Document:

CPI AEROSTRUCTURES, INC. 8-K

 

Exhibit
10.1

 

FIFTH
AMENDMENT 

TO
AMENDED AND RESTATED CREDIT AGREEMENT

 

FIFTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the “Amendment”) entered into as of June 25, 2019
by and among CPI AEROSTRUCTURES, INC. (the “Borrower”), BANKUNITED, N.A., a national banking association,
as Sole Arranger, Agent and a Lender, BNB BANK, a New York banking corporation, as a Lender (“BNB”), and the
other financial institutions from time to time parties thereto as lenders (collectively, the “Lender”), and
BANKUNITED, N.A., a national banking association, as administrative agent and collateral agent for the Lender thereunder (in such
capacities, the “Administrative Agent” and the “Collateral Agent,” respectively and each
an “Agent”).

 

WHEREAS,
the Borrower, the Agent and each Lender including Citizens Bank, N.A., a national banking association (“Citizens”),
are parties to that Amended and Restated Credit Agreement dated as of March 24, 2016, as amended by that First Amendment and Waiver
to Amended and Restated Credit Agreement dated as of May 9, 2016, as further amended by that Second Amendment to Amended and Restated
Credit Agreement dated as of July 13, 2017, as further amended by that Third Amendment and Waiver to Amended and Restated Credit
Agreement dated as of August 15, 2018, and as further amended by that Fourth Amendment dated as of December 20, 2018, as same
may be hereafter amended and modified (collectively, the “Agreement”);

 

WHEREAS,
immediately prior hereto, BNB entered into that certain Assignment and Acceptance Agreement with Agent, Citizens and Borrower,
and BNB is now a Lender under the Agreement in replacement of Citizens;

 

WHEREAS,
the Borrower has requested that the Agent and each Lender amend certain provisions of the Agreement; and

 

WHEREAS,
the Agent and each Lender are willing to accede to such request to amend certain provisions of the Agreement, subject to the terms
and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the premises and the agreements hereinafter set forth and for other good and valuable consideration,
the parties hereto hereby agree as follows:

 

1.                 

All capitalized terms used herein, unless otherwise defined herein, have the same meanings provided therefor in the Agreement.
This Amendment constitutes a Loan Document.

 

2.                 

Subject to the terms and conditions hereof, the Agreement is hereby amended as follows:

 

(A)            

Section 1.1 of the Agreement (Defined Terms) is amended by deleting the definitions “Revolving Credit Termination Date”
and “Term Loan Maturity Date” and substituting the following therefor:

 

“Revolving
Credit Termination Date”: June 30, 2021.

 

    	 	 	 

    	 

    

 

“Term
Loan Maturity Date”: June 30, 2021.

 

(B)             

Section 2.7 of the Agreement (Repayment of Term Loan) is amended by deleting same and substituting the following therefor:

 

“2.7Repayment
of Term Loan. The principal balance of the Term Loan shall be payable to the Administrative Agent for the account of each
Term Lender (in accordance with each Term Lender’s respective Term Loan Percentage) in consecutive monthly installments
of principal, in the principal amounts set forth on the table below, such payments commencing on May 1, 2016 with each succeeding
installment being due on the first Business Day of each month thereafter until June 1, 2021 with a final payment due on the applicable
Term Loan Maturity Date in an amount equal to the then outstanding principal balance of the Term Loan. Notwithstanding the foregoing,
upon Borrower’s receipt of a Contract Termination Payment (if any), a A-10 2015 REA Payment or Net Offering Proceeds, Borrower
shall then either (1) prepay the Term Loan (which in the case of Eurodollar Term Loans shall be on the last day of the current
Interest Period) in the principal amount equal to the applicable Designated Amount plus all accrued and unpaid interest through
the date of prepayment, or (2) at Borrower’s request (subject to Agent’s approval), deposit into a bank account held
by and pledged (as additional collateral for the Loans and any related interest rate swap obligations, if applicable) to the Agent
on behalf of the Term Lenders, on terms and documentation satisfactory to the Agent and its counsel, an amount equal to the applicable
Designated Amount. Each Term Lender shall receive its Term Loan Percentage of each installment of principal paid under the Term
Loan.

 

	First
Business Day Month
and Year	Principal Amortization Amount per Month
	May
2016 – April 2017	$41,667.67
	May
2017 – April 2018	$125,000.00
	May
2018 – August 2018	$166,666.67
	September
2018 – June 2021	$175,000.00”

 

(C)             

Schedule I of the Agreement is hereby amended by deleting same and substituting the attached Schedule I therefor.

