Document:

Exhibit 10.1

 

FIRST AMENDMENT

 

TO THE

 

CREDIT AGREEMENT

 

dated January 16, 2004

 

between

 

GOLDEN GRAIN ENERGY, LLC

as Borrower

 

and

 

HOME FEDERAL SAVINGS BANK

as Lender

 

May 21, 2004

 

 

FIRST AMMENDMENT

to the

CREDIT AGREEMENT

 

THIS FIRST AMENDMENT to the CREDIT AGREEMENT
(the “Amendment”)
dated January 16, 2004 (the “Agreement”), is made and entered into as of
May 21, 2004, by and between GOLDEN GRAIN ENERGY, LLC, an Iowa limited
liability company (“Borrower”)
and HOME FEDERAL SAVINGS BANK (“Lender”).

 

WHEREAS, pursuant to
Section 9.02(b) of the Agreement, Lender and Borrower hereby agree
to amend the Agreement in order to establish a letter of credit facility
subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, Borrower
and Lender agree as follows:

 

1.                                       Definitions.  Except as otherwise provided herein, capitalized terms used
herein without definition shall have the meanings provided in the Agreement.

 

2.                                       Letter of Credit Facility.  The Agreement is amended to provide for
a letter of credit facility in favor of Borrower.  Section 2.08 of the Agreement shall provide as
follows:

 

Section 2.08 Letter
of Credit.  Lender establishes in favor of Borrower a $1,364,470 Letter of
Credit Facility (“LC
Facility”) as a sub-credit facility of the Construction and Term
Loan.  Pursuant to Borrower’s request in
the form of Exhibit 2.08, Lender will, if no Default or Event of Default
has occurred and is continuing, issue a single letter of credit in favor of
Interstate Power and Light Company (the “Beneficiary”) in a form acceptable to
Lender.  Amounts owning under the LC
Facility will be evidenced by the Construction and Term Loan Note.  The amount available for borrowing under the
Construction and Term Loan Commitment is hereby reduced by $1,364,470, which
amount shall be reinstated and available for borrowing under the Construction
and Term Loan Commitment upon cancellation of the letter of credit.  The letter of credit issued under the LC
Facility shall expire not more than 364 days following its issuance date.  Borrower shall pay to Lender, on the date of
issuance, letter of credit fees in the amount of $13,644.70 (1.00% of the face
amount of the outstanding letter of credit). 
All amounts drawn on the letter of credit issued under the LC Facility
shall be immediately due and payable. 
Interest shall accrue on such amounts at the Default Rate then
applicable to the Revolving Loans.

 

3.                                       Representations; Events of Default.  In order to induce Lender to agree to this
Amendment, the Borrower hereby certifies to Lender that no Default or Event of
Default has occurred under the Agreement.

 

1

 

4.                                       Expenses.  The Borrower shall pay or reimburse Lender for fees and costs of
the Lender’s legal counsel in connection with the preparation and execution of
this Amendment.

 

5.                                       General. 
On and after the effectiveness of this Amendment, each reference in
the Agreement to “this Agreement,” “hereunder,” “hereof” or words of like
import referring to the Agreement, and each reference in the loan documents to
the Agreement, shall mean the Agreement as amended by this Amendment.  The Agreement, as amended by this Amendment,
is and shall continue to be in full force and effect and is hereby ratified and
confirmed in all respects.

 

6.                                       Counterpart Signatures.  This Amendment may be executed by each party
in one or more counterparts, each of which shall be deemed an original and all
of which taken together shall constitute one binding documents

 

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

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  GOLDEN GRAIN ENERGY, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Walter Wendland

  	
   

  
	
   

  	
  Name:

  	
  Walter Wendland

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LENDER:

  
	
   

  	
   

  
	
   

  	
  HOME FEDERAL SAVINGS BANK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric Oftedahl

  	
   

  
	
   

  	
  Name:

  	
  Eric Oftedahl

  	
   

  
	
   

  	
  Title:

  	
  VP

  	
   

  
							

 

2EXHIBIT 10.1

 

STOCK OPTION GRANT AGREEMENT

 

THIS
AGREEMENT, made as of this 12th day of May, 2004 between J.CREW GROUP INC. (the
“Company”) and Millard S. Drexler (the “Participant”).

