EX-10.4



 Exhibit 10.4 

February 25, 2014 
 Nedbank Limited 

1st Floor Old Mutual Place 
 2 Lambeth Hill 

London, UK EC4V 4GG 
  

	Re:	Waiver and Amendment to the Amended and Restated Letter of Credit and Cash Draw Agreement dated as of June 24, 2011 (this “Waiver”) 


Ladies and Gentlemen: 
 Reference is made to the
Amended and Restated Letter of Credit and Cash Draw Agreement dated as of June 24, 2011 among UTi Worldwide Inc., an international business company incorporated under the laws of the British Virgin Islands with IBC No. 141257 (the
“Company”), each of the Subsidiary Guarantors party thereto, and Nedbank Limited, acting through its London Branch in its capacity as the Lender and Issuing Bank (the “Lender”), as amended pursuant to that certain
First Amendment Agreement dated as of June 5, 2013, that certain Second Amendment Agreement dated as of September 5, 2013, that certain Third Amendment Agreement dated as of December 5, 2013 and that certain Fourth Amendment Agreement
dated as of December 23, 2013 (the “Existing Credit Agreement”). The Existing Credit Agreement, as amended hereby, is referred to herein as the Credit Agreement. 

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company requests the waiver and
amendment of certain provisions of the Credit Agreement as hereinafter provided. 
 Upon your acceptance hereof in the manner hereinafter
provided and upon satisfaction of all conditions to the effectiveness hereof, this Waiver shall constitute a contract between us waiving compliance by the Company with certain provisions of the Credit Agreement, but only in the respects hereinafter
set forth and only after the conditions set forth in Section 4 have been satisfied. 
 SECTION 1. WAIVER. 

For the period beginning on January 31, 2014 and ending on April 15, 2014 (the “Waiver Period”), the Lender hereby
waives any failure of the Company to be in compliance with (a) the covenants set forth in Section 10.3 and 10.12 of the Credit Agreement and any other provision of the Credit Agreement as a result of the Company’s failure to be in
compliance with Section 10.3 and 10.12 of the Credit Agreement, and (b) any provision or covenant of the Credit Agreement which would be impacted by or otherwise breached by the Capital Markets Transactions (as defined below). In addition,
the Lender hereby waives the limitation on cash collateralizing letters of credit issued under the Global Credit Facilities contained in Section 9.7 of the Credit Agreement and 







 
the limitation to the incurrence of Liens contained in the last paragraph of Section 10.5 of the Credit Agreement to the extent that the Company posts cash collateral, upon the consummation
of the Capital Markets Transactions, on the terms contained in, and in the amounts required by, the Waiver to RBS Facility (as defined below). 

Effective as of April 16, 2014, such waiver shall be null and void retroactive to January 31, 2014. 

Notwithstanding the foregoing, during the Waiver Period, the Company will not, and will not permit any Subsidiary to, take any actions which
would be prohibited under the Credit Agreement during a Default or Event of Default; provided that the foregoing will not apply to or prohibit (provided that there would not otherwise exist any other Default or Event of Default under
the Credit Agreement): 
 (i) any action related to the issuance by the Company of a combination of preferred stock and
convertible notes in registered offerings or private placements (collectively, the “Capital Markets Transactions”); 

(ii) Liens incurred during the Waiver Period pursuant to Section 10.5(n) securing an aggregate principal amount of
Indebtedness not to exceed $20,000,000; 
 (iii) Indebtedness incurred during the Waiver Period pursuant to
Section 10.6(m) in an aggregate principal amount not to exceed $25,000,000; and 
 (iv) asset sales in an amount not to
exceed $15,000,000 during the Waiver Period pursuant to Section 10.8(c). 
 SECTION 2. COVENANT. 

Until the Payoff Conditions (as defined in the Waiver to RBS Facility (as defined below)) are met, the Company shall deliver to the Lender no
later than four Business Days after the end of applicable reporting period, a report describing in sufficient detail, the aging of receivables and the cash balances of the Company and its subsidiaries for the 2-week period ended Friday,
March 14, 2014 and each second Friday thereafter. 
 SECTION 3. AMENDMENTS. 

