Document:

Exhibit 10.1 Q3 2012

        
Restricted Stock Unit Award Agreement
Sign-On Award

Throughout this Award Agreement we sometimes refer to Sprint Nextel Corporation as “we” or “us.”

1.  Award of Restricted Stock Units
On September 26, 2011 (the “Date of Grant”), the Compensation Committee of the Board of Directors of Sprint Nextel Corporation (the “Compensation Committee”) granted you an Award of 65,000 Restricted Stock Units (RSUs) under the terms of the Sprint Nextel Corporation 2007 Omnibus Incentive Plan (the “Plan”).  Subject to the restrictions and conditions of the Plan and this Award Agreement, each RSU represents the right for you to receive from us one share of Common Stock on the Vesting Date and to dividends as described below.  Your right to receive shares of Common Stock underlying the RSUs is a contractual right between you and us and does not give you a preferred claim to any particular assets or shares of Sprint Nextel.

2.  Restriction Period
Subject to the terms and conditions of this Award Agreement, including the Performance Adjustment, your Outstanding RSUs vest 100% on the third anniversary of the Date of Grant or the date vesting is accelerated as described in paragraph 5 below if earlier (the “Vesting Date”), conditioned upon you continuously serving as our employee through that Vesting Date other than as provided in paragraph 4 below.   

3.  Forfeiture of RSUs
You will forfeit unvested RSUs as of your Termination Date (unless vesting of your RSUs accelerates under paragraph 4).  Termination Date means the later of (a) the last day of your relationship with us as a common-law employee as reflected on our payroll records, and (b) if, after your involuntary termination you receive severance from us paid according to our payroll cycle (i.e., not in a lump sum), the last day of your severance pay period. 

4.  Acceleration of Vesting
Unvested RSUs before the time at which they would normally become vested - that is, the vesting of RSUs may accelerate.  Accelerated vesting occurs under the following circumstances:  

	
			
	Event
	Condition for acceleration
	Effective date of acceleration

	Death
	If you die.
	Death.

	Disability
	If you have a Separation from Service under circumstances that make you eligible for benefits under the company's long-term disability plan.
	Your Separation from Service (or after the Six-Month Payment Delay if you are a “specified employee” subject to this delay).

	Change in Control
	If you have a Separation from Service during the CIC Severance Protection Period under circumstances that you receive severance benefits under the Sprint Nextel Separation Plan, the CIC Severance Plan, or your employment agreement (if applicable).
	Your Separation from Service (or after the Six-Month Payment Delay if you are a “specified employee” subject to this delay).

Separation from Service is defined in the Plan.  Generally, it means the date of your termination of employment with us.  To contrast the date of your Separation from Service from your Termination Date, if you are involuntarily terminated and receive severance pay from us, your Separation from Service would occur on the last day you actually worked for us and your Termination Date would occur on the last day of your severance pay period.

CIC Severance Plan means the Sprint Nextel Corporation Change in Control Plan, as it may be amended from time to time, or any successor plan.  CIC Severance Protection Period is defined in the Plan.  It means the time period commencing on the date of the first occurrence of a Change in Control and continuing until the earlier of (i) the 18-month anniversary of such date or (ii) the Participant's death.

Six-Month Payment Delay is defined in the Plan to mean the required delay in payment to a Participant who is a “specified employee” of amounts subject to paragraph 409A of the Internal Revenue Code (the “Code”) that are paid upon Separation from Service.  

5.   Dividends
If cash dividends are paid on the Common Stock underlying RSUs you hold on the dividend record date, you will receive a cash payment equal to the amount of the dividend that would be paid on such Common Stock as soon as practicable after the Delivery Date but in no event later than 45 days after such date.   

If non-cash dividends are paid on the Common Stock underlying your RSUs, the Compensation Committee, in its sole discretion, may (1) adjust the RSUs as described in paragraph 10 of this Award Agreement, or (2) provide for distribution of the property distributed in the non-cash dividend.  If the Compensation Committee provides for distribution of the non-cash dividend, and you hold the RSUs on the dividend record date, your vesting and delivery dates for the property distributed on the Common Stock underlying your RSUs will be the same as those dates for the RSUs.

