Document:

Exhibit 10.1

 

 

 

 

 

 

WARRANT

To Purchase Common Stock of

 

AMERICAN CARESOURCE HOLDINGS, INC.

 

 

 

 

 

    

     

    

NEITHER THIS WARRANT NOR THE SHARES INTO
WHICH THIS WARRANT IS EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ACT), NOR UNDER ANY STATE
SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNTIL (1) A REGISTRATION STATEMENT UNDER THE ACT
AND ANY APPLICABLE STATE SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY THE COMPANY OF AN OPINION
OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW
IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED TRANSFER.

 

 

WARRANT TO PURCHASE COMMON STOCK

 

OF

 

AMERICAN CARESOURCE HOLDINGS, INC.

 

This is to
Certify That, FOR VALUE RECEIVED, _______________ (Holder) is entitled to purchase, subject to the provisions of this
Warrant, from AMERICAN CARESOURCE HOLDINGS, INC., a Delaware corporation (Company), _______________ (_______________
) fully paid, validly issued and nonassessable shares of common stock, par value $0.01 per share, of the Company (Common
Stock) at a price of No Dollars and Twenty-One cents ($0.21) per share (the “Exercise Price”) at
any time or from time to time during the ten-year period beginning the date hereof. The number of shares of Common Stock to
be received upon the exercise of this Warrant and the price to be paid for each share of Common Stock may be adjusted from
time to time as hereinafter set forth. The shares of Common Stock deliverable upon such exercise, and as adjusted from time
to time, are hereinafter sometimes referred to as Warrant Shares and the exercise price of a share of Common Stock in effect
at any time and as adjusted from time to time is hereinafter sometimes referred to as the Exercise Price.

 

(a)EXERCISE OF WARRANT.

 

		(1)	This Warrant may be exercised in whole or in part at any time or from time to time on or during
the ten-year period beginning the date hereof; provided, however, that if either such day is a day on which banking institutions
in the State of New York are authorized by law to close, then on the next succeeding day which shall not be such a day. This Warrant
may be exercised by presentation and surrender hereof to the Company at its principal office, or at the office of its stock transfer
agent if any, with the Purchase Form, annexed hereto, duly executed and accompanied by payment of the Exercise Price for the number
of Warrant Shares specified in such form. As soon as practicable after each such exercise of this Warrant, but not later than fourteen
(14) days from the date of such exercise, the Company shall issue and deliver to the Holder a certificate or certificates for the
Warrant Shares issuable upon such exercise, registered in the name of the Holder or its designee. If this Warrant should be exercised
in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new Warrant evidencing
the rights of the Holder thereof to purchase the balance of the Warrant Shares purchasable thereunder. Upon receipt by the Company
of this Warrant at its office, or by the stock transfer agent of the Company at its office, in proper form for exercise and with
proper payment, the Holder shall be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise,
notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such shares
of Common Stock shall not then be physically delivered to the Holder.

    

     

    

		(2)	In lieu of delivering the Exercise Price in cash or check the Holder may elect to receive shares
of Common Stock equal to the value of the Warrant or portion thereof being exercised (Net Issue Exercise). If the Holder wishes
to elect the Net Issue Exercise, the Holder shall notify the Company of its election in writing at the time it delivers to the
Company the Purchase Form. In the event the Holder shall elect Net Issue Exercise, the Holder shall receive the number of shares
of Common Stock equal to the product of (a) the number of shares of Common Stock purchasable under the Warrant, or portion thereof
being exercised, and (b) the current market value, as defined in paragraph (c), of one share of Common Stock minus the Exercise
Price, divided by (c) the current market value, as defined below, of one share of Common Stock.
	 	 	 

		(3)	Notwithstanding anything herein to the contrary, if Holder has not otherwise exercised this Warrant
in total, on the expiration date of this Warrant, the Warrant shall be automatically exercised via Net Issue Exercise pursuant
to Section (a)(2) above.
	 	 	 

