Document:

Exhibit 10.1

 

THIRD
AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

This
Third Amendment TO LOAN AND SECURITY AGREEMENT (the “Amendment”), is dated December 7, 2021, and is made by
and among (a) AIR INDUSTRIES MACHINING, CORP., a New York corporation (“AIM”), NASSAU TOOL WORKS, INC., a New York
corporation (“NTW”), THE STERLING ENGINEERING CORPORATION, a Connecticut corporation (“Engineering”;
and together with AIM and NTW, “Borrowers”), (b) AIR INDUSTRIES GROUP, a Nevada corporation (“Parent”)
and AIR REALTY GROUP, LLC, a Connecticut limited liability company (“Realty”; and together with Parent, the “Guarantors”)
and (b) STERLING NATIONAL BANK, a national banking association (together with its successors and permitted assigns, the “Lender”).

 

Recitals

 

Pursuant to that certain Loan
and Security Agreement, dated as of December 31, 2019 (the “Loan Agreement”) by and among Borrowers, Guarantors, the
other Credit Parties party thereto, and Lender, Lender has agreed to make certain financial accommodations available to Borrowers from
time to time pursuant to the terms and conditions thereof (capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Loan Agreement, as amended hereby).

 

Borrowers have requested that
Lender make certain amendments to the Loan Agreement pursuant to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

 

1.
Amendments to Loan Agreement. As of the effective date of this Amendment, the Loan Agreement is amended as follows:

 

(a)
Section 1.1. Section 1.1 of the Loan Agreement is hereby amended by the amendment and restatement or the addition, as applicable,
of each of the following definitions, to read in their entirety as follows:

 

“Adjusted Base Rate”
means, for any Loan, the greater of (i) 3.50% and (ii) a rate per annum equal to the sum of the Base Rate plus the Applicable Margin for
such Loan.

 

“Applicable
Margin” means, for any day with respect to a Revolving Loan, negative sixty-five hundredths (- 0.65%) of one percent per annum,
and (b) for any day with respect to the Term Loan, negative sixty-five hundredths (-0.65%) of one percent per annum.

 

“Base Rate”
means the greater of (i) 3.50% and (ii) the rate per annum published from time to time in the “Money Rates” table of the Wall
Street Journal (or such other presentation within The Wall Street Journal as may be adopted hereafter for such information) as the base
or prime rate for corporate loans at the nation’s largest commercial banks (or if more than one such rate is published, the higher
or highest of the rates so published) or, if such rate is no longer published by the Wall Street Journal, then the highest per annum interest
rate published by the Federal Reserve Board in Federal Reserve Statistical Release H. 15 (519) (Selected Interest Rates) as the “bank
prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by Lender in its Permitted
Discretion) or any similar release by the Federal Reserve Board (as determined by Lender in its Permitted Discretion). Such rate may not
necessarily be the lowest or best rate actually charged to any customer of such commercial bank.

 

     

     

    

 

“Default
Rate” means a rate per annum equal to the lesser of (a) the sum of (i) the Adjusted Base Rate for such Loan (which
shall be adjusted, from time to time, simultaneously with any change in the Base Rate) plus (ii) two percent (2.0%) and
(b) the Maximum Rate.

 

“Fixed Charge
Coverage Ratio” means, for a Person on any date of determination, the ratio of (a) EBITDA less unfinanced Capital
Expenditures to (b) (i) taxes paid in cash, plus (ii) to the extent Distributions have not been reflected in net income, Distributions
that are made by Parent (provided that Distributions by Parent are not permitted without Lender’s prior written consent, which consent
may be granted or withheld in Lender’s sole and absolute discretion), plus, (iii) Interest Expense paid in cash, plus
(iv) principal payments made or required to be made on any and all long term Debt (other than in respect of the Revolving Loans prior
to the Maturity Date), in each case determined for such Person and its Subsidiaries on a consolidated basis in accordance with GAAP on
a rolling twelve month basis on such date of determination, minus (v) Permitted Subordinated Indebtedness Payments made to Taglich
Brothers Inc. during such period.

 

“Inventory
Sublimit” means $14,000,000.

