Document:

Amendment No. 2 to Revolving Credit and Security Agreement

 Exhibit 10.1 
 AMENDMENT NO. 2 
 TO 

REVOLVING CREDIT AND SECURITY AGREEMENT 
 THIS AMENDMENT NO. 2 (this “Amendment”) is entered into as of July 23, 2012, by and among HUTCHINSON TECHNOLOGY INCORPORATED, a corporation organized under the laws of the State of
Minnesota (“HTI”) (HTI and each other Person who becomes a Borrower under the Loan Agreement referred to below, each a “Borrower”, and collectively “Borrowers”), the financial institutions set forth
on the signature pages hereto (each a “Lender” and collectively, “Lenders”) and PNC Bank, National Association as agent for Lenders (in such capacity, “Agent”). 

BACKGROUND 
 Borrowers, Agent and Lenders are parties to a Revolving Credit and Security Agreement dated as of September 16, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”) pursuant to which Agent and Lenders provide Borrowers with certain financial accommodations. 

Borrowers have requested that Agent and Lenders (i) amend the existing Fixed Charge Coverage Ratio requirement and
(ii) implement an additional EBITDA covenant, and Agent and Lenders are willing to do so on the terms and conditions hereafter set forth. 
 NOW, THEREFORE, in consideration of any loan or advance or grant of credit heretofore or hereafter made to or for the account of Borrowers by Agent and Lenders, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
Definitions. All capitalized terms not otherwise defined herein shall have the meanings given to them in the Loan Agreement. 
 2. Amendment to Loan Agreement. Subject to satisfaction of the conditions precedent set forth in Section 3 below, the Loan Agreement is hereby amended as follows: 

(a) Section 6.5(a) is hereby amended in its entirety to provide as follows: 

6.5. Financial Covenants. 
 (a) Fixed Charge Coverage Ratio. Cause to be maintained a Fixed Charge Coverage Ratio as of the end of each period set forth below of not less than the corresponding Fixed Charge Coverage Ratio for
such period set forth below: 

			
	 Period
	  	Fixed Charge Coverage
Ratio
	 For the fiscal quarter ending on December 25, 2011
	  	1.05 : 1.00
		
	 For the two fiscal quarters ending March 25, 2012
	  	1.05 : 1.00
		
	 For the fiscal quarter ending on or about December 31, 2012
	  	1.05 : 1.00
		
	 For the two fiscal quarters ending on or about March 31, 2013
	  	1.05 : 1.00
		
	 For the three fiscal quarters ending on or about June 30, 2013
	  	1.05 : 1.00
		
	 For the four fiscal quarters ending on or about September 30, 2013 and for each four fiscal quarter period ending on
the last day of each fiscal quarter thereafter
	  	1.05 : 1.00

 (b) Section 6.5(b) is hereby amended in its entirety to provide as follows: 

(b) Minimum EBITDA. Cause EBITDA to be not less than the amount set forth below for the corresponding period set forth below:

  

					
	 Period
	  	EBITDA	 
	 For the period commencing on the first day of the fiscal month in which the Closing Date occurs and ending September 25,
2011
	  	$	(12,000,000	) 
		
	 For the period commencing on the first day of the fiscal month in which the Closing Date occurs and ending December 25,
2011
	  	$	(10,000,000	) 
		
	 For the twelve fiscal month period ending on or about September 30, 2012
	  	$	5,000,000	  

  
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 3. Conditions of Effectiveness. This Amendment shall become effective on the date on
which Agent shall have (x) received four (4) copies of this Amendment executed by Borrowers, Agent and Lenders, and (y) an amendment fee of $10,000 which shall be charged by Agent to Borrowers’ Account. 

4. Representations and Warranties. Each Borrower hereby represents and warrants as follows: 

(a) This Amendment and the Loan Agreement, as amended hereby, constitute legal, valid and binding obligations of Borrowers and are
enforceable against Borrowers in accordance with their respective terms (except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally or general
principals of equity). 
 (b) Upon the effectiveness of this Amendment, each Borrower hereby reaffirms all covenants,
representations and warranties made in the Loan Agreement to the extent the same are not amended hereby and agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this
Amendment. 
 (c) The execution, delivery and performance of this Agreement and all other documents in connection therewith has
been duly authorized by all necessary corporate action on the part of the Borrowers, and do not contravene, violate or cause the breach of any agreement, judgment, order, law or regulation applicable to any Borrower. 

(d) No Event of Default or Default has occurred and is continuing or would exist after giving effect to this Amendment. 

