Document:

Exhibit 4.1

 

THIRD AMENDMENT

TO

LINE OF CREDIT LOAN AGREEMENT

 

THIS THIRD AMENDMENT
TO LINE OF CREDIT LOAN AGREEMENT (“Third Amendment”) is made effective as of September 9,
2005, by and between MGP INGREDIENTS, INC. (“Company”) and COMMERCE BANK, N.A.
(“Bank”).

 

WHEREAS,
Company and Bank entered into that certain Line of Credit Loan Agreement dated November 25,
2003, as amended pursuant to (i) that certain First Amendment to Line of
Credit Loan Agreement dated September 17, 2004, and (ii) that certain
Second Amendment to Line of Credit Loan Agreement dated as of November 30,
2004 (as previously amended, the “Loan Agreement”); and

 

WHEREAS,
pursuant to the terms of the Loan Agreement, the Line of Credit matures on November 30,
2005, and all sums outstanding on such date shall become due and payable in
full; and

 

WHEREAS,
Company desires to extend the maturity of and amend the Line of Credit as
hereinafter set forth.

 

NOW,
THEREFORE, Company and Bank agree as follows:

 

1.                                       Terms
used herein, which are defined in the Loan Agreement, shall have the meanings
given to them in the Loan Agreement.

 

2.                                       The
first sentence to Section 1.3 of the Loan Agreement is hereby amended to
read in its entirety as follows:

 

The Line of Credit shall be evidenced by the
Third Amended and Restated Line of Credit Note in form and substance acceptable
to Bank (the “Line of Credit Note”).

 

3.                                       Section 1.4
of the Loan Agreement is hereby amended to read in its entirety as follows:

 

Upon the occurrence of an Event of Default as
defined in Section 4.1, or on July 1, 2006, the outstanding principal
balance of the Line of Credit Note together with all accrued interest shall
become immediately due and payable in full.

 

4.                                       Except
to the extent specifically amended by this Third Amendment, the Loan Agreement
shall remain in full force and effect.

 

5.                                       ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND
CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT, INCLUDING PROMISES TO
EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE. TO PROTECT YOU (BORROWER) AND
US

 

 

(CREDITOR)
FROM MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY AGREEMENTS WE REACH COVERING
SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE
STATEMENT OF THE AGREEMENT BETWEEN US EXCEPT AS WE MAY LATER AGREE IN WRITING
TO MODIFY IT.

 

BY SIGNING
BELOW, YOU AND WE AGREE THAT THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN US.

 

6.                                       This
Third Amendment shall be governed by, and construed in accordance with, the
laws of the State of Missouri.

 

IN WITNESS
WHEREOF, the parties hereto have caused this Third Amendment to be executed by
their respective officers as of the date written above.

 

	
   

  	
  MGP INGREDIENTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian T. Cahill

  	
   

  
	
   

  	
  Title: CFO

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ladd. M. Seaberg

  	
   

  
	
   

  	
  Title: President and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COMMERCE BANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lance Holden

  	
   

  
	
   

  	
  Title: Senior Vice President

  

 

2Exhibit 4.2

 

THIRD AMENDED AND RESTATED LINE
OF CREDIT NOTE

 

	
  $20,000,000

  	
   

  	
   

  	
  September 9,
  2005

  
	
  Maximum
  Amount and Interest

  	
   

  	
   

  	
  Kansas City,
  Missouri

  

 

FOR VALUE
RECEIVED, the undersigned, MGP INGREDIENTS, INC., a Kansas corporation (“Borrower”)
hereby promises to pay to the order of Commerce Bank, N.A. (“Bank”) at its
offices in Kansas City, Missouri, the aggregate unpaid principal amount and
accrued interest of all borrowings hereunder on July 1, 2006. The
aggregate unpaid principal amount shall become immediately due and payable,
without demand or further action on the part of Bank, upon the occurrence of an
Event of Default as set forth in the Line of Credit Loan Agreement dated November 25,
2003, as amended pursuant to (i) that certain First Amendment to Line of
Credit Loan Agreement dated September 17, 2004, by and between Borrower
and Bank, (ii) that certain Second Amendment to Line of Credit Loan
Agreement dated as of November 30, 2004, and (iii) that certain Third
Amendment to Line of Credit Loan Agreement of even date herewith, by and
between Borrower and Bank (as previously amended, the “Loan Agreement”).

 

This Third Amended
and Restated Line of Credit Note shall bear interest at the per annum rates as
set forth in the Loan Agreement. Accrued interest shall be paid on the days
provided therefor in the Loan Agreement, and upon the due date and payment (including
prepayment) in full of the unpaid principal amount hereof. Accrued interest
shall be calculated on the actual number of days outstanding based on a year
consisting of 360 days. After maturity (whether by acceleration or otherwise),
this Third Amended and Restated Line of Credit Note shall bear interest at 3%
in excess of the Prime Rate (as that term is defined in the Loan Agreement);
and if not paid monthly, such interest shall be compounded monthly.