 

“Maturity
Date” means (a) December 30, 2025 or (b) December 30, 2022, in the event that the Credit Parties fail to deliver to Lender amendments
to Subordination Agreements, in form and substance satisfactory to Lender, extending the maturity date with respect to any and all Subordinated
Debt to no earlier than June 30, 2026.

 

“Permitted
Subordinated Indebtedness Payments” shall have the meaning set forth in that certain Subordination Agreement dated as of December
31, 2019, by and among Lender and Taglich Brothers Inc., Michael N. Taglich, Michael N. Taglich & Claudia Taglich JTWROS, and Robert
F. Taglich as subordinated creditors.

 

“Revolving Credit Limit”
means $20,000,000.

 

(b)
Section 3.1. Section 3.1(a) of the Loan Agreement is amended and restated in its entirety to read as follows:

 

(a) Except
as otherwise provided herein, all outstanding Loans shall bear interest at a per annum rate equal to the lesser of (1) the Adjusted Base
Rate for such Loan and (2) the Maximum Rate.

 

2.
No Other Changes; Affirmation of Obligations and Liens. Except as explicitly amended by this Amendment, all of the terms
and conditions of the Loan Agreement shall remain in full force and effect and shall apply to any Loan made thereunder. Each Credit Party
hereby approves and consents to the amendments contemplated by this Amendment and agrees that its obligations under the Loan Agreement
and the other Loan Documents to which it is a party shall not be diminished as a result of the execution of this Amendment. This acknowledgement
by the Credit Parties is made and delivered to induce the Lender to enter into this Amendment, and the Credit Parties acknowledge that
the Lender would not enter into this Amendment in the absence of the acknowledgements contained herein. Each Credit Party hereby ratifies
and confirms the grant of a security interest in and Lien on the Collateral contained in the Loan Documents to which it is a party, which
security interest and Lien shall continue in full force and effect without interruption, and shall constitute the single grant of a security
interest and Lien.

 

    2

     

    

 

3.
Conditions Precedent. This Amendment shall be effective when Lender shall have received the following:

 

(a)
Fully executed counterparts of this Amendment properly executed by Borrowers and each Guarantor, with originals delivered to the
Lender within two (2) Business Days of the date hereof.

 

(b)
Fully executed amendments to (i) that certain Subordination Agreement dated as of December 31, 2019 by and among the subordinated
creditors party thereto, the Credit Parties, and Lender, and (ii) all other Subordination Agreements with respect to all other Subordinated
Debt of Credit Parties, extending the maturity dates thereof.

 

(c)
Payment of the amendment fee described in paragraph 5 below.

 

(d)
Such other matters as Lender may require.

 

4.
Representations and Warranties. Each Credit Party hereby represents and warrants to Lender as follows:

 

(a)
Each Credit Party has all requisite power and authority to execute this Amendment and to perform all of its obligations hereunder.

 

(b)
The execution, delivery and performance by each Credit Party of this Amendment has been duly authorized by all necessary action
on the part of such Credit Party.

 

(c)
Each Credit Party’s execution, delivery, and performance of this Amendment do not and will not conflict with, violate or
constitute a violation of or breach or default under, as applicable, (i) its organizational documents, (ii) any agreement or instrument
to which it or any of its Subsidiaries is a party or which is otherwise binding upon it or any of its Subsidiaries or (iii) any Applicable
Law applicable to it or any of its Subsidiaries.

 

(d)
No approval, consent, exemption, authorization or other action by, or notice to, or filing with, any Governmental Authority is
necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Credit Party of this Amendment.

 

(e)
This Amendment has been duly executed and delivered by each Credit Party that is a party hereto and is the legally valid and binding
obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to enforcement of creditors’ rights.

 

(f)
After giving effect to this Amendment and the transactions contemplated hereby, no Default or Event of Default has occurred and
is continuing.

 

(g)
Both immediately before and immediately after giving effect to this Amendment and the transactions contemplated hereby, all of
the representations and warranties contained in Article VII of the Loan Agreement are true, complete and correct in all respects as of
the date of this Amendment as though made on and as of the date hereof (except to the extent such representations or warranties relate
solely to an earlier date, in which case such representations and warranties shall be true and correct in all respects as of such earlier
date).