		(b)	RESERVATION OF SHARES. The Company shall at all times reserve for issuance and/or delivery
upon exercise of this Warrant such number of shares of its Common Stock as shall be required for issuance and delivery upon exercise
of this Warrant.
	 	 	 

		(c)	FRACTIONAL SHARES. No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. With respect to any fraction of a share of Common Stock called for upon any exercise
hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current market value of
a share of Common Stock, determined as follows:

    -2- 

     

    

		(1)	If the Common Stock is listed on a national securities exchange, an over-the-counter market, or
admitted to unlisted trading privileges on a national securties exchange, the current market value shall be the last reported sale
price of the Common Stock on such exchange on the last business day prior to the date of exercise of this Warrant or if no such
sale is made on such day, the average closing bid and asked prices for such day on such exchange; or
	 	 	 

		(2)	If the Common Stock is not so listed or admitted to unlisted trading privileges, the current market
value shall be the mean of the last reported bid and asked prices reported by the OTC Markets Group on the last business day prior
to the date of the exercise of this Warrant; or
	 	 	 

		(3)	If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked
prices are not so reported, the current market value shall be an amount, not less than the book value thereof as at the end of
the most recent fiscal year of the Company ending prior to the date of the exercise of the Warrant, determined in such reasonable
manner as may be prescribed by the Board of Directors of the Company.
	 	 	 

		(d)	EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This Warrant is exchangeable, without
expense, at the option of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer
agent, if any, for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same
number of shares of Common Stock purchasable hereunder. Upon surrender of this Warrant to the Company at its principal office or
at the office of its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient to
pay any transfer tax, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in
such instrument of assignment and this Warrant shall promptly be cancelled. This Warrant may be divided or combined with other
warrants which carry the same rights upon presentation hereof at the principal office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the names and denominations in which new Warrants are to be issued
and signed by the Holder hereof. The term Warrant as used herein includes any Warrants into which this Warrant may be divided or
exchanged. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant,
and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation
of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant
executed and delivered shall constitute an additional contractual obligation on the part of the Company, whether or not this Warrant
so lost, stolen, destroyed, or mutilated shall be at any time enforceable by anyone.

    -3- 

     

    

		(e)	RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be entitled to any rights
of a stockholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant
and are not enforceable against the Company except to the extent set forth herein.
	 	 	 

		(f)	ANTI-DILUTION PROVISIONS AND PRICE ADJUSTMENT. The Exercise Price in effect at any time
and the number and kind of securities purchasable upon the exercise of this Warrant shall be subject to adjustment from time to
time upon the happening of certain events as follows:
	 	 	 

		(1)	In case the Company shall (i) declare a dividend or make a distribution on its outstanding shares
of Common Stock in shares of Common Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock into a greater number
of shares, or (iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect at the time of the record date for such dividend or distribution or of the effective date of such subdivision,
combination or reclassification shall be adjusted so that the Exercise Price shall be proportionately increased (as in the case
of (iii), above) or decreased (as in the case of (i) or (ii), above). Such adjustment shall be made successively whenever any event
listed above shall occur.
	 	 	 

		(2)	Intentionally omitted..
	 	 	 

		(3)	In case the Company shall hereafter distribute to the holders of its Common Stock evidences of
its indebtedness or assets (excluding cash dividends or distributions and dividends or distributions referred to in Subsection
(1) above) or subscription rights or warrants (excluding those referred to in Subsection (2) above), the Company shall reserve
and the holder of this Warrant shall thereafter, upon exercise hereof, be entitled to receive with respect to each share of Common
Stock purchased hereunder, without any change in, or payment in addition to, the Exercise Price, the amount of any property or
other securities which would have been distributed to such holder had such holder been a holder of one share of Common Stock on
the record date of such distribution (or, if no record date was established by the Company, the date such distribution was paid).
	 	 	 

		(4)	Intentionally Omitted.
	 	 	 

