Document:

exv10w23

Exhibit 10.23

SAVINGS RESTORATION PLAN

FOR NISOURCE INC. AND AFFILIATES

As Amended and Restated Effective January 1, 2010

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I PURPOSE
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	2.1 Affiliated Company
	 	 	2	 
	2.2 Annual Addition
	 	 	2	 
	2.3 Basic Plan
	 	 	2	 
	2.4 Code
	 	 	2	 
	2.5 Committee
	 	 	2	 
	2.6 Company
	 	 	2	 
	2.7 DCP
	 	 	2	 
	2.8 Disability
	 	 	2	 
	2.9 Employee
	 	 	2	 
	2.10 Employer
	 	 	3	 
	2.11 ERISA
	 	 	3	 
	2.12 Interest
	 	 	3	 
	2.13 Limits
	 	 	3	 
	2.14 Participant
	 	 	3	 
	2.15 Plan
	 	 	3	 
	2.16 Plan Year
	 	 	3	 
	2.17 Post-2004 Benefit
	 	 	3	 
	2.18 Pre-2005 Benefit
	 	 	3	 
	2.19 Supplemental Savings Account
	 	 	3	 
	2.20 Unforeseeable Emergency
	 	 	3	 
	 
	 	 	 	 
	ARTICLE III ELIGIBILITY
	 	 	4	 
	 
	 	 	 	 
	3.1 Eligibility
	 	 	4	 
	3.2 Notice of Eligibility to Participants
	 	 	4	 
	3.3 Method of Becoming a Participant
	 	 	4	 
	3.4 Continuation of Participation
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV SUPPLEMENTAL SAVINGS ACCOUNT
	 	 	4	 
	 
	 	 	 	 
	4.1 Supplemental Savings Account
	 	 	5	 
	4.2 Employer Credits
	 	 	5	 
	4.3 Special Employer Credits
	 	 	6	 
	4.4 Participant Credits
	 	 	6	 
	4.5 Interest Credits
	 	 	6	 
	 
	 	 	 	 
	ARTICLE V IN-SERVICE WITHDRAWALS
	 	 	7	 

i

 

	 	 	 	 	 
	 	 	Page	 
	5.1 Pre-2005 Benefit
	 	 	7	 
	5.2 Post-2004 Benefit
	 	 	7	 
	5.3 Limitations on In-Service Withdrawals
	 	 	7	 
	 
	 	 	 	 
	ARTICLE VI TERMINATION OF PARTICIPATION AND PAYMENT OF BENEFITS
	 	 	8	 
	 
	 	 	 	 
	6.1 Termination of Participation
	 	 	8	 
	6.2 Benefits at Termination of Participation
	 	 	8	 
	6.3 Method and Time of Payment
	 	 	8	 
	 
	 	 	 	 
	ARTICLE VII ADMINISTRATION OF PLAN
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VIII COMPANY’S RIGHTS TO AMEND OR TERMINATE PLAN
	 	 	11	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS PROVISIONS
	 	 	11	 
	 
	9.1 Definitions
	 	 	11	 
	9.2 Unsecured General Creditor
	 	 	11	 
	9.3 Income Tax Payout
	 	 	12	 
	9.4 General Conditions
	 	 	12	 
	9.5 No Guaranty of Benefits
	 	 	13	 
	9.6 No Enlargement of Employee Rights
	 	 	13	 
	9.7 Spendthrift Provision
	 	 	13	 
	9.8 Applicable Law
	 	 	13	 
	9.9 Incapacity of Recipient
	 	 	13	 
	9.10 Unclaimed Benefit
	 	 	13	 
	9.11 Limitations on Liability
	 	 	14	 
	9.12 Claims Procedure
	 	 	14	 

ii

 

SAVINGS RESTORATION PLAN

FOR NISOURCE INC. AND AFFILIATES

As Amended and Restated Effective January 1, 2010

ARTICLE I

PURPOSE

     Prior to January 1, 2004, Columbia Energy Group sponsored the Savings Restoration Plan for
Columbia Energy Group for eligible executives of Columbia Energy Group and certain affiliated
companies. Effective January 1, 2004, NiSource Inc., the parent company of Columbia Energy Group,
assumed sponsorship of the Savings Restoration Plan for Columbia Energy Group, renamed the Plan the
Savings Restoration Plan for NiSource Inc. and Affiliates, and broadened the Plan to include all
employees of NiSource Inc. and Affiliated Companies.

     The purpose of the Plan is to provide for the payment of savings restoration benefits to
employees of NiSource Inc. and Affiliated Companies, whose benefits under the Basic Plan are
subject to the Limits or affected by deferrals into the DCP, so that the total savings plan
benefits of such employees shall be determined on the same basis as is applicable to all other
employees of the Company. The Plan is adopted solely (1) for the purpose of providing benefits to
Participants in the Plan and their Beneficiaries in excess of the Limits imposed on qualified plans
by Code Section 401(a)(17) and any other Code Sections, by restoring benefits to such Plan
Participants and Beneficiaries that are no longer available under the Basic Plan as a result of the
Limits, and (2) for the purpose of restoring benefits to Plan Participants and Beneficiaries that
are no longer available under the Basic Plan as a result of the Participant’s deferrals into the
DCP. The Plan was amended and restated effective January 1, 2004, and amended effective January 1,
2005. The Plan was then amended and restated again effective January 1, 2005, to comply with Code
Section 409A, and guidance and regulations thereunder, with respect to benefits earned under the
Plan from and after January 1, 2005. Benefits under the Plan earned and vested prior to January 1,
2005 shall be administered without giving effect to Code Section 409A, and guidance and regulations
thereunder. The provisions of the Plan as set forth herein apply only to Participants who actively
participate in the Plan on or after January 1, 2005. Any Participant who retired or otherwise
terminated employment with the Company and all Affiliated Companies prior to January 1, 2005 shall
have his or her rights determined under the provision of the Plan as it existed when his or her
employment relationship terminated. The Plan was further amended and restated, effective January
1, 2008, to provide for mandatory lump sum payments of small account balances in accordance with
Code Section 409A. The Plan was amended and restated again, effective January 1, 2010, to contain
provisions that eliminate mid-year enrollment into the Plan and to allow Participants who make Roth
Contributions to a Basic Plan to participate in this Plan. The plan is further amended and
restated, effective January 1, 2010, to restore certain Employer Contributions given to
Participants who are classified as “exempt employees” by the Employer and who are hired or rehired
on or after January 1, 2010.

 

 

ARTICLE II

DEFINITIONS

     2.1 Affiliated Company. “Affiliated Company” means an affiliate of NiSource Inc.

     2.2 Annual Addition. “Annual Addition” for any Participant means the sum, in any Plan
Year, of:

	 	(a)	 	the Company’s, or any Affiliated Company’s, matching or profit sharing
contributions to the Basic Plan on behalf of the Participant; plus
	 
	 	(b)	 	all Participant deposits to the Basic Plan, including before-tax and after-tax
deposits.

     For purposes of the Plan, the determination of a Participant’s Annual Addition shall be made
without regard to the Limits.

