Document:

Exhibit 4.1

 

AMENDMENT NO.
1 TO WARRANT AGREEMENT

 

THIS AMENDMENT TO THE
WARRANT AGREEMENT (this “Amendment”) is made as of November 19, 2020, by and between Legacy Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned thereto in the Warrant Agreement (as defined below).

 

WHEREAS, on October
24, 2017, the Company entered into that certain Sponsor Warrants Purchase Agreement with Legacy Acquisition Sponsor I LLC, a Delaware
limited liability company (the “Sponsor”), pursuant to which the Sponsor purchased an aggregate of 17,500,000 warrants,
each entitling the holder to purchase one-half of one share of Class A common stock (as defined below) at an exercise price of
$5.75 per half share (each, a “Private Placement Warrant,” and collectively, the “Private Placement Warrants”)
in connection with, and simultaneously with the closing of, the Offering (as defined below);

 

WHEREAS, on November
21, 2017, the Company consummated an initial public offering (the “Offering”) of 30,000,000 units of the Company’s
equity securities, each such unit comprised of one share of the Company’s Class A common Stock, par value $0.0001 per share
(“Class A common stock”), and one public warrant to purchase one-half of one share of Class A common stock at an exercise
price of $5.75 per half share (each a “Public Warrant” and, collectively, the “Public Warrants,” and together
with the Private Placement Warrants, the “Warrants”);

 

WHEREAS, the Company
and the Warrant Agent are parties to that certain Warrant Agreement, dated as of November 16, 2017 (the “Warrant Agreement”),
which governs the Warrants;

 

WHEREAS, the Company
is party to that certain Business Combination Agreement, dated as of September 18, 2020 (the “Business Combination Agreement”),
by and among the Company, Excel Merger Sub I, Inc., Excel Merger Sub II, LLC, Onyx Enterprises Int’l, Corp. (“Onyx”)
and Shareholder Representative Services LLC, solely in its capacity as the stockholder representative (the “Stockholder Representative”),
pursuant to which the parties have agreed to the terms and conditions of a business combination (the transactions contemplated
by the Business Combination Agreement, the “Business Combination”);

 

WHEREAS, consistent
with the Company’s obligations under the Business Combination Agreement, the Company desires to, and the Warrant Agent has
agreed to (subject to obtaining the Required Approval (as defined below)), amend the Warrant Agreement to provide that each outstanding
Public Warrant shall no longer be exercisable to purchase one-half share of Class A common stock at an exercise price of $5.75
per half share and instead shall be converted solely into the right to receive the consideration described herein (the “Public
Warrant Amendment”);

 

WHEREAS, pursuant to
the Sponsor Support Agreement, dated as of September 18, 2020, by and among the Sponsor, the Company and the Stockholder Representative,
the Sponsor has agreed to forfeit 14,587,770 Private Placement Warrants held of record and beneficially owned by the Sponsor (the
“Forfeiture”);

 

WHEREAS, consistent
with the Company’s obligations under the Business Combination Agreement, the Company desires to, and the Warrant Agent has
agreed to (subject to obtaining the Required Approval), amend the Warrant Agreement to provide (i) for the Forfeiture and (ii)
that 2,912,230 outstanding Private Placement Warrants, which were issued to the Sponsor and are beneficially owned by certain institutional
investors of Sponsor, shall no longer be exercisable to purchase one-half share of Class A common stock at an exercise price of
$5.75 per half share and instead shall be converted solely into the right to receive the consideration described herein; provided,
that if such beneficial owners cease to beneficially own any of such Private Placement Warrants and the Sponsor becomes the beneficial
owner of such Private Placement Warrants, such Private Placement Warrants shall be forfeited (the “Private Warrant Amendment”
and together with the Public Warrant Amendment, the “Warrant Amendments”);

 

WHEREAS, Section 9.8
of the Warrant Agreement provides that this Amendment and the Warrant Amendments contemplated hereby would require the vote or
written consent of Registered Holders (as defined in the Warrant Agreement) of 65% of the then outstanding Public Warrants (the
“Required Approval”);

 

WHEREAS, as of the date
hereof, there are 30,000,000 Public Warrants and 17,500,000 Private Placement Warrants outstanding;

 

     

     

    

 

WHEREAS, the Company
entered into warrant holder support agreements, effective as of September 18, 2020 (“Warrant Holder Support Agreements”),
with the Registered Holders of approximately 19,506,000 Public Warrants (or at least 65% of the outstanding Public Warrants), pursuant
to which such Registered Holders have agreed to vote in favor of (or consent in writing to) the Warrant Amendments; and

 

WHEREAS, in accordance
with Section 9.8 of the Warrant Agreement, the Company has obtained the Required Approval for this Amendment and the Warrants Amendments
contemplated hereby.

