Document:

Exhibit

Exhibit 10.1 

ORION ENERGY SYSTEMS, INC.
2004 STOCK AND INCENTIVE AWARDS PLAN
As Amended and Restated Effective December 24, 2007 
and Amended October 27, 2010
RESTRICTED STOCK AWARD AGREEMENT 

THIS AGREEMENT, made and entered into as of the Grant Date specified above (the “Grant Date”) by and between Orion Energy Systems, Inc., a Wisconsin corporation (the “Company”), and the Grantee specified above (“Grantee”). 
RECITALS

WHEREAS, the Company maintains the Orion Energy Systems, Inc. 2004 Stock and Incentive Awards Plan, as amended and restated (the “Plan”), and Grantee has been selected by the Committee to receive a Restricted Stock Award under the Plan; and
WHEREAS, as a condition to the receipt by Grantee of this Restricted Stock Award, Grantee reaffirms and agrees to be bound by the confidentiality, inventions, non-solicitation and non-competition provisions set forth in prior agreements between the Grantee and the Company, which are incorporated by reference herein, in consideration for receipt of the Restricted Stock Award pursuant hereto, continued employment, and other good and valuable consideration.
AGREEMENT

NOW, THEREFORE, IT IS AGREED, by and between the Company and Grantee, as follows: 
		
	1.
	Award of Restricted Stock 

1.1    Effective as of the Grant Date, the Company hereby grants to Grantee an award of the number of shares of restricted Common Stock of the Company specified above (“Restricted Stock”), subject to, and in accordance with, the restrictions, terms and conditions set forth in the Plan and this Agreement. 
1.2    This Agreement (including any appendices or exhibits) shall be construed in accordance with, and subject to, the provisions of the Plan (which are incorporated herein by reference) and, except as otherwise expressly set forth herein, the capitalized terms used in this Agreement shall have the same definitions as set forth in the Plan. 
1.3    This Restricted Stock Award is conditioned upon Grantee’s acceptance of the terms of this Agreement and any other agreement incorporated herein, as evidenced by Grantee’s execution of this Agreement or by Grantee’s electronic acceptance of the Agreement in a manner and during the time period allowed by the Company. If the terms of this Agreement are not timely accepted by execution or by such electronic means, this Restricted Stock Award may be cancelled by the Committee. 
		
	2.
	Restrictions

2.1    Subject to the terms of the Plan and this Agreement, if the Grantee remains employed by the Company as of the applicable vesting date, the Restricted Stock shall vest one-third (1/3) per year on each of the first three (3) anniversaries of the Grant Date set forth herein.  For purposes of this Agreement, employment with a Subsidiary of the Company or service as a member of the Board of Directors of the Company shall be considered employment with the Company.
2.2    Subject to the terms of the Plan and this Agreement, if the Grantee remains employed by the Company, but under a lesser position, title, level of responsibility and/or salary during the term of the vesting schedule, the Company shall have the right to adjust the amount of the Restricted Stock not yet vested at the time of change for these conditions, to a lesser grant amount.  The Company’s CEO shall have the authority to make such adjustments in his discretion.  For purposes of this Agreement, employment with a Subsidiary of the Company or service as a member of the Board of Directors of the Company shall be considered employment with the Company.
2.3    Subject to vesting in accordance with Section 2.1, the terms of the Plan and this Agreement, Grantee shall own the vested Restricted Stock free and clear of all restrictions imposed by this Agreement. The Company shall transfer the vested Restricted Stock (less any applicable withholding pursuant to Section 5) to an unrestricted account in the name of the Grantee as soon as practical after each applicable anniversary of the Grant Date on which the Grantee remains employed by the Company. 
2.4    In the event, prior to vesting, (i) Grantee dies while actively employed by the Company, or (ii) Grantee has his or her employment terminated by reason of disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”)) (“Disability”), any Restricted Stock shall become fully vested and nonforfeitable as of the date of Grantee’s death or Disability. The Company shall transfer the Restricted Stock, free and clear of any restrictions imposed by this Agreement to Grantee (or, in the event of death, his or her surviving spouse or, if none, to his or her estate) as soon as practical after his or her date of death or termination for Disability. 
2.5    In exchange for receipt of consideration in the form of this Restricted Stock Award, continued employment, and other good and valuable consideration, Grantee reaffirms and agrees to be bound by the confidentiality, inventions, non-solicitation and non-competition provisions set forth in prior agreements between the Grantee and the Company. 
2.6    Except for death or Disability as provided in Section 2.3, or except as otherwise provided in a severance agreement with Grantee, if Grantee terminates his or her employment or if the Company terminates Grantee’s employment prior to vesting, the Restricted Stock shall cease to vest further, all of the unvested Restricted Stock shall be immediately forfeited and cancelled, and Grantee shall only be entitled to the Restricted Stock that has vested as of his or her date of termination. 
2.7    Notwithstanding the other provisions of this Agreement, in the event of a Change of Control prior to vesting, all otherwise unvested Restricted Stock shall become fully vested and nonforfeitable as of the date of the Change of Control. The Company shall transfer the Restricted Stock that vests pursuant to this Section 2.6 to Grantee as soon as practical after the date of the Change of Control in accordance with Section 2.2. 

