Document:

Exhibit

 

August 24, 2018 
 
 
Wendy L. Hufford
76 Midland Avenue
Rye, NY 10580 
 
Dear Wendy, 
 
It is with great pleasure that we extend the following conditional offer of employment to you. Your background and experience will be most appreciated in contributing to our success. We feel confident you have the capabilities and talent to quickly become a very successful contributor at Ascena Retail Group, Inc. 
 
Following are the terms and conditions of our offer to you and replace any and all previous offers, discussions, representations, understandings and agreements concerning your employment with Ascena Retail Group, Inc.
	
		
	 
	 

	Job Title:
	Senior Vice President, General Counsel

	 
	 

	Department:
	Legal

	 
	 

	Reporting To:
	David Jaffe

	 
	 

	Effective Date:
	October 1, 2018

	 
	 

	Annualized Base Pay:
	$400,000 
 
The Company’s annual performance evaluation process generally occurs in the Fall of each year. Any corresponding pay adjustments would be based on your performance, business results, economic & competitive factors, and approval from the Board of Directors.

	
		
	 
	 

	Incentive Compensation:
	

	 
	 

	Sign-On Bonus:
	$100,000 Payable, less applicable taxes, with your first paycheck.

	 
	 

	Repayment of Sign-On Bonus:
	If, prior to the first anniversary of your employment, you resign your employment for any reason whatsoever, or (i) are dismissed due to a violation of company policy; or (ii) conduct giving rise to immediate discharge, then you will be responsible for repaying all of the amounts paid in connection with the sign-on bonus within ninety (90) days of the cessation of your employment.

	
		
	 
	 

	Annual LTI Award:
	You will also be recommended for participation in the Long Term Incentive (LTI) Plan at the October 2018 Compensation Committee Meeting of the Board of Directors.  Your target opportunity will be 76% of your base salary and may be comprised of a combination of equity vehicles in the form of Non-Qualified Stock Options, Restricted Stock Units and/or Cash LTIP. Your LTI Award from the October 2018 Board meeting will be granted as follows: 60% in Cash LTIP vested after a 3 year performance period; 20% in Non-qualified stock options vested 50% each year; and 20% in RSU’s vested 50% each year.  

	 
	 

	Benefits:
	You will be entitled to participate in Ascena Retail Group, Inc. benefit plans the first of the month coincident with or next following your first 30 days of employment and subject to the eligibility of such plans. Currently, these benefits include medical/pharmacy, dental, vision and life insurance. Enrollment information on these benefits will be forwarded to your home address from the Benefits Department prior to your eligibility date.

	
		
	Time Off Awards:
	You are eligible for Flexible Paid Vacation and Sick Days. You are eligible for 8 Sick Days to use by the end of January. After that date, you will be eligible for 15 Sick Days annually. Flexible Paid Vacation affords you the opportunity to take as much Vacation Time away from the office with pay as is consistent with your duties, our customer needs, and Company obligations.

	 
	 

	 
	Company Holidays: You are eligible for the following paid holidays: New Year's Day, Martin Luther King Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, the day after Thanksgiving, and Christmas. Associates may be eligible for additional holidays designated by their brand each year. Holiday pay is not payable upon termination.

	
		
	 
	 

	Associate Discount:
	You will be eligible to receive a discount at all dressbarn, maurices, Justice, Lane Bryant, Catherines, Ann Taylor, LOFT and Lou & Grey locations.

	
		
	401(k) Retirement Plan:
	You are eligible once you have completed 1,000 hours of service within a 12 month period and are at least 21. Once you are eligible, you may enter the Plan beginning the next calendar quarter (January, April, July and October). The Plan allows you the opportunity to defer as much as 75%, up to the IRS limit, into the 401(k) Plan. ascena will match on a dollar-for-dollar basis the first 3% of your eligible pay you contribute each pay period. And then $.50 for every dollar you contribute between 4% and 5% of your eligible pay. You are 100% vesting in the matching contributions.

