Document:

Exhibit

Exhibit 10.20

CDK GLOBAL, INC.
SECOND AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE PLAN
FOR
CORPORATE OFFICERS

The purpose of this Second Amended and Restated Change in Control Severance Plan for Corporate Officers (the “Plan”) is to enable CDK Global, Inc., a Delaware corporation (the “Company”), to offer a form of income protection to “Participants” (as defined in Section 8.5 below) in the event their employment with the Company terminates under certain circumstances due to a “Change in Control” (as defined in Section 8.2 below).  The Plan, which was established effective as of September 30, 2014 and amended and restated effective as of September 9, 2015 (the “Prior Plan”), is hereby amended and restated effective as of August 9, 2016.  The Plan, as amended and restated herein, supersedes in its entirety the Prior Plan.
ARTICLE I:  ELIGIBILITY AND BENEFITS
1.1Eligibility and Participation.  Each employee who is a corporate officer of the Company on the date of a Change in Control as a result of his election by the Board of Directors of the Company (the “Board”) is eligible to participate in the Plan (a “Participant”).  Notwithstanding the foregoing, if an employee who is not a corporate officer on the date of a Change in Control reasonably demonstrates that, in contemplation of the Change in Control or at the request of a party which subsequently causes a Change in Control, the Company removed him from such office, such employee shall also be a Participant.  Each Participant will receive a participation letter confirming the Participant’s participation in the Plan, in the form attached hereto as Exhibit A.
1.2Severance Benefits.
(a)If a Change in Control occurs prior to the date a Participant’s employment with the Company terminates, then upon the termination of the Participant’s employment by the Company without “Cause” (as defined in Section 8.1 below) or by the Participant for “Good Reason” (as defined in Section 8.4 below), in either case during the two-year period following the Change in Control (individually, a “Qualifying Termination”), subject to Section 1.6 below, such Participant shall be paid a lump sum payment equal to the sum of the following amounts (collectively, the “Severance Benefits”):
(i)Severance Payments.  A payment equal to 200% (or in the case of the Company’s Chief Executive Officer, 250%) of the Participant’s “Current Total Annual Compensation” (as defined in Section 8.3 below);
(ii)Pro Rata Bonus.  A payment equal to a pro-rata portion of the Participant’s target annual cash bonus opportunity for the fiscal year in which the Participant’s Qualifying Termination occurs, determined by multiplying the amount of such target annual cash bonus opportunity by a fraction, the numerator of which is the number of days during the fiscal year of the Qualifying Termination that the Participant is employed by the Company and the denominator of which is 365; and
(iii)Medical Benefit Payment.  A payment equal to the amount of the Company’s portion of 12 months’ of medical insurance premiums with respect to the Participant at the same rate that the Company paid immediately prior to the Participant’s Qualifying Termination.

(b)Any Participant entitled to a Severance Benefit (in accordance with Section 1.2(a) above) shall receive his Severance Benefit in the form of a lump-sum payment on the 60th day following the date of his Qualifying Termination.
1.3Additional Benefits.  A Participant entitled to receive a Severance Benefit shall also receive the following additional benefits:
(a)The Company shall cause options to purchase Company stock (“Stock Options”) held by a Participant that are not fully vested and exercisable on the date of the Qualifying Termination to become fully vested and exercisable as of the date of such Qualifying Termination.
(b)The Company shall cause unvested restricted shares of Company stock (the “Restricted Shares”) and unvested restricted stock units (the “RSUs”) held by a Participant on the date of the Qualifying Termination, that, in either case, are subject to vesting based solely on the Participant’s continued service to the Company, to become fully vested (and in the case of RSUs, settled) as of the date of such Qualifying Termination.
(c)The number of shares of Company stock a Participant would have been entitled to receive had the performance goals been achieved at the 100% target rate in each of the then-ongoing performance-based restricted stock programs (“PBRS”) and performance stock unit programs (“PSU”), and/or any successor programs to the PBRS and PSU programs, which remain subject to the performance-based conditions at the time of the Qualifying Termination, shall be granted by the Company to such Participant on the date of the Qualifying Termination without any further vesting conditions.
(d)The cash amount a Participant would have been entitled to receive had the performance goals been achieved at the 100% target rate in each of the then-ongoing performance-based restricted unit programs (“PBRU”), and/or any successor programs to the PBRU programs, shall be paid by the Company to such Participant on the date of the Qualifying Termination.
1.4Reduction of Payments.  If a Participant’s receipt of any payment and/or non-monetary benefit under this Plan (including, without limitation, the accelerated vesting of Stock Options, Restricted Shares, and/or awards under the PBRS, PBRU, and/or PSU programs, and any successor programs) (collectively, the “Payments”) would, in the determination of a nationally recognized accounting firm retained by the Company (the “Accounting Firm”), cause him to become subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the Company shall reduce his Payments in the manner and in the amounts determined by the Accounting Firm to be necessary to avoid the application of such excise tax (the “Reduced Amount”); provided, that the foregoing shall not apply if the Accounting Firm determines that, if such Payments were not so reduced, the net amount of Payments that the Participant would receive after payment of such excise tax would be greater than the Reduced Amount.  Any determinations by the Accounting Firm pursuant to this Section 1.4 shall be binding upon the Company and the Participant.
1.5Rights of Participants.  Nothing contained herein shall be held or construed to create any liability or obligation on the Company to retain any Participant in its service or in a corporate officer position.  All Participants shall remain subject to discharge or discipline to the same extent as if the Plan did not exist.
1.6Release of Claims.  All payments and benefits hereunder shall be conditioned upon the Participant executing and delivering to the Company within 45 days following his Qualifying Termination, and not revoking during any applicable revocation period, a general release of all claims 

