Document:

Exhibit 10.6

 

Second
AMENDED AND RESTATED

SECURED REVOLVING NOTE

	$50,000,000	 
	 	Maturity Date:  May 6, 2019

 

FOR
VALUE RECEIVED, ACME UNITED CORPORATION, a Connecticut corporation (“Borrower”) hereby promises to pay to the order
of HSBC Bank, National Association or the holder (the “Lender”) of this Secured Revolving Note (this “Revolving
Note”) at 452 Fifth Avenue, New York, New York or such other place of payment as the holder of this Revolving Note may specify
from time to time in writing, in lawful money of the United States of America, the principal amount of Fifty Million Dollars ($50,000,000)
or such other principal amount as Lender has advanced to Borrower, together with interest at a rate as specified in the Loan Agreement
(defined hereafter). 

 

This
Revolving Note is the Revolving Note referred to in, and is executed and delivered in connection with, that certain Loan and Security
Agreement dated April 5, 2012, by and between Borrower and Lender (as the same may from time to time be amended, modified or supplemented
in accordance with its terms, the “Loan Agreement”), and is entitled to the benefit and security of the Loan Agreement
and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms
and conditions thereof. All payments shall be made in accordance with the Loan Agreement. All terms defined in the Loan Agreement
shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement
shall constitute a default under this Revolving Note. 

 

Borrower
waives presentment and demand for payment, notice of dishonor, protest and notice of protest under the UCC or any applicable law.
Borrower agrees to make all payments under this Revolving Note without setoff, recoupment or deduction and regardless of any counterclaim
or defense. This Revolving Note has been negotiated and delivered to Lender and is payable in the State of New York. This Revolving
Note shall be governed by and construed and enforced in accordance with, the laws of the State of New York, excluding any conflicts
of law rules or principles that would cause the application of the laws of any other jurisdiction.

 

This Revolving Note amends
and restates in its entirety and is given in substitution for (but not in satisfaction of) that certain Amended and Restated Secured
Revolving Note dated April 22, 2013 executed by Borrower in favor of Lender in the original principal amount of $40,000,000.

 

[Remainder
of Page Intentionally Left Blank]

 

    	 	1	 

     

    

 

	BORROWER FOR ITSELF	ACME
UNITED CORPORATION
	 	 	
	 	By:	 
	 	Signature
	 	Title:

 

 

	2Exh 10.1 - Form 10Q - 3/31/16

EXHIBIT 10.1

inTEST CORPORATION

Restricted Stock

Award Agreement

for

_____________________________

We are pleased to advise you that inTEST Corporation (the "Company") hereby grants to you under the inTEST Corporation _______ Stock Plan (the "Plan"), an award of restricted stock with respect to _____________ shares of Common Stock of the Company, subject to your signing this Agreement and the provisions hereof. This award is subject in all respects to the applicable provisions of the Plan, a complete copy of which has been furnished to you and receipt of which you acknowledge by acceptance of the award. Such provisions are incorporated herein by reference and made a part hereof (including all defined terms).

	
1.
	
Issuance of Shares. Upon your execution and delivery of this Agreement and one or more instruments of transfer relating to all shares issuable pursuant to this Agreement (the "Shares"), you will be issued _______________ Shares of Common Stock as of _________________ (the "Grant Date"), subject to the terms, conditions and restrictions of this Agreement and the Plan. Such Shares shall be registered in your name, but the Company shall retain custody of any certificates issued for such Shares pending the vesting or forfeiture thereof. Upon the vesting of any such Shares, the Company shall deliver to you the certificates for such Shares.

	
2.
	
Vesting.

	
 
	
(i)
	
Shares of Common Stock issued to you under this Agreement shall vest according to the following schedule:

	
 
	
 
	
_________________________________________________________.

	
 
	
(ii)
	
In the event that you become entitled to a fractional Share, such fractional Share shall not vest unless and until the participant becomes entitled to such number of fractional Shares as shall be equal in sum to a whole Share;

	
3.
	
