Document:

a103fifthamendmenttoarcr

                           FIFTH AMENDMENT TO                 AMENDED AND RESTATED CREDIT AGREEMENT                                                  THIS  FIFTH   AMENDMENT      TO  AMENDED  AND  RESTATED         CREDIT  AGREEMENT (this “Amendment”), dated as of May 31, 2018 (the “Effective Date”), is entered  into by and among HOOPER HOLMES, INC., a New York Corporation (“Borrower”), each of  the undersigned financial institutions (individually each a “Lender” and collectively “Lenders”)  and SWK FUNDING LLC, a Delaware limited liability company, in its capacity as administrative  agent for the other Lenders (in such capacity, “Agent”).                                    RECITALS         WHEREAS, Borrower, Agent and Lenders entered into that certain Amended and Restated  Credit Agreement,  dated as  of May  11, 2017, which  amended  and  restated that certain Credit  Agreement, dated  as  of April  17,  2015, by  and  among  the  Borrower,  Agent  and  Lenders (as  heretofore amended and as the same may be further amended, modified or restated from time to  time,  being  hereinafter  referred  to  as  the  “Credit  Agreement”;  capitalized  terms  used  in  this  Amendment are defined in the Credit Agreement unless otherwise stated);          WHEREAS,  Borrower,  Agent  and  Lenders  desire  to  enter  into  an  immediate  initial  forbearance  to  allow  for  further  discussions  among  Borrower,  Agent  and  Lenders  regarding  a  resolution acceptable to Borrower, Agent and Lenders; and          WHEREAS, Borrower, Agent and Lenders desire and are willing, to amend the Credit  Agreement as set forth below.                                    AGREEMENT         NOW, THEREFORE, in consideration of the premises herein contained and other good  and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the  parties, intending to be legally bound, agree as follows:                                    ARTICLE I                               Limited Forbearance           1.1   Certain  Events  of  Default have  occurred  and  are  continuing,  including,  without  limitation,  Borrower’s  failure  to  repay  all  outstanding  principal  and  interest  in  relation  to  the  August 2017 Term Loan on or prior to April 30, 2018 (collectively, the “Existing Defaults”).  At  the  request  of  Borrower,  Agent  and  Lenders  shall  forbear  from  exercising  any  remedies  in  connection with any Existing Default so long as Borrower complies with the covenants set forth  in Section  3.2 of  this  Amendment.   The  forbearance  provided  for  in  this Section 1.1 shall  automatically terminate on August 31, 2018 (the “Forbearance Period”) without the need for any  further action or notice by Agent or Lenders.  Notwithstanding anything herein to the contrary,  Borrower, Agent, and Lenders may extend such Forbearance Period by written agreement.                                           1  [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201  

 

      1.2   Nothing contained in this Amendment or any other communication between Agent,  any Lender, Borrower or any other Loan Party shall be a waiver of any past, present or future  violation,  Default  or  Event  of  Default  of  Borrower  under  the  Credit Agreement  or  any  Loan  Document.  Subject to Section 1.1 of this Amendment, Agent and each Lender hereby expressly  reserves any rights, privileges and remedies under the Credit Agreement and each Loan Document  that Lender may have with respect to any violation, Default or Event of Default, and any failure  by Agent or any Lender to exercise any right, privilege or remedy as a result of the violations set  forth above shall not directly or indirectly in any way whatsoever either (i) impair, prejudice or  otherwise adversely affect the rights of Agent or any Lender, except as set forth herein, at any time  to exercise any right, privilege or remedy in connection with the Credit Agreement or any Loan  Document, (ii) amend or alter any provision of the Credit Agreement or any Loan Document or  any other contract or instrument or (iii) constitute any course of dealing or other basis for altering  any obligation of Borrower or any rights, privilege or remedy of Agent or any Lender under the  Credit Agreement or any Loan Document or any other contract or instrument.  Nothing in this  Amendment shall be construed to be a consent by Agent or any Lender to any prior, existing or  future violations of the Credit Agreement or any Loan Document.         1.3   Subject  to  the  terms  of  this  Amendment, Borrower  is  hereby  notified  that  irrespective of (i) any waivers or consents previously granted by Agent or any Lender regarding  the Credit Agreement and the Loan Documents, (ii) any previous failures or delays of Agent or  any Lender in exercising any right, power or privilege under the Credit Agreement or the Loan  Documents or (iii) any previous failures or delays of Agent or any Lender in the monitoring or in  the requiring of compliance by Borrower with the duties, obligations and agreements of Borrower  in the Credit Agreement and the Loan Documents, Borrower will be expected to comply strictly  with its duties, obligations and agreements under the Credit Agreement and the Loan Documents.                                     ARTICLE II                          Amendments to Credit Agreement         2.1   Amendment to Section 2.1.1. Effective as of the Effective Date, Section 2.1.1 of  the Credit Agreement is amended and restated in its entirety to read as follows:                “2.1.1 Term Loan Commitments.                     (a)   (i)   The Lenders, severally and for themselves alone, made (i) a              term  loan  (the  “Original  Term  Loan”)  in  connection  with  the  Existing  Credit              Agreement in the original principal amount of $5,000,000 and (ii) an additional              term loan  (“Additional  Term Loan” and  together with  the  Original  Term Loan,              collectively the “Closing Date Term Loan”) on the Closing Date in the original              principal amount of $2,824,123.80, resulting in an aggregate, outstanding principal              amount of $6,500,000 as of the Closing Date.                             (ii)  The Lenders, severally and for themselves alone, made an                    additional term loan to Borrower, on or about August 8, 2017, in the amount                    of $2,000,000 (the “August 2017 Term Loan”).                                            2  [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201    

