Document:

MTW-2014.12.31-10K-Ex.4.4(d)

Exhibit 4.4(d)
AMENDMENT NO. 2 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
This Amendment No. 2 to Third Amended and Restated Credit Agreement (this “Amendment”) is entered into as of February 20, 2015 by and among The Manitowoc Company, Inc. (the “Borrower”), the Subsidiary Borrowers (as defined in the Credit Agreement (as defined below)) signatory hereto, JPMorgan Chase Bank, N.A., individually and as administrative agent (the “Administrative Agent”), and the other financial institutions signatory hereto.  
RECITALS
A.    The Borrower, the Subsidiary Borrowers, the Administrative Agent and the Lenders (as defined in the Credit Agreement) are party to that certain Third Amended and Restated Credit Agreement dated as of January 3, 2014 (as amended or restated from time to time, the “Credit Agreement”).  Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement.
B.    The Borrower, the Subsidiary Borrowers, the Administrative Agent and the undersigned Lenders wish to amend the Credit Agreement on the terms and conditions set forth below.
Now, therefore, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows:
1.    Amendment to Credit Agreement.  Upon the Effective Date (as defined below), the defined term “Consolidated EBIT” in Section 1.01 of the Credit Agreement is hereby deleted and replaced with the following:
“Consolidated EBIT” means, for any period, Consolidated Net Income from continuing operations for such period before deducting therefrom Consolidated Interest Expense for such period (to the extent deducted in arriving at Consolidated Net Income for such period) and provision for taxes based on income (including foreign withholding taxes imposed on interest or dividend payments and state single business, unitary or similar taxes imposed on net income) that were included in arriving at Consolidated Net Income for such period and without giving effect, without duplication, to (a) any extraordinary gains, extraordinary losses or other extraordinary non-cash charges or benefits, (b) any charges arising out of prepayments of the Senior Notes, (c) any gains or losses from sales of assets other than from sales of inventory in the ordinary course of business, (d) fees, expenses and charges incurred or recorded in connection with the Transactions, (e) non-recurring cash and non-cash charges permitted by this Agreement in connection with any restructuring, recapitalization, Investment, Permitted Acquisition or incurrence of Indebtedness (other than in connection with the Transactions), incurred or recorded after February 10, 2014 in an aggregate amount not to exceed $50,000,000 during any period of twelve consecutive months, (f) the implied interest component of any Permitted Securitization or Factoring Agreement, (g) any non-cash charges attributable to the expensing of the grant of stock, 

stock options or other equity-based awards, (h) any non-cash charges attributable to asset impairments, write-offs and write-downs associated with any restructuring or the sale or discontinuance of assets, products, or business lines (other than those representing the accrual or reserve for a future cash expense), and (i) any non-cash charges attributable to long-term incentive plan changes and employee benefit and pension plan changes. 
2.    Representations and Warranties of the Borrower.  The Borrower represents and warrants that as of the date hereof and as of the Effective Date (defined below): 
(a)    The execution, delivery and performance by the Borrower of this Amendment have been duly authorized by all necessary corporate action and, if required, stockholder or similar action and that this Amendment is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(b)    Each of the representations and warranties contained in the Credit Agreement (treating this Amendment as a Credit Document for purposes thereof) is true and correct in all material respects (except that any representation or warranty which is already qualified as to materiality or by reference to Material Adverse Effect shall be true and correct in all respects) on and as of the Effective Date (other than representations and warranties that relate solely to an earlier date); and
(c)    No Default has occurred and is continuing. 
3.    Effective Date.  This Amendment shall become effective on the date and at the time (the “Effective Date”) upon which all of the following conditions have been satisfied:
(a)    the execution and delivery hereof by the Borrower, the Subsidiary Borrowers, the Administrative Agent and the Required Lenders (without respect to whether it has been executed and delivered by all the Lenders); and
(b)    the execution and delivery by the Borrower, the Subsidiary Borrowers and the Subsidiary Guarantors of an Affirmation of Guaranty and Security Documents in substantially the form of Exhibit A hereto.
4.    Reference to and Effect Upon the Credit Agreement; Other.
(a)    Except as specifically amended above, the Credit Agreement and the other Credit Documents shall remain in full force and effect and are hereby ratified and confirmed.  This Amendment shall constitute a Credit Document.
(b)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any Credit Document, nor constitute a waiver of any provision of 

the Credit Agreement or any Credit Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby.
5.    Costs and Expenses.  The Borrower hereby affirms its obligation under Section 9.03 of the Credit Agreement to reimburse the Administrative Agent for all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment, including but not limited to the reasonable and documented fees, charges and disbursements of attorneys for the Administrative Agent with respect thereto.
6.    Governing Law.  This Amendment shall be governed and construed in accordance with and governed by the law (without regard to conflict of law provisions) of the State of New York.   
7.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purposes.
8.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by facsimile transmission or electronic mail shall be effective as delivery of manually executed counterpart hereof.
[signature pages follow]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written.
THE MANITOWOC COMPANY, INC.
By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    Senior Vice President, General Counsel & Secretary

