Document:

ex_130274.htm

Exhibit 4.1

 

INSTEEL INDUSTRIES, INC.

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

________________________________

 

 

THIS AMENDMENT NO. 2 TO RIGHTS AGREEMENT (this “Amendment No. 2”) is dated as of November 15, 2018 by and between Insteel Industries, Inc., a North Carolina corporation (the “Company”), and American Stock Transfer & Trust Company, LLC (as successor rights agent to First Union National Bank, the “Rights Agent”).

 

RECITALS

 

WHEREAS, the Company and the Rights Agent are parties to that certain Rights Agreement dated as of April 27, 1999, as amended and extended by that certain Amendment No. 1 to Rights Agreement dated as of April 25, 2009 (the “Rights Agreement”); and

 

WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent may amend any provision of the Rights Agreement without the approval of any holders of certificates representing shares of Common Stock (as defined in the Rights Agreement) before the Distribution Date (as defined in the Rights Agreement); and

 

WHEREAS, the Board of Directors of the Company has determined that it is desirable to amend the Rights Agreement as set forth herein and has authorized this Amendment No. 2 by a duly authorized resolution; and

 

WHEREAS, the Company and the Rights Agent desire to amend the Rights Agreement on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

1.     Section 1(r) of the Rights Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:

 

(r) “Final Expiration Date” shall mean the Close of Business on December 31, 2018, unless extended by the Board of Directors of the Company as provided in Section 27 hereof.

 

2.     The Rights Agent acknowledges its receipt of an officer’s certificate notifying it of this Amendment No. 2 in accordance with Section 27 of the Rights Agreement.

 

3.     This Amendment No. 2 shall be effective as of the date first set forth above and, except as set forth herein, the Rights Agreement shall remain otherwise unaffected hereby. The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as further amended hereby.

 

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4.     This Amendment No. 2 shall bind and inure to the benefit of the Company’s and the Rights Agent’s respective successors and assigns.

 

5.     If any term, provision, covenant or restriction of this Amendment No. 2 is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment No. 2 shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

6.     This Amendment No. 2 shall be deemed to be a contract under the laws of the State of North Carolina and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

 

7.     This Amendment No. 2 may be executed in any number of 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.

 

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly executed as of the date first written above.

 

 

	
			 

				
			INSTEEL INDUSTRIES, INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			     /S/ 

				
			 

			
	
			 

				
			Name: Michael C. Gazmarian

			Title:      Vice President, Chief Financial Officer and Treasurer

				
			 

			

 

 

	
			 

				
			AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			     /S/ 

				
			 

			
	
			 

				
			Name:     Michael A. Nespoli

			Title:  Executive Directorcool_ex1090.htm

EXHIBIT 10.90
  
 
  
 Amendment No.3 to
 Senior Convertible Note
 by and between
 Cool Technologies, Inc. and KHIC LLC
 dated August 24, 2016, as subsequently amended (collectively, the “Agreement”)
  
  
 This amendment No. 3 to the Agreement, by and between Cool Technologies, Inc. (the “Company”) and KHIC LLC (the “Buyer”) (such amendment, “Amendment No. 3”) shall amend the Agreement as set forth below and all other terms of the Agreement shall remain in full force and effect. All capitalized terms herein not defined shall have the meaning defined to them in the Agreement or any amendments thereto. 
  
 WHEREAS, Section 1.1 of the Agreement states “The outstanding Principal amount of this Note and all accrued and unpaid Interest shall be repaid by the Borrower on or before August 24, 2018 (the “Maturity Date”)”; and
  
 WHEREAS, the outstanding balance due Buyer under the Agreement as of the Maturity Date was $298,991.96 in Principal amount plus $4,703.88 in interest, for a total outstanding balance of $303,695.84 (the “Maturity Date Outstanding Note Amount”); 
  
