Document:

Exhibit 10.1

AMENDING AGREEMENT

to the AMENDED AND RESTATED CREDIT AGREEMENT dated April 26, 2012

This Agreement is made effective as of March 31, 2015

BETWEEN:

POWELL CANADA INC., a Canada Corporation

OF THE FIRST PART

POWELL INDUSTRIES, INC., a Delaware Corporation

OF THE SECOND PART

NEXTRON LIMITED, a Canada Corporation

OF THE THIRD PART

PCG NORTHERN SERVICES INC., a Canada Corporation

OF THE FOURTH PART

HSBC BANK CANADA, a Canadian Chartered Bank

OF THE FIFTH PART

WHEREAS the parties hereto wish to extend and renew those certain credit facilities set out in the Amended and Restated Credit Agreement dated April 26, 2012 (the "Agreement");

AND WHEREAS the parties hereto wish to amend certain terms of the Agreement to reflect the extension and renewal of the credit facilities contained therein;

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants and agreements contained in the Agreement and herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:

	
1.
	
PPC Technical Services Inc. is removed as a party to the Agreement.

	
2.
	
PCG Northern Services Inc. is added as a party to the Agreement.

	
3.
	
The words "NEXTRON LIMITED, a Canada Corporation, and PPC TECHNICAL SERVICES INC. a Canada Corporation (hereinafter sometimes referred to as "Nextron" and "PPC Technical" respectively, and sometimes referred to as the "Subsidiaries")" in the third part of the style and cause, located on Page 4 of the Agreement are hereby deleted in their entirety and replaced with:

""NEXTRON LIMITED, a Canada Corporation, and PCG Northern Services Inc., a Canada Corporation (hereinafter sometimes referred to as "Nextron" and "PCG" respectively and sometimes referred to as the "Subsidiaries")"

	
4.
	
The definition of "Canadian Prime Rate" as set out on page 7 of the Agreement is deleted in its entirety and replaced with:

""Canadian Prime Rate" means, for any day, the variable annual rate of interest per annum established from time to time by the Lender as the reference rate of interest for the determination of interest rates that the Lender will charge to customers in Canada for Canadian Dollar prime rate loans and which was 2.85%pa on March 24, 2015."

	
5.
	
The definition of "Closing Date" as set out on page 7 of the Agreement is deleted in its entirety and replaced with:

""Closing Date" means March 31, 2015."

 

- 2 –

 

	
6.
	
The definition of "DSL Facility" as set out on pages 10 and 11 of the Agreement is deleted in its entirety and replaced with:

""DSL Facility" means the foreign exchange daily settlement facility in the maximum principal amount of U.S. $5,000,000.00 to be made available to the Borrower by the Lender in accordance with the provisions hereof, subject to any reduction in accordance with the provisions hereof."

	
7.
	
The definition of "DSL Facility Commitment" as set out on page 11 of the Agreement is deleted in its entirety and replaced with:

""DSL-Facility Commitment" means-the maximum principal amount the Lender has agreed to make available to the Borrower under the DSL Facility, being U.S. $5,000,000.00, subject to reductions or adjustments pursuant to the terms hereof."

	
8.
	
The definition of "F/X Facility" as set out on page 13 of the Agreement is deleted in its entirety and replaced with:

""F/X Facility" means the foreign exchange forward contract facility in the maximum principal amount of U.S. $5,000,000.00 to be made available to the Borrower by the Lender in accordance with the provisions hereof, subject to any reduction in accordance with the provisions hereof, and to be governed by the terms of the Lender's Agreement for Foreign Exchange Contracts."

	
9.
	
The definition of "F/X Facility Commitment" as set out on page 14 of the Agreement is deleted in its entirety and replaced with:

""F/X Facility Commitment" means the maximum principal amount the Lender has agreed to make available to the Borrower under the F/X Facility, being U.S. $5,000,000.00, subject to reductions or adjustments pursuant to the terms hereof."

	
10.
	
The definition of "Maturity Date" as set out on page 16 of the Agreement is deleted in its entirety and replaced with:

""Maturity Date" means March 31, 2018."

	
11.
	
