Document:

Exhibit

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Agreement”), dated as of May 5, 2017, is entered into among Raymond James Financial, Inc., a Florida corporation (the “Borrower”), the Lenders party hereto and Bank of America, N.A., as Administrative Agent.  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

RECITALS

WHEREAS, the Borrower, the Lenders, the Swing Line Lenders and Bank of America, N.A., as Administrative Agent, entered into that certain Credit Agreement, dated as of August 6, 2015 (as amended or modified from time to time, the “Credit Agreement”); and

WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement as set forth below.

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

1.    Amendment.  Subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, the definition of “Maturity Date” in Section 1.01 of the Credit Agreement is hereby amended to replace the reference to “August 6, 2020” with a reference to “May 5, 2022.”

2.    Conditions Precedent.  This Agreement shall be effective upon satisfaction of the following conditions precedent:

(a)    Executed Agreement. Receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Lenders and Bank of America, N.A., as Administrative Agent.

(b)    Opinions of Counsel.  Receipt by the Administrative Agent of favorable opinions of legal counsel to the Borrower, addressed to the Administrative Agent and each Lender, dated as of the date hereof.

(c)    Officer’s Certificate. Receipt by the Administrative Agent of a certificate signed by a Responsible Officer of the Borrower certifying that (A) no Default or Event of Default shall exist, or would result from the transactions contemplated by this Agreement, (B) there has been no event or circumstance since December 31, 2016 that has had or would be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect and (C) the representations and warranties of the Borrower set forth in Article V of the Credit Agreement and in each other Loan Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date.

(d)    Secretary’s Certificate. Receipt by the Administrative Agent of (i) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible 

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Officers of the Borrower as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement, (ii) such documents and certifications as the Administrative Agent may reasonably require to evidence that the Borrower is duly organized or formed, and is validly existing, in good standing and qualified to engage in business in its state of organization or formation and (iii) copies of the Organization Documents of the Borrower certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization, where applicable, and certified by a secretary or assistant secretary of the Borrower to be true and correct as of the date hereof.

(e)    Expenses.  The Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the date hereof.

(f)    Fees.  Payment by the Borrower of any fees as the Borrower may have agreed to pay in writing.

3.    FATCA.  For purposes of determining withholding Taxes imposed under FATCA, from and after the date of this Agreement, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Credit Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

4.    Miscellaneous.

(a)    The Credit Agreement and the obligations of the Borrower thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

(b)    The Borrower hereby represents and warrants as follows:

(i)    The Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

(ii)    This Agreement has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

(iii)    No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by the Borrower of this Agreement other than those that have already been obtained and are in full force and effect.

(c)    This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Agreement by telecopy or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

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(d)    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

5.    Exiting Lender.  Fifth Third Bank, in its capacity as a Lender under the Credit Agreement (the “Exiting Lender”), is signing this Agreement for the sole purposes of terminating its Commitment.  As of the date hereof, (a) the Commitment of the Exiting Lender shall be reduced to zero and the Exiting Lender shall cease to have any rights or duties as a Lender under the Credit Agreement and the other Loan Documents except for rights or duties in respect of expense reimbursement and indemnification provisions in the Credit Agreement in favor of the Exiting Lender which by their express terms would survive termination of the Credit Agreement, (b) the Borrower shall pay to the Exiting Lender all outstanding Obligations owing to it substantially contemporaneously with the effectiveness of this Agreement and thereafter shall have no obligations or liabilities to the Exiting Lender in its capacity as a Lender other than obligations in respect of indemnity and reimbursement which by their express terms would survive termination of the Credit Agreement and (c) each Lender (other than the Exiting Lender) agrees that, after giving effect to this Agreement, that it shall have the Commitment as reflected on the amended and restated Schedule 2.01 to the Credit Agreement as set forth on Exhibit A attached hereto.

[SIGNATURE PAGES FOLLOW]

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Exhibit 10.1

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

BORROWER:            RAYMOND JAMES FINANCIAL, INC.,
a Florida corporation

By:    /s/ Jeffrey P. Julien            
Name:    Jeffrey P. Julien
Title:     Executive Vice President – Finance, 
Chief Financial Officer and Treasurer

RAYMOND JAMES FINANCIAL, INC.
SECOND AMENDMENT

Exhibit 10.1

ADMINISTRATIVE
AGENT:            BANK OF AMERICA, N.A.,
as Administrative Agent

By:        /s/ Cindy Jordan        
Name:    Cindy Jordan
Title:    Assistant Vice President

LENDERS:            BANK OF AMERICA, N.A.,
as a Lender and a Swing Line Lender

By:        /s/ Sherman Wong        
Name:    Sherman Wong
Title:    Director

REGIONS BANK,
as a Lender and a Swing Line Lender

By:        /s/ Peter Wesemeier        
Name:    Peter Wesemeier
Title:    Managing Director

CITIBANK, N.A.,
as a Lender and a Swing Line Lender

By:        /s/ Erik Andersen        
Name:    Erik Andersen
Title:    Vice President

