP

 

• Drafting of Management discussion and
analysis

 

• All public reporting

 

• Budgeting and planning

 

• Preparation of packages for board of
directors

 

• Analysis to support business

 

• Assistance in negotiation of partnerships

 

• Operations responsibilities

 

• Investment of excess cash

 

• Management of banking and auditors relationships

 

• Investor communications

 

• Reporting on government grants

 

• Responsibility for all Corporate Tax
and I-IST

 

• Management of Bookkeepernnutu20150303_8k.htm

EXHIBIT 10.3

 

 

 

THIRTEENTH AMENDMENT TO REVOLVING LOAN PROMISSORY NOTE

 

This Thirteenth Amendment to Revolving Loan Promissory Note (this “Amendment”) is made and entered into as of February 27, 2015, by and between AMERICAN AGCREDIT, PCA, an agricultural credit association chartered pursuant to the Farm Credit Act of 1971 (“Lender”), and ROYAL HAWAIIAN ORCHARDS, L.P., a Delaware limited partnership formerly known as ML Macadamia Orchards, L.P., and ROYAL HAWAIIAN RESOURCES, INC., a Hawaii corporation formerly known as ML RESOURCES, INC. (together, “Borrower”).

 

R E C I T A L S:

 

A.     Lender made Borrower a loan in the original amount of $5,000,000.00 (the “Revolving Loan”), being one of the loans described in the Fourth Amended and Restated Credit Agreement dated July 15, 2010, as amended by that First Amendment to Fourth Amended and Restated Credit Agreement dated March 7, 2011, as further amended by that Second Amendment to Fourth Amended and Restated Credit Agreement dated July 12, 2012, as further amended by that Third Amendment to Fourth Amended and Restated Credit Agreement dated August 27, 2013, as further amended by that Fourth Amendment to Fourth Amended and Restated Credit Agreement dated December 26, 2013, as further amended by that Fifth Amendment to Fourth Amended and Restated Credit Agreement dated April 23, 2014, as further amended by that Sixth Amendment to Fourth Amended and Restated Credit Agreement dated July 31, 2014, as further amended by that Seventh Amendment to Fourth Amended and Restated Credit Agreement dated September 30, 2014, as further amended by that Eighth Amendment to Fourth Amended and Restated Credit Agreement dated December 15, 2014, as further amended by that Ninth Amendment to Fourth Amended and Restated Credit Agreement dated January 30, 2015, and as further amended by that Tenth Amendment to Fourth Amended and Restated Credit Agreement dated February 27, 2015, to be executed concurrently herewith (together, the “Credit Agreement”), and evidenced by a Revolving Loan Promissory Note dated July 8, 2008, as amended by that First Amendment to Revolving Loan Promissory Note dated June 30, 2009, as further amended by that Second Amendment to Revolving Loan Promissory Note effective June 29, 2010, as further amended by that Third Amendment to Revolving Loan Promissory Note effective July 15, 2010, as further amended by that Fourth Amendment to Revolving Loan Promissory Note dated July 15, 2010, as further amended by that Fifth Amendment to Revolving Loan Promissory Note dated July 12, 2012, as further amended by that Sixth Amendment to Revolving Loan Promissory Note dated August 27, 2013, as further amended by that Seventh Amendment to Revolving Loan Promissory Note dated December 26, 2013, as further amended by that Eighth Amendment to Revolving Loan Promissory Note dated April 23, 2014, as further amended by that Ninth Amendment to Revolving Loan Promissory Note dated July 31, 2014, as further amended by that Tenth Amendment to Revolving Loan Promissory Note dated September 30, 2014, as further amended by that Eleventh Amendment to Revolving Loan Promissory Note dated December 15, 2014 and as further amended by that Twelfth Amendment to Revolving Loan Promissory Note dated January 30, 2015 (together, the “Revolving Note”).

 

 

 

 

 

B.     Borrower has requested, and Lender has agreed to, among other things, extend the maturity date of the Revolving Loan from March 3, 2015 to March 31, 2015.

