Document:

Exhibit
10.1

 

THIRD
AMENDMENT TO 

 

AMENDED
AND RESTATED CREDIT AGREEMENT 

 

THIS
THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of December 16,
2020, is entered into by and among SOLSYS MEDICAL, LLC, a Delaware limited liability company formerly known as Soluble
Systems, LLC (“Soluble”), MISONIX, INC., a Delaware corporation formerly known as New Misonix,
Inc. (“Misonix”, and together with Soluble, each individually and collectively referred to herein as
“Borrower”), each of the undersigned financial institutions (individually each a “Lender”
and collectively “Lenders”) and SWK FUNDING LLC, a Delaware limited liability company, in its
capacity as administrative agent for the other Lenders (in such capacity, “Agent”).

 

RECITALS

 

WHEREAS,
Borrower, Agent and Lenders entered into that certain Amended and Restated Credit Agreement dated as of September 27, 2019, (as
the same may be amended, modified or restated from time to time, being hereinafter referred to as the “Credit Agreement”);
and

 

WHEREAS,
Borrower, Agent and Lenders desire to amend the Credit Agreement as set forth herein.

 

AGREEMENT

 

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

 

Article
I

 

Definitions

 

1.1
Capitalized terms used in this Amendment are defined in the Credit Agreement, as amended hereby, unless otherwise stated.

 

ARTICLE
II

 

Amendments

 

2.1
Amendments to Section 1.1. Effective as of the date hereof, Section 1.1 of the Credit Agreement is amended as
follows:

 

(a)
The definition of “Contract Rate” is amended and restated in its entirety to read as follows:

 

    	 	 	 

     

    

 

Contract
Rate means a rate per annum equal to (x) the LIBOR Rate, plus (y)(1) as of any date of determination
where the EBITDA of Parent and its Subsidiaries was positive for the prior Fiscal Quarter, seven and one-half of one percent (7.50%)
or (2) at all other times, the applicable margin as identified in the table below:

 

	Condition	 	(y)
    Applicable Margin
	As
    of any date of determination where the Market Capitalization of Parent is less than $150,000,000.	 	ten
    and one quarter of one percent (10.25%)
	 	 	 
	As
    of any date of determination where the Market Capitalization of Parent is equal to or greater than $150,000,000, but less
    than $250,000,000	 	Eight
    percent (8.00%)
	 	 	 
	As
    of any date of determination where the Market Capitalization of Parent is equal to or greater than $250,000,000	 	Seven
    and three-quarters of one percent (7.75%)

 

(b)
The definition of “Term Loan Maturity Date” is amended and restated in its entirety to read as follows:

 

Term
Loan Maturity Date means June 30, 2024, or such earlier date on which the Commitments terminate pursuant to Section 8.

 

2.2
Amendment to Section 2.7(b). Effective as of the date hereof, Section 2.7(b) of the Credit Agreement is amended
and restated in its entirety to read as follows:

 

“(b)
Exit Fee. Subject to Section 2.8.3 hereof, upon the earlier to occur of (i) the Term Loan Maturity Date, or (ii)
full repayment of the Loan and all other Obligations, whether as a result of the contractual acceleration of the Loan hereunder,
an acceleration of the Loan by Agent in accordance with this Agreement or otherwise, Borrower shall pay an exit fee to Agent,
for the benefit of Lenders, in an amount equal to two percent (2.0%) multiplied by the aggregate principal amount of all Term
Loans advanced hereunder and any accrued interest that was capitalized into the principal balance of the Term Loans prior to such
date of determination.”

 

    	 	2	 

     

    

 

2.3
Amendment to Section 2.8.2(b). Effective as of the date hereof, Section 2.8.2(b) of the Credit Agreement is
amended and restated in its entirety to read as follows:

 

“(b)
If Borrower makes any prepayment of the Term Loan under clause (a), it shall pay to Agent, for the benefit of Lenders,
the following amounts (in addition to any such prepayment of the Term Loan and related Obligations) on the date of such prepayment:
(i) if such prepayment is made on or after the first anniversary of the Closing Date but prior to the second anniversary of the
Closing Date, (A) four percent (4%) of the aggregate amount of the Term Loan so prepaid to the extent that the additional advance
of the Term Loan pursuant to Section 2.1(b) above has not been funded as of such date of determination or (B) three and
two-tenths of one percent (3.2%) to the extent that such additional advance of the Term Loan was made hereunder; (ii) if such
prepayment is made on or after the second anniversary of the Closing Date but prior to March 31, 2023, one percent (1%) of the
aggregate amount of the Term Loan so prepaid; and (iii) if such prepayment is made on or after March 31, 2023, zero percent (0%)
of the aggregate amount of the Term Loan so prepaid.”

