Document:

First Amendment to Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 This First Amendment to Credit Agreement (herein, the “Amendment”) is entered into as of June 24, 2009, by and among FCStone, LLC, an Iowa limited liability company (the
“Borrower”), FCStone Group, Inc., a Delaware corporation (“Parent”), as a guarantor, the financial institutions party to this Amendment, as lenders (the “Lenders”), and Bank of Montreal, as
administrative agent (the “Administrative Agent”). 
 PRELIMINARY STATEMENTS 

A. The Borrower, the Parent, the Lenders and the Administrative Agent entered into a certain Credit Agreement, dated as of July 23, 2008 (the
“Credit Agreement”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement. 
 B. The Borrower has requested that the Lenders make certain amendments to the Credit Agreement, and the Lenders are willing to do so under the terms and conditions set forth in this Amendment. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows: 
 SECTION 1. AMENDMENTS. 
 Subject to the satisfaction of the conditions precedent set forth in Section 3 below, the Credit Agreement shall be and hereby is amended as follows:

 1.1. Section 1.2 of the Credit Agreement shall be amended and restated to read in its entirety as follows: 
 Section 1.2. Interest Rates. (a) Each Revolving Loan made or maintained by a Lender shall bear interest (computed on the
basis of a year of 365 or 366 days, as the case may be, and the actual days elapsed) on the unpaid principal amount thereof from the date such Loan is advanced, until maturity (whether by acceleration or otherwise) at a rate per annum equal to
the sum of the Applicable Margin plus the Base Rate from time to time in effect, payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise). 
 “Base Rate” means, for any day, the rate per annum equal to the greatest of: (a) the rate of interest announced or
otherwise established by the Administrative Agent from time to time as its prime commercial rate, or its equivalent, for U.S. Dollar loans to borrowers located in the United States as in effect on such day, with any change in the Base Rate
resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate (it being 

 
acknowledged and agreed that such rate may not be the Administrative Agent’s best or lowest rate), (b) the Federal Funds Rate plus  1/2 of 1%, and (c) the LIBOR Quoted Rate for such day plus 1.00%. 
 “Eurodollar Reserve Percentage” means the maximum reserve percentage, expressed as a decimal, at which reserves
(including, without limitation, any emergency, marginal, special, and supplemental reserves) are imposed by the Board of Governors of the Federal Reserve System (or any successor) on “eurocurrency liabilities”, as defined in such
Board’s Regulation D (or any successor thereto), subject to any amendments of such reserve requirement by such Board or its successor, taking into account any transitional adjustments thereto. For purposes of this definition, the relevant
Loans shall be deemed to be “eurocurrency liabilities” as defined in Regulation D without benefit or credit for any prorations, exemptions or offsets under Regulation D. The Eurodollar Reserve Percentage shall be adjusted
automatically on and as of the effective date of any change in any such reserve percentage. 
 “Federal Funds Rate” means, for any day, the rate determined by the Administrative Agent to be the average (rounded upward, if necessary, to the next higher  1/100 of 1%) of the rates per annum quoted to the Administrative Agent at approximately 10:00 a.m. (Chicago time) (or as soon thereafter as is practicable) on such day
(or, if such day is not a Business Day, on the immediately preceding Business Day) by two or more Federal funds brokers selected by the Administrative Agent for sale to the Administrative Agent at face value of Federal funds in the secondary market
in an amount equal or comparable to the principal amount for which such rate is being determined. 
 “LIBOR
Quoted Rate” means, for any day, the rate per annum equal to the quotient of (i) the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a
one-month interest period which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on such day (or, if such day is not a Business Day, on the immediately preceding Business Day) divided by (ii) one (1) minus the
Eurodollar Reserve Percentage. 
 “LIBOR01 Page” means the display designated as “LIBOR01
Page” on the Reuters Service (or such other page as may replace the LIBOR01 Page on that service or such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying
British Bankers’ Association Interest Settlement Rates for U.S. Dollar deposits). 
 (b) Rate Determinations.
The Administrative Agent shall determine each interest rate applicable to the Loans and the Reimbursement Obligations hereunder, and its determination thereof shall be conclusive and binding except in the case of manifest error. 
  

