Document:

ucfc-ex107_196.htm

Exhibit 10.7

EMPLOYMENT AGREEMENT

 

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), is entered into this 2nd day of April, 2012 (“Effective Date”) by and between The Home Savings and Loan Company of Youngstown, Ohio, a state chartered savings bank incorporated under Ohio law (the “Company”) and Barbara J. Radis, an individual (hereinafter referred to as the “Executive”).

 

WITNESSETH:

WHEREAS, the Executive is currently employed as the Senior Vice President – Retail Banking of the Company;

 

WHEREAS, the Board of Directors of the Company desires to continue to retain the services of the Executive in those capacities and the Executive desires to continue to so serve; and 

 

WHEREAS, the Executive and the Company desire to enter into this Agreement to set forth the terms and conditions of the employment relationship between the Company and the Executive.

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the Company and the Executive, each party intending to be legally bound, hereby agree as follows:

 

	
1.
	
Employment and Term.

 

(a)Term. Upon the terms and subject to the conditions of this Agreement, the Company hereby employs the Executive for a term beginning on April 2, 2012, and continuing for a period of 12 months (together with any renewal period described in Section 1(b), the “Term”).

 

(b)Renewal.  The Term of this Agreement shall be extended for one day each day so that the Term is always 12 months.  The Term shall continue until the Company’s Board of Directors or the Executive provides written notice of non-renewal to the other, in which case renewals will cease and the Term will become fixed, ending 12 months after the date of receipt of any such written notice. 

 

 

 

	
2.
	
Duties of the Executive.

 

(a)General Duties and Responsibilities.  The Executive shall serve as the Senior Vice President – Retail Banking of the Company.  In such capacity(ies), the Executive shall have the authority commensurate with such position and such duties as shall be determined from time to time by the Board of Directors, or the Chief Executive Officer or Executive Vice President of the Company and as further described in the Executive’s most recent job description on file with the Company.  The Executive shall report directly to the Company’s Executive Vice President.  The Executive will further perform such other duties and hold such other positions related to the business of the Company and its Affiliates as may from time to time be reasonably requested of the Executive by the Executive Vice President.  For purposes of this Agreement, an “Affiliate” shall mean any corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, trust, association or organization which, directly or indirectly, controls, is controlled by, or is under common control with, the Company.

(b)Devotion of Entire Time to the Business of the Company.  The Executive shall devote the Executive’s entire productive time, ability and attention during normal business hours throughout the Term to the faithful performance of the Executive’s duties under this Agreement.  The Executive shall not directly or indirectly render any services of a business, commercial or professional nature to any person or organization other than the Company or its Affiliates without the prior written consent of the Board of Directors of the Company; provided, however, that the Executive shall not be precluded from taking such vacation or sick leave as is applicable to the Executive, pursuing personal investments that do not interfere or conflict with the performance of the Executive’s duties to the Company, reasonable participation in community, civic, charitable or similar organizations, or in industry-related activities, including, but not limited to, attending state and national trade association meetings and serving as an officer, director, trustee or committee member of a state or national trade association or Federal Home Loan Bank, or such other regulatory governing body.

 

(c)Standards.  During the Term, the Executive shall perform the Executive’s duties in accordance with such reasonable standards expected of executives with comparable positions in comparable organizations and as may be established from time to time by the Executive Vice President.

 

3.Compensation and Review.

 

(a)Base Salary.  During the Term, the Executive will receive an annual base salary of One Hundred Fifty –Six Thousand and 00/100 Dollars ($156,000).  In the event that the Company increases the Executive’s annual base salary, the amount of the initial annual base salary, together with any increase(s) will be the Executive’s base salary (the “Base Salary”).  The Base Salary will be payable in accordance with the Company’s regular payroll payment practices, but not less frequently than monthly.

2

 

 

(b)Annual Review.  On or about December 31 of each year, the compensation of the Executive shall be reviewed in accordance with the Company’s charter documents and applicable laws, rules or regulations, including those of any listing agency applicable to the Company or UCFC (as defined below), by either of (i) the Board of Directors or Compensation Committee or (ii) the CEO and, based upon the Executive’s individual performance and such other factors as the Board of Directors, Compensation Committee or CEO (as applicable) of the Company may deem appropriate, the Board of Directors, Compensation Committee or CEO of the Company may, in its sole discretion, increase the Executive’s Base Salary.

 

(c)Bonus.  Executive shall be eligible to participate during the Term in the Executive Incentive Plan and in any other executive incentive bonus plan that the Company may adopt and implement from time to time.  Nothing contained in this Section shall obligate the Company to institute, maintain or refrain from changing, amending or discontinuing any incentive bonus plan, so long as such changes are similarly applicable to other employees under such plan. 

 

(d)Fringe Benefits.   During the Term, the Company will provide the Executive with all health and life insurance coverages, disability programs, tax-qualified retirement plans, equity compensation programs, and similar fringe benefit plans, paid holidays, paid vacation, perquisites, and such other fringe benefits of employment as the Company may provide from time to time to actively employed similar situated employees of the Company.   Notwithstanding any provision contained in this Agreement, the Company may discontinue or terminate at any time any employee benefit plan, policy or program described in this Section 3(d), now existing or hereafter adopted, to the extent permitted by the terms of such plan, policy or program and will not be required to compensate the Executive for such discontinuance or termination.

 

(e)Expenses.   The Company shall reimburse the Executive for reasonable travel, industry, entertainment and miscellaneous expenses incurred in connection with the performance of Executive’s duties under this Agreement, including participation in industry-related activities, in accordance with the existing policies and procedures of the Company pertaining to reimbursement of such expenses to executives.

 

4.Termination of Employment.  For purposes of this Agreement, any reference to the Executive’s “termination of employment” (or any form thereof) shall mean the Executive’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation §1.409A-1(h).

 

3

 

 

(a)Death of Executive.  The Term and the Executive’s employment will terminate upon the Executive’s death and the Executive’s beneficiary (as designated by the Executive in writing with the Company prior to the Executive’s death) will be entitled to the following payments and benefits: 

	
 
	
(i)
	
any Base Salary that is accrued but unpaid and any business expenses that are unreimbursed – all, as of the date of termination of employment; 

	
 
	
(ii)
	
any rights and benefits (if any) provided under plans and programs of the Company, determined in accordance with the applicable terms and provisions of such plans and programs (the payments described in Sections 4(a)(i) and (ii) are hereinafter collectively referred to as the “Accrued Obligations”); and

	
 
	
(iii)
	
the Executive’s monthly base salary for 90 days following the day death occurred.

In the absence of a beneficiary designation by the Executive, or, if the Executive’s designated beneficiary does not survive the Executive, payments and benefits described in this Section 4(a) will be paid to the Executive’s estate.  Any payments due under Section 4(a)(i) shall be made within 30 days after the date of the Executive’s death.

