Document:

Exhibit 10.2

 

 

INCREMENTAL ASSUMPTION AGREEMENT

dated as of January 31, 2012,

made by

ING CAPITAL LLC,

as Increasing Lender

relating to the

SENIOR SECURED REVOLVING CREDIT AGREEMENT

dated as of August 4, 2011,

among

MEDLEY CAPITAL CORPORATION,

as Borrower,

 

The Several Lenders and Agents

from Time to Time Parties Thereto,

and

ING CAPITAL LLC,

as Administrative Agent and Collateral Agent

 

 

 

    	 

    	 

    
INCREMENTAL ASSUMPTION AGREEMENT, dated as of January
31, 2012 (this “Assumption Agreement”), by and among MEDLEY CAPITAL CORPORATION (the “Borrower”),
MOF I BDC LLC (the “Subsidiary Guarantor”), ING CAPITAL LLC, in its capacity as Administrative Agent (the “Administrative
Agent”), and ING CAPITAL LLC, as increasing lender (the “Increasing Lender”), relating to the SENIOR
SECURED REVOLVING CREDIT AGREEMENT, dated as of August 4, 2011 (as amended, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among the Borrower, the Administrative Agent and the several banks and other financial
institutions or entities from time to time party to the Credit Agreement.

A.The Borrower
has requested that the Increasing Lender provide an additional Commitment in an aggregate amount equal to $5,000,000 (the “Incremental
Commitment”) pursuant to Section 2.06(f) of the Credit Agreement.

B.The Increasing
Lender is willing to make such an Incremental Commitment to the Borrower on the terms and subject to the conditions set forth herein
and in the Credit Agreement.

Accordingly,
in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1.
Defined Terms; Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned
to such terms in the Credit Agreement. The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply
equally to this Assumption Agreement. This Assumption Agreement shall be a “Loan Document” for all purposes of the
Credit Agreement and the other Loan Documents.

SECTION 2.
Incremental Commitment. a) Pursuant to Section 2.06(f) of the Credit Agreement and subject to the terms and conditions hereof,
the Increasing Lender hereby agrees to make the Incremental Commitment to the Borrower effective on and as of the Effective Date
(as defined below). The Incremental Commitment shall constitute an additional “Commitment” for all purposes of the
Credit Agreement and the other Loan Documents.

(b)Except
as set forth herein, the terms of the Incremental Commitment shall be the same as the other Commitments made under the Credit Agreement.

(c)On
the Effective Date, in connection with the adjustments to any outstanding Loans and participation
interests contemplated by Section 2.06(f)(iv) of the Credit Agreement, the Increasing Lender shall make a payment to the Administrative
Agent, for account of the other Lenders, in an amount calculated by the Administrative Agent in accordance with such section,
so that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such section,
the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (after giving effect to
the Incremental Commitment and any other Commitment Increase occurring on the date hereof).

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SECTION 3.
Conditions Precedent to Incremental Commitment. This Assumption Agreement, and the obligations of the Increasing Lender
to make the Incremental Commitment, shall become effective on and as of the Business Day (the “Effective Date”)
occurring on or before January 31, 2012 on which the following conditions precedent have been satisfied:

(a)the
Administrative Agent shall have received counterparts of this Assumption Agreement that, when taken together, bear the signatures
of the Borrower, the Subsidiary Guarantor, the Administrative Agent and the Increasing Lender;

(b)on the
date hereof, each of the conditions set forth or referred to in Section 2.06(f)(i) of the Credit Agreement shall be satisfied,
and pursuant to Section 2.06(f)(ii)(x) of the Credit Agreement, the Administrative Agent shall have received a certificate of a
duly authorized officer of the Borrower dated the date hereof certifying as to the foregoing;

(c)the
Administrative Agent shall have received for the account of the Lenders the amounts, if any, payable under Section 2.13 of the
Credit Agreement as a result of the adjustments of Borrowings pursuant to Section 2(c) of this Assumption Agreement; and

(d)the
Increasing Lender and the Administrative Agent, as applicable, shall have received all documented fees and expenses related to
this Assumption Agreement and the other Commitment Increases occurring on the date hereof owing
to them on the date hereof, including (i) an up-front fee in the amount of $50,000, and (ii) an arranger fee in an amount of $100,000,
as contemplated by the Fee Letter, dated as of June 27, 2011, between the Increasing Lender and the Borrower, in each case due
to the Increasing Lender on the date hereof.