 

    3

     

    

 

5.
Amendment Fee. In consideration of Lender’s agreement to enter into this Amendment, Borrowers shall pay to Lender
a non-refundable amendment fee in an amount equal to $75,000, which amendment fee has been fully earned as of the effective date of this
Amendment, and which shall be charged as a Loan upon execution and delivery of this Amendment.

 

6.
References. All references in the Loan Agreement to “this Agreement” shall be deemed to refer to the Loan Agreement
as amended hereby; and any and all references in the Loan Documents to the Loan Agreement shall be deemed to refer to the Loan Agreement
as amended hereby.

 

7.
No Waiver. The execution of this Amendment shall not be deemed to be a waiver of any Default or Event of Default under the
Loan Agreement or breach, default or event of default under any Loan Documents or other document held by Lender, whether or not known
to Lender and whether or not existing on the date of this Amendment.

 

8.
Release. Each Credit Party hereby absolutely and unconditionally releases and forever discharges Lender, and any and all
participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof,
together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims,
demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any
state or federal law or otherwise, which such Credit Party has had, now has or has made claim to have against any such person for or by
reason of any act, omission, matter, cause or thing whatsoever relating to any Loan Document arising from the beginning of time to and
including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

 

9.
Costs and Expenses. Borrowers hereby reaffirm their agreement under the Loan Agreement to pay or reimburse Lender on demand
for all costs and expenses relating to this Amendment. Without limiting the generality of the foregoing, Borrowers specifically agree
to pay Lender’s reasonable costs and expenses (including reasonable attorneys’ fees and costs) incurred in in connection with
the preparation of this Amendment and the documents and instruments incidental hereto. Borrowers hereby agree that Lender may, at any
time or from time to time in its sole discretion and without further authorization by Borrowers, make a Loan to Borrowers under the Loan
Agreement, or apply the proceeds of any Loan, for the purpose of paying any such fees, disbursements, costs and expenses.

 

10.
Execution in Counterparts. This 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 taken together
shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile
or other electronic transmission (i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed
counterpart of this Amendment. Notwithstanding the foregoing, the Credit Parties shall promptly deliver original signatures of this Amendment
to Lender.

 

11.
Headings. Section Headings are for convenience of reference only, and are not part of, and are not to be taken into consideration
in interpreting this Amendment.

 

12.
Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

[Signature pages follow]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed as of the date first written above.

 

	 	AIR INDUSTRIES MACHINING, CORP.,
	 	as a Borrower
	 	 
	 	By:	/s/ Michael Recca
	 	Name: 	Michael Recca
	 	Title:	Chief Financial Officer
	 	 	 
	 	NASSAU TOOL WORKS, INC., as a Borrower
	 	 	 
	 	By:	/s/ Michael Recca
	 	Name:	Michael Recca
	 	Title:	Chief Financial Officer
	 	 	 
	 	THE STERLING ENGINEERING CORPORATION, as a Borrower
	 	 
	 	By:	/s/ Michael Recca
	 	Name:	Michael Recca
	 	Title:	Chief Financial Officer
	 	 	 
	 	AIR INDUSTRIES GROUP, as a Guarantor
	 	 
	 	By:	/s/ Michael Recca
	 	Name:	Michael Recca
	 	Title:	Chief Financial Officer
	 	 	 
	 	AIR REALTY GROUP, LLC, as a Guarantor
	 	 
	 	By:	/s/ Michael Recca
	 	Name:	Michael Recca
	 	Title:	Chief Financial Officer
	 	 	 
	 	STERLING NATIONAL BANK
	 	 	 
	 	By:  	/s/ Mark J. Long
	 	Name:	Mark J. Long
	 	Title:	Managing Director

 

Third Amendment to Loan and Security Agreement

 

 

5Filed by Avantafile.com - Himalaya Technologies, Inc. - Exhibit 10.1

COMMON STOCK PURCHASE
AGREEMENT

 

This Common Stock
Purchase Agreement (this “Agreement”) is effective as of November
28, 2021, by and between GenBio, Inc., a Delaware corporation
(the “Company”), and Himalaya Technologies Inc. a/k/a
 Homeland Resources Ltd. (“Purchaser”).

