SEC Contract Filing

Filing Date: 2020-11-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>weys-20200930xex10d3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge 9.7.0.58--><!--Created on: 11/9/2020 09:21:09 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 10pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Exhibit 10.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">SECURITY AGREEMENT</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">THIS SECURITY AGREEMENT (this &#8220;</font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">Agreement</u><font style="font-size:12pt;">&#8221;) dated as of November 4, 2020, is by and </font><font style="font-size:12pt;">&#8216;</font><font style="font-size:12pt;">between WEYCO GROUP, INC. (the &#8220;</font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">Debtor</u><font style="font-size:12pt;">&#8221;) and ASSOCIATED BANK, NATIONAL ASSOCIATION (the &#8220;</font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">Secured Party</u><font style="font-size:12pt;">&#8221;).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">W</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">I</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">T</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">N</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">E</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">S</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">S</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">E</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">T</u><font style="font-size:12pt;"> </font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">H</u><font style="font-size:12pt;">:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">WHEREAS, the Debtor has entered into a Credit Agreement dated as of even date herewith (as amended, restated or otherwise modified from time to time, the &#8220;</font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">Credit Agreement</u><font style="font-size:12pt;">&#8221;) with the Secured </font><font style="font-size:12pt;">&#8216;</font><font style="font-size:12pt;">Party, pursuant to which the Secured Party has agreed to make loans to and issue letters of credit for the account of the Debtor; and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">WHEREAS, the obligations of the Debtor under the Credit Agreement and the other Loan Documents are to be secured pursuant to this Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">l.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><u style="font-size:12pt;text-decoration:underline;text-decoration-color:#000000;">Definitions and Interpretation</u><font style="font-size:12pt;">. (a) In addition to terms defined in the Preamble and Recitals above, when used herein, (i) the terms Account, Account Debtor, Certificated Security, Chattel Paper, Commercial Tort Claim, Commodity Account, Commodity Contract, Deposit Account, Document, Electronic Chattel Paper, Equipment, Financial Assets, Fixture, Goods, Instrument, Inventory, Investment Property, Letter of Credit Rights, Security, Security Entitlement, Securities Account, Supporting Obligations and Uncertificated Security have the respective meanings assigned thereto in the UCC (as defined below), (ii) capitalized terms that are not otherwise defined have the respective meanings assigned thereto in the Credit Agreement and (iii) the following terms have the following meanings:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;">&#8220;</fo