Document:

esnd-ex1014_147.htm

Execution Version

EXHIBIT 10.14

SIXTH AMENDMENT

TO

AMENDED AND RESTATED TRANSFER AND ADMINISTRATION AGREEMENT

THIS SIXTH AMENDMENT TO AMENDED AND RESTATED TRANSFER AND ADMINISTRATION AGREEMENT, dated as of December 1, 2016 (this “Amendment”), is entered into by and among (i) Essendant Receivables LLC, an Illinois limited liability company (the “SPV”), (ii) Essendant Co., an Illinois corporation, as originator (the “Originator”), (iii) Essendant Financial Services LLC, an Illinois limited liability company, as seller (the “Seller”) and as Servicer, PNC Bank, National Association (“PNC Bank”), a national banking association, as agent (the “Agent”), as a Class Agent and as an Alternate Investor, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch (“BTMU”), a Japanese banking corporation acting through its New York Branch, as a Class Agent and an Alternate Investor.

Reference is herein made to that certain Amended and Restated Transfer and Administration Agreement, dated as of January 18, 2013 (as amended by (i) that certain Assignment and Assumption and First Amendment to Amended and Restated Transfer and Administration Agreement, dated as of June 14, 2013, (ii) that certain Second Amendment to Amended and Restated Transfer and Administration Agreement, dated as of January 23, 2014, (iii) that certain Third Amendment to Amended and Restated Transfer and Administration Agreement, dated as of July 25, 2014, (iv) that certain Fourth Amendment to Amended and Restated Transfer and Administration Agreement, dated as of December 4, 2014, (v) that certain Third Omnibus Amendment to Transaction Documents, dated as of June 26, 2015, (vi) as amended hereby, (vii) that certain Fifth Amendment to Amended and Restated Transfer and Administration Agreement, dated as of March 30, 2016 and (viii) as the same may be further amended, modified, supplemented, restated or replaced from time to time, the “Transfer Agreement”), by and among the SPV, the Originator, the Seller, PNC Bank, as Agent, as a Class Agent and as an Alternate Investor, and the financial institutions from time to time parties thereto as Conduit Investors and Alternate Investors.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Transfer Agreement.

WHEREAS, the parties hereto desire to amend the Transfer Agreement as set forth below.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Amendments to Transfer Agreement.  Effective as of the Effective Date (as defined below), the Transfer Agreement is hereby amended as follows:

(a)The following new defined terms are added to Section 1.1 of the Transfer Agreement in appropriate alphabetical order:

“Infor Trend Receivable:  Any Receivable which, at the time of such Receivable’s origination, was processed on Originator’s Infor Trend platform.”

4175790

 

“Sixth Amendment Effective Date:  December 1, 2016.”

(b)Clause (xix) of the definition of “Eligible Receivable” appearing in Section 1.1 of the Transfer Agreement is amended and restated in its entirety to read as follows:

“(xix)which is not a Specified Ineligible Receivable, an Advertising Receivable, a Set Aside Receivable or an Infor Trend Receivable; and”

(c)The definition of “Excluded Receivable” appearing in Section 1.1 of the Transfer Agreement is amended and restated in its entirety to read as follows:

“Excluded Receivable:  As of the Sixth Amendment Effective Date, none of the Receivables.”

(d)The definition of “Fitch” appearing in Section 1.1 of the Transfer Agreement is amended and restated in its entirety to read as follows:

“Fitch:  Fitch, Inc. and any successor thereto that is a nationally recognized statistical rating organization.”

(e)The definition of “Receivable” appearing in Section 1.1 of the Transfer Agreement is amended and restated in its entirety to read as follows:

“Receivable:  Any indebtedness and other obligations owed by any Obligor to the Originator (without giving effect to any transfer under the First Tier Agreement and Second Tier Agreement) under a Contract or any right of the SPV to payment from or on behalf of an Obligor, whether constituting an account, chattel paper, instrument or general intangible, arising in connection with the sale or lease of goods or the rendering of services, in either case, by the Originator, and includes the obligation to pay any finance charges, fees and other charges with respect thereto.”

