Document:

Exhibit 10.1

 

FOURTH
AMENDMENT TO CREDIT AGREEMENT

 

This
FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of April 15,
2005, (the “Effective Date”) is among FFE TRANSPORTATION SERVICES, INC. (the
“Borrower”), each of the undersigned Other Companies, each of the banks or other
lending institutions which is a party to the Agreement (hereinafter defined)
(each a “Bank” and collectively, the “Banks”), COMERICA BANK,
successor-by-merger with Comerica Bank-Texas (“Comerica”), as administrative
agent for the Banks (in such capacity, together with its successors in such
capacity, the “Administrative Agent”), and as issuer of Letters of Credit under
the Agreement (in such capacity, together with its successors in such capacity,
the “Issuing Bank”), and LASALLE BANK NATIONAL ASSOCIATION, a national banking
association (“LaSalle”), as Syndication Agent (in such capacity, together with
its successors in such capacity, the “Syndication Agent”), and as Collateral
Agent (in such capacity, together with its successors in such capacity, the
“Collateral Agent”).

RECITALS:

A. The
Borrower, the Other Companies, the Banks, the Issuing Bank and the
Administrative Agent, the Syndication Agent and the Collateral Agent have
entered into that certain Credit Agreement dated as of May 30, 2002, which was
subsequently amended by the First Amendment to Credit Agreement on December 11,
2003, the Second Amendment to Credit Agreement on June 30, 2004 and the Third
Amendment to Credit Agreement on August 30, 2004 (as so amended, the “Credit
Agreement”).

B. The
parties hereto now desire to amend the Credit Agreement as provided
herein.

AGREEMENTS:

In
consideration of the premises and the mutual agreements herein set forth, the
parties hereto hereby agree as follows:

ARTICLE
I.

 

DEFINITIONS
AND REFERENCES

 

§
1.1. Terms
Defined in the Credit Agreement. Unless
the context otherwise requires or unless otherwise expressly defined herein, the
terms defined in the Credit Agreement shall have the same meanings whenever used
in this Amendment.

 

§
1.2. Other
Defined Terms. Unless
the context otherwise requires, the following terms when used in this Amendment
shall have the meanings assigned to them in this Section 1.2.

 

“Amendment” means
as defined in the Introductory Paragraph hereof.

 

“Amendment
Documents” means
this Amendment and any other document delivered by the Borrower to
Administrative Agent pursuant to this Amendment.

 

“Credit
Agreement” means
as defined in the Recitals of this Amendment. 

 

ARTICLE
II.

 

AMENDMENT
TO CREDIT AGREEMENT

 

§
2.1  Loans,
Investments and Mergers. Section
5.2(c) of the Credit Agreement is hereby amended to read in its entirety as
follows:

 

 

“(c) Loans,
Investments and Mergers. Make
any loan to or investment in, nor purchase stock or other securities of, nor
merge or consolidate with, nor purchase all or substantially all of the assets
of, any Person other than Borrower
or another Company, except (i) mergers and consolidations of two or more
Companies or acquisitions of a Company by another Company, provided no Default
or Potential Default exists; (ii) secured loans to owner-operators who have
independent contractor agreements with Borrower or any other Company not to
exceed $2,000,000 in the aggregate outstanding at any time; (iii) the W&B
Note; (iv) indebtedness of purchasers to the Companies for the purchase
price of Vehicles sold by the Companies to such purchasers, provided that such
Indebtedness together with loans made pursuant to clause (v) of this Subsection
(c) shall not exceed $2,000,000 in the aggregate outstanding at any time;
(v) loans, other than the foregoing, provided that such loans together with
indebtedness pursuant to clause (iv) of this Subsection (c) shall not exceed
$3,500,000 in the aggregate outstanding at any time; (vi) Permitted
Investments, (vii) other investments from time to time in an amount
outstanding at any time less than or equal to $100,000; and
(viii) expenditures for acquisitions involving a Person other than a Company in
an amount not to exceed $5,000,000 during any fiscal year of
Borrower.”

 

ARTICLE
III.

