Exhibit 10.2

THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
This THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Third
Amendment”), dated as of March 16, 2020 and, made by and among KADANT INC., a
Delaware corporation (the “Borrower”), the Subsidiary Guarantors parties hereto,
the Foreign Subsidiary Borrowers parties hereto, the several banks and other
financial institutions or entities parties hereto (the “Lenders”), CITIZENS
BANK, N.A., as administrative agent (the “Administrative Agent”) and CITIZENS
BANK, N.A., as multicurrency administrative agent (the “Multicurrency
Administrative Agent”; together with the Administrative Agent, the “Agents”).
Background
The Borrower, the Subsidiary Guarantors, the Foreign Subsidiary Borrowers, the
Agents and the Lenders entered into an Amended and Restated Credit Agreement
dated as of March 1, 2017, as amended by that certain First Amendment dated as
of May 24, 2017, that certain Limited Consent dated as of December 9, 2018, and
that certain Second Amendment to Amended and Restated Credit Agreement dated as
of December 14, 2018 (the “Original Credit Agreement”), as amended by this Third
Amendment and as further amended, modified or supplemented from time to time,
the “Credit Agreement”.
The Borrower has requested that the Agents and the Lenders amend the Original
Credit Agreement in the manner set forth herein.
Capitalized terms not defined herein shall have the meanings given such terms in
the Original Credit Agreement. This Third Amendment constitutes a Loan Document
for all purposes under the Credit Agreement and the other Loan Documents.
NOW, THEREFORE, in consideration of the promises and the agreements, provisions
and covenants herein contained, the Borrower, the Subsidiary Guarantors, the
Foreign Subsidiary Borrowers, the Agents and the Lenders hereby agree as
follows:
1.Amendments to Original Credit. Subject to the terms and conditions herein
contained and in reliance on the representations and warranties of the Borrower
herein contained, effective upon satisfaction of the conditions precedent
contained in Section 2 below, the following amendments are incorporated into the
Original Credit Agreement:

(A)The second sentence of Section 4.13 of the Original Credit Agreement is
hereby amended by deleting it in its entirety and replacing it with the
following:

“No termination of a Single Employer Plan has occurred (other than the
termination of each of a noncontributory defined benefit retirement plan for
eligible employees at one of the Borrower’s U.S. divisions and its corporate
office and a supplemental benefit plan for certain executive officers as
disclosed in the Borrower’s Quarterly Report on Form 10-Q for the fiscal quarter
year ended September 29, 2018 and updated in subsequent filings with the U.S.
Securities and Exchange Commission), and no Lien in favor of the PBGC or a Plan
has arisen, during such five-year period.”
The foregoing amendments are limited to those set forth herein and is not a
commitment or agreement to grant any amendment in the future.
2.Conditions Precedent.
    

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The provisions of this Third Amendment shall be effective as of the date on
which all of the following conditions shall be satisfied:
(a)the Borrower, each Subsidiary Guarantor and each Foreign Subsidiary Borrower
shall have delivered to the Agents an executed counterpart of this Third
Amendment;

(b)the Agents and the Lenders shall have indicated their consent and agreement
by executing this Third Amendment; and

(c)the Borrower shall have paid all of the Agents’ fees and expenses and all
amounts required under the Loan Documents.

1.Miscellaneous.
(a)Ratification. The terms and provisions set forth in this Third Amendment
shall modify and supersede all inconsistent terms and provisions set forth in
the Original Credit Agreement and except as expressly modified and superseded by
this Third Amendment, the terms and provisions of the Original Credit Agreement
and the other Loan Documents are ratified and confirmed and shall continue in
full force and effect. The Borrower, the Subsidiary Guarantors, the Foreign
Subsidiary Borrowers, the Agents and the Lenders agree that the Original Credit
Agreement as amended hereby and the other Loan Documents shall continue to be
legal, valid, binding and enforceable in accordance with their respective terms.
For all matters arising prior to the effective date of this Third Amendment, the
Original Credit Agreement (as unmodified by this Third Amendment) shall control.

