Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of May 21, 2018 (this “Amendment”), is entered into
among INTERNATIONAL FLAVORS & FRAGRANCES INC., INTERNATIONAL FLAVORS & FRAGRANCES (NEDERLAND) HOLDING B.V., INTERNATIONAL FLAVORS & FRAGRANCES I.F.F. (NEDERLAND) B.V. AND INTERNATIONAL FLAVORS & FRAGRANCES
(GREATER ASIA) PTE. LTD. (collectively, the “Borrowers”), certain Lenders signatory hereto, CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) under the Credit Agreement, dated as
of November 9, 2011 and as amended and restated as of December 2, 2016 (as further amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among the Borrowers, the
Lenders from time to time party thereto and the Administrative Agent. 
 In consideration of the mutual execution hereof
and other good and valuable consideration, the parties hereto hereby agree as follows: 

1.          Defined Terms. Capitalized terms which are defined in
the Credit Agreement and not otherwise defined herein have the meanings given in the Credit Agreement. 

2.          Amendment. 

Effective on the Amendment Effective Date (as defined below), the Credit Agreement shall be amended as follows: 

(a)          Section 1.01 of the Credit Agreement is hereby amended
inserting the following definitions in the appropriate alphabetical order: 
 “Amendment
No. 1” means that certain Amendment No. 1 to Credit Agreement, dated as of May 21, 2018, among the Borrowers, certain Lenders signatory thereto, and the Administrative Agent. 

“Amendment No. 1 Effective Date” means May 21, 2018. 

“Leverage Ratio” means the ratio of Net Debt as of the end of any Relevant Period to Consolidated EBITDA in
respect of such Relevant Period. 
 “Palate” means Frutarom Industries Ltd. 

“Palate Acquisition” means the acquisition by the Company, directly or indirectly, of Palate pursuant to the
Palate Acquisition Agreement. 
 “Palate Acquisition Agreement” means that certain Agreement and Plan of
Merger, dated as of May 7, 2018, among the Company, Palate and Icon Newco Ltd., as amended and in effect from time to time. 

“Palate Closing Date” means the date on which the Palate Acquisition is consummated pursuant to the Palate
Acquisition Agreement. 
 “Specified Equity Offering” means the issuance by the Company of equity
interests (including, for the avoidance of doubt, common stock, preferred equity or equity-linked securities or equity interests in the form of mandatory convertible securities or tangible equity units) pursuant to a registered

 
public offering or private placement to finance, in whole or in part, the Palate Acquisition; provided that such issuance of equity interests generate cash proceeds of not less than
$1,750,000,000. 
 (b) Section 1.01 of the Credit Agreement is further amended to amend the definition of
“EBITDA” therein by (i) deleting the words “for means,” and (ii) inserting the words “of a Person” immediately following the word “EBITDA”. 

(c) Article I of the Credit Agreement is hereby amended inserting the following as a new Section 1.04: 

SECTION 1.04. Pro Forma Calculations. For the purpose of calculating Consolidated EBITDA for any period, if during
such period the Company or any Subsidiary shall have made a material acquisition or material disposition (with materiality calculated in accordance with Article 11 of Regulation S-X under the Securities Act of
1933, as amended) (including for the avoidance of doubt, the Palate Acquisition), Consolidated EBITDA shall be calculated giving pro forma effect (in accordance with Article 11 of Regulation S-X under the
Securities Act of 1933, as amended) thereto as if such material acquisition or material disposition occurred on the first day of such period. 