SECTION 4.
Representations and Warranties of the Borrower. To induce the other parties hereto to enter into this Assumption Agreement,
the Borrower represents and warrants to the Administrative Agent and the Increasing Lender that, as of the date hereof:

(a)This
Assumption Agreement has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantor, and constitutes
a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantor in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

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b)Each
of the representations and warranties made by the Borrower and the Subsidiary Guarantor in or pursuant to the Loan Documents are
true and correct in all material respects as if made on such date (except to the extent they relate specifically to an earlier
date, in which case they are true and correct in all material respects as of such earlier date, and unless a representation or
warranty is already qualified by materiality or by Material Adverse Effect, in which case it is true and correct in all respects).

(c)No Default
or Event of Default has occurred and is continuing on the date hereof or shall result from the Incremental Commitment.

SECTION 5.
Representations, Warranties and Covenants of the Increasing Lender. The Increasing Lender (a) represents and warrants
that (i) from and after the Effective Date, it shall have the obligations of a Lender under the Credit Agreement to the extent
of its existing Commitment as increased by the Incremental Commitment, and (ii) it has received a copy such documents and information
as it has deemed appropriate to make its own credit analysis and decision to enter into this Assumption Agreement and to make the
Incremental Commitment on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent or any other Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, and (ii) it will continue to perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

SECTION
6. Consent and Reaffirmation. (a)  The Subsidiary Guarantor hereby consents to this Assumption Agreement and the transactions
contemplated hereby, (b) the Borrower and the Subsidiary Guarantor agree that, notwithstanding the effectiveness of this
Assumption Agreement, the Guarantee and Security Agreement and each of the other Security Documents continue to be in full force
and effect, (c) the Borrower and the Subsidiary Guarantor acknowledge that the terms “Credit Agreement Obligations,”
“Guaranteed Obligations” and “Secured Obligations” (each as defined in the Guarantee and Security Agreement)
include any and all Loans made now or in the future by the Increasing Lender in respect of the Incremental Commitment and all
interest and other amounts owing in respect thereof under the Loan Documents (including all interest and expenses accrued or incurred
subsequent to the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or not such interest
or expenses are allowed as a claim in such proceeding), and (d) the Subsidiary Guarantor confirms its guarantee of the Guaranteed
Obligations and the Borrower and the Subsidiary Guarantor confirm their grant of a security interest in their assets as Collateral
for the Secured Obligations, all as provided in the Loan Documents as originally executed (and amended prior to the date hereof
and supplemented hereby).

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SECTION 7.
Notices. All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.

SECTION 8.
Expenses. The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent in connection with this Assumption Agreement in accordance with the Credit Agreement, including the reasonable and documented
fees, charges and disbursements of one outside counsel for the Administrative Agent.

SECTION 9.
Counterparts. This Assumption Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together
shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this Assumption Agreement
by facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

SECTION 10.
Applicable Law; Jurisdiction; Consent to Service of Process; Other. THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES UNDER THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE
IX OF THE CREDIT AGREEMENT) ARE HEREBY INCORPORATED BY REFERENCE.

SECTION 11.
Headings. The headings of this Assumption Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

SECTION 12.
No Third Party Beneficiaries. This Assumption Agreement is intended to be solely for the benefit of the parties hereto and
is not intended to confer any benefits upon, or create any rights in favor of, any other person or entity. No person or entity
other than the parties hereto shall have any rights under or be entitled to rely upon this Assumption Agreement.

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blank]

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 IN WITNESS
WHEREOF, the parties hereto have caused this Assumption Agreement to be duly executed and delivered by their proper and duly authorized
representatives as of the day and year first above written.