 

NOW, THEREFORE, in consideration
of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

 1. Warrant Amendments. The Warrant Agreement is hereby amended to reflect that, notwithstanding any provisions in the Warrant Agreement (including Sections 3, 4, 5 and/or 6 thereof) to the contrary, upon or promptly following receipt of the Required Approval:

 

		(a)	Public Warrant Amendment: Subject
to the closing of the Business Combination, at the First Effective Time (as defined in the Business Combination Agreement), each
outstanding Public Warrant shall no longer be exercisable to purchase one-half share of Class A common stock for $5.75 per half-share
(subject to adjustment as provided in Section 4 of the Warrant Agreement) and instead shall be converted solely into the right
to receive (i) if, at the Closing, the aggregate gross Cash in the Trust Fund (after all redemptions of shares of Class A common
stock in connection with the Business Combination but including any proceeds received by the Company from any private offering)
is at least equal to $60 million, $0.35 in cash and 0.065 of a share of Class A common stock of the Company, (ii) if, at the Closing,
the aggregate gross Cash in the Trust Fund (after all redemptions of shares of Class A common stock in connection with the Business
Combination but including any proceeds received by the Company from any private offering) is less than $60 million, but at least
equal to $44 million, $0.25 in cash and 0.075 of a share of Class A common stock of the Company, or (iii) if, at the Closing,
the aggregate gross Cash in the Trust Fund (after all redemptions of shares of Class A common stock in connection with the Business
Combination but including any proceeds received by the Company from any private offering) is less than $44 million, $0.18 in cash
and 0.082 of a share of Class A common stock of the Company, and

 

		(b)	Private Warrant Amendment: Subject
to the closing of the Business Combination, at the First Effective Time, 2,912,230 outstanding Private Placement Warrants (the
“Exchangeable Warrants”) which are beneficially owned by certain institutional investors of Sponsor (the “Beneficial
Owners”) as of the date hereof shall no longer be exercisable to purchase one-half share of Class A common stock for $5.75
per half-share (subject to adjustment as provided in Section 4 of the Warrant Agreement) and instead shall be converted solely
into the right to receive (i) if, at the Closing, the aggregate gross Cash in the Trust Fund (after all redemptions of shares
of Class A common stock in connection with the Business Combination but including any proceeds received by the Company from any
private offering) is at least equal to $60 million, $0.35 in cash and 0.065 of a share of Class A common stock of the Company,
(ii) if, at the Closing, the aggregate gross Cash in the Trust Fund (after all redemptions of shares of Class A common stock in
connection with the Business Combination but including any proceeds received by the Company from any private offering) is less
than $60 million, but at least equal to $44 million, $0.25 in cash and 0.075 of a share of Class A common stock of the Company,
or (iii) if, at the Closing, the aggregate gross Cash in the Trust Fund (after all redemptions of shares of Class A common stock
in connection with the Business Combination but including any proceeds received by the Company from any private offering) is less
than $44 million, $0.18 in cash and 0.082 of a share of Class A common stock of the Company; provided, that if such Beneficial
Owners cease to beneficially own any of such Exchangeable Warrants and the Sponsor becomes the beneficial owner of such Exchangeable
Warrants, such Exchangeable Warrants shall be cancelled and no longer outstanding. Subject to the closing of the Business Combination,
at the First Effective Time, 14,587,770 Private Placement Warrants held of record and beneficially owned solely by the Sponsor
as of the date hereof shall be cancelled and no longer outstanding.

 

    2

     

    

 

		(c)	Definitions. The following
terms used in this Section 1 of this Amendment shall have the following meanings:

 

“Cash”
means, with respect to the Trust Fund, at any particular time, (i) the sum of the fair market value of all unrestricted cash, cash
equivalents and marketable securities (including petty cash) in the Trust Fund, minus (ii) the aggregate amount of outstanding
checks (to the extent an amount corresponding to each such check has been released from accounts payable) issued from the Trust
Fund, and any overdraft and charges, if any, with respect thereto, in each case, as recorded in the books and records of the Trust
Fund in accordance with U.S. GAAP. Cash includes checks, other wire transfers, deposits in transit and drafts deposited or available
for deposit for the account of the Trust Fund (to the extent amount corresponding to each such item has been released from accounts
receivable).

