Document:

Unassociated Document

Exhibit 10.1

 

THIRD AMENDMENT TO

REVOLVING CREDIT AGREEMENT

 

This THIRD AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Loan Amendment”) dated as of November 4, 2011, is entered into by and among LANDMARK BANCORP, INC., a Delaware corporation (the “Borrower”), and FIRST NATIONAL BANK OF OMAHA, a national banking association with principal offices in Omaha, Nebraska (the “Bank”) (the Borrower and the Bank are sometimes hereinafter individually referred to as a “Party” and collectively referred to as the “Parties”).

 

WHEREAS, the Parties have entered into that certain Revolving Credit Agreement dated as of November 19, 2008 (the “Initial Credit Agreement”), as amended by that certain letter agreement among the Parties dated February 6, 2009 (the “Letter Agreement”), First Amendment to Revolving Credit Agreement among the Parties dated November 18, 2009 (the “First Amendment”), and Second Amendment to Revolving Credit Agreement among the Parties dated November 5, 2010 (the “Second Amendment”) (the Initial Credit Agreement, the Letter Agreement, the First Amendment, and the Second Amendment are hereinafter collectively referred to as the “Credit Agreement”); and

 

WHEREAS, the Parties desire to amend and modify the Credit Agreement, as hereinafter provided and subject to the terms and provisions hereof.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements set forth in the Credit Agreement as amended by this Loan Amendment, including the mutual covenants and agreements contained herein, the Parties agree as follows:

 

1.           Definitions.  Unless otherwise defined in this Loan Amendment, each capitalized term used in this Loan Amendment, including its preamble and recitals, has the meaning ascribed to it in the Credit Agreement.

 

2.           Amendment to Definition.  The following defined terms as reflected in Section 1.01 of the Credit Agreement shall be, and hereby are, deleted in there entireties and replaced by the definitions reflected below inserted, in alphabetical order, for such defined term:

 

“ “Loan Termination Date” means the earliest to occur of the following:  (a) November 5, 2012, (b) the date the Obligations are accelerated pursuant to this Agreement or the Revolving Note and (c) the date the Bank has received (i) notice in writing from the Borrower of the Borrower’s election to terminate this Agreement or the Revolving Note or (ii) indefeasible payment in full of the Obligations.”

 

“ “Floor” means four percent (4.00%) per annum.”

3.           Amended Revolving Note.  Borrower shall, upon execution of this Loan Amendment, execute and deliver to the Bank a Third Amended and Restated Revolving Note, in the form attached hereto as Exhibit “A” and incorporated herein by this reference (the “Amended Revolving Note”) for the purpose of extending the Loan Termination Date to November 5, 2012.  Such Amended Revolving Note shall be an extension, amendment and restatement of the Second Amended and Restated Revolving Note, dated November 5, 2010, in the form attached to the Second Amendment as Exhibit “A,” and all references to the Revolving Note in the Credit Agreement or in any of the other Loan Documents, shall be deemed for all purposes to be a reference to the Amended Revolving Note.

 

  

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4.           Amendment to Section 7.01(c) of Credit Agreement.  The Parties agree that subsection (c) of Section 7.01 of the Credit Agreement shall be, and hereby are, as of the date hereof, deleted in their entirety and replaced with the following:

 

“(c)            Non-Performing Assets to Total Capital Ratio.  The ratio (expressed as a percentage) of Non-Performing Assets to Total Capital of less than twenty percent (20%).”

 

5.           Compliance Certificates.  The Parties agree that the form of Quarterly Compliance Certificate attached as Exhibit “B” to the Second Amendment is hereby deleted and replaced with the form of Quarterly Compliance Certificate attached as Exhibit “B” to this Loan Amendment and incorporated herein by this reference.  The Parties agree that the form of Annual Compliance Certificate attached as Exhibit “C” to the Second Amendment is hereby deleted and replaced with the form of Annual Compliance Certificate attached as Exhibit “C” to this Loan Amendment and incorporated herein by this reference.  The Parties hereby agree that all references to the Quarterly Compliance Certificate or the Annual Compliance Certificate in the Credit Agreement or in any of the other Loan Documents shall be deemed to be references to the Quarterly Compliance Certificate or the Annual Compliance Certificate, as applicable, in the form attached hereto.

 

6.           Conditions Precedent.  In addition to any conditions precedent contained in any of the Loan Documents or otherwise contained in this Loan Amendment, the obligations of the Bank under this Loan Amendment are expressly conditioned upon satisfaction of the following additional conditions precedent:

 

(a)           Execution of the Loan Amendment.  The Bank having received from the Borrower counterpart signatures of this Loan Amendment.

