Document:

lmrk-ex101_261.htm

 

Exhibit 10.1

 

AMENDMENT NO. 1 AND WAIVER TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDMENT NO. 1 AND WAIVER TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of November 5, 2019 by and among LANDMARK INFRASTRUCTURE ASSET OPCO II LLC, a Delaware limited liability company (“Landmark Asset II OpCo”), LANDMARK INFRASTRUCTURE INC., a Delaware corporation (“Landmark REIT”), LANDMARK INFRASTRUCTURE OPERATING COMPANY LLC, a Delaware limited liability company (“Landmark Operating Company”, and together with Landmark Asset II OpCo and Landmark REIT, collectively, the “Borrowers”), and the Required Lenders signatory hereto is entered into with respect to that certain Third Amended and Restated Credit Agreement dated as of November 15, 2018 (the “Credit Agreement”), among the Borrowers, LANDMARK INFRASTRUCTURE PARTNERS LP, a Delaware limited partnership, the banks and other financial institutions from time to time party thereto as lenders (the “Lenders”) and SUNTRUST BANK, as administrative agent (in such capacity, the “Administrative Agent”).

	
A.
	
The Borrowers have requested that the Lenders party hereto, which constitute the Required Lenders, agree to amend certain provisions of the Credit Agreement.

	
B.
	
Capitalized terms used but not defined herein have the meanings given to such terms in the Credit Agreement.

In consideration of the premises and the agreements, provisions and covenants contained herein, the parties hereto hereby agree, on the terms and subject to the conditions set forth herein, as follows: 

Section 1.Amendments to Credit Agreement.

 Sub-clause (i) of Section 8.1(f) of the Credit Agreement is hereby amended by inserting “of any Borrower or any of their respective Restricted Subsidiaries” immediately after each of the second and third instances of the phrase “Material Indebtedness” therein as reflected below: 

“(i) any Borrower or any of their respective Restricted Subsidiaries (whether as primary obligor or as guarantor or other surety) shall fail to pay any principal of, or premium or interest on, any Material Indebtedness (other than any Hedging Obligation) that is outstanding, when and as the same shall become due and payable (whether at scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument evidencing or governing such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any Material Indebtedness of the Borrower or any of their respective Restricted Subsidiaries and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or permit the acceleration of, the maturity of such Indebtedness; or any Material Indebtedness of the Borrower or any of their respective Restricted Subsidiaries shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment 

 

 

or redemption), purchased or defeased, or any offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof (in each case, excluding (A) any prepayment or redemption requirements in connection with a Disposition permitted under this Agreement of assets that secure Material Indebtedness to the extent such Material Indebtedness is repaid in connection with such Disposition and (B) any offer to prepay or redeem Indebtedness of any Person or securing any assets acquired in an acquisition permitted pursuant to this Agreement) or (ii) there occurs under any Hedging Transaction an Early Termination Date (as defined in such Hedge Transaction) resulting from (A) any event of default under such Hedging Transaction as to which any Borrower or any of their respective Restricted Subsidiaries is the Defaulting Party (as defined in such Hedging Transaction) and the Hedge Termination Value owed by such Borrower or such Restricted Subsidiary as a result thereof is greater than the Threshold Amount or (B) any Termination Event (as so defined) under such Hedging Transaction as to which any Borrower or any Restricted Subsidiary is an Affected Party (as so defined) and the Hedge Termination Value owed by such Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount and is not paid; or”

Section 2.Waiver.

 The Required Lenders hereby agree that any Default or Event of Default under Section 8.1(f) of the Credit Agreement that occurred prior to the date of this Amendment that would not be a Default or Event of Default under Section 8.1(f) as revised by this Amendment is hereby waived.

Section 3.Amendment No. 1 Effective Date; Conditions Precedent.

 This Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) when the Administrative Agent shall have received signature pages for this Amendment from the Borrowers, the Guarantors and Lenders constituting the Required Lenders.

Section 4.Representations and Warranties

. The Borrowers represent and warrant to the Administrative Agent and each of the Lenders that the execution, delivery and performance by the Borrowers of this Amendment is within the Borrowers’ organizational powers and has been duly authorized by all necessary organizational action on the part of the Borrowers.  This Amendment has been duly executed and delivered by the Borrowers and constitutes, a valid and binding obligation of the Borrowers, enforceable against each such Borrower in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and by general principles of equity.  

Section 5.Credit Agreement.  Except as specifically provided hereby, the Credit Agreement shall continue in full force and effect in accordance with the provisions thereof as in existence on the date hereof.  After the Amendment No. 1 Effective Date, any reference to the Credit Agreement in any Loan Document shall mean the Credit Agreement as modified hereby.  This Amendment shall be a Loan Document for all purposes.

