Document:

EX-10.2

 Exhibit 10.2 

VOTING AGREEMENT 

THIS VOTING AGREEMENT (this “Agreement”) is entered into as of
November 19, 2017, by and between CAVIUM, INC., a Delaware corporation (the “Company”), and the shareholders of MARVELL TECHNOLOGY GROUP
LTD., a Bermuda exempted company (“Parent”), listed on Exhibit A (each, a “Specified Shareholder”). 

RECITALS 

A.    Each Specified Shareholder is a holder of record and the “beneficial owner” (within the meaning of
Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of certain common shares of Parent. 

B.    Parent, Kauai Acquisition Corp., a Delaware corporation (“Merger Sub”), and the Company are
entering into an Agreement and Plan of Merger of even date herewith (the “Merger Agreement”) which provides (subject to the conditions set forth therein) for the merger of Merger Sub into the Company (the “Merger”).

 C.    In the Merger, each outstanding share of common stock of the Company is to be converted into the right
to receive a combination of cash and Parent Common Shares (as defined below), as provided in the Merger Agreement. 

D.    The Merger Agreement contemplates that Parent’s shareholders will vote on the issuance of Parent Common
Shares in connection with the Merger. 
 E.    Each Specified Shareholder is entering into this Agreement in
order to induce the Company to enter into the Merger Agreement. 
 AGREEMENT 

The parties to this Agreement, intending to be legally bound, agree as follows: 

SECTION 1. CERTAIN DEFINITIONS 

For purposes of this Agreement: 

(a)    Each Specified Shareholder shall be deemed to “Own” or to have acquired
“Ownership” of a security if such Specified Shareholder: (i) is the record owner of such security; or (ii) is the “beneficial owner” (within the meaning of Rule 13d-3 under
the Securities Exchange Act of 1934, as amended) of such security. 
 (b)    “Parent Common
Share” shall mean a common share, $0.002 par value per share, of Parent. 

(c)    “Person” shall mean any: (i) individual; (ii) corporation, limited liability company,
partnership or other entity; or (iii) governmental authority. 
 (d)    A Specified Shareholder’s
“Subject Securities” shall mean: (i) all Parent Common Shares Owned by such Specified Shareholder as of the date of this Agreement with respect to which such 

  

 
Specified Shareholder has voting rights; and (ii) all additional Parent Common Shares of which such Specified Shareholder acquires Ownership during the period from the date of this Agreement
through the Voting Expiration Date with respect to which such Specified Shareholder has voting rights. A Specified Shareholder’s Subject Securities shall not include any Parent Common Shares that a Specified Shareholder sells or otherwise
disposes of following the date of this Agreement. 
 (e)    “Voting Expiration Date”
shall mean the earliest of: (i) the date upon which the Merger Agreement is validly terminated; (ii) the date upon which the Merger becomes effective; (iii) the date of any amendment, modification or supplement to the Merger
Agreement, in each such case if such amendment, modification or supplement materially and adversely affects the economic interests or share ownership of Parent’s shareholders; (iv) the date upon which the Company and the Specified
Shareholders agree to terminate this Agreement in writing; (v) the date upon which the board of directors of Parent makes a Parent Adverse Recommendation Change; (vi) the date upon which the board of directors of the Company makes a
Company Adverse Recommendation Change; and (vii) the date of any Company Triggering Event. 

(f)    Capitalized terms used but not otherwise defined in this Agreement have the meanings assigned to such terms
in the Merger Agreement. 
 SECTION 2. TRANSFER OF VOTING RIGHTS 

2.1    Restriction on Transfer of Voting Rights. During the period from the date of this Agreement through
the Voting Expiration Date, each Specified Shareholder shall ensure that: (a) none of such Specified Shareholder’s Subject Securities is deposited into a voting trust; and (b) other than any proxy that may be granted under
Section 3.2, no proxy is granted, and no voting agreement or similar agreement is entered into, with respect to any of such Specified Shareholder’s Subject Securities, in each case except as otherwise permitted by this
Agreement. 
 SECTION 3. VOTING OF SHARES 

