Document:

EX-10.2

 Exhibit 10.2 

TRANSITION AGREEMENT 
 1.
Parties. The parties to this Transition Agreement (the “Agreement”) are Paul Fletcher (“you”), and Presidio, Inc. (the “Company”). 

2. Retirement Transition. 
  

	 	A.	Transition Period. Effective as of January 16, 2018, you will cease to hold the position of Chief Financial Officer. Commencing on January 16, 2018 and ending on March 31, 2018 (or such later date
as mutually agreed between you and the Company) (the “Transition Period”), you will remain an employee of the Company with the title of Vice President - Finance and provide advisory and other transition services as the Chief
Executive Officer of the Company requests. During the Transition Period, the Company will continue to pay your base salary as in effect as of the date hereof and provide you with continued coverage under all employee benefit plans of the Company in
which you participate as of the date of this Agreement and you will continue to vest in your outstanding, unvested Options (defined below). During the Transition Period, it is expected that you will provide services in excess of 20% of the average
level of your service as an employee of the Company during the 26-month period prior to January 16, 2018, and accordingly you will not have a separation from service during the Transition Period.

  

	 	B.	Retirement Date. The parties have mutually agreed that you will retire from the Company as of March 31, 2018 (or such later date as mutually agreed between you and the Company) (the “Retirement
Date”), and your employment, any role as an officer or any other role with the Company (or with any direct or indirect parent, subsidiary or affiliate of the Company) will terminate effective as of the Retirement Date. All pay and benefits
will cease on the Retirement Date. You shall be paid any days of paid time off (PTO) that were accrued and unused as of the Retirement Date at the rate of your current base salary, which payment shall be made in a lump sum in your final regular
paycheck. Your current medical and dental benefits will end on the Retirement Date, after which you may elect continuation coverage under the Company’s medical and dental plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985 (COBRA), subject to applicable provisions of state and federal law. Except as provided herein, all other benefits will end on the Retirement Date. 

  

	 	C.	Existing Agreements. Your employment agreement with Integrated Solutions LLC, dated as of September 30, 2010 (the “Employment Agreement”), shall remain in effect during the Transition
Period. You acknowledge and agree that modifications to the terms and conditions of your employment set forth in this Agreement do not constitute a Fundamental Change (as defined in your Employment Agreement). If you resign your employment for any
reason or the Company terminates your employment for Cause under the Employment Agreement, in either case prior to the Retirement Date, this Agreement shall have no force and effect and the payments and benefits (if any) to which you may be entitled
will be determined in accordance with the terms of your agreements in effect prior to the date hereof (including without limitation, your Employment Agreement, the Option Agreement between you and the Company dated as of March 11, 2015 (the
“Tranche Agreement”) and the Rollover Option Agreement between you and the Company dated as of February 2, 2015 (the “Rollover Agreement”)). 

 3. Separation Benefits. 
  

	 	A.	Generally. You agree that the Company is providing the separation benefits set forth in Section 3 in exchange for your promises in this Agreement, and that you would not otherwise be entitled to the benefits
set forth in Sections 3.B.ii, 3.B.iii, 3.C.ii and 3.C.iii below upon your termination of employment from the Company. Subject to your continued service during the Transition Period, the Company will provide you with the separation benefits set forth
in this Section 3 upon your retirement from the Company. 

  

	 	B.	Cash Payments. Subject to your satisfaction of the Separation Requirements (defined below), the Company will: 

  

	 	i.	Treat your retirement as a termination without “Cause” for purposes of Section 3(a)(i) of your Employment Agreement and provide you with the benefits set forth therein at the times specified therein;
which for convenience purposes only is copied immediately below and remains subject to the terms and conditions of the Employment Agreement: 

