Document:

Exhibit 10.4

 

EXECUTION
COPY

 

AMENDMENT NO. 3

 

Dated as of April 21, 2008

 

to

 

CREDIT AGREEMENT

 

Dated as of August 31, 2007

 

THIS
AMENDMENT NO. 3 (“Amendment”) is made as of April 21, 2008 (the “Effective
Date”) by and among MYR Group Inc., a Delaware corporation (the “Borrower”),
the financial institutions listed on the signature pages hereof and
JPMorgan Chase Bank, National Association, as Administrative Agent (the “Administrative
Agent”), under that certain Credit Agreement dated as of August 31,
2007 by and among the Borrower, the Lenders and the Administrative Agent (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”). Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings given to them in the Credit Agreement.

 

WHEREAS,
the Borrower has requested that certain modifications be made to the Credit Agreement;

 

WHEREAS,
the Borrower, the Lenders party hereto and the Administrative Agent have agreed
to amend the Credit Agreement on the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders party hereto and the Administrative Agent hereby agree to the following
amendments to the Credit Agreement.

 

1.                                       Amendments to Credit Agreement. Effective as of the Effective Date (except
as otherwise provided herein), but subject to the satisfaction of the
conditions precedent set forth in Section 2 below, the Credit
Agreement is hereby amended as follows:

 

(a)                                  Effective as of January 1, 2008, Section 1.01
of the Credit Agreement is hereby amended to restate the definition of “Consolidated
EBITDA” set forth therein in its entirety as follows:

 

“Consolidated EBITDA” means, for any period,
Net Income for such period plus (a) without duplication and to the extent
deducted in determining Net Income for such period, the sum of (i) Interest
Expense for such period, (ii) income tax expense for such period, (iii) all
amounts attributable to depreciation and amortization expense for such period, (iv) any
extraordinary non-cash charges for such period, (v) solely with respect to
the fiscal quarter of the Borrower ended December 31, 2007, cash
transaction costs incurred in connection with an offering pursuant to Rule 144A
of the Securities and Exchange Commission of voting common Equity Interests of
the Borrower, which offering transaction closed on December 20, 2007, in
an aggregate amount not to exceed $7,941,000 and (vi) any other non-cash
charges for such period (but excluding any non-cash charge in respect of an
item that was included in Net Income in a prior period and

 

 

any
non-cash charge that relates to the write-down or write-off of inventory),
minus (b) without duplication and to the extent included in Net Income, (i) any
cash payments made during such period in respect of non-cash charges described
in clause (a)(vi) taken in a prior period and (ii) any extraordinary
gains and any non-cash items of income for such period, all calculated for the
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.

 

(b)                                 Effective as of January 1, 2008, Section 5.01
of the Credit Agreement is hereby amended to restate clause (d) thereof in
its entirety as follows:

 

(d)                        as soon as available (following approval by
the Borrower’s board of directors, if such approval is obtained in the ordinary
course), but in any event not more than 120 days after the end of each fiscal
year of the Borrower, a copy of the plan and forecast (including a projected
consolidated and consolidating balance sheet, income statement and funds flow
statement) of the Borrower for each quarter of the upcoming fiscal year (the “Projections”)
substantially in form of the projections delivered pursuant to Section 4.01(b);

 

2.                                       Conditions of Effectiveness. The effectiveness of this Amendment is
subject to the conditions precedent that the Administrative Agent shall have
received (i) counterparts of this Amendment duly executed by the Borrower
and the Lenders and (ii) counterparts of the Consent and Reaffirmation
attached hereto duly executed by the Subsidiary Guarantors.

 

3.                                       Representations and Warranties of the Borrower. The Borrower hereby represents and warrants
as follows:

 

(a)                                  This Amendment and the Credit Agreement as
amended hereby constitute legal, valid and binding obligations of the Borrower
and are enforceable against the Borrower in accordance with their terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in
equity or at law.

 

(b)                                 As of the date hereof and giving effect to
the terms of this Amendment, (i) no Default shall have occurred and be
continuing and (ii) the representations and warranties of the Borrower set
forth in the Credit Agreement, as amended hereby, are true and correct in all
material respects as of the date hereof, except to the extent that any such
representation or warranty relates solely to an earlier date, in which case it
shall have been true and correct in all material respects as of such earlier
date.

 

4.                                       Reference to and Effect on the Credit
Agreement.

 

(a)                                  Upon the effectiveness hereof, each reference
to the Credit Agreement in the Credit Agreement or any other Loan Document
shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b)                                 Except as specifically amended above, the
Credit 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)                                  The execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of
the Administrative Agent or the Lenders, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and agreements

 

2

 

executed
and/or delivered in connection therewith.

