Document:

Exhibit 10.1

 

 

 

TERMS

 

		-	Raj will retire as Akorn CEO effective December 31, 2018
11:59 PM;

 

		-	The Company announced the hiring of a new CEO effective
January 1, 2019;

 

		-	Raj will serve in an advisory role to the Company and
will be reasonably available to the Board and the Management team to provide transition, consulting and litigation related support
from January 1, 2019 through March 31, 2019 pursuant to a separate consulting or other agreement.

 

Raj and the Company are parties to an employment
agreement, as amended, and agree to modify certain terms of that agreement as follows, with all other unmodified terms remaining
in effect:

 

		a.	Retirement and Severance: Raj’s employment with Akorn will terminate effective December 31, 2018, 11:59PM. Raj is entitled
to severance benefits under Raj’s employment agreement as though Raj resigned for good reason (i.e., 1 year severance as
described in Raj’s employment agreement) and further, Akorn will continue to provide life and health insurance coverage (substantially
similar to his health and benefits coverage in effect in December 2018) through December 31, 2020;

 

		b.	Consulting Agreement: Raj and Akorn will endeavor to enter into a separate agreement engaging Raj to serve in a consulting
role to Akorn through March 31, 2019;

 

		c.	RSU Vesting Acceleration: In consideration of Raj’s agreeing to provide consulting services, Raj’s unvested restricted
stock units will immediately vest on December 31, 2018.

 

		d.	Change of Control Extension: Should Akorn enter into an enter into an agreement that would result in a “change of control”
as that term is defined in the referenced employment agreement on or before December 31, 2019 a change of control occurs on or
before December 31, 2020, Raj would then receive a severance payment equal to two times the sum of his base salary in effect in
December 2018, plus his total bonus opportunity most recently approved under the Company’s annual bonus incentive plan for
year 2018 and would be eligible to receive payment of life and health insurance coverage for a period of 24 months following a
change in control.

 

These terms are hereby agreed to and binding
between the parties and failure of the parties to enter into any formal agreements memorializing the terms shall not affect their
validity.

 

 

 

	Akorn, Inc.	 	Raj Rai
	/s/Alan Weinstein	 	/s/ Raj Rai
	December 27, 2018	 	December 27, 2018Exhibit 10.1

 

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT 

 

THIS SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT
(this “Amendment”) is made and entered into as of December 27, 2018 (the “Effective Date”),
by and between SIMMONS FIRST NATIONAL CORPORATION, an Arkansas corporation (“Borrower”) and U.S. BANK
NATIONAL ASSOCIATION, a national banking association (“Lender”) and has reference to the following facts
and circumstances: (the “Recitals”):

 

A.       Borrower
and Lender are parties to the Revolving Credit Agreement dated as of October 6, 2017 (as amended, the “Agreement”;
all capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings ascribed to them in the
Agreement as amended by this Amendment).

 

B.       The
Agreement was previously amended as described in the First Amendment to Revolving Credit Agreement and Revolving Credit Note dated
as of October 5, 2018; and Borrower and Lender desire to further amend the Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the premises
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender
agree as follows:

 

1.       Recitals.
The Recitals are true and correct, and, together with the defined terms set forth herein, are incorporated by this reference.

 

2.       Amendments
to Agreement. As of the Effective Date, the Agreement is amended as follows:

 

(a)       The definitions
of “Consolidated Loan Discounts, “Consolidated Loan Loss Reserves”, “Consolidated
Non-Performing Loans” and “Other Real Estate” in section 1 (Definitions) of the Agreement
are deleted and replaced with the following:

 

Consolidated Loan Discounts
means, with respect to Borrower, discounts of the consolidated loans arising from purchase accounting rules applicable to consolidated
loans.

 

Consolidated Loan Loss Reserves
means, with respect to Borrower, the aggregate loan loss reserves as reported in each FR Y-9C.

 

Consolidated Non-Performing
Loans means, with respect to Borrower, the sum of (a) those loans ninety (90) days or more past due (either principal or
interest), plus (b) those loans classified as “non-accrual” as reported in each FR Y-9C; provided, that
for the purpose of calculating any financial covenant described in this Agreement, in which Consolidated Non-Performing Loans is
a component, Consolidated Non-Performing Loans will exclude the insured portions of Consolidated Non-Performing Loans that
are U.S. Government Guaranteed Loans.

 

Other Real Estate means
the value of (i) all real estate owned or (ii) listed as such in the most recent FR Y-9C, whichever is most current.

 

(b)       The
following definition of “FR Y-9C” is added to Section 1 (Definitions) of the Agreement, in the correct
alphabetical order:

 

FR Y-9C means each Consolidated
Financial Statements for Bank Holding Companies (FR Y-9C) of Borrower and its Consolidated Subsidiaries, prepared in accordance
with GAAP consistently applied.