 

2.4
Amendment to Section 2.9.1(b). Effective as of the date hereof, Section 2.9.1(b) of the Credit Agreement is
amended and restated in its entirety to read as follows:

 

“(b)
So long as no Event of Default has occurred and is continuing and until the Obligations have been Paid in Full, each Revenue-Based
Payment on each Payment Date will be applied in the following priority:

 

(i)
FIRST, to the payment of
all fees, costs, expenses and indemnities due and owing to Agent pursuant to Sections 2.7, 3.1, 3.2, 6.3(d),
10.4 and/or 10.5 under this Agreement or otherwise pursuant to the Collateral Documents, and any other Obligations
owing to Agent in respect of sums advanced by Agent to preserve or protect the Collateral or to preserve or protect its security
interest in the Collateral; 

 

(ii)
SECOND, to the payment of
all fees, costs, expenses and indemnities due and owing to Lenders in respect of the Loans and Commitments pursuant to Sections
2.7, 3.1, 3.2, 6.3(d), 10.4 and/or 10.5 under this Agreement or otherwise pursuant to the
Collateral Documents, pro rata based on each Lender’s Pro Rata Term Loan Share, until Paid in Full;

 

(iii)
THIRD, to the payment of
all accrued but unpaid interest in respect of the Loans as of such Payment Date, pro rata based on each Lender’s Pro Rata
Term Loan Share, until Paid in Full;

 

(iv)
FOURTH, as it relates to
each Payment Date on or after the Payment Date occurring in May 2022, to the payment of all principal of the Loans, pro rata based
on each Lender’s Pro Rata Term Loan Share, up to an aggregate amount of $1,250,000 on any such Payment Date;

 

(v)
FIFTH, all remaining amounts
to the Borrower. 

 

    	 	3	 

     

    

 

In
the event that the amounts distributed under Section 2.9.1(b) on any Payment Date are insufficient for payment of the amounts
set forth in Section 2.9.1(b)(i) through (iii) for such Payment Date, Borrower shall pay an amount equal to the
extent of such insufficiency within five (5) Business Days of request by Agent. For the avoidance of doubt, at all times after
the Closing Date and prior to the Payment Date in May 2022, Borrower shall only be required to pay Revenue-Based Payments to the
extent of amounts owing under clauses (i), (ii), and (iii) above on each such Payment Date prior to May 2022.”

 

ARTICLE
III

 

Conditions
Precedent

 

3.1
Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent in a manner satisfactory to Agent, unless specifically waived in writing by Agent in its sole discretion:

 

A.
Agent shall have received this Amendment duly executed by Borrower.

 

B.
The representations and warranties contained herein and in the Credit Agreement and the other Loan Documents, as each is amended
hereby, shall be true and correct as of the date hereof in all material respects, as if made on the date hereof, except for such
representations and warranties as are by their express terms limited to a specific date.

 

C.
No Default or Event of Default under the Credit Agreement, as amended hereby, shall have occurred and be continuing, unless such
Default or Event of Default has been otherwise specifically waived in writing by Agent.

 

D.
All corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments
and other legal matters incident thereto shall be satisfactory to Agent; and Borrower shall provide to Agent a Manager’s
certificate with resolutions in form and substance acceptable to Agent.