The definition of "Subsidiary" as set out on pages 23 and 24 of the Agreement is deleted in its entirety and replaced with:

""Subsidiary" means, with respect to any person ("X"):

	
a)
	
any corporation of which at least a majority of the outstanding shares having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether at the time shares of any other class or classes of such corporation might have voting power by reason of the happening of any contingency, unless the contingency has occurred and then only for as long as it continues) is at the time directly, indirectly or beneficially owned or controlled by X or one or more of its Subsidiaries, or X and one or more of its Subsidiaries;

	
b)
	
any partnership of which, at the time, X, or one or more of its Subsidiaries, or X and one or more of its Subsidiaries: (i) directly, indirectly or beneficially own or control more than 50% of the income, capital, beneficial or ownership Interests (however designated) thereof; and (ii) is a general partner, in the case of limited partnerships, or is a partner or has authority to bind the partnership, in all other cases; or

	
c)
	
any other person of which at least a majority of the income, capital, beneficial or ownership interests (however designated) are at the time directly, indirectly or beneficially owned or controlled by X, or one or more of its Subsidiaries, or X and one or more of its Subsidiaries,

provided that, unless otherwise expressly provided or the context otherwise requires, references herein to "Subsidiary" or Subsidiaries" shall be and shall be deemed to be references to Subsidiaries of the Borrower, and shall include Nextron and PCG."

	
12.
	
The definition of "U.S. Base Rate" as set out page 24 of the Agreement is deleted in its entirety and replaced with: ""U.S. Base Rate" means the variable annual rate of interest per annum established from time to time by the Lender as the reference rate of Interest for the determination of interest rates that the Lender will charge to customers in Canada for United States Dollar base rate loans in Canada and which was 3.75%pa on March 24, 2015."

	
13.
	
Section 2.15, found on pages 30 and 31 of the Agreement is deleted in its entirety and replaced with:

	
"2.15
	
Commitment and Renewal Fees

The Borrower will pay to the Lender, on or before the Closing Date, an up-front commitment fee equal to 0.30% of the Revolving Facility Commitment.  Fees collected by the Lender shall be its property as consideration for the time, effort and expense incurred by it in the review and administration of documents and financial statements, and 

 

- 3 –

 

the Borrower acknowledges and agrees that the determination of these costs is not feasible and that the fees set out herein represent a reasonable estimate of such costs."

	
14.
	
Subsection 3.2(q), found on page 32 of the Agreement is deleted in its entirety and replaced with:

	
"(q)
	
as at the date of such Drawdown, no material adverse change in the business, affairs, assets, properties, operations, or condition, financial or otherwise, of Powell or of the Borrower and its Subsidiaries taken as a whole, shall have occurred since December 31, 2014;"

	
15.
	
Subsection 3.2(u), found on page 32 of the Agreement is deleted in its entirety.

	
16.
	
Sub-subsection 10.1(j)(v), found on page 54 of the Agreement is deleted in its entirety and replaced with:

	
"(v)
	
any of the Borrower or Subsidiary acquiring (whether by purchase, lease or otherwise) an interest in real property where such property has a fair market value in excess of Cdn. $2,000,000 (or the Equivalent Amount thereof in any other currency)."

	
17.
	
Subsection 10.2(e), found on page 57 of the Agreement is deleted in its entirety and replaced with:

	
"(e)
	
Limit on Purchase or Sale of Assets

Except for Permitted Dispositions, the Borrower shall not, and shall not permit its Subsidiaries to:

	
i)
	
sell, transfer or otherwise dispose of any of their respective property or assets during the continuance of a Default or Event of Default; or

	
ii)
	
purchase, sell, transfer or otherwise dispose of property or assets in any period of twelve consecutive months, whether in one or a series of transactions, having an aggregate fair market value in excess of Cdn. $2,000,000.00 (or the Equivalent Amount thereof in any other currency), other than in the ordinary course of its business.

Notwithstanding this Section 10.2(e), it is understood and agreed that the Borrower's previous purchase of land and buildings was not a violation of Section 10.2 and the subsequent purchase of property and equipment for the purposes of expanding its Canadian headquarters will not be a violation of this Section 10.2."

	
18.
	
Subsection 10.3(c), found on page 59 of the Agreement is deleted in its entirety and replaced with:

	
"(c)
	
Consolidated Tangible Net Worth

As at each Quarter End, commencing with the Quarter ending March 31, 2015, the Consolidated Tangible Net Worth of Powell shall be equal or greater than the sum of:

	
i)
	
U.S. $172,500,000, plus

	
ii)
	
an amount equal to 50% of the Net Income for each fiscal Quarter commencing with the fiscal quarter ended March 31, 2015, and for each fiscal quarter thereafter (with no deduction for any net loss in any fiscal quarter), plus

	
iii)
	
an amount equal to 100% of the aggregate increase in Shareholders' Equity of Powell and its Subsidiaries after the date hereof by reason of the issuance and sale of any Equity Interests of Powell or any of its Subsidiaries (other than issuances to Powell or a Wholly-Owned Subsidiary), including upon any conversion of any debt securities of Powell into capital stock or other equity interests."