3.1    Voting Covenant. Each Specified Shareholder hereby agrees that, prior to the Voting Expiration
Date, at any meeting of the shareholders of Parent, however called, and at every adjournment or postponement thereof, and in any action by written consent of the shareholders of Parent, unless otherwise directed in writing by the Company, such
Specified Shareholder shall cause such Specified Shareholder’s Subject Securities to be voted: 
 (a)    in
favor of the Parent Share Issuance and in favor of any action in furtherance of the Parent Share Issuance; 

(b)    against any action or agreement that would result in a breach of any representation, warranty, covenant or
obligation of Parent in the Merger Agreement; and 
 (c)    against any action, agreement, proposal or
transaction involving Parent or any of its subsidiaries which is intended, or could reasonably be expected, to impede, interfere with, delay, postpone, discourage or adversely affect the Parent Share Issuance or any of the other transactions
contemplated by the Merger Agreement or this Agreement. 
 Prior to the Voting Expiration Date, no Specified Shareholder shall enter into any agreement or
understanding with any Person to vote or give instructions in any manner inconsistent with clause “(a)”, “(b)” or “(c)” of the preceding sentence. Except as set forth in or contemplated by this Agreement, each

  
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Specified Shareholder may vote such Specified Shareholder’s Subject Securities in his, her or its discretion on all matters submitted for the vote of Parent’s shareholders or in
connection with any meeting or written consent of Parent’s shareholders. 

3.2    PROXY. 

(a)    Solely in the event of a failure by any Specified Shareholder to act in accordance with such Specified
Shareholder’s obligations as to voting pursuant to Section 3.1 prior to the termination of this Agreement, each Specified Shareholder hereby irrevocably appoints the Company as its attorney-in-fact and proxy with full power of substitution and resubstitution, to the full extent of such Specified Shareholder’s voting rights with respect to such Specified Shareholder’s Subject
Securities (which proxy is irrevocable and which appointment is coupled with an interest), to vote all such Specified Shareholder’s Subject Securities in accordance with Section 3.1 at any meeting of the shareholders
of Parent, however called, and at every adjournment or postponement thereof, and in connection with any action by written consent of the shareholders of Parent. Any proxy or power of attorney granted hereunder shall terminate upon the termination of
this Agreement. 
 (b)    No Specified Shareholder shall enter into any tender, voting or other similar
agreement, or grant a proxy or power of attorney, with respect to such Specified Shareholder’s Subject Securities that is inconsistent with this Agreement or otherwise take any other action with respect to such Specified Shareholder’s
Subject Securities that would in any way restrict, limit or interfere with the performance of such Specified Shareholder’s obligations hereunder or the transactions contemplated hereby.  

SECTION 4. REPRESENTATIONS AND WARRANTIES OF THE SPECIFIED
SHAREHOLDERS 
 Each Specified Shareholder hereby represents and warrants to the Company as follows: 

4.1    Authorization, etc. Such Specified Shareholder has the absolute and unrestricted right, power,
authority and capacity to execute and deliver this Agreement and to perform such Specified Shareholder’s obligations hereunder. This Agreement has been duly executed and delivered by such Specified Shareholder and constitutes the legal, valid
and binding obligation of such Specified Shareholder, enforceable against such Specified Shareholder in accordance with its terms, subject to: (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and
(b) rules of law governing specific performance, injunctive relief and other equitable remedies. If such Specified Shareholder is a corporation, then such Specified Shareholder is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction in which it was incorporated. If such Specified Shareholder is a general or limited partnership, then such Specified Shareholder is a partnership duly organized, validly existing and in good standing under
the laws of the jurisdiction in which it was organized. If such Specified Shareholder is a limited liability company, then such Specified Shareholder is a limited liability company duly organized, validly existing and in good standing under the laws
of the jurisdiction in which it was organized. 
 4.2    No Conflicts or Consents. 

(a)    The execution and delivery of this Agreement by such Specified Shareholder do not, and the performance of
this Agreement by such Specified Shareholder will not: (i) conflict with or violate any law, rule, regulation, order, decree or judgment applicable to such Specified Shareholder or by which such Specified Shareholder or any of such Specified
Shareholder’s properties is or may be bound or affected in any material respect; or (ii) result in or constitute (with or without notice or lapse of time) 

  
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any breach of or default under, or give to any other Person (with or without notice or lapse of time) any right of termination, amendment, acceleration or cancellation of, or result (with or
without notice or lapse of time) in the creation of any encumbrance or restriction on any of such Specified Shareholder’s Subject Securities pursuant to, any material Contract to which such Specified Shareholder is a party or by which such
Specified Shareholder or any of such Specified Shareholder’s affiliates or properties is or may be bound or affected. 