     2.3 Basic Plan. “Basic Plan” means the NiSource Inc. Retirement Savings Plan, as
amended and restated effective January 1, 2010, and as further amended from time to time (or as
amended and restated for any prior period to the extent the provisions of the Plan refer to such
prior period for the Basic Plan).

     2.4 Code. “Code” means the Internal Revenue Code of 1986, as amended.

     2.5 Committee. “Committee” means the NiSource Benefits Committee.

     2.6 Company. “Company” means NiSource Inc.

     2.7 DCP. “DCP” means the Columbia Energy Group Deferred Compensation Plan on or prior
to December 31, 2003, and, thereafter, the NiSource Inc. Executive Deferred Compensation Plan.

     2.8 Disability. “Disability” means a condition that (a) causes a Participant to be
unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months, (b) causes a Participant, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months, to receive income
replacement benefits for a period of not less than three months under an accident and health plan
covering employees of the Company or an Affiliated Company or (c) causes a Participant to be
eligible to receive Social Security disability payments.

     2.9 Employee. “Employee” means any individual who is employed by an Employer on a
basis that involves payment of salary, wages or commissions.

2

 

     2.10 Employer. “Employer” means the Company or any Affiliated Company that maintains
or adopts the Basic Plan for the benefit of its eligible Employees

     2.11 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.

     2.12 Interest. “Interest” means the average of the prime rates of interest charged as
of the last business day of a month, determined under procedures established by the Committee.

     2.13 Limits. “Limits” means the limits imposed on tax qualified retirement plans by
Code Sections 415 and 401(a)(17) and any other Code Sections.

     2.14 Participant. “Participant” means any Employee who is participating in the Plan
in accordance with its provisions.

     2.15 Plan. “Plan” means the Savings Restoration Plan for NiSource Inc. and Affiliates
(formerly known as the Savings Restoration Plan for the Columbia Energy Group, and before that as
the Thrift Restoration Plan for the Columbia Energy Group), as set forth herein.

     2.16 Plan Year. “Plan Year” means the 12-month period commencing each January 1 and
ending the following December 31.

     2.17 Post-2004 Benefit. “Post-2004 Benefit” means the portion of a Participant’s
Supplemental Savings Account equal to the excess of (1) the balance of the Participant’s
Supplemental Savings Account determined as of a Participant’s date of separation from service with
the Company and all Affiliated Companies after December 31, 2004 over (2) the Pre-2005 Benefit, to
which the Participant would be entitled under the Plan if he voluntarily separated from service
without cause as of such date and received a full payment of benefits from the Plan on the earliest
possible date allowed under the Plan following his separation from service.

     2.18 Pre-2005 Benefit. “Pre-2005 Benefit” means the portion of a Participant’s
Savings Account determined as of December 31, 2004, adjusted to reflect Interest credited to such
balance from and after such date.

     2.19 Supplemental Savings Account. “Supplemental Savings Account” means the sum of
credits accrued under Article IV on behalf of a Participant, adjusted to reflect Interest credited
to the Account, and reduced by any withdrawals under Article V.

     2.20 Unforeseeable Emergency. “Unforeseeable Emergency” means a severe financial
hardship to a Participant resulting from an illness or accident of the Participant, the
Participant’s spouse or a dependent (as defined in Code Section 152(a)), of the Participant, loss
of the Participant’s property due to casualty or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant. The amount
distributed with respect to an Unforeseeable Emergency shall not exceed the amount necessary to
satisfy the Emergency, plus amounts necessary to pay taxes reasonably anticipated as a result of
the distribution, after taking into account the extent to which such hardship is or may be

3

 

relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of
the Participant’s assets (to the extent the liquidation of such assets would not itself cause
severe financial hardship).

ARTICLE III

ELIGIBILITY

     3.1 Eligibility. Any Employee who is not a Participant in the Plan on December 31,
2004, who is participating in the Basic Plan and (i) whose Compensation in a Plan Year will exceed
the Limits, or (ii) who has deferrals in the DCP excluded for purposes of benefit allocations in
the Basic Plan, shall be eligible to become a Participant in the Plan as of January 1 of such Plan
Year. Any Participant in the Plan on December 31, 2004 shall continue as a Participant after that
date. If an Employee who was not expected to be eligible to become a Participant in a given Plan
Year subsequently qualifies because his or her Compensation exceeds the Limits for that Plan Year,
or because he or she becomes eligible for, or begins to participate in, the DCP, such Employee
shall be eligible to participate in the Plan as soon as practicable after this determination has
been made or deferrals begin.

     3.2 Notice of Eligibility to Participants. The Committee shall inform each Employee
of his or her eligibility to participate in the Plan as soon as practicable but before the earliest
date such Employee’s participation could become effective.

     3.3 Method of Becoming a Participant. In order to become a Participant, each eligible
Employee must sign a written agreement with his or her Employer providing for a reduction of his or
her Compensation and a corresponding direction of Employer contributions or Participant Pretax
Contributions or Roth Contributions that would normally be made to the Basic Plan, except for the
Limits or deferrals into the DCP, to be credited to his or her Supplemental Savings Account under
the Plan, to the extent necessary to satisfy the Limits with respect to the Basic Plan or deferrals
into the DCP. Notwithstanding the foregoing, eligible Employees may receive the Employer credits
described in Section 4.2(b) of this Plan without having signed such a written agreement.

     Employees who are notified of their eligibility to participate in the Plan shall become a
Participant by delivering to the Committee the written agreement referenced in the preceding
paragraph. The written agreement will be effective with respect to the Employee’s Compensation
earned for services performed beginning January 1st of the Plan Year after the Plan Year
in which the written agreement is delivered.

     3.4 Continuation of Participation. A Participant shall remain a Participant so long
as his or her Supplemental Savings Account has not been fully distributed to him or her.

ARTICLE IV

SUPPLEMENTAL SAVINGS ACCOUNT

4

 

     4.1 Supplemental Savings Account. A Supplemental Savings Account shall be established
for each Participant. The amounts to be credited to a Participant’s Supplemental Savings Account
shall be determined under procedures established by the Committee and shall consist of:

	 	(a)	 	Employer credits, as described in Sections 4.2 and 4.3; plus
	 
	 	(b)	 	Participant credits, as described in Section 4.4; plus
	 
	 	(c)	 	Interest credits under Section 4.5.

     A Participant’s Supplemental Savings Account shall be reduced by any withdrawals made under
Article V.

     4.2 Employer Credits.

	 	(a)	 	Credits Related to Matching Contributions. The amount of Employer
credits for a Participant shall equal (1) minus (2) below:

	 	(1)	 	The total amount of Matching Contributions that would otherwise
have been contributed to the Basic Plan for the Participant without regard to
the Limits or deferrals into the DCP;
	 
	 	(2)	 	The actual amount of Matching Contributions contributed to the
Basic Plan for the Participant.

