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amendmentno2toloanagreem

                      AMENDMENT NO. 2 TO LOAN AGREEMENT                 This  Amendment  No.  2  to  Loan  Agreement,  dated  as  of  August  22, 2019  (this  “Amendment”), is among OCTAVIUS CORPORATION, a Delaware corporation (the “Borrower”), and  JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”).  Capitalized  terms used and not otherwise defined herein have the definitions provided therefor in the Loan Agreement  referenced below.                                     W I T N E S S E T H:                WHEREAS,  the  Borrower,  the  other  Loan  Parties  from  time  to  time  party  thereto,  the  Lenders  from  time  to  time  party  thereto  and  the  Administrative Agent  are  parties  to  that  certain  Loan  Agreement, dated as of November 8, 2016 (as amended, restated, supplemented or otherwise modified from  time to time prior to the date hereof, the “Loan Agreement”; the Loan Agreement, as amended by this  Amendment, the “Amended Loan Agreement”);                WHEREAS, pursuant to Section 9.02(f) of the Loan Agreement, the Administrative Agent  may, with the consent of the Borrower only, amend the Loan Agreement to correct, amend, resolve or cure  any ambiguity, omission, mistake, defect or consistency or correct any typographical error or other manifest  error in the Loan Agreement;                WHEREAS, pursuant to Section 6.01(v) of the Loan Agreement, the Borrower is permitted  to  incur  Incremental  Equivalent  Debt  in  lieu  of  Incremental  Term  Loans,  subject  to  certain  terms  and  conditions set forth in the Loan Agreement;                WHEREAS, consistent with the definition thereof set forth in the Loan Agreement, such  Incremental Equivalent Debt was intended to be permitted to be secured;                WHEREAS, Section 6.02 of the Loan Agreement mistakenly does not provide a separate  Lien basket to secure Incremental Equivalent Debt; and                WHEREAS, pursuant to and in accordance with Section 9.02(f) of the Loan Agreement,  the Borrower and the Administrative  Agent have agreed to amend the Loan Agreement as set forth in  Section 1 of this Amendment to correct such mistake;                 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants  contained  herein,  the  receipt  and  sufficiency  of  which  are  hereby  acknowledged,  and  subject  to  the  conditions set forth herein, the parties hereto agree as follows:                1.     Amendment to the Loan Agreement.  Effective as of the date of satisfaction of the  condition precedent set forth in Section 2 below, the parties hereto agree to add the following new clause  (v) in Section 6.02 (and to make any grammatical changes needed in connection therewith):                (v) Liens securing Indebtedness permitted pursuant to Section 6.01(v).                 2.     Condition Precedent.  The effectiveness of this Amendment is subject to the  condition precedent that the Administrative Agent shall have received counterparts to this Amendment,  duly executed by each of the Borrower and the Administrative Agent.         US-DOCS\109979749.3 

 

             3.     Representations and Warranties.  To induce the Administrative Agent to enter into  this Amendment, the Borrower hereby represents and warrants to the Administrative Agent and the Lenders  that:                              (a)    This Amendment and the Loan Agreement as modified hereby constitute its legal,  valid and binding obligations, enforceable in accordance with their terms, subject to applicable bankruptcy,  insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to  general principles of equity, regardless of whether considered in a proceeding in equity or at law; and                 (b)    As  of  the  date  hereof  and  immediately  after  giving  effect  to  the  terms  of  this  Amendment, (i) no Default has occurred and is continuing, and (ii) the representations and warranties of  the Loan Parties set forth in the Loan Agreement are true and correct in all material respects (provided that  any representation or warranty that is qualified by materiality, Material Adverse Effect or similar language  is true and correct in all respects), except to the extent that such representations and warranties specifically  refer to an earlier date, in which case they were true and correct in all material respects (provided that any  representation or warranty that is qualified by materiality, Material Adverse Effect or similar language was  true and correct in all respects) as of such earlier date.                               4.     Reference to and Effect on the Loan Agreement.                                (a)    Upon  the  effectiveness  hereof,  each  reference  in  the  Loan  Agreement  to  “this  Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in any other Loan  Document to the Loan Agreement (including, without limitation, by means of words like “thereunder,”  “thereof,” and words of like import), shall mean and be a reference to the Loan Agreement as amended  hereby, and this Amendment and the Loan Agreement shall be read together and construed as a single  instrument referred to herein as the Amended Loan Agreement.                              (b)    Except  as  expressly  amended  hereby,  the  Loan  Agreement  and all  other  documents, instruments and agreements executed and/or delivered in connection therewith shall remain in  full force and effect and are hereby reaffirmed, ratified and confirmed.                               (c)    The liens and security interests in favor of the Administrative Agent for the benefit  of the Secured Parties securing payment of the Secured Obligations (and all filings with any Governmental  Authority in connection therewith) are in all respects continuing and in full force and effect with respect to  all Secured Obligations.                              (d)    Except  with  respect  to  the  subject  matter  hereof,  the  execution,  delivery  and  effectiveness  of  this  Amendment  shall  not  operate  as  a  waiver  of  any  right,  power  or  remedy  of  the  Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Loan Agreement or  any other documents, instruments and agreements executed and/or delivered in connection therewith.                              (e)    This  Amendment  is  a  Loan  Document  under  (and  as  defined  in) the Loan  Agreement.                              5.     Miscellaneous.                              (a)    Governing  Law.   This  Amendment  shall  be  construed  in  accordance  with  and  governed by the law of the State of New York.                              (b)    Headings.  Section headings used herein are for convenience of reference only, are                                              2   