Section 10 of the Existing Credit Agreement is hereby amended by inserting the following additional covenant: 

Section 10.17. Payments of Certain Indebtedness. The Company will not, nor will it permit any Subsidiary or any Affiliate
to, prepay or incur net reductions in any Global Credit Facility during the Waiver Period. 
 Schedule B of the Existing Credit
Agreement is hereby amended by inserting the following additional definitions: 
 “Waiver Period” is defined
in that certain Waiver and Amendment dated February 25, 2014 to this Amended and Restated Letter of Credit and Cash Draw Agreement dated as of June 24, 2011 of UTi Worldwide Inc. 

  
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 SECTION 4. CONDITIONS PRECEDENT. 

This Waiver shall not become effective until, and shall become effective on, the business day when each of the following conditions shall have
been satisfied: 
 (a) The Lender shall have received this Waiver, duly executed by each Obligor. 

(b) The Lender shall have consented to this Waiver as evidenced by its execution hereof. 

(c) The representations and warranties of the Obligors set forth in Section 5 hereof shall be true and correct in all
material respects as of the date of the execution and delivery of this Waiver. 
 (d) The Obligors shall have paid the fees
and disbursements of the Lender’s special counsel, Milbank, Tweed, Hadley & McCloy, LLP, incurred in connection with the negotiation, preparation, execution and delivery of this Waiver and the transactions contemplated hereby which
fees and disbursements are reflected in the statement of such special counsel delivered to the Company at the time of the execution and delivery of this Waiver. 

(e) All corporate and other proceedings in connection with the transactions contemplated by this Waiver and all documents and
instruments incident to such transactions shall be satisfactory to you and your special counsel, and you and your special counsel shall have received all such counterpart originals or certified or other copies of such documents as you or they may
reasonably request. 
 (f) The Lender shall have received a fully executed copy of the letter agreement dated on or about the
date hereof among the Company, each of the Subsidiary Guarantors party thereto and the holders named therein which waives certain provisions of the Note Purchase Agreement, dated as of January 25, 2013, in a form which is satisfactory in form
and substance to the Lender (the “Waiver to Prudential Note Purchase Agreement”). 
 (g) The Lender shall
have received a fully executed copy of the letter dated on or about the date hereof from Commerzbank Aktiengesellschaft to the Company which waives certain provisions of the Agreement relating to Credit Facility dated January 25, 2013, in a
form which is satisfactory in form and substance to the Lender (the “Waiver to Commerzbank Facility”). 

(h) The Lender shall have received a fully executed copy of the letter agreement dated on or about the date hereof between The
Royal Bank of Scotland plc and the Company which waives certain provisions of the Amended and Restated Letter of Credit Agreement dated June 24, 2011, in a form which is satisfactory in form and substance to the Lender (the “Waiver to
RBS Facility”). 
 (i) The Lender shall have received a fully executed copy of the letter agreement dated on or
about the date hereof between Bank of the West and the Company which waives certain provisions of the Credit Agreement dated as of June 24, 2011, in a form which is satisfactory in form and substance to the Lender (the “Waiver to Bank
of the West Facility”). 

  
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 SECTION 5. REPRESENTATIONS AND WARRANTIES. 

Each Obligor, jointly and severally, hereby represents and warrants that as of the date hereof and as of the date of execution and delivery of
this Waiver: 
 (a) Each Obligor is duly organized and validly existing under the laws of its jurisdiction of organization.

 (b) This Waiver and the transactions contemplated hereby are within the corporate powers of each Obligor, have been duly
authorized by all necessary corporate action on the part of each Obligor and this Waiver has been duly executed and delivered by each Obligor and constitutes legal, valid and binding obligations of each Obligor enforceable in accordance with its
terms. 
 (c) Each Obligor represents and warrants that there are no Defaults or Events of Default under the Credit
Agreement, immediately after giving effect to this Waiver. 
 (d) The execution, delivery and performance of this Waiver by
each Obligor does not and will not result in a violation of or default under (A) the articles of association or bylaws of any Obligor, (B) any material agreement to which any Obligor is a party or by which it is bound or to which any
Obligor or any of their properties is subject, (C) any material order, writ, injunction or decree binding on any Obligor, or (D) any statute, regulation, rule or other law applicable to any Obligor in any material respect. 

