Document:

Second Amendment dated September 28, 2007, to Pledge Agreement

 Exhibit 10.21 
 SECOND AMENDMENT TO PLEDGE AGREEMENT 
 THIS SECOND AMENDMENT TO PLEDGE AGREEMENT, dated as of
September 28, 2007 (this “Amendment”), is made by and between FOUNTAIN POWERBOAT INDUSTRIES, INC., a Nevada corporation with its principal office at 1653 Whichard’s Beach Road, Washington, North Carolina 27889 (the
“Pledgor”), and REGIONS BANK, an Alabama chartered bank with offices in Charlotte, North Carolina (the “Bank”). 
 BACKGROUND STATEMENT 
 A. Bank, Pledgor, and Fountain Powerboats, Inc., a North Carolina corporation
(“Powerboats”) are parties to (i) a Loan Agreement (the “Term Loan Agreement”), dated as of September 19, 2005, pursuant to which Bank made available to Powerboats a term loan in the principal amount of
$16,500,000, and (ii) a Loan Agreement (the “Credit Line Loan Agreement”), dated as of July 12, 2006, pursuant to which Bank made available to Powerboats a non-revolving line of credit in the maximum principal amount of
$5,000,000. The Bank’s obligations under each of the Term Loan Agreement and Credit Line Agreement are secured by, among other things, a Pledge Agreement, dated as of September 19, 2005, from Pledgor to Bank, as amended by that certain
First Amendment to Pledge Agreement, dated as of July 12, 2006, among Powerboats, Pledgor and Bank (as further amended by this Amendment, and hereafter amended, modified, restated, supplemented, extended or renewed from time to time, the
“Pledge Agreement”). Except as otherwise provided herein, capitalized terms used herein without definition shall have the meanings ascribed to them in the Pledge Agreement. 
 B. Powerboats has paid in full all obligations to Bank under the Credit Line Loan Agreement, and the Credit Line Loan Agreement has been terminated.

 C. Fountain Dealers’ Factory Super Store, Inc., a North Carolina corporation (“Super Store”), has requested a
revolving line of credit from Bank to finance its inventory of new and used vessels, watercraft, boats and boat motors. Pursuant to Super Store’s request, Powerboats, Bank, Super Store, and the Pledgor have entered into a Dealer Floor Plan and
Security Agreement, dated of even date herewith (the “Floor Plan Agreement”), pursuant to which Bank made available to Super Store a revolving line of credit in the principal amount of $5,000,000 (the “Floor Plan
Loan”). 
 D. In order to induce Bank to extend the Floor Plan Loan, and for other good and valuable consideration, the sufficiency
of which is hereby acknowledged, Pledgor and Bank have agreed to amend the Pledge Agreement pursuant to this Amendment to secure the payment and performance of obligations of arising under the Floor Plan Agreement and the other Credit Documents (as
defined in the Floor Plan Agreement). 

 STATEMENT OF AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Pledgor and the Bank, for themselves, their successors and assigns, hereby agree as follows: 
 ARTICLE I 

AMENDMENTS 
 1.1 New Defined
Terms. The following defined terms are hereby added to Section 1.1 of the Pledge Agreement in appropriate alphabetical order: 
 “Floor Plan Agreement” shall mean that certain Dealer Floor Plan and Security Agreement, dated September 28, 2007, among Super Store, Powerboats, the Bank and the Pledgor. 
 “Floor Plan Loan” shall mean a revolving line of credit in the maximum principal amount of $5,000,000, made available to
Super Store by the Bank pursuant to the Floor Plan Agreement. 
 “Floor Plan Note” shall mean that certain
$5,000,000 promissory note, dated September 28, 2007, by Super Store in favor of the Bank. 
 “Original
Loan” shall mean the $16,500,000 term loan made to the Borrower by the Bank pursuant to the Term Loan Agreement. 
 “Powerboats” shall mean Fountain Powerboats, Inc., a North Carolina corporation 
 “Super
Store” shall mean Fountain Dealers’ Factory Super Store, Inc., a North Carolina corporation. 
 1.2 Substituted Defined
Terms. The following terms are hereby deleted from the Pledge Agreement and replaced with the following: 
 “Borrower” shall mean Powerboats and Super Store, collectively and individually. 
 “Guaranty” shall mean and refer to the “Guaranty” as defined in the Term Loan Agreement and Floor Plan Agreement, collectively. 
 “Loan” shall mean and collectively refer to the Original Loan and the Floor Plan Loan. 
  