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 1.2. Sections 1.5(b) and 1.8 of the Credit Agreement shall be and hereby is amended by deleting
references to “Federal Funds Rate” appearing in such sections and replacing them with references to “Base Rate”. 
 1.3. Section 1.7(b)(i) of the Credit Agreement shall be and hereby is amended by deleting the phrase “seven (7) or more Business Days” and inserting in its place the phrase “five (5) or more Business
Days”. 
 1.4. Section 1.12 of the Credit Agreement shall be and hereby is amended by (a) deleting the amount
“50,000,000” appearing in clause (i) thereof and inserting in its place the amount “75,000,000” and (b) deleting the amount “$300,000,000” appearing in clause (ii) thereof and
inserting in its place the amount “$150,000,000”. 
 1.5. The defined terms “Applicable Margin”,
“Commitment”, “Commitment Amount Increase Request”, “Required Lenders” and “Termination Date” appearing in Section 5.1 of the Credit Agreement shall be amended and restated to read in their
entirety as follows: 
 “Applicable Margin” means (i) with respect to Loans, 1.50% per annum and
(ii) with respect to commitment fees set forth in Section 2.1(a) hereof, 0.50% per annum. 
 “Commitment” means, as to any Lender, the obligation of such Lender to make Revolving Loans and to participate in Swing Loans hereunder in an aggregate principal amount at any one time outstanding not to exceed the amount
set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at any time or from time to time pursuant to the terms hereof. The Borrower and the Lenders acknowledge and
agree that the Commitments of the Lenders aggregate $75,000,000 on the First Amendment Effective Date. 
 “Commitment
Amount Increase Request” means a Commitment Amount Increase Request in the form of Exhibit F hereto. 
 “Required Lenders” means, as of the date of determination thereof, (i) in the event there are two (2) Lenders, 100% and (ii) in the event there are more than two (2) Lenders, Lenders whose outstanding
Loans and Unused Commitments constitute more than 50% of the sum of the total outstanding Loans and Unused Commitments of the Lenders. 
 “Termination Date” means June 23, 2010 or such earlier date on which the Commitments are terminated in whole pursuant to Section 1.10, 9.2 or 9.3 hereof. 
 1.6. Section 5.1 of the Credit Agreement shall be and hereby is amended by adding the new defined terms in their appropriate alphabetical order,
each such defined term shall read in their entirety as follows: 
 “First Amendment” means that certain First
Amendment to Credit Agreement dated as of June 24, 2009, by and among the Borrower, the Parent, the Lenders party thereto and the Administrative Agent. 
  

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 “First Amendment Effective Date” means the date upon which the First
Amendment becomes effective pursuant to its terms. 
 1.7. Section 6.6 of the Credit Agreement shall be and hereby is amended by
deleting the date “February 29, 2008” appearing therein and inserting in its place the date “April 30, 2009”. 
 1.8. Section 7.1(b) of the Credit Agreement shall be amended and restated to read in its entirety as follows: 
 (b) no Default or Event of Default shall have occurred and be continuing or would occur as a result of such Credit Event and the Borrower shall have delivered to the Lenders a description of the purpose for the Borrowing including a
schedule of the Borrower’s largest ten (10) clients giving rise to such Borrowing or such other explanation if the Borrowing is not related to the Borrower’s clients in form and substance satisfactory to the Administrative Agent; and

 1.9. Section 8.18 of the Credit Agreement shall be and hereby is amended by deleting the “Neither the Parent nor the Borrower
shall not” appearing therein and inserting in its place the phrase “Neither the Parent nor the Borrower shall”. 
 1.10. Section 8.21(a) of the Credit Agreement shall be and hereby is amended by deleting the amount “$110,000,000” appearing therein and inserting in its place the amount “$105,000,000”. 
 1.11. Section 8 of the Credit Agreement shall be and hereby is amended by inserting a new Section 8.22 immediately after Section 8.21 to
read in its entirety as follows: 
 Section 8.22. Settlement and Clearing Accounts. The Borrower shall maintain
all of its exchange settlement and clearing accounts with the Administrative Agent or one of its Affiliates or another depository satisfactory to the Administrative Agent. 
 1.12. Section 12.12(d) of the Credit Agreement shall be and hereby is amended by deleting the reference to “Section 1.7” appearing
in the last line thereof and inserting in its place reference to “Section 1.5”. 
 1.13. Exhibit A and Exhibit C to the
Credit Agreement shall be and hereby is amended and restated in their entirety in the form of Exhibit A and Exhibit C, respectively, attached hereto. 
  

