Document:

Deferred Compensation Agreement dated as of August 13, 2004 (Jose Flores Athie)

 Exhibit 10.31 
  
 Execution Copy 
  
 DEFERRED COMPENSATION AGREEMENT 
  
 This DEFERRED COMPENSATION AGREEMENT (this “Agreement”) is made and entered into as of August 13, 2004, by and among Jose Roberto Flores
Athie (the “Executive”), and Innophos, Inc., a Delaware corporation (the “Company”). Any capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in Section 4 hereof.

  
 WHEREAS, the Company has entered into the Agreement of
Purchase and Sale dated as of June 10, 2004 (as amended, the “Purchase Agreement”), pursuant to which the Company and certain of its subsidiaries will acquire certain assets and subsidiaries of Rhodia, S.A., Rhodia Inc.
(“Rhodia”), Rhodia Canada Inc., Rhodia de Mexico S.A. de C.V., Rhodia Overseas Ltd, Rhodia and Consumer Specialties Limited that are related to the production and sale of phosphates products in North America; and 
  
 WHEREAS, the Company has agreed to assume Rhodia’s obligations to pay a
portion of such bonuses to Executive, and Executive and the Company wish to defer the payment of such portion of such bonuses on the terms and subject to the conditions set forth herein. 
  
 NOW THEREFORE, in consideration for the employment of Executive by the Company or its subsidiaries on and after the date
hereof and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Deferred Compensation Benefit. Subject to the provisions in paragraphs 2 and 3 hereof, as of the date nine years after the date hereof (the
“Deferred Date”), the Company will pay Executive (or his beneficiary in the event of his death) a lump sum (the “Benefit Amount”) equal to (i) the Bonus Amount plus (ii) an interest factor equal to the
applicable mid-term federal rate on the date hereof, compounding annually, from the date hereof until payment hereunder, such Benefit amount to be paid regardless of whether Executive is employed by the Company as of such date. 
  
 2. Sale of the Company, Initial Public Offering or Death or Total
Permanent Disability. If at such time that Executive is employed by Holdings or any of its Subsidiaries: (i) there is a consummation of a Sale of the Company or an Initial Public Offering or (ii) Executive dies or becomes totally and permanently
disabled (certified to the satisfaction of the Company), then the Benefit Amount otherwise payable under Section 1 above shall become immediately due and payable in a lump sum as of the date of the consummation of a Sale of the Company or Initial
Public Offering or Executive’s death or total disability. 
  
 3. Termination of Employment. If prior to the Deferred Date Executive ceases to be employed by the Company for any reason, then the Benefit Amount otherwise payable under Section 1 above shall become due and payable on the
Termination Date. 

 4. Definitions. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Bonus Amount” shall equal $57,553.00.

  
 “Holdings” means Innophos
Holdings, Inc., a Delaware corporation and the sole stockholder of the Company. 
  
 “Independent Third Party” means any person who, immediately prior to the contemplated transaction, does not own in excess
of 5% of the Company’s Common Stock on a fully-diluted basis, who is not controlling, controlled by or under common control with any such 5% owner of the Company’s Common Stock and who is not the spouse or descendent (by birth or adoption)
of any such 5% owner of the Company’s Common Stock. 
  
 “Initial Public Offering” means an initial public offering of Holdings’ or the Company’s common equity securities pursuant to the Securities Act following which the Company’s common
equity securities are registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended from time to time. 
  
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, a governmental entity or any department, agency or political subdivision thereof or any other entity or organization. 
  
 “Public Sale” means any sale pursuant to a registered public offering under the Securities
Act or any sale to the public pursuant to Rule 144 promulgated under the Securities Act effected through a broker, dealer or market maker. 
  
 “Sale of the Company” means (x) a liquidation of Holdings or the Company pursuant to which all of its assets (after
payment of liabilities) are distributed to the holders of its equity securities, or (y) a sale of Holdings or the Company (or any successor thereto), including in one transaction or a series of related transactions to an Independent Third Party or
group of Independent Third Parties, pursuant to which such party or parties acquire, directly or indirectly, through one or more intermediaries, (i) equity securities of Holdings constituting a majority of the outstanding voting capital stock of
Holdings (whether by merger, consolidation, sale or transfer of Holdings’ outstanding capital stock) or (ii) all or substantially all of the assets of Holdings and its Subsidiaries on a consolidated basis. 
  