against the Company and its subsidiaries, affiliates, and related persons in a form provided by the Company which is substantially similar to the Company’s then-current form of release.  If a Participant fails to timely execute such release or timely revokes his acceptance of such release, the Participant shall not be entitled to any severance payments or benefits hereunder.
ARTICLE II:  FUNDING
2.1.Funding.  The Plan shall be funded out of the general assets of the Company as and when benefits are payable under the Plan.  All Participants shall be solely general creditors of the Company.
ARTICLE III:  RESTRICTIVE COVENANTS
3.1Restrictive Covenants.  As additional consideration for the Severance Benefit (and additional benefits) provided under this Plan, the Participant hereby agrees to and/or reaffirms the restrictive covenants contained in the Company’s Restrictive Covenant Agreement entered into between the Participant and the Company prior to the date hereof or effective upon the Participant becoming subject to the Plan.
ARTICLE IV:  ADMINISTRATION OF THE PLAN
4.1Plan Administrator.  The general administration of the Plan shall be placed with the Compensation Committee of the Board or an administrative committee appointed by the Board (the “Committee”).
4.2Reimbursement of Expenses of Committee.  The Company shall pay or reimburse the members of the Committee for all reasonable expenses incurred in connection with their duties hereunder.
4.3Action by the Plan Committee.  Decisions of the Committee shall be made by a majority of its members attending a meeting at which a quorum is present (which meeting may be held telephonically), or by written action in accordance with applicable law.  No member of the Committee may act with respect to a matter which involves only that member.  It is intended that the Committee shall enforce the Plan in accordance with its terms and shall not have administrative discretion to vary the terms of the Plan or a Participant’s rights under the Plan.
4.4Retention of Professional Assistance.  The Committee may employ such legal counsel, accountants and other persons as may be required in carrying out its work in connection with the Plan, and the Company shall pay the fees and expenses of such persons.
4.5Accounts and Records.  The Committee shall maintain such accounts and records regarding the fiscal and other transactions of the Plan, and such other data as may be required to carry out its functions under the Plan and to comply with all applicable laws.
4.6Compliance with Applicable Law.  The Company shall be deemed the administrator of the Plan for the purposes of any applicable law and shall be responsible for the preparation and filing of any required returns, reports, statements or other filings with appropriate governmental agencies.  The Company shall also be responsible for the preparation and delivery of information to persons entitled to such information under any applicable law.
4.7Reimbursement of Expenses.  If any contest or dispute shall arise under this Plan involving termination of a Participant’s employment with the Company or involving the failure or refusal of the Company to perform fully in accordance with the terms hereof, the Company shall, immediately after the 