 

ARTICLE
IV

 

No
Waiver, Ratifications, Representations and Warranties

 

4.1
No Waiver. Nothing contained in this Amendment or any other communication between Agent, any Lender, Borrower or any
other Loan Party shall be a waiver of any past, present or future violation, Default or Event of Default of Borrower under the
Credit Agreement or any Loan Document. Agent and each Lender hereby expressly reserves any rights, privileges and remedies under
the Credit Agreement and each Loan Document that Lender may have with respect to any violation, Default or Event of Default, and
any failure by Agent or any Lender to exercise any right, privilege or remedy as a result of the violations set forth above shall
not directly or indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Agent
or any Lender, except as set forth herein, at any time to exercise any right, privilege or remedy in connection with the Credit
Agreement or any Loan Document, (ii) amend or alter any provision of the Credit Agreement or any Loan Document or any other contract
or instrument or (iii) constitute any course of dealing or other basis for altering any obligation of Borrower or any other Loan
Party or any rights, privilege or remedy of Agent or any Lender under the Credit Agreement or any Loan Document or any other contract
or instrument. Nothing in this Amendment shall be construed to be a consent by Agent or any Lender to any prior, existing or future
violations of the Credit Agreement or any Loan Document.

 

    	 	4	 

     

    

 

4.2
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms
and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded
by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and
shall continue in full force and effect. Borrower, Lenders and Agent agree that the Credit Agreement and the other Loan Documents,
as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. Borrower
agrees that this Amendment is not intended to and shall not cause a novation with respect to any or all of the Obligations.

 

4.3
Representations and Warranties. Borrower hereby represents and warrants to Agent and Lenders that (a) the execution,
delivery and performance of this Amendment, any and all other Loan Documents executed and/or delivered in connection herewith
have been authorized by all requisite action (as applicable) on the part of Borrower and will not violate the organizational documents
of Borrower; (b) Borrower’s directors have authorized the execution, delivery and performance of this Amendment any and
all other Loan Documents executed and/or delivered in connection herewith; (c) the representations and warranties contained in
the Credit Agreement, as amended hereby, and any other Loan Document are true and correct in all material respects on and as of
the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent
such representations and warranties expressly relate to an earlier date); (d) upon the effectiveness of this Amendment, no Default
or Event of Default under the Credit Agreement, as amended hereby, has occurred and is continuing; (e) Borrower is in full compliance
in all material respects with all covenants and agreements contained in the Credit Agreement and the other Loan Documents, as
amended hereby; and (f) except as disclosed to Agent, Borrower has not amended its organizational documents since the date of
the Credit Agreement.

 

ARTICLE
V

 

Miscellaneous
Provisions

 

5.1
Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement or any
other Loan Document, including, without limitation, any document furnished in connection with this Amendment, shall survive the
execution and delivery of this Amendment and the other Loan Documents, and no investigation by Agent or any Lender or any closing
shall affect the representations and warranties or the right of Agent and each Lender to rely upon them.

 

5.2
Reference to Credit Agreement. Each of the Credit Agreement and the other Loan Documents, and any and all other Loan
Documents, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms
of the Credit Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement and such other Loan
Documents to the Credit Agreement shall mean a reference to the Credit Agreement, as amended hereby.

 

    	 	5	 

     

    

 

5.3
Expenses of Agent. As provided in the Credit Agreement, Borrower agrees to pay on demand all costs and expenses incurred
by Agent, or its Affiliates, in connection with the preparation, negotiation, and execution of this Amendment and the other Loan
Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation,
the reasonable costs and fees of legal counsel, and all costs and expenses incurred by Agent and each Lender in connection with
the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, or any other Loan Documents, including,
without, limitation, the reasonable costs and fees of legal counsel.

 

5.4
Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held
to be invalid or unenforceable.

 

5.5
Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Agent and each Lender and
Borrower and their respective successors and assigns, except that Borrower may not assign or transfer any of its rights or obligations
hereunder without the prior written consent of Agent.

 

5.6
Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed
to be an original, but all of which when taken together shall constitute one and the same instrument. This Amendment may be executed
by facsimile or electronic (.pdf) transmission, which facsimile or electronic (.pdf) signatures shall be considered original executed
counterparts for purposes of this Section 5.6, and each party to this Amendment agrees that it will be bound by its own
facsimile or electronic (.pdf) signature and that it accepts the facsimile or electronic (.pdf) signature of each other party
to this Amendment.

 

5.7
Effect of Waiver. No consent or waiver, express or implied, by Agent to or for any breach of or deviation from any
covenant or condition by Borrower shall be deemed a consent to or waiver of any other breach of the same or any other covenant,
condition or duty.

 

5.8
Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect
the interpretation of this Amendment.

