Document:

Exhibit 10.1

 

January 30, 2013

 

Mr. Randy Thurman

[ADDRESS]

 

Dear Randy:

 

Further to our recent conversations, on
behalf of the Board of Directors (the “Board”) of Arno Therapeutics, Inc. (“Arno”), I am pleased to extend
to you an offer to join the Board.

 

In connection with your appointment to
the Board, as consideration for your service, Arno shall pay you an annual cash stipend of fifty thousand dollars ($50,000), which
shall be payable to you in quarterly installments in arrears. In addition, Arno shall grant you options (the “Options”)
to purchase two hundred thousand (200,000) shares of Arno’s common stock at an exercise price equal to $0.30 per share. One-third
of the Options shall be immediately vested and exercisable on the grant date and the balance shall vest and become exercisable
during the Term in two (2) equal annual installments on each anniversary of your appointment. Moreover, you shall receive annually
additional option grants consistent with the Board’s compensation plan, which is currently under review by Arno’s Compensation
Committee.

 

We are very excited about your joining
the Board and believe that you will be instrumental in the growth of Arno. We hope that you will accept our invitation and look
forward to working with you to build Arno into a successful oncology company.

 

If this offer is acceptable to you, kindly
so indicate by signing where appropriate below and returning a copy of this letter to me at your earliest convenience.

 

As always, please don’t hesitate
to call me with any questions.

 

	 	Very truly yours,
	 	 
	 	/s/ Glenn R. Mattes
	 	Glenn R. Mattes
	 	Chief Executive Officer

 

	Agreed and Accepted:	 
	 	 	 
	By: 	/s/ Randy Thurman	 
	Name: 	Randy Thurman	 
	Date: 	January 30, 2013AMENDMENT NO. 22 TO AMENDED AND
RESTATED COMMERCIAL LOAN AND SECURITY AGREEMENT

 

This AMENDMENT NO.
22 TO AMENDED AND RESTATED COMMERCIAL LOAN AND SECURITY AGREEMENT (this “Agreement”) is made as of
the 30th day of January, 2013, by and among TRANS-LUX CORPORATION, a Delaware corporation, with its chief executive office
and principal place of business located at 26 Pearl Street, Norwalk, Connecticut 06850 (“Borrower”), each of
the other corporations signatory hereto as guarantors (collectively, the “Guarantors”), and PEOPLE’S
UNITED BANK (formerly known as People’s Bank), a Connecticut chartered banking corporation with an office located at
350 Bedford Street, Stamford, Connecticut 06901 (“Lender”).

 

W I T N E S S E T H:

 

WHEREAS, Lender has
made certain loans (collectively, the “Loans”) to Borrower pursuant to a certain Amended and Restated Commercial
Loan and Security Agreement dated as of December 23, 2004 (the “Original LSA”), as amended by a certain Amendment
No.1 to Amended and Restated Commercial Loan and Security Agreement dated as of May 9, 2006, as further amended by a letter agreement
dated November 16, 2006, as further amended by a letter agreement dated April 2, 2007, as further amended by a letter agreement
dated May 17, 2007 as further amended by a certain Amendment No. 5 to Amended and Restated Commercial Loan and Security Agreement
dated as of August 9, 2007, as further amended by a letter agreement dated March 24, 2008, as further amended by a letter agreement
dated March 27, 2008, as further amended by a certain Amendment No. 8 to Amended and Restated Commercial Loan and Security Agreement
dated as of May 20, 2008, as further amended by a certain Amendment No. 9 to Amended and Restated Commercial Loan and Security
Agreement dated as of July 16, 2008, as further amended by a letter agreement dated August 13, 2008, as further amended by a letter
agreement dated November 14, 2008, as further amended by a letter agreement dated November 20, 2008, as further amended by a certain
Amendment No. 13 to Amended and Restated Commercial Loan and Security Agreement and Waiver Agreement dated as of September 4, 2009,
as further amended by a certain Amendment No. 14 to Amended and Restated Commercial Loan and Security Agreement and Waiver Agreement
dated as of April 2, 2010, as further amended by a certain Amendment No. 15 to Amended and Restated Commercial Loan and Security
Agreement and Waiver Agreement dated as of August 1, 2010, as further amended by a certain, as further amended by a certain Amendment
No. 16 to Amended and Restated Commercial Loan and Security Agreement and Waiver Agreement dated as of May 1, 2011, as further
amended by a certain Amendment No. 17 to Amended and Restated Commercial Loan and Security Agreement and Consent Agreement dated
as of June 15, 2011, as further amended by a certain Amendment No. 18 to Amended and Restated Commercial Loan and Security Agreement
and Note Amendment dated as of November 1, 2011, as further amended by certain letter agreements dated November 14, 2011 and December
1, 2011, as further amended by a certain Waiver and Amendment No. 19 to Amended and Restated Commercial Loan and Security Agreement
dated as of December 31, 2011, as further amended by a certain Amendment No. 20 to Amended and Restated Loan and Security Agreement
dated as of March 30, 2012, and as further amended by a certain Waiver and Amendment No. 21 to Amended and Restated Loan and Security
Agreement dated as of October 25, 2012 (collectively, the “Prior Amendments”);