 “Securities Act” means the Securities Act
of 1933, as amended from time to time. 
  
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of
stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of 

  

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the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or other business entity, a
majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or
Persons shall be deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such Person or Persons shall be allocated a majority of partnership, limited liability company,
association or other business entity gains or losses or shall be or control the managing director, managing member, manager or a general partner of such partnership, limited liability company, association or other business entity. 
  
 “Termination Date” means the date that
Executive ceases to be employed by Holdings or any of its Subsidiaries for any reason. 
  
 5. Administration of this Deferred Compensation Arrangement. The deferred compensation arrangement set forth under this Agreement shall be administered by the Company. The Company’s duties and authority
under this arrangement shall include (i) the interpretation of the provisions of this Agreement, (ii) the adoption of any rules and regulations which may become necessary or advisable in the operation of this arrangement, (iii) the making of such
determinations as may be permitted or required pursuant to this arrangement, and (iv) the taking of such other actions as may be required for the proper administration of this arrangement in accordance with its terms. 
  
 6. Action by Company. Any action required or permitted by the Company
under this Agreement shall be by resolution of the Board or by a duly authorized committee of the Board, or by a person or persons authorized by resolution of the Board or such committee. 
  
 7. Amendment. This Agreement may not be canceled, changed, modified, or amended orally, and no cancellation, change,
modification or amendment hereof shall be effective or binding unless in a written instrument signed by the Company and Executive. A provision of this Agreement may be waived only by a written instrument signed by the party against whom or which
enforcement of such waiver is sought. 
  
 8. No Waiver. The
failure at any time of the Company or Executive to require the performance by the other of any provision of this Agreement shall in no way affect the full right of such party to require such performance at any time thereafter, nor shall the waiver
by the Company or Executive of any breach of any provision of this Agreement be taken or held to constitute a waiver of any succeeding breach of such or any other provision of this Agreement. 
  
 9. Withholding for Taxes. Notwithstanding anything contained in this
Agreement to the contrary, the Company shall withhold from any distribution made pursuant to this Agreement such amount or amounts as may be required for purposes of the Company complying with the tax withholding provisions of the Internal Revenue
Code of 1986, as amended, or any state tax act for purposes of paying any income, estate, inheritance or other tax attributable to any amounts distributable under this Agreement. 
  

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 10. Miscellaneous. The payment to Executive or Executive’s estate, in the event of death,
shall be made from the general assets of the Company. No person shall have any interest in any such assets by virtue of the provisions of this Agreement. The Company’s obligation under this Agreement shall be an unfunded and unsecured promise
to pay money in the future. Executive’s right to receive the payment from the Company under this Agreement shall be no greater than the right of any unsecured general creditor of the Company, and Executive shall not have nor acquire any legal
or equitable right, interest or claim in or to any property or assets of the Company. Executive shall not have any power or right to transfer, assign or otherwise encumber any portion of the amount payable hereunder, and any attempt to do so shall
be null and void. 
  
 11. Assignment. This Agreement is
binding on and for the benefit of the Company and Executive and their respective successors, heirs, executors, administrators, and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be sold, transferred,
assigned, or pledged by the Company or by Executive without the prior written consent of the other parties hereto. 
  
 12. Interpretation and Severability. In the event any provision of this Agreement, or any portion thereof, is determined by any or court of
competent jurisdiction to be unenforceable or void, the remaining provisions of this Agreement shall nevertheless be binding upon the Company and Executive with the same effect as though the void provision or portion thereof had never been set forth
therein. 
  
 13. No Conflict. The Executive represents and
warrants that Executive is not subject to any agreement, order, judgment or decree of any kind which would prevent Executive from entering into this Agreement. 
  

14. Employment Relationship. This Agreement shall not in any way affect the right and power of the Company to dismiss or otherwise terminate the
employment or change the terms of the employment or amount of compensation of Executive at any time for any reason with or without cause or in accordance with any applicable employment contract. 
  
 15. Governing Law. This Agreement shall be governed by and
construed in accordance with the substantive laws of the State of New York without giving effect to any rules, principles or provisions of choice of law or conflict of laws.  
  