	
		
	Non-Qualified Deferred Comp 
Plan (NQDC):
	You will be eligible to participate in the NQDC (Executive Retirement Plan) on the first calendar quarter following your date of hire. The NQDC Plan provides you with the following benefits:
•    Ability to defer pre-tax payroll deductions reducing taxable income;
•    Discretionary employer matching contributions;
•    Earnings accumulate tax deferred; and
•    Flexible distribution options.

	
		
	 
	 

	Executive Severance Plan:
	You will be eligible for the Executive Severance Plan that provides you with severance benefits if your employment is terminated due to a Change of Control or for termination without Cause. If you are terminated without Cause you will receive salary continuation for a minimum of 12 months and additional benefits as defined in the plan.

This offer is subject to and conditioned upon your execution of the Company's standard form of Confidentiality, Non-Solicitation and Non-Competition Agreement (a copy of which is attached hereto as EXHIBIT A). This offer is based on your representation that you are under no legal impediment to accept our offer and perform the anticipated services. You agree and acknowledge that you have provided the Company with a true and complete copy of any non-competition and/or non-solicitation restrictions to which you may be subject.  You also agree and acknowledge that you have not and will not divulge to the Company, or use for the benefit of the Company, any trade secret or confidential or proprietary information of any prior employer or other person or entity.  You further acknowledge the truth of these statements as the Company is basing important business decisions on these representations. 
 
It is further understood that this letter is intended for purposes of explaining the details of the total offer and does not represent any inferred short or long-term commitments other than those described in the letter.  This offer is contingent on our review of your completed Criminal History Questionnaire and, if applicable, Background Check. Please note that a criminal history will not automatically bar you from employment with the Company. Only those crimes that are substantially related to the position you are seeking will be considered.   
 
This is not a contract and your employment is at-will.  All job information, as well as the pay and benefit programs outlined in this letter and the enclosed materials are subject to change periodically based on business needs.  This overview is meant to only cover the major points of some plans or policies; it does not contain all of the details that are included in the policy or in any Summary Plan Description if required by the Employee Retirement Income Security Act, and should there be a conflict between the information in this letter and the language of the plan or policy documents, the formal wording in the plan or policy documents will govern.  At Ascena Retail Group, Inc, an employment at-will relationship prevails and the employment relationship can be terminated with or without notice, at any time, by either employee or employer. 
 
If you agree with our offer as specified above, please sign and date below and print a copy to keep for your records. We are looking forward to the beginning of a mutually beneficial association. 
 
Once again, we feel confident you have the capabilities and talent to quickly become a very successful contributor at Ascena Retail Group, Inc. 
 
Sincerely,
	
					
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ David Jaffe                  August 24, 2018
	 
	/s/ Wendy L. Hufford              September 6, 2018

	David Jaffe
	Date
	 
	Wendy L. Hufford
	Date

	Chairman and CEO
	 
	 
	 

EXHIBIT A 
 
CONFIDENTIALITY, NON-SOLICITATION AND 
NON-COMPETITION AGREEMENT 
This Confidentiality, Non-Solicitation and Non-Competition Agreement ("Agreement") is entered into as a condition of employment with Ascena Retail Group, Inc. and its affiliates and subsidiary and parent entities, including, without limitation, Ascena Retail Group, Inc. (together with any successors or assigns, the “Company”) by Wendy L. Hufford (“Associate”), and is effective as of the first day of Associate’s employment with the Company. Associate’s obligations under this Agreement shall survive the termination for whatever reason of Associate’s employment. In consideration of the commencement of Associate’s employment with the Company, including Associate’s eligibility to receive base salary and benefits from the Company, and Associate’s eligibility to participate in the Company’s long-term incentive program, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Associate agrees as follows:
		