(b)    The execution and delivery of this Agreement by such Specified Shareholder do not, and the performance of
this Agreement by such Specified Shareholder will not, require any consent or approval of any Person, except where the failure to obtain such consent or approval would not materially interfere with such Specified Shareholder’s ability to
perform such Specified Shareholder’s obligations under this Agreement. 
 4.3    Title to Securities.
As of the date of this Agreement: (a) such Specified Shareholder holds of record or beneficially (free and clear of any encumbrances or restrictions) the number of Parent Common Shares set forth opposite his, her or its name under the heading
“Shares Held of Record or Beneficially” on Exhibit A; and (b) such Specified Shareholder does not Own any shares of Parent other than the Parent Common Shares set forth opposite his, her or its name on Exhibit A (except that Peter A.
Feld may be deemed to beneficially Own the Parent Common Shares underlying the restricted stock units he holds). 
 SECTION 5. ADDITIONAL
COVENANTS OF THE SPECIFIED SHAREHOLDERS 

5.1    Specified Shareholder Information. Each Specified Shareholder hereby agrees to permit Parent, Merger
Sub and the Company to: (a) publish and disclose in any proxy statement, prospectus, current report on Form 8-K or any other document or schedule required to be filed with the SEC or any other regulatory
authority in connection with the Merger or the Parent Share Issuance such Specified Shareholder’s identity and ownership of Parent Common Shares, and the nature of such Specified Shareholder’s obligations under this Agreement; and
(b) file this Agreement as an exhibit to any proxy statement, prospectus, current report on Form 8-K or any other document or schedule required to be filed with the SEC or any other regulatory authority
in connection with the Merger or the Parent Share Issuance. 
 5.2    Further Assurances. From time to
time and without additional consideration, each Specified Shareholder shall execute and deliver, or cause to be executed and delivered, such additional certificates, instruments and other documents, and shall take such further actions, reasonably
necessary under applicable law to perform its obligations as expressly set forth under this Agreement. 
 SECTION 6. MISCELLANEOUS

 6.1    No Limitations on Actions. The parties hereto acknowledge that Peter A. Feld is entering into
this Agreement solely in his capacity as the beneficial owner of his Subject Securities and this Agreement shall not limit or otherwise affect his actions or fiduciary duties in his capacity as a director of Parent. The Company shall not assert any
claim that any action taken by Mr. Feld in his capacity as a director of Parent violates any provision of this Agreement. Nothing in this Agreement shall preclude a Specified Shareholder from making such filings as are required by applicable
law in connection with the entering into of this Agreement, including an amendment to any Schedule 13D or Schedule 13G previously filed by a Specified Shareholder with the Securities and Exchange Commission. 

  
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 6.2    Termination. This Agreement shall terminate on the
Voting Expiration Date; provided, however, that: (a) this Section 6 shall survive the termination of this Agreement and shall remain in full force and effect; and (b) the termination of this
Agreement shall not relieve any Specified Shareholder from any liability arising from any breach of any provision of this Agreement prior to such termination. For the avoidance of doubt, the representations and warranties herein shall not survive
the termination of this Agreement. 
 6.3    Notices. Any notice or other communication required or
permitted to be delivered to any party under this Agreement shall be in writing and shall be deemed properly delivered, given and received when received at the address or facsimile telephone number set forth beneath the name of such party below (or
at such other address or facsimile telephone number as such party shall have specified in a written notice given to the other parties): 

if to a Specified Shareholder: 

at the address set forth opposite the name of such Specified Shareholder on Exhibit A; and 

if to the Company: 
 Cavium,
Inc. 
 2315 N. First Street 

San Jose, CA 95131 
 Attn:
Vincent Pangrazio 
 Fax: (408) 577-1992 

6.4    Severability. Any term or provision of this Agreement that is invalid or unenforceable in any
situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If
the final judgment of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination shall have the power to limit the term or provision, to
delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or
provision, and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable term or provision with a
valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term. 

