Document:

Third Amendment to Credit Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO CREDIT AGREEMENT 
 THIS THIRD AMENDMENT TO CREDIT
AGREEMENT (this “Amendment”), dated as of July 26, 2011, is by and among each of the Persons identified as a “Lender” on the signature pages hereto, WELLS FARGO BANK, N.A., a national banking association, as
administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, “Administrative Agent”), CARRIER ENTERPRISE, LLC, a Delaware limited liability company formerly known as
Carrier Sales and Distribution, LLC (“Borrower”), and CARRIER (PUERTO RICO), INC., a Delaware corporation (“Guarantor”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement
dated as of July 1, 2009 (as amended by that certain First Amendment to Credit Agreement dated February 23, 2011, that certain Second Amendment to Credit Agreement dated March 31, 2011, and as further amended or modified from time to
time, collectively, the “Existing Credit Agreement”) among the Lenders (as defined therein), WELLS FARGO BANK, N.A., a national banking association, and J.P. MORGAN SECURITIES LLC (f/k/a J.P. MORGAN SECURITIES, INC.),
as joint lead arrangers and joint bookrunners (in such capacity, together with their successors and assigns in such capacity, collectively, the “Arrangers” and individually an “Arranger”), the Administrative Agent,
JPMORGAN CHASE BANK, N.A., a national banking association, as syndication agent (in such capacity, together with its successors and assigns in such capacity, “Syndication Agent”; together with Administrative Agent,
collectively, the “Agents” and individually an “Agent”), and Borrower, the Lenders have extended commitments to make certain credit facilities available to Borrower; and 

WHEREAS, the parties hereto have agreed to amend the Existing Credit Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the agreements herein contained and other good and valuable consideration, the parties hereby agree
as follows: 
 PART I 
 DEFINITIONS 
 SUBPART 1.1. Certain Definitions. Unless otherwise defined
herein or the context otherwise requires, the following terms used in this Amendment, including its preamble and recitals, have the following meanings: 
 “Amended Credit Agreement” means the Existing Credit Agreement, as amended hereby. 
 “Effective Date” shall have the meaning set forth in Subpart 3.1. 
 SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the context otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in
the Amended Credit Agreement. 
 PART II 
 AMENDMENT TO EXISTING CREDIT AGREEMENT AND WAIVER 
 SUBPART 2.1. Amendment to
Schedule C-1 (Commitments). Effective on (and subject to the occurrence of) the Effective Date, Schedule C-1 to the Existing Credit Agreement shall be amended and restated in its entirety by Schedule C-1 attached hereto. 

 SUBPART 2.2. Amendment to Schedule 1.1 (Definitions). Effective on (and subject to
the occurrence of) the Effective Date, Schedule 1.1 to the Existing Credit Agreement shall be amended by amending and restating the definition of “Borrowing Base” as follows: 

“Borrowing Base” means, as of any date of determination, the result of: 

 

	 	(a)	70% of the amount of Eligible Accounts (the “A/R Availability Amount”), plus 

 

	 	(b)	the lowest of  

  

	 	(i)	$62,500,000, 

  

	 	(ii)	50% of the value of Eligible Inventory, and 

  

	 	(iii)	the A/R Availability Amount, minus 

  

	 	(c)	the aggregate amount of reserves, if any, established by Administrative Agent under Section 2.1(c) of the Agreement. 

SUBPART 2.3. Amendment to Schedule 4.17 (Material Contracts). Effective on (and subject to the occurrence of) the Effective Date,
Schedule 4.17 to the Existing Credit Agreement shall be amended and restated in its entirety by Schedule 4.17 attached hereto. 

SUBPART 2.4. Waiver of Notice Requirement. Administrative Agent and Lenders hereby waive the 45 day written notice requirement set
forth in Section 2.2(a) to the Existing Credit Agreement in connection with Borrower’s proposal to increase the Commitments, which increase shall become effective as of the Effective Date in accordance with the terms of this Amendment.

 PART III 
 CONDITIONS TO EFFECTIVENESS OF PART II 
 SUBPART 3.1. Effective Date. Part
II of this Amendment shall be and become effective as of the date hereof when the Administrative Agent shall have received the following: 
 (a) fully executed counterparts of this Amendment, as executed by Borrower, Guarantor , Administrative Agent and each Lender (the “Effective Date”); 

(b) a certificate from the Secretary of each of Borrower and Guarantor (each, an “Obligor” and
collectively, the “Obligors”) attesting to the resolutions of such Obligor’s Board of Directors authorizing such Obligor’s execution, delivery and performance of this Amendment; and 

(c) an opinion of counsel to the Obligors in form and substance satisfactory to Administrative Agent. 

