Document:

ex_323924.htm

Exhibit 10.1

 

SIXTH AMENDMENT TO EMPLOYMENT AND 

NON-SOLICITATION AGREEMENT

 

 

THIS SIXTH AMENDMENT TO EMPLOYMENT AND NON-SOLICITATION AGREEMENT (“Sixth Amendment”), dated this 13th day of January, 2022, is entered into by and between DELTA APPAREL, INC., a Georgia corporation (“Company”), and Robert W. Humphreys, a Florida resident (“Executive”).

 

WHEREAS, Executive and the Company entered into an Employment and Non-Solicitation Agreement, dated June 10, 2009 (as at any time amended, restated, modified, or supplemented, the “Agreement”), providing for the terms of Executive's employment with the Company. The Company and Executive desire to amend the Agreement as hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.    Section 2(a) of the Agreement is hereby amended and restated it its entirety as follows:

 

(a) Base Salary. Commencing January 1, 2022, and during the term of Executive’s employment with the Company pursuant to this Agreement, the Company shall pay to Executive as compensation for his services an annual base salary of not less than $850,000 (Base Salary). Executive’s Base Salary will be payable in arrears in accordance with the Company’s normal payroll procedures and will be reviewed annually and subject to upward adjustment at the discretion of the Compensation Committee of the Company’s Board of Directors and confirmed by the full Board of Directors.

 

2.    Section 2(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

(b) Incentive Bonus. During the term of Executive’s employment with the Company pursuant to this Agreement, Executive shall be entitled to participate in the Company’s Short-Term Incentive Compensation Plan as in effect from time to time. The Executive’s Short-Term Incentive Compensation base during fiscal year 2022 is $650,000. For fiscal year 2023, the Executive’s Short-Term Incentive Compensation base is $750,000 and will remain at $750,000 during fiscal year 2024. Calculation of the Executive’s Short-Term Incentive Compensation will be the same as approved annually by the Board of Directors for the Company. Short-Term Incentive Compensation Plan participants. The maximum payout to the Executive from the Short-Term Incentive Compensation Plan is $1,500,000 for any single fiscal year. Any cash compensation payable under this paragraph shall be referred to as “Incentive Compensation” in this Agreement.

 

3.    Section 2(c) of the Agreement is hereby amended and restated in its entirety as follows:

 

(c) Restricted Stock Units. During the term of Executive's employment with the Company pursuant to this Agreement, Executive will participate in the Delta Apparel, Inc. 2020 Stock Plan (“Plan”).

 

Previously Granted Fiscal Year 2022 Restricted Stock Units. The Company previously granted to Executive 50,000 Restricted Stock Units in connection with the Company's fiscal year ending October 1, 2022, and pursuant to the terms of the Plan and the separate terms of a Restricted Stock Unit Award Agreement between the Executive and the Company governing such grant. That grant subject to all of the terms and conditions of the applicable Restricted Stock Unit Award Agreement and the Plan remain in full force and effect. 

 

Fiscal Year 2023 and 2024 Restricted Stock Units. Pursuant to the terms of the Plan, Executive will receive a grant of 84,000 Restricted Stock Units, with 42,000 of such Restricted Stock Units eligible to vest upon the filing of the Company's Annual Report on Form 10-K with the SEC for each of the Company's fiscal years 2023 and 2024, based solely on service through the end of the applicable fiscal year. This grant will be provided under and subject to the separate terms of a Restricted Stock Unit Award Agreement between the Executive and the Company, and the Plan. Pursuant to the Restricted Stock Unit Award Agreement, grants are based solely on service requirements and 42,000 Restricted Stock Units shall vest on date the Company files with the SEC its annual report on Form 10-K for fiscal year ended September 30, 2023, and an additional 42,000 Restricted Stock Units shall vest on the date the Company files with the SEC its annual report on Form 10-K for fiscal year ended September 28, 2024.

