Document:

EX-10.(j)

 Exhibit 10(j) 
  

 
 LONG TERM INCENTIVE PLAN 

ARTICLE 1. INTRODUCTION. 
 The Plan was first adopted by
the Board on February 11, 1991 and approved by the Company’s stockholders on April 30, 1991. Amendments to the Plan were approved by the stockholders in 1997, 2002, 2006 and, 2011, and 2016. The
purpose of the Plan is to promote the long term success of the Company and the creation of stockholder value by (a) encouraging Key Employees to focus on critical long range objectives, (b) encouraging the attraction and retention of Key
Employees with exceptional qualifications, and (c) linking Key Employees directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Restricted Shares, Stock
Units, Options (which may constitute incentive stock options or nonstatutory stock options), stock appreciation rights, or cash. The Plan shall be governed by and construed in accordance with the laws of the State of Washington.

 ARTICLE 2. ADMINISTRATION. 
 Committee
Composition. The Plan shall be administered by the Committee. The Committee shall consist exclusively of three or more directors of the Company, who meet the independence requirements of NASDAQ and the Securities and Exchange
Commission and shall be appointed by the Board. In addition, the composition of the Committee shall satisfy: 
 Such requirements as the
Securities and Exchange Commission may establish for administrators acting under plans intended to qualify for exemption under Rule 16b-3 under the Exchange Act (as amended from time to time); and 

Such requirements as the Internal Revenue Service may establish for outside directors acting under plans intended to qualify for exemption under
Section 162(m)(4)(C) of the Code (as amended from time to time). 
 Committee Responsibilities. The Committee shall
(a) select the Key Employees who are to receive Awards under the Plan, (b) determine the type, number, vesting requirements, and other conditions of such Awards, (c) interpret the Plan, and (d) make all other decisions relating
to the operation of the Plan. The Committee may adopt such rules or guidelines as it deems appropriate to implement the Plan. The Committee’s determinations under the Plan shall be final and binding on all persons. 

  
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 ARTICLE 3. SHARES AVAILABLE FOR GRANTS. 

Any Common Shares issued pursuant to the Plan may be authorized but unissued shares or treasury shares. The aggregate number of Restricted Shares, Stock Units,
SARs, and Options awarded under the Plan shall not exceed 45,562,500. If any Restricted Shares, Stock Units, or Options are forfeited or if any Options terminate for any other reason before being exercised, then the Common Shares
covered by such Restricted Shares, Stock Units or Options shall again become available for Awards under the Plan. However, if Options are surrendered upon the exercise of related SARs, then such Options shall not be restored to the pool available
for Awards. Any dividend equivalents distributed under the Plan shall not be applied against the number of Restricted Shares, Stock Units, or Options available for Awards, whether or not such dividend equivalents are converted into Stock Units. The
limitation of this Article 3 shall be subject to adjustment pursuant to Article 10. 
 ARTICLE 4. ELIGIBILITY. 

Only Key Employees shall be eligible for designation as Participants. A Key Employee who owns more than 10% of the total combined voting power of all classes
of outstanding stock of the Company or any of its Subsidiaries shall not be eligible for the grant of an ISO unless the requirements set forth in Section 422(c)(5) of the Code are satisfied. 

ARTICLE 5. OPTIONS. 
  

	5.1	Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of the Plan
and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement shall specify whether the Option is an ISO or a NSO. The provisions of the various Stock Option Agreements entered into under the Plan need not
be identical. 

  

	5.2	Transferability. No Option granted under the Plan shall be transferable by the Optionee other than by will, or by a beneficiary designation executed by the Optionee and delivered to the Company, or by the laws of
descent and distribution unless the Committee provides otherwise in a nonstatutory stock option agreement. An Option may be exercised during the lifetime of the Optionee only by him or her or by his or her guardian or legal representative unless the
Committee provides otherwise in a nonstatutory Stock Option Agreement. No Option or interest therein may be, assigned, pledged, or hypothecated by the Optionee during his or her lifetime, whether by operation of law or otherwise, or
be made subject to execution, attachment or similar process. 

  

	5.3	Number of Shares. Each Stock Option Agreement shall specify the number of Common Shares subject to the Option, provided that the maximum number of Common Shares awarded to any
Pparticipant in any year shall be 1,265,625 (subject to adjustment in accordance with Article 10). The Stock Option Agreement shall provide for the adjustment of such number including the maximum number in accordance with
Article 10. 

  
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	5.4	Exercise Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price under an Option shall not be less than the closing price of a Common Share on the date of grant. Subject to
adjustment pursuant to Article 10, the Exercise Price of outstanding Options fixed by the Committee shall not be modified. 

  

	5.5	Exercisability and Term. Stock options and any SARs granted will vest three (3) years from the January 1 of the year in which the options are granted and may be exercised up to ten (10) years
after the date of grant subject to the terms of vesting and exercise set forth in the Stock Option Agreement. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become
exercisable. The Stock Option Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant. A Stock Option Agreement may provide for
accelerated exercisabilitythe accelerated exercise of the Option in the event of the Optionee’s death, disability or retirement and may provide for expiration of the Option prior to the end of its term in the
event of the termination of the Optionee’s service. NSOs may also be awarded in combination with Restricted Shares or Stock Units, and such an Award may provide that the NSOs will not be exercisable unless the related Restricted Shares or Stock
Units are forfeited. 

  

	5.6	Effect of Change in Control. The Committee may determine, at the time of granting an Option or thereafter, that such Option (and any SARs included therein) shall become fully exercisable as to all Common Shares
subject to such Option in the event thatif a Change in Control occurs. If the Committee finds that there is a reasonable possibility that, within the next six months, a Change in Control will occur with respect to the
Company, then the Committee may determine that all outstanding Options (and any SARs included therein) shall become fully exercisable as to all Common Shares subject to such Options. 

