Document:

ex1016.htm

    
       

      BLUEROCK
ENHANCED MULTIFAMILY TRUST, INC.

      EXHIBIT
10.16

      CORPORATE
GOVERNANCE GUIDELINES

       

      Adopted
as of January 14, 2009

       

                The
Board of Directors (the “Board”) of Bluerock
Enhanced Multifamily Trust, Inc. (the “Company”) has
developed and adopted the following corporate governance guidelines establishing
a common set of expectations to assist the Board and its Committees in
performing their responsibilities. The Board may amend these guidelines and may
adopt such additional guidelines as it believes will improve the Company’s
corporate governance, or improve the operation of the Board or its Committees,
so as to better serve the interests of the stockholders and other constituencies
of the Company.

       

                These
guidelines should be interpreted in the context of all applicable laws and the
Company’s articles of incorporation, as amended (the “Charter”), bylaws
(the “Bylaws”)
and other corporate governance documents, and are intended to serve as a
flexible framework within which the Board may conduct its business and not as a
set of legally binding obligations. The following guidelines are subject to
modification, and the Board may, in the exercise of its discretion, deviate from
these guidelines from time to time as the Board may deem appropriate or as
required by applicable laws and regulations.

       

      BOARD
RESPONSIBILITIES

       

                The
responsibilities of the Board are generally defined by statutory and judicial
law (both Maryland and federal) and the rules and regulations of applicable
administrative agencies (notably the Securities and Exchange Commission and
state securities agencies). In managing the business and affairs of the Company,
the Board shall focus its priorities on the following core
responsibilities:

      
        	 
      	 
      	 
      
	 
      	
                •

              	
                Representing
      the interests of the Company’s stockholders in maintaining and monitoring
      the fulfillment of the Company’s primary investment objectives, as
      developed in accordance with the Charter.

              
	 
      	 
      	 
      
	 
      	
                •

              	
                Evaluating
      and approving the Company’s strategic direction and initiatives and
      monitoring implementation and results.

              
	 
      	 
      	 
      
	 
      	
                •

              	
                Overseeing,
      advising and interacting with the Company’s president and other senior
      executives and the Company’s advisor, Bluerock Enhanced Multifamily
      Advisor, LLC (the “Advisor”), with
      respect to key aspects of, and issues affecting, the business, including
      strategic planning, investments, borrowings, operating performance and
      stockholder returns.

              
	 
      	 
      	 
      
	 
      	
                •

              	
                Supervising
      and evaluating the relationship between the Company and the Advisor and
      other Affiliates (as defined
below).

              

      

      
 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	 
      	 
      	 
      
	 
      	
              •

            	
              Monitoring
      the Company’s operating results and financial condition and the
      significant risks to the Company’s business.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Selecting
      and evaluating a well-qualified president of high integrity and, as
      appropriate, other members of the senior executive
team.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Selecting
      a well-qualified Chairman of the Board of high
  integrity.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Overseeing
      the Company’s integrity and ethics, compliance with laws, financial
      reporting and public disclosures. In furtherance of this responsibility,
      the Board has adopted and, acting through its Audit Committee, shall
      oversee compliance with a Code of Ethics for the Company and promptly
      disclose publicly any changes to or waivers of the Code of Ethics as
      required thereby.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Reviewing
      and approving, upon recommendation of the appropriate Committee of the
      Board, all matters to be recommended for stockholder
    approval.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Reviewing
      and approving all public filings that require approval of the full
      Board.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Regularly
      attending Board meetings (meeting materials should be reviewed in
      advance).

            
	 
      	 
      	 
      
	 
      	
              •

            	
              Performing
      other such responsibilities as described in the
  Charter.

            

    

     

    In
fulfilling these core responsibilities, the directors shall not be required to
devote their full time to the affairs of the Company.

     

    SELECTION
OF THE BOARD

     

    Board Membership
Criteria

     

              As
required by Section 7.2 of the Company’s Charter, at least one independent
director of the Company must have at least three years of relevant real estate
experience, and each director must have at least three years of relevant
experience demonstrating the knowledge and experience required to successfully
acquire and manage the type of assets being acquired by the
Company.

