Document:

Exhibit 10.2

 

Execution

 

 

AMENDED AND RESTATED FEE LETTER

 

July 19, 2022

 

Siena Lending Group LLC

9 W Broad Street, 5th Floor

Stamford, Connecticut 06902

 

		Re:	Amended and Restated Fee Letter

 

Ladies and Gentlemen:

 

Reference is made to that certain
Loan and Security Agreement dated as of March 13, 2020, as amended by that certain Amendment No. 1 to Loan and Security Agreement dated
as of July 21, 2021 and by that certain Amendment No. 2 to Loan and Security Agreement (“Amendment No. 2”) dated
as of the date of this letter (as the same may be further modified, amended, amended and restated or supplemented from time to time, the
“Loan Agreement”), among Siena Lending Group LLC (“Lender”) and TransAct Technologies
Incorporated, a Delaware corporation (“Borrower”), and the other loan party obligors that are party thereto
from time to time. Capitalized words used, but not specifically defined, herein shall have the meaning provided for such terms in the
Loan Agreement. References herein to “Sections” or “Schedules” shall be to Sections of or Schedules to the Loan
Agreement unless otherwise specifically provided. References herein to “paragraphs” shall be to paragraphs of this letter
agreement.

 

In consideration of the willingness
of Lender to enter into Amendment No. 2, Borrower agrees to pay to Lender the following fees:

 

(a)       Amendment
Fee. A fee equal to $25,000 (the “Amendment Fee”). The full amount of the Amendment Fee shall be deemed
to be fully earned and due and payable in full on the Amendment No. 2 Effective Date.

 

(b)       Collateral
Monitoring Fee. A fee equal to $120,000 (the “Collateral Monitoring Fee”). A portion of the Collateral Monitoring
Fee, in an amount equal to $72,000, was fully earned on the Closing Date; as of the Amendment No. 2 Effective Date $14,000 remains outstanding.
A portion of the Collateral Monitoring Fee, in an amount equal to $48,000, shall be deemed fully earned on the Amendment No. 2 Effective
Date.

 

The unpaid balance of the
Collateral Monitoring Fee as of the Amendment No. 2 Effective Date, in an amount equal to $62,000, shall continue to paid as follows:
(i) equal payments of $2,000 on the first day of each month, commencing with the first day of the calendar month immediately following
the Amendment No. 2 Effective Date and (ii) the remaining amount of the Collateral Monitoring Fee (if any) shall be paid in full on the
Maturity Date.

 

(c)       Unused
Line Fee. An unused line fee equal to 0.50% per annum of the amount by which (i) the Maximum Revolving Facility Amount, calculated
without giving effect to any Reserves, if any, applied to the Maximum Revolving Facility Amount, exceeds (ii) the average daily outstanding
principal balance of the Revolving Loans and the Letter of Credit Balance during the immediately preceding month (or part thereof), which
each such monthly fee shall be deemed to be fully earned and payable, in arrears, on the first day of each month until the Termination
Date.

 

    	 	 	 

    	 

    

 

(d)       Letter
of Credit Fees. A fee equal to 1.75% plus the Base Rate per annum of the face amount of each Letter of Credit, which each such fee
shall be deemed to be fully earned and payable, in arrears, on the first day of each month until the Termination Date, plus all costs
and fees charged from time to time by the issuer, payable as and when such costs and fees are charged.

 