“(i) Termination Without Cause. In the event Executive’s employment with the Company is
terminated by the Company without Cause (as defined in Section 3(b) below), Executive shall be entitled to receive (i) any Base Salary, unpaid expense reimbursements and accrued benefits under the Plans through the Termination Date,
(ii) Executive’s then existing Base Salary for a period of eighteen (18) months following termination of employment to be paid semi-annually in advance with payment of the first installment made within 10 days following termination of
employment and future payments on each semi-annual anniversary of termination, (iii) the continuation of company paid medical, dental and disability benefits provided under the Plans for a period of six (6) months in the form of Company
paid premiums allocable to such coverage on a monthly basis, with additional monthly cash payments to Executive to the extent the coverage is taxable to Executive in an amount sufficient to cover any taxes on the premiums and such additional cash
payments, provided, however, that in the event that under the terms of the Plans the Executive cannot continue to participate during such six-month term, the Company will coordinate in good faith with the
Executive to provide through COBRA, acquisition of alternative individual policies or otherwise substantially equivalent coverage for the Executive on a similar cost basis to the Company and (iv) a bonus in an amount equal to one (1) times
the Bonus from the prior year, provided however, that such bonus shall be paid pro-rata on a monthly basis during the twelve (12) months following the termination of employment.” 

  
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 ; provided that, in lieu of the benefits described in Section 3(a)(i)(iii) of your
Employment Agreement, the Company will pay you an amount in cash equal to $22,100, which amount shall be paid in a lump sum on the first payroll date following the 30th day following the
Retirement Date; 
  

	 	ii.	Pay you an amount, in addition to amounts otherwise payable under your Employment Agreement for a termination without “Cause” pursuant to Section 3.B.i above, in cash equal to $83,500, which amount shall
be paid in a lump sum on first payroll date following the 30th day following the Retirement Date; and 

  

	 	iii.	Pay you an amount, in addition to amounts otherwise payable under your Employment Agreement pursuant to Section 3.B.i above, in cash equal to (i) the amount of the annual bonus in respect of the fiscal year
ending June 30, 2018 (“FY 2018”) that you would have earned based on actual performance as determined by the Compensation Committee of the Company’s Board of Directors following the completion of FY 2018, multiplied by
(ii) 0.747, which amount shall be paid at such time as bonuses in respect of FY 2018 are paid to actively employed executives of the Company (without regard to any continued service requirements). 

 

	 	C.	Equity Awards.  

  

	 	i.	Outstanding Options. As of the date hereof, you hold options to purchase shares of the Company’s common stock (the “Options”) as set forth on Annex A, all of which were granted under
the Amended and Restated Presidio, Inc. 2015 Long-Term Incentive Plan (the “Plan”), and are subject to the terms and conditions of the Plan and the Tranche Agreement and the Rollover Agreement, as applicable. 

 

	 	ii.	Accelerated Vesting. Subject to your satisfaction of the Separation Requirements, on the 30th day following the Retirement Date, an additional 64,800 of your unvested Tranche A Options (as defined on Annex
A) will vest and become fully exercisable. 

  

	 	iii.	Continued Vesting. Subject to your satisfaction of the Separation Requirements, any unvested Tranche B Options (as defined on Annex A) and unvested Tranche C Options (as defined on Annex A) will
remain outstanding until the second anniversary of the Retirement Date and will be eligible to vest in accordance with Section 2 of the Tranche Agreement; in all cases, without regard to any continued service requirement. 

 

	 	iv.	 Exercisability; Termination. Any of the Options that vest on or following the Retirement Date in
accordance with Section 3.C.ii and Section 3.C.iii above shall remain outstanding and exercisable during the period beginning the applicable vesting date and ending on the earlier of (1) the 90th day 

  
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following the applicable vesting date and (2) the last day of the Option Term (as defined in the Tranche Agreement or the Rollover Agreement, as applicable). If not exercised in accordance
with such applicable agreement by the date set forth in this Section 3.C.iv, all Options, whether vested or unvested, shall thereupon terminate and be cancelled without consideration. 