	1.
	Confidential Information and Intellectual Property.

(a)    Confidential Information. For purposes of this Agreement, “Confidential Information” means any and all confidential or proprietary information and materials belonging to the Company. Confidential Information includes without limitation: any non-public information pertaining to products, designs, formulas, packaging or processes, and developments or improvements relating to them; licensing, sourcing, manufacturing, merchandising, packaging plans and techniques, advertising, marketing and promotional plans; sales plans; technical and business procedures or strategies; sales or other financial information; relationships between the Company and any of its customers, suppliers or employees; stores and real estate; and/or Company policies and procedures manuals. During and following Associate’s employment with the Company, Associate shall hold in confidence and not directly or indirectly disclose or use or copy any Confidential Information except to the extent necessary to carry out Associate’s duties on behalf of the Company. The foregoing shall not prevent Associate from disclosing Confidential Information if so required by legal process. Nothing in this Agreement shall be construed to prohibit Associate from cooperating with or reporting possible violations of law or regulations to any governmental agency or entity or self-regulatory institution, including but not limited to the EEOC, Department of Justice, the Securities and Exchange Commission, Congress, the Department of Labor, and any Inspector General, from cooperating in an investigation conducted by such a government agency, or making other disclosures that are protected under the whistleblower provisions of any law or regulation. For more information concerning protections provided for this type of activity, Associate shall refer to and comply with the Company’s reporting policy for a suspected violation of the law contained in the Company’s Code of Conduct, p. 19, as it may be amended from time to time. 
 
(b)     Intellectual Property. Associate agrees to fully and promptly disclose to the Company, without additional compensation, all ideas, original or creative works, inventions, discoveries, computer software or programs, trading strategies, statistical and economic models, improvements, designs, formulae, processes, production methods and technological innovations, whether or not patentable or copyrightable, which, during Associate’s employment with the Company, are made, conceived or created by Associate, alone or with others, during or after usual working hours, either on or off the job, and which are related to the business of the Company or which relate in any way to tasks assigned to Associate by the Company (“Intellectual Property”). Associate acknowledges that the Company owns all such Intellectual Property rights as works made for hire to the fullest extent of the law. For the avoidance of doubt, Associate hereby assigns to the Company all such Intellectual Property rights in any and all media now known or hereafter developed, along with all existing causes of action, known or unknown.  Associate agrees, at any time during or after employment, to sign all papers and do such other acts and things, at the Company’s expense, as the Company deems necessary or desirable and may reasonably require of Associate to protect the Company’s rights to such Intellectual Property, including applying for, obtaining and enforcing patents or copyrights with respect to such Intellectual Property in any and all countries. 
 
(c)    Company Documents. Associate acknowledges that all documents, in hard copy or electronic form, received, created or used by Associate in connection with employment with the Company are and will remain the property of the Company. Associate agrees to return and/or cooperate in deleting all such documents (including all copies) promptly upon the termination of employment and agrees that, during or after employment, Associate will not, under any circumstances, without the prior written consent of the Company, disclose those documents to anyone outside the Company or use those documents for any purpose other than the advancement of the Company’s interests.
		
	2.
	Non-Competition and Other Restrictive Covenants.

(a)    Non-Competition. During Associate’s employment and for nine (9) months following the termination for any reason of Associate’s employment with the Company (the “Non-Compete Period”), should Associate consider working for or with any arguably competing business, Associate agrees to provide the Company with two (2) weeks advance written notice of Associate’s intention to do so and of anticipated job responsibilities in sufficient detail to allow the Company to meaningfully exercise its discretion under this paragraph. Following its receipt of such notice, the Company may, by written notice to Associate within two (2) weeks after receipt of such notice, elect, in its sole, absolute and unreviewable discretion, to pay Associate an amount equal to Associate’s base salary at the time employment terminated, except that in no case will the Company pay Associate’s base salary for any portion of the Non-Compete Period that Associate works for someone other than a competitor.  In such event, Associate will be prohibited from any form of affiliation with such new arguably competing business for so much of the Non-Compete Period as the Company elects to continue paying Associate. Notwithstanding the obligation to make the payments described in this paragraph, payments shall not commence until after the expiration of any period during which Associate is receiving severance payments. 
 