 

MISCELLANEOUS

 

§ 3.1.
 Survival
of Representations and Warranties. All
representations and warranties made in this Amendment, the Credit Agreement or
any other document or documents relating thereto, including, without limitation,
any Loan Document furnished in connection with this Amendment, shall survive the
execution and delivery of this Amendment and the other Loan Documents, and no
investigation by Administrative Agent or any closing shall affect the
representations and warranties or the right of Administrative Agent to rely upon
them.

§ 3.2.
 Reference
to Credit Agreement. Each of
the Loan Documents, including the Credit Agreement and any and all other
agreements, documents or instruments now or hereafter executed and delivered
pursuant to the terms hereof or pursuant to the terms of the Credit Agreement,
as amended hereby, are hereby amended so that any reference in such Loan
Documents to the Credit Agreement shall mean a reference to the Credit
Agreement, as amended hereby.

§ 3.3.
 Expenses
of Administrative Agent. As
provided in the Credit Agreement, Borrower agrees to pay on demand all
reasonable costs and expenses incurred by Administrative Agent in connection
with the preparation, negotiation and execution of this Amendment and the other
Loan Documents executed pursuant hereto and any and all amendments,
modifications, and supplements thereto, including, without limitation, the
reasonable costs and fees of Administrative Agent’s legal counsel, and all
reasonable costs and expenses incurred by Administrative Agent in connection
with the enforcement or preservation of any rights under the Credit Agreement,
as amended hereby, or any other Loan Document, including, without limitation,
the reasonable costs and fees of Administrative Agent’s legal counsel.

§ 3.4.
 Severability. Any
provision of this Amendment held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to
be invalid or unenforceable.

§ 3.5.
 Applicable
Law. THIS
AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED PURSUANT HERETO SHALL BE DEEMED
TO HAVE BEEN MADE AND TO BE PERFORMABLE IN DALLAS COUNTY, TEXAS, AND SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS.

§ 3.6.
 Successors
and Assigns. This
Amendment is binding upon and shall inure to the benefit of Administrative Agent
and Borrower and their respective successors and assigns, except Borrower may
not assign or transfer any of its rights or obligations hereunder without the
prior written consent of Administrative Agent.

§ 3.7.
 Counterparts. This
Amendment may be executed in one or more counterparts, each of which when so
executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument.

§ 3.8.
 Effect
of Waiver. No
consent or waiver, express or implied, by Administrative Agent to or for any
breach of or deviation from any covenant or condition of the Credit Agreement
shall be deemed a consent or waiver to or of any other breach of the same or any
other covenant, condition or duty. 

§ 3.9.
 Headings. The
headings, captions, and arrangements used in this Amendment are for convenience
only and shall not affect the interpretation of this Amendment.

§
3.10. Notice
Pursuant To Tex. Bus. & Comm. Code Section 26.02

THIS
AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE PARTIES BEFORE OR
SUBSTANTIALLY CONTEMPORANEOUSLY WITH THE EXECUTION HEREOF, INCLUDING THE
GUARANTY, TOGETHER CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

§
3.11. Guarantors.

Each of
the undersigned parties to a Guaranty Agreement and Security Agreement, hereby
(i) consents to the provisions of this Amendment and the transactions
contemplated herein, (ii) ratifies and confirms the Guaranty Agreement and
Security Agreement made by it for the benefit of Agent and Banks executed
pursuant to the Credit Agreement and the other Loan Papers, (iii) agrees that
all of its respective obligations and covenants thereunder shall remain
unimpaired by the execution and delivery of this Amendment and the other
documents and instruments executed in connection herewith, and (iv) agrees that
such Guaranty Agreement and such Security Agreement shall remain in full force
and effect.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

IN
WITNESS WHEREOF, this Amendment is executed as of the date first above
written.

 

 

 

FFE
TRANSPORTATION SERVICES, INC.

 

By:
/s/Thomas G. Yetter 

Thomas G.
Yetter

Vice
President

 

COMERICA
BANK, as a Bank, Issuing Bank and Administrative Agent

 

By:
/s/ Donald P. Hellman

Donald P.
Hellman

Senior
Vice President

 

LA SALLE
BANK, as Bank, Collateral Agent and Syndication Agent

 

By:
/s/ Nick Weaver

Name:
Nick Weaver

Title:
First Vice President

GUARANTORS:

 

FROZEN
FOOD EXPRESS INDUSTRIES, INC.

 

By:
/s/Thomas G. Yetter 

T. G.
Yetter

Treasurer

FFE,
INC.

