Document:

EX-10.2

 Exhibit 10.2 

AMENDMENT TO STONE ENERGY CORPORATION 

DIRECTOR RESTRICTED STOCK UNIT AGREEMENT 

This AMENDMENT (“Amendment”) to the STONE ENERGY CORPORATION DIRECTOR RESTRICTED STOCK UNIT AGREEMENT, dated as
of March 1, 2017, by and between STONE ENERGY CORPORATION (the “Company”), and James M. Trimble (“Participant”) (the “Director RSU Agreement”) is made as of May 8, 2018. 

WHEREAS, the Company and the Participant (collectively, the “Parties”) previously entered into the Director RSU
Agreement; 
 WHEREAS, the Parties desire to modify the Director RSU Agreement as set forth herein; and 

WHEREAS, capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the
Director RSU Agreement. 
 NOW, THEREFORE, in consideration of the promises and of the mutual covenants, understandings,
representations, warranties, undertakings and promises hereinafter set forth, intending to be legally bound thereby, the Parties agree as follows: 
  

	 	1.	Section 4 of the Director RSU Agreement is amended by adding the following at the end thereof: 

“Notwithstanding anything to the contrary herein or in the Plan, for purposes of this Section 4, the Fair Market Value of the shares
of Common Stock shall mean the mean of the high and low sales prices of the Common Stock reported by the New York Stock Exchange on the day immediately prior to the date of a Corporate Change.” 

 

	 	2.	Except as expressly modified by this Amendment, all other terms, conditions and provisions of the Director RSU Agreement shall remain in full force and effect. This Amendment shall be binding upon and shall inure to the
benefit of the Parties and the successors and assigns of the Company. 

  

	 	3.	This Amendment shall be governed by and construed in accordance with Section 7 of the Director RSU Agreement and may be executed in separate counterparts, each of which is deemed to be an original and all of which
taken together constitute one and the same agreement. Facsimile and PDF signatures will suffice as original signatures. 

[SIGNATURE PAGES FOLLOW] 

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

			
	STONE ENERGY CORPORATION
		
	By:	 	 /s/ Lisa S. Jaubert

	Name:	 	Lisa S. Jaubert
	Title:	 	Senior Vice President, General Counsel and Secretary

  
 [Signature Page to
Amendment to Trimble Director RSU Agreement] 

 
			
	JAMES M. TRIMBLE
		
	Signature:	 	 /s/ James M. Trimble

  
 [Signature Page to
Amendment to Trimble Director RSU Agreement]Blueprint

  Exhibit 10.7

 

THIRD AMENDMENT

TO

SECOND AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT

 

This
Third Amendment to Second Amended and Restated Loan and Security
Agreement is entered into as of May 11, 2018 (the
“Amendment”), by and between AVIDBANK
(“Bank”), and LIGHTPATH TECHNOLOGIES, INC.
(“Borrower”).

 

RECITALS

 

Borrower and Bank
are parties to that certain Second Amended and Restated Loan and
Security Agreement dated as of December 21, 2016 and as amended
from time to time, including pursuant to that certain First
Amendment to Second Amended and Restated Loan and Security
Agreement dated as of December 20, 2017 and that certain Second
Amendment to Second Amended and Restated Loan and Security
Agreement dated as of January 16, 2018 (collectively, the
“Agreement”). The parties desire to amend the Agreement
in accordance with the terms of this Amendment.

 

NOW,
THEREFORE, the parties agree as follows:

 

1. Borrower
acknowledges that there is an existing and uncured Event of Default
arising from Borrower’s failure to comply with Section 6.9(a)
of the Agreement with respect to the Fixed Charge Coverage Ratio
measured on March 31, 2018 (the “Covenant Default”).
Subject to the conditions contained herein and performance by
Borrower of all of the terms of the Agreement after the date
hereof, Bank waives the Covenant Default. Bank does not waive
Borrower’s obligations under such section after the date
hereof and as amended hereby, and Bank does not waive any other
failure by Borrower to perform its Obligations under the Loan
Documents.