	
19.
	
Subsection 11.1(d), found on page 60 of the Agreement is deleted in its entirety and replaced with:

	
"(d)
	
unlimited guarantee of the indebtedness of the Borrower to the Lender executed by each of the Subsidiaries of the Borrower from time to time, including Nextron and PCG supported by a general security agreement creating a first priority security interest in all present and after acquired personal property of each such Subsidiary and a floating charge over all of each such Subsidiary's present and after acquired real property;"

	
20.
	
Subsection 15.2(a), found on page 73 of the Agreement is deleted in its entirety and replaced with:

"(a) Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by registered mail or sent by telecopier to the addresses or telecopier numbers specified below or, if to a Subsidiary, in care of the Borrower.  Notices sent by hand or overnight courier service, or mailed by registered mail, shall be deemed to have been given when received, notices sent by telecopier shall be deemed to have been given when sent (except that, if not given on a business day between 9:00 a.m. and 

 

- 4 –

 

5:00 p.m. local time where the recipient is located, shall be deemed to have been given at 9:00 a.m. on the next business day for the recipient).  The respective parties' addresses and contact information shall be as follows:

To the Borrower, Nextron and PCG:

Powell Canada Inc.

Acheson Range Road Facility- Head Office

53032 Range Road 263A, Acheson, Alberta T7X 5A5

Attention:  Don Madison

Facsimile: _____________

To Powell:

Powell Industries Inc.

8550 Mosley Drive

Post Office Box 12818

Houston, Texas, USA 77075

Attention:  Don Madison

Facsimile: _____________

To the Lender:

HSBC Bank Canada

9th Floor, 10250-101 Street NW

Edmonton, Alberta, Canada T5J 3P4

Attention:  Keith Peters

Fax: (780) 426-2660

	
21.
	
HSBC hereby acknowledges, that as of the effective date of this Amending Agreement all conditions precedent to Closing (as defined in the Agreement) set out in Section 3.2 of the Agreement are currently satisfied.

	
22.
	
This Amending Agreement shall enure to the benefit of and be binding upon the successors and assigns of the parties hereto.

	
23.
	
Save and except as amended herein, all terms, representations, warranties, conditions and provisions of the Agreement shall continue in full force and effect unabated.

	
24.
	
This Amending Agreement shall be construed, enforced and governed by the laws of the Province of Alberta.

	
25.
	
This Amending Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof of this Amending Agreement to produce or account for more than one such counterpart.  Delivery of an executed counterpart of a signature page of this Amending Agreement by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement

 

- 5 –

 

IN WITNESS WHEREOF the parties hereto have executed this Agreement.

 

	
POWELL CANADA INC.
	
 
	
POWELL INDUSTRIES, INC.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Per:
	
/s/ Don R. Madison
	
 
	
Per:
	
/s/ Don R. Madison

	
 
	
Name: Don R. Madison

Title: Director
	
 
	
 
	
Name: Don R. Madison 

Title: Chief Financial and
Administrative Officer

 

	
NEXTRON LIMITED
	
 
	
PCG NORTHERN SERVICES INC.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Per:
	
/s/ Don R. Madison
	
 
	
Per:
	
/s/ Don R. Madison

	
 
	
Name: Don R. Madison

Title: Director
	
 
	
 
	
Name: Don R. Madison

Title: Director

 

	
HSBC BANK CANADA

	
 
	
 

	
 
	
 

	
Per:
	
/s/ Keith Peters

	
 
	
Name: Keith Peters  

Title: Asst. Vice President,
Commercial Banking

	
Per:
	
/s/ Marissa Adams

	
 
	
Name: Marissa Adams

Title: Asst. Vice President, 

Commercial BankingExhibit 10.1 Q1 2015

FOIA CONFIDENTIAL TREATMENT REQUESTED BY WILLIS GROUP HOLDINGS PLC
PURSUANT TO 17 CFR 200.83 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS DOCUMENT. EACH SUCH PORTION, WHICH HAS BEEN OMITTED HEREIN AND REPLACED WITH ASTERISKS [****], HAS BEEN DELIVERED SEPARATELY TO THE SECURITIES AND EXCHANGE COMMISSION. 
ADDENDUM N°1 TO THE AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT WITH RESPECT TO
GS & Cie Group
Dated 22 April 2015
		