 WHEREAS, the parties have agreed that, as consideration for Buyer extending the Maturity Date under the Agreement to the Extended Maturity Date (as defined below) that the Maturity Date Outstanding Note Amount is hereby multiplied by 150% resulting in an adjusted balance due under the Agreement of Four Hundred Fifty-Five Thousand, Five Hundred Forty Three and 76/100 Dollars ($455,543.76) (such outstanding amount, as adjusted, the “Outstanding Adjusted Loan Amount”) and, should an Event of Default occur as of the Extended Maturity Date, then the Maturity Date Outstanding Note amount shall be increased by an additional $30,000 redemption premium (the “Extension Redemption Premium”) without any further action required of either party resulting in an adjusted balance due in such event under the Agreement of Four Hundred Eighty-Five Thousand, Five Hundred Forty Three and 76/100 Dollars ($485,543.76) (such outstanding amount, as adjusted, the “Default Note Amount”);
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:
  
 1. Subject to the Company’s compliance with the terms herein, the Maturity Date of the Note is hereby extended to December 15, 2018 (“Extended Maturity Date”) and further that provided this Amendment No. 3 is both: (i) executed by the Buyer; and (ii) such executed copy is delivered in physical form to Eric Hess, 36 Manchester Drive, Westfield, NJ 07090 on or before September 30, 2018. 
  
 2. The Company agrees to amend the Agreement as follows:
  
 a. The Principal amount outstanding under the Agreement as of the date of this Amendment No. 3 shall be amended to the Outstanding Adjusted Note Amount.
   	 
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 b. The Conversion Price in Section 2 of the Agreement shall be defined as the lower of (i) two and a half ($0.025) cents per share of Common Stock or (ii) the price of any equity issuance, equity offering, conversion right or similar issuance of equity or debt securities after September 1, 2018. For purposes of Section 2 of the Agreement only, Principal shall be the Outstanding Adjusted Note Amount. 
  
 3. The Company covenants that it will provide a Secretary’s Certificate by September 30, 2018 approving this Amendment No. 3, along with providing copies of the actual executed resolutions. 
  
 IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Amendment to be duly executed as of the date first above written.
  
   	 KHIC LLC
	
	 	 	 
	By:	/s/ Eric Hess	
	 Name:
	Eric Hess	 
	Title:	Member and Secretary	 
	 	 	 
	 COOL TECHNOLOGIES, INC.
	  

	  
	  
	  

	 By:
	 /s/ Timothy Hassett
	  

	 Name:
	 Timothy Hassett
	  

	 Title:
	 Chairman and CEO
	  

  
  	 
	2
	 
 
	 

  
 
  
 EXHIBIT A- Confession of Judgment
  
  
  
  
  
  	 
	3EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 PNC BANK,
NATIONAL ASSOCIATION 
 The Tower at PNC Plaza 

300 Fifth Avenue 
 Pittsburgh, PA
15222 
 November 17, 2018 
 Black Box Corporation 

1000 Park Drive 
 Lawrence, Pennsylvania 15055 

Attention: Chief Financial Officer 
 RE:
Letter Agreement 
 Ladies and Gentlemen: 

Reference is made to that certain Credit Agreement, dated May 9, 2016 (as amended, modified, supplemented or restated from time to time,
including by that certain Amendment and Joinder Agreement dated August 9, 2017, that certain Second Amendment, dated June 29, 2018, and that certain Consent Agreement, dated as of November 11, 2018 (the “Consent
Agreement”), the “Credit Agreement”), by and among BLACK BOX CORPORATION, a Delaware corporation (the “Borrower”), each of the Guarantors party thereto (together with the Borrower, collectively, the
“Loan Parties”), each of the Lenders party thereto (the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), in its capacity as administrative agent for the Lenders under the Credit Agreement (in
such capacity, the “Administrative Agent”). Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Credit Agreement. 

Upon the execution of this Letter Agreement by the Administrative Agent, each of the Lenders and each of the Loan Parties, in connection with
the Restructuring Transaction (as defined in the Consent Agreement), the Administrative Agent, Lenders, and Loan Parties hereby agree that Section 1.1 of the Credit Agreement shall be deemed to be amended as follows: 

(a)    Section 1.1 of the Credit Agreement shall be deemed to be amended to insert the following new definition of
“Consent Agreement” in its appropriate alphabetical position: 
 “Consent Agreement” shall mean the Consent
Agreement, dated as of November 11, 2018, by and among the Loan Parties, the Administrative Agent and the Lenders. 

