Document:

exv10w22

 

Exhibit 10.22

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “FIRST AMENDMENT”) is dated as of December 29,
2006 (the “FIRST AMENDMENT EFFECTIVE DATE”) between WELLS FARGO BANK, N.A. (“LENDER”), and
CHROMCRAFT REVINGTON, INC. (“BORROWER”).

RECITALS

     1. Borrower and Lender are parties to that certain Credit Agreement, dated as of September 20,
2005 (as the same has been and hereafter may be amended and/or restated from time to time, the
“CREDIT AGREEMENT”).

     2. Borrower has requested that Lender amend and modify the Credit Agreement to, among other
things, increase the maximum Leverage Ratio to 2.5 to 1.0, all as provided in this First Amendment.

     3. Subject to the terms and conditions stated in this First Amendment, Lender is willing to
modify and amend the Credit Agreement, as provided in this
First Amendment.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises, the mutual covenants and agreements herein,
and each act performed and to be performed hereunder, Lender and Borrower agree as follows:

     1. Definitions. Except as otherwise expressly stated in this First Amendment, all terms used
in the Recitals and in this First Amendment that are defined in the Credit Agreement, and that are
not otherwise defined herein, shall have the same meanings in this First Amendment as are ascribed
to them in the Credit Agreement.

     2. Amendment to Leverage Ratio. As of the First Amendment Effective Date, Section 5.1.15 of
the Credit Agreement is amended and restated in its entirety as follows:

     “5.1.15 Leverage Ratio. Maintain a Leverage Ratio of not greater than 2.5 to 1.0 at each
fiscal quarter end, measured on a rolling four-quarter basis.”

     3. Representations and Warranties. Borrower represents and warrants to Lender that:

     (a) The execution, delivery and performance of this First Amendment and all agreements and
documents delivered pursuant hereto by Borrower have been duly authorized by all necessary
corporate action and do not and will not violate any provision of any law, rule, regulation, order,
judgment, injunction, or writ presently in effect applying to Borrower, or its articles of
incorporation or bylaws, or result in a breach of or constitute a default under any material
agreement, lease or instrument to which Borrower is a party or

 

 

by which it or any of its properties may be bound or affected; (ii) no authorization, consent,
approval, license, exemption or filing of a registration with any court or governmental department,
agency or instrumentality is or will be necessary to the valid execution, delivery or performance
by Borrower of this First Amendment and all agreements and documents delivered pursuant hereto; and
(iii) this First Amendment and all agreements and documents delivered pursuant hereto by Borrower
are the legal, valid and binding obligations of Borrower, as a signatory thereto, and enforceable
against Borrower in accordance with the terms thereof.

     (b) After giving effect to the amendments contained in this First Amendment, the
representations and warranties contained in Section of the Credit Agreement are true and correct on
and as of the First Amendment Effective Date with the same force and effect as if made on and as of
the First Amendment Effective Date, except that the representation in Section 4.4 of the Credit
Agreement shall be deemed to refer to the financial statements of the Borrower most recently
delivered to the Lender prior to the First Amendment Effective Date.

     (c) No Default or Unmatured Default has occurred and is continuing or will exist under the
Credit Agreement or any of the other Loan Documents as of the First Amendment Effective Date.

     (d) Borrower represents and warrants that its constituent documents have not been amended or
otherwise changed since September 20, 2005.

     4. Waiver of Defenses and Claims. In consideration of the accommodations provided to the
Borrower by Lender as contemplated by this First Amendment, the Borrower hereby waives, releases,
and forever discharges Lender from any and all rights, claims or causes of actions of Borrower
arising due to Lender’s actions or inactions with respect to the Loan Documents or any security
interest, lien or collateral in connection therewith as well as any and all rights of set off,
defenses, claims, causes of action and any other bar to the enforcement of the Loan Documents which
exist as of the First Amendment Effective Date.

     5. Conditions. The obligation of Lender to execute and to perform this First Amendment shall
be subject to full satisfaction of the following conditions precedent on or before the First
Amendment Effective Date:

     (a) Copies, certified as of the First Amendment Effective Date, of such corporate documents or
resolutions of Borrower as Lender may request evidencing necessary corporate or company action by
Borrower with respect to this First Amendment and all other agreements or documents delivered
pursuant hereto as Lender may reasonably request.

     (b) This First Amendment shall have been duly executed and delivered by Borrower to Lender,
and executed by Lender.

     (c) Borrower shall have paid all costs and expenses incurred by Lender in connection with the
negotiation, preparation and closing of this First Amendment and the other documents and agreements
delivered pursuant hereto, including, without limitation,

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the reasonable fees and out-of-pocket expenses of Baker & Daniels LLP, special counsel to Lender.