(b)    Non-Solicitation.  During Associate’s employment and for one (1) year following the termination for any reason of Associate’s employment with the Company (the “Non-Solicit Period”), Associate shall not, directly or indirectly, hire or attempt to hire, employ or solicit for employment, a director or officer, associate, employee, consultant, agent or independent contractor of the Company, or encourage any such Person to terminate, diminish or alter such relationship with the Company, or assist any other Person or entity in doing or attempting to do any of the foregoing. Further, during the Non-Solicit Period, Associate shall not, directly or indirectly, attempt to or assist, or attempt to or assist any other Person in attempting to (i) encourage any vendor, customer, client, or supplier of the Company or any other entity or Person in a business relationship with the Company to terminate, reduce, limit or otherwise alter such relationship with the Company (ii) encourage any prospective vendor, customer, client or supplier not to enter into a business or contractual relationship with the Company, or (iii) impair or attempt to impair any relationship between the Company and any vendor, customer, client or supplier or any other entity or Person in a business relationship with the Company.   
 
(c)    Non-Disparagement. Associate shall not, at any time during employment and thereafter, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage or be damaging the Company or their respective officers, directors, employees, advisors, businesses or reputations. This restriction shall not apply to statements or representations made pursuant to Section 1(a) of this Agreement. 
 
(d)    Reasonableness of Restrictions; Right to Injunction. Associate expressly acknowledges and agrees that the restrictions set forth in this Agreement are reasonable in all respects and no greater than necessary to protect the Company’s legitimate business interests. Associate also agrees that the Company shall be entitled, as a matter of right, to specific performance of the covenants in this Agreement, including preliminary and permanent injunctive relief, or other appropriate judicial remedy, in any court of competent jurisdiction.  Such remedies shall be in addition to all other remedies available to the Company.
		
	3.
	Miscellaneous.

(a)    Entire Agreement; Modification and Waiver. This Agreement constitutes the entire agreement between the Company and Associate with respect to the subject matter covered, and supersedes any previous agreement or understandings between them in this regard. This Agreement does not supersede any other agreement(s) unrelated to the subject matter of this Agreement. Both parties agree that neither has the authority to modify or amend this Agreement unless the modification or amendment is in writing and signed by Associate and an authorized officer of the Company.  The Company’s failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition.   
 
(b)    Judicial Modification. If any court of competent jurisdiction determines that any of the covenants, or any part of any of them, is invalid or unenforceable, the remainder of such covenants and parts thereof shall not be affected and shall be given full effect, without regard to the invalid portion.  If any court of competent jurisdiction determines that any of such covenants, or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court shall reduce such scope to the minimum extent necessary to make such covenants valid and enforceable. 
 
(c)    Assignment and Third Party Beneficiaries. Associate shall not assign any interest in this Agreement or any part thereof without the express written consent of an authorized officer of the Company. The Company may assign this Agreement to, and shall bind, a successor to its business without the requirement of consent by Associate. Each Affiliate of the Company shall be a third party beneficiary of Associate’s obligations under the provisions of this Agreement and shall have the right to enforce this Agreement as if a party hereto.   
 
(d)    Associate Representations.  Associate is a sophisticated executive, has had sufficient time to carefully consider the terms of this Agreement, has had sufficient opportunity to consult an attorney, and enters into this Agreement knowingly and voluntarily with full understanding of this Agreement’s terms. 
 
(e)    Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey.  Any dispute arising out of, or relating to this Agreement shall be subject to the exclusive jurisdiction of the state or federal courts of New Jersey. 
 
 
/s/ Wendy L. Hufford 
Wendy L. HuffordExhibit 10.1

    

    FIRST AMENDMENT

      TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

    FIRST AMENDMENT, dated as of October 4, 2019 (this "Amendment"), to the Second Amended and Restated Credit Agreement, dated as of July
      31, 2019, as amended, restated, supplemented or otherwise modified from time to time (as so amended, the "Credit Agreement"), by and among CELADON GROUP, INC., a Delaware corporation (the “Borrower”), the Guarantors (as defined
      therein), the lenders from time to time party thereto (the “Lenders”), and BLUE TORCH FINANCE, LLC (“Blue Torch”), in its capacity as administrative agent for the Lenders (in such capacities, the “Administrative Agent”).

    WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the Required Lenders wish to amend certain terms and provisions of the
      Credit Agreement as hereafter set forth.

    NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows:

    1.          Definitions. 

        All terms used herein that are defined in the Credit Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

    2.          Amendments.

    (a)          New
          Definitions.  Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions, in appropriate alphabetical order:

    ""First Amendment" means the First Amendment to Second Amended and Restated Credit Agreement, dated as of October 4, 2019, among the
      Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto."

    ""First Amendment Effective Date" has the meaning specified therefor in Section 5 of the First Amendment."

    (b)          Section

          6.4 (Minimum Liquidity).  Section 6.4 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

    "Section 6.4          Minimum Liquidity.  The Borrower will not permit Liquidity to be to be less
        than the amount set forth opposite the applicable Fiscal Quarter in the table below at any time during the applicable Fiscal Quarter:

    	
            Fiscal Quarter

             

            

            September 30, 2019

             

            

            December 31, 2019

          	
            Liquidity

             

            

            $10,000,000

             

            

            $12,500,000

          

    

    

    

    

    
      
        

    

    
    

    

    	
            March 31, 2020

            June 30, 2020

            September 30, 2020

            December 31, 2020

            March 31, 2021

            June 30, 2021

            September 30, 2021

            December 31, 2021

            March 31, 2022

            June 30, 2022

             

            

          	
            $12,500,000

            $12,500,000

            $15,000,000

            $15,000,000

            $15,000,000

            $15,000,000

            $15,000,000

            $15,000,000

            $15,000,000

            $15,000,000

          

    ; provided, that notwithstanding the foregoing, for the period from and after October 1, 2019 through and
      including October 15, 2019, the minimum Liquidity requirement shall be $10,000,000 at all times."

     

    

    3.          Reaffirmation

          of Security Agreement.  Each of the Loan Parties reaffirms the grant of security interests in the Collateral and the grant of the Liens pursuant to the terms of the Security Agreement to the Administrative Agent for the benefit of the Secured
        Parties, which grant of security interest and Liens shall continue in full force and effect during the term of Credit Agreement, as amended by this Amendment, and any renewals or extensions thereof and shall continue to secure the Obligations.

    4.          Representations and Warranties.  Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders as follows:

    (a)          Due
          Organization and Qualification.  Each Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is qualified to do business in any jurisdiction where the failure to be so
        qualified could reasonably be expected to result in a Material Adverse Effect, and (iii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter
        into this Amendment and to carry out the transactions contemplated hereby.

    (b)          Authorization,

          Etc.  As to each Loan Party, the execution, delivery, and performance by such Loan Party of this Amendment and the Credit Agreement, as amended by this Amendment, have been duly authorized by all necessary action on the part of such Loan
        Party.  As to each Loan Party, the execution, delivery, and performance by such Loan Party of this Amendment and the Credit Agreement, as amended by this Amendment, do not and will not (i) violate any material provision of federal, provincial,
        territorial, state, or local law or regulation applicable to any Loan Party or its Subsidiaries, the governing documents of any Loan Party or its Subsidiaries, or any order, judgment, or decree of any court or other Governmental Authority binding
        on any Loan Party or its Subsidiaries, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material agreement of any Loan Party or its Subsidiaries where any such conflict, breach
        or default could individually or in the aggregate reasonably be expected to have a Material Adverse Effect, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of any Loan Party, other than
        Permitted Liens, or (iv) require any approval of any holder of Equity Interests of a Loan Party or any approval or consent of any Person under any material agreement of any Loan Party, other than consents or approvals that have been obtained and
        that are still in force and effect and except, in the case of material agreements, the failure of which to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Effect

    
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    (c)          Governmental

          Consents.  The execution, delivery, and performance by each Loan Party of the Loan Documents to which such Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not and will not require any
        registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than (i) registrations, consents, approvals, notices, or other actions that (A) have been obtained and that are still in force
        and effect or (B) are expressly contemplated as being obtained at a later date in accordance with the terms of the applicable Loan Document and (ii) filings and recordings with respect to the Collateral to be made, or otherwise delivered to the
        Administrative Agent for filing or recordation, as of the Closing Date (or such later date as the Required Lenders may agree in their sole discretion).