 

2. Bank acknowledges
that Borrower intends to enter into a sale and leaseback
transaction with Tetra Financial Group LLC, for Taylor Hobson
equipment totaling $470,000 (the “Equipment Sales”).
Bank hereby consents to the Equipment Sales and acknowledges that
such sale and leaseback do not, in and of themselves, constitute an
Event of Default under the Agreement (under Section 7.1 of the
Agreement or otherwise).

 

3. Clause (c) of the
defined term “Permitted Indebtedness” set forth in
Section 1.1 of the Agreement is amended and restated in its
entirety to read as follows:

 

(c)          
Indebtedness secured by a lien described in clause (c) of the
defined term “Permitted Liens,” provided such
Indebtedness does not exceed the lesser of the cost or fair market
value of the equipment financed with such Indebtedness
;

 

4. Section 6.8(a) of
the Agreement is amended and restated in its entirety to read as
follows:

 

(a)           Domestic.
Each Borrower shall maintain and shall cause each of its domestic
Subsidiaries to maintain all of its domestic depository and
operating accounts with Bank; provided that Borrowers shall have
until May 31, 2018 to transition and close its existing account
maintained with UBS and the account balance in such account shall
not exceed Ten Thousand Dollars ($10,000) at any given time during
such transition period.

 

5. Section 6.9(a) of
the Agreement is amended and restated in its entirety to read as
follows:

 

(a)          
Fixed Charge Coverage Ratio. Borrowers shall maintain a Fixed
Charge Coverage Ratio of at least 1.10 to 1.00, measured on June
30, 2018; and Borrowers shall maintain a Fixed Charge Coverage
Ratio of at least 1.15 to 1.00, measured at the end of each
calendar quarter beginning with the quarter ending on September 30,
2018 on a rolling twelve (12) month basis.

 

 

 

 

6. Exhibit D to the
Agreement is replaced in its entirety with the Exhibit D attached
hereto.

 

7. Unless otherwise
defined, all initially capitalized terms in this Amendment shall be
as defined in the Agreement. The Agreement, as amended hereby,
shall be and remain in full force and effect in accordance with its
respective terms and hereby is ratified and confirmed in all
respects. Except as expressly set forth herein, the execution,
delivery, and performance of this Amendment shall not operate as a
waiver of, or as an amendment of, any right, power, or remedy of
Bank under the Agreement, as in effect prior to the date hereof.
Each Borrower ratifies and reaffirms the continuing effectiveness
of all agreements entered into in connection with the
Agreement.

 

8. Borrowers represent
and warrant that the representations and warranties contained in
the Agreement are true and correct as of the date of this
Amendment, and that no Event of Default has occurred and is
continuing.

 

9. This Amendment may
be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one
instrument. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a
“.pdf” format data file, such signature shall create a
valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect
as if such facsimile or “.pdf” signature page were an
original hereof. Notwithstanding the foregoing, Borrowers shall
deliver all original signed documents no later than ten (10)
Business Days following the date of execution.

 

10. As a condition to
the effectiveness of this Amendment, Bank shall have received, in
form and substance satisfactory to Bank, the
following:

 

(a) this Amendment,
duly executed by Borrowers;

 

(b) payment of an
amendment fee in the amount of $800 plus all Bank Expenses incurred
through the date of this Amendment; and

 

(c) such other
documents, and completion of such other matters, as Bank may
reasonably deem necessary or appropriate.

 

[signature page follows]

 

 

 

 

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

 

	
 

	

LIGHTPATH
TECHNOLOGIES, INC.