 16. Execution. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
  
 17. Headings. The headings contained in this Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement. 
  
 18. Arbitration. All disputes and controversies arising under or in connection with this Agreement shall be settled
by arbitration conducted in accordance with the arbitration procedures described in this Section 18. Except as otherwise provided in the JAMS’ Comprehensive Arbitration Rules and Procedures as in effect from time to time (the “JAMS
Rules”), the arbitration procedures described in this Section 18 and any Final Arbitration Award 

  

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(as defined below) will be governed by, and will be enforceable pursuant to, the Uniform Arbitration Act as in effect in the State of New York from time to
time. Arbitral proceeding initiated hereunder shall take place in New York, NY or another place agreeable to the parties to the dispute, before a single arbitrator who is agreeable to such parties. If the parties are unable to agree on an arbitrator
within a reasonable period of time, an arbitrator shall be selected in accordance with the JAMS Rules. The arbitration (including discovery) will be conducted under the JAMS Rules, as the same may be modified by any written agreement between the
parties to the dispute. The arbitrator will conduct the arbitration in a manner so that the final result, determination, finding, judgment or award determined by the arbitrator (the “Final Arbitration Award”) is made or rendered as
soon as practicable, and the parties to the dispute will use reasonable efforts to cause a Final Arbitration Award to occur within ninety (90) days after the arbitrator is selected. Any Final Arbitration Award will be final and binding upon the
Company and Executive, and there will be no appeal from or reexamination of any Final Arbitration Award, except in the case of fraud or perjury or misconduct by the arbitrator prejudicing the rights of any party to the dispute or to correct manifest
clerical errors. A Final Arbitration Award may be enforced in any state or federal court having jurisdiction over the subject matter of the dispute. Each of the Company and Executive shall bear and be solely responsible for all costs and expenses
(including fees and disbursements of counsel) incurred by such party in connection with any arbitration conducted hereunder, and the costs and expenses of the arbitrator shall be borne 50% by the Company and 50% by Executive. 
  
 * * * * * 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Deferred Compensation Agreement to be
executed as of the date first written above. 
  

			
	INNOPHOS, INC.
		
	By:	 	 /s/ Randolph Gress

			
	 Name:
	 	 Randolph Gress

	 Its:
	 	 President and Chief Executive Officer

			
	
	/s/ Jose Roberto Flores Athie
	 Jose Roberto Flores Athie

  

 6First Amendment to Second Amended and Restated Credit Agreement

 Exhibit 4A 
  

Executed Copy 
  
 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED 
 CREDIT AGREEMENT

  
 THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT
AGREEMENT (this “Amendment”) is made as of the 21st day of November, 2005, by and among BASSETT FURNITURE
INDUSTRIES, INCORPORATED, a Virginia corporation (the “Borrower”), BRANCH BANKING AND TRUST COMPANY, as Agent and Issuing Bank, BRANCH BANKING AND TRUST COMPANY OF VIRGINIA, as an Issuing Bank, Swing Line Lender and as a Bank and BASSETT
FURNITURE INDUSTRIES OF NORTH CAROLINA, INC., THE E.B. MALONE CORPORATION, BASSETT DIRECT STORES, INC., BASSETT DIRECT NC, LLC and BASSETT DIRECT SC, LLC (collectively referred to herein as the “Guarantors”). 
  
 R E C I T A L S: 
  
 The Borrower, the Agent, the Guarantors and the Banks have entered into a
certain Second Amended and Restated Credit Agreement dated October 29, 2004 (the “Credit Agreement”). Capitalized terms used in this Amendment which are not otherwise defined in this Amendment shall have the respective meanings
assigned to them in the Credit Agreement. 
  
 The Borrower and
Guarantors have requested the Agent and the Banks to amend the Credit Agreement to modify certain provisions of the Credit Agreement as more fully set forth herein. The Banks, the Agent, the Guarantors and the Borrower desire to amend the Credit
Agreement upon the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the Recitals and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Guarantors, the Agent
and the Banks, intending to be legally bound hereby, agree as follows: 
  
 SECTION 1. Recitals. The Recitals are incorporated herein by reference and shall be deemed to be a part of this Amendment. 
  
 SECTION 2. Amendments. The Credit Agreement is hereby amended as set forth in this Section 2. 

 SECTION 2.01. Amendment to Section 1.01. Section 1.01 of the Credit Agreement is hereby
amended to amend the following definitions: 
  
 “Consolidated Total Debt” means at any date, without duplication, the sum of: (1) all Debt of the Borrower and its Consolidated Subsidiaries, (2) all obligations (absolute or contingent) of the Borrower and its
Consolidated Subsidiaries to reimburse any bank or other Person in respect of amounts which are available to be drawn or have been drawn under a letter of credit or similar instrument, and (3) all Contingent BFD Liabilities, all as determined
in accordance with GAAP. 
  