6.5    Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements and understandings between the parties with respect thereto. No addition to or modification of any provision of this Agreement shall be binding upon any party unless made in writing and
signed by each of the parties. 
 6.6    Assignment; Binding Effect. Except as provided herein, neither
this Agreement nor any of the interests or obligations hereunder may be assigned or delegated by any Specified Shareholder without the prior written consent of the Company, and any attempted or purported assignment or delegation of any of such
interests or obligations shall be void. Subject to the preceding sentence, this Agreement shall be binding upon each Specified Shareholder and each Specified Shareholder’s successors and assigns and, as applicable, each Specified
Shareholder’s heirs, estate, executors and 

  
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personal representatives, and shall inure to the benefit of the Company and its successors and assigns. Nothing in this Agreement is intended to confer on any Person (other than the Company and
its successors and assigns) any rights or remedies of any nature. 
 6.7    Specific Performance. The
parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. Each Specified Shareholder agrees that, in the event of
any breach or threatened breach by such Specified Shareholder of any covenant or obligation contained in this Agreement, the Company shall be entitled (in addition to any other remedy that may be available to it, including monetary damages) to seek
and obtain: (a) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation; and (b) an injunction restraining such breach or threatened breach. Each Specified Shareholder further
agrees that neither the Company nor any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 6.6,
and each Specified Shareholder irrevocably waives any right he, she or it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. 

6.8    Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a)    This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. In any action between the parties arising out of or relating to this Agreement or any of the transactions contemplated by this
Agreement, each of the parties irrevocably and unconditionally consents and submits to the jurisdiction and venue of the Court of Chancery of the State of Delaware in and for New Castle County, Delaware (or, if the federal courts have exclusive
jurisdiction over the matter, the United States District Court for the District of Delaware). 
 (b)    EACH
PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR THE ENFORCEMENT OF ANY PROVISION OF THIS AGREEMENT. 

6.9    Counterparts. This Agreement may be executed in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

6.10    Captions. The captions contained in this Agreement are for convenience of reference only, shall not
be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement. 

6.11    Waiver. No failure on the part of the Company to exercise any power, right, privilege or remedy
under this Agreement, and no delay on the part of the Company in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any
such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. The Company shall not be deemed to have waived any claim available to the Company arising out of this
Agreement, or any power, right, privilege or remedy of the Company under this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of the
Company; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given. 

  
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 6.12    Construction. 

(a)    For purposes of this Agreement, whenever the context requires: the singular number shall include the plural,
and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders. 

(b)    The parties agree that any rule of construction to the effect that ambiguities are to be resolved against
the drafting party shall not be applied in the construction or interpretation of this Agreement. 
 (c)    As
used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.” 

(d)    Except as otherwise indicated, all references in this Agreement to “Sections” and
“Exhibits” are intended to refer to Sections of this Agreement and Exhibits to this Agreement. 
 [Signature page follows.]

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

			
	 CAVIUM, INC.

		
	 By:
	 	 /s/ Vincent Pangrazio

		 	 Name: Vincent Pangrazio

		 	Title: SVP & General Counsel

 Signature Page to Voting Agreement 

  

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

			
	SPECIFIED SHAREHOLDER
	  
 STARBOARD VALUE AND OPPORTUNITY MASTER FUND
LTD

	By:	 	 Starboard Value LP,
 its investment
manager

	  
 STARBOARD VALUE AND OPPORTUNITY S
LLC

	By:	 	 Starboard Value LP,
 its
manager

	  
 STARBOARD VALUE AND OPPORTUNITY C
LP

	By:	 	 Starboard Value R LP,
 its general
partner

	  
 STARBOARD VALUE LP

	By:	 	 Starboard Value GP LLC,
 its general
partner

	  
 STARBOARD LEADERS JULIET LLC

	By:	 	 Starboard Value A LP,
 its managing
member

	  
 STARBOARD LEADERS SELECT II LP

	By:	 	 Starboard Leaders Select II GP LLC,
 its
general partner

	  
 STARBOARD T FUND LP

	By:	 	 Starboard Value A LP,
 its general
partner

	  
 PETER A. FELD

		
	By:	 	 /s/ Peter A. Feld

		 	Name: Peter A. Feld
		 	Title: Authorized Signatory

 Signature Page to Voting Agreement 

  