 

So long as the
Loan Agreement has not been terminated, Borrower may, from the date of this Third
Amended and Restated Line of Credit Note until and including July 1, 2006,
borrow, repay and reborrow sums, at any one time outstanding, not to exceed
$20,000,000. Bank is authorized to endorse on the schedule annexed hereto
and made a part hereof, or on a continuation thereof, or to otherwise record in
a manner satisfactory to the Bank, appropriate notations evidencing the date
and amount of each advance, and the date and amount of each payment, which
endorsement or recording shall constitute prima facie evidence of the accuracy
of the information endorsed or recorded; provided, however, that the failure to
make such notations or recordings shall not affect the obligations of Borrower
under this Third Amended and Restated Line of Credit Note or the Loan Agreement
or affect the validity of any payment with respect thereto.

 

Borrower
hereby waives presentment, protest, demand and notice of dishonor or default.

 

This Third Amended
and Restated Line of Credit Note is issued pursuant to the terms of the Loan
Agreement, to which Loan Agreement, and any amendments thereto, reference is
hereby made for a statement of the terms and conditions under which this
borrowing was made, and is to be repaid.

 

 

IN WITNESS
WHEREOF, Borrower has duly caused this Third Amended and Restated Line of
Credit Note to be executed and delivered as of the date first written above.

 

 

	
   

  	
  MGP INGREDIENTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian T. Cahill

  	
   

  
	
   

  	
  Title: CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ladd M. Seaberg

  	
   

  
	
   

  	
  Title: President & CEO

  

 

2Exhibit 10.1

 

UTSTARCOM, INC.

1997 STOCK PLAN

NOTICE OF GRANT OF STOCK PURCHASE RIGHT

 

Unless otherwise defined herein, the terms defined in the 1997 Stock
Plan will have the same defined meanings in this Notice of Grant of Stock
Purchase Right (the “Notice of Grant”).

 

Name:

 

Address:

 

You have been granted the right to purchase Common Stock of the Company,
subject to the Company’s Reacquisition Right (as described in the attached
Restricted Stock Agreement), as follows:

 

	
  Grant Number

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of Grant

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Price Per Share

  	
  $0.00125

  	
   

  
	
   

  	
   

  	
   

  
	
  Total Number of Shares Subject

  	
   

  	
   

  
	
  to Stock Purchase Right

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
   

  

 

YOU MUST PURCHASE THE SHARES BEFORE THE EXPIRATION DATE OR THE STOCK
PURCHASE RIGHT WILL TERMINATE AND YOU WILL HAVE NO FURTHER RIGHT TO PURCHASE
THE SHARES.  By your signature and the signature
of the Company’s representative below, you and the Company agree that this
Stock Purchase Right is granted under and governed by the terms and conditions
of the 1997 Stock Plan and the Restricted Stock Agreement, attached hereto as Exhibit A-1,
both of which are made a part of this document. 
You further agree to execute the attached Restricted Stock Agreement as
a condition to purchasing any Shares under this Stock Purchase Right.

 

	
  PURCHASER

  	
   

  	
  UTSTARCOM,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
  By

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
  Title

  

 

 

EXHIBIT A-1

 

UTSTARCOM, INC.

 

1997 STOCK PLAN

 

RESTRICTED STOCK AGREEMENT

 

Unless otherwise defined herein, the terms defined in the 1997 Stock
Plan (the “Plan”) will have the same defined meanings in this Restricted Stock
Agreement.

 

WHEREAS, the individual named in the Notice of Grant, (the “Purchaser”)
is a Service Provider, and the Purchaser’s continued participation in the
affairs of the Company is considered by the Company to be important for the
Company’s continued growth; and

 

WHEREAS
in order to give the Purchaser an opportunity to acquire an equity interest in
the Company as an incentive for the Purchaser to continue to participate in the
affairs of the Company, the Administrator has granted to the Purchaser a Stock
Purchase Right subject to the terms and conditions of the Plan and the Notice
of Grant, which are incorporated herein by reference, and pursuant to this
Restricted Stock Agreement (the “Agreement”).

 

NOW
THEREFORE, the parties agree as follows:

 

1.                                       Sale
of Stock.  The Company hereby agrees
to sell to the Purchaser and the Purchaser hereby agrees to purchase the number
of shares of the Company’s Common Stock (the “Restricted Stock”), at the per
Share purchase price and as otherwise described in the Notice of Grant.

 

2.                                       Payment
of Purchase Price.  The purchase
price for the Restricted Stock, if any, may be paid by delivery to the Company
at the time of execution of this Agreement of cash, a check, or some
combination thereof, together with any applicable withholding taxes.