 

5.9
Applicable Law. THE TERMS AND PROVISIONS OF SECTIONS 10.17 (GOVERNING LAW) AND 10.18 (FORUM SELECTION;
CONSENT TO JURISDICTION) OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AMENDMENT
MUTATIS MUTANDIS AS IF FULLY SET FORTH HEREIN.

 

5.10
Final Agreement. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION
OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE
OTHER LOAN DOCUMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT
OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY Borrower
AND AGENT.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first written above.

 

	 	BORROWER:
	 	 
	 	MISONIX,
    INC.,
	 	a
    Delaware Corporation (f/k/a New Misonix, Inc.)
	 	 	 
	 	By:	/s/
    Joseph Dwyer
	 	Name:	Joseph
    Dwyer
	 	Title:	Chief
    Financial Officer

 

	 	SOLSYS
    MEDICAL, LLC,
	 	a
    Delaware limited liability company (f/k/a Soluble Systems, LLC)
	 	 
	 	By:
    MISONIX, INC.,
	 	its
    sole member
	 	 	 
	 	By:	/s/
    Joseph Dwyer
	 	Name:	Joseph
    Dwyer
	 	Title:	Chief
    Financial Officer

 

    	 	 	 

     

    

 

	 	AGENT
    AND LENDER:
	 	 
	 	SWK
    FUNDING LLC,
	 	as
    Agent and a Lender
	 	 	 
	 	By:
    	SWK
    Holdings Corporation, 
	 	 	its
    sole Manager
	 	 	 
	 	By:
    	/s/
    Winston Black
	 	Name:	Winston
    Black
	 	Title:	Chief
    Executive OfficerDocument

Exhibit 10.1

AMENDMENT TO CONSULTING AGREEMENT

            This AMENDMENT TO CONSULTING AGREEMENT (the “Amendment”) is entered into as of December 15, 2020 by and between NACCO Industries, Inc. (the “Company”) and Alfred M. Rankin, Jr. (“Consultant”).
WITNESSETH:

WHEREAS, the Company currently engages Consultant pursuant to the terms and conditions of the Consulting Agreement dated October 1, 2017 (the “Consulting Agreement”);

WHEREAS, Consultant has specialized expertise and knowledge regarding the mining industry, played a lead role and contributed significantly to the development and execution of the Company’s prior successful diversification strategies, and has significant experience in large scale strategic corporate transformation programs; 

WHEREAS, Consultant will continue to serve as the Chairman of the Board of Directors of the Company and the Company also wishes to retain the services of Consultant to provide support to the executive management team of the Company, including the President and Chief Executive Officer, upon request; and

WHEREAS, the Company and Consultant desire to amend the Consulting Agreement to modify the term set forth therein, as provided in greater detail below.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto memorialize their understanding and agree as follows:

AGREEMENT

1.           Definitions. Unless otherwise defined, capitalized terms used herein shall have the meanings assigned to them in the Consulting Agreement.

2.    Term. Section 2 of the Consulting Agreement is hereby amended and restated in its entirety to read as follows:

“2.    Term. This Agreement shall be effective on January 1, 2021 and shall continue in effect until December 31, 2021, at which time, this Agreement shall be automatically renewed for successive one (1) year periods unless either party provides written notice of non-renewal to the other party at least thirty (30) days prior to the expiration of the initial term of this Amendment or any renewal term (the term of this Agreement being referred to herein as the “Term”). Notwithstanding the foregoing, this Agreement may be terminated at any time by either party upon thirty (30) days written notice to the other party.”
            
3.    Continuing Force and Effect. Except as herein expressly amended, modified and/or supplemented, all terms, covenants and provisions of the Consulting Agreement are and shall remain in full force and effect and all references therein to such Consulting Agreement shall henceforth refer to the 
1

Consulting Agreement as amended by this Amendment. This Amendment shall be deemed incorporated into, and a part of, the Consulting Agreement.

*                      *                      *
            

EXECUTED on the dates indicated below.

															
					
	Date:	December 15, 2020		NACCO INDUSTRIES, INC.	
					
			By:	/s/ J.C. Butler, Jr.	
				President and Chief Executive Officer	
					

															
					
	Date:	December 15, 2020		ALFRED M. RANKIN	
					
			By:	/s/ Alfred M. Rankin, Jr.	
					
					

2

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