Document:

Ninth Amendment to Amended and Restated Credit and Security Agreement

 Exhibit 10.1 
 NINTH AMENDMENT 
 TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT

 THIS NINTH AMENDMENT TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made and entered into
as of March 11, 2008, by and among PNA Group, Inc., a Delaware corporation and successor by merger to Travel Merger Corporation (“PNA”), Smith Pipe & Steel Company, an Arizona corporation (“Smith”), Infra-Metals
Co., a Georgia corporation (“Infra-Metals”), Feralloy Corporation, a Delaware corporation (“Feralloy”), Delta Steel, L.P., a Texas limited partnership (“Delta Steel”), Delta GP, L.L.C., a Texas limited liability company
(“Delta GP”), Delta LP, L.L.C., a Delaware limited liability company (“Delta LP”), Delnor Corporation, a Texas corporation (“Delnor”), Metals Supply Company, Ltd., a Texas limited partnership (“Metals
Supply”), MSC Management, Inc., a Texas corporation (“MSC”), Precision Flamecutting and Steel, L.P., a Texas limited partnership (“PFS”), and Precision GP Holding, LLC, a Delaware limited liability company
(“NewLLC”; PNA, Smith, Infra-Metals, Feralloy, Delta Steel, Delta GP, Delta LP, Delnor, Metals Supply, MSC, PFS and NewLLC are hereinafter referred to collectively as “Borrowers” and each individually as a “Borrower”);
the Lenders (as defined in the Credit Agreement (defined below)) party hereto; and Bank of America, N.A., a national banking association, as collateral and administrative agent for the Lenders (together with its successors in such capacity,
“Administrative Agent”). 
 Recitals: 
 Administrative Agent, Lenders, and Borrowers are parties to a certain Amended and Restated Credit and Security Agreement dated May 9, 2006, as amended by that certain First Consent Letter and First Amendment to
Amended and Restated Credit and Security Agreement dated May 31, 2006, as further amended and supplemented by that certain Joinder Agreement and Supplement to Amended and Restated Credit and Security Agreement dated May 31, 2006, as
further amended by that certain Second Consent Letter and Second Amendment to Amended and Restated Credit and Security Agreement dated June 23, 2006, as further amended by that certain Third Amendment to Amended and Restated Credit and Security
Agreement dated July 13, 2006, as further amended and supplemented by that certain Joinder Agreement for Revolver Commitment dated July 13, 2006, as further amended by that certain Third Consent Letter and Fourth Amendment to Amended and
Restated Credit and Security Agreement dated August 10, 2006, as further amended and supplemented by that certain Joinder Agreement and Supplement to Amended and Restated Credit and Security Agreement dated as of August 10, 2006, as
further amended by that certain Fifth Amendment to Amended and Restated Credit and Security Agreement dated November 15, 2006, as further amended by that certain Fourth Consent Letter and Sixth Amendment to Amended and Restated Credit and
Security Agreement dated January 29, 2007, as further amended by that certain letter agreement (which letter agreement is the fifth consent and seventh amendment to the Amended and Restated Credit and Security Agreement) dated March 23,
2007, as further amended by that certain Sixth Consent and Eighth Amendment to Amended and Restated Credit and Security Agreement dated December 24, 2007, and as further amended and supplemented by that certain Joinder Agreement and Supplement
to Amended and Restated Credit and Security Agreement dated December 24, 2007 (and as further amended, restated, supplemented or otherwise modified at any time, the “Credit Agreement”), pursuant to which Lenders have made certain
loans and other financial accommodations to Borrowers. 
 Borrowers have requested that Administrative Agent and Lenders agree to, and upon
the terms and subject to the conditions contained herein Administrative Agent and Lenders are willing to agree to, certain amendments to the Credit Agreement. 

 NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the
receipt and sufficiency of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Definitions. Each capitalized term used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such term in the Credit Agreement. 
 2. Amendments to Credit Agreement. Subject to the satisfaction of each of the conditions precedent set forth in Section 3 hereof and
the other terms contained herein, the Credit Agreement is hereby amended as follows: 
 (a) By deleting the table set
forth in the definition of “Applicable Margin” contained in Section 1.1 of the Credit Agreement in its entirety and by substituting in lieu thereof the following: 
  

												
	 Level
	  	 Consolidated Fixed Charge Coverage Ratio
	  	Base Rate
Loans	 	 	LIBOR
Loans	 	 	Unused Line
Fee	 
	I	  	Less than 1.25 to 1.0	  	1.00	%	 	2.50	%	 	0.375	%
					
	II	  	 If equal to or greater than
 1.25 to 1.0 but less than
 1.50 to 1.0
	  	0.75	%	 	2.25	%	 	0.375	%
					
	III	  	 If equal to or greater than
 1.50 to 1.0 but less than
 2.0 to 1.0
	  	0.50	%	 	2.00	%	 	0.375	%
					
	IV	  	 If equal to or greater than
 2.0 to 1.0 but less than
 2.50 to 1.0
	  	0.25	%	 	1.75	%	 	0.250	%
					
	V	  	 If equal to or greater than
 2.50 to 1.0
	  	0.25	%	 	1.50	%	 	0.250	%

 (b) By deleting the definition of “Maximum Inventory Loan Amount”
contained in Section 1.1 of the Credit Agreement in its entirety and by substituting in lieu thereof the following: 
 Maximum Inventory Loan Amount - The amount equal to the sum of (a) $260,000,000, plus (b) the amount equal to sixty percent (60%) of any increase in the Revolver Commitments pursuant to Section 2.1.8
hereof after the date of this Amendment (but not to exceed $75,000,000), minus (c) the amount equal to sixty percent (60%) of any decrease in the Revolver Commitments pursuant to Section 2.1.5 hereof after the date of
this Amendment. 
 (c) By deleting the definition of “New LLC” contained in Section 1.1 of the Credit
Agreement in its entirety and by substituting in lieu thereof the following: 
 NewLLC - Precision GP Holding, LLC, a
Delaware limited liability company. 
  

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 (d) By adding to Section 1.1 of the Credit Agreement, in proper alphabetical
sequence, the following new definition of “Permitted Acquisition”: 
 Permitted Acquisition - an acquisition
by a Borrower of all or any portion of the Equity Interests or other Property (other than acquisitions of Property that are exceptions to the general prohibition on investments described in clauses (i) through (v) of the definition of
“Restricted Investment” contained in this Agreement) of any Person organized under the laws of the United States or any state thereof, provided, that such acquisition satisfies each of the following conditions as determined by
Administrative Agent in its sole discretion: 
 (i) in the case of an acquisition of Equity Interests, or all or
substantially all of the Property, of any Person, such Person is engaged primarily in (a) one or more businesses in which Borrowers are engaged, or (b) one or more businesses or activities substantially similar, related or incidental
thereto; 
 (ii) Availability at the time of such acquisition and Availability on a pro forma basis after giving
effect to such acquisition are each no less than $55,000,000; 
 (iii) If the aggregate consideration to be paid by Borrowers
and their Subsidiaries in connection with such acquisition (including, without limitation, the amount of any assumed liabilities, earn-outs (whether or not earned), and payments constituting the purchase price) exceeds $75,000,000, then, both before
and after giving pro forma effect to such acquisition, the Consolidated Fixed Charge Coverage Ratio, calculated for the twelve (12) fiscal months ending as of the last day of the most recent fiscal month for which Borrowers have
delivered financial statements as required under Section 10.1.3 of this Agreement, is no less than 1.10 to 1.00; 
 (iv) Borrowers have made available to Administrative Agent: 
 (a) not later than seven (7) Business Days (or
such shorter period as Administrative Agent may agree in its discretion) prior to the proposed date of such acquisition, (1) copies of lien search results with respect to such acquired Property, (2) a reasonably detailed description of
such acquisition, (3) copies of the latest drafts of the agreements and other documents to be executed and delivered by Borrowers and such Person in connection with such acquisition (including but not limited to the purchase and sale agreement
with all schedules and exhibits thereto), (4) historical financial statements with respect to such acquired Property (to the extent available), (5) if requested by Administrative Agent, copies of other due diligence information obtained or
prepared by Borrowers in connection with such acquisition, (6) if prepared and, in any event, if compliance under clause (iii) of this definition is required, pro forma financial statements giving effect to such acquisition, and
(7) such other information as Administrative Agent may reasonably request; and 
 (b) as and when available, updated
drafts of the agreements and other documents referenced in clause (iv)(a)(3) of this definition; and 
  