(b)Disability.  The Term and the Executive’s employment may be terminated by the Company upon written notice from the Company following the determination, as set forth immediately below, that the Executive suffers from a Permanent Disability.  For purposes of this Agreement, “Permanent Disability” means a physical or mental impairment that renders the Executive incapable of performing the essential functions of the Executive’s job, on a full-time basis, even taking into account reasonable accommodation required by law, as determined by a physician who is selected by the agreement of the Executive and the Company, for a period of greater than 150 days.  During any period that the Executive fails to perform the Executive’s duties hereunder as a result of a Permanent Disability (“Disability Period”), the Executive will continue to receive the Executive’s Base Salary at the rate then in effect for such period until the Executive’s employment is terminated pursuant to this Section 4(b); provided, however, that payments of Base Salary so made to the Executive will be reduced by the sum of the amounts, if any, that were payable to the Executive at or before the time of any such salary payment under any disability benefit plan or plans of the Company and that were not previously applied to reduce any payment of Base Salary.  In the event that the Company elects to terminate the Executive’s employment due to Disability, the Executive will be entitled to payment of the Accrued Obligations.  In addition to the foregoing, provided that the Executive elects COBRA coverage, the Company shall pay the Executive’s COBRA premium payments consistent with the group health, dental and vision coverage in existence on the date of termination beginning on the date of termination and continuing until the earlier of: (A) the 12th consecutive month following 

4

 

 

the Executive’s termination or (B) the Executive becoming eligible as a full-time employee to participate in the group health plan of any other employer.

(c)For Cause Termination.  The Company may terminate the Term and the Executive’s employment upon notice at any time for “Cause.”

	
 
	
(i)
	
For purposes of this Agreement, “Cause” means (A) the Executive’s continued intentional failure or refusal to perform substantially the Executive’s assigned duties (other than as a result of total or partial incapacity due to physical or mental illness) for a period of ten days following written notice by the Company to the Executive of such failure; (B) the Executive’s engagement in willful misconduct, including without limitation, fraud, embezzlement, theft or dishonesty in the course of the Executive’s employment with the Company; (C) the Executive’s conviction of, or plea of guilty or nolo contendere to a felony or a crime other than a felony, which felony or crime involves moral turpitude or a breach of trust or fiduciary duty owed to the Company or any of its Affiliates; or (D) the Executive’s disclosure of trade secrets or material, non-public confidential information of the Company or any of its Affiliates in violation of the Company’s or its Affiliates’ policies that applies to the Executive or any agreement with the Company or any of its Affiliates in respect of confidentiality, nondisclosure, non-competition or otherwise.

	
 
	
(ii)
	
In the event that the Company terminates the Executive’s employment for Cause, the Executive will only be entitled to payment of the Accrued Obligations in accordance with the schedule described in Section 4(a). 

(d)Termination Without Cause.  The Company may terminate the Term and the Executive’s employment for any reason at any time.  If the Executive’s employment is terminated by the Company for any reason other than the reasons set forth in subsections (a), (b), (c), (e) or (f) of this Section 4, the Executive will be entitled to the following payments and benefits:

	
 
	
(i)
	
Payment of the Accrued Obligations in accordance with the schedule described in Section 4(a); 

	
 
	
(ii)
	
Continuation of the Executive’s Base Salary in effect on the date of the Executive’s termination of employment for 12 months following the date of the Executive’s termination.  Except as otherwise prohibited by applicable Federal or state law or regulation, the payments due under this Section 4(d)(ii) shall begin immediately following the date of termination and be made in accordance with the Company’s normal payroll practices over such period; 

5

 

 

	
 
	
(iii)
	
Payment of any accrued but unpaid bonus, which shall be paid pursuant to the terms of the applicable bonus plan; and 

	
 
	
(iv)
	
Provided that the Executive elects COBRA coverage, the Company shall pay the Executive’s COBRA premium payments consistent with the group health, dental and vision coverage in existence on the date of termination beginning on the date of termination and continuing until the earlier of: (A) the 12th consecutive month following the Executive’s termination; or (B) the Executive’s becoming eligible as a full-time employee to participate in the group health plan of any other employer.

(e)Good Reason Termination.  The Executive may resign and terminate the Term and the Executive’s employment with the Company for “Good Reason” upon not less than 30 days prior written notice to the Company if the Company fails to fully cure the effect of such condition within 30 days following receipt of Executive’s written notice.

	
 
	
(i)
	
For purposes of this Agreement, the Executive will have “Good Reason” to terminate the Executive’s employment with the Company if any of the following events occur without the Executive’s consent:

	
 
	
(A)
	
A material diminution in the Executive’s Base Salary; 

 

	
 
	
(B)
	
A material diminution in the Executive’s authority, duties or responsibilities as set forth in Section 2; 

 

	
 
	
(C)
	
To the extent applicable, a requirement that the Executive report to a corporate officer or employee instead of reporting directly to the Board of Directors of the Company or its Affiliates or any of their successors, survivors or assigns;

 

	
 
	
(D)
	
A material diminution in title;

 

	
 
	
(E)
	
A material change in the geographic location in which the Executive must perform services under this Agreement; or

 

	
 
	
(F)
	
Any other action or inaction that constitutes a material breach of this Agreement.

 

Notwithstanding the foregoing, Good Reason shall cease to exist for an event on the 90th day following the later of its occurrence or the Executive’s knowledge thereof, unless the Executive has given the Company written notice of Executive’s intent to terminate prior to such date.

6

 

 

The mere occurrence of a Change in Control shall not constitute “Good Reason” for the Executive to voluntarily terminate the Term and the Executive’s employment. 

	
 
	
(ii)
	
In the event that the Executive terminates the Term and the Executive’s employment with the Company for Good Reason pursuant to this Section 4(e), the Executive will be entitled to:

 

	
 
	
(A)
	
Payment of the Accrued Obligations in accordance with the schedule described in Section 4(a);

 

	
 
	
(B)
	
Continuation of the Executive’s Base Salary in effect on the date of the Executive’s termination of employment or, if greater, the Executive’s Base Salary in effect immediately prior to any event described in Section 4(e)(i)(A) for one year following the date of the Executive’s termination, which payments shall begin immediately following the date of termination (subject to applicable Federal and state law and regulation) and be payable in accordance with the Company’s normal payroll practices, over such period; 

	
 
	
(C)
	
Any accrued but unpaid annual bonus, which shall be paid pursuant to the terms of the applicable bonus plan; and 

	
 
	
(D)
	
Provided that the Executive elects COBRA coverage, the Company shall pay the Executive’s COBRA premium payments consistent with the group health, dental and vision coverage in existence on the date of termination beginning on the date of termination and continuing until the earlier of: (A) the 12th consecutive month following the Executive’s termination; or (B) the Executive’s becoming eligible as a full-time employee to participate in the group health plan of any other employer.