 EXHIBIT A 

SPECIFIED SHAREHOLDERS 
  

					
	 Name
	  	 Address
	  	
Shares Held of Record or
Beneficially

	Starboard Value LP	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	1,772,606
			
	Starboard Value and Opportunity Master Fund Ltd	  	 89 Nexus Way, Camana
 Bay, PO Box 31106,

Grand Cayman KY1-
 1205,
Cayman Islands
	  	13,495,491
			
	Starboard Value and Opportunity S LLC	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	1,588,369
			
	Starboard Value and Opportunity C LP	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	877,932
			
	Starboard Leaders Juliet LLC	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	9,310,245
			
	Starboard Leaders Select II LP	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	3,792,301
			
	Starboard T Fund LP	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	2,883,842
			
	Peter A. Feld	  	 777 Third Avenue,
 18th Floor, New York,

New York 10017
	  	20,568

  
 A-1Exhibit

Exhibit 10.1

WAIVER NO. 1 AND CONSENT
Dated as of November 20, 2017
to
THIRD AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of October 6, 2017
THIS WAIVER NO. 1 AND CONSENT (“Waiver and Consent”) is made as of November 20, 2017 and shall, upon satisfaction of the conditions precedent set forth in Section 4 below, be effective as of the date hereof, and is by and among The Davey Tree Expert Company (the “Borrower”), the financial institutions listed on the signature pages hereof and KeyBank National Association, as Administrative Agent (the “Administrative Agent”), under that certain Third Amended and Restated Credit Agreement dated as of October 6, 2017, by and among the Borrower, the Banks and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrower has requested that the requisite Banks and the Administrative Agent agree to address certain provisions of the Credit Agreement in certain respects;
WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Waiver and Consent.
1.Specified Defaults.  The Borrower has informed the Lenders that Defaults or Events of Default may have occurred under the Credit Agreement as a result of (the items described in the following clauses (i) through (iv), the “Specified Defaults”):

		
	(i)
	the breach of representations or warranties contained in Sections 6.13 and/or 6.18 of the Credit Agreement, due to (a) the Borrower’s failure to deliver financial statements (and related certifications) for (1) fiscal year 2016 and the interim periods therein and/or (2) the interim periods in fiscal year 2017, which in each case were true and complete as of the dates and the periods covered by such financial statements and prepared in accordance with GAAP; and/or (b) the Borrower’s failure to keep proper records and books of account in conformity with GAAP;

		
	(ii)
	the failure to comply with Sections 5.3(a), 5.3(c) and/or 5.4 of the Credit Agreement, due to: (a) the Borrower’s failure to deliver financial statements (and related certifications) for (1) fiscal year 2016 and the interim periods therein and/or (2) the interim periods in fiscal year 2017, which in each case were true and complete as of the dates and the periods covered by such financial statements and prepared in accordance with GAAP; and/or (b) the Borrower’s failure to keep proper books of record and account in conformity with GAAP; and/or

		
	(iii)
	the occurrence of an event or condition that enables or permits the holder or holders of any Indebtedness evidenced by a Material Indebtedness Agreement or any trustee or agent on its or their behalf, to accelerate the maturity of such Indebtedness or cause any such Indebtedness 

to become due prior to its scheduled maturity, to the extent resulting from any of the items described in the foregoing clauses (i) or (ii) or any failure to deliver notices in connection therewith (any event or condition described in this clause (iii), the “Cross Default”); and/or

		
	(iv)
	any failure to provide notice of a Default as required by Section 5.15 of the Credit Agreement with respect to any event described in the foregoing clauses (i) through (iii).