(d) Section 5.02(a) of the Credit Agreement is hereby amended to add the following new clause (x) at the end of
such section (and deleting “and” at the end of clause (viii) and deleting the period at the end of clause (ix) and inserting “; and”): 

(x) any Liens arising in connection with customary escrow arrangements with lenders and other financing sources or any agent
with respect to Debt to fund the Palate Acquisition pending consummation of the Palate Acquisition. 
 (e)
Section 5.03 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

Section 5.03    Financial Covenant. So long as any Advance shall
remain unpaid or any Lender shall have any Commitment hereunder, the Company shall maintain a Leverage Ratio of not more than 3.50 to 1.00; provided that, on and after the Palate Closing Date the Company shall maintain a Leverage Ratio of not
more than 4.50 to 1.00, which limit shall step down to (i) 4.25 to 1.00 as of the end of the third full fiscal quarter ended after the Palate Closing Date, (ii) 4.00 to 1.00 as of the end of the fifth full fiscal quarter ended after the Palate
Closing Date and (iii) 3.50 to 1.00 as of the end of the ninth full fiscal quarter after the Palate Closing Date; provided, further that if the Specified Equity Offering shall not have been consummated on or prior to the Palate Closing
Date, instead of being required to maintain a Leverage Ratio of not more than 4.50 to 1.00 during the period from the Palate Closing Date until the end of the first full fiscal quarter thereafter, the Company shall instead be required to maintain a
Leverage Ratio of not more than 6.00 to 1.00 during such period. 

3.          Effectiveness. This Amendment will become effective upon
the date on which the following conditions precedent are first satisfied (the “Amendment Effective Date”): 

(a)          The Administrative Agent shall have received from each
Borrower and from the Required Lenders an executed counterpart of this Amendment (or photocopies thereof sent by fax, .pdf or other electronic means, each of which shall be enforceable with the same effect as a signed original). 

  
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 (b)          The
Administrative Agent shall have received a certificate, dated the Amendment Effective Date and signed by a duly authorized officer of the Company, confirming (i) the representations and warranties set forth in this Amendment shall be true and
correct in all material respects on and as of the Amendment Effective Date and (ii) no event shall have occurred and be continuing, or would result from this Amendment or the transactions contemplated hereby, that would, as of the Amendment
Effective Date, constitute a Default. 
 (c)          The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced two (2) Business Days prior to the Amendment Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers under the Credit Agreement. 

4.          Representations and Warranties. Each Borrower severally,
and not jointly with the other Borrowers, represents and warrants, as of the date hereof, that, after giving effect to the provisions of this Amendment, (a) each of the representations and warranties made by such Borrower in Section 4.01
of the Credit Agreement is true in all material respects on and as of the date hereof as if made on and as of the date hereof, except (i) to the extent that such representations and warranties refer to an earlier date, in which case they were
true in all material respects as of such earlier date or (ii) to the extent that such representations and warranties are qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true in
all respects, and (b) no event shall have occurred and be continuing, or would result from this Amendment or the transactions contemplated hereby, that would, as of the Amendment Effective Date, constitute a Default. 

5.          Continuing Effect of the Credit Agreement. This
Amendment is limited solely to the matters expressly set forth herein. Subject to the express terms of this Amendment, the Credit Agreement remains in full force and effect, and each Borrower and the Lenders party hereto acknowledge and agree that
all of their obligations hereunder and under the Credit Agreement (including the Company’s unconditional guaranty thereunder) shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this
Amendment except to the extent specified herein. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under any of
the Loan Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the Loan Documents. Upon the effectiveness of this Amendment, each reference in the Credit Agreement and in any exhibits
attached thereto to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement after giving effect hereto. 

6.          Miscellaneous. The provisions of Sections 9.02
(Notices, Etc.); 9.03 (No Waiver; Remedies); 9.04 (Costs and Expenses) (except clauses (c) and (d) thereof); 9.08 (Confidentiality); 9.10 (Governing Law; Jurisdiction; Etc.); 9.11 (Execution in Counterparts);
9.14 (Acknowledgement and Consent to Bail-In of EEA Financial Institutions); and 9.19 (Waiver of Jury Trial); of the Credit Agreement shall apply with like effect to this Amendment. This
Amendment shall be a “Loan Document” for all purposes under the Credit Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