date a court issues a final order from which no appeal can be taken, or with respect to which the time period to appeal has expired, reimburse such Participant for all reasonable legal fees and expenses, if any, paid by the Participant in connection with such contest or dispute (together with interest in an amount equal to the JP Morgan Chase & Co. prime rate from time to time in effect, such interest to begin to accrue on the dates Participant actually paid such fees and expenses through the date of payment thereof); provided, however, the Participant shall not be entitled to any reimbursement for his legal fees and expenses if a court has made a final determination that the Participant’s position was without merit.
ARTICLE V:  AMENDMENT AND TERMINATION
5.1Amendment and Termination.  The Company reserves the right to amend or terminate, in whole or in part, any or all of the provisions of this Plan by action of the Board at any time; provided, that, during the two-year period following a Change in Control, the Company shall no longer have the power to amend or terminate the Plan in any manner adverse to Participants, except for amendments to comply with changes in applicable law which do not reduce the benefits and payments due hereunder in the event of a Qualifying Termination; provided, further, that, in no event shall any amendment reducing the benefits provided hereunder or any Plan termination be effective until at least six months after the date of the applicable action by the Board, and in no event shall become effective if a Change in Control occurs during such six month period.
ARTICLE VI:  SUCCESSORS
6.1Successors.  The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place.  In such event, the term “Company,” as used in this Plan, shall mean the Company, as applicable, as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by the terms and provisions of this Plan.
ARTICLE VII:  MISCELLANEOUS
7.1No Duty to Mitigate/Set-off.  No Participant entitled to receive a Severance Benefit shall be required to seek other employment or to attempt in any way to reduce any amounts payable to him pursuant to this Plan.  The Severance Benefit payable hereunder shall not be reduced by any compensation earned by the Participant as a result of employment by another employer or otherwise.  The Company’s obligations to pay the Severance Benefits and to perform its obligations hereunder shall not be affected by any circumstances including without limitation, any set off, counterclaim, recoupment, defense or other right which the Company may have against the Participant.
7.2Headings.  The headings of the Plan are inserted for convenience of reference only and shall have no effect upon the meaning of the provisions hereof.
7.3Use of Words.  Whenever used in this instrument, a masculine pronoun shall be deemed to include the masculine and feminine gender, and a singular word shall be deemed to include the singular and plural, in all cases where the context so requires.
7.4Controlling Law.  The construction and administration of the Plan shall be governed the laws of the State of New York (without reference to rules relating to conflicts of law).

7.5Withholding.  The Company shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it reasonably believes it may have to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to this Plan.
7.6Severability.  Should any provision of the Plan be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions of the Plan unless such determination shall render impossible or impracticable the functioning of the Plan, and in such case, an appropriate provision or provisions shall be adopted so that the Plan may continue to function properly.
7.7Rights Under Other Plans, Policies, Practices and Agreements.
a.Other than as expressly provided herein, the Plan does not supersede any other plans, policies, and/or practices of the Company.
b.The Plan supersedes any other change in control severance plans, policies and/or practices of the Company as to the Participants.
7.8Insurance.  The Company shall continue to cover the Participants, or cause the Participants to be covered, under any director and officer insurance maintained after a Change in Control for directors and officers of the Company or its successor (whether by the Company or another entity) at no less of a level as that maintained by the Company or its successor for its directors and officers.  Such coverage shall continue for any period during which the Participant may have any liability for his actions or omissions.  Following a Change in Control and in addition to any rights under any other indemnification agreement, the Company or its successor shall indemnify the Participant to the fullest extent permitted by law against any claims, suits, judgments, expenses arising from, out of, or in connection with the Participant’s services as an officer or director of the Company, or as a fiduciary of any benefit plan of the Company.
7.9Code Section 409A.
a.The Company intends that the Plan and all benefits provided thereunder either comply with, or be exempt from, Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”), and to the maximum extent permitted, the Plan shall be interpreted in accordance with such intent.  Nothing contained herein shall constitute any representation or warranty by the Company regarding compliance with Section 409A.
b.Notwithstanding any contrary provision in the Plan or otherwise, any payments of “nonqualified deferred compensation” (within the meaning of Section 409A) that are otherwise required to be made under the Plan to a “specified employee” (as defined under Section 409A) as a result of his or her separation from service (other than a payment that is not subject to Section 409A), to the extent necessary to comply with Section 409A, shall be delayed for the first 6 months following such separation from service (or, if earlier, the date of death of the specified employee) and shall instead be paid on the day that immediately follows the end of such 6 month period.  Any remaining payments of nonqualified deferred compensation shall be paid without delay and at the time or times such payments are otherwise scheduled to be made.
c.To the extent necessary to comply with Section 409A, a termination of service shall not be deemed to have occurred for purposes of any provision of the Plan providing for the payment or provision of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of service unless such termination is also a “separation from service” 