 

3.                                       Reacquisition
Right.  In the event the Purchaser
ceases to be a Service Provider for any or no reason (including death or
Disability) before all of the Shares of Restricted Stock are released from the
Company’s Reacquisition Right (see Section 4), all Unreleased Shares (as
defined in Section 4) will thereupon be forfeited and automatically
transferred to and reacquired by the Company at no cost to the Company (the “Reacquisition
Right”).  The Purchaser will not be
entitled to a refund of the price paid for any Shares of Restricted Stock
returned to the Company pursuant to this Section 3.  Upon such termination, the Company will
become the legal and beneficial owner of the Shares of Restricted Stock being
forfeited and reacquired by the Company and all rights and interests therein or
relating thereto, and the Company will have the right to retain and transfer to
its own name the number of Shares of Restricted Stock being reacquired by the
Company.

 

4.                                       Release
of Shares From Reacquisition Right.

 

(a)                                  Vesting
Schedule.  25% of the Shares will
vest after each successive one-year anniversary following the Vesting
Commencement Date, such that 100% of the Shares will be fully vested on the four-year
anniversary of the Vesting Commencement Date, provided that the Purchaser
continues to be a Service Provider through each such date.

 

 

(b)                                 Any
of the Shares that have not yet been released from the Reacquisition Right are
referred to herein as “Unreleased Shares.”

 

5.                                       Restriction
on Transfer.  Except for the escrow
described in Section 6 or the transfer of the Shares to the Company
contemplated by this Agreement, none of the Shares or any beneficial interest
therein will be transferred, encumbered or otherwise disposed of in any way
until such Shares are released from the Company’s Reacquisition Right in
accordance with the provisions of this Agreement.  Any distribution or delivery to be made to
the Purchaser under this Agreement will, if the Purchaser is then deceased, be
made to the Purchaser’s designated beneficiary, or if no beneficiary survives
the Purchaser, to the administrator or executor of the Purchaser’s estate.  Any such transferee must furnish the Company
with (a) written notice of his or her status as transferee, and (b) evidence
satisfactory to the Company to establish the validity of the transfer and
compliance with any laws or regulations pertaining to said transfer.

 

6.                                       Escrow
of Shares.

 

(a)                                  All
Shares of Restricted Stock will, upon execution of this Agreement, be delivered
and deposited with an escrow holder designated by the Company (the “Escrow
Holder”).  The Shares of Restricted Stock
and stock assignment will be held by the Escrow Holder until such time as the
Company’s Reacquisition Right expires or the date the Purchaser ceases to be a
Service Provider.

 

(b)                                 The
Escrow Holder will not be liable for any act it may do or omit to do with
respect to holding the Unreleased Shares in escrow while acting in good faith and
in the exercise of its judgment.

 

(c)                                  Upon
the Purchaser’s termination as a Service Provider for any reason, the Escrow
Holder, upon receipt of written notice of such termination, will take all steps
necessary to accomplish the transfer of the Unreleased Shares to the
Company.  The Purchaser hereby appoints
the Escrow Holder with full power of substitution, as the Purchaser’s true and
lawful attorney-in-fact with irrevocable power and authority in the name and on
behalf of the Purchaser to take any action and execute all documents and
instruments, including, without limitation, stock powers which may be necessary
to transfer the certificate or certificates evidencing such Unreleased Shares
to the Company upon such termination.

 

(d)                                 When
a portion of the Shares has been released from the Reacquisition Right, upon
request, the Escrow Holder will take all steps necessary to accomplish the
transfer of the Unreleased Shares to the Purchaser.

 

(e)                                  Subject
to the terms hereof, the Purchaser will have all the rights of a shareholder
with respect to the Shares while they are held in escrow, including without
limitation, the right to vote the Shares and to receive any cash dividends
declared thereon.

 

(f)                                    In
the event of any merger, reorganization, consolidation, recapitalization,
separation, liquidation, stock dividend, split-up, share combination, or other
change in the corporate structure of the Company affecting the Common Stock,
the Shares of Restricted Stock will be increased, reduced or otherwise changed,
and by virtue of any such change the Purchaser will in his capacity as owner of
Unreleased Shares that have been awarded to him be entitled to new or
additional or different shares of stock, cash or securities (other than rights
or warrants to purchase securities); such new or additional or different
shares, cash or securities will thereupon be considered to be Unreleased Shares
and will be subject to all of the conditions and restrictions which were

 

2

 

applicable to the Unreleased Shares pursuant to this
Agreement.  If the Purchaser receives
rights or warrants with respect to any Unreleased Shares, such rights or
warrants may be held or exercised by the Purchaser, provided that until such
exercise any such rights or warrants and after such exercise any shares or
other securities acquired by the exercise of such rights or warrants will be
considered to be Unreleased Shares and will be subject to all of the conditions
and restrictions which were applicable to the Unreleased Shares pursuant to
this Agreement.  The Administrator in its
absolute discretion at any time may accelerate the vesting of all or any
portion of such new or additional shares of stock, cash or securities, rights
or warrants to purchase securities or shares or other securities acquired by
the exercise of such rights or warrants.

