Document:

Sublease Amendment dated March 20, 2003

 Exhibit 10.1 
  
 AMENDMENT NUMBER 1 
  
 THIS AMENDMENT NUMBER 1 (HEREIN “AMENDMENT”) IS MADE THIS 20th DAY OF MARCH, 2003, TO SUBLEASE AGREEMENT DATED JANUARY 29, 2003 BETWEEN PULASKI FURNITURE CORPORATION, A VIRGINIA CORPORATION (“SUBLESSOR”) AND HOOKER FURNITURE, A VIRGINIA CORPORATION
(“SUBLESEE”). 
  
 IN THE EVENT THAT ANY OF THE TERMS OF
THIS AMENDMENT AND THE ATTACHED SUBLEASE CONFLICT THE TERMS OF THIS AMENDMENT SHALL PREVAIL. 
  
 Sections 1, 2 and 3 of the Sublease are hereby amended by deleting such Sections in their entirety and substituting therefore the following new Sections 1, 2 and 3. 
  

	 	1.	 	DESCRIPTION OF PREMISES: Those certain portions of property (as described below) which are the bottom floor of the main building consisting of approximately 162,000 square feet
and the top floor of the main building consisting of approximately 80,000 square feet (the “Premises”) of that certain real property, including all improvements therein or to be provided by Sublessor under the terms of this Lease, and
located at 101 Commonwealth Boulevard, Martinsville, Virginia, and generally described as the warehouse buildings of masonry and bar joist construction containing up to approximately 845,990 square feet Sublessor is currently leasing from
Commonwealth Boulevard Associates, LLC. 

  

	 	2.	 	TERM: The term of this sublease shall commence on or before the 13th day of January, 2003 and shall terminate July 13th, 2003, with Sublessee taking possession of the
bottom floor on or before the 13th day of January, 2003 and taking possession of top floor effective April 1, 2003.
Sublessee shall have the option to extend the sublease to August 31, 2003, upon 30 days notice prior to the termination, unless Sublessor has notified Sublessee of the withdrawal of this option with 45 days prior notice. 

  

	 	3.	 	RENTAL: Sublessee covenants and agrees to pay to Sublessor as rental for the premises $0.12 per square foot per month which represents (a) Base Rent, (b) Premium Charge, (c)
Moving Expense Reimbursement, and (d) Utility Reimbursement. The fixed monthly rentals are payable in advance on the first day of each month during the term of this lease. Rental payments for the top floor shall commence with the April rental due
through the term of the lease. Rental payments for the option period, if any, will be prorated per week of occupancy. 

  
 Capitalized terms not defined herein shall have the meaning given to such terms in the Sublease. Except as expressly set forth herein, the Sublease shall not be
amended and shall remain in full force and effect. 
  
 In Witness Whereof,
the Sublessor and the Sublessee have executed this Amendment as of the day and year first above written. 
  

	“SUBLESSOR” 	 	 	 	“SUBLESSEE”
	 Pulaski Furniture Corporation, a Virginia Corporation
	 	 	 	 Hooker Furniture Corporation, a Virginia Corporation

					
	By:	 	 /s/    DERYL
DELOACH      

	 	 	 	By:	 	 /s/    DOUGLAS C.
WILLIAMS        

	Title:	 	Director of Operations	 	 	 	Title:	 	President
	Date:	 	March 27, 2003	 	 	 	Date:	 	March 20, 2003Letter Agreement dated April 30, 2003

 Exhibit 10.3 
  
 April 30, 2003 
  
 Mr. E. Larry Ryder 
 Executive Vice President-Finance & 
     Administration 
 Hooker Furniture Corporation 
 Post Office Box 4708 
 Martinsville, VA 24115 
  
 Dear Larry: 
  
 Branch Banking and Trust Company of Virginia (“Bank”) is pleased to renew its line
of credit at the amount of $20,000,000 to accommodate the issuance of Letters of Credit on behalf of Hooker Furniture Corporation. Terms and conditions of this commitment are as follows: 
  
 Borrower: The Borrower/Applicant shall be Hooker Furniture Corporation. 
  
 Purpose: The line of credit shall be used exclusively for the issuance of
Commercial Letters of Credit as required in normal operations. 
  
 Amount: The maximum amount of this line of credit shall be Twenty Million Dollars ($20,000,000). 
  
 Term: This commitment shall be outstanding until April 30, 2004, at which time it will expire and be subject to review. All Letters of Credit issued under
this line shall remain in force until their respective dates of expiration. The Bank may, however, at its option require the Borrower to post cash collateral equal to the undrawn amount of all letters credit outstanding upon the expiration of this
commitment. 
  
 Advances/Repayment: Each Letter of Credit will be
issued under a $20,000,000 promissory note to be executed by Borrower which shall provide that any advance of funds by Bank resulting from the issuance of Letters of Credit shall be repayable upon demand (the “Master Demand Note”).

  
 Loan Documents: The documents evidencing this commitment and any
letters of credit or funds outstanding thereunder shall include but not be limited to this loan agreement (the “Loan Agreement”), the Master Demand Note and any Applications for Irrevocable Commercial Letters of Credit (“L/C
Applications”) (collectively the “Loan Documents”). 
  
