Document:

Exhibit

Exhibit (10.3)

2
S&P Dow Jones Indices
2019 LONG-TERM CASH
INCENTIVE COMPENSATION PLAN
I.  PURPOSE
The purpose of the S&P Dow Jones Indices 2019 Long-Term Cash Incentive Compensation Plan (the “Plan”) is to provide Participants (as defined below) with the opportunity to earn long-term cash incentives based on the financial performance of S&P Dow Jones Indices LLC (“S&P Dow Jones Indices” or the “Company”).
For 2019, Participants may also have the opportunity to receive equity grants in the form of Performance Share Units (“PSUs”) and Restricted Stock Units (“RSUs”) that are administered under the S&P Global Inc. 2002 Stock Incentive Plan, as amended and restated (the “Equity Plan”).  The purpose of equity based awards is to strengthen the link between S&P Dow Jones Indices’ long-term success with SPGI (as defined below) shareholder interests.
The Plan is constructed to grant Participants cash awards that vest and are payable over time, conditional on continued service and the attainment of the 2019-2021 performance targets set forth in Article V.
II.  DEFINITIONS
For purposes of the Plan, the following terms shall have meanings set forth in this Article II or otherwise defined in the Plan:
AWARD .  Any cash-based award granted pursuant to the Plan.
AWARD MATURITY DATE.  December 31, 2021.
AWARD PAYMENT DATE.  The date on which Payout of the Award is made.
CAGR.  Compound Annual Growth Rate.
CLDC.  The Compensation and Leadership Development Committee of the SPGI Board, or any successor committee thereto of the SPGI Board.
COMPANY BOARD.  The Board of Directors of the Company.
COMPANY COMMITTEE.  The Chief Executive Officer of S&P Dow Jones Indices; the Chief Financial Officer of S&P Dow Jones Indices; and the Senior Director of Human Resources of S&P Dow Jones Indices.
EBITA.  Earnings Before Interest, Taxes and deal-related Amortization of S&P Dow Jones Indices.
SPGI.  S&P Global Inc.

Exhibit (10.3)

SPGI BOARD.  The Board of Directors of SPGI.
PARTICIPANT.  An executive or other key employee of the Company or one or more of its subsidiaries, or a person who has agreed to commence serving in any of such capacities through secondment, leasing, or otherwise by SPGI or any of its affiliates, in each case who is designated in accordance with Article III to participate in the Plan.
PAYOUT.  The final value of the Award to be paid to the Participant, calculated as set forth in Article V based on performance over the Performance Period.
PERFORMANCE PERIOD.  The period from January 1, 2019 through December 31, 2021.
RETIREMENT.  An employee who ceases employment with the Company by means of Normal Retirement or Early Retirement (in each case, as such terms are defined in the Equity Plan).
III.  ELIGIBILITY
Participants will be selected in the sole discretion of the Company Board and may include the following:
		
	•
	Those individuals who have been assigned to grades 14 and above within the job leveling structure of SPGI

		
	•
	Those executives who are expected to have significant impact on results of S&P Dow Jones Indices

		
	•
	Those who are expected to impact the long term strategy of S&P Dow Jones Indices

Notwithstanding the above, if an individual selected by the Company Board to be a Participant is an employee of the Company and an executive officer of SPGI (an “SPGI EO”), such individual’s participation in the Plan shall be subject to the approval of the CLDC. 
IV.  AWARDS
The size of individual Awards will vary by Participant, including as a result of grade level, performance and assessed potential of the individual and business performance.
All Awards will be subject to satisfaction of the performance measures set forth in Article V and, except as otherwise provided in Article VIII, a Participant’s continued employment through the Award Maturity Date.
V.  PERFORMANCE PERIOD & PERFORMANCE MEASURES
Cash Payouts to Participants can range from 0% to 200% of the original Award value based on the achievement of the S&P Dow Jones Indices performance measures during the Performance Period.  The final Payout will be determined 100% on S&P Dow Jones Indices’ overall performance against its 3 year EBITA growth target for the Performance Period as stated below.
As it pertains to the EBITA performance measure, the final Payout is determined in accordance with the table set forth below, with a straight line interpolation of performance between the points in the table.