 

With respect to any such Restricted Stock Units that vest upon the filing of the Company's Annual Report on Form 10-K with the SEC for fiscal years 2023 and 2024, Executive will receive shares of Company stock equal to one-half of value of the aggregate number of such Restricted Stock Units and a cash payment equal to one-half of the value of the aggregate number of such Restricted Stock Units.

 

Any conflict or inconsistency between this Agreement and the terms of any Restricted Stock Unit Award Agreement or Plan will be governed by the terms of the applicable Restricted Stock Unit Award Agreement or Plan.

 

In the event that Executive's employment is terminated by the Company other than for Cause as defined in Section 4(b) of the Agreement, the full award will be made for the fiscal year in which the Executive's employment is terminated.

4.    Section 3 of the Agreement is hereby amended and restated in its entirety as follows:

 

3. Term. Unless sooner terminated pursuant to Section 4 of this Agreement, and subject to the provisions of Section 5 and Section 6 hereof, the term of this Agreement (the "Term") shall commence as of the first day of fiscal year 2010 and shall continue until the date of the filing with the Securities and Exchange Commission of the Company's Form 10-K for fiscal year 2024. 

 

5.    Section 5(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

(a) Base Salary and Incentive Compensation. The Company shall pay to Executive (i) his Base Salary (as in effect as of the date of his termination) and (ii) Incentive Compensation (in an aggregate amount equal to the applicable portion of the Incentive Compensation received by the Executive for the most recent fiscal year prior to Executive’s termination) as follows:

 

	
			Years of

				 	 	 	 	 	 
	
			Service with

				 	
			Base

				 	 	 	
			Payout

			
	
			The Company

				 	
			Salary

				 	
			Incentive Compensation

				 	
			Period

			
	
			Less than one

				 	
			3 months

				 	
			25% of the Short-Term Incentive Compensation Plan award for the most recent full fiscal year prior to termination

				 	
			3 months

			
	 	 	 	 	 	 	 
	
			One but less than two

				 	
			6 months

				 	
			50% of the Short-Term Incentive Compensation Plan award for the most recent full fiscal year prior to termination

				 	
			6 months

			
	 	 	 	 	 	 	 
	
			Two but less than three

				 	
			9 months

				 	
			75% of the Short-Term Incentive Compensation Plan award for the most recent full fiscal year prior to termination

				 	
			9 months

			
	 	 	 	 	 	 	 
	
			Three or More

				 	
			12 months

				 	
			100% of the Short-Term Incentive Compensation Plan award for the most recent full fiscal year prior to termination

				 	
			12 months

			
	 	 	 	 	 	 	 

 

To the extent permitted under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and related Treasury Regulations, the sum of applicable Base Salary and Incentive Compensation shall be divided into equal monthly, semi-monthly or lesser payments and paid to the Executive over the applicable Payout Period shown in the table above, depending on the Executive's years of service at the time of termination.

 

6.    Section 6(a) of the Agreement is hereby amended and restated in its entirety as follows:

 

(a) If within one (1) year following a “Change of Control” (as hereinafter defined), Executive terminates his employment with the Company for “Good Reason” (as hereinafter defined) or the Company terminates Executive’s employment for any reason other than Cause, death or disability (as defined in Section 4(e)), the Company shall pay to Executive in a lump sum within thirty (30) days following Executive’s termination of employment: (i) an amount equal to one times the Executive’s Base Salary as of the date of termination; and (ii) an amount equal to the Short-Term Incentive Compensation received by the Executive for the most recent fiscal year prior to Executive’s termination. In addition, the Company shall provide the Executive with out- placement assistance. In addition, to the extent permitted under the terms of the various plans, the Company shall continue to provide the Executive with coverage under the Company’s various welfare and benefit plans, including retirement and group healthcare, dental and life in which Executive participates at the time of termination, for the period equal to twelve (12) months from the date of termination at coverage levels and rates substantially equal to those applicable to Executive immediately prior to such termination.

 

Except as otherwise provided in this Sixth Amendment, the Agreement will continue as provided therein for the remaining term of the Agreement.