     

    Selection of
Directors

     

              The
Board itself should be responsible for selecting its own nominees and
recommending them for election by the stockholders. Pursuant to Section 7.1 of
the Company’s Charter, however, the directors may increase the number of
directors and fill any vacancy as provided in the Company’s Bylaws.

     

              The
Board shall solicit candidate recommendations from its own members and
management of the Advisor. The Board will also consider suggestions made by
stockholders and other interested persons for director nominees who meet the
established director criteria (as set

     

    -2-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    forth
above). In order for a stockholder to make a nomination, the stockholder must
satisfy the procedural requirements for such nomination as provided in Section
11 of the Bylaws.

     

              The
Board may engage the services of a search firm to assist in identifying
potential director nominees.

     

              In
evaluating the persons nominated as potential directors, the Board will consider
each candidate without regard to the source of the recommendation and take into
account those factors that the Board determines are relevant.

     

    Orientation and Continuing
Education

     

              New
directors are provided with a complete orientation process, which includes
comprehensive information regarding the Company’s business and operations,
information regarding the industry in which the Company operates and other
background material, meetings with senior management and the Advisor (as
necessary) and visits to Company offices. As a part of the Company’s continuing
education efforts, supplemental information is provided to directors from time
to time.

     

    BOARD
COMPOSITION AND PERFORMANCE

     

    Size of the
Board

     

              The
Charter provides for five members of the Board, which number may be increased or
decreased from time to time pursuant to the Bylaws of the Company but must never
be less than three following the effectiveness of the Company’s registration
statement. At this time, the Board has determined that it is in the best
interests of the Company and its constituencies to have a Board with five
members.

     

    Independent
Directors

     

              A
majority of the members of the Board must be independent directors. A director
will be considered “independent” if he or she is not associated and has not been
associated within the last two years, directly or indirectly, with the Sponsor
(as defined below) or Advisor of the Company.

     

              A
director shall be deemed to be associated with the Sponsor or Advisor if he or
she:

    
      	 
      	 
      	 
      
	 
      	
              -

            	
              owns
      an interest in the Sponsor, Advisor or any of their Affiliates (as defined
      below), other than the Company;

            
	 
      	 
      	 
      
	 
      	
              -

            	
              is
      employed by the Sponsor, Advisor or any of their
    Affiliates;

            
	 
      	 
      	 
      
	 
      	
              -

            	
              is
      an officer or director of the Sponsor, Advisor or any of their Affiliates,
      other than the Company;

            

    

     

    -3-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	 
      	 
      	 
      
	 
      	
              -

            	
              performs
      services, other than as a director, for the Company;

            
	 
      	 
      	 
      
	 
      	
              -

            	
              is
      a director for more than three REITs organized by the Sponsor or advised
      by the Advisor; or

            
	 
      	 
      	 
      
	 
      	
              -

            	
              has
      any material business or professional relationship with the Sponsor,
      Advisor or any of their Affiliates.

            

    

     

    Notwithstanding
the foregoing, and serving as a director of or receiving director fees from or
owning an interest in a REIT or other real estate program organized by the
Sponsor or advised or managed by the Advisor or its Affiliates shall not, by
itself, cause a director to be deemed associated with the Sponsor or the
Advisor.

     

    For
purposes of determining whether or not a business or professional relationship
is material, the gross revenue derived by the director from the Sponsor, Advisor
and their Affiliates (excluding fees for serving as a director of the Company or
other REIT or real estate program organized or advised or managed by the Advisor
or its Affiliates) shall be deemed material per se if it exceeds 5% of the
director’s:

    
      	 
      	 
      	 
      
	 
      	
              -

            	
              annual
      gross revenue, derived form all sources, during either of the last two
      years; or

            
	 
      	 
      	 
      
	 
      	
              -

            	
              net
      worth, on a fair market value
basis.

            

    

     

    An
indirect relationship shall include circumstances in which a director’s spouse,
parent, child, sibling, mother- or father-in-law, son- or daughter-in-law or
brother- or sister-in-law is or has been within the last two years associated
with the Sponsor, Advisor or any of their Affiliates or the
Company.

