Document:

Exhibit 10.12

 

EXECUTION VERSION

 

SETTLEMENT AGREEMENT

 

This Settlement Agreement, dated as of January 23, 2015 (this “Agreement”), is by and among Hampden Bancorp, Inc. (“Hampden”), Berkshire Hills Bancorp, Inc. (“Berkshire”) and Clover Partners, L.P., MHC Mutual Conversion Fund, L.P., Clover Investments, L.L.C., Michael C. Mewhinney, Johnny Guerry, and Garold R. Base (collectively, the “Clover Group,” and individually a “member” of the Clover Group).

 

WHEREAS, the Clover Group and certain members of the Clover Group collectively own, beneficially and/or of record, an aggregate of 513,183 shares of common stock, par value $0.01 per share (the “Hampden Common Stock”), of Hampden;

 

WHEREAS, MHC Mutual Conversion Fund (i) nominated Johnny Guerry and Garold R. Base for election to the Board of Directors of Hampden (the “Board of Directors”) at Hampden’s  2014 annual meeting of stockholders (the “2014 Annual Meeting”), (ii) filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) relating to the solicitation of proxies for the 2014 Annual Meeting and (iii) engaged in a solicitation of proxies from Hampden’s stockholders in connection with the 2014 Annual Meeting;

 

WHEREAS, on November 3, 2014, Hampden entered into an Agreement and Plan of Merger by and between Berkshire  and Hampden , (the “Merger Agreement”) pursuant to which Hampden will merge with and into Berkshire  (the “Merger”);

 

WHEREAS, at the  2014 Annual Meeting, held on November 4, 2014, Johnny Guerry and Garold R. Base were elected as directors to serve for terms of three years, expiring at Hampden’s 2017 annual meeting of stockholders;

 

WHEREAS, Berkshire, Hampden and the Clover Group have each determined that it is in its respective best interests to enter into this Agreement; and

 

WHEREAS, Berkshire has consented to Hampden entering into this Agreement.

 

NOW THEREFORE, in consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto severally agree as follows:

 

1.                                      Fees and Expenses. Berkshire shall reimburse the Clover Group for certain out-of-pocket costs, fees and expenses incurred by the Clover Group prior to the execution and delivery of this Agreement in connection with its efforts and actions to replace certain members of Hampden’s Board of Directors, including, without limitation, the Clover Group’s preparation of a preliminary proxy statement, definitive proxy statement and other soliciting materials and its solicitation of proxies for the 2014 Annual Meeting (all such efforts and actions referred to herein as the “Proxy Contest”).  The fees and expenses to be reimbursed by Berkshire shall be equal to $75,000 (the “Settlement Amount”).  Except as provided in this Section 1, neither Hampden, Berkshire nor the Clover Group will be responsible for any costs, fees or expenses of the other parties in connection with this Agreement.  Berkshire shall pay the Settlement Amount by wire transfer of immediately available funds to the account directed by the Clover Group within three (3) business days following the delivery of the account information.  In the event the Merger is not consummated for any reason other than a final breach of the Merger Agreement by Berkshire, the Clover Group shall repay the Settlement Amount to Berkshire by wire transfer of immediately available funds to the account directed by Berkshire within three (3) business days following the delivery of the account information.

 

 

2.                                      Voting Agreement. The Clover Group agrees and undertakes as follows:

 

(a)                                 While this Section 2 of the Agreement is in effect, the Clover Group shall not, directly or indirectly (i) sell or otherwise dispose of or encumber before the record date of the Hampden Shareholders Meeting (as defined in the Merger Agreement) any or all of the shares of the Hampden Common Stock that are beneficially owned by the Clover Group as of the date of this Agreement or are subsequently acquired by the Clover Group, other than in a Permitted Transfer (as hereinafter defined), or (ii) deposit any of the shares into a voting trust or enter into a voting agreement or arrangement with respect to any of the shares or grant any proxy with respect thereto, other than to other members of the Board of Directors of Hampden to vote to approve the Merger Agreement and the Merger and matters related thereto.  For the purposes of this Agreement, “Permitted Transfer” means any of the following transfers: (A) a transfer by will or operation of law, in which case this Agreement shall bind the transferee, (B) a transfer pursuant to any pledge agreement existing as of the date of this Agreement, subject to the pledgee agreeing in writing to be bound by the terms of this Agreement, (C) a transfer from the Clover Group to one or more other shareholders of Hampden who are bound by terms of a comparable voting agreement with Berkshire , and (D) a transfer made with the prior written consent of Berkshire .

 

(b)                                 Until the obligations under this Section 2 are otherwise terminated pursuant to Section 2(d) of this Agreement, the Clover Group shall vote or cause to be voted all of the shares of Hampden Common Stock that the Clover Group shall be entitled to so vote, whether such shares are beneficially owned by the Clover Group on the date of this Agreement or are subsequently acquired (less any Hampden Common Stock subsequently disposed of pursuant to a Permitted Transfer) for the approval of the Merger Agreement and the Merger at the Hampden Shareholders Meeting.

 

(c)                                  This Section 2 shall only apply to actions taken by the Clover Group and, specifically, Mr. Guerry and Mr. Base, in its and their capacity as shareholders of Hampden and, if applicable, shall not in any way limit or affect actions Mr. Guerry and Mr. Base may take in their capacity as directors of Hampden.

 

(d)                                 The obligations in this Section 2 shall automatically terminate upon the earlier of (i) the favorable vote of the Hampden’s shareholders with respect to the approval of the Merger Agreement and the Merger, or (ii) the termination of the Merger Agreement in accordance with its terms.

 

(e)                                  The Clover Group acknowledges that nothing contained in this Section 2 shall be deemed to vest in Berkshire  any direct or indirect ownership or incidence of ownership of or with respect to any of the Hampden Common Stock.

 

3.                                      Non-Disparagement.  Each member of the Clover Group, Hampden and Berkshire hereby covenants and agrees not to make, or cause to be made, any statement or announcement that relates to or constitutes an ad hominem attack on, or relates to or otherwise disparages or criticizes, any other party to this Agreement with respect to the transactions contemplated by the Merger, Merger Agreement, or their officers, directors or employees, or any person who serves as an officer, director or employee of such other party on or following the date of this Agreement, (i) in any document or report filed with or furnished to the SEC or any other governmental agency, (ii) in any press release, other publicly available format or website or social media posting, (iii) to any analyst, journalist or member of the media (including without limitation, in a television, radio, newspaper, magazine or internet interview) or (iv) in any other public forum (other than pursuant to compelled testimony, whether by legal process, subpoena or similar means).  This covenant shall expire upon the earlier of (i) the favorable vote of Hampden’s shareholders with respect to the approval of the Merger Agreement and the Merger, or (ii) the termination of the Merger Agreement in accordance with its terms.