2.Waiver.  Subject to the satisfaction of the conditions precedent set forth in Section 4 below, the Administrative Agent and the Banks party hereto hereby waive the occurrence of the Specified Defaults, provided that: 
		
	(a)
	it shall be a condition subsequent to the effectiveness of the waiver of the Cross Default that the Borrower shall, on or prior to December 30, 2017 (the “Outside Date”), obtain such waivers from applicable persons such that no holder or holders of any Indebtedness evidenced by a Material Indebtedness Agreement nor any trustee or agent on its or their behalf may accelerate the maturity of such Indebtedness or cause any such Indebtedness to become due prior to its scheduled maturity as a result of the occurrence of any Specified Default (and the Borrower shall have delivered to the Administrative Agent, on or prior to the Outside Date, a certificate certifying the satisfaction of such condition subsequent); and

		
	(b)
	the waiver of the Cross Default shall not constitute a waiver of the occurrence of any event or condition that results in any Indebtedness evidenced by a Material Indebtedness Agreement becoming due prior to its scheduled maturity.

The waiver in this Section 2 applies only to the Specified Defaults and only for the periods and for the express circumstances described above, and shall not be construed to constitute (i) a waiver of any other event, circumstance or condition or of any other right or remedy available to the Administrative Agent, Fronting Bank or any Bank pursuant to the Credit Agreement or any other Loan Document or (ii) a course of dealing or a consent to any departure by the Borrower from any other term or requirement of the Credit Agreement.
3.Consent.  The Borrower has informed the Lenders that it requires additional time to deliver its (a) audited consolidated financial statements for the fiscal year ended December 31, 2016 and other related information required by Section 5.3(b) of the Credit Agreement, as well as the related Compliance Certificate required by Section 5.3(c) of the Credit Agreement and (b) unaudited financial statements for the fiscal quarters ended March 31, 2017, June 30, 2017 and September 30, 2017 and other related information required by Section 5.3(a) of the Credit Agreement, as well as the related Compliance Certificates as required by Section 5.3(c) of the Credit Agreement (collectively, the “Required Financial Deliverables”).  Subject to the conditions to effectiveness set forth in Section 4 below, the Administrative Agent and the Banks party hereto hereby consent to the delivery by or on behalf of the Borrower of the Required Financial Deliverables by no later than the Outside Date, in lieu of the date for delivery thereof specified in such Sections 5.3(b) and (c); provided that it shall be an Event of Default under the Credit Agreement if the Borrower fails to deliver any such Required Financial Deliverables by the Outside Date.

4.Conditions of Effectiveness.  The effectiveness of this Waiver and Consent is subject to the conditions precedent that the Administrative Agent shall have received (i) counterparts of this Waiver and Consent duly executed by the Borrower, the Required Banks and the Administrative Agent and (ii) payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced, the reasonable fees and expenses of counsel for the Administrative Agent) in connection with this Waiver and Consent.

5.Representations; Warranties and Covenants of the Borrower.  The Borrower hereby represents, warrants and covenants as follows:

		
	(i)
	The execution, delivery and performance of this Waiver and Consent has been duly authorized by all necessary action of the Credit Parties and has been duly executed and delivered by each Credit Party.  This Waiver and Consent and the Credit Agreement as modified hereby constitute 

legal, valid and binding obligations of the Borrower and each applicable Credit Party and are enforceable against the Borrower and each applicable Credit Party in accordance with their terms, 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.

		
	(ii)
	The execution and delivery hereof by each Credit Party and performance and observance by each Credit Party of the provisions hereof do not violate or conflict with any Organizational Document of any Credit Party.  No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by any Credit Party of this Waiver and Consent that has not already been obtained or completed.

		
	(iii)
	As of the date hereof and after giving effect to the terms of this Waiver and Consent, (a) no Default or Event of Default shall have occurred and be continuing and (b) the representations and warranties of the Borrower set forth in the Credit Agreement, are true and correct as of the date hereof.

6.Guarantor Acknowledgement and Agreement. (i) Each of the undersigned Guarantors consents and agrees to and acknowledges the terms of this Waiver and Consent.  Each of the undersigned Guarantors further agrees that the obligations of the undersigned pursuant to the Guaranty of Payment executed by such Guarantor shall remain in full force and effect and be unaffected hereby and are hereby ratified and confirmed.