	 	(b)	 	Credits Related to Certain Employer Contributions for Exempt Employees
Hired or Rehired on or After January 1, 2010. Effective as of January 1, 2010, and
only with respect to a Participant who is classified by the Employer as an “exempt
employee” and who is hired or rehired on or after January 1, 2010, the amount of
Employer credits for a Participant shall equal (1) minus (1) below:

	 	(1)	 	The total amount of the Employer Contribution under the Basic
Plan that otherwise would have been contributed in an amount equal to 3% of the
Participant’s Compensation without regard to the Limits;
	 
	 	(2)	 	The actual amount of the Employer Contribution under the Basic
Plan that was contributed to the Participant in an amount equal to 3% of the
Participant’s Compensation.

	 	 	 	This amount shall be payable to any applicable Participant in addition to any
amounts he or she may be entitled to under Section 4.2(a) of this Plan and
regardless of whether such Participant has signed a written agreement to participate
in this Plan.

5

 

     4.3 Special Employer Credits. Any Participant who (1) during the 2003 and/or 2004
Plan Years had a Matching Contribution allocated to his Matching Contribution Account under the
Basic Plan that was less than the maximum Matching Contribution available under the Basic Plan, (2)
authorized After-tax Contributions and/or Pre-tax Contributions under the Basic Plan equal to at
least 6% of his Compensation for such Plan Year(s), (3) commenced employment with an Employer prior
to January 1, 2002 and was still employed by an Employer on January 1, 2005 and (4) participated in
the Account Balance Option of the NiSource Salaried Pension Plan, the NiSource Subsidiary Pension
Plan or the Bay State Gas Company Pension Plan, as applicable, shall be eligible for an additional
Employer credit hereunder. The additional Employer credit shall be calculated as the difference
between (i) the Matching Contributions that would have been allocated to the Participant’s Matching
Contribution Account under the Basic Plan during the 2003 and/or 2004 Plan Year(s) if his or her
total After-tax Contributions, if any, and Pre-tax Contributions under the Basic Plan for such Plan
Year(s) had been contributed evenly over each pay period throughout the Plan Year(s) and (ii) the
Matching Contribution actually allocated to the Participant’s Matching Contribution Account under
the Basic Plan for such Plan Year(s).

     The additional Employer credit, plus interest (calculated using a rate equal to 4.5% from
January 1, 2005 to the date the additional Employer credit is credited to his or her Supplemental
Savings Account as provided herein) shall be credited to the Participant’s Supplemental Savings
Account in accordance with Section 4.1. The additional Employer credit shall be credited to his or
her Supplemental Savings Account as soon as administratively practicable after September 1, 2005,
but in any event no later than December 31, 2005.

     Except where inconsistent with this Section 4.3, the additional Employer credit shall be
subject to all provisions of the Plan applicable to Employer credits.

     4.4 Participant Credits. The amount of Participant credits for a Participant shall
equal (a) minus (b) below:

	 	(a)	 	The total amount of Pre-tax Contributions and Roth Contributions that would
otherwise have been contributed to the Basic Plan for the Participant without regard to
the Limits or deferrals into the DCP;
	 
	 	(b)	 	The actual amount of Pre-tax Contributions and Roth Contributions contributed
to the Basic Plan for the Participant.

     4.5 Interest Credits.

	 	(a)	 	Interest credits to a Participant’s Supplemental Savings Account, if
applicable, shall be considered made on a monthly basis.
	 
	 	(b)	 	All credits shall accrue Interest starting with the first full calendar month
in which they are deemed to be a part of the applicable Supplemental Savings Account
and ending with the last full calendar month in which credits are still deemed to be
part of the Supplemental Savings Account.

6

 

	 	(c)	 	Interest shall be based on the balance of the value of the Participant’s
Supplemental Savings Account as of the first working day of the calendar month and
credited as of the last working day of the calendar month.
	 
	 	(d)	 	In the event there is a withdrawal by a Participant from his or her
Supplemental Savings Account, the value of such Supplemental Savings Account, prior to
the withdrawal, shall be credited with Interest to the end of the calendar month in
which the withdrawal is actually made. The amount of the withdrawal shall then be
subtracted from the balance so determined.
	 
	 	(e)	 	Interest shall be earned only on monies held under reserve by an Employer. If
the Committee has invested any portion of a Participant’s Supplemental Savings Account,
Interest shall not be earned on such portion, but such Account shall be adjusted for
actual earnings, gains, and losses on such investment.

ARTICLE V

IN-SERVICE WITHDRAWALS

     5.1 Pre-2005 Benefit. This section applies only to a Pre-2005 Benefit.

	 	(a)	 	In-Service Withdrawals. Subject to the limitations of Section 5.3, a
Participant, by filing a written request with the Committee, may, while employed by an
Employer or an Affiliated Company, elect to withdraw 33%, 67% or 100% of his or her
Pre-2005 Benefit.
	 
	 	(b)	 	Limitation on In-Service Withdrawals. Any In-Service withdrawal under
paragraph (a) of this Section 5.1 shall be subject to a 10% early distribution penalty.
	 
	 	(c)	 	Unforeseeable Emergency. At the written request of a Participant, and
in the written discretion of the Committee, up to 100% of the balance of a
Participant’s Pre-2005 Benefit, determined as of the last day of the calendar month
prior to the date of distribution may be distributed to a Participant in a lump sum in
the case of an Unforeseeable Emergency.

     5.2 Post-2004 Benefit. A Participant shall be entitled to withdraw all or any portion
of his or her Post-2004 Benefit, as he or she may request in a direction delivered to the
Committee, in the case of an Unforeseeable Emergency.

     5.3 Limitations on In-Service Withdrawals. Any In-Service Withdrawal under this
Article V shall be subject to the following provisions:

	 	(a)	 	Only one In-Service Withdrawal shall be permitted in any 12-month period.

7

 

	 	(b)	 	In-Service Withdrawals under this Article V shall require suspension of
Employer credits and Participant credits (but not Interest credits) under the Plan for
a period of time varying with the percentage of the value of the Participant’s
Supplemental Savings Account which is withdrawn, according to the following schedule:

	 	 	 
	Percentage	 	Suspension
	Up to 33%

	 	2 months
	34 - 67%

	 	4 months
	68 - 100%

	 	6 months

     This suspension shall not affect a Participant’s participation in the Basic Plan nor the basis
for determining the Employer contributions or Participant Pre-tax Contributions under the Basic
Plan.

ARTICLE VI

TERMINATION OF PARTICIPATION

AND PAYMENT OF BENEFITS

     6.1 Termination of Participation. A Participant’s participation in the Plan shall
terminate at separation from service with the Company and all Affiliated Companies for any reason,
including Disability or death.

     6.2 Benefits at Termination of Participation. Upon his or her separation from
service, a Participant, his or her spouse, or his or her Beneficiary or legal representative shall
be entitled to 100% of the Participant’s Supplemental Savings Account credited with Interest, if
applicable, through the calendar month preceding the date payment is made to the Participant (or to
his or her spouse, legal representative or Beneficiary in the case of his or her incapacity or
death).

     6.3 Method and Time of Payment.

	 	(a)	 	Pre-2005 Benefit.