 

 

4.                                      Public Statements. Hampden intends to promptly file with the SEC a Current Report on Form 8-K (the “Hampden 8-K”) to disclose this Agreement and to file a copy of this Agreement as an exhibit and to disclose this Agreement, and file it as an exhibit in the proxy statement and registration statement being prepared by Berkshire and Hampden in connection with the Merger.  The parties hereto will mutually agree on the disclosures referred to in the previous sentence, and none of the parties hereto will issue any new release, make any public filing or make any public announcement or communication with respect to this Agreement or the matters relating thereto without the consent of all the parties hereto (which consent will not be unreasonably withheld or delayed).

 

5.                                      Releases. Each member of the Clover Group, on behalf of itself and its agents, officers, directors, partners, members, managers, trustees, beneficiaries, successors, predecessors, subsidiaries, principals and controlled affiliates, and the respective heirs and estates of all of the foregoing, as applicable (the “Clover Releasors”), hereby do release and forever discharge, and covenant not to sue or take any steps to further any claim, action or proceeding against, Hampden or Berkshire and their successors, affiliates, subsidiaries, predecessors, officers, directors, partners, trustees, beneficiaries, employees, agents, representatives, attorneys and any other advisors or consultants, and the respective heirs and estates of all of the foregoing, as applicable (the “Clover Releasees”), and each of them, from and in respect of any and all claims and causes of action, whether based on any federal or state law or right of action, direct, indirect or representative in nature, foreseen or unforeseen, matured or unmatured, known or unknown, which all or any of the Clover Releasors have, had or may have against the Clover Releasees, or any of them, of any kind, nature or type whatsoever, with respect to and in connection with the Proxy Contest, 2014 Annual Meeting, Merger or Merger Agreement, except that the foregoing release does not release any rights and duties under this Agreement or any claims the Clover Releasors may have for the breach of any provisions of this Agreement.  Hampden and Berkshire (the “Berkshire/Hampden Releasors”) hereby do release and forever discharge, and covenant not to sue or take any steps to further any claim, action or proceeding against, the Clover Group and their successors, affiliates, subsidiaries, predecessors, officers, directors, partners, trustees, beneficiaries, employees, agents, representatives, attorneys and any other advisors or consultants, and the respective heirs and estates of all of the foregoing, as applicable (the “Berkshire/Hampden Releasees”), and each of them, from and in respect of any and all claims and causes of action, whether based on any federal or state law or right of action, direct, indirect or representative in nature, foreseen or unforeseen, matured or unmatured, known or unknown, which all or any of the Berkshire/Hampden Releasors have, had or may have against the Berkshire/Hampden Releasees, or any of them, of any kind, nature or type whatsoever, with respect to and  in connection with the Proxy Contest, 2014 Annual Meeting, Merger or Merger Agreement, except that the foregoing release does not release any rights and duties under this Agreement or any claims the Berkshire/Hampden Releasors may have for the breach of any provisions of this Agreement.

 

6.                                      Representations and Warranties.   Each member of the Clover Group represents and warrants to Berkshire and Hampden that (i) he, she or it (together with any affiliates or related entities or parties) is the respective record and beneficial owner of the number of shares of Hampden shown on Schedule A attached hereto, (ii) such member has all requisite power and authority to execute, deliver and perform this Agreement, (iii) this Agreement constitutes a valid and binding obligation of such member, enforceable in accordance with its terms and (iv) no consent, approval, waiver, authorization or filing, which has not already been obtained or is otherwise contemplated by this Agreement, is necessary for the execution, delivery and performance by such member of this Agreement.

 

7.                                      Miscellaneous. The parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively in the federal courts in or state courts of the Commonwealth of Massachusetts, in addition to any other remedy to which they are entitled at law or in equity.  Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the federal courts in or state

 

 

courts of the Commonwealth of Massachusetts in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the federal courts in or state courts of the Commonwealth of Massachusetts, and each of the parties irrevocably waives the right to trial by jury, (d) agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms hereof by way of equitable relief, and (e) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address of such party’s principal place of business or as otherwise provided by applicable law. In the event of any litigation asserting an alleged breach of this Agreement, the prevailing party shall be entitled to an award of reasonable attorneys’ fees and expenses.  This Agreement shall be governed in all respects, including without limitation, validity, interpretation and effect, by the laws of the Commonwealth of Massachusetts, to the extent not pre-empted by federal law, applicable to contracts executed and to be performed wholly within such state without giving effect to the choice of law principles of such state.

 

8.                                      No Waiver. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

9.                                      Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an agreement in writing executed by the parties hereto.

 

10.                               Notices. All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by email, when such email is sent and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in this subsection:

 

(a)                                 if to Hampden:

 

Glenn S. Welch, President and CEO

19 Harrison Avenue

Springfield, MA 01103

 

With a copy to:

 

Joseph L. Johnson III, Esq.

Goodwin Procter LLP

53 State Street, Exchange Place

Boston, MA 02109

 

(b)                                 if to the Clover Group:

 

Johnny Guerry, Partner/Portfolio Manager

100 Crescent Court

Suite 575

Dallas, TX 75201

 

 

(c)                                  if to Berkshire:

 

Michael P. Daly, President and CEO

24 North Street

P.O. Box 1308

Pittsfield, MA 01202-1308

 

With a copy to:

 

Wm. Gordon Prescott, Esq.

24 North Street

P.O. Box 1308

Pittsfield, MA 01202-1308

 

Lawrence M.F. Spaccasi, Esq.

Luse Gorman, pc

5335 Wisconsin Avenue, N.W.

Suite 780

Washington, DC. 20015

 

11.                               Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality, voidness or unenforceability of such provision shall have no effect upon the legality, validity or enforceability of any other provision of this Agreement.

 

12.                               Counterparts. This Agreement may be executed in two or more counterparts, which together shall constitute a single agreement.

 

13.                               Successors and Assigns. All the terms and provisions of this Agreement shall inure to the benefit of, and shall be enforceable by, the successors and assigns of each of the parties hereto.

 

14.                               No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and is not enforceable by any other persons, except as otherwise provided in Sections 3 and 5 of this Agreement.

 

15.                               Interpretation and Construction. Each of the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth above.