within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A.  For purposes of any such provision of the Plan or any Severance Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment,” “termination of service” or like terms shall mean “separation from service.”
7.10Effectiveness of Plan.  This Plan is effective as of September 9, 2015.
ARTICLE VIII:  DEFINITIONS
8.1“Cause” shall mean:  (A) gross negligence or willful misconduct by a Participant which is materially injurious to the Company, monetarily or otherwise; (B) misappropriation or fraud with regard to the Company or its assets; (C) conviction of, or the pleading of guilty or nolo contendere to, a felony involving the assets or business of the Company; or (D) willful and continued failure to substantially perform his duties after written notice by the Board.  For purpose of the preceding sentence, no act or failure to act by a Participant shall be considered “willful” unless done or omitted to be done by such Participant in bad faith and without reasonable belief that the Participant’s action or omission was in the best interests of the Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board, or based upon the advice of counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Company.
8.2“Change in Control” shall mean the consummation of any of the following:  (A) any “Person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), excluding the Company, any subsidiary of the Company, or any employee benefit plan sponsored or maintained by the Company (including any trustee of any such plan acting in his capacity as trustee), becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 35% or more of the total combined voting power of the Company’s then outstanding securities; (B) the merger, consolidation or other business combination of the Company (a “Transaction”), other than a Transaction immediately following which the stockholders of the Company immediately prior to the Transaction continue to be the beneficial owners of securities of the resulting entity representing more than 65% of the voting power in the resulting entity, in substantially the same proportions as their ownership of Company voting securities immediately prior to the Transaction; (C) the sale of all or substantially all of the Company’s assets, other than a sale immediately following which the stockholders of the Company immediately prior to the sale are the beneficial owners of securities of the purchasing entity representing more than 65% of the voting power in the purchasing entity, in substantially the same proportions as their ownership of Company voting securities immediately prior to the Transaction; or (D) the first day on which the majority of the members of the Board cease to be Continuing Directors.
8.3“Continuing Directors” shall mean as of any date of determination, any member of the Board who: (A) was a member of such Board as of August 9, 2016; or (B) was nominated for election or elected to such Board with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election.
8.4“Current Total Annual Compensation” shall be the sum of the following amounts:  (A) the greater of a Participant’s highest rate of annual salary during the calendar year in which his employment terminates or such Participant’s highest rate of annual salary during the calendar year immediately prior to the year of such termination; and (B) the average of a Participant’s annual bonus compensation (prior to any bonus deferral election) earned in respect of the two most recent calendar years immediately preceding the calendar year in which the Participant’s employment terminated.

8.5“Good Reason” shall mean the occurrence of any of the following events after a Change in Control without the Participant’s express written consent:  (A) material diminution in the Participant’s position, duties, responsibilities or authority as of the date immediately prior to the Change in Control; or (B) a reduction in a Participant’s base compensation or a failure to provide incentive compensation opportunities at least as favorable in the aggregate as those provided immediately prior to the Change in Control; or (C) failure to provide employee benefits at least as favorable in the aggregate as those provided immediately prior to the Change in Control; or (D) a failure of any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) of the Company to assume in writing the obligations hereunder.  A termination for Good Reason shall mean a termination by a Participant effected by written notice given by the Participant to the Company within 30 days after the occurrence of the Good Reason event, unless the Company shall, within 15 days after receiving such notice, take such action as is necessary to fully remedy such Good Reason event in which case the Good Reason event shall be deemed to have not occurred.
* * *