 

                        (iii) The  Lenders,  severally  and  for  themselves  alone,  made                     additional  term  loans  to  Borrower,  pursuant  to  that  certain Fourth                    Amendment to Amended and Restated Credit Agreement dated as of May                    8,  2018,  in  the  aggregate  amount  of  $1,500,000  (collectively,  the  “May                    2018 Term Loan”).                             (iv)  As of May 31, 2018 (and prior to any additional advances of                    the  Term  Loan  described  in Section  2.1.1(b) below) (x) the  outstanding                    principal balance of the Closing Date Term Loan is $6,500,000.00, (y) the                    outstanding  principal  balance  of  the  August  2017  Term  Loan  is                    $1,750,000.00 and (z) the outstanding principal balance of the May 2018                    Term Loan is $1,500,000.                       (b)   Subject to  the  terms  and  conditions set forth in that certain Fifth              Amendment to Amended and Restated Credit Agreement dated as of May 31, 2018              (the  “Fifth Amendment”),  each  Lender,  severally and  for itself  alone, agrees  to              make additional  term  loans to  Borrower  (each  such  loan, individually  and              collectively, the “Fifth Amendment Term Loan”) in an aggregate amount equal to              such  Lender’s  applicable  Pro  Rata  Share of  $5,017,000.00.   During  the  period              beginning on June 1, 2018 and ending on August 28, 2018, so long as Borrower is              in compliance with the covenants set forth in the Fifth Amendment, Lenders shall              make additional  advances  within  two  (2)  Business  Days  of  the  written request              therefore to Agent, in an amount not to exceed $5,017,000.00 in the aggregate and              subject to a distribution schedule as reasonably agreed to by Agent and Borrower              from time to time.  The Additional Term Loan, the Original Term Loan, the August              2017 Term Loan, the May 2018 Term Loan and the Fifth Amendment Term Loan              shall be deemed a single term Loan (each such loan, individually and collectively,              the “Term Loan”).  The Commitments of Lenders to make the Fifth Amendment              Term Loan (or any portion thereof) shall terminate concurrently with the making              of the Fifth Amendment Term Loan (or any portion thereof) in accordance with this              Section  2.1.1(b).  The  Loan  is  not  a  revolving  credit  facility,  and  therefore,  any              amount thereof that is repaid or prepaid by Borrower, in whole or in part, may not              be re-borrowed.                     (c)   Notwithstanding  anything  set  forth  in  this  Agreement  (including,              without limitation, Section 2.9 hereof) or any other Loan Document to the contrary,              the remaining principal balance of the August 2017 Term Loan, the May 2018 Term              Loan and the Fifth Amendment Term Loan, together with all interest accrued in              relation thereto, shall be due and payable on or prior to September 4, 2018.”                                      ARTICLE III                   Conditions Precedent and Post-Closing Obligations         3.1   Conditions  Precedent.  The  effectiveness  of  this Amendment is subject  to  the  satisfaction  of  the  following  conditions  precedent  in  a  manner  satisfactory  to  Agent,  unless  specifically waived in writing by Agent in its sole discretion:                                         3  [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201    

 