 

B.     The parties are entering into this Amendment to evidence the extension of the maturity of the Revolving Note.

 

NOW, THEREFORE, taking the forgoing Recitals into account, and for other good and valuable consideration, the receipt of which are hereby acknowledged, the parties agree as follows:

 

A G R E E M E N T

 

1.     Amendment of Maturity Date. The maturity date of the Revolving Note is hereby extended from March 3, 2015 to March 31, 2015.

 

2.     No Other Amendments. Except as modified expressly or by necessary implication herein or in the Credit Agreement, all of the terms and conditions of the Revolving Note shall remain unchanged and in full force and effect. The Term Loan (including the 2010 Term Loan) (or any other instrument not expressly noted as affected hereby) is not affected by these presents.

 

3.     Security Remains In Effect. All instruments of security (“Security Instruments”), remain in full force and effect and secure all obligations of Borrower, as affected by these presents, including without limitation that Mortgage, Security Agreement, Financing Statement And Assignment Of Rents dated January 8, 2009, recorded in the Bureau of Conveyances of the State of Hawaii on January 14, 2009, as Document No. 2009-004913, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3818975 and noted on Transfer Certificate of Title No. 283473, 337743, 337744, 510502, 589117, and 473851, as additionally charged and amended by that Additional Charge To And Amendment Of Mortgage, Security Agreement, Financing Statement And Assignment Of Rents effective June 30, 2009, recorded as aforesaid as Document No. 2009-103496 through 2009-103497 and filed as aforesaid as Document No. 3875709 through 3876710 and noted on the aforesaid Transfer Certificates of Title, and as additionally charged and amended by that Additional Charge to and Amendment of Mortgage, Security Agreement, Financing Statement and Assignment of Rents made effective on July 15, 2010, recorded in the Bureau of Conveyances of the State of Hawaii on August 6, 2010, as Document No. 2010-0113108, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. 3986961 and noted on the aforesaid Transfer Certificates of Title, and a security agreement dated May 1, 2000, a supplement thereto dated May 1, 2004, a second supplement thereto dated July 8, 2008, a third supplement thereto dated June 30, 2009, and a fourth supplement thereto dated July 15, 2010, and as additionally charged and amended by that Additional Charge to and Amendment of Mortgage, Security Agreement, Financing Statement and Assignment of Rents made effective on August 29, 2013, recorded in the Bureau of Conveyances of the State of Hawaii on September 26, 2013, as Document No. 201340533-S, and filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii as Document No. T-8669165A thru T-8669165B, and the financing statement(s) recorded as aforesaid as Document No(s). 2000-059003 and 2010-113110. These presents do not and shall not affect the priority of any of the Security Instruments. These presents are made as a part of the same transaction(s) as the transaction(s) evidenced by the instruments heretofore recited in these presents. Borrower jointly and severally re-affirm(s) all of Borrower’s obligations to Lender whether as set forth in this writing or in any other writing or otherwise (and whether as a borrower, mortgagor, debtor, or otherwise).

 

 

 

 

 

4.     This Amendment shall be governed by and construed in accordance with the laws of the State of California, provided that the Lender shall retain all rights arising under federal law.

 

IN WITNESS WHEREOF, this Thirteenth Amendment to Revolving Loan Promissory Note has been duly executed as of the date first written above.

 

 

	
 
	
ROYAL HAWAIIAN ORCHARDS, L.P., a Delaware limited partnership formerly known as ML MACADAMIA ORCHARDS, L.P.
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
By: 
	
ROYAL HAWAIIAN RESOURCES, INC., a Hawaii corporation formerly known as ML RESOURCES, INC., its managing general partner
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	 	
 
	
 

	
 
	
 
	
By: 
	
/s/ Scott Wallace
	
 

	
 
	
 
	
Name:
	
Scott Wallace
	
 

	
 
	
 
	
Title: 
	
President, CEO
	
 

 

  

	
 
	
ROYAL HAWAIIAN RESOURCES, INC., a Hawaii corporation formerly known as ML RESOURCES, INC.
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ Scott Wallace
	
 

	
 
	
Name:
	
Scott Wallace
	
 

	
 
	
Title: 
	
President, CEO
	
 

 

 

	
 
	AMERICAN AGCREDIT, PCA 	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ Janice T. Thede
	
 

	
 
	
Name:
	
Janice T. Thede
	
 

	
 
	
Title: 
	
Vice President

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