	 	MEDLEY CAPITAL CORPORATION,
	 	as Borrower	 
	 	 	 
	 	 	 
	 	By: /s/ Richard T. Allorto, Jr.	 
	 	Name: Richard T. Allorto, Jr.	 
	 	Title:   Chief Financial Officer	 
	 	 	 
	 	 	 
	 	MOF I BDC LLC, as Subsidiary Guarantor	 
	 	 	 
	 	By: /s/ Richard T. Allorto, Jr.	 
	 	Name: Richard T. Allorto, Jr.	 
	 	Title:   Chief Financial Officer	 

 

    	 

    	 

    

 

	 	ING CAPITAL LLC, as Administrative Agent
	 	By: /s/ Patrick Frisch	 
	 	Name: Patrick Frisch, CFA	 
	 	Title: Managing Director	 

 

    	 

    	 

    
  

	 	
        BARCLAYS BANK PLC, as Assuming Lender

         

	 	 
	 	By: /s/ Michael Mozer	 
	 	Name: Michael Mozer	 
	 	Title:   Vice PresidentEXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment
Agreement (the “Agreement”) is entered into as of February 1, 2012, by and between Solar America Corp., a Wyoming Corporation
(the “Company”) and Brian Barrilleaux (the “Executive”).

1.Duties
and Scope of Employment.

 

(a)Positions
and Duties. Effective retroactively on January 1, 2011 (the “Effective Date”), the Executive will serve as the
President and Chief Executive Officer of the Company. As such, the Executive will report to the Company’s Board of Directors
(the “Board”). As of the Effective Date, the Executive will render such business and professional services in the performance
of his duties, consistent with the Executive’s position within the Company, as will reasonably be assigned to him by the
Board. The period the Executive is employed by the Company under this Agreement is referred to herein as the “Employment
Term”.

(b)Board
Membership. As of the Effective Date, the Executive shall also serve as a director of the Board. At each annual meeting of
the Company’s stockholders during the Employment Term, the Company will nominate the Executive to serve as a member of the
Board. The Executive’s service as a member of the Board will be subject to any required stockholder approval. Upon the termination
of the Executive’s employment for any reason, unless otherwise requested by the Board, the Executive will be deemed to have
resigned from the Board as of the end of the Executive’s employment and the Executive, at the Board’s request, will
execute any documents necessary to reflect his resignation.

(c)Obligations.
During the Employment Term, the Executive will devote the Executive’s full business efforts and time to the Company and will
use good faith efforts to discharge the Executive’s obligations under this Agreement to the best of the Executive’s
ability and in accordance with each of the Company’s corporate guidance and ethics guidelines, conflict of interests, policies
and code of conduct. For the duration of the Employment Term, the Executive agrees not to actively engage in any other employment,
occupation, or consulting activity for any direct or indirect remuneration without the prior approval of the Board (which approval
will not be unreasonably withheld); provided, however, that the Executive may, without the approval of the Board,
serve in any capacity with any civic, educational, or charitable organization, provided such services do not interfere with the
Executive’s obligations to Company.

(i)The
Executive hereby represents and warrants to the Company that the Executive is not party to any contract, understanding, agreement
or policy, written or otherwise, that would be breached by the Executive’s entering into, or performing services under, this
Agreement. The Executive further represents that he has disclosed to the Company in writing all threatened, pending, or actual
claims that are unresolved and still outstanding as of the Effective Date, in each case, against the Executive of which he is aware,
if any, as a result of his membership on any boards of directors.

    	 

    	 

    

2.At-Will
Employment. The Executive and the Company agree that the Executive’s employment with the Company constitutes “at-will”
employment. The Executive and the Company acknowledge that this employment relationship may be terminated at any time, upon written
notice to the other party at the option either of the Company or the Executive.

3.Compensation.
Beginning on the Effective Date, the Company will pay the Executive a monthly salary of $6,000 as compensation for his services
(such salary, as is then effective, to be referred to herein as “Base Salary”). The Base Salary will be paid periodically
in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings.