 

 

	
 
    	
HAMPDEN:
    
	
 
    	
HAMPDEN   BANCORP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Glenn S. Welch
    
	
 
    	
Name:   
    	
Glenn   S. Welch
    
	
 
    	
Title:   
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
BERKSHIRE:
    
	
 
    	
BERKSHIRE   BANK
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Michael P. Daly
    
	
 
    	
Name:   
    	
Michael   P. Daly
    
	
 
    	
Title:   
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
CLOVER   GROUP:
    
	
 
    	
CLOVER   PARTNERS, L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Johnny Guerry
    
	
 
    	
Name:   
    	
Johnny   Guerry
    
	
 
    	
Title:   
    	
Partner
    
	
 
    	
 
    	
 
    
	
 
    	
MHC   MUTUAL CONVERSION FUND, L.P.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Johnny Guerry
    
	
 
    	
Name:   
    	
Johnny   Guerry
    
	
 
    	
Title:   
    	
Partner
    
	
 
    	
 
    	
 
    
	
 
    	
CLOVER   INVESTMENTS, L.L.C.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Johnny Guerry
    
	
 
    	
Name:   
    	
Johnny   Guerry
    
	
 
    	
Title:   
    	
Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Michael C. Mewhinney
    
	
 
    	
MICHAEL   C. MEWHINNEY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   John Guerry
    
	
 
    	
JOHN   GUERRY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Garold R. Base
    
	
 
    	
GAROLD   R. BASEex101to8k06447003_01222015.htm

Exhibit 10.1

 

SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

This Second Amendment to Amended and Restated Credit Agreement (the “Amendment”) is made as of this 22nd day of January, 2015, by and among HANDY & HARMAN GROUP LTD., a Delaware corporation (the “Borrower”), each of the each of the EXISTING GUARANTORS listed on the signature pages hereto (each, an “Existing Guarantor” and collectively, the “Existing Guarantors”), each of the JOINING GUARANTORS named on the signature pages hereto and further defined below (“Joining Guarantors” and together with Existing Guarantors, the “Guarantors” and each is individually referred to herein as a “Guarantor”, and together with the Borrower, the “Loan Parties” and each is individually referred to herein as a “Loan Party”), the financial institutions from time to time party to the Credit Agreement (defined below) as lenders (collectively, the “Lenders” and each is individually referred to as a “Lender”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), in its capacity as administrative agent (PNC, in such capacity, the “Administrative Agent”) and in its capacity as a Lender.

 

 

BACKGROUND

 

A.           On August 29, 2014, Borrower, Existing Guarantors, Lenders and Administrative Agent entered into an Amended and Restated Credit Agreement to reflect certain financing arrangements between the parties thereto (as amended, modified, renewed, extended, replaced or substituted from time to time, the “Credit Agreement”).  The Credit Agreement and all other documents executed in connection therewith are collectively referred to herein as the “Existing Financing Agreements.”  All capitalized terms used herein but not otherwise defined herein shall have the meaning given to them in the Credit Agreement.

 

B.           The Loan Parties have informed Administrative Agent and Lenders that the Parent intends to pursue the acquisition of 100% of the outstanding shares of JPS Industries, Inc. (the “Target Company”), a company of which Steel Partners Holdings L.P., the owner of 66.1% of Parent, owns an approximate 38.7% interest in accordance with the terms of the tender offer described below (the “Share Purchase”).  The Loan Parties intend to consummate the Share Purchase in the following manner: (i) Borrower has formed two Subsidiaries, HNH Group Acquisition LLC, a Delaware limited liability company (“HNH Group Acquisition”) and HNH Acquisition LLC, a Delaware limited liability company (“HNH Acquisition”, and sometimes referred to collectively with HNH Group Acquisition herein as the “Joining Guarantors”), each of which is, pursuant to Section 8.1.11(ii) of the Credit Agreement, joining as a Guarantor under the Credit Agreement and other Existing Financing Agreements, (ii) HNH Group Acquisition will make a tender offer for the shares of the Target Company on or about January 23, 2015 (“Tender Offer”), (iii) Parent will contribute certain of its own issued shares to HNH Group Acquisition, (iv) as part of the Tender Offer, Steel Partners Holdings L.P. will exchange all of the shares it owns in the Target Company with HNH Group Acquisition for the shares of Parent which had been contributed to HNH Group Acquisition, (v) subsequent thereto, Target Company, through a reverse merger, will take all action to effect a merger with and into HNH Group Acquisition with Target Company being the surviving entity (“Target Merger”), (vi) Target Company will then merge with and into HNH Acquisition, and (vii) Borrower will ultimately own 100% of HNH Acquisition and HNH Acquisition will remain as a Guarantor under the Existing Financing Agreements (collectively, the “JPS Transaction”).

 

  

  

  

 

C.           Borrower has informed Administrative Agent that all of the conditions of a Permitted Acquisition (including, without limitation, the Specified Transaction Requirements, as modified herein) other than that the initial Share Purchase corresponding to the Tender Offer may result in Target Company not being a wholly-owned Subsidiary of Borrower, will have been satisfied both prior to and upon completion of the JPS Transaction.

 

D.           Contemporaneous herewith, each Joining Guarantor is joining and becoming a Guarantor under the Credit Agreement and the other Existing Financing Agreements pursuant to a certain Guarantor Joinder and Assumption Agreement dated of even date herewith, the form of which is attached hereto as Exhibit A.

 

E.           The Loan Parties have requested, and the Administrative Agent and the Lenders have agreed, to amend certain terms and provisions contained in the Credit Agreement, in each case subject to the terms and conditions set forth in this Amendment.

 

NOW THEREFORE, with the foregoing background hereinafter deemed incorporated by reference herein and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows:

 

1.            Consent.

 

(a)           In reliance upon the documentation and information provided to Administrative Agent, and notwithstanding anything to the contrary contained in Section 2.8 [Use of Revolving Credit Loan Proceeds], Section 8.2.4 [Loans and Investments], or Section 8.2.6 [Liquidations, Mergers, Consolidations, Amalgamations, Acquisitions] of the Credit Agreement, respectively, upon the Effective Date of this Amendment and subject to the terms hereof, Administrative Agent and Lenders hereby consent to the JPS Transaction, and each such Section shall be deemed amended to allow for the use of the proceeds of the Revolving Credit Loans in an amount not to exceed $71,000,000 (Section 2.8 [Use of Revolving Credit Loan Proceeds]), the Investment by HNH Group Acquisition of an amount not to exceed $71,000,000 in the Target Company (Section 8.2.4 [Loans and Investments]), and the Target Merger (Section 8.2.6 [Liquidations, Mergers, Consolidations, Amalgamations, Acquisitions]).  For the avoidance of doubt, it is condition of this Consent that the Target Merger constitutes a Permitted Acquisition and Borrower shall provide reasonable evidence that the conditions set forth in Section 8.2.6(v) of the Credit Agreement have been satisfied.