 

(g)                                 The
Company may instruct the transfer agent for its Common Stock to place a legend
on the certificates representing the Restricted Stock or otherwise note its
records as to the restrictions on transfer set forth in this Agreement.

 

7.                                       Withholding
of Taxes.  Notwithstanding any
contrary provision of this Agreement, no certificate representing the Shares of
Restricted Stock may be released from the escrow established pursuant to Section 6,
unless and until satisfactory arrangements (as determined by the Administrator)
will have been made by the Participant with respect to the payment of income,
employment and other taxes which the Company determines must be withheld with respect
to such Shares.  The Administrator, in
its sole discretion and pursuant to such procedures as it may specify from time
to time, may permit the Participant to satisfy such tax withholding obligation,
in whole or in part by one or more of the following (without limitation): (a) paying
cash, (b) electing to have the Company withhold otherwise deliverable
Shares having a Fair Market Value equal to the minimum amount required to be
withheld, (c) delivering to the Company already vested and owned Shares having
a Fair Market Value equal to the amount required to be withheld, or (d) selling
a sufficient number of such Shares otherwise deliverable to Participant through
such means as the Company may determine in its sole discretion (whether through
a broker or otherwise) equal to the amount required to be withheld.

 

8.                                       General
Provisions.

 

(a)                                  This
Agreement will be governed by the internal substantive laws, but not the choice
of law rules of California.  This
Agreement, subject to the terms and conditions of the Plan and the Notice of
Grant, represents the entire agreement between the parties with respect to the
purchase of the Shares by the Purchaser. 
Subject to Section 14(c) of the Plan, in the event of a
conflict between the terms and conditions of the Plan and the terms and
conditions of this Agreement, the terms and conditions of the Plan will
prevail.  Unless otherwise defined
herein, the terms defined in the Plan will have the same defined meanings in
this Agreement.

 

(b)                                 Any
notice, demand or request required or permitted to be given by either the
Company or the Purchaser pursuant to the terms of this Agreement will be in
writing and will be deemed given when delivered personally or deposited in the
U.S. mail, First Class with postage prepaid, and addressed to the parties
at the addresses of the parties set forth at the end of this Agreement or such
other address as a party may request by notifying the other in writing.

 

Any notice to the Escrow Holder will be sent to the Company’s address
with a copy to the other party hereto.

 

(c)                                  The
rights of the Company under this Agreement will be transferable to any one or
more persons or entities, and all covenants and agreements hereunder will inure
to the benefit of, and be enforceable by the Company’s successors and
assigns.  The rights and obligations of
the

 

3

 

Purchaser under this Agreement may only be assigned
with the prior written consent of the Company.

 

(d)                                 Either
party’s failure to enforce any provision of this Agreement will not in any way
be construed as a waiver of any such provision, nor prevent that party from
thereafter enforcing any other provision of this Agreement.  The rights granted both parties hereunder are
cumulative and will not constitute a waiver of either party’s right to assert
any other legal remedy available to it.

 

(e)                                  The
Purchaser agrees upon request to execute any further documents or instruments
necessary or desirable to carry out the purposes or intent of this Agreement.

 

(f)                                    Purchaser
acknowledges and agrees that the vesting of Shares of Restricted Stock pursuant
to Section 4 hereof is earned only by continuing as a Service Provider at
the will of the Company (and not through the act of being hired or purchasing
Shares hereunder).  Purchaser further
acknowledges and agrees that this Agreement, the transactions contemplated
hereunder and the vesting schedule set forth herein do not constitute an
express or implied promise of continued engagement as a Service Provider for
the vesting period, for any period, or at all, and will not interfere with the
Purchaser’s right or the Company’s right to terminate the Purchaser’s
relationship as a Service Provider at any time, with or without cause.

 

By
Purchaser’s signature below, Purchaser represents that he or she is familiar
with the terms and provisions of the Plan, and hereby accepts this Agreement
subject to all of the terms and provisions thereof.  Purchaser has reviewed the Plan and this
Agreement in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Agreement and fully understands all provisions
of this Agreement.  Purchaser agrees to
accept as binding, conclusive and final all decisions or interpretations of the
Administrator upon any questions arising under the Plan or this Agreement.  Purchaser further agrees to notify the
Company upon any change in the residence indicated in the Notice of Grant.

 

 

	
  PURCHASER:

  	
   

  	
  UTSTARCOM,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
  By

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
  Title

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:
                              ,
  200[    ]

  	
   

  	
  Date:
                              ,
  200[    ]

  

 

4

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