Document:

ex10b.htm

Exhibit 10(b)

 

TRUSTCO BANK CORP NY

2010 DIRECTORS EQUITY INCENTIVE PLAN

December 21, 2010

  

  

  

TrustCo Bank Corp NY

2010 DIRECTORS EQUITY INCENTIVE PLAN

December 21, 2010

TABLE OF CONTENTS

 

	
1.

	
Establishment, Purpose, and Effective Date of Plan

	
2

	  	  	  
	
2.

	
Definitions

	
2

	  	  	  
	
3.

	
Eligibility and Participation

	
4

	  	  	  
	
4.

	
Administration

	
5

	  	  	  
	
5.

	
Stock Subject to Plan

	
5

	  	  	  
	
6.

	
Duration of Plan

	
6

	  	  	  
	
7.

	
Stock Options

	
6

	  	  	  
	
8.

	
Stock Appreciation Rights

	
8

	  	  	  
	
9.

	
Restricted Stock

	
9

	  	  	  
	
10.

	
Beneficiary Designation

	
10

	  	  	  
	
11.

	
Rights of Director

	
10

	  	  	  
	
12.

	
Change-in-Control

	
10

	  	  	  
	
13.

	
Amendment, Modification and Termination of Plan

	
12

	  	  	  
	
14.

	
Tax Withholding

	
13

	  	  	  
	
15.

	
Indemnification

	
13

	  	  	  
	
16.

	
Repricing

	
13

	  	  	  
	
17.

	
Requirements of Law

	
14

 

  

  

  

	
1.

	
Establishment, Purpose, and Effective Date of Plan.

 

	
  

	
(a)

	
Establishment. TrustCo Bank Corp NY, a New York corporation, hereby establishes the “TRUSTCO BANK CORP NY 2010 DIRECTORS EQUITY INCENTIVE PLAN”.

 

	
  

	
(b)

	
Purpose. The purpose of this Plan is to advance the interest of stockholders and the Company by attracting and retaining members of the Board and to encourage them to acquire a larger ownership in the Company. The resulting increased proprietary interest in the Company increases Directors’ incentives to continue active service as Directors and to oversee the continued success and growth of the Company.

 

	
  

	
(c)

	
Effective Date. The Plan shall become effective immediately upon its adoption by the Board of Directors of the Company on  December 21, 2010 subject to approval of the stockholders at the Company’s 2011 Annual Meeting of Stockholders.

 

	
2.

	
Definitions.

 

	
  

	
(a)

	
Definitions. Whenever used herein, the following terms shall have their respective meanings set forth below.

 

	
  

	
(i)

	
“Award” means any Stock Option, Stock Appreciation Right or Restricted Stock granted under the Plan.

 

	
  

	
(ii)

	
“Award Agreement” means the agreement that sets forth the terms, conditions and limitations applicable to an Award.

 

	
  

	
(iii)

	
“Board” means the Board of Directors of the Company.

 

	
  

	
(iv)

	
“Cause” means conduct of a Participant that involves the commission of an act of fraud, embezzlement or theft constituting a felony against the Company or any Subsidiary as finally determined by a court of competent jurisdiction or an unequivocal admission by the Participant.

 

	
  

	
(v)

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

 

	
  

	
(vi)

	
“Committee” means the Compensation Committee of the Board or such other committee appointed from time to time by the Board to administer the Plan. The Committee shall consist of two or more members, each of whom shall qualify as a “non-employee director,” as the term (or similar or successor term) is defined by Rule 16b-3, and as an “outside director” within the meaning of Code Section 162(m) and regulations thereunder.

 

	
  

	
(vii)

	
“Company” means TrustCo Bank Corp NY, a New York corporation.

 

	
  

	
(viii)

	
“Director” means a member of the Board or of the board of directors of Trustco Bank.

 

  

2

  

 

	
  

	
(ix)

	
“Disability” means a Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expect to last for a continuous period of not less than 12 months. The Participant also will be deemed to have a “Disability” if determined to be totally disabled by the Social Security Administration.

 

	
  

	
(x)

	
“Fair Market Value” means the closing price of the Stock as reported on the Nasdaq Global Select Market, or such other system as may supersede it, on a particular date. In the event that there are no Stock transactions on such date, the Fair Market Value shall be determined as of the immediately preceding date on which there were Stock transactions.

 

	
  

	
(xi)

	
“Option” means the right to purchase Stock at a stated price for a specified period of time (subject to Section 29(c)). For purposes of the Plan an Option may be either (1) a “Nonstatutory (Nonqualified) Stock Option,” or “NSO” or (2) any other type of option encompassed by the Code. No Option under this Plan may be an “Incentive Stock Option,” or “ISO” within the meaning of Section 422 of the Code.

 

	
  

	
(xii)

	
“Participant” means any Director designated by the Committee to participate in the Plan, except that employees of the Company or its subsidiaries who are also Directors shall not be eligible to receive grants under the Plan.

 

	
  

	
(xiii)

	
“Period of Restriction” means the period during which the transfer of shares of Restricted Stock is restricted pursuant to Section 9(g) of the Plan.

 

	
  

	
(xiv)

	
“Plan” means the TrustCo Bank Corp NY 2010 Directors Equity Incentive Plan as set forth herein and any amendments hereto.

 

	
  

	
(xv)

	
“Previously-Acquired Share” means a share of Stock acquired by the Participant or any beneficiary of the Participant, and if so acquired, such share of Stock has been held for a period of not less than six months, or such shorter period as the Committee may prescribe.

 

	
  

	
(xvi)

	
“Restricted Stock” means Stock granted to a Participant pursuant to Section 9 of the Plan.