 

(b)           Delivery of Documents.  The Bank shall have received, each in a form acceptable to the Bank,  such other documents, instruments, and writings, including but not limited to authorization and incumbency certificates with reasonable documentation attached thereto and incorporated therein, reasonably requested by the Bank.

 

7.           Ratification; No Waiver.  The Parties agree that, except as specifically amended hereby, the terms and provisions of the Credit Agreement and all of the other Loan Documents, are hereby ratified and shall remain in full force and effect.  No amendment contained in this Loan Amendment shall be construed to amend or waive any obligation of the Borrower under the Credit Agreement or any provision of any of the Loan Documents, except to the extent of the specific amendment referenced herein.  No delay or omission by the Bank in exercising any power, right, or remedy shall impair such power, right, or remedy or be construed as a waiver thereof or an acquiescence therein, and no single or partial exercise of any such power, right, or remedy shall preclude other or further exercise thereof or the exercise of any other power, right, or remedy under the Credit Agreement or any other Loan Documents, or otherwise.

 

8.           Authorization.  The Borrower hereby represents and warrants that (i) the undersigned is a duly authorized representative of the Borrower, (ii) the Borrower has the requisite power and authority to execute and deliver this Loan Amendment, (iii) the execution, delivery and performance of this Loan Amendment have been, duly authorized, approved and ratified by all required organizational action of the Borrower, and (iv) the amendments specifically referenced herein reflect all of the amendments being requested by the Borrower relating to the terms and provisions of the Credit Agreement and the other Loan Documents.

 

  

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9.           Governing Law.  This Loan Amendment shall be governed by the laws of the State of Nebraska, other than conflict of law provisions thereof.

 

10.           Submission to Jurisdiction; Venue.  The Borrower hereby submits to the jurisdiction of any state or federal court sitting in Omaha, Nebraska, in any action or proceeding arising out of or relating to this Loan Amendment, the Credit Agreement or any of the other Loan Documents, and agrees that all claims in respect of the action or proceeding may be heard and determined in any such court.  The Borrower also agrees not to bring any action or proceeding arising out of or relating to this Loan Amendment, the Credit Agreement, or any other Loan Document in any other court.  The Borrower waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety, or other security that might be required of the Bank.  The Borrower agrees that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity.  The Borrower hereby waives any rights it may have to transfer or change the venue of any suit, action or other proceeding brought against the Borrower by the Bank in accordance with this paragraph or in connection with this Loan Amendment, the Credit Agreement or any other Loan Documents.

 

11.           JURY TRIAL WAIVER. THE BANK AND THE BORROWER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY, ARISING OUT OF OR IN ANY WAY RELATED TO THIS LOAN AMENDMENT, THE CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.  NO EMPLOYEE OF THE BANK HAS AUTHORITY TO WAIVE, CONDITION, OR MODIFY THE TERMS AND PROVISIONS OF THIS PARAGRAPH OF THIS LOAN AMENDMENT.

 

12.           Costs and Expenses.  The Borrower agrees to pay on demand all costs and expenses of the Bank in connection with the preparation, execution and delivery of this Loan Amendment, including, without limitation, the cost for reasonable fees and out-of-pocket expenses of outside counsel for the Bank with respect thereto.

 

13.           CREDIT AGREEMENT.  A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW.  TO PROTECT YOU AND US FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING, OR OFFER TO FORBEAR REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTION FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, MUST BE IN WRITING TO BE EFFECTIVE.

 

14.           Counterparts.  This Loan Amendment may be executed in one or more counterparts, any one of which need not contain the signatures of more than one Party, but all such counterparts taken together will constitute one and the same instrument.  A facsimile signature will be deemed an original signature.

 

  

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IN WITNESS WHEREOF, the Parties hereto have executed this Credit Amendment as of the date first written above.

 

	  	
“Borrower”

	  	  
	  	
LANDMARK BANCORP, INC.,

a Delaware corporation

	  	  
	  	  
	  	
By:

	
/s/ Mark A. Herpich

	  	
Title:

	
Chief Financial Officer

	  	  
	  	
“Bank”

	  	  
	  	
FIRST NATIONAL BANK OF OMAHA,

a national banking association

	  	  
	  	  
	  	
By:

	
/s/ Chris Reiner

	  	
Title:

	
Vice President

	  	  
	  	  

 

 

  

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THIRD AMENDMENT TO

 

REVOLVING CREDIT AGREEMENT

 

 

EXHIBIT “A”

 

Form of Amended Revolving Note

 

 

EXHIBIT “B”

 

Form of Quarterly Compliance Certificate

 

 

EXHIBIT “C”

 

Form of Annual Compliance Certificate

 

 

  

5Unassociated Document

Exhibit 10.2

Translated from the original Hebrew

 

Resignation Agreement

 