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 (c) contemporaneously with such acquisition, copies of the final executed agreements and
documents referenced in clause (iv)(a)(3) of this definition; 
 (v) both before and after giving pro forma effect to
such acquisition, Borrowers and their Subsidiaries (including any Person that becomes a Subsidiary as a result of such acquisition) shall be Solvent on a consolidated basis; and Administrative Agent shall have received evidence satisfactory to it
that such condition has been satisfied, unless in connection with such acquisition Administrative Agent has waived the requirement that such evidence be received; 
 (vi) with respect to any Property acquired in such acquisition (but, in any event, excluding interests in any joint venture to the extent
that the joint venture agreement of such joint venture prohibits the pledge of such interests), Borrowers shall, subject to Sections 7.3.1, 7.7 and 7.8 of this Agreement and any exceptions contained in any of such Security Documents, have
(X) executed and delivered to Administrative Agent such amendments or supplements to the relevant Security Documents or such other documents as Administrative Agent deems necessary or advisable to grant to Administrative Agent, for the benefit
of the Secured Parties, a Lien on such Property, and (Y) taken all actions necessary or advisable to cause such Lien to be duly perfected to the extent required by such Security Documents in accordance with all Applicable Laws, including but
not limited to the filing of financing statements in such jurisdictions as Administrative Agent requests; provided, that Administrative Agent may, in its sole discretion and on a case by case basis, allow Borrowers to comply with the
requirements of this subsection (vi) during a period of time following the closing of such acquisition as determined by Administrative Agent; 
 (vii) with respect to any Person that becomes a Subsidiary of any Borrower as a result of such acquisition, Borrowers and such Person shall have, contemporaneously with the consummation of such acquisition,
(a) executed and delivered to Administrative Agent such amendments to the relevant Pledge Agreements or other Security Documents as Administrative Agent reasonably deems necessary or advisable to grant to Administrative Agent, for the benefit
of the Secured Parties, a Lien on all Equity Interests in such Person that are owned by any Borrower (provided that, in no event shall more than sixty-six percent (66%) of the Equity Interests in any Foreign Subsidiary be required
to be so pledged), and (b) delivered to Administrative Agent each certificate representing such Equity Interests, together with undated irrevocable powers executed and delivered in blank by a duly authorized officer of such Person or the
applicable Borrower, as the case may be; 
 (viii) with respect to any Person that becomes a Subsidiary of any Borrower as a
result of such acquisition, Borrowers and such Person shall have, contemporaneously with the consummation of such acquisition, (a) at the option of Administrative Agent, either (1) executed and delivered to Administrative Agent a joinder
agreement to this Agreement and such other documents (including, if requested by Administrative Agent, an amendment to any Hedging Agreement to add such Person as a party thereto) as Administrative Agent deems necessary or advisable to add such
Person as an additional “Borrower” hereunder and to grant to Administrative Agent a Lien on such Person’s assets, or (2) executed 

  

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and delivered to Administrative Agent a Guaranty and such other documents as Administrative Agent deems necessary or advisable to add such Person as an
additional “Guarantor” of the Obligations hereunder and to grant to Administrative Agent a Lien on such Person’s assets, and (b) taken all actions necessary or advisable to cause the Liens created by such Security Documents to be
duly perfected to the extent required by such Security Documents in accordance with all Applicable Laws, including but not limited to the filing of financing statements in such jurisdictions as Administrative Agent requests; provided, that
Administrative Agent may, in its sole discretion and on a case by case basis, allow Borrowers to comply with the requirements of this subsection (viii) during a period of time following the closing of such acquisition as determined by
Administrative Agent; 
 (ix) if requested by Administrative Agent, Borrowers shall have delivered to Administrative Agent
legal opinions relating to the matters described in clauses (vi), (vii) and (viii) immediately preceding, which legal opinions shall be in form and substance, and from counsel, satisfactory to Administrative Agent in its sole
discretion; 
 (x) Notwithstanding anything to the contrary contained in Section 8.1.1 of this Agreement,
Borrowers shall have given Administrative Agent at least seven (7) Business Days prior written notice of any new business location at which tangible items of Collateral will be located as a result of such acquisition; and 
 (xi) no Default or Event of Default has occurred and is continuing or would result from such acquisition; 
 and provided further, that no portion of any Property acquired as part of a Permitted Acquisition shall constitute either Eligible Inventory
or an Eligible Receivable unless and until Administrative Agent has completed such field examinations of such Property and the books, records and other information with respect to such Property as Administrative Agent may require, the results of
which shall be satisfactory to Administrative Agent in its sole discretion, such Property is owned by a “Borrower” hereunder, and Administrative Agent has determined in its reasonable credit judgment that such Property is otherwise
eligible for use in calculating the Borrowing Base. 
 (e) By adding to Section 1.1 of the Credit Agreement, in
proper alphabetical sequence, the following new definition of “Permitted Acquisition Debt”: 
 Permitted
Acquisition Debt - unsecured Subordinated Debt of any Borrower owed to the seller in a Permitted Acquisition constituting part of the purchase price thereof (provided that, the payment of all or any portion of such Subordinated
Debt may be supported by a Letter of Credit or an unsecured letter of credit to the extent that the issuance thereof is otherwise permitted under this Agreement). 
 (f) By adding to Section 1.1 of the Credit Agreement, in proper alphabetical sequence, the following new definition of
“Permitted Development Bond Debt”: 
 Permitted Development Bond Debt - Debt in an aggregate principal amount
not to exceed $10,500,000 at any time owing by Borrowers and their Subsidiaries to agencies of the State of Ohio or local jurisdictions thereof in connection with the financing of Borrowers’ facility located in New Boston, Ohio;
provided, that (a) Administrative Agent shall have been provided copies of the documentation for such financing and shall be satisfied that such documentation does not contain covenants more restrictive than those contained in this Agreement
and such financing shall not create a Default under this Agreement, (b) such financing shall not create a default under any debt document other than this Agreement to which any Borrower or Subsidiary of a Borrower is party, (c) such Debt shall have
a stated maturity that is at least one hundred eighty (180) days after the Term, and (d) such Debt shall not have a scheduled amortization of less than fifteen (15) years (or such other term as may be approved by Administrative Agent in its sole
discretion). 