(f)Termination in Connection with Change In Control.  In the event that during the Term, a Change in Control of the Company occurs and, within 9 months prior or 12 months following such Change in Control, this Agreement and the Executive’s employment is terminated by the Company or its successor without Cause as described in Section 4(d) or is terminated for Good Reason by the Executive as described in Section 4(e), then in lieu of any payment that might be provided under Section 4 of this Agreement, the Executive will be entitled to the following payments and benefits from the Company or its successors:

	
 
	
(i)
	
Payment of the Accrued Obligations in accordance with the schedule described in Section 4(a);

7

 

 

	
 
	
(ii)
	
A single lump sum payment equal to two (2) times the greater of:  (A) the total annual Base Salary paid or payable to the Executive with respect to the most recently completed fiscal year of the Company or (B) the Base Salary in effect immediately prior to the Change in Control or immediately prior to any event described in Section 4(e)(i)(A), which such payment shall be made within 60 days after the date of the Executive’s termination or the occurrence of the Change in Control, as applicable; 

	
 
	
(iii)
	
Any accrued but unpaid annual bonus, which shall be paid pursuant to the terms of the applicable bonus plan; and 

	
 
	
(iv)
	
Provided that the Executive elects COBRA coverage, the Company shall pay the Executive’s COBRA premium payments consistent with the group health, dental and vision coverage in existence on the date of termination beginning on the date of termination and continuing until the earlier of: (A) the 12th consecutive month following the Executive’s termination; or (B) the Executive’s becoming eligible as a full-time employee to participate in the group health plan of any other employer; or, if Executive’s termination occurred prior to the Change in Control, a single lump sum payment equal to the value of the benefits described in this Section 4(f)(iv), payable within 60 days following the Change in Control.

(g)Definition of Change in Control.  For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events:

	
 
	
(i)
	
The date any one person, or more than one person acting as a group acquires ownership of shares of the Company or United Community Financial Corp. (“UCFC”) possessing 25% or more of the total voting power of the shares of the Company or UCFC;

	
 
	
(ii)
	
The date that any one person, or more than one person acting as a group, acquires the ability to control the election of a majority of the directors of the Company or UCFC; 

	
 
	
(iii)
	
The date a majority of the members of the Board of the Company or Bank is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of such Board before the date of the appointment or election; or

	
 
	
(iv)
	
The acquisition by any person, or more than one person acting as a group, of “control” of the Company within the meaning of 12 C.F.R. Section 303.81(c).

8

 

 

For purposes of this subsection (g), the term “person” refers to an individual or corporation, partnership, trust, association, limited liability company or other organization, but does not include the Executive and any person or persons with whom the Executive is “acting in concert” within the meaning of 12 C.F.R. Section 303.81 (b).

(h)Treatment of Taxes.  If payments provided under this Agreement, when combined with payments and benefits under all other plans and programs maintained by the Company, constitute “parachute payments” within the meaning of Section 280G of the Code, the Company or its successor will reduce the Executive’s payments and benefits under this Agreement and/or the other plans and programs maintained by the Company so that the Executive’s total payments and benefits under this Agreement and all other plans and programs will be $1.00 less than the amount that would be considered a “parachute payment.”  Any reduction pursuant to this Section 4(h) shall be applied consistent with the requirements of Section 409A of the Code.  In addition, in the event of any subsequent inquiries regarding the treatment of tax payments under this Section 4(i), the parties will agree to the procedures to be followed in order to deal with such inquiries.

(i)Expiration of Term of Agreement.  If the Term expires and it is not extended by the parties, the Executive’s employment will terminate at the end of such term and the Executive will be entitled to Payment of the Accrued Obligations in accordance with the schedule described in Section 4(a).

(j)Release.  As a condition to receiving any payments, other than payment of the Accrued Obligations and accrued but unpaid bonus (if any), pursuant to this Agreement, the Executive agrees to release the Company and all of its Affiliates, employees and directors from any and all claims that the Executive may have against the Company and all of its Affiliates, employees and directors up to and including the date the Executive signs a Waiver and Release of Claims (“Release”) in the form provided by the Company, which form shall provide for such waivers and/or revocation periods as are required by, or advisable under, applicable Federal law and/or regulation.  Notwithstanding anything to the contrary in this Agreement, the Executive acknowledges that the Executive is not entitled to receive, and will not receive, any payments pursuant to this Agreement unless and until the Executive provides the Company with said Release prior to the first date that payment is to be made or is to commence. 

(k)Coordination of Benefits.  If the Executive’s employment is terminated for any reason described in Sections 4(d) or (e) and, after such termination, Executive becomes entitled to payments under Section 4(f), the Executive shall receive the payments described in Section 4(f), at the time and in the form described in Section 4(f), less the amount of any payments previously paid that are described in Sections 4(d) or (e).

5.Withholding.  All payments required to be made by the Company hereunder to the Executive shall be subject to the withholding of such amounts, if any, relating to Federal, 

9

 

 

State and local tax and other payroll deductions as the Company may reasonably determine should be withheld pursuant to any applicable law or regulation.

 

	
6.
	
Indemnification; Insurance.

(a)Indemnification.  The Company agrees to indemnify the Executive and her heirs, executors, and administrators to the fullest extent permitted under applicable law and regulations, including, without limitation 12 U.S.C. Section 1828(k), against any and all expenses and liabilities reasonably incurred by the Executive in connection with or arising out of any action, suit or proceeding in which the Executive may be involved by reason of having been a director or officer of the Company, or any Affiliate, whether or not the Executive is a director or officer at the time of incurring any such expenses or liabilities.  Such expenses and liabilities shall include, but shall not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements.  The Executive shall be entitled to indemnification in respect of a settlement only if the Board of Directors of the Company has approved such settlement.  Notwithstanding anything herein to the contrary, (i) indemnification for expenses shall not extend to matters for which the Executive has been terminated, and (ii) the obligations of this Section shall survive the termination of this Agreement.  Nothing contained herein shall be deemed to provide indemnification prohibited by applicable law or regulation.

 

(b)Insurance.  During the Term of the Agreement, the Company shall provide the Executive (and her heirs, executors, and administrators) with coverage under a directors’ and officers’ liability policy at the Company’s expense, at least equivalent to such coverage otherwise provided to the other directors and senior executives of the Company.

 

7.Special Regulatory Events.Notwithstanding the provisions of Section 4 of this Agreement, the obligations of the Company to the Executive shall be as follows in the event of the following circumstances:

 

(a)If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Company’s affairs by a notice served under section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act (hereinafter referred to as the “FDIA”), the Company’s obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings.  If the charges in the notice are dismissed, the Company shall pay the Executive all of the compensation withheld while the obligations in this Agreement were suspended and reinstate any of the obligations that were suspended.  

 

(b)If the Executive is removed and/or permanently prohibited from participating in the conduct of the Company’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the FDIA, all obligations of the Company under this Agreement shall terminate as of the effective date of such order; provided, however, that vested rights of the Executive shall not be affected by such termination.

 

10

 

 

(c)If the Company is in default, as defined in section 3(x)(1) of the FDIA, all obligations under this Agreement shall terminate as of the date of default; provided, however, that vested rights of the Executive shall not be affected.  

 

(d)In the event and to the extent the terms and conditions of this Agreement are subject to regulatory approval and/or may be nullified or rendered inoperative or inapplicable by operation of applicable law, the Agreement shall be effective only to the extent permissible under such regulatory and/or other legal requirements, but to the fullest extent as may be permissible thereunder.

 

8.Consolidation, Merger or Sale of Assets.  Nothing in this Agreement shall preclude the Company from consolidating with, merging into, or transferring all, or substantially all, of their assets to another corporation that assumes all their obligations and undertakings hereunder.  Upon such a consolidation, merger or transfer of assets, the term “Company” as used herein, shall mean such other corporation or entity, and this Agreement shall continue in full force and effect.