4. Separation Requirements. The payments and benefits set forth in Section 3 are subject to and conditioned upon (i) your
execution of the release of claims set forth in Annex B within the 21 day period following your Retirement Date and your non-revocation of such release during the seven day period following your
execution of such release and (ii) your execution of, and continued compliance with, the Form of Non-Competition, Non-Solicitation and Non-Hire Agreement (the “Non-Competition Agreement”) substantially in the form set forth in Exhibit B to the Securityholders Agreement (as defined
below) (the “Separation Requirements”). 
 5. Compliance with Existing Obligations. You will comply with your existing
obligations under the Securityholders Agreement, as amended on March 10, 2017, which you executed as of February 2, 2015 (the “Securityholders Agreement”). You will also comply with your obligations under the Non-Competition Agreement, and you will, in accordance with Section 3(f) of that agreement, sign the Termination Certificate attached as Exhibit B to that Agreement on the Retirement Date. You will also make
reasonable, good faith efforts to cooperate with the Company and its subsidiaries and affiliates in any investigation, litigation or regulatory proceeding relating to any matters that were within the scope of your employment, by responding to
reasonable requests by the Company and its subsidiaries and affiliates for information and by making yourself available upon the Company’s reasonable request for interviews or testimony. If your cooperation requires you to incur expenses, the
Company will reimburse you if you provide appropriate documentation. 
 6. Return of Company Property and Data. On or prior to
the Retirement Date, you will return all Company documents and data, existing in any format, and all other property belonging to the Company or any Company Releasee (defined in Annex B). If you discover additional documents or data of the
Company and/or Company Releasee, you will return such documents and/or data promptly to the Company. 
 7.
Non-Disparagement. You will neither (i) do or say anything, directly or indirectly, that knowingly disparages, reflects negatively on, or otherwise detrimentally affects the
Company’s services or those of any other Company Releasees; nor (ii) otherwise violate your existing non-disparagement obligations under the Securityholders Agreement. 

8. Applicable Law. This Agreement shall be interpreted under federal law if that law governs, and otherwise under the laws of the
State of New York, without regard to its choice of law provisions. The parties hereto consent to the exclusive jurisdiction of the Supreme Court of the State of New York, County of New York as the forum and venue of any and all disputes arising
hereunder. 
 9. Entire Agreement. This Agreement is the complete understanding between you and the Company. It replaces any
other agreements, representations or promises, written or oral, except that your existing obligations under other agreements continue as stated above under the heading “Compliance with Existing Obligations.” 

[Signature Page Follows] 

  
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	PAUL FLETCHER	 		 	PRESIDIO, INC.
					
	Signature	 	/s/ Paul Fletcher	 		 	By:	 	/s/ Elliot Brecher
	Date:	 	1/16/2018	 		 	Title:	 	Senior Vice President and General Counsel
		 		 		 	Date:	 	1/16/2018

  
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 ANNEX A 

The following Options were outstanding as of the date of this Agreement. 
  

																	
	 	  	Vested
(#)	 	  	Unvested
(#)	 	  	Exercise
Price ($)	  	Expiration
Date	 	  	 Applicable Option

Agreement

	 Tranche A Options
	  	 	64,800	 	  	 	97,200	* 	  	5.00	  	 	3/11/2025	 	  	Tranche Agreement
	 Tranche B Options
	  	 	—  	 	  	 	81,000	 	  	5.00	  	 	3/11/2025	 	  	Tranche Agreement
	 Tranche C Options
	  	 	—  	 	  	 	81,000	 	  	5.00	  	 	3/11/2025	 	  	Tranche Agreement
	 Rollover Option
	  	 	122,440	 	  	 	—  	 	  	0.76	  	 	10/10/2021	 	  	Rollover Agreement
	 Rollover Option
	  	 	4,706	 	  	 	—  	 	  	0.76	  	 	7/15/2021	 	  	Rollover Agreement
	 Rollover Option
	  	 	116,646	 	  	 	—  	 	  	0.76	  	 	3/31/2011	 	  	Rollover Agreement

  

	*	Provided that you do not resign your employment for any reason, and that the Company does not terminate your employment for Cause, in either event prior to the Retirement Date, 32,400 of your unvested Tranche A Options
will vest on March 11, 2018. Furthermore, in accordance with Section 3.C.ii of this Agreement, an additional 64,800 of your unvested Tranche A Options will vest on the 30th day following
Retirement Date, which will result in your holding a total of 162,000 vested Tranche A Options as of the 30th day following the Retirement Date. 