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 1.14. Schedule 1 to the Credit Agreement is hereby amended and restated in its entirety to read as
set forth on Schedule 1 hereto. 
 1.15. On the First Amendment Effective Date each of CoBank, ACB and Deere Credit, Inc. (collectively,
the “Departing Lenders”), hereby agrees to sell and assign without representation, recourse, or warranty (except that each Departing Lender represents it has authority to execute and deliver this Agreement and sell its Obligations
contemplated hereby, which Obligations are owned by such Departing Lender free and clear of all Liens), 100% of such Departing Lender’s outstanding Obligations under the Credit Agreement and the Loan Documents (including, without limitation,
all of the indebtedness evidenced by the Notes held by such Departing Lender, together with all of its interests in outstanding Letters of Credit) for a purchase price equal to the outstanding principal balance of Loans and accrued but unpaid
interest and fees owed to such Departing Lender under the Credit Agreement as of the First Amendment Effective Date, which purchase price shall be paid in immediately available funds on the First Amendment Effective Date. Such purchases and sales
shall be arranged through the Administrative Agent and each Departing Lender hereby agrees to execute such further instruments and documents, if any, as the Administrative Agent may reasonably request in connection therewith. Upon the execution and
delivery of this Agreement by the Departing Lenders, the Lenders, and the Borrower and the payment of the Obligations owing to the Departing Lenders, each Departing Lender shall cease to be a Lender under the Credit Agreement and the other Loan
Documents and (i) the Lenders shall have the rights of the Departing Lenders thereunder subject to the terms and conditions hereof and (ii) each Departing Lender shall have relinquished its rights (other than rights to indemnification and
reimbursements referred to in the Credit Agreement which survive the repayment of the Obligations owed to such Departing Lender in accordance with its terms, including Section 12.6 and 12.16 of the Credit Agreement) and be released from
their obligations under the Credit Agreement. The parties hereto agree that, except as provided for in the preceding sentence, all references in the Loan Documents to the Lenders or any Lender shall from and after the date hereof no longer include
the Departing Lenders. 
 SECTION 2. CONDITIONS PRECEDENT. 
 The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 
 2.1. The Borrower, Parent, the Lenders and the Administrative Agent shall have executed and delivered this Amendment. 
 2.2. The Administrative Agent shall have received for each Lender copies of the Borrower’s and Parent’s articles of incorporation and bylaws
(or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary. 
 2.3. The Administrative Agent shall have received for each Lender copies of resolutions of each Borrower’s and the Parent’s Board of Directors (or similar governing body) authorizing the execution, delivery and performance of this
Amendment and the consummation of the transactions contemplated hereby, together with specimen signatures of the persons authorized to execute this Amendment on the Borrower’s and the Parent’s behalf, all certified in each instance by its
Secretary or Assistant Secretary. 
  

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 2.4. The Administrative Agent shall have received for each Lender copies of the certificates of good
standing for the Borrower and the Parent (dated no earlier than 30 days prior to the date hereof) from the office of the secretary of the state of its incorporation or organization. 
 2.5. The Administrative Agent shall have received financing statement, tax, and judgment lien search results against the Property of the Borrower and the
Parent evidencing the absence of Liens on its Property except as permitted by Section 8.8 of the Credit Agreement. 
 2.6. The
Administrative Agent shall have received for each Lender the written opinion of counsel to the Borrower and the Parent, in form and substance reasonably satisfactory to the Administrative Agent. 
 2.7. No material adverse change in the condition (financial or otherwise) of the Borrower or the Parent shall have occurred since April 30, 2009,
except those occurring in the ordinary course of business or disclosed in writing to the Lenders. 
 2.8. The Administrative Agent shall have
received a list of the Borrower’s Authorized Representatives. 
 2.9. The Administrative Agent shall have received for itself and the
Lenders (other than the Departing Lenders) the fees called for in that certain Mandate Letter dated June 1, 2009 between the Borrower and the Administrative Agent. 
 2.10. Legal matters incident to the execution and delivery of this Amendment shall be satisfactory to the Administrative Agent and its counsel.

 SECTION 3. REPRESENTATIONS. 
 In order to induce the Administrative Agent and the Lenders to execute and deliver this Amendment, the Borrower hereby represents to the Administrative Agent and the Lenders that as of the date hereof (a) the
representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except to the extent that such representations and warranties relate to an earlier date) and
(b) it is in compliance with the terms and conditions of the Credit Agreement and no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment. 
 SECTION 4. MISCELLANEOUS. 
 4.1. Except as specifically amended herein, the Credit Agreement, including without limitation the Guarantees set forth in Section 11 thereof and the Notes issued pursuant to Section 1.9 thereof, shall continue in full force and
effect in accordance with its 

  

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original terms. Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in
connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as
amended hereby. 
 4.2. The Borrower agrees to pay on demand all out of pocket costs and expenses of or incurred by the Administrative Agent
in connection with the negotiation, preparation, execution and delivery of this Amendment, including the fees and expenses of counsel for the Administrative Agent. 
 4.3. This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of
the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of executed counterparts of this Amendment by telecopy or by e-mail transmission
of an Adobe portable document format file (also known as a “PDF” file) shall be effective as an original. This Amendment shall be governed by the internal laws of the State of Illinois. 
 [SIGNATURE PAGE TO FOLLOW] 
  

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 This First Amendment to Credit Agreement is entered into as of the date and year first above written.

  

			
	“BORROWER”
	
	FCSTONE, LLC
		
	By	 	 /s/ William J. Dunaway

	Name	 	 William J. Dunaway

	Title	 	 Executive VP/CFO

	
	“GUARANTOR”
	
	FCSTONE GROUP, INC.
		
	By	 	 /s/ Paul G. Anderson

	Name	 	 Paul G. Anderson

	Title	 	 President/CEO

 Accepted and agreed to. 
  