 

9.Noncompetition Covenant.  The Executive agrees that, during the Term, including any extension thereof, and for a period of one year following the Executive’s termination of employment, other than a termination pursuant to Section 4, the Executive shall not, without the express written consent of the Company:

(a)Be engaged, directly or indirectly, in any county where the Company has an office at the time of Executive’s termination, as a partner, officer, director, employee, consultant, independent contractor, security holder, or owner of any entity engaged in any business activity competitive with that of the Company or its Affiliates; provided, however, nothing in this Agreement shall prevent the Executive from owning or acquiring an interest in any entity engaged in any competitive business activity if such interest does not constitute “control” as defined in 12 C.F.R. Section 303.81(c); 

(b)Call upon or solicit, either for the Executive or for any other person or firm that engages in competition with any business operation actively conducted by the Company or any Affiliate during the Term, any customer with whom the Company or any Affiliate directly conducts business during the Term; or interfere with any relationship, contractual or otherwise, between the Company or any Affiliate and any customer with whom the Company or any Affiliate directly conducts business during the Term; or

(c)Induce or solicit any person who is at the date of termination or was during the 12 months preceding termination an employee, officer or agent of the Company or any Affiliate to terminate said relationship.

In the event of a breach by the Executive of any covenant set forth in this Section 9, the term of such covenant will be extended by the period of the duration of such breach and such covenant will survive any termination of this Agreement but only for the limited period of such extension.

11

 

 

The restrictions on competition provided herein shall be in addition to any restrictions on competition contained in any other agreement between the Company and the Executive and may be enforced by the Company and/or any successor thereto, by an action to recover payments made under this Agreement, an action for injunction, and/or an action for damages.  The provisions of this Section 9 constitute an essential element of this Agreement, without which the Company would not have entered into this Agreement.  Notwithstanding any other remedy available to the Company at law or at equity, the parties hereto agree that the Company or any successor thereto, will have the right, at any and all times, to seek injunctive relief in order to enforce the terms and conditions of this Section 9.

If the scope of any restriction contained in this Section 9 is too broad to permit enforcement of such restriction to its fullest extent, then such restriction will be enforced to the maximum extent permitted by law, and the Executive hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction.

10.Confidential Information.  The Executive will hold in a fiduciary capacity, for the benefit of the Company, all secret or confidential information, knowledge, and data relating to the Company and its Affiliates (“Confidential Information”), that shall have been obtained by the Executive in connection the Executive’s employment with the Company and that is not public knowledge (other than by acts by the Executive or the Executive’s representatives in violation of this Agreement).  During the Term and after termination of the Executive’s employment with the Company, the Executive will not, without the prior written consent of the Company, communicate or divulge any material non-public Confidential Information to anyone other than the Company or those designated by it, unless the communication of such information, knowledge or data is required pursuant to a compulsory proceeding in which the Executive’s failure to provide such information, knowledge, or data would subject the Executive to criminal or civil sanctions and then only if the Executive provides prior notice to the Company prior to disclosure.

The restrictions imposed on the release of information described in this Section 10 may be enforced by the Company and/or any successor thereto, by an action for injunction or an action for damages.  The provisions of this Section 10 constitute an essential element of this Agreement, without which the Company would not have entered into this Agreement.  Notwithstanding any other remedy available to the Company at law or at equity, the parties hereto agree that the Company or any successor thereto, will have the right, at any and all times, to seek injunctive relief in order to enforce the terms and conditions of this Section 10.

If the scope of any restriction contained in this Section 10 is too broad to permit enforcement of such restriction to its fullest extent, then such restriction will be enforced to the maximum extent permitted by law, and the Executive hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce such restriction.

12

 

 

11.Non-Assignability.   Neither this Agreement nor any right or interest hereunder shall be assignable by the Executive, her beneficiaries or legal representatives without the Company’s prior written consent; provided, however, that nothing in this Section 11 shall preclude the Executive from designating a beneficiary to receive any benefits payable hereunder upon her death or the executors, administrators or legal representatives of the Executive or her estate from assigning any rights hereunder to the person or persons entitled thereto.

 

12.No Attachment.  Except as required by law, no right to receive payment under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy, or similar process of assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void and of no effect.

 

13.Binding Agreement.   This Agreement shall be binding upon, and inure to the benefit of, the Executive and the Company and its successors and assigns. 

 

14.Amendment of Agreement.   This Agreement may not be modified or amended, except by an instrument in writing signed by the parties hereto. 

 

15.Waiver.  No term or condition of this Agreement shall be deemed to have been waived, nor shall there be an estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such written waiver shall be deemed a continuing waiver, unless specifically stated therein, and each waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than the act specifically waived.  

 

16.Severability.  If, for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect the other provisions of this Agreement not held so invalid, and each such other provision shall, to the full extent consistent with applicable law, continue in full force and effect.   If this Agreement is held invalid or cannot be enforced, then any prior Agreement between the Company (or any predecessor thereof) and the Executive shall be deemed reinstated to the full extent permitted by law, as this Agreement had not been executed.  

 

17.Headings.  The headings of the paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

 

18.Governing Law.  This Agreement has been executed and delivered in the State of Ohio and its validity, interpretation, performance, and enforcement shall be governed by the laws of the State of Ohio, except to the extent that federal law is governing.  

 

13

 

 

19.Effect of Prior Agreements.  This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Company or any predecessor of the Company and the Executive.

 

20.Arbitration.  Any dispute concerning the interpretation or application of this Agreement that cannot be resolved by mutual agreement of the Company and Executive must be submitted for determination by an impartial arbitrator selected in accordance with the American Arbitration Association’s Employment Dispute Resolution Rules.

 

21.Notices.  Any notice required or permitted under this Agreement shall be in writing and either delivered personally or sent by nationally recognized overnight courier, express mail, or certified or registered mail, postage prepaid, return receipt requested, at the following respective address unless the party notifies the other party in writing of a change of address:

 

If to the Company:

 

Chief Executive Officer

The Home Savings and Loan Company of Youngstown, Ohio 

275 West Federal Street

Youngstown, Ohio 44503-1203

 

With a copy to:

 

General Counsel

The Home Savings and Loan Company of Youngstown, Ohio 

275 West Federal Street

Youngstown, Ohio 44503-1203

 

 

If to the Executive:

 

Barbara J. Radis

7475 Samuel Lord Drive

Chagrin Falls, Ohio 44023

 

A notice delivered personally shall be deemed delivered and effective as of the date of delivery.  A notice sent by overnight courier or express mail shall be deemed delivered and effective one (1) day after it is deposited with the postal authority or commercial carrier.  A notice sent by certified or registered mail shall be deemed delivered and effective two (2) days after it is deposited with the postal authority.

 

22.Code Section 409A Requirements.