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2.8    The Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered prior to the date Grantee becomes vested in the Restricted Stock, and any such attempted sale, assignment, transfer, pledge or other encumbrance shall be null and void.  In addition, Grantee shall not sell any shares acquired under this Agreement except as permitted by the terms of the Plan and at a time when applicable laws, Company policies and any agreement between the Company and its underwriters do not prohibit a sale.
		
	3.
	Stock; Dividends; Voting

3.1    The Restricted Stock shall be registered in the name of Grantee as of the respective Grant Date for such shares of Restricted Stock. The Company may evidence the registration of the Restricted Stock in such manner as the Committee may deem appropriate, including by issuing stock certificates or using a restricted book entry account with the Company’s transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by the Company until such time as the Restricted Stock is vested in accordance with Section 2. The Company reserves the right to place a legend on such stock certificate(s), or an appropriate stop-transfer order in the case of book-entry registration, restricting the transferability of the Restricted Stock and referring to the terms and conditions (including forfeiture) of this Agreement and the Plan. 
3.2    During the period the Restricted Stock is not vested, the Grantee shall not be entitled to receive any dividends or similar distributions declared on such unvested Restricted Stock and Grantee shall not be entitled to vote any such unvested Restricted Stock.  
3.3    In the event of a stock split, stock dividend or other change in capitalization or another corporate event described in Section 6.4 of the Plan, the number and type of shares subject to this Agreement shall be adjusted by the Committee to the extent provided in Section 6.4 of the Plan.
		
	4.
	No Right to Continued Employment or Additional Grants

Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon Grantee any right with respect to continuance of employment by the Company or a Subsidiary, nor shall this Agreement or the Plan interfere in any way with the right of the Company or a Subsidiary to terminate Grantee’s employment at any time or for any reason. The Plan may be terminated at any time, and, even if the Plan is not terminated, Grantee shall not be entitled to any additional awards under the Plan. 
		
	5.
	Taxes and Withholding

Grantee shall be responsible for all federal, state, local and foreign taxes payable with respect to this Restricted Stock and dividends or other distributions paid on such Restricted Stock. Grantee shall have the right to make such elections under the Code as are available in connection with this Restricted Stock Award. Grantee shall rely solely on the determinations of Grantee’s own tax advisors or his or her own determinations and not on any statements or representations by the Company or any of its agents with regard to all such tax matters.  Grantee acknowledges that it is his or her sole responsibility, and not the Company’s, to make any filings required to make any such elections under the Code, even if Grantee requests that the Company or its representatives make the filings on his or her behalf.  Grantee agrees to report the value of the Restricted Stock in a manner consistent with the Company’s reporting for income tax purposes. The Company shall have 

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the right to retain and withhold from any payment of Restricted Stock or cash the amount of taxes required by any government to be withheld or otherwise deducted and paid with respect to such payment. At its discretion, the Company may require Grantee to reimburse the Company for any such taxes required to be withheld and may withhold any distribution in whole or in part until the Company is so reimbursed. In lieu thereof, the Company shall have the right to withhold from any other cash amounts due to Grantee an amount equal to such taxes required to be withheld or withhold and cancel (in whole or in part) a number of shares of Restricted Stock having a market value not less than the amount of such taxes. 
		
