Document:

Exhibit
10.1

 

THIRD
AMENDMENT

TO

REVOLVING
PURCHASE, LOAN AND SECURITY AGREEMENT

 

This
THIRD AMENDMENT TO REVOLVING PURCHASE, LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into as of January
__, 2022, by and between UNIQUE LOGISTICS INTERNATIONAL, INC., a Nevada corporation (“Parent”),
UNIQUE LOGISTICS HOLDINGS, INC., a Delaware corporation (“Holdings”) UNIQUE
LOGISTICS INTERNATIONAL (NYC), LLC, a Delaware limited liability company (“New York”),
UNIQUE LOGISTICS INTERNATIONAL (BOS), INC., a Massachusetts corporation (“Boston”
and, together with Parent Holdings and New York, collectively, “Seller”) and TBK BANK, SSB,
a Texas State Savings Bank (“Purchaser”).

 

WHEREAS,
Seller and Purchaser have entered into financing arrangements as set forth in that certain Revolving Purchase, Loan and Security Agreement,
dated June 1, 2021, by and between Seller and Purchaser (as amended, restated, renewed, extended, supplemented, substituted and otherwise
modified from time to time, the “Loan Agreement”); and

 

WHEREAS,
Seller has requested that Purchaser make certain amendments to the Loan Agreement in accordance with the terms hereof.

 

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

 

1.
Definitions. Capitalized terms used and not defined in this Amendment shall have the respective meanings given them in the Loan
Agreement.

 

2.
Amendments.

 

(a)
Maximum Facility. Section 37 of Exhibit 1 to the Loan Agreement is deleted in its entirety and the following substituted therefor:

 

“37.
“Maximum Facility” – Forty Seven Million Five Hundred Thousand Dollars ($47,500,000).”

 

(b)
Deletion of Certain Sections. Section 53 and Section 54 of Exhibit 1 to the Loan Agreement are each deleted in their entirety
and the following substituted therefor:

 

“53.
[Intentionally Omitted].

 

54.
[Intentionally Omitted].”

 

(c)
Base Rate. Section 3 of Schedule A to the Loan Agreement is deleted in its entirety and the following substituted therefor:

 

“3.
Base Rate – The Base Index plus 3.00%”

 

3.
Conditions to Effectiveness. The effectiveness of this Amendment shall be subject to the receipt by Purchaser of an original (or
electronic copy) of this Amendment duly authorized, executed and delivered by Seller.

 

    	 

     

    

 

4.
Effect of this Amendment. Except as amended pursuant hereto, no other amendments or modifications to the Loan Agreement are intended
or implied and in all other respects the Loan Agreement is hereby specifically ratified, restated and confirmed by all parties hereto
as of the effective date hereof. To the extent of conflict between the terms of this Amendment and the Loan Agreement, the terms of this
Amendment shall control.

 

5.
Further Assurances. Seller shall execute and deliver such additional documents and take such additional action as may be reasonably
requested by Purchaser to effectuate the provisions and purposes of this Amendment.

 

6.
Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective
successors and assigns.

 

7.
Governing Law. The rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined
in accordance with the internal laws of the State of Texas (without giving effect to principles of conflict of laws).

 

8.
Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect
as if all signatures were upon the same instrument. Delivery of an executed counterpart of the signature page to this Amendment by facsimile
shall be effective as delivery of a manually executed counterpart of this Amendment, and any party delivering such an executed counterpart
of the signature page to this Amendment by facsimile to any other party shall thereafter also promptly deliver a manually executed counterpart
of this Amendment to such other party, provided that the failure to deliver such manually executed counterpart shall not affect the validity,
enforceability, or binding effect of this Amendment.

 

[Remainder
of page intentionally left blank]

 

    	2

     

    

 

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

 

	SELLER:
    	 
	 	 
	UNIQUE
    LOGISTICS INTERNATIONAL, INC.	 
	 	 	 
	By:

    
	 	 
	Name:	Sunandan
    Ray

    
	 
	Title:	CEO

    
	 
	 	 	 
	UNIQUE
    LOGISTICS HOLDINGS, INC.	 
	 	 	 
	By:

    
	 	 
	Name:	Sunandan
    Ray

    
	 
	Title:	CEO

    
	 
	 	 	 
	UNIQUE
    LOGISTICS INTERNATIONAL (NYC), LLC	 
	 	 	 
	By:

    
	 	 
	Name:	Sunandan
    Ray	 
	Title:	CEO

    
	 
	 	 	 
	UNIQUE
    LOGISTICS INTERNATIONAL (BOS), INC.	 
	 	 	 
