Document:

Exhibit

Exhibit 10.1

OLIN CORPORATION
PERFORMANCE SHARE PROGRAM
As Amended through January 25, 2018

1.    Terms and Conditions
The terms and conditions of the Performance Share Awards granted under this Program are contained in the Performance Share Certificate evidencing such Award, this Program and the LTIP.
2.    Definitions
“Common Stock” means the common stock of Olin, par value $1.00 per share.
“Final Share Number” has the meaning specified in Section 3 of this Program.
“LTIP” means the Olin Corporation benefit plan under which the relevant Performance Share Award is granted, including the 2016 Long Term Incentive Plan and any successor plan.
“Net Income” means Olin’s actual net income for the relevant Performance Cycle, calculated in accordance with generally accepted accounting principles, adjusted to exclude unusual gains and losses (as determined by the Committee).
“Net Income Goal” means the Net Income target set by the Committee for the relevant three-year Performance Cycle.
“Net Income Performance Shares” means the Performance Shares awarded based on Olin’s Net Income performance against the Net Income Goal for the relevant Performance Cycle.
“Olin” means Olin Corporation.
“Performance Cycle” means, with respect to a Performance Share Award, a period of three calendar years, beginning with the calendar year in which such Performance Share Award is granted.
“Performance Share Award” means grants of “Performance Shares.”
“Performance Share” means a unit granted under the LTIP and this Program, maintained on the books of the Company during the Performance Cycle, denominated as one phantom share of Common Stock, and paid in cash or Common Stock in accordance with this Program, and includes both TSR Performance Shares and Net Income Performance Shares.
“Performance Share Comparison Group” means the Standard & Poor’s 1000 Material companies plus Occidental Petroleum Corporation and Westlake Chemical Corporation.
“Program” means this Performance Share Program.
“TSR” means total shareholder return, calculated as the change in the fair market value of the common stock, including reinvestment of dividends, over the relevant Performance Cycle.
“TSR Performance Shares” means the Performance Shares awarded based on Olin’s relative TSR compared to the Performance Share Comparison Group.
Capitalized terms not otherwise defined in this Program shall have the meaning specified in the LTIP.

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3.    Performance Share Awards
		
	a.
	Awards of Performance Shares under this Program granted pursuant to the LTIP are intended to be “performance-based compensation” as that term is used in Section 162(m) of the Code.  Each Performance Share Award shall establish a target number of Performance Shares awarded to the Participant named in such Award.

		
	b.
	One-half (1/2) of the total target Performance Share Award shall be designated in TSR Performance Shares, and the remaining one-half in Net Income Performance Shares.

		
	c.
	The number of target TSR Performance Shares for each Participant shall be adjusted based upon a comparison of Olin’s TSR during the Performance Cycle with the TSR of the Performance Share Comparison Group over the same period, in accordance with the following chart:

	
		
	If Olin’s TSR for a Performance Cycle is:
	The number of TSR Performance Shares paid as a percentage of the target TSR Performance Share Award  will be:

	At or above the 80th Percentile of the Performance Share Comparison Group
	200%

	Above the 50th Percentile, but below the 80th Percentile of the TSR for the Performance Share Comparison Group
	100% of target number of TSR Performance Shares plus 3.33% of the target number of TSR Performance Shares for each incremental percentile position above the 50th Percentile

	At the 50th Percentile of the TSR for the Performance Share Comparison Group
	100% of the target number of TSR Performance Shares

	Above the 20th Percentile, but below the 50th Percentile of the TSR for the Performance Share Comparison Group
	25% of the target number of TSR Performance Shares plus 2.5% of the target number of TSR Performance Shares for each incremental percentile position above the 20th Percentile

	At the 20th Percentile of the TSR for the Performance Share Comparison Group
	25% of the target number of TSR Performance Shares

	Below the 20th Percentile of the TSR for the Performance Share Comparison Group

	0

		
	d.
	The number of target Net Income Performance Shares for each Participant shall be adjusted based upon a comparison of Olin’s actual Net Income for the relevant Performance Cycle with the target Net Income established by the Committee for such Performance Cycle, in accordance with the following chart:

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	If Olin’s Net Income for a Performance Cycle is:
	The number of Net Income Performance Shares paid as a percentage of the target Net Income Performance Share Award will be:

	At least 140% of the Net Income Goal
	200%

	More than 100% but less than 140% of the Net Income Goal
	100% of the target number of Net Income Performance Shares plus  a proportionate number of target Net Income Performance Shares determined using linear interpolation