		(5)	Whenever the Exercise Price payable upon exercise of this Warrant is adjusted pursuant to Subsection
(1) above, the number of shares of Common Stock purchasable upon exercise of this Warrant shall simultaneously be adjusted by multiplying
the number of shares of Common Stock initially issuable upon exercise of this Warrant by the Exercise Price in effect on the date
hereof and dividing the product so obtained by the Exercise Price, as adjusted. No other adjustment of the Exercise Price in this
section (f) shall cause an adjustment of the number of shares purchasable upon exercise of this Warrant.

    -4- 

     

    

		(6)	Intentionally omitted.
	 	 	 

		(7)	No adjustment in the Exercise Price shall be required unless such adjustment would require an increase
or decrease of at least five cents ($0.05) in such price; provided, however, that any adjustments which by reason of this Subsection
(7) are not required to be made shall be carried forward and taken into account in any subsequent adjustment required to be made
hereunder. All calculations under this Section (f) shall be made to the nearest cent or to the nearest one-hundredth of a share,
as the case may be. Anything in this Section (f) to the contrary notwithstanding, the Company shall be entitled, but shall not
be required, to make such changes in the Exercise Price, in addition to those required by this Section (f), as it shall determine,
in its sole discretion, to be advisable in order that any dividend or distribution in shares of Common Stock, or any subdivision,
reclassification or combination of Common Stock, hereafter made by the Company shall not result in any Federal income tax liability
to the holders of Common Stock or securities convertible into Common Stock (including the Warrant); provided, however, that no
such adjustment shall cause an increase to the Exercise Price then in effect.
	 	 	 

		(8)	Whenever the Exercise Price is adjusted, as herein provided, the Company shall promptly but no
later than 30 days after any request for such an adjustment by the Holder, cause a notice setting forth the adjusted Exercise Price
and, if applicable under paragraph (f)(5) above, the adjusted number of shares of Common Stock issuable upon exercise of each Warrant,
and, if requested, information describing the transactions giving rise to such adjustments, to be mailed to the Holder at his last
address appearing in the Warrant Register to be maintained by the Company, and shall cause a certified copy thereof to be mailed
to its transfer agent, if any.
	 	 	 

		(9)	In the event that at any time, as a result of an adjustment made pursuant to Subsection (1) above,
the Holder of this Warrant thereafter shall become entitled to receive any shares of the Company, other than Common Stock, thereafter
the number of such other shares so receivable upon exercise of this Warrant shall be subject to adjustment from time to time in
a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Stock contained in Subsections
(1) to (8), inclusive above.
	 	 	 

		(10)	Notwithstanding the foregoing, any increase in the number of shares issuable upon the exercise
of this Warrant, when combined with the shares issuable upon exercise of other warrants issued by the Company, shall not be made
to the extent the aggregate amount of such issuances would require stockholder approval pursuant to the NASDAQ listing rules if
the Common Stock is listed on The NASDAQ Capital Market, and any increase shall be capped, on a pro rata basis, at the maximum
number of shares allowed which would not require stockholder approval unless and until such stockholder approval is obtained if
the Common Stock is listed on The NASDAQ Capital Market. The Holder hereof agrees that this Warrant may be amended or modified
by the Company (without the consent of the Holder) to include any language required or reasonably requested by NASDAQ to effectuate
the intent of the this provision, if the Common Stock is listed on The NASDAQ Capital Market.

    -5- 

     

    

		(g)	OFFICER’S CERTIFICATE. Whenever the Exercise Price shall be adjusted as required by
the provisions of the foregoing Section, the Company shall forthwith file in the custody of its Secretary or an Assistant Secretary
at its principal office and with its stock transfer agent, if any, an officer’s certificate showing the adjusted Exercise
Price determined as herein provided, setting forth in reasonable detail the facts requiring such adjustment, including a statement
of the number of additional shares of Common Stock, if any, and such other facts as shall be necessary to show the reason for and
the manner of computing such adjustment. Each such officer’s certificate shall be made available at all reasonable times
for inspection by the Holder or any holder of a Warrant executed and delivered pursuant to Section (a) hereof and the Company shall,
forthwith after each such adjustment, mail a copy by certified mail of such certificate to the Holder or any such holder.
	 	 	 

