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			FIRST AMENDMENT TO LOAN AGREEMENT
		

		
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			This FIRST AMENDMENT TO LOAN AGREEMENT (this "Amendment"),  is effective as of March 8, 2019 and is entered into by and between CDOR KCI LOFT, LLC, a Delaware limited liability company ("CDOR KCI") and TRS KCI LOFT, LLC, a Delaware limited liability company ("TRS KCI", and together with CDOR KCI, individually a "Borrower" and collectively, the "Borrowers") and GREAT WESTERN BANK ("Bank").
		

		
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			PRELIMINARY STATEMENTS.  Borrowers and Bank entered into a Loan Agreement dated as of December 14, 2016 (said agreement as amended by any and all modifications or amendments thereto is hereinafter referred to as the "Loan Agreement"; the terms defined in the Loan Agreement are used herein as therein defined).  Borrowers and Bank have agreed to amend certain provisions of the Loan Agreement.
		

		
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			NOW, THEREFORE, Borrowers and Bank agree as follows:
		

		
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			SECTION 1.Amendment to Section 5.01 of the Loan Agreement.  Section 5.01(k) of the Loan Agreement is hereby amended and restated in its entirety as follows:  
		

		
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			(k)Debt Service Coverage Ratio.  Maintain (i) a Debt Service Coverage Ratio (pre-distribution) of not less than (A) 1.20 to 1.00 as of the end of the fiscal quarter ending June 30, 2019, (B) 1.25 to 1.00 as of the end of the fiscal quarters ending September 30, 2019 and December 31, 2019, and (C) 1.35 to 1.00 as of the end of fiscal quarter ending March 31, 2020 and each fiscal quarter thereafter and (ii) a Debt Service Coverage Ratio (post-distribution) of not less than 1.05 to 1.00 as the end of each fiscal quarter.
		

		
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			SECTION 2.Waiver of Debt Service Coverage Ratio.  Due to certain capital improvement projects being made by Borrowers to the Hotel, (a) Borrowers' room occupancy and revenues have  been lower than projected and (b) Borrower did not meet, or will not meet, the covenant in Section 5.01(k)(i) of the Loan Agreement (Debt Service Coverage Ratio (pre-distribution)) for the fiscal quarters ending on December 31, 2018 an March 31, 2019.  Bank hereby waives, on a limited one-time basis, the Borrowers’ compliance with Section 5.01(k)(i) of the Loan Agreement (Debt Service Coverage Ratio (pre-distribution)) for the fiscal quarters  ending on December 31, 2018 and March 31, 2019.  Bank agrees that the failure by Borrowers to comply with Section 5.01(k)(i) of the Loan Agreement during the fiscal quarters ending on December 31, 2018 and March 31, 2019 shall not constitute an Event of Default under the Loan Agreement.  The foregoing waiver shall terminate and be of no further force or effect in the event any of the information given by Borrowers to Bank in connection with the request for waiver shall have been materially incorrect. 
		

		
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			SECTION 3.Franchise Agreement.    Borrowers have notified Bank that they received a notice from the Franchisor, dated February 21, 2019, that that they are in default under the Franchise Agreement for failing to meet certain guest satisfaction standards (the "Franchisor Notice").  Borrowers have further notified Bank that the failure to meet the guest satisfaction standards relates to the on-going construction at the Hotel for the capital improvements described above. Section 5.01(o) of the Loan Agreement requires Borrowers to perform their obligations under the Franchise Agreement and to avoid defaults thereunder.  To the extent the Franchisor Notice could constitute a default under the Loan Agreement, Bank hereby waives, on a limited one-time basis, any default based on the Franchisor Notice.    Borrowers agree to take all actions required by Franchisor to promptly cure any deficiencies described in the Franchisor Notice. The foregoing 
		

		 

		

			 

		

		

			GWB/aloft

		

		

			First Amendment to Loan Agreement

		

		

			DOCS/2237489.2 

		

 

		

			 

		

		

			 

		

		

			 

		

		

			 

		

		waiver shall terminate and be of no further force or effect in the event any of the information given by Borrowers to Bank in connection with the request for waiver shall have been materially incorrect. 
		

		
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			SECTION 4. Representations and Warranties of Borrowers.  Each Borrower represents and warrants as follows:
		

		
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			(a)Such Borrower is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation.
		