 “Contingent BFD
Liabilities” shall mean at any date, without duplication: (i) all indebtedness, liabilities and obligations of any Person in connection with or arising from the acquisition, development, construction or ownership of a “BFD Store”
Guaranteed by the Borrower or any of its Consolidated Subsidiaries (or with respect to which the Borrower or any Consolidated Subsidiary has provided a written commitment or agreement to issue such a Guaranty); (ii) all indebtedness,
liabilities and obligations of any Person in connection with or arising from a loan Guaranteed by the Borrower or any of its Consolidated Subsidiaries (or with respect to which the Borrower or any Consolidated Subsidiary has provided a written
commitment or agreement to issue such a Guaranty), including, without limitation, Licensee Loans; (iii) the Applicable Percentage of all payments that the Borrower or any Consolidated Subsidiary is obligated to make under an Assigned BFD Lease
(without giving effect to any assignment or sublease); and (iv) the Applicable Percentage of all payments that any Person (including without limitation a Consolidated Subsidiary of the Borrower), as lessee under a Guaranteed BFD Lease is
obligated to make under such Guaranteed BFD Lease; provided, however: (A) if a guaranty issued by the Borrower or Consolidated Subsidiary in connection with a Guaranteed BFD Lease is applicable only during a specified period of time, the amount
included in this subitem (iv) of the definition of Contingent BFD Liabilities shall be: (1) limited to the Applicable Percentage of all payments scheduled to be made by any Person as lessee under a Guaranteed BFD Lease during the period
during which such guaranty by the Borrower or Consolidated Subsidiary, as the case may be, is effective; and (2) shall be included in the determination of Contingent BFD Liabilities only during the portion of the lease term that such guaranty
by the Borrower or Consolidated Subsidiary, as the case may be, is effective; and (B) if the Borrower or Consolidated Subsidiary is primarily liable under a Guaranteed BFD Lease as a tenant or lessee, the amount included in subitem (iv) of
the definition of Contingent BFD Liabilities shall include the Applicable Percentage of all payments scheduled to be made by any Person as lessee under such Guaranteed BFD Lease during its term. As used herein, “Applicable Percentage”
shall mean 55%. 
  
 “Debt” of any Person means at any
date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the
deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all obligations of such Person as lessee under capital leases, 
  

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 (v) all obligations of such Person to reimburse any bank or other Person in respect of amounts payable under a
banker’s acceptance, (vi) all Redeemable Preferred Stock of such Person (in the event such Person is a corporation), (vii) all obligations (absolute or contingent) of such Person to reimburse any bank or other Person in respect of
amounts which are available to be drawn or have been drawn under a letter of credit or similar instrument, (viii) all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person,
(ix) all Debt of others Guaranteed by such Person, (x) all obligations of such Person with respect to interest rate protection agreements, foreign currency exchange agreements or other hedging agreements (valued as the termination value
thereof computed in accordance with a method approved by the International Swap Dealers Association and agreed to by such Person in the applicable hedging agreement, if any); and (xi) the principal portion of all obligations of such Person
under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease
under GAAP. 
  
 “Guaranteed BFD Leases”
means any and all leases of “BFD Stores” with respect to which the Borrower or any of its Consolidated Subsidiaries: (i) have Guaranteed the indebtedness, liabilities or obligations of any Person (including, without limitation, a
Consolidated Subsidiary of the Borrower) as tenant or lessee thereunder; and/or (ii) are primarily liable under such lease as a tenant or lessee. 
  
 “Termination Date” means November 30, 2007. 
  
 SECTION 2.02. Amendment to Section 5.05. Section 5.05 of the Credit Agreement is hereby amended and
restated to read in its entirety as follows: 
  
 SECTION 5.05. Ratio of Consolidated Total Debt to Consolidated Total Capitalization. Commencing on the Fiscal Quarter ending on August 28, 2004 and continuing on the last day of each Fiscal Quarter thereafter, the ratio of
Consolidated Total Debt to Consolidated Total Capitalization will not exceed 0.40. 
  