			
	BANK OF MONTREAL, as Administrative Agent
		
	By	 	 /s/ Scott M. Ferris

	Name	 	 Scott M. Ferris

	Title	 	 Managing Director

	
	BMO CAPITAL MARKETS FINANCING, INC., as a Lender
		
	By	 	 /s/ Scott M. Ferris

	Name	 	 Scott M. Ferris

	Title	 	 Managing Director

			
	BANK OF AMERICA, N.A, as a Lender
		
	By	 	 /s/ Maryanne Fitzmaurice

	Name	 	 Maryanne Fitzmaurice

	Title	 	 Senior Vice President

			
	COBANK, ACB, as a Departing Lender
		
	By	 	 /s/ Michael W. Hechtner

	Name	 	 Michael W. Hechtner

	Title	 	 Senior Vice President

			
	DEERE CREDIT, INC., as a Departing Lender
		
	By	 	 /s/ Mark A. Thompson

	Name	 	 Mark A. Thompson

	Title	 	 Vice President

 EXHIBIT A 
 NOTICE OF BORROWING 
 Date:
            ,          
  

	To:	Bank of Montreal, as Administrative Agent for the Lenders parties to the Credit Agreement dated as of July 23, 2008 (as extended, renewed, amended or restated from time to
time, the “Credit Agreement”), among FCStone, LLC, the Guarantors party thereto certain Lenders party thereto, and Bank of Montreal, as Administrative Agent 

 Ladies and Gentlemen: 
 The undersigned, FCStone, LLC (the
“Borrower”), refers to the Credit Agreement, the terms defined therein being used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 1.6 of the Credit Agreement, of the Borrowing specified
below: 
  

	 	1.	The Business Day of the proposed Borrowing is             ,         .

  

	 	2.	The aggregate amount of the proposed Borrowing is $                    .

 The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of
the proposed Borrowing, before and after giving effect thereto and to the application of the proceeds therefrom: 
 (a) the
representations and warranties of the Borrower contained in Section 6 of the Credit Agreement are true and correct as though made on and as of such date (except to the extent such representations and warranties relate to an earlier date, in
which case they are true and correct as of such date); and 
 (b) no Default or Event of Default has occurred and is
continuing or would result from such proposed Borrowing. 
 (c) The purpose of such Borrowing is as follows (provide the list
name of ten (10) largest clients prompting such Borrowing or such other description for the purpose of such Borrowing): 
  

	
	  

	  

	  

	  

  

			
	FCSTONE, LLC
		
	By	 	  

	Name	 	  

	Title	 	  

 EXHIBIT C 
 FCSTONE, LLC 
 COMPLIANCE
CERTIFICATE 
  

	To:	Bank of Montreal, as Administrative Agent 

 under, and the
Lenders parties to, the Credit 
 Agreement described below 
 This Compliance Certificate is furnished to the Administrative Agent, and the Lenders pursuant to that certain Credit Agreement dated as of July 23, 2008 among us (as extended, renewed, amended or restated
from time to time, the “Credit Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES THAT: 
 1. I am the duly elected                      of
FCStone, LLC; 
 2. I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a
detailed review of the transactions and conditions of the Parent, the Borrower and the Borrower Subsidiaries during the accounting period covered by the attached financial statements; 
 3. The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any
event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below; 
 4. The financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate
are true, correct and complete as of the date and for the periods covered thereby; and 
 5. The Schedule I hereto sets forth financial
data and computations evidencing the Borrower’s compliance with certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the
relevant Sections of the Credit Agreement. 
 Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the
nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 
  

	
	  

	  

	  

	  

 The foregoing certifications, together with the computations set forth in Schedule I hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this      day of              20    . 
  

			
	FCSTONE, LLC
		
	By	 	  

	Name	 	  

	Title	 	  

 SCHEDULE I 
 TO COMPLIANCE CERTIFICATE 
 FCStone, LLC 
 COMPLIANCE CALCULATIONS 
 FOR CREDIT AGREEMENT DATED AS OF JULY 23,
2008 
 CALCULATIONS AS OF
            ,          
  

					
	Section 8.21	  		  	
	(a)	  	Tangible Net Worth (minimum $105,000,000)	  	 $                    

			
	(b)	  	Senior Subordinated Indebtedness not >40% of sum of Net Worth plus Subordinated Debt	  	                     (yes/no)

			
	(c)	  	Excess Net Capital per 1-FR-FCM Statement of Computation of the Minimum Capital Requirements (minimum $10,000,000)	  	 $                    

 SCHEDULE 1 
 COMMITMENTS 
  

				
	 NAME OF LENDER
	  	COMMITMENT
	 BMO Capital Markets Financing, Inc.
	  	$	50,000,000
		