  
 A-1 

 ANNEX B 

General Release 
  

	1.	General Release. Pursuant to this General Release (this “Release”), I hereby release Presidio, Inc. (the “Company”) (and each of its parents, subsidiaries,
affiliates, predecessors, successors and any other entity related to it and all of its and their past and present directors, officers, employees, agents and anyone else acting for any of them – all together “Company Releasees”)
from all claims of any type to date, known or unknown, suspected or unsuspected, arising out of anything to do with my employment, the end of my employment, or any other matter. This means that, without limitation, I give up all claims for:

  

	 	A.	any pay/compensation/benefits including bonuses, commissions, equity, expenses, overtime, incentives, insurance, paid/unpaid leave, profit sharing, or separation pay/benefits; 

 

	 	B.	compensatory/emotional/distress damages, punitive or liquidated damages, attorney fees, costs, interest or penalties; 

  

	 	C.	any violation of express or implied employment contracts, covenants, promises or duties, intellectual property or other proprietary rights; 

 

	 	D.	unlawful or tortious conduct such as assault or battery; background check violations; defamation; detrimental reliance; fiduciary breach; fraud; indemnification; intentional or negligent infliction of emotional
distress; interference with contractual or other legal rights; invasion of privacy; loss of consortium; misrepresentation; negligence (including negligent hiring, retention, or supervision); personal injury; promissory estoppel; public policy
violation; retaliatory discharge; safety violations; posting or records-related violations; wrongful discharge; or other federal, state or local statutory or common law matters; 

 

	 	E.	discrimination based on age (including Age Discrimination in Employment Act or “ADEA” claims), ancestry, benefit entitlement, citizenship, color, concerted activity, disability, ethnicity, gender,
genetic information, harassment, immigration status, income source, jury duty, leave rights, marital status, military status, national origin, parental status, political affiliation, protected off-duty
conduct, race, religion, retaliation, sexual orientation, union activity, veteran status, whistleblower activity, other legally protected status or activity; or any allegation that payment under this Agreement was affected by any such
discrimination; and 

  

	 	F.	any participation in any class or collective action against the Company. 

	2.	Exclusions. 

  

	 	A.	Notwithstanding the general release of claims in Section 1 hereof, I do not discharge and release the Company and the Company Releasees from any liability for claims arising under or relating out of (i) the
payments and benefits to which I am entitled to under Section 3 of my Transition Agreement with the Company dated January 16, 2018, (ii) any rights to indemnification I may have as an officer under the bylaws of the Company, applicable
law, or any other agreement between me and the Company or as an insured under any directors’ and officers’ liability insurance policy now or previously in force, or (iii) any claims that, as a matter of applicable law, are not
waivable. 

  

	 	B.	Nothing contained in this Release limits the my ability to file a charge or complaint with the Equal Employment Opportunity Commission (the “EEOC”). I retain the right to participate in any such action
and to seek any appropriate non-monetary relief. I retain the right to communicate with the EEOC and comparable state or local agencies and such communication can be initiated by me or in response to the
government and such right is not limited by any non-disparagement claims. Notwithstanding the foregoing, I agree to waive any right to recover monetary damages in any charge, complaint or lawsuit filed by me
or by anyone else on my behalf. 

  

	 	C.	For the avoidance of doubt, the provisions of this Release are not intended to, and shall be interpreted in a manner that does not, limit or restrict me from exercising any legally protected whistleblower rights
(including pursuant to Rule 21F under the Securities Exchange Act of 1934). 

  

	3.	Time to Consider and Revoke this Agreement. I am aware of the legal effect of this letter, including the fact that I am releasing all claims I may have against the Company and the other Company
Releasees for, among other things, age discrimination, including but not limited to age discrimination claims under the federal ADEA. I acknowledge that I have been given the opportunity to consider this Agreement for
twenty-one (21) days from the date it was delivered to me before executing it and that I have been advised to consult with an attorney about its terms. I understand that, for a period of seven
(7) days from the date that I execute this Agreement, I may revoke this Release, provided that I give signed written notice of my revocation to the Company as follows: to Elliot Brecher by email at ebrecher@presidio.com, or mail at Presidio,
Inc., One Penn Plaza, Suite 2832, New York, NY 10119. This Agreement shall become effective on the first day following the expiration of the seven (7)-day revocation period. 

 

	4.	Other Representations. I agree: 

  

	 	A.	Specifically subject to Company’s obligations hereunder and under the Transition Agreement, I have received all pay/compensation/benefits/leave/time off you are due to date, including for overtime or vacation;

  

	 	B.	I have not suffered any on-the-job injury for which I have not already filed a claim, and the end of my employment is not related to any
such injury; 

  

	 	C.	I do not have any pending lawsuits against the Company or any other Company Releasees; 

  

	 	D.	I was advised in writing, by getting a copy of this Agreement, to consult with an attorney before signing below; and 

  
 B-2 

	 	E.	I am signing this Agreement knowingly and voluntarily intending to be legally bound hereby, I execute the foregoing release, effective as of the date set forth in Section 3 hereof. 