		(h)	NOTICES TO WARRANT HOLDERS. So long as this Warrant shall be outstanding if the Company
shall offer to the holders of Common Stock for subscription or purchase by them any share of any class or any other rights or if
any capital reorganization of the Company, reclassification of the capital stock of the Company, consolidation or merger of the
Company with or into another corporation, sale, lease or transfer of all or substantially all of the property and assets of the
Company to another corporation, or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected,
then in any such case, the Company shall cause to be mailed by certified mail to the Holder, at least fifteen days prior to the
date specified in (x) or (y) below, as the case may be, a notice containing a brief description of the proposed action and stating
the date on which (x) a record is to be taken for the purpose of such dividend, distribution or rights, or (y) such reclassification,
reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation or winding up is to take place and the date,
if any is to be fixed, as of which the holders of Common Stock or other securities shall receive cash or other property deliverable
upon such reclassification, reorganization, consolidation, merger, conveyance, dissolution, liquidation or winding up.

    -6- 

     

    

		(i)	RECLASSIFICATION, REORGANIZATION OR MERGER. In case of any reclassification, capital reorganization
or other change of outstanding shares of Common Stock of the Company, or in case of any consolidation or merger of the Company
with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing corporation
and which does not result in any reclassification, capital reorganization or other change of outstanding shares of Common Stock
of the class issuable upon exercise of this Warrant) or in case of any sale, lease or conveyance to another corporation of the
property of the Company as an entirety, the Company shall, as a condition precedent to such transaction, cause effective provisions
to be made so that the Holder shall have the right thereafter by exercising this Warrant at any time prior to the expiration of
the Warrant, to purchase the kind and amount of shares of stock and other securities and property receivable upon such reclassification,
capital reorganization and other change, consolidation, merger, sale or conveyance by a holder of the number of shares of Common
Stock which might have been purchased upon exercise of this Warrant immediately prior to such reclassification, change, consolidation,
merger, sale or conveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may
be practicable to the adjustments provided for in this Warrant. The foregoing provisions of this Section (i) shall similarly apply
to successive reclassifications, capital reorganizations and changes of shares of Common Stock and to successive consolidations,
mergers, sales or conveyances. In the event that in connection with any such capital reorganization or reclassification, consolidation,
merger, sale or conveyance, additional shares of Common Stock shall be issued in exchange, conversion, substitution or payment,
in whole or in part, for a security of the Company other than Common Stock, any such issue shall be treated as an issue of Common
Stock covered by the provisions of Subsection (1) of Section (f) hereof.
	 	 	 

		(j)	REGISTRATION UNDER THE SECURITIES ACT OF 1933. This Warrant is issued without registration
rights.
	 	 	 

		(k)	RESTRICTIVE LEGEND. Each Warrant Share, when issued, shall include a legend in substantially
the following form: THESE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE ACT) NOR UNDER ANY STATE SECURITIES
LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNTIL A (1) REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAW HAS BECOME EFFECTIVE WITH RESPECT THERETO, OR (2) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL TO THE COMPANY
TO THE EFFECT THAT REGISTRATION UNDER THE ACT OR APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED IN CONNECTION WITH THE PROPOSED
TRANSFER.
	 	 	 

		(l)	REPRESENTATIONS OF HOLDER. By acceptance of this Warrant, Holder hereby represents and warrants
to the Company that
	 	 	 

		(1)	Holder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated
under the Securities Act. Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment
for its own account and not with a view towards, or for resale in connection with, the public sale or distribution of this Warrant
or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act.

    -7- 

     

    

		(2)	Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon
exercise hereof are "restricted securities" under the federal securities laws inasmuch as they are being acquired from
the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such securities
may be resold without registration under the Securities Act only in certain limited circumstances.
	 	 	 