	 Bank of America, N.A.
	  	$	25,000,000
		
	 TOTAL
	  	$	75,000,000Amendment and Waiver to Commercial Loan Agreement

 Exhibit 10.8 
 AMENDMENT AND WAIVER 
 TO 
 COMMERCIAL LOAN AGREEMENT AND LOAN DOCUMENTS 
 THIS AMENDMENT AND WAIVER TO COMMERCIAL LOAN AGREEMENT AND
LOAN DOCUMENTS (this “Amendment”), made effective as of June 26, 2009 (the “Effective Date”), is by and among RBS CITIZENS NATIONAL ASSOCIATION, a national banking association and successor by merger to Citizens Bank New
Hampshire with a place of business at 875 Elm Street, Manchester, New Hampshire 03101 (the “Bank”); MICRONETICS, INC., a Delaware corporation with an executive office at 26 Hampshire Drive, Hudson, New Hampshire 03051 (the
“Borrower”); MICROWAVE & VIDEO SYSTEMS, INC., a Connecticut corporation with an executive office at 160B Shelton Road, Monroe, Connecticut 06468, MICROWAVE CONCEPTS, INC., and STEALTH MICROWAVE, INC., each a Delaware corporation,
and all with an executive office at 26 Hampshire Drive, Hudson, New Hampshire 03051; and MICA MICROWAVE CORPORATION, a Delaware corporation with an executive office at 1096 Mellon Avenue, Manteca, California 95337 and formerly known as “Del
Merger Subsidiary, Inc.” (individually, a “Guarantor”, and collectively, the “Guarantors”). 
 R E
C I T A L S: 
 WHEREAS, the Bank has extended to the Borrower certain credit facilities consisting
of a revolving line of credit loan in the principal amount of up to Five Million Dollars ($5,000,000.00) (the “Revolving Line of Credit Loan”), and a term loan in the original principal amount of Six Million Five Hundred Thousand Dollars
($6,500,000.00) (the “Term Loan”), all pursuant to a certain Commercial Loan Agreement dated March 30, 2007 by and among the Bank, the Borrower and the Guarantors, as amended to date (the “Loan Agreement”) and the Loan
Documents as defined therein; 
 WHEREAS, the Borrower would be in default in the performance of certain of its obligations under the Loan
Agreement in that it has violated its financial covenants under Sections III. A. (i.e., Debt Service Coverage) and B. (i.e., ratio of Total Funded Debt to EBITDA) of Schedule B of the Loan Agreement for the fiscal quarter ending March 31, 2009
(collectively, the “Covenant Defaults”); and 
 WHEREAS, the Bank, at the request of the Borrower and the Guarantors, has agreed to
(i) waive the Covenant Defaults, (ii) suspend the testing of the financial covenants under Sections III. A. and B. of Schedule B of the Loan Agreement until the fiscal quarter ending March 31, 2010, and (iii) amend said financial
covenants in certain respects, all upon and subject to the terms and conditions of this Amendment. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement. 

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants, agreements and
promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Waiver of Covenant Defaults. The Bank hereby acknowledges the Borrower’s Covenant Defaults under the Loan Agreement as of the fiscal quarter ending March 31, 2009. The Bank hereby waives the
Covenant Defaults by the Borrower solely as of the fiscal quarter ending March 31, 2009 (the “Waiver”). The Waiver applies only to Borrower’s compliance with the financial covenants under Sections III. A. and B. of Schedule B of
the Loan Agreement as of the Fiscal Quarter ending March 31, 2009. The Bank does not waive compliance by the Borrower with any of its other covenants under the Loan Agreement or Loan Documents or for any other dates or for any other periods.

 2. Amendments to Loan Agreement. 
 (a) Section III.A.2 of the Loan Agreement shall be, and hereby is, deleted in its entirety and replaced with the following new Section II.A.2: 
 “2. Applicable Margin. The term “Applicable Margin” means the annual percentage rate to be added to the Bank’s prime rate to
determine the Prime Rate under this Agreement and LIBOR to determine the LIBOR Rate under this Agreement. The Applicable Margin shall be 4.25% per annum with respect to the Revolving Line of Credit Loan, and 3.75% with respect to the Term Loan,
until a determination is made otherwise in accordance with this Agreement based upon the ratio of Total Funded Debt to EBITDA as of the Fiscal Quarter ending March 31, 2010. The Applicable Margin for both the Revolving Line of Credit Loan and
the Term Loan will be adjusted (up or down) on a quarterly basis as determined by Borrower’s Total Funded Debt to EBITDA ratio beginning with the Fiscal Quarter ending March 31, 2010. Adjustments in the Applicable Margin will be determined
by reference to the following grid: 
  

			
	 If Total Funded Debt to EBITDA
 Ratio is:
	 	Then Applicable Margin is:
	 Greater than or equal to 2.0:1
	 	    4.25% with respect to the
Revolving Line of Credit Loan
and 3.75% with
respect to the
Term Loan
	 Greater than 1.25:1 but less than
2.0:1
	 	    3.50%
	 Less than or equal to 1.25:1
	 	    2.50%