(i) The Pre-2005 Benefit payable under the Plan to a Participant or his or her
spouse, Beneficiary, or legal representative shall be paid in the same form under
which the Basic Plan benefit is payable to the Participant or his or her spouse,
Beneficiary, or legal representative. The Participant’s election under the Basic
Plan of any optional form of payment of his or her Basic Plan benefit (with the
valid consent of his or her surviving spouse where required under the Basic Plan)
shall also be applicable to the payment of his or her Pre-2005 Benefit under the
Plan.

(ii) Payment of the Pre-2005 Benefit under the Plan to a Participant or his or her
spouse, Beneficiary, or legal representative under the Plan shall commence on the
same date as payment of the benefit to the Participant or his or her spouse,

8

 

Beneficiary, or legal representative under the Basic Plan commences. Any election
under the Basic Plan made by the Participant with respect to the commencement of
payment of his or her benefit under the Basic Plan shall also be applicable with
respect to the commencement of payment of his or her Pre-2005 Benefit under the
Plan.

(iii) Notwithstanding the provisions of paragraphs (i) and (ii) above, an election
made by the Participant under the Basic Plan with respect to the form of payment of
his or her Pre-2005 Benefit thereunder (with the valid consent of his or her
surviving spouse where required under the Basic Plan), or the date for commencement
of payment thereof, shall not be effective with respect to the form of payment or
date for commencement of payment of his or her Pre-2005 Benefit under the Plan
unless such election is expressly approved in writing by the Committee. If the
Committee shall not approve such election in writing, then the form of payment or
date for commencement of payment of the Participant’s Pre-2005 Benefit under the
Plan shall be selected by the Committee at its sole discretion.

	 	(b)	 	Post-2004 Benefit.

(i) Payment of a Post-2004 Benefit in accordance with this Section 6.3 shall
commence within 45 days after the Participant’s date of separation from service with
the Company and all Affiliated Companies, or, if later, within such timeframe
permitted under Code Section 409A, and guidance and regulations thereunder.

(ii) The Post-2004 Benefit shall be payable in a form elected by a Participant no
later than December 31, 2005. Notwithstanding the preceding sentence, in the case
of an Employee who becomes a Participant on or after January 1, 2005, the
aforementioned election with respect to the form of payment of a Post-2004 Benefit
shall be made within 30 days after the date the Participant first becomes eligible
to participate, and such election shall be effective with respect to Compensation
related to services to be performed subsequent to the election; provided that such a
Participant shall not be considered first eligible if on the date he becomes a
Participant he participates in any other nonqualified account balance plan that is
subject to Code Section 409A, maintained by the Company or an Affiliated Company.
The form of payment shall be elected by the Participant at the time he makes the
election described in the first or second sentence of this paragraph (iii) from
among those forms of payment available at that time under the Basic Plan. If a
timely payment election is not made by a Participant, payment shall be made in a
lump sum.

(iii) A Participant cannot change the time or form of payment of a Post-2004 Benefit
under this Section 6.3(b) unless (A) such election does not take effect until at
least 12 months after the date the election is made, (B) in the case of an election
related to a payment not related to the Participant’s Disability or death,

9

 

the first payment with respect to which such new election is effective is deferred
for a period of not less than five years from the date such payment would otherwise
have been made, and (C) any election related to a payment based upon a specific time
or pursuant to a fixed schedule may not be made less than 12 months prior to the
date of the first scheduled payment.

(iv) Notwithstanding any preceding provision of this Section 6.3(b), a Participant
may change an election with respect to the time and form of payment of a Post-2004
Benefit, without regard to the restrictions imposed under paragraph (iii) next
above, on or before December 31, 2006; provided that such election (A) applies only
to amounts that would not otherwise be payable in calendar year 2006, and (B) shall
not cause an amount to be paid in calendar year 2006 that would not otherwise be
payable in such year.

(v) Notwithstanding any other provision of the Plan, in no event can a payment of a
Post-2004 Benefit to a Participant who is a Specified Employee of the Company or an
Affiliated Company, at a time during which the Company’s capital stock or capital
stock of an Affiliated Company is publicly traded on an established securities
market, in the calendar year of his or her separation from service be made before
the date that is six months after the date of the Participant’s separation from
service with the Company and all Affiliated Companies, unless such separation is due
to death or Disability.

A Participant shall be deemed to be a Specified Employee for purposes of this
subparagraph (v) if he or she is in job category C2 or above with respect to the
Company or the Affiliated Company that employs him or her; provided that if at any
time the total number of Employees in job category C2 and above is less than 50, a
Specified Employee shall include any person who meets the definition of a Key
Employee set forth in Code Section 416(i) without reference to paragraph (5). A
Participant shall be deemed to be a Specified Employee with respect to a calendar
year if he is a Specified Employee on September 30th of the preceding calendar year.
If a Specified Employee will receive payments hereunder in the form of installments
or an annuity, the first payment made as of the date six months after the date of
the Participant’s separation from service with the Company and all Affiliated
Companies shall be a lump sum, paid as soon as practicable after the end of such
six-month period, that includes all payments that would otherwise have been made
during such six-month period. From and after the end of such six month period, any
such installment or annuity payments shall be made pursuant to the terms of the
applicable installment or annuity form of payment.

	 	(c)	 	Mandatory Lump Sum Payments.
	 
	 	 	 	Notwithstanding any other provision in this Section 6.3, if (1) the sum of the
Participant’s Pre-2005 Benefit and Post-2004 Benefit does not exceed the applicable
dollar limit under code Section 402(g)(1)(B) and (2) this sum is the

10

 

	 	 	 	entirety of the Participant’s interest in the Plan and all other arrangements with
respect to which deferrals of compensation are treated as having been deferred under
a single nonqualified deferred compensation plan under Code Section 409A and
applicable guidance thereunder, then the form of payment of both the Pre-2005
Benefit and Post-2004 Benefit shall be a single lump sum.

ARTICLE VII

ADMINISTRATION OF PLAN

     The Plan shall be administered by the Committee. In its discretion, the Committee may
delegate to any division or department of the Company the discretionary authority to make decisions
regarding Plan administration, within limits and guidelines from time to time established by the
Committee. The delegated discretionary authority shall be exercised by such division or
department’s senior officer, or his/her delegate. Within the scope of the delegated discretionary
authority, such officer or person shall act in the place of the Committee and his/her decisions
shall be treated as decisions of the Committee.

ARTICLE VIII

COMPANY’S RIGHTS TO AMEND OR TERMINATE PLAN

     While the Company intends to maintain the Plan in conjunction with the Basic Plan, the
Company, or the Officer Nomination and Compensation Committee of the Board of Directors of the
Company, reserves the right to amend the Plan at any time and from time to time, or to terminate it
at any time for any reason; provided, however, that no amendment or termination of the Plan shall
impair or alter such right to a benefit that would have arisen under the Plan as it read before the
effective date of such amendment or termination to or with respect to any Employee who has become a
Participant in the Plan before the effective date of such amendment or termination or with respect
to his or her Beneficiary. Upon termination of the Plan, distribution of Plan benefits shall be
made to Participants, surviving spouses and beneficiaries in the manner and at the time described
in Article VI of the Plan. No additional benefits shall be earned after termination of the Plan
other than the crediting of Interest until the date of distribution of a Participant’s Supplemental
Savings Account.