ARTICLE 6. PAYMENT FOR OPTION SHARES. 
  

	6.1	General Rule. The entire Exercise Price of Common Shares issued upon exercise of Options shall be payable in cash at the time when such Common Shares are purchased, except as follows: 

 

	 	(i)	In the case of an ISO granted under the Plan, payment shall be made only pursuant to the express provisions of the applicable Stock Option Agreement. The Stock Option Agreement may specify that payment may be made in
any form(s) described in this Article 6. 

  

	 	(ii)	In the case of an NSO, the Committee may at any time accept payment in any form(s) described in this Article 6. 

  
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	6.2	Surrender of Stock. To the extent that this Section 6.2 is applicable, payment for all or any part of the Exercise Price may be made with Common Shares which have already been owned by the Optionee. Such
Common Shares shall be valued at their Fair Market Value on the date when the new Common Shares are purchased under the Plan. 

  

	6.3	Exercise/Sale. To the extent that this Section 6.3 is applicable, payment may be made by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the
Company to sell Common Shares and to deliver all or part of the sales proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 

 

	6.4	Exercise/Pledge. To the extent that this Section 6.4 is applicable, payment may be made by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Common Shares to a
securities broker or lender approved by the Company, as security for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 

 

	6.5	Promissory Note. To the extent that this Section 6.5 is applicable, payment for all or any part of the Exercise Price may be made with a full-recourse promissory note; provided that the par value of newly
issued Common Shares must be paid in lawful money of the U.S. at the time when such Common Shares are purchased. 

  

	6.6	Other Forms of Payment. To the extent that this Section 6.6 is applicable, payment may be made in any other form that is consistent with applicable laws, regulations, and rules. 

ARTICLE 7. STOCK APPRECIATION RIGHTS. 
  

	7.1	Grant of SARs. Each Option granted under the Plan may include a SAR. The maximum number of SARs that may be awarded to any participant Participant in any year shall be 1,265,625 (subject
to adjustment in accordance with Article 10). Such SAR shall entitle the Optionee (or any person having the right to exercise the Option after the Optionee’s death) to surrender to the Company, unexercised, all or any part of that portion of
the Option which then is exercisable and to receive from the Company Common Shares or cash, or a combination of Common Shares and cash, as the Committee shall determine. If a SAR is exercised, the number of Common Shares remaining subject to the
related Option shall be reduced accordingly, and vice versa. The amount of cash and/or the Fair Market Value of Common Shares received upon exercise of a SAR shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date
of surrender) of the Common Shares subject to the surrendered portion of the Option exceeds the Exercise Price. In no event shall any SAR be exercised if such Fair Market Value does not exceed the Exercise Price. A SAR may be included in an ISO only
at the time of grant but may be included in a NSO at the time of grant or at any subsequent time. 

  
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	7.2	Exercise of SARs. A SAR may be exercised to the extent that the Option in which it is included is exercisable, subject to any restrictions imposed by Rule 16b-3 under
the Exchange Act (as amended from time to time). If, on the date when an Option expires, the Exercise Price under such Option is less than the Fair Market Value on such date but any portion of such Option has not been exercised or surrendered, then
any SAR included in such Option shall automatically be deemed to be exercised as of such date with respect to such portion. An Option granted under the Plan may provide that it will be exercisable as a SAR only in the event of a Change in Control.

 ARTICLE 8. RESTRICTED SHARES AND STOCK UNITS. 
  

	8.1	Time, Amount, and Form of Awards. Restricted Shares or Stock Units with respect to an Award Year may be granted during such Award Year or at any time thereafter. Awards under the Plan may be granted in the form
of Restricted Shares, in the form of Stock Units, or in any combination of both. Restricted Shares or Stock Units may also be awarded in combination with NSOs, and such an Award may provide that the Restricted Shares or Stock Units will be forfeited
in the event that the related NSOs are exercised. The maximum number of Restricted Shares and/or Stock Units, awarded to any participant Participant in any year shall be 450,000 (subject to adjustment in accordance with
Article 10). The Stock Award Agreement shall provide for the adjustment of such number including the maximum number in accordance with Article 10. 

  

	8.2	Performance Based Awards. The Committee will establish a performance goal or goals (“Performance Goal”) for each Award not later than the 90th day of the calendar yearAward
Year to which the Award relates. The period for each Performance Goal will commence on January 1 and end on December 31 of such year (the “Performance Period”). The Committee may authorize that Awards of Restricted
Shares and Stock Units be made subject to or granted upon the attainment of specified performance goals over a designated performance period of at least one year in addition to time-vesting and other vesting requirements. If so authorized,
Awards intended to qualify as “performance-based compensation” under Code Section 162(m) shall be made in accordance with the requirements thereof. Performance goals Goals for this purpose will be
based on objective criteria specifically defined by the Committee on a Company, business unit or peer group comparison basis, which may include or exclude specified items of an unusual or nonrecurring nature and are based on one or more of the
following: earnings per share, net income, return on assets, return on sales, return on capital, return on equity, return on revenue, cash flow, cost reduction, total shareholder return, economic value added, cash flow return on investment, and cash
value added. The Committee, in its sole discretion, may reduce or eliminate any Award otherwise earned based on an assessment of individual performance, but in no event may any such reduction result in an increase of the Award payable to any other
participantParticipant. The Committee shall determine the amount of any such reduction by taking into account such factors as it deems relevant including, without limitation: (a) performance against other financial or
strategic objectives; (b) its subjective assessment of the executive’s overall performance for the year; and (c) prevailing levels of total compensation among similar companies. 

