Document:

Exhibit 10.4

 

FIRST AMENDMENT
TO DEFERRED 

COMPENSATION
AGREEMENT

 

THIS AMENDMENT to the
Deferred Compensation Agreement by and between Simmons First National Corporation ("Employer") and George A. Makris
("Employee"), provides as follows, WITNESSETH:

 

WHEREAS Employee is
employed by the Employer as Chairman and CEO and is a person whom Employer considers to possess significant ability, experience
and valuable contacts in matters relating to the business of Employer; and

 

WHEREAS, Employer desires
to provide certain deferred, contingent benefits to Employee as more particularly hereinafter provided; and

 

WHEREAS, the Employer
and the Employee entered into a Deferred Compensation Agreement effective January 2, 2013; and

 

NOW, THEREFORE, for
and in consideration of the premises and Employee's continued employment, the Deferred Compensation Agreement is amended as follows,
to-wit:

 

1. The definition of
Monthly Benefit in Section 1 shall be deleted in its entirety and the following is substituted in lieu thereof:

 

Monthly Benefit
- The monthly benefit payable upon death, disability or Normal Retirement shall be one-twelfth (1/12th) of an amount equal to twenty
percent (20%) of the Final Average Compensation of Employee, but in no event shall the monthly benefit be less than one-twelfth
(1/12) of an amount equal to $100,000.

 

2. A definition of
Final Average Compensation shall be added to Section 1 to read as follows:

 

Final Average Compensation
- The average of the sum of the salary and cash bonus (inclusive of all discretionary bonuses and cash incentive programs in which
Employee participated) for the last five (5) consecutive, completed calendar years of service. Stock options, restricted stock
or other equity compensation grants, programs or plans shall not be included in the computation of Final Average Compensation.
However, all sums earned under any Employer cash incentive plan shall be considered as cash compensation, even if in future years
some part or all of any cash incentive payment may be paid in stock rather than cash.

 

3. Section 8 shall
be deleted in its entirety and the following is substituted in lieu thereof:

 

8. Administration.
This deferred compensation agreement shall be administered by the Compensation Committee of the Board of Directors of Employer,
which Committee shall have all rights and powers as may be necessary or appropriate for the discharge of its duties in the administration
of this agreement.

 

     

     

    

4. The existing Section
11 Benefit and Binding Effect shall be redesignated as Section 12 and a new Section 409A shall be added
to read as follows:

 

11.  Section 409A. 
This Agreement is intended to comply with Internal Revenue Code § 409A or an exemption.  Any payments that qualify for
the “short-term deferral” exception or another exception under Internal Revenue Code § 409A will be paid under
the applicable exception.  Payments may only be made under this Agreement upon an event and in a manner permitted by Internal
Revenue Code § 409A to the extent applicable, including the requirement, if applicable, that payments upon separation from
service be delayed for six months if Employee is considered a “key employee” of a public company for purposes of Internal
Revenue Code § 409A.  Payments to be made upon a termination of employment under this Agreement may only be made upon
a “separation from service” under Internal Revenue Code § 409A.  For purposes of Internal Revenue Code §
409A, the right to a series of installment payments under this Agreement will be treated as a right to a series of separate payments. 
In no event may Employee, directly or indirectly, designate the calendar year of a payment.

 

 

IN WITNESS WHEREOF,
the parties have executed this instrument this _25_ day of January 2018 to be effective on January _25_, 2018.

 

 

	 	SIMMONS FIRST NATIONAL CORPORATION
	 	 	 
	 	By 	/s/ Jena Compton
	 	 	 

	 	Title:	EVP, Chief People Officer
	 	 	 

 

 

	 	 	/s/ George A.
Makris
	 	 	George A.
Makris

 

 

 

 

2Exhibit

Exhibit 10.22

FIFTH AMENDMENT 

THIS FIFTH AMENDMENT (this “Amendment”) dated as of February 14, 2018 to the Credit Agreement referenced below is by and among Compass Group Diversified Holdings LLC, a Delaware limited liability company (the “Borrower”), the Lenders identified on the signature pages hereto and Bank of America, N.A., in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H

WHEREAS, revolving credit and term loan facilities have been extended to the Borrower pursuant to that certain Credit Agreement dated as of June 6, 2014 (as amended, modified, supplemented, increased and extended from time to time, the “Credit Agreement”) by and among the Borrower, the Lenders identified therein and the Administrative Agent; and

WHEREAS, the Borrower has requested certain amendments to the Credit Agreement.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

		
	1.
	Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement (as amended by this Amendment).