Acknowledged and Agreed by: 
  

	
	   

	Paul Fletcher

  
 B-3Exhibit 10.36

 

THIRD AMENDMENT TO CREDIT AND SECURITY AGREEMENT

 

THIRD AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this “Third Amendment”) dated November 1, 2017, by and among MVC CAPITAL, INC., a corporation formed under the laws of the State of Delaware (the “Borrower”), MVC FINANCIAL SERVICES, INC., a corporation formed under the laws of the State of Delaware, MVC CAYMAN, an exempted company incorporated under the laws of the Cayman Islands, MVC GP II, LLC, a limited liability company formed under the laws of the State of Delaware, and MVC PARTNERS LLC, a limited liability company formed under the laws of the State of Delaware, (collectively, the “Guarantors”, and each a “Guarantor”), the financial institutions or entities from time to time parties to the Loan Agreement (as such term is defined herein) (collectively, the “Lenders”, and each a “Lender”), and SANTANDER BANK, N.A., as agent (the “Agent”), and WINTRUST BANK, as syndication agent (“Wintrust”).

 

BACKGROUND

 

WHEREAS, Borrower, Lenders and Agent are parties to a Credit and Security Agreement dated as of December 9, 2015 (as same has been and may be further modified, amended, supplemented and/or restated from time to time, the “Credit Agreement”). Capitalized terms used herein shall have the meanings given to them in the Credit Agreement unless otherwise specified.

 

WHEREAS, Borrower has requested that the Agent and the Lenders amend the Credit Agreement as described in this Third Amendment and waive certain terms of the Credit Agreement in connection with the Borrower’s refinancing of the Senior Notes.

 

WHEREAS, Agent and Lenders are willing to amend certain terms and conditions of the Credit Agreement and grant the requested waivers as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

 

1.             Amendments to Credit Agreement.  As of the date hereof, the Credit Agreement is amended as follows:

 

1.1          Definitions.  Section 1.1 of the Credit Agreement is amended by the addition, the deletion or the amendment and restatement of the following definitions, as applicable, to read in their entirety as follows:

 

(a)           Subsection (b) of the definition of Permitted Investments is hereby amended and restated to read as follows:

 

“(b)         Investments consisting of (i) the Debt Investments listed on Schedule 7.26(b), (ii) the Equity Investments listed on Schedules 7.26(a) and (c), and (iii) “follow-on” Investments consisting of Debt Investments or Equity Interests in Portfolio Companies currently owned by Credit Parties in an aggregate amount not to exceed Eighteen Million Five Hundred Thousand and 00/100 Dollars ($18,500,000);”

 

 

(b)           The definition of Excluded Accounts is hereby amended and restated to read as follows:

 

““Excluded Deposit Account” shall mean (a) any Deposit Account that is specifically and exclusively used for payroll, payroll taxes, employee wages and benefits, withholding tax payments, earnest money and escrow deposits, (b) any Deposit Account in which BB&T holds a perfected first priority security interest as provided for in the BB&T Intercreditor Agreement,  (c) so long as they are a Lender hereunder, a Deposit Account with Wintrust Bank in an amount not to exceed Three Million Dollars ($3,000,000) at any time; (d) other Deposit Accounts so long as the aggregate amount on deposit in all such other Deposit Accounts under this clause (d) does not exceed One Million Dollars ($1,000,000) for any period of three or more consecutive Business Days, and (e) the JPM Letter of Credit Deposit Account.”

 

“Third Amendment Closing Date” means                                      , 2017.