Exhibit (10.3)

	
			
	3 Year EBITA Performance Goal

	EBITA
Growth (3-Yr CAGR)
	EBITA
	Payment

	2.0%
	Below
$603.14M
	0%

	4.3%
	$644.27M
	50%

	6.4%
	$685.39M
	100%
Target

	8.5%
	$726.51M
	150%

	10.5% or
Above
	$767.63M or Above
	Up to
200%

The Company Board may amend or modify the EBITA performance goal (A) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development affecting the Company or any of its subsidiaries, divisions or operating units (to the extent applicable to such performance measure and corresponding performance goal) or (B) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company or any of its subsidiaries, divisions or operating units (to the extent applicable to such performance measure and corresponding performance goal), or the financial statements of the Company or any of its subsidiaries, divisions or operating units (to the extent applicable to such performance measure and corresponding performance goal), or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles, law or business conditions; provided, however, that any action by the Company Board under this sentence shall apply to a Participant who is an SPGI EO only with the approval of the CLDC.  In addition, the Company Board, with the approval of the CLDC, may in connection with the selection of a Participant who is an SPGI EO modify the targets of payment percentages applicable to the SPGI EO.
Cash Payouts will be calculated after final financial results for the Performance Period are determined and will be paid in accordance with Article VI after the Company Board has certified in writing that the performance measures for the Performance Period have been achieved.
The Company Committee will approve all results and Payout calculations, subject to formal approval by the Company Board, which may, in its discretion, exercise negative discretion to reduce the amount of, or eliminate, a payment that would otherwise be payable.  Awards and payments for Awards made to a Participant who is an SPGI EO will be made only after the CLDC (i) has certified that the performance measures for the Performance Period have been achieved and (ii) has approved the Payout (including, without limitation, any reduction or elimination of the Payout through the exercise of negative discretion).
If the performance goals are not achieved, then no Payouts will be paid in respect of Awards pursuant to the Plan.
VI.  PAYMENT OF CASH AWARDS
Except as provided in Article VIII, in order to receive a Payout, a Participant must be an active employee of S&P Dow Jones Indices or its subsidiaries or SPGI or one of its affiliates through the Award Maturity Date.  Participants will receive calculated Payouts between January 1, 2022 and March 15, 2022.  Participants shall not have the right to interest on Awards during the Performance Period.  Payouts with respect to Awards shall be made in cash and are subject to all applicable tax withholding.

Exhibit (10.3)