(b)Representations and Warranties. The Borrower hereby represents and warrants
to the Agents that the representations and warranties set forth in the Loan
Documents, after giving effect to this Third Amendment, are true and correct in
all material respects (or all respects to the extent already qualified by
materiality or the occurrence of a Material Adverse Effect) on and as of the
date hereof, with the same effect as though made on and as of such date except
with respect to any representations and warranties limited by their terms to a
specific date. The Borrower further represents and warrants to the Agents and
the Lenders that the execution and delivery of this Third Amendment (i) are
within the Borrower’s, each Subsidiary Guarantor’s and each Foreign Subsidiary
Borrower’s organizational power and authority; (ii) have been duly authorized by
all necessary organizational action of the Borrower, each Subsidiary Guarantor
and each Foreign Subsidiary Borrower; (iii) is not in contravention of any
provision of the Borrower’s, any Subsidiary Guarantor’s or any Foreign
Subsidiary Borrower’s Organizational Documents; (iv) do not violate any law or
regulation, or any order or decree of any Governmental Authority; (v) do not
conflict with or result in the breach or termination of, constitute a default
under or accelerate any performance required by, any material indenture,
mortgage, deed of trust, lease, agreement or other material instrument to which
either the Borrower, any Subsidiary Guarantor or any Foreign Subsidiary Borrower
is a party or by which Borrower, any Subsidiary Guarantor, any Foreign
Subsidiary Borrower or any of their property is bound. All representations and
warranties made in this Third Amendment shall survive the execution and delivery
of this Third Amendment.

(c)Expenses of the Agent. As provided in the Credit Agreement, the Borrower
agrees to pay all reasonable costs and expenses incurred by the Agents in
connection with the preparation, negotiation, and execution of this Third
Amendment, including without limitation, the reasonable costs and fees of the
Agents’ legal counsel.

(d)Severability. Any provision of this Third Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this

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Third Amendment and the effect thereof shall be confined to the provision so
held to be invalid or unenforceable.

(e)Applicable Law. This Third Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

(f)Successors and Assigns. This Third Amendment is binding upon and shall inure
to the benefit of the Agents, the Lenders and the Borrower, the Subsidiary
Guarantors, the Foreign Subsidiary Borrowers and their respective successors and
assigns.

(g)Counterparts. This Third Amendment may be executed in one or more
counterparts and on facsimile counterparts or other electronic transmission, as
permitted under the Original Credit Agreement, each of which when so executed
shall be deemed to be an original, but all of which when taken together shall
constitute one and the same agreement.

(h)Headings. The headings, captions, and arrangements used in this Third
Amendment are for convenience only and shall not affect the interpretation of
this Third Amendment.

(i)ENTIRE AGREEMENT. THIS THIRD AMENDMENT EMBODIES THE ENTIRE AGREEMENT AMONG
THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER THEREOF, AND SUPERSEDES
ANY AND ALL PRIOR REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL,
RELATING TO THIS AMENDMENT. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES
HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF.

(j)Acknowledgement and Reaffirmation. Each of the Borrower, as a guarantor, and
Kadant Black Clawson LLC, Kadant International Holdings LLC and Kadant Johnson
LLC (collectively, the “Subsidiary Guarantors” and together with the Borrower,
the “Guarantors”), hereby acknowledges the consents granted, and amendments
effected, pursuant to this Third Amendment and reaffirms its guaranty of the
Borrower Obligations and the Foreign Subsidiary Borrower Obligations (each as
defined in the Guarantee) pursuant to that certain Amended and Restated
Guarantee Agreement, dated as of March 1, 2017 (as amended, supplemented or
otherwise modified from time to time, the “Guarantee”), among the Guarantors and
the Administrative Agent.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.
KADANT INC.