 

IN WITNESS WHEREOF, the parties have executed this Sixth Amendment as of the date first above written.

 

DELTA APPAREL, INC.

 

By: /s/ S. Lauren Satterfield

Name: S. Lauren Satterfield   

Title: Deputy General Counsel and Assistant Secretary

“Executive”

                        

/s/ Robert W. Humphreys

Name: Robert W. Humphreys 

Title: Chairman of the Board of Directors and Chief Executive OfficerEX-10.1

 Exhibit 10.1 

SIXTH AMENDMENT TO CREDIT AGREEMENT 

This SIXTH AMENDMENT TO CREDIT AGREEMENT, dated as of January 14, 2022 (as it may be amended from time to time, this
“Sixth Amendment”), by and among CANO HEALTH, LLC, a Florida limited liability company (the “Borrower”), PRIMARY CARE (ITC) INTERMEDIATE HOLDINGS, LLC, a Delaware limited liability company
(“Holdings”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (“Credit Suisse”), as administrative agent and collateral agent (in such capacity, together with its permitted successors and assigns in such
capacity, the “Administrative Agent”) under the Loan Documents, each of the Revolving Lenders, each of the Issuing Banks and each of the Persons party hereto as 2022 Replacement Term Lenders (in each case as defined below).

 W I T N E S S E T H: 

WHEREAS, the Borrower, Holdings, each Lender and Issuing Bank party thereto from time to time, the Administrative Agent, and
Credit Suisse, as an Issuing Bank, have entered into that certain Credit Agreement, dated as of November 23, 2020 (as may be amended, restated, amended and restated, modified and/or supplemented from time to time through, but not including, the
date hereof, the “Credit Agreement”; capitalized terms not otherwise defined in this Sixth Amendment have the same meanings assigned thereto in the Credit Agreement); 

WHEREAS, on the date hereof (but prior to giving effect to this Sixth Amendment), there are outstanding Initial Term Loans
under the Credit Agreement (for purposes of this Sixth Amendment, herein called the “Original 2020 Replaced Term Loans”) in an aggregate principal amount of $644,432,743.72; 

WHEREAS, in accordance with the provisions of Section 1.09 and Section 9.02(c)(i) of the Credit
Agreement, the Borrower desires to amend the Credit Agreement to enable the Borrower to refinance in full the outstanding Original 2020 Replaced Term Loans with the proceeds of 2022 Replacement Term Loans (as defined below) as more fully provided
herein; 
 WHEREAS, as contemplated by Section 1.09 and Section 9.02(c)(i) of the Credit Agreement,
the parties hereto have agreed to amend certain terms of the Credit Agreement as hereinafter provided to give effect to the 2022 Replacement Term Loans (as defined below), subject to the satisfaction of the conditions precedent in Section 6
hereof; 
 WHEREAS, in accordance with Section 9.02(d)(ix)(A) of the Credit Agreement, the Borrower and the
Revolving Lenders desire to amend the Credit Agreement to provide for the replacement of the Adjusted LIBO Rate (solely as it relates to the Initial Revolving Facility) with Adjusted Term SOFR (as defined in the Amended Credit Agreement) as more
fully provided herein; 
 WHEREAS, the Credit Agreement may be waived, amended or modified pursuant to an agreement or
agreements in writing entered into by the Borrower, the Administrative Agent and the Lenders required pursuant to the terms of Section 9.02 of the Credit Agreement; 

WHEREAS, the (i) establishment of the 2022 Replacement Term Loans and (ii) amendment of certain terms and conditions
of the Credit Agreement as provided herein are collectively referred to herein as the “Sixth Amendment Transaction”; 