VII.  CHANGE IN CONTROL
In connection with any actual or potential change in control of the Company, as determined by the SPGI Board (a “Change in Control”), the SPGI Board will take all actions hereunder as it may determine necessary or appropriate to treat Participants equitably hereunder, including, without limitation, the modification or waiver of applicable performance measures, the Performance Period, or cash awards, notwithstanding the terms of any Award, and may create a fund, a trust or other arrangement intended to secure the payment of such Award; provided, however, that no such action shall accelerate the timing of the Award Payment Date.
VIII.  TERMINATION OF SERVICE
If Participant’s employment with the Company and its subsidiaries and SPGI and its affiliates is terminated before the Award Maturity Date for reasons of death, Retirement or job elimination/redundancy, the Participant’s Payout will be calculated as a result of performance over the Performance Period and prorated to reflect the number of full calendar days of employment, together with any Separation Pay Period (as defined in the applicable separation plan or agreement) in the case of job elimination/redundancy, during the Performance Period; provided, however, in the case of job elimination/redundancy, the Participant’s Payout shall be subject to the Participant’s execution and non-revocation of a release in a form to be provided by the Company (the “Release”), releasing the Company, SPGI and their respective affiliates or subsidiaries and certain other persons and entities from certain claims and other liabilities, which Release must be effective and irrevocable within the time specified in the Release.  Such prorated Payouts will be paid on the Award Payment Date in accordance with Article VI.  In the event of the Participant’s termination prior to the Award Maturity Date due to death, the prorated Payout will be calculated by measuring the compound annual growth from the start of the Performance Period through the end of the year in which the termination occurs.  Such prorated Payout will be paid to the beneficiary designated by the Participant (or if the Participant has not designated a beneficiary, to the representative of the Participant’s estate), not later than March 15, in the year immediately following the year in which death occurred.
In the event the Participant’s employment with the Company and its subsidiaries and SPGI and its affiliates is terminated for Cause, or if the Participant voluntarily terminates his or her employment (other than due to Retirement) before the Award Maturity Date, the Participant will not be entitled to any Payout in respect of such Award, unless otherwise determined by the Company Board.
For purposes of the Plan, “Cause” shall mean, (i) for any Participant with an employment agreement that is in effect at the time of such termination or resignation of employment and that defines “Cause,” the meaning set forth in such employment agreement, (ii) for any Participant with Award documentation that defines “Cause” with respect to such Award, the meaning such forth in such Award documentation, and (iii) in all other cases, the Participant’s misconduct in respect of the Participant’s obligations to the Company, SPGI or their respective affiliates or other acts of misconduct by the Participant occurring during the course of the Participant’s employment, which in either case results in or could reasonably be expected to result in material damage to the property, business or reputation of the Company, SPGI or their respective affiliates; provided, however, that in no event shall unsatisfactory job performance alone be deemed to be “Cause”; and provided further that no termination of employment that is carried out at the request of a person seeking to accomplish a Change in Control (as determined by the SPGI Board) or otherwise in anticipation of a Change in Control (as determined by the SPGI Board) shall be deemed to be for “Cause”.

Exhibit (10.3)

IX.  SPECIAL AWARDS AND OTHER PLANS
Nothing contained in the Plan shall prohibit the Company or any of its subsidiaries from granting special performance or recognition awards, under such conditions and in such form and manner as it sees fit, to employees (including Participants) for meritorious service of any nature; provided, however, that any such grant of an special performance or recognition award to an individual who is an SPGI EO shall require the approval of the CLDC.
In addition, nothing contained in the Plan shall prohibit the Company or any of its subsidiaries from establishing other incentive compensation plans providing for the payment of incentive compensation to employees (including Participants).
X.  ADMINISTRATION, AMENDMENT AND INTERPRETATION OF THE PLAN
The Company Board shall have the right to amend the Plan from time to time or to repeal it entirely, or to direct the discontinuance of cash Awards either temporarily or permanently; provided, however, that:
		
	(i)
	No amendment of the Plan shall operate to annul, without the consent of the Participant, an Award already made hereunder; and

		
	(ii)
	In the event the Plan is terminated before the last day of the Performance Period, Awards will be prorated on the basis of the ratio of the number of full calendar days in such Performance Period prior to such termination to 1,096 and will be paid in accordance with Article VI.