MANITOWOC EMEA HOLDING SARL
By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    Manager

MANITOWOC HOLDING ASIA SAS
By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    General Manager

 

JPMORGAN CHASE BANK, N.A., as Administrative Agent and a Lender 
By:       /s/ Richard D. Barritt       
Name:    Richard D. Barritt
Title:    Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender 
By:       /s/ _Mark Holm______________    
Name:  Mark Holm    
Title:    Managing Director

BANK OF AMERICA, N.A., as a Lender 
By:       /s/ _Christopher Wozniak______________    
Name:  Christopher Wozniak    
Title:    Vice President

SunTrust Bank, as a Lender 
By:       /s/ _Elizabeth Tallmadge______________    
Name: Elizabeth Tallmadge    
Title:    Managing Director

BMO Harris Bank N.A., as a Lender 
By:       /s/ _Ronald J. Carey______________    
Name: Ronald J. Carey    
Title:    Senior Vice President

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND" NEW YORK BRANCH, as a Lender 
By:       /s/ _James Purky______________    
Name: James Purky    
Title:    Vice President

By:       /s/ _William Binder______________    
Name: William Binder    
Title:    Executive Director

The Bank of Tokyo-Mitsubishi UFJ, LTD., as a Lender 
By:       /s/ _Mark Maloney______________    
Name: Mark Maloney    
Title:    Authorized Signatory

Deutche Bank AG London Branch, as a Lender 
By:       /s/ _Mark Dixson______________    
Name: Mark Dixson    
Title:    Managing Director

By:       /s/ _Ray Dukes_____________    
Name: Ray Dukes    
Title:    Vice President

Fifth Third Bank, as a Lender 
By:       /s/ _Gary Losey______________    
Name: Gary Losey    
Title:    VP-Corporate Banking

HSBC Bank USA, N.A., as a Lender 
By:       /s/ _Joseph A. Philbin___________    
Name: Joseph A. Philbin    
Title:    Senior Vice President

SIEMENS FINANCIAL SERVICES, INC., as a Lender 
By:       /s/ _Maria Levy___________    
Name: Maria Levy    
Title:    Vice President

By:       /s/ _Edward Parkes IV___________    
Name: Edward Parkes IV    
Title:    Vice President

BRANCH BANKING AND TRUST COMPANY., as a Lender 
By:       /s/ _Kurt W. Anstaett___________    
Name: Kurt W. Anstaett    
Title:    Senior Vice President

Associated Bank, N.A., as a Lender 
By:       /s/ _Dan Holzhauer___________    
Name: Dan Holzhauer    
Title:    Senior Vice President

PNC Bank, National Association, as a Lender 
By:       /s/ _Christopher Hermann___________    
Name: Christopher Hermann    
Title:    Vice President

Credit Agricole Corporate & Investment Bank, as a Lender 
By:       /s/ _Mike McIntyre___________    
Name: Mike McIntyr    
Title:    Director

By:       /s/ _Aaron Sansone___________    
Name: Aaron Sansone    
Title:    Vice President

SOCIETE GENERALE, as a Lender
By:       /s/ _Linda Tam___________    
Name: Linda Tam    
Title:    Director

TD Bank, N.A., as a Lender
By:       /s/ _Bernadette Collins___________    
Name: Bernadette Collins    
Title:    Senior Vice President

The Northern Trust Company, as a Lender
By:       /s/ _Murtuza Ziauddin___________    
Name: Murtuza Ziauddin    
Title:    Vice President

STIFEL BANK & TRUST, as a Lender
By:       /s/ _Benjamin L. Dodd__________    
Name: Benjamin L. Dodd    
Title:    Senior Vice President

Credit Industriel et Commercial, as a Lender
By:       /s/ _Nicolas Regent__________    
Name: Nicolas Regent    
Title:    Vice President

By:       /s/ _Eric Longuet__________    
Name: Eric Longuet    
Title:    Managing Director