     

              For
purposes of these guidelines, a “Sponsor” means any
person directly or indirectly instrumental in organizing, wholly or in part, the
Company or any person who will control, manage or participate in the management
of the Company, and any Affiliate of such person. Not included is any person
whose only relationship with the Company is as that of an independent property
manager of the Company’s assets and whose only compensation is as such.
“Sponsor” does not include wholly independent third parties such as attorneys,
accountants and underwriters whose only compensation is for professional
services. A person may also be deemed a Sponsor of the Company (as to be
determined by the Board) by:

    
      	 
      	 
      	 
      
	 
      	
              •

            	
              taking
      the initiative, directly or indirectly, in founding or organizing the
      business or enterprise of the Company, either alone or in conjunction with
      one or more other persons;

            
	 
      	 
      	 
      
	 
      	
              •

            	
              receiving
      a material participation in the Company in connection with the founding or
      organizing of the business of the Company, in consideration of services or
      property, or both services and property;.

            
	 
      	 
      	 
      
	 
      	
              •

            	
              having
      a substantial number of relationships and contacts with the
      Company;

            

    

     

    -4-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	 
      	 
      	 
      
	 
      	
              •

            	
              possessing
      significant rights to control the Company’s properties;

            
	 
      	 
      	 
      
	 
      	
              •

            	
              receiving
      fees for providing services to the Company which are paid on a basis that
      is not customary in the industry; or

            
	 
      	 
      	 
      
	 
      	
              •

            	
              providing
      goods or services to the Company on a basis which was not negotiated at
      arms length with the Company.

            

    

     

    For
purposes of these guidelines, “Affiliate” includes
any of the following:

    
      	 
      	 
      	 
      
	 
      	
              •

            	
              any
      person directly or indirectly owning, controlling or holding, with power
      to vote, 10% or more of the outstanding voting securities of such other
      person;

            
	 
      	 
      	 
      
	 
      	
              •

            	
              any
      person 10% or more of whose outstanding voting securities are directly or
      indirectly “‘ owned, controlled or held, with power to vote, by such other
      person;

            
	 
      	 
      	 
      
	 
      	
              •

            	
              any
      person directly or indirectly controlling, controlled by or under common
      control with such other person;

            
	 
      	 
      	 
      
	 
      	
              •

            	
              any
      executive officer, director, trustee or general partner of such other
      person; and

            
	 
      	 
      	 
      
	 
      	
              •

            	
              any
      legal entity for which such person acts as an executive officer, director,
      trustee or general partner.

            

    

     

    Service on Other Boards of
Directors

     

              Prior
to accepting an invitation to serve on another public or private company board
of directors, directors should advise the Chairman of the Audit Committee. The
Board believes that directors should limit the number of other company boards on
which they serve, taking into account potential board attendance, participation
and effectiveness on these boards.

     

    Directors Who Change Their Present
Occupation or Job

     

              Directors
who change the occupation or job they held when initially elected are expected
to notify the Chairman of the Audit Committee.

     

    Term Limits

     

              The
Board has determined not to establish term limits. Although term limits could
help make fresh ideas and viewpoints available to the Board, they also could
result in the loss of the valuable contribution of directors who have been able
to develop, over a period of time, increasing insight into the Company and its
operations.

     

    -5-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Board
Compensation

     

              Independent
directors shall receive reasonable compensation for their services to be
determined from time to time by the Board. Committee Chairmen may receive such
additional reasonable compensation for serving in that role as may be determined
from time to time. Directors who are not independent receive no additional pay
for serving as directors.

     

    Board and Committee Access to
Outside Advisors

     

              The
Board, each of its Committees and the independent directors collectively shall
have the power to hire independent legal, financial or other advisors, as they
may deem necessary, without consulting or obtaining the approval of any officer
of the Company in advance.

     

    BOARD
RELATIONSHIP TO SENIOR MANAGEMENT AND ADVISOR

     

    Board Access to Senior Management
and Advisor

     

              Board
members shall have complete access to the Company’s management and to the
Company’s Advisor. Board members should use judgment to be sure that any
contacts are not distracting to the business operation of the
Company.

