Document:

Exhibit 10.32

 

EXECUTION COPY

 

NINTH AMENDMENT
 TO
 CREDIT AGREEMENT

 

This NINTH AMENDMENT, dated as of October 29, 2010 (this “Amendment”), to the Existing Credit Agreement referred to below, is among SABRE COMMUNICATIONS HOLDINGS, INC., a Delaware corporation, SABRE COMMUNICATIONS CORPORATION, an Iowa corporation, SABRE INDUSTRIES, INC., a Delaware corporation, CELLXION, LLC, a Delaware limited liability company, and CELLXION WIRELESS SERVICES, LLC, a Delaware limited liability company (collectively referred to as the “Borrowers” and individually referred to as a “Borrower”), the Lenders, (such capitalized term, and other capitalized terms used in this preamble or the recitals, have the meanings set forth in Article I)  parties hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrowers, various financial institutions (the “Lenders”) and Dresdner Bank AG New York and Grand Cayman Branches, as Administrative Agent are parties to a Credit Agreement, dated as of June 26, 2007 (as amended or otherwise modified prior to the date hereof, the “Existing Credit Agreement”);

 

WHEREAS, such parties have agreed, subject to the terms and conditions hereinafter set forth, to amend the Existing Credit Agreement in certain respects as provided below (the Existing Credit Agreement, as so amended by this Amendment, being referred to as the “Credit Agreement”);

 

NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereto agree as follows:

 

ARTICLE I
 AMENDMENT TO THE
 EXISTING CREDIT AGREEMENT

 

Effective on (and subject to the occurrence of) the Ninth Amendment Effective Date, the Existing Credit Agreement is hereby amended in accordance with this Article.

 

SECTION 1.1.  The tables contained in clause (a) and clause (b) of Section 7.2.4 of the Existing Credit Agreement are hereby amended in their entirety to read as follows:

 

	
Period Ending
    	
 
    	
Leverage Ratio
    
	
 
    	
 
    	
 
    
	
10/31/10
    	
 
    	
8.25:1.00
    
	
 
    	
 
    	
 
    
	
01/31/11
    	
 
    	
8.50:1.00
    
	
 
    	
 
    	
 
    
	
04/30/11
    	
 
    	
6.75:1.00
    

 

 

	
Period Ending
    	
 
    	
Leverage Ratio
    
	
 
    	
 
    	
 
    
	
07/31/10
    	
 
    	
5.50:1.00
    
	
 
    	
 
    	
 
    
	
10/30/11   and thereafter
    	
 
    	
4.00:1.00
    

 

	
Period Ending
    	
 
    	
Interest Coverage
   Ratio
    
	
 
    	
 
    	
 
    
	
10/31/10
    	
 
    	
1.75:1.00
    
	
 
    	
 
    	
 
    
	
01/31/11
    	
 
    	
1.75:1.00
    
	
 
    	
 
    	
 
    
	
04/30/11
    	
 
    	
2.50:1.00
    
	
 
    	
 
    	
 
    
	
07/31/11
    	
 
    	
3.50:1.00
    
	
 
    	
 
    	
 
    
	
10/31/11   and thereafter
    	
 
    	
4.00:1.00
    

 

SECTION 1.2.The table contained in clause (a) of Section 7.2.7 of the Existing Credit Agreement is hereby amended in its entirety to read as follows:

 

	
Fiscal Year
    	
 
    	
Capital
   Expenditure Amount Prior to
   Acquisition Date
    	
 
    	
Capital
    Expenditure Amount On and
   After Acquisition Date
    	
 
    
	
2008
    	
 
    	
$
    	
2,000,000
    	
 
    	
$
    	
3,000,000
    	
 
    
	
2009
    	
 
    	
$
    	
2,000,000
    	
 
    	
$
    	
3,000,000
    	
 
    
	
2010
    	
 
    	
N/A
    	
 
    	
$
    	
4,300,000
    	
 
    
	
2011
    	
 
    	
N/A
    	
 
    	
$
    	
6,500,000
    	
 
    
	
2012
    	
 
    	
N/A
    	
 
    	
$
    	
3,500,000
    	
 
    
	
2013
    	
 
    	
N/A
    	
 
    	
$
    	
3,500,000
    	
 
    
	
2014
    	
 
    	
N/A
    	
 
    	
$
    	
3,500,000
    	
 
    

 

SECTION 1.3.  Notwithstanding anything to the contrary in Sections 3.1.1 or 3.1.2 of the Existing Credit Agreement, within three (3) Business Days of the receipt of the Net Disposition Proceeds from the sale-leaseback of the Galvanizer facility, the Borrower shall prepay outstanding Loans in the amount of such Net Disposition Proceeds to be applied as follows: 50% of such Net Disposition Proceeds shall be applied to the prepayment of Term Loans and 50% shall be applied to the repayment of outstanding Revolving Loans.