	By:

    
		 
	Name:	Sunandan
    Ray

    
	 
	Title:	CEO

    
	 

 

	PURCHASER:	 
	 	 
	TBK
    BANK, SSB	 
	 	 	 
	By:
    	          	 
	Name:
    	 	 
	Title:
    	 	 

 

[Signature
Page to Third Amendment to Loan Agreement]cooperationagreementexec

    COOPERATION AGREEMENT  This Cooperation Agreement, dated as of February 2, 2022 (this Agreement among Harley- Company Schedule  A H Partners Group thereof acting individually).  RECITALS  H Partners ember of  the H Partners Group, have engaged in various discussions and communications concerning the    WHEREAS, as of the date hereof, the H Partners Group is the Beneficial Owner of  12,600,000 s Common  Stock 8.2% of the Common Stock issued and outstanding on the date hereof;  and  WHEREAS, the Company and the H Partners Group have determined to come to an  agreement with respect to certain matters relating to the composition of the Board of Directors of  Board   AGREEMENT  NOW, THEREFORE, in consideration of the foregoing premises and 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, intending to be legally bound hereby,  agree as follows:  Section 1. Board Appointment and Related Agreements.  (a) Board Appointment.  (i) Immediately following the execution of this Agreement, the Board  and all applicable committees thereof shall take all necessary actions to appoint Jared Dourdeville  New Director (y) to each of the Nominating and  Nominating Committee Resources Committee of the Board.  Concurrent with his appointment to the Board, the New  Director shall have executed and delivered an irrevocable letter of resignation in the form attached  hereto as Exhibit A Irrevocable Letter of Resignation   (ii) At all times while serving as a member of the Board (and as a  condition to such service), the New Director shall comply with all policies, codes and guidelines   and  .  (b) New Director Nomination 

 

  2  2022 Annual Meeting reholders vote in favor of the election of the New Director at  the 2022 Annual Meeting and will support the New Director for election in a manner consistent  with its support for the other nominees of the Company.  (c) Replacement Director.  (i) From the date of this Agreement until the expiration of the  Cooperation Period, if the New Director is unable or unwilling to serve as a director or resigns as  a director, then for so long as (A) the H Partners Group continuously Beneficially Owns in the  aggregate at least the lesser of 3 4,616,307 shares of Common Stock (subject to adjustment for stock splits, reclassifications,  Minimum Ownership Level and (B) the H Partners Group is not in material breach of this Agreement, the H Partners Group  a substitute full-time employee of the H Partners Group (who shall not be Jared Dourdeville) (a  Full-Time Employee Section 1(c) (any such  Replacement Director if a Replacement Director is appointed to the Board, all references in this Agreement to the term  New Director   (ii) The appointment of any Replacement Director shall be subject to  (A) such individual being a Full-Time Employee and (B) the execution and delivery by such  questionnaire and other reasonable and customary director onboarding documentation required by  the Company in connection with the appointment or election of new Board members, (II) a written  acknowledgment that such Replacement Director agrees to be bound by all policies, codes and  guidel Conduct , and (III) the Replacement Director  Irrevocable Letter of Resignation in the form attached as Exhibit B hereto.  (iii) The appointment of such Replacement Director shall be subject to  (A) such Replacement Director satisfying the H Partners Director Criteria, and (B) the Board  determining such Replacement Director to be reasonably acceptable.  (iv) The Nominating Committee shall make its determination and  recommendation regarding whether any candidate for Replacement Director so qualifies within 10  Business Days after such candidate has submitted to the Company the documentation required by  this Section 1(c); provided, however, if the H Partners Group recommends Rehan Jaffer as its  candidate for Replacement Director, then the Board and all applicable committees thereof shall  take all necessary actions to appoint Mr. Jaffer as the Replacement Director within 10 Business  Days of his nomination to be the Replacement Director.  If the Nominating Committee does not  accept a substitute person recommended by the H Partners Group as a Replacement Director, then  the H Partners Group will have the right to recommend additional substitute person(s) whose  appointment will be subject to the Nominating Committee recommending such person in  accordance with the procedures described in this Section 1(c).  Upon the recommendation of a  candidate for Replacement Director by the Nominating Committee, the Board shall review and  

 

  3  vote on the appointment of such candidate to the Board no later than 10 Business Days after the  provided, that if the Board does not  approve and appoint such candidate for Replacement Director to the Board, the Parties shall  continue to follow the procedures described in this Section 1(c)(iv) until a Replacement Director  is approved and appointed to the Board.  (d) Additional Agreements.  (i) The H Partners Group agrees (A) to cause its Affiliates and  Representatives to comply with the terms of this Agreement and (B) that it shall be responsible for  any breach of this Agreement by any such Affiliate or Representative.  A breach of this Agreement  by an Affiliate or Representative of any member of the H Partners Group, if such Affiliate or  Representative is not a party hereto, shall be deemed to occur if such Affiliate or Representative  engages in conduct that would constitute a breach of this Agreement if such Affiliate or  Representative were a party hereto to the same extent as the H Partners Group.  (ii) The H Partners Group agrees that it shall, and shall cause each of its  Affiliates to, appear in person or by proxy at the 2022 Annual Meeting and vote all Voting  Securities beneficially owned, directly or indirectly, by the H Partners Group or such Affiliate (or  which the H Partners Group or such Affiliate has the right or ability to vote) at such meeting (A)  in favor of the slate of directors recommended by the Board, (B) against the election of any  nominee for director not approved, recommended and nominated by the Board for election at any  espect to any other  matter presented at such meeting; provided, that the H Partners Group shall be permitted to vote  in its sole discretion with respect to any proposals relating to an Extraordinary Transaction.  (iii) At all times while the New Director is serving as a member of the  Business Conduct and any restrictions on insider trading with respect to, securities of the  Company  are applicable, and shall be deemed  to apply, to each member of the H Partners Group and each of its Affiliates (including, for the  avoidance of doubt, any Affiliates of H Partners subsequently created or acquired after the date of  this Agreement).  (iv) During the Cooperation Period, (A) upon written request from the  Company, the H Partners Group will promptly provide the Company with information regarding  the amount of the securities of the Company then beneficially owned by the H Partners Group, (B)  the H Partners Group will notify the Company within one Business Day of such time as the H  Partners Group Beneficially Owns less than the Minimum Ownership Level, and (C) the H  Partners Group will notify the Company within one Business Day of the earlier to occur of the (I)  consummation of any Substantial Disposition (as defined below) and (II) entry into any agreement  or arrangement in respect of a Substantial Disposition.  Such information provided to the Company  will be kept strictly confidential unless required to be disclosed pursuant to law, legal process,  subpoena, the rules of any stock exchange or any legal requirement or as part of a response to a  request for information from any governmental authority with jurisdiction over the Company.  

