Document:

EX-10.1

 

Exhibit 10.1

          This FIRST AMENDMENT TO THE INVESTMENT AGREEMENT, dated as of May 2, 2008 (this
“Amendment”), by and between NATIONAL CITY CORPORATION, a Delaware corporation (the
“Company”) and CORSAIR NC CO-INVEST, L.P., a Delaware limited partnership
(“Purchaser”, and together with the Company, the “Amending Parties”).

WITNESSETH:

          WHEREAS, the Amending Parties entered into that certain Investment Agreement, dated as of
April 20, 2008 (the “Original Agreement”);

          WHEREAS, Section 6.3 of the Original Agreement permits the Original Agreement to be amended by
a written instrument signed by an officer or a duly authorized representative of each of the
Amending Parties; and

          WHEREAS, the Amending Parties now desire to amend the Original Agreement as set forth herein.

          NOW, THEREFORE, in consideration of the foregoing and the representations, warranties and
agreements herein contained, the Amending Parties agree as follows:

     1.   Section 3.1(b) of the Original Agreement shall be stricken in its entirety and replaced
with the following:

(b) Unless this Agreement has been terminated pursuant to Section 5.1, the Company shall
call a special meeting of its stockholders, as promptly as practicable following the later
of (1) the Closing and (2) the 2008 annual meeting of its stockholders, but in any event on
or before July 15, 2008, to vote on proposals (collectively, the “Stockholder
Proposals”) to (A) approve the conversion of the Convertible Preferred Stock into, and
exercise of the Warrant for, Common Stock for purposes of Section 312.03 of the NYSE Listed
Company Manual and (B) amend the Certificate of Incorporation to increase the number of
authorized shares of Common Stock to at least such number as shall be sufficient to permit
the full conversion of all shares of the Convertible Preferred Stock into, and exercise of
the Warrant (and exercise of any warrants issued to other purchasers in the offering
contemplated by Section 1.2(c)(1)(B)) for Common Stock. The Board of Directors shall
unanimously recommend to the Company’s stockholders that such stockholders vote in favor of
the Stockholder Proposals. In connection with such meeting, the Company shall promptly
prepare (and Purchaser will reasonably cooperate with the Company to prepare) and file (but
in no event later than May 5, 2008, unless otherwise agreed by the parties) with the SEC a
preliminary proxy statement, shall use its reasonable best efforts to respond to any
comments of the SEC or its staff and to cause a definitive proxy statement related to such
stockholders’ meeting to be mailed to the Company’s stockholders not more than five business
days after clearance thereof by the SEC, and shall use its reasonable best efforts to
solicit proxies for such stockholder approval. The Company shall notify Purchaser promptly
of the receipt of any comments from the SEC or its staff with respect to the proxy statement
and of any request by the SEC or its staff for amendments or supplements to such proxy
statement or for additional information and will supply Purchaser with copies of all
correspondence between the Company

 

 

or any of its representatives, on the one hand, and the SEC or its staff, on the other hand,
with respect to such proxy statement. If at any time prior to such stockholders’ meeting
there shall occur any event that is required to be set forth in an amendment or supplement
to the proxy statement, the Company shall as promptly as practicable prepare and mail to its
stockholders such an amendment or supplement. Each of Purchaser and the Company agrees
promptly to correct any information provided by it or on its behalf for use in the proxy
statement if and to the extent that such information shall have become false or misleading
in any material respect, and the Company shall as promptly as practicable prepare and mail
to its stockholders an amendment or supplement to correct such information to the extent
required by applicable laws and regulations. The Company shall consult with Purchaser prior
to filing any proxy statement, or any amendment or supplement thereto, and provide Purchaser
with a reasonable opportunity to comment thereon. In the event that the approval of any of
the Stockholder Proposals is not obtained at such special stockholders meeting, the Company
shall include a proposal to approve (and the Board of Directors shall unanimously recommend
approval of) each such proposal at a meeting of its stockholders no less than once in each
subsequent six-month period beginning on July 31, 2008 until all such approvals are obtained
or made.

     2.  Section 4.2(b)(3) of the Original Agreement shall be stricken in its entirety and replaced
with the following:

     (3) In the event that, as a result of (A) any share repurchases, recapitalizations,
redemptions or similar actions by the Company not caused by Purchaser or (B) any change in
the amount of Securities held by Purchaser resulting from adjustment or exchange provisions
or other terms of the Securities, Purchaser reasonably determines, based on the advice of
legal counsel and following consultation with the Company and, if the Company reasonably so
requests, the Board of Governors of the Federal Reserve System (the “Federal
Reserve”), that unless it disposes of all or a portion of its Securities, it or any of
its Affiliates could reasonably be deemed to “control” the Company for purposes of the BHC
Act or any rules or regulations promulgated thereunder (or any successor provision), then
Purchaser shall be permitted to Transfer the portion of the Securities reasonably necessary
to avoid such control determination; provided that any such Transfer may only be made in the
manner described in the second proviso to Section 4.2(a).

