Document:

exhibit103fifthamendment

                                                                                                FIFTH AMENDMENT TO GUARANTY AGREEMENT          THIS  FIFTH  AMENDMENT  TO  GUARANTY  AGREEMENT  (this  “Fifth   Amendment”), dated effective as of September 28, 2018, is entered into among the parties listed   on  the  signature  pages  hereof  as  Guarantors  (collectively,  the “Guarantors”),  and  BANK  OF   AMERICA,  N.A.  (the  “Guarantied  Party”,  and  collectively  with  any  Affiliates  thereof,  the   “Guarantied Parties”).                                   BACKGROUND          A.    The  Guarantors  and  the  Guarantied  Party  are  parties  to  that  certain  Guaranty   Agreement, dated as of March 1, 2013, as amended by that certain First Amendment to Guaranty   Agreement,  dated  as  of  February 7,  2014,  that  certain  Second  Amendment  to  Guaranty   Agreement, dated as of June 11, 2014, that certain Third Amendment to Guaranty Agreement,   dated as of January 16, 2015, and that certain Fourth Amendment to Guaranty Agreement, dated   as of December 7, 2016 (said Guaranty Agreement, as amended, the “Guaranty Agreement”).    The terms defined in the Guaranty Agreement and not otherwise defined herein shall be used   herein as defined in the Guaranty Agreement.          B.    The parties to the Guaranty Agreement desire to make certain amendments to the  Guaranty Agreement.         C.    The Guarantied Party hereby agrees to amend the Guaranty Agreement, subject to  the terms and conditions set forth herein.         NOW,  THEREFORE,  in  consideration  of  the  covenants,  conditions  and  agreements  hereafter set forth, and for other good and valuable consideration, the receipt and adequacy of  which are all hereby acknowledged, the Guarantors and the Guarantied Party covenant and agree  as follows:         1.    AMENDMENTS.          (a)   Section 1 of the Guaranty Agreement is hereby amended by adding the following   defined terms thereto to read as follows:                “CFC”  means  a  controlled  foreign  corporation  within  the  meaning of         Section 957 of the Code.                “HOT-TX” means Helen of Troy Texas Corporation, a Texas corporation.          (b)   Clause (v) of Section 8(b)(9) of the Guaranty Agreement is hereby amended to   read as follows:                (v) if  the  Acquisition  results  in  a  Domestic  Subsidiary  (other than a CFC or a         Subsidiary considered to be a “disregarded entity” for United States federal income tax         purposes and owned by a CFC) being acquired having a net worth at the time of such         Acquisition of more than $25,000,000, such Subsidiary shall execute and deliver to the         Purchaser  (x) a  supplement  to  this  Guaranty  Agreement,  (y) incumbency  certificate,         Organization  Documents  and  documents  evidencing  due  organization, valid existence,    DAL 80438036v4  

 