 

By:
/s/Thomas G. Yetter 

T. G.
Yetter

Vice
President

CONWELL
CORPORATION

 

By:
/s/Thomas G. Yetter 

T. G.
Yetter

Vice
President

AIRPRO
HOLDINGS, INC.

 

By:
/s/ F. Dixon McElwee

F. Dixon
McElwee

Senior
Vice President

LISA
MOTOR LINES, INC.

 

By:
/s/ Leonard W. Bartholomew

Leonard
W. Bartholomew

Corporate
Secretary

 

FROZEN
FOOD EXPRESS, INC.

 

By:
/s/ F. Dixon McElwee

F. Dixon
McElwee

Senior
Vice President

 

CONWELL
CARTAGE, INC.

 

By:
/s/ Leonard W. Bartholomew

Leonard
W. Bartholomew

Corporate
Secretary

 

MIDDLETON
TRANSPORTATION COMPANY

 

By:
/s/ F. Dixon McElwee

F. Dixon
McElwee

Senior
Vice President

 

COMPRESSORS
PLUS, INC.

 

By:
/s/ Leonard W. Bartholomew

Leonard
W. Bartholomew

Corporate
Secretary

FFE
LOGISTICS, INC.

 

By:
/s/ Leonard W. Bartholomew

Leonard
W. Bartholomew

Corporate
Secretary

CONWELL,
LLC

 

By:
/s/ Leonard W. Bartholomew

Leonard
W. Bartholomew

Corporate
SecretaryExhibit 10.1

Exhibit 10.1

HELIX TECHNOLOGY CORPORATION

EMPLOYEE RETENTION AGREEMENT

     THIS EMPLOYEE RETENTION AGREEMENT by and between HELIX TECHNOLOGY CORPORATION, a Delaware corporation (the "Company"), and PAUL KAWA (the "Employee") is made as of March 10, 2005 (the "Effective Date").

     WHEREAS, the Company and the Employee desire to enter into this Agreement to reinforce and encourage the continued employment of the Employee by the Company.

     NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein and as an inducement for and in consideration of the Employee remaining in its employ, the parties, subject to the terms and conditions set forth herein, agree as follows:

     Section 1.  Term of Agreement.  The term of this Agreement (the "Term"), and all rights and obligations of the parties hereunder, shall take effect upon the Effective Date and shall expire, subject to Section 12 hereof, on the earlier to occur of (a) the Employee's "normal retirement date" as defined in the Helix Technology Corporation Employees' Pension Plan (unless extended by mutual agreement) and (b) the date of termination of the Employee's employment with the Company.

     Section 2.  Termination Without Cause; Termination for Good Reason.

          (a)  If, during the Term of this Agreement, the Company terminates the employment of the Employee (other than for Cause (as defined below), death or physical or mental incapacity or disability), the Company shall provide the Employee notice of such pending termination six (6) months in advance of the date that such termination becomes effective (a "Termination Notice").  The severance benefits described in Section 2(b) below shall commence on (i) the effective date of the termination as specified in the Termination Notice or any earlier date on which the Employee terminates employment following receipt of the Termination Notice or (ii) the date on which the Employee terminates employment for Good Reason (as defined below) (each a "Termination Date").

          (b)  If, during the Term of this Agreement, (i) the Company gives a Termination Notice to the Employee or (ii) the Employee terminates employment with the Company for Good Reason (as defined below), then, in each case:

                    (1)  Subject to clause (3) below, the Company shall pay to the Employee an aggregate amount (the "Salary Severance") equal to the Employee's annual base salary in effect immediately prior to the Termination Notice or the event giving rise to the termination for Good Reason by the Employee (each a "Trigger Event").  Such amount shall be payable commencing on the Termination Date in weekly payments, each equal to the weekly base salary payments paid to the Employee immediately prior to the Trigger Event, and ending twelve (12) months after the

Termination Date (the "Tail Period"); provided, however, that the Company may, in its sole discretion, accelerate the timing of such payments;