	6.
	Grantee Bound by the Plan

Grantee hereby acknowledges receipt of a copy of the Plan and the prospectus for the Plan, and agrees to be bound by all the terms and provisions thereof. 
		
	7.
	Modification of Agreement

This Agreement may be modified, amended, suspended, or terminated, and any terms or conditions may be waived, but only by mutual agreement of the parties in writing except as otherwise provided in Section 19.1 of the Plan. 
		
	8.
	Severability

Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force in accordance with their terms. 
		
	9.
	Governing Law

The validity, interpretation, construction, and performance of this Agreement and agreements incorporated by reference herein shall be governed by the laws of the State of Wisconsin without giving effect to the conflicts of laws principles thereof. 
		
	10.
	Successors in Interest

This Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns, whether by merger, consolidation, reorganization, sale of assets, or otherwise. This Agreement shall inure to the benefit of Grantee’s legal representatives. All obligations imposed upon Grantee and all rights granted to the Company under this Agreement shall be final, binding, and conclusive upon Grantee’s heirs, executors, administrators, legal representatives, guardians and successors. 
		
	11.
	Resolution of Disputes

Any dispute or disagreement which may arise under, or as a result of, or in any way relate to the interpretation, construction, or application of this Agreement shall be determined by the Committee in its absolute discretion. Any determination made hereunder shall be final, binding, and conclusive on Grantee and the Company for all purposes. 
		
	12.
	Pronouns; Including

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Wherever appropriate in this Agreement, personal pronouns shall be deemed to include the other genders and the singular to include the plural. Wherever used in this Agreement, the term “including” means “including, without limitation.” 
[Remainder of page intentionally left blank, signature page follows.]

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IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Grant Date first above written. 

ORION ENERGY SYSTEMS, INC.

___________________________________
By:  ________________________            Grantee
Title: _______________________

6Exhibit

Exhibit 10.1

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT

THIS SECOND AMENDMENT TO LOAN FACILITY AGREEMENT dated September 21, 2015 (this “Amendment”) is entered into among Aaron’s, Inc., a Georgia corporation (the “Sponsor”), the Guarantors, the Participants party hereto and SunTrust Bank, as Servicer.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Loan Facility Agreement (as defined below).

RECITALS

WHEREAS, the Sponsor, the Participants and SunTrust Bank, as Servicer, entered into that certain Third Amended and Restated Loan Facility Agreement dated as of April 14, 2014 (as amended by that certain First Amendment to Loan Facility Agreement dated as of December 9, 2014 and as further amended, restated, supplemented or otherwise modified from time to time, the “Loan Facility Agreement”);

WHEREAS, the Sponsor has requested certain amendments to the Loan Facility Agreement, in connection with the proposed acquisition by the Sponsor or a Domestic Subsidiary thereof of the Dent-A-Med Entities (as defined below) on or after the Second Amendment Effective Date (the “Dent-A-Med Acquisition”);

WHEREAS, the Participants agree to such requested amendments subject to the terms and conditions of this Amendment;

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

1.    Amendments to Loan Facility Agreement.  The Loan Facility Agreement is hereby amended as follows:

(a)    The following definitions are added in the appropriate alphabetical order to Section 1.1 of the Loan Facility Agreement:

“DAMI Pledge Agreement” means that certain Collateral Pledge Agreement dated on or about the Second Amendment Effective Date made and executed by Progressive Finance in favor of Wells Fargo Bank, N.A.

“Dent-A-Med” means Dent-A-Med Inc., an Oklahoma corporation.

“Dent-A-Med Credit Agreement” means that certain Loan and Security Agreement dated as of May 18, 2011 by and among the Dent-A-Med Entities, as co-borrowers, the lenders party thereto and Wells Fargo Bank, N.A. (as successor by merger to Wells Fargo Preferred Capital, Inc.), as agent for the lenders thereunder as in effect on the Second Amendment Effective Date.