 

  4  (v) Each Party agrees that, during the Cooperation Period, it shall not  Legal  Proceeding respective current or former directors or officers (including derivative actions), other than (A) to  enforce the provisions of this Agreement or (B) to make counterclaims with respect to any  proceeding initiated by, or on behalf of one Party or its Affiliates against the other Party or its  Affiliates; provided, however, that the foregoing shall not prevent any Party or any of its  Representatives from responding to oral questions, interrogatories, requests for information or  Legal  Requirement initiated by, on behalf of or at the suggestion of such Party; provided, further, that in the event any  Party or any of its Representatives receives such Legal Requirement, such Party shall give prompt  written notice of such Legal Requirement to the other Party (except where such notice would be  legally prohibited or not practicable).  Each Party represents and warrants that neither it nor any  assignee has filed any lawsuit against the other Party.  Section 2. Standstill Agreement.  During the period commencing with the execution  of this Agreement and ending on the later of (a) the earlier of (i) 30 days prior to the deadline to  submit director nominations 2023  Annual Meeting oxy materials for the 2023  Annual Meeting Articles of Incorporation and By-laws and (ii) the date  that is 100 days prior to the first anniversary of the 2022 Annual Meeting, and (b) 10 days after  the New Director is no Cooperation Period , the H Partners  Group shall not, and it will cause each of its Affiliates not to, directly or indirectly (including  through any director, officer, employee, partner, member, manager, consultant, legal or other  Representative Group or any Affiliate of the H Partners Group), in any manner, alone or in concert with others:  (a) (i) acquire, cause to be acquired, or offer, seek or agree to acquire, whether  by purchase, tender or exchange offer, through the acquisition of control of another Person, by  joining or forming a partnership, limited partnership, syndicate or other group (including any group  of Persons that would be trea through swap or hedging transactions or otherwise (the taking of any such action, an  Acquisition any direct or indirect rights or options to acquire such ownership, including voting rights decoupled  from the underlying Voting Securities) such that after giving effect to any such Acquisition, the H  Partners Group or any of its Affiliates holds, directly or indirectly, in excess of 14.99% of the then  outstanding Voting Securities, (ii) acquire, cause to be acquired, or offer, seek or agree to acquire,  whether by purchase or otherwise, any interest in any indebtedness of the Company, or (iii)  acquire, cause to be acquired, or offer, seek or agree to acquire, ownership (including Beneficial  Ownership) of any asset or business of the Company or any right or option to acquire any such  asset or business from any Person, in each case other than securities of the Company;  (b) effect, seek to effect, offer or propose to effect, cause or participate in, or in  any way assist, facilitate or encourage any other Person in effecting or seeking, offering or  proposing to effect or participating in any tender offer or exchange offer to acquire securities of  the Company, any Extraordinary Transaction, any other merger, acquisition, share exchange or  

 

  5  other business combination involving the Company or any of its subsidiaries or any other  recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with  respect to the Company or any of its subsidiaries or any material portion of their businesses (but  nothing in this Section 2(b) shall prohibit any member of the H Partners Group from tendering into  a tender offer or exchange offer);   (c)  (i) nominate, give notice of an intent to nominate, or recommend for  nomination a person for election to the Board (other than pursuant to Section 1(c)) or take any  action in respect of the removal of any director, (ii) knowingly seek or encourage any Person to  respect of the election or removal of any director, provided, however, that nothing in this  Agreement shall prevent the H Partners Group or its Affiliates or Representatives from taking  actions in furtherance of identifying director candidates in connection with the 2023 Annual  Meeting so long as such actions do not create a public disclosure obligation for the H Partners  Group or the Company, are not publicly disclosed by the H Partners Group or its Affiliates or  Representatives and are undertaken on a basis reasonably designed to be confidential and in  accordance in all material respects with the under the  circumstances, (iii) submit, or knowingly seek or encourage the submission of, any shareholder  proposal (pursuant to Rule 14a-8 or otherwise) for consideration at, or bring any other business  before, any Shareholder Meeting, (iv) request, or knowingly initiate, encourage or participate in  any request, to call a Shareholder Meeting, (v) publicly seek to amend any provision of the  Restated Articles of Incorporation, By-laws, or other governing documents of the Company (each  as may be amended from time to time), or (vi) take any action similar to the foregoing with respect  to any subsidiary of the Company;  (d) solicit any proxy, consent or other authority to vote of shareholders or  conduct any other referendum (binding or non- similar campaign) with respect to, or from the holders of, Voting Securities, or become a  under the Exchange Act) in, or knowingly assist, advise, initiate, encourage or influence any  P vote any Voting Securities (other than such assistance, advice, encouragement or influence that is  consistent with the   (e) (i) grant any proxy, consent or other authority to vote with respect to any  Shareholder Meeting or as otherwise permitted by Section 1(d)(ii)) or (ii) deposit or agree or  propose to deposit any securities of the Company in any voting trust or similar arrangement, or  subject any securities of the Company to any agreement or arrangement with respect to the voting  of such securities (including a voting agreement or pooling arrangement), other than (A) any such  voting trust or arrangement solely for the purpose of delivering to the Company or its designee a  proxy, consent, or other authority to vote in connection with a solicitation made by or on behalf of  the Company or (B) customary brokerage accounts, margin accounts and prime brokerage  accounts;  (f) knowingly encourage, advise or influence any Person, or knowingly assist  any Person in so encouraging, advising or influencing any Person, with respect to the giving or  

