Document:

BMI 6.30.2013 Exhibit 4.1

Exhibit 4.1

FIRST AMENDMENT TO CREDIT AGREEMENT
This First Amendment to Credit Agreement (“Amendment”) is made and entered into as of May 21, 2013, by and between BADGER METER, INC., a Wisconsin corporation (the “Borrower”), and BMO HARRIS BANK N.A. (the “Bank”).  
R E C I T A L 
WHEREAS, the Borrower and the Bank are parties to that certain Credit Agreement dated as of May 23, 2012 (the “Credit Agreement”); and

WHEREAS, the Borrower and the Bank desire to make certain amendments to the Credit Agreement pursuant to the terms and conditions hereof. 
A G R E E M E N T S
NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Defined Terms.  All capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  

2. Amendment of Section 1.1. Section 1.1 of the Credit Agreement is hereby amended by amending the following definition:  

“Termination Date” shall mean, (a) with respect to the Revolving Loans, May 23, 2015, and (b) with respect to the Foreign Currency Revolving Loans, May 23, 2015, or such earlier date on which the Commitments shall be terminated pursuant to the terms hereto. 

3. Representations and Warranties of the Borrower.  In order to induce the Bank to enter into this Amendment and in recognition of the fact that the Bank is acting in reliance thereupon, the Borrower represents and warrants to the Bank as follows:

		
	(a)
	The Borrower has the power and authority to enter into, deliver and issue this Amendment and to continue to borrow under the Agreement, as amended hereby.  Each of the Credit Agreement, as amended hereby, and this Amendment when duly executed on behalf of the Borrower, constitutes the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms.

		
	(b)
	The execution and delivery of this Amendment and the prospective borrowing and performance by the Borrower of its obligations under the Credit Agreement, as amended hereby, have been authorized by all necessary action on the part of the Borrower. 

		
	(c)
	The representations and warranties of the Borrower contained in the Credit Agreement are true and correct in all material respects as of the date of this Amendment as though made on and as of the date of this Amendment, except to the extent such representations or warranties relate to any earlier date in which case such representations and warranties shall continue to be true and correct in all material respects as of such date.  

		
	(d)
	As of the date of this Amendment, no Default or Event of Default has occurred and is continuing.

4. Miscellaneous.

		
	(a)
	Each reference in the Credit Agreement to “this Agreement” and each reference in each of the Related Documents to the “Credit Agreement” shall be deemed a reference to the Credit Agreement, as further amended by this Amendment. 

		
	(b)
	The Borrower shall pay or reimburse the Bank for its expenses, including reasonable attorneys' fees and expenses, incurred in connection with the Credit Agreement and this Amendment for the preparation, examination and approval of documents in connection therewith or herewith, the preparation hereof and expenses incurred in connection therewith or herewith. 

 
		
	(c)
	This Amendment is being delivered and is intended to be performed in the State of Wisconsin and shall be construed and enforced in accordance with the laws of that state without regard for the principles of conflicts of laws. 

		
	(d)
	Except as expressly modified or amended herein, the Agreement shall continue in effect and shall continue to bind the parties hereto.  This Amendment is limited to the terms and conditions hereof and shall not constitute a modification, acceptance or waiver of any other provision of the Agreement. 

		
	(e)
	This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Credit Agreement effective as of the date first written above.
	
								
	 
	 
	 
	 
	 
	“BORROWER”

	 
	 
	 
	 
	 
	BADGER METER, INC.

	 
	 
	 
	 
	 
	 
	 
	 

	

	 
	 
	 
	 
	By:
	 
	/s/ Richard A. Meeusen

	 
	 
	 
	 
	 
	 
	 
	Name: Richard A. Meeusen

	 
	 
	 
	 
	 
	 
	 
	Title: Chairman, President and CEO

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	By:
	 
	/s/ Richard E. Johnson 

	 
	 
	 
	 
	 
	 
	 
	Name: Richard E. Johnson

	 
	 
	 
	 
	 
	 
	 
	Title: Sr. VP-Finance, CFO & Treasurer

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	“BANK”

	 
	 
	 
	 
	 
	BMO HARRIS BANK N.A.