(e) No Borrower has any defense, counterclaim or offset with respect to the Loan Agreement or the Obligations. 

5. Effect on the Loan Agreement. 
 (a) Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import
shall mean and be a reference to the Loan Agreement as amended hereby. 
 (b) Except as specifically amended herein, the Loan
Agreement, 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. 

(c) Except as otherwise expressly contemplated hereby, the execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of Agent or Lenders, nor constitute a waiver of any provision of the Loan Agreement, or any other documents, instruments or agreements executed and/or delivered under or in connection therewith. 

(d) This Amendment shall be an Other Document for all purposes under the Loan Agreement. 

  
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 6. Release. The Borrowers hereby acknowledge and agree that: (a) to their
knowledge neither they nor any of their Subsidiaries have any claim or cause of action against Agent or any Lender (or any of Agent’s or any Lender’s Affiliates, officers, directors, employees, attorneys, consultants or agents) under the
Loan Agreement or the Other Documents and (b) to their knowledge Agent and each Lender have heretofore properly performed and satisfied in a timely manner all of their respective obligations to the Borrowers under the Loan Agreement and the
Other Documents. Notwithstanding the foregoing, Agent and each Lender wish (and the Borrowers agree) to eliminate any possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of
Agent’s or such Lender’s rights, interests, security and/or remedies under the Loan Agreement and the Other Documents. Accordingly, for and in consideration of the agreements contained in this Agreement and other good and valuable
consideration, the Borrowers (for themselves and their respective Subsidiaries and the successors, assigns, heirs and representatives of each of the foregoing) (each a “Releasor” and collectively, the “Releasors”)
do hereby fully, finally, unconditionally and irrevocably release and forever discharge Agent, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (each a “Released Party”
and collectively, the “Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or
unknown, contingent of fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have
against any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done, except for a Released Party’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction, prior to
the date hereof arising out of, connected with or related in any way to the Loan Agreement or any Other Document, or any act, event or transaction related or attendant thereto, or Agent’s or any Lender’s agreements contained therein, or
the possession, use, operation or control in connection therewith of any of the assets of the Borrowers, or the making of any advance thereunder, or the management of such advance or the Collateral. 

7. Governing Law. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns and shall be governed by and construed in accordance with the laws of the State of New York (other than those conflict of law rules that would defer to the substantive law of another jurisdiction). 

8. Cost and Expenses. Borrowers hereby agree to pay the Agent, on demand, all reasonable costs and expenses (including reasonable
attorneys’ fees and legal expenses) incurred by Agent in connection with this Agreement and any instruments or documents contemplated hereunder 
 9. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

  
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 10. Counterparts; Facsimile. This Amendment may be executed by the parties hereto in
one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile or other electronic transmission shall be deemed to
be an original signature hereto. 
 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
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 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first
written above. 
  

			
	HUTCHINSON TECHNOLOGY INCORPORATED
		
	By:	 	/s/ David P. Radloff
	Name:	 	David P. Radloff
	Title:	 	Vice President and
		 	Chief Financial Officer
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as Agent and Lender

		
	By:	 	/s/ Robert Anchundia
	Name:	 	Robert Anchundia
	Title:	 	Senior Vice PresidentExhibit 10.22

 Exhibit 10.22 
 Outside Director Compensation 
 Program Effective as of June 21, 2012 

 

			
	 Annual Board Retainer
	  	$60,000
	 Non-Executive Chair Retainer
	  	$75,000
	 Committee Member Retainers
	  	
	 Audit Committee
	  	$10,000
	 Compensation Committee
	  	$10,000
	 Nominating & Corporate Governance Committee
	  	$7,500
	 Neutrality Committee
	  	$5,000
	 Incremental Committee Chair Retainers
	  	
	 Audit Committee
	  	$12,500
	 Compensation Committee
	  	$12,500
	 Nominating & Corporate Governance Committee
	  	$7,500
	 Neutrality Committee
	  	$5,000

 All amounts listed above will be paid to directors in arrears quarterly 

Annual restricted stock unit grant: 
  

	 	•	 	 Number of RSUs equal to $170,000 divided by the 30-day moving average stock price of the Class A Common Stock as of the market close on the Date
of Grant as reported in the principal consolidated transaction reporting system for the New York Stock Exchange 

  

	 	•	 	 RSUs vest in full on the earlier of (i) the first anniversary of the date of grant, or (ii) the day preceding the next year’s annual
meeting of stockholders

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