Exhibit A
Form of Participation Letter
[Participant Name]
[Address]
Dear [____________________]:
This letter is to confirm that, effective as of the date hereof, you are a covered “Participant” in the CDK Global, Inc. (the “Company”) Second Amended and Restated Change in Control Severance Plan for Corporate Officers (the “Plan”).  Your continued participation and eligibility for benefits under the Plan shall be determined in accordance with the terms and conditions of the Plan.  In consideration for the payments and benefits under the Plan, you hereby agree and/or reaffirm that you are subject to the Company’s Restrictive Covenant Agreement.
Nothing contained in the Plan or this letter shall be held or construed to create any liability upon the Company to retain you in its service.  The Company reserves the right to amend, modify or terminate the Plan as permitted under the terms of the Plan.
Please countersign this letter and return it to ____________________ by no later than ____________________.
Sincerely,

    
[Name]
[Title]
Acknowledged and Agreed:
            
[Name of Participant]        DateExhibit

 

Exhibit 10.1
Execution Version
REFINANCING AMENDMENT 
(AMENDMENT NO. 1 TO CREDIT AGREEMENT)
REFINANCING AMENDMENT dated as of June 2, 2016 (this “Amendment”) to the Credit Agreement dated as of October 27, 2014 among Zebra Technologies Corporation (the “Borrower”), the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Revolving Facility Administrative Agent, and Morgan Stanley Senior Funding, Inc. as Term Loan Administrative Agent and Collateral Agent (as amended from time to time, the “Credit Agreement”).  Capitalized terms used but not defined herein are used as defined in the Credit Agreement.
RECITALS:
1.    The Borrower wishes to obtain Other Term Loans (the “Refinancing Term Loans”; and the Persons making such Loans, the “Refinancing Lenders”) as Credit Agreement Refinancing Indebtedness under the Credit Agreement to refinance all outstanding Term Loans (collectively, the “Refinanced Term Loans”) pursuant to a Refinancing Amendment under the Credit Agreement, and the Refinancing Lenders are willing to provide the Refinancing Term Loans on and subject to the terms and conditions set forth herein.
2.    Refinancing Lenders will comprise, and Refinancing Term Loans will be made by:
(i)     in part, Term 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 to repay holders of Refinanced Term Loans that will not be so converted, exchanged or rolled.  
3.    Upon the effectiveness of this Amendment, (A) each Refinancing Lender will make (or convert, exchange or roll its Refinanced Term Loans to or for) Refinancing Term Loans and (B) the Borrower will prepay (in cash or through delivery by the Borrower of Refinancing Term Loans, as applicable) the entire remaining amount of the Refinanced Term Loans, together with accrued and unpaid interest thereon.
4.    Therefore, in consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:
Section 1.    Certain Terms of the Refinancing Term Loans and Amendments to the Credit Agreement.
		
	(a)
	New Defined Terms.  Section 1.01 of the Credit Agreement is hereby amended by inserting in appropriate alphabetical order the following new definitions:

 

“Amendment No. 1” shall mean Refinancing Amendment to this Agreement dated as of June 2, 2016.  
“Amendment No. 1 Effective Date” means June 2, 2016.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-in Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Converting Refinancing Term Lender” means a Refinancing Term Lender that agrees pursuant to Amendment No. 1 to convert, exchange or “cashless roll” all, or any portion, of its Refinanced Term Loan for a Refinancing Term Loan.  A Refinancing Term Lender may be a Converting Refinancing Term Lender with respect to (i) less than all of its Refinancing Term Loan Commitment (if its Refinancing Term Loan Commitment is greater than its Refinanced Term Loan) or (ii) less than all of its Refinanced Term Loan (if its Refinanced Term Loan is greater than its Refinancing Term Loan Commitment).
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person, as in effect from time to time.
“Refinancing Term Lender” means, at any time, each Lender with a Refinancing Term Loan Commitment or, after the Refinancing Term Loans are made or issued, holding a Refinancing Term Loan at such time.

 

“Refinanced Term Loan” means each Initial Term Loan, all of which are refinanced or converted, exchanged or rolled into Refinancing Term Loans pursuant to Amendment No. 1.
“Refinancing Term Loan” means each Other Term Loan made by or issued to a Refinancing Term Lender pursuant to Amendment No. 1.
“Refinancing Term Loan Commitment” means, for any Refinancing Term Lender, the amount set forth opposite such Refinancing Term Lender’s name on Schedule A (in the case of any Refinancing Lender making its Refinancing Term Loan in cash) to Amendment No. 1 or Schedule B (in the case of any Refinancing Lender converting, exchanging or rolling its Refinanced Term Loan for a Refinancing Term Loan) to Amendment No. 1.
“Refinancing Term Lender” means each Lender making or receiving a Refinancing Term Loan pursuant to Amendment No. 1.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
		
	 (b)
	Pricing and Maturity of Refinancing Term Loans.  