(e) No authorization, consent, approval, exemption or action by or notice to or filing with any court or administrative or
governmental body (other than periodic filings with regulatory authorities, none of which are required to be filed as of the effective date of this Waiver and all of which the Company agrees to timely file) is required in connection with the
execution and delivery of this Waiver or the consummation of the transactions contemplated thereby. 
 (f) No Obligor has
paid or agreed to pay any fees or other consideration, or given any additional security or collateral, or shortened the maturity or average life of any indebtedness or permanently reduced any borrowing capacity, in each case, in connection with the
obtaining of any consents or approvals in connection with the transactions contemplated hereby (other than, for the avoidance of doubt, the Capital Markets Transactions) including without limitation thereof in connection with the Waiver to the
Prudential Note Purchase Agreement, the Waiver to Commerzbank Facility, the Waiver to RBS Facility and the Waiver to Bank of the West Facility, other than as set forth in such waivers and the payment of legal fees of counsel to the lenders and
agents under such waivers. 
 (g) Each Subsidiary of the Company which is a guarantor under the Credit Agreement as of the
date hereof is a Subsidiary Guarantor hereunder. 

  
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 SECTION 6. MISCELLANEOUS. 

Section 6.1. Except as amended herein, all terms and provisions of the Credit Agreement, the Notes, the Subsidiary Guarantee
Agreement and related agreements and instruments are hereby ratified, confirmed and approved in all respects. 
 Section 6.2.
Any and all notices, requests, certificates and other instruments, including the Notes, may refer to the “Credit Agreement” without making specific reference to this Waiver, but nevertheless all such references shall be deemed to
include this Waiver unless the context shall otherwise require. 
 Section 6.3. This Waiver and all covenants herein contained
shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereunder. 
 Section 6.4.
This Waiver shall be governed by and construed in accordance with New York law excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 

Section 6.5. The capitalized terms used in this Waiver shall have the respective meanings specified in the Credit Agreement unless
otherwise herein defined, or the context hereof shall otherwise require. 
 Section 6.6. The execution hereof by the Lender
shall constitute a contract among the Obligors and the Lender for the uses and purposes hereinabove set forth. This Waiver may be executed in any number of counterparts, each executed counterpart constituting an original but all together only one
agreement. 
 [Remainder of page intentionally left blank.] 

  
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 Very truly yours, 

 

			
	UTi WORLDWIDE INC.
		
	By	 	/s/ Lance E. D’Amico
		 	  

		 	 Duly Authorized Signatory
 (acting pursuant
to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)

	
	 UTI (AUST) PTY LIMITED

	 UTI BELGIUM N.V.

	 UTI LOGISTICS N.V.

	 UTI NETWORKS LIMITED

	 UTI, CANADA, INC.

	 UTI CANADA CONTRACT LOGISTICS INC.

	 UTI DEUTSCHLAND GMBH

	 UTI (HK) LIMITED

	 UTI GLOBAL SERVICES B.V.

	 UTI NEDERLAND B.V.

	 UTI TECHNOLOGY SERVICES PTE. LTD.

	 UTI WORLDWIDE (SINGAPORE) PTE LTD

	 SERVICIOS LOGISTICOS INTEGRADOS SLI SA

	 UTI IBERIA S.A.

	 UTI WORLDWIDE (UK) LIMITED

	 UTI INVENTORY MANAGEMENT SOLUTIONS INC.

	 CONCENTREK, INC.

	 INTRANSIT, INC.

	 MARKET TRANSPORT, LTD.

	 SAMMONS TRANSPORTATION, INC.

	 UTI, UNITED STATES, INC.

	 UTI INTEGRATED LOGISTICS, LLC

	 KABUSHIKI KAISHA UTI

		
	By	 	/s/ Lance E. D’Amico
		 	  

		 	Authorized Signatory



  
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	GODDARD COMPANY LIMITED
	 PYRAMID FREIGHT (PROPRIETARY) LIMITED

	 UTI INTERNATIONAL INC.

		
	By	 	/s/ Lance E. D’Amico
		 	  

		 	 Duly Authorized Signatory
 (acting pursuant
to, and in accordance with, an empowering resolution of the Board of Directors of UTi Worldwide Inc.)




  
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 This foregoing Waiver is hereby accepted and agreed to as of the date aforesaid. 

 

			
	NEDBANK LIMITED, acting through its London
Branch, as Lender and Issuing Bank
		
	By	 	/s/ Harold James Rolstone
		 	  

		 	Authorized Signatory
		 	Name: Harold James Rolstone
		 	Title: Head Corporate
		 	          Banking, London
		
	By	 	/s/ David Sidgwick
		 	  

		 	Authorized Signatory
		 	Name: David Sidgwick
		 	Title: Chief Operating Officer
		 	          Nedbank Limited,
		 	          London Branch



  
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