 

	
  

	
(xvii)

	
“Rule 16b-3” means Rule 16b-3 or any successor or comparable rule or rules applicable to Awards granted under the Plan promulgated by the Securities and Exchange Commission under Section 16(b) of the Securities Exchange Act of 1934, as amended. Rule 16b-3 generally provides exemptions from the short-swing profit recovery provisions of Section 16(b) for transactions between an issuer and its officers or directors, including the grant and exercise of options and other equity-related awards.

 

  

3

  

 

	
  

	
(xviii)

	
“Separation from Service” means a termination of the Participant’s service with the Company and all of its controlled group members within the meaning of Code Section 409A. Whether a Separation from Service has occurred is determined based on whether the facts and circumstances indicate that the Company and Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (including as an employee or as an independent contractor) would permanently decrease to no more than 25% of the average level of bona fide services performed (including as an employee or an independent contractor) over the immediately preceding thirty-six month period (or the full period of services to the Company if the Participant has been providing services to the Company less than thirty-six months). For periods during which a Participant is on a paid bona fide leave of absence (as defined in Treas. Reg. §1.409A-1(h)(1)(i)) and has not otherwise terminated service with the Company, the Participant is treated as providing bona fide services at a level equal to the level of services that the Participant would have been required to perform to receive the compensation paid with respect to such leave of absence. Periods during which a Participant is on an unpaid bona fide leave of absence (as defined in Treas. Reg. §1.409A-1(h)(1)(i)) and has not otherwise terminated service with the Company are disregarded for purposes of this definition (including for purposes of determining the applicable thirty-six month period). There is no Separation from Service of a Participant with the Company (or any of its controlled group members within the meaning of Code Section 409A) where there is a simultaneous reemployment (or commencement of service) or continuing employment (or service) of the Participant by the Company or any of controlled group members within the meaning of Code Section 409A.

 

	
  

	
(xix)

	
“Stock” or “Common Stock” means the common stock of the Company.

 

	
  

	
(xx)

	
“Stock Appreciation Right” and “SAR” mean the right to receive a payment from the Company equal to the excess of the Fair Market Value of a share of Stock at the date of exercise over a specified price fixed by the Committee on the date of grant, which shall not be less than 100% of the Fair Market Value of the Stock on the date of grant, with respect to a number of shares of Stock fixed on or before the date of grant.

 

	
  

	
(xxi)

	
“Subsidiary” means a corporation of which stock possessing 50% or more of the total combined voting power of all classes of its stock entitled to vote generally in the election of directors is owned in the aggregate by TrustCo Bank Corp NY directly or indirectly through one or more subsidiaries.

 

	
  

	
(b)

	
Gender and Number. Except when otherwise indicated by the context, words in the masculine gender when used in the Plan shall include the feminine gender, the singular shall include the plural, and the plural shall include the singular.

 

	
3.

	
Eligibility and Participation.

 

	
  

	
(a)

	
Eligibility and Participation. The Committee may from time to time, subject to the provisions of the Plan, grant Awards to Directors.

 

	
  

	
(b)

	
Participants Deemed to Accept Plan. By accepting any benefit under the Plan, each Participant and each person claiming under or through any such Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board, the Committee or the Company, in any case in accordance with the terms and conditions of the Plan.

 

  

4

  

 

	
4.

	
Administration.

 

	
  

	
(a)

	
Administration. The Committee shall be responsible for the administration of the Plan. The Committee, by majority action thereof (whether taken during a meeting or by written consent), shall determine the type or types of Awards to be made under the Plan and shall designate from time to time the Directors who are to be recipients of such Awards. The Committee is authorized to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to provide for conditions and assurances deemed necessary or advisable to protect the interests of the Company and to make all other determinations necessary or advisable for the administration of the Plan but only to the extent not contrary to the express provisions of the Plan. Determinations, interpretations, or other actions made or taken by the Committee pursuant to the provisions of the Plan shall be final and binding and conclusive for all purposes and upon all persons whomsoever. To the extent deemed necessary or advisable for purposes of Rule 16b-3 or otherwise, the Board may act as the Committee hereunder.

 

	
  

	
(b)

	
Award Agreements. Each Award shall be embodied in an Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee. The Award Agreement shall be delivered to and signed by the Participant and the Company.

 

	
5.

	
Stock Subject to Plan.

 

	
  

	
(a)

	
Number of Shares Available for Awards. The total number of shares of Stock that may be issued pursuant to Awards of Options and/or Restricted Stock under the Plan may not exceed 250,000 and the total number of Awards of Stock Appreciation Rights may not exceed the equivalent of 250,000 shares. Such number of shares shall be subject to adjustment upon occurrence of any of the events indicated in Section 5(d). The shares of Stock to be delivered under the Plan may consist, in whole or in part, of authorized but unissued Stock or treasury Stock, not reserved for any other purpose.

 

	
  

	
(b)

	
Reuse.

 

	
  

	
(i)

	
If, and to the extent an Option shall expire or terminate for any reason without having been exercised in full (including, without limitation, cancellation and re-grant), or in the event that an Option is exercised or settled in a manner such that some or all of the shares of Stock related to the Option are not issued to the Participant (or beneficiary) (including as the result of a share-for-share exercise or the use of shares for withholding taxes), the shares of Stock subject thereto which have not become outstanding shall (unless the Plan shall have terminated) remain available for issuance under the Plan.

 

	
  

	
(ii)

	
If, and to the extent any Awards under the Plan are forfeited for any reason, or settled in cash in lieu of Stock or in a manner such that some or all of the shares of Stock related to the Award are not issued to the Participant (or beneficiary) (including as a result of the use of shares for tax withholding), such shares of Stock shall (unless the Plan shall have terminated) remain available for issuance under the Plan.

