Document:

Exhibit 4.8

 

INTERLINE BRANDS, INC., A NEW JERSEY CORPORATION,

 

AS ISSUER

 

INTERLINE BRANDS, INC., A DELAWARE CORPORATION,

 

AS GUARANTOR

 

EACH OF THE SUBSIDIARY GUARANTORS FROM TIME TO TIME PARTY HERETO,

 

AS SUBSIDIARY GUARANTORS

 

AND

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 

AS TRUSTEE

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

DATED AS OF NOVEMBER 15, 2010

 

TO INDENTURE DATED AS OF JUNE 23, 2006

 

8 1/8% SENIOR SUBORDINATED NOTES DUE 2014

 

 

 

THIS FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of November 15, 2010, is by and among  Interline Brands, Inc., a New Jersey corporation (the “Company”), the Guarantors (as defined in the Indenture referred to herein) and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as trustee (the “Trustee”).

 

WHEREAS, the Company, the Guarantors and the Trustee are parties to that certain Indenture dated as of June 23, 2006 (the “Original Indenture”);

 

WHEREAS, the Company, the Guarantors and the Trustee entered into the First Supplemental Indenture dated as of June 23, 2006 (the “First Supplemental Indenture”) pursuant to which a series of securities, the Company’s 8 1/8% Senior Subordinated Notes due 2014 (the “Notes”), were issued;

 

WHEREAS, the Original Indenture has been amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture dated July 3, 2006 and the Third Supplemental Indenture dated September 29, 2009 (the Original Indenture, as so amended and supplemented, the “Indenture”);

 

WHEREAS, $150,681,000 aggregate principal amount of Notes are currently outstanding;

 

WHEREAS, Section 9.02 of the Original Indenture provides that, with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding, the Company, the Guarantors and the Trustee may enter into an indenture supplemental to the Indenture for the purpose of amending or supplementing the Indenture or the Notes (subject to certain exceptions);

 

WHEREAS, the Company desires and has requested the Trustee to join with it and the Guarantors in entering into this Supplemental Indenture for the purpose of amending the Indenture and the Notes in certain respects as permitted by Section 9.02 of the Original Indenture;

 

WHEREAS, the Company has solicited consents to this Supplemental Indenture upon the terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation Statement dated November 1, 2010 and the related Consent and Letter of Transmittal (which together, including any amendments, modifications or supplements thereto, constitute the “Tender Offer”);

 

WHEREAS, (1) the Company has received the consent of the Holders of at least a majority in principal amount of the outstanding Notes (excluding any Notes owned by the Company or any of its Affiliates), all as certified by an Officers’ Certificate delivered to the Trustee simultaneously with the execution and delivery of this Supplemental Indenture and (2) the Company has delivered to the Trustee simultaneously with the execution and delivery of this Supplemental Indenture an Opinion of Counsel relating to this Supplemental Indenture as contemplated by Section 7.04 of the First Supplemental Indenture and (3) the Company and the Guarantors have satisfied all other conditions required under Article Nine of the Original Indenture and Article Seven of the First Supplemental Indenture to enable the Company, the Guarantors and the Trustee to enter into this Supplemental Indenture.

 

NOW, THEREFORE, in consideration of the above premises, each party hereby agrees, for the benefit of the others and for the equal and ratable benefit of the Holders of the Notes, as follows:

 

ARTICLE I

 

AMENDMENTS TO INDENTURE AND NOTES

 

Section 1.1  Section 5.01 of the Indenture is hereby amended by deleting the text of each of clauses (4), (5), (6) and (9) in its entirety and inserting in place of such text in each case “[INTENTIONALLY DELETED]”.

 

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Section 1.2  Section 5.01 of the Indenture is further amended by replacing the last two paragraphs of Section 5.01 with the following paragraph:

 

“The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any Event of Default under clause (10), its status and what action the Company is taking or proposes to take with respect thereto.”

 

Section 1.3  Section 8.01(a) of the Original Indenture is hereby amended by deleting the text of each of clauses (2) and (3) of Section 8.01(a) of the Original Indenture in its entirety (except for the “and” at the end of clause (3)) and inserting in place of such text in each case “[INTENTIONALLY DELETED]”.

 

Section 1.4  Section 8.01(b) of the Original Indenture is hereby amended by deleting clause (2) of Section 8.01(b) of the Original Indenture in its entirety (except for the “and” at the end of clause (2)) and inserting in place of such text “[INTENTIONALLY DELETED]”.