  

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 (g) By deleting the definition of “Restricted Investment” contained in
Section 1.1 of the Credit Agreement in its entirety and by substituting in lieu thereof the following: 
 Restricted Investment - any acquisition of Property by a Borrower or any of its Subsidiaries in exchange for cash or other Property, whether in the form of an acquisition of Equity Interests or Debt, or the purchase or acquisition by
such Borrower or any of its Subsidiaries of any other Property, or a loan, advance, capital contribution or subscription, except acquisitions of the following: (i) fixed assets to be used in the Ordinary Course of Business of such Borrower or
any of its Subsidiaries so long as the acquisition costs thereof constitute Capital Expenditures permitted hereunder; (ii) goods held for sale or lease or to be used in the manufacture of goods or the provision of services by such
Borrower or any of its Subsidiaries in the Ordinary Course of Business; (iii) Current Assets arising from the sale or lease of goods or the rendition of services in the Ordinary Course of Business of such Borrower or any of its Subsidiaries;
(iv) Cash Equivalents to the extent they are not subject to rights of offset in favor of any Person other than an Agent or a Lender; (v) loans and other advances of money to the extent not prohibited by Section 10.2.2; and
(vi) Property acquired as part of a Permitted Acquisition. 
 (h) By deleting the definition of “Revolver
Commitment” contained in Section 1.1 of the Credit Agreement in its entirety and by substituting in lieu thereof the following: 
 Revolver Commitment - at any date for any Lender, the obligation of such Lender to make Revolver Loans and to purchase participations in LC Obligations pursuant to the terms and conditions of this Agreement,
which shall be the principal amount set forth opposite such Lender’s name under the heading “Revolver Commitment” in Schedule 1 attached hereto or the signature page of the Assignment and Acceptance by which it became a Lender,
as modified from time to time pursuant to the terms of this Agreement or to give effect to any applicable Assignment and Acceptance; and “Revolver Commitments” means the aggregate principal amount of the Revolver Commitments of all
Lenders, the maximum amount of which shall be $425,000,000, as reduced from time to time pursuant to Section 2.1.5 hereof or increased from time to time pursuant to Section 2.1.8 hereof. 
 (i) By deleting clause (d) of Section 2.1.8(i) of the Credit Agreement in its entirety and by substituting in lieu
thereof the following: 
 (d) in no event shall the addition of any Lender or Lenders or the increase in the Revolver
Commitment of any Lender under this Section 2.1.8 increase the aggregate Revolver Commitments (i) in any single instance by less than $5,000,000 or (ii) to an aggregate amount greater than $550,000,000 less the amount of any
voluntary reductions under Section 2.1.5 hereof. 
  

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 (j) By deleting the penultimate sentence of Section 7.3.1 of the Credit
Agreement in its entirety and by substituting in lieu thereof the following: 
 Notwithstanding the foregoing, in no event
shall Borrowers encumber, pledge, grant or permit a Lien in or assign any Real Estate (except for Borrowers’ Real Estate located in New Boston, Ohio, which Real Estate shall not be subject to this Section 7.3.1 so long as it
secures, pursuant to Permitted Liens, the Permitted Development Bond Debt) in favor of a Person other than Administrative Agent. 
 (k) By amending the first sentence of Section 8.1.1 of the Credit Agreement by deleting the period at the end thereof and substituting in lieu thereof the following: 
 and (iii) locate and maintain Collateral at new locations acquired as part of Permitted Acquisitions so long as Borrowers have given
Administrative Agent at least seven (7) Business Days prior written notice of such new locations and Borrowers shall have complied with the requirements specified in the definition of “Permitted Acquisitions” with respect to such
Collateral and new locations. 
 (l) By deleting the fourth sentence of Section 9.1.4 of the Credit Agreement in
its entirety and by substituting in lieu thereof the following: 
 Except as permitted under Section 10.2.7
hereof, since the date of the financial statements of Borrowers referred to in Section 9.1.9 hereof, no Borrower has made, or obligated itself to make, any Distribution. 
 (m) By deleting the second sentence of Section 9.1.5 of the Credit Agreement in its entirety and by substituting in lieu
thereof the following: 
 Except as set forth on Schedule 9.1.5 or pursuant to a Permitted Acquisition, no Borrower nor
any of its Subsidiaries has been the surviving corporation of a merger or consolidation or acquired all or substantially of the assets of any Person. 
 (n) By deleting the first clause of the first sentence of Section 10.2.1 of the Credit Agreement it its entirety and by substituting in lieu thereof the following: 
 Merge, reorganize, consolidate or amalgamate with any Person, or liquidate, wind up its affairs or dissolve itself, in each case whether
in a single transaction or in a series of related transactions, except for mergers (i) in connection with a Permitted Acquisition, provided that, if such Permitted Acquisition involves a Borrower, then such Borrower shall be the surviving
Person, and (b) of any Borrower with another Borrower; 
 (o) By deleting Section 10.2.3(iii) of the Credit
Agreement in its entirety and by substituting in lieu thereof the following: 
 (iii) Permitted Purchase Money Debt, Permitted
Acquisition Debt, and Permitted Development Bond Debt; 
  

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 (p) By deleting Section 10.2.5(xv) of the Credit Agreement in its entirety
and by substituting in lieu thereof the following: 
 (xv) Liens upon the Real Estate (including building fixtures and trade
fixtures thereon) of Borrowers and their Subsidiaries located in New Boston, Ohio, to the extent that such Liens secure Permitted Development Bond Debt pursuant to documentation satisfactory to Administrative Agent; and 
 (xvi) such other Liens as Administrative Agent and the Required Lenders in their sole discretion may hereafter approve in writing.

 (q) By deleting Section 10.2.9 of the Credit Agreement in its entirety and by substituting in lieu thereof the
following: 
 10.2.9. Capital Expenditures. Make Capital Expenditures (including expenditures by way of capitalized
leases) which in the aggregate, as to all Borrowers and their Subsidiaries, exceed $20,000,000 during any Fiscal Year (or, in the case of the Fiscal Year ending December 31, 2008, $45,000,000 in accordance with the budget previously delivered
to Administrative Agent and Lenders); provided, that, to the extent the amount of Capital Expenditures permitted to be made in any Fiscal Year after the Fiscal Year ended December 31, 2007, pursuant to this section exceeds the aggregate
amount of Capital Expenditures actually made during such Fiscal Year under this section (other than Capital Expenditures permitted pursuant to any amount carried forward from the prior Fiscal Year pursuant to this proviso), such excess
(not to exceed $25,000,000 in the case of any carry forward from the Fiscal Year ending December 31, 2008) may be carried forward to (but only to) the next succeeding Fiscal Year (any such amount to be certified by Borrowers to
Administrative Agent in the Compliance Certificate delivered for the last Fiscal Quarter of such Fiscal Year, and, except as provided in the next proviso of this sentence, any such amount carried forward to a succeeding Fiscal Year
shall be deemed to be used prior to Borrowers and their Subsidiaries using the amount of Capital Expenditures permitted by this section without giving effect to such carry-forward); provided further, that, to the extent that
there is any carry-forward from the Fiscal Year ending December 31, 2008, to the Fiscal Year ending December 31, 2009, no portion of such carried-forward amount shall be used for any Capital Expenditures other than those projects budgeted
for the 2008 and 2009 Fiscal Years previously disclosed to Administrative Agent and Lenders, with such modifications to such budgeted expenditures as shall be approved by Administrative Agent in its reasonable discretion, and the amount of any such
carry-forward to the Fiscal Year ending December 31, 2009, shall be deemed used only when used for such budgeted purposes and any other Capital Expenditures made during such year shall be allocated to the $20,000,000 amount permitted for such
Fiscal Year (without giving effect to the carry-forward) as and when expended. 
 (r) By deleting Section 10.2.8
of the Credit Agreement in its entirety and by substituting in lieu thereof the following: 
 10.2.8 Upstream Payments.
Create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to make any Upstream Payment, except for encumbrances or restrictions (i) pursuant to the Credit Documents, (ii) existing under Applicable Law,
(iii) with respect to the Property securing the Permitted Development Bond Debt, or (iv) otherwise identified and fully disclosed in Schedule 10.2.8. 
  