	(1)
	ASTORG IV FCPR

		
	(2)
	FINANCIERE MUSCARIS IV

		
	(3)
	WILLIS EUROPE BV

		
	(4)
	WILLIS NETHERLANDS HOLDINGS BV

		
	(5)
	WILLIS GROUP HOLDINGS PLC

		
	(6)
	LUCASLUX

		
	(7)
	FINANCIERE NATELPAU

		
	(8)
	MAERA

		
	(9)
	SIMON MINCO EURL

		
	(10)
	PRPHI EURL

		
	(11)
	DREAM MANAGEMENT 1

		
	(12)
	DREAM MANAGEMENT 2

		
	(13)
	NATELPAU BELGIUM

		
	(14)
	FOYER INTERNATIONAL

		
	(15)
	DREAM MANAGEMENT 3

		
	(16)
	THE PERSONS LISTED IN SCHEDULE 0

 

BETWEEN THE UNDERSIGNED:
		
	1.
	FPCI ASTORG IV, a French fonds professionnel de capital investissement, represented by its management company Astorg Partners, a company (société par actions simplifiée) organized under the Laws of France, having a share capital of €675,000 and its registered office at 68, rue du Faubourg Saint-Honoré, 75008 Paris, France, registered with the French Registry of Commerce and Companies under number 419 838 545 RCS Paris, duly represented for the purposes hereof;

		
	2.
	Financiere Muscaris IV, a company (société par actions simplifiée) organized under the Laws of France, having a share capital of €988,000 and its registered office at 68, rue du Faubourg Saint-Honoré, 75008 Paris, France, registered with the French Registry of Commerce and Companies under number 501 614 523 R.C.S. Paris, duly represented for the purposes hereof; 

		
	3.
	Willis Europe BV, a limited company (Besloten Vennootschap) incorporated in the Netherlands with Commercial Register No. 24.135.835, and registered as a foreign company in England & Wales with company number FC024627 at 51 Lime Street, London EC3M 7DQ, United Kingdom, duly represented for the purposes hereof;

		
	4.
	Willis Netherlands Holdings BV, a limited company (Besloten Vennootschap) organized under the Laws of Netherlands, Hoogoorddreef 60, 1101 BE Amsterdam Zuidoost, the Netherlands, registered with the Trade Register of the Dutch Chamber of Commerce under number 34367289, duly represented for the purposes hereof;

		
	5.
	Willis Group Holdings Plc, a public limited company organized under the Laws of Ireland, having its registered office at Grand Mill Quay, Barrow Street, Dublin 4, Ireland, registered with the Ireland Companies Registry under number 475616, duly represented for the purposes hereof;

		
	6.
	Lucaslux, a company (société à responsabilité limitée) organized under the Laws of Luxembourg, having a share capital of €60,617,653 and its registered office at 145, rue du Kiem, L-8030 Strassen, Luxembourg, registered with the Registry of Commerce and Companies of Luxembourg under number B 149 762, duly represented for the purposes hereof;

		
	7.
	Financière Natelpau, a company (société anonyme) organized under the Laws of Luxembourg, having a share capital of €24,027,000 and its registered office at 6, rue Guillaume Schneider (L-2522), Luxembourg, Luxembourg, registered with the Registry of Commerce and Companies of Luxembourg under number B 148 397, duly represented for the purposes hereof;

		
	8.
	Maera, a company (société anonyme) organized under the Laws of Luxembourg, having a share capital of €4,606,093 and its registered office at au 63-65 rue de Merl, L-2146 Luxembourg, Luxembourg, registered with the Registry of Commerce and Companies of Luxembourg under number 132 353, duly represented for the purposes hereof 

		
	9.
	Simon Minco EURL, a company (enterprise unipersonnelle à responsabilité limitée) organized under the Laws of France, having a share capital of €2,756,115 and its registered office at 6bis, rue Jean Nicolas Collignon, 57000 Metz, France, registered with the French Registry of Commerce and Companies under number 518 569 843 R.C.S. Metz, duly represented for the purposes hereof;

		
	10.
	PRPHI EURL, a company (entreprise unipersonnelle à responsabilité limitée) organized under the Laws of France, having a share capital of €2,734,110 and its registered office at 11, Chemin du Zornic, 56260 Larmor-

2

Plage, France, registered with the French Registry of Commerce and Companies under number 493 791 701 R.C.S. Lorient, duly represented for the purposes hereof;
		
	11.
	Dream Management 1, a company (société par actions simplifiée) organized under the Laws of France, with a share capital of €5,600,001, having its registered office at 48, rue Jacques Dulud, 92200 Neuilly-sur-Seine, France, registered with the French Registry of Commerce and Companies under number 518 454 152 RCS Nanterre, duly represented for the purposes hereof;