 

	
  

	
(c)

	
Limitations on Awards to a Single Participant. Notwithstanding anything to the contrary contained in the Plan, the following limitations shall apply to Awards made hereunder:

 

	
  

	
(i)

	
no Participant may be granted, during any calendar year, Awards consisting of Options or Restricted Stock for more than 5,000 shares of Common Stock, subject to adjustment pursuant to the provisions of Section 5(d); and

 

  

5

  

 

	
  

	
(ii)

	
no Participant may be granted, during any calendar year, Awards consisting of Stock Appreciation Rights covering or relating to more than 5,000 shares of Common Stock, subject to adjustment pursuant to the provisions of paragraph 5(d) hereof.

 

	
  

	
(d)

	
Adjustment in Capitalization. In the event of any change in the outstanding shares of Stock that occurs after ratification of the Plan by the stockholders of the Company by reason of a Stock dividend or split, recapitalization, merger, consolidation, combination, exchange of shares or other similar corporate change, the aggregate number of shares of Stock available for issuance under Section 5(a), subject to each outstanding Award and the other terms thereof, and the limitations set forth in Section 5(c), shall be adjusted appropriately by the number of shares the Committee determines, which determination shall be conclusive; provided, however, that fractional shares shall be rounded to the nearest whole share.

 

	
6.

	
Duration of Plan.

 

	
  

	
(a)

	
Duration of Plan. The Plan shall remain in effect, subject to the Board’s right to earlier terminate the Plan pursuant to Section 17 hereof, until all Stock subject to it shall have been purchased or acquired pursuant to the provisions hereof. Notwithstanding the foregoing, no Award may be granted under the Plan on or after December 21, 2020.

 

	
7.

	
Stock Options.

 

	
  

	
(a)

	
Grant of Options. Subject to the provisions of Sections 5 and 6, Options may be granted to Participants at any time and from time to time as shall be determined by the Committee. The Committee shall have complete discretion in determining the number of Options granted to each Participant. The Committee may grant any type of Option to purchase Stock that is permitted by law at the time of grant.

 

	
  

	
(b)

	
Option Price. No Option granted pursuant to the Plan shall have an Option exercise price that is less than the Fair Market Value of the Stock on the date the Option is granted.

 

	
  

	
(c)

	
Exercise of Options. Options awarded under the Plan shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall approve, either at the time of grant of such Options or pursuant to a general determination, and which need not be the same for all Participants. The Committee shall determine the period of time during which an Option may be exercised, which such period shall be specifically set forth in the Award Agreement; provided, however, that no Option shall be exercisable after ten years from the date of grant.

 

	
  

	
(d)

	
Payment. Options shall be exercised by the delivery of a written notice of exercise to the Company, setting forth the number of shares of Stock with respect to which the Option is to be exercised, accompanied by full payment for the Stock. The Option exercise price upon exercise of any Option shall be payable to the Company in full:

 

	
  

	
(i)

	
in cash or its equivalent (including, for this purpose, the proceeds from a third-party broker-assisted cashless exercise);

 

  

6

  

 

	
  

	
(ii)

	
by tendering Previously-Acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Option price;

 

	
  

	
(iii)

	
by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law; or

 

	
  

	
(iv)

	
by a combination of (i), (ii), and (iii), above.

 

The Company may not sponsor, or assist in any material way, any “cashless” exercise program pursuant to which payment for Options to be exercised is made by surrendering other Options. The prohibition of the immediately preceding sentence does not apply to third-party, broker-assisted “cashless” exercise programs as described in clause (i) above  that the Company does not sponsor or assist and payment of the exercise price of Options by tender of Previously-Acquired Shares as described in clause (ii) above.

 

	
  

	
(e)

	
Termination of Service Due to Death or Disability. In the event the service of a Participant to the Board is terminated by reason of death or Disability any outstanding Options shall vest 100% and be deemed exercisable in full as of such termination. Such options may be exercised at any time prior to the expiration date of the Options or within three years after such date of termination, whichever period is the shorter.

 

	
  

	
(f)

	
Termination of Service other than Due to Death or Disability and other than for Cause. If the service of the Participant shall terminate for any reason other than death or Disability, or involuntarily for Cause, the rights under any then-outstanding Option granted pursuant to the Plan shall terminate upon the expiration date of the Option or one month after such date of termination of service, whichever first occurs; provided, however, that no vesting of any Options that are not vested as of the date of termination of service shall occur after such date of termination.

 

	
  

	
(g)

	
Termination of Service for Cause. Where a Participant’s termination of service is involuntarily for Cause, the Participant’s rights under all Options (whether or not such Options are vested) shall terminate immediately upon such termination.

 

	
  

	
(h)

	
Nontransferability of Options. Except as provided below, no Option granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, otherwise than by will or by the laws of descent and distribution. Further, all Options granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant. Notwithstanding the foregoing, the Committee may, in its discretion, authorize all or a portion of the Options granted to a Participant to be on terms which permit transfer by such Participant to:

 

	
  

	
(i)

	
the spouse, children or grandchildren of the Participant (“Immediate Family Members”);

 

	
  

	
(ii)

	
a trust or trusts for the exclusive benefit of such Immediate Family Members; or

 

	
  

	
(iii)

	
a partnership in which such Immediate Family Members are the only partners;

 

provided, however, that with respect to any of the foregoing permissible transfers:

 

	
  

	
 

	

(i)          there may be no consideration for such transfer;

 

  

7

  

 

	
  

	
 

	

(ii)         the Award Agreement pursuant to which such Options are granted expressly provides for transferability in a manner consistent with this Section 7(g); and

 

	
  

	
 

	

(iii)        subsequent transfers of transferred Options shall be prohibited except those in accordance with Section 14. Following transfer, any such Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that for purposes of Section 14 hereof the term “Participant” shall be deemed to refer to the transferee. The provisions of Sections 7 and 16 relating to the period of exercisability and expiration of the Option shall continue to be applied with respect to the original Participant, and the Options shall be exercisable by the transferee only to the extent, and for the periods, set forth in said Sections 7 and 16.