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 (s) By deleting clause (v) of Section 10.2.10 of the Credit Agreement in
its entirety and by substituting in lieu thereof the following: 
 (v) dispositions of Property (other than Equipment) that is
not necessary to the business of Borrowers, not to exceed $1,000,000 in the aggregate per Fiscal Year, so long as Borrowers have given Administrative Agent written notice thereof and have either reinvested the proceeds thereof in other assets to be
used in the business of such entity having an aggregate value of not less than the aggregate value of the Property disposed of within sixty (60) days after such disposition or remitted proceeds thereof to Administrative Agent for application to
the Revolver Loans and then to the other Obligations; 
 (t) By deleting Section 10.2.11 of the Credit Agreement
in its entirety and by substituting in lieu thereof the following: 
 10.2.11. Subsidiaries. Form or acquire any
Subsidiary after the Closing Date, except as part of a Permitted Acquisition; or permit any existing Subsidiary to issue any additional Equity Interests, except (i) director’s qualifying shares, or (ii) Equity Interests pledged to
Administrative Agent. 
 (u) By deleting Schedule 1 to the Credit Agreement in its entirety and by substituting in lieu
thereof Schedule 1 attached to this Amendment. 
 (v) By deleting the references to “$35,000,000” and
“$30,000,000” contained in Sections 10.3.1(ii)(a) and (b), respectively, of the Credit Agreement and by substituting in lieu thereof “$45,000,000” and “$40,000,000”, respectively. 
 3. Conditions Precedent. The effectiveness of the amendments set forth in Section 2 hereof is subject to the satisfaction of each of
the following conditions precedent, in form and substance satisfactory to Administrative Agent, unless satisfaction thereof is specifically waived in writing by Administrative Agent: 
 (a) As of the date hereof, after giving effect to the amendments contained herein, the Borrowers together, on a consolidated basis, shall
be Solvent and no Default or Event of Default shall exist; 
 (b) Administrative Agent shall have received and reviewed a copy
of the resolutions adopted by the managing member, board of directors or general partner of each Obligor, duly authorizing and empowering such Obligor to enter into, execute, deliver and perform its obligations under each of the Credit Documents
contemplated hereby to be delivered by such Obligor in connection herewith, in each case duly certified by the Secretary or Assistant Secretary of such Obligor; and such copies shall be satisfactory to Administrative Agent in all respects;

 (c) Borrowers shall have executed and delivered to Administrative Agent an amendment and restatement of each Note
outstanding under the Credit Agreement made payable to a Lender that is increasing its Revolver Commitment pursuant to this Amendment, duly executed by each Borrower; 
 (d) Administrative Agent shall have received the favorable, written opinion of counsel to Obligors, in form and substance satisfactory to
Administrative Agent, as to the due authorization, execution and delivery by each Obligor of each of the Credit Documents contemplated hereby to be delivered by such Obligor in connection herewith, as to the enforceability of such Credit Documents,
and as to such other matters as Administrative Agent reasonably requires; 
  

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 (e) Administrative Agent shall have received one or more duly executed counterparts of
this Amendment from each Lender, Borrower and Guarantor; 
 (f) Administrative Agent shall have received full payment of the
Amendment Fee (as defined in Section 9 of this Amendment) for the benefit of the Lenders increasing their Revolver Commitments and, if and when requested by Administrative Agent, the other amounts described in Section 9 of this Amendment;
and 
 (g) Without limiting the generality of the foregoing items, Borrowers and Guarantors shall have delivered or caused to
be delivered to Administrative Agent, in form and substance satisfactory to Administrative Agent, such additional information, instruments, resolutions, documents, agreements, certificates, opinions and other items as Administrative Agent reasonably
requests. 
 4. Ratification and Reaffirmation. To induce Administrative Agent and Lenders to enter into this Amendment and
grant the accommodations set forth herein, each Borrower hereby ratifies and reaffirms the Obligations, each of the Credit Documents and all of such Borrower’s covenants, duties, indebtedness and liabilities under the Credit Documents.

 5. Acknowledgments and Stipulations. To induce Administrative Agent and Lenders to enter into this Amendment and grant the
accommodations set forth herein, each Borrower hereby acknowledges and stipulates that the Credit Agreement and the other Credit Documents executed by such Borrower are legal, valid and binding obligations of such Borrower that are enforceable
against such Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is
hereby waived by such Borrower); the security interests and liens granted by each Borrower in favor of Lender are duly perfected, first priority security interests and liens subject only to Permitted Liens; and the unpaid principal amount of the
Loans and the issued and outstanding Letters of Credit on and as of the close of business on March 7, 2008, totaled $269,480,302.42. 
 6.
Representations and Warranties. To induce Administrative Agent and Lenders to enter into this Amendment and grant the accommodations set forth herein, each Borrower hereby represents and warrants to Administrative Agent and Lenders that,
(a) as of the date hereof, after giving effect to the amendments contained in this Amendment, (i) no Default or Event of Default exists, (ii) the Borrowers together, on a consolidated basis, are Solvent, and (iii) each
representation and warranty made by such Borrower in the Credit Agreement is true and correct in all material respects, except to the extent that any such representation or warranty is stated to relate solely to an earlier date, in which case such
representation or warranty is true and correct in all material respects on and as of such earlier date; and (b) the execution, delivery and performance of this Amendment have been duly authorized by all requisite corporate action on the part of
such Borrower and this Amendment has been duly executed and delivered by such Borrower. 
 7. References to Credit Agreement.
Upon the effectiveness of the amendments set forth in Section 2 hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Credit Agreement,
as modified by this Amendment. 
 8. Breach of Amendment. This Amendment shall be part of the Credit Agreement and any breach
of any representation or warranty herein in any material respect or any breach of any covenant herein shall constitute an Event of Default. 
  

