Document:

exv10w1

 

Exhibit 10.1

2008 Performance Bonus Plan for Executive Officers

     All of the executive officers of Western Refining, Inc. (the “Company”) are eligible for a
discretionary annual performance bonus, as determined by the Compensation Committee (the
“Committee”), subject to the Company achieving target financial metrics in 2008 (measured in terms
of EBITDA). EBITDA represents earnings before interest expense, income tax expense, amortization
of loan fees, write-off of unamortized loan fees, depreciation and amortization.

     The amount of the bonus payment under the 2008 performance bonus plan will be determined by
the Committee in the first quarter of 2009. Bonus amounts are subject to the discretion of the
Committee and can range from zero up to an amount not to exceed 300% of each executive’s 2008 base
salary. The Committee will have discretion to determine the actual amount of bonus payable,
subject to the maximum set forth in the prior sentence, and may use the following performance
metrics as a guideline in determining the amount of bonus payable to each executive officer: (1)
the Company’s safety record, (2) the Company’s environmental record, (3) the Company’s productivity
and (4) the executive officer’s individual performance.

     Pursuant to the 2008 performance bonus plan, payments of the bonus amounts may be made in
cash, restricted stock or a combination of both, in the discretion of the Committee. Executive
officers will be given the option to convert any portion of their cash bonus into shares of
restricted stock at a conversion rate of 150% of the cash bonus, subject to certain limitations.
The vesting period for any restricted stock granted pursuant to the 2008 performance bonus plan
will be determined by the Committee.exv10w1

 

Exhibit 10.1

AMENDMENT NO. 8 TO CREDIT AGREEMENT

          AMENDMENT NO. 8 TO CREDIT AGREEMENT dated as of March 19, 2008 (this “Amendment”) among (a)
Cardtronics, Inc., a Delaware corporation (the “Borrower”), (b) ATM National, LLC, a Delaware
corporation, Cardtronics Holdings, LLC, a Delaware corporation, Cardtronics, LP, a Delaware limited
partnership, Cardtronics GP, Inc., a Delaware corporation, and Cardtronics LP, Inc., a Delaware
corporation, (collectively, the “Guarantors”), (c) the Requisite Lenders party to the Credit
Agreement referred to below and (d) BNP Paribas, as administrative agent (the “Administrative
Agent”) for the Lenders.

          PRELIMINARY STATEMENTS:

          1. The Borrower, the Guarantors, the Lenders, the Administrative Agent and others have entered
into a Third Amended and Restated First Lien Credit Agreement dated as of May 17, 2005, as amended
by Amendment No. 1 to Credit Agreement dated as of July 6, 2005, Amendment No. 2 to Credit
Agreement dated as of August 5, 2005, Amendment No. 3 to Credit Agreement dated as of November 17,
2005, Amendment No. 4 to Credit Agreement dated as of February 14, 2006, Amendment No. 5 to Credit
Agreement dated as of September 29, 2006, Amendment No. 6 to Credit Agreement dated as of May 3,
2007 and Amendment No. 7 to Credit Agreement dated as of July 18, 2007 (as so amended, the “Credit
Agreement”; capitalized terms used herein and not otherwise defined in this Amendment being used
herein as defined in the Credit Agreement);

          2. The Borrower has requested that the Lenders amend the Credit Agreement as provided herein;
and

          3. The Requisite Lenders have agreed, subject to the terms and conditions hereinafter set
forth, to amend the Credit Agreement as set forth below;

          NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto
hereby agree as follows:

          SECTION 1. Amendments to Credit Agreement. Upon, and subject to, the satisfaction of
the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as
follows:

          (a) Section 8.13(a) of the Credit Agreement is amended and restated as full to read as
follows:

	 	 	 	 	 
	Test Period Ending:	 	Amounts:
	March 31, 2008 and each fiscal quarter-end thereafter
	 	$	90,000,000	 

          SECTION 2. Conditions of Effectiveness of Amendment. (a) The amendments to the Credit
Agreement set forth in Section 1 shall become effective on the date (the “Effective

 

 

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Date”) when the
Administrative Agent shall have received counterparts of this Amendment executed by (i) the
Borrower and each Loan Party, (ii) the Administrative Agent, and (iii) each of the Requisite
Lenders, or, as to any of the foregoing parties, advice satisfactory to the Administrative Agent
that each of the foregoing parties has executed this Amendment.

          SECTION 3. Representations and Warranties. The Borrower represents and warrants as
follows:

     (a) The execution, delivery and performance by each of the Borrower and each of the
other Loan Parties of this Amendment and the consummation of the transactions contemplated
hereby are within its corporate powers, have been duly authorized by all necessary corporate
action and do not contravene (i) its charter or by-laws or (ii) any law or any contractual
restriction binding on or affecting it the contravention of which would be reasonably likely
to have a Material Adverse Effect.