 WHEREAS, each Loan Party as of the Sixth Amendment Closing Date
(collectively, the “Reaffirming Parties” and each a “Reaffirming Party”) expects to realize substantial direct and indirect benefits as a result of this Sixth Amendment becoming effective and the
consummation of the Sixth Amendment Transaction and agrees to reaffirm its obligations pursuant to the Credit Agreement (in the case of Holdings and the Borrower), the Guarantee Agreement, the Collateral Documents and the other Loan Documents to
which it is a party; and 
 WHEREAS, Credit Suisse Loan Funding LLC, Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and
Morgan Stanley Senior Funding, Inc. will act as joint lead arrangers and joint bookrunners, and have agreed to act, as joint lead arrangers and joint bookrunners for the 2022 Replacement Term Loans (in such capacities, the “Sixth
Amendment Lead Arrangers”). 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. Capitalized terms used but not defined herein (including in the preamble and the recitals
hereto) shall have the meanings assigned to them in the Credit Agreement, as amended hereby (regardless of whether such amendments have taken effect). 

SECTION 2. Replacement Term Loans 

(a)(i) Subject to the terms and subject to the conditions set forth herein and in the Credit Agreement (as amended hereby), the
2022 Replacement Term Lenders hereby severally agree to make 2022 Replacement Term Loans in Dollars to the Borrower on the Sixth Amendment Closing Date (as defined below) in the aggregate principal amount of $644,432,743.72 to refinance all
outstanding Original 2020 Replaced Term Loans in accordance with the relevant requirements of the Amended Credit Agreement (as defined below) and this Sixth Amendment. It is understood and agreed that the 2022 Replacement Term Loans being made
pursuant to this Sixth Amendment and the Amended Credit Agreement shall constitute “Replacement Term Loans” as defined in, and pursuant to, Section 9.02(c)(i) of the Credit Agreement and the Original 2020 Replaced Term Loans
being refinanced shall constitute “Replaced Term Loans” as defined in, and pursuant to, Section 9.02(c)(i) of the Credit Agreement. Except as expressly provided in this Sixth Amendment (including as to the Applicable Rate) and
the Amended Credit Agreement, the 2022 Replacement Term Loans shall be on terms identical to the Original 2020 Replaced Term Loans (including as to maturity, Guarantors, Collateral (and ranking) and payment priority). 

(ii) On the Sixth Amendment Closing Date, all then outstanding Original 2020 Replaced Term Loans shall be refinanced in full as
follows: 
 (w) The outstanding principal amount of the Original 2020 Replaced Term Loans of each Lender which (i) is an
existing Lender under the Credit Agreement prior to giving effect to this Sixth Amendment (each, an “Existing Lender”) and (ii) is not party hereto as a 2022 Replacement Term Lender (a Lender meeting the requirements of
clauses (i) and (ii), each, a “Non- Converting Lender”) shall be repaid in full in Cash. 

(x) To the extent any Existing Lender has a 2022 Replacement Term Loan Conversion Amount (as defined in the Amended Credit
Agreement) that is less than the full outstanding principal amount of the Original 2020 Replaced Term Loan of such Lender, such Lender shall be repaid in Cash in an amount equal to the difference between the outstanding principal amount of the
Original 2020 Replaced Term Loan of such Lender and such Lender’s 2022 Replacement Term Loan Conversion Amount (the “Non-Converting Portion”). 

  
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 (y) The outstanding principal amount of the Original 2020 Replaced Term Loan
of each Existing Lender which has executed this Sixth Amendment as a “2022 Converting Lender” (each, a “2022 Converting Lender”) shall automatically be converted into a term loan (each, a “Converted 2022
Replacement Term Loan”) in a principal amount equal to such 2022 Converting Lender’s 2022 Replacement Term Loan Conversion Amount (each such conversion, a “2022 Term Loan Conversion”). 