		(3)	Holder has such knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of the investment in the Warrant and the Warrant Shares. Holder has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the business, properties,
prospects and financial condition of the Company.
	 	 	 

		(m)	The Company will not, by amendment of its charter or through reorganization, consolidation, merger,
dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against impairment.

 

Dated: June ____, 2016

 

 

	 	AMERICAN CARESOURCE HOLDINGS, INC.
	 	 
	 	 
	 	By:	 
	 	Name: 	Adam S. Winger
	 	Title:	President & CEO

 

 

 

 

 

 

    -8- 

     

    

PURCHASE FORM

Dated _____________ 20__

 

The undersigned hereby
irrevocably elects to exercise the within Warrant to the extent of purchasing ___________ shares of Common Stock and hereby makes
payment of ___________ in payment of the actual exercise price thereof.

 

________________

 

INSTRUCTIONS FOR REGISTRATION OF STOCK

 

	Name	 	  
	 	 	(Please typewrite or
print in block letters)

 

	Address	 	  

 

	 	Signature	 	 
	 	 	 	 

________________

 

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED,
________________________________ hereby sells, assigns and transfers unto

 

	Name	 	  
	 	 	(Please typewrite or
print in block letters)

 

	Address	 	  

 

the right to purchase Common Stock represented
by this Warrant to the extent of _______ shares as to which such right is exercisable and does hereby irrevocably constitute and
appoint ________________ Attorney, to transfer the same on the books of the Company with full power of substitution in the premises.

 

Date ______________, 20__

 

Signature __________________________EX-4.1

 Exhibit 4.1 

FIRST SUPPLEMENTAL INDENTURE 
  

 
 DATED MAY 16,
2016 
  
  

This First Supplemental Indenture (this “Supplemental Indenture”), dated May 16, 2016, is made and entered into as of
this 2nd day of June, 2016, by and among A.M. Castle & Co., a Maryland corporation (the “Company”), the Guarantors party thereto (as defined in the Indenture (as defined below)) and U.S. Bank National Association, as
trustee under the Indenture (the “Trustee”). 
 RECITALS 

A. WHEREAS, the Company, the Guarantors and the Trustee entered into that certain Indenture dated as of February 8, 2016 (the
“Indenture”), governing 12.75% Senior Secured Notes due 2018 (the “Notes”) issued by the Company to the Holders. 

B. WHEREAS, Section 9.02 of the Indenture provides that, other than certain amendments or waivers as provided therein, the
Company, the Guarantors and the Trustee may amend or supplement the Indenture, the Notes or the Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and eligible to vote
thereon in compliance with Section 2.09 of the Indenture (collectively, the “Requisite Consent”). 
 C.
WHEREAS, the Company desires and has requested the Trustee to join it and the Guarantors in entering into this Supplemental Indenture for the purposes of amending certain provisions of the Indenture and the Notes as permitted by
Section 9.02 of the Indenture. 
 D. WHEREAS, this Supplemental Indenture has been duly authorized by all necessary corporate or
other action, as applicable, on the part of each of the Company and the Guarantors, and the Company has obtained the Requisite Consent to the amendments set forth herein. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Company, the Guarantors and the Trustee mutually covenant and agree for the benefit of each other and for the equal and ratable benefit of the Holders as follows: 

AGREEMENT 
 1.
Definitions. Unless otherwise defined herein, all capitalized terms used herein have the meanings given to them in the Indenture. 