 

(b)           This consent shall be effective only as to the items set forth in the preceding paragraph.  This consent shall not be deemed to constitute a consent to the breach by Borrower of any covenants or agreements contained in any Existing Financing Agreement with respect to any other transaction or matter.  Borrower agrees that the consents set forth in the preceding paragraph (a) shall be limited to the precise meaning of the words as written therein and shall not be deemed (i) to be a consent to, or any waiver or modification of, any other term or condition of any Existing Financing Agreement, or (ii) to prejudice any right or remedy that Administrative Agent or Lenders may now have or may in the future have under or in connection with any Existing Financing Agreement other than with respect to the matters for which the consent in the preceding paragraph (a) has been provided.  Other than as described in this Amendment, the consents described in the preceding paragraph (a) shall not alter, affect, release or prejudice in any way any Obligations under the Existing Financing Agreements.  This consent shall not be construed as establishing a course of conduct on the part of Administrative Agent or Lenders upon which the Borrower may rely at any time in the future. Borrower expressly waives any right to assert any claim to such effect at any time.

 

  

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(c)           Notwithstanding the foregoing, in the event the JPS Transaction is not completed on or before June 30, 2015 (unless such date is extended by Administrative Agent in writing in its discretion) (the “Termination Date”), this consent shall cease to be effective on the day immediately following the Termination Date.

 

2.            Financial Covenants.

 

(a)           JPS Transaction.  Notwithstanding anything to the contrary contained in the Credit Agreement (i) at the time of consummating the initial steps of the JPS Transaction, (ii) after giving pro forma effect to such transaction, and (iii) upon actual completion of the JPS Transaction, the Leverage Ratio shall not exceed 3.00 to 1.00.

 

(b)           Calculation of Consolidated Adjusted EBITDA.   Notwithstanding anything to the contrary contained in the Credit Agreement, for the purpose of determining (i) Borrower’s compliance with Section 8.2.17 [Maximum Leverage Ratio], (ii) the Applicable Margin, and (iii) whether the Specified Transaction Requirements have been satisfied, to the extent the Tender Offer results in HNH Group Acquisition acquiring more than 50% but less than 100% of the shares of Target Company, the definition of Consolidated Adjusted EBITDA shall be deemed amended for the period commencing upon the initial acquisition of shares of the Target Company corresponding to the Tender Offer and ending on the date of the Target Merger, to permit Borrower to include the Consolidated EBITDA of Target Company based on the  most recent quarterly financial statements of Target Company as of the closing of the Tender Offer, based upon the pro rata portion of the ownership interest percentage actually acquired by HNH Group Acquisition through the initial phase of the Tender Offer; provided, however, that Borrower shall deliver, within sixty (60) days following the closing of the Tender Offer, a quality of earnings report in form and substance satisfactory to Administrative Agent and Required Lenders, and Administrative Agent and Required Lenders reserve the right to adjust any previous adjustments based upon such quality of earnings report.

 

  

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3.             Schedules.  The following Schedules to the Credit Agreement shall be amended and restated in their entirety and replaced with the updated Schedules attached hereto as Exhibit B: Schedule 6.1.1 and Schedule 6.1.2.

 

4.             Representations and Warranties.  Each Loan Party hereby:

 

(a)           reaffirms all representations and warranties made to Administrative Agent and Lenders under the Credit Agreement and all of the other Existing Financing Agreements and confirms that all are true and correct in all material respects as of the date hereof, in each case other than representations and warranties that relate to a specific date;

 

(b)           reaffirms all of the covenants contained in the Credit Agreement and covenants to abide thereby until all Loans, Obligations and other liabilities of Loan Parties to Administrative Agent and Lenders, of whatever nature and whenever incurred, are satisfied and/or released by Administrative Agent and Lenders;

 

(c)           represents and warrants that no Potential Default or Event of Default has occurred and is continuing under any of the Existing Financing Agreements;

 

(d)           represents and warrants that since September 30, 2014, no event or development has occurred which has had or is reasonably likely to have a Material Adverse Change;

 

(e)           represents and warrants that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment and all related agreements, instruments, and documents to which such Loan Party is a party, that such actions were duly authorized by all necessary corporate or company action and that the officers executing this Amendment and any related agreements, instruments or documents on its behalf were similarly authorized and empowered, and that neither this Amendment, or any related agreements, instruments, or documents contravenes any provisions of its Articles of Incorporation or Certificate of Formation, as applicable and Bylaws or Operating Agreement, as applicable, or of any contract or agreement to which it is a party or by which any of its properties are bound; and

 

(f)           represents and warrants that this Amendment and all assignments, instruments, documents, and agreements executed and delivered by such Loan Party in connection herewith, are valid, binding and enforceable in accordance with their respective terms.

 

5.            Security Interest.  As security for the payment and performance of the Secured Obligations (as defined in the Security Agreement), and satisfaction by the Loan Parties of all covenants and undertakings contained in the Credit Agreement, the Loan Documents and the Existing Financing Agreements, the Borrower and each of the Existing Guarantors reconfirms the prior grant of the security interest in and first priority, perfected lien in favor of PNC Bank, National Association, in its capacity as Collateral Agent (as defined in the Security Agreement), for its benefit and the ratable benefit of each Secured Party (as defined in the Security Agreement), upon and to, all of its right, title and interest in and to the Collateral, whether now owned or hereafter acquired, created or arising and wherever located, and Joining Guarantors each hereby assign and grant in favor of PNC Bank, National Association, in its capacity as Collateral Agent, for its benefit and the ratable benefit of each Secured Party, a continuing first priority, perfected lien and security interest in and upon the Collateral (as defined in the Security Agreement) of each Joining Guarantor, whether now owned or hereafter acquired or arising and wherever located.

 

  

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6.            Confirmation of Indebtedness.  Loan Parties confirm and acknowledge that as of the close of business on January 22, 2015, Borrower was indebted to Administrative Agent and Lenders under the Credit Agreement in the aggregate principal amount of $194,833,395.00, consisting of $191,800,000.00 on account of Revolving Credit Loans and $3,033,395.00 on account of Letters of Creedit, without any deduction, defense, setoff, claim or counterclaim, plus all fees, costs and expenses incurred to date in connection with the Credit Agreement and the other Loan Documents.