(b)    The definition of “LIFO Expiration Date” contained in Section 1.1 of the Credit Agreement shall be
deemed to be amended and restated in its entirety as follows: 

 “LIFO Expiration Date shall mean the earlier of (a) January 17, 2019
(unless the Termination Date (as defined in the Consent Agreement) is not extended by the Administrative Agent in its sole discretion through January 17, 2019, and the Required Lenders direct that the LIFO Expiration Date be the Termination
Date, provided such date shall not be extended beyond January 17, 2019 without the consent of the Administrative Agent and the Lenders), and (b) the date on which the earlier occurs (i) the Administrative Agent, at its discretion or
upon the Required Lenders’ direction to the Administrative Agent, determines to terminate the LIFO Facility following the occurrence of an Event of Default that has not been waived in accordance with this Agreement or (ii) the Obligations
are otherwise accelerated.” 
 Except as expressly modified by the terms hereof, all of the terms and conditions of the Credit
Agreement and the other Loan Documents are hereby reaffirmed and shall continue in full force and effect as therein written. 
 Please
countersign this letter agreement below to evidence the Loan Parties’ acknowledgment and agreement with respect to the foregoing. This letter agreement may be executed in any number of counterparts and by different parties hereto on separate
counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile or other form of electronic transmission shall be
deemed to be an original signature hereto. 
 [INTENTIONALLY LEFT BLANK] 

 
			
	Sincerely,
	
	 PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent and a Lender

		
	By:	 	 /s/ Christopher B. Gribble

	Name: Christopher B. Gribble
	Title:   Senior Vice President

 [Signature Page to Letter Agreement] 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ John M. Schuessler

	Name: John M. Schuessler
	Title:   Senior Vice President

 [Signature Page to Letter Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Mike Warren

	Name: Mike Warren
	Title:   Sr VP

 [Signature Page to Letter Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Jeanette A. Griffin

	Name: Jeanette A. Griffin
	Title:   Senior Vice President

 [Signature Page to Letter Agreement] 

 
			
	THE HUNTINGTON NATIONAL BANK, as a Lender
		
	By:	 	 /s/ Neil Corry-Roberts

	Name: Neil Corry-Roberts
	Title:   SVP

 [Signature Page to Letter Agreement] 

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Don D. Mishler

	Name: Don D. Mishler
	Title:   SVP

 [Signature Page to Letter Agreement] 

 
			
	 FIRST COMMONWEALTH BANK, as a
Lender

 
			
		
	By:	 	 /s/ H. Clayton Soles

			
	Name: H. Clayton Soles
	Title:   Vice President

 [Signature Page to Letter Agreement] 

 
			
	 Agreed to and accepted by the Loan Parties:

	
	 Black Box Corporation, a Delaware
corporation

  

			
	By:	 	 /s/ David J. Russo

		 	David J. Russo
		 	Chief Financial Officer and Treasurer

 [Signature Page to Letter Agreement] 

 
			
	 ACS Communications, Inc., a Texas corporation

	 ACS Dataline, LP, a Texas limited partnership

	 ACS Dataline of the Northwest, Inc., an Oregon corporation

	 ACS Investors, LLC, a Delaware limited liability company

	 BB Technologies, Inc., a Delaware corporation

	 BBOX Holdings Puebla LLC, a Delaware limited liability company

	 Black Box Corporation of Pennsylvania, a Delaware corporation

	 Black Box Network Services, Inc. - Government Solutions, a Tennessee
corporation

	 Black Box Services Company, a Delaware corporation

	 Black Box Ventures Holding Company, a Delaware corporation

Delaney Telecom, Inc., a Pennsylvania corporation

	 NextiraOne, LLC, a Delaware limited liability company

	 NextiraOne New York, LLC, a Delaware limited liability
company

	 Norstan Communications, Inc., a Minnesota corporation

	 Scottel Voice & Data, Inc., a California corporation

	 Vibes Technologies, Inc., a Minnesota
corporation

  

			
	By:	 	 /s/ Ronald Basso

		 	Ronald Basso, in his capacity as one of more
		 	of the following: President, Vice President,
		 	Treasurer and/or Secretary

 [Signature Page to Letter Agreement]

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