(z) Each Person that has executed this Sixth Amendment as a “New 2022 Replacement Lender” (each, a “New
2022 Replacement Lender” and, together with the 2022 Converting Lenders, collectively, the “2022 Replacement Term Lenders”) severally agrees to make to the Borrower a new term loan (each, a “New 2022
Replacement Term Loan” and, collectively, the “New 2022 Replacement Term Loans” and, together with the Converted 2022 Replacement Term Loans, the “2022 Replacement Term Loans”) in Dollars
in a principal amount equal to the amount set forth opposite such New 2022 Replacement Lender’s name on Schedule I hereto (as to any New 2022 Replacement Lender, its “2022 Replacement Term Loan Commitment”) on the
Sixth Amendment Closing Date. 
 (iii) Each 2022 Replacement Term Lender hereby agrees to “fund” its 2022
Replacement Term Loan as follows: (x) each 2022 Converting Lender shall “fund” its 2022 Replacement Term Loan to the Borrower by converting all or a portion of its then outstanding principal amount of Original 2020 Replaced Term Loan
into a 2022 Replacement Term Loan in a principal amount equal to such 2022 Converting Lender’s 2022 Replacement Term Loan Conversion Amount as provided in clause (ii)(y) above and (y) each New 2022 Replacement Lender shall fund in
Cash to the Borrower in an amount equal to such New 2022 Replacement Term Lender’s 2022 Replacement Term Loan Commitment. 

(iv) On the Sixth Amendment Closing Date, the Borrower shall pay in Cash (a) all accrued and unpaid interest on the
Original 2020 Replaced Term Loans through the Sixth Amendment Closing Date and (b) to each Non-Converting Lender and each 2022 Converting Lender with a Non-Converting Portion (solely with respect to such Non-Converting Portion), any breakage
loss or expenses due under Section 2.15 of the Credit Agreement. Notwithstanding anything to the contrary herein or in the Credit Agreement, each 2022 Converting Lender agrees, and each Existing Lender agrees (by execution of an
Assignment and Assumption with respect to any 2022 Replacement Term Loans), to waive any entitlement to any breakage loss or expenses due under Section 2.15 of the Credit Agreement with respect to the repayment of any Original 2020
Replaced Term Loans of any such Lender with the proceeds of 2022 Replacement Term Loans on the Sixth Amendment Closing Date. 

(v) Promptly following the Sixth Amendment Closing Date, all Promissory Notes, if any, evidencing the Original 2020 Replaced
Term Loans shall be cancelled and returned to the Borrower, and any 2022 Replacement Term Lender may request that its 2022 Replacement Term Loan be evidenced by a Promissory Note pursuant to Section 2.09(f) of the Credit Agreement. 

(vi) Notwithstanding anything to the contrary contained in the Credit Agreement, all proceeds of the New 2022 Replacement Term
Loans (if any) will be used solely to repay outstanding Original 2020 Replaced Term Loans of Non-Converting Lenders (if any) and outstanding Original 2020 Replaced Term Loans of 2022 Converting Lenders in an amount equal to the Non-Converting
Portion (if any) of such 2022 Converting Lenders’ Original 2020 Replaced Term Loans, in each case, on the Sixth Amendment Closing Date. 

  
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 (b) The Borrower hereby consents, for purposes of
Section 9.05(b)(i)(A) of the Credit Agreement, to the assignment of any 2022 Replacement Term Loans by any New 2022 Replacement Lender to any Person that was an Existing Lender on the Sixth Amendment Effective Date (immediately prior to
giving effect thereto). 
 SECTION 3. Amendments to the Credit Agreement. (a) The Credit Agreement is, effective
as of the Sixth Amendment Closing Date, and subject to the satisfaction of the conditions precedent set forth in Section 6 hereof, hereby amended to delete the stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as reflected by the credit
agreement attached hereto as Exhibit A (the Credit Agreement, as so amended, the “Amended Credit Agreement”). 

(b) For the avoidance of doubt, the interest rates under the Credit Agreement (including, for the avoidance of doubt, the
Applicable Rate and the applicable interest rate benchmarks) shall be determined (i) for all periods prior to the Sixth Amendment Closing Date, in accordance with the provisions of the Credit Agreement (as in effect prior to the Sixth Amendment
Closing Date) and (ii) for all periods on and after the Sixth Amendment Closing Date, in accordance with the provisions of the Credit Agreement (as in effect on the Sixth Amendment Closing Date). 