 

(c)       Sections
5.08 (Risk-Based Capital Adequacy Guidelines). 5.09 (Consolidated Loan Loss Reserves plus Consolidated Loan Discounts to Consolidated
Non-Performing Loans) and 5.10 (Consolidated Non-Performing Assets to Primary Capital) of the Agreement are deleted and replaced
with the following:

 

5.08       Risk-Based
Capital Adequacy Guidelines. At all times, Borrower shall (a) be “well capitalized”, as defined in the Holding
Company Guidelines, (b) cause each Subsidiary Bank, prior to the time it merges into Simmons Bank, to be “well capitalized”,
as defined in the FDIC Capital Guidelines and (c)(i) cause Subsidiary Banks (on a consolidated basis) to be “well capitalized”,
as defined in the FDIC Capital Guidelines and (ii) maintain each of “total risk-based capital ratio”, “Tier 1
risk-based capital ratio” and “leverage ratio” at a level that is at least 1% greater than the then current level
required under 12 C.F.R. § 225(r)(1)(i), 12 C.F.R. § 225(r)(1)(ii) and 12 C.F.R. Part 225, Appendix A, respectively.

 

     

     

    

5.09       Consolidated
Loan Loss Reserves plus Consolidated Loan Discounts to Consolidated Non-Performing Loans. Borrower shall maintain at all times,
measured quarterly as of the last day of each Fiscal Quarter, a ratio of (a) Consolidated Loan Loss Reserves plus Consolidated
Loan Discounts to (b) Consolidated Non-Performing Loans of not less than 30%.

 

5.10       Consolidated
Non-Performing Assets to Primary Capital. Borrower shall maintain at all times, measured quarterly as of the last day of each
Fiscal Quarter, a ratio of (a) Consolidated Non-Performing Assets to (b) Primary Capital, of not more than 20%.

 

(d)       Schedule
1 (Financial Covenant Information) to Exhibit B (Form of Certificate) is deleted and replaced with Schedule 1
attached to this Amendment below.

 

3.       Costs
and Expenses. Borrower shall reimburse Lender upon demand for all out-of-pocket costs and expenses (including, without limitation,
Attorneys’ Fees and expenses) incurred by Lender in the preparation, negotiation and execution of this Amendment and any
and all other agreements, documents, instruments and/or certificates relating to the amendment of Borrower’s existing credit
facilities with Lender. Borrower further agrees to pay or reimburse Lender for (a) any stamp or other taxes (excluding income or
gross receipts taxes) which may be payable with respect to the execution, delivery, filing and/or recording of any of the Loan
Documents, and (b) the cost of any filings and searches, including, without limitation, Uniform Commercial Code filings and searches.

 

4.       References
to Agreement. All references in the Agreement to “this Agreement” and any other references of similar import shall
henceforth mean the Agreement as amended by this Amendment. Except to the extent specifically amended by this Amendment, all of
the terms, provisions, conditions, covenants, representations and warranties contained in the Agreement shall be and remain in
full force and effect and the same are hereby ratified and confirmed.

 

5.       Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors
and assigns, except that Borrower may not assign, transfer or delegate any of its rights or obligations under the Agreement as
amended by this Amendment.

 

6.       Representations
and Warranties. Borrower represents and warrants to Lender that as of the Effective Date:

 

		(a) 	the execution, delivery and performance by Borrower of this Amendment are within the corporate
powers of Borrower, have been duly authorized by all necessary corporate action and require no action by or in respect of, consent
of or filing, recording or registration with, any governmental or regulatory instrumentality, authority, body, agency or official
or any other Person (except in connection with any securities law filings);

 

		(b) 	the execution, delivery and performance by Borrower of this Amendment do not conflict with, or
result in a breach of the terms, conditions or provisions of, or constitute a default under or result in any violation of, the
terms of the Articles of Incorporation or By-laws of Borrower, any applicable law, rule, regulation, order, writ, judgment or decree
of any governmental authority or any agreement, document or instrument to which Borrower is a party or by which Borrower or any
of its Property is bound or to which Borrower or any of its Property is subject;

 

		(c) 	this Amendment has been duly executed and delivered by Borrower and constitutes the legal, valid
and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except as such enforceability may
be limited by (i) applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally
and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law);

 

    -2-

     

    

		(d) 	all of the representations and warranties made by Borrower in the Agreement and/or in any other
Loan Document are true and correct in all material respects on and as of the date of this Amendment as if made on and as of the
date of this Amendment; and

 

		(e) 	as of the date of this Amendment and after giving effect to this Amendment, no Default or Event
of Default under or within the meaning of the Agreement has occurred and is continuing.

 

7.       Inconsistency.
In the event of any inconsistency or conflict between this Amendment and the Agreement, the terms, provisions and conditions contained
in this Amendment shall govern and control.

 

8.       Governing
Law. This Amendment shall be governed by and construed in accordance with the substantive laws of the State of Missouri (without
reference to conflict of law principles) but giving effect to Federal laws applicable to national banks.