(e)       Early
Payment/Termination Premium. In the event that for any reason (including without limitation as a result of any voluntary or mandatory
prepayment of the Loans, any acceleration of the Loans resulting from an Event of Default, any foreclosure and sale of Collateral, or
any sale of Collateral in any bankruptcy or insolvency proceeding) (i) all or any portion of Lender’s commitment to make Revolving
Loans is terminated prior to the Scheduled Maturity Date, in each case pursuant to Section 1.8(e), Section 7.2 or otherwise, then in each
such case, in addition to the payment of the subject principal amount and all unpaid accrued interest and other amounts due thereon, Borrower
immediately shall be required to pay to Lender an early payment/termination premium (an “Early Payment/Termination Premium”)
(as liquidated damages and compensation for the cost of Lender being prepared to make funds available under the Loan Agreement with respect
to such Loans during the scheduled term of the Loan Agreement) in an amount equal to the Applicable Percentage (as defined below) of the
amount of any such Revolving Loan commitment termination. With respect to any such event, the “Applicable Percentage”
shall be (i) 2.00%, if such event occurs on or before March 13, 2023, (ii) 1.00% if such event occurs after March 13, 2023, but on or
before March 13, 2024, or (iii) 0% if such event occurs after March 14, 2024. Borrower acknowledges and agrees that (x) the provisions
of this paragraph shall remain in full force and effect notwithstanding any rescission by Lender of an acceleration with respect to all
or any portion of the Obligations pursuant to Section 7.2 or otherwise, (y) payment of any Early Payment/Termination Premium under this
paragraph constitutes liquidated damages and not a penalty and (z) the actual amount of damages to Lender or profits lost by Lender as
a result of such early payment or termination would be impracticable and extremely difficult to ascertain, and the Early Payment/Termination
Premium under this paragraph is provided by mutual agreement of Borrower and Lender as a reasonable estimation and calculation of such
lost profits or damages of Borrower and Lender.

 

(f)       Minimum
Loan Balance; Minimum Borrowing Fee.

 

(i)       Borrower
shall not permit the outstanding principal balance of Revolving Loans to be less than $2,250,000 at any time, unless Lender shall have
exclusive access to the Blocked Account pursuant to Section 4.1 of the Loan Agreement.

 

(ii)       If,
at any time Lender has exclusive access to the Blocked Account pursuant to Section 4.1 of the Loan Agreement, the outstanding principal
balance of Revolving Loans is less than $2,250,000, Borrower shall pay to Lender a minimum borrowing fee (the “Minimum Borrowing
Fee”) equal to the excess, if any, of (x) interest which would have been payable in respect of each month if, at all
times during such month, the principal balance of the Revolving Loans was equal to $2,250,000 over (y) the actual interest payable
in respect of such month on the Revolving Loans, which each such fee shall be deemed to be fully earned as of the last day of each such
month and payable on the first day of the first month following the end of such period until the Termination Date.

 

The fees described in paragraphs
(a) through (f) above are referred to herein collectively as the “Fees.” Nothing contained in this letter agreement
shall amend, alter or change any of the terms, covenants and provisions contained in the Loan Agreement, including, without limitation,
any provision governing the payment of any other fees by Borrower to Lender. The Fees shall be payable in U.S. dollars in immediately
available funds to Lender and in accordance with the terms of the Loan Agreement. Once paid, the Fees shall not be refundable under any
circumstances.

 

    		2	

    	 

    

 

This letter agreement is a Loan
Document and is the “Fee Letter” referred to in the Loan Agreement. This letter agreement amends and restates that certain
Fee Letter dated March 13, 2020 made by Borrower in favor of the Lender (the “March 2020 Fee Letter”); provided, however,
that no fees previously earned by Lender and no fees previously paid by Borrower pursuant to the March 2020 Fee Letter shall be subject
to refund for any reason and this letter agreement does not relieve the Borrower from its obligation to pay any fees owing, but unpaid,
as of the Amendment No. 2 Effective Date.

 

It is understood and agreed
that this letter agreement shall not constitute or give rise to any obligation to provide any financing; such an obligation will arise
only under the Loan Agreement in accordance with its terms. This letter agreement is binding upon Borrower and Lender and may not be amended
or any provision hereof waived or modified, except by an instrument in writing signed by Lender and Borrower. This letter agreement may
be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute
one agreement. Lender is entitled to rely on this letter agreement in connection with the Loan Agreement. Borrower shall reimburse Lender
for all reasonable costs and expenses, including reasonable attorneys’ fees and court costs, incurred in connection with the collection
or enforcement of any terms of this letter agreement. Delivery of an executed counterpart of a signature page of this letter agreement
by facsimile transmission shall be effective as delivery of a manually executed counterpart of this letter agreement. This letter agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of
law. Any right to trial by jury with respect to any claim or action arising out of this letter agreement or conduct in connection
with this letter agreement is hereby waived. The provisions of this letter agreement shall survive the expiration or termination of the
Loan Agreement (including any extensions thereof).