(i)  The definition of “Applicable Margin” in Section 1.01 of the Credit Agreement is amended by adding the following sentence to the end thereof:
“Applicable Margin” means, for any day with respect to any Refinancing Term Loans, a per annum rate equal to (i) if such Refinancing Term Loan is a Eurocurrency Loan, 3.25% and (ii) if such Refinancing Term Loan is an ABR Loan, 2.25%.
(ii)  The proviso at the end of the definition of “Adjusted Eurocurrency Rate” is amended in its entirety to read as follows:
provided that, notwithstanding the foregoing, as applied solely to the Initial Term Loans and the Refinancing Term Loans, the Adjusted Eurocurrency Rate shall at no time be less than 0.75% per annum. 
(iii)  The definition of “Term Loan Maturity Date” is modified by adding the following sentence to the end thereof:
The Term Loan Maturity Date with respect to the Refinancing Term Loans means October 27, 2021.

 

(c)    Commitments to Make Refinancing Term Loans.  Section 2.01 of the Credit Agreement is amended by adding the following to the end thereof:
Subject to the terms and express conditions set forth in Amendment No. 1, each Refinancing Term Lender severally agrees to make a Refinancing Term Loan in Dollars to the Borrower (or, in the case of a Converting Refinancing Term Lender, convert, exchange or roll its Refinanced Term Loan for a Refinancing Term Loan in an equal principal amount) on the Closing Date in an aggregate principal amount equal to its Refinancing Term Loan Commitment.  Each Refinancing Term Commitment will terminate in full upon the making of the related Refinancing Term Loan (or conversion, exchange or roll of Refinanced Loan, as applicable).  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. 1 Effective 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, delivery from the Borrower on the Amendment No. 1 Effective Date of an equal principal amount of Refinancing Term Loans.  Each Refinancing Term Loan shall constitute an Other Term Loan and Term Loan for all purposes of this Agreement.  
The initial Borrowing of the Refinancing Term Loans will be a Eurocurrency Borrowing with an initial Interest Period beginning on the Amendment No. 1 Effective Date and ending (subject to the definition of “Interest Period”) on September 2, 2016.  The Borrower shall pay breakage to the extent required in accordance with the Credit Agreement as though (solely for this purpose) each Refinanced Term Loan of a Converting Refinancing Term Lender had been prepaid on the Amendment No. 1 Effective Date.
(d)    Repayment of Refinancing Term Loans.  Section 2.10(a) of the Credit Agreement is hereby amended in its entirety by (A) modifying existing clause (a) thereof to be clause (a)(i) and (B) adding a new clause (ii) directly below clause (i) to read as follows:
(ii)    Subject to adjustment pursuant to paragraph (b) of this Section and subject to paragraph (i) of Section 2.11, the Borrower shall repay a principal amount of Refinancing Term Loans on March 31, June 30, September 30 and December 31 of each year (commencing with September 30, 2016) in an amount equal to 0.25% of the aggregate initial principal amount of all Refinancing Term Loans outstanding on the Amendment No. 1 Effective Date after giving effect to the transactions contemplated by Amendment No. 1.  Without limiting the foregoing, to the extent not previously paid, all Refinancing Term Loans shall be due and payable on the Term Loan Maturity Date with respect to the Refinancing Term Loans.
(e)    Soft-Call for Refinancing Term Loans.  The second and third sentences of Section 2.11(a) of the Credit Agreement are hereby amended to read in full as follows:
Each voluntary prepayment of any Loan pursuant to this Section 2.11(a) and mandatory prepayment pursuant to Section 2.11(e) shall be made without premium or penalty except that, in the event that on or prior to the date that is six months after the Amendment 

 