JPMORGAN CHASE BANK, N.A.,
as a Lender and a Swing Line Lender

By:        /s/ Victoria Teterceva        
Name:    Victoria Teterceva
Title:    Vice President

U.S. BANK, NATIONAL ASSOCIATION,
as a Lender and a Swing Line Lender

By:        /s/ Michael F. Ugliarolo        
Name:    Michael F. Ugliarolo
Title:    Vice President

RAYMOND JAMES FINANCIAL, INC.
SECOND AMENDMENT

Exhibit 10.1

BRANCH BANKING AND TRUST COMPANY,
as a Lender

By:        /s/ Brad Bowen            
Name:    Brad Bowen
Title:    Senior Vice President

THE BANK OF NEW YORK MELLON,
as a Lender

By:        /s/ Matthew W. Thigpen        
Name:    Matthew W. Thigpen
Title:    Sr. Associate

PNC BANK, NATIONAL ASSOCIATION,
as a Lender

By:        /s/ Alaa Shraim            
Name:    Alaa Shraim
Title:    Vice President

EXITING LENDER:        The party below is executing this Agreement for the sole purpose of
terminating its Commitment as set forth in paragraph 5 above.

FIFTH THIRD BANK,
as Exiting Lender

By:        /s/ J. David Izard        
Name:    J. David Izard
Title:    Vice President

RAYMOND JAMES FINANCIAL, INC.
SECOND AMENDMENT

Exhibit 10.1

EXHIBIT A

SCHEDULE 2.01
COMMITMENTS AND APPLICABLE PERCENTAGES

	
			
	Lender
	Revolving Commitment
	Applicable Percentage of Aggregate Revolving Commitments

	Bank of America, N.A.
	$50,000,000.00
	16.666666667%

	Regions Bank
	$50,000,000.00
	16.666666667%

	Citibank, N.A.
	$40,000,000.00
	13.333333333%

	JPMorgan Chase Bank, N.A.
	$40,000,000.00
	13.333333333%

	U.S. Bank National Association
	$40,000,000.00
	13.333333333%

	Branch Banking and Trust Company
	$26,666,666.67
	8.8888888890%

	PNC Bank, National Association
	$26,666,666.67
	8.8888888890%

	The Bank of New York Mellon
	$26,666,666.66
	8.8888888890%

	TOTAL:
	$300,000,000.00
	100.000000000%Exhibit

Exhibit 10(a)

January 23, 2013 

Mr. Kevin Riley
21 Silverbrook Road
Ridgefield, CT  06877 

Dear Kevin, 
On behalf of Digi International Inc., I am pleased to offer you employment as Sr. Vice President, Sales reporting to Joe Dunsmore.  (Please see Contingent Offer section below.)
Compensation 
Your annualized total compensation target is $475,000.  For the remainder of fiscal 2013, your annualized base salary is $268,750 with an annualized incentive target of $206,250.  Effective 10/1/2013 you will move to an equal split between base salary and incentive, or $237,500 in base and $237,500 in incentive target for the year.
You will participate in Digi International’s Executive Incentive Plan.  For the current fiscal year, your plan will contain the following components: 
Quarterly Performance: 40% of your incentive target will be based on achievement of quarterly revenue and profitability targets. 
Annual Performance: 60% of your incentive target will be based on achievement of the annual revenue and profitability targets. 
All payments are pro-rated based on length of service in the quarter/fiscal year. 

Stock Options 
We will recommend to the Board of Directors an initial grant of 125,000 stock options.  Your options will be at the market price at the time the board approves your grant and will vest over four years at a rate of 25% (31,250 shares) upon completion of one year, then proportionate monthly vesting thereafter.  This option request will be brought to the Board of Directors within three (3) weeks of your start date.
The Option, whether or not previously exercisable, shall become immediately exercisable in full upon the occurrence of any “Change in Control” which occurs contemporaneously with, or is followed within 12 months of the Change of Control by, an “Employment Termination Event”.  Specific details will be provided with your option agreement.
Benefits 
Digi offers a comprehensive benefit program which includes Medical, Dental, Vision, Life and Disability Insurance, Medical and Dependent Care Reimbursement Plans, 401(k) Savings Plan, Employee Stock Purchase Plan, and a Tuition Reimbursement Program.  You will be eligible for participation in Digi’s health insurance programs on the first day of active employment with the company and will be eligible for participation in the 401(k) Savings Plan on the first day of the month following  date of hire.  Stock Purchase Plan participation eligibility begins on the first of January, April, July and October following date of hire. 
You will be eligible to participate in Digi’s $500,000 Executive Life Insurance program.  If accepted by the carrier, Digi International will pay the full annual premium.  This is in additional to the basic and optional life insurance programs offered to all employees. 

