Document:

ex4_1a-f8k03142013.htm

Exhibit 4.1(a)

  

Execution Copy

 

AMENDMENT NO. 13 TO THE AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 13 TO THE AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of March 14, 2013 is among VOLT FUNDING CORP., a Delaware corporation (the “Seller”), VOLT INFORMATION SCIENCES, INC., a New York corporation, in its individual capacity (“Volt”) and in its capacity as servicer (in such capacity, the “Servicer”), MARKET STREET FUNDING LLC, a Delaware limited liability company (“Market Street”), as a Buyer (the “Buyer”), PNC BANK, NATIONAL ASSOCIATION, a national banking association, (“PNC”), as Buyer Agent for Market Street, (the “Buyer Agent”), and PNC BANK, NATIONAL ASSOCIATION, a national banking association, as Administrator (in such capacity, the “Administrator”).

 

BACKGROUND

 

WHEREAS, the delivery of Volt’s audited financial statements for its fiscal years ended November 1, 2009, October 31, 2010 and October 30, 2011 continue to be delayed, in all cases pending the completion by Volt and its auditors of their analysis regarding the proper treatment of certain accounting principles, and that as a result of that analysis Volt also will or may need to restate certain prior period financials; and

 

WHEREAS, to accommodate the foregoing, the Seller, the Servicer, Volt, the Buyer, the Buyer Agent and the Administrator desire to amend the Amended and Restated Receivables Purchase Agreement dated as of June 3, 2008, among the Seller, the Servicer, Volt, the Buyer, the Buyer Agent and the Administrator (as amended, supplemented and/or otherwise modified prior to giving effect to this Amendment, the “Amended and Restated Receivables Purchase Agreement”);

 

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1. Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Amended and Restated Receivables Purchase Agreement.

 

SECTION 2. Amendments to Amended and Restated Receivables Purchase Agreement.  Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Amended and Restated Receivables Purchase Agreement is hereby amended as follows:

 

(a) Clause (i) of the definition of “Expiration Date” in Section 1.01 of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

 

  “(i) March 29, 2014,”

 

(b) Section 9.03(b)(ii) of the Amended and Restated Receivables Purchase Agreement is hereby deleted in its entirety and replaced with the following:

 

  

  

  

 

“(ii) as soon as practicable and in any event within 100 days after the close of each fiscal year of the Servicer during the term of this Agreement, an audited consolidated balance sheet of the Servicer and its consolidated subsidiaries as at the close of such fiscal year and audited consolidated statements of income and cash flows of the Servicer and its consolidated subsidiaries for such fiscal year, setting forth in each case in comparative form the corresponding figures for the preceding fiscal year and prepared in accordance with GAAP consistently applied throughout the periods reflected therein, all in reasonable detail and certified (with respect to the consolidated financial statements) by independent certified public accountants of recognized standing selected by the Servicer and satisfactory to the Administrator, whose certificate or opinion accompanying such financial statements shall not contain any qualification, exception or scope limitation not satisfactory to the Administrator; provided, however, that with respect to such (1) audited consolidated balance sheets of the Servicer and its consolidated subsidiaries as of the close of the fiscal years ended November 1, 2009 and October 31, 2010 and such audited consolidated statements of income and cash flows of the Servicer and its consolidated subsidiaries for the fiscal years ended November 1, 2009 and October 31, 2010, such balance sheets, statements of income and cash flows shall be furnished to the Administrator and each Buyer Agent no later than March 29, 2013, (2) audited consolidated balance sheet of the Servicer and its consolidated subsidiaries as of the close of the fiscal year ended October 31, 2011 and such audited consolidated statement of income and cash flows of the Servicer and its consolidated subsidiaries for the fiscal year ended October 31, 2011, such balance sheet, statement of income and cash flows shall be furnished to the Administrator and each Buyer Agent no later than May 31, 2013 and (3) audited consolidated balance sheet of the Servicer and its consolidated subsidiaries as of the close of the fiscal year ended October 28, 2012 and such audited consolidated statement of income and cash flows of the Servicer and its consolidated subsidiaries for the fiscal year ended October 28, 2012, such balance sheet, statement of income and cash flows shall be furnished to the Administrator and each Buyer Agent no later than September 30, 2013.”