            A.    Agent shall have received this Amendment and the Reaffirmation of the        Amended and Restated Guarantee and Collateral Agreement, duly executed by all parties        thereto.               B.    The  representations  and  warranties  contained  herein  and  in  the  Credit        Agreement and the other Loan Documents, as each is amended hereby, shall be true and        correct as of the date hereof, as if made on the date hereof, except for such representations        and warranties as are by their express terms limited to a specific date.               C.    All  corporate  proceedings  taken  in  connection  with  the  transactions        contemplated by this Amendment and all documents, instruments and other legal matters        incident thereto shall be satisfactory to Agent.           3.2   Post-Closing  Obligations.  Borrower  shall  comply  with  each  of  the  additional  covenants and requirements at all times prior to the payment in full of the Obligations, the failure  of  which  would  constitute  an  immediate  Event  of  Default  and  termination  of  the  forbearance  provided for in Section 1.1 of this Amendment:               A.    On  the  first  Business  Day  of  each week  following  the Effective  Date,        Borrower shall provide to Agent an updated cash flow forecast for Borrower substantially        in the form attached hereto as Exhibit A, as well as a cumulative comparison of actual        results to prior cash flow projections delivered by Borrower to Agent in form and substance        acceptable to Agent.                B.    Borrower’s actual expenses for the period covered in the cash flow forecast        attached hereto as Exhibit A shall not exceed the budget amounts for such expenses by        more than 15% unless otherwise agreed to by Agent in its sole discretion.                C.    Borrower shall continue to use reasonable best efforts to identify potential        acquirers or investors and to effectuate a transaction that results in a merger, acquisition,        or  similar  material  investment  (the  “Transaction”)  in  Borrower  as  imminently  as        reasonably possible.                 D.    Borrower further agrees to cooperate with Agent and potential acquirers and        investors  and  to  use  reasonable  best  efforts  to  assist  all  parties  in  completing  the        Transaction.   In  addition, Borrower  shall continue  to engage  a  financial  advisor (the        “Advisor”), reasonably acceptable to Agent to advise and represent Borrower in relation to        the Transaction, until the earlier of the consummation of such Transaction or the payment        in full of the Obligations.               E.    Unless  otherwise  agreed  to  by  Agent  in  its  commercially-reasonable        discretion, Borrower shall meet or exceed any milestone or deadlines established by the        Advisor from time to time in relation to the Transaction, as such milestones or deadlines        shall  be  agreed  to  by  Agent and  Borrower  from  time  to  time  in  their commercially        reasonable discretion.                                     ARTICLE IV                                         4  [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201    

 

                   Ratifications, Representations and Warranties         4.1   Ratifications.  The terms and provisions set forth in this Amendment shall modify  and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other  Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms  and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed  and shall continue in full force and effect.  Borrower, Lenders and Agent agree that the Credit  Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid,  binding  and  enforceable  in  accordance  with  their  respective  terms.   Borrower  agrees  that  this  Amendment is not intended to and shall not cause a novation with respect to any or all of the  Obligations.         4.2   Representations and Warranties.  Borrower hereby represents and warrants to  Agent and Lenders that (a) the execution, delivery and performance of this Amendment and any  and  all  other  Loan  Documents  executed  and/or  delivered  in  connection  herewith  have  been  authorized by all requisite action (as applicable) on the part of Borrower and will not violate the  organizational documents of Borrower; (b) Borrower’s directors have authorized the execution,  delivery and performance of this Amendment and any and all other Loan Documents executed  and/or delivered in connection herewith; (c) the representations and warranties contained in the  Credit Agreement, as amended hereby, and any other Loan Document are true and correct on and  as of the date hereof and on and as of the date of execution hereof as though made on and as of  each such date (except to the extent such representations and warranties expressly relate to an  earlier date); and (d) except as disclosed to Agent, Borrower has not amended its organizational  documents since the date of the Credit Agreement.                                     ARTICLE V                              Miscellaneous Provisions         5.1   Survival of Representations and Warranties.  All representations and warranties  made in the Credit Agreement or any other Loan Document, including, without limitation, any  document furnished in connection with this Amendment, shall survive the execution and delivery  of this Amendment and the other Loan Documents, and no investigation by Agent or any Lender  or any closing shall affect the representations and warranties or the right of Agent and each Lender  to rely upon them.         5.2   Reference to Credit Agreement.  Each of the Credit Agreement and the other  Loan  Documents,  and  any  and  all  other  Loan  Documents,  documents  or  instruments  now  or  hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit  Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement  and such other Loan Documents to the Credit Agreement shall mean a reference to the Credit  Agreement, as amended hereby.         5.3   Expenses of Agent.  As provided in the Credit Agreement, Borrower agrees to pay  on  demand  all  costs  and  expenses  incurred  by  Agent,  or  its  Affiliates,  in  connection  with  the  preparation,  negotiation,  and  execution  of  this  Amendment  and  the  other Loan  Documents  executed pursuant hereto and any and all amendments, modifications, and supplements thereto,  including, without limitation, the reasonable costs and fees of legal counsel, and all costs and                                         5  [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201    

 