     

              Furthermore,
the Board encourages senior management, from time to time, to bring managers
and/or advisors into Board meetings who: (a) can provide additional insight into
the items being discussed because of personal involvement in these areas, and/or
(b) represent managers with future potential that the senior management believes
should be given exposure to the Board.

     

    MEETING
PROCEDURES

     

    Frequency and Length of Board
Meetings

     

              The
Chairman of the Board or, in the absence of the Chairman, the President of the
Company (if applicable) or the Secretary of the Company (if there is no separate
President), in consultation with the other members of the Board, shall determine
the timing and length of the meetings of the Board. The Board shall meet as
frequently as needed for directors to discharge properly their responsibilities.
In addition to regularly scheduled meetings, unscheduled Board meetings may be
called upon appropriate notice at any time to address specific needs of the
Company.

     

    Selection of Agenda Items for Board
Meetings

     

              The
Chairman of the Board will establish the agenda for each Board meeting. Each
Board member is free to suggest the inclusion of item(s) on the agenda. Each
director is free to raise at any Board meeting subjects that are not on the
agenda for that meeting.

     

    -6-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    Board Materials Distributed in
Advance

     

              Each
director is expected to make reasonable efforts to attend all meetings of the
Board and Committees on which the director serves. In advance of each Board or
Committee meeting, a proposed agenda and, to the extent feasible or appropriate,
information and data that is important to an understanding of the business to be
discussed will be distributed. Management, in consultation with the Board, will
make every attempt to see that the material provides sufficient detail to
adequately address the business to be discussed. When appropriate, the
information distributed will include summaries or outlines of presentations to
be given at the meeting. In this way, meeting time may be conserved and
discussion time focused on questions that the Board has about the
material.

     

    BOARD
COMMITTEES

     

    Number, Structure and Independence
of Committees

     

              The
Board shall at all times have an Audit Committee composed solely of independent
directors. For further information on the responsibilities, functions and
composition of the Audit Committee, see the Audit Committee Charter. The Board
may also establish various advisory Committees on which certain members of the
Board sit to assist the Advisor and its affiliates in areas that have a direct
impact on the Company’s operations, such as an Investment Committee, Nominating
and Corporate Governance Committee, Compensation Committee, Asset Management
Committee, Shareholder Relations, Communications and Development Committee and
Finance and Planning Committee. The majority of the members of all of these
Committees must be independent directors.

     

    Frequency and Length of Committee
Meetings

     

              Committee
Chairmen, in consultation with Committee members, will determine the frequency
and length of Committee meetings. Each Committee shall meet at least as
frequently as is required by the terms of such Committee’s charter, as
applicable.

     

    Committee
Agendas

     

              Committee
Chairmen, in consultation with the appropriate members of senior management and
the Committee, will develop the Committee’s meeting agendas.

     

    BOARD
LEADERSHIP

     

    Selection of Chairman and
President

     

              The
Board has the responsibility to fill the leadership positions of the Chairman of
the Board and President as it deems best for the Company at a given point in
time. The Board’s policy on whether or not the role of the Chairman and
President should be separate is to make this determination based on serving the
best interests of the Company and its stockholders at any given
time.

     

    -7-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    LEADERSHIP
DEVELOPMENT

     

    Performance
Evaluations

     

              The
independent directors shall evaluate the performance of the President. In
evaluating the President, the independent directors shall take into
consideration the executive’s performance in both qualitative and quantitative
areas, such as leadership and vision; integrity; keeping the Board informed on
matters affecting the Company and its affiliates; performance of the business
(including such measurements as total stockholder return and achievement of
financial objectives and goals); development and implementation of initiatives
to provide long-term economic benefit to the Company, including acquisitions,
accomplishment of strategic objectives and development of
management.

     

              The
independent directors shall also review at least annually the performance of the
other members of the senior management of the Company.

     

    Succession
Planning

     

              At
least once a year, the President of the Company shall meet with the independent
directors to discuss potential successors as President. The independent
directors shall meet in executive session following such presentations to
consider such discussions.