 

9.       Notice
Required by Section 432.047 R.S. Mo.; No Oral Agreements ORAL OR UNEXECUTED 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, REGARDLESS
OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU (BORROWER(S)) AND
US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, 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.
This Amendment, the Agreement and the other Loan Documents may not be changed, nor may any term, condition or Event of Default
be waived, modified or discharged orally but only by an agreement in writing, signed by the party against whom enforcement of any
waiver, change, modification or discharge is sought.

 

10.       Counterparts.
This Amendment may be signed in any number of counterparts (including facsimile counterparts), each of which shall be an original
with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

11.       Conditions
Precedent. Notwithstanding any provision contained in this Amendment to the contrary, this Amendment shall not be effective
unless and until Lender shall have received:

 

	(a) 	this Amendment, duly executed by Borrower;

 

	(b) 	a Certificate of Secretary, duly executed by the Secretary of Borrower;

 

	(c) 	a current certificate of corporate good standing for Borrower, issued by the Arkansas
Secretary of State; and

 

	(d) 	such other documents and information as reasonably requested by Lender.

 

Borrower and Lender executed this Amendment
as of the Effective Date.

 

 

 

 

[SIGNATURES ON FOLLOWING PAGES]

 

    -3-

     

    

SIGNATURE PAGE- BORROWER

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

 

Borrower:       

 

SIMMONS FIRST NATIONAL CORPORATION

 

By: /s/ Robert A. Fehlman                                                    

Name: Robert A. Fehlman

Title: Senior Executive Vice President- CFO & Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

    -4-

     

    

SIGNATURE PAGE- LENDER

SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

 

 

 

 

Lender:

 

U.S. BANK NATIONAL ASSOCIATION

 

By: /s/ Phillip S. Hoerchler                           

Name: Phillip S. Hoerchler

Title: Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

    -5-

     

    

Schedule 1

 

Financial Covenant information

 

as of Fiscal Quarter ending ______, 201__

 

	1.		Risk-Based Capital Adequacy Guidelines (Section 5.08):

	(a)		Borrower (Holding Company Guidelines): “well capitalized”
[_] yes [_] no

	(b)		Each Subsidiary Bank (FDIC Capital Guidelines): “well
capitalized” [_] yes [_] no

	(c)		Borrower (on a consolidated basis) (FDIC Capital Guidelines):

(i)       Total risk-based capital
ratio ____%

  [requirement- 1% > 12 C.F.R. §
225(r)(1)(i)]                      [_] yes [_] no

 

(ii)       Tier 1 risk-based capital
ratio ____%

   [requirement- 1% > 12 C.F.R. §
225(r)(1)(ii)]                                  [_] yes [_] no

 

(iii)       Leverage ratio                ____%

    [requirement- 1% > 12 C.F.R. Part
225, Appendix A]                    [_] yes [_] no

 

 

	2.		Consolidated Loan Loss Reserves plus Consolidated Loan Discounts to Consolidated
Non-Performing Loans (Section 5.09) (Borrower):

 

	(a)	 	Consolidated Loan Loss Reserves	 	$______
	(b)	 	Consolidated Loan Discounts	 	$______
	(c)	 	Numerator [2(a) plus 2(b)]	 	$______
	(d)	 	Consolidated Non-Performing Loans	 	$______
	(e)	 	2(c) divided by 2(d)	 	______%
	 	 	 	 	 
	 	 	[requirement- not < 30%]	 	 

 

 

 

	3.		Consolidated Non-Performing Assets to Primary Capital (Section 5.10) (Borrower):

 

	(a)	 	Consolidated Non-Performing Loans	 	$______
	(b)	 	Other Real Estate	 	$______
	(c)	 	Consolidated Non-Performing Assets	 	 
	 	 	[Numerator- 3(a) plus 3(b)]	 	$______
	(d)	 	Total consolidated equity	 	$______
	(e)	 	Subordinated Debt	 	$______
	(f)	 	Consolidated Loan Loss Reserves	 	$______
	(g)	 	Consolidated Loan Discounts	 	$______
	(h)	 	Primary Capital:	 	 
	 	 	[Denominator- 3(d) plus 3(e) plus 3(f)	 	 
	 	 	plus 3(g)]	 	$______
	(i)	 	3(c) divided by 3(h)	 	______%
	 	 	 	 	 
	 	 	[requirement- not > 20%]	 	 

 

 

 

     

     

    

	4.		Consolidated Return on Average Total Assets (Section 5.11) (Borrower):

 

	(a)	 	Net income	 	$______
	(b)	 	One-time merger related expenses	 	$______
	(c)	 	Numerator [4(a) plus 4(b)]	 	$______
	(d)	 	Denominator- Average total daily assets	 	$______
	(e)	 	4(c) divided by 4(d)	 	____%
	 	 	 	 	 
	 	 	[requirement- > 0.85%]	 	 

 

 

 

	5.		Holding Company Liquidity (Section 5.12) (Borrower):

 

	(a)	 	Cash	 	$______
	(b)	 	Cash Equivalents	 	$______
	(c)	 	5(a) plus 5(b)	 	$______
	 	 	 	 	 
	 	 	[requirement- > $15,000,000]	 	 

 

 

 

 

 

 

 

 

 

 

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