expenses incurred by Agent and each Lender in connection with the enforcement or preservation  of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents,  including, without, limitation, the reasonable costs and fees of legal counsel.         5.4   Severability.  Any  provision  of  this  Amendment  held  by  a  court  of  competent  jurisdiction to  be  invalid or  unenforceable  shall  not  impair or  invalidate the  remainder  of this  Amendment  and  the  effect  thereof  shall  be  confined  to  the  provision  so  held  to  be  invalid  or  unenforceable.         5.5   Successors and Assigns.  This Amendment is binding upon and shall inure to the  benefit of Agent and each Lender and Borrower and their respective successors and assigns, except  that Borrower may not assign or transfer any of its rights or obligations hereunder without the prior  written consent of Agent.         5.6   Counterparts.  This Amendment may be executed in one or more counterparts,  each of which when so executed shall be deemed to be an original, but all of which when taken  together  shall constitute one  and  the  same  instrument.  This  Amendment  may  be  executed  by  facsimile or electronic (.pdf) transmission, which facsimile or electronic (.pdf) signatures shall be  considered original executed counterparts for purposes of this Section 5.6, and each party to this  Amendment agrees that it will be bound by its own facsimile or electronic (.pdf) signature and that  it accepts the facsimile or electronic (.pdf) signature of each other party to this Amendment.         5.7   Effect of Waiver.  No consent or waiver, express or implied, by Agent to or for  any breach of or deviation from any covenant or condition by Borrower shall be deemed a consent  to or waiver of any other breach of the same or any other covenant, condition or duty.         5.8   Headings.  The headings, captions, and arrangements used in this Amendment are  for convenience only and shall not affect the interpretation of this Amendment.         5.9   Applicable  Law.  THE  TERMS  AND  PROVISIONS  OF SECTIONS  10.17  (GOVERNING LAW) AND 10.18 (FORUM SELECTION; CONSENT TO JURISDICTION) OF  THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE,  AND SHALL APPLY  TO THIS  AMENDMENT      MUTATIS  MUTANDIS   AS IF  FULLY SET  FORTH HEREIN.          5.10  Final  Agreement.  THE  CREDIT  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION  OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE  THIS  AMENDMENT  IS  EXECUTED.   THE  CREDIT  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS,  AS  AMENDED  HEREBY,  MAY  NOT  BE  CONTRADICTED  BY  EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS  OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE  PARTIES.  NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF  ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN  AGREEMENT SIGNED BY BORROWER AND AGENT.              [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                         6  [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201    

 

 

 

 

 

                               REAFFIRMATION OF     AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT                                                 The  undersigned (the  “Guarantor”) each  hereby  acknowledges  and  agrees to  the  amendments  of  the  Credit Agreement  contained  in  this Fifth Amendment  to  Amended  and  Restated Credit Agreement, dated as of May 31, 2018 (the “Amendment”), and acknowledges  and reaffirms its obligations owing to Agent and the Lenders under that certain Amended and  Restated  Guarantee  and  Collateral  Agreement, dated  as  of May  11,  2017 (the  “Guarantee  Agreement”) and any of the other Loan Documents to which it is a party, and agrees that such  Guarantee and Loan Documents are and shall remain in full force and effect.  Although Guarantor  has  been  informed  of  the  matters  set  forth  herein  and  has  acknowledged  and agreed  to  same,  Guarantor understands that Agent and Lenders have no obligation to inform Guarantor of such  matters in the future or to seek Guarantor’s acknowledgement or agreement to future amendments  or waivers, and nothing herein shall create such a duty.                                   [Signatures Follow]                        [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201  

 

                                               HOOPER HOLMES, INC.,                                          a New York corporation                                                                                                                                                                             By:                                                                               Name:  James E. Fleet                                          Title: Chief Restructuring Officer                                               PROVANT HEALTH SOLUTIONS, LLC,                                          a Rhode Island limited liability company                                                                                                                                                                             By:                                                                               Name:  James E. Fleet                                          Title: Chief Restructuring Officer                                                                                                                                HOOPER WELLNESS, LLC,                                          a Kansas limited liability company                                                                                                                                                                             By:                                                                               Name:  James E. Fleet                                          Title: Chief Restructuring Officer                                                                                                                                ACCOUNTABLE HEALTH SOLUTIONS, LLC,                                          a Kansas limited liability company                                                                                                                                                                             By:                                                                               Name:  James E. Fleet                                          Title: Chief Restructuring Officer   [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201  

 

                                                                                                                               HOOPER INFORMATION SERVICES, INC.,                                          a New Jersey corporation                                                                                                                                                                             By:                                                                               Name:  James E. Fleet                                          Title: Chief Restructuring Officer                                                                                                                                                                                                                    HOOPER DISTRIBUTION SERVICES, LLC,                                          a New Jersey limited liability company                                                                                    By:  Hooper Holmes, Inc.,                                          its Manager                                                                                                                                                                             By:     _________________________________                                                Name:  James E. Fleet                                          Title: Chief Restructuring Officer                                                                                                                                HOOPER KIT SERVICES, LLC,                                          a Kansas limited liability company                                                                                    By:  Hooper Holmes, Inc.,                                          its sole Member                                                                                                                                                                             By:     _______________________________                                           Name:  James E. Fleet                                          Title: Chief Restructuring Officer                                                                             [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201  

 

                                        EXHIBIT A                                                                             Form of Cash Flow Forecast                                                                                    (See Attached)                                                                                                [Hooper] Fifth Amendment to A&R Credit Agreement  #57987201a104sixthamendmenttoarcr