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 9. Amendment Fee; Expenses of Administrative Agent. To induce Administrative Agent and
Lenders to enter into this Amendment and grant the accommodations set forth herein, each Borrower, jointly and severally, hereby agrees to pay (a) to Administrative Agent, for the benefit of those Lenders increasing their Revolver Commitments
as set forth on Schedule 1 attached hereto in accordance with their respective pro rata shares of the increase in the aggregate Revolver Commitments effected hereby, an amendment fee in the aggregate amount of $125,000 in immediately
available funds on the date hereof (the “Amendment Fee”), which Amendment Fee shall be fully earned on the date hereof and nonrefundable once paid, and (b) to Administrative Agent, on demand, all costs and expenses incurred by
Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and any other Credit Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without
limitation, the costs and fees of Administrative Agent’s legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or contemplated hereby. 
 10. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of Georgia. This
Amendment is intended to take effect as a document executed under seal. 
 11. Successors and Assigns. This Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 12. No Novation,
etc. Except as otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Credit Agreement or any of the other Credit Documents, each of which shall remain in full force and effect.
This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Credit Agreement as herein modified shall continue in full force and effect. 
 13. Counterparts; Electronic Delivery. This Amendment may be executed in any number of counterparts and by different parties to this
Amendment on separate counterparts, each of which, when so executed and delivered, shall be deemed an original, but all of which shall together constitute one and the same agreement. Delivery of a manually executed counterpart of this Amendment by
telefacsimile or electronic mail transmission shall be equally effective as delivery of an original executed counterpart of this Amendment. Any party delivering a manually executed counterpart of this Amendment by telefacsimile or electronic mail
transmission shall also deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment. 
 14. Further Assurances. To induce Administrative Agent and Lenders to enter into this Amendment and grant the accommodations set forth
herein, each Borrower hereby agrees to take such further actions as Lender reasonably requests from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby.

 15. Section Titles. Section titles and references used in this Amendment shall be without substantive meaning or content of
any kind whatsoever and are not a part of the agreements among the parties hereto. 
 16. Release of Claims. To induce
Administrative Agent and Lenders to enter into this Amendment and grant the accommodations set forth herein, each Guarantor and each Borrower hereby releases, acquits and forever discharges Administrative Agent and Lenders, and all officers,
directors, agents, employees, successors and assigns of Administrative Agent and Lenders, from any and all liabilities, claims, demands, actions or causes of action of any kind or nature (if there be 

  

 11 

 
any), whether absolute or contingent, disputed or undisputed, at law or in equity, or known or unknown, that such Guarantor or Borrower now has or ever
had against Administrative Agent or any Lender arising under or in connection with any of the Credit Documents or otherwise. Each Guarantor and each Borrower hereby represents and warrants to Administrative Agent and Lenders that such Guarantor or
Borrower has not transferred or assigned to any Person any claim that such Guarantor or Borrower ever had or claimed to have against Administrative Agent or any Lender. 
 17. Waiver of Jury Trial. To the fullest extent permitted by applicable law, each party hereto hereby waives the right to trial by jury
in any action, suit, counterclaim or proceeding arising out of or related to this Amendment. 
 [Remainder of page intentionally
left blank - signatures commence on following page] 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed under seal and
delivered by their respective duly authorized officers on the date first written above. 
  

					
	ADMINISTRATIVE AGENT:	 	BANK OF AMERICA, N.A.
			
		 	By:	 	 /s/ Dennis S. Losin

		 	Name:	 	 Dennis S. Losin

		 	Title:	 	 Senior Vice President

		
	LENDERS:	 	BANK OF AMERICA, N.A.
			
		 	By:	 	 /s/ Dennis S. Losin

		 	Name:	 	 Dennis S. Losin

		 	Title:	 	 Vice President

		
		 	WELLS FARGO FOOTHILL, LLC
			
		 	By:	 	 /s/ Mark Bradford

		 	Name:	 	  
 Mark Bradford

		 	Title:	 	  
 Vice
President

		
		 	THE CIT GROUP/BUSINESS CREDIT, INC.
			
		 	By:	 	 /s/ Mark J. Long

		 	Name:	 	  
 Mark J. Long

		 	Title:	 	  
 Vice
President

		
		 	LASALLE BANK NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ Emily Eigel

		 	Name:	 	  
 Emily Eigel

		 	Title:	 	  
 Vice
President

		
		 	WACHOVIA CAPITAL FINANCE
CORPORATION (CENTRAL)
			
		 	By:	 	 /s/ Laura D. Wheeland

		 	Name:	 	  
 Laura D. Wheeland

		 	Title:	 	  
 Vice
President

 [Signatures continue on following page] 
  

 Signature Page - Ninth Amendment (BofA-PNA) 

					
		 	CITIZENS BANK OF MASSACHUSETTS
			
		 	By:	 	 /s/ Christopher Naivue

		 	Name:	 	 Christopher Naivue

		 	Title:	 	 Vice President

		
		 	NATIONAL CITY BUSINESS CREDIT, INC.
			
		 	By:	 	/s/ Jason Hanes
		 	Name:	 	  
 Jason Hanes

		 	Title:	 	  
 Vice
President

		
		 	PNC BANK, NATIONAL ASSOCIATION
			
		 	By:	 	/s/ Alex M. Council
		 	Name:	 	  
 Alex M. Council

		 	Title:	 	  
 Vice
President

		
		 	TEXTRON FINANCIAL CORPORATION
			
		 	By:	 	/s/ Chris Grivakis
		 	Name:	 	  
 Chris Grivakis

		 	Title:	 	  
 Senior
Account Executive

		
		 	E*TRADE BANK
			
		 	By:	 	/s/ Matthew Geary
		 	Name:	 	  
 Matthew Geary

		 	Title:	 	  
 Executive
Vice President

		
		 	 MERRILL LYNCH BUSINESS FINANCIAL
SERVICES INC. (f/k/a Merrill Lynch Capital, a
 division of Merrill Lynch Business Financial Services Inc.)

			
		 	By:	 	/s/ Mark Blankstein
		 	Name:	 	  
 Mark Blankstein

		 	Title:	 	  
 Its Duly
Authorized Signatory

 [Signatures continue on following page] 
  

 Signature Page - Ninth Amendment (BofA-PNA) 

							
	BORROWERS:	 	SMITH PIPE & STEEL COMPANY
			
		 	By:	 	 /s/ Mary Ann Sigler

		 	Name:	 	 Mary Ann Sigler

		 	Title:	 	 Vice President

		
		 	INFRA-METALS CO.
			
		 	By:	 	 /s/ Mary Ann Sigler

		 	Name:	 	 Mary Ann Sigler

		 	Title:	 	 Vice President

		
		 	FERALLOY CORPORATION
			
		 	By:	 	 /s/ Mary Ann Sigler

		 	Name:	 	 Mary Ann Sigler

		 	Title:	 	 Vice President

		
		 	DELTA STEEL, L.P.
			
		 	By:	 	Delta GP, L.L.C., its general partner
				
		 		 	By:	 	 /s/ Mary Ann Sigler

		 		 	Name:	 	 Mary Ann Sigler

		 		 	Title:	 	 Vice President

			
		 	By:	 	Delta LP, L.L.C., its limited partner
				
		 		 	By:	 	 /s/ Mary Ann Sigler

		 		 	Name:	 	 Mary Ann Sigler

		 		 	Title:	 	 Vice President

		
		 	DELTA GP, L.L.C.
			
		 	By:	 	 /s/ Mary Ann Sigler

		 	Name:	 	 Mary Ann Sigler

		 	Title:	 	 Vice President

 [Signatures continue on following page] 
  

 Signature Page - Ninth Amendment (BofA-PNA) 

							
		 	DELTA LP, L.L.C.
			