 

(c) Commencing with the quarterly financial statements required to be delivered by the Servicer for its second fiscal quarter in fiscal year 2013, such quarterly financial statements shall conform to the requirements of Section 9.03(b)(i) of the Amended and Restated Receivables Purchase Agreement.  Prior thereto, the Servicer may, in its discretion, continue to prepare quarterly financial statements in the manner being prepared as of the date of this Amendment.

 

 

 

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(d) It is understood and agreed that, in lieu of the requirements set forth in Section 9.01(i)(3) and Section 9.03(i)(3) of the Amended and Restated Receivables Purchase Agreement, the parties have agreed that the Administrator (directly or through its designee, including, without limitation, Protiviti Inc.) may examine Seller’s books and records, directly, to determine the matters referenced in those sections.

 

SECTION 3. Representations and Warranties.  Each of the Seller and Servicer hereby represents and warrants to the Buyer, the Buyer Agent and the Administrator, as of the date hereof, as follows:

 

(a) the representations and warranties of the Seller and the Servicer contained in Article VIII of the Amended and Restated Receivables Purchase Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date (except for representations and warranties which apply as to an earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); and

 

(b) no event has occurred and is continuing, or would result from such respective amendment, that constitutes a Termination Event or Potential Termination Event.

 

SECTION 4. Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

 

(a) Administrator shall have received a fully executed counterpart of this Amendment from each of the parties hereto;

 

(b) each representation and warranty of the Seller, Volt, and Servicer contained herein or in any other Purchase Document (after giving effect to this Amendment) shall be true and correct;

 

(c) no Termination Event, as set forth in Section 10.01 of the Amended and Restated Receivables Purchase Agreement, shall have occurred and be continuing;

 

(d) Administrator shall have received (i) a fully executed copy of Amendment No. 11 to the Receivables Sale and Contribution Agreement, dated as of the date hereof between Seller and Volt and (ii) the fees due pursuant to Ninth Amended and Restated Fee Letter, dated as of the February 27, 2013 among the Buyer, Buyer Agent and the Seller ; and

 

(e) all proceedings taken in connection with this Amendment and all documents relating hereto shall be reasonably satisfactory to Administrator, Buyer Agent and the Buyer and their respective counsel, and each such Person shall have received copies of such documents as they may reasonably request in connection therewith, all in form and substance reasonably satisfactory to each such Person.

 

 

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SECTION 5. Restated Financials.  In the event that the analysis described in the recitals to this Amendment results in the restatement of any prior period financial statements of Volt that previously had been furnished by the Servicer to the Administrator, then, as promptly as practicable following any such restatement, the Servicer shall furnish the Administrator with such restated financial statements.

 

SECTION 6. Amendment.  Seller, Servicer, Buyer Agent, Buyer and Administrator hereby agree that the provisions and effectiveness of this Amendment shall apply to the Amended and Restated Receivables Purchase Agreement as of the date hereof.  Except as amended by this Amendment, the Amended and Restated Receivables Purchase Agreement remains unchanged and in full force and effect.  This Amendment is a Purchase Document.

 

SECTION 7. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE MANDATORILY GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.  This Amendment may not be amended, supplemented or waived except pursuant to a writing signed by the party to be charged.  This Amendment may be executed in counterparts, and by the different parties on different counterparts, each of which shall constitute an original, but all together shall constitute one and the same agreement.  The section and other headings contained in this Amendment are for reference purposes only and shall not control or affect the construction of this Amendment or the interpretation hereof in any respect.