No. 1 Effective Date, the Borrower makes any prepayment or repayment of Refinancing Term Loans as a result of a Repricing Transaction or any amendment to this Agreement to effectuate a Repricing Transaction, the Borrower shall pay to the Term Loan Administrative Agent, for the ratable account of each of the applicable Term Lenders, a prepayment premium in an amount equal to 1% of the amount of the Refinancing Term Loans being so prepaid, repaid or refinanced or the aggregate amount of the applicable Refinancing Term Loans outstanding immediately prior to such amendment and otherwise subject to the Repricing Transaction, as applicable. 
(f)    Change of Address for Notices.  Section 9.01(a) of the Credit Agreement is hereby amended to replace the words “475 Half Day Road, Suite 500” with “3 Overlook Point”.
(g)    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  (i)  A new Section 9.19 is hereby added to the Credit Agreement to read in full as follows:
Section 9.19  Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
		
	(a)
	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

		
	(b)
	the effects of any Bail-in Action on any such liability, including, if applicable:

		
	(i)
	a reduction in full or in part or cancellation of any such liability;

		
	(ii)
	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Amendment or any other Loan Document; or

		
	(iii)
	the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

(ii)    The definition of “Defaulting Lender” is amended by adding, in clause (d)(i) thereof, immediately after the words “under the Bankruptcy Code”, the words “or a Bail-In Action”. 
Section 2.    Conditions to Effectiveness of this Amendment.  This Amendment shall become effective as of June 2, 2016 (the “Amendment No. 1 Effective Date”) when:

 

(a)    this Amendment shall have been executed and delivered by the Borrower, the Subsidiary Loan Parties, each Refinancing Lender and the Term Loan Administrative Agent;
(b)    the Term Loan Administrative Agent shall have received a certificate of the Secretary or Assistant Secretary of the Borrower dated the date hereof certifying (w) that attached thereto is a true and complete copy of the certificate of incorporation, including all amendments thereto of the Borrower certified as of a recent date by the Secretary of State of the State of Delaware (or certifying that there has been no change to the certificate of incorporation of the Borrower since the Closing Date) and a certificate as to the good standing of the Borrower as of a recent date, (x) that attached thereto is a true and complete copy of the by-laws of the Borrower as in effect on such date (or certifying that there has been no change to the by-laws of the Borrower since the Closing Date), (y) that attached is a true and complete copy of the resolutions duly adopted by the Board of Directors of the Borrower, or duly constituted committee thereof, authorizing the execution, delivery and performance of this Amendment, all documents executed in connection therewith, the borrowings thereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on such date and (z) as to the incumbency and specimen signature of each officer executing this Amendment and any document executed in connection therewith and countersigned by another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing such certificate;  
(c)    the Borrower shall have paid to the Term Loan Administrative Agent, for the account of the Refinancing Lenders, a fee in an amount equal to 0.25% of the stated principal amount of the Refinancing Term Loans;
(d)     the Term Loan Administrative Agent shall have received a notice of borrowing of Refinancing Term Loans;
(e)    the Term Loan Administrative Agent shall have received a promissory note in form and substance reasonably acceptable to the Administrative Agent executed by the Borrower in favor of each Refinancing Lender requesting a promissory note;
(f)    the representations and warranties set forth in Article 3 of the Credit Agreement and in each other Loan Document shall be true and correct in all material respects on and as of the date hereof (both before and after giving effect to the transactions contemplated by this Amendment) with the same effect as though made on and as of the date hereof, except to the extent such representations and 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)    the representations and warranties in Section 3 of this Amendment shall be true and correct in all material respects as of the date hereof;

 

(h)    each Refinancing Lender and the Term Loan Administrative Agent shall have received at least 3 Business Days prior to the date hereof all documentation and other information about the Borrower and the Subsidiary Loan Parties required under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act that has been requested in writing at least 5 Business Days prior to the date hereof; and
(i)    no Default or Event of Default shall exist on the date hereof before or after giving effect to the Refinancing Term Loans and the use of proceeds thereof.
The Borrowing of the Refinancing Term Loans shall be deemed to constitute a representation and warranty by the Borrower on the Amendment No. 1 Effective Date as to the matters specified in paragraphs (f) and (i) above.
Section 3.    Representations and Warranties.  By its execution of this Amendment, the Borrower hereby certifies that this Amendment and the Credit Agreement as amended hereby have been duly authorized by all necessary corporate, shareholder or other organizational action by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
Section 4.      Certain Acknowledgements.  (a)  Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby and (ii) its guarantee of the Obligations (including, without limitation, the Refinancing Term Loans) under the Subsidiary Guaranty and its grant of Liens on the Collateral to secure the Obligations (including, without limitation, the Obligations with respect to the Refinancing Term Loans) pursuant to the Security Documents.
(b)    After giving effect to this Amendment, neither the modification of the Credit Agreement effected pursuant to this Amendment nor the execution, delivery, performance or effectiveness of this Amendment (i) impairs the validity, effectiveness or priority of the Liens granted pursuant to any Loan Document, and such Liens continue unimpaired with the same priority to secure repayment of all Obligations, whether heretofore or hereafter incurred; or (ii) requires that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens.
Section 5.      Amendment, Modifications and Waiver.  This Amendment may not be amended, modified or waived except in writing executed by all parties hereto.
Section 6.     Representations to the Agents and Lead Arrangers.  Each Refinancing Lender, solely for the benefit of the Term Loan Administrative Agent and each Amendment No. 1 Lead Arranger, hereby (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (ii) agrees that it will, independently and without reliance upon the Term Loan Administrative Agent or any other Lender or Agent and based on such documents and information as it 