	100% of the Net Income Goal
	100%

	More than 60% but less than 100% of the Net Income Goal
	50% of the target number of Net Income Performance Shares plus a proportionate number of target Net Income Performance Shares determined using linear interpolation

	60% of the Net Income Goal
	50%

	Less than 60% of the Net Income Goal
	0

		
	e.
	The Company shall use linear interpolation to determine the number of additional Net Income Performance Shares for performance between 60% and 100% and for 100% and 140% of the Net Income Goal.  For example, if the Net Income Goal for a three-year Performance Cycle is $300 million, and a Participant’s target number of Net Income Performance Shares is 10,000, the Participant would receive the number of Net Income Performance Shares set forth below opposite the relevant Net Income for that Performance Cycle:

	
			
	Net Income
	Percent of Target Net Income
	Net Income Performance Shares

	$405 million
	135%
	18,750

	$360 million
	120%
	15,000

	$255 million
	85%
	8,125

	$210 million
	70%
	6,250

		
	f.
	As soon as practicable in the calendar year following the end of the Performance Cycle, the Company shall calculate the number of Performance Shares  that vested (the “Final Share Number”) for all Participants whose Performance Share Awards have vested during or at the end of such Performance Cycle.

4.    Vesting and Forfeiture
		
	a.
	Except as otherwise provided by the Committee, the LTIP, this Program or the Performance Share Award certificate, an interest in a Performance Share Award shall vest only if the Participant is an employee of the Company or a subsidiary on the last day of the relevant Performance Cycle.

		
	b.
	If a Participant’s employment with the Company or a subsidiary terminates for cause or without the Company’s consent (other than as the result of the Participant’s death, disability or retirement) before a Performance Share Award has vested, his or her Performance Share Award shall terminate and all rights under such Award shall be 

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forfeited.

		
	c.
	If a Participant’s employment with the Company or a subsidiary terminates as the result of his or her disability, (as that term is defined in Section 409A of the Code or any successor provision), or retirement under any of the Company’s retirement plans before a Performance Share Award has vested, the Participant shall be entitled to a pro rata Performance Share Award, payable solely in cash at the time that the Performance Share Award would otherwise be payable under Section 5.  The cash payment shall be equal to the Final Share Number calculated in accordance with Sections 3 and 5 of this Program, multiplied by the Fair Market Value on the last day of the relevant Performance Cycle, multiplied by a fraction with a numerator equal to the number of months during the Performance Cycle the Participant was employed by the Company or a subsidiary (rounded up to the nearest whole month) and a denominator of 36.

		
	d.
	If a Participant’s employment with the Company or a subsidiary terminates as the result of his or her death before a Performance Share Award has vested, the Participant shall be entitled to a pro rata Performance Share Award, payable solely in cash within ninety (90) days of the Participant’s death.  The cash payment shall be equal to the Participant’s target number of Performance Shares, as the case may be, multiplied by the Fair Market Value on the date of the Participant’s death (or the next trading day, if the Common Stock was not traded on such date), multiplied by a fraction with a numerator equal to the number of months during the Performance Cycle the Participant was employed by the Company or a subsidiary (rounded up to the nearest whole month) and a denominator of 36.

		
	e.
	If a Participant’s employment with the Company or a subsidiary terminates for any other reason, the Company shall determine the portion, if any, of the Performance Share Award that shall not be forfeited, and the form of payment (cash or shares or a combination) that the Participant shall receive.  That determination shall be made by the Committee in the case of any officer, and by the Chairman of the Board, President, Chief Executive Officer, or any Vice President, in the case of any non-officer employee.  Notwithstanding this Section 4, payment shall be made pursuant to Section 5.

5.    Payment and Timing
		
	a.
	As soon as is administratively practicable after the determination of the Final Share Number, but not later than the last day of the calendar year following the Performance Cycle, the Company will (i) issue to each Participant a number of shares of the Common Stock equal to one-half of the Final Share Number, rounded down to the nearest whole share if such number is not a whole number, and (ii) pay the Participant in cash an amount equal to the Fair Market Value of one-half of the Final Share Number of shares of Common Stock on the last day of the Performance Cycle, rounded up to the nearest whole share if such number is not a whole number.

		
	b.
	No dividends or dividend equivalents shall be paid on any Performance Shares.

		
	c.
	In calculating the number of Performance Shares, all percentages and percentile numbers will be rounded to the nearest one-hundredth of a percent.