Section 6.Applicable Law.  This Amendment shall be construed in accordance with and governed by the law (without giving effect to the conflicts of law principles thereof except for Sections 5-1401 and 5-1402 of the New York General Obligations Law) of the State of New York.

Section 7.Counterparts.  This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall 

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constitute one contract.  Delivery of an executed signature page of this Amendment by facsimile or “pdf file” transmission shall be effective as delivery of a manually executed counterpart hereof.

Section 8.Expenses.  The Borrowers agree to reimburse the Administrative Agent for the reasonable out-of-pocket expenses incurred by it in connection with this Amendment, including the reasonable and documented fees, charges and disbursements of Sidley Austin LLP, counsel for the Administrative Agent.

Section 9.Affirmation of Guarantors.  Each of the undersigned Guarantors consents to execution, delivery and performance by the Borrowers of this Amendment and ratifies and confirms that the Guaranty and Security Agreement executed by it and each other Loan Document executed by it continues in full force and effect and is not released, diminished, impaired, reduced, or otherwise adversely affected, and all of its obligations thereunder are hereby ratified and confirmed.  Without limiting the foregoing, each Guarantor affirms that all Obligations under the Credit Agreement as modified by this Amendment herein contained are included in the “Guaranteed Obligations” as defined in the Guaranty and Security Agreement.

Section 10.Headings.  The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

 

 

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

 

	
LANDMARK INFRASTRUCTURE ASSET OPCO II LLC, as a Borrower

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ George Doyle

	
 
	
 
	
Name:
	
George Doyle

	
 
	
 
	
Title:
	
Chief Financial Officer

	
 
	
 
	
 
	
 

	
LANDMARK INFRASTRUCTURE INC., as a Borrower

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ George Doyle

	
 
	
 
	
Name:
	
George Doyle

	
 
	
 
	
Title:
	
Chief Financial Officer

	
 
	
 
	
 
	
 

	
LANDMARK INFRASTRUCTURE OPERATING COMPANY LLC, as a Borrower

	
 
	
 
	
 
	
 

	
 
	
By:
	
/s/ George Doyle

	
 
	
 
	
Name:
	
George Doyle

	
 
	
 
	
Title:
	
Chief Financial Officer

 

 

 

 

 

 

	
GUARANTORS:

	
 
	
 
	
 

	
LANDMARK INFRASTRUCTURE PARTNERS LP, as a Guarantor

	
 
	
 
	
 

	
By:
	
Landmark Infrastructure Partners GP LLC,

its general partner

	
 
	
 
	
 

	
 
	
By:
	
/s/ George Doyle

	
 
	
Name:
	
George Doyle

	
 
	
Title:
	
Chief Financial Officer

	
 
	
 
	
 

	
LANDMARK INFRASTRUCTURE ASSET OPCO

LLC

	
LANDMARK INFRASTRUCTURE OPCO-R LLC

	
LANDMARK INFRASTRUCTURE REIT LLC

	
LANDMARK INFRASTRUCTURE REITCO I LLC

	
LANDMARK INFRASTRUCTURE REITCO II LLC

	
LANDMARK INFRASTRUCTURE REITCO III LLC

	
LANDMARK PR ACQUISITION COMPANY LLC

	
LD ACQUISITION COMPANY LLC

	
LD ACQUISITION COMPANY 2 LLC

	
LD ACQUISITION COMPANY 5 LLC

	
LD ACQUISITION COMPANY 6 LLC

	
LD ACQUISITION COMPANY 7 LLC

	
LD ACQUISITION COMPANY 11 LLC

	
LD ACQUISITION COMPANY 12 LLC

	
LD FLEXGRID DALLAS LLC

	
LD SIXTH STREET LLC

	
LD TALL WALL I LLC

	
MCCRARY HOLDINGS I, LLC

	
MD7 CAPITAL THREE, LLC

	
MD7 FUNDING ONE, LLC

	
VERUS MANAGEMENT TWO, LLC, each as a Guarantor

	
 
	
 
	
 

	
By:
	
/s/ George Doyle

	
Name:
	
George Doyle

	
Title:
	
Chief Financial Officer

 

 

 

 

 

 

	
SUNTRUST BANK,

	
As Administrative Agent, as an Issuing Bank, as Swingline Lender and as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Samantha Sanford

	
 
	
Name:
	
Samantha Sanford

	
 
	
Title:
	
Vice President

	
 
	
 
	
 