 

(D)            

Except as amended herein, all other provisions of the Agreement and the Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

 

3.                 

Each Lender and the Borrower agree that as of [June 17, 2019], the aggregate outstanding principal amount of: (a) the Revolving
Credit Loans as evidenced by Revolving Credit

 

    	 	2	 

    	 

    

Notes
is [$25,738,684.58], and (b) the Term Loan as evidenced by the corresponding Term Notes is [$4,383,333.32].

 

4.                 

The Borrower hereby represents and warrants to each Lender that:

 

(a)              

Each and every of the representations and warranties set forth in the Agreement is true as of the date hereof and with the same
effect as though made on the date hereof, and is hereby incorporated herein in full by reference as if fully restated herein in
its entirety; provided, however, that the September 30, 2018 date in Sections 4.1 and 4.2 shall be deemed to be December 31, 2018.

 

(b)              

No Default or Event of Default and no event or condition which, with the giving of notice or lapse of time or both, would constitute
such a Default or Event of Default, now exists or would exist after giving effect hereto.

 

(c)              

There are no defenses or offsets to the Borrower’s obligations under the Agreement, the Notes or the Loan Documents or any
of the other agreements in favor of the Lender referred to in the Agreement.

 

(d)              

The WHEREAS clauses set forth hereinabove are true and correct.

 

5.                 

It is expressly understood and agreed that all collateral security for the Loans and other extensions of credit set forth in the
Agreement prior to the amendment provided for herein is and shall continue to be collateral security for the Loans, obligations
and other extensions of credit provided in the Agreement (as herein amended) and the Loan Documents. Without limiting the generality
of the foregoing, the Borrower hereby absolutely and unconditionally confirms that each Loan Document, document and instrument
executed by the Borrower pursuant to the Agreement continues in full force and effect, is ratified and confirmed and is and shall
continue to be applicable to the Agreement (as herein amended).

 

6.                 

The amendments set forth herein are limited precisely as written, based on the facts specified, for the periods stated and shall
not be deemed to (a) be a consent to or a waiver of, or future waiver of any further violation or non-compliance with any of the
indicated covenants or any other term or condition of the Agreement, the Loan Documents or any of the documents referred to therein,
or (b) prejudice any right or rights which the Lender may now have or may have in the future under or in connection with the Agreement,
the Loan Documents or any documents referred to therein. Whenever the Agreement is referred to in the Amendment, the Loan Documents
or any of the instruments, agreements or other documents or papers executed and delivered in connection therewith, it shall be
deemed to mean the Agreement as modified by this Amendment.

 

7.                 

The Borrower agrees to pay on demand, and the Agent may charge any deposit or loan account(s) of the Borrower, all expenses (including
reasonable attorney’s fees) incurred by the Lender in connection with the negotiation and preparation of the Agreement as
amended hereby.

 

    	 	3	 

    	 

    

8.                 

This Amendment shall become effective on such date as all of the following conditions shall be satisfied retroactive to the date
hereof (the “Effective Date”):

 

(a)              

Loan Documents. The Administrative Agent shall have received four (4) original counterparts of this Amendment (inclusive
of all exhibits, and attachments), executed and delivered by a duly authorized officer of the Borrower and the Guarantors, with
a counterpart or a conformed copy for each Lender, together with an executed original Amended and Restated Term Note and Amended
and Restated Revolving Credit Note in favor of BNB.

 

(b)              

Effective Date Certificate. The Administrative Agent shall have received, with a copy for each Lender, a certificate of
each of the Borrower and the other Loan Parties, dated the Effective Date, substantially in the form of Exhibit E to the
Agreement, with appropriate insertions and attachments satisfactory in form and substance to the Administrative Agent, executed
by the President (or other authorized officer) of the Borrower or the relevant Loan Party, as applicable.

 

(c)              

Corporate Proceedings of the Borrower and the Guarantors. The Administrative Agent shall have received, with a counterpart
for each Lender, a copy of the resolutions, in form and substance satisfactory to the Administrative Agent, of the Board of Directors
of the Borrower and the Guarantors authorizing the execution, delivery and performance of this Amendment, certified by the Secretary
or an Assistant Secretary as of the Effective Date, which certificate shall be in form and substance satisfactory to the Administrative
Agent and shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded.

 

(d)              

Fees. The Lenders shall have received the amendment fee due to Lenders (pro rata) in the aggregate amount of $25,000.00
together with all invoiced fees, costs, expenses and compensation required to be paid on the Effective Date (including any fees
payable under this Amendment, any fee letter with the Lenders and the reasonable fees, disbursements and other charges of legal
counsel to the Arranger, the Agent and the Lenders and expenses of appraisers, consultants and other advisors to the Arranger,
the Agent and the Lenders and who have been approved by the Borrower).