Conditions to Vesting. As a condition to the vesting of Shares, all of the following conditions must be fully satisfied on the applicable vesting date:

	
 
	
(i)
	
You must have been in the continuous employ of the Company, or continuously engaged to provide services to the Company, through and including the date of vesting, and no event shall have occurred which, with due notice or lapse of time, or both, would entitle the Company to terminate your employment or engagement with the Company.

	
 
	
(ii)
	
You must not be in breach or default of any obligation to the Company, whether or not contained in any agreement with the Company or imposed by law.

	
4.
	
Death, Disability or Change of Control. Shares of Common Stock issued under this Agreement shall become immediately and fully vested in the event: (A) you die; (B) you incur a Disability; or (C) a Change of Control occurs; provided, however, that you satisfy the requirements of Section 3 of this Agreement. For purposes of this Agreement, the term "Disability" shall mean a condition of total mental or physical incapacity for further performance of a person's duty with the Company that the Committee determines, on the basis of competent medical evidence, is likely to be permanent and constitutes a "disability" within the meaning of section 22(e)(3) of the Internal Revenue Code. The term "Change of Control" is defined in the Plan.

	
5.
	
Transferability. The Shares of Common Stock issued to you under this Agreement shall not be transferable by you prior to the date such Shares become vested under the terms of this Agreement and the Plan.

	
6.
	
Restrictive Legend. Certificates for the Shares with respect to which the vesting requirements have not been met shall be inscribed with the following legend:

	
 
	"The shares of stock evidenced by this certificate are subject to the terms and restrictions of a Restricted Stock Award Agreement. They are subject to forfeiture under the terms of that Agreement if they are transferred, sold, pledged, given, hypothecated, or otherwise disposed of, other than through death or disability. A copy of that Agreement is available from the Secretary of inTEST Corporation upon request."

	
 

	
7.
	
Removal of Restrictive Legend. When the vesting requirements on any Shares have not been met, the Company shall cause a replacement stock certificate for those Shares, without the legend referred to in Section 6, to be issued and delivered to you, as soon as practicable.

	
8.
	
No Right to Employment. Neither the award of Shares pursuant to this Agreement nor any provision of this Agreement shall be construed (i) to give you any right to continued employment with the Company or (ii) as an amendment to your employment agreement with the Company.

	
9.
	
Forfeiture. Shares of Common Stock issued to you under this Agreement not previously vested hereunder shall be forfeited as of the date your employment by, or engagement to provide services to, the Company and all affiliates thereof terminates. Following such a forfeiture, you shall have no rights whatsoever with respect to the Shares of Common Stock forfeited.

	
10.
	
Voting, Dividend and Tender Offer Rights. You shall have all voting, dividend and tender offer rights with respect to Shares of Common Stock issued to you under this Agreement whether or not such Shares are vested or unvested. Cash dividends shall be distributed to you. Stock dividends shall be issued to you and shall become vested under the same terms and conditions as the Shares under the award of restricted stock to which they pertain.

	
11.
	
Withholding of Applicable Taxes. It shall be a condition to the Company's obligation to deliver Common Stock to you pursuant to this Agreement that you pay, or make provision satisfactory to the Company for the payment of, any taxes (other than stock transfer taxes) the Company is obligated to collect with respect to the delivery of Common Stock under this Agreement, including any applicable federal, state, or local withholding or employment taxes.

	
12.
	
Amendment. This Agreement may be amended, in whole or in part and in any manner not inconsistent with the provisions of the Plan, at any time and from time to time, by written agreement between the Company and you.

The undersigned hereby acknowledges this award of restricted stock on behalf of the Company.

 
inTEST Corporation

 

By: ______________________________

       Hugh T. Regan, Jr.