     (d) Lender shall have received such additional agreements, documents and certifications, fully
executed by Borrower, as may be reasonably requested by Lender.

     6. Binding on Successors and Assigns. All of the terms and provisions of this First Amendment
shall be binding upon and inure to the benefit of the parties hereto, their respective successors,
assigns and legal representatives.

     7. Governing Law; Entire Agreement; Survival; Miscellaneous. This First Amendment is a
contract made under, and shall be governed by and construed in accordance with, the laws of the
State of Indiana applicable to contracts made and to be performed entirely within such state and
without giving effect to its choice or conflicts of laws principles. This First Amendment
constitutes and expresses the entire understanding between the parties with respect to the subject
matter hereof, and supersedes all prior agreements and understandings, commitments, inducements or
conditions, whether expressed or implied, oral or written. All covenants, agreements, undertakings,
representations and warranties
made in this First Amendment shall survive the execution and delivery of this First Amendment. The
Credit Agreement, as amended hereby, remains in full force and effect in accordance with its terms
and provisions.

     8. Amendment of Other Loan Documents. All references to the Credit Agreement in the other Loan
Documents shall mean the Credit Agreement, as modified and amended by this First Amendment and as
it may be further amended, modified, extended, renewed, supplemented and/or restated from time to
time and at any time. The other Loan Documents are hereby modified and amended to the extent
necessary to conform them to, or to cause them to accurately reflect, the terms of the Credit
Agreement, as modified by this First Amendment. Except as otherwise expressly provided herein, all
of the terms and provisions of the Credit Agreement and the other Loan Documents, as modified and
amended by this First Amendment, remain in full force and effect, and fully binding on the parties
thereto and their respective successors and assigns.

     9. Further Assurances. The parties shall duly execute and deliver, or cause to be executed and
delivered, such further instruments and perform or cause to be performed such further acts as may
be necessary or proper in the reasonable opinion of any other party to carry out the provisions and
purposes of this First Amendment.

     10. Counterparts. This First Amendment may be executed in two or more counterparts, each of
which shall constitute an original, but all of which when taken together shall constitute but one
agreement. In the event any party executes and delivers this First Amendment via facsimile, such
party hereby agrees that for the purposes of enforcement and all applicable statutes, laws and
rules, including, without limitation, the Uniform Commercial Code, rules of evidence and statutes
of fraud: (i) the facsimile signature of such party shall constitute a binding signature of such
party as a symbol and mark executed and adopted by such party with a present intention to
authenticate this First Amendment; (ii) the facsimile of this First Amendment shall constitute a
writing signed by such party; and (iii) the facsimile of this First Amendment shall constitute an
original of and best evidence of this First Amendment.

[signatures on the following page]

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     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly executed
and delivered by their respective authorized signatories.

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	     /s/ James M. Stehlik
 	 
	 	 	James M. Stehlik, Vice President 	 
	 	 	 	 
	 
	 	CHROMCRAFT REVINGTON, INC.

 	 
	 	By:  	     /s/ Frank T. Kane
 	 
	 	 	Frank T. Kane, 	 
	 	 	Vice President — Finance 	 

 

 

	 	 	 	 	 

REAFFIRMATION

     The undersigned acknowledge and consent to the execution of the foregoing First Amendment to
Credit Agreement between Wells Fargo Bank, N.A. (“Lender”) and Chromcraft Revington, Inc., and
reaffirm and agree that the Subsidiary Guaranty (the “Guaranty”) executed by it as of September 20,
2005 in favor of Lender, remains in full force and effect with respect to all Guaranteed
Obligations (as defined in Guaranty).

Dated as of December 29, 2006

	 	 	 	 	 	 	 	 	 	 	 
	CHROMCRAFT CORPORATION	 	 	 	CRI CORPORATION-SUMTER	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank T. Kane
	 	 	 	By:
	 	/s/ Frank T. Kane	 	 
	 

	 	 

Frank T. Kane, Vice President
	 	 	 	 	 	 

Frank T. Kane, Vice President
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	PETERS-REVINGTON CORPORATION	 	 	 	COCHRANE FURNITURE COMPANY, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank T. Kane
	 	 	 	By:
	 	/s/ Frank T. Kane	 	 
	 

	 	 

Frank T. Kane, Vice President
	 	 	 	 	 	 

Frank T. Kane, Vice President
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SILVER FURNITURE CO., INC.	 	 	 	CRI REALTY COMPANY, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank T. Kane
	 	 	 	By:
	 	/s/ Frank T. Kane	 	 
	 

	 	 