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 “Loan Agreement” shall mean and collectively refer to the Term Loan
Agreement and the Floor Plan Agreement. 
 “Loan Documents” shall mean and collectively refer to the
“Loan Documents” as defined in the Term Loan Agreement and the Floor Plan Agreement. 
 “Note”
shall mean and collectively refer to the Term Note and the Floor Plan Note. 
 1.3 Amendment to Schedule I. Schedule I to the Pledge
Agreement is hereby deleted in its entirety and replaced with the following: 
 PLEDGED SHARES 
  

												
	 Pledgor
	  	 Name of Issuer
	  	 Type of
 Interests
	  	Certificate
Number, if
Applicable	  	No. of
Shares/Units, if
Applicable	  	Percentage of
outstanding
Interests in
Issuer	 
	Fountain Powerboat Industries, Inc.	  	Fountain Powerboats, Inc.	  	Common Stock	  	5	  	784,314	  	100	%
	Fountain Powerboat Industries, Inc.	  	Fountain Dealers’ Factory Super Store, Inc.	  	Common Stock	  	1	  	300	  	100	%

 ARTICLE II 
 ACKNOWLEDGEMENT 
 The Pledgor hereby acknowledges that this Amendment is a condition to the extension
of credit by the Bank to Super Store pursuant to the Floor Plan Agreement. This Amendment is made and delivered in order to induce the Bank to enter into the Floor Plan Agreement, and the Pledgor acknowledges that the Bank would not enter into the
Floor Plan Agreement in the absence of the pledge provided in the Pledge Agreement as amended hereby. 
 ARTICLE III 
 MISCELLANEOUS 
 3.1.
Ratification. Except as expressly amended herein, the Pledge Agreement is hereby ratified and confirmed by the parties and all the terms, provisions and conditions thereof shall be and remain in full force and effect, and this Amendment and

  

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all of its terms, provisions and conditions shall be deemed to be a part of the Pledge Agreement. 
 3.2. Governing Law. This Amendment is entered into under the laws of the State of North Carolina, and those laws shall govern the construction and
enforcement hereof. 
 3.3. Captions. The captions set forth at the beginning of the various paragraphs of this Amendment are for
convenience only and shall not be used to interpret or construe the provisions of this Amendment. 
 3.4 Severability. To the extent
any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent such prohibition or invalidity and only in any such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction. 
 3.5 Successors
and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. 
 3.6 Counterparts; Effectiveness. This Amendment may be executed in counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. 
 {Signature Page Follows} 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Pledge Agreement to be duly executed as of
the day and year first above written. 
  

			
	FOUNTAIN POWERBOAT INDUSTRIES , INC.
		
	By:	 	 /s/ Reginald M. Fountain, Jr.

	Name:	 	Reginald M. Fountain, Jr.
	Title:	 	 Chairman of the Board/
 Chief Executive
Officer

 ACCEPTED AND AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN: 
  

			
	REGIONS BANK
		
	By:	 	 /s/ William W. Teegarden

	Name:	 	William W. Teegarden
	Title:	 	Vice President

 Signature Page to Second Amendment to Pledge AgreementThird Amendment dated November 16, 2007, to Pledge Agreement

 Exhibit 10.22 
 THIRD AMENDMENT TO PLEDGE AGREEMENT 
 THIS THIRD AMENDMENT TO PLEDGE AGREEMENT, dated as of
November 16, 2007 (this “Amendment”), is made by and between FOUNTAIN POWERBOAT INDUSTRIES, INC., a Nevada corporation with its principal office at 1653 Whichard’s Beach Road, Washington, North Carolina 27889 (the
“Pledgor”), and REGIONS BANK, an Alabama chartered bank with offices in Charlotte, North Carolina (the “Bank”). 
 BACKGROUND STATEMENT 
 A. Bank, Pledgor, and Fountain Powerboats, Inc., a North Carolina corporation
(“Powerboats”) are parties to a Loan Agreement (the “Term Loan Agreement”), dated as of September 19, 2005, pursuant to which Bank made available to Powerboats a term loan in the principal amount of
$16,500,000. The Pledgor’s obligations under the Term Loan Agreement are secured by, among other things, a Pledge Agreement, dated as of September 19, 2005, from Pledgor to Bank, as amended by that certain First Amendment to Pledge
Agreement, dated as of July 12, 2006, among Powerboats, Pledgor and Bank and that certain Second Amendment to Pledge Agreement, dated as of September 28, 2007, among Powerboats, Pledgor and Bank (as further amended by this Amendment, and
hereafter amended, modified, restated, supplemented, extended or renewed from time to time, the “Pledge Agreement”). Except as otherwise provided herein, capitalized terms used herein without definition shall have the meanings
ascribed to them in the Pledge Agreement. 
 B. Powerboats, Bank, Fountain Dealers’ Factory Super Store, Inc., a North Carolina
corporation (“Super Store”), and the Parent have entered into a Dealer Floor Plan and Security Agreement, dated September 28, 2007 (the “Floor Plan Agreement”), pursuant to which Bank made available to Super
Store made available to Powerboats a revolving line of credit in the principal amount of $5,000,000 (the “Floor Plan Loan”). Super Store’s obligations under the Floor Plan Agreement are secured by, among other things, the
Pledge Agreement 
 C. Powerboats has requested that the credit facilities provided by the Bank be amended pursuant to a First Amended and
Restated Loan Agreement, dated of even date herewith (as amended, modified, restated or supplemented from time to time, the “Amended Loan Agreement”), by and among Powerboats, Bank, Pledgor, and Super Store, pursuant to which Bank
makes available to Powerboats (i) a term loan in the principal amount of $14,500,000 and (ii) a revolving line of credit in the maximum principal amount of $2,000,000 ((i) and (ii) collectively, the “Amended Loan”).