 

  6  withholding of any proxy, consent or authority to vote any Voting Securities or in conducting any  referendum (binding or non-   (g) form, join, encourage the formation of, or in any way participate in any  partnership, limited partnership, syndicate or group (within the meaning of Section 13(d)(3) of the  Exchange Act) with respect to any Voting Securities (other than a group that includes all or some  of the members of the H Partners Group, but does not include any other Persons that are not  members of the H Partners Group as of the date hereof; provided, however, that nothing herein  shall limit the ability of an Affiliate of the H Partners Group to join such group following the  execution of this Agreement, so long as any such Affiliate agrees to be bound by the terms and  conditions of this Agreement);  (h) make or publicly advance any request or proposal to amend, modify or  waive any provision of this Agreement, or take any action challenging the validity or enforceability  of any provision of or obligation arising under this Agreement; provided, that the H Partners Group  may make confidential requests to the Board to amend, modify or waive any provision of this  Agreement, which the Board may accept or reject in its sole and absolute discretion, so long as  any such request is not publicly disclosed by the H Partners Group and is made by the H Partners  Group in a manner that could not reasonably be expected to require, and that does not require, the  public disclosure thereof by the Company, the H Partners Group or any other Person;  (i) make any public communication in opposition to any transaction approved  by the Board, except in connection with any Extraordinary Transaction that is not supported by  the New Director;  (j)  and records of the Company whether pursuant to Section 180.1602 of the Wisconsin Business  Corporation Law or otherwise or (ii) engage any private investigations firm or other Person to    (k) disclose publicly any intent, purpose, plan or proposal with respect to the  Board, the Company, its management, policies or affairs, any of its securities or assets or this  Agreement that is inconsistent with the provisions of this Agreement;  (l) take any action that could reasonably be expected to require the H Partners  Group, the Company or any of its subsidiaries or any other Person to make a public announcement  or disclosure regarding this Agreement (other than the Press Release) or any matter addressed in  this Section 2; or  (m) enter into any discussion, negotiation, agreement, arrangement or  understanding concerning any of the foregoing (other than this Agreement) or encourage, assist,  solicit, seek or seek to cause any Person to undertake any action inconsistent with this Section 2.  Notwithstanding anything in this Agreement to the contrary, nothing in this  Agreement shall prohibit or restrict any director of the Company, including the New Director,  from, solely in his or her capacity as a director of the Company, exercising his or her fiduciary  duties or from participating in board room discussions or private discussions with other members  

 

  7  of the Board, so long as such communications are not intended to, and would not reasonably be  expected to, require any public disclosure of such communications.  Section 3. Representations and Warranties of All Parties.  Each Party represents and  warrants to the other Party that (a) such Party has all requisite power and authority to execute and  deliver this Agreement and to perform its obligations hereunder, (b) this Agreement has been duly  and validly authorized, executed and delivered by it and is a valid and binding obligation of such  Party, enforceable against such Party in accordance with its terms (subject to applicable   (c)  this Agreement will not result in a material violation of any (i) term or condition of any agreement  to which such Person is a party or by which such Party may otherwise be bound or (ii) law, rule,  license, regulation, judgment, order or decree governing or affecting such Party.  Section 4. Representations and Warranties of the H Partners Group.  The H Partners  Group represents, warrants and covenants to the Company that (a) as of the date of this Agreement,  the H Partners Group collectively beneficially owns and is entitled to vote an aggregate of  12,600,000 shares of Common Stock, (b) as of the date of this Agreement, the H Partners Group  does not have a Synthetic Position (other than the shares of Common Stock beneficially owned as  set forth in clause (a)) in any Voting Securities, (c) to the knowledge of the H Partners Group, no  Person other than a member of the H Partners Group has any rights with respect to the Common  Stock beneficially owned by the H Partners Group, (d) the H Partners Group will not become party  to any agreement, arrangement or understanding (whether written or oral) with the New Director  including any such agreement, arrangement or understanding with respect to how such person  should or would vote or act on any issue or question as a director and (e) Jared Dourdeville  .   Section 5. s.  Promptly following the execution of this  Agreement, the Company shall issue a mutually agreeable press release in the form attached hereto  as Exhibit C Press Release Company nor the H Partners Group shall make or cause to be made, and the Company and the H  Partners Group will cause their respective Affiliates not to make or cause to be made, any public  announcement or statement with respect to the subject matter of this Agreement that is contrary to  the statements made in the Press Release or the terms of this Agreement, except as required by law  or the rules of any stock exchange or with the prior written consent of the other Party.  The  Company acknowledges that the H Partners Group may file this Agreement as an exhibit to its  Schedule 13D.  The Company shall be given a reasonable opportunity to review and comment on  any Schedule 13D filing made by the H Partners Group with respect to this Agreement, and the H  Partners Group shall give reasonable consideration to any comments of the Company.  The H  Partners Group acknowledges and agrees that the Company may file this Agreement and file or  furnish the Press Release with the SEC as exhibits to a Current Report on Form 8-K and other  filings with the SEC.  The H Partners Group shall be given a reasonable opportunity to review and  comment on any Current Report on Form 8-K or other filing with the SEC made by the Company  with respect to this Agreement, and the Company shall give reasonable consideration to any  comments of the H Partners Group.  