 PART IV 
 MISCELLANEOUS 
 SUBPART 4.1. No Course of Dealing. Obligors acknowledge and
agree that the execution, delivery and performance of this Amendment shall not create (nor shall Obligors rely upon the existence of or claim or assert that there exists) any obligation of any of the Administrative Agent or the Lenders to consider
or agree to any other amendment of or waiver or consent with respect to the Amended Credit Agreement or any other Loan Document, and in the event that the Administrative Agent and the Lenders subsequently agree to consider any requested amendment,
waiver or consent, neither the existence of this Amendment nor any other conduct of the Administrative Agent or the Lenders related hereto shall be of any force or effect on the Lenders’ consideration or decision with respect to any such
requested amendment, waiver or consent, and the Lenders shall not have any obligation whatsoever to consider or agree to any such amendment, waiver or consent. 
 SUBPART 4.2. Acknowledgments and Stipulations. In order to induce Administrative Agent and Lenders to enter into this Amendment, Borrower acknowledges, stipulates and agrees that (a) all of
the Obligations are absolutely due and owing by Borrower to Administrative Agent and Lenders without any defense, deduction, offset or counterclaim (and, to the extent Borrower had any defense, deduction, offset or counterclaim on the date hereof,
the same is hereby waived by Borrower); (b) the Loan Documents executed by each Obligor are legal, valid and binding obligations of such Obligor enforceable against such Obligor in accordance with their respective terms; (c) the Liens
granted by each Obligor to Administrative Agent in the Collateral are valid and duly perfected Liens, subject only to Permitted Liens; (d) each of the recitals contained at the beginning of this Amendment is true and correct; and (e) prior
to executing this Agreement, each Obligor consulted with and had the benefit of advice of legal counsel of their own selection and has relied upon the advice of such counsel, and in no part upon the representation of Administrative Agent, any Lender
or any counsel to Administrative Agent or any Lender concerning the legal effects of this Agreement or any provision hereof. 

SUBPART 4.3. Cross-References. References in this Amendment to any Part or Subpart are, unless otherwise specified, to such Part
or Subpart of this Amendment. 
 SUBPART 4.4. References in Other Loan Documents. At such time as this Amendment shall
become effective pursuant to the terms of Subpart 3.1, all references in the Existing Credit Agreement (including without limitation the Schedules thereto) to the “Agreement,” and all references in the other Loan Documents to the
“Credit Agreement,” shall be deemed to refer to the Amended Credit Agreement. 
 SUBPART 4.5. Representations and
Warranties of the Obligors. Each Obligor hereby represents and warrants that (a) the representations and warranties contained in the Existing Credit Agreement and the other Loan Documents (after giving effect to the amendments contained
herein) are correct in all material respects on and as of the date hereof as though made on and as of such date (except to the extent, in each case, that such representations and warranties relate solely to an earlier date), and (b) no Default
or Event of Default exists on and as of the date hereof. Without limitation of the preceding sentence, each Obligor hereby expressly reaffirms the validity, effectiveness and enforceability of each Loan Document to which it is a party (in each case,
as the same may be modified by the terms of this Amendment). 
 SUBPART 4.6. Counterparts, Etc.. This Amendment may be
executed in any number of counterparts each of which when so executed shall be deemed to be an original and all of which 

 
taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission shall be equally as
effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile or other electronic method of transmission also shall deliver an original executed
counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. THIS AMENDMENT SUPPLEMENTS, AND FORMS A PART OF, THE EXISTING CREDIT
AGREEMENT, BUT (FOR THE AVOIDANCE OF DOUBT) THE PARTIES HERETO IN ANY EVENT SPECIFICALLY AGREE (WITHOUT LIMITATION OF THE FIRST PART OF THIS SENTENCE) THAT THE PROVISIONS OF SECTION 12 OF THE EXISTING CREDIT AGREEMENT APPLY TO THIS AMENDMENT
AS IF SET FORTH HEREIN. 
 SUBPART 4.7. Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 
 [The remainder of this page is intentionally left
blank.] 

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

			
	 BORROWER:

	
	CARRIER ENTERPRISE, LLC
		
	By:	 	 /s/ Ana M. Menendez

	Name:	 	 Ana M. Menendez

	Title:	 	 Vice President

  

			
	 GUARANTOR:

	
	CARRIER (PUERTO RICO), INC.
		
