Document:

ex10-1.htm

Exhibit 10.1

 

EIGHTH AMENDMENT

 

TO

 

REVOLVING CREDIT AGREEMENT (UNCOMMITTED)

 

DATED AS OF

 

FEBRUARY 25, 2010

 

AMONG

UTEXAM LIMITED,

AS BORROWER,

BNP PARIBAS,

AS ADMINISTRATIVE AGENT,

AND

 

THE LENDERS PARTY HERETO

 

  

  

  

EIGHTH AMENDMENT TO REVOLVING CREDIT AGREEMENT (UNCOMMITTED)

THIS EIGHTH AMENDMENT TO REVOLVING CREDIT AGREEMENT (UNCOMMITTED) (this “Eighth Amendment”) dated as of February 25, 2010, is among UTEXAM LIMITED, a company incorporated under the laws of Ireland (the “Borrower”); BNP PARIBAS, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”); and the undersigned Lenders.

 

R E C I T A L S

 

A.           The Borrower, the Administrative Agent and the Lenders are parties to that certain Revolving Credit Agreement (Uncommitted) dated as of March 10, 2006, as amended by the First Amendment to Revolving Credit Agreement (Uncommitted), dated October 24, 2006, the Second Amendment to Revolving Credit Agreement (Uncommitted), dated as of March 8, 2007, the Third Amendment to Revolving Credit Agreement (Uncommitted), dated as of May 16, 2007, the Fourth Amendment to Revolving Credit Agreement (Uncommitted), dated as of February 20, 2008, the Fifth Amendment to Revolving Credit Agreement (Uncommitted), dated as of March 12, 2008, the Sixth Amendment to Revolving Credit Agreement (Uncommitted), dated as of January 20, 2009 and the Seventh Amendment to Revolving Credit Agreement (Uncommitted), dated as of march 31, 2009 (as amended, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrower.

 

B.           The Borrowers and the Lenders have agreed to amend certain provisions of the Credit Agreement.

 

C.           NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.    Defined Terms.  Each capitalized term used herein, but not otherwise defined herein has the meaning given such term in the Credit Agreement. Unless otherwise indicated, all references to Sections in this Eighth Amendment refer to Sections of the Credit Agreement.

 

Section 2.    Amendment to Credit Agreement.

 

2.1    Section 1.02.      The definition of “Maturity Date” in Section 1.02 is hereby amended by replacing “March 31, 2010” with March 31, 2011.”

 

Section 3.    Conditions Precedent.      The effectiveness of this Eighth Amendment is subject to the receipt by the Administrative Agent of the following documents and satisfaction of the other conditions provided in this Section 3, each of which shall be reasonably satisfactory to the Administrative Agent in form and substance:

 

3.1    The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable, if any, in connection with this Eighth Amendment on or prior to the Effective Date.

 

3.2    The Administrative Agent shall have received from all of the Lenders and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this Eighth Amendment signed on behalf of such Persons.

 

3.3    The Administrative Agent shall have received evidence that the Borrower has obtained a consent from the Purchaser to amend the Agreement pursuant to Section 4.02(b) of the PSC.

 

3.4    The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

 

3.5    No Default shall have occurred and be continuing, after giving effect to the terms of this Eighth Amendment.

 

Section 4.    Miscellaneous.

 

4.1    Confirmation.      The provisions of the Credit Agreement, as amended by this Eighth Amendment, shall remain in full force and effect following the effectiveness of this Eighth Amendment.

 

4.2    Ratification and Affirmation; Representations and Warranties.      The Borrower hereby (a) acknowledges the terms of this Eighth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Eighth Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct as of such earlier date and (ii) no Default has occurred and is continuing.

 

4.3    Loan Document and Assignment.      This Eighth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents and Assignments shall apply hereto.

 

4.4    Counterparts.      This Eighth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Eighth Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

4.5    NO ORAL AGREEMENT.      THIS EIGHTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES.

 

4.6    GOVERNING LAW.      THIS EIGHTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[SIGNATURES BEGIN NEXT PAGE]

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amendment to be duly executed as of the date first written above.