 

SECTION 8. Each party hereto hereby covenants and agrees that prior to the date which is one year and one day after the payment in full of all outstanding commercial paper notes or other indebtedness of Market Street, it will not institute against or join any other Person in instituting against Market Street any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.  The agreements set forth in this Section 8 and the parties’ respective obligations under this Section 8 shall survive the termination of this Amendment.

 

SECTION 9. Market Street shall not have any obligation to pay any amounts owing hereunder unless and until Market Street has received such amounts pursuant to the Participation Interest and such amounts are not necessary to pay outstanding commercial paper notes or other outstanding indebtedness of Market Street.  In addition, each party hereto hereby agrees that no liability or obligation of Market Street hereunder for fees, expenses or indemnities shall constitute a claim (as defined in Section 101 of Title 11 of the United States Bankruptcy Code) against Market Street unless Market Street has received cash from the Participation Interest sufficient to pay such amounts, and such amounts are not necessary to pay outstanding commercial paper notes or other indebtedness of Market Street.  The agreements set forth in this Section 9 and the parties’ respective obligations under this Section 9 shall survive the termination of this Amendment.

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

  

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

 

	  	  	  	
VOLT FUNDING CORP., as Seller

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ Ludwig M. Guarino

	  
	  	  	  	
Name:

	
Ludwig M. Guarino

	  
	  	  	  	
Title:

	
Senior Vice President & Treasurer

	  

 

 

 

 

 

Amendment No.13 to A&R RPA

 

  

S-1

  

	  	  	  	
VOLT INFORMATION SCIENCES, INC.,

  individually and as Servicer

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ James Whitney

	  
	  	  	  	
Name:

	
James Whitney

	  
	  	  	  	
Title:

	
Chief Financial Officer

	  

 

 

 

 

 

Amendment No.13 to A&R RPA

 

  

S-2

  

	  	  	  	
MARKET STREET FUNDING LLC, as a

  Buyer

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ Karla L. Boyd

	  
	  	  	  	
Name:

	

Karla L. Boyd

	  
	  	  	  	
Title:

	
President

	  

Amendment No.13 to A&R RPA

 

  

S-3

  

	  	  	  	
PNC BANK, NATIONAL ASSOCIATION, as

  a Buyer Agent

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ Mark S. Falcione

	  
	  	  	  	
Name:

	

Mark S. Falcione

	  
	  	  	  	
Title:

	
Executive Vice President

	  

 

 

 

 

Amendment No.13 to A&R RPA

 

  

S-4

  

	  	  	  	
PNC BANK, NATIONAL ASSOCIATION, as

  Administrator

	  	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	
By:

	
/s/ Mark S. Falcione

	  
	  	  	  	
Name:

	

Mark S. Falcione

	  
	  	  	  	
Title:

	
Executive Vice President

	  

 

 

 

 

 

 

 

Amendment No.13 to A&R RPA

S-5Exhibit (10) I (2)

 

	Name of Employee:  	No. of Shares:  
	 	Exercise  Price: 

 

PEAPACK-GLADSTONE FINANCIAL CORPORATION

NONQUALIFIED STOCK OPTION AGREEMENT (“AGREEMENT”)

 

PEAPACK-GLADSTONE FINANCIAL
CORPORATION, a New Jersey corporation (“Company”), this __ day of ________, ____ (“Option Date”)
hereby grants to (“Employee”), an employee of the Company or a subsidiary thereof, pursuant to the Company's 2006 Long-Term
Stock Incentive Plan (“Plan”), an option to purchase shares of the Common Stock, no par value (“Common Stock”),
of the Company in the amount and on the terms and conditions hereinafter set forth.

 

Incorporation
by Reference of Plan. The provisions of the Plan, a copy of which is being furnished herewith to the Employee, are incorporated
by reference herein and shall govern as to all matters not expressly provided for in this Agreement. Capitalized terms not defined
herein have the meanings set forth in the Plan. In the event of any conflict between the terms of this Agreement and the Plan,
the terms of the Plan shall govern.