 

Section 1.5  Article Eight of the First Supplemental Indenture is hereby amended by deleting the headings and text of each of the following provisions of the First Supplemental Indenture and inserting in place of such headings and text in each case “[INTENTIONALLY DELETED]”:

 

Section 8.02(a) (SEC Reports);

Section 8.03 (Limitation on Indebtedness);

Section 8.04 (Limitation on Restricted Payments);

Section 8.05 (Limitation on Restrictions on Distributions from Restricted Subsidiaries);

Section 8.06 (Limitation on Sales of Assets and Subsidiary Stock);

Section 8.07 (Limitation on Affiliate Transactions);

Section 8.08 (Change of Control); and

Section 8.09 (Future Guarantors).

 

Section 1.6  Article Ten of the Original Indenture is hereby amended by deleting the headings and text of  each of the following provisions of the Original Indenture and inserting in place of such headings and text in each case “[INTENTIONALLY DELETED]”:

 

Section 10.03 (Compliance Certificates); and

Section 10.04 (Waiver of Stay, Extension or Usury Laws).

 

Section 1.7  The Notes and the Guarantees are hereby amended to delete all provisions inconsistent with the amendments to the Indenture effected by this Supplemental Indenture. For avoidance of doubt, it is understood that the amendments to the Indenture effected by this Supplemental Indenture are amending the Original Indenture as supplemented to date and as it applies to the Notes and the Guarantees.

 

ARTICLE II

 

MISCELLANEOUS PROVISIONS

 

Section 2.1  Defined Terms.  For all purposes of this Supplemental Indenture, except as otherwise defined or unless the context otherwise requires, terms used in capitalized form in this Supplemental Indenture and defined in the Indenture have the meanings specified in the Indenture.

 

Section 2.2  Indenture.  Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the terms shall remain in full force and effect.  This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby and all terms and conditions of both shall be read together as though they constitute a single instrument, except that in the case of conflict the provisions of this Supplemental Indenture shall control.

 

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Section 2.3  Governing Law.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 2.4  Successors.  All agreements of the Company and the Guarantors in this Supplemental Indenture and the Notes shall bind their respective successors.  All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

Section 2.5  Duplicate Originals.  All parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together shall represent the same agreement.  It is the express intent of the parties to be bound by the exchange of signatures on this Supplemental Indenture via telecopy or other form of electronic transmission.

 

Section 2.6  Severability.  In case any one or more of the provisions in this Supplemental Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted by law.

 

Section 2.7  Trustee Disclaimer.  The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby amended, but on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust created by the Indenture as hereby amended, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company and the Guarantor, and the Trustee makes no representation with respect to any such matters.  Additionally, the Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture.

 

Section 2.8  Effectiveness.  The provisions of this Supplemental Indenture shall be effective only upon execution and delivery of this instrument by the parties hereto.  Notwithstanding the foregoing sentence, the provisions of this Supplemental Indenture shall become operative only upon the acceptance for the purchase by the Company, pursuant to the Tender Offer, of at least a majority in principal amount of the outstanding Notes (excluding any Notes owned by the Company or any of its Affiliates); provided that the amendments to the Indenture effected by this Supplemental Indenture shall be deemed to be revoked retroactive to the date hereof if such purchase shall not occur.  The Company shall notify the Trustee promptly after the occurrence of such acceptance for purchase or promptly after the Company shall determine that such purchase will not occur.

 

Section 2.9  Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year written above.

 

	
 
    	
INTERLINE   BRANDS, INC., a New Jersey corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   MICHAEL AGLIATA
    
	
 
    	
 
    	
Name:   Michael Agliata
    
	
 
    	
 
    	
Title:   VP, General Counsel and Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
INTERLINE   BRANDS, INC., a Delaware corporation
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   MICHAEL AGLIATA
    
	
 
    	
 
    	
Name:   Michael Agliata
    
	
 
    	
 
    	
Title:   VP, General Counsel and Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WILMAR   HOLDINGS, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   JOHN A. EBNER
    
	
 
    	
 
    	
Name:   John A. Ebner
    
	
 
    	
 
    	
Title:   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WILMAR   FINANCIAL, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   JOHN A. EBNER
    
	
 
    	
 
    	
Name:   John A. Ebner
    
	
 
    	
 
    	
Title:   President and Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
GLENWOOD   ACQUISITION LLC,
    
	
 
    	
By:   INTERLINE BRANDS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   MICHAEL AGLIATA
    
	
 
    	
 
    	
Name:   Michael Agliata
    
	
 
    	
 
    	
Title:   VP, General Counsel and Secretary
    
	
 
    	
 
    	
 
    
	
THE   BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
/s/   CHRISTIE LEPPERT
    	
 
    	
 
    
	
 
    	
Name:   Christie Leppert
    	
 
    	
 
    
	
 
    	
Title:   Vice President
    	
 
    	
 
    

 

5Exhibit 10.12

 

INTERLINE BRANDS, INC.