The Plan will be administered by the Company Board; provided, however, that (i) the Company Committee and the SPGI Board shall be permitted to make certain determinations under the Plan as set forth herein and (ii) actions related to the grant or Payout of an Award to a Participant who is an SPGI EO shall require the approval of the CLDC.  The decisions of the Company Board, the Company Committee, the SPGI Board or CLDC, as applicable, with respect to any questions arising in connection with the administration or interpretation of the Plan shall be final, conclusive and binding.  In the event of any conflict between a determination of the Company Board or the Company Committee, on the one hand, and the SPGI Board or CLDC, on the other, the determination of the SPGI Board or CLDC, as applicable, shall be final, conclusive and binding.  Neither the Company nor SPGI (or any subsidiary, affiliate, director, employee or other service provider thereof) makes any representation to any Participant with respect to the application of Section 409A of the Internal Revenue Code of 1986, as amended to such Participant’s Awards.
XI.  MISCELLANEOUS
All expenses and costs in connection with the operation of the Plan shall be borne by the Company.
All Awards under the Plan are subject to withholding, where applicable, for federal, state and local taxes.
Unless otherwise determined by the Company Board, all Awards will be paid from the Company’s general assets, and nothing contained in the Plan will require the Company to set aside or hold in trust any funds for the benefit of any Participant, who will have the status of a general unsecured creditor of the Company.
Awards issued under the Plan shall be subject to the requirements of the S&P Global Inc. Pay Recovery Policy (the “Policy”) (or any successor policy or requirement), as in effect from time to time, and amounts paid or payable to the Participant under or in respect of the Award shall, if applicable, be subject to 

Exhibit (10.3)

recovery or other action pursuant to and as, and to the extent, provided by the applicable Policy (or any successor policy or requirement), as in effect from time to time.
Awards issued under the Plan are intended to provide for the “deferral of compensation” within the meaning of Section 409A(d)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) and to meet the requirements of Section 409(a)(2), (3) and (4) of the Code, and the Plan shall be interpreted and construed in accordance with this intent.
The Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company or any subsidiary, nor will it interfere in any way with any right the Company or any subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time.
Except as otherwise provided in the Plan, no right or benefit under the Plan will be subject to alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to alienate, sell, assign, pledge, encumber, or charge such right or benefit will be void.  No such right or benefit will in any manner be liable for or subject to the debts, liabilities, or torts of a Participant.
If any provision in the Plan is held to be invalid or unenforceable, no other provision of the Plan will be affected thereby.
The Plan will be governed by and construed in accordance with applicable United States federal law and, to the extent not preempted by such federal law, in accordance with the laws of the State of New York, without giving effect to the principles of conflict of laws thereof.
The Company Board hereby adopts the Plan as of March 7, 2019.Exhibit 101

		

			Exhibit 10.1

		

		

			Execution Version

		

		

			 

		

		
			FIRST AMENDMENT TO amended and restated CREDIT AGREEMENT
		

		
			 
		

		
			This First Amendment to Amended and Restated Credit Agreement (this “Amendment”) is dated as of March 27, 2019, among STORE CAPITAL CORPORATION, a corporation formed under the laws of the State of Maryland (the “Borrower”), KEYBANK NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”) and as a 2017 Term Loan Lender, and each other 2017 Term Loan Lender. Unless otherwise defined herein, capitalized terms defined in the Credit Agreement referred to below shall have the same meaning herein.
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, the Borrower, the Administrative Agent and each of the other financial institutions party thereto as Lenders have entered into a certain Amended and Restated Credit Agreement dated as of February 9, 2018 (the “Credit Agreement”); and 
		

		
			WHEREAS, the Borrower has requested, and the Administrative Agent and the 2017 Term Loan Lenders have agreed, to extend the maturity of the 2017 Term Loan and make certain other amendments to the 2017 Term Loans under the Credit Agreement, in each case in accordance with and subject to the terms and conditions contained herein; 
		

		
			WHEREAS, the Borrower has appointed (a) KeyBank Capital Markets and Regions Capital Markets as joint bookrunners and joint lead arrangers (in such capacities, the “First Amendment Lead Arrangers”) to arrange consents from the 2017 Term Loan Lenders to amend certain terms of the 2017 Term Loans under Credit Agreement as hereinafter provided and (b) Regions Bank as syndication agent for the amendments to the 2017 Term Loans contemplated by this Amendment; and
		

		
			WHEREAS, the Borrower, the Administrative Agent and each of the 2017 Term Loan Lenders have agreed to amend the Credit Agreement as set forth herein.
		