 

	
  

	
(i)

	
Restrictions on Stock Transferability. The Committee shall impose such restrictions on any shares of Stock acquired pursuant to the exercise of an Option under the Plan as it may deem advisable, including, without limitation, restrictions under the applicable Federal securities law, under the requirements of any stock exchange upon which such shares of Stock are then listed and under any blue sky or state securities laws applicable to such shares.

 

	
8.

	
Stock Appreciation Rights.

 

	
  

	
(a)

	
Grant of Stock Appreciation Rights. Subject to the provisions of Sections 5 and 6, Stock Appreciation Rights (“SARs”) may be granted to Participants at any time and from time to time as shall be determined by the Committee.

 

	
  

	
(b)

	
Exercise of SARs.  SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes upon the SARs.

 

	
  

	
(c)

	
Price.  No SAR granted pursuant to the Plan shall have a price that is less than the Fair Market Value of the Stock on the date the SAR is granted.

 

	
  

	
(d)

	
Payment of SAR Amount. Upon exercise of the SAR, the holder shall be entitled to receive payment of an amount (subject to Section 8(f) below) determined by multiplying:

 

	
  

	
(i)

	
the difference between the Fair Market Value of a share of Stock at the date of exercise over the price fixed by the Committee at the date of grant, by

 

	
  

	
(ii)

	
the number of shares with respect to which the Stock Appreciation Right is exercised.

 

	
  

	
(e)

	
Form and Timing of Payment. Payment for SARs shall be made in cash. Such payment shall be made as soon as reasonably practicable following the date of exercise of such SARs.

 

	
  

	
(f)

	
Limit of Appreciation. At the time of grant, the Committee may establish in its sole discretion, a maximum amount per share which will be payable upon exercise of an SAR.

 

	
  

	
(g)

	
Term of SAR. The term of an SAR granted under the Plan shall not exceed ten years from the date of grant.

 

  

8

  

 

	
  

	
(h)

	
Termination of Service. In the event the service of a Participant is terminated, any SARs outstanding shall terminate in the same manner as specified for Options under Sections 7(f), 7(g) and 29(g) herein.

 

	
  

	
(i)

	
Nontransferability of SARs. No SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, otherwise than by will or by the laws of descent and distribution. Further, all SARs granted to a Participant under the Plan shall be exercisable during his lifetime only by such Participant.

 

	
9.

	
Restricted Stock.

 

	
  

	
(a)

	
Grant of Restricted Stock. Subject to the provisions of Sections 5 and 6, the Committee, at any time and from time to time, may grant shares of Restricted Stock under the Plan to such Participants and in such amounts as it shall determine. Subject to the terms and conditions of this Section 9 and the Award Agreement, upon delivery of shares of Restricted Stock to a Participant, or creation of a book entry evidencing a Participant’s ownership of Shares of Restricted Stock, the Participant shall have all of the rights of a shareholder with respect to such Restricted Shares, subject to the terms and restrictions set forth in this Section 9 or the applicable Award Agreement or as determined by the Committee.

 

	
  

	
(b)

	
Other Restrictions. The Committee shall impose such other restrictions on any shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, restrictions under applicable Federal or state securities laws and may add a legend to the certificates representing Restricted Stock to give appropriate notice of such restrictions.

 

	
  

	
(c)

	
Rights as a Shareholder. During the Period of Restriction, Participants holding shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those shares during the Period of Restriction and shall be entitled to receive all dividends and other distributions paid with respect to those shares while they are so held. If any dividends or distributions are paid in shares of Stock, the shares shall be subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid.

 

	
  

	
(d)

	
Termination of Service Due to Death or Disability. In the event the service of a Participant to the Board is terminated by reason of death or Disability, the Period of Restriction applicable to the Restricted Stock pursuant to Subsection 9(g) hereof shall automatically terminate upon such Separation from Service.

 

	
  

	
(e)

	
Termination of Service other than Due to Death or Disability. If the service of the Participant shall terminate for any reason other than death or Disability, then any shares of Restricted Stock still subject to the Period of Restriction at the date of such Separation from Service automatically shall be forfeited and returned to the Company.

 

	
  

	
(f)

	
Delivery of Shares. Subject to the other provisions of the Plan, after the last day of the Period of Restriction applicable to a Participant’s shares of Restricted Stock (whether through the lapse of time or early termination as provided above), and after all conditions and restrictions applicable to such shares of Restricted Stock have been satisfied or lapse (including satisfaction of any applicable withholding tax obligations), pursuant to the applicable Award Agreement, such shares of Restricted Stock shall become freely transferable by such Participant.

 

  

9

  

 

	
  

	
(g)

	
Nontransferability During Period of Restriction. Except as provided in Section 9(f) hereof, the shares of Restricted Stock granted hereunder may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated for such period of time as shall be determined by the Committee and shall be specified in the Award Agreement for the grant of the Restricted Stock, or upon earlier satisfaction of other conditions, as specified by the Committee in its sole discretion and set forth in the Award Agreement for the grant of the Restricted Stock.

 

	
10.

	
Beneficiary Designation.

 

Each Participant under the Plan may name, from time to time, any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his death before he receives any or all of such benefit. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Committee during his lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his estate.

 

	
11.

	
Rights of Director.

 

	
  

	
(a)

	
Directorship. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s service as a Director with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right (or the right of the Company’s stockholders) to terminate such relationship at any time, with or without cause, to the extent permitted by applicable law.

 

	
  

	
(b)

	
Participation. No Director shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant.

 

	
12.