 

5.                                       Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York, but giving
effect to federal laws applicable to national banks.

 

6.                                       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.

 

7.                                       Counterparts. This Amendment may be executed by one or
more of the parties hereto on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument.

 

[Signature Pages Follow]

 

3

 

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

 

	
   

  	
  MYR
  GROUP INC.,

  as the Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marco
  A Martinez

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  V.P. CFO & Treasurer

  

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of August 31, 2007

MYR Group Inc.

 

 

	
   

  	
  JPMORGAN
  CHASE BANK,

  NATIONAL ASSOCIATION,

  
	
   

  	
  individually
  as Lender, as the Swingline Lender, as Issuing Bank and as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dawn
  Mase

  
	
   

  	
  Name:
  Dawn Mase

  
	
   

  	
  Title:
  SVP

  

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of August 31,
2007

MYR Group Inc.

 

 

	
   

  	
  CITIBANK,
  N.A.,

  
	
   

  	
  individually
  as a Lender and as Syndication Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Scott
  Miller

  
	
   

  	
  Name:
  Scott Miller

  
	
   

  	
  Title:
  Vice President

  

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of August 31, 2007
 MYR Group Inc.

 

 

	
   

  	
  FIFTH THIRD BANK,

  
	
   

  	
  individually as a Lender and as Documentation Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Neil G. Mesch

  
	
   

  	
  Name:
  Neil G. Mesch

  
	
   

  	
  Title:
    Vice President

  

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of August 31, 2007

MYR Group Inc.

 

 

	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION,

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frank J. Jancar

  
	
   

  	
  Name:
  Frank J. Jancar

  
	
   

  	
  Title:
    VICE PRESIDENT

  

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of August 31, 2007
 MYR Group lnc.

 

 

	
   

  	
  NATIONAL
  CITY BANK,

  as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Renee M. Bonnell

  
	
   

  	
  Name:
  Renee M. Bonnell

  
	
   

  	
  Title:
    Vice President

  

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of August 31, 2007

MYR Group Inc.

 

 

CONSENT AND REAFFIRMATION

 

Each
of the undersigned hereby acknowledges receipt of a copy of the foregoing
Amendment No. 3 to the Credit Agreement (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”) by and among MYR Group Inc., a Delaware corporation (the “Borrower”)
the Lenders and JPMorgan Chase Bank, National Association, as Administrative
Agent (the “Administrative Agent”), which Amendment No. 3 is dated
as of April 21, 2008 and is by and among the Borrower, the financial
institutions listed on the signature pages thereof and the Administrative
Agent (the “Amendment”). Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in
the Credit Agreement. Without in any way establishing a course of dealing by
the Administrative Agent or any Lender, each of the undersigned consents to the
Amendment and reaffirms the terms and conditions of the Subsidiary Guaranty and
any other Loan Document executed by it and acknowledges and agrees that the
Subsidiary Guaranty and each and every such Loan Document executed by the
undersigned in connection with the Credit Agreement remains in full force and
effect and is hereby reaffirmed, ratified and confirmed. All references to the
Credit Agreement contained in the above-referenced documents shall be a
reference to the Credit Agreement as so modified by the Amendment and as the
same may from time to time hereafter be amended, modified or restated.

 

 

Dated
April 21, 2008

 

[Signature Pages Follow]

 

 

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

 

	
   

  	
  THE L.E. MYERS CO.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marco A Martinez

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  HAWKEYE
  CONSTRUCTION, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marco
  A Martinez

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  HARLAN
  ELECTRIC COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marco
  A Martinez

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  STURGEON
  ELECTRIC COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marco
  A Martinez

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  GREAT
  SOUTHWESTERN CONSTRUCTION, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Robert F. Agnew

  
	
   

  	
  Title:
  President

  

 

 

Consent and Reaffirmation

 

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

 

	
   

  	
  THE L.E. MYERS CO.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  HAWKEYE
  CONSTRUCTION, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  HARLAN
  ELECTRIC COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  STURGEON
  ELECTRIC COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:
  Marco A Martinez

  
	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  GREAT
  SOUTHWESTERN CONSTRUCTION, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  F. Agnew

  
	
   

  	
  Name:
  Robert F. Agnew

  
	
   

  	
  Title:
  President

  

 

 

Consent and ReaffirmationExhibit 10(a)

 

DPL INC.