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

			
	  INTERNATIONAL FLAVORS & FRAGRANCES   INC., 
		
	By:	 	/s/ Richard
O’Leary                                       
 
		 	 Name: Richard O’Leary
		 	 Title:  Chief Financial Officer
	
	  INTERNATIONAL FLAVORS & FRAGRANCES   (NEDERLAND) HOLDING B.V.,
		
	By:	 	/s/ Jeroen Henricus Maria van Noorden        
		 	 Name: Jeroen Henricus Maria van Noorden
		 	 Title:  Managing Director
	
	  INTERNATIONAL FLAVORS & FRAGRANCES   I.F.F. (NEDERLAND) B.V.,
		
	By:	 	/s/ Jeroen Henricus Maria van Noorden        
		 	 Name: Jeroen Henricus Maria van Noorden
		 	 Title:  Managing Director
	
	  INTERNATIONAL FLAVORS & FRAGRANCES   (GREATER ASIA) PTE. LTD.
		
	By:	 	/s/ Chandy C.
Thambi                                    
		 	  Name: Chandy C. Thambi

		 	  Title:  Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	CITIBANK, N.A., as Administrative Agent
		
	By:	 	/s/ Michael Vondriska                            
		 	 Name: Michael Vondriska
		 	 Title:   Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	 CITIBANK, N.A., as a Lender

		
	By:	 	 /s/ Michael Vondriska

		 	  Name: Michael Vondriska

		 	  Title:   Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
	
	    BNP PARIBAS
	    as a Lender

  

			
		
	By:	 	/s/ Ade Adedeji                                
		 	 Name: Ade Adedeji
		 	 Title:   Vice President
		
	By:	 	 /s/ Karim Remtoula

		 	 Name: Karim Remtoula
		 	 Title:   Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
	
	
	   BNP Paribas FORTIS NV/SA

	   as a Lender

 
			
		
	  By:	 	 /s/ Wim Vercruyssen

		 	 Name: Wim Vercruyssen
		 	 Title:    Director
		
	  By:	 	 /s/ Stijn Langers

		 	 Name: Stijn Langers
		 	 Title:   Senior Relationship Manager
		
	  By:	 	/s/ Hans
Maas                                        

		 	 Name: Hans Maas
		 	 Title:   Executive Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	    JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/ Joon Hur                                
		 	 Name: Joon Hur
		 	 Title:   Executive Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Subhalakshmi Ghosh-Kohli

		 	 Name: Subhalakshmi Ghosh-Kohli
		 	 Title:   Authorized Signatory

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	 CITIZENS BANK, N.A.,
 as a
Lender

		
	By:	 	/s/ Angela Reilly                            
		 	 Name: Angela Reilly
		 	 Title:   Senior Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	  ING BANK N.V., Dublin Branch, as a Lender
		
	By:	 	/s/ Sean Hassett                        
		 	 Name: Sean Hasset
		 	 Title:   Director
		
	By:	 	/s/ Shaun Hawley                      
		 	 Name: Shaun Hawley
		 	 Title:   Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

			
	    US BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Harry J. Brown                        
		 	 Name: Harry J. Brown
		 	 Title:   Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	     WELLS FARGO BANK, NATIONAL ASSOCIATION

    as a Lender

		
	By:	 	/s/ Dennis Waltrich                            
		 	 Name: Dennis Waltrich
		 	 Title:   Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	     HSBC BANK USA, NATIONAL ASSOCIATION, as a

    Lender

		
	By:	 	/s/ Robert Levins                                
		 	 Name: Robert Levins
		 	 Title:   Senior Portfolio Manager

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	  STANDARD CHARTERED BANK, as a Lender
		
	By:	 	/s/ Dan Mettern                                
		 	 Name: Dan Mattern
		 	 Title:   Associate Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	MUFG BANK, LTD., as a Lender
		
	By:	 	/s/ George Stoecklein                        
		 	 Name: George Stoecklein
		 	 Title:   Managing Director

 [Signature Page to Amendment No. 1 to Credit Agreement] 

 
			
	CoBank, ACB, as a Lender
		
	By:	 	/s/ Chris Allsteadt                        
		 	 Name: Chris Allsteadt
		 	 Title:   Vice President

 [Signature Page to Amendment No. 1 to Credit Agreement]EXHIBIT
10.1

 

PCM,
INC.