(f)The definition of “S&P” appearing in Section 1.1 of the Transfer Agreement is amended and restated in its entirety to read as follows:

“S&P:  Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto that is a nationally recognized statistical rating organization.”

2.Consent to Sale of Infor Trend Receivables.  By executing below, the Agent and the Investors consent to the sale of Infor Trend Receivables by the Originator to the SPV.

3.Representations and Warranties.  Each of the Originator, the SPV, the Seller and the Servicer hereby certifies that, subject to the effectiveness of this Amendment, each of the representations and warranties set forth in the Transfer Agreement and the other Transaction 

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Documents is true and correct on the date hereof, as if each representation and warranty were made on the date hereof.

4.No Default.  The SPV, the Originator, the Seller and the Servicer each hereby represent and warrant that, as of the date hereof, no Termination Event or Potential Termination Event has occurred or is continuing.

5.Transaction Documents in Full Force and Effect as Amended.  Except as specifically amended hereby, the Transfer Agreement and the other Transaction Documents shall remain in full force and effect.  All references to the Transfer Agreement therein and in each other Transaction Document shall be deemed to mean the Transfer Agreement as modified hereby.  The parties hereto agree to be bound by the terms and conditions of the Transfer Agreement, as amended by this Amendment, as though such terms and conditions were set forth herein.

6.Consent of Performance Guarantor.  The Performance Guarantor hereby consents to the amendments to the Transfer Agreement set forth in this Amendment.

7.Conditions to Effectiveness.  This Amendment shall be effective as of the date (the “Effective Date”) on which the Agent shall have received counterparts of this Amendment duly executed by each of the parties hereto.

8.Miscellaneous.

(a)This Amendment may be executed in any number of counterparts and by different parties hereto on the same or separate counterparts, each of which, when so executed and delivered, shall be deemed to be an original instrument but all of which, together, shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.

(b)The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.

(c)This Amendment may not be amended or otherwise modified except as provided in the Transfer Agreement.

(d)Any provision in this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

(e)THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAWS 

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PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

[signatures appear on the following pages]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the date first above written.

ESSENDANT RECEIVABLES LLC

		
	
By:
	
/s/ Robert J. Kelderhouse

	
 
	
Name:  Robert J. Kelderhouse

	
 
	
Title:  Vice President and Treasurer

ESSENDANT CO., as Originator

		
	
By:
	
/s/ Robert J. Kelderhouse

	
 
	
Name:  Robert J. Kelderhouse

	
 
	
Title:  Vice President and Treasurer

ESSENDANT FINANCIAL SERVICES LLC, as Seller and as Servicer

		
	
By:
	
/s/ Robert J. Kelderhouse

	
 
	
Name:  Robert J. Kelderhouse

	
 
	
Title:  Vice President and Treasurer

[signatures continue on the following pages]

Sixth Amendment to A&R Transfer and Administration Agreement

 

Acknowledged and consented to by:

ESSENDANT INC., as the Performance Guarantor

		
	
By: 
	
/s/ Robert J. Kelderhouse

	
 
	
Name:  Robert J. Kelderhouse

	
 
	
Title:  Vice President and Treasurer

[signatures continue on the following pages]

Sixth Amendment to A&R Transfer and Administration Agreement

 

PNC BANK, NATIONAL ASSOCIATION, as an Alternate Investor, a Class Agent and the Agent

		
	
By:
	
/s/ Michael Brown

	
 
	
Name:  Michael Brown

	
 
	
Title: Senior Vice President 

[signatures continue on the following page]

Sixth Amendment to A&R Transfer and Administration Agreement

 

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as an Alternate Investor

		
	
By:
	
/s/ Eric Williams

	
 
