Document:

Exhibit

Exhibit 10.2
FOURTH AMENDMENT TO CREDIT AGREEMENT

THIS AMENDMENT TO CREDIT AGREEMENT (this "Amendment") dated March 25, 2020, is entered into by and between ROANOKE GAS COMPANY, a Virginia corporation ("Borrower"), and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank").

RECITALS

WHEREAS, Borrower is currently indebted to Bank pursuant to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated March 31, 2016, as amended from time to time ("Credit Agreement").

WHEREAS, Bank and Borrower have agreed to certain changes in the terms and conditions set forth in the Credit Agreement and have agreed to amend the Credit Agreement to reflect said changes.

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the Credit Agreement shall be amended as follows:

1.    Section 1.1. (a) is hereby amended (a) by deleting "March 31, 2021" as the last day on which Bank will make advances under the Line of Credit, and by substituting for said date "March 31, 2022," and (b) by deleting "Thirty Million Dollars ($30,000,000.00)" as the maximum principal amount available under the Line of Credit, and by substituting for said amount "Twenty-Eight Million Dollars ($28,000,000.00)."  Any promissory note delivered in connection with this Amendment shall replace and be deemed the Line of Credit Note defined in and made pursuant to the Credit Agreement.
    
2.    The effective date of this Amendment shall be the date that all of the following conditions set forth in this Section have been satisfied, as determined by Bank and evidenced by Bank’s system of record.  Notwithstanding the occurrence of the effective date of this Amendment, Bank shall not be obligated to extend credit under this Amendment or any other Loan Document until all conditions to each extension of credit set forth in the Credit Agreement have been fulfilled to Bank's satisfaction.

(a)    Approval of Bank Counsel.  All legal matters incidental to the effectiveness of this Amendment shall be satisfactory to Bank's counsel.

(b)    Documentation.  Bank shall have received, in form and substance satisfactory to Bank, each of the following, duly executed by all parties:

		
	(i)
	This Amendment and each promissory note or other instrument or document required hereby.

		
	(ii)
	Such other documents as Bank may require under any other Section of this Amendment.

(c)    Regulatory and Compliance Requirements. All regulatory and compliance requirements, standards and processes shall be completed to the satisfaction of Bank.

3.    Except as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or modification.  All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment.  This Amendment and the Credit Agreement shall be read together, as one document.

4.    Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Amendment to be effective as of the effective date set forth above.

	
				
	ROANOKE GAS COMPANY
	WELLS FARGO BANK,

	 
	 
	NATIONAL ASSOCIATION

	 
	 
	 
	 

	By:
	/s/ Paul W. Nester        
	By:
	/s/ Matthew S. Churchill  

	 
	PAUL W. NESTER,
	 
	MATTHEW S. CHURCHILL,

	 
	PRESIDENT, CHIEF EXECUTIVE OFFICER
	 
	SENIOR VICE PRESIDENT

	 
	 
	 
	 

	By:
	/s/ Randall P. Burton, II  
	 
	 

	 
	RANDALL P. BURTON, II,
	 
	 

	 
	 CHIEF FINANCIAL OFFICER, TREASURER, SECRETARYExhibit 41

		

			Exhibit 4.1

		

		

			 

		

		
			DESCRIPTION OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
		

		
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			The following description of our common stock is a summary and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our Articles of Incorporation and Amended and Restated Bylaws (“Bylaws”), each of which have been filed with the Securities and Exchange Commission. This description also summarizes relevant provisions of Washington law. We encourage you to read our Articles of Incorporation, Bylaws and the applicable provisions of Washington law for additional information.
		

		
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			General
		

		
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			Our authorized capital stock consists of 100,000,000 shares of common stock, without par value. 
		

		
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			Common Stock
		

		
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			All outstanding shares of common stock are of the same class and have equal rights and attributes. The holders of our common stock are entitled to one vote per share on all matters submitted to a vote of shareholders of the Company. All shareholders are entitled to share equally in all dividends, if any, as may be declared from time to time by the Board of Directors out of funds legally available. In the event of liquidation, the holders of our common stock are entitled to share ratably in all assets remaining after payment of all liabilities. The shareholders do not have cumulative voting or preemptive rights.    Our common stock currently trades on the OTCQB Marketplace under the symbol “JSDA.”  The transfer agent and registrar for our common stock is Broadridge Corporate Issuer Solutions, Inc. The transfer agent’s and registrar’s address is 51 Mercedes Way, Edgewood, NY 11717.
		