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

			
	
			
				 section 1.
			Amendments to the Credit Agreement. Pursuant to Section 13.6 of the Credit Agreement, on and as of the Amendment Effective Date (as defined below):

			
	
			
				 (a)
			The definition of “2017 Term Loan Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended by deleting “March 29, 2019” and inserting in place thereof “March 30, 2020”.  

			
	
			
				 (b)
			The definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby amended by amending and restating the table therein as follows:

		

		 

 

	
					
						

					
						 

					
						Level

					
					
						 

					
						Credit Rating

					
					
						Applicable Margin for Revolving Loans that are LIBOR Loans

					
						 

					
					
						Applicable Margin for Revolving Loans that are Base Rate Loans

					
						 

					
					
						Applicable Margin for 2016 Term Loans that are LIBOR Loans

					
						 

					
					
						Applicable Margin for 2016 Term Loans that are Base Rate Loans

					
						 

					
					
						Applicable Margin for 2017 Term Loans that are LIBOR Loans

					
						 

					
					
						Applicable Margin for 2017 Term Loans that are Base Rate Loans

					
						 

				
	
					
						1

					
					
						A-/A3 (or higher)

					
					
						0.825%

					
					
						0.000%

					
					
						0.900%

					
					
						0.000%

					
					
						0.850%

					
					
						0.000%

				
	
					
						2

					
					
						BBB+/Baa1

					
					
						0.875%

					
					
						0.000%

					
					
						0.950%

					
					
						0.000%

					
					
						0.900%

					
					
						0.000%

				
	
					
						3

					
					
						BBB/Baa2

					
					
						1.000%

					
					
						0.000%

					
					
						1.100%

					
					
						0.100%

					
					
						1.000%

					
					
						0.000%

				
	
					
						4

					
					
						BBB-/Baa3

					
					
						1.200%

					
					
						0.200%

					
					
						1.350%

					
					
						0.350%

					
					
						1.250%

					
					
						0.250%

				
	
					
						5

					
					
						BB+/Ba1 (or lower or unrated)

					
					
						1.550%

					
					
						0.550%

					
					
						1.750%

					
					
						0.750%

					
					
						1.650%

					
					
						0.650%

				

		
			 
		

			
	
			
				 (c)
			The definition of “Fee Letter” in Section 1.1 of the Credit Agreement is hereby amended by deleting “and” immediately prior to “(ii)” and inserting a comma in place thereof and inserting a new clause immediately prior to the end of the sentence thereof “and (iii) that certain fee letter dated on or about March 7, 2019, by and among the Borrower, KeyBank National Association, KeyBanc Capital Markets Inc., Regions Capital Markets, and Regions Bank”.

			
	
			
				 (d)
			The definition of “Lead Arrangers” in Section 1.1 of the Credit Agreement is hereby amended by “and” immediately prior to “(c)” and inserting a comma in place thereof and inserting a new clause immediately prior to the end of the sentence thereof “and (d) with respect to the First Amendment, the First Amendment Lead Arrangers”.

			
	
			
				 (e)
			The definition of “Syndication Agent” in Section 1.1 of the Credit Agreement is hereby amended by “and” immediately prior to “(c)” and inserting a comma in place thereof and inserting a new clause immediately prior to the end of the sentence thereof “and (d) with respect to the First Amendment, Regions Bank”.

			
	
			
				 (f)
			Section 1.01 of the Credit Agreement is hereby amended by inserting the following new defined terms in appropriate alphabetical order therein:

		
			“ “First Amendment” shall mean the First Amendment to Amended and Restated Credit Agreement, dated as of March 27, 2019, by and among the Borrower, the Administrative Agent and the 2017 Term Loan Lenders.”
		

		
			

		 

		

			2

		

		

			 

		

 

		

		
			“ “First Amendment Lead Arrangers” has the meaning set forth in First Amendment.”
		