 

 “private
offering” means a private placement, exempt from the registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”) pursuant to Rule 506(c) (or other available exemption), pursuant to which (a) new investors
would purchase shares of Class A common stock or other securities of the Company and/or (b) current investors would purchase shares
of Class A common stock or other securities of the Company. Any private offering conducted by Legacy prior to the Closing must
be approved by Onyx pursuant to Section 8.4 of the Business Combination Agreement.

 

“Trust
Fund” means the proceeds from the Offering that were deposited and held in a segregated trust account for the benefit of
the Company and the holders of the Class A common stock included in the Units issued in the Offering that is held and disbursed
in accordance with the terms and conditions of the Investment Management Trust Agreement, effective as of November 16, 2017, by
and between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as trustee, as amended from
time to time.

 

 2. Miscellaneous Provisions.

 

 2.1. Successors. All the covenants and provisions of this Amendment by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their permitted respective successors and assigns.

 

 2.2. Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

 2.3. Applicable Law. The validity, interpretation and performance of this Amendment shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of law principles that would result in the application of the substantive laws of another jurisdiction.

 

 2.4. Counterparts. This Amendment may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

 2.5. Effect on Warrant Agreement. Other than as specifically set forth herein, all other terms and provisions of the Warrant Agreement shall remain unaffected by the terms of this Amendment and shall continue in full force and effect in accordance with their respective terms. Each reference in the Warrant Agreement to “this Agreement” shall mean the Warrant Agreement as amended by this Amendment, and as hereinafter amended or restated.

 

 2.6. Effect of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

 2.7. Entire Agreement. The Warrant Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understanding, arrangements, promises and commitments are hereby cancelled and terminated.

 

    3

     

    

 

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

 

	 	LEGACY ACQUISITION CORP, INC. 
	 	 
	 	By:	/s/ Edwin J. Rigaud
	 	Name:	Edwin J. Rigaud
	 	Title:	Chairman and Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent 
	 	 
	 	By:	/s/ Henry Farrell
	 	Name:	Henry Farrell 
	 	Title:	Vice President

  

[Signature Page to Amendment to the Warrant
Agreement]

 

 

4Document

Exhibit 10.2

CONSENT AND FIRST AMENDMENT TO
SIXTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT
THIS CONSENT AND FIRST AMENDMENT TO SIXTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT (this “Amendment”) is made effective as of the 30th day of September, 2020 (the “Amendment Date”) by and between IEC ELECTRONICS CORP., a corporation formed under the laws of the State of Delaware (“Borrower”) and MANUFACTURERS AND TRADERS TRUST COMPANY (“Lender”).
W I T N E S S E T H:
WHEREAS, the parties hereto are parties to a Sixth Amended and Restated Credit Facility Agreement dated as of June 4, 2020 (as amended, and as the same may be further amended, modified, supplemented or restated from time to time, the “Credit Agreement”);
WHEREAS, Borrower has purchased new real estate located in Rochester, New York (the “Jetview Purchase”);
 WHEREAS, Borrower has requested that Lender consent to the Jetview Purchase and make certain amendments to the Credit Agreement, and the Lender has agreed to provide such consent and to make certain amendments to the Credit Agreement, all on the terms and conditions herein set forth.
NOW, THEREFORE, for due consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
    1.    DEFINITIONS.    All capitalized terms used herein and not defined shall have the meaning given such terms in the Credit Agreement.
     2.    CONSENT. The Bank does hereby consent to the Jetview Purchase and to the use of proceeds of the Revolving Credit Loans therefor; provided, that each of the conditions set forth in Section 5 of this Amendment shall first have been satisfied.
3.    AMENDMENTS.  Effective as of the date of this Amendment:
    (A)     Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following definition in its entirety to read as follows:
““Unfinanced Capital Expenditures” means all Capital Expenditures other than (i) Capital Expenditures financed by the Lender (but excluding for this definition any Capital Expenditures financed with the proceeds of a Revolving Credit Loan), (ii) Capital Expenditures financed with Debt (other than the Loans) permitted under this Agreement or Debt to which the Lender consents in writing, (iii) any Capital Expenditure to the extent financed with proceeds received in cash with grants from any Governmental Authority and (iv) the 50 Jetview Purchase.”
4848-9549-4090.4

