Document:

ex_166577.htm

Exhibit 4.3

 

AMENDMENT NO. 2

 

This Amendment No. 2, dated as of December 5, 2019 (“Amendment No. 2”), to the Rights Agreement, dated as of December 5, 2016 as previously amended (“Agreement”), between HG Holdings, Inc. (the “Company”), a Delaware corporation and formerly Stanley Furniture Company, Inc., and Continental Stock Transfer & Trust Company, as Rights Agent (the “Rights Agent”).

 

WHEREAS, the Company and the Rights Agent desire to amend the Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the premises and the mutual respective agreements set forth herein, the parties agree as follows:

 

1.     Amendment of Section 1.1 of the Agreement. Section 1.1 of the Agreement is hereby amended to delete the definition of “Expiration Time” and replace it with the following:

 

“Expiration Time” shall mean the earliest of (i) the Exchange Time, (ii) the Redemption Time, (iii) the Close of Business on the day after the 2020 Annual Meeting if the amendment to the Agreement set forth in Amendment No. 2 are not approved by stockholders at the 2020 Annual Meeting, (iv) the Close of Business on the December 5, 2022, and (v) the time at which the Board of Directors determines, in its sole discretion that the NOLs are utilized in all material respects or no longer available in any material respect under Section 382 of the Code or any applicable state law or that an ownership change under Section 382 of the Code would not adversely impact in any material respect the time period in which the Company could use the NOLs, or materially impair the amount of the NOLs that could be used by the Company in any particular time period, for applicable tax purposes.

 

2.      No Other Amendments. Except to the extent amended hereby, all of the terms, provisions and conditions set forth in the Agreement are hereby ratified and confirmed and shall remain in full force and effect. The Agreement and this Amendment shall be read and construed together as a single agreement and the term “Agreement” shall henceforth be deemed a reference to the Agreement as amended by this Amendment.

 

3.     Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof.

 

4.      Counterparts. This Amendment may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

[signature pages follow]

 

 

 

 

IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by the duly authorized signatories of the parties as of the date first written above.

 

	 	
			HG HOLDINGS, INC.

			 

			By:   /s/ Steven A. Hale II                            

			Name: Steven A. Hale II

			Title: Chairman and Chief Executive Officer

			 

			CONTINENTAL STOCK TRANSFER &

			TRUST COMPANY

			 

			 

			By:   /s/ Erika Young                                    

			Name: Erika Young

			Title: Vice President

			

 

2Exhibit

Exhibit 10.26

THIRD AMENDMENT TO 
FIRST AMENDED AND RESTATED CREDIT AGREEMENT
THIS THIRD AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made as of the 4th day of November, 2016, by and among ALICO, INC., a Florida corporation (“Alico”), ALICO LAND DEVELOPMENT, INC., a Florida corporation (“ALDI”), ALICO-AGRI, LTD., a Florida limited partnership (“Alico-Agri”), ALICO PLANT WORLD, L.L.C., a Florida limited liability company (“Plant World”) and ALICO FRUIT COMPANY, LLC, a Florida limited liability company (“Alico Fruit”; and collectively with Alico, ALDI, Alico-Agri, and Plant World, “Borrower”) and in favor of METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation (“Servicer” or “MetLife”), as lender (“Lender”) and as servicer, pursuant to that Amended and Restated Co-Lending Agreement dated as of August 12, 2015 (the “Restated Co-Lending Agreement”).  
W I T N E S S E T H:
WHEREAS, the parties hereto are parties to the Amended and Restated Credit Agreement dated December 1, 2014, as amended by that certain Amendment to First Amended and Restated Credit Agreement dated effective February 1, 2015, and as further amended by that certain Second Amendment to First Amended and Restated Credit Agreement dated effective August 12, 2015 (collectively, the “Restated Credit Agreement”); and
WHEREAS, Rabo AgriFinance LLC (formerly known as Rabo Agrifinance, Inc.) (“Rabo”), MetLife, and New England Life Insurance Company, a Massachusetts corporation (“NEL”), as co-lenders, (individually and collectively, “Co-Lenders”) are parties to the Restated Co-Lending Agreement; and
WHEREAS, the parties hereto wish to make certain modifications in the terms of the Restated Credit Agreement, as described herein; and 
WHEREAS, Rabo desires to sell and assign all of its interest and participation in the Loans made under the Restated Credit Agreement and the Restated Co-Lending Agreement to MetLife such that MetLife will be the successor in interest to Rabo’s interest under the Restated Credit Agreement, Restated Co-Lending Agreement and related loan documents.
NOW, THEREFORE, in consideration of the foregoing and the mutual and reciprocal promises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by all parties, the Co-Lenders and Borrower agree as follows:
1.    Definitions. All capitalized terms not defined herein shall have the meaning attributed to such term in the Restated Credit Agreement.  
2.    Removal and Release of Rabo as Co-Lender.  The Restated Credit Agreement is hereby amended to remove Rabo as a Co-Lender (as defined in Section 9 of the Restated Credit 