		 	By:	 	 /s/ Mary Ann Sigler

		 	Name:	 	 Mary Ann Sigler

		 	Title:	 	 Vice President

		
		 	PNA GROUP, INC.
			
		 	By:	 	/s/ Mary Ann Sigler
		 	Name:	 	  
 Mary Ann
Sigler

		 	Title:	 	  
 Vice
President

		
		 	DELNOR CORPORATION
			
		 	By:	 	/s/ Mary Ann Sigler
		 	Name:	 	  
 Mary Ann
Sigler

		 	Title:	 	  
 Vice
President

		
		 	MSC MANAGEMENT, INC.
			
		 	By:	 	/s/ Mary Ann Sigler
		 	Name:	 	  
 Mary Ann
Sigler

		 	Title:	 	  
 Vice
President

		
		 	METALS SUPPLY COMPANY, LTD.
			
		 	By:	 	MSC Management, Inc., its general partner
				
		 		 	By:	 	/s/ Mary Ann Sigler
		 		 	Name:	 	  
 Mary Ann Sigler

		 		 	Title:	 	  
 Vice President

			
		 	By:	 	PNA Group, Inc., its limited partner
				
		 		 	By:	 	/s/ Mary Ann Sigler
		 		 	Name:	 	  
 Mary Ann Sigler

		 		 	Title:	 	  
 Vice President

 [Signatures continue on following page] 
  

 Signature Page - Ninth Amendment (BofA-PNA) 

							
		 	PRECISION FLAMECUTTING AND STEEL, L.P.
			
		 	By:	 	Precision GP Holding, LLC, its general partner
				
		 		 	By:	 	 /s/ Mary Ann Sigler

		 		 	Name:	 	 Mary Ann Sigler

		 		 	Title:	 	 Vice President

			
		 	By:	 	PNA Group, Inc., its limited partner
				
		 		 	By:	 	 /s/ Mary Ann Sigler

		 		 	Name:	 	 Mary Ann Sigler

		 		 	Title:	 	 Vice President

		
		 	PRECISION GP HOLDING, LLC
			
		 	By:	 	 /s/ Mary Ann Sigler

		 	Name:	 	 Mary Ann Sigler

		 	Title:	 	 Vice President

  

 Signature Page - Ninth Amendment (BofA-PNA) 

 SCHEDULE 1 
 COMMITMENTS 
  

									
					
	 Lender
	  	Revolver
Commitment	  	Term Loan 1
Commitment	 	Term Loan 2
Commitment	 	Total
	 Bank of America, N.A.
	  	$77,600,000.00	  	N/A*	 	N/A*	 	$77,600,000.00
					
	 LaSalle Bank National Association
	  	$46,100,000.00	  	N/A*	 	N/A*	 	$46,100,000.00
					
	 Wachovia Capital Finance Corporation (Central)
	  	$46,100,000.00	  	N/A*	 	N/A*	 	$46,100,000.00
					
	 The CIT Group/Business Credit, Inc,
	  	$41,100,000.00	  	N/A*	 	N/A*	 	$41,100,000.00
					
	 Wells Fargo Foothill, LLC
	  	$40,500,000.00	  	N/A*	 	N/A*	 	$40,500,000.00
					
	 Citizens Bank of Massachusetts
	  	$40,000,000.00	  	N/A*	 	N/A*	 	$40,000,000.00
					
	 PNC Bank, National Association
	  	$30,000,000.00	  	N/A*	 	N/A*	 	$30,000,000.00
					
	 National City Business Credit, Inc.
	  	$28,800,000.00	  	N/A*	 	N/A*	 	$28,800,000.00
					
	 Merrill Lynch Business Financial Services Inc. (f/k/a Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc.)

	  	$28,000,000.00	  	N/A*	 	N/A*	 	$28,000,000.00
					
	 Textron Financial Corporation
	  	$27,000,000.00	  	N/A*	 	N/A*	 	$27,000,000.00
					
	 E*Trade Bank
	  	$19,800,000.00	  	N/A*	 	N/A*	 	$19,800,000.00
					
	 Total
	  	$425,000,000.00	  	N/A*	 	N/A*	 	$425,000,000.00

  

	*	The Term Loan 1 Commitment and Term Loan 2 Commitment of each Lender expired upon the funding by such Lender of its Term Loan 1 Advance and Term Loan 2 Advance, respectively.
Each of the Term Loans has been paid in full. 

  

 Schedule 1 - Ninth Amendment (BofA-PNA) 

 CONSENT AND REAFFIRMATION 
 Each of the undersigned, being a guarantor of the Obligations of Borrowers at any time owing to Administrative Agent and Lenders, hereby
(i) acknowledges receipt of a copy of the foregoing Ninth Amendment to Amended and Restated Credit and Security Agreement; (ii) consents to Borrowers’ execution and delivery thereof and of the other documents, instruments or
agreements Borrowers agree to execute and deliver pursuant thereto; (iii) agrees to be bound thereby; and (iv) affirms that nothing contained therein shall modify in any respect whatsoever its guaranty of the Obligations and reaffirms that
such guaranty is and shall remain in full force and effect. 
 IN WITNESS WHEREOF, each of the undersigned has executed this Consent and
Reaffirmation under seal as of the date of such Ninth Amendment to Amended and Restated Credit and Security Agreement. 
  

					
		 	 PNA GROUP HOLDING CORPORATION
 (F/K/A
TRAVEL HOLDING CORPORATION)

			
		 	 By:
	 	 /s/ Mary Ann Sigler

		 	 Name:
	 	 Mary Ann Sigler

		 	 Title:
	 	 Vice President

		
		 	PNA INTERMEDIATE HOLDING CORPORATION
			
		 	 By:
	 	 /s/ Mary Ann Sigler

		 	 Name:
	 	 Mary Ann Sigler

		 	 Title:
	 	 Vice President

  

 Consent and Reaffirmation - Ninth Amendment (BofA-PNA)Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT made effective January 1, 2008 by and
between UTEK Corporation, a Delaware corporation, having an office at 2109 East Palm Avenue, Tampa, Florida 33605 (hereinafter referred to as “Employer”) and Clifford M. Gross, Ph.D., c/o UTEK Corporation,(hereinafter referred an
individual “Employee”): 
 WHEREAS, Employer employs, and desires to continue to employ, Employee as the Chief Executive
Officer (CEO) of Employer, and 
 WHEREAS, Employee is willing to continue to be employed as the CEO in the manner provided for
herein, and to perform the duties of the Employer upon the terms and conditions herein set forth; 
 NOW, THEREFORE, in consideration
of the promises and mutual covenants herein set forth it is agreed as follows; 
 1. Employment of Employee: Employer hereby
employs Employee as Chief Executive Officer. 
 2. Term. 
 a. Subject to Section 10 below the term of this Agreement shall commence on the first day of January 2008 and expire one year from such date unless renewed by mutual agreement of the parties. During the term
hereof, Employee shall devote substantially all of his business time and efforts to Employer and its subsidiaries and affiliates. 
 3.
Duties The Employee shall perform those functions generally performed by persons of such title and position, shall attend all meetings of the stockholders and the Board (unless unforeseen circumstances made such attendance extremely
difficult or impractical), shall perform any and all related duties and shall have any and all powers as may be prescribed by resolution of the Board, and shall be available to confer and consult with and advise the officers and directors of
Employer at such times that may be required by Employer. Employee shall report directly and solely to the Board. 
 4.
Compensation 
 a. (i) Employee shall be paid a salary of $550,000 per year and for each Annual Period thereafter. Employee shall
be paid periodically during the term of this Agreement, but not less than monthly. 
 b. (ii) A reasonable automobile allowance to cover
the cost of leasing, insuring and maintaining a vehicle for the duration of this employment agreement. 
  