 

Grant of
Option. The Company hereby grants to the Employee the option (“Option”) to purchase all or any part of an aggregate
of ____ shares of Common Stock (“Shares”) on the terms and conditions herein set forth. The Option is a “nonqualified”
Option and is not intended to be an incentive option within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended.

 

Purchase
Price. The purchase price of the shares of Common Stock subject to the Option shall be _____ per share subject to adjustment
as provided in Section 10 below.

 

Terms of
Option. (a)  Vesting. This Option shall not be exercisable until the dates shown below:

 

 

 

			Notwithstanding the foregoing vesting schedule, upon the death, Disability or Retirement of the
Employee, or upon a Change in Control, all options shall become immediately exercisable as set forth in the Plan. The Plan defines
Retirement as follows:

 

“Retirement”
means the retirement from active employment of an employee or officer, but only if such person meets all of the following requirements:
(i) he has a minimum combined total of years of service to the Company or any Subsidiary (excluding service to any acquired company)
and age equal to eighty (80), (ii) he is age sixty-two (62) or older, and (iii) he provides six (6) months prior written notice
to the Company of the retirement.

			If the Employee retires but fails to meet such conditions, he or she shall not be deemed to be
within the definition of Retirement for any purpose under the Plan and this Agreement.

 

(b) Final
Termination. No Option shall be exercisable after the expiration of ten (10) years and one (1) day from the date hereof or
such shorter period as is prescribed in the Plan or in this Agreement.

 

Restrictions.
This Option is subject to all the terms and conditions set forth in the Plan including, but not limited to, the following:

 

		a.	This Option is not transferable, as provided in Section 6(c) of the Plan;

 

		b.	This Option may be exercised by the Employee or his or her legal representative for a period of
three (3) years after the Employee terminates employment due to death or Disability, as provided in Section 6(g)(1) of the Plan
(but in no event beyond the date determined under Section 4(b) above);

 

		c.	This Option lapses upon the termination of employment if the termination is by the Employee (other
than due to the Employee's Retirement), as provided in Section 6(g)(2) of the Plan;

 

		d.	This Option may be exercised by the Employee or his or her legal representative for three (3) years
if the termination of employment is due to the Employee's Retirement, as provided in Section 6(g)(3) of the Plan (but in no event
beyond the date determined under Section 4(b) above);

 

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		e.	This Option may be exercised by the Employee or his or her legal representative for ninety (90)
days after the termination of the Employee’s employment if the termination is for any reason other than death, Disability,
termination by the Employee or Retirement except that if the Employee’s termination of employment occurs within twelve (12)
months of a Change in Control, the Option shall be exercisable for three (3) years following the termination of employment as provided
in Section 6(g)(4) of the Plan (but in no event beyond the date determined under Section 4(b) above); and

 

		f.	This Option may be exercised by the designated beneficiaries of the Employee, as provided in Section
16(c) of the Plan.

 

Exercise.
This Option shall be exercised by notice to the Company, accompanied by full payment in cash or check (or Shares), as set forth
in Section 6(e) of the Plan. A sample form to be used in exercising this Option is attached.

 

Tax Treatment
Upon Exercise. Generally, the Employee will recognize ordinary income upon the exercise of this Option equal to the difference
between the exercise price and the fair market value of the stock on the date of exercise, the tax on which is subject to withholding.
If the Employee is subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, the Employee will not recognize
ordinary income until the expiration of the six-month "short-swing profit" recapture period following exercise of the
Option during which the Employee is prohibited from selling the Option Shares and retaining any profit, unless the Employee elects
within 30 days after the date of the exercise to recognize ordinary income on the date of exercise. The foregoing statement of
tax consequences is intended only as a generalized statement of current Federal tax law (as in existence on the date of this Agreement)
and the Employee, at his or her expense, should consult his or her tax consultant to determine the specific tax consequences of
his or her exercise of this Option at the time of such exercise. The Employee shall deliver to the Company any Federal, state and
local tax withholding required by law in connection herewith prior to exercise of this Option. If the Employee is subject to Section
16(b) of the Securities Exchange Act of 1934, he or she shall notify the Company within 10 days of making any election to recognize
ordinary income on the date of exercise of this Option.