		
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			Antitakeover Effects of Certain Provisions of our Articles of Incorporation, Bylaws and Washington Law
		

		
			 
		

		
			Certain provisions of our Articles of Incorporation, Bylaws and Washington law may discourage, delay or prevent a change in the control of us or a change in our management, even if doing so would be beneficial to our shareholders. The existence of these anti-takeover provisions could also limit the price that investors might be willing to pay in the future for shares of our common stock. 
		

		
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			Shareholder Meetings; Quorum. Our Bylaws provide that our shareholders may call a special meeting only upon the request of holders of at least 10% of the votes entitled to be cast on any matter proposed for consideration at such special meeting. Additionally, our president or our board of directors may call special meetings of shareholders. Except as required by law, a quorum at any annual or special meeting of shareholders consists of the presence of at least 33 1/3% of the shares entitled to be cast by each voting group.
		

		
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			Unanimous Written Consent of Shareholders.  Washington law limits the ability of shareholders to act by written consent by requiring unanimous written consent for shareholder action to be effective. This limit may lengthen the amount of time required to take shareholder actions and would effectively prevent the amendment of our Articles of Incorporation and Bylaws and the removal of directors by our shareholders without holding a meeting of shareholders.
		

		
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			Requirements for Advance Notification of Shareholder Nominations. Our Bylaws contain advance notice procedures with respect to the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee thereof. The existence of these advance notification provisions may make it more difficult for a third party to acquire, or may discourage a third party from acquiring, control of our board of directors.
		

		
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			Washington Anti-Takeover Statute. Washington law imposes restrictions on certain transactions between a corporation and certain significant shareholders. Chapter 23B.19 of the Washington Business Corporation Act generally prohibits a “target corporation” from engaging in certain significant business transactions with an “acquiring person,” which is defined as a person or group of persons that beneficially owns 10% or more of the voting securities of the target corporation, for a period of five years after the date the acquiring person first became a 10% beneficial owner of the voting securities of the target corporation, unless the business transaction or the acquisition of shares is approved by a majority of the members of the target corporation’s board of directors prior to 
		

		 

 

		the time the acquiring person first became a 10% beneficial owner of the target corporation’s voting securities. Such prohibited transactions include, among other things:
		

		
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			a merger or consolidation with, disposition of assets to, or issuance or redemption of stock to or from, the acquiring person;

		
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			termination of 5% or more of the employees of the target corporation as a result of the acquiring person’s acquisition of 10% or more of the shares; or

		
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			receipt by the acquiring person of any disproportionate benefit as a shareholder.

		
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			After the five-year period, a “significant business transaction” may occur if it complies with “fair price” provisions specified in the statute. A corporation may not “opt out” of this statute. We expect the existence of this provision to have an antitakeover effect with respect to transactions that our board of directors does not approve in advance and may discourage takeover attempts that might result in the payment of a premium over the market price for common stock held by shareholders or otherwise might benefit shareholders.
		

		
			﻿Exhibit 10.10

EIGHTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

THIS EIGHTH AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Eighth Amendment”) is made and entered into this 4th day of February, 2020 by and between ANDREA ELECTRONICS CORPORATION (the “Company”), a New York corporation, and DOUGLAS J. ANDREA (the “Executive”).

WHEREAS, the Company and the Executive are parties to an Executive Employment Agreement dated as of August 1, 2014, as amended (collectively with all amendments, the “Agreement”),which provides that the Agreement would terminate on January 31, 2020, unless extended under its terms;

WHEREAS, the Company desires to continue to employ the Executive as the Chief Executive Officer of the Company and the Executive wishes to accept such continued employment under the terms and conditions set forth in the Agreement, as further modified by this Eighth Amendment; and

WHEREAS, the parties desire to retroactively extend the term of the Agreement until July 31, 2020, subject to the terms of this Eighth Amendment.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive (individually a “Party” and together the “Parties”) agree as follows:

1. Amendment.

The term of the Agreement is hereby extended for the period beginning on February 1, 2020 and ending on July 31, 2020.

2. Ratification.

Except as modified and amended by this Eighth Amendment, the Parties hereto hereby agree and confirm that the Agreement remains in full force and effect.

3. Counterparts.

This Eighth Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Eighth Amendment as of February 4, 2020

	 	 
		ANDREA ELECTRONICS CORPORATION 
	 			
		By: 	/s/ Gary A. Jones	
			Gary A. Jones	
			Director	
				 
		By:	/s/ Louis Libin	
			Louis Libin	
			Director	
				 
		By:	/s/ Joseph J. Migliozzi	
			Joseph J. Migliozzi	
			Director	
		 		
		By:	/s/ Jonathan D. Spaet	
			Jonathan D. Spaet	
			Director	
	 			
	 			
		EXECUTIVE	
	 			
			/s/ Douglas J. Andrea	
			Douglas J. Andrea

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