Summary of 2018 Executive Incentive Plan 

 

On
May 18, 2018, the Committee and Board of Directors adopted and approved the 2018 Executive Incentive Plan (the “Plan”),
which is effective for the 2018 fiscal year. Under the Plan, cash incentive amounts will be based upon two performance objectives,
weighted differently for each executive eligible to participate in the Plan: (1) attainment of a target Adjusted EPS (the “Consolidated
Target”) and (2) attainment of individual qualitative targets (the “Qualitative Target”). Adjusted EPS is defined
under the Plan as diluted adjusted earnings per share, which is adjusted for special charges, if any, to be excluded from the
calculation of Adjusted EPS in the discretion of the Committee, including but not limited to amortization of purchased intangibles,
stock-based compensation and other non-cash adjustments such as goodwill and intangible asset adjustments, plus material M&A
and related litigation costs and fees, unforeseen litigation and restructuring and related costs, and foreign exchange gains or
losses.

 

The
Plan will be funded at an individual target amount for each participant if the Company achieves 100% of the Consolidated Target
for the 2018 calendar year. The Plan also has a minimum Adjusted EPS for any quantitative cash incentive to be paid under the
Plan and contains decelerators based on performance below the respective quantitative performance target, with a threshold set
at 89% of target, or the prior year comparable amount, whichever is higher. Quantitative cash incentives will be paid at 32% of
the incentive target if the Company’s performance equals the minimum target threshold for payment of the quantitative cash
amounts. If the Company’s performance falls below the threshold, no quantitative cash incentive will be earned.

 

The
Plan also contains accelerators under which the cash incentive amounts can exceed the above described target amounts, with the
maximum cash incentive amount equal to 200% of target cash incentive amounts, which will be paid if the Company’s performance
equals or exceeds 110% of the respective performance target. The Plan further generally allows for 50% of the annual cash incentive
targets to be paid in non-recoverable quarterly increments based on quarterly targets that make up components of the respective
annual targets.

 

Messrs.
LaVerne, Newton and Abuyounes each have certain individual qualitative targets that are tailored for his respective responsibilities
to the Company based on recommendations made by our Chief Executive Officer and approved by the Committee and are paid quarterly
or annually in the discretion of the Committee. These qualitative targets make up 33% of total cash incentive opportunity for
each of Messrs. LaVerne and Abuyounes and 100% of the cash incentive opportunity for Mr. Newton.

 

The
total annual cash incentive opportunity for the participating executive officers is approximately 62% of base salary for Mr. Khulusi,
and approximately 40% of base salary for each of Messrs. Miley, LaVerne, Newton and Abuyounes. In addition to the above, Mr. Miley
is eligible to receive an additional annual incentive up to $100,000 tied to the achievement of certain SG&A targets.

 

All
amounts funded under the Plan may be increased or reduced for each executive officer at the sole discretion of the Committee based
upon qualitative or quantitative factors which the Committee may deem appropriate from time to time. In addition to participation
in the Plan, all of our executive officers are eligible for additional discretionary cash incentives or bonuses as determined
from time to time by the Committee. No cash amount is earned until it is paid under any of these plans unless earned sooner
at the sole discretion of the Company. Therefore, in the event the employment of an executive eligible under these plans is terminated
(either by the Company or by the eligible executive, whether voluntarily or involuntarily) before any amount is paid, the executive
will not be deemed to have earned the applicable cash incentive or bonus and will not be entitled to any portion of such amounts.

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