     3.   Section
6.2 of the Original Agreement shall be stricken in its entirety and replaced with
the following:

      6.2 Expenses. Each of the parties will bear and pay all other costs and
expenses incurred by it or on its behalf in connection with the transactions contemplated
pursuant to this Agreement; except that the Company shall bear and upon Corsair Capital,
LLC’s (“Corsair”) request, reimburse Corsair for all of its reasonable out-of-pocket
expenses incurred in connection with due diligence, the negotiation and preparation of this
Agreement and undertaking of the transactions contemplated pursuant to this Agreement
(including fees and expenses of attorneys and accounting and financial advisers and HSR Act
filing fees incurred by or on behalf of Corsair or its Affiliates in connection with the
transactions contemplated pursuant to this Agreement), up to a maximum amount of $3,600,000.

 

 

     4. Each party hereto represents and warrants that this Amendment has been duly authorized,
executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable
against it in accordance to its terms.

     5. This Amendment shall be governed by and construed in accordance with the laws of the State
of New York.

     6. This Amendment may be executed in one or more counterparts, each of which shall be deemed
an original, and all of which shall constitute one and the same Amendment.

     7. Except to the extent expressly amended by this Amendment, all terms of the Original
Agreement shall remain in full force and effect without amendment, change or modification.

     8. All references in the Original Agreement to “this Agreement”, “the Agreement, “hereunder”,
“hereof”, “herein” or words of like import, and each reference to the Original Agreement in any
other agreements, documents or instruments executed and delivered pursuant to or in connection with
the Original Agreement shall be deemed to mean and be a reference to the Original Agreement as
amended by this Amendment.

     9. Capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Original Agreement.

 

 

     IN WITNESS WHEREOF, the Amending Parties have caused this Amendment to be signed as of the day
and year first above written.

	 	 	 	 	 	 	 
	 	 	NATIONAL CITY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas A. Richlovsky
 

Name: Thomas A. Richlovsky
	 	 
	 

	 	 	 	Title:   Senior Vice President and	 	 
	 

	 	 	 	            Treasurer	 	 

	 	 	 	 	 	 	 
	 	 	CORSAIR NC CO-INVEST, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Corsair NC Co-Invest GP, LLC, its	 	 
	 	 	general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ D.T. Ignacio Jayanti
 

Name: D.T. Ignacio Jayanti
	 	 
	 

	 	 	 	Title:   Managing Member of Corsair	 	 
	 

	 	 	 	            NC Co-Invest GP, LLC, its	 	 
	 

	 	 	 	            general partnerEX-10.8

 

Exhibit 10.8

SECOND AMENDMENT TO CREDIT AGREEMENT

     THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”), dated as of May
5, 2008, among POWERSECURE INTERNATIONAL, INC., a Delaware corporation (the “Borrower”),
the lenders party to the Credit Agreement defined below (the “Lenders”), and CITIBANK,
N.A., as Administrative Agent.

BACKGROUND

     A. The Borrower, the Lenders and the Administrative Agent are parties to that certain Credit
Agreement, dated as of August 23, 2007, as amended by that certain First Amendment to Credit
Agreement, dated as of January 17, 2008 (said Credit Agreement, as amended, the “Credit
Agreement”; the terms defined in the Credit Agreement and not otherwise defined herein shall be
used herein as defined in the Credit Agreement).

     B. The Borrower, the Lenders and the Administrative Agent desire to make an amendment to the
Credit Agreement.

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:

     1. AMENDMENT. Section 7.13 of the Credit Agreement is hereby amended to read
as follows:

          Section 7.13 [Intentionally Omitted].