Vacation eligibility begins on the date of hire.  You will participate in the Executive vacation plan which provides unlimited vacation.  Upon hire you will begin to accrue 6.15 hours per pay period until you reach 160 hours.  Should you leave the company at any point in the future, you will be paid the balance of your vacation accrual. 
Severance Agreement 
If Digi International should terminate your employment at any time in the future for reasons other than Cause, you will be provided with the following severance package in exchange for a full release of claims against the Company: 
	
			
	1)
	 
	Twelve months of base salary in effect at the time of termination. This shall be paid in a lump sum as soon as administratively feasible after the later of the date of termination or the date the release of claims has become irrevocable.

	
			
	2)
	 
	A pro-rata bonus based on number of months worked in the fiscal year prior to a qualifying termination and the Company’s actual performance against annual objections. This pro-rata bonus shall be paid no later than 2.5 months after the close of the fiscal year in which the qualifying termination occurs.

For purposes of this agreement, “Cause” shall mean only the following: (i) indictment or conviction of, or a plea of nolo contendere to, (A) any felony (other than any felony arising out of negligence), or any misdemeanor involving moral turpitude with respect to the Company, or (B) any crime or offense involving dishonesty with respect to the Company; (ii) theft or embezzlement of Company property or commission of similar acts involving dishonesty or moral turpitude; (iii) material negligence in the performance of your job duties after notice; (iv) failure to devote substantially all of his working time and efforts during normal business hours to the Company’s business; or (v) knowing engagement in conduct which is materially injurious to the Company. 
Relocation
You will receive the following relocation package.  Should you voluntarily terminate your employment with the company prior to twenty-four (24) months, you will be responsible for full repayment of the relocation package amount.
		
	•
	$60,000 paid in one lump sum (less standard deductions), for incidental expenses, i.e. storage, utility hook-ups, closing costs on current residence, etc.  This payment will be made 2 weeks prior to the closing of your primary residence in Connecticut.  Additional lump sums may be paid out to reach maximum value of the package, dependent on your spending in other categories.

		
	•
	Six (6) months temporary housing expenses, based on an agreed upon monthly amount.

		
	•
	Roundtrip airfare to Connecticut (4 tickets monthly) for the Employee or family member for the first 6 months.  This will be at coach fare.

		
	•
	Packing and shipping of household goods, including insurance of goods and personal effects of the employee & family.  Excluded items include recreational vehicles (RVs, boats, motorcycles, ATVs, etc.), firewood, paint, inflammable solutions, explosives, frozen foods, shrubs, plants, livestock, ammunition.  Alcoholic beverage, valuable papers, stock & bonds, stamps & coin collection, sterling silver place settings, play yard systems, oversized trophies, and money & fine jewelry.

		
	•
	Shipment of 2 cars plus airfare to location, or if driving, normal trip expenditures (mileage, hotel, meals, etc.

		
	•
	The maximum expense reimbursement under this package is $125,000 gross.  You should design components to the relocation package to fit individual needs of you and your family within this limit.

Digi International Employment Agreement
This offer of employment is contingent upon your signature on the enclosed Digi International Employment, Confidential Information, and Arbitration Agreement.  Your signature constitutes acceptance of the terms and 

conditions contained in the Agreement, so please read it thoroughly prior to signing.  This offer is also conditioned upon Digi’s determination that you are not subject to any agreement with any former employer or any other party that would prohibit you from working in the position of Sr. Vice President, Sales.  If at any time n the future the Company determines that you are subject to an agreement that, in Digi’s sold discretion, would prohibit your employment by Digi, Digi my withdraw this offer of employment or terminate your employment with the Company.  This Employment Agreement must be signed prior to your first day of employment.
Employment with Digi International Inc. is “at will,” which means that it is for no definite period and may be terminated by either you or Digi at any time for any reason without prior notice.  I understand, agree, and acknowledge that any reliance on any statements by any representative of the company contrary to this “at will” arrangement is unreasonable and may not form any basis for my reliance thereon. 
Digi International has partnered with Verified Credentials, a background screening organization, to administer confidential background checks. Within 48 hours, we ask that you visit Verified Credential website at http://myvci.com/digiinternationalinc to complete a personal questionnaire using your full legal name including middle initial.  If you are unable to access the internet within this timeframe, please contact me to further assist you in the process.  This offer is contingent upon a finding of “no issue” with your background check.  If information is revealed after your start date, Digi has the right to terminate employment without prior notice.
Commencement Date
We would like you to start no later than February 18, 2013.
Contingent Offer 
This offer of employment is contingent upon approval by the Board of Directors and your election as an officer of Digi International. 
Relocation Contigency 
Your continued employment and your rights under the severance agreement outlined in this letter are contingent upon your relocation to the Minneapolis are within seven (7) months of your hire date.
Please inform me of your acceptance of this offer by January 25, 2013 and acknowledge your acceptance by signing on of the enclosed copies.

Sincerely, 
Digi International Inc. 
/s/ Tracy Roberts 
Tracy Roberts 
VP, Human Resources & Information Technology 
Offer accepted: 
	
					
	 
	 
	 
	 
	 

	/s/ Kevin Riley 
	 
	January 24, 2013 
	 
	January 30, 2013

	 
	 
	  
	 
	 

	Kevin Riley 
	 
	Date 
	 
	Start Date

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