 Within forty-five (45) days of the end of each Fiscal Quarter, beginning with the Fiscal
Quarter ending March 31, 2010, of Borrower (provided that Borrower shall have ninety (90) days after the end of each Fiscal Year thereafter), Borrower shall (a) deliver to the Bank its Financial Statements covering such Fiscal Quarter
(which shall be management prepared financial statements for purposes hereof), (b) deliver to the Bank the quarterly financial covenant compliance certificate of Borrower, and (c) certify to Bank the then Total Funded Debt to EBITDA ratio
of Borrower and Borrower’s determination of Applicable Margin therefrom on such 

  

 2 

 
form as the Bank may from time to time specify. Borrower shall also provide to the Bank such other reasonable information as the Bank may request of Borrower
to verify its determination of the Applicable Margin. As of the tenth (10th) Business Day after the Borrower’s delivery of all of the above-referenced items to the Bank, the Bank shall notify Borrower of its determination of the Applicable
Margin. The new Applicable Margin as so determined by the Bank shall be effective as to all then outstanding LIBOR Advances and all new LIBOR Advances thereafter made, and such new Applicable Margin shall remain in effect through the next date upon
which the determination of a new Applicable Margin becomes effective in accordance with the above provisions. Notwithstanding the foregoing, upon any Event of Default, the Applicable Margin with respect to the Revolving Line of Credit Loan shall be
4.25% and the Applicable Margin with respect to the Term Loan shall be 3.75%.” 
 (b) Section III.A.14 of the Loan Agreement shall be,
and hereby is, deleted in its entirety and replaced with the following new Section III.A.14: 
 “14. Prime Rate. The term
“Prime Rate” means the variable per annum rate of interest so designated from time to time by Bank as its prime rate plus the Applicable Margin. The Bank’s prime rate is a reference rate and does not necessarily represent the
lowest or best rate being charged to any customer. Changes in the Prime Rate resulting from changes in the Bank’s prime rate shall take place immediately without notice or demand of any kind.” 
 (c) Section III.A.16 of the Loan Agreement shall be, and hereby is, added a new section of the Loan Agreement immediately after Section III.A.15 of the
Loan Agreement: 
 “16. LIBOR Definitions for LIBOR Advantage Program. Revolving Credit Advances to the Borrower under the
Bank’s automated sweep program shall bear interest under, and in accordance with, the Bank’s LIBOR Advantage Program. The Bank shall designate all Revolving Credit Advances which are subject to the LIBOR Advantage Program. Notwithstanding
anything to the contrary in this Agreement, including the provisions of Section III.B. hereof regarding selection of interest rates, automatic Revolving Credit Advances to the Borrower under the Bank’s automated sweep program are subject to the
provisions of the Bank’s LIBOR Advantage Program and do not require any notice from Borrower. Notwithstanding the definitions set forth in this Section III.A., solely for purposes of such Revolving Credit Advances under the LIBOR Advantage
Program, the following definitions shall apply in lieu of the definitions provided for such terms set forth above in this Section III.A.: 
 “Interest Payment Date” means (a) as to any Prime Rate Advance, the first Business Day of each January, April, July, and October while such Advance is outstanding, and (b) as to any LIBOR Advance under the LIBOR
Advantage Program, initially, June 26, 2009, and thereafter the day of each succeeding month which numerically corresponds to such date or, if a month does not contain a day that numerically corresponds to such date, the Interest Payment Date
shall be the last day of such month. 

  

 3 

 “Interest Period” means with respect to each LIBOR Advance under the LIBOR Advantage
Program, the period commencing on (and including) June 26, 2009 (the “Start Date”) and ending on (but excluding) the date which numerically corresponds to such date one (1) month later, and thereafter, each one (1) month
period ending on the day of such month that numerically corresponds to the Start Date. If an Interest Period with respect to a LIBOR Advance under the LIBOR Advantage Program is to end in a month for which there is no day which numerically
corresponds to the Start Date, then such Interest Period will end on the last day of such month. Notwithstanding the date of commencement of any Interest Period with respect to a LIBOR Advance under the LIBOR Advantage Program, interest shall only
begin to accrue as of the date the initial LIBOR Advance subject to the LIBOR Advantage Program is made hereunder. 
 “LIBOR”
means, relative to any Interest Period for a LIBOR Advance under the LIBOR Advantage Program, the offered rate for delivery in two (2) London Banking Days of deposits of U.S. Dollars for a term coextensive with the designated Interest Period
for such LIBOR Advance which the British Bankers’ Association fixes as its LIBOR rate as of 11:00 a.m. London time on the day on which such Interest Period commences. If the first day of any Interest Period for a LIBOR Advance under the LIBOR
Advantage Program is not a day which is both a (a) Business Day, and (b) a London Banking Day, then LIBOR shall be determined by reference to the next preceding day which is both a Business Day and a London Banking Day. If for any reason
LIBOR is unavailable and/or the Bank is unable to determine LIBOR for any Interest Period for a LIBOR Advance under the LIBOR Advantage Program, then the Bank may, at its discretion, either: (i) select a replacement index based on the
arithmetic mean of the quotations, if any, of the interbank offered rate by first class banks in London or New York for deposits with comparable maturities, or (ii) accrue interest at a rate per annum equal to the Prime Rate plus the
Applicable Margin as of the first day of any Interest Period with respect to any Advance for which LIBOR is unavailable or cannot be determined.” 
 (d) The definitions of “Adjusted EBITDA”, “Current Portion of Long Term Debt”, “Debt Service” and “EBITDA” contained in Schedule A of the Loan Agreement shall be, and hereby
are, deleted in their entirety and replaced with their following new respective definitions: 
 “Adjusted EBITDA” shall mean
consolidated EBITDA of Borrower and the Guarantors, minus Capital Expenditures, cash payments of taxes, and dividends paid, for the three (3) or twelve (12) month period, as the case may be, ending on the date of determination and as
determined in accordance with GAAP on a consistent basis. 
 “Current Portion of Long Term Debt” shall mean, for any period,
all principal 