CIC Lyonnaise de Banque, as a Lender
By:       /s/ Jean-Luc MANGIONE__________    
Name: Jean-Luc MANGIONE    
Title:    Directeur des Credits (Credit Manager)

ARES XXIV CLO LTD., as a Lender
BY: ARES CLOS MANAGEMENT XXIV, L.P., ITS ASSET MANAGER
BY: ARES CLO GP XXIV, LLC, ITS GENERAL PARTNER
By:       /s/ John Eanes________    
Name: John Eanes    
Title:    Authorized Signatory

ARES XXVI CLO LTD., as a Lender
BY: ARES CLOS MANAGEMENT XXVI, L.P., its Collateral Manager 
BY: ARES CLO GP XXVI, LLC, its General Partner
By:       /s/ John Eanes________    
Name: John Eanes    
Title:    Authorized Signatory

ARES XXVIII CLO LTD., as a Lender
BY: ARES CLOS MANAGEMENT XXVIII, L.P., its Asset Manager 
BY: ARES CLO GP XXVIII, LLC, its General Partner
By:       /s/ John Eanes________    
Name: John Eanes    
Title:    Authorized Signatory

ARES XXXI CLO LTD., as a Lender
BY: ARES CLOS MANAGEMENT XXXI, L.P., its Portfolio Manager 
BY: ARES MANAGEMENT, LLC, its General Partner
By:       /s/ John Eanes________    
Name: John Eanes    
Title:    Authorized Signatory

KAISER FOUNDATION HOSPITALS, as a Lender
BY: ARES MANAGEMENT LLC, as porfolio manager
By:       /s/ John Eanes________    
Name: John Eanes    
Title:    Authorized Signatory

AMMC CLO IX, as a Lender
BY: American Money Management Corp., as collateral manager
By:       /s/ David P. Meyer________    
Name: David P. Meyer    
Title:    Senior Vice President

AMMC CLO X, as a Lender
BY: American Money Management Corp., as Collateral Manager
By:       /s/ David P. Meyer________    
Name: David P. Meyer    
Title:    Senior Vice President

AMMC CLO XIII, LIMITED, as a Lender
BY: American Money Management Corp., as Collateral Manager
By:       /s/ David P. Meyer________    
Name: David P. Meyer    
Title:    Senior Vice President

AMMC CLO XIV, LIMITED, as a Lender
BY: American Money Management Corp., as Collateral Manager
By:       /s/ David P. Meyer________    
Name: David P. Meyer    
Title:    Senior Vice President

BNP Paribas Global Senior Corporate Loans, as a Lender
By:       /s/ Dennis Tian________    
Name: Dennis Tian    
Title:    Portfolio Manager

By:       /s/ Javier Peres Diaz________    
Name: Javier Peres Diaz    
Title:    Portfolio Manager

BlueMountain CLO 2011-1 Ltd, as a Lender
BY: BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC, its Collateral Manager

By:       /s/ Meghan Fornshell_______    
Name: Meghan Fornshell    
Title:    Operations Analyst

BlueMountain CLO 2012-2 Ltd, as a Lender
BY: BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC, its Collateral Manager

By:       /s/ Meghan Fornshell_______    
Name: Meghan Fornshell    
Title:    Operations Analyst

BlueMountain CLO 2013-1 Ltd, as a Lender
BY: BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC, its Collateral Manager

By:       /s/ Meghan Fornshell_______    
Name: Meghan Fornshell    
Title:    Operations Analyst

BlueMountain CLO 2013-4 Ltd, as a Lender
BY: BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC, its Collateral Manager

By:       /s/ Meghan Fornshell_______    
Name: Meghan Fornshell    
Title:    Operations Analyst

    

EXHIBIT A
AFFIRMATION OF GUARANTY AND SECURITY DOCUMENTS
Each of the undersigned (i) acknowledges receipt of a copy of that certain Amendment No. 2 to Third Amended and Restated Credit Agreement dated as of February 20, 2015 (the “Amendment”) amending that certain Third Amended and Restated Credit Agreement dated as of January 3, 2014 (the “Credit Agreement”) referred to therein, (ii) consents to the Amendment and each of the transactions referenced therein, (iii) hereby reaffirms its obligations under the Parent Guaranty, the Subsidiary Guaranty, the Reaffirmation Agreement and each other Security Document to which it is a party, as applicable, and (iv) agrees that all references in any such other Credit Document to the “Credit Agreement” shall mean and be a reference to the Credit Agreement as amended by the Amendment.  Capitalized terms used herein, but not otherwise defined herein, shall have the meanings ascribed to such terms in the Credit Agreement, as amended by the Amendment.