(B) Section 1.1 of the Credit Agreement is hereby amended by adding the following definition thereto: 
““50 Jetview Purchase” means the Borrower’s purchase of the real estate located at 50 Jetview Drive, Rochester, NY 14624 pursuant to a certain Purchase and Sale Agreement dated August 28, 2020 by and among Borrower and Rochester Drug Co-Operative, Inc., and all related transactions, documents and agreements.”
(C)    Section 6.13 of the Credit Agreement is hereby amended by adding the following as clause (c) thereunder, immediately following clause (b) thereof:
        “(c)    If any material assets (including any real property or improvements thereto or any interest therein) are acquired by any Credit Party after the Closing Date (other than assets constituting Collateral under the Security Agreement that become subject to the Lien under the Security Agreement upon acquisition thereof), the Borrower will (i) notify the Lender thereof, and, if requested by the Lender, cause such assets to be subjected to a Lien securing the Obligations and (ii)  take, and cause each applicable Credit Party to take, such actions as shall be necessary or reasonably requested by the Lender to grant and perfect such Liens, including actions described in paragraph (c) of this Section, all at the expense of the Credit Parties.”

4.    Representations and Warranties.  Borrower hereby makes the following representations and warranties to the Lender as of the Amendment Date, each of which shall survive the effectiveness of this Amendment and continue in effect as of the Amendment Date so long as any Obligations remain unpaid:
4.1    Authorization.  Borrower has full power and authority to borrow under the Credit Agreement, as amended by this Amendment, and to execute, deliver and perform this Amendment and any documents delivered in connection with it and all other related documents and transactions, all of which have been duly authorized by all proper and necessary corporate action.  The execution and delivery of this Amendment by Borrower will not violate the provisions of, or cause a default under, Borrower’s Organizational Documents, any law or any agreement to which Borrower is a party or by which it or its assets are bound.
4.2    Binding Effect.  This Amendment has been duly executed and delivered by Borrower, and the Credit Agreement, as amended by this Amendment, is the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except to the extent that enforcement of any such obligations of the Borrower may be limited by bankruptcy, insolvency, reorganization or similar laws of general application affecting the rights and remedies of creditors generally.
4.3    Consents; Governmental Approvals.  Except as may be specifically identified in a written agreement to which Borrower and Lender are parties, no consent, approval or authorization of, or registration, declaration or filing with, any Governmental Authority or any other Person is required in connection with the valid execution, delivery or performance of this 

Amendment or any other document executed and delivered by Borrower herewith or in connection with any other transactions contemplated hereby.
4.4    Representations and Warranties.  The representations and warranties contained in the Credit Agreement, as amended by this Amendment, are true on and as of the Amendment Date with the same force and effect as if made on and as of the Amendment Date, except for those representations and warranties that by their terms are made as of a specific date, which representations and warranties Borrower hereby remakes as of such date.
4.5    No Events of Default.  No Default or Event of Default has occurred or is continuing.
4.6    No Material Misstatements.  Neither this Amendment nor any document delivered to Lender by Borrower or any Credit Party to induce Lender to enter into this Amendment contains any untrue statement of a material fact or, taken as a whole with the other Loan Documents, omits to state a material fact necessary to make the statements herein or therein not misleading in light of the circumstances in which they were made.
5.    CONDITIONS OF AMENDMENT.  The Lender shall have no obligation to execute or deliver this Amendment until each of the following conditions shall have been satisfied:
5.1    Authorization.  Borrower shall have taken all appropriate corporate action to authorize, and its directors, if and as required by Borrower’s Organizational Documents, shall have adopted resolutions authorizing the execution, delivery and performance of this Amendment and the taking of all other action contemplated by this Amendment, and Lender shall have been furnished with copies of all such corporate action, certified by an authorized officer of Borrower as being true and correct and in full force and effect without amendment on the Amendment Date, and such other corporate documents as Lender may request.   
5.2    Consents.  Borrower shall have delivered to Lender any and all consents, if any, necessary to permit the transactions contemplated by this Amendment.
5.3    Fees.  Borrower shall have paid to the Lender all reasonable fees and disbursements of Lender’s counsel and all reasonable out-of-pocket expenses incurred by Lender, recording fees, search fees, charges and taxes in connection with this Amendment and all transactions contemplated hereby or made other arrangements with respect to such payment as are satisfactory to Lender; provided, that such payments may, alternatively, be provided post-closing to the extent consented to by Lender.
5.4    Deliveries.  Borrower shall have delivered to Lender, each of the following documents, duly executed by the Borrower or as specified: (i) this Amendment, (ii) a copy of the Jetview Purchase documents, and (iii) such additional documents, consents, authorizations, insurance certificates, governmental consents and other instruments and agreements as Lender or its counsel may reasonably require (including for purposes of evidencing and/or facilitating Borrower’s and Lender’s compliance with all applicable laws and 