		
	2.
	Amendments.  The Credit Agreement is hereby amended as follows:

2.1    The definition of “Permitted Earn Out Obligations” in Section 1.01 is amended by adding the following language to the end of such definition to read as follows:

“; provided, that the Earn Out Obligation owing by Sterno Products LLC (“SPLLC”) pursuant to Section 2.6 the Stock Purchase Agreement by and among Rimports Inc., the Sellers identified therein, the Additional Knapp Parties identified therein and SPLLC dated as of January 23, 2018 shall not be required to be subordinated to the Intercompany Debt owing to Borrower by Sterno and its Subsidiaries.”
2.2    Section 7.03(e) is amended by (a) replacing clause “(ii)” with “(iii)” and (b) inserting a new clause (ii) before clause (iii) to read as follows :  
 (ii) deferred purchase price obligations of Clean Earth or its Subsidiary payable in annual installments in an aggregate amount not to exceed $21,504,000 incurred in connection with the acquisition by Clean Earth of Greater Washington, LLC of certain airspace from The Anderson Company or its designee; and 
		
	3.
	Conditions Precedent.  This Amendment shall become effective as of the date hereof upon satisfaction of each of the following conditions precedent in each case in a manner reasonably satisfactory to the Administrative Agent:

		
	3.1
	Amendment.  Receipt by the Administrative Agent of executed counterparts of this Amendment properly executed by a Responsible Officer of the Borrower, the Lenders constituting Required Lenders (including the Administrative Agent on behalf of each Lender holding a portion of the Term Loan that delivers a consent to this Amendment in a form acceptable to the Administrative Agent) and the Administrative Agent.

Without limiting the generality of the provisions of the last paragraph of Section 9.03 of the Credit Agreement, for purposes of determining compliance with the conditions specified in this Section 3, each Lender that has consented to this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless 

the Administrative Agent shall have received notice from such Lender prior to the date of this Amendment specifying its objection thereto.

		
	4.
	Reaffirmation.  The Borrower acknowledges and reaffirms that (a) it is bound by all of the terms of the Loan Documents to which it is a party and (b) it is responsible for the observance and full performance of all Obligations, including, without limitation, the repayment of the Loans and reimbursement of any drawings on any Letter of Credit.  Furthermore, the Borrower acknowledges and confirms that (a) the Administrative Agent, the Lenders and the L/C Issuers have performed fully all of their obligations under the Credit Agreement and the other Loan Documents and (b) by entering into this Amendment, the Administrative Agent, the Lenders and the L/C Issuers do not waive or release any term or condition of the Credit Agreement or any of the other Loan Documents or any of their rights or remedies under such Loan Documents or any applicable law or any of the obligations of the Borrower thereunder. 

		
	5.
	Miscellaneous. 

5.1    The Credit Agreement (as amended hereby) and the obligations of the Borrower thereunder and under the other Loan Documents are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Amendment shall not be deemed or construed to be a satisfaction, reinstatement, novation or release of any Loan Document or a waiver by the Administrative Agent, any Lender or any L/C Issuer of any rights and remedies under the Loan Documents, at law or in equity.

5.2    The Borrower hereby represents and warrants to the Administrative Agent, the Lenders and the L/C Issuers as follows:

(a)    The Borrower has taken all necessary action to authorize the execution, delivery and performance of this Amendment.  This Amendment and the execution and performance hereof by the Borrower do not conflict with the Borrower’s Organization Documents or any law, agreement or obligation by which the Borrower is bound.

(b)    This Amendment has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligations, enforceable in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity.

(c)    No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Amendment.

(d)    The representations and warranties of the Borrower contained in Article V of the Credit Agreement or in any other Loan Document, or which are contained in any document furnished at any time under or in connection therewith, are true and correct in all material respects (or, in the case of any such representations and warranties qualified by materiality or Material Adverse Effect, in all respects as drafted) as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties specifically refer to an earlier date, in which case such representations and warranties are true and correct in all material respects (or, in the case of any such representations and warranties qualified by materiality or Material Adverse Effect, in all respects as drafted) as of such earlier date.