[signature pages follow]

THE MANITOWOC COMPANY, INC.
By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    Senior Vice President, General Counsel & Secretary

MANITOWOC EMEA HOLDING SARL

By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    Manager

MANITOWOC HOLDING ASIA SAS
MANITOWOC FRANCE SAS

By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    General Manager

ENODIS LIMITED
MTW COUNTY LIMITED

By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    Director

WELBILT WALK-INS, LP

By:      Westran Corporation, its General Partner

By:       /s/ Maurice D. Jones     
Name:    Maurice D. Jones
Title:    Vice President Secretary

APPLIANCE SCIENTIFIC, INC.
CLEVELAND RANGE, LLC
ENODIS CORPORATION
ENODIS HOLDINGS, INC.
FRYMASTER, L.L.C.
GROVE U.S. L.L.C.
KYSOR INDUSTRIAL CORPORATION 
KYSOR NEVADA HOLDING CORP.
MANITOWOC CRANE COMPANIES, LLC
MANITOWOC CRANES, LLC
MANITOWOC CRANE GROUP U.S. HOLDING, LLC
MANITOWOC FP, INC.
MANITOWOC FSG INTERNATIONAL HOLDINGS, INC.
MANITOWOC FOODSERVICE COMPANIES, LLC
MANITOWOC FSG OPERATIONS, LLC
MANITOWOC FSG SERVICES, LLC
MANITOWOC FSG U.S. HOLDING, LLC
MCCANN’S ENGINEERING & MANUFACTURING CO., LLC
MMG HOLDING CO., LLC
THE DELFIELD COMPANY, LLC

By:   /s/ Maurice D. Jones    
Name:  Maurice D. Jones
Title:  Vice President and SecretaryExhibit 10.w - Ken Pucel Offer Letter

Exhibit 10.w

Polaris Industries Inc.
2100 Highway 55
Medina, MN  55340-9770
763-542-0500
763-542-0599 fax

September 15, 2014                            

Mr. Kenneth J. Pucel
2608 Crosby Road
Wayzata, MN 55391

Dear Ken:

On behalf of Polaris Industries Inc., I am pleased to offer you the position of Executive Vice President, Global Operations, Engineering and Lean.  

		
	I.
	     Title and reporting relationship

Your title is Executive Vice President, Global Operations, Engineering and Lean.  You will report to the Chairman & CEO.

		
	II.
	Date of Employment

TBD

		
	III.
	Base Salary

Your annual base salary will be $570,000 paid bi-weekly. Your salary will be reviewed annually, subject to the approval of the Compensation Committee of the Board of Directors. Your salary review date for 2015 will be April 1.

		
	IV.
	Cash Incentive Compensation

You will be an “A2” Level (Company officer) under the terms of our Senior Executive Annual Incentive Plan.  Your payment under the Senior Executive Annual Incentive Plan will be dependent upon your performance and the performance of the Company. Your target for the Senior Executive Annual Incentive Plan will be 100% of eligible earnings paid during a year, subject to adjustments by the Compensation Committee of the Board of Directors.  For the 2014 performance period, paid out in 2015, you will be guaranteed a minimum of $570,000. 

The performance threshold matrix is attached as Exhibit A and each year is approved at the January Compensation Committee meeting.   

		
	V.
	     Signing Bonus

You will also receive $250,000 (gross) lump sum bonus to be paid within three
weeks of your start date. 

In the event of your voluntary termination of employment within twenty-four (24) months after receiving the above compensation, in signing this letter you agree to immediately reimburse the Company this signing bonus on a prorated basis.

		
	VI.
	Long Term Incentive PRSU Plan (LTIP)

You will participate in the LTIP for Officers which is a 3 year performance cycle. Your first LTIP will be issued effective on your start date and will cover the performance cycle January 1, 2014 through December 31, 2016. The performance metrics for the LTIP are determined each year by the Compensation Committee of the Board of Directors during the January meeting. The target incentive opportunity will be expressed as a percentage of your total long term incentive.  Your 2014 LTIP will be prorated from your start date. The performance threshold is attached as Exhibit B.  Your performance based stock unit agreement will be in substantially the form of the agreement attached as Exhibit C.