regulations, including all “know your customer” rules in effect from time to time pursuant to the Bank Secrecy Act, USA PATRIOT Act and other applicable laws) and all documents, instruments and other legal matters in connection with the Loan Documents shall be reasonably satisfactory to Lender and its counsel.
5.5    Representations and Warranties.  The representations and warranties set forth in this Amendment and in the Loan Documents shall be true, correct and complete on the Amendment Date, except those representations and warranties that by their terms are made as of a specific date, which representations and warranties Borrower hereby remakes as of such date.
5.6    No Event of Default.  No Event of Default or Default shall have occurred and be continuing on the Amendment Date.
5.7    No Material Misstatements.  Neither this Amendment nor any document delivered to Lender by or on behalf of Borrower to induce Lender to enter into this Amendment contains any untrue statement of a material fact or, taken as a whole with the other Loan Documents, omits to state a material fact necessary to make the statements herein or therein not misleading in light of the circumstances in which they were made.
5.8    No Material Adverse Change.  As of the Amendment Date, no Material Adverse Effect shall have occurred with respect to the Borrower and its Subsidiaries taken as a whole since September 30, 2019, including, without limitation, the Credit Parties’ ability to meet the projections delivered by the Borrower to the Lender prior to the Amendment Date.
5.9    No Litigation.  As of the Amendment Date, except as set forth on Schedule 4.5 to the Credit Agreement, there shall not be any claim, action, suit, investigation, litigation, or legal proceeding pending or threatened in any court or before any arbitrator or governmental authority which relates to the legality, validity or enforceability of the Credit Agreement (as amended by this Amendment) or the transactions contemplated hereby or that, if adversely determined, is not adequately covered by insurance or would have a Material Adverse Effect on the Borrower or its Subsidiaries.
6.    MISCELLANEOUS.
6.1    Reaffirmation of Security Documents. As of the Amendment Date, Borrower hereby (a) acknowledges and reaffirms the execution and delivery of the Security Documents, (b) acknowledges, reaffirms and agrees that the security interests granted under the Security Documents continue in full force and effect as security for all indebtedness, obligations and liabilities under the Loan Documents, as may be amended from time to time, and (c) remakes the representations and warranties set forth in the Security Documents, except those representations and warranties that by their terms are made as of a specific date, which representations and warranties Borrower hereby remakes as of such date.
6.2    Entire Agreement; Binding Effect.  The Credit Agreement, as amended by this Amendment, represents the entire understanding and agreement between the parties hereto with respect to the subject matter hereof.  This Amendment supersedes all prior negotiations and 

any course of dealing between the parties with respect to the subject matter hereof.   This Amendment shall be binding upon Borrower and its successors and assigns, and shall inure to the benefit of, and be enforceable by the Lender and its successors and assigns.  The Credit Agreement, as amended hereby, is in full force and effect and, as so amended, is hereby ratified and reaffirmed in its entirety.
6.3    Severability.  If any provision of this Amendment shall be determined by a court to be invalid, such provision shall be deemed modified to conform to the minimum requirements of applicable law.
6.4    Headings.  The section headings inserted in this Amendment are provided for convenience of reference only and shall not be used in the construction or interpretation of this Amendment.
6.5    Counterparts.  This Amendment may be executed by the parties hereto in separate counterparts (including those delivered by facsimile or other electronic means), each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument.

[signature page follows]

[Consent and First Amendment to Sixth Amended and Restated Credit Facility Agreement]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their duly authorized officers as of the day and year first above written.

MANUFACTURERS AND TRADERS TRUST COMPANY
By:    /s/ Michael Pick    
Name:    Michael Pick
Title:    Vice President
IEC ELECTRONICS CORP.
By:    /s/ Thomas L. Barbato        
Name: Thomas L. Barbato
Title:    Chief Financial Officer

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