6.   Delivery Date; Market Value Per Share
The Delivery Date (the date as of which we distribute the Common Stock underlying the Outstanding RSUs to you) is the Vesting Date, or the day after the Six-Month Payment Delay if that delay applies to your RSUs. We calculate your taxable income on the Delivery Date using 

the Market Value Per Share on the immediately preceding trading day, but we use the average of the high and low reported prices of our Common Stock instead of the closing price.  We will distribute the Common Stock underlying the Outstanding RSUs, as soon as practicable after the Delivery Date, but in no event later than 45 days after the Delivery Date.

7.  Transfer of your RSUs and Designation of Beneficiaries 
Your RSUs represent a contract between Sprint Nextel and you, and your rights under the contract are not assignable to any other party during your lifetime.  Upon your death, shares of Common Stock underlying your RSUs will be delivered in accordance with the terms of the Award to any beneficiaries you name in a beneficiary designation or, if you make no designation, to your estate.

8.  Plan Terms
All capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the same meaning as those terms have in the Plan.  The terms of the Plan are hereby incorporated by this reference.  The Plan is available online at http://iconnect.corp.sprint.com/portal/iland/?dochome=iw&docpath=IntranetDirectory/LandingPage/20080605_1650_10367056#LTI.

9.  Adjustment
In the event of any change in the number or kind of outstanding shares of our Common Stock by reason of a recapitalization, merger, consolidation, spin-off, reorganization, separation, liquidation, stock split, stock dividend, combination of shares or any other change in our corporate structure or shares of our Common Stock, an appropriate adjustment will be made consistent with applicable provisions of the Code and applicable Treasury Department rulings and regulations in the number and kind of shares subject to outstanding Awards and any other adjustments as the Board deems appropriate.

10.  Amendment; Discretionary Nature of Plan
This Award Agreement is subject to the terms of the Plan, as may be amended from time to time, except that the Award which is the subject of this Award Agreement may not be materially impaired by any amendment or termination of the Plan approved after the Date of Grant without your written consent. You acknowledge and agree that the Plan is discretionary in nature and may be amended, cancelled, or terminated by us, in our sole discretion, at any time.  The grant of RSUs under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of RSUs, other types of grants under the Plan, or benefits in lieu of such grants in the future.  Future grants, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the number of RSUs granted, the payment of dividend equivalents, and vesting provisions.

11.  Data Privacy
By entering into this agreement, you (i) authorize us, and any agent of ours administering the Plan or providing Plan recordkeeping services, to disclose to us or our subsidiaries such information and data as we or our subsidiaries request in order to facilitate the grant of the RSUs and the administration of the Plan; (ii) waive any data privacy rights you may have with respect 

to such information; and (iii) authorize us to store and transmit such information in electronic form.

12.  Governing Law
This Award Agreement will be governed by the laws of the State of Kansas.  No shares of Common Stock will be delivered to you upon the vesting of the RSUs unless counsel for the Company is satisfied that such delivery will be in compliance with all applicable laws.

13.  Severability
The various provisions of this Award Agreement are severable, and any determination of invalidity or unenforceability of any one provision shall have no effect on the remaining provisions.

14.  Taxes
You are liable for any and all taxes, including withholding taxes, arising out of this grant or the issuance of the Common Stock on vesting of RSUs.  The Company is authorized to deduct the amount of the tax withholding from the amount payable to you upon settlement of the RSUs.  We will withhold from the total number of shares of Common Stock you are to receive a number of shares the value of which is sufficient to satisfy any such withholding obligation at the minimum applicable withholding rate.  In addition, if you become subject to FICA or Medicare tax, but you are not yet entitled to delivery of the shares of Common Stock underlying the RSUs, you hereby authorize us to withhold the resulting FICA or Medicare tax from other income payable to you.
15.  Entire Agreement
You hereby acknowledge that you have read the 2007 Omnibus Incentive Plan Information Statement dated April 2010 (the “Information Statement”) available at http://iconnect.corp.sprint.com/portal/iland/?dochome=iw&docpath=IntranetDirectory/LandingPage/20080605_1650_10367056#LTI.  To the extent not inconsistent with the provisions of this Award Agreement, the terms of the Information Statement and the Plan are hereby incorporated by reference.  This Award Agreement, along with the Information Statement and the Plan, contain the entire understanding of the parties. 