2004 EQUITY INCENTIVE PLAN

 

RESTRICTED SHARE UNIT AGREEMENT

 

THIS RESTRICTED SHARE UNIT AGREEMENT (the “Agreement”) is made and entered into this        day of                           , 20     (hereinafter the “Date of Grant”) by and between Interline Brands, Inc. (the “Company”) and                                      (the “Participant”).

 

R E C I T A L S:

 

WHEREAS, the Company has adopted the Interline Brands, Inc. 2004 Equity Incentive Plan (the “Plan”), pursuant to which awards of Restricted Share Units may be granted; and

 

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has determined that it is in the best interests of the Company and its stockholders to grant to the Participant an award of Restricted Share Units as provided herein and subject to the terms set forth herein.

 

NOW THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:

 

1.     Grant of Restricted Share Units.  The Company hereby grants on the Date of Grant, to the Participant a total of                Restricted Share Units (the “Award”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. Such Restricted Share Units shall be credited to a separate account maintained for the Participant on the books of the Company (the “Account”).  On any given date, the value of each Restricted Share Unit comprising the Award shall equal the Fair Market Value of one share of Common Stock.  The Award shall vest and settle in accordance with Section 3 hereof.

 

2.     Incorporation by Reference, Etc.  The provisions of the Plan are hereby incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Participant and his legal representative in respect of any questions arising under the Plan or this Agreement.

 

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3.     Terms and Conditions.

 

(a)           Vesting, Settlement and Forfeiture.  Except as otherwise provided in the Plan and this Agreement, and contingent upon the Participant’s continued employment with the Company, 50% of the Restricted Share Units shall vest on the second anniversary of the Date of Grant and 50% of the Restricted Share Units shall vest on the third anniversary of the Date of Grant (each a “Service-Based Vesting Date”).  On each applicable Service-Based Vesting Date, the Company shall settle the portion of the Award that is vested on such date and shall therefore (i) issue and deliver to the Participant one share of Common Stock for each Restricted Share Unit subject to the Award (the “RSU Shares”), with any fractional shares paid out in cash (and, upon such settlement, the Restricted Share Units shall cease to be credited to the Account) and (ii) enter the Participant’s name as a stockholder of record with respect to the RSU Shares on the books of the Company.

 

(b)           Restrictions.  The Award granted hereunder may not be sold, pledged or otherwise transferred (other than by will or the laws of decent and distribution) and may not be subject to lien, garnishment, attachment or other legal process.  The Participant acknowledges and agrees that, with respect to each Restricted Share Unit credited to his Account, he has no voting rights with respect to the Company unless and until each such Restricted Share Unit is settled in RSU Shares pursuant to Section 3(a) hereof.

 

(c)           Effect of Termination of Employment.

 

(i)            Except as provided in subsections (ii) and (iii) of this Section 3(c), if the Participant’s employment with the Company terminates prior to the vesting of the Award, in whole or in part, any unvested Restricted Share Units shall be forfeited without consideration to the Participant.

 

(ii)           Upon the termination of the Participant’s employment with the Company due to his death or by the Company due to his Disability, any and all unvested Restricted Share Units shall vest and be settled in shares of Common Stock as soon as reasonably practicable following the date of termination.

 

(iii)          Upon the termination of the Participant’s employment for Retirement (as defined below), any and all unvested Restricted Share Units shall vest on the applicable dates on which they would otherwise have vested in accordance with Section 3(a) had the Participant’s employment not so terminated, and such Restricted Share Units shall be settled in shares of Common Stock as soon as reasonably practicable (but in no event later than 30 days) following each such applicable date.

 

For purposes of this Agreement, Retirement shall mean the voluntary termination of a Participant’s employment by the Company after the Participant is fifty-five (55) years of age and has at least ten (10) years of service with the Company.

 

(d)           Dividends.  If on any date dividends are paid on shares of Common Stock (“Shares”) underlying the Award (the “Dividend Payment Date”), then the number of Restricted Share Units credited to the Account shall, as of the Dividend Payment Date, be increased by that number of Restricted Share Units equal to: (a) the product of (i) the

 

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number of Restricted Share Units in the Account as of the Dividend Payment Date and (ii) the per Share cash amount of such dividend (or, in the case of a dividend payable in Shares or other property, the per Share equivalent cash value of such dividend as determined in good faith by the Committee) divided by (b) the Fair Market Value of a Share on the Dividend Payment Date.  Such additional Restricted Share Units shall also be subject to the restrictions in Section 3(b) and the other terms and conditions of this Agreement.