	
Change-in-Control.

 

	
  

	
(a)

	
In General. Except as expressly provided otherwise in an Award Agreement, in the event of a Change-in-Control of the Company as defined in Section 16(b) below, all Awards under the Plan shall vest 100%, whereupon all Options shall become exercisable in full, SARs shall be paid out based on the terms thereof and the restrictions applicable to Restricted Stock shall terminate.

 

	
  

	
(b)

	
Definition. For purposes of the Plan, a “Change-in-Control” shall mean any one or more of the following:

 

	
  

	
(i)

	
any individual, corporation (other than the Company or Trustco Bank, which, for purposes of this Section 16(b), are collectively referred to as the “Companies”), partnership, trust, association, pool, syndicate, or any other entity or group of persons acting in concert becomes the beneficial owner, as that concept is defined in Rule 13d-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, of securities of either of the Companies possessing 20% or more of the voting power for the election of directors of either of the Companies; or

 

  

10

  

 

	
  

	
(ii)

	
there shall be consummated any consolidation, merger or other business combination involving either of the Companies or the securities of either of the Companies in which holders of voting securities immediately prior to such consummation own, as a group, immediately after such consummation, voting securities of either of the Companies (or, if either of the Companies does not survive such transaction, voting securities of the entity or entities surviving such transaction) having 60% or less of the total voting power in an election of directors of either of the Companies (or such other surviving entity or entities); or

 

	
  

	
(iii)

	
during any period of two consecutive years, individuals who at the beginning of such period constitute the directors of either of the Companies cease for any reason to constitute at least a majority thereof unless the election, or nomination for election by either of the Companies’ shareholders, of each new director of either of the Companies was approved by a vote of at least two-thirds of the directors of either of the Companies then still in office who were directors of either of the Companies at the beginning of any such period; or

 

	
  

	
(iv)

	
removal by the stockholders of all or any of the incumbent directors of either of the Companies other than a removal for cause; or

 

	
  

	
(v)

	
there shall be consummated at any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of either of the Companies to a party which is not controlled by or under common control with either of the Companies; or

 

	
  

	
(vi)

	
an announcement of any of the events described in subparagraphs (i) through (v) above, including but not limited to a press release, public statement or filing with federal or state regulators.

 

	
  

	
(c)

	
Compliance with Section 409A. Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, if a Change-in-Control that is not a “Qualified Change-in-Control” (as defined below) occurs, and payment or distribution of an Award constituting deferred compensation subject to Section 409A of the Code would otherwise be made or commence on the date of such Change-in-Control (pursuant to the Plan, the Award Agreement or otherwise), (i) the vesting of such Award shall accelerate in accordance with the Plan and the Award Agreement, (ii) such payment or distribution shall not be made or commence prior to the earliest date on which Code Section 409A permits such payment or distribution to be made or commence without additional taxes or penalties under Section 409A, and (iii) in the event any such payment or distribution is deferred in accordance with the immediately preceding clause (ii), such payment or distribution that would have been made prior to the deferred payment or commencement date, but for Code Section 409A, shall be paid or distributed on such earliest payment or commencement date, together, if determined by the Committee, with interest at the rate established by the Committee. The Committee shall not extend the period to exercise an Option or SAR to the extent that such extension would cause the Option or SAR to become subject to Code Section 409A. Additionally, the Committee shall not take any action pursuant to this Section 16 that would cause an Award that is otherwise exempt from Code Section 409A to become subject to Code Section 409A, or that would cause an Award that is subject to Code Section 409A to fail to satisfy the requirements of Code Section 409A.

 

  

11

  

 

	
  

	
(d)

	
Qualified Change-in-Control Defined. For purposes hereof, a “Qualified Change-in-Control” means a Change-in-Control that qualifies as a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of Code Section 409A(a)(2)(A)(v) and the regulations promulgated thereunder.

 

	
13.

	
Amendment, Modification and Termination of Plan.

 

	
  

	
(a)

	
Amendment, Modification, and Termination. The Board may, at any time and with or without prior notice, amend, alter, suspend, or terminate the Plan, and the Committee may, to the extent permitted by the Plan, amend the terms of any Award theretofore granted, including any Award Agreement, in each case, retroactively or prospectively; provided, however, that no such amendment, alteration, suspension, or termination of the Plan shall be made which, without first obtaining approval of the shareholders of the Company (where such approval is necessary to satisfy (i) the then-applicable requirements of Rule 16b-3 and (ii) any applicable law, regulation or rule (including the applicable regulations and rules of the SEC and any national securities exchange)), would:

 

	
  

	
(i)

	
except as is provided in Section 5(d), increase the maximum number of Shares that may be sold or awarded under the Plan or increase the maximum limitations set forth in Section 5(a);

 

	
  

	
(ii)

	
except as is provided in Section 5(d), decrease the minimum Option Price or Grant Price requirements of Sections 7(b) and 2(a)(xxiv), respectively;

 

	
  

	
(iii)

	
change the class of persons eligible to receive Awards under the Plan;

 

	
  

	
(iv)

	
extend the duration of the Plan or the period during which Options or SARs may be exercised under Section 7 or Section 8, as applicable; or;

 

	
  

	
(v)

	
otherwise require shareholder approval to comply with any applicable law, regulation or rule (including the applicable regulations and rules of the SEC and any national securities exchange).