	
			
	ACCEPTED:    
	 
	Sprint Nextel Corporation

	 
	 
	 

	 
	 
	 

	 
	 
	 

	/s/ William Malloy
	 
	By: /s/ Sandra Price

	William Malloy
	 
	 

This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933revolverupdate.htm

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT ("this Amendment") dated as of March 31, 2012 (the "Effective Date") is entered into by and among INTERNATIONAL SHIPHOLDING CORPORATION, a Delaware corporation ("ISC"), ENTERPRISE SHIP COMPANY, INC., a Delaware corporation ("Enterprise"), SULPHUR CARRIERS, INC., a Delaware corporation ("Sulphur Carriers"), GULF SOUTH SHIPPING PTE LTD., a Singapore corporation ("Gulf South"), CG RAILWAY, INC., a Delaware corporation ("CG Railway"), LCI SHIPHOLDINGS, INC., a Marshall Islands corporation ("LCI"), CENTRAL GULF LINES, INC., a Delaware corporation ("Central Gulf"), EAST GULF SHIPHOLDING, INC., a Marshall Islands corporation ("East Gulf"), MPV, INC., a Marshall Islands corporation ("MPV"), DRY BULK AMERICAS LTD., a British Virgin Islands Business Company ("Americas"), DRY BULK AUSTRALIA LTD., an International Business Company of the British Virgin Islands ("Australia"), and WATERMAN STEAMSHIP CORPORATION, a New York corporation ("Waterman"; ISC, Enterprise, Sulphur Carriers, Gulf South, CG Railway, Lel, Central Gulf, East Gulf, MPV, Americas, Australia and Waterman are, collectively, referred to as the "Borrowers"), and REGIONS BANK, an Alabama banking corporation (the "Lender").

 

Recitals

 

A.The Borrowers and the Lender are parties to that certain Credit Agreement dated March 7, 2008, as amended by a First Amendment thereto dated March 3, 2009, by a Second Amendment thereto dated August 13, 2009, by a Third Amendment thereto dated as of March 31, 2010, and by a Fourth Amendment thereto dated as of March 31, 2011 (as further amended from time to time, the "Credit Agreement").

 

B.The Borrowers have requested that the Lender make certain modifications to the Credit Agreement as set forth herein.

 

C.The Lender has agreed to make such modifications, provided that the Borrowers and the Lender enter into this Amendment.

 

Agreement

 

 

NOW, THEREFORE, in consideration of the foregoing recitals and in further consideration of the mutual agreements set forth herein, the Borrowers and the Lender hereby agree as follows, with such agreements to become effective as of the Effective Date:

 

1.           Rules of Construction. This Amendment is subject to the rules of construction set forth in the Credit Agreement.

 

2.           Definitions. Capitalized terms used in this Amendment and not otherwise defined herein have the meanings defined for them in the Credit Agreement.

3.       Representations and Warranties of Borrower. The Borrowers represent and warrant to the Lender as follows:

 

(a)           Representations and Warranties in Credit Documents, All of the representations and warranties set forth in the Credit Documents are true and correct on and as of the Effective Date, except to the extent that such representations and warranties expressly relate to an earlier date.

 

(b)           No Default. As of the Effective Date, the Borrowers are in compliance with all the terms and provisions set forth in the Credit Documents on their part to be observed or performed, and no Event of Default, nor any event that upon notice or lapse of time or both would constitute such an Event of Default, has occurred and is continuing.

 

(c)           No Misleading Information. To the best knowledge of the Borrowers, neither this Amendment nor any certificate, written statement or other document furnished to the Lender by or on behalf of the Borrowers in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not misleading, and there is no fact known to the Borrowers that the Borrowers have not disclosed to the Lender that materially adversely affects or, so far as the Borrowers can now reasonably foresee, will materially adversely affect the properties, or financial or other condition of the Borrowers or the ability of the Borrowers to perform their obligations hereunder and under the other Credit Documents.

 

(d)           Borrowers' Organizational Documents, The organizational documents of the Borrowers have not been amended since March 31, 2011.