 SECTION 2.03. Amendment to Section 5.07. Section 5.07 of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
  
 SECTION 5.07. Contingent BFD Liabilities.
(a) Neither the Borrower nor any Consolidated Subsidiary shall, directly or indirectly, issue, assume, create, incur or suffer to exist any Contingent BFD Liability except for Contingent BFD Liabilities, the aggregate outstanding principal
amount of which shall not at any time exceed $85,000,000 in the aggregate. 
  
 SECTION 2.04. Amendment to Section 5.34. Section 5.34 of the Credit Agreement is hereby amended and restated to read in its entirety as follows: 
  
 SECTION 5.34. Operating Leases. No Loan Party nor any
Subsidiary of a Loan Party shall create, assume or suffer to exist any operating lease except 
  

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 operating leases which: (1) are entered into in the ordinary course of business, and (2) the
aggregate indebtedness, liabilities and obligations of the Loan Parties under all such operating leases (excluding Assigned BFD Leases and Guaranteed BFD Leases) during any period of four (4) consecutive Fiscal Quarters shall at no time exceed
$5,000,000. 
  
 SECTION 2.05 Amendment to
Section 5.01. Section 5.01 of the Credit Agreement is hereby amended to amend and restate subsection (o) and add a new subsection (p) to read as follows: 
  
 (o) simultaneously with the delivery of each set of financial statements referred to in clause
(b) above, a report in form satisfactory to the Agent setting forth comparative same store sales information for “BFD Stores;” and 
  
 (p) from time to time such additional information regarding the financial position or business of the Borrower and its Subsidiaries as
the Agent, at the request of any Bank, may reasonably request. 
  
 SECTION 3. Conditions to Effectiveness. The effectiveness of this Amendment and the obligations of the Banks hereunder are subject to the following conditions, unless the Banks waive such conditions: 
  
 (a) receipt by the Agent from each of the parties hereto of a duly executed
counterpart of this Amendment signed by such party; and 
  
 (b)
the fact that the representations and warranties of the Borrower and Guarantors contained in Section 5 of this Amendment shall be true on and as of the date hereof. 
  
 SECTION 4. No Other Amendment. Except for the amendments set forth above, the text of the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment is not intended to effect, nor shall it be construed as, a novation. The Credit Agreement and this Amendment shall be construed together as a single agreement. Nothing herein contained
shall waive, annul, vary or affect any provision, condition, covenant or agreement contained in the Credit Agreement, except as herein amended, nor affect nor impair any rights, powers or remedies under the Credit Agreement as hereby amended. The
Banks and the Agent do hereby reserve all of their rights and remedies against all parties who may be or may hereafter become secondarily liable for the repayment of the Notes. The Borrower and Guarantors promise and agree to perform all of the
requirements, conditions, agreements and obligations under the terms of the Credit Agreement, as heretofore and hereby amended and the other Loan Documents, the Credit Agreement, as amended, and the other Loan Documents being hereby ratified and
affirmed. The Borrower and the Guarantors hereby expressly agree that the Credit Agreement, as amended, and the other Loan Documents are in full force and effect. 
  
  

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 SECTION 5. Representations and Warranties. The Borrower and Guarantors hereby represent and
warrant to each of the Banks as follows: 
  
 (a) No Default or
Event of Default, nor any act, event, condition or circumstance which with the passage of time or the giving of notice, or both, would constitute an Event of Default, under the Credit Agreement or any other Loan Document has occurred and is
continuing unwaived hereby or otherwise by the Banks on the date hereof. 
  
 (b) The Borrower and Guarantors have the power and authority to enter into this Amendment and to do all acts and things as are required or contemplated hereunder, or thereunder, to be done, observed and performed by
them. 
  
 (c) This Amendment has been duly authorized, validly
executed and delivered by one or more authorized officers of the Borrower and Guarantors and constitutes legal, valid and binding obligations of the Borrower and Guarantors enforceable against them in accordance with its terms, provided that such
enforceability is subject to general principles of equity. 
  
 (d) The execution and delivery of this Amendment and the performance hereunder by the Borrower and Guarantors do not and will not require the consent or approval of any regulatory authority or governmental authority or agency having
jurisdiction over the Borrower or any Guarantor, nor be in contravention of or in conflict with the articles of incorporation, bylaws or other organizational documents of the Borrower or any Guarantor, or the provision of any statute, or any
judgment, order or indenture, instrument, agreement or undertaking, to which the Borrower or any Guarantor is party or by which the assets or properties of the Borrower or any Guarantor are or may become bound. 
  