 

In addition, (A) no such amendment, alteration, suspension or termination of the Plan or any Award theretofore granted, including any Award Agreement, shall be made which would materially impair the previously accrued rights of a Participant under any outstanding Award without the written consent of such Participant, provided, however, that the Board may amend or alter the Plan and the Committee may amend or alter any Award, including any Agreement, either retroactively or prospectively, without the consent of the applicable Participant, (x) so as to preserve or come within any exemptions from liability under Section 16(b) of the Exchange Act, pursuant to the rules and releases promulgated by the SEC (including Rule 16b-3) or (y) if the Board or the Committee determines in its discretion that such amendment or alteration either (I) is required or advisable for the Company, the Plan or the Award to satisfy, comply with or meet the requirements of any law, regulation, rule or accounting standard or (II) is not reasonably likely to significantly diminish the benefits provided under such Award, or that such diminishment has been or will be adequately compensated, and (B) any amendment or modification of any Award or Award Agreement must comply with Section 21.

 

  

12

  

 

	
  

	
(b)

	
Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Board or the Committee shall make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including the events described in Section 5(d)) affecting the Company or the financial statements of the Company or of changes in applicable laws, regulations, or accounting principles in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. Additionally, neither the Board nor the Committee shall make any adjustment pursuant to this Section 17 that would cause an Award that is otherwise exempt from Code Section 409A to become subject to Code Section 409A, or that would cause an Award that is subject to Code Section 409A to fail to satisfy the requirements of Code Section 409A. The determination of the Committee as to the foregoing adjustments shall be conclusive and binding on Participants under the Plan.

 

	
14.

	
Tax Withholding.

 

	
  

	
(a)

	
Tax Withholding. The Company shall deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of the Plan.

 

	
  

	
(b)

	
Share Withholding. With respect to withholding required upon the exercise of Options or SARs, upon the lapse of restrictions on Restricted Stock, or upon any other taxable event arising as a result of awards granted hereunder, Participants may elect to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares of Stock having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory withholding that would be imposed on the transaction. All such elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.

 

	
15.

	
Indemnification.

 

Each Person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit, or proceeding to which he may be a party or in which he may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

  

13

  

 

	
16.

	
Repricing.

 

Notwithstanding any provision of the Plan to the contrary, neither the Board nor a Committee may authorize the repricing of an Award without the prior approval of the Company’s shareholders. For this purpose, the term “repricing” shall mean any of the following or any other action that has the same effect: (a) to lower the exercise price or price per share of an Award after it is granted, (b) to purchase for cash or shares an outstanding Award at a time when its exercise price or price per share exceeds the Fair Market Value of the Stock, (c) to take any other action that is treated as a repricing under generally accepted accounting principles or (d) to cancel an Award at a time when its exercise price or price per share exceeds the Fair Market Value of the Stock in exchange for another Award or Company equity. For purposes of this Section 21, however, an adjustment pursuant to Section 5(d) shall not be deemed to be a repricing.

 

	
17.

	
Requirements of Law.

 

	
  

	
(a)

	
Requirements of Law. The granting of Awards and the issuance of shares of Stock upon the exercise of an Option shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

	
  

	
(b)

	
Governing Law. The Plan and all Award Agreements and other agreements hereunder shall be construed in accordance with and governed by the laws of the State of New York, without giving effect to the choice of law principles thereof, except to the extent superseded by applicable United States federal law. Unless otherwise provided in the Award Agreement, Participants are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of New York, to resolve any and all issues that may arise out of or relate to the Plan or any related Award Agreement.

 

	
  

	
(c)

	
Code Section 409A. Anything under the Plan or an Award Agreement to the contrary notwithstanding, to the extent applicable, it is intended that any Awards under the Plan which provide for a “deferral of compensation” subject to Section 409A of the Code and rules, regulation and guidance issued thereunder (collectively, Code Section 409A) shall comply with the provisions of Code Section 409A and the Plan and all applicable Awards shall be construed and applied in a manner consistent with this intent. In furtherance thereof, any amount constituting a “deferral of compensation” under Treasury Regulation Section 1.409A-1(b) that is payable to a Participant upon a Separation from Service of the Participant (within the meaning of Treasury Regulation Section 1.409A-1(h)) (other than due to the Participant’s death), occurring while the Participant shall be a “specified employee” (within the meaning of Treasury Regulation Section 1.409A-1(i)) of the Company or applicable Subsidiary, shall not be paid until the earlier of (x) the date that is six months following such Separation from Service or (y) the date of the Participant’s death following such Separation from Service.

 

	
  

	
(d)

	
Plan Unfunded. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the issuance of Shares or the payment of cash upon exercise or payment of any Award. Proceeds from the sale of shares of Stock pursuant to Options or other Awards granted under the Plan shall constitute general funds of the Company.

 

 

14ex10_1.htm

EXHIBIT 10.1

SECOND AMENDMENT

to that certain

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

This SECOND AMENDMENT, dated as of December 16, 2010 (this “Amendment”), is made in connection with that certain Fourth Amended and Restated Credit Agreement, dated as of December 31, 2009 (the “Credit Agreement”), among Columbus McKinnon Corporation (the “Company”), certain subsidiaries of the Company party thereto (together with the Company, the “Borrowers”), the lending institutions party thereto (the “Lenders”), and  Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.  Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Credit Agreement.

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend certain terms and provisions of the Credit Agreement, as specifically set forth in this Amendment; and

WHEREAS, the Borrowers, the Administrative Agent and the Lenders are willing to amend certain terms and provisions of the Credit Agreement, but only on the terms and subject to the conditions set forth herein.

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

 

§1.           Amendments to the Credit Agreement.

(a)           Section 7.03(j) of the Credit Agreement is hereby amended and restated so that it reads, in its entirety, as follows:

“(j)             (i) Indebtedness of the Company in respect of the Senior Subordinated Notes and (ii) upon repayment of the Senior Subordinated Notes, additional unsecured Indebtedness consisting of notes issued in a Rule 144 offering in an aggregate principal amount not to exceed $175,000,000, so long as (A) the documents relating to such additional Indebtedness are provided to the Administrative Agent prior to the closing of the incurrence of such Indebtedness (with drafts to be provided a reasonable time in advance of such closing) and (B) such documents, and the terms and conditions of such additional Indebtedness (including the subordination terms with respect to any subordinated Indebtedness), are acceptable to the Administrative Agent;

(b)           Sections 7.06(f) and 7.06(g) of the Credit Agreement are hereby amended by replacing the text “Senior Subordinated Notes” contained therein with following text:  “Indebtedness permitted under Section 7.03(j)”.