		
	12.
	Dream Management 2, a company (société anonyme) organized under the Laws of France, with a share capital of €4,700,001, having its registered office at 48, rue Jacques Dulud, 92200 Neuilly-sur-Seine, France, registered with the French Registry of Commerce and Companies under number 518 556 212 R.C.S. Nanterre, duly represented for the purposes hereof;

		
	13.
	Natelpau Belgium, a company (société anonyme) organized under the Laws of Belgium, having a share capital of €5,900,000 and its registered office at 36, rue du Pinson, B-1170 Watermael-Boitsfort, Belgique, registered with the Registry of Commerce and Companies of Brussels (RPM de Bruxelles) under number 0821.761.036, duly represented for the purposes hereof;

		
	14.
	Foyer International, a company (société anonyme) organized under the Laws of Luxembourg, having a share capital of €30,000,000 and its registered office at 12, rue Léon Laval, L-3372 Leudelange, Luxembourg, registered with the Registry of Commerce and Companies of Luxembourg under number B 53682, duly represented for the purposes hereof;

		
	15.
	Dream Management 3, a company (société par actions simplifiée) organized under the Laws of France, with a share capital of €2.603.078, having its registered office at 48, rue Jacques Dulud, 92200 Neuilly-sur-Seine, France, registered with the French Registry of Commerce and Companies under number 518 454 152 RCS Nanterre, duly represented for the purposes hereof;

		
	16.
	Each of the Persons identified in Schedule 0 hereto, duly represented for the purposes hereof;

the Persons listed from 1 to 16, not acting jointly and severally (non solidairement), are hereinafter collectively referred to as the "Parties" and individually as a "Party",
IN THE PRESENCE OF:
		
	17.
	GS & Cie Groupe, a company (société par actions simplifiée) organized under the Laws of France, having a share capital of €121.288.808 and its registered office at 33-34, quai de Dion Bouton, 92800 Puteaux, France, registered with the French Registry of Commerce and Companies under number 515 061 141 R.C.S. Nanterre, duly represented for the purposes hereof;

		
	18.
	Gras Savoye, a company (société par actions simplifiée) organized under the Laws of France with a share capital of €1,462,600, having its registered office at 33-34, quai de Dion Bouton, 92800 Puteaux, France, registered with the French Registry of Commerce and Companies under number 311 248 637 RCS Nanterre, duly represented for the purposes hereof;

		
	19.
	Gras Savoye Euro Finance, a company (société anonyme), organized under the Laws of Belgium, having its registered office at 4020 Liège 2, Quai des Vennes, 18-20, Belgium, registered under number 0403.276.015, duly represented for the purposes hereof;

3

RECITALS:
		
	(A)
	The Parties, GS & Cie Groupe, Gras Savoye and Gras Savoye Eurofinance are parties to an amended and restated shareholders' agreement with respect to GS & Cie Groupe dated 15 April 2013 pursuant to which certain matters relating to the governance and the securities of GS & Cie Groupe and its subsidiaries have been agreed (the "SHA"; terms used in this agreement starting with an upper case shall have the meaning ascribed to them in the SHA).

		
	(B)
	Within the context of the implementation of the provisions of the SHA, the Parties have agreed on (i) certain precisions with respect to the calculation of the EBITDA, (ii) the appointment of the Agreed 1592 Arbitrator, (iii) the Notification Enterprise Value and the Estimated Notification Equity Value and Prices, (iv) a clarification of the definition of Financial Debt in Schedule 1(B), (v) certain precisions with respect to the mechanism for setting-up the relevant financial aggregates and prices as per the SHA and (vi) certain precisions concerning Willis compliance due diligence exercise. This having been set forth, the Parties entered into this addendum (the "Addendum").

THE FOLLOWING WAS HEREBY AGREED:
		
	1.
	ADDENDUM TO THE EBITDA IMPACT ADJUSTMENTS

The Parties agree to adjust the definition of EBITDA provided for in Section 9.7.1 of Schedule 1(B) of the SHA as follows and, accordingly, to add the following paragraph (c) to the definition of EBITDA Impact Adjustments provided for in Section 9.7.2 of Schedule 1(B) of the SHA:
"(c)    To the extent deducted from EBITDA, the following costs will be added back to EBITDA:
		
	•
	Fees and costs related to the services provided to the Group by CIREOS (One Man Support) pursuant to an agreement dated 11 November 2014 up to € 111,000; 

		
	•
	Fees and costs related to the compliance assistance services provided to the Group by PWC pursuant to an agreement dated 16 December 2014 up to € 270,000; 

		
	•
	Costs/Severance pays booked in 2014 resulting from the departure of certain managers up to € 1,619,700." 