 

    	 

    	 	

    
 

WHEREAS, in addition
to the Prior Amendments, the Original LSA was also amended by a letter agreement dated April 20, 2009, a letter agreement dated
August 14, 2009, a letter agreement dated April 16, 2012, and a letter agreement dated May 21, 2012 (collectively, the “Letter
Agreements”) (the Original LSA, as amended by the Prior Amendments and the Letter Agreements and as further amended from
time to time, being hereinafter referred to as, the “LSA”);

 

WHEREAS, capitalized
terms not otherwise defined in this Agreement shall have the meanings ascribed to them in the LSA;

 

WHEREAS, (a) the Guarantors
(other than Trans-Lux Southwest Corporation and Trans-Lux Energy Corporation) have guaranteed all obligations of the Borrower to
the Lender under the LSA and related Loan Documents pursuant to a certain Amended and Restated Unlimited Guaranty dated as of December
23, 2004 (as the same may be amended or reaffirmed from time to time, the “Original Guarantor Guaranty”); and
(b) Trans-Lux Southwest Corporation and Trans-Lux Energy Corporation have guaranteed all obligations of the Borrower to the Lender
under the LSA and related Loan Documents pursuant to a certain Unlimited Guaranty dated as of May 1, 2011 (as the same may be amended
or reaffirmed from time to time, the “Additional Guarantor Guaranty” and together with the Original Guarantor
Guaranty, the “Guaranty”);

 

WHEREAS, as security
for its obligations to the Lender, including, without limitation, those arising under the LSA the Borrower has, among other things,
granted to the Lender a lien on and security interest in all of its personal property assets pursuant to the LSA;

 

WHEREAS, as security
for their respective obligations to the Lender under the Guaranty, each Secured Guarantor has granted to the Lender a lien on and
security interest in all of its personal property assets pursuant to a certain Amended and Restated Guarantor Security Agreement
dated as of December 23, 2004 (as the same may be amended or reaffirmed from time to time, the “Guarantor Security Agreement”);

 

WHEREAS, the Borrower
has repaid the Converted Term Loan in full and, as of the date hereof, the only credit facilities available to the Borrower under
the LSA are the Revolving Loan facility and the Letter of Credit sub-facility);

 

WHEREAS, on or about
November 9, 2011, Trans-Lux Loveland Corporation merged into Trans-Lux Movie Operations Corporation with Trans-Lux Movie Operations
Corporation being the surviving corporation;

 

WHEREAS, on December
15, 2011, Trans-Lux Real Estate Corporation, a Texas corporation and Trans-Lux Movie Operations Corporation, a Texas corporation
were voluntarily dissolved;

 

WHEREAS, Borrower and
the Guarantors (collectively, the “Obligors”) have requested Lender: (a) to extend the maturity date of the
Revolving Loan to March 1, 2013; and (ii) to modify certain other provisions in the LSA; and

 

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WHEREAS, Section 10.1
of the LSA provides that no modification or amendment of the Credit Agreement shall be effective unless the same shall be in writing
and signed by the Lender and Borrower.

 

NOW, THEREFORE, in
consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Lender and each Obligor agree as follows:

 

		1.	Acknowledgments, Affirmations and Representations
and Warranties.

 

		a.	The Obligors acknowledge, affirm, represent and warrant
that:

 

(i)          All
of the statements contained herein are true and correct and that each understands that the Lender is relying on the truth and completeness
of such statements to enter into this Agreement.

 

(ii)          As
of January 28, 2013, the Borrower is legally and validly indebted to the Lender by virtue of the Revolving Loan in the principal
outstanding amount of $800,000, plus interest and fees accrued and accruing on each of the foregoing and costs and expenses of
collection, including without limitation, attorneys' fees, relating thereto and there is no defense, offset or counterclaim with
respect to any of the foregoing or independent claim or action against the Lender.

 

(iii)          Each
Guarantor is legally and validly indebted to the Lender by virtue of the Guaranty and there is no defense, offset or counterclaim
with respect thereto or independent claim or action against the Lender.

 

(iv)          The
resolutions previously adopted by the Board of Directors of the Borrower and provided to the Lender have not in any way been rescinded
or modified and have been in full force and effect since their adoption to and including the date hereof and are now in full force
and effect, except to the extent that they have been modified or supplemented to authorize this Agreement and the documents and
transactions described herein.