  
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	8.3	Evaluation and Vesting Conditions. Within 60 days after the end of the Performance Period, the Committee will certify in writing whether the Performance Goal has been achieved. If the Performance Goal
has been achieved, an Award shall be made.  

 Each Award of Restricted Shares or Stock Units shall become
For each Award of Restricted Shares or Stock Units, one-fourth shall vest on the first day of the month following the date of such certification, and an additional one-fourth on each succeeding first of January, so as to be 100% vested
on the third January 1 following the certification. If the Performance Goal for the Award is not achieved, the Award will not be made.vested, in full or in installments, upon satisfaction of the conditions
specified in the Stock Award Agreement. A Stock Award Agreement may provide for accelerated vesting in the event of the Participant’s death, disability, or retirement. The Committee may determine, at the time of making an Award or
thereafter, that such Award shall become fully vested in the event that if a Change in Control occurs.  
  

	8.4	Form and Time of Settlement of Stock Units. Settlement of vested Stock Units may be made in the form of cash, in the form of Common Shares, or in any combination of both. Methods of converting Stock Units into
cash may include (without limitation) a method based on the average Fair Market Value of Common Shares over a series of trading days. Vested Stock Units may be settled in a lump sum or in installments. The distribution may occur or commence when all
vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date consistent with the requirements of Section 409A of the Code if subject to Section 409A of the Code. The amount of
a deferred distribution may be increased by an interest factor or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment pursuant to Article 10. 

 

	8.5	Death of Recipient. Any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of a Stock Units Award
under the Plan shall designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Award
recipient’s death. If no beneficiary was designated or if no designated beneficiary survives the Award recipient, then any Stock Units Award that becomes payable after the recipient’s death shall be distributed to the recipient’s
estate. 

  

	8.6	Creditors’ Rights. A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to
the terms and conditions of the applicable Stock Award Agreement. 

  
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 ARTICLE 9. VOTING AND DIVIDEND RIGHTS. 

 

	9.1	Restricted Shares. The holders of Restricted Shares awarded under the Plan shall have the same voting, dividend, and other rights as the Company’s other stockholders. Cash dividends on Restricted Shares
reinvested in additional Restricted Shares and any stock dividends paid on Restricted Shares shall be subject to the same conditions and restrictions as the Award with respect to which the dividends were paid. Such additional Restricted Shares shall
not reduce the number of Common Shares available under Article 3. 

  

	9.2	Stock Units. The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Stock Unit awarded under the Plan shall carry with it a right to dividend equivalents. Such right
entitles the holder to be credited with an amount equal to all cash dividends paid on one Common Share while the Stock Unit is outstanding. Dividend equivalents may be converted into additional Stock Units. Settlement of dividend equivalents may be
made in the form of cash, in the form of Common Shares, or in a combination of both. Prior to distribution, any dividend equivalents which are not paid shall be subject to the same conditions and restrictions as the Stock Units to which they attach.

 ARTICLE 10. PROTECTION AGAINST DILUTION. 
  

	10.1	Adjustments. In the event of a subdivision of the outstanding Common Shares, a declaration of a dividend payable in Common Shares, a declaration of a dividend payable in a form other than Common Shares in an
amount that has a material effect on the price of Common Shares, a combination or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares, a recapitalization, a divestiture
spin-off or a similar occurrence, the Committee shall make appropriate adjustments in one or more of (a) the number of Common Shares authorized, Options, Restricted Shares, and Stock Units, SARs available for future Awards under Article 3,
(b) the number of Stock Units included in any prior Award which has not yet been settled, (c) the number of Common Shares covered by each outstanding Option Award , (d) the Exercise Price under each outstanding Option
and SAR, or (e) the per person per year limitations on Awards under the Plan. Except as provided in this Article 10, a Participant shall have no rights by reason of any issue by the Company of stock of any class or securities convertible
into stock of any class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. 

 

	10.2	 Reorganizations. In the event that the Company is a party to a merger or other reorganization, outstanding
Options, Restricted Shares, and Stock 

  
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Units shall be subject to the agreement of merger or reorganization. Such agreement may provide, without limitation, for the assumption of outstanding Awards by the surviving corporation or its
parent, for their continuation by the Company (if the Company is a surviving corporation), for accelerated vesting, or for settlement in cash. 

ARTICLE 11. LONG TERM PERFORMANCE CASH AWARDS. 
  

	11.1	The Committee may grant long term performance cash awards to any Participant in its sole discretion. Payment of cash awards will be based on the attainment of specified performance goals over a designated performance
period in excess of one year. Performance awards for the Chief Executive Officer, the other four highest compensated officers of the Company and such other senior executives as designated by the Committee are intended to qualify as
“performance-based compensation” under Code Section 162(m) and shall be made in accordance with the requirements thereof. Performance goals for this purpose will be based on objective criteria specifically defined by the Committee on
a Company, business unit or peer group comparison basis, which may include or exclude specified items of an unusual or nonrecurring nature and are based on one or more of the following: earnings per share, net income, return on assets, return on
sales, return on capital, return on equity, return on revenue, cash flow, cost reduction, total shareholder return, economic value added, cash flow return on investment, and cash value added. 

 

	11.2	The Committee, in its sole discretion, may reduce or eliminate any award otherwise earned based on an assessment of individual performance, but in no event may any such reduction result in an increase of the award
payable to any other Participant. The Committee shall determine the amount of any such reduction by taking into account such factors as it deems relevant including, without limitation: (a) performance against other financial or strategic
objectives; (b) its subjective assessment of the executive’s overall performance for the year; and (c) prevailing levels of total compensation among similar companies. The maximum amount that may be paid to any eligible Participant in
any year with respect to a long term performance cash award is $7,000,000. 

