SEC Contract Filing

Filing Date: 2019-05-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10-1.htm
<DESCRIPTION>FOURTH AMENDMENT AND REAFFIRMATION AGREEMENT DATED MARCH 20, 2019
<TEXT>
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 <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">FOURTH AMENDMENT AND REAFFIRMATION AGREEMENT</div>
 <div style="text-align: left; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">THIS FOURTH AMENDMENT AND REAFFIRMATION AGREEMENT is dated as of March 20, 2019 (this &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Agreement</u></font>&#8221;), by and among GSE SYSTEMS, INC., a Delaware corporation (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Parent</u></font>&#8221;), GSE
 PERFORMANCE SOLUTIONS, INC., a Delaware corporation (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>GSE Performance</u></font>&#8221; and collectively with Parent, the &#8220;<font style="font-family: 'Times New Roman', serif;
 font-size: 12pt;"><u>Borrowers</u></font>&#8221; and each a &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Borrower</u></font>&#8221;), GSE TRUE NORTH CONSULTING, LLC, a Delaware limited liability company (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>True North</u></font>&#8221;), HYPERSPRING, LLC, a Delaware limited liability company (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Hyperspring</u></font>&#8221;),

 ABSOLUTE CONSULTING, INC., a Delaware corporation (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Absolute</u></font>&#8221; and together with True North and Hyperspring collectively, the &#8220;<font style="font-family: 'Times New
 Roman', serif; font-size: 12pt;"><u>Original Guarantors</u></font>&#8221; and each an &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Original Guarantor</u></font>&#8221;), DP ENGINEERING, LLC, formerly DP Engineering Ltd. Co., a
 Delaware limited liability company (&#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>DP Engineering</u></font>&#8221; and together with the Original Guarantors collectively, the &#8220;<font style="font-family: 'Times New Roman',
 serif; font-size: 12pt;"><u>Guarantors</u></font>&#8221; and each a &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Guarantor</u></font>&#8221; and together with the Borrowers collectively, the &#8220;<font style="font-family: 'Times New
 Roman', serif; font-size: 12pt;"><u>Loan Parties</u></font>&#8221; and each a &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Loan Party</u></font>&#8221;), and CITIZENS BANK, NATIONAL ASSOCIATION (the &#8220;<font style="font-family:
 'Times New Roman', serif; font-size: 12pt;"><u>Bank</u></font>&#8221;).&#160; Capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement (as defined below) or the Guaranty (as
 defined below), as applicable.</font></div>
 <div style="text-align: left; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">WHEREAS, pursuant to the terms of that certain Credit and Security Agreement, dated as of December 29, 2016 (as
 the same may have been amended, renewed, replaced, or supplemented from time to time prior to the Closing Date (as defined in the Credit Agreement), the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Original Credit
 Agreement</u></font>&#8221;), by and among Borrowers and Bank, the Bank agreed to provide a revolving line of credit to Borrowers in an amount not to exceed $5,000,000 pursuant to a revolving line of credit note dated as of the Initial Closing Date
 (as defined in the Credit Agreement) of the Borrowers payable to the order of the Bank (the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>RLOC Note</u></font>&#8221;);</font></div>
 <div style="text-align: left; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">WHEREAS, Hyperspring executed and delivered a Guaranty and Suretyship Agreement (as the same may have been
 amended, restated or modified from time to time, the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Hyperspring Guaranty</u></font>&#8221;) dated as of December 29, 2016 in favor of Bank in connection with Borrower entering
 into the Original Credit Agreement;</font></div>
 <div style="text-align: left; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">WHEREAS, Absolute executed and delivered a Guaranty and Suretyship Agreement (as the same may have been
 amended, restated or modified from time to time, the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Absolute Guaranty</u></font>&#8221;) dated as of September 20, 2017 in favor of Bank in connection with the Original Credit
 Agreement;</font></div>
 <div style="text-align: left; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;">WHEREAS, True North executed and delivered a Guaranty and Suretyship Agreement (as the same may have been
 amended, restated or modified from time to time, the &#8220;<font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>True North Guaranty</u></font>&#8221;