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6.    Miscellaneous
		
	a.
	By acceptance of the Performance Share Award, each Participant agrees that such Award is special compensation, and that any amount paid will not affect:

		
	i.
	the amount of any pension under any pension or retirement plan in which he or she participates as an employee of Olin,

		
	ii.
	the amount of coverage under any group life insurance plan in which he or she participates as an employee of Olin, or

		
	iii.
	the benefits under any other benefit plan of any kind heretofore or hereafter in effect, under which the availability or amount of benefits is related to compensation.

		
	b.
	The Company will withhold from the distribution of any cash pursuant to Performance Share Awards the amount necessary to satisfy the Participant’s federal, state and local withholding tax requirements.  It is the Company’s intention that all income tax liability on Performance Share Awards be deferred in accordance with the applicable requirements of Code Section 409A, until the Participant actually receives such shares or payment thereof.

		
	c.
	To the extent any provision of the Program (or any Performance Share Award) or action by the Board of Directors or Committee would subject any Participant to liability for interest or additional taxes under Code Section 409A, it will be deemed null and void, to the extent permitted by law and deemed advisable by the Committee.  It is intended that the Program (and any Performance Share Award) will comply with Code Section 409A, and the Program (and any Performance Share Award) shall be interpreted and construed on a basis consistent with such intent.  The Program (and any Performance Share Award) may be amended in any respect deemed necessary (including retroactively) by the Committee in order to preserve compliance with Code Section 409A.  The preceding shall not be construed as a guarantee of any particular tax effect for Program benefits or Performance Share Awards.  Except as specifically provided in the LTIP, a Participant (or beneficiary) is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Participant (or beneficiary) in connection with any distributions to such Participant (or beneficiary) under the Program (including any taxes and penalties under Code Section 409A), and neither Olin nor any Affiliate shall have any obligation to indemnify or otherwise hold a Participant (or beneficiary) harmless from any or all of such taxes or penalties.

5lamr-ex101_92.htm

 

Exhibit 10.1 

 

JOINDER AGREEMENT

 

 

JOINDER AGREEMENT dated as of January 30, 2018 by the undersigned, Interstate Logos TRS, LLC, a Delaware limited liability company (the “Additional Subsidiary Guarantor”), in favor of JPMorgan Chase Bank, N.A., as administrative agent for the Lenders party to the Credit Agreement referred to below (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

 

 Lamar Media Corp., a Delaware corporation (the “Company”), the Subsidiary Borrower that may be or may become a party thereto (the “Subsidiary Borrower” and together with the Company, the “Borrowers”) and certain of its subsidiaries (collectively, the “Existing Subsidiary Guarantors” and, together with the Borrowers, the “Securing Parties”) are parties to the Third Amended and Restated Credit Agreement dated as of May 15, 2017, by and among Lamar Media Corp., the Subsidiary Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, (as further amended prior to the date hereof and as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit (by means of loans and letters of credit) to be made by the Lenders therein (collectively, together with any entity that becomes a “Lender” party to the Credit Agreement after the date hereof as provided therein, the “Lenders” and, together with Administrative Agent and any successors or assigns of any of the foregoing, the “Secured Parties”) to the Borrowers.  In addition, the Borrowers may from time to time be obligated to one or more of the Lenders under the Credit Agreement in respect of Swap Agreements under and as defined in the Credit Agreement (collectively, the “Swap Agreements”).

 

In connection with the Credit Agreement, the Borrowers, the Existing Subsidiary Guarantors and the Administrative Agent are parties to the Amended and Restated Pledge Agreement dated February 3, 2014 (the “Pledge Agreement”) pursuant to which the Securing Parties have, inter alia, granted a security interest in the Collateral (as defined in the Pledge Agreement) as collateral security for the Secured Obligations (as so defined).  Terms defined in the Pledge Agreement are used herein as defined therein.

 

To induce the Secured Parties to enter into the Credit Agreement, and to extend credit thereunder and to extend credit to the Borrower under Swap Agreements, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Additional Subsidiary Guarantor has agreed to become a party to the Credit Agreement and the Pledge Agreement as a “Subsidiary Guarantor” thereunder, and to pledge and grant a security interest in the Collateral (as defined in the Pledge Agreement).

 

Accordingly, the parties hereto agree as follows:

 

Section 1.  Definitions.  Terms defined in the Credit Agreement are used herein as defined therein.