    (d)          Enforceability. 

        This Amendment and each other Loan Document has been duly executed and delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with
        its respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, concurso mercantil, insolvency, reorganization, moratorium, or similar laws relating to or limiting
        creditors’ rights generally.

    5.          Conditions

          to Effectiveness.  This Amendment shall become effective only upon satisfaction in full (or waiver by the Administrative Agent), in a manner satisfactory to the Administrative Agent, of the following conditions precedent (the first date upon
        which all such conditions shall have been satisfied being herein called the "First Amendment Effective Date"):

    (a)          The
        Administrative Agent shall have received this Amendment, duly executed by the Loan Parties, the Administrative Agent and the Required Lenders.

    (b)          The
        Administrative Agent shall have received an amendment to the ABL Credit Agreement, in form and substance reasonably satisfactory to the Administrative Agent, duly executed by the Loan Parties, the ABL Administrative Agent and the "Required Lenders"
        under the ABL Credit Agreement.

    (c)          The
        representations and warranties contained in this Amendment, in the Credit Agreement and in each other Loan Document, certificate or other writing delivered to any Secured Party pursuant hereto or thereto on or prior to the date hereof are true and
        correct in all material respects (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or "Material Adverse Effect" in the text thereof, which
        representations and warranties shall be true and correct in all respects subject to such qualification) on and as of the First Amendment Effective Date as though made on and as of the First Amendment Effective Date, except to the extent that any
        such representation or warranty expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct in all material respect on and as of such earlier date (except that such materiality qualifier
        shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or "Material Adverse Effect" in the text thereof, which representations and warranties shall be true and correct in all respects
        subject to such qualification)).

    
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    (d)          No
        Default or Event of Default shall have occurred and be continuing on the First Amendment Effective Date or would result from this Amendment becoming effective in accordance with its terms.

    (e)          The
        Administrative Agent and the Lenders, as applicable, shall have received payment of all fees, expenses and other amounts due and payable to them on or prior to the First Amendment Effective Date, including any reimbursement or payment of all
        out-of-pocket expenses of the Administrative Agent, the Lenders and their respective Affiliates (including reasonable fees, charges and disbursements of counsel to the Administrative Agent and the Lenders) required to be reimbursed or paid by the
        Borrower hereunder, or under any other Loan Document.

    6.          Continued

          Effectiveness of the Credit Agreement and Other Loan Documents.  Each Loan Party hereby (i) acknowledges and consents to this Amendment, (ii) confirms and agrees that the Credit Agreement and each other Loan Document to which it is a party
        is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that on and after the First Amendment Effective Date all references in any such Loan Document to "the Credit Agreement", the
        "Agreement", "thereto", "thereof", "thereunder" or words of like import referring to the Credit Agreement shall mean the Credit Agreement as amended by this Amendment, and (iii) confirms and agrees that to the extent that any such Loan Document
        purports to assign or pledge to the Administrative Agent for the benefit of the Secured Parties, or to grant to the Administrative Agent for the benefit of the Secured Parties a security interest in or Lien on, any Collateral as security for the
        Obligations of the Loan Parties from time to time existing in respect of the Credit Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed
        in all respects.  This Agreement does not and shall not affect any of the obligations of the Loan Parties, other than as expressly provided herein, including, without limitation, the Loan Parties' obligations to repay the Loans in accordance with
        the terms of Credit Agreement, or the obligations of the Loan Parties under any Loan Document to which they are a party, all of which obligations shall remain in full force and effect.  Except as expressly provided herein, the execution, delivery
        and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit
        Agreement or any other Loan Document.