  

 

  

(c)           Section 7.11(b) of the Credit Agreement is hereby amended and restated so that it reads, in its entirety, as follows.

“(b)           Total Leverage Ratio.  Permit the Total Leverage Ratio, as at the end of any fiscal quarter, to be greater than (i) for each of the fiscal quarters ending on or about December 31, 2009, March 31, 2010, June 30, 2010 and September 30, 2010, 3.75:1, (ii) for the fiscal quarter ending on or about December 31, 2010, 4.00:1, (iii) for the fiscal quarter ending on or about March 31, 2011, 3.75:1 and (iv) for the fiscal quarter ending on or about June 30, 2011 and for each fiscal quarter ending thereafter, 3.50:1.”

(d)           Section 7.12 of the Credit Agreement is hereby amended and restated so that it reads, in its entirety, as follows:

7.12           Modifications of Certain Documents; Designation of Senior Debt.  Consent to any amendment or modification of or supplement to any of the provisions of any documents or agreements evidencing or governing the Indebtedness permitted under Section 7.03(j) or any other existing Indebtedness set forth on Schedule 7.03.  The Loan Parties will designate the Credit Agreement and the Obligations hereunder as “Designated Senior Indebtedness” under the Senior Subordinated Note Indenture and any other document governing any other subordinated indebtedness incurred pursuant to Section 7.03(j), and will not designate any other Indebtedness as “Designated Senior Indebtedness” under the Senior Subordinated Note Indenture or any other document governing any other subordinated indebtedness incurred pursuant to Section 7.03(j) without the consent of the Administrative Agent.

§2.           Consent to Sale of Business.  The Administrative Agent and the Lenders hereby consent to the Company’s sale of all or any portion of the equity interests in, or all or any portion of the assets of, the business previously identified to the Administrative Agent prior to the date hereof (“Business”), in each case, free and clear of the liens and security interests held by the Administrative Agent in the equity interests in, and assets of, Business; provided that (i) the terms and conditions of such sale are reasonably acceptable to the Administrative Agent, (ii) the Company certifies to the Administrative Agent that, at the time of such sale, no Default or Event of Default shall have occurred and be continuing, and (iii) such sale is consummated on or prior to December 31, 2011 or such later date as is reasonably acceptable to the Administrative Agent.  The Administrative Agent and the Lenders further agree that, upon consummation of such sale, (i) so long as all of the equity interests in, or all of the assets of, Business are disposed of by the Company, Business shall be released from the Guaranty and (ii) the Administrative Agent is authorized by the Lenders to deliver any and all documents needed to evidence the release of any security interest in the equity interests in, and/or assets of, Business held by the Administrative Agent and the Lenders, and the Administrative Agent is authorized to deliver any release of Guaranty by Business.

§3.           Lender Consents in Regard to Certain Transactions.  Notwithstanding anything to the contrary contained in the Credit Agreement, the Administrative Agent and the Lenders agree as follows:

  

- 2 -

  

(a)           Notwithstanding anything contained in Section 2.06(b) of the Credit Agreement, the Company shall not be required to apply the Net Cash Proceeds of the sale of Business described in Section 2 hereof to prepay the Loans or reduce the Aggregate Commitments.

(b)           Notwithstanding anything contained in Section 2.06(d) of the Credit Agreement, the Company shall not be required to apply the proceeds of the Indebtedness incurred pursuant to Section 7.03(j)(ii) (as amended hereby) to prepay the Loans or reduce the Aggregate Commitments.

(c)           Notwithstanding anything contained in Section 7.02 of the Credit Agreement, the Company shall be permitted to make an Investment, in an amount expected to be in the range of $30,000,000 to $40,000,000 (but not in excess of $40,000,000) net of acquired cash and marketable securities, consisting of the acquisition of certain Persons or assets previously identified to the Administrative Agent prior to the date hereof; provided that (i) the terms and conditions of such Investment are reasonably acceptable to the Administrative Agent, (ii) the Company certifies to the Administrative Agent that, at the time of such Investment, no Default or Event of Default shall have occurred and be continuing, and (iii) such Investment is consummated on or prior to December 31, 2011 or such later date as is reasonably acceptable to the Administrative Agent.

§4.           Affirmation and Acknowledgment.  Each Borrower hereby ratifies and confirms all of its Obligations to the Lenders, including, without limitation, the Loans, the Notes and the other Loan Documents, and each Borrower hereby affirms its absolute and unconditional promise to pay to the Lenders all Obligations under the Credit Agreement as amended hereby.  Each Guarantor hereby acknowledges and consents to this Amendment and agrees that its Guaranty remains in full force and effect, and each such Guarantor confirms and ratifies all of its obligations under the Loan Documents.  Each Borrower and each Guarantor hereby confirms that the Obligations are and remain secured pursuant to the Security Documents and pursuant to all other instruments and documents executed and delivered by the Borrowers and the Guarantors, as security for the Obligations.

§5.           Representations and Warranties.  Each Borrower hereby represents and warrants to the Lenders as follows:

(a)           The execution and delivery by each Borrower and each Guarantor of this Amendment, and the performance by each Borrower and each Guarantor of its obligations and agreements under this Amendment and the Credit Agreement as amended hereby, are within the corporate authority of each Borrower and each Guarantor and have been duly authorized by all necessary corporate proceedings on behalf of each Borrower and each Guarantor, and do not contravene any provision of law, statute, rule or regulation to which any Borrower or any Guarantor is subject or any Borrower’s or any Guarantor’s charter, other incorporation papers, by-laws or any stock provision or any amendment thereof or of any agreement or other instrument binding upon any Borrower or any Guarantor.