(a)Treatment of Reimbursements and/or In-Kind Benefits.  Notwithstanding anything in this Agreement to the contrary, any reimbursements or in-kind benefits provided under this Agreement (including any reimbursement for or provision or in-kind 

14

 

 

medical benefits beyond the period of time described in Treasury Regulation §1.409A-1(b)(9)) shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirements that: (1) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (2) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year of the Executive may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year of the Executive, (3) the reimbursement of an eligible expense will be made no later than the last day of the Executive’s taxable year following the year in which the expense is incurred, and (4) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(b)Six-Month Distribution Delay for Specified Employees.  Notwithstanding anything in this Agreement to the contrary, in the event that the Executive is a “specified employee” (as defined in Section 409A of the Code) of the Company, or its Affiliates, as determined pursuant to the Company’s policy for identifying specified employees, on the date of the Executive’s termination of employment and the Executive is entitled to a payment and/or a benefit under this Agreement that is required to be delayed pursuant to Section 409A(a)(2)(B)(i) of the Code, then such payment or benefit, as applicable, shall not be paid or provided (or begin to be paid or provided) until the first day of the seventh month following the date of the Executive’s termination of employment (or, if earlier, the date of the Executive’s death).  The first payment that can be made to the Executive following such period shall include the cumulative amount of any payments or benefits that could not be paid or provided during such period due to the application of Section 409A(a)(2)(B)(i) of the Code.

(c)Compliance with Section 409A of the Code.  The parties intend that this Agreement comply with, or be exempt from, the requirements of Section 409A of the Code, as applicable, and, to the maximum extent permitted by law, shall administer, operate and construe this Agreement accordingly.  For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the deferral election rules of Section 409A of the Code and the exclusion from Section 409A of the Code for certain “short-term deferrals”.  Any amounts payable solely on account of an “involuntary separation from service” within the meaning of Section 409A of the Code shall be excludible from the requirements of Section 409A of the Code, either as “separation pay” or as a “short-term deferral” to the maximum possible extent.  Nothing herein shall be construed as the guarantee of any particular tax treatment to the Executive, and none of the Company, their Boards of Directors, or any Affiliates shall have any liability with respect to any failure to comply with the requirements of Section 409A of the Code.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

15

 

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Executive has signed this Agreement, each as of the day and year first above written.

 

 

	

	
THE HOME SAVINGS AND LOAN COMPANY OF YOUNGSTOWN, OHIO

 

 

 

By: /s/ Patrick W. Bevack

Name:Patrick W. Bevack

Title:President and Chief Executive Officer

 

 

 

/s/ Barbara J. Radis

 

Name:Barbara J. Radis

16EX-10.1

 EXHIBIT 10.1 

REFINANCING AMENDMENT 

(AMENDMENT NO. 2 TO CREDIT AGREEMENT) 

REFINANCING AMENDMENT (this “Agreement”), dated as of March 10, 2017, among XPO LOGISTICS, INC., a Delaware corporation
(the “Borrower”), the other Subsidiaries of the Borrower party hereto, each financial institution identified on the signature pages hereto as a Refinancing Term Lender (each, a “Refinancing Term Lender”) and Morgan
Stanley Senior Funding, Inc., as administrative agent and collateral agent for the Lenders (in such capacities, the “Agent”), relating to the Senior Secured Term Loan Credit Agreement, dated as of October 30, 2015 (as
heretofore amended, amended and restated, extended, supplemented or otherwise modified from time to time prior to the date hereof, including by that certain Incremental and Refinancing Amendment (Amendment No. 1 to Credit Agreement), dated as
of August 25, 2016, the “Credit Agreement”), among the Borrower, the other Subsidiaries of the Borrower from time to time party thereto, the Lenders from time to time party thereto and the Agent. 

RECITALS: 
 Refinancing
Amendment 
 WHEREAS, pursuant to Section 2.16 of the Credit Agreement, the Borrower wishes to obtain Refinancing Loans (the
“Refinancing Term Loans”) from the Refinancing Term Lenders to refinance all Loans outstanding immediately prior to the effectiveness of this Agreement (such Loans, collectively, and including for the avoidance of doubt, Loans that
are converted, exchanged or rolled into Refinancing Term Loans pursuant to this Agreement, the “Refinanced Term Loans”, and such transaction, the “Refinancing Transaction”) pursuant to a Refinancing Amendment under
the Credit Agreement, and the Refinancing Term Lenders are willing to provide the Refinancing Term Loans on and subject to the terms and conditions set forth herein. 

WHEREAS, the Refinancing Term Lenders will comprise, and Refinancing Term Loans will be made by, (i) in part, Lenders who hold Refinanced
Term Loans and who agree to convert, exchange or “cashless roll” all of their Refinanced Term Loans to or for Refinancing Term Loans; and (ii) in part, Persons providing new Refinancing Term Loans the proceeds of which will be used by
the Borrower to repay holders of Refinanced Term Loans that will not be so converted, exchanged or rolled. 
 WHEREAS, pursuant to Sections
2.16(e) and 12.2 of the Credit Agreement, the Credit Agreement may be amended to give effect to the provisions of Section 2.16 of the Credit Agreement through a Refinancing Amendment executed by the Borrower, the Agent and the Refinancing Term
Lenders. 
 Further Amendments: 

WHEREAS, immediately prior to giving effect to the Refinancing Transaction, the Borrower and the Refinancing Term Lenders (which Refinancing
Term Lenders, taken together, constitute the Requisite Lenders immediately prior to giving effect to the Refinancing Transaction), desire to make certain other changes to the terms of the Credit Agreement pursuant to Section 12.2 of the Credit
Agreement as set forth in Section 3 of this Agreement. 
 NOW THEREFORE, the parties hereto hereby agree as follows: 

SECTION 1. Defined Terms. Unless otherwise specifically defined herein, each
term used herein that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement. 

 SECTION 2. Refinancing Term Loans. 

(a)    Subject to and upon the terms and conditions set forth herein, each Refinancing Term Lender severally agrees to
make, on the Amendment No. 2 Closing Date (as defined below), a Refinancing Term Loan in Dollars to the Borrower (or, in the case of a Converting Refinancing Term Lender (as defined below), convert, exchange or roll its Refinanced Term Loan for
a Refinancing Term Loan in an equal principal amount) on the Amendment No. 2 Closing Date in an aggregate principal amount equal to the commitment amount set forth next to such Refinancing Term Lender’s name in Schedule 1, Part A hereto
(in the case of any Refinancing Term Loan making its Refinancing Term Loan in cash) or Schedule 1, Part B hereto (in the case of any Refinancing Term Lender converting, exchanging or rolling its Refinanced Term Loan for a Refinancing Term Loan),
under the caption “Refinancing Term Commitment” (the “Refinancing Term Commitment”) on the terms set forth in this Agreement. Each Refinancing Term Commitment will terminate in full upon the making of the related
Refinancing Term Loan (or conversion, exchange or roll of the related Refinanced Term Loan, as applicable). Refinancing Term Loans borrowed under this Section 2 and subsequently repaid or prepaid may not be reborrowed. In addition, each
Refinancing Term Lender waives its right to any compensation pursuant to Section 2.11(b) of the Credit Agreement with respect to the prepayment, exchange, roll or conversion of the Refinanced Term Loans. 