  

 4 

 
obligations of Borrower and each Guarantor for borrowed money (including but not limited to, any amounts due with respect to Capital Lease Obligations) which
by the terms thereof required repayment within the immediately preceding three (3) or twelve (12) month period, as the case may be. 
 “Debt Service” shall mean the sum of Current Portion of Long Term Debt due within the immediately preceding three (3) or twelve (12) month period, as the case may be, plus all interest for such period on all
Indebtedness. 
 “EBITDA” shall mean an amount equal to (a) consolidated Net Income of the Borrower and Guarantors for
the three (3) or twelve (12) month period, as the case may be, ending on the date of determination, plus (b) the sum of (i) income taxes, (ii) Interest Expense, and (iii) the amount of non-cash charges (including
depreciation and amortization) for such period, in each case to the extent included in the calculation of consolidated Net Income of Borrower and Guarantors for such period in accordance with GAAP, but without duplication. For purposes of the
calculation of consolidated Net Income of Borrower and Guarantors for such period, income, gain, or loss from extraordinary items for such period shall be excluded from the calculation. For the avoidance of doubt, any non-cash charges associated
with charging off of goodwill and intangible assets shall be excluded from the calculation of Net Income and EBITDA for the Fiscal Quarters ending December 31, 2008 through September 30, 2009 and the Fiscal Years ending March 30, 2009
and March 30, 2010. 
 (e) Section II.C. of Schedule B of the Loan Agreement shall be, and hereby is, deleted in its entirety and
replaced with the following new Section II.C.: 
 “C. Borrower shall report and certify to Bank its compliance as of each Fiscal Quarter
end with its financial covenants in Section III below, as applicable, by execution and delivery of a Compliance Certificate within forty-five (45) days after the end of such Fiscal Quarter.” 
 (f) Section III.A. of Schedule B of the Loan Agreement shall be, and hereby is, deleted in its entirety and replaced with the following new Section
III.A.: 
 “A. Borrower shall have Debt Service Coverage of not less than 1.15:1 as of the Fiscal Quarter ending March 31, 2010 for
the twelve (12) month period then ending. Borrower shall have Debt Service Coverage of not less than 1.25:1 as of the end of each Fiscal Quarter thereafter for the twelve (12) month period then ending.” 
 (g) Section III.B. of Schedule B of the Loan Agreement shall be, and hereby is, deleted in its entirety and replaced with the following new Section
III.B.: 
 “B. Beginning with the Fiscal Quarter ending March 31, 2010 and thereafter, Borrower shall have a ratio of Total Funded
Debt to EBITDA for the twelve (12) month period then ending of not greater than 2.5:1 at all times.” 
  