			
	
			
				 section 2.
			Representations and Warranties.  The Borrower and each Loan Party party hereto represents and warrants that as of the Amendment Effective Date:

			
	
			
				 (a)
			all of the representations and warranties contained in the Credit Agreement and in each other Loan Document are true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of the Amendment Effective Date, except to the extent that any such representations and warranties expressly relate to an earlier date (in which case such representations and warranties were true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such date); 

			
	
			
				 (b)
			The Borrower has the right and power, and has taken all necessary action to authorize it, to borrow and obtain other extensions of credit under this Amendment and the Credit Agreement as amended by this Amendment.  The Borrower and each other Loan Party party hereto has the right and power, and has taken all necessary action to authorize it, to execute, deliver and perform this Amendment and the Credit Agreement as amended by this Amendment in accordance with the terms hereof and to consummate the transactions contemplated hereby.  This Amendment has been duly executed and delivered by the duly authorized officers of the Borrower and each other Loan Party party hereto and is a legal, valid and binding obligation of each such Person enforceable against such Person in accordance with its respective terms, except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally and the availability of equitable remedies for the enforcement of certain obligations contained herein or therein and as may be limited by equitable principles generally (whether in a proceeding at law or in equity); 

			
	
			
				 (c)
			The execution, delivery and performance of this Amendment in accordance with the terms hereof and the borrowings and other extensions of credit under this Amendment and the Credit Agreement as amended by this Amendment do not and will not, by the passage of time, the giving of notice, or both:  (i) require any Governmental Approval or violate any Applicable Law (including all Environmental Laws) in any material respect relating to the Borrower or any other Loan Party; (ii) conflict with, result in a breach of or constitute a default under the articles of incorporation or the bylaws of the Borrower or the organizational or governing documents of any Loan Party, or any material indenture, agreement or other instrument to which the Borrower or any other Loan Party is a party or by which it or any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by any Loan Party other than in favor of the Administrative Agent for its benefit and the benefit of the other Lender Parties; 

			
	
			
				 (d)
			No suit, action, investigation or proceeding, pending or threatened, in any court or before any arbitrator or governmental authority has been instituted that purports to affect the Borrower or its Subsidiaries or the transaction contemplated hereby or that could reasonably be expected to have a Material Adverse Effect on the Borrower or its 

		 

		

			3

		

		

			 

		

 

	Subsidiaries or the transaction contemplated herein or on the ability of the Borrower or its Subsidiaries to perform their obligations under this Amendment, the Credit Agreement as amended by this Amendment or the other Loan Documents to which it is a party; and

			
	
			
				 (e)
			no Default or Event of Default has occurred and is continuing or would result after giving effect to this Amendment.

			
	
			
				 section 3.
			Conditions to Effectiveness on Amendment Effective Date.  This Amendment shall become effective on and as of the Business Day on which the following conditions shall have been satisfied (such date, the “Amendment Effective Date”):

			
	
			
				 (a)
			the Administrative Agent shall have received duly executed counterparts of this Amendment from the Borrower and each 2017 Term Loan Lender;

			
	
			
				 (b)
			the Administrative Agent shall have received, on behalf of itself and the Lenders, a customary opinion of outside counsel to the Borrower and the other Loan Parties, addressed to the Administrative Agent and the Lenders and covering such matters as the Administrative Agent may reasonably request and in form and substance reasonably acceptable to the Administrative Agent;

			
	