(b)    Substantially simultaneously with the borrowing of Refinancing Term Loans, the Borrower shall fully prepay any
outstanding Refinanced Term Loans, together with accrued and unpaid interest thereon to the Amendment No. 2 Closing Date; provided that each Converting Refinancing Term Lender irrevocably agrees to accept, in lieu of cash for the
outstanding principal amount of its Refinanced Term Loan so prepaid, on the Amendment No. 2 Closing Date an equal principal amount of Refinancing Term Loans in accordance with this Agreement. “Converting Refinancing Term
Lender” means a Refinancing Term Lender that agrees pursuant to Amendment No. 2 to convert, exchange or “cashless roll” all, or any portion, of its Refinanced Term Loan for a Refinancing Term Loan. 

SECTION 3. Technical Amendments to Credit Agreement. The following amendments (the
“Technical Amendments”) are made to the Credit Agreement immediately prior to the effectiveness of the Refinancing Transaction on the Amendment No. 2 Closing Date: 

(a)    Section 2.16(a) of the Credit Agreement is amended to read in its entirety as follows: 

Borrower may, by written notice to Agent from time to time, request loans (the “Refinancing Loans”) to refinance all or a
portion of any existing Loans (the “Refinanced Loans”), and, with respect to the Excess Amount, for general corporate purposes, in an aggregate principal amount not to exceed (i) the aggregate principal amount of the Refinanced
Loans, plus (ii) any accrued interest, fees, costs and expenses related thereto (including any original issue discount or upfront fees) (clauses (i) and (ii) together, the “Refinancing Amount”), plus (iii) an
additional amount not to exceed $1,500,000 (the “Excess Amount”). Such notice shall set forth (i) the amount of the Refinancing Loan (which shall be in minimum increments of $1,000,000 and a minimum amount of $5,000,000), and
(ii) the date on which the applicable Refinancing Loan is to be made available (which shall not be less than ten (10) Business Days nor more than sixty (60) days after the date of such notice (or such longer or shorter periods as
Agent shall agree)). Borrower may seek Refinancing Loans from existing Lenders (each of which shall be entitled to agree or decline to participate in its sole discretion) or any Additional Lender. 

(b)    Section 2.16(b) of the Credit Agreement is amended to read in its entirety as follows: 

It shall be a condition precedent to the incurrence of any Refinancing Loans that (i) no Default or Event of Default shall have occurred
and be continuing immediately prior to or immediately 

  
 2 

 
after giving effect to such the incurrence of the Refinancing Loans, (ii) the terms of the Refinancing Loans shall comply with this Section 2.16 and
(iii) substantially concurrently with the incurrence of any Refinancing Loans, 100% of the Refinancing Amount shall be applied to repay the Refinanced Loans (including accrued interest, fees and premiums (if any) payable in connection
therewith). 
 SECTION 4. Refinancing Amendments to Credit Agreement. The following
amendments are made to the Credit Agreement on the Amendment No. 2 Closing Date immediately after the effectiveness of the Technical Amendments to effect the Refinancing Transaction: 

(a)    Section 1.1 of the Credit Agreement is amended to add the following new defined terms in the appropriate
alphabetical order: 
 “Amendment No. 2” means the Refinancing Amendment (Amendment
No. 2 to Credit Agreement) dated as of March 10, 2017 among the Borrower, the other Credit Parties thereto, the Lenders party thereto and the Agent. 

“Amendment No. 2 Closing Date” has the meaning set forth in Amendment No. 2, and
occurred on March 10, 2017. 
 “Excess Amount” has the meaning specified in
Section 2.16. 
 “Refinancing Amount” has the meaning specified in
Section 2.16. 
 “Refinanced Loans” has the meaning specified in
Section 2.16. 
 (b)    The following definitions in Section 1.1 of the Credit Agreement
are amended and restated in its entirety to read as follows: 
 “Applicable Margin” shall mean for any day
with respect to (i) any LIBOR Loan, 2.25% per annum and (ii) any Base Rate Loan, 1.25% per annum. 

“Commitments” means , collectively, the aggregate Commitments of the Lenders, and the term
“Commitment” with respect to an individual Lender means such Lender’s commitment to make Loans to Borrower in accordance with the terms of this Agreement. The Commitments of each Lender and the aggregate Commitments of all
Lenders on the Closing Date are set forth on Annex B. The Commitments of each Lender and the aggregate Commitments of all Lenders on the Amendment No. 2 Closing Date are set forth on Schedule 1 to Amendment No. 2. 

“Lender” means each financial institution or other entity that (a) is listed on the signature pages
hereof as a “Lender” or, pursuant to an Incremental Amendment or Refinancing Amendment, becomes an Additional Lender, or (b) from time to time becomes a party hereto by execution of an Assignment Agreement. For the avoidance of doubt,
the Refinancing Term Lenders, as defined in Amendment No. 2, shall constitute “Lenders” for all purposes hereunder. 

“Loans” means the loans made by the Lenders to the Borrower (a) pursuant to Section 2.1(a) on the Closing
Date, which loans, for the avoidance of doubt, shall cease to be outstanding on the Amendment No. 1 Closing Date, (b) pursuant to Amendment No. 1 on the Amendment No. 1 Closing Date, which loans, for the avoidance of doubt, shall
cease to be outstanding on the Amendment No. 2 Closing Date, or (c) pursuant to Amendment No. 2 on the Amendment No. 2 Closing Date, as applicable. 

  
 3 

 (c)    Section 1.1 of the Credit Agreement is hereby amended by deleting the
last sentence in the definition of “LIBOR Rate” and replacing it with the following: “In no event shall the LIBOR Rate be less than 0.00%.” 

(d)    Section 2.1(a) of the Credit Agreement is hereby amended by deleting the last sentence thereof and replacing it
with the following. “Each Loan made on the Amendment No. 2 Closing Date shall be made by the Lenders in accordance with their applicable Pro Rata Share of the Commitments as of such date.” 

(e)    Section 2.2 of the Credit Agreement is amended to read in its entirety as follows: 

The Borrower shall pay to each Lender (i) on the last Business Day of each Fiscal Quarter occurring after the Amendment No. 2
Closing Date (commencing with the Fiscal Quarter ending March 31, 2017) but prior to the Maturity Date, a portion of the principal amount of all Loans then outstanding in an amount equal to 0.25% of the sum of the aggregate principal amount of
the Loans outstanding on the Amendment No. 2 Closing Date after giving effect to Amendment No. 2 (which amounts shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in
Section 2.3 of this Agreement (it being understood and agreed that the $555,000,000 prepayment made on November 3, 2016 shall be applied (net of any amounts from such prepayment applied to amortization payments
required by this Section 2.2 prior to the Amendment No. 2 Closing Date) to the amortization payments required by this Section 2.2 in direct order of maturity) and (ii) on the Maturity
Date, the aggregate principal amount of all Loans outstanding on such date and all accrued and unpaid interest thereon. 