	By: 	 	 /s/ Ana M. Menendez

	Name:	 	 Ana M. Menendez

	Title: 	 	 Vice President

 
			
	 LENDERS:

	
	 WELLS FARGO BANK, N.A.
 as Administrative Agent and a Lender

		
	By:	 	 /s/ Robert Lozano

	Name:	 	 Robert Lozano

	Title:	 	 Senior Vice President

	
	 JPMORGAN CHASE BANK, N.A., 
 as a Lender

		
	By: 	 	 /s/ John A. Horst

	Name:	 	 John A. Horst

	Title:	 	 Chief Executive

	
	 THE NORTHERN TRUST COMPANY,
 as a Lender

		
	By: 	 	 /s/ Thomas Hasenauer

	Name:	 	 Thomas Hasenauer

	Title: 	 	 Vice President

 Schedule C-1 

Commitments 
  

									
	 Lender
	  	Commitment Amount	 	  	Commitment Percentage	 
	 Wells Fargo Bank, NA
	  	$	62,500,000	  	  	 	50.000	% 
	 JPMorgan Chase Bank, NA
	  	$	41,666,250	  	  	 	33.333	% 
	 The Northern Trust Company
	  	$	20,833,750	  	  	 	16.667	% 
		  	  
	  
	 	  	  
	  
	 
		  	$	125,000,000	  	  	 	100.000	% 

 Schedule 4.17 

Material Contracts 
  

	1.	Distributor Agreement, dated July 1, 2009, by and between Carrier Corporation and Carrier Enterprise, LLC. 

 

	2.	Distributor Agreement, dated July 1, 2009, by and between Carrier Corporation and Carrier (Puerto Rico), Inc. 

 

	3.	Distribution Agreement, dated July 1, 2009 by and between International Comfort Products, LLC and Carrier Enterprise, LLC. 

 

	4.	Trade Name Agreement, dated July 1, 2009 by and between Carrier Corporation and Carrier Enterprise, LLC.Form of Restricted Stock Unit Agreement

 Exhibit 10.1 
 RESTRICTED STOCK UNIT AGREEMENT 
 This Restricted Stock Unit Agreement
(this “Agreement”) is made and entered into as of the      day of             ,              by and
between LKQ Corporation, a Delaware corporation (the “Company”), and
                                     (the “Key Person”).

 Recitals 
 The Board of Directors of the Company is of the opinion that the interests of the Company will be advanced by encouraging certain persons affiliated with the Company, upon whose judgment, initiative and
efforts the Company is largely dependent for the successful conduct of the Company’s business, to acquire or increase their proprietary interest in the Company, thus providing them with a more direct stake in its welfare and assuring a closer
identification of their interests with those of the Company. 
 The Board of Directors of the Company is of the opinion that the
Key Person is such a person. 
 The Company desires to grant restricted stock units to the Key Person, and the Key Person
desires to accept such grant, all on the terms and subject to the conditions set forth in this Agreement and set forth in the Company’s 1998 Equity Incentive Plan, a copy of which is attached hereto as Exhibit A (the “Plan”). Any
capitalized term used herein that is not defined shall have the meaning of such term set forth in the Plan. 
 Covenants

 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Grant of Restricted Stock Units. The Company hereby grants to the Key Person and the Key Person hereby accepts from the Company
            restricted stock units (“RSUs”), on the terms and subject to the conditions set forth herein and in the Plan (the “Award”). 

2. Representation of the Key Person. The Key Person hereby represents and warrants that the Key Person has been provided a copy of
the Plan and is accepting the RSUs with full knowledge of and subject to the restrictions contained in this Agreement and the Plan. 
 3. Vesting. The RSUs are subject to time-based vesting restrictions as follows: The Award shall vest with respect to one-third of the number of RSUs subject to the Award on each one-year
anniversary of the grant date over a three-year period (the “Vesting Period”). 

 4. Termination of Relationship. In the event a Key Person’s employment,
consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated for any reason other than death or Disability, all RSUs of such Key Person that are unvested at the date of termination shall be forfeited to the
Company. In the event the Key Person’s employment, consulting arrangement or other affiliation with the Company and/or its Subsidiaries is terminated due to death or Disability, all RSUs of such Key Person shall immediately become fully vested
on the date of termination and all restrictions shall lapse. 
 5. Non-Transferability of RSUs. Except as expressly
provided in the Plan or this Agreement, prior to the expiration of the Vesting Period described in Section 3, the RSUs may not be sold, assigned, transferred, pledged or otherwise disposed of, shall not be assignable by operation of law, and
shall not be subject to execution, attachment or similar process, except by will or the laws of descent and distribution. Any attempted sale, assignment, transfer, pledge or other disposition of any RSUs prior to vesting shall be null and void and
without effect. 
 6. Payment. Vested RSUs shall be paid to the Key Person in whole shares of common stock of the
Company. If the vesting calculation results in a fractional number of shares, such fractional number of shares shall be paid in cash. No fractional shares shall be issued. 