          good standing and qualification to do business, and (z) a favorable opinion of counsel to         such Person located in the jurisdiction of organization of such Person, in form, content         and scope reasonably satisfactory to the Purchaser;          (c)   Each  reference  to  “HOT-L.P.”  set  forth  (i)  in  the  definition  of “Change of   Control”, “Credit Facility”, “ERISA Event”, “Multiemployer Plan”, “Multiple Employer Plan”,   “Pension Plan” and “Plan” and (ii) in Sections 6(l), 6(o), 7(b), 8(b), 8(d), 8(e) and 8(m) of the   Guaranty Agreement is hereby amended to reference HOT-TX, from and after the effectiveness   of this Agreement in accordance with Section 3.          2.    REPRESENTATIONS  AND  WARRANTIES  TRUE;  NO  EVENT  OF   DEFAULT.   By  its  execution  and  delivery  hereof,  each  of  the  Guarantors  represents  and   warrants that, as of the date hereof:          (a)   the representations and warranties contained in the Guaranty Agreement and the   other Loan Documents are true and correct on and as of the date hereof as made on and as of   such date, except to the extent that such representations and warranties specifically refer to an   earlier date, in which case they shall be true and correct on such earlier date;         (b)   no event has occurred and is continuing which constitutes a Default or an Event of  Default;         (c)   (i) each Guarantor has full power and authority to execute and deliver this Fifth  Amendment, (ii) this Fifth Amendment has been duly executed and delivered by the Guarantors,  and (iii) this Fifth Amendment and the Guaranty Agreement, as amended hereby, constitute the  legal,  valid  and  binding  obligations  of  the  Guarantors,  as  the case  may  be,  enforceable  in  accordance  with  their  respective terms,  except  as  enforceability  may  be  limited  by  applicable  Debtor Relief Laws and by general principles of equity (regardless of whether enforcement is  sought in a proceeding in equity or at law) and except as rights to indemnity may be limited by  federal or state securities laws;         (d)   neither the execution, delivery and performance of this Fifth Amendment or the  Guaranty  Agreement,  as  amended  hereby,  nor  the  consummation  of any  transactions  contemplated herein or therein, will conflict with any Law or Organization Documents of any of  the Guarantors, or any indenture, agreement or other instrument to which the Guarantors or any  of their respective property is subject; and         (e)   no authorization, approval, consent, or other action by, notice to, or filing with,  any  Governmental  Authority  or  other  Person  not  previously  obtained  is  required  for  the  execution, delivery or performance by any of the Guarantors of this Fifth Amendment.          3.    CONDITIONS TO EFFECTIVENESS.  This Fifth Amendment shall be effective   upon satisfaction or completion of the following:          (a)   the  Guarantied  Party  shall  have  received  counterparts  of  this  Fifth  Amendment   executed by each of the Guarantors and acknowledged by the Borrower;                                            2  

 

        (b)   the representations and warranties set forth in Section 2 above shall be true and  correct; and         (c)   the Guarantied Party shall have received, in form and substance satisfactory to the  Guarantied  Party  and  its  counsel,  such  other  documents,  certificates  and  instruments  as  the  Guarantied Party shall reasonably require.         4.    REFERENCE TO THE GUARANTY AGREEMENT.         (a)   Upon the effectiveness of this Fifth Amendment, each reference in the Guaranty  Agreement  to  “this  Agreement”,  “hereunder”,  or  words  of  like  import shall mean and be a  reference to the Guaranty Agreement, as affected and amended hereby.         (b)   The Guaranty Agreement, as amended by the amendments referred to above, shall  remain in full force and effect and is hereby ratified and confirmed.         5.    COSTS, EXPENSES AND TAXES.  The Guarantors agree to pay on demand all  reasonable  costs  and  expenses  of  the  Guarantied  Party  in  connection  with  the  preparation,  reproduction,  execution  and  delivery  of  this  Fifth  Amendment  and  the  other  instruments  and  documents to be delivered hereunder (including the reasonable fees and out-of-pocket expenses  of counsel for the Guarantied Party with respect thereto).         6.    BORROWER’S  ACKNOWLEDGMENT.   By  signing  below,  the  Borrower  (a) acknowledges,  consents  and  agrees  to  the  execution,  delivery  and  performance  by  the  Guarantors of this Fifth Amendment, (b) acknowledges and agrees that its obligations in respect  of  the  Guaranty  Agreement  (i) are  not  released,  diminished,  waived,  modified,  impaired  or  affected in any manner by this Fifth Amendment or any of the provisions contemplated herein,  (c) ratifies  and  confirms  its  obligations  under  the  Guaranty  Agreement,  and  (d) acknowledges  and agrees that it has no claims or offsets against, or defenses or counterclaims to, its obligations  under the Loan Agreement.         7.    EXECUTION IN COUNTERPARTS.  This Fifth Amendment may be executed  in any number of counterparts and by different parties hereto in separate counterparts, each of  which when so executed and delivered shall be deemed to be an original and all of which when  taken  together  shall  constitute  but  one  and  the  same  instrument.   For  purposes  of  this  Fifth  Amendment,  a  counterpart  hereof  (or  signature  page  thereto)  signed  and  transmitted  by  any  Person party hereto to the Guarantied Party (or its counsel) by facsimile machine, telecopier or  electronic mail is to be treated as an original.  The signature of such Person thereon, for purposes  hereof,  is  to  be  considered  as  an  original  signature,  and  the  counterpart  (or  signature  page  thereto)  so  transmitted  is  to  be  considered  to  have  the  same  binding  effect  as  an  original  signature on an original document.        8.     GOVERNING  LAW;  BINDING  EFFECT.   This  Fifth  Amendment  shall  be  governed  by  and  construed  in  accordance  with  the  laws  of  the  State  of  Texas  applicable  to  agreements made and to be performed entirely within such state, provided that each party shall  retain all rights arising under federal law, and shall be binding upon the parties hereto and their  respective successors and assigns.                                          3  

