Exhibit 10.1

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of November 1, 2016 (this
“Amendment”), is entered into among Littelfuse, Inc., a Delaware corporation
(the “Company”), the Designated Borrowers party hereto, the Guarantors party
hereto, the Lenders party hereto and Bank of America, N.A., as Agent (in such
capacity, the “Agent”). Capitalized terms used herein and not otherwise defined
shall have the meanings ascribed thereto in the Credit Agreement (as defined
below).

 

RECITALS

 

A.      The Company, the Designated Borrowers party thereto, the Guarantors
party thereto, the Lenders from time to time party thereto and the Agent entered
into that certain Credit Agreement, dated as of March 4, 2016 (as amended or
modified, the “Credit Agreement”).

 

B.      The parties hereto have agreed to amend the Credit Agreement as provided
herein.

 

C.      In consideration of the agreements hereinafter set forth, and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows.

 

AGREEMENT

 

1.       Amendments to Credit Agreement.

 

(a)      The definition of “Consolidated EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended to read as follows:

 

“Consolidated EBITDA” means, for any period, for the Company and its
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income
for such period plus (a) the following to the extent deducted in calculating
such Consolidated Net Income and without duplication: (i) Consolidated Interest
Charges for such period, (ii) the provision for federal, state, local and
foreign income taxes payable by the Company and its Subsidiaries for such
period, (iii) the amount of depreciation and amortization expense for such
period, (iv) other expenses (excluding depreciation and amortization) of the
Company and its Subsidiaries reducing such Consolidated Net Income which do not
represent a cash item in such period or any future period, (v) non-cash U.S.
Pension wind-up and settlement costs of $30,800,000 incurred during the quarter
ended September 26, 2015, (vi) reed switch manufacturing transfer costs for the
four consecutive fiscal quarter period ended December 31, 2016 in an aggregate
amount not to exceed $4,000,000, (vii) expenses, including for professional
services, integration and restructuring, incurred by the Company in connection
with its acquisition of the TE Connectivity Circuit Protection Business between
the Closing Date and April 1, 2017, in an aggregate amount not to exceed
$20,000,000 and (viii) one-time costs incurred in connection with the
acquisition of assets from ON Semiconductor Corp. in an aggregate amount not to
exceed $4,500,000 during the term of this Agreement and minus (b) all non-cash
items increasing Consolidated Net Income for such period.

 

(b)     Section 7.09 of the Credit Agreement is hereby amended to read as
follows:

 

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Section 7.09     Burdensome Agreements.

 

Enter into any Contractual Obligation (other than this Agreement or any other
Loan Document) that (a) limits the ability (i) of any Subsidiary to make
Restricted Payments to the Company or any Guarantor or to otherwise transfer
property to the Company or any Guarantor, (ii) of any Subsidiary to Guarantee
the Indebtedness of the Company or (iii) of the Company or any Subsidiary to
create, incur, assume or suffer to exist Liens on property of such Person;
provided, however, that this clause (iii) shall not prohibit any negative pledge
incurred or provided in favor of any holder of Indebtedness permitted under
Section 7.03(e) so long as such negative pledge is on then-market terms and
otherwise customary for such Indebtedness; or (b) requires the grant of a Lien
to secure an obligation of such Person if a Lien is granted to secure another
obligation of such Person. Notwithstanding the foregoing, this Section 7.09
shall not apply to any loan agreement or note purchase agreement evidencing the
Indebtedness permitted under Section 7.03(h).

 

2.       Effectiveness; Conditions Precedent. This Amendment shall be effective
upon receipt by the Agent of counterparts of this Amendment executed by each
Loan Party, the Required Lenders and the Agent.

 

3.       Ratification of Credit Agreement. Each Loan Party acknowledges and
consents to the terms set forth herein and agrees that this Amendment does not
impair, reduce or limit any of its obligations under the Loan Documents. This
Amendment is a Loan Document.

 

4.       Authority/Enforceability. Each Loan Party represents and warrants as
follows:

 

(a)     It has taken all necessary action to authorize the execution, delivery
and performance of this Amendment.

 

(b)     This Amendment has been duly executed and delivered by such Loan Party
and constitutes its legal, valid and binding obligations, enforceable in
accordance with its terms, except as such enforceability may be subject to (i)
applicable Debtor Relief Laws and (ii) general principles of equity (regardless
of whether such enforceability is considered in a proceeding at law or in
equity).

 

(c)     No consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by such Loan
Party of this Amendment.

 

(d)     The execution and delivery of this Amendment does not (i) violate,
contravene or conflict with any provision of its Organization Documents or (ii)
materially violate, contravene or conflict with any Laws applicable to it.

 

5.       Representations and Warranties. Each Loan Party represents and warrants
to the Lenders that after giving effect to this Amendment (a) the
representations and warranties set forth in Article V of the Credit Agreement
are true and correct as of the date hereof, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they are true and correct as of such earlier date, and (b) no event has
occurred and is continuing which constitutes a Default or an Event of Default.

 

6.       Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument. Delivery of
executed counterparts of this Amendment by telecopy or other secure electronic
format (.pdf) shall be effective as an original.

 

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7.      GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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

 

BORROWER:

LITTELFUSE, INC.,

 

a Delaware corporation

     

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

EVP and Chief Legal and HR Officer

   

DESIGNATED BORROWER:

LITTELFUSE NETHERLAND C.V.

 

By:  Littelfuse, Inc., its General Partner

   

 

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

EVP and Chief Legal and HR Officer

   

GUARANTOR:

Littelfuse Commercial Vehicle LLC,

 

a Delaware limited liability company

   

 

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

Vice President and Secretary

   

 

Symcom, Inc.,

 

a South Dakota corporation

   

 

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

Vice President & Secretary

   

 

ssac, LLC,

 

a South Dakota limited liability company

   

 

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

Vice President & Secretary

   

 

sc building, LLC,

 

a South Dakota limited liability company

   

 

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

Manager

   

 

lfus llc,

 

a Delaware limited liability company

   

 

By: /s/ Ryan K. Stafford

 

Ryan K. Stafford

 

Manager

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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BANK OF AMERICA, N.A.,
as Agent

By: /s/ Priscilla Baker

Priscilla Baker
Assistant Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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BANK OF AMERICA, N.A.,

as a Lender, Swing Line Lender and L/C Issuer

 

By: /s/ Milena Deltchev
Milena Deltchev
Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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JPMorgan Chase Bank, N.A.,

as a Lender
 
By: /s/ Christopher A. Salek
Christopher A. Salek
Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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BMO Harris Bank, N.A.,
as a Lender

 

By: /s/ Joshua Hovermale
Joshua Hovermale
Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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PNC Bank, National Association,
as a Lender

 

By: /s/ Kristin L. Lenda
Kristin L. Lenda
Managing Director

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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Wells Fargo Bank, National Association,
as a Lender

 

By: /s/ Peter J. Gates, JR
Peter J. Gates, JR
Senior Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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Branch Banking and Trust Company,
as a Lender

 

By: /s/ Kurt W. Anstaett
Kurt W. Anstaett
Senior Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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KeyBank National Association,
as a Lender

 

By: /s/ Marcel Fournier
Marcel Fournier
Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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The Northern Trust Company,
as a Lender

 

By: /s/ Brittany F. Mondane
Brittany F. Mondane
Second Vice President

 

 

FIRST AMENDMENT TO CREDIT AGREEMENT

LITTELFUSE, INC.

 

 

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