 

(v)          The
Borrower has the power and authority to enter into, and has taken all necessary corporate action to authorize, this Agreement and
the transactions contemplated hereby and thereby.

 

(vi)          The
resolutions previously adopted by the Board of Directors of each of the Guarantors and provided to the Lender have not in any way
been rescinded or modified and have been in full force and effect since their adoption to and including the date hereof and are
now in full force and effect, except to the extent that they have been modified or supplemented to authorize this Agreement and
the documents and transactions described herein.

 

(vii)          Each
Guarantor has the power and authority to enter into, and has taken all necessary corporate action to authorize, this Agreement
and the transactions contemplated hereby and thereby.

 

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(viii)          All
representations, warranties and covenants contained in, and schedules and exhibits to, the LSA, the Guaranty and the other Loan
Documents are true and correct in all material respects on and as of the date hereof, are incorporated herein by reference and
are hereby remade.

 

(ix)          No
Default currently exists under the LSA, the Guaranty or any of the other Loan Documents and no condition exists which would constitute
a default or an event of default (howsoever defined) under any of the Loan Documents but for the giving of notice or passage of
time, or both.

 

(x)          The
consummation of the transactions contemplated hereby is not prevented or limited by, nor does it conflict with or result in a breach
of terms, conditions or provisions of the Borrower's or any Guarantor’s Certificate of Incorporation or Bylaws or any evidence
of indebtedness, agreement or instrument of whatever nature to which the Borrower or any Guarantor is a party or by which it is
bound, does not constitute a default under any of the foregoing and does not violate any federal, state or local law, regulation
or order or any order of any court or agency which is binding upon the Borrower or any Guarantor.

 

		2.	Amendment of LSA and other Loan Documents.

 

		a.	Section 1.1 of the LSA entitled “Defined Terms”
is hereby amended as follows:

 

(i)          by
deleting the definition of “Adjusted Net Eligible Accounts Receivable” set forth therein in its entirety and
by substituting the following therefor:

 

“Adjusted
Net Eligible Accounts Receivable” means 75% of the difference of: (a) the net amount of Eligible Accounts Receivable
of the Borrower, minus (b) the Reserved Amount.

 

(ii)          by
deleting the definition of “Borrowing Base” set forth therein in its entirety and by substituting the following
therefor:

 

“Borrowing
Base” means, at the relevant time of reference, the amount which is equal to the lesser of: (i) the sum of (A) 75% of
the net amount of Eligible Accounts Receivable of all Secured Guarantors outstanding at such date, plus (B) the Adjusted
Net Eligible Accounts Receivable of the Borrower outstanding at such date, and (ii) the Revolving Loan Commitment. For purposes
hereof, the net amount of Eligible Accounts Receivable at any time shall be the face amount of such Eligible Accounts Receivable
less any and all accounts receivable chargebacks, returns, rebates, discounts, credits, allowances or excise taxes of any nature
at any time issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with such Accounts at such
time.

 

(iii)          by
deleting the definition of “Maturity Date” set forth therein in its entirety and by substituting the following
therefor:

 

“Maturity
Date” means with respect to all outstanding Revolving Loans, March 1, 2013.

 

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(iv)          by
deleting the definition of “Revolving Loan Commitment” set forth therein in its entirety and by substituting
the following therefor:

 

“Revolving
Loan Commitment” means, as of January 30, 2013 after giving effect to the pay-down and other transactions contemplated
by the Amendment No. 22 to Amended and Restated Commercial Loan and Security Agreement, an aggregate principal amount and Available
Amount not to exceed at any time Seven Hundred Thousand Dollars ($700,000.00).

 

(v)          by
deleting the definition of “Termination Date” in its entirety and by substituting the following therefor:

 

“Termination
Date” means with respect to the Revolving Loan Commitment, March 1, 2013.

 

b.          The
Obligors agree and acknowledge that, notwithstanding the extension of the Maturity Date or any amendments to the definitions of
the Revolving Loan Commitment, the Termination Date or the Borrowing Base set forth herein: (i) the Borrower shall have no further
ability to request, and the Lender shall have no further obligation or commitment to extend, further Revolving Loans, and (ii)
the amounts of the Borrowing Base and the Revolving Loan Commitment, as amended hereby, are being established solely for the purpose
of determining the maximum amount of Revolving Loans which are permitted to be outstanding.

 

c.          Any
reference in any of the Notes or any of the other Loan Documents to the Amended and Restated Commercial Loan and Security Agreement
between the Borrower and the Lender dated as of December 23, 2004 (howsoever defined) shall be amended to refer to and mean the
Original LSA, as amended by the Prior Amendments and Letter Agreements, and as further amended and modified by this Agreement.