       Secretary, Treasurer and Chief Financial Officer

Date: ____________________

To indicate your acceptance and agreement to this Restricted Stock Award, please execute and immediately return to the Company the enclosed duplicate original of this Agreement.

ACCEPTED AND AGREED TO:

	

_______________________________________
	

Date:   ________________Exh 10.2 - Form 10Q - 3/31/16

EXHIBIT 10.2

inTEST Corporation

_______________

Non-Qualified Stock Option Agreement

_______________

inTEST Corporation, a Delaware corporation ("inTEST"), hereby grants to ___________________ (the "optionee") an option to purchase a total of _____________________ (_____________) shares of the Common Stock (the "Option Shares") of inTEST, at the price and on the terms and conditions set forth herein and in all respects subject to the terms, conditions and provisions of the inTEST Corporation _________ Stock Plan applicable to options granted pursuant to the Non-Qualified Plan (the "Plan"), which terms, conditions and provisions are hereby incorporated herein by reference. Unless the context herein otherwise requires, the terms defined in the Plan shall have the same meanings herein.

	
1.
	
Term of Option

	
 
	
This Option is granted as of ______________ (the "Date of Grant") and it may not be exercised later than the close of business on ________________ (the "Expiration Date"); however, this Option is subject to earlier termination as set forth in this Option Agreement and in the Plan.

	
2.
	
Option Exercise Price

	
 
	
The Option exercise price ("Option Price") is ___________________________ ($____) per Option Share.

	
3.
	
Exercise of Option

	
 
	
This Option is exercisable during its term only in accordance with the terms, conditions and provisions of the Plan and this Option Agreement as follows:

	
 
	
(a)
	
Right to Exercise. This Option shall vest at the rate of : ______________________, provided, however, that the Optionee is in the service of inTEST or any of its Affiliates on the date of such vesting. This Option may be exercised, in whole or in part, up to the amount vested through the date of exercise to the extent not earlier exercised and otherwise in accordance with the terms, conditions and provisions of the Plan and this Option Agreement.

	
 
	
(b)
	
Method of Exercise. When exercisable, this Option shall be exercised only upon receipt by inTEST, in form and substance acceptable to inTEST, of (i) written notice of such exercise and (ii) payment in full of the Option Price for the Option Shares to be purchased. Each such notice shall (i) specify the number of Option Shares to be purchased, and (ii) satisfy the securities law requirements set forth in the Plan.

	
 
	
(c)
	
Restrictions on Exercise. This Option may not be exercised if the issuance of the Option Shares upon such exercise would constitute a violation of any applicable federal or state securities laws or regulations or other laws or regulations. As a condition to the exercise of this Option, inTEST may require the Optionee to make any representations and warranties to inTEST as inTEST deems necessary or appropriate under any applicable law or regulation.

	
4.
	
Payment for Option Shares

	
 
	
The Optionee shall pay for the shares (i) in cash, (ii) by bank check payable to the order of inTEST or (iii) by such other mode of payment as inTEST may approve.

	
5.
	
Transfer of Option Shares

	
 
	
Option Shares may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner without compliance with all applicable federal and state securities laws and regulations, and an appropriate legend referring to any restrictions on transfer and any other restrictions imposed herein or under the Plan may be endorsed on the certificates representing Option Shares.

	
6.
	
Transfer of Option

	
 
	
This Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner, either voluntarily or involuntarily by operation of law, other than by will or by the laws of dissent or distribution, and may be exercised during the lifetime of the Optionee only by the Optionee. Subject to the foregoing, the terms of the Plan and the terms of this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

	
7.
	