	
Name:  Eric Williams 

	
 
	
Title:  Managing Director

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Class Agent

		
	
By:
	
/s/ Eric Williams

	
 
	
Name:  Eric Williams 

	
 
	
Title:  Managing Director

[end of signatures]

 

Sixth Amendment to A&R Transfer and Administration AgreementEX-10.1

 Exhibit 10.1 

LIFE STORAGE, INC. 
 6467 Main
Street 
 Buffalo, New York 14221 

February 22, 2017 
  

            
                             

            
                             

            
                             

RE: Long Term Incentive Restricted Stock Award Notice 
 Dear
[Name]: 
 The Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Life Storage, Inc.
(the “Company”) has selected you to receive shares of restricted stock under the Company’s 2015 Award and Option Plan (the “Plan”). 

Your shares of restricted stock are described in the balance of this letter agreement between us. This letter constitutes your Award Notice
with respect to the shares of restricted stock described herein. 
 The Plan text governs the operation of the Plan as well as the terms and
conditions of your shares of restricted stock granted under the Plan, and is incorporated herein by reference. A copy of the Plan text is enclosed. Any term not defined in this letter agreement shall have the same meaning as it is defined in the
Plan. 
 AWARD OF RESTRICTED STOCK 
 You
are hereby awarded, effective February 22, 2017, [                    ] shares of common stock, $.01 par value, of the Company subject to the
restrictions set forth herein (“Restricted Stock”). 
 VESTING OF RESTRICTED STOCK 

Except as otherwise provided herein or in the Plan, your shares of Restricted Stock shall vest in accordance with the following schedule: 

 

	 	*	                     shares of Restricted Stock (20% of the total shares under this award) shall vest on
February 22, 2018; 

  

	 	*	                     shares of Restricted Stock (20% of the total shares under this award) shall vest on
February 22, 2019; 

	 	*	                     shares of Restricted Stock (20% of the total shares under this award) shall vest on
February 22, 2020;. 

  

	 	*	                     shares of Restricted Stock (20% of the total shares under this award) shall vest on
February 22, 2021; and 

  

	 	*	                     shares of Restricted Stock (20% of the total shares under this award) shall vest on
February 22, 2022. 

 RESTRICTIONS 

Your shares of Restricted Stock may not be sold, transferred, assigned, pledged or otherwise disposed of unless and until they shall have
vested in accordance with the schedule set forth above. 
 The stock certificate(s) for your shares of Restricted Stock will be issued in
your name but held by the Company for your account, together with stock powers you will execute in favor of the Company, until the shares shall have vested. You shall execute stock power(s) in favor of the Company as a condition to receiving this
award of Restricted Stock. Except as otherwise provided herein, if and when your shares of Restricted Stock vest, the Company will deliver to you the certificates for such shares. 

TERMINATION OF EMPLOYMENT 
 Except as
otherwise provided in the Plan, on termination of your employment with the Company or a Subsidiary for any reason other than death, Disability (as defined below), or for a reason approved by the Committee, in its sole discretion, your then unvested
shares of Restricted Stock shall be deemed forfeited and canceled. 
 On termination of your employment with the Company or a Subsidiary by
reason of your death, Disability (as defined below), or for a reason approved by the Committee, in its sole discretion, your then unvested shares of Restricted Stock shall be deemed vested and all restrictions thereon shall lapse. 

For purposes of your Restricted Stock and this letter agreement, the term “Disability” means total disability entitling you to
benefits under the Company’s long-term disability plan, as in effect from time to time. 
 RIGHTS AS A STOCKHOLDER 

You shall be entitled to vote your shares of Restricted Stock and to receive cash dividends as and when paid, to the same extent as any other
holder of Common Stock of the Company which are not subject to restrictions. 