 

3.          Conditions
to Effectiveness. The effectiveness of this Agreement is subject to the prior satisfaction of the following conditions precedent
(the date of such satisfaction herein referred to as the “Amendment Effective Date”):

 

a.          The
representations and warranties of the Obligors contained herein shall be true and correct in all material respects.

 

b.          There
shall exist no Default or Event of Default.

 

c.          The
Lender shall have received evidence satisfactory to the Lender that all requisite corporate and company action necessary for the
valid execution, delivery and performance by each of the Obligors of this Agreement and all other instruments and documents delivered
by the Obligors, or any one of them, in connection herewith has been taken.

 

d.          The
Borrower shall permanently pay-down the outstanding Revolving Loans by an amount equal to $100,000.

 

e.          The
Borrower shall pay to the Lender an amendment and renewal fee equal to $15,000.00 (the “Amendment and Renewal Fee”).

 

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4.          Effect
of Amendment; Reaffirmation of Liens and other Obligations. Lender and each Obligor hereby agree and acknowledge that (except
as provided in this Agreement), the LSA, the Guaranty, the Notes and the other Loan Documents (together with all Schedules and
Exhibits attached thereto) remain in full force and effect and have not been modified or amended in any respect, it being the intention
of Lender and each Obligor that this Agreement and the LSA be read, construed and interpreted as one and the same instrument. In
addition, without limiting the generality of the foregoing: (i) the Borrower acknowledges, affirms and agrees that the Lender’s
security interest in the Collateral shall continue to secure any and all of the Borrower's indebtedness to the Lender, including
without limitation, the indebtedness arising under the LSA, as amended hereby; and (ii) each Guarantor acknowledges, affirms and
agrees that (A) the Obligations of the Borrower to the Lender which have been guaranteed by such Guarantor include, without limitation
the Loans, as modified hereby; and (B) each Secured Guarantor acknowledges, affirms and agrees that the Lender’s security
interest in the Collateral (as defined in the Guarantor Security Agreement) shall continue to secure the payment and performance
of all of its obligations and liabilities to the Lender arising under the Guaranty.

 

5.          Fees
and Expenses. In addition to the Amendment and Renewal Fee, the Borrower agrees to pay all reasonable legal fees and expenses
of Lender incurred in connection with the preparation, negotiation and execution of this Agreement.

 

6.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut (except its
conflicts of laws provisions).

 

7.          Counterparts.
This Agreement may be executed in any number of identical counterparts, each of which shall be deemed to be an original, and all
of which shall collectively constitute a single agreement, fully binding upon and enforceable against the parties hereto.

 

8.          Capitalized
Terms. All capitalized terms not otherwise defined in this Agreement shall have the meanings ascribed to such terms in the
LSA.

 

9.          Benefit.
This Agreement shall inure to the benefit of and bind the parties hereto and their respective successors and assigns.

 

[NEXT PAGE IS A SIGNATURE PAGE]

 

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IN WITNESS WHEREOF,
Lender, Borrower and Guarantors have executed this Agreement as of the date first above written.

 

WITNESSES:

 

	/s/ Todd Dupee	TRANS-LUX CORPORATION	 
	 	 	 	 
	 	 	 	 
	/s/ Joseph Goncalves	By: 	/s/ Jean-Marc Allain	 
	 	Name: Jean-Marc Allain	 
	 	Its: President and CEO	 
	 	Duly Authorized	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	TRANS-LUX DISPLAY CORPORATION	 
	 	TRANS-LUX MIDWEST CORPORATION 	 
	 	TRANS-LUX COMMERCIAL CORPORATION (f/k/a Trans-Lux West Corporation)	 
	 	TRANS-LUX SERVICE CORPORATION	 
	 	TRANS-LUX MONTEZUMA CORPORATION	 
	 	TRANS-LUX MULTIMEDIA CORPORATION	 
	 	TRANS-LUX SOUTHWEST CORPORATION	 
	 	TRANS-LUX ENERGY CORPORATION	 
	 	 	 	 
	/s/ Todd Dupee	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Joseph Goncalves	By: 	/s/ Jean-Marc Allain	 
	 	Name: Jean-Marc Allain	 
	 	Its: President and CEO	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Rosalyn Sistrunk	PEOPLE’S UNITED BANK (formerly known as	 
	 	People’s Bank)          	 
	 	 	 	 
	/s/ Robert O’Brien	By: 	/s/ Sean McGrath	 
	 	Name: Sean McGrath	 
	 	Its: Vice President	 
	 	Duly Authorized	 

 

    	[Signature Page to Amendment No. 22 to Amended and Restated
Commercial Loan and Security Agreement]

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