 SECTION 6. Counterparts. This Amendment may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. 
  
 SECTION 7. Governing Law. This Amendment shall be construed in accordance with and governed by the laws of the State of North Carolina.

  
 SECTION 8. Effective Date. This Amendment shall be
effective as of November 18, 2005 (the “Effective Date”). 
  
 SECTION 9. Fee. The Borrower hereby agrees to pay to the Banks an amendment fee in an amount equal to $25,000.00. 
  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered, or have caused their respective duly
authorized officers or representatives to execute and deliver, this Amendment as of the day and year first above written. 
  

					
	 BASSETT FURNITURE INDUSTRIES,
 INCORPORATED

			
	By:	 	 /s/ Barry C. Safrit

	 	(SEAL)
	Name:	 	Barry C. Safrit	 	 
	Title:	 	Vice President and Chief Financial Officer
			
	By:	 	 /s/ Jay R. Hervey

	 	(SEAL)
	Name:	 	Jay R. Hervey	 	 
	Title:	 	Vice President, General Counsel and Secretary
	
	 BASSETT FURNITURE INDUSTRIES OF
 NORTH
CAROLINA, INC.

			
	By:	 	 /s/ Barry C. Safrit

	 	(SEAL)
	Name:	 	Barry C. Safrit	 	 
	Title:	 	Vice President and Chief Financial Officer	 	 
			
	By:	 	 /s/ Jay R. Hervey

	 	 (SEAL)

	Name:	 	Jay R. Hervey	 	 
	Title:	 	Vice President, General Counsel and Secretary
	
	THE E.B. MALONE CORPORATION
			
	By:	 	 /s/ Barry C.Safrt

	 	(SEAL)
	Name:	 	Barry C. Safrit	 	 
	Title:	 	Vice President and Chief Financial Officer
			
	By:	 	 /s/ Jay R. Hervey

	 	(SEAL)
	Name:	 	Jay R. Hervey	 	 
	Title:	 	Vice President, General Counsel and Secretary

  

 6 

					
	 BASSETT DIRECT STORES, INC.
	 	 
			
	 By:
	 	 /s/ Barry C. Safrit

	 	 (SEAL)

	 Name:
	 	 Barry C. Safrit
	 	 
	 Title:
	 	 Vice President and Chief Financial Officer

			
	 By:
	 	 /s/ Jay R. Hervey

	 	 (SEAL)

	 Name:
	 	 Jay R. Hervey
	 	 
	 Title:
	 	 Vice President, General Counsel and Secretary

		
	 BASSETT DIRECT NC, LLC
	 	 
		
	 By:
	 	 Bassett Direct Stores, Inc., its sole manager

			
	 By:
	 	 /s/ Barry C. Safrit

	 	 (SEAL)

	 Name:
	 	 Barry C. Safrit
	 	 
	 Title:
	 	 Vice President and Chief Financial Officer

			
	 By:
	 	 /s/ Jay R. Hervey

	 	 (SEAL)

	 Name:
	 	 Jay R. Hervey
	 	 
	 Title:
	 	 Vice President, General Counsel and Secretary

		
	 BASSETT DIRECT SC, LLC
	 	 
		
	 By:
	 	 Bassett Direct Stores, Inc., its sole manager

			
	 By:
	 	 /s/ Barry C. Safrit

	 	 (SEAL)

	 Name:
	 	 Barry C. Safrit
	 	 
	 Title:
	 	 Vice President and Chief Financial Officer

			
	 By:
	 	 /s/ Jay R. Hervey

	 	 (SEAL)

	 Name:
	 	 Jay R. Hervey
	 	 
	 Title:
	 	 Vice President, General Counsel and Secretary

  
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 7 

					
	 BRANCH BANKING AND TRUST COMPANY,
 as Agent
and an Issuing Bank

			
	 By:
	 	 /s/ Cory Boyte

	 	 (SEAL)

	 Title:
	 	 Senior Vice President
	 	 
	
	 BRANCH BANKING AND TRUST COMPANY
 OF
VIRGINIA, as an Issuing Bank, Swing Line
 Lender and as a Bank

			
	 By:
	 	 /s/ Thatcher Townsend

	 	 (SEAL)

	 Title:
	 	 Senior Vice President
	 	 

  
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 8

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