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    		3	

    	 

    

 

Very truly yours,

 

TRANSACT
TECHNOLOGIES INCORPORATED

 

	By:  	/s/ Steven A. DeMartino	    
	Name: Steven A. DeMartino	 
	Its: President, Chief Financial Officer, Treasurer, and Secretary	 

 

 

 

 

 

 

Amended and Restated Fee Letter

 

    		 	

    	 

    

 

Acknowledged and agreed:

 

SIENA LENDING GROUP LLC

 

 

 

	By:	/s/ Stevem Sanicola	 
	Name:	Steven Sanicola	 
	Title:	Authorized Signatory	 
	 	 	 
	 	 	 
	By:	/s/ Keith Holler	 
	Name:	Keith Holler	 
	Title:	Authorized Signatory	 

 

 

 

 

 

 

Amended and Restated Fee LetterDocument

Exhibit 10.1
SEI INVESTMENTS COMPANY

2014 OMNIBUS EQUITY COMPENSATION PLAN
 RESTRICTED STOCK UNIT AGREEMENT

This RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of ________[_______      ]  (the “Date of Grant”), is delivered by SEI Investments Company (the “Company”) to [____________] (the “Participant”).

RECITALS
A.        The SEI Investments Company 2014 Omnibus Equity Compensation Plan (the “Plan”) provides for the grant of restricted stock units. The Compensation Committee of the Board of Directors of the Company (the “Committee”), with the approval of the Company’s Board of Directors (the “Board”), has decided to make a restricted stock unit grant as an inducement for the Participant to promote the best interests of the Company and its shareholders. A copy of the Plan is filed with the Securities and Exchange Commission as an exhibit to the Company’s periodic filings under the Securities Exchange Act of 1934.  
B.        The restricted stock unit grant confirmed hereby is subject in all respects to the terms and conditions of the Plan and the actions and determinations of the Committee under the Plan, and any provision hereof, to the extent inconsistent with the Plan, is null and void. Capitalized terms used herein and not otherwise defined will have the meanings set forth in the Plan.
NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows
1.Grant of Stock Units.  Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants the Participant [________] restricted stock units (the “Stock Units”). Each Stock Unit represents the right of the Participant to receive a share of common stock of the Company (“Company Stock”) on the applicable payment date set forth in Section 5 below.
2.Stock Unit Account.  Stock Units represent hypothetical shares of Company Stock, and not actual shares of stock. The Company shall establish and maintain a Stock Unit account, as a bookkeeping account on its records, for the Participant and shall record in such account the number of Stock Units granted to the Participant. No shares of Company Stock shall be issued to the Participant at the time the grant is made, and the Participant shall not be, and shall not have any of the rights or privileges of, a stockholder of the Company with respect to any Stock Units recorded in the Stock Unit account, subject to Section 7 below. The Participant shall not have any interest in any fund or specific assets of the Company by reason of this award or the Stock Unit account established for the Participant.
3.Vesting.
a.The Stock Units shall vest [______] over [_____] years from [________] (the “Vesting Start Date”), with [____]% of the Stock Units vesting on [              ] each year starting on [_________] (each, a “Vesting Date”), subject to the Participant’s continued employment with the Employer through each Vesting Date.
b.The vesting of the Stock Units shall be cumulative, but shall not exceed 100% of the Stock Units.  If the foregoing schedule would produce fractional Stock Units, the number of Stock Units that vest shall be rounded down to the nearest whole Stock Unit and the fractional Stock Units will be accumulated so that the resulting whole Stock Units will be included in the number of Stock Units that become vested on the last Vesting Date.
c.[Consistent with the Participant’s Employment Agreement with the Company dated [_______] (the “Employment Agreement”), in the event the Participant’s employment is terminated by the Company without Cause (as defined in the Employment Agreement), or due to Disability (as defined in the Employment Agreement) or death, the Stock Units shall become fully vested as of the date of the termination (subject to the Participant’s execution and non-revocation of a written release of claims, in the event of termination without Cause), Disability, or death. ]
4.Termination of Stock Units.  If the Participant ceases to be employed by the Employer for any reason other than as described in Section 3(c) above, or Section 6 in the event of a Change of 