 

          9.    HEADINGS.  Section headings in this Fifth Amendment are included herein for   convenience of reference only and shall not constitute a part of this Fifth Amendment for any   other purpose.          10.   ENTIRE  AGREEMENT.   THE  GUARANTY  AGREEMENT,  AS  AMENDED   BY  THIS  FIFTH  AMENDMENT,  AND  THE  OTHER  LOAN  DOCUMENTS  REPRESENT   THE  FINAL  AGREEMENT  BETWEEN  THE  PARTIES  AND  MAY  NOT  BE   CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT   ORAL  AGREEMENTS BETWEEN THE PARTIES.  THERE ARE NO UNWRITTEN ORAL  AGREEMENTS BETWEEN THE PARTIES.                REMAINDER OF PAGE LEFT INTENTIONALLY BLANK                                                     4  

 

        IN WITNESS WHEREOF, this Fifth Amendment is executed as of the date first set forth  above.                                            GUARANTORS:                                                                                      HELEN OF TROY L.P.,                                           a Texas limited partnership                                           By:    HELEN OF TROY NEVADA                                                  CORPORATION,                                                  a Nevada corporation, General Partner                                           HELEN OF TROY LIMITED,                                           a Bermuda company                                           HELEN OF TROY LIMITED,                                           a Barbados corporation                                           HOT NEVADA, INC.,                                           a Nevada corporation                                           HELEN OF TROY NEVADA CORPORATION,                                           a Nevada corporation                                           HELEN OF TROY TEXAS CORPORATION,                                            a Texas corporation                                           IDELLE LABS LTD.,                                            a Texas limited partnership                                           By:    HELEN OF TROY NEVADA                                                  CORPORATION,                                                   a Nevada corporation, General Partner                                           OXO INTERNATIONAL LTD.,                                            a Texas limited partnership                                           By:    HELEN OF TROY NEVADA                                                  CORPORATION,                                                   a Nevada corporation, General Partner                                           PUR WATER PURIFICATION PRODUCTS, INC.,                                            a Nevada corporation                                           KAZ, INC.,                                           a New York corporation                                           KAZ USA, INC.,                                            a Massachusetts corporation                                           KAZ CANADA, INC.,                                           a Massachusetts corporation                                           STEEL TECHNOLOGY, LLC,                                           an Oregon limited liability company                                                                                                               Signature Page to Fifth Amendment to Guaranty AgreementExhibit
10.1

 

October
25, 2018

 

AGM
Group Holdings Inc.

 

Room
2112, 1 Jinghua South Road, Wangzuo Plaza East Tower

 

Beijing,
China 10020

 

Board
of Directors,

 

Please
accept my resignation as Independent Director and Chairman of Audit Committee at AGM Group Holdings Inc., effective from December
31, 2018.

 

I
appreciate the opportunities from growth and development the company have provided during my tenure.

 

Please
let know how I can be of help during the transition period. I wish the company the very best going forward.

 

Sincerely,

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