 

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ARTICLE II
 CONDITIONS TO EFFECTIVENESS

 

SECTION 2.1.  Ninth Amendment Effective Date.  This Amendment shall become effective as of the date first written above (the “Ninth Amendment Effective Date”), when the conditions set forth in this Article shall have been satisfied.

 

SECTION 2.2.  Execution of Counterparts.  The Administrative Agent shall have received counterparts of this Amendment, which shall have been duly executed and delivered on behalf of Sabre, SCC, Holdings, the Borrowers and the Required Lenders.

 

ARTICLE III
 REPRESENTATIONS AND WARRANTIES

 

SECTION 3.1.  Representations.  Each Borrower hereby represents and warrants that both before and after giving effect to this Amendment, (i) the representations and warranties contained in Article VI of the Existing Credit Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date (except for those which by their terms expressly relate to an earlier date, which were true and correct in all material respects as of such date), (ii) after giving effect to this Amendment no Default or Event of Default has occurred and is continuing on and as of the date hereof, (iii) it has the power and authority to execute and deliver this Amendment and to perform its obligations hereunder and has taken all necessary action to authorize the execution, delivery and performance by it of this Amendment, and (iv) it has duly executed and delivered this Amendment, and this Amendment constitutes its legal, valid and binding obligation enforceable in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws affecting the rights of creditors generally or by general principles of equity.

 

ARTICLE IV
 MISCELLANEOUS

 

SECTION 4.1.  Cross-References.  References in this Amendment to any Article or Section are, unless otherwise specified or otherwise required by the context, to such Article or Section of this Amendment.

 

SECTION 4.2.  Loan Document Pursuant to Existing Credit Agreement.  This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement.

 

SECTION 4.3.  Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

SECTION 4.4.  Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which when executed and delivered shall be deemed to be an original and all of which shall constitute together but one and the same agreement.

 

3

 

SECTION 4.5.  Governing Law; Entire Agreement.  THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

 

SECTION 4.6.  Full Force and Effect; Limited Amendment.  Except as expressly amended hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Existing Credit Agreement and the other Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms.  The amendments set forth herein shall be limited precisely as provided for herein to the provisions expressly amended herein and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other term or provision of the Existing Credit Agreement or any other Loan Document or of any transaction or further or future action on the part of any Obligor which would require the consent of the Lenders under the Existing Credit Agreement or any of the Loan Documents.

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers as of the day and year first above written.

 

 

	
 
    	
SABRE   COMMUNICATIONS HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Tholey
    
	
 
    	
 
    	
Name:   James M. Tholey
    
	
 
    	
 
    	
Title:   EVP and CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SABRE   COMMUNICATIONS CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Tholey
    
	
 
    	
 
    	
Name:   James M. Tholey
    
	
 
    	
 
    	
Title:   EVP and CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SABRE   INDUSTRIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Tholey
    
	
 
    	
 
    	
Name:   James M. Tholey
    
	
 
    	
 
    	
Title:   EVP and CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CELLXION,   LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Tholey
    
	
 
    	
 
    	
Name:   James M. Tholey
    
	
 
    	
 
    	
Title:   EVP and CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CELLXION   WIRELESS SERVICES, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James M. Tholey
    
	
 
    	
 
    	
Name:   James M. Tholey
    
	
 
    	
 
    	
Title:   EVP and CFO
    

 

 

	
 
    	
COMMERZBANK   AG (FORMERLY DRESDNER BANK AG ACTING THROUGH ITS LENDING OFFICE, DRESDNER   BANK AG, NEW YORK BRANCH)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brian M. Smith
    
	
 
    	
 
    	
Name:   Brian M. Smith
    
	
 
    	
 
    	
Title:   Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Ryan C. Flohre
    
	
 
    	
 
    	
Name:   Ryan C. Flohre
    
	
 
    	
 
    	
Title:   Vice PresidentWebFilings | EDGAR view

 