 

not  part  of  this  Amendment  and  shall  not  affect  the  construction  of,  or  be  taken  into  consideration  in  interpreting, this Amendment.                                (c)    Counterparts.  This Amendment may be executed in counterparts (and by different  parties hereto on different counterparts), each of which shall constitute an original, but all of which when  taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of  this Amendment by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the  actual executed signature page shall be effective as delivery of a manually executed counterpart of this  Amendment.                                          [Remainder of Page Intentionally Left Blank]                                               3officersincentivecompens

                                                                                       EXECUTIVE INCENTIVE COMPENSATION PLAN                        FISCAL PERIOD 2019                        Acknowledgement of receipt and agreement of Executive Incentive Compensation Plan as  described herein.                                                                              Executive Signature                             Date        US.120224666.01 

 

                        WINNEBAGO INDUSTRIES, INC.             EXECUTIVE INCENTIVE COMPENSATION PLAN                                Fiscal Period 2019   1.    Purpose.   The purpose of the Winnebago Industries, Inc. Executive Incentive        Compensation Plan (the “Plan”) is to promote the growth and profitability of Winnebago        Industries, Inc. (the “Company”) by providing members of its executive leadership team,        together with certain of its officers and other employees designated in the discretion of        the Human Resources Committee (the “Committee”) with an incentive to achieve        designated corporate objectives and to attract and retain personnel who will contribute to        the achievement of growth and profitability of the Company.     2.    Authority; Administration.         a.    2014 Omnibus Equity, Performance Award, and Incentive Compensation              Plan.  Any cash awards payable under this Plan shall be paid under and pursuant              to the terms of the Company’s 2014 Omnibus Equity, Performance Award, and              Incentive Compensation Plan (the “Stock Plan”), and the terms of this Plan and              any determinations made hereunder shall constitute terms and conditions of the              cash award under the Stock Plan. Terms not otherwise defined in this Plan shall              have the meaning set forth in the Stock Plan.         b.    Administrator.   The Plan shall be administered by the Committee appointed by              the Board of Directors.         c.    Powers and Duties.  The Committee shall have sole discretion and authority to              make any and all determinations necessary or advisable for administration of the              Plan and may amend or revoke any rule or regulation so established for the proper              administration of the Plan.  All interpretations, decisions, or determinations made              by the Committee pursuant to the Plan shall be final and conclusive.           d.    Annual Approval.  The Committee must approve the Plan and specific financial              objectives and targets within the first 90 days of each new fiscal year.    3.    Participation Eligibility.         a.    Each Participant must be (i) a member of the Company’s executive leadership              team, (ii) an officer of the Company or (iii) an employee of the Company              designated in the discretion of the Committee with responsibilities that may have              a significant impact on the Company’s financial or operational results.           b.    The Committee will approve all initial participation for each new Plan year. The              Plan year shall be the fiscal year of the Company.         c.    The Committee will make the determination on participation for new participants.              Unless otherwise determined by the Committee, participants must be employed as     US.120224666.01 