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	By:
	 
	/s/ David C. Doran

	 
	 
	 
	 
	 
	 
	 
	Name: David C. Doran

	 
	 
	 
	 
	 
	 
	 
	Title: Senior Vice President

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	By:
	 
	/s/ Cassie Bisgrove

	 
	 
	 
	 
	 
	 
	 
	Name: Cassie Bisgrove

	 
	 
	 
	 
	 
	 
	 
	Title: Assistant Vice Presidentexhibit10a.htm

 

Exhibit 10(a)

 

FORM OF AGREEMENT FOR

LONG TERM PERFORMANCE AWARD

GRANTS TO EXECUTIVE OFFICERS

GE 2007 LONG TERM INCENTIVE PLAN

Grant of Contingent [START DATE]-[END DATE] Long Term Performance Award

	
1.  

	
Grant of Contingent [START DATE]-[END DATE] Long Term Performance Award.  The Management Development and Compensation Committee (“Committee”) of the Board of Directors of General Electric Company (“Company”) approved a Contingent [START DATE]-[END DATE] Long Term Performance Award (“Award”) for [NAME] (“Grantee”), under and subject to the terms of the Company’s 2007 Long Term Incentive Plan (“Plan”).  This Award provides a potential payment to the Grantee in [PAYMENT DATE] as described below that, in accordance with the terms of the Award, will be based upon the attainment of certain financial performance goals from [START DATE] through [END DATE] and the Grantee’s annual compensation rate as of [COMPENSATION DATE], each as explained below.

	
2.  

	
Purpose of Award and Financial Performance Goals.  This Award was made to provide additional emphasis on and incentive for the attainment of the following important financial performance goals for the Company on an overall basis during the three-year performance period from [START DATE] through [END DATE].

Financial Performance                                                               Company Performance Goals for the Period [START]-[END]                                                                                            

	Measurements    	 Threshold	   Target                          	    Maximum	 
	 	 	 	 	 
	Cumulative Operating Earnings Per Share	$X.XX                                   	$X.XX                             	$X.XX	 
	 	 	 	 	 
	Cumulative Total Cash Generation (B$) 	$XX.X      	$XX.X 	$XX.X	 
	 	 	 	 	 
	
[THIRD YEAR PERFORMANCE PERIOD] 

	XX.X%  	XX.X%	XX.X%	 
	Industrial Earnings as % of Total	 	 	 	 
	Company Earnings	 	 	 	 
	 	 	 	 	 
	[THIRD YEAR PERFORMANCE PERIOD]	XX.X%	XX.X%	XX.X%	 
	Company % Return on Total Capital	 	 	 	 
	 	 	 	 	 

                                                 

Attainment of the performance goals will be determined solely by the Committee and will be based on the financial performance results, adjusted for any unusual items, of the Company, all as defined and interpreted by the Committee.

	
3.  

	
Payment.  The Award will be payable in cash, or Company common stock or similar equity, or a combination thereof, at the discretion of the Committee, to the Grantee on or before [PAYMENT DATE], provided the Committee determines that the Company has attained or exceeded at least one of its threshold goals set forth in the table above.  The table below shows the percentage of the Grantee’s annual compensation rate as of [COMPENSATION DATE] (i.e., annual base salary rate at [SALARY DATE] and incentive compensation earned for [IC YEAR] and approved for payment in [IC PAYMENT DATE]) that would be payable on or before [PAYMENT DATE] if the specified goals were to be precisely attained (i.e., threshold, target or maximum) for all of the financial performance measurements set forth in the table above.

 

 

 

 

  

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	 	 	 Threshold	 Target	 Maximum
	 	Potential Payment as % of	 	 	 
	 	Annual Compensation Rate	XXX%	XXX%	XXX%

 

                                                                                                                                                                            

In calculating the actual amount of the payment, if any, that will be payable hereunder, each of the performance measurements will be weighted equally (i.e., 25%), and payment will be prorated if financial performance falls between goals. Payment will be reduced by any taxes that must be paid or withheld as determined by the Company.  Further, no award payout to a named executive officer of the Company may exceed one tenth of one percent of the Company’s aggregate adjusted net earnings during the performance period.