					
	Employment Agreement	 	1	 	

 c. (iii) In the event of a “Change of Control: 
 (A) A person (other than a person who is an officer or a Director of Employer on the effective date hereof), including a “group” as defined in
Section 13(d)(3) of the securities Exchange Act of 1934, becomes, or obtains the right to become, the beneficial owner of Employer securities having 30% or more of the combined voting power of then outstanding securities of the Employer that
may be cast for the election of directors of the Employer; 
 (B) At any time, the Board-nominated slate of candidates for the Board is not
elected; 
 (C) Employer consummates a merger in which it is not the surviving entity; 
 (D) Substantially all of Employer’s assets are sold; or Employer’s stockholders approve the dissolution or liquidation of Employer; then

 (E) Employee shall be eligible to receive a one-time bonus, equal on an after-tax basis to two times his then current annual base salary.
To effectuate this provision, the bonus shall be “grossed-up” to include the amount necessary to reimburse Employee for his federal, state and local income tax liability on the bonus and on the “gross-up” at the respective
effective marginal tax rates. In no event shall this bonus exceed three times Employee’s then current base salary. Said bonus shall be paid within thirty (30) days of the Change of Control. 
 (F) All stock options, warrants and stock appreciation rights (“Rights”) granted by Employer to Employee under any plan or otherwise prior to
the effective date of the Change of Control, shall become vested, accelerate and become immediately exercisable. In the event Employee owns or is entitled to receive any unregistered securities of Employer, then Employer shall use its best efforts
to affect the registration of all such securities as soon as practicable, but no later than 120 days after the effective date of; provided, however, that such period may be extended or delayed by Employer for one period of up to 60 days if, upon the
advice of counsel at the time such registration is required to be filed, or at the time Employer is required to exercise its best efforts to cause such registration statement to become effective, such delay is advisable and in the best interests of
Employer because of the existence of non-public material information, or to allow Employer to complete any pending audit of its financial statements; 
 d. Employer shall include Employee in its health insurance program available to Employer’s executive officers and shall pay 100% of the premiums for such program. 
 e. Employee shall have the right to participate in any other employee benefit plans established by Employer. 
 f. At the end of the term of this Agreement or if the Employee is terminated 

  

					
	Employment Agreement	 	2	 	

 
or requested or forced to resign during the term of this Agreement for any reason including death or disability, the Employee shall be entitled to receive a
one-time severance payment, based upon the number of years the Employee has worked for the Employer times the sum of $100,000.00 per year (commencing on August 1, 1997). In addition, severance payment for partial years worked will be
made on a pro-rata basis. To effectuate this provision, the entire severance payment shall be “grossed-up” to include the amount necessary to reimburse Employee for his federal, state and local income tax liability on this severance
payment and on the “gross-up amount” at the respective effective marginal tax rates. Said severance shall be paid within ten (10) days of the conclusion of the term of this Agreement, unless this Agreement is extended by mutual
Agreement of the parties. 
 All stock options, warrants and stock appreciation rights (“Rights”) granted by Employer to Employee
under any plan or otherwise prior to the effective date of the termination by either the Company or the Employee, or the completion of the term of this Agreement, or the resignation of Employee after one year, shall become vested, accelerate and
become immediately exercisable. In the event Employee owns or is entitled to receive any unregistered securities of Employer, then Employer shall use its best efforts to affect the registration of all such securities as soon as practicable, but no
later than 120 days after the effective date; provided, however, that such period may be extended or delayed by Employer for one period of up to 60 days if, upon the advice of counsel at the time such registration is required to be filed, or at the
time Employer is required to exercise its best efforts to cause such registration statement to become effective, such delay is advisable and in the best interests of Employer because of the existence of non-public material information, or to allow
Employer to complete any pending audit of its financial statements; 
 5. Board of Directors. Employer agrees that so long as
this Agreement in effect, Employee will be nominated to the Board as part of management’s slate of Directors. 
 a. Employee will be
covered by Employers D&O policy for all actions performed while serving in the capacity of Chairman of the Board and CEO of the Employer beginning in 1997. 
 6. Expenses. Employee shall be reimbursed for all of his actual out-of-pocket expenses incurred in the performance of his duties hereunder, provided such expenses are acceptable to Employer, which
approval shall not be unreasonably withheld, for business related travel and entertainment expenses, and that Employee shall submit to Employer reasonably detailed receipts with respect thereto. 
  

					
	Employment Agreement	 	3	 	

 7. Vacation Employee shall be entitled to receive four (4) weeks paid vacation time
upon dates agreed upon by Employer. Vacation time not used may be accrued by the Employee during the term this Agreement. 
 8.
Secrecy At no time shall Employee disclose to anyone any confidential or secret information (not already constituting information available to the public) concerning internal affairs or proprietary business operations of Employer.

 9. Covenant Not to Compete Subject to, and limited by, section 11(b), Employee will not, at any time, anywhere in the world,
during the term of this Agreement, and for one (1) year thereafter, either directly or indirectly, engage in, with or for any enterprise, institution, whether or not for profit, business, or company, competitive with the business of Employer as
such business may be conducted on the date thereof, as a creditor, guarantor, or financial backer, stockholder, director, officer, consultant, advisor, employee, member, inventor, producer, director, or otherwise of or through any corporation,
partnership, association, sole proprietorship or other entity; provided, that an investment by Employee, his spouse or his children is permitted if such investment is not more than four percent (4%) of the total debt or equity capital of any
such competitive enterprise or business and further provided that said competitive enterprise or business is a publicly held entity whose stock is listed and traded on a national stock exchange or through the NASDAQ or AMEX Stock Market. 