			
				 (c)
			the Administrative Agent shall have received a certificate of the secretary or assistant secretary (or equivalent officer) on behalf of each Loan Party, dated as of the Amendment Effective Date, certifying (i) that attached thereto is a true and complete copy of each certificate or articles of incorporation or formation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan Party or that the corresponding documents delivered to the Administrative Agent on the Effective Date have not been amended, supplemented or otherwise modified and remain in full force and effect in the same form as delivered to the Administrative Agent on the Effective Date, (ii) that attached thereto is a true and complete copy of the by-laws of each Loan Party, if a corporation, the operating agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity or that such corresponding documents delivered to the Administrative Agent on the Effective Date have not been amended, supplemented or otherwise modified and remain in full force and effect in the same form as delivered to the Administrative Agent on the Effective Date, (iii) that attached thereto is a true and complete copy of all corporate, partnership, member or other necessary action taken by each Loan Party to authorize the execution, delivery and performance of this Amendment, authorizing the execution, delivery and performance of this Amendment, and that such actions have not been modified, rescinded or amended and are in full force and effect as of the date of such certificate, (iv) that attached thereto is an incumbency and specimen signature of each officer or authorized person executing this Amendment or any other document delivered in connection herewith on behalf of such Loan Party or that the incumbency has not changed since being delivered to the Administrative Agent on the Effective Date, and (v) that attached thereto is a true and complete copy of a certificate as to the good standing of such Loan Party as of a recent date, from such Secretary of State (or other applicable Governmental Authority) of such Loan Party’s jurisdiction of organization;

		
			

		 

		

			4

		

		

			 

		

 

		

			
	
			
				 (d)
			the representations and warranties contained in Section 2 hereof shall be  true and correct in all material respects as of the Amendment Effective Date (without duplication of any materiality qualifier contained therein);

			
	
			
				 (e)
			no Default or Event of Default shall exist and be continuing immediately after giving effect to this Amendment;

			
	
			
				 (f)
			since December 31, 2016, there has been no Material Adverse Effect;

			
	
			
				 (g)
			the Borrower shall have delivered to Administrative Agent an officer’s certificate, in form and substance reasonably acceptable to Administrative Agent, certifying that the conditions set forth in Section 3(d),  Section 3(e) and Section 3(f) have been satisfied; 

			
	
			
				 (h)
			the First Amendment Lead Arrangers and the Administrative Agent shall have received all fees and other amounts due and payable to them pursuant to the Loan Documents and that certain fee letter dated on or about March 7, 2019 (the “March 2019 Fee Letter”), by and among the Borrower, KeyBank National Association, KeyBanc Capital Markets Inc., Regions Capital Markets, and Regions Bank on or prior to the Amendment Effective Date, including reimbursement for all reasonable and documented out-of-pocket legal costs incurred by the First Amendment Lead Arrangers and the Administrative Agent in connection with this Amendment invoiced at least two Business Days prior to the Amendment Effective Date; 

			
	
			
				 (i)
			in accordance with the March 2019 Fee Letter, the Borrower shall have paid a commitment fee to the Administrative Agent for the benefit of each of the 2017 Term Loan Lenders in the amount of 0.075% of the outstanding 2017 Term Loans of each such 2017 Term Loan Lender; 

			
	
			
				 (j)
			the Administrative Agent shall have received all documentation and other information requested in writing at least 10 Business Days prior to the Amendment Effective Date by the Administrative Agent that is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act; 

			
	
			
				 (k)
			for any Loan Party that qualifies as a “legal entity customer” under 31 C.F.R. Section 1010.230, the Administrative Agent shall have received a beneficial ownership certification, which certification shall be substantially similar in form and substance to the form required under 31 C.F.R. Section 1010.230; and

			
	
			
				 (l)
			the Administrative Agent shall have received a Compliance Certificate setting forth in reasonable detail calculations required to establish the Borrower is compliance with the covenants contained in Section 10.1 of the Credit Agreement on a pro forma basis after giving effect to this Amendment.

			
	
			
				 section 4.
			Costs, Expenses.  As provided in Section 13.2 of the Credit Agreement, the Borrower agrees to reimburse Administrative Agent for all reasonable and 

		 

		

			5

		

		

			 

		

 

	documented out-of-pocket costs and expenses, including legal costs, in connection with the preparation, negotiation, execution and delivery of this Amendment.

			
	
			
				 section 5.
			Counterparts; Effectiveness.  This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic transmission (PDF or TIFF format) shall be effective as delivery of a manually executed counterpart of this Amendment.