 

WHEREAS, Purchaser desires
to purchase from the Company and the Company desires to sell 13,883,812 shares
of the Common Stock of the Company (“Common Stock”) in return for 99,686
Series B preferred shares convertible into 99,685,794 Common Shares (the “Share
Contribution”) pursuant to the terms and conditions set forth herein;

 

NOW, THEREFORE, in
consideration for the mutual promises and covenants set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto hereby agree as follows:

 

Number
of Shares.  Subject to the terms and
conditions of this Agreement, the Purchaser hereby agrees to purchase from the
Company, and the Company agrees to sell and issue to the Purchaser,  Himalaya Technologies Inc. A.K.A.  Homeland Resources Ltd. (“Purchaser”).

 

1.                 
13,883,812 shares of the Common Stock (the “Stock”), in consideration for Purchaser’s issuance of
the 99,686  Series B preferred shares
convertible into 99,685,794 Common Shares (the “Share Contribution”) Share
Contribution to the Company. 

 

2.                 
Legends.  All certificates representing any shares of
Stock subject to the provisions of this Agreement shall have endorsed thereon
the following legends:

 

(a)               
“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS
MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN
OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY
TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION
IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH
ACT.”

 

(b)              
Any legend required to be placed thereon under applicable
state securities laws.

 

3.                 
Representations and Warranties.  In connection with the purchase of the Stock,
the Purchaser hereby agrees, represents and warrants as follows:

 

(a)               
The Purchaser is purchasing the Stock solely for the
Purchaser’s own account for investment and not with a view to, or for resale in
connection with, any distribution thereof within the meaning of the Securities
Act of 1933, as amended (the “Securities Act”).

 

(b)              
The Purchaser is aware of the Company’s business affairs
and financial condition and has acquired sufficient information about the
Company to reach an informed and knowledgeable decision to acquire the
Stock.  The Purchaser further represents
and warrants that Purchaser has discussed the Company and its plans, operations
and financial condition with its officers, has received all such information as
Purchaser deems necessary and appropriate to enable Purchaser to evaluate the
financial risk inherent in making an investment in the Stock and has received
satisfactory and complete information concerning the business and financial
condition of the Company in response to all inquiries in respect thereof.

 

(c)               
The Purchaser understands that Purchaser’s purchase of
the Stock will be a highly speculative investment, and Purchaser is able,
without impairing Purchaser’s financial condition, to hold the Stock for an
indefinite period of time and to suffer a complete loss of Purchaser’s
investment.

 

(d)              
The Company has disclosed to the Purchaser that:

 

(i)                
The sale of the Stock has not been registered under the
Securities Act, that the Stock must be held indefinitely unless a transfer of
it is subsequently registered under the Securities Act or an exemption from
such registration is available, and that the Company is under no obligation to
register the Stock; and

 

(ii)              
The Company will make a notation in its records of the aforementioned
restrictions on transfer and legends.

 

(e)               
The Purchaser is aware of the provisions of Rule 144
promulgated under the Securities Act, which, in substance, permits limited
public resale of “restricted securities” acquired, directly or indirectly, from
the issuer thereof (or an affiliate of such issuer), in a nonpublic offering
subject to the satisfaction of certain conditions, including among other
things, the resale occurring not less than six months after the date the
Purchaser has purchased and paid for the Stock and the availability of certain
public information concerning the Company. 
The Purchaser further represents that Purchaser understands that at the
time Purchaser wishes to sell the Stock there may be no public market on which
to make such a sale, and that, even if such a public market then exists, the
Company may not be satisfying the current public information requirements of
Rule 144, and that, in such event, the Purchaser would be precluded from
selling the Stock under Rule 144 even if the six-month minimum holding
period had been satisfied.

 

(f)               
Without in any way limiting the Purchaser’s
representations and warranties set forth above, the Purchaser further agrees
that the Purchaser shall in no event make any disposition of all or any portion
of the Stock which the Purchaser is purchasing unless and until:

 

(i)                
There is then in effect a registration statement under
the Securities Act covering such proposed disposition and such disposition is
made in accordance with said registration statement; or

 

(ii)              
The Purchaser shall have (1) notified the Company of
the proposed disposition and furnished the Company with a detailed statement of
the circumstances surrounding the proposed disposition, and (2) if
reasonably requested by the Company, furnished the Company with an opinion of
the Purchaser’s own counsel to the effect that such disposition will not
require registration of such shares under the Securities Act, and such opinion
of the Purchaser’s counsel shall have been concurred in by counsel for the Company,
and the Company shall have advised the Purchaser of such concurrence.