 

7.            Acknowledgment of Guarantors. Each Guarantor hereby covenants and agrees that the Continuing Agreement of Guaranty and Suretyship dated November 8, 2012, as amended, restated, reaffirmed, supplemented and otherwise modified from time to time, most recently by that certain Omnibus Reaffirmation and Ratification Agreement dated August 29, 2014 and the Guarantor Joinder and Assumption Agreement of even date herewith, shall remain in full force and effect and shall continue to cover the existing and future Obligations of Borrowers and each other Guarantor (including Joining Guarantors) to Administrative Agent and Lenders under the Credit Agreement and the other Loan Documents.

 

8.            Conditions Precedent/Effectiveness Conditions. This Amendment shall be effective upon (the “Effective Date”) the satisfaction of each of the following conditions (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

 

(a)           Administrative Agent shall have received this Amendment duly executed by Required Lenders and all Loan Parties;

 

(b)           Administrative Agent shall have received the results of UCC, tax lien, and judgment searches against the Target Company and Joining Guarantors;

 

(c)           Administrative Agent shall have received a Guarantor Joinder and Assumption Agreement executed by each of the Joining Guarantors;

 

(d)           Administrative Agent shall have received the updated Schedules attached hereto as Exhibit B;

 

(e)           Administrative Agent shall have received a certificate certified by the secretary or manager of each Joining Guarantor, and an incumbency certificate for each Joining Guarantor identifying all authorized officers with specimen signatures, and authorizing resolutions of each Joining Guarantor authorizing the execution, delivery, and performance with respect to the terms of this Amendment and the Existing Financing Agreements;

 

(f)           Administrative Agent shall have received each Joining Guarantor’s state certified Certificate of Formation and each Joining Guarantor’s Operating Agreement, each certified by the manager of Joining Guarantor;

 

  

5

  

 

(g)           Administrative Agent shall have received in form and substance satisfactory to Administrative Agent, evidence that each Joining Guarantor was added as a named insured to Borrowers’ casualty insurance policies and liability insurance policies;

 

(h)           Administrative Agent shall have received, on behalf of the Required Lenders, an amendment fee equal to the greater of (x) $5,000 and (y) .025% of such Required Lender’s Revolving Credit Commitment, in immediately available funds, which fee shall be fully earned upon the date of this Amendment;

 

(i)           Administrative Agent shall have received a Fee Letter executed by Borrower;

 

(j)           Administrative Agent shall have received a perfection certificate supplement executed by each Joining Guarantor;

 

(k)           Administrative Agent shall have received a pledge agreement from Borrower pledging its interest in the Joining Guarantors and from the Joining Guarantors pledging all now owned or hereafter acquired Equity Interests in third party entities that either may own, including without limitation, as of the completion of the Tender Offer, all of their respective interests in Target Company;

 

(l)           After giving effect to this Amendment, no Potential Default or Event of Default shall have occurred and be continuing; and

 

(m)           Execution and/or delivery of all other agreements, instruments and documents requested by Agent to effectuate and implement the terms hereof.

 

9.            Post Closing Items.  Administrative Agent shall receive the following items prior to or contemporaneously with the closing of the Tender Offer (except item (c) below which shall be received within 60 days following the Tender Offer and item (d) below which shall be received within 10 days following the Tender Offer) (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

 

(a)           An opinion from Borrowers’ counsel regarding the Joining Guarantors and that each step of the JPS Transaction is valid,  binding, enforceable, and complies with applicable laws, including with respect to the inapplicability or compliance with, Regulations U,T and X;

(b)           All agreements, documents, and instruments related to the JPS Transaction;

 

(c)           The quality of earnings report described in Section 2(b) above;

 

(d)           A perfection certificate supplement updated to reflect the acquisition of the Target Company; and

 

(e)           Execution and/or delivery of all other agreements, instruments and documents reasonably requested by Agent to effectuate and implement the terms hereof.

 

  

6

  

 

10.           Payment of Expenses.  Loan Parties shall pay or reimburse Administrative Agent for its reasonable attorneys’ fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto.

 

11.           Reaffirmation of Existing Financing Agreements.  Except as modified by the terms hereof, all of the terms and conditions of the Credit Agreement, as amended, and all other of the Existing Financing Agreements, are hereby reaffirmed and shall continue in full force and effect as therein written.

 

12.           Release.  As further consideration for Administrative Agent’s and Lenders’ agreement to grant the accommodations set forth herein, each Loan Party hereby waives and releases and forever discharges Administrative Agent and Lenders and their respective officers, directors, attorneys, agents and employees from any liability, damage, claim, loss or expense of any kind that Loan Parties, or any of them, may have against Administrative Agent or Lender arising out of or relating to the Obligations, this Amendment or the Existing Financing Agreements, other than any liability, damage, claim loss or expense as a result of the gross negligence or willful misconduct of the Administrative Agent or any Lender.

 

13.           Miscellaneous.

 

(a)           No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary.

 

(b)           The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

(c)           No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought.

 

(d)           The terms and conditions of this Amendment shall be governed by the laws of the State of New York.

 

(e)           This Amendment may be executed in any number of counterparts and by facsimile, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery by facsimile or electronic transmission shall bind the parties hereto.

 

 [SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

  

7

  

 

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

	
BORROWER:

	
HANDY & HARMAN GROUP LTD.

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	
Name:

	
James F. McCabe, Jr.

	  	
Title:

	
Senior Vice President

 

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	
GUARANTORS:

	
ARLON LLC

ARLON MED INTERNATIONAL LLC

BAIRNCO CORPORATION

460 WEST MAIN STREET HOLDING CORPORATION

EAST 74TH STREET HOLDINGS INC.

DANIEL RADIATOR CORPORATION

HANDY & HARMAN

HANDY & HARMAN AUTOMOTIVE

GROUP, INC.

HANDY & HARMAN ELECTRONIC MATERIALS CORPORATION

HANDY & HARMAN HOLDING CORPORATION

HANDY & HARMAN INTERNATIONAL, LTD.

HANDY & HARMAN OF CANADA, LIMITED

HANDY & HARMAN TUBE COMPANY, INC.

HANDYTUBE CORPORATION

INDIANA TUBE CORPORATION

KASCO CORPORATION

KASCO MEXICO LLC

LUCAS-MILHAUPT, INC.