By:    /s/ Jeffrey L. Powell
Name: Jeffrey L. Powell
Title: President and CEO

KADANT U.K. LIMITED

By:    /s/ Jeffrey L. Powell
Name: Jeffrey L Powell
Title: Director

KADANT CANADA CORP.

By:    /s/ Orrin H. Bean
Name: Orrin H. Bean
Title: Treasurer

KADANT JOHNSON EUROPE B.V.

By:    /s/ Eric T. Langevin
Name: Eric T. Langevin
Title: Director

KADANT INTERNATIONAL LUXEMBOURG S.C.S.

By:    /s/ Stacy D. Krause
Name: Stacy D. Krause
Title: Manager

[Signature Page - Third Amendment to Amended and Restated Credit Agreement]
(S-1)

    

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KADANT LUXEMBOURG S.À R.L.
as the Foreign Subsidiary Borrower

By: /s/ Thomas A. Martin
Name: Thomas A. Martin
Title: Class A Manager

By: /s/ Florence Gerardy
Name: Florence Gerardy
Title: Class B Manager
       
KADANT JOHNSON DEUTSCHLAND GmbH

By: /s/ Eric T. Langevin
Name: Eric T. Langevin
Title: Director

Subsidiary Guarantors:

Kadant Black Clawson LLC

By: /s/ Orrin H. Bean
Name: Orrin H. Bean
Title: Treasurer

Kadant International Holdings LLC

By: /s/ Orrin H. Bean
Name: Orrin H. Bean
Title: Treasurer

Kadant Johnson LLC

By: /s/ Orrin H. Bean
Name: Orrin H. Bean
Title: Treasurer

[Signature Page-Third Amendment to Amended and Restated Credit Agreement]
(S-2)

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CITIZENS BANK, N.A., as Administrative Agent and as a Lender

By:    /s/ Robert Anastasio
Name: Robert Anastasio
Title: Senior Vice President

[Signature Page-Third Amendment to Amended and Restated Credit Agreement]
(S-3)

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CITIZENS BANK, N.A., as Multicurrency Administrative Agent and as a Lender

By:    /s/ Robert Anastasio
Name: Robert Anastasio
Title: Senior Vice President

[Signature Page-Third Amendment to Amended and Restated Credit Agreement]
(S-4)

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CITIZENS BANK, N.A., as a Lender

By:    /s/ Robert Anastasio
Name: Robert Anastasio
Title: Senior Vice President

[Signature Page- Third Amendment to Amended and Restated Credit Agreement]
(S-5)

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WELLS FARGO BANK, NATIONAL ASSOCIATION

By:    /s/ Christopher S. Allen
Name: Christopher S. Allen
Title: Senior Vice President

[Signature Page- Third Amendment to Amended and Restated Credit Agreement]
(S-6)

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U.S. BANK NATIONAL ASSOCIATION

By:    /s/ Kenneth R. Fieler
Name: Kenneth R. Fieler
Title: Vice President

[Signature Page- Third Amendment to Amended and Restated Credit Agreement]
(S-7)

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HSBC BANK USA, N.A.

By:    /s/ Andrew Everett
Name: Andrew Everett
Title: Vice President

[Signature Page- Third Amendment to Amended and Restated Credit Agreement]
(S-8)

    

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SANTANDER BANK, N.A.

By:    /s/ Benjamin Hildreth
Name: Benjamin Hildreth
Title: VP Underwriting

[Signature Page- Third Amendment to Amended and Restated Credit Agreement]
(S-9)

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JPMORGAN CHASE BANK, N.A.

By:    /s/ Brian Keenan
Name: Brian Keenan
Title: Vice President

[Signature Page- Third Amendment to Amended and Restated Credit Agreement]
(S-10)

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HSBC BANK CANADA

By:    /s/ Hai Pham
Name: Hai Pham
Title: Head of International Subsidiary

By:    /s/ Douglas Remington
Name: Douglas Remington
Title: Assistant Vice President

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BANK OF AMERICA, N.A.

By:    /s/ Robert C. Megan
Name: Robert C. Megan
Title: Senior Vice President