 

(e)              

Material Adverse Change. Since December 20, 2018, there has been no development or event which has had or would reasonably
be expected to have a Material Adverse Effect.

 

(f)               

Execution by Lenders. The Amendment shall have been executed and delivered by each Lender hereunder.

 

9.                 

This Amendment is dated as of the date set forth in the first paragraph hereof and shall be effective (after satisfaction of the
conditions set forth in paragraph 8 above) on the date of execution by the Agent and the Lenders, retroactive to such date.

 

10.             

This Amendment may be executed in counterparts, each of which shall constitute an original, and each of which taken together shall
constitute one and the same agreement.

 

    	 	4	 

    	 

    

 

SIGNATURE
PAGE

 

Fifth
Amendment to Amended and Restated Credit Agreement

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly
authorized officers as of the date first above written.

 

	 	CPI
AEROSTRUCTURES, INC.,
	 	as
Borrower
	 	 
	 	By:	/s/ Vincent Palazzolo	 
	 	Name:	Vincent Palazzolo
	 	Title:	CFO
	 	 
	 	BANKUNITED,
N.A.,
	 	as Arranger, Agent, and a Lender
	 	 
	 	By:	/s/ Christine Gerula	 
	 	Name:	Christine Gerula
	 	Title:	Senior Vice President
	 	 
	 	BANKUNITED,
N.A.,
	 	as
Administrative Agent and Collateral Agent
	 	 
	 	By:	/s/ Christine Gerula	 
	 	Name:	Christine Gerula
	 	Title:	Senior Vice President
	 	 
	 	BNB
BANK,
	 	as
a Lender
	 	 
	 	By:	/s/ JoAnn Bello	 
	 	Name:	JoAnn Bello
	 	Title:	Senior Vice President 

 

 

 

    	 	5	 

    	 

    

 

Each
of the Guarantors indicated below hereby consent to this Amendment and acknowledge its continuing liability under its respective
Guaranty with respect to the Agreement, as amended hereby, including (without limitation) the Loan Documents executed in connection
with the Obligations, and all other documents, instruments and agreements executed pursuant thereto or in connection therewith,
without offset, defense of counterclaim) any such offset, defense or counterclaim as may exist being hereby irrevocably waived
by each Guarantor.

 

	 	GUARANTORS:
	 	 
	 	WELDING
METALLURGY, INC.
	 	 
	 	 
	 	By:	/s/ Vincent Palazzolo	 
	 	Name:	Vincent Palazzolo
	 	Title:	CFO
		 
	 	COMPAC
DEVELOPMENT CORPORATION
	 	 
	 	 
	 	By:	/s/ Vincent Palazzolo	 
	 	Name:	Vincent Palazzolo
	 	Title: 	CFO
	 	 

 

 

    	 	6	 

    	 

    

 

SCHEDULE
I

 

Commitments

 

	Lender	Revolving
Credit Commitment (%)	Term Loan Commitment (%)
	 	 	 
	1.	BankUnited, N.A.	$18,750,000	[$2,739,583.32]
	 	14817
Oak Lane	(62.5%)	(62.5%)
	 	Miami
Lakes, FL 33016	 	 
	 	 	 
	 	 	 
	2.	BNB Bank	$11,250,000	[$1,643,750.00]
	 	898
Veterans Memorial Highway	(37.5%)	(37.5%)
	 	Hauppauge,
New York 11788	 	 
	 	Total:	$30,000,000.00	[$4,383,333.32]

 

 

 