LUCAS-MILHAUPT WARWICK LLC

MICRO-TUBE FABRICATORS, INC.

OCMUS, INC.

OMG, INC.

OMG ROOFING, INC.

OMNI TECHNOLOGIES CORPORATION OF DANVILLE

PAL-RATH REALTY, INC.

PAM FASTENING TECHNOLOGY, INC.

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	  	
Name:

	
James F. McCabe, Jr

	  	  	
Title:

	
Senior Vice President

 

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
ATLANTIC SERVICE COMPANY, LIMITED

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	  	
Name:

	
James F. McCabe, Jr.

	  	  	
Title:

	
Treasurer

	  	
20 GRANT STREET NOMINEE TRUST

THE 7 ORNE STREET NOMINEE TRUST

THE 28 GRANT STREET NOMINEE TRUST

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	  	
Name:

	
James F. McCabe, Jr.

	  	  	
Title:

	
Trustee

 

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	
JOINING GUARANTORS:

	
HNH GROUP ACQUISITION LLC

	  	  
	  	
By: Handy & Harman Group Ltd., its sole member

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	
Name:

	
James F. McCabe, Jr.

	  	
Title:

	
Senior Vice President

	  	
HNH ACQUISITION LLC

	  	  
	  	
By: Handy & Harman Group Ltd., its sole member

	  	  
	  	
By:

	

/s/ James F. McCabe, Jr.

	  	
Name:

	
James F. McCabe, Jr.

	  	
Title:

	
Senior Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Lender and a Lender

	  	  
	  	
By:

	

/s/ Kirk M. Mader

	  	
Name:

	
Kirk M. Mader

	  	
Title:

	
Senior Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
CITIZENS BANK, N.A., as a Lender

	  	  
	  	
By:

	/s/ Douglas Moore
	  	
Name:

	Douglas Moore
	  	
Title:

	Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

 

	  	
PEOPLE’S UNITED BANK, N.A., as a Lender

	  	  
	  	
By:

	/s/ Stephanie Pierce
	  	
Name:

	Stephanie Pierce
	  	
Title:

	Senior Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

 

	  	
BRANCH BANKING AND TRUST COMPANY, as a Lender

	  	  
	  	
By:

	/s/ Matthew J. Davis
	  	
Name:

	Matthew J. Davis
	  	
Title:

	Vice President

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
FIRST NIAGARA BANK, N.A., as a Lender

	  	  
	  	
By:

	/s/ Troy Jellerette
	  	
Name:

	Troy Jellerette
	  	
Title:

	Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
COMPASS BANK, as a Lender

	  	  
	  	
By:

	/s/ Craig Kincade
	  	
Name:

	Craig Kincade
	  	
Title:

	Senior Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
SANTANDER BANK, N.A., as a Lender

	  	  
	  	
By:

	/s/ Jason D. Hill
	  	
Name:

	Jason D. Hill  
	  	
Title:

	Senior Vice President

 

 

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

	  	
TD BANK, N.A., as a Lender

	  	  
	  	
By:

	/s/ Joseph C. Premont
	  	
Name:

	Joseph C. Premont  
	  	
Title:

	Vice President

 

 

[SIGNATURE PAGE TO SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT]

  

 

  

 

Exhibit A

GUARANTOR JOINDER AND ASSUMPTION AGREEMENT

 

THIS GUARANTOR JOINDER AND ASSUMPTION AGREEMENT is made as of January 22, 2015, by HNH Group Acquisition LLC, a Delaware limited liability company and HNH Acquisition LLC, a Delaware limited liability company (collectively and individually as the context may require, “New Guarantor”).

 

Background

 

Reference is made to (i) the Amended and Restated Credit Agreement, dated as of August 29, 2014, as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Credit Agreement”), by and among Handy & Harman Group Ltd., a Delaware corporation (the “Borrower”), each of the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto (the “Lenders”) and PNC Bank, National Association, in its capacity as administrative agent for the Lenders (in such capacity, the “Agent”), (ii) the Continuing Agreement of Guaranty and Suretyship (Subsidiary), dated as of November 8, 2012 as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Guaranty”) of Guarantors given to the Agent as agent for the Lenders, (iii)  the Security Agreement, dated as of November 8, 2012 as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Security Agreement”) among the Loan Parties and the Agent as agent for the Lenders, (iv) the Pledge Agreement, dated as of November 8, 2012, as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Pledge Agreement”) made by the Loan Parties in favor of the Agent, (v) the Intercompany Subordination Agreement, dated as of November 8, 2012, as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Intercompany Subordination Agreement”) among the Loan Parties and the Agent for the benefit of the Lenders, (vi)  (a) Patent, Trademark and Copyright Security Agreement, dated as of November 8, 2012, as the same may be amended, restated, supplemented or otherwise modified from time to time  among the Loan Parties party thereto and the Agent for the benefit of the Lenders, (b) Patent, Trademark and Copyright Security Agreement, dated as of April 26, 2013, as the same may be amended, restated, supplemented or otherwise modified from time to time among Lucas-Milhaupt Warwick LLC, OMG Roofing, Inc., and the Agent for the benefit of the Lenders, (c) Patent, Trademark and Copyright Security Agreement, dated as of November 21, 2013, as the same may be amended, restated, supplemented or otherwise modified from time to time among PAM Fastening Technology, Inc. and Agent for the benefit of the Lenders, and (d) Patent, Trademark and Copyright Security Agreement, dated as of May 15, 2014, as the same may be amended, restated, supplemented or otherwise modified from time to time among Handy & Harman Holding Corporation and Agent for the benefit of the Lenders (collectively, the “Patent, Trademark and Copyright Security Agreements”), (vii) the Global Intercompany Note dated November 8, 2012, by Loan Parties in favor of Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time, (viii) the Omnibus Ratification and Reaffirmation Agreement dated August 29, 2014, by and among Borrower, Guarantors, Lenders, and Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time (the “Omnibus Reaffirmation”), and (ix) the other Loan Documents referred to in the Credit Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time (collectively, the “Loan Documents”).

 

  

  

  

 

Agreement

 

Capitalized terms defined in the Credit Agreement are used herein as defined therein.