		
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			(b)The execution, delivery and performance by such Borrower of this Amendment and the Loan Agreement, as amended hereby, are within such Borrower's powers, have been duly authorized by all necessary action and do not contravene such Borrower's Organization Documents, or any law or any contractual restriction binding on or affecting such Borrower, or result in, or require, the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties.
		

		
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			(c)No authorization, approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by such Borrower of this Amendment and the Loan Agreement, as amended hereby.  
		

		
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			(d)This Amendment and the Loan Agreement, as amended hereby, constitute, legal, valid and binding obligations of such Borrower enforceable against such Borrower in accordance with their respective terms.
		

		
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			(e)There is no pending or threatened action or proceeding affecting such Borrower before any arbitrator or Governmental Authority, which may materially adversely affect the financial condition or operations of such Borrower.
		

		
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			(f)No Event of Default under the Loan Agreement has occurred and is continuing.
		

		
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			SECTION 5.Effectiveness.  This Amendment shall become effective when and only when Bank shall have received counterparts of this Amendment duly executed by Borrowers and a modification fee in the amount of $2,500.
		

		
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			SECTION 6.Reference to and Effect on the Loan Agreement.  
		

		
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			(a)Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Loan Agreement to "this Agreement", "hereunder" "hereof", "herein" or words of like import shall mean and be a reference to the Loan Agreement as amended hereby.
		

		
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			(b)Except as specifically amended above, the Loan Agreement shall remain in full force and effect and is hereby ratified and confirmed.
		

		
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			(c)The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Bank under the Loan Agreement, nor constitute a waiver of any provision of the Loan Agreement.
		

		

		

		 

		

			 

		

		

			GWB/aloft

		

		

			First Amendment to Loan Agreement 2

		

		

			DOCS/2237489.2 

		

 

		

			 

		

		

			 

		

		

			 

		

		

			 

		

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			SECTION 7.Execution in Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.
		

		
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			SECTION 8.Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws (without giving effect to the conflicts of laws principles thereof) of the State of Nebraska.
		

		
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			SECTION 9.Costs and Expenses.  Borrowers agree to pay on demand all costs and expenses in connection with the preparation, execution, delivery and administration of this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Bank with respect thereto and with respect to advising Bank as to its rights and responsibilities under this Amendment.
		

		
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			GWB/aloft

		

		

			First Amendment to Loan Agreement 3

		

		

			DOCS/2237489.2 

		

 

		

			 

		

		

			 

		

		

			 

		

		

			 

		

		[BORROWERS SIGNATURE PAGE TO FIRST AMENDMENT TO LOAN AGREEMENT]
		

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

		
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			BORROWERS:
		

		
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			CDOR KCI LOFT, LLC, a Delaware limited liability company
		

		
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			By:  /s/ Jonathan J. Gantt
		

		
			Name: Jonathan J. Gantt
		

		
			Its:  Vice President
		

		
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			TRS KCI LOFT, LLC, a Delaware limited liability company
		

		
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			By:  /s/ Jonathan J. Gantt
		

		
			Name: Jonathan J. Gantt
		

		
			Its:  Vice President
		

		
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			GWB/aloft

		

		

			First Amendment to Loan Agreement 4

		

		

			DOCS/2237489.2 

		

 

		

			 

		

		

			 

		

		

			 

		

		

			 

		

		
		

		
			[BANK SIGNATURE PAGE TO FIRST AMENDMENT TO LOAN AGREEMENT]
		

		
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			BANK:
		

		
			GREAT WESTERN BANK, a South Dakota corporation
		

		
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			By:  /s/ Kraig Williams
		

		
			Kraig Williams, SVP Commercial Real Estate
		

		
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			GWB/aloft

		

		

			First Amendment to Loan Agreement 5

		

		

			DOCS/2237489.2Exhibit 10.1

 

First Amendment to the Amended and Restated Executive Employment Agreement

 

This First Amendment to Amended and Restated Executive Employment Agreement (the “Amendment”) is effective March 8, 2019 (the “Effective Date”), by and between Timothy Albury (“Executive”) and Liquidia Technologies, Inc., a Delaware corporation (the “Company”).

 

The Company and Executive have entered into that certain Amended and Restated Executive Employment Agreement dated as of July 25, 2018 (the “Employment Agreement”); and

 

The Company and Executive desire to amend the Employment Agreement as provided in this Amendment.