 

shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; and (iii) agrees that it shall be bound by the terms of the Credit Agreement as a Lender thereunder and it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.
Section 7.      Miscellaneous.  
(a)    Entire Agreement.  This Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  It is understood and agreed that each reference in each Loan Document to the Credit Agreement, whether direct or indirect, shall hereafter be deemed to be a reference to the Credit Agreement as amended hereby and that this Amendment is a Loan Document.
(b)     GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF TO THE EXTENT SUCH PRINCIPLES WOULD CAUSE THE APPLICATION OF THE LAW OF ANOTHER STATE.  SECTION 9.09(B) THROUGH (D) OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO.  
(c)    Severability.  If any provision of this Amendment is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
(d)    Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Delivery by telecopier or other electronic means of an executed counterpart of a signature page to this Amendment shall be effective as delivery of an original executed counterpart of this Amendment.

 

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Amendment as of the date first written above.
	
						
	 
	 
	ZEBRA TECHNOLOGIES CORPORATION

	 
	 
	 
	 
	 
	 

	 
	 
	By
	/s/ Michael C. Smiley
	 

	 
	 
	 
	Name:    Michael C. Smiley
	 

	 
	 
	 
	Title:    Chief Financial Officer
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	ZIH CORP.

	 
	 
	 
	 
	 

	 
	 
	By
	  /s/ James O’Hagan
	 

	 
	 
	 
	Name:    James O’Hagan
	 

	 
	 
	 
	Title:    Vice President
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	ZEBRA TECHNOLOGIES INTERNATIONAL, LLC

	 
	 
	 
	 
	 

	 
	 
	By
	/s/ Jim L. Kaput
	 

	 
	 
	 
	Name:    Jim L. Kaput
	 

	 
	 
	 
	Title:    Vice President
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	ZEBRA TECHNOLOGIES ENTERPRISE CORPORATION

	 
	 
	 
	 
	 

	 
	 
	By
	 /s/ Todd R. Naughton
	 

	 
	 
	 
	Name:    Todd R. Naughton
	 

	 
	 
	 
	Title:    Vice President
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	ZEBRA RETAIL SOLUTIONS, LLC

	 
	 
	 
	 
	 

	 
	 
	By
	 /s/ Todd R. Naughton
	 

	 
	 
	 
	Name:    Todd R. Naughton
	 

	 
	 
	 
	Title:    Vice President
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	LASER BAND, LLC

	 
	 
	 
	 
	 

	 
	 
	By
	 /s/ Todd R. Naughton
	 

	 
	 
	 
	Name:    Todd R. Naughton
	 

	 
	 
	 
	Title:    Vice President
	 

[Signature Page to Refinancing Amendment (Amendment No. 1 to Credit Agreement)]

 

	
						
	 
	 
	MORGAN STANLEY SENIOR FUNDING, INC.,

	 
	 
	 
	as Term Loan Administrative Agent and

	 
	 
	 
	Refinancing Lender

	 
	 
	 
	 
	 
	 

	 
	 
	By
	 /s/ Jonathon Rauen
	 

	 
	 
	 
	Name:    Jonathon Rauen
	 

	 
	 
	 
	Title:    Authorized Signatory
	 

[Signature Page to Refinancing Amendment (Amendment No. 1 to Credit Agreement)]

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