 

  8  Section 6. Expenses.  Each Party shall be responsible for its own fees and expenses  incurred in connection with the negotiation, execution and effectuation of this Agreement and the  transactions contemplated hereby.  Section 7. Certain Defined Terms.  For purposes of this Agreement:  (a) Affiliate -2 promulgated by the SEC  under the Exchange Act, and shall include all Persons that at any time during the term of this  Agreement become Affiliates of any Person referred to in this Agreement.  (b) Beneficial Ownership be voted or control or direct the voting of any Voting Securities (in each case whether directly or  indirectly, including pursuant to any agreement, arrangement or understanding, whether or not in  provided, that a P Beneficial Ownership Securities that such Person has a right, option or obligation to own, acquire or control or direct the  voting of upon convers Exercise pursuant to (i) any Derivative (whether such Derivative is subject to Exercise immediately or only  after the passage of time or upon the satisfaction of one or more conditions) and (ii) any Synthetic  Position that is required or permitted to be settled, in whole or in part, in Voting Securities.  A  P Beneficial Owner that such Person has Beneficial Ownership of.  (c) Business Day (iii) other day on which commercial banks in the State of New York or Wisconsin are authorized  or required to be closed by applicable law.  (d) Exchange Act (together with the rules and regulations promulgated thereunder).  (e) Extraordinary Transaction of  all or substantially all of the assets of the Company or other business combination involving the  Company requiring a vote of shareholders of the Company.  (f) H Partners Director Criteria rules and regulations, applicable stock exchange listing standards  and applicable corporate governance policies, (ii) qualifies to serve as a director under the  Wisconsin Business Corporation Law and (iii) has the relevant experience to be a director of the  Company.  (g) Party Parties   (h)   (i) SEC hange Commission.  (j) Substantial Disposition transactions pursuant to which the H Partners Group sells or agrees to sell, through swap or  

 

  9  hedging transactions or otherwise, any Voting Securities or any voting rights decoupled from the  underlying Voting Securities held by the H Partners Group or by any Affiliate of the H Partners  Group constituting 5% or more of the then-outstanding Voting Securities to any Person.  (k) Synthetic Position ertible security, stock  appreciation right or other security, contract right or derivative position or similar right (including  index) (each of the foregoing, a Derivative exercise or conversion privilege or a settlement payment or mechanism at a price related to the  value of Voting Securities or a value determined in whole or in part with reference to, or derived  in whole or in part from, the value of Voting Securities and that increases in value as the market  price or value of Voting Securities increases or that provides an opportunity, directly or indirectly,  to profit or share in any profit derived from any increase in the value of Voting Securities, in each  case regardless of whether (i) it conveys any voting rights in such Voting Securities to any Person,  (ii) it is required to be or capable of being settled, in whole or in part, in Voting Securities, or (iii)  any Person (including the holder of such Synthetic Position) may have entered into other  transactions that hedge its economic effect.  (l) Voting Securities the Company entitled to vote in the election of directors.  Section 8. .  (a) Each Party acknowledges and agrees that any breach of any provision of  this Agreement shall cause the other Party irreparable harm which would not be adequately  compensable by money damages.  Accordingly, in the event of a breach or threatened breach by a  Party of any provision of this Agreement, the other Party shall be entitled to the remedies of  injunction or other preliminary or equitable relief, without having to prove irreparable harm or  actual damages or post a bond or other security.  The foregoing right shall be in addition to such  other rights or remedies that may be available to the non-breaching Party for such breach or  threatened breach, including the recovery of money damages.  (b) If a Party institutes any legal suit, action, or proceeding against the other  Party to enforce this Agreement (or obtain any other remedy regarding any breach of this  Agreement) or arising out of or relating to this Agreement, including contract, equity, tort, fraud,  and statutory claims, the prevailing Party in the suit, action, or proceeding is entitled to receive,  and the non-prevailing Party shall pay, in addition to all other remedies to which the prevailing  Party may be entitled, the costs and expenses incurred by the prevailing Party in conducting the  by law.  Section 9. Mutual Release.  The Company, on the one hand, and the H Partners Group,  on the other hand, on behalf of themselves and for each of their controlling persons, officers,  directors, shareholders, agents, Affiliates, employees, partners, attorneys, heirs, assigns, executors,  Released Persons except in respect of any obligation of a Released Person under this Agreement, hereby forever  fully release and discharge the other and all of their Released Persons of, and hold each other  