                    (2)  Subject to clause (3) below, if the Trigger Event occurs during any calendar year in which the Employee is a participant in a variable performance award program, the Company shall deem that the "target" performance goal has been achieved and shall pay to the Employee an amount equal to the Employee's bonus as determined under the plan for the achievement of the "target" goal (the "Bonus Severance").  The manner (i.e., cash or stock or a combination thereof) and timing of the Bonus Severance shall be at the discretion of the Board of Directors of the Company, provided, however, that any such payment must be made by no later than the expiration of the Tail Period;

                    (3)  The amounts otherwise payable pursuant to clauses (1) and (2) above shall be reduced by the amount of compensation earned by the Employee (as an employee, consultant or otherwise) during the Tail Period subject to the following limitation: (a) the Salary Severance actually paid to the Employee shall be no less than fifty percent (50%) of the amount otherwise payable under clause (1) above and (b) the Bonus Severance actual paid to the employee shall be no less than fifty percent (50%) of the amount otherwise payable under clause (2) above;

                    (4)  Until the earlier of (a) the expiration of the Tail Period or (b) the date the Employee secures full time employment, the Company shall provide the Employee with medical, dental and life insurance benefits at least equal to those which would have been provided to the Employee if the Employee's employment had not been terminated, in accordance with the applicable benefit plans of the Company in effect on the Termination Date; and

                    (5)  The Company shall provide outplacement services through one or more outside firms of the Employee's choosing up to an aggregate of $5,000, with such services to extend until the earlier of (a) the expiration of the Tail Period or (b) the date the Employee secures full time employment.

          (c)  "Cause" shall mean any one or more of the following, in any case as determined to have occurred by the Board of Directors of the Company (the "Board"):

               (i)    the Employee's willful and continued failure to substantially perform reasonable assigned duties or a material violation by the Employee of the policies, procedures or rules of the Company; 

               (ii)   the Employee's commission of, or conviction for, a felony or any act involving fraud, embezzlement, theft, misrepresentation, dishonesty or moral turpitude;

               (iii)  the Employee's indictment for commission of a material crime on the basis of alleged facts of such a serious nature that the Company has reasonable cause to believe that the Employee cannot effectively discharge the

2

Employee's duties and responsibilities, or the Employee's indictment for the commission of a material business related crime;

               (iv)   any gross or willful misconduct of the Employee resulting in substantial loss to the Company or substantial damage to the Company's business or reputation;

               (v)    gross neglect of the Employee's duties resulting in substantial loss to the Company or substantial damage to the Company's business or reputation; or

               (vi)   any material breach by the Employee of this Agreement or any non-competition agreement between the Employee and the Company.

          (d)  "Good Reason" shall mean, without the Employee's consent, the occurrence of any one or more of the following events:

               (i)    a material diminution of the Employee's responsibilities and authority in his capacity as a Corporate Controller (not Interim Chief Financial Officer), only after the Company shall have had an opportunity to cure (any such cure to be effected within thirty (30) days after written notice of the basis for Good Reason is given to the Company by the Employee);

               (ii)   a material reduction in base salary and bonus opportunities, unless all employees of the Company with similar responsibilities and authority as the Employee suffer a substantially similar reduction;

               (iii)  the relocation of the Employee's office to a location more than fifty (50) miles from Mansfield, Massachusetts; or

               (iv)   the failure of the Company to obtain the assumption in writing of its obligation to perform this Agreement by any successor to all or substantially all of the assets of the Company within fifteen (15) days after a merger, consolidation, sale of assets or similar transaction.

     Section 3.  Limit on Parachute Payments.  In the event that any benefit received or to be received by you in connection with the termination of your employment (whether pursuant to the terms of this Agreement or otherwise) ("Parachute Payments") would not be deductible (in whole or part) as a result of section 280G of the Internal Revenue Code of 1986, as amended, by the Company, an affiliate or other person making such payment or providing such benefit, the Parachute Payments shall be reduced until no portion of the Parachute Payments is not deductible.

     Section 4.  Non-Competition; Trade Secrets.

          (a)  Except as set forth below, for a period of three (3) years following termination of the Employee's employment with the Company for any reason, the Employee agrees not to accept or continue to hold any position in any capacity, whether

3

as an employee, agent, consultant, investor, director or otherwise, with any person, firm or corporation, whose present or planned business is competitive with the business of the Company as it exists on the Termination Date.  In the event the Employee's employment with the Company is terminated by the Company without Cause or by the Employee for Good Reason, the foregoing non-competition covenant shall apply for two (2) years following the Termination Date.  Ownership by the Employee of less than one percent (1%) of the outstanding stock or securities in any business enterprise shall not itself be deemed to be engaging in any activity prohibited by this Section 4(a).