Frank T. Kane, Vice President
	 	 	 	 	 	 

Frank T. Kane, Manager
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	SILVER FURNITURE MANUFACTURING
CO., INC.	 	 	 	CRI CAPITAL CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank T. Kane
	 	 	 	By:
	 	/s/ Frank T. Kane	 	 
	 

	 	 

Frank T. Kane, Vice President
	 	 	 	 	 	 

Frank T. Kane, Vice President
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	KORN INDUSTRIES, INCORPORATED	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank T. Kane	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Frank T. Kane, Vice President	 	 	 	 	 	 	 	 

2exv10w96

 

Exhibit 10.96

FORM OF

RESTRICTED STOCK AWARD AGREEMENT

FOR NON-EMPLOYEE DIRECTORS

     THIS RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made and entered into as of the
                     day of          
           
(Month),                      (Year) by and between CHROMCRAFT REVINGTON, INC. (the
“Company”), a Delaware corporation, and                                
          (the “Director”),

WITNESSETH:

     WHEREAS, the Director is a member of the Board of Directors of the Company, having been
re-elected as a director at the annual meeting of stockholders held
on ___ (Date); and

     WHEREAS, the Company maintains a Directors’ Stock Plan pursuant to which
the Director received an award of Eight Hundred (800) shares of restricted common stock of the
Company as of the day following the ____ (Year) annual
meeting of stockholders; and

     WHEREAS, this Agreement is required by the Plan and evidences such grant of restricted common
stock.

     NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants,
agreements and obligations contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as
follows:

     1. Award of Stock. Subject to the terms and conditions of the Plan and this Agreement, the
Company hereby grants to the Director an Award of Eight Hundred (800) shares of common stock of the
Company, which shall be issued and be restricted in accordance with the Plan and this Agreement
(the “Restricted
Stock”).

     2. Award Date. The Award Date for the Award of the Restricted Stock is ___.

     3. Period of Restriction; Vesting of Restricted Stock. The Period of Restriction with respect
to the Award of the Restricted Stock shall begin on ___ (Date) and shall end (and the shares
shall become vested) on the day before the Company’s annual meeting of stockholders to be held in
___ (Year) (the “Period of Restriction”), so long as the Director is still serving as a member of
the Board of Directors on such date, except that the Period of Restriction may lapse (and the
shares may become vested) prior to the ___ (Year) annual meeting of stockholders in the event of a
Director’s death or Disability or a Change in Control during the Period of Restriction, as provided
in the
Plan. There shall be no other conditions, factors or goals that must be satisfied in order for the
shares of Restricted Stock to become vested. Shares of Restricted Stock that have not become vested
by the end of the Period of Restriction shall be forfeited and revert to the Company, and the
Director (and any party claiming by or through the Director) shall have no rights or claims to such
shares.

 

 

     4. Dividend, Voting and Other Rights. During the Period of Restriction, the Director shall be
entitled to (a) receive all dividends and distributions, if any, paid with respect to the shares of
Restricted Stock, (b) exercise all voting rights with respect to the shares of Restricted Stock,
and (c) exercise and possess all other rights and attributes of ownership of the shares of
Restricted Stock to the same extent as if he is the owner thereof, other than as provided in the
Plan and this Agreement.

     5. Certain Agreements and Representations. The Director hereby understands and agrees that (a)
none of the shares of Restricted Stock have been registered or qualified under any federal or state
securities laws and are being issued by the Company in reliance upon certain exemptions from
registration or qualification under such laws, (b) because the shares of Restricted Stock have not
been registered or qualified under any federal or state securities laws and because the Director
may be deemed to be an affiliate of the Company under the federal securities laws, such shares are
subject to restrictions imposed by applicable federal and state law in addition to the restrictions
set forth in the Plan and this Agreement, and (c) he is (and his heirs, executors, administrators
and representatives are) bound by, and the shares of Restricted Stock are subject to, the terms,
conditions and restrictions set forth in the Plan and this Agreement, the Company’s Certificate of
Incorporation and applicable law.

     The Director hereby represents and warrants to the Company that no representations, promises
or commitments have been made to the Director concerning the amount of dividends or distributions,
the percentage of profit or the return on investment, if any, that he might expect to receive as a
result owning the shares of Restricted Stock (whether during or following the Period of
Restriction), nor have any representations, promises or commitments been made to the Director
relating to any repurchase by the Company of shares of Restricted Stock upon the vesting thereof.