Signed on November 9, 2011

 

 

	
Between

	
Dr. Baruch Stern, ID no. 069523561

	
(Hereinafter Dr. Stern)

The first party

	  	  	  
	
And

	
Medgenics Medical Israel Ltd.,

Company No. 512919952

	
(Hereinafter the Company)

The second party

 

 

	
Whereas

	
Dr. Stern is employed by the Company in accordance with an employment contract valid from April 20, 2006 (hereinafter the Employment Contract);

	  	  
	
And whereas

	
During a discussion with Dr. Stern November 3, 2011, the matter of his continued employment in the Company was raised;

	  	  
	
And whereas

	
Dr. Stern expressed his desire to terminate his employment with the Company on the condition that he receives payment of the funds to which he is entitled as a dismissed employee in accordance with the law and as stipulated in the Employment Contract, and as stipulated in this agreement, as follows;

 

It is accordingly agreed between the two parties as follows:

 

 

	
1.

	
The introduction to this document forms an integral part of the Agreement.

 

	
2.

	
Immediately upon signature of this agreement by the parties, Dr. Stern’s appointment as Chief Scientific Officer of Medgenics, Inc. and a member of the management of the company will terminate.

 

	
3.

	
The employer – employee relationship between the two parties will be terminated at the end of the 14 and one half-month period from the date on which this Agreement is signed, subject to the following:

 

	
  

	
3.1.

	
The first three months will be regarded as advance notice, and during this period, Dr. Stern will make himself available to the Company for work purposes and to assist with the transfer of his responsibilities in accordance with directions that he will receive from the Company from time to time and as required. During this period, Dr. Stern will be paid his salary in full, including payments for managers’ insurance, study fund, and accumulated vacation, as well as continued use of a company car (hereinafter the First Period).

 

	
  

	
3.2.

	
At the end of the First Period, all remaining vacation days that have accumulated will be redeemed in a cash payment, and from this date onwards no further vacation days will be accumulated. Similarly, at the end of the First Period, Dr. Stern will return to the Company all equipment and documents given to him in the framework of his employment excluding the company car which he will retain for his use until termination of the employer/employee relationship.

 

  

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3.3.

	
Based on Section 11 of the Employment Contract, Dr. Stern will receive payment for the remaining 11 and one half months (hereinafter, the Second Period). During this period, Dr. Stern will be on vacation, released from his work duties in the Company, while the Company will continue to pay his full salary, including payments for managers’ insurance and the study fund, but excluding any accumulation of vacation days. For the purpose of clarification, it is hereby noted that according to the Employment Contract, the working relationship between the two parties should be terminated at the end of the First Period; however in order to facilitate the continued payment of salary to Dr. Stern also during the Second Period, it was agreed that the work relationship would be extended to include the Second Period as stipulated in this Agreement.

 

	
  

	
3.4.

	
Should Dr. Stern wish to end the employer/employee relationship between himself and the Company during the course of the Second Period and before this Period comes to an end, he will notify the Company in writing at least 30 days in advance. In this case, the employer/employee relationship will be terminated before the end of the Second Period and the Company will pay Dr. Stern's salary for the remainder of the period. In order to calculate the amount to be paid to redeem the remaining period, the Company's contributions to the managers’ insurance policy and to the study fund will be taken into account.

 

	
  

	
3.5.

	
When the employer/employee relationship is terminated, Dr. Stern will return the Company car to the Company, and the final account will be settled, including the release of the managers’ insurance policy and the study fund. The severance pay accumulated in the managers’ insurance policy will be deducted from the severance pay due in accordance with the law based on a determining monthly salary of NIS37,500, and the Company will pay the difference to Dr. Stern. In addition, Dr. Stern will receive confirmation of the period of employment and its termination.

 

	
4.

	
Dr. Stern confirms that subject to the payments to which he is entitled, as set out above in this agreement, he neither has nor will have additional claims and/or demands on the company. Dr. Stern reconfirms the commitments he took upon himself towards the Company as stipulated in the Employment Contract, including a commitment to maintain confidentiality.

 

	
5.

	
The Company confirms that subject to Dr. Stern fulfilling his obligations in accordance with the employment contract and with this agreement, it [the Company] does not and will not have any demands or claims on Dr. Stern.

 

	
6.

	
It is the intention of both parties that from the beginning of the Second Period as defined in Section 2.3 above, Dr. Stern will provide the company with professional advice in areas and for financial remuneration that will be agreed upon separately.

 

 

 

  

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In witness whereof the Parties hereto have signed:

 

 

 

	
/s/ Dr. Baruch Stern

	  	
/s/ Phyllis Bellin

	
Dr. Baruch Stern

	  	
The Company

 

 

 

 

 

 

 

 

  

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