		
	2.
	Agreed 1592 ARBITRATOR

The Parties hereby acknowledge that the Direct Parties have mutually agreed to appoint a partner (Mr. Nicolas Klapisz) of Ernst & Young Advisory (Valuation & Business Modelling, Tour First - 1, place des Saisons, 92037 Paris-La Défense cedex) as the Agreed 1592 Arbitrator (as defined in Section 1.1 of SHA).
		
	3.
	Notification Enterprise Value and Estimated Notification Equity ValUe and Prices

[****]
		
	4.
	Amendment TO THE CERTAIN NOTICE DETAILS

The Parties hereby agree to modify the details of certain addressees for the notices provided for in Section 20.9 as follows (changes are in bold):
		
	(i)
	If to Maera:

4

Maera
63-65, rue de Merl
L-2146 Luxembourg
Luxembourg
Fax: + 33 3 28 63 05 10
e-mail: patrick.lambert@grassavoye.com / ptrck.lambert@gmail.com

		
	(ii)
	If to PRPHI:

PRPHI
11 chemin du Zornic 
56260 Larmor Plage
France
Email: philippe.rouault@grassavoye.com

		
	(iii)
	If to Willis Europe BV:

Willis Europe BV
51 Lime Street
London EC3M 7DQ
United Kingdom
Attn: the General Counsel and the Company Secretary
With a copy to:
Pamela Thomson-Hall
Email: thomson-hallp@willis.com 
and:
Alistair Peel
Email: peela@willis.com

		
	5.
	Clarification of the definition of financial debt 

The Parties hereby agree to modify the definition of Financial Debt in Schedule 1(B), Section 9.1 of the SHA as follows (changes are in bold):
"Financial Debt": shall be equal to the sum of all amounts due to financial institutions and Vendors Bond holders (excluding those balances with banks and insurers relating to the brokerage and other operating activities of the company that are otherwise captured in the C Aggregate) as of the Calculation Date including but not limited to: 
		
	•
	amounts drawn under long term credit facilities (whether due in less than or more than twelve (12) months);

		
	•
	bank loans, bonds, debentures, and mezzanine debt including but not limited to LBO debt;

5

		
	•
	bank overdrafts;

		
	•
	Vendors Bonds (but, for the avoidance of doubt, this does not include the Securities);

		
	•
	residual amounts due in respect of finance leases; and

		
	•
	amounts borrowed under asset securitization facilities and all other interest and non-interest bearing loans including accrued interest;" 

		
	6.
	Amendment to sections 10.2, 10.4 and 10.5 of the SHA

		
	6.1
	The Parties hereby agree to modify paragraphs (d), (e) and (f) of section 10.2 of the SHA as follows: 

		
	(d)
	The Notification Enterprise Value and the Estimated Notification Equity Value and Prices shall be determined by Willis and the Willis Call Grantors or if Willis and the Willis Call Grantors are unable to agree on such items by the Agreed 1592 Arbitrator, as described in paragraphs (e) to (k) below. Willis and the Willis Call Grantors and the Agreed 1592 Arbitrator shall apply the formulas set forth in Schedule 1(B).

		
	(e)
	If Willis and the Willis Call Grantors are unable to agree on the Notification Enterprise Value and the Estimated Notification Equity Value and Prices such items within the twenty (20) Business Days period from the Notification Appointment Date, the Agreed 1592 Arbitrator shall determine the Notification Enterprise Value and the Estimated Notification Equity Value and Prices within twenty (20) Business Days from the end of the preceding (20) Business Days period.  The Agreed 1592 Arbitrator shall promptly and simultaneously notify the Company, Willis and all of the Willis Call Grantors thereof.  This period for delivering a written report may be extended for up to ten (10) Business Days for good cause by the mutual written consent of Willis and the Willis Call Grantors or by the Agreed 1592 Arbitrator at his sole discretion.

		
	(f)
	Willis and each of the Willis Call Grantors are authorized to make submissions to the Agreed 1592 Arbitrator within ten (10) Business Days from the end of the twenty (20) Business Days period from the Notification Appointment Date provided that such submissions shall also be notified to the other Direct Parties.  Each Direct Party may respond to another Direct Party's submission by notifying such response to the Agreed 1592 Arbitrator and the other Direct Parties within fifteen (15) Business Days from the end of the twenty (20) Business Days period from the Notification Appointment Date.