1

Agreement).  The parties agree that Rabo is hereby released from and shall no longer be subject to any of the rights, obligations, and privileges of a Co-Lender under the Restated Credit Agreement, and from and after the effective date of this Amendment, shall not be included in the term “Co-Lender[s]” for any purpose.  The parties further agree that (i) Rabo has complied with the requirements set forth in the Restated Co-Lending Agreement with respect to the transfer and assignment of the Assigned Notes (as defined below), (ii) Rabo is hereby released from and shall no longer be subject to any of the rights, obligations, and privileges of a Co-Lender under the Restated Co-Lending Agreement, and from and after the effective date of this Amendment, shall not be included in the term “Co-Lender[s]” for any purpose, and (iii) MetLife hereby assumes the rights, obligations, and privileges of Rabo under the Restated Co-Lending Agreement and shall be bound by the provisions of such agreement as Rabo’s successor in interest.
3.    Assignment of Certain Notes.  In consideration of the payment by MetLife to Rabo of the purchase price set forth on Annex I hereto, Rabo hereby transfers, assigns, grants, and conveys, without any representation, warranty or recourse, to MetLife all of Rabo’s right, title and interest in and to the Libor Term Loan “B” Note and the RLOC Loan Note (the “Assigned Notes”), which are secured by, among other things, the Collateral Documents listed in Section 1.4 of the Restated Credit Agreement together with that certain Mortgage Spreader Agreement dated as of July 29, 2015, recorded in the Public Records of DeSoto County, Florida (collectively, the “Collateral Documents”).  The parties agree that MetLife, as an assignee of the Assigned Notes, is a secured party under the Collateral Documents and Rabo is no longer a secured party under the Collateral Documents.  All obligations of Borrower under the Assigned Notes and the Restated Credit Agreement with respect to the Assigned Notes run to and for the benefit of MetLife.  Such obligations are fully enforceable by MetLife as if the Assigned Notes had been originally issued in its favor.
4.    Full Force and Effect.  Except as expressly modified by this Amendment, the Restated Credit Agreement remains in full force and effect in accordance with its terms.
5.    Counterparts.  This Amendment may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date and year first above written.

2

	
		
	SERVICER/LENDER:
METROPOLITAN LIFE INSURANCE
COMPANY, a New York corporation
By:      
Name:  Greg G. Gallaway 
Title:    Director
CO-LENDER:

NEW ENGLAND LIFE INSURANCE COMPANY, a Massachusetts corporation
By: Metropolitan Life Insurance Company, 
a New York corporation, 
its Investment manager
By:      
Name:  Greg G. Gallaway 
Title:    Director
   

ALICO FRUIT COMPANY, LLC, a Florida limited liability company
By:  Alico, Inc., a Florida corporation, its 
        Managing Member
By:      
Name: ___________________________ 
Title: ____________________________

ACKNOWLEDGEMENT AND CONSENT 
This undersigned hereby acknowledges and consents to the terms and conditions of this Amendment

RABO:

RABO AGRIFINANCE LLC, a Delaware limited liability company 
By:  _______________________________
Name:    _____________________________
Title: ______________________________
	BORROWER:
ALICO, INC.,
a Florida corporation
By:      
Name: ___________________________ 
Title: ____________________________
ALICO LAND DEVELOPMENT, INC., 
a Florida corporation
By:      
Name: ___________________________ 
Title: ____________________________

ALICO-AGRI, LTD., a Florida limited 
partnership 
 
By:  Alico, Inc., a Florida corporation, its 
        General Partner
By:      
Name: ___________________________ 
Title: ____________________________

ALICO PLANT WORLD, L.L.C., a Florida 
limited liability company 
 
     
By:  Alico, Inc., a Florida corporation, its 
        Manager
By:      
Name: ___________________________ 
Title: ____________________________

Title: ______________________________

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4

Annex I

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