7. Taxes. The Key Person shall be responsible for taxes due upon the expiration of any portion of the Vesting Period and on any
gain upon transfer of the shares of common stock of the Company received upon the vesting of the RSUs. The Key Person acknowledges that the decision to make a Section 83(b) election shall be made by the Key Person in consultation with his or
her tax advisor. The Key Person acknowledges that the Section 83(b) election form must be filed with the Internal Revenue Service within 30 days of the date hereof. 
 8. No Rights as a Stockholder. Prior to the expiration of the applicable portion of the Vesting Period, the Key Person is not a stockholder, does not have any voting rights, and shall not be
entitled to receive any dividends with respect to the RSUs. 
 9. Notices. Any notices required or permitted hereunder
shall be sent using any means (including personal delivery, courier, messenger service, facsimile transmission or electronic transmission), if to the Key Person, at the address set forth below or such other address as the Key Person may designate in
writing to the Company, and, if to the Company, at the address of its headquarters in Chicago, Attention: General Counsel, or such other address as the Company may designate in writing to the Key Person. Such notice shall be deemed duly given when
it is actually received by the party for whom it was intended. 
 10. Failure to Enforce Not a Waiver. The failure of the
Company to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 

  
 2 

 11. Amendment or Termination. This Agreement may not be amended or terminated unless
such amendment or termination is in writing and duly executed by each of the parties hereto. 
 12. Benefit and Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns, and the Key Person and the Key Person’s executors, administrators, personal representatives and heirs. In the event that
any part of this Agreement shall be held to be invalid or unenforceable, the remaining parts hereof shall nevertheless continue to be valid and enforceable as though the invalid portions were not a part hereof. 

13. Entire Agreement. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements, discussions and understandings relating to such subject matter. 
 14. Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois, without giving effect to principles and provisions thereof relating to conflict or choice of laws. 

15. Incorporation of Terms of Plan. The terms of the Plan are incorporated herein by reference and the Key Person’s rights
hereunder are subject to such terms to the extent they are inconsistent with or in addition to the terms set forth herein, and the Key Person hereby agrees to comply with all requirements of the Plan. 

16. Non-Competition and Confidentiality. (a) Notwithstanding any provision to the contrary set forth elsewhere herein, the
RSUs, the shares of common stock of the Company underlying the RSUs, or any proceeds received by the Key Person upon the sale of shares of common stock of the Company underlying the RSUs shall be forfeited by the Key Person to the Company without
any consideration therefor, if the Key Person is not in compliance, at any time during the period commencing on the date of this Agreement and ending one year after the date that all of the RSUs have become vested, with all applicable provisions of
the Plan and with the following conditions: 
 (i) the Key Person shall not directly or indirectly (1) be
employed by, engage or have any interest in any business which is or becomes competitive with the Company or is or becomes otherwise prejudicial to or in conflict with the interests of the Company or its subsidiaries, (2) induce any customer of
the Company or its subsidiaries to patronize such competitive business or otherwise request or advise any such customer to withdraw, curtail or cancel any of its business with the Company or its subsidiaries, or (3) solicit for employment any
person employed by the Company or its subsidiaries; provided, however, that this restriction shall not prevent the Key Person from acquiring and holding up to two percent of the outstanding shares of capital stock of any corporation which is or
becomes competitive with the Company or is or becomes otherwise prejudicial to or in conflict with the interests of the Company if such shares are available to the general public on a national securities exchange or in the over-the-counter market;
and 

  
 3 

 (ii) the Key Person shall not use or disclose, except for the sole benefit
of or with the written consent of the Company, any confidential information relating to the business, processes or products of the Company. 
 (b) The Company shall notify in writing the Key Person of any violation by the Key Person of this Section 16. The forfeiture shall be effective as of the date of the occurrence of any of the
activities set forth in (a) above. If the shares of common stock of the Company underlying the RSUs have been sold, the Key Person shall promptly pay to the Company the amount of the proceeds from such sale. The Key Person hereby consents to a
deduction from any amounts owed by the Company to the Key Person from time to time (including amounts owed as wages or other compensation, fringe benefits or vacation pay) to the extent of the amounts owed by the Key Person to the Company under this
Section 16. Whether or not the Company elects to make any set-off in whole or in part, the Key Person agrees to timely pay any amounts due under this Section 16. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written. 
  

									
	LKQ CORPORATION	 		 	KEY PERSON
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Address:	 	  

		 		 		 	  

		 		 		 	  

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00192-of-00352.parquet"}]]