Document:

EXHIBIT 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE
HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 

 

PROMISSORY NOTE

 

	Principal Amount: $[               ]	Dated as of
        February 4, 2015

        New York, New York

 

Chart Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), promises to pay
to the order of [                 ] or its registered
assigns or successors in interest (the “Payee”), or order,
the principal sum of [                                
]($[         ]) (the “Principal Amount”) in lawful money of the United
States of America, on the terms and conditions described below.  All payments on this Note shall be made by check or
wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time
to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal.
This Note shall be payable on the earlier of: (i) March 13, 2015; or (ii) the date on which Maker consummates an initial merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Maker
and one or more businesses (“Business Combination”) in accordance with the terms of the prospectus relating
to the Maker’s initial public offering (the “IPO”). The principal balance may be prepaid at any
time.

 

2.            Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the obligations due pursuant to this Note within five (5) business days
of the date specified above.

 

(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

    	 

    	 

    

 

5.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all
other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

6.            Waivers.
Maker waives presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note,
all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that
might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds
arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution,
exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon
pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole
or in part in any order desired by Payee.

 

7.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.            Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such
other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail
address most recently provided to such party or such other electronic mail address as may be designated in writing by such party.  Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

9.            Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

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10.          Severability.
Any provision contained in this Note which 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 provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account (“Trust Account”)
established by the Maker in which the proceeds of the IPO (including the deferred underwriters discounts and commissions) and
the proceeds of the sale of the units issued in a private placement that occurred prior to the effectiveness of the IPO, as described
in greater detail in the prospectus relating to the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.          Assignment. 
This Note may be assigned by the Payee.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	CHART ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: Michael LaBarbera
	 	 	Title: Chief Financial Officer

 

 

4EX-10.1

 Exhibit 10.1 

CERTAIN INFORMATION INDICATED BY [***] HAS BEEN DELETED FROM THIS EXHIBIT AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A
REQUEST FOR CONFIDENTIAL TREATMENT UNDER RULE 24b-2. 
 [Letterhead of Wells Fargo Capital Finance, LLC] 

February 2, 2015 
 Mad Catz, Inc. 

10680 Treena Street 
 Suite 500 

San Diego, CA 
 92131-2447 

Dear Sirs/Mesdames: 
  

	Re:	Fourth Amended and Restated Loan Agreement dated August 1, 2012 (as amended, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Loan Agreement”) between Wells Fargo
Capital Finance, LLC (“Wells Fargo”), Mad Catz, Inc. (the “Borrower”) and the Obligors party thereto. Capitalized terms not otherwise defined in this Agreement shall have the meanings given to them in the Loan Agreement unless
stated otherwise. 

 We hereby notify you that an Event of Default (the “Existing Event of Default”) has occurred under
Section 8.24 of the Loan Agreement as a result of MCII’s failure to maintain consolidated EBITDA of not less than [***] calculated on a rolling 12 month basis at the end of the month of December 2014. The financial statements
recently delivered by the Borrower to Wells Fargo indicated that such EBITDA was $1,002,000. 
 In connection with the Existing Event of Default, you have
requested that we provide this Agreement to you in order to, among other things, waive the Existing Event of Default and amend the Loan Agreement, all as specifically set out below. 

 

	1.	Limited Waiver. 

  

	 	(a)	Wells Fargo hereby waives the Existing Event of Default. 

  

	 	(b)	Notwithstanding the foregoing, the limited waiver by Wells Fargo above: 

  

	 	(i)	shall not extend to any other Default or Event of Default by the Borrower or any Obligor under the Financing Agreements; 

  

	 	(ii)	shall not be construed as a waiver of any other provisions of the Financing Agreements or consent to, or waiver of, any further or future action on the part of the Borrower or any Obligor; 

 

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	(iii)	is intended to be limited to the specific purpose and intent for which same has been provided, and does not prejudice any rights or remedies that Wells Fargo may have now or may have in the future under or in connection
with the Financing Agreements. 

  

	 	(c)	Wells Fargo reserves its rights and remedies at any time and from time to time arising in connection with any Defaults or Events of Default now existing or hereafter arising (other than the Existing Event of Default
specifically waived above). 

  

	2.	Amendments to Loan Agreement 

  

	 	(a)	Section 8.24 (EBITDA) of the Loan Agreement is hereby deleted and replaced with the following: 

“8.24 EBITDA 

MCII shall maintain consolidated EBITDA of not less than the amounts set forth below calculated on a rolling 12 month basis and at the end of
the months set forth below: 
  

			
	 Month
	  	 EBITDA

	January 2015	  	[***]
	February 2015	  	[***]
	March 2015	  	[***]
	April 2015	  	[***]
	May 2015	  	[***]
	June 2015	  	[***]

 and Lender, Borrower and Obligors shall agree to new financial covenants by June 15, 2015 and failure to
so agree by such date shall be an Event of Default.” 
  