5.2    The Parties hereby agree to replace paragraphs (a) and (b) of section 10.4 of the SHA as follows: 
		
	(a)
	The Final Notification Equity Value and Prices shall be determined by (i) Willis and each of the Willis Call Grantors  no later than December 31, 2015 or (ii) if Willis and each of the Willis Call Grantors are unable to agree on such items within such time period, by the Agreed 1592 Arbitrator. Willis and the Willis Call Grantors, the Company and the Agreed 1592 Arbitrator shall apply the formulas set forth in Schedule 1(B).  As soon as the information is available the Company shall, and the Direct Parties shall take all Applicable Actions to cause the Company to, provide the Direct Parties the proposed Final Notification Equity Value and Prices.  The Company will also provide simultaneously the Direct Parties with all appropriate supporting documents and information relating to the proposed Final Equity Value and Prices.  If Willis and each of the Willis Call Grantors are 

6

unable to agree on the Final Equity Value and Prices such items on or before December 31, 2015, the 1592 Arbitrator shall determine the Final Notification Equity Value and Prices. 
		
	(b)
	Except if the Final Notification Equity Value and Prices are expressly agreed upon in writing between Willis and each of the Willis Call Grantors, the 1592 Arbitrator shall determine the Final Notification Equity Value and Prices no later than January 31, 2016.  Willis and each of the Willis Call Grantors shall be authorized to make submissions to the 1592 Arbitrator and to respond to other Direct Parties' submissions in accordance with a procedure and a timetable to be established by the 1592 Arbitrator.

5.3    The Parties hereby agree to modify paragraphs (d), (e) and (f) of section 10.5 of the SHA as follows: 
		
	(d)
	The Call Enterprise Value and the Estimated Call Equity Value and Prices shall be determined by (i) the Willis and the Willis Call Grantors within twenty (20) Business Days from the Call Appointment Date or (ii) if Willis and the Willis Call Grantors are unable to agree on such items within such time period, by the Agreed 1592 Arbitrator.  Willis and the Willis Call Grantors, the Company and the Agreed 1592 Arbitrator shall apply the formulas set forth in Schedule 1(B).  As soon as the information is available the Company shall, and the Direct Parties shall take all Applicable Actions to cause the Company to, provide the Direct Parties the proposed Call Enterprise Value and the Estimated Call Equity Value and Prices.  The Company shall also provide simultaneously Willis and the Willis Call Grantors with all appropriate supporting documents and information relating to the proposed Call Enterprise Value and the Estimated Call Equity Value and Prices.

		
	(e)
	Except if the Call Enterprise Value and the Estimated Call Equity Value and Prices are expressly agreed upon in writing between Willis and each of the Willis Call Grantors prior to the expiry of the twenty (20) Business Day-period from the Call Appointment Date, the Agreed 1592 Arbitrator shall determine the Call Enterprise Value and the Estimated Call Equity Value and Prices within twenty (20) Business Days from the end of the preceding (20) Business Days period and shall promptly and simultaneously notify the Company, Willis and all of the Willis Call Grantors thereof.  This period for delivering a written report may be extended for up to ten (10) Business Days for good cause by the mutual written consent of Willis and the Willis Call Grantors or by the Agreed 1592 Arbitrator at his sole discretion.

		
	(f)
	Willis and each of the Willis Call Grantors are authorized to make submissions to the Agreed 1592 Arbitrator within ten (10) Business Days from the end of the preceding (20) Business Days period provided that such submissions shall also be notified to the other Direct Parties.  Each Direct Party may respond to another Direct Party's submission by notifying such response to the Agreed 1592 Arbitrator and the other Direct Parties within fifteen (15) Business Days from the end of the preceding (20) Business Days period.

		
	7.
	Compliance due diligence

[****]

7

		
	8.
	ENTRY INTO FORCE

This Addendum shall enter into force and take effect on the date at which a waiver is obtained under the Senior Facilities Agreement with respect to the terms and conditions hereof.
GS & Cie Groupe and Gras Savoye shall use their best efforts to obtain such waiver as promptly as possible after the date hereof.
		
	9.
	Other terms and conditions of the SHA

Sections 1, 3, 4, 5, 6 and 7 supersede all prior agreement among the Parties with respect to the subject matters here above.
With the exception of what is expressly provided for under this Addendum, all terms and conditions of the SHA shall remain in force and any reference to the SHA shall be construed as a reference to the SHA as amended by this Addendum.
		
	10.
	MISCELLANEOUS PROVISIONS

Section 20.15 of the SHA shall apply mutatis mutandis to the Addendum.
Executed on 22 April 2015.
The signatories expressly agreeing to limit the number of original copies of the Addendum to 17 original copies, each signatory receiving one copy except the persons identified in Schedule 0 who waive the benefit of the provisions of article 1325 of the French Civil Code and who shall together receive one single copy kept by their representative.