  

	11.3	Ifthe event of a Change of Control occurs, of the Company, each Participant will be entitled to the maximum prorated award based on the number of full or partial months
completed prior to the Change of Control during the performance period in which the Change of Control occurs. Each pParticipant shall be entitled to be paid the sums in his deferred income and/or stock account on the earliest
date permitted by law.  

  

	11.4	The Company may grant long term performance awards under other plans or programs consistent with the limitations described in Article 11. Such awards and all stock units credited under the Company’s Deferred
Incentive Compensation Plan and Deferred Compensation Plan may be settled in the form of Common Shares issued under this Plan. Such Common Shares shall be treated for all purposes under the Plan like Common Shares issued in settlement of Stock Units
and shall reduce the number of Common Shares available under Article 3. 

  
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	11.5	The Committee may permit the deferral of any award and may permit payment on deferrals to be made in cash or shares of Common Stock subject to rules and procedures it may establish which shall comply with
Section 409A of the Code for deferrals subject to Section 409A of the Code. These rules may include provisions for crediting dividend equivalents on deferred stock unit accounts and crediting interest on deferred cash accounts.

 ARTICLE 12. LIMITATION ON RIGHTS. 
  

	12.1	Employment Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain an employee of the Company or a Subsidiary. The Company and its Subsidiaries
reserve the right to terminate the service of any employee at any time, with or without cause, subject only to a written employment agreement (if any). 

  

	12.2	Stockholders’ Rights. A Participant shall have no dividend rights, voting rights, or other rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the issuance of the
stock, except as expressly provided in Section 9.1. No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date when such certificate is issued, except as expressly provided in Articles 8,
9, and 10. 

  

	12.3	Regulatory Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules and regulations, and
such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the
issuance of such Common Shares, to their registration, qualification or listing, or to an exemption from registration, qualification or listing. 

  

	12.4	Repricing, Exchange, or Cash-Out Prohibited. Except as permitted in Article 10 above: 

  

	 	(i)	no reduction in the Exercise Price of any Award is permitted; 

  

	 	(ii)	no previously granted Award may be exchanged for another Award with a lower Exercise Price; and 

  

	 	(iii)	no previously granted Award whose Exercise Price is higher than the Fair Market Value of Company stock may be cancelled in exchange for cash or another Award.  

  
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 ARTICLE 13. WITHHOLDING TAXES. 

 

	13.1	General. To the extent required by applicable federal, state, local, or foreign law, the recipient of any payment or distribution under the Plan shall make arrangements satisfactory to the Company for the
satisfaction of any withholding tax obligations that arise by reason of the receipt or vesting of such payment or distribution. The Company shall not be required to issue any Common Shares or make any cash payment under the Plan until such
obligations are satisfied. 

  

	13.2	Share Withholding. The Committee may permit the recipient of any payment or distribution under the Plan to satisfy his or her minimum tax withholding obligations by having the Company withhold a portion of any
Common Shares that otherwise would be issued to him or her or by surrendering a portion of any Common Shares that previously were issued to him or her. Such Common Shares shall be valued at their Fair Market Value on the date when taxes otherwise
would be withheld in cash. Any payment of taxes by assigning Common Shares to the Company may be subject to restrictions, including any restrictions required by rules of the Securities and Exchange Commission. 

ARTICLE 14. ASSIGNMENT OR TRANSFER OF AWARDS. 

Except as provided in Article 13 and Section 5.2, any Award granted under the Plan shall not be anticipated, assigned, attached, garnished, optioned,
transferred, or made subject to any creditor’s process, whether voluntarily, involuntarily, or by operation of law. Any act in violation of this Article 14 shall be void. However, this Article 14 shall not preclude a Participant from
designating a beneficiary who will receive any undistributed Awards in the event of the Participant’s death, nor shall it preclude a transfer by will or by the laws of descent and distribution. In addition, neither this Article 14 nor any
other provision of the Plan shall preclude a Participant from transferring or assigning Restricted Shares or Stock Units to (a) the trustee of a trust that is revocable by such Participant alone, both at the time of the transfer or assignment
and at all times thereafter prior to such Participant’s death, or (b) the trustee of any other trust to the extent approved in advance by the Committee in writing. A transfer or assignment of Restricted Shares or Stock Units from such
trustee to any person other than such Participant shall be permitted only to the extent approved in advance by the Committee in writing, and Restricted Shares or Stock Units held by such trustee shall be subject to all of the conditions and
restrictions set forth in the Plan and in the applicable Stock Award Agreement, as if such trustee were a party to such Agreement. 
 ARTICLE 15. EFFECT
OF MATERIAL RESTATEMENTS 
 The Board, in its sole discretion may recover all or part of an award under the Plan if it determines that all of the
following have occurred: If the Board, in its sole discretion, determines that: 
  

	 	(i)	Any Award under the Plan has been received by a Section 16 Officer or former Section 16 Officer of the Company; and: 

  
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	 	(ii)	The Section 16 Officer engaged in fraud that caused or substantially contributed to material restatement of the Company’s financial statements; and 

 

	 	(iii)	The Award was based in whole or in part on financial results that were subsequently subject to the material restatement. 

Then the Board in its sole discretion may recover from the Section 16 Officer or former Section 16 Officer all or some of such Award as it
deems appropriate.  
 ARTICLE 16. FUTURE OF THE PLAN. 
  

	16.1	Term of the Plan. The Plan shall remain in effect until it is terminated under Section 16.2, except that no ISOs shall be granted after December 6, 2020. 

 

	16.2	Amendment or Termination. The Board may, at any time and for any reason, amend or terminate the Plan. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the
extent required by applicable laws, regulations, or rules. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Option previously granted under the Plan.