 

  10  Released Person harmless from, and covenant not to sue any other Released Person with respect  fees, expenses, suits, losses and causes of action of any nature whatsoever, whether known or  unknown, suspected or unsuspected, occurring or arising at any time on or prior to the date of the  execution of this Agreement.  Section 10. Confidentiality.  (a) The New Director shall be required to preserve the confidentiality of the  -public information entrusted to or  obtained by such director by reason of his or her position as a director of the Company  Confidential Information   (b) Notwithstanding the foregoing, the New Director or any Replacement  Director may, if he or she wishes to do so, provide Confidential Information to the investment  H Partners Investment Professionals such H Partners Investment Professionals need to know such information in connection with the   investment in the Company; provided, however, that H Partners (i) shall inform  each H Partners Investment Professional of the confidential nature of the Confidential Information,  (ii) shall cause each H Partners Investment Professional not to disclose any Confidential  Information to any Person other than H Partners Investment Professionals in compliance with this  Section 10 and (iii) shall cause each H Partners Investment Professional not to use any Confidential  Information other than in connection with the H Partners Group investment in the Company.  The  H Partners Group shall be responsible for the breach of this Section 10 by any of its  Representatives.  (c) Notwithstanding anything in this Agreement to the contrary, in the event  that H Partners Group or any of its Representatives is required in connection with any Legal  Requirement (excluding any such requirement arising out of any action or proceeding initiated by  the H Partners Group or its Representatives, including for the avoidance of doubt any requirement  to make a filing with the SEC or under any securities laws or regulations) to disclose Confidential  Information, it is agreed that the H Partners Group or such Representative will, to the extent legally  permissible, provide the Company with prompt written notice of such event so that the Company  may seek a protective order or other appropriate remedy or waive compliance with the applicable  H Partners Group or such Representative.  In the event that (i) such protective order or other  remedy is not obtained and disclosure of Confidential Information is therefore required (and such  requirement does not arise from a breach of this Agreement by the H Partners Group) or (ii) the  Company consents in writing to having the Confidential Information produced or disclosed  pursuant to such Legal Requirement, the H Partners Group or such Representative, as the case may  be, (A) may, without liability hereunder, furnish that portion (and only that portion) of the  Confidential Informati to obtain reasonable assurance that confidential treatment is accorded to any Confidential  Information so furnished.  In no event will the H Partners Group or its Representatives oppose any  action by the Company to obtain a protective order or other relief to prevent the disclosure of the  

 

  11  Confidential Information or to obtain reliable assurance that confidential treatment will be afforded  to the Confidential Information.  (d) Any confidentiality obligations under this Section 10 shall expire 18 months  after the date on which the New Director no longer serves as a director of the Company; provided  that the H Partners Group, the New Director and all H Partner Investment Professionals who  received Confidential Information shall maintain in accordance with the confidentiality obligations  set forth herein any Confidential Information constituting trade secrets for such longer time as such  information constitutes a trade secret of the Company as defined under 18 U.S.C. § 1839(3).  (e) Upon  the New Director ceasing to be a director of the Company (such date  the New Director ceases to be a director of the Company is referred to below as Information  Termination Date ), and subject  to comply with applicable law, within 15 days after the Information Termination Date, the New  Director and all H Partners Representatives will return or destroy all copies of Confidential  Information (in whatever form) in their possession and confirm in writing to the Company their  compliance with this obligation.  Notwithstanding the return or erasure or deletion of Confidential  Information, all H Partners Investment Professionals and all other H Partners Representatives who  received Confidential Information will continue to be bound by the obligations contained in this  Agreement and any applicable Representative Undertaking.  (f) The New Director and each H Partners Investment Professional  acknowledges that the Company does not make any representation or warranty as to the accuracy  or completeness of the Confidential Information furnished by it to the New Director. The Company  shall not have any liability to the New Director, any H Partners Investment Professional or the H  Partners Group resulting from the use of the Confidential Information by the New Director or any  H Partners Investment Professional.  (g) All Confidential Informational shall remain the property of the Company.  None of the New Director, any H Partners Investment Professional or the H Partners Group shall  by virtue of any disclosure to and/or use of any Confidential Information acquire any rights with  respect thereto, all of which rights (including all intellectual property rights) shall remain  exclusively with the Company.   Section 11. Securities Laws.  H Partners acknowledges that it is aware, and will advise  each H Partners Investment Professional who receives Confidential Information pursuant to  Section 10, that United States securities laws prohibit any Person who has received material, non- public information from purchasing or selling securities on the basis of such information or from  communicating such information to any other Person under circumstances in which it is reasonably  foreseeable that such Person may trade securities on the basis of such information.  H Partners  agrees that neither it nor its investment professionals will use or communicate any Confidential  Information in violation of such laws.  H Partners maintains customary policies and procedures  designed to prevent unauthorized disclosure and use of material, non-public information.  During  the Cooperation Period, H Partners shall not purchase or sell, directly or indirectly, any securities  insider trading policy.  