    
      4

      
        

    

    7.          Release. 

        Each Loan Party hereby acknowledges and agrees that:  (a) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent or any Lender (or any of their respective Affiliates, officers, directors, employees,
        attorneys, consultants or agents) and (b) the Administrative Agent and each Lender has heretofore properly performed and satisfied in a timely manner all of its obligations to such Loan Party and its Affiliates under the Credit Agreement and the
        other Loan Documents.  Notwithstanding the foregoing, the Administrative Agent and the Lenders wish (and each Loan Party agrees) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or
        otherwise adversely affect any of the Administrative Agent's and the Lenders' rights, interests, security and/or remedies under the Credit Agreement and the other Loan Documents.  Accordingly, for and in consideration of the agreements contained in
        this Amendment and other good and valuable consideration, each Loan Party (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the "Releasors") does hereby fully,
        finally, unconditionally and irrevocably release and forever discharge the Administrative Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the "Released
          Parties") from any and all debts, claims, obligations, damages, costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or fixed, direct or indirect,
        and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released Party by reason of any act,
        omission or thing whatsoever done or omitted to be done on or prior to the First Amendment Effective Date arising out of, connected with or related in any way to this Amendment, the Credit Agreement or any other Loan Document, or any act, event or
        transaction related or attendant thereto, or the agreements of the Administrative Agent or any Lender contained therein, or the possession, use, operation or control of any of the assets of each Loan Party, or the making of any Loans or other
        advances, or the management of such Loans or advances or the Collateral on or prior to the First Amendment Effective Date.

    8.          Miscellaneous.

    (a)          This
        Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.  Delivery
        of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment.

    (b)          Section
        and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

    (c)          This
        Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

    
      5

      
        

    

    (d)          Each
        Loan Party hereby acknowledges and agrees that this Amendment constitutes a "Loan Document" under the Credit Agreement.  Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by a Loan
        Party under or in connection with this Amendment shall have been untrue, false or misleading in any material respect when made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement contained in this Amendment.

    (e)          Any
        provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting
        the validity or enforceability of such provision in any other jurisdiction.

    (f)          The
        Borrower will pay on demand all reasonable and documented out-of-pocket fees, costs and expenses of the Administrative Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment or otherwise payable under the
        Credit Agreement, including, without limitation, reasonable fees, disbursements and other charges of counsel to the Administrative Agent and the Lenders in accordance with the Credit Agreement.

    [remainder of page intentionally left blank]

    
      6

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of
      the date set forth on the first page hereof.

    

    	 	BORROWER:
	 	 
	 	

          
	
             

          	
            CELADON GROUP, INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Chase Welsh

          
	 	
            Name:

          	
            Chase Welsh

          
	 	
            Title:

          	
            Secretary

          
	 	 	 
	 	 	 
	 	GUARANTORS:
	 	 	 
	 	 	 
	
             

          	
            CELADON E-COMMERCE, INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Chase Welsh

          
	 	
            Name:

          	
            Chase Welsh

          
	 	
            Title:

          	
            Secretary

          
	 	 	 
	 	 	 
	 	
            CELADON TRUCKING SERVICES, INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Chase Welsh

          
	 	
            Name:

          	
            Chase Welsh

          
	 	
            Title:

          	
            Secretary

          
	 	 	 
	 	 	 
	 	
            CELADON REALTY, LLC

          
	 	 	 
	 	
            By:

          	
            /s/ Chase Welsh

          
	 	
            Name:

          	
            Chase Welsh

          
	 	
            Title:

          	
            Secretary

          
	 	 	 
	 	 	 
	 	
            TAYLOR EXPRESS, INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Chase Welsh

          
	 	
            Name:

          	
            Chase Welsh

          
	 	
            Title:

          	
            Secretary

          
	 	 	 
	 	 	
             

          

    

    

    

    

    

    

    First Amendment to Second

    

    Amended and Restated Credit

    

    Agreement

    

    
      
        

    

    

      	
               

            	
              OSBORN TRANSPORTATION, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON LOGISTICS SERVICES, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              EAGLE LOGISTICS SERVICES INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              BEE LINE, INC.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	VORBAS, LLC
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary
	 	 	 
	 	 	 
	 	DISTRIBUTION, INC.
	 	 	 
