Document:

Exhibit
4.3

 

SECOND
AMENDMENT TO SECOND AMENDED AND RESTATED

REVOLVING
CREDIT, TERM LOAN AND SECURITY AGREEMENT AND WAIVER

 

THIS
SECOND AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT AND WAIVER, dated as of August 10,
2021 (this “Amendment”), relating to the Credit Agreement referenced below, is by and among PERMA-FIX ENVIRONMENTAL
SERVICES, INC., a Delaware corporation (the “Borrower”), the lenders identified on the signature pages hereto (the
“Lenders”), and PNC Bank, National Association, a national banking association, as agent for the Lenders (in such
capacity, the “Agent”). Terms used herein but not otherwise defined herein shall have the meanings provided to such
terms in the Credit Agreement.

 

W
I T N E S S E T H

 

WHEREAS,
a credit facility has been extended to the Borrower pursuant to the terms of that certain Second Amended and Restated Revolving Credit,
Term Loan and Security Agreement dated as of May 8, 2020 (as amended and modified from time to time, the “Credit Agreement”)
among the Borrower, the Lenders identified therein, and PNC Bank, National Association, as agent for the Lenders;

 

WHEREAS,
the Borrower has requested certain modifications to the Credit Agreement; and

 

WHEREAS,
the Required Lenders have agreed to the requested modifications on the terms and conditions set forth herein;

 

NOW,
THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.
Amendments. The Credit Agreement is amended as set forth below:

 

(a)
Section 6.5 is amended to read as follows:

 

“
“6.5. Financial Covenants.

 

(a)
Tangible Adjusted Net Worth.

 

Maintain
at all times a Tangible Adjusted Net Worth in an amount not less than $27,000,000.

 

(b)
Fixed Charge Coverage Ratio.

 

Cause
to be maintained a Fixed Charge Coverage Ratio of not less than 1.15 to 1.0 for (i) the one quarter period ending as of December 31,
2021; (ii) the two quarter period ending as of March 31, 2022; (iii) the three quarter period ending as of June 30, 2022; and (iv) the
four quarter period ending as of September 30, 2022 and for each fiscal quarter thereafter.

 

    	 

    	 

    

 

(c)
Minimum Undrawn Availability.

 

Maintain
Undrawn Availability of at least $3,000,000 at all times until receipt by Agent of Borrower’s December 31, 2021 Compliance Certificate.”

 

(b)
Exhibit 1.2(a) is deleted in its entirety and replaced with a new Exhibit 1.2(a) attached hereto and incorporated herein by reference.

 

2.
Waiver. The Agent and the Required Lenders waive the Event of Default resulting from Borrowers’ failure to comply with Section
6.5(b) (Fixed Charge Coverage Ratio) for the fiscal quarter ending as of June 30, 2021.

 

3.
Conditions Precedent. This Amendment shall be effective as of the date hereof upon satisfaction of the following conditions:

 

(a)
the execution of this Amendment by the Borrower, the Required Lenders and the Agent, and

 

(b)
receipt by the Agent of an amendment fee of $15,000.

 

4.
Representations and Warranties. The Borrower hereby represents and warrants in connection herewith that as of the date hereof
(after giving effect hereto) (i) the representations and warranties set forth in Article V of the Credit Agreement are true and correct
in all material respects (except those which expressly relate to an earlier date), and (ii) no Default or Event of Default has occurred
and is continuing under the Credit Agreement.

 

5.
Acknowledgments, Affirmations and Agreements. The Borrower (i) acknowledges and consents to all of the terms and conditions of
this Amendment and (ii) affirms all of its obligations under the Credit Agreement and the Other Documents.

 

6.
Credit Agreement. Except as expressly modified hereby, all of the terms and provisions of the Credit Agreement remain in full
force and effect.