                           SIXTH AMENDMENT TO                 AMENDED AND RESTATED CREDIT AGREEMENT                                                  THIS  SIXTH  AMENDMENT       TO   AMENDED  AND  RESTATED        CREDIT  AGREEMENT (this “Amendment”), dated as of August 10, 2018, is entered into by and among  HOOPER HOLMES, INC., a New York Corporation (“Borrower”), each of the undersigned  financial  institutions  (individually  each  a  “Lender”  and  collectively  “Lenders”)  and SWK  FUNDING LLC, a Delaware limited liability company, in its capacity as administrative agent for  the other Lenders (in such capacity, “Agent”).                                    RECITALS         WHEREAS, Borrower, Agent and Lenders entered into that certain Amended and Restated  Credit Agreement, dated as  of May 11, 2017, which amended  and restated that certain Credit  Agreement, dated  as  of April  17,  2015, by  and  among  the  Borrower,  Agent  and  Lenders (as  heretofore amended and as the same may be further amended, modified or restated from time to  time,  being  hereinafter  referred  to  as  the  “Credit  Agreement”;  capitalized  terms  used  in  this  Amendment are defined in the Credit Agreement unless otherwise stated);          WHEREAS,  Borrower,  Agent  and  Lenders  desire  to  enter  into  an  immediate  initial  forbearance  to  allow  for  further  discussions  among  Borrower,  Agent  and  Lenders  regarding  a  resolution acceptable to Borrower, Agent and Lenders; and          WHEREAS, Borrower, Agent and Lenders desire and are willing, to amend the Credit  Agreement as set forth below.                                    AGREEMENT         NOW, THEREFORE, in consideration of the premises herein contained and other good  and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the  parties, intending to be legally bound, agree as follows:                                    ARTICLE I                          No Waiver; Existing Forbearance           1.1   Nothing contained in this Amendment or any other communication between Agent,  any Lender, Borrower or any other Loan Party shall be a waiver of any past, present or future  violation,  Default  or  Event  of  Default  of  Borrower  under  the  Credit Agreement  or  any  Loan  Document.  Agent and each Lender hereby expressly reserves any rights, privileges and remedies  under the Credit Agreement and each Loan Document that Lender may have with respect to any  violation, Default or Event of Default, and any failure by Agent or any Lender to exercise any  right, privilege or remedy as a result of the violations set forth above shall not directly or indirectly  in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Agent  or any Lender, except as set forth herein, at any time to exercise any right, privilege or remedy in  connection with the Credit Agreement or any Loan Document, (ii) amend or alter any provision of  the Credit Agreement or any Loan Document or any other contract or instrument or (iii) constitute                                         1  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

any course of dealing or other basis for altering any obligation of Borrower or any rights, privilege  or remedy of Agent or any Lender under the Credit Agreement or any Loan Document or any other  contract or instrument.  Nothing in this Amendment shall be construed to be a consent by Agent  or any Lender to any prior, existing or future violations of the Credit Agreement or any Loan  Document.         1.2   Borrower is  hereby  notified  that  irrespective  of  (i)  any  waivers  or  consents  previously  granted  by  Agent  or  any  Lender  regarding  the  Credit  Agreement  and  the  Loan  Documents, (ii) any previous failures or delays of Agent or any Lender in exercising any right,  power  or  privilege  under  the  Credit  Agreement  or  the  Loan  Documents  or  (iii)  any  previous  failures or delays of Agent or any Lender in the monitoring or in the requiring of compliance by  Borrower with the duties, obligations and agreements of Borrower in the Credit Agreement and  the Loan Documents, Borrower will be expected to comply strictly with its duties, obligations and  agreements under the Credit Agreement and the Loan Documents.          1.3   For the avoidance of doubt, nothing set forth in this Amendment shall have any  effect on the forbearance provided for in Section 1.1 of that certain Fifth Amendment to Amended  and Restated Credit Agreement dated as of May 31, 2018 (the “Forbearance”).                                      ARTICLE II                          Amendments to Credit Agreement         2.1   Amendment to Section 2.1.1. Effective as of the date hereof, Section 2.1.1 of the  Credit Agreement is amended and restated in its entirety to read as follows:                “2.1.1 Term Loan Commitments.                     (a)   (i)   The Lenders, severally and for themselves alone, made (i) a              term  loan  (the  “Original  Term  Loan”)  in  connection  with  the  Existing  Credit              Agreement in the original principal amount of $5,000,000 and (ii) an additional              term  loan (“Additional  Term  Loan” and together with  the Original  Term  Loan,              collectively the “Closing Date Term Loan”) on the Closing Date in the original              principal amount of $2,824,123.80, resulting in an aggregate, outstanding principal              amount of $6,500,000 as of the Closing Date.                             (ii)  The Lenders, severally and for themselves alone, made an                    additional term loan to Borrower, on or about August 8, 2017, in the amount                    of $2,000,000 (the “August 2017 Term Loan”).                             (iii) The  Lenders,  severally  and  for  themselves  alone,  made                     additional  term  loans  to  Borrower,  pursuant  to that  certain  Fourth                    Amendment to Amended and Restated Credit Agreement dated as of May                    8,  2018,  in  the  aggregate  amount  of  $1,500,000  (collectively,  the  “May                    2018 Term Loan”).                             (iv)  As  of August 10,  2018  (and  in  addition  to  any additional                    advances of the Term Loan described in Section 2.1.1(b) below) (x) the                                         2  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