 ARTICLE 17. DEFINITIONS. 
  

	17.1	“Award” means any award of an Option (with or without a related SAR), a Restricted Share, a Stock Unit or a long term performance cash award under the Plan. 

 

	17.2	“Award Year” means a fiscal year with respect to which an Award may be granted. 

  

	17.3	“Board” means the Company’s Board of Directors, as constituted from time to time. 

  

	17.4	“Change in Control” means the occurrence of any of the following events unless otherwise defined in any Stock Award Agreement or Stock Option Agreement. The change in control requirements identified
in regulations implementing Section 409A(e)(2) of the Code will prevail over any conflicting provisions of subsections (i) to (iv) below for those nonqualified deferred compensation plans governed by Section 409A of the Code:

  

	(i)	 The acquisition by any individual, entity or group (within the meaning of Sections 13(d)(3) or 14(d)(2) of the
Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 15% or more of either (i) the then outstanding Common Shares (the “Outstanding Company Common
Stock”) or (yii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that the 

  
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following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by an
employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (iv) any acquisition by the natural children and grandchildren of Paul Pigott and Theiline McCone Pigott (the
“Immediate Pigott Family”), any trust or foundation to which any of the foregoing has transferred or may transfer securities of the Company, the trusts at Bank America Corporation or its successor, holding outstanding Common Shares for
descendants of Paul Pigott and Theiline McCone Pigott, any trust established for the primary benefit of any member of the Immediate Pigott Family or any of their respective heirs or legatees, any trust of which any member of the Immediate Pigott
Family serves as a trustee (or any affiliate or associate (within the meaning of Rule 12b-2 promulgated under the Exchange Act) of any of the foregoing) (the “Exempted Interests”), or (e) any acquisition by any corporation pursuant to
a transaction described in clauses (A), (B) and (C) of subsection (iii) below; 

  

	(ii)	Individuals who, as of the date this Plan is approved by the Company’s stockholders, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date hereof whose nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

 

	(iii)	 The consummation of a reorganization, merger, share exchange, or consolidation (a “Business
Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 85% of, respectively, the then outstanding Common Shares and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company
through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be,
(B) no Person (excluding (1) any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination or (2) the Exempted Interests) beneficially owns,

  
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directly or indirectly, 15% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the
then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation resulting from
such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

 

	(iv)	The consummation of (A) a complete liquidation or dissolution of the Company or (B) the sale or other disposition of all or substantially all of the COMPANY’SCompany’s
assets, other than to a corporation with respect to which, following such sale or other disposition, (1) more than 85% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of
the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the
beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such
sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) less than 15% of, respectively, the then outstanding shares of common stock of such corporation and the
combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by any Person (excluding (x) any employee benefit
plan (or related trust) of the Company or such corporation or (y) the Exempted Interests), except to the extent that such Person owned 15% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities prior to the
sale or disposition, and (3) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing
for such sale or other disposition of assets of the Company or were elected, appointed or nominated by the Board. 

(v) The change of control requirements identified in regulations implementing Section 409A(e)(2) of the Code will
prevail over any conflicting provisions of 17.4(i) to (iv) for those nonqualified deferred compensation plans governed by Section 409A of the Code.  
  

	17.5	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	17.6	“Committee” means the Compensation Committee of the Board, as described in Article 2. 

  

	17.7	“Common Share” means one share of the common stock of the Company. 

  
 -13- 

	17.8	“Company” means PACCAR Inc, a Delaware corporation. 

  

	17.9	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	17.10	“Exercise Price” means the amount for which one Common Share may be purchased upon exercise of an Option, as specified in the applicable Stock Option Agreement. 

 

	17.1017.11	“Fair Market Value” shall mean the closing price of a Common Share on the trading day immediately preceding the date in question. 

 

	17.1117.12	“ISO” means an incentive stock option described in Section 422(b) of the Code. 

  

	17.1217.13	“Key Employee” means a key common law employee of the Company or of a Subsidiary, as determined by the Committee. 

  

	17.1317.14	“NSO” means an employee stock option not described in sections 422 through 424 of the Code. 

  

	17.1417.15	“Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase one Common Share. 

  

	17.1517.16	“Optionee” means an individual or estate who holds an Option. 

  

	17.1617.17	“Participant” means an individual or estate who holds an Award. 

  

	17.1717.18	“Plan” means this PACCAR Inc Long Term Incentive Plan, as it may be amended from time to time. 

  

	17.1817.19	“Restricted Share” means a Common Share awarded under the Plan. 

  

	17.1917.20	“SAR” means a stock appreciation right granted under the Plan. 

  

	17.2017.21	“Section 16 Officer” means an executive officer as defined in section 16 of the Exchange Act. 

  

	17.2117.22	“Stock Award Agreement” means the agreement between the Company and the recipient of a Restricted Share or Stock Unit which contains the terms, conditions, and restrictions pertaining to such
Restricted Share or Stock Unit. 

  

	17.2217.23	“Stock Option Agreement” means the agreement between the Company and an Optionee which contains the terms, conditions, and restrictions pertaining to his or her Option. 

 

	17.2317.24	“Stock Unit” means a bookkeeping entry representing the equivalent of one Common Share awarded under the Plan. 

  
 -14- 

	17.2417.25	“Subsidiary” means an entity in which the Company directly or indirectly owns a majority of all classes of outstanding equity. any company, if the Company and/or one or more other
Subsidiaries own not less than 50% of the total combined voting power of all classes of outstanding stock of such company. A company that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary
commencing as of such date. 

 ARTICLE 18. EXECUTION. 

To record the amendment and restatement of the Plan by the Board, the Company has caused its duly authorized officer to affix the corporate name and seal
hereto. 