 

Section 2.  Joinder to Agreements.  Effective upon the execution and delivery hereof, the Additional Subsidiary Guarantor hereby agrees that it shall become a “Subsidiary Guarantor” under and for all purposes of the Credit Agreement and a “Securing Party” under and for all purposes of the Pledge Agreement with all the rights and obligations of a Subsidiary Guarantor and Securing Party thereunder, as applicable.  Without limiting the generality of the foregoing, the Additional Subsidiary Guarantor hereby:

 

(i)jointly and severally with the other Subsidiary Guarantors party to the Credit Agreement guarantees to each Secured Party and their respective successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of all Guaranteed Obligations in the same manner and to the same extent as is provided in Article III of the Credit Agreement;

 

(ii)pledges and grants the security interests in all right, title and interest of the Additional Subsidiary Guarantor in all Collateral (as defined in the Pledge Agreement) that it now owns or hereafter acquires and whether now existing or hereafter coming into existence provided for by Article III of the Pledge 

 

 

Agreement as collateral security for the Secured Obligations and agrees that the Schedules thereof shall be supplemented as provided in Appendices A, B and C hereto;

 

(iii) makes the representations and warranties set forth in Article IV of the Credit Agreement and in Article II of the  Pledge Agreement, to the extent relating to the Additional Subsidiary Guarantor or to the Pledged Equity evidenced by the certificates, if any, identified in Appendices A and B hereto; and

 

(iv)submits to the jurisdiction of the courts, and waives jury trial, as provided in Sections 10.09 and 10.10 of the Credit Agreement.

 

The Additional Subsidiary Guarantor hereby instructs its counsel to deliver the 

opinions referred to in Section 6.10(a)(iii) of the Credit Agreement to the Secured Parties.

 

 

[Signature Page Follows]

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IN WITNESS WHEREOF, the Additional Subsidiary Guarantor has caused this Joinder Agreement to be duly executed and delivered as of the day and year first above written.

	

	
 

 

INTERSTATE LOGOS TRS, LLC, a Delaware limited liability company

 

By: Lamar TRS Holdings, LLC, its sole managing member

 

By: Lamar Media Corp., its sole managing member

 

 

By:/s/ Keith A. Istre________________________

Keith A. Istre, Executive Vice President and

Chief Financial Officer

 

 

 

Attest:

 

 

By: /s/ James R. McIlwain _______________

       James R. McIlwain, Secretary

 

 

Accepted and agreed:

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

 

By : /s/ Nicolas Girton-Beer

Name: Nicolas Girton-Beer

Title: Vice President

3

 

The undersigned hereby respectively pledges and grants a security interest in the Pledged Equity that it owns as described in Appendix A hereto and agrees that Schedule 1, Part 2 – Pledged Equity of the Pledge Agreement is hereby supplemented by adding thereto the information listed on Appendix A.

 

 

Lamar TRS Holdings, LLC, Issuee

 

By:Lamar Media Corp., its sole managing member

 

 

By:/s/ Keith A. Istre _______________________

Keith A. Istre, Executive Vice President and

Chief Financial Officer

 

 

 

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Supplement to Schedule 1, Part 2 – Pledged Equity

 

Appendix A to Joinder Agreement 

 

 

 

					
	
Pledgor Ownership
	
Issuer
	
Certificate No.
	
No. of Units 
	
%

	
Lamar TRS Holdings, LLC  
	
Interstate Logos TRS, LLC  
	
 

Uncertificated
	
100
	
100

 

 

 

 

 

 

 

5

 

The undersigned hereby respectively pledges and grants a security interest in the Pledged Equity that it owns as described in Appendix B hereto and agrees that Schedule 1, Part 2 – Pledged Equity of the Pledge Agreement is hereby supplemented by adding thereto the information listed on Appendix B.

 

 

Interstate Logos TRS, LLC, Issuee

 

By: Lamar TRS Holdings, LLC

Its: Sole and Managing Member

 

By: Lamar Media Corp.

Its: Sole and Managing Member

 

 

By: /s/ Keith A. Istre _______________________

       Keith A. Istre, Executive Vice President/

       Chief Financial Officer

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APPENDIX B

 

 

					
	
Pledgor Ownership
	
Issuer
	
Certificate No.
	
No. of Units 
	
%

	
Interstate Logos TRS, LLC  
	
Florida Logos, LLC
	
 

Uncertificated
	
100
	
100

 

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