Termination of Options

	
 
	
This Option shall expire as set forth above and may not be exercised later than the Expiration Date. Notwithstanding the foregoing, this Option may not be exercised after the first to occur of the following:

	
 
	
(i)
	
the date set by the Board of Directors to be an accelerated expiration date after a finding by the Board of Directors of inTEST (the "Board of Directors") that a change in the financial accounting treatment for options from that in effect on the date the Plan was adopted materially adversely affects inTEST or, in the determination of the Board of Directors, may materially adversely affect inTEST in the foreseeable future, provided the Board of Directors may take whatever action, including acceleration of any exercise provisions, it deems necessary should it make the determination referred to above;

	
 
	
(ii)
	
expiration of one (1) year from the date the Optionee's service with inTEST (or any of its Affiliates) terminates for any reason, other than for cause, in which case this Option shall expire immediately; or

	
 
	
(iii)
	
in the event of a "Change in Control" (as defined in the Plan), the expiration date of any Option which has vested may be accelerated to a date not earlier than thirty (30) days after notice of such acceleration is given to the Optionee, and any Option which has not vested may be terminated.

	
8.
	
Amendment of Option

	
 
	
inTEST has the right to amend this Option, subject to the Optionee's consent if such amendment is not favorable to the Optionee, except that the consent of the Optionee shall not be required for any amendment made pursuant to the Plan.

	
9.
	
Amendment of the Plan

	
 
	
Subject to certain restrictions contained in the Plan, the Board of Directors of inTEST may amend the Plan from time to time in such manner as it may deem advisable.

	
10.
	
Continued Service

	
 
	
The grant of this Option shall not be construed to imply or constitute evidence of any agreement, express or implied, on the part of inTEST to continue the service of the Optionee with inTEST or any of its Affiliates.

	
11.
	
Withholding of Taxes

	
 
	
If required by inTEST, the Optionee shall, as a condition to the exercise of the Option and the issuance of Option Shares or the transfer of the Option Shares, remit to inTEST the amount of any federal, state or local taxes, including FICA taxes and other employment taxes, required to be withheld or paid under applicable law. To the extent that such taxes are not collected upon the exercise of the Option, inTEST may withhold a portion of the Option Shares or take whatever other action it deems necessary to collect all required taxes due upon the exercise of the Option or transfer of the Option Shares.

	
12.
	
Entire Agreement

	
 
	
This Option Agreement, together with the Plan, represents the entire agreement between the parties.

	
13.
	
Governing Law

	
 
	
This Option Agreement shall be construed in accordance with the laws of the State of Delaware.

IN WITNESS WHEREOF, inTEST executes this Option Agreement as of the day and year set forth above.
inTEST Corporation

 

By: ______________________________

       Hugh T. Regan, Jr.

       Secretary, Treasurer and Chief Financial Officers

 

* * * * * * * * * * * * * * * * * * * * * * * * * * * * *

ACKNOWLEDGMENT

The Optionee acknowledges receipt of a copy of the Plan and a copy of the Prospectus covering the Option Shares to be issued pursuant to the Plan, copies of which are attached hereto, and Optionee represents that he or she has read and is familiar with the terms, conditions and provisions thereof and hereby accepts the Option granted ______________ subject to all the terms, conditions and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final, all decisions or interpretations of the Board of Directors or the Committee upon any questions arising under the Plan.

	
Date: ___________________
	
____________________________________________

Name:

	
 
	
Address:

 

* * * * * * * * * * * * * * * * * * * * * * * * * * * * *

NOTICE OF EXERCISE OF STOCK OPTION

	
To:
	
inTEST Corporation

804 East Gate Drive, Suite 200

Mt. Laurel, NJ  08054

Attn: Chief Financial Officer

_____________, 20___

In accordance with Section 4 of the Non-Qualified Stock Option Agreement dated as of _____________________ (the "Option"), I hereby irrevocably elect to exercise the Option to purchase _____________ Option Shares of the Common Stock of inTEST Corporation (the "Corporation") at the exercise price of ___________________________ ($____) per Option Share and deliver herewith a bank check payable to the order of the Corporation for the aggregate exercise price of $________________.
Signature*: ______________________________

Name*:

Address:

Phone:

SS #:

*The signature and name should correspond exactly with the name on the first page of the Option.

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