(b)           This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Borrowers and the Guarantors, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights or general principles of equity and except to the extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefore may be brought.

  

- 3 -

  

(c)           Other than approvals or consents which have been obtained, no approval or consent of, or filing with, any governmental agency or authority is required to make valid and legally binding the execution, delivery or performance by the Borrowers of this Amendment and the Credit Agreement, as amended hereby.

(d)           The representations and warranties contained in Article V of the Credit Agreement are true and correct at and as of the date made and as of the date hereof, except to the extent of changes resulting from transactions contemplated or permitted by the Credit Agreement and the other Loan Documents and changes occurring in the ordinary course of business that singly or in the aggregate are not materially adverse, or to the extent that such representations and warranties relate expressly to an earlier date.

(e)           The Borrowers have performed and complied in all material respects with all terms and conditions herein required to be performed or complied with by it prior to or at the time hereof, and as of the date hereof, after giving effect to the provisions hereof, there exists no Event of Default or Default.

§6.           Conditions to Effectiveness.  The Administrative Agent and the Company agree that this Amendment shall become effective as of the date first written above upon the receipt by the Administrative Agent of counterparts of this Amendment, duly executed by each of the Company, the Guarantors, the Administrative Agent and the Required Lenders.

§7.           Expenses.  Borrowers agree to pay to the Administrative Agent upon written demand therefor an amount equal to any and all reasonable out-of-pocket costs, expenses, and liabilities incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment (including, without limitation, reasonable fees and expenses of legal counsel). Amounts payable pursuant to this Section 7 shall be subject to the provisions of Section 10.04(a) of the Credit Agreement, as fully as if set forth therein

 

§8.           Miscellaneous Provisions.

(a)           Except as otherwise expressly provided by this Amendment, all of the terms, conditions and provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect without modification or waiver.

(b)           This Amendment shall constitute a Loan Document under the Credit Agreement, and all obligations included in this Amendment (including, without limitation, all obligations for the payment of principal, interest, fees, and other amounts and expenses) shall constitute obligations under the Loan Documents and be secured by the collateral security for the Obligations.  The Credit Agreement, together with this Amendment, shall be read and construed as a single agreement.  All references in the Loan Documents to the Credit Agreement or any other Loan Document shall hereafter refer to the Credit Agreement or any other Loan Document as amended hereby.

  

- 4 -

  

(c)           THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(d)           This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute but one instrument.  In making proof of this Amendment it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.  Delivery of an executed counterpart of this Amendment by facsimile or electronic mail in portable document format (.pdf) shall be equally effective as delivery of an original executed counterpart of this Amendment.

  

- 5 -

  

IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be executed as of the date first written above.

	  	
BORROWERS

	  	  	  
	  	
COLUMBUS MCKINNON CORPORATION

	  	  	  
	  	
By:

	
/s/ Karen L. Howard

	  	  	
Name: Karen L. Howard

	  	  	
Title:   Vice President-Finance

	  	  	
Chief Financial Officer

	  	 	  
	 	 	 
	  	
GUARANTORS

	  	  	  
	  	
YALE INDUSTRIAL PRODUCTS, INC.

	 	 
	  	
By:

	
/s/ Karen L. Howard

	  	  	
Name: Karen L. Howard

	  	  	
Title:   Vice President

	  	  	  
	  	
CRANE EQUIPMENT & SERVICE, INC.

	  	  	  
	  	
By:

	
/s/ Karen L. Howard

	  	  	
Name: Karen L. Howard

	  	  	
Title:   Vice President

 

  

  

  

 

	  	
BANK OF AMERICA, N.A.,

	  	
as Administrative Agent

	  	  	  
	  	
By:

	
/s/ Colleen M. O’Brien

	  	  	
Name: Colleen M. O’Brien

	  	  	
Title: SVP

	  	  	  
	  	
BANK OF AMERICA, N.A.

	  	
as a Lender, L/C Issuer and Swing Line Lender

	  	  	  
	  	
By:

	
/s/ Colleen M. O’Brien

	  	  	
Name: Colleen M. O’Brien

	  	  	
Title: SVP

 

  

  

  

 

	  	
JPMORGAN CHASE BANK, N.A., as a Lender

	  	  	  
	  	
By:

	
/s/ Karen L. Mikols

	  	  	
Name: Karen L. Mikols

	  	  	
Title: Authorized Officer

 

  

  

  

 

	  	
RBS CITIZENS BANK, N.A., as a Lender

	  	  	  
	  	
By:

	
/s/ Andrew M. Constantino

	  	  	
Name: Andrew M. Constantino

	  	  	
Title: Vice President

 

  

  

  

 

	  	
M&T BANK, as a Lender

	  	  	  
	  	
By:

	
/s/ Lon C. Gondek

	  	  	
Name: Lon C. Gondek

	  	  	
Title: Vice President

 

  

  

  

 

	  	
PNC BANK, N.A., as a Lender

	  	  	  
	  	
By:

	
/s/ James F. Stevenson

	  	  	
Name: James F. Stevenson

	  	  	
Title: Senior Vice President

 

  

  

  

 

	  	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

	  	  	  
	  	
By:

	
/s/ John Toronto

	  	  	
Name: John Toronto

	  	  	
Title: Director

	  	  	  
	  	
By:

	
/s/ Vipul Dhadda

	  	  	
Name: Vipul Dhadda

	  	  	
Title: Associate

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