     

              The
President shall also have in place at all times a confidential written procedure
for the timely and efficient transfer of his or her responsibilities in the
event of his or her sudden incapacitation, death or departure, including
recommendations for longer-term succession arrangements.

     

              The
President shall also review periodically with the independent directors the
potential succession arrangements for other key members of the senior management
of the Company.

     

    COMMUNICATIONS
WITH STOCKHOLDERS

     

              The
Company has established the following means for stockholders to communicate
concerns to the Board. If the concern relates to the Company’s financial
statements, accounting practices or internal controls, the concerns should be
submitted in writing to the Chairman of the Audit Committee in care of the
Company’s Secretary at the Company’s headquarters address. If the concern
relates to the Company’s governance practices, business ethics or corporate
conduct, the concern may be submitted in writing to the Company’s Secretary at
the Company’s headquarters address.

     

              The
Company’s “whistleblower” policy prohibits the Company and its affiliates and
their officers, employees and agents from discharging, demoting, suspending,
threatening, harassing or in any other manner discriminating against any
employee for raising a concern. If a stockholder or employee nonetheless prefers
to raise his or her concern in a confidential or

     

    -8-

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    anonymous
manner; the concern may be directed to the Compliance Officer of the Company at
the Company’s headquarters address.

     

    CONDUCT
AND ETHICS STANDARDS FOR DIRECTORS

     

              Directors
are subject to applicable provisions of a Code of Ethics, Insider Trading Policy
and Whistleblower Policy for the Company. These policies can be found on the
Company’s website.

     

    -9-ex101033110.htm

EXHIBIT 10.1

 

AMENDMENT TO CREDIT AGREEMENT

 

LSI INDUSTRIES INC., an Ohio corporation (the “Borrower”), the financial institutions listed on the signature pages hereto (the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION, as administrative agent and syndication agent (in such capacity the “Administrative Agent” or “Agent”), hereby agree as follows as of March 31, 2010:

 

	
  1.

	
Recitals.

 

	
  1.1

	
On March 30, 2001, the Agent, the Borrower and the Lenders entered into a Credit Agreement (as previously amended, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein will have the meanings given such terms in the Credit Agreement.

 

	
  1.2

	
The Borrower, the Agent and the Lenders desire to amend the Credit Agreement pursuant to this Amendment to Credit Agreement (the “Amendment”).

 

	
  2.

	
Amendments.

 

	
  2.1

	
Section 1.1 of the Credit Agreement is amended to change the definitions of Applicable Unused Fee and Applicable Euro-Rate Margin to provide as follows:

 

Applicable Unused Fee: A fee per annum with respect to the Three Year Facility at the number of basis points based upon the Borrower’s Leverage Ratio as at the end of the most recently completed Fiscal Quarter, all as set forth below.

 

	
Leverage Ratio

	 	
Applicable Unused Fee

	
Borrower’s Leverage Ratio is less than 1.00:1.00

	 	
25 basis points

	 	 	 
	
Borrower’s Leverage Ratio is equal to or greater than 1.00:1.00 but less than or equal to 1.50:1.00

	 	
25 basis points

	 	 	 
	
Borrower’s Leverage Ratio is greater than 1.50:1.00

	 	
25 basis points

 

Applicable Euro-Rate Margin: The number of basis points based upon the Borrower’s Leverage Ratio as at the end of the most recently completed Fiscal Quarter, all as set forth below.

 

 

  

  

  

 

	
Leverage Ratio

	 	
Applicable Euro-

Rate Margin for

Loans under the

Revolving Credit Commitment

	 	
Applicable Euro-

Rate Margin for Swingline Loans

	
Borrower’s Leverage Ratio is less than 1.00:1.00

	 	
225 basis points

	 	
237.5 basis points

	 	 	 	 	 
	
Borrower’s Leverage Ratio is equal to or greater than 1.00:1.00 but less than or equal to 1.50:1.00

	 	
240 basis points

	 	
250 basis points

	 	 	 	 	 
	
Borrower’s Leverage Ratio is greater than 1.50:100

	 	
265 basis points

	 	
285 basis points

 

	
  2.2

	
Section 1.1 of the Credit Agreement is amended to change the definition of Interest Rate Option to provide as follows:

 

Interest Rate Option: The Euro-Rate Option or the Base Rate Option.