                  outstanding  principal  balance  of  the Closing  Date Term  Loan  is                    $6,500,000.00, (y) the outstanding principal balance of the August  2017                    Term Loan is $1,750,000.00 and (z) the outstanding principal balance of the                    May 2018 Term Loan is $1,500,000.                       (b)   Subject  to  the terms  and conditions set  forth  in  that  certain  Fifth              Amendment to Amended and Restated Credit Agreement dated as of May 31, 2018              (the “Fifth  Amendment”), each  Lender, severally  and for itself alone, agrees  to              make additional  term  loans to  Borrower  (each  such  loan, individually  and              collectively, the “Fifth Amendment Term Loan”) in an aggregate amount equal to              such  Lender’s  applicable  Pro  Rata  Share of  $5,817,000.   During  the  period              beginning on June 1, 2018 and ending on August 28, 2018, so long as Borrower is              in compliance with the covenants set forth in the Fifth Amendment, Lenders shall              make  additional  advances  within  two  (2)  Business  Days  of  the  written  request              therefore to Agent, in an amount not to exceed $5,817,000 in the aggregate and              subject to a distribution schedule as reasonably agreed to by Agent and Borrower              from time to time.  The Additional Term Loan, the Original Term Loan, the August              2017 Term Loan, the May 2018 Term Loan and the Fifth Amendment Term Loan              shall be deemed a single term Loan (each such loan, individually and collectively,              the “Term Loan”).  The Commitments of Lenders to make the Fifth Amendment              Term Loan (or any portion thereof) shall terminate concurrently with the making              of the Fifth Amendment Term Loan (or any portion thereof) in accordance with this              Section  2.1.1(b).  The  Loan  is  not  a  revolving  credit  facility,  and  therefore,  any              amount thereof that is repaid or prepaid by Borrower, in whole or in part, may not              be  re-borrowed.  Borrower,  Agent  and  Lenders  each  hereby  acknowledge  and              Agree that, as of the execution of that certain Sixth Amendment to Amended and              Restated Credit Agreement, dated as of August 10, 2018, by and among Borrower,              Agent  and  Lenders,  the  outstanding  principal  balance  of  the  Fifth  Amendment              Term  Loan  that  has  previously  been  advanced  to  Borrower  is  equal  to              $5,017,000.00.                     (c)   Notwithstanding  anything  set  forth  in  this  Agreement  (including,              without limitation, Section 2.9 hereof) or any other Loan Document to the contrary,              the remaining principal balance of the August 2017 Term Loan, the May 2018 Term              Loan and the Fifth Amendment Term Loan, together with all interest accrued in              relation thereto, shall be due and payable on or prior to September 4, 2018.”                                      ARTICLE III                   Conditions Precedent and Post-Closing Obligations         3.1   Conditions  Precedent.  The  effectiveness  of  this Amendment is subject  to  the  satisfaction  of  the  following  conditions  precedent  in  a  manner  satisfactory  to  Agent,  unless  specifically waived in writing by Agent in its sole discretion:               A.    Agent shall have received this Amendment and the Reaffirmation of the        Amended and Restated Guarantee and Collateral Agreement, duly executed by all parties                                          3  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

      thereto.               B.    The  representations  and  warranties  contained  herein  and  in  the  Credit        Agreement and the other Loan Documents, as each is amended hereby, shall be true and        correct as of the date hereof, as if made on the date hereof, except for such representations        and warranties as are by their express terms limited to a specific date.               C.    All  corporate  proceedings  taken  in  connection  with  the  transactions        contemplated by this Amendment and all documents, instruments and other legal matters        incident thereto shall be satisfactory to Agent.           3.2   Post-Closing  Obligations.  Borrower  shall  comply  with  each  of  the  additional  covenants and requirements at all times prior to the payment in full of the Obligations, the failure  of which would constitute an immediate Event of Default and termination of the Forbearance:               A.    On the first Business Day of each week, Borrower shall provide to Agent        an updated cash flow forecast for Borrower substantially in the form attached hereto as        Exhibit  A,  as  well  as  a cumulative  comparison  of  actual  results  to  prior  cash flow        projections delivered by Borrower to Agent in form and substance acceptable to Agent.        Such  cash  flow  forecast  will  also  detail  the  Borrower’s  accounts  receivable,  accounts        payable and accrued liabilities with days aging.               B.    Borrower’s actual expenses for the period covered in the cash flow forecast        attached hereto as Exhibit A shall not exceed the budget amounts for such expenses by        more than 15% unless otherwise agreed to by Agent in its sole discretion.                C.    Borrower shall continue to use reasonable best efforts to identify potential        acquirers or investors and to effectuate a transaction that results in a merger, acquisition,        or  similar  material  investment  (the  “Transaction”)  in  Borrower  as  imminently  as        reasonably possible.                 D.    Borrower further agrees to cooperate with Agent and potential acquirers and        investors  and  to  use  reasonable  best  efforts  to  assist  all  parties  in  completing  the        Transaction.   In  addition,  Borrower  shall  continue  to  engage  a  financial  advisor  (the        “Advisor”), reasonably acceptable to Agent to advise and represent Borrower in relation to        the Transaction, until the earlier of the consummation of such Transaction or the payment        in full of the Obligations.               E.    Unless  otherwise  agreed  to  by  Agent  in  its  commercially-reasonable        discretion, Borrower shall meet or exceed any milestone or deadlines established by the        Advisor from time to time in relation to the Transaction, as such milestones or deadlines        shall  be  agreed  to  by  Agent  and  Borrower  from  time  to  time  in  their  commercially        reasonable discretion.                                     ARTICLE IV                      Ratifications, Representations and Warranties                                          4  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