10. Termination. 
 a.
Termination by Employer 
 (i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof,
“Cause” shall mean (A) engaging by the Employee in conduct that constitutes activity in competition with Employer; (B) the conviction of Employee for the commission of a felony; and/or (C) the habitual abuse of alcohol or
controlled substances. Notwithstanding anything to the contrary in this Section 10(a)(i), Employer may not terminate Employee’s employment under this Agreement for Cause unless Employee shall have first received notice from the Board
advising Employee of the specific acts or omissions alleged to constitute cause, and such acts or omissions continue after Employee shall have had a reasonable opportunity (At least 10 days from the date Employee receives the notice from the Board)
to correct the acts or omissions so complained of. In no event shall alleged incompetence of Employee in the performance of Employees duties be deemed grounds for termination for Cause. 
 (ii) Employer may terminate Employee’s employment under this Agreement if, as a result of any physical or mental disability, Employee shall fail or
be unable to perform his duties under this Agreement for any consecutive period of 90 days during any twelve-month period. If Employees employment is terminated under this Section 10(a)(ii): (A) for the 

  

					
	Employment Agreement	 	4	 	

 
first six months after termination, Employee shall be paid 100% of his full compensation under Section 4(a) of this Agreement at the rate in affect on
the date of termination, and in each successive 12 month period thereafter Employee shall be paid an amount equal to 67% of his compensation under Section 4(a) of this agreement at the rate in effect on the date of termination and
(B) Employee shall continue to be entitled, insofar as is permitted under applicable insurance policies or plans, to such general medical and employee benefit plans (including profit sharing or pension plans) as Employee had been entitled to on
the date of termination. Any amounts payable by Employer to Employee under this paragraph shall be reduced by the amount of any disability payments payable by or pursuant to plans provided by Employer and actually paid to Employee. 
 (iii) This agreement automatically shall terminate upon the death of Employee, except that Employee’s estate shall be entitled to receive any
amount accrued under Section 4(a)and 4(f.), and any other amount to which Employee was entitled of the time of his death. 
 b.
Termination by Employee 
 Employee shall have the right to terminate his employment under this Agreement upon 30 days’ notice to
Employer given within 90 days following the occurrence of any of the following events (A) through (F): 
 (A) Employee is not elected
to the BOD or retained as CEO. 
 (B) Employer acts to materially reduce Employee’s duties and responsibilities hereunder.
Employee’s duties and responsibilities shall not be deemed materially reduced for purposes hereof solely by virtue of the fact that Employer is (or substantially all of its assets are) sold to, or is combined with, another entity, provided that
Employee shall continue to have the same duties and responsibilities with respect to Employer’s business, and Employee shall report directly to the chief executive officer and/or board of directors of the entity (or individual) that acquires
Employer or its assets. 
 (C) A Material Reduction (as hereinafter defined) in Employees rate of base compensation, or Employee’s
other benefits. “Material Reduction” shall mean a ten percent (10%) differential; 
 (D) A failure by Employer to obtain the
assumption of this Agreement by any successor; 
 (E) A material breach of this Agreement by Employer, which is not cured within thirty
(30) days of written notice of such breach by Employer; 
 (F) A Change of Control. 
  

					
	Employment Agreement	 	5	 	

 11. Consequences of Breach by Employment Termination. 
 a. If this Agreement is terminated pursuant to Section 10(a)hereof, or if Employer shall terminate Employee’s employment under this Agreement
in any way that is a breach of this Agreement by Employer, the Employee shall receive the severance payment as set forth in paragraph 4 (f). 
 12. Remedies. Employer recognizes that because of Employee’s special talents, stature and opportunities in the technology transfer industry, and because of the special creative nature of and compensation practices of said
industry and the material impact that individual projects can have on company’s results of operations, in the event of termination by Employer hereunder (except under Section 10(a)(i) or (iii), or in the event of termination by Employee
under Section 10(b) before the end of the agreed term, the Employer acknowledges and agrees that the provisions of this Agreement regarding further payments of base salary, bonuses and the exercisability of Rights Constitute fair and reasonable
provisions for the consequences of such termination, do not constitute a penalty, and such payments and benefits shall not be limited or reduced by amounts’ Employee might earn or be able to earn from any other employment or ventures during the
remainder of the agreed term of this Agreement. 
 13. Excise Tax. In the event that any payment or benefit received or to be
received by Employee in connection with a termination of his employment with Employer would constitute a “parachute payment” within the meaning of Code Section 28OG or any similar or successor provision to 28OG and/or would be subject
to any excise tax imposed by Code Section 4999 or any similar or successor provision then Employer shall assume all liability for the payment of any such tax and Employer shall immediately reimburse Employee on a “grossed-up” basis
for any income taxes attributable to Employee by reason of such Employer payment and reimbursements. 
 14. Arbitration Any
controversies between Employer and Employee involving the construction or application of any of the terms, provisions or conditions of this Agreement, save and except for any breaches arising out of Sections 8 and 9 hereof, shall on the written
request of either party served on the other be submitted to arbitration. Such arbitration shall comply with and be governed by the rules of the American Arbitration Association. An arbitration demand must be made within one (1) year of the date
on which the party demanding arbitration first had notice of the existence of the claim to be arbitrated, or the right to arbitration along with such claim shall be considered to have been waived. An arbitrator shall be selected according to the
procedures of the American Arbitration Association. The cost of arbitration shall be born by the losing party or in such proportions as the arbitrator shall decide. The arbitrator shall have no authority to add to, subtract from or otherwise modify
the provisions of this Agreement, or to award punitive damages to either party. 
 15. Attorney’s Fees and Costs. If any
action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which he may
be entitled. 
  

					
	Employment Agreement	 	6	 	

 16. Entire Agreement; Survival. This Agreement contains the entire agreement between the
parties with respect to the transactions contemplated herein and supersedes, effective as of the date hereof any prior agreement or understanding between Employer and Employee with respect to Employee’s employment by Employer. The
unenforceability of any provision of this Agreement shall not effect the enforceability of any other Provision. This Agreement may not be amended except by an agreement in writing signed by the Employee and the Employer, or any waiver, change,
discharge or modification as sought. Waiver of or failure to exercise any rights provided by this Agreement and in any respect shall not be deemed a waiver of any further or future rights. 
 The provisions of Sections 4, 5a, 8, 9, 10, 11, 12, 13, 14,15,18,19 and 20 shall survive the termination of this Agreement. 
 17. Assignment This Agreement shall not be assigned to other parties. 
 18. Governing Law This Agreement and all the amendments hereof, and waivers and consents with respect thereto shall be governed by
the internal laws of the State of Florida, without regard to the conflicts of laws principles thereof. 
 19. Notice All
notices, responses, demands or other communications under this Agreement shall be in writing and shall be deemed to have been given when 
 a. delivered by
hand; 
 b. sent be telex or telefax, (with receipt confirmed), provided that a copy is mailed by registered or certified mail, return receipt requested; or

 c. received by the addressee as sent be express delivery service (receipt requested) in each case to the appropriate addresses, telex numbers and telefax
numbers as the party may designate to itself by notice to the other parties: 
  

	 	(i)	If to the Employer: 

 UTEK Corporation

 2109 East Palm Avenue 
 Tampa, Fl 33605 
 Telefax: 813-754-2383 
 Telephone: 813-754-4330 
  

	 	(ii)	If to the Employee: 

 Dr. Clifford M. Gross 
 c/o UTEK Corporation as above 
 20. Severability Should any part of this Agreement for any reason be declared invalid by a court of competent jurisdiction, such
decision shall not affect the validity of any remaining portion, which remaining provisions shall remain in full force and effect as if this Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the
intention of the parties that they would have executed the remaining portions of this Agreement without including any such part, parts or portions which may, for any reason, be hereafter declared invalid. 
  

					
	Employment Agreement	 	7	 	

 IN WITNESS WHEREOF, the undersigned have executed this agreement as of the day and year first
above written. 
  

			
	UTEK Corporation
		
		 	 /s/ Sam I. Reiber

	By;	 	Sam I. Reiber, Vice President & General Counsel
		
		 	 /s/ Clifford M. Gross

	By;	 	Clifford M. Gross, Ph.D.
		 	Employee
	Date:	 	March 10, 2008

  

					
	Employment Agreement	 	8

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