 

8

Schedule 0
List of the Lucas Shareholders
		
	1.
	Mr. Patrick Lucas, a French citizen born on March 6, 1939 at Paris (16), residing at 1, avenue Emile Acollas, 75007 Paris, France;

		
	2.
	Ms. Rosine Bertrand, a French citizen born on June 4, 1945 at Paris (16), residing at 10 rue Phalsbourg, 75017 Paris, France; and

		
	3.
	Ms. Claude de Séguier, a French citizen born on March 21, 1944 at Paris (16), residing at 40 rue du Four, 75006 Paris, France;

		
	4.
	Ms. Nunzia Lucas, a French citizen born on February 13, 1939 at Beaune (21) residing at 1 avenue Emile Acollas, 75007 Paris, France;

		
	5.
	Ms. Chrystèle Schoenlaub a French citizen born on May 24, 1965 at London (United Kingdom), residing at route d'Hermance 309A, 1247 Anières, Switzerland;

		
	6.
	Ms. Anne-Séverine Dian, a French citizen born on May 19,1968 at Neuilly-sur-Seine (92), residing at 24 rue Desbordes-Valmore, 75016 Paris, France

		
	7.
	Ms. Inès Lucas Arnaud, a French citizen born on December 20, 1970 at Neuilly-sur-Seine (92), residing at 5 rue du Général Langlois, 75016 Paris, France;

		
	8.
	Ms. Caroline Lucas Lefèvre, a French citizen born on February 8, 1973 at Neuilly-sur-Seine (92), residing at 135 avenue Mozart, 75016 Paris, France;

		
	9.
	Mr. Tanneguy de Séguier, a French citizen born on May 27, 1968 at Neuilly-sur-Seine (92), residing at 38 avenue Horace Vernet, 78110 Le Vesinet, France

		
	10.
	Mr. Guillaume de Séguier, a French citizen born on February 11, 1970 at Neuilly-sur-Seine (92), residing at 29 rue de Verdun, 78110 Le Vesinet, France

		
	11.
	Mr. Raphaël de Séguier, a French citizen born on June 9, 1971 at Neuilly-sur Seine (92), residing at 35 rue Madeleine Michelis, 92200 Neuilly-sur-Seine, France;

		
	12.
	Mr. Emmanuel de Séguier, a French citizen born on February 25, 1974 at Paris (12), residing at 156 boulevard Magenta, 75010 Paris, France;

List of the Gras Shareholders
		
	13.
	Mr. Emmanuel Gras, a French citizen, born on August 4, 1934 at Marcq-en-Baroeul (59), residing at 1B, rue de la Festingue, B7730 Nechin, Belgium;

		
	14.
	Ms. Geneviève Gras, a French citizen, born on June 15, 1940 at Mazamet, residing at 1-B rue de la Festingue / B-7730 Néchin Belgium;

		
	15.
	Ms. Nathalie Lapointe, a French citizen, born on February 7, 1964 at Roubaix (59), residing at 433 bis, avenue de la Marne, 59700 Marcq-en-Baroeul, France;

		
	16.
	Ms. Elodie Duriez, a French citizen, born on August 2, 1965 at Roubaix (59), residing at 4 rue Villandry, 37540 Saint-Cyr-sur-Loire, France; and

		
	17.
	Ms. Pauline Desrousseaux, a French citizen, born on February 9, 1969 at Croix (59), residing at 549 ter, rue Albert Bailly, 59700 Marcq-en-Baroeul, France.

9

SIGNATURES

	
	
	ASTORG IV FCPR
By Astorg Partners
By: Mr. Benoît Ficheur 

	Financière Muscaris IV 
By: Mr. Benoît Ficheur 

	Willis Europe BV 
By:

	Willis Netherlands Holdings BV 
By:

	Lucaslux 
By: Mr. Patrick Lucas

	Financière Natelpau 
By: Mr. Hervé d'Halluin

	Maera 
By: Mr. Patrick Lambert

	Simon Minco EURL 
By: Mr. Pierre Simon

	PRPHI EURL 
By: Mr. Philippe Rouault

	Dream Management 1 
By: Mr. François Varagne

	Dream Management 2 
By: Mr. François Varagne

	NATELPAU BELGIUM
By: Mr. Hervé d'Halluin

10

	
	
	FOYER INTERNATIONAL
By: Mr. Hervé d'Halluin

	Dream Management 3
By: Mr. François Varagne

	Each of the Persons identified in Schedule 0
By: Mr. Patrick Lucas and Mr. Hervé d'Halluin

	GS & Cie Groupe
By: Mr. François Varagne

	Gras savoye
By: Mr. François Varagne

	Gras savoye EUROFINANCE 
By: Mr. François Varagne

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]