(ii)    As of the date hereof and after giving effect to the terms of this Waiver and Consent, each of the undersigned Guarantors hereby represents and warrants that the representations and warranties of such Guarantor set forth in the Guaranty of Payment executed by such Guarantor, are true and correct.
7.No Implicit Waiver.  Except with respect to the subject matter hereof and as expressly set forth herein, (i) the execution, delivery and effectiveness of this Waiver and Consent shall neither operate as a waiver of any right, power or remedy of the Administrative Agent, the Fronting Bank or the Banks under the Credit Agreement or any other documents executed in connection with the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith and (ii) each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

8.Governing Law; Submission to Jurisdiction.  This Waiver and Consent shall be construed in accordance with and governed by the law of the State of Ohio.  Each Credit Party hereby irrevocably submits to the non‐exclusive jurisdiction of any Ohio state or federal court sitting in Cleveland, Ohio, over any action or proceeding arising out of or relating to this Waiver and Consent, and each Credit Party hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such Ohio state or federal court.  Each Credit Party, on behalf of itself and its Subsidiaries, hereby irrevocably waives, to the fullest extent permitted by law, any objection it may now or hereafter have to the laying of venue in any action or proceeding in any such court as well as any right it may now or hereafter have to remove such action or proceeding, once commenced, to another court on the grounds of FORUM NON CONVENIENS or otherwise.  Each Credit Party agrees that a final, non-appealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

9.Jury Trial Waiver.  Each Credit Party, the Administrative Agent and each of the Banks waive, to the fullest extent permitted by applicable Law, any right to have a jury participate in resolving any dispute, whether sounding in contract, tort or otherwise, among the Credit Parties, the Administrative Agent and the Banks, or any thereof, arising out of, in connection with, related to, or incidental to the relationship established among them in 

connection with this Waiver and Consent or other instrument, document or agreement executed or delivered in connection herewith or the transactions related thereto.

10.Amendment.  No amendment, modification, termination, or waiver of any provision of this Waiver and Consent nor consent to any variance therefrom, shall be effective unless the same shall be in writing and signed by the Required Banks and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

11.Headings.  Section headings in this Waiver and Consent are included herein for convenience of reference only and shall not constitute a part of this Waiver and Consent for any other purpose.

12.Counterparts.  This Waiver and Consent may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

[Signature Pages Follow]

IN WITNESS WHEREOF, this Waiver and Consent has been duly executed as of the day and year first above written.
	
				
	THE DAVEY TREE EXPERT COMPANY,

	as the Borrower

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast

	 
	Title:
	Vice President and Treasurer

	
				
	DAVEY TREE SURGERY COMPANY,

	as the Guarantor

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast

	 
	Title:
	Vice President and Treasurer

	
				
	WOLF TREE, INC.

	as the Guarantor

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast

	 
	Title:
	Vice President and Treasurer

	
				
	THE CARE OF TREES, INC.

	as the Guarantor

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast

	 
	Title:
	Vice President and Treasurer

	
				
	DAVEY RESOURCE GROUP, INC.

	as the Guarantor

	 
	 
	 
	 

	By:
	/s/ Christopher J. Bast

	 
	Name:
	Christopher J. Bast

	 
	Title:
	Vice President and Treasurer

	
				
	KEYBANK NATIONAL ASSOCIATION,

	individually as a Bank, as Fronting Bank and as

	Administrative Agent

	 
	 
	 
	 

	By:
	/s/ James A. Gelle

	 
	Name:
	James A. Gelle

	 
	Title:
	Senior Vice President

	
				
	PNC BANK, NATIONAL ASSOCIATION

	as a Bank

	 

	 
	 
	 
	 

	By:
	/s/ Joseph G. Moran

	 
	Name:
	Joseph G. Moran

	 
	Title:
	Senior Vice President

	
				
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	as a Bank

	 

	 
	 
	 
	 

	By:
	/s/ Matthew Buzzelli

	 
	Name:
	Matthew Buzzelli

	 
	Title:
	Senior Vice President

	
				
	JPMORGAN CHASE BANK, N.A.,

	as a Bank

	 

	 
	 
	 
	 

	By:
	/s/ Henry W. Centa

	 
	Name:
	Henry W. Centa

	 
	Title:
	Managing Director

	
				
	KEYBANK NATIONAL ASSOCIATION,

	individually as a Bank, as Fronting Bank and as

	Administrative Agent

	 
	 
	 
	 

	By:
	/s/ James A. Gelle

	 
	Name:
	James A. Gelle

	 
	Title:
	Senior Vice President

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