 

Accordingly, in consideration of the mutual promises and covenants contained herein, the Parties agree to the following:

 

1.                                      Term of Amendment.  This Amendment shall be in effect from the Effective Date and continuing for six (6) months thereafter or, if earlier, the date on which the Company’s new Chief Financial Officer commences employment with the Company (the “Term”).  This Amendment shall automatically expire at the end of the Term.  If Executive remains employed by the Company upon expiration of the Amendment, then Executive’s employment shall be governed by (i) the terms and conditions set forth in the Employment Agreement as in effect prior to the Effective Date of this Amendment, if Executive is not appointed as the Company’s Chief Financial Officer; or (ii) a new employment agreement if Executive is appointed as the Company’s Chief Financial Officer.

 

2.                                      Amendment to Section 2.1.  During the Term, Section 2.1 of the Employment Agreement shall be deleted in its entirety and replaced with the following:

 

Position.  Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Interim Chief Financial Officer, and Executive hereby accepts such employment.  Executive will report to the Chief Executive Officer (“CEO”) and/or such executive designated by the CEO.  Executive agrees that, by accepting this Amendment, Executive consents to the changes to Executive’s position, duties, and responsibilities as set forth in this Amendment and agrees that such changes alone will not result in any right of Executive to terminate employment for Good Reason, as defined in the Employment Agreement or in any other context, and to receive the Severance Benefits described in the Employment Agreement or any other similar benefits under any contractual arrangement.

 

3.                                      Bonus.  If Executive remains employed with the Company in good standing and satisfactorily performs the role of Interim Chief Financial Officer, then Executive shall earn a bonus in the total amount of $100,000, less applicable withholdings and deductions, payable in a

 

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lump sum within thirty (30) days after the end of Term (the “Bonus”).  In the event that Executive’s employment is terminated by the Company during the Term for any reason other than poor performance, then Executive shall be entitled to the Bonus, subject to Executive’s compliance with the obligations in Section 6.1(c) of the Employment Agreement, which will be payable in a lump sum by the Company within thirty (30) days after the Release Effective Date.

 

4.                                      Accelerated Vesting of Equity.  On March 7, 2018, Executive was granted an option (the “Option”) to purchase 30,545 shares of the Company’s common stock, $0.001 par value per share (“Common Stock”), pursuant to the Liquidia Technologies, Inc. 2016 Equity Incentive Plan, as may be amended from time to time by the Company (the “Plan”) and the related grant agreement.  If Executive remains employed with the Company in good standing and satisfactorily performs the role of Interim Chief Financial Officer, then the vesting of the remaining 22,909 shares of the Company’s Common Stock subject to the Option shall accelerate and become vested and exercisable as of the end of the Term.  In the event that Executive’s employment is terminated by the Company during the Term for any reason other than poor performance, then Executive shall be entitled to the accelerated vesting described in the immediately preceding sentence, subject to Executive’s compliance with the obligations in Section 6.1(c) of the Employment Agreement.

 

5.                                      No Other Amendments.  Except as herein modified or amended, no other term or provision of the Employment Agreement is amended or modified in any respect.  The Employment Agreement and this Amendment set forth the entire understanding between the Parties with regard to the subject matter hereof and supersedes any prior oral discussions or written communications and agreements.  This Amendment cannot be modified or amended except in writing signed by the Executive and an authorized officer of the Company.

 

6.                                      Effect of Amendment.  Except as amended hereby, all other terms and provisions of the Agreement shall remain in full force and effect.

 

7.                                      Governing Law; Mandatory Mediation; Jurisdiction.  This Amendment in all respects shall be governed by and interpreted in accordance with the laws of the State of North Carolina, both procedural and substantive, without regard to conflicts of law, except to the extent that federal laws and regulations preempt otherwise applicable law, and shall be subject to the mandatory mediation and venue provisions set forth in Section 7.10 and Section 7.11 in the Employment Agreement.

 

8.                                      Counterparts.  This Amendment may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.  The Parties further agree that facsimile or .pdf signatures shall be treated as originals.

 

9.                                      Definitions.  Defined terms used but not defined herein shall have the meanings set forth in the Agreement.

 

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IN WITNESS WHEREOF, the parties have executed this First Amendment to Amended and Restated Executive Employment Agreement on the day and year first written above.

 

	
 
    	
LIQUIDIA   TECHNOLOGIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Neal Fowler
    
	
 
    	
Name:
    	
Neal Fowler
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Timothy Albury
    
	
 
    	
Timothy Albury
    

 

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