 

Securities
Law Restrictions. The Company is under no obligation to file a registration statement under the Securities Act of 1933, as
amended (“Act”) with respect to the Shares to be received upon exercise of the Option. As provided by Section 15(f)
of the Plan, unless a registration statement under the Act has been filed and remains effective with respect to the Shares, the
Company shall require that the offer and sale of such Shares be exempt from the registration provisions of the Act. As a condition
of such exemption, the Company shall require a representation and undertaking, in form and substance satisfactory to counsel for
the Company, that the Employee is acquiring the Shares for his or her own account for investment and not with a view to the distribution
or resale thereof and shall otherwise require such representations and impose such conditions as shall establish to the Company’s
satisfaction that the offer and sale of the Shares issuable upon the exercise of the Option will not constitute a violation of
the Act or any similar state act affecting the offer and sale. If issued in an exempt transaction, the Shares shall bear the following
restrictive legend:

 

“These shares have not been registered
under the Securities Act of 1933, as amended. No transfer of the shares may be effected without an opinion of counsel to the Company
stating that the transfer is exempt from registration under the Securities Act of 1933 and any applicable state securities laws
or that the transfer of the shares is covered by an effective registration statement with respect to the shares.”

 

Restrictions
on Transfer. This Option shall not be transferred (other than by will or the laws of descent and distribution), assigned, pledged
or hypothecated and shall not be subject to execution, attachment or similar process. In the event the terms of this paragraph
are not complied with by the Employee, or if the Option is subject to execution, attachment or similar process, this Option shall
immediately become null and void.

 

Anti-Dilution
Provisions. If prior to expiration of the Option there shall occur any change in the outstanding Common Stock of the Company
by reason of any stock dividend, stock split, combination or exchange of shares, merger, consolidation, recapitalization, reorganization,
subscription rights offering, or the like, and as often as the same shall occur, then the kind and number of shares subject to
the Option, or the purchase price per share of Common Stock, or both, shall be adjusted by the Committee in such manner as it may
deem equitable, the determination of which shall be binding and conclusive. Failure of the Committee to provide for any such adjustment
shall be conclusive evidence that no adjustment is required. The Company shall have the right to engage a firm of independent certified
public accountants, which may be the Company’s regular auditors, to make any computation provided for in this Section, and
a certificate of that firm showing the required adjustment shall be conclusive and binding.

 

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Acceptance
of Provisions. The execution of this Agreement by the Employee shall constitute the Employee’s acceptance of and agreement
to all of the terms and conditions of the Plan and this Agreement.

 

Notices.
All notices and other communications required or permitted under the Plan and this Agreement shall be in writing and shall be given
either by (i) personal delivery or regular mail, in each case against receipt, or (ii) first class registered or certified mail,
return receipt requested. Any such communication shall be deemed to have been given (a) on the date of receipt in the cases referred
to in clause (i) of the preceding sentence and (b) on the second day after the date of mailing in the cases referred to in clause
(ii) of the preceding sentence. All such communications to the Company shall be addressed to it, to the attention of its Secretary,
at its then principal office and to the Employee at his or her last address appearing on the records of the Company or, in each
case, to such other person or address as may be designated by like notice hereunder.

 

Miscellaneous.
This Agreement and the Plan contain a complete statement of all the arrangements between the parties with respect to their subject
matter, and this Agreement cannot be changed except by a writing executed by both parties. This Agreement shall be governed by
and construed in accordance with the laws of the State of New Jersey applicable to agreements made and to be performed exclusively
in New Jersey. The headings in this Agreement are solely for convenience of reference and shall not affect its meaning or interpretation.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

	PEAPACK-GLADSTONE	 	EMPLOYEE
	FINANCIAL CORPORATION	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	 	 	By: 	 
	 	 	 	 	Signature of Employee

 

 

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