          (b)  If the Employee has not already done so, the Employee agrees to execute and abide by the Company's standard form of agreement presently in effect protecting the Company's inventions, patents and proprietary and confidential information and the Employee agrees to execute and abide by any subsequent agreement generally in effect for the Company's officers and key employees.

     Section 5.  Assignment.  The rights and benefits of the Employee hereunder shall not be assignable, whether by voluntary or involuntary assignment or transfer.  This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of the Company, and the heirs, executors and administrators of the Employee, and shall be assignable by the Company to any entity acquiring substantially all of the assets of the Company, whether by merger, consolidation, sale of assets or similar transaction.

     Section 6.  Notices.  Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and personally delivered, sent by certified or registered mail or sent by overnight courier service as follows (unless another address designated by any party hereto by is given by similar notice):

          (a)  if to the Employee, to the Employee's address as set forth in the records of the Company; and

          (b)  if to the Company, to the address of its principal executive offices, attention:  President, with a copy to Matthew J. Gardella, Esquire, Palmer & Dodge LLP, 111 Huntington Avenue, Boston, Massachusetts 02199.

     Section 7.  Waiver of Breach.  A waiver by the Company or the Employee of any breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by the other party.

     Section 8.  Entire Agreement.  This Agreement contains the entire agreement of the parties with respect to the subject matter hereof.  This Agreement may be modified only by an agreement in writing signed by the parties hereto.

     Section 9.  Severability.  In case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.  If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to

4

be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed, by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

     Section 10.  Costs.  In the event that a dispute shall arise between the parties hereto with respect to any term or provision of this Agreement or the subject matter hereof, all costs and expenses (including attorney fees incurred by the Company or the Employee associated with such dispute) shall be borne by the respective party incurring such costs and expenses.

     Section 11.  Interpretation; Applicable Law.  This Agreement and its terms are subject to reasonable interpretation by the Compensation Committee of the Board in its sole discretion.  The terms of this Agreement shall be governed by and construed in accordance with the internal laws (as opposed to the conflict of laws provisions) of the Commonwealth of Massachusetts.

     Section 12.  Survival of Provisions.  The provisions of Section 2, Section 3, Section 4, Section 5, Section 6, Section 10, Section 11, Section 12 and Section 15 of this Agreement will survive the termination of the Employee's employment hereunder and the termination of this Agreement.

     Section 13.  Not an Employment Contract.  The Employee acknowledges that this Agreement does not constitute a contract of employment or impose on the Company any obligation to retain the Employee as an employee and that this Agreement does not prevent the Employee from terminating employment at any time.

     Section 14.  Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of which together shall constitute one and the same instrument.

     Section 15.  Taxes.  Any payments provided for hereunder shall be paid net of any applicable tax withholding required under federal, state or local law.  Notwithstanding anything herein to the contrary, the Company shall accelerate the timing of any amounts payable to the Employee hereunder if and as necessary to prevent such amounts from being deemed "deferred compensation" pursuant to the American Jobs Creation Act of 2004 (or the rules and regulation promulgated thereunder).

     Section 16.  Complete Agreement.  This Agreement supersedes all other prior agreements between the Employee and the Company concerning the Employee's employment with the Company, and none of such agreements shall be of any force or effect whatsoever; provided, however, that nothing contained herein shall be deemed to limit or otherwise affect the provisions of any other agreement, arrangement or policy concerning the Employee and the Company that is unrelated to the subject matter of this Agreement.

[SIGNATURE PAGE FOLLOWS]

5

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

 

	 	 	
HELIX TECHNOLOGY CORPORATION

	 	 	 
	 	 	 
	 	 	 
	 	 	
By:  /s/ James Gentilcore

	 	 	
       Name:  James Gentilcore

	 	 	
       Title:   Chief Executive Officer

	 	 	 
	 	 	 
	 	 	 
	 	 	
EMPLOYEE

	 	 	 
	 	 	
       /s/ Paul Kawa

	 	 	
       Paul Kawa

	 	 	
       Interim Chief Financial Officer

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