(e)    No event has occurred and is continuing which constitutes a Default or an Event of Default.

5.3    This Amendment shall constitute a Loan Document for all purposes. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by telecopy or other electronic means (such as by email in “pdf” or “tif” format) shall be effective as an original and shall constitute a representation that an executed original shall be delivered.  This Amendment constitutes the entire contract among 

the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Amendment will inure to the benefit of and bind the respective successors and permitted assigns of the parties hereto.

5.4    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE TERMS OF SECTIONS 10.14 AND 10.15 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS. 

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Fifth Amendment to be duly executed and delivered as of the date first above written.

	
				
	BORROWER:
	 
	COMPASS GROUP DIVERSIFIED HOLDINGS LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ryan Faulkingham

	 
	 
	Name:
	Ryan Faulkingham

	 
	 
	Title:
	Chief Financial Officer

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

[SIGNATURE PAGES CONTINUE]

	
				
	ADMINISTRATIVE AGENT: 

	 
	BANK OF AMERICA, N.A., as Administrative Agent on behalf of itself and on behalf of each approving Lender holding a portion of the Term Loan

	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Charlene Wright-Jones

	 
	 
	Name:
	Charlene Wright-Jones

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	
				
	LENDERS:
	 
	BANK OF AMERICA, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Christopher T. Phelan

	 
	 
	Name:
	Christopher T. Phelan

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	 
	SUNTRUST BANK

	 
	 
	 
	 

	 
	 
	By:
	/s/ Johnetta Bush

	 
	 
	Name:
	Johnetta Bush

	 
	 
	Title:
	Director

	 
	 
	 
	 

	 
	 
	U.S. BANK NATIONAL ASSOCIATION

	 
	 
	 
	 

	 
	 
	By:
	/s/ Jason Nadler

	 
	 
	Name:
	Jason Nadler

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	 
	TD BANK USA, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ William Chen

	 
	 
	Name:
	William Chen

	 
	 
	Title:
	Senior Vice President of TD Bank, N.A. as Servicing Agent for TD Bank USA, N.A.

	 
	 
	 
	 

	 
	 
	MUFG UNION BANK, N.A.

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ravneet Mumick

	 
	 
	Name:
	Ravneet Mumick

	 
	 
	Title:
	Director

	 
	 
	 
	 

	 
	 
	FIFTH THIRD BANK

	 
	 
	 
	 

	 
	 
	By:
	/s/ Nick Jevic

	 
	 
	Name:
	Nick Jevic

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	
				
	 
	 
	CIBC BANK USA,

	 
	 
	Formerly known as The PrivateBank and Trust Company,

	 
	 
	 
	 

	 
	 
	By:
	/s/ Sam L. Dendrinos

	 
	 
	Name:
	Sam L. Dendrinos

	 
	 
	Title:
	Managing Director

	 
	 
	 
	 

	 
	 
	WEBSTER BANK, NATIONAL ASSOCIATION

	 
	 
	 
	 

	 
	 
	By:
	/s/ George G. Sims

	 
	 
	Name:
	George G. Sims

	 
	 
	Title:
	Senior Vice President

	 
	 
	 
	 

	 
	 
	SIEMENS FINANCIAL SERVICES, INC.

	 
	 
	 
	 

	 
	 
	By:
	/s/ William D. Jentsch

	 
	 
	Name:
	William D. Jenstsch

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	 
	 
	By:
	/s/ Marla Levy

	 
	 
	Name:
	Marla Levy

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	 
	 
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION

	 
	 
	 
	 

	 
	 
	By:
	/s/ Michael Privetz

	 
	 
	Name:
	Michael Privetz

	 
	 
	Title:
	Vice President

	 
	 
	 
	 

	 
	 
	BRANCH BANKING AND TRUST COMPANY

	 
	 
	 
	 

	 
	 
	By:
	/s/ Steve Whitcomb

	 
	 
	Name:
	Steve Whitcomb

	 
	 
	Title:
	Senior Vice President

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