PARTICIPATION AGREEMENT

 

This PARTICIPATION AGREEMENT (“Agreement”) is
entered into this 3rd day of January 2008
(the “Effective Date”) among DPL Inc., an Ohio corporation (“DPL”), The Dayton
Power and Light Company, an Ohio corporation (“DP&L”) (collectively, the “Company”),
and Douglas C. Taylor (“Executive”).

 

WHEREAS, DPL has an executive compensation program
(the “Program”), generally effective as of January 1, 2006;

 

WHEREAS, the Program provides benefits pursuant to
the following plans which have been approved by the Compensation Committee of
the Board of Directors of DPL (the “Committee”) and adopted by the Board of
Directors of DPL (the “Board”): the DPL Inc. Severance Pay and Change of
Control Plan, the DPL Inc. Supplemental Executive Defined Contribution
Retirement Plan, the DPL Inc. 2006 Equity and Performance Incentive Plan, the
DPL Inc. Executive Incentive Compensation Plan (the “EICP”), the DPL Inc. 2006
Deferred Compensation Plan for Executives and the DPL Inc. Pension Restoration
Plan (collectively, the “Plans”);

 

WHEREAS, Executive’s participation in the Plans and
eligibility for the benefits provided thereunder requires execution of this
Agreement; and

 

WHEREAS, DPL desires to
provide Executive benefits in addition to those provided by the Program, as
described herein.

 

NOW THEREFORE, in
consideration of the promises and agreements contained herein and other good
and valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, and intending to be legally bound, Executive agrees as follows:

 

1.             Effective Date. 
This Agreement is effective on the Effective Date and will continue in
effect as provided herein.

 

2.             Participation in the Plans.  DPL confirms that Executive has been
designated by the Committee and the Board to participate in each of the Plans
pursuant to the terms thereof as of the date Executive commences his employment,
contingent on his execution of this Agreement. 
Executive is eligible to receive additional benefits as such are provided
to other similarly situated employees of the Company from time to time.

 

3.             Perquisite Allowance.  By executing this Agreement, Executive shall
be entitled to receive a perquisite allowance in the amount of $20,000 per year
(the “Perquisite Allowance”), for each year that (a) Executive remains
designated by the Committee as eligible to receive the Perquisite Allowance and
(b) DPL continues to make the Perquisite Allowance available to
executive-level employees of the Company. 
Executive has been designated by the Committee as eligible to receive
the Perquisite Allowance for 2008.  The
Perquisite Allowance for 2008 shall be paid as soon as practicable after the execution
of this Participation Agreement.  The
Perquisite Allowance for years after 2008 shall be paid to Executive as soon as
practicable after the Committee designates Executive as eligible to 

 

1

 

receive the Perquisite Allowance for that
year.  The Perquisite Allowance will not
be deemed “compensation,” as that term is defined under any of the Plans, nor
under any other plan, practice, program or policy of the Company or any of its
affiliates, as in effect from time to time.

 

4.             Non-Solicitation. 
As a condition to his eligibility to participate in the Program,
Executive hereby agrees that during his employment and for a period of two
years following his termination of employment with the Company, Executive will
not (a) solicit for employment with himself or any firm or entity with
which he is associated, any employee of the Company, its subsidiaries or
affiliates, or otherwise disrupt, impair, damage or interfere with the Company’s,
its subsidiaries’ or affiliates’ relationships with their employees or (b) solicit
for Executive’s own behalf or on behalf of any other person(s), any retail
customer of the Company, its subsidiaries or affiliates, that has purchased
products or services from the Company, its subsidiaries or affiliates, at any
time (i) with respect to solicitation during employment, during the
Executive’s employment or (ii) with respect to solicitation after
termination of employment, in the twelve months preceding the date on which
Executive’s employment with the Company, its subsidiaries or affiliates is
terminated or that the Company, its subsidiaries or affiliates are actively
soliciting or have known plans to solicit, for the purpose of marketing or
distributing any product, pricing or service competitive with any product,
pricing or service then offered by the Company, its subsidiaries or affiliates
or which the Company, its subsidiaries or affiliates have known plans to offer.

 

[Signatures on the
Following Page]

 

2

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement on the date first written above.

 

 

	
   

  	
  DPL INC. and

  
	
   

  	
  THE DAYTON POWER AND LIGHT
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul M. Barbas

  
	
   

  	
   

  	
  Paul M. Barbas

  
	
   

  	
   

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Douglas C. Taylor

  
	
   

  	
   

  	
  Douglas C. Taylor

  

 

3

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