(c) Exhibits B and D to the Credit Agreement are, effective as of the Sixth Amendment Closing Date, and subject to the
satisfaction of the conditions precedent set forth in Section 6 hereof, hereby amended and restated as set forth in Exhibit B hereto. 

SECTION 4. Representations and Warranties. To induce the other parties hereto to enter into this Sixth Amendment, each
of Holdings and the Borrower represents and warrants to the Administrative Agent, the Revolving Lenders and the 2022 Replacement Term Lenders that: 

(a) as of the Sixth Amendment Closing Date, after giving effect to this Sixth Amendment and the Sixth Amendment Transaction,
all of the representations and warranties of the Loan Parties set forth in this Sixth Amendment and the other Loan Documents are true and correct in all material respects (or, if qualified by materially, in all respects) on and as of the Sixth
Amendment Closing Date; provided that to the extent that any representation and warranty specifically refers to a given date or period, it shall be true and correct in all material respects (or, if qualified by materially, in all respects) as
of such date or for such period; and 
 (b) no Event of Default has occurred and is continuing at the time of, or immediately
after giving effect to, the establishment of the 2022 Replacement Term Loans on the Sixth Amendment Closing Date. 
 SECTION
5. [Reserved] 
 SECTION 6. Conditions to the Sixth Amendment Closing Date. The effectiveness of the amendments
in Section 3 hereof and the establishment of the 2022 Replacement Term Loans is subject to the satisfaction (or waiver by the Lenders party hereto) of the following conditions precedent (the first date of the satisfaction thereof is referred to
as the “Sixth Amendment Closing Date”): 
 (a) Sixth Amendment. The Administrative Agent (or its
counsel) shall have received a counterpart of this Sixth Amendment signed by each of (i) the Borrower and Holdings (or written evidence reasonably satisfactory to the Administrative Agent (which may include a copy transmitted by facsimile or
other electronic method) that each such Loan Party has signed a counterpart), (ii) the Revolving Lenders and (iii) the 2022 Replacement Term Lenders. 

  
 4 

 (b) Representations and Warranties; Absence of Events of Default. All
of the representations and warranties of the Loan Parties set forth in this Sixth Amendment and the other Loan Documents shall be true and correct in all material respects (or, if qualified by materiality, in all respects) as of the Sixth Amendment
Closing Date; provided that to the extent that any representation and warranty specifically refers to a given date or period, it shall be true and correct in all material respects (or, if qualified by materiality, in all respects) as of such
date or for such period. No Event of Default shall have occurred and be continuing at the time of, or immediately after giving effect to, the establishment of the 2022 Replacement Term Loans on the Sixth Amendment Closing Date. 

(c) Legal Opinions. The Administrative Agent shall have received, on behalf of itself and the Lenders on the Sixth
Amendment Closing Date, a customary written opinion of (i) Goodwin Procter LLP, in its capacity as counsel for the Loan Parties and (ii) Hill Ward Henderson, in its capacity as Florida counsel for the applicable Loan Parties, in each case,
dated the Sixth Amendment Closing Date and addressed to the Administrative Agent and the Lenders and with respect to this Sixth Amendment and the other Loan Documents executed on the Sixth Amendment Closing Date. 