     (b) After giving effect to this Amendment, the representations and warranties contained
in each of the Loan Documents are correct in all material respects on and as of the date
hereof as though made on and as of such date (other than any such representations or
warranties that, by their terms, refer to a specific date, in which case as of such specific
date).

     (c) After giving effect to this Amendment, no event shall have occurred and be
continuing that constitutes a Default.

          SECTION 4. Reference to and Effect on the Credit Agreement and the Loan Documents.

     (a) On and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to
the Credit Agreement, and each reference in the Notes and each of the other Loan Documents
to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this
Amendment.

     (b) Each of the Credit Agreement, the Notes and each of the other Loan Documents, as
specifically amended by this Amendment, is and shall continue to be in full force and effect
and is hereby in all respects ratified and confirmed. Without limiting the generality of
the foregoing, the Guaranty does and shall continue to guarantee the Guaranteed Obligations,
in each case, as amended by this Amendment.

     (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Lender
or the Administrative Agent under any of the Loan Documents, nor constitute
a waiver of any provision of any of the Loan Documents. On and after the effectiveness
of this Amendment, this Amendment shall for all purposes constitute a Loan Document.

          SECTION 5. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of

 

 

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which when so
executed shall be deemed to be an original and all of which taken together shall constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment
by telecopier 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 laws of the State of New York.

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	Borrower

 	 
	 
	 	CARDTRONICS, INC.
 	 
	 
	 	By  	/s/ Tres Thompson
 	 
	 	 	Name:  	Tres Thompson  	 
	 	 	Title:  	Chief Accounting Officer 	 
	 

					
	 	Guarantors 

ATM NATIONAL, LLC

 	 
	 	By:  	/s/ Tres Thompson
 	 
	 	 	Name:  	Tres Thompson  	 
	 	 	Title:  	Chief Accounting Officer 	 
	 

	 	 	 	 	 
	 	CARDTRONICS, LP

 	 
	 	By:  	 CARDTRONICS GP, INC.,
 	 
	 	 	its general partner 	 

					
	 	 	 
	 	By:  	/s/ Tres Thompson
 	 
	 	 	Name:  	Tres Thompson 	 
	 	 	Title:  	Chief Accounting Officer 	 
	 

	 	 	 	 	 
	 	CARDTRONICS GP, INC.

 	 
	 	By:  	/s/ Tres Thompson
 	 
	 	 	Name:  	Tres Thompson  	 
	 	 	Title:  	Chief Accounting Officer 	 
	 

	 	 	 	 	 
	 	CARDTRONICS LP, INC.

 	 
	 	By:  	/s/ Tres Thompson
 	 
	 	 	Name:  	Tres Thompson  	 
	 	 	Title:  	Chief Accounting Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CARTRONICS HOLDINGS, LLC

 	 
	 	By:  	/s/ Tres Thompson
 	 
	 	 	Name:  	Tres Thompson  	 
	 	 	Title:  	Chief Accounting Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS, as Administrative Agent

 	 
	 	By  	/s/ David A. Alderson
 	 
	 	 	Name:  	David A. Alderson  	 
	 	 	Title:  	Vice President 	 

					
	 	 	 
	 	By  	                                              /s/ Kristine E. Lapic
 	 
	 	 	Name:  	Kristine E. Lapic  	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

BNP PARIBAS, as Lender

 	 
	 	By  	/s/ David A. Alderson
 	 
	 	 	Name:  	David A. Alderson  	 
	 	 	Title:  	Vice President 	 

					
	 	 	 
	 	By  	                                              /s/ Kristine E. Lapic
 	 
	 	 	Name:  	Kristine E. Lapic  	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

AMEGY BANK NATIONAL ASSOCIATION

 	 
	 	By  	/s/ David C. Moriniere
 	 
	 	 	Name:  	David C. Moriniere  	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

Compass Bank

 	 
	 	By  	/s/ Payton K. Swope
 	 
	 	 	Name:  	Payton K. Swope  	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

Bank of America, N.A.

 	 
	 	By 	      /s/ Gary L. Mingle
 	 
	 	 	Name:  	Gary L. Mingle  	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

JPMorgan Chase Bank, N.A.

 	 
	 	By  	/s/ Michael Becker
 	 
	 	 	Name:  	Michael Becker  	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

Wells Fargo Bank N.A., as Lender

 	 
	 	By  	/s/ John Kallina
 	 
	 	 	Name:  	John Kallina  	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Lenders:

Allied Irish Bank, plc

 	 
	 	By  	/s/ Gregory J. Wiske
 	 
	 	 	Name:  	Gregory J. Wiske  	 
	 	 	Title:  	Vice President Investment Advisor to AIB
Debt Management, Limited 	 

					
	 	 	 
	 	By  	                                              /s/ Joanne Gibson
 	 
	 	 	Name:  	Joanne Gibson  	 
	 	 	Title:  	Assistant Vice President Investment
Advisor to AIB Debt Management, Limited

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