(f)    Section 2.3(a)(ii) of the Credit Agreement is hereby amended by: replacing the words “Amendment No. 1
Closing Date” with the words “Amendment No. 2 Closing Date”. 
 (g)     Section 2.4 of the
Credit Agreement is amended to read in its entirety as follows: 
 Borrower shall utilize the proceeds of the Loans made on the Closing Date
to (a) purchase the capital stock of Con-way pursuant to the Con-way Acquisition Agreement, (b) directly or indirectly (including through intercompany loans or
investments) prepay Con-way Existing Indebtedness, (c) pay related fees and expenses and otherwise fund the Transactions and (d) for working capital and other general corporate purposes. Borrower
shall utilize the proceeds of the Loans made on the Amendment No. 1 Closing Date to (i) finance the Borrower’s redemption and/or satisfaction and discharge of its 2019 Notes, (ii) repay all Loans outstanding on the Amendment
No. 1 Closing Date immediately prior to the funding of such Loans, (iii) pay interest, fees and expenses in connection with the foregoing and (iv) for general corporate purposes. Borrower shall utilize the proceeds of the Loans made
on the Amendment No. 2 Closing Date (i) to repay all Loans outstanding on the Amendment No. 2 Closing Date immediately prior to the funding of the Loans made on such date, (ii) to pay accrued interest, fees, costs and expenses in
connection with the foregoing (including any original issue discount or upfront fees) and (iii) for general corporate purposes. 

SECTION 5. Terms of the Refinancing Term Loans Generally. On the Amendment No. 2 Closing
Date, giving effect to the Refinancing Term Loans hereunder, (a) each Refinancing Term Lender shall become a “Lender” for all purposes of the Credit Agreement and the other Loan Documents, and (b) each Refinancing Term Loan shall
constitute a “Loan” for all 

  
 4 

 
purposes of the Credit Agreement and the other Loan Documents. The Refinancing Term Loans shall be on identical terms as contemplated hereby and shall constitute a single class of Loans under the
Credit Agreement. The parties hereto hereby consent to the incurrence of the Refinancing Term Loans on the terms set forth herein. Upon the effectiveness of this Agreement, all conditions and requirements set forth in the Credit Agreement or the
other Loan Documents relating to the incurrence of the Refinancing Term Loans shall be deemed satisfied and the incurrence of the Refinancing Term Loans shall be deemed arranged and consummated in accordance with the terms of the Credit Agreement
and the other Loan Documents. 
 SECTION 6. Representations of the Borrower. The
Borrower and each other Credit Party hereby represents and warrants to the Agent and the Refinancing Term Lenders that on the Amendment No. 2 Closing Date: 

(a)    no Default or Event of Default shall have occurred and be continuing immediately prior to or
immediately after the incurrence of the Refinancing Term Loans; 
 (b)    the representations and
warranties set forth in Section 4 of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the Amendment No. 2 Closing Date, except to the extent that such representations or
warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date. 

SECTION 7. Conditions to the Amendment No. 2 Closing Date. This Agreement
shall become effective as of the first date when each of the following conditions shall have been satisfied (the date of satisfaction of such conditions and the funding of the Refinancing Term Loans, the “Amendment No. 2
Closing Date”): 
 (a)    The Agent shall have received from the Borrower, each other Credit
Party, each Refinancing Term Lender (which Refinancing Term Lenders , taken together, constitute the Requisite Lenders immediately prior to giving effect to the Refinancing Transaction on the Amendment No. 2 Closing Date), and the Agent an
executed counterpart hereof or other written confirmation (in form satisfactory to the Agent) that such party has signed a counterpart hereof. 

(b)    The Agent shall have received a borrowing notice (with respect to the Refinancing Term Loans) at
least one Business Day prior to the Amendment No. 2 Closing Date, legal opinions, corporate documents and officers and public officials certifications (including a solvency certificate) with respect to the Borrower and the Guarantors in each
case customary for financings of the type described herein) (it being understood that any such documentation shall be deemed “customary” if in a form consistent with such documentation delivered in connection with Amendment No. 1 on
the Amendment No. 1 Closing Date (subject to adjustments to be reasonably agreed taking into account the nature of the facilities contemplated hereby)); 

(c)    Morgan Stanley Senior Funding, Inc., in its capacity as arranger of the amendments contemplated by
this Agreement (the “Arranger”), and the Agent shall have received, at least three business days prior to the Amendment No. 2 Closing Date, all documentation and other information related to the Borrower or any Guarantor
required by regulatory authorizes under applicable “know your customer” and anti-money laundering rules and regulation including, without limitation, the Patriot Act, in each case to the extent requested by the Arranger or the Agent from
the Borrower in writing at least 10 Business Days prior to the Amendment No. 2 Closing Date. 

  
 5 

 (d)    All fees due to the Arranger and the Refinancing Term
Lenders on the Amendment No. 2 Closing Date pursuant to the Commitment Letter and the Fee Letter, each dated as of March 5, 2017 between the Borrower and the Arranger and pertaining to the Refinancing Term Loans made hereunder, shall have
been paid, and all reasonable and documented out-of-pocket expenses to be paid or reimbursed to the Arranger on the Amendment No. 2 Closing Date pursuant to such
Commitment Letter that have been invoiced at least three business days prior to the Amendment No. 2 Closing Date shall have been paid. 

(e)    Any (i) accrued and unpaid interest owing by the Borrower to any Lender pursuant to the Credit
Agreement, and (ii) (subject to the last sentence of Section 2(a) hereof) fees owing by the Borrower pursuant to Section 2.11(b) of the Credit Agreement in each case as a result of the consummation of the transactions contemplated by this Agreement
shall have been paid in full on the Amendment No. 2 Closing Date. 
 (f)    The representations and
warranties made pursuant to Section 6 hereof are true and correct in all material respects on and as of the Amendment No. 2 Closing Date, except to the extent that such representations or warranties expressly relate to an earlier date, in
which case they shall be true and correct in all material respects as of such earlier date; 

(g)    Since December 31, 2016, no event shall have occurred that alone or together with any other
events, has had a material adverse effect on the business, financial condition, operations or properties of the Borrower and its Subsidiaries, taken as a whole. 

(h)    The Agent shall have received a certificate, duly executed by an Officer of the Borrower, certifying
as to the satisfaction of the conditions referred to in Sections 7(f) and 7(g) above. 

SECTION 8. Governing Law. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of New York. 
 SECTION 9. Confirmation of
Guarantees and Security Interests. By signing this Agreement, each Credit Party hereby confirms that (a) the obligations of the Credit Parties under the Credit Agreement as modified or supplemented hereby (including with respect to the
Refinancing Term Loans contemplated by this Agreement) and the other Loan Documents (i) are entitled to the benefits of the guarantees and the security interests set forth or created in the Credit Agreement, the Collateral Documents and the
other Loan Documents, (ii) constitute “Obligations” as such term is defined in the Credit Agreement, subject to the qualifications and exceptions described therein, (iii) notwithstanding the effectiveness of the terms hereof, the
Collateral Documents and the other Loan Documents, are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects and (b) each Refinancing Term Lender shall be a “Secured Party” and a
“Lender” (including without limitation for purposes of the definition of “Requisite Lenders” contained in Section 1.1 of the Credit Agreement) for all purposes of the Credit Agreement and the other Loan Documents. Each
Credit Party ratifies and confirms that all Liens granted, conveyed, or assigned to the Agent by such Person pursuant to any Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure
full payment and performance of the Secured Obligations as increased hereby, subject to Section 6.10(e) of the Credit Agreement. 