 

  12  Section 12. Severability.  If any term, provision, covenant or restriction of this  Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the  remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in  full force and effect and shall in no way be affected, impaired or invalidated.  Each Party agrees  to use its commercially reasonable best efforts to agree upon and substitute a valid and enforceable  term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable  by a court of competent jurisdiction.  Section 13. Notices.  Any notices, consents, determinations, waivers or other  communications required or permitted to be given under the terms of this Agreement must be in  writing and will be deemed to have been delivered (a) upon receipt, when delivered personally,  (b) upon confirmation of receipt, when sent by e-mail (provided, that such confirmation is not  automatically generated), or (c) one Business Day after deposit with a nationally recognized  overnight delivery service, in each case properly addressed to the Party to receive the same.  The  addresses for such communications shall be:  If to the Company:  Harley-Davidson, Inc.   3700 West Juneau Avenue  Milwaukee, Wisconsin 53208  Attention:  Paul J. Krause  E-mail:  Paul.Krause@harley-davidson.com and H-Dgeneralcounsel@harley- davidson.com  with a copy (which shall not constitute notice) to:  Foley & Lardner LLP  777 East Wisconsin Avenue  Milwaukee, Wisconsin 53202  Attention:  Patrick G. Quick and Phillip M. Goldberg  E-mail:  pgquick@foley.com and pgoldberg@foley.com  If to the H Partners Group:  c/o H Partners Management, LLC  888 Seventh Avenue, 29th Floor  New York, New York 10019  Attention:  Lloyd Blumberg  E-mail:  lblumberg@hpartnerslp.com  with a copy (which shall not constitute notice) to:  Olshan Frome Wolosky LLP  1325 Avenue of the Americas  New York, New York 10019  Attention:  Andrew M. Freedman  E-mail:  afreedman@olshanlaw.com  

 

  13  Section 14. Governing Law; Jurisdiction; Jury Waiver.  This Agreement and all actions,  proceedings or counterclaims (whether based on contract, tort or otherwise) arising out of or  relating to this Agreement or any action of the Company or the H Partners Group in the negotiation,  administration, performance or enforcement hereof shall be governed by and construed and  enforced in accordance with the laws of the State of Wisconsin without giving effect to any choice  or conflict of laws provision or rule (whether of the State of Wisconsin or any other jurisdiction)  that would cause the application of the laws of any jurisdiction other than the State of Wisconsin.   Each Party irrevocably agrees that any legal action or proceeding with respect to this Agreement  and any rights and obligations arising hereunder, or for recognition and enforcement of any  judgment in respect of this Agreement and any rights and obligations arising hereunder brought  by the other Party or its successors or assigns, shall be brought and determined exclusively in the  state and federal courts located in the State of Wisconsin and any appellate court from any such  Chosen Courts to any such action or proceeding for itself and in respect of its property, generally and  unconditionally, to the personal jurisdiction of the Chosen Courts and agrees that it will not bring  any action relating to this Agreement in any court other than the Chosen Courts.  Each Party hereby  irrevocably waives, and agrees not to assert in any action or proceeding with respect to this  Agreement, (a) any claim that it is not personally subject to the jurisdiction of the Chosen Courts  for any reason, (b) any claim that it or its property is exempt or immune from jurisdiction of any  Chosen Court or from any legal process commenced in the Chosen Courts (whether through  service of notice, attachment prior to judgment, attachment in aid of execution of judgment,  execution of judgment or otherwise) and (c) to the fullest extent permitted by applicable legal  requirements, any claim that (i) the suit, action or proceeding in any Chosen Court is brought in  an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this  Agreement, or the subject matter hereof, may not be enforced in or by the Chosen Courts.  Each  of the Parties irrevocably consents to service of process pursuant to the notice provisions set out  in Section 13 or as otherwise provided by applicable law.  EACH PARTY HERETO HEREBY  IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL  PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.  Section 15. Counterparts; Electronic Transmission.  This Agreement may be executed  in two or more counterparts, which together shall constitute a single agreement.  Any signature to  t  (and including any electronic signature complying with the U.S. ESIGN Act  of 2000, e.g., www.docusign.com) or by any other electronic means intended to preserve the  original graphic and pictorial appearance of a document, shall have the same effect as physical  delivery of the paper document bearing the original signature.  Section 16. Non-Disparagement.  Subject to applicable law, each of the Parties  covenants and agrees that:   (a) during the period commencing upon the execution of this Agreement and  ending on the earlier of (i) the conclusion of the Cooperation Period and (ii) such time as the other  Party or any of its Affiliates, Representatives, successors, assigns shall have breached this Section  16(a), neither it nor any of its respective Affiliates, Representatives, successors or assigns shall in  any way disparage, comment negatively upon, slander, criticize, attempt to discredit, make  derogatory statements with respect to, call into disrepute, defame, make or cause to be made any  

 