“Dent-A-Med Entities” means Dent-A-Med, Dent-A-Med Receivables Corporation, a Delaware corporation, HC Recovery, Inc., an Oklahoma corporation and any other direct or indirect subsidiary of Dent-A-Med formed after the Second Amendment Effective Date.

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“Second Amendment to Loan Facility Agreement” means that certain Second Amendment to Loan Facility Agreement dated as of the Second Amendment Effective Date, by and among the Sponsor, the Guarantors, the Participants party thereto and the Servicer.

“Second Amendment Effective Date” means September 21, 2015.

(b)    The following definitions in Section 1.1 of the Loan Facility Agreement are amended as follows:

(i)    The definition of “Consolidated EBITDA” is amended to read as follows:

“Consolidated EBITDA” shall mean for the Sponsor and its Subsidiaries (other than the Dent-A-Med Entities) for any period, an amount equal to the sum of (a) Consolidated Net Income for such period plus (b) to the extent deducted in determining Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii) income tax expense, (iii) depreciation (excluding depreciation of rental merchandise) and amortization, (iv) all other non-cash charges, (v) closing costs, fees and expenses incurred during such period in connection with the Closing Date Acquisition and the transactions contemplated by the Transaction Documents and the Note Agreements, in each case paid during such period to Persons that are not Affiliates of the Sponsor or any Subsidiary, not to exceed $15,000,000 in the aggregate, (vi) one-time fees, costs and expenses (including without limitation legal and other professional fees) in connection with (x) the retirement and severance of Ronald W. Allen and David Buck and (y) the bid by Vintage Capital Management to acquire the Sponsor, and other proxy contests and shareholder proposals, including costs, expenses and fees relating to responding to, defending and settling such matters, in each case to the extent such fees, costs and expenses were incurred prior to the First Amendment Effective Date, and (vii) transaction closing costs, fees and expenses actually incurred during such period in connection with the negotiation and closing of the First Amendment to Loan Facility Agreement, and the related amendments to the Credit Agreement and the Note Agreements and the related transaction documents, in each case paid during such period to Persons that are not Affiliates of the Sponsor or any Subsidiary.

(ii)    The definition of “Consolidated Interest Expense” is amended to read as follows:

“Consolidated Interest Expense” shall mean, for the Sponsor and its Subsidiaries (other than the Dent-A-Med Entities) for any period determined on a consolidated basis in accordance with GAAP, total cash interest expense, including without limitation the interest component of any payments in respect of Capital Leases Obligations capitalized or expensed during such period (whether or not actually paid during such period).

(iii)    The definition of “Consolidated Lease Expense” is amended to read as follows:

“Consolidated Lease Expense” shall mean, for any period, the aggregate amount of fixed and contingent rentals payable by the Sponsor and its Subsidiaries (other than the Dent-A-Med Entities) with respect to leases of real and personal property  (excluding Capital Lease Obligations) determined on a consolidated basis in accordance with GAAP for such period.

(iv)    The definition of “Consolidated Net Income” is amended to read as follows:

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“Consolidated Net Income” shall mean, for any period, the net income (or loss) of the Sponsor and its Subsidiaries (other than the Dent-A-Med Entities) for such period determined on a consolidated basis in accordance with GAAP, but excluding therefrom (to the extent otherwise included therein) (i) any extraordinary gains or losses, (ii) any gains attributable to write-ups of assets, (iii) any equity interest of the Sponsor or any Subsidiary of the Sponsor (other than the Dent-A-Med Entities) in the unremitted earnings of any Person that is not a Subsidiary and (iv) any income (or loss) of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Sponsor or any Subsidiary (other than the Dent-A-Med Entities) on the date that such Person’s assets are acquired by the Sponsor or any Subsidiary.

(v)    The definition of “Consolidated Total Debt” is amended to read as follows:

“Consolidated Total Debt” shall mean, at any time, all then currently outstanding obligations, liabilities and indebtedness of the Sponsor and its Subsidiaries (other than the Dent-A-Med Entities) on a consolidated basis of the types described in the definition of Indebtedness.