Control, before all the Stock Units vest, any unvested Stock Units shall automatically terminate and shall be forfeited as of the date of the Participant’s termination of employment. No payment shall be made with respect to any unvested Stock Units that terminate as described in this Section 4.
5.Payment of Stock Units.
a.If and when the Stock Units vest, the Company shall issue to the Participant one share of Company Stock for each vested Stock Unit, subject to applicable tax withholding obligations. Payment shall be made within 30 days after the applicable Vesting Date.
b.All obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for taxes, if applicable. At the time of payment in accordance with Section 5(a) above, the number of shares issued to the Participant shall be reduced by a number of shares of Company Stock with a Fair Market Value equal to the federal (including FICA), state and local tax liabilities required by law to be withheld with respect to the payment of the Stock Units, unless the Participant elects to provide the tax withholding amount in another manner approved by the Committee. Share withholding for taxes shall not exceed the Participant’s minimum applicable withholding tax rate. To the extent not withheld in accordance with the immediately preceding sentence, the Participant shall be required to pay to the Company, or make other arrangements satisfactory to the Company to reimburse the Company for the payment of, any taxes that the Company is required to withhold with respect to the Stock Units.
c.The obligation of the Company to deliver Company Stock shall be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of shares, the shares may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The issuance of shares to Participant pursuant to this Agreement is subject to any applicable taxes and other laws or regulations of the United States or of any state having jurisdiction thereof.
6.Change of Control.  The provisions of the Plan applicable to a Change of Control shall apply to the Stock Units, and, in the event of a Change of Control, the Committee may take such actions as it deems appropriate pursuant to the Plan.
7.No Stockholder Rights; Dividend Equivalents.  Neither the Participant, nor any person entitled to receive payment in the event of the Participant’s death, shall have any of the rights and privileges of a stockholder with respect to shares of Company Stock, including voting or dividend rights, until certificates for shares have been issued upon payment of Stock Units. Notwithstanding the foregoing, the Participant shall be entitled to accrue Dividend Equivalents on the shares underlying the Stock Units prior to vesting, which shall be credited to the Stock Unit account for the Participant and shall be paid in cash when the shares underlying the Stock Units vest and are issued in accordance with this Agreement.
8.Grant Subject to Plan Provisions.  This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The grant and payment of the Stock Units are subject to the provisions of the Plan and to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b) the registration, qualification or listing of the shares of Company Stock, (c) changes in capitalization of the Company and (d) other requirements of applicable law. The Committee shall have the authority to interpret and construe the Stock Units pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.
9.Restrictive Covenants. The Participant agrees that, as a condition to receiving this grant of Stock Units, Participant will comply with the obligations set forth in the Participant’s Confidentiality, Non-Solicitation and Non-Competition Agreement dated [_______] with the Company.
10.No Employment or Other Rights.  The grant of the Stock Units shall not confer upon the Participant any right to be retained by or in the employ of the Company and shall not interfere in 

any way with the right of the Company to terminate the Participant’s employment at any time.  The right of the Company to terminate at will the Participant’s employment at any time for any reason is specifically reserved.
11.Assignment and Transfers.  The rights and interests of the Participant under this Agreement may not be sold, assigned, encumbered or otherwise transferred, except by will or the laws of descent and distribution. In the event of any attempt by the Participant to alienate, assign, pledge, hypothecate, or otherwise dispose of the Stock Units or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company may terminate the Stock Unit by notice to the Participant, and the Stock Unit and all rights hereunder shall thereupon become null and void. The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Participant’s consent.
12.Applicable Law.  The validity, construction, interpretation and effect of this instrument shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflicts of laws provisions thereof.
13.Notice.  Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the Chief Financial Officer at the Company’s corporate headquarters, and any notice to the Participant shall be addressed to such Participant at the current address shown on the payroll of the Company, or to such other address as the Participant may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy or email, or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service.
14.Clawback Rights.  The Stock Units shall be subject to any applicable compensation, clawback or recoupment policies that may be implemented by the Board, whether or not approved before or after the effective date of this Agreement.
15.Application of Section 409A of the Code.  This Agreement is intended to be exempt from section 409A of the Code under the “short-term deferral” exception and, to the extent this Agreement is subject to section 409A of the Code, it will be administered in accordance with section 409A of the Code.

[Signature Page Follows]

IN WITNESS WHEREOF, the Company has caused an officer to execute this Agreement, and the Participant has executed this Agreement, effective as of the Date of Grant.

SEI INVESTMENTS COMPANY

_____________________________
Name:
Title:
Date:

I hereby accept the award of Stock Units described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby agree that all decisions and determinations of the Committee with respect to the Stock Units shall be final and binding.
															
					

Date                                                                                                    Participant

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