(d) Secretary’s Certificates and Good Standing Certificates. The Administrative Agent shall have received
(i) a certificate of each Loan Party, each dated the Sixth Amendment Closing Date and executed by a secretary, assistant secretary or other Responsible Officer thereof, which shall (A) certify that (1) attached thereto is a true and
complete copy of the certificate or articles of incorporation, formation or organization (or equivalent) of such Loan Party certified by the relevant authority of its jurisdiction of organization (to the extent reasonably available in the applicable
jurisdiction), (2) the certificate or articles of incorporation, formation or organization (or equivalent) of such Loan Party attached thereto have not been amended (except as attached thereto) since the date reflected thereon,
(3) attached thereto is a true and correct copy of the by-laws or operating, management, partnership or similar agreement of such Loan Party, together with all amendments thereto as of the Sixth Amendment Closing Date, and such by-laws or
operating, management, partnership or similar agreement are in full force and effect as of the Sixth Amendment Closing Date and (4) attached thereto is a true and complete copy of the resolutions or written consent, as applicable, of its board
of directors, board of managers, sole member or other applicable governing body authorizing the execution and delivery of the Loan Documents, which resolutions or consent have not been modified, rescinded or amended (other than as attached thereto)
and are in full force and effect, and (B) identify by name and title and bear the signatures of the officers, managers, directors or authorized signatories of such Loan Party authorized to sign the Loan Documents to which such Loan Party is a
party on the Sixth Amendment Closing Date and (ii) a good standing (or equivalent) certificate as of a recent date for each Loan Party from the relevant authority of its jurisdiction of organization (to the extent applicable in such
jurisdiction). 
 (e) Officer’s Certificate. The Administrative Agent shall have received a certificate, dated
the Sixth Amendment Closing Date and executed by a Responsible Officer of the Borrower, certifying as to the satisfaction of the conditions set forth in Sections 6(b) and 6(i). 

(f) Solvency. The Administrative Agent shall have received a certificate in substantially the form attached as
Exhibit L to the Credit Agreement (with references therein to the “Transactions” being updated to refer to the “Sixth Amendment Transaction”) from the chief financial officer (or other Responsible Officer with reasonably
equivalent responsibilities) of the Borrower dated as of the Sixth Amendment Closing Date and certifying as to the matters set forth therein. 

  
 5 

 (g) Fees. Prior to or substantially concurrently with the
establishment of the 2022 Replacement Term Loans, the Replacement Term Lenders, the Administrative Agent and the Sixth Amendment Lead Arrangers shall have received all fees and reimbursement of all reasonable out-of-pocket expenses (including
reasonable legal fees and expenses), in each case required to paid or reimbursed by the Borrower and for which invoices in reasonable detail have been presented at least three (3) Business Days prior to the Sixth Amendment Closing Date (or such
later date to which the Borrower may agree). 
 (h) USA PATRIOT Act and Beneficial Ownership Certification. The
Administrative Agent shall have received at least three (3) Business Days prior to the Sixth Amendment Closing Date (or such later date to which the Borrower and the Administrative Agent may agree) all documentation and other information about
the Borrower and the Guarantors as has been reasonably requested in writing at least 10 days prior to the Sixth Amendment Closing Date (or such later date to which the Borrower and the Administrative Agent may agree) by the Administrative Agent (on
behalf of itself and the Lenders) and that the Administrative Agent reasonably determines is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the USA PATRIOT Act. No later than three (3) Business Days prior to the Sixth Amendment Closing Date, if the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation and the Administrative
Agent has so requested the Borrower in writing at least 10 days prior to the Sixth Amendment Closing Date, then the Borrower shall have delivered to the Administrative Agent a Beneficial Ownership Certification in relation to the Borrower. 

(i) Replacement Term Loans. The incurrence of the 2022 Replacement Term Loans shall be permitted under
Section 9.02(c)(i) of the Credit Agreement. 
 (j) Reaffirmation by the Loan Parties. The Administrative
Agent shall have received a customary reaffirmation agreement, dated as of the Sixth Amendment Closing Date (the “Reaffirmation Agreement”) and executed by each Reaffirming Party, whereby it agrees to reaffirm its obligations
pursuant to the Credit Agreement (in the case of Holdings and the Borrower), the Guarantee Agreement, the Collateral Documents and the other Loan Documents to which it is a party. 

(k) Borrowing Notice. The Administrative Agent (or its counsel) shall have received from the Borrower, a Borrowing
Request in respect of the 2022 Replacement Term Loans in accordance with Sections 2.03 of the Credit Agreement not later than 12:00 p.m., New York City time, one (1) Business Day before the Sixth Amendment Closing Date (or such later time as
the Administrative Agent may agree). 
 (l) Revolving Loans. Prior to or substantially concurrently with the
establishment of the 2022 Replacement Term Loans, the Revolving Lenders shall have received all accrued and unpaid interest and fees with respect to the Revolving Facility on such date. 