 

New Guarantor hereby becomes a Guarantor under the terms of the Credit Agreement and in consideration of the value of the synergistic and other benefits received by New Guarantor as a result of being or becoming affiliated with the Borrower and the Guarantors, New Guarantor hereby agrees that effective as of the date hereof it hereby is, and shall be deemed to be, and assumes the obligations of, a “Loan Party” and a “Guarantor,” jointly and severally under the Credit Agreement, a “Guarantor,” jointly and severally with the existing Guarantors under the Guaranty, a “Company” jointly and severally under the Intercompany Subordination Agreement, a “Debtor” jointly and severally under the Security Agreement, a “Pledgor” jointly and severally under the Pledge Agreement and the Patent, Trademark and Copyright Security Agreements and a Loan Party or Guarantor, as the case may be, under each of the other Loan Documents to which the Loan Parties or Guarantors are a party; and, New Guarantor hereby agrees that from the date hereof and so long as any Loan or any Commitment of any Lender shall remain outstanding and until the payment in full of the Loans and the Notes, the expiration of all Letters of Credit, and the performance of all other obligations of the Loan Parties under the Loan Documents, New Guarantor  shall perform, comply with, and be subject to and bound by each of the terms and provisions of the Credit Agreement, Guaranty, Security Agreement, Pledge Agreement, Intercompany Subordination Agreement, Patent, Trademark and Copyright Security Agreements, Omnibus Reaffirmation, and each of the other Loan Documents jointly and severally with the existing parties thereto.  Without limiting the generality of the foregoing, New Guarantor hereby represents and warrants that (i) each of the representations and warranties set forth  in Section 6 of the Credit Agreement shall be true and correct as to New Guarantor on and as of the date hereof (A) in the case of  such representations and warranties qualified by materiality, in all respects and (B) in the case of  such other representations and warranties, in all material respects, and (ii) New Guarantor has heretofore received a true and correct copy of the Credit Agreement, Guaranty, Security Agreement, Pledge Agreement, Intercompany Subordination Agreement, Patent, Trademark and Copyright Security Agreements, Omnibus Reaffirmatino, and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof.

 

New Guarantor hereby makes, affirms, and ratifies in favor of the Secured Parties the Credit Agreement, Guaranty, Security Agreement, Pledge Agreement, Intercompany Subordination Agreement, Patent, Trademark and Copyright Security Agreements, Omnibus Reaffirmation, and each of the other Loan Documents given by the Guarantors to the Agent and any of the other Secured Parties.

 

New Guarantor is simultaneously delivering to the Agent the documents, together with this Guarantor Joinder and Assumption Agreement, required under Sections Section 7 [Conditions of Lending and Issuance of Letters of Credit] and 8.1.11 [Additional Guaranties and Collateral].

 

In furtherance of the foregoing, New Guarantor shall execute and deliver or cause to be executed and delivered at any time and from time to time such further instruments and documents and do or cause to be done such further acts as may be reasonably necessary in the reasonable opinion of Agent to carry out more effectively the provisions and purposes of this Guarantor Joinder and Assumption Agreement and the other Loan Documents.

 

  

  

  

 

New Guarantor acknowledges and agrees that a facsimile or electronic (i.e., “pdf” or “tif” format) transmission to the Agent or any other Secured Party of signature pages hereof purporting to be signed on behalf of New Guarantor shall constitute effective and binding execution and delivery hereof by New Guarantor and shall be effective as delivery of a manually executed counterpart of this Guarantor Joinder and Assumption Agreement.

 

NEW GUARANTOR SHALL CAUSE BORROWER TO PROVIDE SUCH ADDITIONAL DOCUMENTS AS REQUIRED BY SECTION 8.1.11 OF THE CREDIT AGREEMENT.

 

 

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

 

  

  

  

 

 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the New Guarantor has duly executed this Guarantor Joinder and Assumption Agreement and delivered the same to the Agent for the benefit of the Secured Parties, as of the date and year first above written with the intention that this Guarantor Joinder and Assumption Agreement constitute a sealed instrument.

 

	
ATTEST:

	  	
HNH GROUP ACQUISITION LLC

	  	  	  
	 	 	 
	
Name:

	 	  	
By:

	 
	
Title:

	 	  	
Name:

	 
	  	  	  	
Title:

	 

	  	  	
HNH ACQUISITION LLC

	 	  	  
	
Name:

	 	  	  	  
	
Title:

	  	  	  	  
	  	  	  	  	  
	  	  	  	
By:

	 
	  	  	  	
Name:

	 
	  	  	  	
Title:

	 

 

Acknowledged and accepted:

 

PNC BANK, NATIONAL ASSOCIATION, as Agent

 

	
By:

	

 

	
Name: Kirk M. Mader

	
Title: Senior Vice President

 

 

 

 

 

 

 

[SIGNATURE PAGE 1 OF 1 OF GUARANTOR JOINDER AND ASSUMPTION AGREEMENT]

 

  

 

  

Exhibit B

Amended and Restated Schedules

 

Schedule 6.1.1

Qualifications to do Business

 

	
Entity

	
Jurisdiction of

Organization

	
Foreign States of Qualification

	
Handy & Harman

	
New York

	
CA, CT, IL, MA, MI, NJ, OH, RI

	
HandyTube Corporation

	
Delaware

	
None.

	
460 West Main Street Holding Corporation

	
Delaware

	
OH, PA

	
East 74th Street Holdings Inc.

	
Oklahoma

	
None.

	
Handy & Harman Electronic Materials Corporation

	
Florida

	
NJ, RI

	
Handy & Harman Tube Company, Inc.

	
Delaware

	
NJ, PA

	
Indiana Tube Corporation

	
Delaware

	
IN, TX

	
Lucas-Milhaupt, Inc.

	
Wisconsin

	
None

	
Micro-Tube Fabricators, Inc.

	
Delaware

	
NJ, PA

	
OMG, Inc

	
Delaware

	
CT, MA, NV, NY

	
OMG Roofing, Inc.

	
Delaware

	
NC, MA, IL

	
OMNI Technologies Corporation of Danville

	
New Hampshire

	
None

	
OCMUS Inc.

	
Indiana

	
None

	
Handy & Harman of Canada, Limited

	
Ontario, Canada

	
None

	
Daniel Radiator Corporation

	
Texas

	
CT, NY, OH, PA

	
Handy & Harman Automotive Group, Inc.

	
Delaware

	
None.

	
Handy & Harman International, Ltd.

	
Delaware

	
None

	
Pal-Rath Realty, Inc.

	
Delaware

	
None

	
Atlantic Service Company, Limited

	
Ontario, Canada

	
None

	
Lucas-Milhaupt Warwick, LLC

	
Delaware

	
RI, TN, TX

	
Bairnco LLC

	
Delaware

	
CA, FL, NJ, OH

	
Kasco LLC

	
Delaware

	
AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

	
Handy & Harman Holding Corporation

	
Delaware

	
CA, CT, TX

	
PAM Fastening Technology, Inc.