4.Employee
Benefits. The Executive will be eligible to participate in accordance with the terms of all Company employee benefit plans,
policies and arrangements that are applicable to other executive officers of the Company, as such plans, policies and arrangements
may exist from time to time.

5.Expenses.
The Company will reimburse the Executive for reasonable travel, entertainment and other expenses incurred by the Executive in the
furtherance of the performance of the Executive’s duties hereunder, in accordance with the Company’s expense reimbursement
policy as in effect from time to time.

6.Termination
of Employment. In the event the Executive’s employment with the Company terminates for any reason, the Executive will
be entitled to any (a) unpaid Base Salary accrued up to the effective date of termination; (b) benefits or compensation as provided
under the terms of any employee benefit and compensation agreements or plans applicable to the Executive (c) unreimbursed business
expenses required to be reimbursed to the Executive, and (d) rights to indemnification the Executive may have under the Company’s
Articles of Incorporation, Bylaws, the Agreement, or separate indemnification agreement, as applicable.

7.Indemnification.
Subject to applicable law, the Executive will be provided indemnification to the maximum extent permitted by the Company’s
Articles of Incorporation or Bylaws, including, if applicable, any directors and officers insurance policies, with such indemnification
to be on terms determined by the Board or any of its committees, but on terms no less favorable than provided to any other Company
executive officer or director and subject to the terms of any separate written indemnification agreement.

8.Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of the Executive
upon the Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person,
firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of the Executive to receive any
form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and
distribution. Any other attempted assignment, transfer, conveyance, or other disposition of the Executive’s right to compensation
or other benefits will be null and void.

    	 

    	 

    

 

9.Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on
the date of delivery if delivered personally; (b) one (1) day after being sent overnight by a well-established commercial overnight
service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed
to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in
writing:

If to the Company:

 

Attn: Corporate
Secretary

1135 Hodges Street

Lake Charles,
LA 70601

If to Executive:

at the last residential address known
by the Company.

10.Severability.
If any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this
Agreement will continue in full force and effect without said provision.

11.Arbitration.
The Parties agree that any and all disputes arising out of the terms of this Agreement, the Executive’s employment by the
Company, the Executive’s service as an officer or director of the Company, or the Executive’s compensation and benefits,
their interpretation and any of the matters herein released, will be subject to binding arbitration. In the event of a dispute,
the parties (or their legal representatives) will promptly confer to select a single arbitrator mutually acceptable to both parties.
If the parties cannot agree on an arbitrator, then the moving party may file a “Demand for Arbitration” with the American
Arbitration Association (“AAA”) in Houston, Texas, who will be selected and appointed consistent with the AAA-Employment
Dispute Resolution Rules, except that such arbitrator must have the qualifications set forth in this paragraph. Any arbitration
will be conducted in a manner consistent with AAA National Rules for the Resolution of Employment Disputes, supplemented by the
Texas Rules of Civil Procedure. The Parties further agree that the prevailing party in any arbitration will be entitled to injunctive
relief in any court of competent jurisdiction to enforce the arbitration award. The Parties hereby agree to waive their right
to have any dispute between them resolved in a court of law by a judge or jury. This paragraph will not prevent either party
from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject
matter of their dispute relating to the Executive’s obligations under this Agreement.

12.Legal
Expenses. The Company will reimburse the Executive for reasonable and actual legal expenses incurred by him in connection with
the negotiation, preparation and execution of this Agreement.

13.Headings.
All captions and Section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

    	 

    	 

    

 

14.Governing
Law. This Agreement will be governed by the laws of the State of Wyoming without regard to its conflict of laws provisions.

15.Acknowledgment.
The Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

16.Counterparts.
This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the undersigned.

[-signature page
follows-]

    	 

    	 

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by a duly authorized officer, as of the day and year
written below.

 

COMPANY:

SOLAR AMERICA CORP.

 

 

 

	/s/Kellie Moss	Date: February 1, 2012

Kellie Moss

Corporate Secretary

 

 

EXECUTIVE:

 

 

 

	/s/Brian Barrilleaux	Date: February 1, 2012

Brian Barrilleaux

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