 Interest Rate: Funds advanced under the Master Demand Note shall bear interest at Bank’s Prime Rate adjusted daily as Bank’s Prime Rate changes. 
  
 Fees: The Borrower and the Bank’s International Services Division shall agree upon all fees. 

 Collateral: Unsecured other than customary liens arising from the L/C Applications. 
  
 Negative Pledge: The Borrower agrees that it will not create, incur, assume or
suffer to exist, any lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than liens permitted under Section 7.01 (excluding subsection 7.01 (a) thereof) of that Credit Agreement dated as of April 30,
2003 among Hooker Furniture Corporation as Borrower and Bank of America, N.A., as Administrative Agent (the “B of A Agreement”) as in effect on April 30, 2003 without regard to any subsequent amendments thereto. 
  
 Financial Covenants: All financial covenants in the B of A Agreement including
but not limited to those contained in Section 6.12 thereof as amended from time to time are hereby incorporated herein by reference and shall constitute covenants hereunder. 
  
 Events of Default: Any default or event of default under any of the Loan Documents or any event of default under the B of A
Agreement, that certain letter of credit facility dated as of              between the Borrower and Wachovia Bank, National Association (the “Wachovia L/C Facility”) or any
other debt in excess of $500,000 shall constitute an Event of Default hereunder. Upon the occurrence of an Event of Default hereunder in addition to any other remedies contained in the Loan Documents and at its option Bank may (1) terminate its
obligation to issue additional letters of credit, (2) declare any unreimbursed drawings under letters of credit to be immediately due and payable in full and (3) demand cash collateral to secure the Borrower’s reimbursement obligations under
any outstanding letters of credit. 
  
 Reporting: The Borrower shall
furnish to Bank unqualified, audited financial statements within 120 days of each fiscal year-end and quarterly unaudited financial statements within 45 days of each fiscal quarter-end. The Borrower shall furnish to Bank copies of any reports
required under the B of A Agreement. The Borrower shall immediately provide Bank with written notice of any event of default under the B of A Agreement, the Wachovia L/C Facility or any other debt in excess of $500,000. 
  
 Larry, we sincerely appreciate your business and look forward to continuing our mutually
beneficial relationship with Hooker Furniture. If the terms of our commitment described above are acceptable, please indicate by signing, dating, and returning the original of this letter to my attention before May 2, 2003. 

 Thank you for your assistance in this request. If you have any questions or concerns, please give me a call at 666-3257.

  

	
	 Sincerely,

	
	 /s/    SCOTT TAYLOR
      

	Scott Taylor
	Senior Vice President & City Executive

  

	Accepted this 30th day of April, 2003
	
	HOOKER FURNITURE CORPORATION 
		
	 By:
	 	 /s/    E. LARRY
RYDER        

	 	 	E. Larry Ryder
	Title:	 	Executive Vice President – Finance & Administration

  

		
	 By:
	 	 /s/    ROBERT W. SHERWOOD
        

	 	 	Robert W. Sherwood
	Title:	 	Vice President – Credit, Secretary, & TreasurerExhibit 10.1

                           PEOPLE'S REPUBLIC OF CHINA

                                  LAND LICENSE

PEOPLE'S  REPUBLIC  OF  CHINA
LAND  RESOURCE  BUREAU                    /LAND  LICENSE  SEAL/

                                        1
<PAGE>

<TABLE>
<CAPTION>

<S>                                      <C>

User                                     Changzhou Broadway Business Development Co., Ltd
---------------------------------------  ------------------------------------------------
Location                                 East to Huangshan Road, South to Zhunan Road,
                                         Xinbei District, Changzhou City, G20-11-1-3
---------------------------------------  ------------------------------------------------
Purpose                                  Residence
---------------------------------------  ------------------------------------------------
Area                                                                           75596.97m2
---------------------------------------  ------------------------------------------------
Commencement                                                                     2000/9/4
---------------------------------------  ------------------------------------------------
Termination Date                                                                 2070/9/4
---------------------------------------  ------------------------------------------------

                                         /seal/ Changzhou Land Resource Bureau
                                         ------------------------------------------------
</TABLE>

                                        2
<PAGE>

Conditions:

1.   Institutions  or individuals use of the state owned land shall be according
     to  the  Chinese  Law.

2.   From  (Land  Management  Law  P.R.  China)  item  11:

     -     Ownership  and  use  of  land  is  only be permitted when it has been
           registered  and  approved  and  the  license  obtained

3.   From  (Real  Estate  Management  Law  P.R.  China)  item  59:

     -     If  the  purpose  of  the land lease has changed according to Chinese
           Law,  a new  license  must  be  obtained

4.   From  (Land  Management  Law  P.R.  China)  item  12:

     -     The  registered  right  and  ownership  of  the  land is protected by
           Chinese Law

5.   From  (Land  Management  Law  P.R.  China)  item  17

 -    According to the rules of Land Management Law P.R. China and the Real
      Estate  Management  Law  P.R.  China,  once  registration  is  approved,
      a license  will  be  given

                         /Changzhou  Government  Seal/

                                        3
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]