 

7.
Expenses. The Borrower agrees to pay all reasonable costs and expenses in connection with the preparation, execution and delivery
of this Amendment, including the reasonable fees and expenses of the Agent’s legal counsel.

 

8.
Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall
be deemed an original. It shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.

 

9.
Governing Law. This Amendment shall be deemed to be a contract under, and shall for all purposes be construed in accordance with,
the laws of the State of New York.

 

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IN
WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

 

	BORROWER:	 	PERMA-FIX
    ENVIRONMENTAL
	 	 	SERVICES,
    INC.
	 	 	 
	 	By
    :	/s/
    Ben Naccarato
	 	Name:	Ben
    Naccarato
	 	Title
    :	CFO

 

	AGENT
    AND LENDER:	 	PNC
    BANK, NATIONAL ASSOCIATION,
	 	 	in
    its capacity as Agent and as Lender
	 	 	 
	 	By
    :	/s/
    Scott Goldstein
	 	Name:	Scott
    Goldstein
	 	Title
    :	Senior
    Vice President

 

Second
Amendment to Second Amended and Restated

Revolving
Credit, Term Loan and Security Agreement

Perma-Fix

 

    	 

    	 

    

 

Exhibit
1.2(a)

 

[Letterhead
of Company]

 

COMPLIANCE
CERTIFICATE __________________, 20__

 

PNC
Bank, National Association, as Agent

One
Piedmont Town Center

4720
Piedmont Row Drive

Suite
300

Charlotte,
NC 28210

Attention:
Scott Goldstein

 

The
undersigned, the [Chief Executive Officer][President][Chief Financial Officer][Controller] of Perma-Fix Environmental Services,
Inc., a Delaware corporation, gives this certificate to PNC Bank, National Association, as Agent (in such capacity, the “Agent”),
in accordance with the requirements of Section 9.7 and 9.8 (Annual and Quarterly Financial Statements) of that certain Second
Amended and Restated Revolving Credit, Term Loan and Security Agreement dated as of May __, 2020, among the Borrower, the financial institutions
which are parties thereto as Lenders, and the Agent (the “Loan Agreement”).

 

Capitalized
terms used in this Certificate, unless otherwise defined herein, shall have the meanings ascribed to them in the Loan Agreement.

 

1.
Based upon my review of the financial statements of the Company for the [Fiscal Year/Quarter] ending __________________, 20__, copies
of which are attached hereto, I hereby certify that:

 

	 	(a)	Section
    6.5(a), the Tangible Adjusted Net Worth is [satisfied / not satisfied] at $__________ when compared to the required amount of at
    least $27,000,000.
	 	 	 
	 	(b)	Section
    6.5(b), the Fixed Charge Coverage Ratio is [satisfied / not satisfied] at _____ to 1.0 when compared to the required 1.15 to 1.0
    for (i) the one quarter period ending as of December 31, 2021; (ii) the two quarter period ending as of March 31, 2022; (iii)
    the three quarter period ending as of June 30, 2022; and (iv) the four quarter period ending as of September 30, 2022 and as of the
    end of each fiscal quarter thereafter.
	 	 	 
	 	(c)	Section
    6.5(c), Minimum Undrawn Availability is [satisfied/not satisfied] of $____________ when compared to the required $3,000,000.
	 	 	 
	 	(d)	Sections
    7.4, Investments are [satisfied/not satisfied] as there are $xx,xxx (if none, so state) outstanding.
	 	 	 
	 	(e)	Sections
    7.5(a), Loans are [satisfied/not satisfied] as no advances, loans or extensions of credit have been made except for extensions of
    trade credit in connection with the sale of Inventory in the Ordinary Course of Business and Section 7.5(b), Loans to employees in
    the Ordinary Course of Business in the amount of $xx,xxx (if none, so state) are [less/more] than the allowable amount of $1,000,000
    in the aggregate.