	
CITIZENS BANK, N.A.,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Kerri Colwell

	
 
	
Name:
	
Kerri Colwell

	
 
	
Title:
	
Senior Vice President

	
 
	
 
	
 

	
REGIONS BANK,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Bruce Rudolph

	
 
	
Name:
	
Bruce Rudolph

	
 
	
Title:
	
Director

	
 
	
 
	
 

	
TEXAS CAPITAL BANK, N.A.,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Kurt A. Goeringer

	
 
	
Name:
	
Kurt A. Goeringer

	
 
	
Title:
	
Executive Vice President

	
 
	
 
	
 

	
RAYMOND JAMES BANK, N.A.,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Cory Castillo

	
 
	
Name:
	
Cory Castillo

	
 
	
Title:
	
Vice President

 

 

 

 

	
CITY NATIONAL BANK,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Brandon Feitelson

	
 
	
Name:
	
Brandon Feitelson

	
 
	
Title:
	
Senior Vice President

	
 
	
 
	
 

	
ING CAPITAL LLC,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Pim Rothweiler

	
 
	
Name:
	
Pim Rothweiler

	
 
	
Title:
	
Managing Director

	
 
	
 
	
 

	
By:
	
/s/ Jonathan Feld

	
 
	
Name:
	
Jonathan Feld

	
 
	
Title:
	
Vice President

	
 
	
 
	
 

	
ROYAL BANK OF CANADA,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Kevin Quan

	
 
	
Name:
	
Kevin Quan

	
 
	
Title:
	
Authorized Signatory

	
 
	
 
	
 

	
VERITEX COMMUNITY BANK,

as Successor-in-Interest to Green Bank, N.A.,

	
as a Lender

	
 
	
 
	
 

	
By:
	
/s/ Greg Christmann

	
 
	
Name:
	
Greg Christmann

	
 
	
Title:
	
Executive Vice PresidentExhibit 102

		

			Exhibit 10.2

		

		

			 

		

		
			
		

		
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			FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT
		

		
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			UNDER THE TUTOR PERINI
		

		
			CORPORATION OMNIBUS INCENTIVE PLAN
		

		
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			Award Date: _______________________________
		

		
			Name of Grantee: ___________________________
		

		
			Number of Restricted Stock Units: ______________
		

		
			Final Acceptance Date: _______________________
		

		
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			This Restricted Stock Unit Award Agreement (“Agreement”) entered into by and between Tutor Perini Corporation (the “Company”) and the Grantee evidences the grant of the number of Restricted Stock Units (“RSUs”) specified above (the “Award”) under the Tutor Perini Corporation Omnibus Incentive Plan (as the same may be amended, the “Plan”). The Award represents a promise to issue to the Grantee one share of Common Stock, par value $1.00 per share of the Company (the “Stock”) for each RSU, subject to the restrictions and conditions set forth herein and in the Plan.
		

		
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			1.    Incorporation of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.
		

		
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			2.    Acceptance of Award. The Grantee shall have no rights with respect to this Award unless he or she shall have accepted this Award prior to the close of business on the Final Acceptance Date specified above by signing and delivering to the Company a copy of this Award Agreement.
		

		
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			3.    Restrictions. Prior to the vesting of the RSUs as described in Paragraph 4, the Grantee shall have no rights in the RSUs except as specifically provided herein.
		

		
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			(a)    Voting Rights and Dividends. Until such time as the shares of Stock underlying the RSUs are issued to the Grantee, (i) the Grantee shall have no voting rights with respect to the RSUs; and (ii) any dividends or other distributions paid with respect to the Stock shall accrue and shall be converted to additional RSUs based on the closing price of the Stock on any dividend distribution date, provided that such additional RSUs shall be subject to the same restrictions on transferability as are the RSUs with respect to which they were paid over the vesting 
		

		 

		

			 

		

		

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		period, and shall vest and be paid to the Grantee only to the extent (and at the same time) that underlying RSUs vest, and are settled.
		

		
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			(b)    Restrictions on Transfer. The RSUs granted pursuant to this Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated and any such attempt to transfer any RSU will not be honored.
		

		
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			4.    Vesting of Restricted Stock Units.
		

		
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			(a)    Vesting. The RSUs shall vest in accordance with the following schedule[, subject to the achievement of the following performance criteria during the applicable performance period].1  Upon the vesting of any RSUs, the restrictions and conditions in Paragraph 3 of this Agreement with respect to such RSUs shall lapse and such RSUs shall become payable to the Grantee in shares of Stock on or as soon as administratively practicable following the applicable vesting date.
		