 

    4.      Amendments to Credit Agreement.

 

(a)Section 1.1 is hereby amended to add the following subparagraph (h) which shall read as follows:

 

(h)Unless otherwise specified herein, all accounting terms used in this Agreement, the Revolving Note and in any other Credit Document shall be interpreted, and all financial statements and certificates and reports as to financial matters required to be delivered to the Lender under this Agreement shall be prepared, in accordance with GAAP, as amended from time to time including amendments to GAAP made as a result of the conformity of GAAP to International Financial Reporting Standards, provided, however, that for purposes of determining the ratios and covenants set forth in Section 5.15, GAAP shall be (MAP in effect as at March 31, 2012

 

  

  

  

(b)Section 1.2(xx) is hereby amended to read, in its entirety, as follows:

 

(xx) Termination Date means the maturity date of the Revolving Loan (which is April 6, 2014) as such date may be extended from time to time pursuant to Section 2,5 or accelerated pursuant to Section 6.2.

 

(c)Section 1.2 is hereby amended to add the following definition, as follows:

 

(ccc) Liquid Assets means, as of an applicable time, the following, so long as the same is not subject to any Lien nor subject to any restriction on transferability, whether imposed under applicable law, by agreement, or otherwise: (i) marketable direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the fnll faith and credit of the United States, in each case maturing within one year from the applicable time;

(ii) certificates of deposit and time deposits having maturities of twelve months or less from the applicable time and issued by any commercial bank located in Western Europe or organized under the laws of the United States of America or any state thereof and, in each instance, having combined capital and surplus of not less than $500,000,000;

(iii) commercial paper of an issuer rated at least A-2 by Standard & Poor's Ratings Services ("S&P") or Bal by Moody's Investor's Service, Inc. ("Moody's"), or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the applicable time; (iv) securities with maturities of one year or less from the applicable time and issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody's; (v) securities with maturities of six months or less from the applicable time and backed by standby letters of credit by the Lender or any commercial bank satisfying the requirements of clause (ii) of this definition; (vi) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (i) through (iii) of this definition; (vii) overnight Eurodollar time deposit sweep accounts and (viii) publicly traded securities listed on a nationally recognized securities exchange in the United States.

 

(d)Section 1.2(l) is hereby amended to read, in its entirety, as follows:

 

Consolidated Indebtedness means the sum of (i) all Indebtedness of ISC and the Subsidiaries determined on a consolidated basis in accordance with GAAP and (ii) the product of 6 times the Lease Expense of 1SC and its Subsidiaries for the past 12 months determined on a consolidated basis in accordance with GAAR

 

(e) Section 1.2(zz) is hereby amended to read, in its entirety, as follows:

 

(zz) Consolidated EBITDAR means, with respect to ISC and the Subsidiaries, on a consolidated basis, for any period (without duplication) the sum of (i) Consolidated EBITDA and (ii) Lease Expense.

 

(f) Section 1.2(aaa) is hereby amended to read, in its entirety, as follows:

 

(aaa) Fixed Charges means with respect to ISC and the Subsidiaries, on a consolidated basis, for any period (without duplication), the sum of (i) Interest Expense; (ii) Lease Expense; (iii) required principal payments for any outstanding debt during the applicable reporting period (excluding the balloon payment due on the Termination Date) and (iv) maintenance Capital Expenditures (calculated at 30% of their depreciation expense).

 

(g) Section 5.15(g) is hereby amended to read, in its entirety, as follows:

 

(g) Consolidated Indebtedness less Liquid Assets toConsolidated EBITDAR Ratio. Maintain, on a consolidated basis, a ratio of Consolidated Indebtedness less Liquid Assets to Consolidated EBITDAR for ISC and the Subsidiaries of not more than (0 4.75 to 1.00 through March 31, 2013 and (ii) 4.50 to 1.0 at all times thereafter, as measured at the end of each fiscal quarter based on the four most recent fiscal quarters for which financial information is available.

 

(h) Section 5.15(m) is hereby amended to read, in its entirety, as follows:

 

(m)Consolidated EBITDAR to Fixed Charges. Maintain a ratio of Consolidated EIIITDAR to Fixed Charges for ISC and the Subsidiaries on a consolidated basis for the four most recent fiscal quarters for which financial information is available (i) through December 31, 2012 of not less than 1.10 to 1.00 and (ii) at all times thereafter, of not less than 1.20 to 1.00.