(vi)    The definition of “Material Domestic Subsidiary” is amended to read as follows:

“Material Domestic Subsidiary” means any Domestic Subsidiary of the Sponsor that has not already become a Guarantor (other than the Dent-A-Med Entities) that (a) at any time (i) accounted for five percent (5.0%) of Consolidated EBITDA for any period of four (4) Fiscal Quarters ended or (ii) holds assets with an aggregate book value equal to or greater than five percent (5.0%) of the aggregate fair market value of the total assets of the Sponsor and its Subsidiaries on a consolidated basis or (b) when taken together with other Domestic Subsidiaries that are not already Guarantors, (x) accounted for ten percent (10.0%) of Consolidated EBITDA for any period of four (4) Fiscal Quarters ended or (y) holds assets with an aggregate book value equal to or greater than ten percent (10.0%) of the aggregate fair market value of the total assets of the Sponsor and its Subsidiaries on a consolidated basis.  Upon the acquisition of a new Domestic Subsidiary or the merger or consolidation of any Person with or into an existing Domestic Subsidiary (or the acquisition of other assets by an existing Domestic Subsidiary), the qualification of the affected Domestic Subsidiary as a “Material Subsidiary” pursuant to the foregoing requirements of this definition shall be determined on a pro forma basis as if such Domestic Subsidiary had been acquired or such merger, consolidation or other acquisition had occurred, as applicable, at the beginning of the relevant period of four consecutive Fiscal Quarters.

(vii)    The definition of “Permitted Acquisition” is amended to read as follows:

“Permitted Acquisition” shall mean the Closing Date Acquisition, the Dent-A-Med Acquisition (as such term is defined in the Second Amendment to Loan Facility Agreement) and any other Acquisition (whether foreign or domestic) so long as, in each case with respect to the Dent-A-Med Acquisition or any such other Acquisition, (a) immediately before and after giving effect to such Acquisition, no Credit Event or Unmatured Credit Event is in existence, (b) such Acquisition has been approved by the board of directors of the Person being acquired prior to any public announcement thereof, (c) to the extent such Acquisition is of a Person or Persons that are not organized in the United States and/or of all or 

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substantially all of the assets of a Person located outside the United States and the aggregate EBITDA attributable to all Foreign Subsidiaries for the most recently ended twelve month period (giving pro forma effect to such Acquisition) exceeds twenty percent (20%) of Consolidated EBITDA for the most recently ended twelve month period, the Sponsor complies with Section 6.10(b) hereof and (d) immediately after giving effect to such Acquisition, the Sponsor and Subsidiaries will not be engaged in any business other than businesses of the type conducted by the Sponsor and its Subsidiaries on the Effective Date and businesses reasonably related thereto.  As used herein, Acquisitions will be considered related Acquisitions if the sellers under such Acquisitions are the same Person or any Affiliate thereof.

(c)    Clauses (a) and (b) of Section 6.1 of the Loan Facility Agreement are amended to read as follows:

(a)    as soon as available and in any event within 90 days after the end of each Fiscal Year of the Sponsor, a copy of the annual audited report for such Fiscal Year for the Sponsor and its Subsidiaries, containing a consolidated balance sheet of the Sponsor and its Subsidiaries as of the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows (together with all footnotes thereto) of the Sponsor and its Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all in reasonable detail and reported on by Ernst & Young or other independent public accountants of nationally recognized standing (without a “going concern” or like qualification, exception or explanation  and without any qualification or exception as to scope of such audit) to the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of the Sponsor and its Subsidiaries for such Fiscal Year on a consolidated basis in accordance with GAAP and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards.  It is understood and agreed that the requirements of this subsection (x) shall be satisfied by the delivery of the applicable annual report on Form 10-K of the Sponsor to the Securities and Exchange Commission if delivered within the applicable time period noted herein and is available to the Participants on EDGAR and (y) are effective as of the Closing Date;