 

 

By:
/s/ J. James Gaynor  
                 
           
     
 Name:
J. James
Gaynor                                   

Title:
President and Chief
Executive Officer  

 

ISP
OPTICS CORPORATION

 

 

By:
/s/ J. James
Gaynor                                  

Name:
J. James
Gaynor                                  

Title:
President and Chief
Executive Officer  

 

	
 

	

AVIDBANK

 

 

By:
/s/ Stephen
Chen                                      

Name:
Stephen
Chen                                       

Title:
Assistant Vice President
                 
      

 

 

 

EXHIBIT D

 

Compliance
Certificate

 

TO: 

AVIDBANK
(“Bank”)

 

FROM: 

LIGHTPATH
TECHNOLOGIES, INC., ET AL

 

The
undersigned authorized officer of LightPath Technologies, Inc. on
behalf of Borrowers hereby certifies that in accordance with the
terms and conditions of the Second Amended and Restated Loan and
Security Agreement between Borrowers and Bank (as amended, the
“Agreement”), (i) each Borrower is in complete
compliance for the period ending _______________ with all required
covenants except as noted below and (ii) all representations
and warranties of each Borrower stated in the Agreement are true
and correct as of the date hereof. Attached herewith are the
required documents supporting the above certification. The Officer
further certifies that these are prepared in accordance with
Generally Accepted Accounting Principles (GAAP) and are
consistently applied from one period to the next except as
explained in an accompanying letter or footnotes.

 

Please indicate compliance status by circling Yes/No under
“Complies” column.

 

	

Reporting Covenant

	

Required

	

Complies

	
 

	
 

	
 

	
 

	

A/R
& A/P Agings

	

Monthly
within 30 days

	

Yes

	

No

	

Deferred
Revenue listing

	

Monthly
within 30 days

	

Yes

	

No

	

Borrowing
Base Certificate

	

Monthly
within 30 days

	

Yes

	

No

	

Compliance
Certificate

	

Monthly
within 30 days

	

Yes

	

No

	

Bank
statements for accounts outside of Bank

	

Monthly
within 30 days

	

Yes

	

No

	

Monthly
consolidated financial statements

	

Monthly
within 30 days

	

Yes

	

No

	

Monthly
consolidating financial statements

	

Monthly
within 30 days

	

Yes

	

No

	

Annual
financial statements (CPA Audited)

	

Annually
within 90 days of fiscal year end

	

Yes

	

No

	

Annual
projections (board approved)

	

Annually
within 30 days following fiscal year beginning

	

Yes

	

No

	

10K and
10Q

	

(as
applicable)

	

Yes

	

No

	

A/R
Audit

	

Annually

	

Yes

	

No

	

IP
Notices

	

As
required under Section 6.10

	

Yes

	

No

	
 

	
 

	
 

	
 

	

Financial Covenant

	

Required

	

Actual

	

Complies

	
 

	
 

	
 

	
 

	
 

	

Fixed
Charge Coverage Ratio (6/30/18)

	

1.10 :
1.00

	

____:
1.00

	

Yes

	

No

	

Fixed
Charge Coverage Ratio (9/30/18 and thereafter)

	

1.15 :
1.00

	

____:
1.00

	

Yes

	

No

	
 

	
 

	
 

	
 

	
 

	

Minimum
Asset coverage ratio (monthly)

	

1.50 :
1.00

	

____:
1.00

	

Yes

	

No

 

	

Comments Regarding Exceptions: See Attached.

	

BANK USE ONLY

	
 

	
 

	
 

	
 

	
 

	

Received
by: _____________________________________

	
 

	

Sincerely,

	

AUTHORIZED
SIGNER

	
 

	
 

	
 

	
 

	
 

	

Date:
___________________________________________

	
 

	
 

	
 

	
 

	
 ___________________________________________

	

Verified:
_________________________________________

	
 

	

SIGNATURE

	

AUTHORIZED
SIGNER

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 ___________________________________________

	

Date:
___________________________________________

	
 

	

TITLE

	
 

	
 

	
 

	

Compliance
Status

	

Yes

	

No

	
 

	
 ___________________________________________

	
 

	
 

	

DATE

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