 

(e)           Taxes and Withholding.  Upon the settlement of the Award in accordance with Section 3(a) hereof, the Participant shall recognize taxable income in respect of the Award and the Company shall report such taxable income to the appropriate taxing authorities in respect of the Award as it determines to be necessary and appropriate.  Upon the settlement of the Award in RSU Shares, the Participant shall be required as a condition of such settlement to pay to the Company by check or wire transfer the amount of any income, payroll, or social tax withholding that the Company determines is required; provided that the Participant may elect to satisfy such tax withholding obligation by having the Company withhold from the settlement that number of RSU Shares having a Fair Market Value equal to the amount of such withholding; provided, further, that the number of RSU Shares that may be so withheld by the Company shall be limited to that number of RSU Shares having an aggregate Fair Market Value on the date of such withholding equal to the aggregate amount of the Participant’s income, payroll and social tax liabilities based upon the applicable minimum withholding rates.

 

(f)            Rights as a Stockholder.  Upon and following each Service-Based Vesting Date, the Participant shall be the record owner of the RSU Shares settled upon such applicable date unless and until such shares are sold or otherwise disposed of, and as record owner shall be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights, if any, with respect to the shares.  Prior to each Service-Based Vesting Date, as applicable, the Participant shall not be deemed for any purpose to be the owner of shares of Common Stock underlying the Restricted Share Units.

 

(g)           Section 409A and Timing of Distributions.  Notwithstanding anything to the contrary in this Agreement:

 

(i)            If the Participant is, or at any time prior to the last date on which it is possible to become fully vested under this Agreement, may become eligible to terminate employment and qualify as a Retirement under Section 3(c)(iv) hereof (a “Retirement Eligible Participant”), then (A) notwithstanding anything to the contrary in Section 3(e) hereof, a Change in Control shall not be a distribution event hereunder unless such event satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code and any Treasury Regulations promulgated thereunder; and (B) the phrase “as soon as reasonably practicable” (or words of similar import), each time it occurs in this Agreement, shall be interpreted to mean (if not followed by a more definitive time for payment): “as soon as reasonably practicable (but in no event later than ninety (90) days)”; provided, that if distribution is in connection with a Change in Control, such phrase shall be

 

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interpreted to mean “immediately prior to or as soon as reasonable practicable (but in no event later than fourteen (14) days)”.

 

(ii)           If the Participant is not a Retirement Eligible Participant, then the phrase “as soon as reasonably practicable” (or words of similar import), each time it occurs in this Agreement, shall be interpreted to mean (if not followed by a more definitive time for payment): “as soon as reasonably practicable (but in no event later than the March 15 next occurring)”; provided, that if distribution is in connection with a Change in Control, such phrase shall be interpreted to mean “immediately prior to or as soon as reasonable practicable (but in no event later than fourteen (14) days)”.

 

4.     Miscellaneous.

 

(a)           General Assets.  All amounts credited to the Account under this Agreement shall continue for all purposes to be part of the general assets of the Company, Participant’s interest in the Account shall make the Participant only a general, unsecured creditor of the Company.

 

(b)           Notices.  All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first-class mail, return receipt requested, telecopier, courier service or personal delivery:

 

if to the Company:

 

Interline Brands, Inc.

804 East Gate Drive, Suite 100

Mt. Laurel, New Jersey 08054

Attention: Vice President, Human Resources

 

if to the Participant, at the Participant’s last known address on file with the Company.

 

All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied.

 

(c)           Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.

 

(d)           No Rights to Service.  Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as a consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the right of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant at any time for any reason whatsoever.

 

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(e)           Bound by Plan.  By signing this Agreement, the Participant acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan.

 

(f)            Beneficiary.  The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.  If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

 

(g)           Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.

 

(h)           Entire Agreement.  This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.  No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto.

 

(i)            Governing Law.  This Agreement shall be construed and interpreted in accordance with the laws of the State of New York without regard to principles of conflicts of law thereof, or principals of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of New York.

 

(j)            Headings.  The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.

 

(k)           Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, 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 Agreement effective as of the Date of Grant.

 

	
 
    	
INTERLINE   BRANDS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Participant
    

 

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