(b)    as soon as available and in any event within 45 days after the end of each Fiscal Quarter of each Fiscal Year of the Sponsor (other than the last Fiscal Quarter), an unaudited consolidated balance sheet of the Sponsor and its Subsidiaries as of the end of such Fiscal Quarter and the related unaudited consolidated statements of income and cash flows of the Sponsor and its Subsidiaries for such Fiscal Quarter and the then elapsed portion of such Fiscal Year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of the Sponsor’s previous Fiscal Year, all certified by the chief financial officer, treasurer or controller of the Sponsor as presenting fairly in all material respects the financial condition and results of operations of the Sponsor and its Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes.  It is understood and agreed that the requirements of this subsection (x) shall be satisfied by the delivery of the applicable quarterly report on Form 10-Q of the Sponsor to the Securities and Exchange Commission if delivered within the applicable time period noted herein and is available to the Participants on EDGAR and (y) are effective as of the Closing Date;

(d)    Section 6.10(d) of the Loan Facility Agreement is amended as follows:

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(d)    The Sponsor will cause any Domestic Subsidiary or any other Domestic Controlled Affiliate (other than the Dent-A-Med Entities in the case of the Dent-A-Med Credit Agreement or Progressive Finance solely in respect of its obligations under the DAMI Pledge Agreement) that provides a Guarantee or otherwise becomes liable (including as a borrower or co-borrower) in respect of the obligations under any Note Purchase Agreement or any other agreement providing for the incurrence of Indebtedness that is pari passu with the Indebtedness under this Agreement to (1) become a Guarantor by executing agreements in the form of Exhibit D and deliver simultaneously therewith similar documents applicable to such Domestic Subsidiary described in Section 13.1 as reasonably requested by the Servicer.    

(e)    Section 8.1 of the Loan Facility Agreement is amended by (i) deleting the word “and” at the end of clause (k) thereof, (ii) re-labeling the existing clause (l) as a new clause (m) and (iii) inserting the following new clause (l) immediately after clause (k):

(l)    secured Indebtedness in an aggregate principal amount not to exceed (including any such Indebtedness resulting from any exercise of any incremental facility provisions) $110,000,000 under the Dent-A-Med Credit Agreement, as may be amended and otherwise modified, so long as the terms of such facility are not amended to be more restrictive than those in effect on the Second Amendment Effective Date or in a manner materially adverse to the Participants and all Indebtedness incurred thereunder remains non-recourse to the Sponsor or any of its Subsidiaries (other than the Dent-A-Med Entities); and

(f)    Section 8.2 of the Loan Facility Agreement is amended by (i) deleting the word “and” at the end of clause (f) thereof, (ii) replacing the “.” at the end of clause (g) with “; and”  and (iii) inserting the following new clause (h) immediately after clause (g):

(h)    Liens securing Indebtedness permitted by Section 8.1(l); provided that such Liens apply only to (i) the Capital Stock of Dent-A-Med and (ii) the assets of the Dent-A-Med Entities, including the Capital Stock of any Subsidiaries of Dent-A-Med.

(g)    Section 8.4 of the Loan Facility Agreement is amended by (i) deleting the word “and” at the end of clause (j) thereof, (ii) re-labeling the existing clause (k) as a new clause (l) and (iii) inserting the following new clause (k) immediately after clause (j):

(k)    Investments by any Dent-A-Med Entity in any other Dent-A-Med Entity; and

(h)    Section 8.5 of the Loan Facility Agreement is amended by (i) re-labeling the existing clause (iv) as a new clause (v) and (ii) inserting the following new clause (iv) immediately after clause (iii):

(iv)    repayment in full by the Sponsor or the Dent-A-Med Entities of any existing subordinated Indebtedness of the Dent-A-Med Entities on the Second Amendment Effective Date in connection with the Sponsor’s acquisition of the Dent-A-Med Entities and

(i)    Section 8.6 of the Loan Facility Agreement is amended by (i) re-labeling the existing clause (f) as a new clause (g) and (ii) inserting the following new clause (f) immediately after clause (e):

(f)    sales of receivables and other assets by the Dent-A-Med Entities to the extent permitted by the Dent-A-Med Credit Facility and

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(j)    Section 8.8 of the Loan Facility Agreement is amended by (i) deleting the word “and” at the end of clause (iii) thereof and (ii) inserting the following new clause (v) immediately after clause (iv):

, and (v) clauses (a) and (b) shall not apply to restrictions or conditions imposed by the Dent-A-Med Credit Agreement (in the case of clause (a), solely if such restrictions and conditions apply only to the property or assets securing such Indebtedness).