 

1.2          Section 2.4(a).  Section 2.4(a) of the Credit Agreement is amended and restated in its entirety to read as follows:

 

“(a) Letters of Credit. Subject to the terms and conditions of this Agreement, the Lenders agree to incur, from time to time, upon the request of Borrower and for Borrower’s account, Letter of Credit Obligations by Agent causing Letters of Credit to be issued by a bank or other legally authorized Person selected by or acceptable to Agent in its sole discretion (each, an “L/C Issuer”) for such Borrower’s account, which may be guaranteed by Agent; provided, that if the L/C Issuer is a Lender, then such Letters of Credit shall not be guaranteed by Agent but rather each Lender shall, subject to the terms and conditions hereinafter set forth, purchase (or be deemed to have purchased) risk participations in all such Letters of Credit issued with the written consent of Agent, as more fully described in Section 2.4(b)(ii) below. The initial L/C Issuer shall be Santander Bank, N.A. and all Letters of Credit issued by Santander Bank, N.A. shall be issued in its capacity as a Lender, not as Agent. The aggregate amount of all Letter of Credit Obligations relating to the issuance of Letters of Credit shall not at any time exceed Ten Million Dollars ($10,000,000); provided, however, in no event shall Agent cause a Letter of Credit to be issued to the extent that (i) Agent is in receipt of written notice that the conditions precedent set forth in Section 6 of this Agreement cannot be satisfied or (ii) the face amount of such Letter of Credit would then cause the sum of (x) the outstanding Revolving Loans plus (y) outstanding Letters of Credit, to exceed Borrowing Availability. All Letters of Credit shall be payable in Dollars. No standby Letter of Credit shall have an expiry date that is more than one year following the date of issuance thereof and no commercial Letter of Credit shall have an expiry date that is more than 90 days

 

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following the date of issuance thereof, unless otherwise determined by the Agent, in its sole discretion, and neither Agent nor Lenders shall be under any obligation to incur Letter of Credit Obligations in respect of, or purchase risk participations in, any Letter of Credit having an expiry date that is later than the Final Maturity Date.

 

2.             Waiver.  The Borrower has notified the Agent that it intends to refinance the Senior Notes with Refinancing Indebtedness, provided, however, the transaction does not meet all of the requirements of Refinancing Indebtedness, therefore, the Agent hereby waives the following requirements under the definition of Refinancing Indebtedness in connection with the Refinancing Indebtedness transaction:

 

(a)           The Borrower’s failure to provide the Agent with ten (10) Business Days’ prior written notice of the Borrower’s intention to incur such Indebtedness and to comply with the required information as set forth in subsection (a) of the definition of Refinancing Indebtedness;

 

(b)           Provided the principal amount of Refinancing Indebtedness is not more than one hundred and ten percent (110%) of the current principal amount of the Refinanced Obligations plus the amount of reasonable refinancing fees and expenses incurred in connection therewith, the Borrower shall be in compliance with subsection (b) of the definition of Refinancing Indebtedness;

 

(c)           The final maturity of the Indebtedness will have a final maturity date that is earlier than the final maturity date of the Refinanced Obligations; and

 

(d)           Such Indebtedness shall have a Weighted Average Life to Maturity greater than the Weighted Average Life to Maturity of the Refinanced Obligations.

 

3.             No Other Changes. Except as explicitly amended by this Third Amendment, all of the terms and conditions of the Credit Agreement shall remain in full force and effect and shall apply to all Revolving Loans and Letters of Credit thereunder.

 

4.             Conditions Precedent. This Third Amendment shall be effective when the Agent shall have received an executed original hereof and each of the following documents (collectively, the “Third Amendment Documents”):

 

(a)           this Third Amendment duly executed;

 

(b)           the Acknowledgment and Agreement of Guarantors set forth at the end of this Third Amendment, duly executed by the Guarantor; and

 

(c)           payment of an amendment fee to the Agent for the benefit of the Lenders in an amount equal to Seven Thousand Five Hundred Dollars ($7,500), which fee shall be fully earned, irrevocable, due and payable on the Third Amendment Closing Date.

 

5.             Representations and Warranties. Borrower hereby represents and warrants to Agent and Lenders as follows:

 

3

 

(a)           Borrower has all requisite power and authority to execute this Third Amendment and the other Third Amendment Documents and to perform all of its obligations hereunder and thereunder, and the Third Amendment Documents have been duly executed and delivered by Borrower and constitute the legal, valid and binding obligation of Borrower, enforceable in accordance with their terms, subject to applicable Federal and state bankruptcy and insolvency laws affecting generally the rights of creditors.