BORROWER:                                                                UTEXAM LIMITED

By:         /s/ Clive W. Christie

                         Name:   Clive W. Christie                                                         

Title:     Director

By:        /s/ Paul Owens                                                                   

Name:  Paul Owens

Title:    Director

 

	
ADMINISTRATIVE AGENT:

	
BNP PARIBAS

By:       /s/ Keith Cox

Name:  Keith Cox

Title:    Managing Director

By:        /s/ Jordan Nenoff                                                                   

Name:   Jordan Nenoff 

Title:    Director

LENDERS:                                                                      BNP PARIBAS

By:        /s/ Laurence Gordon

Name:  Laurence Gordon

Title:    Authorised Signatory

By:        /s/ Deirdre Geoghegan                                                                   

Name:  Deirdre Geoghegan

 

 

	
LENDERS:

	
UNION BANK OF CALIFORNIA, N.A., as Syndication Agent and a Lender

 

By:         /s/ Randall L. Osterberg

Name:    Randall L. Osterberg

Title:      Sr. Vice President - US Marketing Manager

 

	
  

	
ALLIED IRISH BANKS, p.l.c., as a Lender

 

By:         /s/ Mark Connelly

Name:   Mark Connelly

Title:     SVP

By:         /s/ Edward Fenk

Name:    Edward Fenk

Title:      VPhvtex10.htm

 

EXHIBIT 10.4

  

HAVERTY FURNITURE COMPANIES, INC.

DIRECTOR COMPENSATION PLAN

SECTION 1

PURPOSE

	
1.1  

	
Purpose

The purpose of the Director’s Compensation Plan (the “Plan”) is to enable Haverty Furniture Companies, Inc. (the “Company”) to compensate directors who contribute to the Company’s success by their abilities, ingenuity and industry, and to better ensure that the interest of such directors are more closely aligned with the interests of the Company’s stockholders.

SECTION 2

ADMINISTRATION

	
2.1  

	
Nominating and Corporate Governance Committee

The Plan shall be administered by the Nominating and Corporate Governance Committee of the Board of Directors (the “Governance Committee”).  The day to day administration of the Plan shall be administered by a Management Committee consisting of the Chairman of the Board, Chief Executive Officer and Corporate Secretary of the Company or such other senior officers as the Chief Executive Officer shall designate.  Under the direction and guidance of the Governance Committee of the Board, the Management Committee shall interpret the Plan, shall recommend to the Governance Committee amendments and rescissions of rules relating to it from time to time as it deems proper and in the best interest of the Company and shall take any other action necessary for the administration of the Plan.

SECTION 3

PARTICIPATION

	
3.1  

	
Participants

Each person who is a director of the Company on the Effective Date (as defined in Section 6.1 of the Plan shall become a participant in the Plan on the Effective Date.  Thereafter, each director of the Company shall become a Participant immediately upon election to the Board.

  

  

  

SECTION 4

SHARES AVAILABLE FOR THE PLAN

	
4.1  

	
Maximum Number of Shares

Subject to 4.2, the maximum number of shares of Common Stock which may at any time be awarded under the Plan is five hundred thousand (500,000) shares of Common Stock.  Awards may be from shares held in the Company’s treasury.

	
4.2  

	
Adjustment to Shares of Stock Issuable Pursuant to the Plan

In the event of any change in the outstanding shares of Common Stock of the Company by reason of any stock split, stock split-up, stock dividend, recapitalization, merger, consolidation, combination or exchange of shares, or other similar change in corporate structure or change affecting the capitalization of the Company, an equitable adjustment shall be made to the number of shares issuable under this Plan as the Company’s Board of Directors determines is necessary or appropriate, in its discretion, to give proper effect to such corporate action.  Any such adjustment determined in good faith by the Company’s Board of Directors shall be conclusive and binding for all purposes of this Plan.

SECTION 5

COMPENSATION

	
5.1  

	
Amount of Compensation

The annual retainer fee, meeting fee, committee fee or any other compensation paid to those individuals duly elected to the Company’s Board of Directors (“Director Compensation”) shall be determined by the Governance Committee. Director Compensation shall be paid, unless deferred pursuant to the current Director’s Deferred Compensation Plan, or any successor thereto, as amended from time to time (“Deferred Compensation Plan”), on the Payment Dates of the Annual Period as defined in Section 5.7 and 5.8.

 

	
5.2  

	
Annual Retainer

 

 

    The Annual Retainer Fee (“Annual Retainer”) shall be determined by the Governance Committee and shall consist of cash and common stock.  Two-thirds of each director’s annual retainer fee shall be paid in shares of the Company’s Common Stock, $1.00 par value per share (the “Common Stock”) on the first Payment Date of the Annual Period. The remaining portion of the fee, at the election of the director, may be paid in cash on November 1 or in shares of Common Stock on the first Payment Date of the Annual Period.  In addition to the Annual Retainer and meeting fees, the Company may provide a non-executive chairman of the board, if any, with an additional annual retainer to perform the duties of chairman of the board of directors.

  

  

  

	
5.3

	
Election of Annual Retainer Fee

    In the discretion of each director, he or she may, by written election made on or before October 31 of the calendar year prior to the Annual Period, elect to receive 100% of his or her annual retainer fee in shares of the Company’s Common Stock.  Such election shall be irrevocable with respect to the next Annual Period’s annual retainer fee and shall be effective for the next succeeding Payment Date.