[3a. Interim Installments (for Named Executive Officers).  A portion of the Award is payable to the Grantee in progress installments that will be credited to a non-qualified deferral account, without interest, following the end of the first and second years in the three-year performance period, based on the extent to which the performance goals are satisfied as of each year-end.  The determination of the extent to which the performance goals are satisfied will be based on the forecasted financial performance outlook and projected attainment of the performance goals and award payout % for the three-year period determined as of the end of the first and second performance years, respectively.  Each installment will be calculated by multiplying the Grantee’s annual compensation rate (as of [COMPENSATION DATE] following the applicable performance year) by the projected award payout % for the three-year period (but, for the first year, up to no more than the target payout level) by 30%.  Following the third year, the Grantee will receive any amounts credited, without interest, adjusted for any additional amount due or credited amount forfeited, such that the total amount to be paid, if any, reflects the Company’s actual three-year performance pursuant to the provisions, and subject to all other terms and conditions of, this Award.]

	
4.  

	
Alteration/Termination.  The Award will be cancelled if the Grantee’s employment with the Company or any of its affiliates terminates before the payment of the Award for any reason other than death, retirement, disability or business disposition.  In addition, the Committee shall have the right at any time in its sole discretion to waive any provisions of, or amend, alter, suspend, discontinue or terminate the Award without the consent of the Grantee.

	
5.  

	
Plan Terms Incorporated.  All terms used in this Award have the same meaning as given such terms in the Plan.  This Award incorporates the provisions of the Plan, a copy of which will be furnished upon request, and such provisions shall be deemed a part of the grant for all purposes.

	
6.  

	
Modification, Waiver or Amendment.  This Award and the Plan contain all of the provisions applicable to the Award granted herein and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, authorized by the Committee, and delivered to the Grantee.

	
7.  

	
Acknowledgement and Agreement.  The Grantee hereby acknowledges receipt of this Award and agrees to the terms herein.  Without in any way limiting the authority of the Committee with respect to this Award, including Section 4 hereof, the Grantee agrees that:

If, prior to the payment of the Award, the Grantee voluntarily terminates employment or fails to accept a comparable offer of employment from a successor employer, or if the Grantee is removed from his or her position for any reason, the Grantee will not be entitled to any payment 

 

 

  

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under this Award. Further, if the Grantee terminates employment for any reason prior to [FIRST PERFORMANCE YEAR END DATE], the Grantee will not be entitled to any payment under this Award.

 

	
        ·  

	
If, on or after [FIRST PERFORMANCE YEAR END DATE], and prior to [END DATE], the Grantee retires, becomes disabled, transfers to a successor employer upon a business disposition, or dies and would have received a payment under this Award, but for such retirement, disability, business disposition or death, the Grantee or the Grantee’s estate in the case of death, will be given a pro-rata payment on or before [PAYMENT DATE], based on the number of months worked for the Company during the performance period, subject to the discretion of the Committee to reduce or cancel such payment.  Further, in the event of a business disposition, the Committee may condition payment of any such pro-rata award (based on employment through the applicable Closing Date) on continued employment with the successor employer through the normal payout date, and in no event shall any employment contract, agreement, statements, documents or practices supersede the Committee’s determinations.

If the Board of Directors of the Company (the “Board”) determines that the Grantee has engaged in conduct detrimental to the Company that resulted in a material inaccuracy in the Company’s financial statements or performance metrics that affects the Award, the Board may take a range of actions to remedy the conduct that include, without limit, seeking reimbursement of any portion of the Award paid to the Grantee that is greater than would have been paid if calculated based on the accurate financial statements or performance metrics; provided that if the Board determines that the Grantee engaged in fraudulent misconduct it will seek such reimbursement.  The terms and conditions of this Award, including the reimbursement requirement in this paragraph, shall survive the payment of the Award.

	
8.  

	
Interpretation and Application of Terms.  Any and all determinations with respect to the interpretation and application of this Award, including the attainment or measurement of performance goals and the determination of the Grantee’s right to, or the amount (if any) of, any payment pursuant hereto, shall lie solely with the Committee.  All such determinations are final and binding upon the Grantee, their estate, and any person seeking to assert a claim through or on their behalf, and neither the Grantee nor any other person shall have any right to appeal such determinations.

 

	 	 	 	 	 	 
	 	 	 General Electric Company	 	 	 
	 	 	
 

 

[DATE]

	 	 	 
	 	 	                                           Date	 	 	 

     

                                                                                                        

Grantee:  [NAME]

 

________________________________

Grantee Signature

 

_________________________________

Date

***Awards must be acknowledged***

 

 

 

  

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