 ADDITIONAL SHARES SUBJECT TO RESTRICTIONS 

In the event that, as a result of a stock dividend, stock split, recapitalization, combination of shares, or other adjustment in the capital
stock of the Company or otherwise, or as a result of a merger, consolidation, or other reorganization, the Common Stock of the Company shall be increased, reduced, or otherwise changed, and by virtue of any such change you shall in your capacity as
owner of shares of Restricted Stock be entitled to new or additional or different shares of stock or securities (other than rights or warrants to purchase securities) (“Adjustment Shares”), the certificates representing the Adjustment
Shares, together with a stock power executed by you in favor of the Company shall also be delivered to and held by the Company. Any Adjustment Shares shall be Restricted Stock for all purposes of this Award Notice, subject to the same restrictions
and vesting schedule as were applicable to the shares of Restricted Stock to which they relate. 
 If you shall receive rights or warrants
in respect of any shares of Restricted Stock or any Adjustment Shares, such rights or warrants may be held, exercised, sold or otherwise disposed of by you, and any shares or other securities acquired by you as a result of the exercise of such
rights or warrants likewise may be held, sold, or otherwise disposed of by you free and clear of any restrictions. 
 ADMINISTRATION OF THE PLAN;
AUTHORITY OF THE COMMITTEE 
 The Plan shall be administered by the Committee. The Committee has the authority, in its sole discretion,
to interpret the Plan and all awards of restricted stock thereunder, to establish, amend and rescind rules and regulations relating to the Plan, and to make any determination it believes necessary or advisable for the administration of the Plan. The
scope of the Committee’s authority is more fully described in the Plan. All decisions of the Committee in the administration of the Plan are conclusive and binding on you. 

FORFEITURE 
 If (1) in the opinion of
the Committee, you, without the written consent of the Company, engage directly or indirectly in any manner or capacity as principal, agent, partner, officer, director, employee, owner, promoter or otherwise, in any business or activity competitive
with the business conducted by the Company or any Subsidiary, or (2) you perform any act or engage in any activity which in the opinion of the Committee is inimical to the best interests of the Company, your unvested shares of Restricted Stock
shall be deemed forfeited and canceled. 
 MISCELLANEOUS 

You have no right to assign, sell, transfer, pledge or encumber your unvested shares of Restricted Stock, except by will, or by the laws of
descent and distribution. 
 Nothing in this letter agreement, the Plan or your Restricted Stock confers on you any right to continue in the
employment of the Company or a Subsidiary or restricts the right of the Company or a Subsidiary to terminate your employment. 

 At the time you are taxable with respect to your Restricted Stock, the Company may deduct and
withhold from amounts payable to you under the Plan or from any payment of any kind otherwise due to you, an amount sufficient to satisfy all Federal, state and/or local income and employment tax withholding requirements. In accordance with Section
14(b) of the Plan, you may elect to have the withholding obligation satisfied by authorizing the Company to hold back shares of Common Stock to be issued that have a Fair Market Value as of the date withholding is effected sufficient to satisfy the
withholding amount due, or by transferring to the Company shares of Common Stock having a Fair Market Value as of the date withholding is effected sufficient to satisfy such withholding amount; provided, however, that if you are subject to
Section 16(b) of the Securities Exchange Act of 1934 you may do so only in compliance with the additional requirements set forth in Section 14(b)(i)-(v) of the Plan. 

This letter agreement shall be binding on and inure to the benefit of the Company (and its successors and assigns) and you (and your estate).

 This letter agreement shall be governed, construed and enforced in accordance with the Plan and with the laws of the State of New York.

 ACCEPTANCE 
 If the foregoing is
acceptable to you, kindly acknowledge your acceptance and agreement by signing the enclosed copy of this letter and returning it to
                     of the Company. 
  

					
	Very truly yours,	 		 	
			
	LIFE STORAGE, INC.	 		 	
			
	By                                
                                         
               	 		 	By                                     
                                    
			
	 AGREED TO AND ACCEPTED
 this
     day of February, 2017

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