	
5.4 

	
Determination of Number of Shares of Common Stock Issuable

          

On the first day of the Annual Period each year, the number of whole shares of Company Common Stock to be paid to a director in respect of such director’s annual retainer fee shall be determined by dividing the dollar amount of the annual retainer fee to be paid in Company common Stock by the Market Price of the Common Stock (as hereinafter defined) as of the first day of the Annual Period (or if the first day of the Annual Period is not a day on which trading is conducted on the securities market or exchange on which the Company’s Common Stock is then traded, then as of the last such trading day occurring before the first day of the Annual Period).  No fractional share shall be paid pursuant to this Section 5.4 and in lieu thereof the director shall be paid the cash equivalent of any such fraction share.

For the purpose of this Section 5.4, “Market Price” shall mean, as of any date, the closing price of the Company’s Common Stock on such date as quoted by the New York Stock Exchange or, if the Company’s Common Stock is then traded on a different securities market or exchange, the closing price of such Common Stock as quoted on such market or exchange.

	
5.5

	
  Meeting Fees

         

In addition to payment of the annual retainer fee provided for in Sections 5.1 and 5.2 each non-employee director shall be paid additional fees in cash for attendance at the Board and Committee meetings (“Meeting Fee”).  An annual committee chair retainer fee shall be paid in cash to each non-employee director who is serving as Chairman of each of the Board of Directors’ standing committees (“Committee Chairman Fee”). The Meeting Fee and the Committee Chairman Fee shall be determined by the Governance Committee from time to time.

      

 

	 5.6 	   Deferral of Compensation

 

In accordance with the Deferred Compensation Plan, each Director may by October 31 of each calendar year prior to the Annual Period or at such later time as may be provided by Treasury Regulations promulgated under Section 409A of the Code, may elect to receive his or her Compensation for the Annual Period in the form of cash, deferred cash, common stock or deferred common stock, or any combination thereof in accordance with Section 5.2 and 5.3.  Unless otherwise provided under the term of the Annual Retainer, if no election is received by the Company, the Director shall be deemed to have made an election to receive his or her Annual Retainer in the same manner as the prior Annual Period.  An election under this Section 5.6 and in accordance with the terms of the Deferred Compensation Plan shall apply to the Director Compensation earned during the Annual Period (as defined below) for which the election is effective.

	 5.7	   Payment Dates

    The term “Payment Date” shall mean the first day of the Annual Period and each November 1 of the Annual Period.

 

	 5.8	   Annual Period

The term “Annual Period” shall mean the period which begins on the Company’s Annual Stockholders Meeting and terminates the day before the succeeding Annual Stockholders’ Meeting.

SECTION 6.

GENERAL PROVISIONS

	
6.1  

	
Effective Date and Term of Plan

The Plan was adopted by the Board on February 23, 2006, and approved by the Company’s stockholders on May 16, 2006 (the “Effective Date”). This Plan was amended and restated on March 25, 2009 and February 24, 2010. The Plan shall remain in effect, subject to the right of the Board to terminate the Plan at any time pursuant to Section 6.2, until the date immediately preceding the tenth (10th) anniversary of the Effective Date of the Plan.

	
6.2  

	
Termination and Amendment

Subject to the approval of the Governance Committee and the Board of Directors, the Management Committee may from time to time make such amendments to the Plan as it may deem proper and in the best interest of the Company, including, but not limited to, any amendment necessary to ensure that the Company may obtain any regulatory approval required; provided however, that to the extent required by applicable law, regulation or stock exchange rule, stockholder approval shall be required.  The Board of Directors, at the recommendation of the Governance Committee, may at any time suspend the operation of or terminate the plan.  No amendment, suspension or termination may impair the right of a director or the director’s designated Beneficiary to receive benefits accrued prior to the effective date of such amendment, suspension or termination.

	
6.3  

	
Six Month Holding Period

All shares of Common Stock issued under the Plan must be held for six months from the date of issuance prior to any disposition by the Director.

	
6.4  

	
Applicable Law

The Plan shall be construed and governed in accordance with the laws of the State of Georgia.

IN WITNESS WHEREOF, the Company has caused the Plan to be executed as of February 24, 2010.

	  	  	
HAVERTY FURNITURE COMPANIES, INC.

	  	  	  
	  	
By:

	
/s/ Clarence H. Smith

	  	  	
Clarence H. Smith

	  	  	
President and Chief Executive Officer

	  	  	  
	  	  	  
	  	  	  

	
ATTEST:

	  	  	  	  
	
By:

	
/s/ Belinda J. Clements

	  	  
	  	
Belinda J. Clements

Assistant Corporate Secretary

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