     6. Non-transferability. Until the Period of Restriction shall have expired or lapsed and the
shares of Restricted Stock shall have become vested, the unvested shares of Restricted Stock (a)
cannot be sold, transferred, assigned, margined, encumbered, bequeathed, gifted, alienated,
hypothecated, pledged or otherwise disposed of, nor can a lien, security interest or option be
placed thereon, whether by operation of law, whether voluntarily or involuntarily, or otherwise,
and (b) are not subject to execution, attachment or similar process or otherwise available to the
creditors of the Director. After the Period of Restriction shall have expired or lapsed and the
shares of Restricted Stock shall have become vested, the shares of Restricted Stock may be sold or
transferred in accordance with applicable law and the requirements then in effect of the principal
securities exchange or market on which the Company’s shares of common stock are then traded.

     7. Issuance of Shares. Promptly following the execution of this Agreement, the Company shall
issue (or purchase in the open market or in a
privately-negotiated transaction) the shares necessary to satisfy the Award of Restricted Stock and
thereafter shall maintain such shares in book-entry form in the name of the Director, and such
shares shall be outstanding for all corporate purposes. Until such time as the Period of
Restriction shall have expired or lapsed and the shares of Restricted Stock shall have become
vested, the Director shall not be entitled to hold such unvested shares in street name and the
Company shall not issue any certificate representing unvested shares in the name or for the benefit
of the Director. Upon request promptly following the date on which the Period of Restriction shall
have expired or lapsed and the shares of Restricted Stock shall have vested,

2

 

the Company shall release such vested shares to the Director and shall either cause such shares to
be placed in street name based upon the instructions of the Director or issue a stock certificate
representing such vested shares in the name of the Director with a legend in substantially the
following form imprinted thereon.

RESTRICTION
ON TRANSFER

The securities represented by this Certificate have not been registered or qualified
under the Securities Act of 1933, as amended (the “Act”), the laws of the State of Delaware or
any other state securities laws and may not be sold, transferred, pledged or otherwise
disposed of in the absence of such registration or qualification or an exemption therefrom
under the Act and any applicable state securities laws.

     8. Award Subject to the Plan. The Award of Restricted Stock is subject to the terms and
conditions of the Plan, and the Director agrees that he will comply with the Plan. All capitalized
terms used but not otherwise defined in this Agreement shall have the same meaning ascribed to such
terms in the Plan.

     9. Miscellaneous.

     (a) Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit
of the Company and the Director and their respective heirs, executors, representatives, successors
and assigns; provided, however that neither party may assign this Agreement without the prior
written consent of the
other party hereto except that the Company may, without the consent of the Director, assign this
Agreement in connection with any merger, consolidation, share exchange, combination, sale of stock
or assets or similar transaction involving the Company or any transaction or series of transactions
constituting a Change in Control.

     (b) Waiver. Either party hereto may, by a writing signed by the waiving party, waive the
performance by the other party of any of the covenants or agreements to be performed by such other
party under this Agreement. The waiver by either party hereto shall not operate or be construed as
a continuing or subsequent waiver. The failure or delay of either party at any time to insist upon
the strict performance of any provision of this Agreement or to enforce its rights or remedies
under this Agreement shall not be construed as a waiver or relinquishment of the right to insist
upon strict performance of such provision, or to pursue any of its rights or remedies for any
breach hereof, at a future
time.

     (c) Amendment. This Agreement may be amended, modified or supplemented only by a written
agreement executed by the parties hereto.

     (d) Headings. The headings in this Agreement have been inserted solely for ease of reference
and shall not be considered in the interpretation or construction of this Agreement.

     (e) Severability. In case any one or more of the provisions (or any portion thereof) contained
herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision of this Agreement,
but this Agreement shall be construed as if such

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invalid, illegal or unenforceable provision or provisions (or portion thereof) had never been
contained herein.

     (f) Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute one and the same agreement.

     (g) Construction. This Agreement shall be deemed to have been drafted by both parties hereto.
This Agreement shall be construed in accordance with the fair meaning of its provisions and its
language shall not be strictly construed against, nor shall ambiguities be resolved against, either
party.

     (h) Entire Agreement. This Agreement and the Plan constitute the entire understanding and
agreement between the parties hereto relating to the Restricted Stock and supersede all other prior
understandings, commitments and representations, whether oral or written, between the parties
hereto relating to the Restricted Stock.

     (i) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Indiana, without reference to any choice of law provisions, principles or
rules thereof (whether of the State of Indiana or any other jurisdiction) that would cause the
application of any laws of any jurisdiction other than the State of Indiana.

     (j) Recitals. The recitals, premises and “Whereas” clauses contained on page 1 of this
Agreement are expressly incorporated into and made a part of this Agreement.

* * *

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     IN WITNESS WHEREOF, the Company and the Director have made, entered into, executed and
delivered this Restricted Stock Award Agreement as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	CHROMCRAFT REVINGTON, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

(Printed Name and Title)
	 	 
	 
	 	 	 	 	 	 
	 	 	DIRECTOR	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Printed Name)	 	 

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