ARTICLE IX

MISCELLANEOUS PROVISIONS

     9.1 Definitions. The terms used in the Plan that are defined in the Basic Plan shall
have the meanings assigned to them in the Basic Plan unless otherwise defined in the Plan.

     9.2 Unsecured General Creditor. Participants and Beneficiaries shall be unsecured
general creditors, with no secured or preferential right to any assets of the Company, any other
Employer, or any other party for payment of benefits under the Plan. Obligations of the

11

 

Company and each other Employer under the Plan shall be an unfunded and unsecured promise to
pay money in the future.

     9.3 Income Tax Payout.

	 	(a)	 	Notwithstanding anything to the contrary contained herein, (1) in the event
that the Internal Revenue Service prevails in its claim that any amount of a Pre-2005
Benefit, payable pursuant to the Plan and held in the general assets of the Company or
any other Employer, constitutes taxable income to a Participant or his or her
Beneficiary for a taxable year prior to the taxable year in which such amount is
distributed to him or her, or (2) in the event that legal counsel satisfactory to the
Company, and the applicable Participant or his or her Beneficiary, renders an opinion
that the Internal Revenue Service would likely prevail in such a claim, the amount of
such Benefit held in the general assets of the Company or any other Employer, to the
extent constituting taxable income, shall be immediately distributed to the Participant
or his or her Beneficiary. For purposes of this Section, the Internal Revenue Service
shall be deemed to have prevailed in a claim if such claim is upheld by a court of
final jurisdiction, or if the Participant or Beneficiary, based upon an opinion of
legal counsel satisfactory to the Company and the Participant or his or her
Beneficiary, fails to appeal a decision of the Internal Revenue Service, or a court of
applicable jurisdiction, with respect to such claim, to an appropriate Internal Revenue
Service appeals authority or to a court of higher jurisdiction within the appropriate
time period.
	 
	 	(b)	 	Notwithstanding anything to the contrary contained herein, (1) in the event
that the Internal Revenue Service prevails in its claim that any amount of a Post-2004
Benefit, payable pursuant to the Plan and held in the general assets of the Company or
any other Employer, constitutes taxable income under Code Section 409A, and guidance
and regulations thereunder, to a Participant or his or her Beneficiary for a taxable
year prior to the taxable year in which such amount is distributed to him or her, or
(2) in the event that legal counsel satisfactory to the Company, and the applicable
Participant or his or her Beneficiary, renders an opinion that the Internal Revenue
Service would likely prevail in such a claim, the amount of such Benefit held in the
general assets of the Company or any other Employer, to the extent constituting such
taxable income, shall be immediately distributed to the Participant or his or her
Beneficiary. For purposes of this Section, the Internal Revenue Service shall be
deemed to have prevailed in a claim if such claim is upheld by a court of final
jurisdiction, or if the Participant or Beneficiary, based upon an opinion of legal
counsel satisfactory to the Company and the Participant or his or her Beneficiary,
fails to appeal a decision of the Internal Revenue Service, or a court of applicable
jurisdiction, with respect to such claim, to an appropriate Internal Revenue Service
appeals authority or to a court of higher jurisdiction within the appropriate time
period.

     9.4 General Conditions. Except as otherwise expressly provided herein, all terms and
conditions of the Basic Plan applicable to a Basic Plan benefit shall also be applicable to a

12

 

benefit payable hereunder. Any Basic Plan benefit shall be paid solely in accordance with the
terms and conditions of the Basic Plan and nothing in the Plan shall operate or be construed in any
way to modify, amend or affect the terms and provisions of the Basic Plan.

     9.5 No Guaranty of Benefits. Nothing contained in the Plan shall constitute a
guaranty by the Company or any other Employer or any other entity or person that the assets of the
Company or any other Employer shall be sufficient to pay any benefit hereunder.

     9.6 No Enlargement of Employee Rights. No Participant or Beneficiary shall have any
right to a benefit under the Plan except in accordance with the terms of the Plan. Establishment
of the Plan shall not be construed to give any Participant or Beneficiary the right to be retained
in the service of the Company or any other Employer.

     9.7 Spendthrift Provision. No interest of any person or entity in, or right to
receive a benefit under, the Plan shall be subject in any manner to sale, transfer, assignment,
pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such
interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the
satisfaction of the debts of, or other obligations or claims against, such person or entity,
including claims for alimony, support, separate maintenance, and claims in bankruptcy proceedings.
Notwithstanding the preceding sentence, the Supplemental Savings Account of any Participant shall
be subject to and payable in the amount determined in accordance with any qualified domestic
relations order, as that term is defined in Section 206(d)(3) of ERISA. The Committee shall
provide for payment of such portion of a Supplemental Savings Account to an alternate payee (as
defined in Section 206(d)(3) of ERISA) as soon as administratively possible following receipt of
such order. Any federal, state or local income tax associated with such payment shall be the
responsibility of the alternate payee. The balance of any Supplemental Savings Account that is
subject to any qualified domestic relations order shall be reduced by the amount of any payment
made pursuant to such order.

     9.8 Applicable Law. The Plan shall be construed and administered under the laws of
the State of Indiana, except to the extent preempted by applicable federal law.

     9.9 Incapacity of Recipient. If any person entitled to a benefit payment under the
Plan is deemed by the Committee to be incapable of personally receiving and giving a valid receipt
for such payment, then, unless and until claim therefor shall have been made by a duly appointed
guardian or other legal representative of such person, the Committee may provide for such payment
or any part thereof to be made to any other person or institution then contributing toward or
providing for the care and maintenance of such person. Any such payment shall be a payment for the
account of such person and a complete discharge of any liability of the Company, any other
Employer, the Committee and the Plan therefor.

     9.10 Unclaimed Benefit. Each Participant shall keep the Committee informed of his or
her current address and the current address of his or her Beneficiaries. The Committee shall not
be obligated to search for the whereabouts of any person. If the location of a Participant is not
made known to the Committee within three years after the date on which payment of the Participant’s
benefit may first be made, payment may be made as though the Participant had died

13

 

at the end of the three-year period. If, within one additional year after such three-year
period has elapsed or within three years after the actual death of a Participant, the Committee is
unable to locate any Beneficiary of the Participant, then the Committee shall have no further
obligation to pay any benefit hereunder to such Participant, Beneficiary, or any other person and
such benefit shall be irrevocably forfeited.

     9.11 Limitations on Liability. Notwithstanding any of the preceding provisions of the
Plan, none of the Company, any other Employer, or any individual acting as an employee, or agent at
the direction of the Company or any other Employer, or any member of the Committee, shall be liable
to any Participant, former Participant, Beneficiary, or any other person for any claim, loss,
liability or expense incurred in connection with the Plan.