SECTION 7. Reference to and Effect on the Credit Agreement and the other Loan Documents. 

(a) On and after the Sixth Amendment Closing Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Sixth Amendment. 

(b) The Credit Agreement and each of the other Loan Documents, as specifically amended by this Sixth Amendment, are and shall
continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to secure the
payment of all Obligations of the Loan Parties, as amended by this Sixth Amendment (including any such Obligations in respect of the 2022 Replacement Term Loans). 

  
 6 

 (c) On and after the effectiveness of this Sixth Amendment, this Sixth
Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement (as amended by this Sixth Amendment) and the other Loan Documents. 

(d) This Sixth Amendment is limited as specified and shall not constitute an amendment, modification, acceptance, waiver or a
novation of any other provision of the Credit Agreement or any other Loan Document. 
 SECTION 8. Execution in
Counterparts. This Sixth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Any signature to this Sixth Amendment may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. Federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing
also applies to any amendment, extension or renewal of this Sixth Amendment. Each of the parties represents and warrants to the other parties that it has the corporate capacity and authority to execute this Sixth Amendment through electronic means
and there are no restrictions for doing so in that party’s constitutive documents. 
 SECTION 9. Severability.
Section 9.08 of the Credit Agreement is incorporated by reference herein as if such Section appeared herein, mutatis mutandis. 

SECTION 10. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc. THIS SIXTH AMENDMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE (WHETHER IN TORT, IN CONTRACT, AT LAW OR IN EQUITY OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATED TO THIS SIXTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK. SECTIONS 9.10(b), (c) and (d) AND 9.11 OF THE CREDIT AGREEMENT ARE INCORPORATED BY REFERENCE HEREIN AS IF SUCH SECTIONS APPEARED HEREIN, MUTATIS MUTANDIS. 

SECTION 11. Headings. Section headings herein are included for convenience of reference only and shall not affect the
interpretation of this Sixth Amendment. 
 [The remainder of this page is intentionally left blank] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to
be executed by their respective officers thereunto duly authorized, as of the date first above written. 
  

					
	CANO HEALTH, LLC, as Borrower
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian Koppy
		 	Title:	 	Chief Financial Officer
	
	PRIMARY CARE (ITC) INTERMEDIATE HOLDINGS, LLC, as Holdings
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian Koppy
		 	Title:	 	Chief Financial Officer

  

  
 [Signature Page to
Sixth Amendment to Credit Agreement] 

 
					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent, a Revolving Lender, an Issuing Bank and as the New 2022 Replacement Term Lender
		
	By:	 	 /s/ Vipul Dhadda

			
		 	Name:	 	Vipul Dhadda
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jessica Gavarkovs

			
		 	Name:	 	Jessica Gavarkovs
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Sixth Amendment to Credit Agreement] 

 
					
	GOLDMAN SACHS BANK USA, as a Revolving Lender and as an Issuing Bank
		
	By:	 	 /s/ Dan Martis

		 	Name:	 	Dan Martis
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Sixth Amendment to Credit Agreement] 

 
					
	JPMORGAN CHASE BANK, N.A., as a Revolving Lender and as an Issuing Bank
		
	By:	 	 /s/ Helen D. Davis

		 	Name:	 	Helen D. Davis
		 	Title:	 	Authorized Officer

  
 [Signature Page to
Sixth Amendment to Credit Agreement] 

 
					
	MORGAN STANLEY SENIOR FUNDING, INC., as a
	Revolving Lender and an Issuing Bank
		
	By:	 	 /s/ Mark Scioscia

		 	Name:	 	Mark Scioscia
		 	Title:	 	Authorized Signatory

  
 [Signature Page to
Sixth Amendment to Credit Agreement]

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