 2. Amendments to the Indenture. Effective as of May 16, 2016, with respect to all
outstanding Notes, the following definitions in “Section 1.01 Definitions” of the Indenture are hereby amended as follows: 
 (a)
The definition of “New Convertible Notes” is deleted and replaced in its entirety with the following: 
 “New Convertible
Notes” means the new 5.25% Senior Secured Convertible Notes due 2019 to be issued by the Company in exchange for the Existing Convertible Notes (i) pursuant to the Transaction Support Agreements and the Convertible Note Exchange Offer
or (ii) pursuant to the exemption provided by Section 3(a)(9) of the Securities Act on terms no more advantageous to the holders of such Existing Convertible Notes than the terms under which Supporting Convertible Note Holders exchanged
their Existing Convertible Notes in the Private Convertible Note Exchanges were to such Supporting Note Holders. 
 (b) The definition of
“Registered Convertible Note Exchange” is deleted in its entirety. 
 (c) The definition of “Transactions” is deleted and
replaced in its entirety with the following: 
 “Transactions” means the issuance of the Notes, the issuance of the New
Convertible Notes pursuant to the Private Convertible Note Exchanges as contemplated by the Transaction Support Agreements, together with proceeds of borrowings under the Senior Credit Facility and cash on hand, to refinance any Indebtedness of the
Company or any Subsidiary outstanding immediately prior to the Issue Date and to pay all fees and expenses related thereto. 
 (d) The
definition of “Transaction Support Agreements” is deleted and replaced in its entirety with the following: 
 “Transaction
Support Agreements” means the separate transaction support agreements entered into effective as of January 15, 2016 (together with any additional transaction support agreements entered subsequently thereto on substantially similar
terms to those effective January 15, 2016), as amended and restated effective as of March 16, 2016, and as further amended on May 13, 2016, among the Company, the certain holders of the Company’s Existing Notes and/or Existing
Convertible Notes named therein. 
 3. Indenture. Except as amended hereby, the Indenture and the Notes are in all respects ratified
and confirmed and all the terms shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered under the Indenture shall be
bound hereby and all terms and conditions of both shall be read together as though they constitute a single instrument, except that in the case of conflict the provisions of this Supplemental Indenture shall control. 

 4. Rights of Trustee. In entering into this Supplemental Indenture, the Trustee shall be
entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee, including its right to be compensated, reimbursed and indemnified, whether or not elsewhere
herein so provided. The Trustee makes no representations and shall not be responsible in any manner whatsoever as to the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, or with respect to
the consents of the Holders or any documents used in the solicitations of such consents, all of which recitals are made solely by the Company and the Guarantors. 

5. Reference to Indenture. Effective as of May 16, 2016, each reference in the Indenture, and in all other agreements, documents,
certificates, exhibits and instruments executed pursuant thereto, to “the Indenture,” “hereunder,” “hereof,” “herein” or words of like import referring to the Indenture shall mean and be a reference to the
Indenture as amended by this Supplemental Indenture. 
 6. Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by
facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 7. Governing Law. This
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to its choice of law provisions. 

[signature pages follow] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Supplemental Indenture to be
executed by its duly authorized officers as of the date first written above. 
  

			
	A.M. CASTLE & CO.
		
	By:	 	 /s/ Patrick R. Anderson

		 	Name: Patrick R. Anderson
		 	Title: Chief Financial Officer

 Signature Page to Supplemental Indenture 

 
			
	ADVANCED FABRICATING TECHNOLOGY, LLC
		
	By:	 	 /s/ Patrick R. Anderson

		 	Name: Patrick R. Anderson
		 	Title: Vice President and Treasurer
	
	PARAMONT MACHINE COMPANY, LLC
		
	By:	 	 /s/ Patrick R. Anderson

		 	Name: Patrick R. Anderson
		 	Title: Vice President and Treasurer
	
	TOTAL PLASTICS, INC.
		
	By:	 	 /s/ Patrick R. Anderson

		 	Name: Patrick R. Anderson
		 	Title: Vice President
	
	KEYSTONE TUBE COMPANY, LLC
		
	By:	 	 /s/ Patrick R. Anderson

		 	Name: Patrick R. Anderson
		 	Title: Treasurer

 Signature Page to Supplemental Indenture 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	 /s/ Raymond S. Haverstock

	Name: Raymond S. Haverstock
	Title: Vice President

 Signature Page to Supplemental Indenture

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