 

(i) Section 5.15(i) is hereby amended to read, in its entirety, as follows:

 

(i)Consolidated Tangible Net Worth Maintain a Consolidated Tangible Net Worth, as measured at the end of each fiscal quarter, in an amount of not less than the sum of Two Hundred Twenty-Eight Million Dollars ($228,000,000) and flay percent (50%) of all net income of ISC and the Subsidiaries (on a consolidated basis) earned after December 31, 2011

  

  

  

5.           Amendment Fee. As consideration for the Lenders agreement to modify the Credit Agreement, the Borrowers agree to pay to the Lender a fee equal to Seventy-Five Thousand and 00/100 Dollars ($75,000.00) (the "Amendment Fee"). The Amendment Fee shall be payable on the date of this Amendment and shall be non-refundable.

 

6.           Fees and Legal Expenses. The Borrowers hereby agree to pay all reasonable invoiced legal costs and expenses incurred in connection with the review, analysis and preparation of this Amendment. Such expenses and legal costs shall be payable upon the execution of this Amendment and shall be non-refundable.

 

7.           References in Credit Documents. All references in the Credit Documents to the "Credit Agreement" shall mean the Credit Agreement as amended by this Amendment.

 

8.           Credit Documents to Remain in Effect. Except as specifically modified by this Amendment, the Credit Agreement and the other Credit Documents shall remain in full force and effect in accordance with their respective terms.

 

9.           No Novation, etc. Nothing contained in this Amendment shall be deemed to constitute a novation of the terms of the Credit Documents, nor impair any Liens granted to the Lender thereunder, nor release any obligor from liability for any of the Obligations, nor affect any of the rights, powers or remedies of the Lender under the Credit Documents, nor constitute a waiver of any provision thereof, except as specifically set forth in this Amendment.

 

10.         Governing Law, Successors and Assigns, etc. This Amendment shall be governed by and construed in accordance with the laws of the State of Alabama and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

11.         Headings. The descriptive headings of the sections of this Amendment are for convenient reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

 

12.         Entire Agreement. This Amendment constitutes the entire understanding to date of the parties hereto regarding the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements of the parties thereto with respect to the subject matter hereof.

 

13.         Severability. If any provision of this Amendment shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

14.         Counterparts.  This Amendment may be executed in any number of

 

counterparts, each of which so executed shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument.

 

15.         No Waiver. Nothing contained herein shall be construed as a waiver or

 

acknowledgement of, or consent to any breach of or Event of Default under the Credit Agreement and the Credit Documents not specifically mentioned herein, and the waivers and consents granted herein are effective only in the specific instance and for the purposes for which given.

16.         Effect of this Amendment. This Amendment amends and supplements the Credit Agreement and shall be construed as if it were a part thereof for all purposes. Any representation or warranty contained herein that shall prove to be false or misleading in any material respect at the time made shall constitute an Event of Default under the Credit Agreement and the other Credit Documents in accordance with the Credit Agreement as if such representation or warranty had been contained in the Credit Agreement, and any default by the Borrowers in the performance Or observance of any provision of this Amendment shall constitute an Event of Default under that section as if such provision had been contained in the Credit Agreement.

 

 

  

  

  

IN WITNESS WHEREOF, the Borrowers and the Lender have caused this Amendment to be executed and delivered by their duly authorized representatives to be effective as of the Effective Date.

 

INTERNATIONAL SHIPHOLDING CORPORATION

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

ENTERPRISE SHIP COMPANY, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

SULPHUR CARRIERS, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

GULF SOUTH SHIPPING PTE LTD.

	
By:  /s/ Manuel G. Estrada

	
Its:  DIRECTOR

 

CG RAILWAY, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

LCI SHIPHOLDINGS, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

CENTRAL GULF LINES, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

EAST GULF SHIPHOLDING, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

MPV, INC.

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

DRY BULK AMERICAS LTD.

	
By:  /s/ Erik L. Johnsen

	
Its:  DIRECTOR

 

DRY BULK AUSTRALIA LTD.

	
By:  /s/ Erik L. Johnsen

	
Its:  DIRECTOR

 

WATERMAN STEAMSHIP CORPORATION

	
By:  /s/ David B. Drake

	
Its:  V/P – TREASURER

 

REGIONS BANK

	
By:  /s/ Edward E. Midyett

	
Its:  Vice President

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