2.    Conditions Precedent.  This Amendment shall be effective upon satisfaction of the following conditions precedent in each case in a manner reasonably satisfactory to the Servicer and each Participant:

(a)    Amendment.  Receipt of a counterpart of this Amendment signed by each of the Credit Parties, the Participants and the Servicer.
(b)    Amendments to Credit Documents.  The Credit Agreement and the other Credit Documents shall have been amended in a manner reasonably satisfactory to the Servicer.

(c)    Amendments to Note Agreements.  The Note Agreements shall have been (or shall be substantially simultaneously herewith) amended in a manner reasonably satisfactory to the Servicer.

(d)    Representations and Warranties.  At the time of and immediately after giving effect to this Amendment on the Second Amendment Effective Date, all representations and warranties of each Credit Party set forth in the Operative Documents shall be true and correct in all material respects (other than those representations and warranties that are expressly qualified by Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects); provided, that to the extent such representation or warranty relates to a specific prior date, such representation or warranty shall be true and correct in all material respects (other than those representations and warranties that are expressly qualified by Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects) only as of such specific prior date.    

(e)    Fees and Attorney Costs.  Receipt by the Servicer of all fees and other amounts due and payable on or prior to the Second Amendment Effective Date, including reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel to the Servicer) required to be reimbursed or paid by the Sponsor hereunder, under any other Operative Document and under any agreement with the Servicer.

3.    Miscellaneous.

(a)    This Amendment shall be deemed to be, and is, an Operative Document.

(b)    Each Credit Party (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Facility Agreement or the other Operative Documents or any certificates, documents, agreements and instruments executed in connection therewith, (iii) affirms all of its obligations under the Operative Documents, (iv) affirms that each of the Liens granted in or pursuant to the Operative Documents are valid and subsisting and (v) agrees that this Amendment shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Operative Documents.

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(c)    Effective as of the Second Amendment Effective Date, all references to the Loan Facility Agreement in each of the Operative Documents shall hereafter mean the Loan Facility Agreement as amended by this Amendment.  

(d)    Each of the Credit Parties hereby represents and warrants to the Servicer and the Credit Parties as follows:

(i)    such Credit Party has taken all necessary action to authorize the execution, delivery and performance of this Amendment;

(ii)    this Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity); and

(iii)    no consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Credit Party of this Amendment.

(e)    This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of this Amendment by telecopy, pdf or other similar electronic transmission shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

(f)    This Amendment shall be construed in accordance with and be governed by the law (without giving effect to the conflict of law principles thereof) of the State of Georgia.

[Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.

	
					
	SPONSOR:
	 
	 
	AARON’S, INC.

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Executive Vice President and 
Chief Financial Officer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	GUARANTORS:
	 
	 
	AARON INVESTMENT COMPANY,

	 
	 
	 
	as a Guarantor

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Vice President and Treasurer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	AARON’S PRODUCTION COMPANY,

	 
	 
	 
	as a Guarantor

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	President and Chief Executive Officer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	99LTO, LLC,

	 
	 
	 
	AARON’S LOGISTICS, LLC,

	 
	 
	 
	AARON’S PROCUREMENT COMPANY, LLC,

	 
	 
	 
	AARON’S STRATEGIC SERVICES, LLC,

	 
	 
	 
	each as a Guarantor

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	AARON’S, INC., as sole Manager

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Executive Vice President,  
Chief Financial Officer

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

	
					
	 
	 
	 
	PROGRESSIVE FINANCE HOLDINGS, LLC,

	 
	 
	 
	as a Guarantor

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Executive Vice President 

	 
	 
	 
	 
	 

	 
	 
	 
	Prog Finance Arizona, LLC

	 
	 
	 
	Prog Finance California, LLC

	 
	 