 

               of the end of the fiscal year and must have worked at least three months during              the fiscal year to be eligible for any incentive payment.     4.    Nature of the Plan.   The incentive award is based upon the level of achievement of one        or more performance measurement objectives applying business criteria to one or more of        the Plan participants, one or more business segments, units or divisions of the Company,        or the Company as a whole, whether on an absolute basis, rate basis, or relative to a peer        group of companies or other benchmark and may also include a performance        measurement objective that evaluates a Plan participant’s individual contributions to the        Company, as determined in the discretion of the Committee.  The Plan is an annual        program that provides for annual measurements of financial and/or operational        performance and an opportunity for an annual incentive payment based on such        performance results.          The performance measurements for this Plan (other than any individual contribution        performance measurements) will be based upon one or more pre-established financial or        operational performance measurements, while any individual contribution measures shall        be established in the discretion of the Committee.  The Committee will (i) establish the        performance objectives for each Plan participant including a target, a minimum threshold        below which an incentive will not be paid, and a maximum incentive level and (ii)        communicate them to each Plan participant through an individual award schedule.         The Committee has determined that one or more of the following financial performance        objectives shall be used:                       Enterprise and / or Business Unit Operating Income                    Enterprise and / or Business Unit Net Sales Growth                    Enterprise and / or Business Unit Working Capital                             In addition, the Committee may, at the time and in a manner similar to the financial        and/or operational performance measurements, establish one or more individual        contribution performance measurements for each Plan participant as a part of his or her        underlying award. The Committee reserves the right to increase or reduce the total        amount of any individual’s awards in its discretion.          Performance measure achievement levels may be adjusted to include or exclude specific        items of an unusual nature or non-operating or significant events not anticipated by the        Committee when the performance measurements were established, as determined by the        Committee in its sole discretion and as permitted by the Stock Plan.           The Committee delegates to the CEO the authority to establish the incentive (Target) for        employees other than officers subject to Section 16 of the Exchange Act.     5.    Method of Payment.   Individual participant incentive targets, expressed as a percentage        of base salary or a flat dollar amount, are approved annually by the Committee.  Actual        incentive awards can range from 0% to 200% of a Plan participant’s incentive target, and        shall be communicated to Plan participants through an individual award schedule.                                          2    US.120224666.01 

 

         The amount of each participant’s incentive compensation for the fiscal year shall be in        direct proportion to the resulting financial or operational performance of the relevant        measure expressed as a percentage (Performance Factor) against predetermined        compensation targets for that participant.  The results for the fiscal year will be used in        identifying the Performance Factor to be used when calculating the participant’s        incentive compensation.  If individual contribution performance measures were        established by the Committee, the Committee shall evaluate such contribution        performance measures in determining the effect on the amount of the incentive        compensation.         Incentive awards are paid in cash.  The cash payment, if any, shall be awarded as soon as        practical after the final measurement of financial and/or operational performance for the        fiscal year and overall incentive amounts have been approved by the Committee in        October following fiscal year end, but in no event later than 2 1⁄2 months after the end of        the fiscal year.           Any payment made under this Plan shall be subject to any employment and income tax        withholding and other deductions as required by law.   6.    Change in Control.  In the event of a Corporate Transaction (as defined below), then the        surviving or successor entity may continue, assume or replace awards outstanding under        the Plan as of the date of the Corporate Transaction (with such adjustments as may be        required or permitted by the Stock Plan), and such awards or replacements therefor shall        remain outstanding and be governed by their respective terms.          If and to the extent that outstanding awards under the Plan are not continued, assumed or        replaced in connection with a Corporate Transaction (or in the case of a Change of        Control that does not constitute a Corporate Transaction), then the awards under the Plan        shall fully vest immediately prior to the effective time of the Corporate Transaction,        meaning that each performance measure objectives is deemed to have been satisfied at        the target level of performance and the vested portion of the award at that level of        performance is proportionate to the portion of the performance period that has elapsed as        of the effective time of the Corporate Transaction.         If and to the extent that awards under this Plan are continued, assumed or replaced, and        participant experiences an involuntary termination of employment to the Company after        the Change in Control but prior to the award’s payment, for reasons other than Cause,        then the awards under this Plan shall immediately vest in full, meaning that each        performance measure objectives is deemed to have been satisfied at the target level of        performance or, in the discretion of the Committee, at the actual level of performance (if        determinable).         “Change in Control” means one of the following:                            (1)   An Exchange Act Person becomes the beneficial owner              (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the              Company representing 30% or more of the combined voting power of the                                         3    US.120224666.01 