 

WHEREAS, the
Company has adopted and maintains and the shareholders of the Company have
approved the J.Crew Group, Inc. 2003 Equity Incentive Plan (the “Plan”)
to promote the interests of the Company and its stockholders by providing the
Company’s key employees and others with an appropriate incentive to encourage
them to continue in the employ of the Company and to improve the growth and
profitability of the Company;

 

WHEREAS, the
Plan provides for the Grant to Participants in the Plan of Non-Qualified Stock
Options to purchase shares of Common Stock of the Company;

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants hereinafter set
forth, the parties hereto hereby agree as follows:

 

1.               Grant
of Options.  Pursuant to, and
subject to, the terms and conditions set forth herein and in the Plan, the
Company hereby Grants to the Participant the following NON-QUALIFIED STOCK
OPTIONS (collectively, the “Options”):

 

(a)          Premium
Option Tranche 1.  An Option with
respect to 836,889 shares of Common Stock of the Company (the “Premium
Option Tranche 1”); and

 

(b)         Premium
Option Tranche 2.  An Option with
respect to 836,889 shares of Common Stock of the Company (the “Premium
Option Tranche 2” and together with the Premium Option Tranche 1, the “Premium
Options”).

 

2.               Grant
Date.  The Grant Date of the Options
hereby granted is March 26, 2004.

 

3.               Incorporation
of the Plan; Modification of Specific Sections of the Plan.

 

(a)          Incorporation
of the Plan.  Except as otherwise
provided herein, all terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein.  Notwithstanding anything to the contrary in
the Plan, if there is any conflict between the terms and conditions of the Plan
and this Agreement, the terms and conditions of this Agreement, as interpreted
by the Committee, shall govern.  Unless
otherwise indicated herein, all capitalized terms used herein shall have the
meanings given to such terms in the Plan. 
Notwithstanding anything to the contrary in the Plan, the Committee
shall interpret the Plan and this Agreement in a manner consistent with the
terms of the Plan and this Agreement and such interpretation and determination
shall be final and binding on all parties.

 

(b)         Modification
of Sections 5.11 and 5.12 of the Plan.

 

(i)             Section 5.11.  The last sentence of Section 5.11 of
the Plan shall not apply to the Options, unless the Participant provides his
prior written consent to such application.

 

(ii)          Section 5.12.  The last sentence of Section 5.12 of
the Plan shall not apply to the Options, unless the Participant provides his
prior written consent to such application. 
The remaining provisions of Section 5.12 of the Plan shall be
applicable to the Options only to the extent that the rights in such
Section are being exercised in connection with the exercise of and in accordance
with the terms of Sections 5(a) or 5(b) of the Stockholders’ Agreement, dated
as of January 24, 2003, between the Company, the Participant and TPG
Partners II, L.P. (the “Stockholders’ Agreement”).

 

4.               Exercise
Price.  The exercise price of each share
underlying the Options are as follows:

 

(a)          Premium
Option Tranche 1.  $15.00 per share;
and

 

(b)         Premium
Option Tranche 2.  $25.00 per share.

 

5.               Vesting
Date.  The Options shall become
exercisable as follows:  25% of the
shares of Common Stock underlying each Option shall vest on January 27,
2005; 25% of the shares of Common Stock underlying each Option shall vest on
January 27, 2006; 25% of the shares of Common Stock underlying each Option
shall vest on January 27, 2007; and 25% of the shares of Common Stock
underlying each Option shall vest on January 27, 2008; provided that the
Service Period (as defined in the

 

 

Services Agreement, dated as of
January 24, 2003, between the Company, J. Crew Operating Corp., the
Participant and Millard S. Drexler, Inc. (the “Services Agreement”)) has
not terminated as of each such applicable Vesting Date.  Notwithstanding the foregoing, (i) in the
event that the Company terminates the Services without Cause (as each term is
defined in the Services Agreement) or the Participant terminates the Services
for Good Reason (as defined in the Services Agreement) prior to the
consummation of a Change in Control (as defined in the Plan), that portion of
each Option that would have become vested and exercisable on the next succeeding
Vesting Date shall vest and become immediately exercisable and any remaining
portion of each Option that has not become vested and exercisable shall
immediately expire and be forfeited, (ii) in the event that, within the two-year period following the consummation of
a Change in Control, the Company terminates the Services without Cause or the
Participant terminates the Services for Good Reason, all or any portion of each
Option that has not yet become exercisable shall vest and become immediately exercisable,
or (iii) if the Service Period terminates for any other reason, any portion of
each Option which has not become exercisable on the date of termination of the
Services shall immediately expire and be forfeited.  For the avoidance of doubt, the last sentence of
Section 2(d) of the Plan does not apply to this Agreement.