     9.12 Claims Procedure. Claims for benefits under the Plan shall be made in writing to
the Committee. If the Committee wholly or partially denies a claim for benefits, the Committee
shall, within a reasonable period of time, but no later than 90 days after receiving the claim,
notify the claimant in writing of the denial of the claim. If the Committee fails to notify the
claimant in writing of the denial of the claim within 90 days after the Committee receives it, the
claim shall be deemed denied. A notice of denial shall be written in a manner calculated to be
understood by the claimant, and shall contain:

	 	(a)	 	the specific reason or reasons for denial of the claim;
	 
	 	(b)	 	a specific reference to the pertinent Plan provisions upon which the denial is
based;
	 
	 	(c)	 	a description of any additional material or information necessary for the
claimant to perfect the claim, together with an explanation of why such material or
information is necessary; and
	 
	 	(d)	 	an explanation of the Plan’s review procedure.

     Within 60 days of the receipt by the claimant of the written notice of denial of the claim, or
within 60 days after the claim is deemed denied as set forth above, if applicable, the claimant may
file a written request with the Committee that it conduct a full and fair review of the denial of
the claimant’s claim for benefits, including the conducting of a hearing, if the Committee deems
one necessary. In connection with the claimant’s appeal of the denial of his or her benefit, the
claimant may review pertinent documents and may submit issues and comments in writing. The
Committee shall render a decision on the claim appeal promptly, but not later than 60 days after
receiving the claimant’s request for review, unless, in the discretion of the Committee, special
circumstances (such as the need to hold a hearing) require an extension of time for processing, in
which case the 60-day period may be extended to 120 days. The Committee shall notify the claimant
in writing of any such extension. The decision upon review shall (1) include specific reasons for
the decision, (2) be written in a manner calculated to be understood by the claimant, and (3)
contain specific references to the pertinent Plan provisions upon which the decision is based.

[signature block follows on next page]

14

 

     IN WITNESS WHEREOF, NiSource Inc. has caused this amended and restated Savings and Restoration
Plan for NiSource Inc. and Affiliates to be executed in its name, by its duly authorized officer,
effective as of January 1, 2010.

	 	 	 	 	 
	 	NISOURCE INC.

 	 
	 	By:  	/s/ Robert Campbell
 	 
	 	 	 	 
	 	Date: 12/16/2010 	 

15exv10w29

EXHIBIT 10.29

THIS THIRD AMENDMENT AGREEMENT is dated and effective as of the 1st day of January, 2011

B E T W E E N:

ANIXTER CANADA INC.

a corporation amalgamated under the laws of Canada

as Borrower

- and -

THE GUARANTORS FROM TIME TO TIME PARTY

TO THE CREDIT AGREEMENT

as Guarantors

- and -

THE LENDERS FROM TIME TO TIME PARTY

TO THE CREDIT AGREEMENT

as Lenders

- and -

THE BANK OF NOVA SCOTIA

a bank to which the Bank Act (Canada) applies,

in its capacity as administrative agent hereunder

as Administrative Agent

RECITALS:

	A.	 	The Borrower, the Guarantors, the Agent and the Lenders are parties to a Credit Agreement
dated as of November 18, 2005, as amended by a First Amendment Agreement dated as of July 5,
2007 and a Second Amendment Agreement dated as of July 31, 2009 (as amended, the “Existing
Credit Agreement”).
	 
	B.	 	The Borrower and the Guarantors entered into a series of reorganization transactions (the
“Reorganization”) described in the steps memorandum dated December 20, 2010 (the “Steps
Memo”), a copy of which is attached at Appendix A.
	 
	C.	 	Pursuant to the Reorganization, Anixter Canada Inc. (the Borrower under the Existing Credit
Agreement) amalgamated with Anixter Canco Inc. (a corporation incorporated under the laws of
Canada) to continue as Anixter Canada Inc. (the “Amalgamation”).
	 
	D.	 	Pursuant to the Reorganization, the Borrower issued certain subordinated debt to its
Affiliates Eurofin B.V. and XpressConnect Supply Inc.

 

 

- 2 -

	E.	 	The Agent, the Borrower, XpressConnect Supply Inc. and others have entered into an
intercreditor agreement relating to, among other things, the subordination of such
subordinated debt.
	 
	F.	 	The Borrower and the Lenders have agreed to certain amendments to the terms and conditions of
the Existing Credit Agreement resulting from the Reorganization and such issuance of
subordinated debt and the parties are entering into this Third Amendment Agreement to give
effect thereto and to the other matters set forth herein.

          NOW THEREFORE in consideration of the premises and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound
hereby, the parties agree as follows:

Section 1 —  Amendment to Definitions

	 	(a)	 	The following definition is added as Section 1.1.2.1

	 	1.1.2.1	 	“Adjusted Consolidated Basis” means, in respect of any fiscal period of the
Borrower ending on or after December 31, 2010, the results of operations and
financial position of the Borrower on a consolidated basis in accordance with
GAAP but excluding the results of operations and financial position of Anixter
Mexico Holdings LLC, Eurinvest Coöperatief U.A. and Anixter Canadian Holdings
ULC and each of their respective Subsidiaries.

	 	(b)	 	The following definition is added as Section 1.1.69.1:

	 	1.1.69.1	 	“Intercompany Notes” means:

	 	(a)	 	the subordinated promissory note dated
as of December 31, 2010 made by Anixter Canco Inc. in favour
of Anixter Eurofin B.V. in the principal amount of Cdn
$125,700,000, as assigned by Anixter Eurofin B.V. to and in
favour of XpressConnect Supply Inc. (the “Eurofin Subordinate
Note”); and
	 
	 	(b)	 	the subordinated promissory note dated
as of December 31, 2010 made by Anixter Canco Inc. in favour of
XpressConnect Supply Inc. in the principal amount of Cdn
$71,600,000 (the “Direct Subordinate Note”).

	 	(c)	 	The following definition is added as Section 1.1.122.1:

	 	1.1.122.1	 	“Subordinate Debt Documents” means:

	 	(a)	 	the Eurofin Subordinate Note;

 

 

- 3 -

	 	(b)	 	the Contribution Agreement made as of
December 31, 2010 between XpressConnect Supply Inc. and Anixter
U.S. LLC relating to the Eurofin Subordinate Note;
	 
	 	(c)	 	the Forward Subscription and Purchase
Agreement made as of the 31st day of December 2010 between
Anixter U.S. LLC, and Anixter Canco Inc., a predecessor by
amalgamation of the Anixter Canada relating to the Eurofin
Subordinate Note;
	 
	 	(d)	 	the Direct Subordinate Note;
	 
	 	(e)	 	the Contribution Agreement made as of
December 31, 2010 between XpressConnect Supply Inc. and Anixter
U.S. LLC relating to the Direct Subordinate Note; and
	 
	 	(f)	 	the Forward Subscription and Purchase
Agreement made as of the 31st day of December 2010 between
Anixter U.S. LLC, and Anixter Canco Inc., a predecessor by
amalgamation of the Anixter Canada relating to the Direct
Subordinate Note.

	 	(d)	 	Section 1.1.127 of the Existing Credit Agreement is deleted and replaced with
the following provision:

	 	1.1.127	 	“Total Debt” means, at any time, the aggregate, without duplication, of all
Debt of the Borrower determined on an Adjusted Consolidated Basis.