 

    	 

    	 

    

 

	 	(f)	Sections
    7.6, Capital Expenditures are [satisfied/not satisfied] as $xx,xxx is [less/more] than the allowable amount of $6,000,000 for any
    fiscal year.
	 	 	 
	 	(g)	Sections
    7.7, Dividends and Distributions are [satisfied/not satisfied] as the payment of all dividends and distributions comply with the
    provisions of Section 7.7.
	 	 	 
	 	(h)	Sections
    7.8, Create additional Indebtedness is [satisfied/not satisfied] as such additional Indebtedness complies with the provisions of
    Section 7.8.
	 	 	 
	 	(i)	Sections
    7.11, Leases are [satisfied/not satisfied] as $xx,xxx is [less/ more] when compared to the annual rental payments for all
    property of $1,000,000.

 

	2.	No
    Default exists on the date hereof, other than: _______________[if none, so state]; and
	 	 
	3.	No
    Event of Default exists on the date hereof, other than _____________ [if none, so state].
	 	 
	4.	As
    of the date hereof, if applicable, Borrower is current in all material respects in payment of all accrued rent, warehouse fees, and
    other charges to Persons who own or lease any premises where any of the Collateral is located, and there are no pending disputes
    or claims regarding Borrowers’ failure to pay or delay in payment of any such rent or other charges.
	 	 
	5.	Additionally,
    as of the date hereof, as required by Section 9.3, to the best of my knowledge, Borrower is in compliance in all material respects
    with all federal, state and local laws relating to environmental protection and control and occupational safety and health, or if
    such is not the case, specifying in all areas of material non-compliance of which such officer has actual knowledge and the proposed
    action Borrower will implement in order to achieve compliance in all material respects unless full compliance is otherwise required.
	 	 
	6.	The
    financial statements attached hereto are complete and accurate in all respects and were prepared in accordance with GAAP, consistently
    applied, except for the absence of footnotes and subject to year end audit adjustments, and except as may be disclosed in such financial
    statements.

 

	 	PERMA-FIX
    ENVIRONMENTAL SERVICES, INC.
	 	 
	 	_________________
    as [Chief Executive Officer] [President] [Chief Financial Officer] [Controller]
	 	 
	 	Dated
    ______________

 

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SpreadsheetExhibit 10.1

 

RESTRICTED STOCK UNIT AGREEMENT

 

This Restricted Stock Unit
Agreement (this “Agreement”), entered into as of August 5, 2021 (the “Grant Date”), sets forth the terms and conditions
of an award (this “Award”) of restricted stock units (“RSUs”) granted by Ecoark Holdings, Inc., a Nevada corporation
(the “Company”), to Peter Mehring (the “Recipient”).

 

1. Definition
and Incorporation of Certain Terms. This Award is made pursuant to the Company’s 2017 Omnibus Incentive Plan (the “Plan”)
and the equity award granted hereunder shall be made from the pool of equity awards authorized under the Plan. The terms of the Plan are
otherwise incorporated in this Agreement. Capitalized terms used in this Agreement that are not defined in this Agreement have the meanings
as used or defined in the Plan. The Recipient hereby acknowledges receipt of the Plan.

 

2. Award.
Effective as of the Grant Date, the Recipient was granted 272,252 RSUs. In addition, upon shareholder approval of an increase in the Plan
(or a new Equity Incentive Plan), the Company shall grant the Recipient an additional 63,998 RSUs (“Additional RSUs”). These
Additional RSUs will be subject to an agreement substantially similar to this Agreement. In consideration for the Award, the Recipient
hereby cancels 672,499 stock options as evidenced by Exhibit A.

 

3. Vesting.

 

(a) The
RSUs will vest in 12 equal quarterly increments with the first vesting date being November 4, 2021, as detailed on Schedule A.
All RSUs shall immediately vest upon (i) the Recipient ceasing to be an employee, advisor, director or consultant for the Company, or
(ii) upon the Company or its wholly-owned subsidiary, Zest Labs, Inc., a Delaware corporation (“ZEST”), incurring a Change
of Control.