 

	
  2.3

	
Section 1.1 of the Credit Agreement is amended to change the definition of Revolving Credit Termination Date to provide as follows:

 

Revolving Credit Termination Date: March 31, 2013 as to the Three Year Notes and the Swingline Note.

 

	
  2.4

	
Section 2.1a of the Credit Agreement is hereby deleted and replaced with the following:

 

	
  

	
2.1a

	
Loans.  The Lenders hereby severally establish, upon the terms and conditions hereinafter set forth and relying upon the representations and warranties herein set forth, a revolving credit facility in favor of the Borrower in the maximum aggregate amount of THIRTY MILLION AND NO/100 DOLLARS ($30,000,000.00) (the “Revolving Credit Commitment”) consisting of the Three Year Commitment.  The Borrower shall have the right to borrow, repay and reborrow from the Lenders from the date hereof until the Revolving Credit Termination Date pursuant to draws upon the Revolving Credit Commitment the principal amount of which shall not exceed $30,000,000 in the aggregate at any one time outstanding and which shall not exceed the Three Year Commitment.

 

The Borrower, the Agent and the Lenders acknowledge and agree that, effective as of March 17, 2010, the 364 Day Commitment was terminated and shall no longer be available to the Borrower.  To the extent not previously paid, any amounts (whether principal or interest) outstanding under the 364 Day Notes as of March 31, 2010 will be due and payable in full on March 31, 2010.

 

  

  

  

 

	
  2.5

	
Section 2.1b of the Credit Agreement is hereby deleted and replaced with the following:

 

	
  

	
2.1b

	
Commitment of Each Lender.  Each Lender agrees, for itself only, and subject to the terms and conditions of this Agreement, to make Loans to the Borrower from time to time not to exceed an aggregate principal amount at any one time outstanding equal to the amount of its respective Commitment Percentage of the Revolving Credit Commitment.

 

	
  2.6

	
Section 2.2a of the Credit Agreement is hereby deleted and replaced with the following:

 

	
  

	
2.2a

	
Interest Rates.  During the term hereof the Borrower, in accordance with the provisions of this Section 2.2, shall have the option of electing from time to time one or more of the Interest Rate Options to be applied by the Administrative Agent to outstanding Loans, as follows: (i) interest under the Base Rate Option shall accrue at a rate per annum equal to the Base Rate and (ii) interest under the Euro-Rate Option shall accrue at a rate per annum equal to the sum of (A) the Euro-Rate plus (B) the Applicable Euro-Rate Margin (for Loans under the Revolving Credit Commitment or for Swingline Loans, as applicable).

 

	
  2.7

	
Notwithstanding anything to the contrary contained in the Credit Agreement or any other Loan Document, the only interest rate options available to the Borrower will be the Euro-Rate Optionthe Base Rate Option.  The Federal Funds Rate Option will not be available to the Borrower.

 

	
  3.

	
Representations, Warranties and Covenants.  To induce the Lenders and the Agent to enter into this Amendment, the Borrower represents, warrants and covenants as follows:

 

	
  3.1

	
The representations and warranties of the Borrower contained in the Credit Agreement are deemed to have been made again on and as of the date of execution of this Amendment.

 

	
  3.2

	
No Default or Event of Default exists on the date hereof.

 

	
  3.3

	
The person executing this Amendment and the loan documents to be executed in connection herewith on behalf of the Borrower is a duly elected and acting officer of the Borrower and is duly authorized by the Board of Directors of the Borrower to execute and deliver such documents on behalf of the Borrower.

 

	
  4.