		
	VII.
	Stock Options

You will be granted stock options to purchase 45,000 shares of Polaris Industries common stock. The grant date will be your first day of actual employment, and the options will have an exercise price equal to the closing price of Polaris stock on the grant date.  22,500 of the shares will have 2 year vesting; the remaining 22,500 shares will have 4 year vesting.  We will provide you with a copy of the stock option agreement as soon as possible after your start date. Your stock option agreement will be in substantially the form of the agreement attached as Exhibit D.

You will be eligible for additional stock grants on a basis consistent with other similarly situated executives, subject to performance.

		
	VIII.
	Restricted Stock 

You will be granted 50,000 shares of Polaris restricted stock. 20,000 of the shares will vest 1 year from the grant date. 10,000 of the shares will vest 2 years from the grant date. The remaining 20,000 shares will vest 3 years from the grant date which will be your start date. This award will be granted as soon as practical after the start of your employment and a draft form is attached as Exhibit E.

		
	IX.
	Benefits & Perquisites

At Polaris you will participate in Polaris’ benefit programs and receive the perquisites made available by Polaris to its executives. The benefits and perquisites are subject to change by the Compensation Committee and at present include medical, dental, disability and life insurance coverage, financial planning and tax preparation services, 401(k) retirement savings plan and Supplemental Executive Retirement Plan participation, and a country club membership (tax gross-ups are not provided for club initiation and dues, tax, estate and financial planning).  Additionally, you will have the use of Polaris’ products in accordance with Polaris’ guidelines.   You will also be eligible for an annual physical examination at the Mayo Clinic paid for by Polaris.  A summary of the current benefits is enclosed as Exhibit F.

		
	X.
	Equity Awards and Retirement 

Future equity awards granted to you by Polaris will provide for accelerated vesting upon retirement on terms that are comparable to those in equity awards granted to you by your current company, including any limitations on such accelerated vesting during the first year of an award term.  Upon your retirement, service based awards will have accelerated vesting and performance awards will vest pro-rata based on length of service during the performance period and achievement of performance metrics. Unexercised options will also have accelerated vesting upon retirement and will be exercisable until the expiration of the term of the option.   For these purposes, “retirement” will mean any termination of your employment with Polaris, other than termination for cause, that occurs at or after you reach the age of 55 and have completed at least five years of service with Polaris.  

		
	XI.
	Severance Agreement

When you begin employment with Polaris, Polaris will enter into a Severance Agreement with you substantially in the form enclosed as Exhibit G.

		
	XII.
	Ownership Guidelines and Section 16 Reporting Obligations

Polaris has established stock ownership guidelines for the Board of Directors, Company Officers and Directors. The guidelines require executive officers to own a designated number of shares of the Company’s Common Stock (7x base salary for the Chief Executive Officer, 4x base salary for the Chief Operating Officer, Chief Financial Officer and this position, and 2x base salary for all other executive officers).   A summary of the guidelines is enclosed as Exhibit H.

Remember, all your transactions in Polaris securities are subject to Polaris’ Insider Trading Policy. 

As an officer of Polaris you are also subject to Section 16(a) of the Securities Exchange Act of 1934, as amended, and will be required to file reports with the SEC disclosing your holdings and transactions in Polaris’ equity securities.  The Company will assist you in preparing and filing these reports with the SEC on a timely basis.  Before engaging in any transaction in Polaris securities you must pre-clear the transaction with the Chief Financial Officer.  All transactions must be reported within two days.  

This offer is contingent on approval of the Polaris Board of Directors. For clarification and the protection of both you and the Company, this letter represents the sole agreement between you and Polaris Industries.  It, including any brochures provided to you by the Human Resources Department that may be amended by the Company in the future, constitutes and expresses the entire agreement regarding your employment.

This offer remains contingent upon verification of employment eligibility pursuant to regulations issued under the Immigration Reform and Control Act of 1986 and satisfactory completion of a drug and alcohol test paid by Polaris. We will arrange for this test once you have agreed to the terms of this offer.

Ken we are very excited to have you join the Polaris team. We believe you can make a huge impact in the coming years and develop in several areas that will position you very well for the long term.  Please sign and return a copy of this letter indicating that you accept our offer and confirming the terms of your employment. If you agree to this offer, which remains in effect through Friday, September 19, 2014 please sign and return to Jim Williams at 2100 Highway 55, Medina, MN 55340.

Very truly yours,

/s/ Scott W. Wine
Scott Wine                        
Chairman & CEO            

Accepted and Confirmed:

/s/ Kenneth J. Pucel
Kenneth Pucel

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