 D. In order to induce Bank to extend the Amended Loan, and for other good and valuable consideration, the sufficiency of which is hereby
acknowledged, Pledgor 

 
and Bank have agreed to amend the Pledge Agreement pursuant to this Amendment to secure the payment and performance of obligations of arising under the
Amended Loan Agreement and the other Loan Documents (as defined in the Amended Loan Agreement). 
 STATEMENT OF AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Pledgor and the Bank, for themselves, their successors and assigns, hereby agree as follows: 
 ARTICLE I AMENDMENTS 

 1.1 New Defined Terms. The following defined terms are hereby added to Section 1.1 of the Pledge Agreement in appropriate
alphabetical order: 
 “Amended Loan” shall mean, collectively, (i) a term loan in the principal amount
of $14,500,000 and (ii) a revolving line of credit in the maximum principal amount of $2,000,000, made available to Powerboats by the Bank pursuant to the Amended Loan Agreement. 
 “Amended Loan Agreement” shall mean that certain First Amended and Restated Loan Agreement, dated November 16, 2007,
among Super Store, Powerboats, the Bank and the Pledgor. 
 “Revolving Note” shall mean the $2,000,000
Revolving Note, dated November 16, 2007, and issued by Powerboats in favor of the Bank. 
 1.2 Substituted Defined Terms. The
following terms are hereby deleted from the Pledge Agreement and replaced with the following: 
 “Guaranty”
shall mean and refer to the “Guaranty” as defined in the Amended Loan Agreement and Floor Plan Agreement, collectively. 
 “Loan” shall mean and collectively refer to the Amended Loan and the Floor Plan Loan. 
 “Loan Agreement” shall mean and collectively refer to the Amended Loan Agreement and the Floor Plan Agreement. 
 “Loan Documents” shall mean and collectively refer to the “Loan Documents” as defined in the Amended Loan Agreement and the Floor Plan Agreement. 
 “Note” shall mean and collectively refer to the Term Note, the Revolving Note and the Floor Plan Note. 
  

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 “Term Note” shall mean the $14,500,000 Amended and Restated Term Note,
dated November 16, 2007, and issued by Powerboats in favor of the Bank. 
 ARTICLE II 
 ACKNOWLEDGEMENT 
 The Pledgor hereby
acknowledges that this Amendment is a condition to the extension of credit by the Bank to Powerboats pursuant to the Amended Loan Agreement. This Amendment is made and delivered in order to induce the Bank to enter into the Amended Loan Agreement,
and the Pledgor acknowledges that the Bank would not enter into the Amended Loan Agreement in the absence of the pledge provided in the Pledge Agreement as amended hereby. 
 ARTICLE III 
 MISCELLANEOUS 
 3.1. Ratification. Except as expressly amended herein, the Pledge Agreement is hereby ratified and confirmed by the parties and all the terms,
provisions and conditions thereof shall be and remain in full force and effect, and this Amendment and all of its terms, provisions and conditions shall be deemed to be a part of the Pledge Agreement. 
 3.2. Governing Law. This Amendment is entered into under the laws of the State of North Carolina, and those laws shall govern the construction and
enforcement hereof. 
 3.3. Captions. The captions set forth at the beginning of the various paragraphs of this Amendment are for
convenience only and shall not be used to interpret or construe the provisions of this Amendment. 
 3.4 Severability. To the extent
any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent such prohibition or invalidity and only in any such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction. 
 3.5 Successors
and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. 
 3.6 Counterparts; Effectiveness. This Amendment may be executed in counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which shall together constitute one and the same instrument. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Pledge Agreement to be duly executed as of the
day and year first above written. 
  

			
	FOUNTAIN POWERBOAT INDUSTRIES , INC.
		
	By:	 	 /s/ Reginald M. Fountain, Jr.

	Name:	 	Reginald M. Fountain, Jr.
	Title:	 	 Chairman of the Board/
 Chief Executive
Officer

 ACCEPTED AND AGREED TO AS OF THE DATE FIRST ABOVE WRITTEN: 
  

			
	REGIONS BANK
		
	By:	 	 /s/ William W. Teegarden

	Name:	 	William W. Teegarden
	Title:	 	Vice President

 Signature Page to Third Amendment to Pledge Agreement

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