  
 -15-EX-10.6(c)

 Exhibit 10.6(C) 

Execution Version 
 CONSENT
AND SECOND AMENDMENT TO CREDIT AGREEMENT 
 THIS CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”) is entered into as of September 19, 2016 (the “Second Amendment Effective Date”) by and among e.l.f. Cosmetics, Inc. (formerly known as J.A. Cosmetics US, Inc.), a Delaware corporation (“e.l.f.
Cosmetics”), JA 139 Fulton Street Corp., a New York corporation (“JA 139 Fulton”), JA 741 Retail Corp., a New York corporation (“JA 741 Retail”), JA Cosmetics Retail, Inc., a New York corporation
(“JA Cosmetics Retail”), J.A. RF, LLC, a Delaware limited liability company (“JA RF”), and J.A. Cherry Hill, LLC, a Delaware limited liability company (“JA Cherry Hill”; collectively with e.l.f.
Cosmetics, JA 139 Fulton JA 741 Retail, JA Cosmetics Retail and JA RF, the “Borrowers”), e.l.f. Beauty, Inc. (formerly known as J.A. Cosmetics Holdings, Inc.), a Delaware corporation (“e.l.f. Beauty”), the other
Persons party hereto that are designated as a “Loan Party” on the signature pages hereof, Bank of Montreal, a Canadian chartered bank acting through its Chicago branch (in its individual capacity, “BMO”), as Administrative
Agent, an L/C Issuer and as a Lender, and the other Lenders signatory hereto. 
 W I T N E S S E T H: 

WHEREAS, Borrowers, the other Loan Parties, BMO, as Administrative Agent, an L/C Issuer and as a Lender, and the other Lenders from time to
time party thereto are parties to that certain Credit Agreement dated as of January 31, 2014 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and 

WHEREAS, the Loan Parties have requested, among other things, (a) that the Lenders consent to the prepayment in its entirety of the
Subordinated Indebtedness with a portion of the proceeds of a Qualified IPO and (b) that the Lenders amend certain provisions of the Credit Agreement, and, subject to the satisfaction of the conditions set forth herein, the Administrative Agent and
the Lenders signatory hereto are willing to do so, on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein, the parties agree as follows: 
 1. Defined Terms. Capitalized terms used
but not defined herein shall have the meanings ascribed to them in the Credit Agreement. 
 2. Consent. Upon satisfaction of the
conditions set forth in Section 4 hereof, notwithstanding anything to the contrary set forth in the Intercreditor Agreement or the other Loan Documents, Administrative Agent and the Lenders hereby consent to the prepayment of up to the entirety of
the Subordinated Indebtedness under the Subordinated Indebtedness Documents by the Borrower with all or a portion of the proceeds of a Qualified IPO, within ten (10) Business Days of the receipt of such proceeds and pursuant to the terms of a
customary payoff letter in respect thereof (or otherwise reasonably acceptable to Administrative Agent). 
 3. Amendments to Credit
Agreement. Upon satisfaction of the conditions set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows: 

(a) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by adding the following defined terms and the
definitions therefor in appropriate alphabetical order: 
 “Second Amendment Effective Date” means September 19, 2016. 

 “Second Amendment to Credit Agreement” shall mean that certain Consent and Second
Amendment to Credit Agreement, dated as of the Second Amendment Effective Date, by and among the Borrowers, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto. 

(b) The lead-in to Section 6.01 is hereby amended by inserting the following language immediately following the reference to
“Lender” therein and immediately preceding the reference to “:” therein: 
 “(provided, that, for the avoidance of
doubt and notwithstanding anything herein to the contrary, the Administrative Agent shall have no obligation to, and shall not, distribute the financial projections required to be delivered pursuant to clause (c) below, to any Lender that has
elected to be a public side investor through the Platform. For the avoidance of doubt, any Lender that has elected to be a private side investor through the Platform will continue to receive all financial projections required to be delivered
pursuant to clause (c) below and other private side information to be provided under this Agreement after the Second Amendment Effective Date)” 

(c) Section 6.14 of the Credit Agreement is hereby amended by replacing clause (c) thereof, in its entirety, with
“accounts in which the amounts on deposit do not exceed $1,000,000 in the aggregate at any one time”. 
 (d)
Section 7.12(a) of the Credit Agreement is hereby amended by deleting the table set forth therein in its entirety and substituting the table set forth below therefor: 
  

			
	 Measurement Period Ending
	  	Maximum Consolidated
Total Net Leverage
Ratio
	 June 30, 2016
	  	6.50 to 1.00
	 September 30, 2016
	  	5.50 to 1.00
	 December 31, 2016
	  	5.25 to 1.00
		
	 March 31, 2017
	  	5.25 to 1.00
	 June 30, 2017
	  	5.00 to 1.00
	 September 30, 2017
	  	5.00 to 1.00
	 December 31, 2017
	  	4.75 to 1.00
		
	 March 31, 2018
	  	4.75 to 1.00
	 June 30, 2018
	  	4.50 to 1.00
	 September 30, 2018
	  	4.50 to 1.00
	 December 31, 2018 and each Fiscal Quarter thereafter
	  	4.25 to 1.00