	
North Carolina

	
None

	
Kasco Mexico LLC

	
Delaware

	
None

	
Handy & Harman Group Ltd.

	
Delaware

	
None

	
20 Grant Street Nominee Trust

	
Massachusetts

	
None

	
The 7 Orne Street Trust

	
Massachusetts

	
None

	
The 28 Grant Street Nominee Trust

	
Massachusetts

	
None

	
HNH Acquisition LLC

	
Delaware

	
None

	
HNH Group Acquisition LLC

	
Delaware

	
None

 

  

  

  

 

Schedule 6.1.2

Subsidiaries

US Entities:

	
Name

	
Jurisdiction 

of 

Organization

	
Equity Interest

	
Atlantic Service Company, Limited

	
Canada

	
100% by Kasco LLC

	
Bairnco LLC

	
Delaware

	
100% by Handy & Harman Group Ltd.

	
460 West Main Street Holding Corporation

	
Delaware

	
100% by Handy & Harman

	
East 74th Street Holdings Inc.

	
Oklahoma

	
100% by Handy & Harman

	
Daniel Radiator Corporation

	
Texas

	
100% by Handy & Harman

	
Handy & Harman

	
New York

	
100% by Handy & Harman Group Ltd.

	
Handy & Harman Automotive Group, Inc.

	
Delaware

	
100% by Handy & Harman

	
Handy & Harman Electronic Materials Corporation

	
Florida

	
100% by Handy & Harman

	
Handy & Harman Group Ltd.

	
Delaware

	
100% by Handy & Harman Ltd.

	
Handy & Harman International, Ltd.

	
Delaware

	
100% by Handy & Harman

	
Handy & Harman Holding Corporation

	
Delaware

	
100% by Handy & Harman Group Ltd.

	
Handy & Harman of Canada, Limited

	
Ontario, Canada

	
100% by Handy & Harman

	
Handy & Harman Tube Company, Inc.

	
Delaware

	
100% by Handy & Harman

	
HandyTube Corporation

	
Delaware

	
100% by Handy & Harman

	
Indiana Tube Corporation

	
Delaware

	
100% by Handy & Harman

	
Kasco LLC

	
Delaware

	
100% by Bairnco LLC

	
Kasco Mexico LLC

	
Delaware

	
100% by Kasco LLC

	
Lucas-Milhaupt, Inc.

	
Wisconsin

	
100% by Handy & Harman

	
Lucas-Milhaupt Warwick LLC

	
Delaware

	
100% by Lucas-Milhaupt, Inc.

	
Micro-Tube Fabricators, Inc.

	
Delaware

	
100% by Handy & Harman

	
Ocmus Inc.

	
Indiana

	
100% by Handy & Harman

	
OMG Roofing, Inc.

	
Delaware

	
100% by OMG, Inc.

	
OMG, Inc.

	
Delaware

	
100% by Handy & Harman

	
Omni Technologies Corporation of Danville

	
New Hampshire

	
100% by Handy & Harman

	
Pal-Rath Realty, Inc.

	
Delaware

	
100% by Handy & Harman

	
PAM Fastening Technology, Inc.

	
North Carolina

	
100% by OMG, Inc.

	
20 Grant Street Nominee Trust

	
Massachusetts

	
100% by Handy & Harman Electronic Materials Corporation (Beneficiary)

	
28 Grant Street Nominee Trust

	
Massachusetts

	
100% by Handy & Harman Electronic Materials Corporation (Beneficiary)

	
7 Orne Street Nominee Trust

	
Massachusetts

	
100% by Handy & Harman Electronic Materials Corporation (Beneficiary)

	
HNH Acquisition LLC

	
Delaware

	
100% by Handy & Harman Group Ltd.

	
HNH Group Acquisition LLC

	
Delaware

	
100% by Handy & Harman Group Ltd.

­­­­­­­­­­­­­­­­­­­­­­

 

  

  

  

 

 

Non-US / Canadian Entities:

	
Name

	
Jurisdiction 

of 

Organization

	
Equity Interest

	
Arlon India Private Limited

	
India

	
99.7% (997 shares) by Bairnco LLC

0.3% (3 shares) by three individual directors

	
Kasco Ensambly S.A. De CV

	
Mexico

	
100% by Kasco Mexico, LLC

	
Atlantic Service Company, (UK) Ltd.

	
United Kingdom

	
100% by Kasco LLC

	
Bertram & Graf, G.m.b.H.

	
Germany

	
100% by Kasco LLC

	
Indiana Tube Solutions de Mexico, S. De RL de CV

	
Mexico

	
99% by Indiana Tube Corporation

1% by Handy & Harman

	
Handy & Harman UK Holdings Limited

	
England & Wales

	
100% by Handy & Harman International, Ltd.

	
Handy & Harman (Europe) Limited

	
England & Wales

	
100% by Handy & Harman UK Holdings Limited

	
Rigby-Maryland (Stainless) Limited

	
England & Wales

	
100% by Handy & Harman (Europe) Limited

	
Handy & Harman Management Holdings (HK) Ltd.

	
Hong Kong

	
100% by Handy & Harman Netherlands, B.V.

	
Lucas-Milhaupt Gliwice Sp. z o.o.

	
Poland

	
100% by Handy & Harman Netherlands, B.V.

	
Lucas Milhaupt Riberac, S.A.

	
Riberac, France

	
100% by Handy & Harman Netherlands, B.V.

	
Lucas Milhaupt Hong Kong, Ltd.

	
Hong Kong

	
100% by Handy & Harman Management Holdings (HK) Ltd.

	
Lucas Milhaupt Brazing Materials (Suzhou) Co. Ltd.

	
Suzhou, China

	
100% by Lucas Milhaupt Hong Kong, Ltd.

	
Handy & Harman Netherlands, B.V.

	
Netherlands

	
100% by Handy & Harman International, Ltd.

	
H&H Ltd.

	
Bermuda

	
100% by Handy & Harman

	
Handy & Harman (Asia) S.A.

	
Panama

	
100% by Handy & Harman

	
Handy & Harman ELE (Asia) SND. BHD.

	
Malaysia

	
100% by Handy & Harman

	
Handy & Harman Manufacturing (Singapore) PTE. LTD.

	
Singapore

	
100% by Handy & Harman

Other Equity Interests:

	
Current Legal Entities Owned

	
Percent Pledged

	
Mizuno Handy & Harman Co., Ltd.

	
5% owned by Handy & Harman

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