    	 	7Exhibit 4.1

ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS#   . CLASS A COMMON STOCK PAR VALUE $0.0001 CLASS A COMMON STOCK Shares * *   000000 * * * * * * * * * * * * * * * * * * * * * 000000 * * * * * * * * * * *   * * * * * * * * * * 000000 * * * * * * * * * * * * * * * * * * * * * 000000 *   * * * * * * * * * * * * * * * * * * * * 000000 * * * * * * * * * * * * * *   Certificate Number ZQ00000000 ATRECA, INC. INCORPORATED UNDER THE LAWS OF THE   STATE OF DELAWARE ** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David SEE REVERSE FOR CERTAIN DEFINITIONS THIS CERTIFIES   THAT Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander Alexander David SamMple ***R* Mr. A.lexaSnderADavidMSampPle ***L*   MrE. Alexan&der DavMid SamRple **S** Mr.. AleSxandeAr DaMvid SamPple   *L*** MEr. Alex&ander David Sample **** David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander DavidMSampRle   ****.Mr. SAlexaAnderMDavidPSamLple *E*** Mr. &AlexandMer DavRid   SaSmple.**** SMr. AAlexanMder DaPvid SLampEle **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample ****   Mr. Sample is the owner of **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***   *000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****   000000**Shar*es****0*000Z00**SEhareRs****00O0000**ShHares**U**0000N00**SDhares*R***000E000**DShares**T**000H000**SOhares*U***000S000**AShareNs****00D0000**Shares****0   THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT,   AVAILABLE ONLINE AT www.computershare.com   00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00   0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000   000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000   00**Shares****0Z0000E0**ShRares***O*000000*H*ShareUs****0N00000D**SharRes****0E0000D0**ShareAs****0N00000D**SharesZ****00E0000R**SharOes****0*000*00**Shares****00000   0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000   **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*   *Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**   Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S   FULLY-PAID AND NON-ASSESSABLE SHARES OF CLASS A COMMON STOCK OF Atreca, Inc.   (hereinafter called the “Company”), transferable on the books of the Company   in person or by duly authorized attorney, upon surrender of this Certificate   properly endorsed. This Certificate and the shares represented hereby, are   issued and shall be held subject to all of the provisions of the Certificate   of Incorporation, as amended, and the By-Laws, as amended, of the Company   (copies of which are on file with the Company and with the Transfer Agent),   to all of which each holder, by acceptance hereof, assents. This Certificate   is not valid unless countersigned and registered by the Transfer Agent and   Registrar. Witness the facsimile seal of the Company and the facsimile   signatures of its duly authorized officers. DATED DD-MMM-YYYY COUNTERSIGNED   AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER AGENT AND   REGISTRAR, President and Chief Executive Officer June 11, 2010 By Chief   Financial Officer AUTHORIZED SIGNATURE CUSIP/IDENTIFIER Holder ID Insurance   Value Number of Shares DTC Certificate Numbers 1234567890/1234567890   1234567890/1234567890 1234567890/1234567890 1234567890/1234567890   1234567890/1234567890 1234567890/1234567890 Total Transaction XXXXXX XX X   XXXXXXXXXX 1,000,000.00 123456 12345678 123456789012345 PO BOX 43004,   Providence, RI 02940-3004 Num/No. Denom. Total 1 2 3 4 5 6 7 1 2 3 4 5 6 1 2   3 4 5 6 MR A SAMPLE DESIGNATION (IF ANY) ADD 1 ADD 2 ADD 3 ADD 4 CUSIP 04965G   10 9 

    

 

 

. ATRECA, INC.   THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS,   A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE,   PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE   COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH   PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND   LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF   INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF   DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO   DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE   OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF   DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR   HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS   TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST   THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE.   (Cust) (Minor) (State) (Cust) and not as tenants in common (Minor) (State)   PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE For   value received, hereby sell, assign and transfer unto (PLEASE PRINT OR TYPEWRITE   NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) Shares of the   common stock represented by the within Certificate, and do hereby irrevocably   constitute and appoint Attorney to transfer the said stock on the books of   the within-named Corporation with full power of substitution in the premises.   Dated: 20 Signature: Signature: Notice: The signature to this assignment must   correspond with the name as written upon the face of the certificate, in   every particular, without alteration or enlargement, or any change whatever.   The IRS requires that the named transfer agent (“we”) report the cost basis   of certain shares or units acquired after January 1, 2011. If your shares or   units are covered by the legislation, and you requested to sell or transfer the   shares or units using a specific cost basis calculation method, then we have   processed as you requested. If you did not specify a cost basis calculation   method, then we have defaulted to the first in, first out (FIFO) method.   Please consult your tax advisor if you need additional information about cost   basis. If you do not keep in contact with the issuer or do not have any   activity in your account for the time period specified by state law, your   property may become subject to state unclaimed property laws and transferred   to the appropriate state. Signature(s) Guaranteed: Medallion Guarantee Stamp   THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION   (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH   MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO   S.E.C. RULE 17Ad-15. The following abbreviations, when used in the   inscription on the face of this certificate, shall be construed as though   they were written out in full according to applicable laws or regulations:   TEN COM - as tenants in commonUNIF GIFT MIN ACT   -............................................   Custodian................................................ TEN ENT - as   tenants by the entiretiesunder Uniform Gifts to Minors Act........................................................   JT TEN-as joint tenants with right of survivorshipUNIFTRF MIN ACT   -............................................ Custodian (until   age................................ ) ............................. under Uniform   Transfers to Minors Act................... Additional abbreviations may also   be used though not in the above list.

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