	 	(b)	The compliance certificate required to be delivered by Borrower pursuant to Section 8.6(g) of the Loan Agreement shall be in the form attached hereto as Exhibit “A”. 

 

	 	(c)	This Agreement is an amendment to the Loan Agreement. Unless the context of this Agreement otherwise requires, the Loan Agreement and this Agreement shall be read together and shall have effect as if the provisions of
the Loan Agreement and this Agreement were contained in one agreement. The term “Agreement” when used in the Loan Agreement means the Loan Agreement as amended by this Agreement, together with all amendments, modifications, supplements,
extensions, renewals, restatements and replacements thereof from time to time. 

  

	***	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	(d)	Nothing in this Agreement when read together with this Agreement, shall constitute a novation, payment, re-advance or reduction or termination in respect of any Obligations. 

 

	3.	Representations and Warranties 

 In order to induce Wells Fargo to enter into this
Agreement, the Borrower and each Obligor represent and warrant to Wells Fargo as follows, which representations and warranties shall survive the execution and delivery of this Agreement: 

 

	 	(a)	After giving effect to this Agreement: 

  

	 	(i)	all of the representations and warranties in the Loan Agreement and the other Financing Agreements are true and correct as of the date hereof; 

 

	 	(ii)	each of the Borrower and the Obligors is in compliance with all the covenants contained in the Loan Agreement and the other Financing Agreements; 

 

	 	(iii)	no Default or Event of Default exists or is continuing; 

  

	 	(b)	the execution, delivery and performance of this Agreement and the transactions contemplated hereunder are all within the Borrower’s and each Obligor’s corporate powers, have been duly authorized and are not in
contravention of law or the terms of the Borrower’s or each Obligor’s certificate of incorporation, by-laws or other organizational documentation, or any indenture, agreement or undertaking to which the Borrower or an Obligor is a party or
by which the Borrower’s or an Obligor’s property is bound; 

  

	 	(c)	each of the Borrower and the Obligors have duly executed and delivered this Agreement; and 

  

	 	(d)	this Agreement constitutes a legal, valid and binding obligation of the Borrower and each Obligor, enforceable against them by Wells Fargo in accordance with the terms of this Agreement. 

 

	4.	General  

  

	 	(a)	The Loan Agreement, as amended by this Agreement, shall continue in full force and effect and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except as specifically
provided for herein. 

  

	 	(b)	It is agreed and confirmed that after giving effect to this Agreement, all security and guarantees delivered by the Borrower and each Obligor secures the payment and performance of all of the Obligations including,
without limitation, the obligations, liabilities and indebtedness arising under the Loan Agreement. 

  

	 	(c)	The Borrower and each Obligor shall execute and deliver such documents and take such actions as may be necessary or desirable by Wells Fargo to give effect to the provisions and purposes of this Agreement, all at the
expense of the Borrower and each Obligor. 

  
 - 2 - 

	 	(d)	The Borrower agrees to pay Wells Fargo a $35,000 waiver and amendment fee which is earned by Wells Fargo and payable to Wells Fargo on the date hereof. 

 

	 	(e)	The Borrower and each Obligor shall pay all fees, expenses and disbursements including, without limitation, legal fees, incurred by or payable to Wells Fargo in connection with the preparation, negotiation, execution,
delivery, review and enforcement of this Agreement and all other documents and instruments arising therefrom and/or executed in connection therewith. 

  

	 	(f)	This Agreement may be executed and delivered by facsimile or pdf and in any number of counterparts, each of which when so executed and delivered is an original and all of which taken together constitute one and the same
instrument. 

  

	 	(g)	This Agreement shall be governed by the laws of the State of Illinois. 

  

	 	(h)	This Agreement is a Financing Agreement. 

 If the foregoing correctly sets out our agreement, please indicate
your acceptance of the terms and conditions of this Agreement by signing below and returning an executed copy to us by no later than 5:00 p.m. (PST) on February 18, 2015 after which time, if not accepted by all of you, this Agreement shall be
null and void. 
 Yours truly, 
  

			
	WELLS FARGO CAPITAL FINANCE, LLC
		
	Per:		 /s/ GARY WHITAKER

			 Name: Gary Whitaker
 Title: Authorized
Signer

  
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 Agreed this 2nd day of February, 2015. 
  