  
 2 

 4. Conditions. The effectiveness of this Amendment is subject to the satisfaction of the
following conditions precedent: 
 a. the execution and delivery of this Amendment by the Administrative Agent, the requisite Lenders, the
Borrowers and each Loan Party; 
 b. the consummation of a Qualified IPO no later than December 31, 2016; 

c. the truth and accuracy, in all material respects (or in all respects for such representations and warranties that are by their terms
already qualified as to materiality), of the representations and warranties contained in Section 5 hereof; 
 g. no Event of Default exists
or shall arise as a direct result of the effectiveness of this Amendment (including after giving effect to the Qualified IPO described in clause b. above); and 

h. all accrued costs, fees and expenses (including all reasonable and documented out-of-pocket fees, charges and disbursements of counsel to
Administrative Agent) due and payable to Administrative Agent and the Arranger pursuant to this Amendment and the Credit Agreement, in each case, on or before the Second Amendment Effective Date shall have been paid, to the extent set forth
hereunder or otherwise invoiced with reasonable detail at least one (1) Business Day prior to the Second Amendment Effective Date. 
 5.
Representations and Warranties. Each Loan Party hereby represents and warrants to Administrative Agent and each Lender as follows: 

a. the representations and warranties made by such Loan Party contained in the Loan Documents are true and correct in all material respects
(or in all respects for such representations and warranties that are by their terms already qualified as to materiality), except to the extent such representation or warranty expressly relates to an earlier date, in which case, such representations
and warranties were true and correct in all material respects (or in all respects for such representations and warranties that are by their terms already qualified as to materiality) as of such earlier date; 

b. such Loan Party is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization; 

c. such Loan Party has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to
execute, deliver and perform its obligations under this Amendment and the Credit Agreement, as amended hereby; 
 d. the execution, delivery
and performance by such Loan Party of this Amendment and the Credit Agreement, as amended hereby, have, in each case, been duly authorized by all necessary organizational action and (A) do not and will not (i) contravene the terms of its

  
 3 

 
Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 7.02 of the Credit Agreement) (x) any
Contractual Obligation to which such Person is a party or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject, (iii) violate any Law material to any Loan
Party or Subsidiary in any material respect, except with respect to any conflict, breach, or contravention referred to in clause (A)(ii), to the extent that such conflict, breach or contravention would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect or (B) do not or will not require any approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person, except for
(i) filings necessary to perfect Liens on the Collateral granted by the Loan Parties in favor of the Administrative Agent for the benefit of the Lender Parties, (ii) the approvals, consents, exemptions, authorizations, actions, notices, and filings
which have been duly obtained, taken, given or made and are in full force and effect or (iii) if the failure to obtain the same, take such action or give such notice could reasonably be expected to result in a Material Adverse Effect; 

e. this Amendment and the Credit Agreement, as amended hereby, constitutes the legal, valid and binding obligation of such Loan Party,
enforceable against such Loan Party in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws relating to or affecting the rights and remedies of
creditors or by general equitable principles; and 
 f. no Default or Event of Default exists or shall arise as a direct result of the
effectiveness of this Amendment. 
 6. No Modification. 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 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. All references in the Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as amended and waived hereby. 

7. Counterparts. This Amendment may be executed in any number of counterparts and by different parties in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute a single contract. Signature pages may be detached from multiple separate counterparts and attached to a single
counterpart. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic means (including .pdf or .tiff files) shall be effective as delivery of a manually executed counterpart of this Amendment.

 8. Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns; provided that none of the Loan Parties may assign or transfer any of its rights or obligations under this Amendment except as permitted by the Credit Agreement. 

  
 4 

 9. Governing Law and Jurisdiction.

(a) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT,
ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWERS OR THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 10.02 OF THE CREDIT AGREEMENT. NOTHING IN THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW. 
 (d) WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

  
 5 

 10. Severability. The illegality or unenforceability of any provision of this
Amendment or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement required hereunder. The invalidity of
a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
 11.
Reaffirmation. Each of the Loan Parties as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as
accommodation party or guarantor, as the case may be, 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 (after giving effect hereto) and
(ii) to the extent such Loan Party granted liens on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Borrower’s Obligations under or with respect to the Loan Documents,
ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby. Each of the Loan Parties hereby consents
to this Amendment and acknowledges that each of the Loan Documents remains in full force and effect and is hereby ratified and reaffirmed. The execution of this Amendment shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or Lenders, constitute a waiver of any provision of any of the Loan Documents or serve to effect a novation of the Obligations. 

12. Release. In consideration of the Lenders’ and the Administrative Agent’s agreements contained in this Amendment,
each Loan Party hereby irrevocably releases and forever discharge the Lenders and the Administrative Agent and their affiliates, subsidiaries, successors, assigns, directors, officers, employees, agents, consultants and attorneys (each, a
“Released Person”) of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute or common law of
any kind or character, known or unknown, which such Loan Party ever had or now has against Administrative Agent, any Lender or any other Released Person which relates, directly or indirectly, to any acts or omissions of Administrative Agent, any
Lender or any other Released Person relating to the Credit Agreement or any other Loan Document on or prior to the date hereof. 
 [Remainder
of Page Intentionally Left Blank; Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth
above. 
  

			
	LOAN PARTIES:
	
	e.l.f. Cosmetics, Inc. (formerly known as J.A. Cosmetics US, Inc.)
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

	
	JA 139 Fulton Street Corp.
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

	
	JA 741 Retail Corp.
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

	
	JA Cosmetics Retail, Inc.
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

	
	JA RF, LLC
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth
above. 
  

			
	JA Cherry Hill, LLC
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

	
	e.l.f. Beauty, Inc. (formerly known as J.A. Cosmetics Holdings, Inc.)
		