	 	(e)	 	Section 1.1.128 of the Existing Credit Agreement is deleted and replaced with
the following provision with effect from and after December 31, 2010:

	 	1.1.128	 	“Total Leverage Ratio” means, at any time, the ratio calculated by dividing
(a) Total Debt (excluding the amount of the Intercompany Notes) at that time by
(b) EBITDA for the Borrower’s four most recently completed fiscal quarters
determined on an Adjusted Consolidated Basis, provided that, for the purposes
of calculating the Total Leverage Ratio, EBITDA shall be calculated on a pro
forma basis (in accordance with Article 11 of Regulation S-X of the Securities
and Exchange Commission) to the extent necessary to give effect to (i) any
acquisition made by the Borrower during such period (without giving effect to
any increase in EBITDA reflecting projected synergies resulting from such
acquisition) so long as, and to the extent that, (X) the Borrower delivers to
the Agent (which shall promptly deliver to each Lender) a summary in reasonable
detail of the assumptions underlying, and the calculations made, in computing
EBITDA on a pro forma basis, and (Y) the Required Lenders do not object to such
assumptions and/or calculations within 10 Business Days after receipt thereof, and (ii) any

 

 

- 4 -

	 	 	 	divestiture of a Subsidiary, division or other operating unit made during such
period.

Section 2 — Amendment to Reporting and Notice Requirements

	 	(a)	 	Section 7.3(1)(a) of the Credit Agreement is deleted and replaced with the
following provision:

	 	7.3(1)(a)	 	The Borrower shall, as soon as practicable and in any event within 45 days of the
end of each of its fiscal quarters (excluding the fourth fiscal quarter), cause to be
prepared and delivered to the Agent (with sufficient copies for each of the Lenders),
its interim unaudited financial statements as at the end of such quarter, prepared on
an Adjusted Consolidated Basis;

	 	(b)	 	Section 7.3(1)(b) of the Credit Agreement is deleted and replaced with the
following provision:

	 	7.3(1)(b)	 	The Borrower shall, as soon as practicable and in any event within 120 days after
the end of each of its fiscal years, prepare and deliver to the Agent (with sufficient
copies for each of the Lenders), its unaudited annual financial statements, prepared
on an Adjusted Consolidated Basis.

Section 3 — Amendments to Events of Default

	 	(a)	 	The following provision is added at Section 8.1(m.1)

	 	8.1(m.1)	 	there occurs a default under any of the Subordinate Debt Documents (howsoever
defined or described therein) and such default is not corrected or otherwise remedied
by the earliest to occur of (i) 30 days after the Borrower or another Obligor becomes
aware of such default, (ii) 30 days after the Borrower gives notice to the Agent of
such default, and (iii) in the event that no notice of such default has been given to
the Agent, the Agent becoming aware of such default.

Section 4 — Amended Schedule to the Credit Agreement

          Schedule F of the Existing Credit Agreement is deleted and replaced with Schedule F attached.

Section 5 — Conditions Precedent to Effectiveness of this Third Amendment Agreement

          This Third Amendment Agreement shall become binding on the Lenders only upon satisfaction of
the following conditions precedent:

	 	(a)	 	execution and delivery of this Third Amendment Agreement (and all other Loan
Documents contemplated by this Third Amendment Agreement) by each of the Borrower and
the Guarantors;

 

 

- 5 -

	 	(b)	 	execution and delivery of this Third Amendment Agreement by the Lenders (and
all other Loan Documents contemplated by this Third Amendment Agreement, to the extent
applicable) in accordance with Section 9.2 of the Existing Credit Agreement;
	 
	 	(c)	 	execution and delivery of an agreement by WireXpress Ltd. in the form of
Exhibit A to the guaranty executed by the Guarantors;
	 
	 	(d)	 	execution and delivery of an intercreditor agreement in form satisfactory to
the Agent and the Lenders providing for the subordination of the Intercompany Notes;
	 
	 	(e)	 	delivery of a certified copy of each Subordinate Debt Document;
	 
	 	(f)	 	evidence satisfactory to the Agent that the transactions contemplated by the
Reorganization are permitted under the U.S. Credit Agreement;
	 
	 	(g)	 	no Event of Default or Pending Event of Default having occurred and being
continuing as at the date of satisfaction of all of the foregoing conditions precedent;
and
	 
	 	(h)	 	the Agent having received such legal opinions, corporate resolutions,
incumbency and other certificates of each of the Borrower and the Guarantors as the
Agent may reasonably request in connection with Third Amendment Agreement and the
transactions contemplated hereby.

Section 6 — New Guarantors

	 	(a)	 	WireXpress Ltd. acknowledges and agrees to the terms of the Existing Credit
Agreement and agrees to be bound by all obligations of a Guarantor under the Existing
Credit Agreement as if it had been an original signatory thereto. The Agent, on behalf
of the Lenders, acknowledges that WireXpress Ltd. shall be a Guarantor as of the date
of this Third Amendment Agreement.
	 
	 	(b)	 	Anixter Procurement Corporation acknowledges and agrees to the terms of the
Existing Credit Agreement as of July 5, 2007 and agrees to be bound by all obligations
of a Guarantor under the Existing Credit Agreement as if it had been an original
signatory thereto. The Agent, on behalf of the Lenders, acknowledges that Anixter
Procurement Corporation shall be a Guarantor from and after July 5, 2007.

Section 7 — Confirmation and Acknowledgment regarding Amalgamation

          Without in any way limiting any term of the Existing Credit Agreement or any other Loan
Document:

	 	(a)	 	the Borrower acknowledges and confirms that, notwithstanding the amalgamation
of Anixter Canada Inc. and Anixter Canco Inc. on January 1, 2011 to form the

 

 

- 6 -

	 	 	 	Borrower (i) the Existing Credit Agreement (as amended by this Third Amendment Agreement) and
all other Loan Documents to which it is a party remain in full force and effect in
accordance with their respective terms and are hereby ratified and confirmed in all
respects, and (ii) all of its obligations under the Existing Credit Agreement (as
amended by this Third Amendment Agreement) and all other Loan Documents made by Anixter
Canada Inc., its predecessor corporation, remain in full force and effect and are
hereby ratified and confirmed in all respects; and
	 
	 	(b)	 	each of the Guarantors acknowledges and confirms that, notwithstanding the
amalgamation of Anixter Canada Inc. and Anixter Canco Inc. on January 1, 2011 to form
the Borrower (i) the Existing Credit Agreement (as amended by this Third Amendment
Agreement) and all other Loan Documents to which it is a party remain in full force and
effect in accordance with their respective terms and are hereby ratified and confirmed
in all respects, and (ii) all of its obligations under Existing Credit Agreement (as
amended by this Third Amendment Agreement) and other Loan Documents (including the
Security made by it) remain in full force and effect and all such obligations are
hereby ratified and confirmed.