EXHIBIT 10.1
 
SUMMARY OF TIVO INC. FISCAL YEAR 2012
BONUS PLAN FOR EXECUTIVE OFFICERS
Purpose:
The terms of the TiVo Inc. (the “Company”) Fiscal Year 2012 Bonus Plan for Executive Officers (the “Plan”) have been established to reward the Company's executive officers for assisting the Company in achieving its operational goals through exemplary performance. Under the Plan, bonuses will be based on the achievement of specified corporate and departmental goals at end of fiscal year 2012, as determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and/or the Board of Directors (the “Board”).
Determination of Fiscal Year 2012 Bonuses:
Company executive officers will be eligible to receive targeted bonus amounts to be paid in cash under the Plan. The amount of actual bonuses to be paid in cash will be based primarily on the achievement of objective and subjective Company and departmental performance goals and may be higher or lower than targeted amounts according to pre-determined formulas that will be applied by the Compensation Committee and the Board. Target cash bonuses for the Company's named executive officers under the Plan for fiscal year 2012 will be 50% of each named executive officer's base salary, other than the Company's Chief Executive Officer, whose target is 100% of his base annual salary. For all executive officers (excluding the Company's Senior Vice President, Chief Technology Officer and Chief Executive Officer), actual cash bonuses will be based fifty percent (50%) on performance against specified corporate goals, thirty percent (30%) on specified Company-wide engineering objectives, and twenty percent (20%) on performance against specified departmental goals. Upon achievement of at least three Company-wide engineering objectives (four in the case of the Company's engineering executives), each of the Company's named executive officers (including the Company's Senior Vice President, Chief Technology Officer and Chief Executive Officer) are also eligible for additional above-target amounts of up to twenty-six percent (26%) of such named executive officer's targeted bonus for achievement of additional specified engineering upside objectives relating to engineering development and service improvement projects, new product development, partner product support and efficiency initiatives (with further upside potential as a result of one engineering cost-saving goal being uncapped relative to the amount of efficiency actually achieved by the organization).  
For all executive officers (excluding the Company's Chief Executive Officer), the corporate goals component of bonuses will be based on meeting specified goals with respect to the Company's financial performance including a service and technology revenue goal, Adjusted EBITDA* goal, an end of fiscal year 2012 cash balance goal, as well as a subjective measure of management's overall performance relative to the Company's FY12 strategic priorities as assessed by the Board in its discretion. For all executive officers (excluding the Company's Chief Executive Officer), the Company-wide engineering objectives relate to the delivery of current products and projects in development and future distribution deals. 
The Company's Chief Executive Officer's bonus will be based on specified corporate performance goals relating to service and technology revenue goal, Adjusted EBITDA* goal, and an end of fiscal year 2012 cash balance goal, the Board's subjective measure of the Company's progress with respect to existing intellectual property litigations and overall Company performance, as well as milestone achievements related to the delivery and launch of specified products and engineering projects.
The Company's Senior Vice President, Chief Technology Officer's bonus will be based twenty-five percent (25%) on the corporate goals specified above, twenty-five percent (25%) on the specified Company-wide engineering objectives referenced above, and fifty percent (50%) research and development project milestones.
In addition to the above amounts, certain of the Company's named executive officers are eligible for additional above-target payouts for performance against specified individual goals. The Company's Senior Vice President, General Manager of Products and Revenue, is eligible for an additional ten percent (10%) of his target bonus in connection with the achievement of a specified product-performance related goal. 
Additionally, the Company's Senior Vice President, General Counsel, and Senior Vice President, Chief Technology Officer, are eligible for up to an additional ten percent (10%) and fifteen percent (15%), respectively, of their target bonuses upon achievement of a specified litigation-related goal as well as an additional payout of 47.6% and 37.5% of their respective target bonuses for each instance of another specified litigation-related goal achieved during fiscal year 2012.  Also, in the event of the Company's receipt of additional damages in the EchoStar litigation, the Company's Senior Vice President, General Counsel and Senior Vice President, Chief Technology 

 

 

Officer are eligible for a payout equal to 15.9% and 12.5% respectively of their target bonuses for each specified increment of damages received by the Company above a pre-determined threshold.  Furthermore, the Company's Senior Vice President, General Counsel is eligible to receive 10.8% of his target bonus for each instance of another specified litigation-related goal achieved during fiscal year 2012.
The Board and the Compensation Committee reserve the right to modify these goals, amounts and criteria at any time.
 
 
*    “Adjusted EBITDA” is defined as income before interest expense, provision for income taxes and depreciation, amortization, and stock-based compensation expense.

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