 

               Company’s then outstanding Voting Securities, except that the following will not              constitute a Change in Control:  (A) any acquisition of securities of the Company              by an Exchange Act Person from the Company for the purpose of providing              financing to the Company; (B) any formation of a Group consisting solely of              beneficial owners of the Company's voting securities as of the effective date of              this Plan; or (C) any repurchase or other acquisition by the Company of its Voting              Securities that causes any Exchange Act Person to become the beneficial owner of              30% or more of the Company’s voting securities.                If, however, an Exchange Act Person or Group referenced in clause (A), (B) or              (C) above acquires beneficial ownership of additional Company Voting Securities              after initially becoming the beneficial owner of 30% or more of the combined              voting power of the Company’s Voting Securities by one of the means described              in those clauses, then a Change in Control will be deemed to have occurred.               (2)   Individuals who are Continuing Directors cease for any reason to constitute              a majority of the members of the Board of Directors.               (3)   A Corporate Transaction is consummated, unless, immediately following              such Corporate Transaction, all or substantially all of the individuals and entities              who were the beneficial owners of the Company’s Voting Securities immediately              prior to such Corporate Transaction beneficially own, directly or indirectly, more              than 50% of the combined voting power of the then outstanding Voting Securities              of  the  surviving  or  acquiring  entity  resulting  from  such  Corporate  Transaction              (including beneficial ownership through any parent of such entity) in substantially              the  same  proportions  as  their  ownership,  immediately  prior  to  such  Corporate              Transaction, of the Company's Voting Securities.                              “Continuing Director” means an individual (i) who is, as of the effective date of the Plan,        a  director  of  the  Company,  or  (ii)  who  becomes  a  director  of  the  Company  after  the        effective  date  hereof  and  whose  initial  election,  or  nomination  for  election  by  the        Company’s  stockholders,  was  approved  by  at  least  a  majority  of  the  then  Continuing        Directors  but  excluding,  for  purposes  of  this  clause  (ii),  an  individual  whose  initial        assumption of office occurs as the result of an actual or threatened proxy contest involving        the solicitation of proxies or consents by a person or Group other than the Board, or by        reason of an agreement intended to avoid or settle an actual or threatened proxy contest.         “Corporate Transaction” means (i) a sale or other disposition of all or substantially all        of the assets of the Company, or (ii) a merger, consolidation, share exchange or similar        transaction involving the Company, regardless of whether the Company is the surviving        entity.           “Exchange Act Person” means any natural person, entity or Group other than (i) the        Company or any affiliate; (ii) any employee benefit plan (or related trust) sponsored or        maintained by the Company or any affiliate; (iii) an underwriter temporarily holding        securities in connection with a registered public offering of such securities; or (iv) an        entity whose Voting Securities are beneficially owned by the beneficial owners of the                                        4    US.120224666.01 

 

         Company’s Voting Securities in substantially the same proportions as their beneficial        ownership of the Company’s Voting Securities.           “Group” means two or more persons who act, or agree to act together, as a partnership,        limited partnership, syndicate or other group for the purpose of acquiring, holding, voting        or disposing of securities of the Company.         “Voting Securities” of an entity means the outstanding equity securities (or comparable        equity interests) entitled to vote generally in the election of directors of such entity.   7.    Recoupment of Incentive Compensation.  Notwithstanding anything herein to the        contrary, cash payments paid in connection with the Plan shall be subject to forfeiture        and recoupment to the extent required under federal law and in accordance with Section        14 of the Stock Plan.    8.    Governing Law.  Except to the extent preempted by federal law, the consideration and        operation of the Plan shall be governed by the laws of the State of Iowa.     9.    Employment Rights.  Nothing in this Plan shall confer upon any employee the right to        continue in the employ of the Company, or affect the right of the Company to terminate        an employee’s employment at any time, with or without Cause.                                              5    US.120224666.01

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