 

4.                 
“Market Stand-Off” Agreement.  The Purchaser hereby agrees that in
connection with any underwritten public offering by the Company, during the
period of duration (not to exceed one hundred eighty (180) days, or such other
period as may be requested by the Company or an underwriter of the offering to
accommodate regulatory restrictions on (1) the publication or other
distribution of research reports and (2) analyst recommendations and opinions,
including, but not limited to, the restrictions contained in applicable FINRA
or NYSE Rules, or any successor provisions or amendments thereto) specified by
the Company and an underwriter of Common Stock of the Company following the
effective date of the registration statement of the Company filed under the
Securities Act with respect to such offering, the Purchaser will not, to the
extent requested by the Company and such underwriter, directly or indirectly
sell, offer to sell, contract to sell (including, without limitation, any short
sale), grant any option to purchase, pledge or otherwise transfer or dispose of
(other than to donees who agree to be similarly bound) any securities of the
Company held by the Purchaser at any time during such period except Common
Stock included in such registration.  If
requested by such underwriter, the Purchaser agrees to execute a lock-up
agreement in such form as the underwriter may reasonably propose. 

 

5.                 
Transfers in Violation of Agreement.  The Company shall not be required (i) to
transfer on its books any shares of Stock which shall have been sold or
transferred in violation of any of the provisions set forth in this Agreement
or (ii) to treat as owner of such shares or to accord the right to vote as
such owner or to pay dividends to any transferee to whom such shares shall have
been so transferred.

 

6.                 
Miscellaneous.

 

(a)               
Further Instruments. The parties agree
to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement.

 

(b)              
Notice. All notices
required or permitted hereunder shall be in writing and shall be deemed
effectively given (i) upon personal delivery, (ii) when sent by confirmed
facsimile or email, if sent during normal business hours of recipient, or if
not, then on the next business day, or (iii) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with
written verification of receipt.  All
communications shall be sent to the party to be notified at the address as set
forth on the signature pages hereof or at such other address as such party may
designate by ten (10) days’ advance written notice to the other parties hereto.

 

(c)               
Successors and Assigns.  This Agreement shall inure to the benefit of
the successors and assigns of the Company and be binding upon the Purchaser,
the Purchaser’s heirs, executors, administrators, successors and assigns.

 

(d)              
Applicable Law; Entire Agreement;
Amendments.  This Agreement, together with
the exhibits hereto, shall be governed by and construed in accordance with the
laws of the State of Delaware, without giving effect to principles of conflicts
of law.  This Agreement constitutes the
entire agreement of the parties with respect to the subject matter hereof and supersedes
all prior written or oral agreements, and no amendment or addition hereto shall
be deemed effective unless agreed to in writing by the parties hereto.

 

(e)               
Right to Specific Performance.  The Purchaser agrees that the Company shall
be entitled to a decree of specific performance of the terms hereof or an
injunction restraining violation of this Agreement, said right to be in
addition to any other remedies available to the Company.

 

(f)               
Severability.  If any provision of this Agreement is held by
a court to be invalid, void or unenforceable, the remaining provisions shall
nevertheless continue in full force and effect without being impaired or
invalidated in any way and shall be construed in accordance with the purposes
and tenor and effect of this Agreement.

 

(g)               
Counterparts.  This Agreement may be executed in
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

 

Signature Page

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on November 28, 2021, to be
effective as of the date first set forth above.

	PURCHASER

Himalaya
  Technologies Inc. a/k/a Homeland Resources Ltd. 

  	 

  	COMPANY

GenBio, Inc.

  
	 

  	 

  	 

  
	By:       

  	 

  	By:           

  
	Name:      Vikram Grover

  	 

  	Name:      Giles
  Tilley

  
	Title:        Chief Executive Officer

  	 

  	Title:         Chief Executive Officer

  
	 

  	 

  	 

  
	Address:  1 E. Erie St. Suite 525 #2420
                Chicago, IL 60611
 

  	 

  	Address:   23411 Summerfield Ste.#22C
                  Aliso Viejo, CA 92656

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