  14  statement or announcement that relates to or constitutes an ad hominem attack on, or relates to and  otherwise disparages (or causes to be disparaged) the other Pa Affiliates, successors, assigns, officers (including any current or former officer of a Party or a  subsidiaries), shareholders, or Representatives, or any of their practices, procedures, businesses,  business operations, products or services, in any manner;   (b) during the period commencing at the expiration of the Cooperation Period  and ending on the earlier of (i) the one-year anniversary of the expiration of Cooperation Period  and (ii) such time as the other Party or any of its Affiliates, Representatives, successors, assigns  shall have breached this Section 16(b), neither it nor any of its respective Affiliates,  Representatives, successors, assigns shall in any way make derogatory statements with respect to,  defame, make or cause to be made any statement or announcement that relates to or constitutes an  ad hominem attack on, or relates to and otherwise disparages (or causes to be disparaged) the other  subsidiaries), individual di subsidiaries), individual stockholders, or individual Representatives in any manner; provided that  nothing in this Section 16(b) shall restrict or prohibit the H Partners Group from soliciting proxies  or written consents of stockholders or conducting any other type of referendum (binding or non- binding) with respect to, or from t such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange  Act), in or assisting, advising, knowingly encouraging or knowingly influencing any third party in  Exchange Act) to vote any Voting Securities at any Stockholder Meeting, in each case, following  the expiration of the Cooperation Period; and provided, further, nothing in this Section 16(b) shall  prohibit any factual or truthful statements made in respect of either Party or its Affiliates, officers  (inc Representatives; and  (c) for purposes of this Section 16(a), the New Director shall not be deemed to  be an Affiliate or Representative of the Company, and no actions taken by any agent or other  Representative of a Party in any capacity other than as a Representative of such Party shall be  covered by this Section 16(a), and nothing in this Section 16(a) will be deemed to prevent either  the Company or the H Partners Group from complying with its respective disclosure obligations  under law, legal process, subpoena, the rules of any stock exchange or any legal requirement or as  part of a response to a request for information from any governmental authority with jurisdiction  over the Party from whom information is sought.  Section 17. 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 of, or deprive that Party of the right thereafter to insist upon strict adherence to, that term  or any other term of this Agreement.  

 

  15  Section 18. s.  This Agreement contains the entire  understanding of the Parties with respect to the subject matter hereof.  This Agreement may only  be amended pursuant to a written agreement executed by each Party.  Section 19. Successors and Assigns.  This Agreement may not be transferred or  assigned by any Party without the prior written consent of the other Party.  Any purported  assignment without such consent is null and void.  Subject to the foregoing, this Agreement shall  be binding upon, inure to the benefit of, and be enforceable by and against the permitted successors  and assigns of each Party.  Section 20. No Third Party Beneficiaries.  This Agreement is solely for the benefit of  the Parties and is not enforceable by any other Person.  Section 21. Interpretation and Construction.  Each Party acknowledges that it has been  represented by independent 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 Party, and any controversy over any interpretation 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 this A of similar import are references to this Agreement as a whole and not to any particular provision  of th   [Signature Pages Follow]  

 

 

 

 

 

    SCHEDULE A  1. H Partners Management, LLC  2. Rehan Jaffer  3. Jared Dourdeville    

 

 

 

    EXHIBIT B  FORM OF  REPLACEMENT DIRECTOR IRREVOCABLE LETTER OF RESIGNATION  [Date]  Harley-Davidson, Inc.   3700 West Juneau Avenue  Milwaukee, Wisconsin 53208  Ladies and Gentlemen:  This irrevocable resignation is delivered pursuant to that certain Cooperation Agreement (the  Agreement -Davidson, Inc. (the  Company herein but not defined shall have the meaning set forth in the Agreement.  Effective upon, and  subject to, such time as (i) the H Partners Group Beneficially Owns less than the Minimum  Ownership Level or (ii) any member of the H Partners Group is in material breach of the  Agreement, I hereby resign from my position as a director of the Company and from any and all  committees of the Board on which I serve.  This resignation may not be withdrawn by me at any time during which it is effective.  Sincerely,    [______]  Director    

 

    EXHIBIT C     FOR IMMEDIATE RELEASE      Harley-Davidson Announces H Partners Representative to Join Board     MILWAUKEE (February 03, 2022) -- Harley-Davidson, Inc. ("Harley-Davidson") (NYSE: HOG), the  world's most desirable motorcycle company, today announced that it has entered into a cooperation  agreement with one of its major shareholders, H Partners. As part of the agreement, Jared  Dourdeville, a Partner at H Partners, has joined the Harley-Davidson Board of Directors. Mr  Dourdeville has also been appointed to the Human Resources Committee and the Nominating and  Corporate Governance Committee.      We believe this agreement is in the best interest of Harley-Davidson shareholders, as we look to  deliver long-term, profitable growth, as the most desirable motorcycle company in the world,   Tom Linebarger, Lead Director, Harley-Davidson. r. Dourdeville to  the Board.      - look forward to partnering with the Board, leadership team, and employees to reinvigorate this iconic  American company,  said Dourdeville.     The complete agreement between Harley-Davidson and H Partners will be included in a Form 8-K to  be filed with the United States Securities and Exchange Commission (SEC).      Company Background   Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson  Financial Services. Our vision: Building our legend and leading our industry through innovation,  evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit  of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable  motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by  delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences,  motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides  financing, insurance and other programs to help get riders on the road. www.harley-davidson.com.      Media Contact:    George Prassas +44 7752 080 383   Jenni Coats +1 (414) 343-7902      Investor Contact:   Shawn Collins +1 (414) 343-8002         ### (HOG-F)

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