 

(b) Vested
RSUs shall be paid out in the form of shares of the Company’s Common Stock with delivery of the Common Stock occurring upon the vesting
dates or if vesting occurs upon a Change of Control immediately prior to the occurrence of such Change of Control.

 

4. Rights.
The Recipient will receive no benefit or adjustment to the RSUs with respect to any cash or stock dividend, or other distributions except
as provided for in the Plan. Further, the Recipient will have no voting rights with respect to the RSUs until the shares of Common Stock
are delivered.

 

    

     

    

 

5. Restriction
on Transfer. The Recipient shall not sell, transfer, pledge, hypothecate or otherwise dispose of any RSUs prior to the applicable
vesting date.

 

6. Reservation
of Right to Terminate Relationship. Nothing contained in this Agreement shall restrict the right of the Company to terminate the relationship
of the Recipient at any time, with or without cause.

 

7. Tax
Payments. The Company shall pay the federal and state income taxes (the “Taxes”) of the Recipient, and the Recipient shall
have the right in his sole discretion to direct the Company to pay such Taxes by withholding of a number of shares of Common Stock equal
to the quotient of the Taxes divided by the Fair Market Value of the Common Stock as of the date of vesting.

 

8. 409A
Compliance. The provisions of this Agreement and the issuance of the shares of Common Stock in respect of the RSUs is intended to
comply with the short-term deferral exception as specified in Treas. Reg. § 1.409A-1(b)(4).

 

9. Notices
and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing, and shall
be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, as follows:

 

	The Recipient:	 	To the Recipient at the address on the signature page of this Agreement.
	 	 	 
	The Company	 	Ecoark Holdings, Inc. 
	 	 	303 Pearl Parkway
	 	 	Suite 200
	 	 	San Antonio, TX 78215
	 	 	Email:  _____________________ 
	 	 	 
	with a copy to:	 	Michael D. Harris, Esq.
	 	 	Nason, Yeager, Gerson, Harris & Fumero, P.A.
	 	 	3001 PGA Boulevard, Suite 305
	 	 	Palm Beach Gardens, Florida 33410
	 	 	Email: _____________________ 

 

or to such other address as either of them, by
notice to the other may designate from time to time.

 

10. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature.

 

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11. Attorney’s
Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement, or to the interpretation,
breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement, the prevailing party
shall be entitled to a reasonable attorney’s fee, costs and expenses

 

12. Severability.
If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of
this Agreement, and such term or condition except to such extent or in such application, shall not be affected hereby and each and every
term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application permitted by law.

 

13. Entire
Agreement. This Agreement represents the entire agreement and understanding between the parties and supersedes all prior negotiations,
understandings, representations (if any), and agreements made by and between the parties. Each party specifically acknowledges, represents
and warrants that they have not been induced to sign this Agreement.

 

14. Governing
Law; Exclusive Jurisdiction. This Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder
whether relating to its execution, its validity, the obligations provided therein or performance shall be governed or interpreted according
to the internal laws of the State of Nevada without regard to choice of law considerations. Any action arising out of or related to this
Agreement shall only be brought in the state or federal courts located in Las Vegas, Nevada. The parties agree not to raise any objection
to the venue including whether it is an inconvenient forum in the federal courts.

 

15. Headings.
The headings in this Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the
provisions hereof

 

[Signature Page to Follow]

 

    3

     

    

 

	 	Ecoark Holdings, Inc.  
	 	 	 
	 	By:	/s/ Randy May
	 	 	Randy May
	 	 	Chief Executive Officer

 

	By: 	/s/ Peter Mehring	 
	 	Peter Mehring	 

 

_____________________

_____________________

Email: ________________

 

 

 

    4

     

    

 

Exhibit A – Evidence of cancelled stock options

Schedule A – RSU vesting schedule

 

 

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