	
Claims; Release of Claims.  The Borrower represents and warrants to the Lenders and the Agent that the Borrower does not have any claims, counterclaims, setoffs, actions or causes of action, damages or liabilities of any kind or nature whatsoever whether at law or in equity, in contract or in tort, whether now accrued or hereafter maturing (collectively, “Claims”) against the Agent, any Lender, their respective direct or indirect parent corporations or any direct or indirect affiliates of such parent corporations, or any of the foregoing’s respective directors, officers, employees, agents, attorneys and legal representatives, or the heirs, administrators, successors or assigns of any of them (collectively, “Lender Parties”) that directly or indirectly arise out of, are based upon, or are in any manner connected with, any Prior Related Event.  As an inducement to the 

 

  

  

  

Lenders and the Agent to enter into this Amendment, the Borrower on behalf of itself and its successors and assigns hereby knowingly and voluntarily releases and discharges all Lender Parties from any and all Claims, whether known or unknown, that directly or indirectly arise out of, are based upon, or are in any manner connected with, any Prior Related Event.  As used herein, the term “Prior Related Event” means any transaction, event, circumstance, action, failure to act, or occurrence of any sort or type which occurred, existed, was taken, was permitted or begun at any time prior to the date hereof or occurred, existed, was taken, was permitted or begun in accordance with, pursuant to, or by virtue of, any of the terms of the Credit Agreement or any Loan Document or which was related to or connected in any manner, directly or indirectly, to the credit facilities described in the Credit Agreement.

 

	
  5.

	
Conditions.  The Agent’s and each Lender’s consent to this Amendment are subject to the fulfillment of the following conditions:

 

	
  5.1

	
The Borrower shall have executed and delivered to the Agent an original of this Amendment.

 

	
  5.2

	
The representations and warranties in Section 3 above shall be true.

 

	
  6.

	
General.

 

	
  6.1

	
The Borrower shall pay all expenses and reasonable attorneys’ fees incurred by the Agent or any Lender in connection with the preparation, execution and delivery of this Amendment and the related documents.  Such fees may be deducted by Lender from any accounts maintained by the Borrower with the Agent or any Lender.

 

	
  6.2

	
Except as expressly modified herein, the Credit Agreement, as amended, is and remains in full force and effect.

 

	
  6.3

	
Nothing contained herein will be construed as waiving any Default or Event of Default under the Credit Agreement or will affect or impair any right, power or remedy of any Lender or Agent under or with respect to the Credit Agreement or any other Loan Document.

 

	
  6.4

	
This Amendment will be binding upon and inure to the benefit of the Borrower, the Agent, each Lender and their respective successors and assigns.

 

	
  6.5

	
All representations, warranties and covenants made by the Borrower herein will survive the execution and delivery of this Amendment.

 

	
  6.6

	
This Amendment may be executed in one or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument.

 

	
  6.7

	
This Amendment will in all respects be governed and construed in accordance with the laws of the State of Ohio, without regard to conflict of laws principles.

 

 

[signature page follows]

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment to Credit Agreement as of the date first set forth above.

 

	 	 
BORROWER:

LSI INDUSTRIES INC.

 

	 
	 	 	 	 
	
 

	
By: 

	/s/ Ronald S. Stowell	 
	 	 	Name:  Ronald S. Stowell	 
	 	 	Title:   Vice President, Chief Financial Officer and Treasurer	 
	 	 	 	 

 

	 	 
AGENT:

PNC BANK, NATIONAL ASSOCIATION,

in its capacity as Administrative Agent and Syndication Agent

	 
	 	 	 	 
	
 

	
By: 

	/s/ Gregory S. Buchanan	 
	 	 	Name:  Gregory S. Buchanan 	 
	 	 	Title:   Senior Vice President	 
	 	 	 	 

 

	 	 
LENDERS:

PNC BANK, NATIONAL ASSOCIATION,

in its capacity as a Lender

 

	 
	 	 	 	 
	
 

	
By: 

	/s/ Gregory S. Buchanan	 
	 	 	Name:  Gregory S. Buchanan	 
	 	 	Title:  Senior Vice President	 
	 	 	 	 

 

	 	
FIFTH THIRD BANK, in its capacity as a Lender

 

	 
	 	 	 	 
	
 

	
By: 

	/s/ Christopher R. Ramos	 
	 	 	Name:  Christopher R. Ramos	 
	 	 	Title:   Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]