			
	
			
				 section 6.
			Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. Each of the provisions set forth in Section 13.4(b) and Section 13.4(c) of the Credit Agreement are incorporated by reference into this Amendment, mutatis mutandis, and shall have the same force and effect in respect of this Amendment as if set forth herein in full.

			
	
			
				 section 7.
			WAIVER OF JURY TRIAL.   EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT, OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES.  ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE ADMINISTRATIVE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

			
	
			
				 section 8.
			No Modification; Reaffirmation.  

			
	
			
				 (a)
			Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Credit Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Administrative Agent and the Lenders reserve all rights, privileges and remedies under the Loan Documents. Except as amended or consented to hereby, the Credit Agreement and other Loan Documents remain unmodified and in full force and effect. Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference to the “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement in any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document under the Credit Agreement and the other Loan Documents and, together with the other Loan Documents, constitute the entire 

		 

		

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	agreement among the parties pertaining to the modification of the Loan Documents as herein provided and supersede any and all prior or contemporaneous agreements, promises and amendments relating to the subject matter hereof. To the extent any terms or provisions of this Amendment conflict with those of the Credit Agreement or the other Loan Documents, the terms and provisions of this Amendment shall control.

			
	
			
				 (b)
			For the avoidance of doubt, this Amendment shall not constitute an election by the Borrower to extend the existing 2017 Term Loans pursuant to Section 2.14(b) of the Credit Agreement, and the Borrower’s extension options thereunder shall continue from and after the Amendment Effective Date as expressly set forth in the Credit Agreement.

			
	
			
				 (c)
			Each Loan Party hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party as amended and extended hereby and (ii) in the case of each Guarantor, ratifies and reaffirms its Guaranty of the Obligations as amended and extended hereby.

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

		
			STORE CAPITAL CORPORATION,
		

		
			as Borrower
		

		
			 
		

		
			 
		

		
			By: /s/ Catherine Long
		

		
			     Name:  Catherine Long
		

		
			     Title: Executive Vice President, Chief Financial Officer, Treasurer and Assistant Secretary
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
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			KEYBank National Association,  
		

		
			as Administrative Agent and as a 2017 Term Loan Lender
		

		
			 
		

		
			 
		

		
			By: /s/ Tyrel Regnier
		

		
			     Name: Tyrel Regnier
		

		
			     Title: Assistant Vice President
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
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BMO HARRIS BANK N.A., 
		

		
			as a 2017 Term Loan Lender
		

		
			 
		

		
			 
		

		
			By: /s/ Aaron Lanski
		

		
			     Name: Aaron Lanski
		

		
			     Title: Managing Director
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

		

		
			CAPITAL ONE, NATIONAL ASSOCIATION, 
		

		
			as a 2017 Term Loan Lender
		

		
			 
		

		
			 
		

		
			By: /s/ Peter C. Ilovic
		

		
			     Name: Peter C. Ilovic
		

		
			     Title: Vice President
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

		

		
			REGIONS BANK, 
		

		
			as a 2017 Term Loan Lender
		

		
			 
		

		
			 
		

		
			By: /s/ Ghi S. Gavin
		

		
			     Name: Ghi S. Gavin
		

		
			     Title: Senior Vice President
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

		

		
			SUNTRUST BANK, 
		

		
			as a 2017 Term Loan Lender
		

		
			 
		

		
			 
		

		
			By: /s/ Trudy Wilson
		

		
			     Name: Trudy Wilson
		

		
			     Title: Vice President
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

 

		

		
			U.S. BANK NATIONAL ASSOCIATION, 
		

		
			as a 2017 Term Loan Lender
		

		
			 
		

		
			 
		

		
			By: /s/ Patrick A. Trowbridge
		

		
			     Name: Patrick A. Trowbridge
		

		
			     Title: Senior Vice President

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