 

6.               Expiration
Date.  Subject to the provisions of
the Plan and this Agreement, with respect to the Options (or any portions
thereof) which have not become exercisable, the Options shall expire on the
date the Services are terminated for any reason, and with respect to the
Options (or any portions thereof) which have become exercisable, the Options
shall expire on the earlier of (A) the tenth anniversary of the date of Grant,
(B) the commencement of business on the date the Services are terminated for
Cause, (C) ninety days after the Services are terminated by the Participant
without Good Reason, or (D) the second anniversary of the date the Services are
terminated (x) on account of the Participant’s death or Disability,  (y) by the Company without Cause, or (z) by
the Participant for Good Reason.

 

7.               Right
to Quarterly Reports.  Following a
termination of the Participant’s Employment, as soon as reasonably practicable
following its receipt of a written request from the Participant, the Company
shall provide the Participant with a quarterly valuation of the Fair Market
Value per share of Common Stock.

 

8.               Delays
or Omissions.  No delay or omission
to exercise any right, power, or remedy accruing to any party hereto upon any
breach or default of any party under this Agreement, shall impair any such
right, power or remedy of such party nor shall it be construed to be a waiver
of any such breach or default, or an acquiescence therein, or of or in any
similar breach or default thereafter occurring nor shall any waiver of any
single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. 
Any waiver, permit, consent or approval of any kind or character on the
part of any party of any breach or default under this Agreement, or any waiver
on the part of any party or any provisions or conditions of this Agreement,
shall be in writing and shall be effective only to the extent specifically set
forth in such writing.

 

9.               Limitation
on Transfer.  During the lifetime of
the Participant, the Options shall be exercisable only by the Participant and a
Permitted Transferee under this Section 9.  The Options shall not be Transferred otherwise than in accordance
with the terms and conditions of Section 5.6 of the Plan and Sections 5(a)
or 5(b) of the Stockholders’ Agreement. 
In the event of any such Transfer, such trust or custodianship or
transferee shall be subject to all the restrictions, obligations, and responsibilities
as apply to the Participant under the Plan and this Agreement and shall be
entitled to all the rights of the Participant under the Plan.  All shares of Common Stock obtained pursuant
to the Options granted herein shall not be Transferred except as provided in
the Plan and, where applicable, the Stockholders’ Agreement.  In the event of any purported Transfer of
any portion of the Options in violation of the provisions of the Plan and this
Agreement, such purported Transfer shall, to the extent permitted by applicable
law, be void and of no effect.

 

10.         Integration.  This Agreement, the Plan and the
Stockholders’ Agreement, and the other documents referred to herein or
delivered pursuant hereto which form a part hereof contain the entire understanding
of the parties with respect to its subject matter.  There are no restrictions, agreements, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof
other than those expressly set forth herein, in the Plan, the Services
Agreement and the Stockholders’ Agreement. 
This Agreement, the Plan, the Services Agreement and the Stockholders’
Agreement supersede all prior agreements and understandings between the parties
with respect to its subject matter.

 

11.         Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same instrument.

 

12.         Governing
Law.  This Agreement shall be
governed by and construed and enforced in accordance with the laws of the State
of NEW YORK, without regard to the provisions governing conflict of laws.

 

13.         Participant
Acknowledgment.  The Participant
hereby acknowledges receipt of a copy of the Plan.  The Participant hereby acknowledges that all decisions,
determinations and interpretations of the Committee in respect of the Plan,
this Agreement and the Option shall be final and conclusive.

 

 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be duly executed by its duly
authorized officer and said Participant has hereunto signed this Agreement on
the Participant’s own behalf, thereby representing that the Participant has
carefully read and understands this Agreement and the Plan as of the day and
year first written above.

 

	
   

  	
  J.CREW GROUP
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/
  Amanda Bokman

  	
   

  
	
   

  	
  By:  Amanda
  Bokman

  
	
   

  	
  Title:Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
     /s/
  Millard S. Drexler

  	
   

  
	
   

  	
  Millard S.
  Drexler

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