SECTION 10. Credit Agreement Governs. Except as expressly set forth herein, this Agreement
shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or the Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any
way affect any of the 

  
 6 

 
terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle any Credit Party to a future consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other Loan Document in similar or different circumstances. 

SECTION 11. Counterparts. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic (i.e., “pdf” or
“tif”) transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 12. Miscellaneous. This Agreement shall constitute a “Refinancing Amendment”
and a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. The provisions of this Agreement are deemed incorporated into the Credit Agreement as if fully set forth therein. To the extent required by the
Credit Agreement, each of the Borrower and the Agent hereby consent to each Refinancing Term Lender that is not a Lender as of the date hereof becoming a Lender under the Credit Agreement on the Amendment No. 2 Closing Date. The Agent and the
Refinancing Term Lenders hereby acknowledge that the Borrower has complied with the notice provisions required by Section 2.16 of the Credit Agreement in connection with the Refinancing Term Loans. For only the purpose of Sections
11.1(a)(ii)(B) and 11.1(a)(iv)(A) of the Credit Agreement, the Borrower hereby consents to the assignments by Morgan Stanley Senior Funding, Inc., in its capacity as a Lender under the Credit Agreement, on or before the date that is 45 calendar days
from the Amendment No. 2 Closing Date, in a manner otherwise in accordance with the Credit Agreement, as amended by this Agreement, of its Refinancing Term Loans made by it on the Amendment No. 2 Closing Date solely to the institutions and
solely in the amounts previously agreed upon by Morgan Stanley Senior Funding, Inc. and the Borrower. 
 [Remainder of page intentionally
left blank] 
  

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	BORROWER:
	
	XPO LOGISTICS, INC.
		
	By:	 	 /s/ John Hardig

	Name:	 	John Hardig
	Title:	 	Chief Financial Officer

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 The following Persons are signatories to this Agreement in their capacity as Guarantors: 

 

			
	3PD HOLDING, INC.
	3PDIC, INC.
	BOUNCE LOGISTICS, INC.
	BTTS HOLDING CORPORATION
	 BTTS INTERMEDIATE HOLDING CORPORATION

	PACER SERVICES, INC.
	XPO AIR CHARTER, LLC
	XPO AQ, INC.
	XPO CARTAGE, INC.
	XPO COURIER, LLC
	 XPO CUSTOMS CLEARANCE SOLUTIONS, INC.

	XPO DEDICATED, LLC
	XPO DRAYAGE, INC.
	XPO EXPRESS, INC.
	XPO FLEET SERVICES, INC.
	XPO GLOBAL FORWARDING, INC.
	XPO INTERMODAL SOLUTIONS, INC.
	XPO INTERMODAL, INC.
	XPO LAST MILE, INC.
	XPO LOGISTICS, LLC
	XPO NLM, INC.
	XPO PORT SERVICES, INC.
	XPO SERVCO, LLC
	XPO STACKTRAIN, LLC
	XPO SUPPLY CHAIN, INC.
	XPO TRANSPORT, LLC
	CNF ADVISORS LLC
	CNF INVESTMENTS, INC.
	XPO ENTERPRISE SERVICES, INC.
	XPO LOGISTICS FREIGHT, INC.
	CON-WAY GLOBAL SOLUTIONS, INC.
	XPO CNW, INC.
	XPO LAND HOLDINGS, LLC
	XPO LOGISTICS MANUFACTURING, INC.
	CON-WAY MULTIMODAL INC.
	XPO PROPERTIES, INC.
	EMERY WORLDWIDE AIRLINES, INC.

  

			
	By:	 	 /s/ John Hardig

	Name:	 	John Hardig
	Title:	 	Assistant Treasurer

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 MANUFACTURERS CONSOLIDATION SERVICE OF CANADA, INC.

	 S & H TRANSPORT, INC.

	 S & H LEASING, INC.

	 XPO LOGISTICS SUPPLY CHAIN CORPORATE SERVICES, INC.

	 XPO LOGISTICS SUPPLY CHAIN ECOMMERCE, INC.

	 XPO LOGISTICS SUPPLY CHAIN HOLDING COMPANY

	 XPO LOGISTICS SUPPLY CHAIN OF NEW JERSEY, INC.

	 XPO LOGISTICS SUPPLY CHAIN OF SOUTH CAROLINA, LLC

	 XPO LOGISTICS SUPPLY CHAIN OF TEXAS, LLC

	 XPO LOGISTICS SUPPLY CHAIN TECHNOLOGY SERVICES, INC.

	 XPO LOGISTICS SUPPLY CHAIN, INC.

	 MENLO LOGISTICS GLOBAL TRANSPORTATION SERVICES, INC.

	 XPO LOGISTICS WORLDWIDE, INC.

	 XPO LOGISTICS WORLDWIDE GOVERNMENT SERVICES, LLC

	 XPO LOGISTICS WORLDWIDE TECHNOLOGIES, LLC

	 XPO LOGISTICS WORLDWIDE,
LLC

  

			
	By:	 	 /s/ John Hardig

	Name:	 	John Hardig
	Title:	 	Treasurer

  

			
	PACER TRANSPORT, INC.
	XPO OCEAN WORLD LINES, INC.

  

			
	By:	 	 /s/ John Hardig

	Name:	 	John Hardig
	Title:	 	Chief Financial Officer

  

			
	CNF ADVISORS, LLC, as sole member of CNF Ventures LLC

  

			
	By:	 	 /s/ John Hardig

	Name:	 	John Hardig
	Title:	 	Assistant Treasurer

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	XPO DISTRIBUTION SERVICES, INC.

  

			
	By:	 	 /s/ Karlis Kirsis

	Name:	 	Karlis Kirsis
	Title:	 	Vice President and Assistant Secretary

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	CTP LEASING, INC.

  

			
	By:	 	 /s/ Andrew J. DiLuciano

	Name:	 	Andrew J. DiLuciano
	Title:	 	President

  

			
	PDS TRUCKING, INC.

  

			
	By:	 	 /s/ Andrew J. DiLuciano

	Name:	 	Andrew J. DiLuciano
	Title:	 	Treasurer

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 MORGAN STANLEY SENIOR FUNDING, INC., as a Refinancing Term Lender

		
	By:	 	 /s/ Chance Moreland

	Name:	 	Chance Moreland
	Title:	 	Authorized Signatory

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 
			
	 MORGAN STANLEY SENIOR FUNDING, INC., as Agent

		
	By:	 	 /s/ Chance Moreland

	Name:	 	Chance Moreland
	Title:	 	Authorized Signatory

  
 [Signature Page
– Amendment No. 2 to XPO Senior Secured Term Loan Credit Agreement] 

 Remaining Signature Pages 

[To be held on file with the Agent] 

 SCHEDULE 1 

Refinancing Term Commitments 

Part A 
  

					
	 Name of Refinancing Term Lender
	  	Refinancing Term Commitment	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	523,474,815.88	 
		  	  
	  
	 
	 TOTAL:
	  	$	523,474,815.88	 
		  	  
	  
	 

 Part B 

[To be held on file with the Agent]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]