      4.1   Ratifications.  The terms and provisions set forth in this Amendment shall modify  and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other  Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms  and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed  and shall continue in full force and effect.  Borrower, Lenders and Agent agree that the Credit  Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid,  binding  and  enforceable  in  accordance  with  their  respective  terms.   Borrower  agrees  that  this  Amendment is not intended to and shall not cause a novation with respect to any or all of the  Obligations.         4.2   Representations and Warranties.  Borrower hereby represents and warrants to  Agent and Lenders that (a) the execution, delivery and performance of this Amendment and any  and  all  other  Loan  Documents  executed  and/or  delivered  in  connection  herewith  have  been  authorized by all requisite action (as applicable) on the part of Borrower and will not violate the  organizational documents of Borrower; (b) Borrower’s directors have authorized the execution,  delivery and performance of this Amendment and any and all other Loan Documents executed  and/or delivered in connection herewith; (c) the representations and warranties contained in the  Credit Agreement, as amended hereby, and any other Loan Document are true and correct on and  as of the date hereof and on and as of the date of execution hereof as though made on and as of  each such date (except to the extent such representations and warranties expressly relate to an  earlier date); and (d) except as disclosed to Agent, Borrower has not amended its organizational  documents since the date of the Credit Agreement.                                     ARTICLE V                              Miscellaneous Provisions         5.1   Survival of Representations and Warranties.  All representations and warranties  made in the Credit Agreement or any other Loan Document, including, without limitation, any  document furnished in connection with this Amendment, shall survive the execution and delivery  of this Amendment and the other Loan Documents, and no investigation by Agent or any Lender  or any closing shall affect the representations and warranties or the right of Agent and each Lender  to rely upon them.         5.2   Reference to Credit Agreement.  Each of the Credit Agreement and the other  Loan  Documents,  and  any  and  all  other  Loan  Documents,  documents  or  instruments  now  or  hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit  Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement  and such other Loan Documents to the Credit Agreement shall mean a reference to the Credit  Agreement, as amended hereby.         5.3   Expenses of Agent.  As provided in the Credit Agreement, Borrower agrees to pay  on  demand  all  costs  and  expenses  incurred  by  Agent,  or  its  Affiliates,  in  connection  with  the  preparation,  negotiation,  and  execution  of  this  Amendment  and  the  other Loan  Documents  executed pursuant hereto and any and all amendments, modifications, and supplements thereto,  including, without limitation,  the reasonable costs and fees  of legal  counsel,  and all costs and  expenses incurred by Agent and each Lender in connection with the enforcement or preservation                                          5  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents,  including, without, limitation, the reasonable costs and fees of legal counsel.         5.4   Severability.  Any  provision  of  this  Amendment  held  by  a  court  of  competent  jurisdiction to  be invalid  or unenforceable shall not  impair or invalidate  the remainder of this  Amendment  and  the  effect  thereof  shall  be  confined  to  the  provision  so  held  to  be  invalid  or  unenforceable.         5.5   Successors and Assigns.  This Amendment is binding upon and shall inure to the  benefit of Agent and each Lender and Borrower and their respective successors and assigns, except  that Borrower may not assign or transfer any of its rights or obligations hereunder without the prior  written consent of Agent.         5.6   Counterparts.  This Amendment may be executed in one or more counterparts,  each of which when so executed shall be deemed to be an original, but all of which when taken  together shall constitute one and the same instrument.  This  Amendment may be executed by  facsimile or electronic (.pdf) transmission, which facsimile or electronic (.pdf) signatures shall be  considered original executed counterparts for purposes of this Section 5.6, and each party to this  Amendment agrees that it will be bound by its own facsimile or electronic (.pdf) signature and that  it accepts the facsimile or electronic (.pdf) signature of each other party to this Amendment.         5.7   Effect of Waiver.  No consent or waiver, express or implied, by Agent to or for  any breach of or deviation from any covenant or condition by Borrower shall be deemed a consent  to or waiver of any other breach of the same or any other covenant, condition or duty.         5.8   Headings.  The headings, captions, and arrangements used in this Amendment are  for convenience only and shall not affect the interpretation of this Amendment.         5.9   Applicable  Law.  THE  TERMS  AND  PROVISIONS  OF SECTIONS  10.17  (GOVERNING LAW) AND 10.18 (FORUM SELECTION; CONSENT TO JURISDICTION) OF  THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE,  AND SHALL APPLY  TO THIS  AMENDMENT      MUTATIS MUTANDIS    AS  IF FULLY SET  FORTH HEREIN.          5.10  Final  Agreement.  THE  CREDIT  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION  OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE  THIS  AMENDMENT  IS  EXECUTED.   THE  CREDIT  AGREEMENT  AND  THE  OTHER  LOAN  DOCUMENTS,  AS  AMENDED  HEREBY,  MAY  NOT  BE  CONTRADICTED  BY  EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS  OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE  PARTIES.  NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF  ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN  AGREEMENT SIGNED BY BORROWER AND AGENT.              [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                          6  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