	 	By:	/s/ Chase Welsh
	 	Name:	Chase Welsh
	 	Title:	Secretary

    

    

    

    

    

    
      First Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    
      
        

    

    

      	
               

            	
              CELADON MEXICANA, S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY COMPANIES LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY EQUIPMENT LEASING, LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              QUALITY INSURANCE LLC

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	SERVICIOS DE TRANSPORTACIÓN JAGUAR, S.A. DE C.V. 
	 	 	 
	 	By:

            	/s/ Chase Welsh

            
	 	Name:

            	Chase Welsh 

            
	 	Title:

            	Secretary

            

    

    

    

    

    

    
      First Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    
      
        

    

    

      	 	SERVICIOS CORPORATIVOS JAGUAR, S.C.

            
	 	 
	 	By:

            	/s/ Chase Welsh 

            
	 	Name:

            	Chase Welsh

            
	 	Title: 

            	Secretary

            
	 	 
	 	 
	
               

            	
              JAGUAR LOGISTICS S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              LEASING SERVICIOS, S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON MEXICANA, S.A. DE C.V.

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

              

            
	 	
              Name:

            	
              Chase Welsh

              

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	
              CELADON CANADIAN HOLDINGS, LIMITED

            
	 	 	 
	 	
              By:

            	
              /s/ Chase Welsh

            
	 	
              Name:

            	
              Chase Welsh

            
	 	
              Title:

            	
              Secretary

            
	 	 	 
	 	 	 
	 	HYNDMAN TRANSPORT LIMITED  

            
	 	 	 
	 	By:

            	/s/ Chase Welsh 

            
	 	Name:

            	Chase Welsh

            
	 	Title:

            	Secretary

            

    

    

    

    

    

    
      First Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    
      
        

    

    

      	 	ADMINISTRATIVE AGENT:

            
	 	 	 
	 	BLUE TORCH FINANCE, LLC 

            
	 	 	 
	 	By:

            	/s/ Kevin Genda

            
	 	Name:

            	Kevin Genda

            
	 	Title:

            	Authorized Signor

            

    

    

    

    

    

    
      First Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    
      
        

    

    

      	 	LENDERS:
	 	 
	 	

            
	
               

            	
              BTC HOLDINGS FUND I, LLC

            
	 	 	 
	 	By:	Blue Torch Credit Opportunities Fund I LP, it sole member
	 	 	 
	 	By:	Blue Torch Credit Opportunities GP LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Kevin Genda

            
	 	
              Name:

            	
              Kevin Genda

            
	 	
              Title:

            	
              Managing Member

              

            
	 	 	 
	 	 	 
	 	BTC HOLDINGS FUND I-B, LLC
	 	 	 
	 	By:	Blue Torch Credit Opportunities Fund I LP, its sole member
	 	 	 
	 	By:	Blue Torch Credit Opportunities GP LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Kevin Genda

            
	 	
              Name:

            	
              Kevin Genda

            
	 	
              Title:

            	
              Managing Member

              

            
	 	 	 
	 	 	 
	 	
              BTC HOLDINGS SC FUND LLC

            
	 	 	 
	 	By:	Blue Torch Credit Opportunities SC Master Fund LP, its sole member
	 	 	 
	 	By:	Blue Torch Credit Opportunities SC GP LLC, its general partner
	 	 	 
	 	
              By:

            	
              /s/ Kevin Genda

            
	 	
              Name:

            	
              Kevin Genda

            
	 	
              Title:

            	
              Managing Member

              

            

    

    

    

    

    

    
      First Amendment to Second

      

      Amended and Restated Credit

      

      Agreement

    

    
      
        

    

    
      	
               

            	
              LUMINUS ENERGY PARTNERS MASTER FUND, LTD.

            
	 	 	 
	 	
              By:

            	
              /s/ Shawn R. Singh

            
	 	
              Name:

            	
              Shawn R. Singh

            
	
               

            	
              Title:

            	
              General Counsel

            

    

    

    

    

    

    

    

    
      
        First Amendment to Second

        

        Amended and Restated Credit

        

        Agreement

         

        

         

        

        Back to Form 8-K

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]