Section 8 — Representations and Warranties of the Obligors

          Each of the Obligors represents and warrants to the Agent and Lenders as follows:

	 	(a)	 	the execution, delivery and performance by it of this Third Amendment Agreement
(i) have been duly authorized by all necessary corporate action on its part, and (ii)
do not and will not violate its Constating Documents, any Applicable Law, any Permit or
any Contract to which it is a party;
	 
	 	(b)	 	this Third Amendment Agreement constitutes a legal, valid and binding
obligation of each of the Obligors enforceable against it in accordance with its terms,
subject to the availability of equitable remedies and the effect of bankruptcy,
insolvency and similar laws affecting the rights of creditors generally;
	 
	 	(c)	 	the representations and warranties made by it in the Credit Agreement, other
than those expressly stated to be made as of a specific date, are true and correct as
of the date hereof with the same effect as if such representations and warranties had
been made on and as of the date hereof except as modified in Schedule F attached and,
in relation to Schedule H as affected by the Reorganization, it being understood and
agreed that the Borrower will deliver to the Agent an updated
Schedule H as soon as possible and in any event, no later than its next financial
reports due pursuant to Section 7.3(1) of the Existing Credit Agreement attached;
	 
	 	(d)	 	after giving effect to this Third Amendment Agreement, no Event of Default or
Pending Event of Default has occurred which is continuing on the date hereof or will
occur as a result of entering into this Third Amendment Agreement or the observance or
performance of its obligations hereunder; and

 

 

- 7 -

	 	(e)	 	all of the transactions described in the Steps Memo are permitted by and have
been or will be completed in compliance with the U.S. Credit Agreement.

Section 9 — Loan Document

          Each of the Obligors acknowledges that this Third Amendment Agreement is a Loan Document and
that all of its representations and warranties concerning Loan Documents that are contained in the
Existing Credit Agreement apply to this Third Amendment Agreement and are deemed to be repeated on
its execution of this Third Amendment Agreement as if set out in full in this Third Amendment
Agreement.

Section 10 — Continuing Effect of Existing Credit Agreement

          Except as amended by this Third Amendment Agreement, the Existing Credit Agreement shall
remain in full force and effect, without amendment, and is hereby ratified and confirmed. Without
in any way limiting the terms of the Existing Credit Agreement or any other Loan Document, each
Obligor confirms that the Security made or granted by it pursuant to the Existing Credit Agreement
remains in full force and effect notwithstanding the amendments to the Existing Credit Agreement
contained herein and that such Security shall continue to secure and support all of the debts,
liabilities and obligations described in Section 3.2 of the Existing Credit Agreement, including
but not limited to those debts, liabilities and obligations arising as a result of this Third
Amendment Agreement. In addition, all of the Loan Documents shall continue in full force and
effect in accordance with their respective terms and are hereby ratified and confirmed in all
respects.

Section 11 — Further Assurances

          The Borrower shall promptly do, make, execute or deliver, or cause to be done, made, executed
or delivered, all such further acts, documents and things as the Agent may require from time to
time for the purposes of giving effect to this Third Amendment Agreement and shall use reasonable
efforts and take all such steps as may be within its power to implement, to the full extent, the
provisions of this Third Amendment Agreement.

Section 12 — Counterparts and Facsimile

          This Third Amendment Agreement may be executed in any number of counterparts, each of which
when executed and delivered shall be deemed to be an original, and such counterparts together shall
constitute one and the same agreement. For the purposes of this Section, the delivery of a
facsimile copy of an executed counterpart of this Third Amendment Agreement shall be deemed to be
valid execution and delivery thereof.

Section 13 — Governing Law

          The parties agree that this Third Amendment Agreement shall be conclusively deemed to be a
contract made under, and shall for all purposes be governed by and construed in accordance with,
the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario.

 

 

- 8 -

Section 14 — Interpretation

          Capitalized terms used herein, unless otherwise defined or indicated herein, have the
respective meanings defined in the Existing Credit Agreement. This Third Amendment Agreement and
the Existing Credit Agreement shall be read together and have effect so far as practicable as
though the provisions thereof and the relevant provisions hereof are contained in one document.
Without limitation of the foregoing, the principles of construction and interpretation set forth in
Sections 1.2, 1.3 and 1.4 of the Existing Credit Agreement apply to this Third Amendment Agreement.

Section 15 — Senior Indebtedness

          The obligations of the Obligors under the Loan Documents constitute “Senior Indebtedness” for
the purposes of the Intercompany Notes and rank in right of payment in priority to the obligations
of the Obligors under the Intercompany Notes.

Section 16 — Effective Date

          This Third Amendment Agreement may be referred to as being dated as of January 1, 2011,
notwithstanding the actual date of execution by the parties hereto as set forth on their respective
signing pages.

[EXECUTION PAGES FOLLOW]

 

 

- S1 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Agent

 	 
	 	By:  	/s/ Annabella Guo
 	 
	 	 	Annabella Guo 	 
	 	 	Director 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S2 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER CANADA INC.

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Authorized Signatory 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S3 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER INC.

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Vice President and Treasurer 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S4 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER INTERNATIONAL INC.

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Vice President and Treasurer 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S5 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER-REAL ESTATE, INC.

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Vice President and Treasurer 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S6 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER INFORMATION SYSTEMS CORPORATION

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Vice President and Treasurer 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S7 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER FINANCIAL INC.

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Vice President and Treasurer 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S8 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	ANIXTER PROCUREMENT CORPORATION

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Vice President and Treasurer 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S9 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	WIREXPRESS LTD.

 	 
	 	By:  	/s/ Rod Shoemaker
 	 
	 	 	Rod Shoemaker 	 
	 	 	Authorized Signatory 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

- S10 -

          IN WITNESS WHEREOF, the parties have duly executed this Third Amendment Agreement as of
January 1, 2011.

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Lender

 	 
	 	By:  	/s/ Annabella Guo
 	 
	 	 	Annabella Guo 	 
	 	 	Director 	 
	 

[signature page for Third Amendment Agreement to Credit Agreement relating to Anixter Canada Inc.
et al.]

 

 

Appendix A

See Attached

 

 

January 1, 2011

SCHEDULE F 

DETAILS OF CAPITAL STOCK, PROPERTY, ETC.

ANIXTER CANADA INC.

	 	 	 	 	 
	Ownership of entity’s Capital	 	Capital Stock Owned by entity in other	 	 
	Stock	 	Persons	 	Head office address
	 
	 

	 	 	 	200 Foster Crescent
	 

	 	 	 	Mississauga, Ontario
	Anixter Eurofin B.V. (100%)

	 	WireXpress Ltd. (100%)
	 	L5R 3Y5
	 

	 	Anixter Holdings Mexico LLC (100%)	 	 
	 

	 	Eurinvest Cooperatief U.A. (99.99%)	 	 
	 

	 	Anixter Canadian Holdings ULC (100%)	 	 

ANIXTER CANADIAN HOLDINGS ULC

	 	 	 	 	 
	Ownership of entity’s Capital	 	Capital Stock Owned by entity in other	 	 
	Stock	 	Persons	 	Head office address
	 
	 

	 	 	 	1959 Upper Water Street
	 

	 	 	 	Suite 900
	Anixter Canada Inc. (100%)

	 	Eurinvest Cooperatief U.A. (0.01%)
	 	Halifax, NS B3J 2X2

Third Amendment Agreement

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