   IN WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first  above-written.                                 BORROWER:                                                       HOOPER HOLMES, INC.,                                 a New York corporation                                                                                                By:                                                                       Name:   James  E Fleet                                                    Title:  Chief Restructuring   Officer                                                                                                                                                               AGENT AND LENDER:                                   [Signature Page]                         Sixth Amendment to A&R Credit Agreement  #59283933  

 

                                                                 SWK FUNDING LLC,                                as Agent and a Lender                                                                                                By:   SWK Holdings Corporation,                                       its sole Manager                                                                                                                  By:                                                                       Name:      Winston Black                                      Title:      Chief Executive Officer                                                                                                     [Signature Page]                         Sixth Amendment to A&R Credit Agreement  #59283933  

 

                               REAFFIRMATION OF     AMENDED AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT                                                 The  undersigned  (the “Guarantor”) each  hereby  acknowledges  and  agrees to  the  amendments  of  the  Credit Agreement  contained  in  this Sixth  Amendment  to  Amended  and  Restated Credit Agreement, dated as of August 10, 2018 (the “Amendment”), and acknowledges  and reaffirms its obligations owing to Agent and the Lenders under that certain Amended and  Restated  Guarantee  and  Collateral  Agreement, dated  as  of May  11,  2017 (the  “Guarantee  Agreement”) and any of the other Loan Documents to which it is a party, and agrees that such  Guarantee and Loan Documents are and shall remain in full force and effect.  Although Guarantor  has  been  informed  of  the  matters  set  forth  herein  and  has  acknowledged  and agreed  to  same,  Guarantor understands that Agent and Lenders have no obligation to inform Guarantor of such  matters in the future or to seek Guarantor’s acknowledgement or agreement to future amendments  or waivers, and nothing herein shall create such a duty.                                   [Signatures Follow]                        [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

                                           HOOPER HOLMES, INC.,                                      a New York corporation                                                                                                                  By:                                                                       Name:  James E Fleet                                                      Title:  Chief Restructuring Officer                                           PROVANT HEALTH SOLUTIONS, LLC,                                      a Rhode Island limited liability company                                                                                                                  By:                                                                       Name:  James E Fleet                                                      Title:  Chief Restructuring Officer                                                                                                                    HOOPER WELLNESS, LLC,                                      a Kansas limited liability company                                                                                                                  By:                                                                       Name:  James E Fleet                                                      Title:  _______________________________Chief Restructuring Officer                                                                                                                    ACCOUNTABLE HEALTH SOLUTIONS, LLC,                                      a Kansas limited liability company                                                                                                                  By:                                                                       Name:  James E Fleet                                                      Title:  Chief Restructuring Officer                                                                                                                   HOOPER INFORMATION SERVICES, INC.,                                      a New Jersey corporation                                                                                                                  By:                                                                       Name:  James E Fleet                                                      Title:  _______________________________Chief Restructuring Officer                                                                                  [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933  

 

                                                                             HOOPER DISTRIBUTION SERVICES, LLC,                                      a New Jersey limited liability company                                                                            By:  Hooper Holmes, Inc.,                                      its Manager                                                                                                                  By:    _________________________________                                        Name:  James E Fleet                                                      Title:  Chief Restructuring Officer                                                                                                                   HOOPER KIT SERVICES, LLC,                                      a Kansas limited liability company                                                                            By:  Hooper Holmes, Inc.,                                      its sole Member                                                                                                                  By:    _______________________________                                       Name:  James E Fleet                                                      Title:  Chief Restructuring Officer       [Hooper] Sixth Amendment to A&R Credit Agreement  #59283933

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