	 
	Prog Finance Florida, LLC

	 
	 
	 
	Prog Finance Georgia, LLC

	 
	 
	 
	Prog Finance Illinois, LLC

	 
	 
	 
	Prog Finance Michigan, LLC

	 
	 
	 
	Prog Finance New York, LLC

	 
	 
	 
	Prog Finance Ohio, LLC

	 
	 
	 
	Prog Finance Texas, LLC

	 
	 
	 
	Prog Finance Mid-West, LLC

	 
	 
	 
	Prog Finance North-East, LLC

	 
	 
	 
	Prog Finance South-East, LLC

	 
	 
	 
	Prog Finance West, LLC

	 
	 
	 
	NPRTO Arizona, LLC

	 
	 
	 
	NPRTO California, LLC

	 
	 
	 
	NPRTO Florida, LLC

	 
	 
	 
	NPRTO Georgia, LLC

	 
	 
	 
	NPRTO Illinois, LLC

	 
	 
	 
	NPRTO Michigan, LLC

	 
	 
	 
	NPRTO New York, LLC

	 
	 
	 
	NPRTO Ohio, LLC

	 
	 
	 
	NPRTO Texas, LLC

	 
	 
	 
	NPRTO Mid-West, LLC

	 
	 
	 
	NPRTO North-East, LLC

	 
	 
	 
	NPRTO South-East, LLC

	 
	 
	 
	NPRTO West, LLC,

	 
	 
	 
	each as a Guarantor

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

	
					
	 
	 
	 
	By:
	PROG LEASING, LLC, Sole Manager

	 
	 
	 
	 
	 

	 
	 
	 
	 
	By:     PROGRESSIVE  FINANCE 

	 
	 
	 
	 
	           HOLDINGS, LLC, Sole Manager

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Executive Vice President 

	 
	 
	 
	 
	 

	 
	 
	 
	PANGO LLC, as a Guarantor

	 
	 
	 
	 

	 
	 
	 
	By:
	PROGRESSIVE FINANCE HOLDINGS, LLC,

	 
	 
	 
	 
	Sole Manager

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Executive Vice President 

	 
	 
	 
	 
	 

	 
	 
	 
	PROG LEASING, LLC, as a Guarantor

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	PROGRESSIVE FINANCE HOLDINGS, LLC,

	 
	 
	 
	 
	Sole Manager

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Gilbert L. Danielson

	 
	 
	 
	Name:
	Gilbert L. Danielson

	 
	 
	 
	Title:
	Executive Vice President 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

	
					
	SERVICER:
	 
	 
	SUNTRUST BANK,

	 
	 
	 
	as Servicer and as a Participant

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Garrett O’Malley

	 
	 
	 
	Name:
	Garrett O’Malley

	 
	 
	 
	Title:
	Director

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

	
					
	PARTICIPANTS:
	 
	 
	BRANCH BANKING AND TRUST COMPANY, 

	 
	 
	 
	as a lender

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Bradley B. Sands

	 
	 
	 
	Name:
	Bradley B. Sands

	 
	 
	 
	Title:
	Assistant Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	BANK OF AMERICA, N.A. 

	 
	 
	 
	as a Participant

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Ryan Maples

	 
	 
	 
	Name:
	Ryan Maples

	 
	 
	 
	Title:
	Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	FIFTH THIRD BANK,

	 
	 
	 
	as a participant

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Kenneth W. Deere

	 
	 
	 
	Name:
	Kenneth W. Deere

	 
	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	SYNOVUS BANK,

	 
	 
	 
	as a participant

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ John R. Frierson

	 
	 
	 
	Name:
	John R. Frierson

	 
	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

	
					
	 
	 
	 
	CITIZENS BANK, N.A.,

	 
	 
	 
	as a participant

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Peter van der Horst

	 
	 
	 
	Name:
	Peter van der Horst

	 
	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	REGIONS BANK, 

	 
	 
	 
	as a participant

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Ryan Hammack

	 
	 
	 
	Name:
	Ryan Hammack

	 
	 
	 
	Title:
	Vice President

SECOND AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}]]