	By:	 	 /s/ John Bailey

	Name:	 	 John Bailey

	Title:	 	 President and Chief Financial Officer

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	BANK OF MONTREAL, as Administrative Agent and as a Lender
		
	By:	 	 /s/ Tara Cuprisin

	Name:	 	 Tara Cuprisin

	Title:	 	 Director

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	AIB DEBT MANAGEMENT LIMITED, as a Lender
		
	By:	 	 /s/ Kate Zhuk

	Name:	 	Kate Zhuk
	Title:	 	 Assistant Vice President
 Investment Advisor to
AIB Debt
 Management, Limited

		
	By:	 	 /s/ Donna Cleary

	Name:	 	Donna Cleary
	Title:	 	 Vice President
 Investment Advisor to AIB
Debt
 Management, Limited

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	 BANCALLIANCE INC, as a Lender
 By:
AP Commercial LLC, its attorney-in-fact

		
	By:	 	 /s/ John Gray

	Name:	 	John Gray
	Title:	 	Executive Vice President
	
	AP MA Funding LLC., as a Lender
		
	By:	 	 /s/ John Gray

	Name:	 	John Gray
	Title:	 	Executive Vice President

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Great Lakes CLO 2012-1, LTD, as a Lender
	    By:	 	 BMO Asset Management Corp.,
 As Asset
Manager

 
			
		
	By:	 	 /s/ Michael P. King

	Name:	 	Michael P. King
	Title:	 	 Director, Sr. Portfolio Manager
 BMO Asset
Management Corp.

  

			
	Great Lakes CLO 2014-1, LTD, as a Lender
	    By:	 	 BMO Asset Management Corp.,
 As Asset
Manager

 
			
		
	By:	 	 /s/ Michael P. King

	Name:	 	Michael P. King
	Title:	 	 Director, Sr. Portfolio Manager
 BMO Asset
Management Corp.

  

			
	Great Lakes CLO 2015-1, LTD, as a Lender
	    By:	 	 BMO Asset Management Corp.,
 As Asset
Manager

 
			
		
	By:	 	 /s/ Michael P. King

	Name:	 	Michael P. King
	Title:	 	 Director, Sr. Portfolio Manager
 BMO Asset
Management Corp.

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	JFIN FUND III LLC
	
	By: Jefferies Finance LLC, as Collateral Manager
		
	By:	 	 /s/ J. Paul McDonnell

	Name:	 	J. Paul McDonnell
	Title:	 	Managing Director
	
	JFIN MM CLO 2014 LTD.
	
	By: Apex Credit Partners LLC, as Portfolio Manager
		
	By:	 	 /s/ Stephen Goetschius

	Name:	 	Stephen Goetschius
	Title:	 	Managing Director
	
	Massachusetts Mutual Life Insurance Company
	
	By: JFIN Asset Management LLC, as its Investment Adviser
		
	By:	 	 /s/ John Liguori

	Name:	 	John Liguori
	Title:	 	Managing Director

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	 DC Funding Partners LLC, collateral manager for

DENALI CAPITAL CLO VII, LTD., as a Lender

		
	By:	 	 /s/ John P. Thacker

	Name:	 	John P. Thacker
	Title:	 	Chief Credit Officer
	
	 DC Funding Partners LLC, collateral manager for

DENALI CAPITAL CLO X, LTD., as a Lender

		
	By:	 	 /s/ John P. Thacker

	Name:	 	John P. Thacker
	Title:	 	Chief Credit Officer

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	U.S. Bank National Association, as a Lender
		
	By:	 	 /s/ Jason Nadler

	Name:	 	Jason Nadler
	Title:	 	Managing Director

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	 IA CLARINGTON FLOATING RATE

INCOME FUND, as a Lender

		
	By:	 	 /s/ Jeffrey Sujitno

	Name:	 	Jeffrey Sujitno
	Title:	 	Portfolio Manager

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	COMPASS BANK, as a Lender
		
	By:	 	 /s/ Kayle Green

	Name:	 	Kayle Green
	Title:	 	Managing Director

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Crescent (TX) Direct Lending Investment, LLC, as a Lender
	
	By: Crescent (TX) Direct Lending LLC, its General Partner
	
	By: Crescent Capital Group LP, as sole member
		
	By:	 	 /s/ Michael Rogers

	Name:	 	Michael Rogers
	Title:	 	Managing Director
		
	By:	 	 /s/ Gia Heimlich

	Name:	 	Gia Heimlich
	Title:	 	Vice President

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Crescent Direct Lending Levered Investment, L.P., as a Lender
	
	By: CDL Levered Investment General Partner, Ltd., its General Partner
		
	By:	 	 /s/ Michael Rogers

	Name:	 	Michael Rogers
	Title:	 	Managing Director

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Crescent/ AEGIS Partnership, LP, as a Lender
	
	By: Crescent/ AEGIS SMA Partners, LLC, as General Partner
		
	By:	 	 /s/ Michael Rogers

	Name:	 	Michael Rogers
	Title:	 	Managing Director
		
	By:	 	 /s/ Gia Heimlich

	Name:	 	Gia Heimlich
	Title:	 	Vice President

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Crescent Direct Lending Fund, L.P., as a Lender
	
	By: Crescent Direct Lending, LLC, its General Partner
		
	By:	 	 /s/ Michael Rogers

	Name:	 	Michael Rogers
	Title:	 	Managing Director
		
	By:	 	 /s/ Gia Heimlich

	Name:	 	Gia Heimlich
	Title:	 	Vice President

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Ally Bank, as a Lender
		
	By:	 	 /s/ Thomas Brent

	Name:	 	Thomas Brent
	Title:	 	Authorized Signatory

  
 Consent and Second Amendment to Credit
Agreement 

 IN WITNESS WHEREOF, the each of the undersigned has executed this Amendment as of the date set
forth above. 
  

			
	Wells Fargo Bank, N.A., as a Lender
		
	By:	 	 /s/ Maribelle Villasenor

	Name:	 	Maribelle Villasenor
	Title:	 	Vice President

  
 Consent and Second Amendment to Credit
Agreement

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