 

(b)           The execution, delivery and performance by Borrower of this Third Amendment and the other Third Amendment Documents have been duly authorized by all necessary corporate action and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to Borrower, or the certificate of incorporation or bylaws of Borrower, or (iii) result in a breach of or constitute a default under any indenture or loan or Credit Agreement or any other agreement, lease or instrument to which Borrower is a party or by which it or its properties may be bound or affected.

 

(c)           All of the representations and warranties contained in the Credit Agreement are correct in all material respects on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date.

 

6.             References. All references in the Credit Agreement to the “Agreement” shall be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the Loan Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.

 

7.             No Waiver.  The execution of this Third Amendment and of any documents related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreement or breach, default or event of default under any Loan Documents or other document held by Agent or Lenders, whether or not known to Agent or Lenders and whether or not existing on the date of this Third Amendment.

 

8.             Release.  Borrower and Guarantors by signing the Acknowledgment and Agreement of Guarantors set forth below, each hereby absolutely and unconditionally releases and forever discharges the Agent, Lenders and L/C Issuers, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which Borrower or Guarantors has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Third Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

 

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9.             Costs and Expenses. Borrower hereby reaffirms its agreement under the Credit Agreement to pay or reimburse Agent, Lenders and L/C Issuer on demand for all reasonable costs and expenses incurred by Agent, Lenders and L/C Issuer in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel. Without limiting the generality of the foregoing, Borrower specifically agrees to pay all reasonable fees and disbursements of counsel to Agent, Lenders and L/C Issuer for the services performed by such counsel in connection with the preparation of this Third Amendment and the documents and instruments incidental hereto.  Borrower hereby agrees that Agent may, at any time or from time to time in its sole discretion and without further authorization by Borrower, make an Advance to Borrower under the Credit Agreement, or apply the proceeds of any Advance, for the purpose of paying any such fees, disbursements, costs and expenses.

 

9.           Miscellaneous. This Third Amendment and the Acknowledgment and Agreement of Guarantors may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Third Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Third Amendment.

 

[SIGNATURE PAGE FOLLOWS]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as of the date first written above.

 

	
 
    	
MVC   CAPITAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ MICHAEL   T. TOKARZ
    
	
 
    	
Name:  MICHAEL T. TOKARZ
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SANTANDER   BANK, N.A.,
    
	
 
    	
as   Agent and as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Pierre A. Desbiens
    
	
 
    	
Name:   Pierre A. Desbiens
    
	
 
    	
Title:   SVP
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mark Metsky
    
	
 
    	
Name:   Mark Metsky
    
	
 
    	
Title:   SVP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WINTRUST   BANK, as Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John Paul Hills
    
	
 
    	
Name:   John Paul Hills
    
	
 
    	
Title:   VP
    

 

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTORS

 

The undersigned, each a Guarantor of the Indebtedness of MVC Capital, Inc. (the “Borrower”) to Santander Bank, N.A. ( “Agent”) for itself, as a lender, and as agent for the other lenders (the “Lenders”) signatory to that certain Credit and Security Agreement dated as of December 9, 2015 by and among the Borrower, the Lenders, and the Agent, pursuant to the Guaranty Agreement dated as of December 9, 2015 (the “Guaranty”), hereby (i) acknowledges receipt of the foregoing amendment; (ii) consents to the terms and execution thereof; (iii) reaffirms its obligations to Agent, Lenders or L/C Issuer pursuant to the terms of the Guaranty; and (iv) acknowledges that the Agent and Lenders may amend, restate, extend, renew or otherwise modify the Credit Agreement and any indebtedness or agreement of the Borrower, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the liability of the undersigned under the Guaranty for all of the Borrower’s present and future indebtedness to the Agent and Lenders.

 

	
 
    	
MVC   FINANCIAL SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ MICHAEL   T. TOKARZ
    
	
 
    	
Name:  MICHAEL T. TOKARZ
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MVC   CAYMAN
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ MICHAEL   T. TOKARZ
    
	
 
    	
Name:   MICHAEL T. TOKARZ
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MVC   GP II, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ JAMES   PINTO
    
	
 
    	
Name:   JAMES PINTO
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MVC   PARTNERS LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ MICHAEL   T. TOKARZ
    
	
 
    	
Name:   MICHAEL T. TOKARZ
    
	
 
    	
Title:
    

 

Date:                              , 2017

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]