		
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						Vesting Date(s)

					
					
						[Target]

					
						Shares

					
					
						[Performance

					
						Period

					
					
						[Performance

					
						Criteria

				
	
					
						[]

					
					
						[]

					
					
						[]]

					
					
						A]

				

		
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			[A:    DESCRIPTION OF PERFORMANCE CRITERIA]
		

		
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			(b)    [Except as provided in Paragraph 4(c), the Grantee’s rights to RSUs granted hereunder that are not vested in accordance with the provisions of this Agreement shall automatically be forfeited, without the payment of any consideration therefor, upon the Grantee’s termination of employment, voluntarily or involuntarily, with the Company and its Subsidiaries for any reason (including death).]2
		

		
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			(c)    Change in Control. [Notwithstanding anything to the contrary in this Agreement, in the event of a termination of the Grantee’s employment by the Company without “Cause” (and not due to the Grantee’s death or disability) during the one-year period following a Change in Control, any unvested RSUs granted hereunder shall become immediately fully vested and shall be settled as soon as administratively practicable thereafter.]2
		

		
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			[As used herein, “Cause” means any of the following: (a) the Grantee’s material violation of Company policy that causes harm to the Company or its Subsidiaries; (b) the Grantee’s dishonesty, fraud, willful misconduct, breach of fiduciary duty, or conduct that constitutes conflict of interest; (c) the Grantee’s commission of a felony or the Grantee’s conviction (including any plea of guilty or nolo contendere) for any criminal act involving fraud, dishonesty, misappropriation or moral turpitude; (d) the Grantee’s material failure or refusal to perform his or her job duties in accordance with Company policies; or (e) other wrongful conduct by the Grantee of a similar nature and degree.]2
		

		
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			________________________
		

		
			1. The language in brackets to be included in agreements for performance-based RSUs.
		

		
			2. Post-termination and change in control treatment of award and applicable definitions replaced with terms of individual employment agreements or contracts, where applicable.
		

		

		

		 

		

			 

		

		

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		[As used herein, “Change in Control” means the consummation of a transaction or series of related transactions in which either: (a) one Person (or more than one Person acting as a group) acquires beneficial ownership of stock of the Company that, together with the stock held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; (b) a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or (c) one Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) assets from the Company having a total gross fair market value equal to or more than 50% of the total gross fair market value of all the assets of the Company immediately before such acquisition. As used herein, “Person” means an individual, partnership, corporation, unincorporated organization, joint stock company, limited liability company, trust, joint venture or other legal entity, or a governmental agency or political subdivision thereof.]2
		

		
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			5.    Receipt of Stock upon Vesting. Upon the vesting of the RSUs as provided in Paragraph 4, the Grantee shall receive one share of Stock for each RSU vested on or as soon as administratively practicable after the applicable date on which such RSU vests. Shares of Stock acquired pursuant to this Agreement shall be issued and delivered to the Grantee either in actual stock certificates or by electronic book entry.
		

		
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			6.    Tax Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for applicable income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Grantee may elect to have the required minimum tax withholding obligation satisfied (or such greater amount as may be permitted under applicable accounting standards), in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued, or (ii) transferring to the Company, a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due.
		

		
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			7.    Miscellaneous.
		

		
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			(a)    Notice hereunder shall be given to the Company at its principal place of business. By accepting this Award, the Grantee expressly acknowledges and agrees that the Company may deliver information (including, without limitation, information required to be delivered to the Grantee pursuant to applicable securities laws) to the Grantee regarding the Company and the Subsidiaries, the Plan, the RSUs and shares of Stock via Company web site or other electronic delivery.
		

		
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			(b)    This Agreement does not confer upon the Grantee any rights with respect to continuation of employment by the Company or any Subsidiary.
		

		
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			(c)    In the event of any conflict between this Agreement and the Plan, the Plan shall control.
		

		
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			(d)    This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts, applied without regard to conflict of law principles.
		

		
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						TUTOR PERINI CORPORATION

				
	
					
						 

				
	
					
						 

				
	
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name: 

				
	
					
						 

					
					
						Title: 

				

		
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			I acknowledge I received a copy of the Plan. I represent that I have read and am familiar with this Agreement and the Plan's terms. By signing below, I accept the Award subject to all of the terms and provisions of this Agreement and of the Plan, as the Plan may be amended in accordance with its terms. I hereby accept as binding, conclusive, and final all decisions or interpretations of the Administrator concerning any questions arising under the Plan with respect to the Award.
		

		
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						Dated:

					
					
						 

					
					
						 

				
	
					
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						Grantee’s Signature

				
	
					
						 

				
	
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						[]

				

		
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