     2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the date hereof and after giving
effect to the amendment set forth in the foregoing Section 1:

     (a) the representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the date hereof as made on and as of such date, 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;

     (b) no event has occurred and is continuing which constitutes a Default or an Event of
Default;

     (c) the Borrower has full power and authority to execute and deliver this Second Amendment,
and this Second Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid
and binding obligations of the Borrower, enforceable against the Borrower in accordance with their
respective terms, except as enforceability may be limited by applicable Debtor Relief Laws and by
general principles of equity (regardless of whether enforcement is sought in a proceeding in equity
or at law) and subject to an implied covenant of good faith and fair dealing and except as rights
to indemnity may be limited by federal or state securities laws; and

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     (d) no authorization, approval, consent, or other action by, notice to, or filing with, any
governmental authority or other Person (not already obtained), is required for the execution,
delivery or performance by (i) the Borrower of this Second Amendment or (ii) the acknowledgment of
this Second Amendment by any Guarantor, other than those already obtained or made.

     3. CONDITIONS OF EFFECTIVENESS. This Second Amendment shall be effective as of May 5,
2008 subject to the following:

     (a) the representations and warranties set forth in Section 2 of this Second Amendment shall
be true and correct;

     (b) the Administrative Agent shall have received counterparts of this Second Amendment
executed by the Lenders; and

     (c) the Administrative Agent shall have received counterparts of this Second Amendment
executed by the Borrower and acknowledged by each Guarantor.

     4. GUARANTOR’S ACKNOWLEDGMENT. By signing below, each Guarantor (i) acknowledges,
consents and agrees to the execution, delivery and performance by the Borrower of this Second
Amendment, (ii) acknowledges and agrees that its obligations in respect of its Guaranty are not
released, diminished, waived, modified, impaired or affected in any manner by this Second
Amendment, or any of the provisions contemplated herein, (iii) ratifies and confirms its
obligations under its Guaranty and (iv) acknowledges and agrees that it has no claim or offsets
against, or defenses or counterclaims to, its Guaranty.

     5. REFERENCE TO THE CREDIT AGREEMENT.

     (a) Upon and during the effectiveness of this Second Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference
to the Credit Agreement, as affected by this Second Amendment.

     (b) Except as expressly set forth herein, this Second Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights or remedies of the
Borrower or the Administrative Agent or the Lender under the Credit Agreement or any of the other
Loan Documents, and shall not alter, modify, amend, or in any way affect the terms, conditions,
obligations, covenants, or agreements contained in the Credit Agreement or the other Loan
Documents, all of which are hereby ratified and affirmed in all respects and shall continue in full
force and effect.

     6. COSTS AND EXPENSES. The Borrower shall be obligated to pay or reimburse the
Administrative Agent for all reasonable costs and expenses incurred by the Administrative Agent in
connection with the preparation, reproduction, execution and delivery of this Second Amendment and
the other instruments and documents to be delivered hereunder.

     7. EXECUTION IN COUNTERPARTS. This Second Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which when

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taken together shall constitute but one and the same instrument. For purposes of this Second
Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person
party hereto to the Administrative Agent (or its counsel) by facsimile machine, telecopier or
electronic mail is to be treated as an original. The signature of such Person thereon, for
purposes hereof, is to be considered as an original signature, and the counterpart (or signature
page thereto) so transmitted is to be considered to have the same binding effect as an original
signature on an original document.

     8. GOVERNING LAW; BINDING EFFECT. This Second Amendment shall be governed by and
construed in accordance with the laws of the State of New York applicable to agreements made and to
be performed entirely within such state (provided that each party shall retain all rights arising
under federal law), and shall be binding upon the parties hereto and their respective successors
and assigns.

     9. HEADINGS. Section headings in this Second Amendment are included herein for
convenience of reference only and shall not constitute a part of this Second Amendment for any
other purpose.

     10. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS SECOND AMENDMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT MATTER
THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BETWEEN THE PARTIES.

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK

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     IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the date
first above written.

	 	 	 	 	 
	 	POWERSECURE INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Christopher T. Hutter	 
	 	 	Christopher T. Hutter 	 
	 	 	Chief Financial Officer 	 

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	 	CITIBANK, N.A., as Administrative Agent and Lender

 	 
	 	By:  	/s/ Gary D. Pitcock	 
	 	 	Gary D. Pitcock 	 
	 	 	Vice President 	 

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ACKNOWLEDGED AND AGREED:

POWERSECURE, INC.

POWERSERVICES, INC.

ENERGYLITE, INC.

UTILITYENGINEERING, INC.

UTILITYDESIGN, INC.

MARCUM GAS TRANSMISSION, INC.

REID’S TRAILER, INC.

EFFICIENTLIGHTS, LLC

SOUTHERN FLOW COMPANIES, INC.

	 	 	 	 
	 	 
	By:  	/s/ Christopher T. Hutter	 
	 	Christopher T. Hutter 	 
	 	Chief Financial Officer for all 	 
	 

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