									
	MAD CATZ, INC.				MAD CATZ INTERACTIVE, INC.
					
	Per:		 /s/ DARREN RICHARDSON
				Per:		 /s/ DARREN RICHARDSON

			 Name: Darren Richardson
 Title: President
& CEO
						 Name: Darren Richardson
 Title: President
& CEO

			
	1328158 ONTARIO INC.				WINKLER ATLANTIC HOLDINGS LIMITED
					
	Per:		 /s/ DARREN RICHARDSON
				Per:		 /s/ DARREN RICHARDSON

			 Name: Darren Richardson
 Title:
Director
						 Name: Darren Richardson
 Title:
Director

			
	MAD CATZ EUROPE LIMITED				MAD CATZ INTERACTIVE ASIA LIMITED
					
	Per:		 /s/ BRIAN ANDERSEN
				Per:		 /s/ DARREN RICHARDSON

			 Name: Brian Andersen
 Title: COO
						 Name: Darren Richardson
 Title:
Director

			
	FX UNLIMITED, INC.				MAD CATZ GMBH
					
	Per:		 /s/ DARREN RICHARDSON
				Per:		 /s/ DARREN RICHARDSON

			 Name: Darren Richardson
 Title: President
& CEO
						 Name: Darren Richardson
 Title:
Director

			
	SAITEK, S.A.				MAD CATZ TECHNOLOGICAL DEVELOPMENT (SHENZHEN) CO., LTD.
					
	Per:		 /s/ OLIVIER VOIRIN
				Per:		 /s/ CHEUNG HING TIM (NICHOLAS)

			 Name: Olivier Voirin
 Title:
President
						 Name: Cheung Hing Tim (Nicholas)
 Title:
Legal Representative

				
	MAD CATZ CO., LTD.						
					
	Per:		 /s/ TAKETOSHI MATSUURA
						
			 Name: Taketoshi Matsuura
 Title:
Representative Director, President
						

  
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 Exhibit “A” 

Form of Compliance Certificate 

MAD CATZ, INC. 
 Date:
                ,             . 

This Compliance Certificate (this “Certificate”) is given by MAD CATZ, INC. (“Borrower”) pursuant to
Section 8.6(g) of the Fourth Amended and Restated Loan Agreement dated as of August 1, 2012 (as amended, modified, supplemented, extended, renewed, restated or replaced from time to time, the “Loan Agreement”)
between Wells Fargo Capital Finance, LLC, as Lender and US Collateral Agent, Borrower and Obligors. Capitalized terms used herein without definition shall have the meanings set forth in the Loan Agreement. 

The officer executing this Certificate is the Chief Financial Officer of Borrower, and as such is duly authorized to execute and deliver this
Certificate on behalf of Borrower. By so executing this Certificate, Borrower hereby certifies to Lender that: 
  

	 	(a)	the financial statements delivered with this Certificate comply with all requirements of the Loan Agreement and fairly present the financial position of Borrower or Obligor, as applicable, as of such date and for the
applicable period then ended in accordance with GAAP; 

  

	 	(b)	Borrower has reviewed the relevant terms of the Financing Agreements and the condition of Borrower, Obligors and their subsidiaries; 

 

	 	(c)	Borrower and Obligors are in compliance with all financial covenants set forth in Sections 8.20 and 8.24 of the Loan Agreement, as demonstrated by the calculations of such covenants set forth in the Excel
spreadsheets attached hereto and as indicated below; 

  

							
	 	  	 Covenant
	  	 Compliance
	 
	 (i)
	  	Section 8.20 of Loan Agreement – Software Expenditures	  	 	Yes/No	  
			
	 (ii)
	  	Section 8.24 of the Loan Agreement – EBITDA	  	 	Yes/No	  

  

	 	(d)	the Fixed Change Coverage Ratio for purposes of assisting Lender in determining the Applicable Rate is [—] for the final month of the most recently ended Fiscal
Quarter, as demonstrated by the calculations set forth in the Excel spreadsheet attached hereto; and 

  

	 	(e)	no Default or Event of Default exists, except as set forth below, which includes a description of the nature and status and period of existence of such Default or Event of Default and what action Borrower has taken, and
is undertaking and proposes to take with respect thereto. 

  
 - 1 - 

 IN WITNESS WHEREOF, Borrower has caused this Certificate to be executed by
                     of Borrower this             day of
            , 20        . 
  

			
	MAD CATZ, INC.
		
	By:		  

	 Name:
 Title:
		

  
 - 2 -

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