 5 

 (h) Section III.E. of Schedule B of the Loan Agreement shall be, and hereby is, added a new section of
Schedule B of the Loan Agreement immediately after Section III.D. of Schedule B of the Loan Agreement: 
 “E. Borrower shall have EBITDA
of not less than negative $175,000.00 for the Fiscal Quarter ending June 30, 2009. Borrower shall have EBITDA of not less than $1,346,000.00 for the Fiscal Quarter ending September 30, 2009. Borrower shall have EBITDA of not less than
$850,000.00 for the Fiscal Quarter ending December 31, 2009.” 
 (i) Section III.F. of Schedule B of the Loan Agreement shall be,
and hereby is, added a new section of Schedule B of the Loan Agreement immediately after Section III.E. of Schedule B of the Loan Agreement: 
 “F. Borrower shall have Debt Service Coverage of not less than 2.3:1 as of the Fiscal Quarter ending September 30, 2010 for the three (3) month period then ending. Borrower shall have Debt Service Coverage of not less than
1.05:1 as of the Fiscal Quarter ending December 31, 2010 for the three (3) month period then ending.” 
 3. Mortgage.
Contemporaneously with the execution of this Amendment, the Borrower shall execute and deliver to the Bank for its benefit a first priority mortgage and security agreement on the real estate commonly known as 26 Hampshire Drive, Hudson, Hillsborough
County, New Hampshire (the “Premises”) in substantially the form attached hereto as Exhibit A (the “Mortgage”). The Borrower and the Guarantors’ agree that (a) the interest in the Premises granted by the Mortgage
shall be considered “Collateral” under the Loan Agreement, and (b) the Mortgage shall be considered a “Loan Document” under the Loan Agreement. Subject to the results of the Field Examination, the Bank may, in its sole
discretion, have the Premises appraised (the “Appraisal”) and subject to an environmental review (the “Environmental Review”). 
 4. Reaffirmation of Representations and Warranties. The Borrower and the Guarantors hereby confirm, reassert, and restate all of their respective representations and warranties under the Loan Agreement and the Loan Documents as of
the date hereof. 
 5. Reaffirmation of Affirmative Covenants. The Borrower and the Guarantors hereby confirm, reassert, and restate
all of their respective affirmative covenants as set forth in the Loan Agreement and the Loan Documents as of the date hereof. 
 6.
Reaffirmation of Negative Covenants. The Borrower and the Guarantors hereby confirm, reassert, and restate all of their respective negative covenants as set forth in the Loan Agreement and the Loan Documents as of the date hereof. 

 

 6 

 7. Further Representation and Warranties. The Borrower and the Guarantors, jointly and severally,
further represent and warrant to the Bank as follows: 
 (a) The execution, delivery and performance of this Amendment and the documents
executed and delivered pursuant hereto (collectively, the “Amendment Documents”) are within the power of the Borrower and the Guarantors and are not in contravention of law, the Borrower’s or the Guarantor’s Articles or
Certificates of Incorporation or By-laws, or the terms of any other documents, agreements or undertaking to which the Borrower or the Guarantors are a party or by which any of the Borrower or the Guarantors are bound. No approval of any person,
corporation, governmental body or other entity not provided herewith is required as a prerequisite to the execution, delivery and performance by any of the Borrower and the Guarantors of the Amendment Documents or any of the documents submitted to
the Bank in connection with the Amendment Documents to ensure the validity or enforceability thereof. 
 (b) All necessary corporate and
other action has been taken by each of the Borrower and the Guarantors to authorize the execution, delivery and performance of this Amendment and the Amendment Documents to which each is a party which, when executed on behalf of the Borrower and/or
the Guarantors, as the case may be, will constitute the legally binding obligations of the Borrower and the Guarantors, enforceable in accordance with their respective terms. 
 8. No Other Modifications. Except as specifically modified or amended herein or hereby, all of the terms and conditions of each of the Loans, the
Loan Agreement, and the Loan Documents, remain otherwise unchanged, and in full force and effect, all of which are hereby confirmed and ratified by the parties hereto. 
 9. Bank Fee. For and in consideration of the Bank entering into this Amendment, the Borrower shall pay to the Bank a fee in the amount of $40,000.00, due, payable in full, and earned in full on the Effective
Date. The Borrower consents to the Bank charging Borrower’s Revolving Line of Credit Loan account for such fee. 
 10. Costs and
Expenses of Bank. The Borrower agrees to reimburse the Bank for all reasonable costs, expenses, and fees, including attorneys’ fees, associated with the documentation of this Amendment, including without limitation, any costs, expenses and
fees attributable to any of the Field Examination, the recording of, and title insurance with respect to, the Mortgage, the Appraisal or the Environmental Review. The Borrower consents to the Bank charging the Borrower’s Revolving Line of
Credit Loan account for any such costs, expenses and fees. 
 11. Counterparts. This Amendment may be executed in several counterpart
copies. Each such counterpart copy shall be deemed an original, but all of such copies together shall constitute one and the same agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

 7 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment effective as of the Effective
Date. 
  

					
		 		 	 BANK:
 RBS CITIZENS NATIONAL
ASSOCIATION

			
	  	 	By:	 	  
	Witness	 		 	Timothy J. Whitaker, Senior Vice President

  

					
		 		 	 BORROWER:
 MICRONETICS,
INC.

			
	  	 	By:	 	  
	Witness	 		 	David Robbins, Chief Executive Officer

  

					
		 		 	 GUARANTORS:
 MICA MICROWAVE
CORPORATION
 MICROWAVE & VIDEO SYSTEMS, INC.
 MICROWAVE
CONCEPTS, INC.

			
	  	 	By:	 	  
	Witness	 		 	David Robbins, President

  

					
		 		 	STEALTH MICROWAVE, INC.
			
	  	 	By:	 	  
	Witness	 		 	David Robbins, Vice President

 Amendment and Waiver to Commercial Loan Agreement and Loan Documents 
 Signature Page 

 EXHIBIT A 
 Mortgage (see attached) 
 Amendment and Waiver to Commercial Loan Agreement and Loan Documents

 Exhibit A

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