Document:

Exhibit

EXECUTION VERSION

Exhibit 10-b

EIGHTH AMENDMENT TO THE 
RECEIVABLES PURCHASE AGREEMENT
This EIGHTH AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of December 5, 2017 (the “Amendment Date”), is entered into by and among the following parties:
		
	(i)
	ARVINMERITOR RECEIVABLES CORPORATION, a Delaware corporation, as Seller;

		
	(ii)
	MERITOR, INC. (“Meritor”), an Indiana corporation, as Servicer; and

		
	(iii)
	PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Related Committed Purchaser, as an LC Participant, as a Purchaser Agent, as LC Bank and as Administrator.

Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Purchase Agreement described below.
BACKGROUND
A.The parties hereto have entered into a Receivables Purchase Agreement, dated as of June 18, 2012 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”), and desire to amend the Receivables Purchase Agreement as set forth herein.
B.Concurrently herewith, the Seller, the Servicer, the Administrator and PNC Capital Markets LLC are entering into that certain Amended and Restated Fee Letter, dated as of the date hereof (the “Amended and Restated Fee Letter”)
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Amendments to the Receivables Purchase Agreement. Effective as of the Amendment Date, the Receivables Purchase Agreement is hereby amended as follows:
(a)    The following new defined term is added to Exhibit I of the Receivables Purchase Agreement in appropriate alphabetical order:
“LCR Security” means any commercial paper or security (other than equity securities issued to Meritor or any Originator that is a consolidated subsidiary of Meritor under generally accepted accounting principles) within the meaning of Paragraph __.32(e)(1)(viii) of the final rules titled Liquidity Coverage Ratio: 

1

Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).
(b)    The definition of “Scheduled Commitment Termination Date” set forth in Exhibit I to the Receivables Purchase Agreement is hereby amended by deleting the date “December 5, 2019” where it appears therein and substituting the date “December 7, 2020”.
(c)    Section 1(o) of Exhibit III of the Receivables Purchase Agreement is hereby replaced in its entirety with the following:
(o)    Liquid Coverage Ratio. The Seller has not issued any LCR Securities, and the Seller is a consolidated subsidiary of Meritor under generally accepted accounting principles.
(d)    The following new Section 1(u) is hereby added to Exhibit IV of the Receivables Purchase Agreement immediately following existing Section 1(t) thereof:
(u)    Liquid Coverage Ratio. The Seller shall not issue any LCR Security.
(e)    Section 2(a)(i) of Exhibit IV of the Receivables Purchase Agreement is hereby amended by deleting the reference to “105 days” where it appears therein and substituting “90 days” therefor and deleting the reference to  “55 days” where it appears therein and substituting “45 days” therefor.  
SECTION 2.    Representations and Warranties of the Seller and Servicer. Each of the Seller and the Servicer hereby represents and warrants, as to itself, to the Administrator, each Purchaser and each Purchaser Agent, as follows:
(a)    Representations and Warranties. As of the date hereof and immediately after giving effect to this Amendment, the representations and warranties made by such Person in the Transaction Documents to which it is a party are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).
(b)    Enforceability. This Amendment and each other Transaction Document to which it is a party, as amended hereby, constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law.
(c)    No Termination Event. No event has occurred and is continuing, or would result from the transactions contemplated hereby, that constitutes a Purchase and Sale Termination Event, an Unmatured Purchase and Sale Termination Event, a Termination Event or an Unmatured Termination Event.

2

SECTION 3.    Effect of Amendment. All provisions of the Receivables Purchase Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Receivables Purchase Agreement (or in any other Transaction Document) to “this Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Purchase Agreement shall be deemed to be references to the Receivables Purchase Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Purchase Agreement other than as set forth herein.
SECTION 4.    Effectiveness. This Amendment shall become effective as of the Amendment Date upon the satisfaction of the following conditions precedent:
(a)    Execution of Amendment. The Administrator shall have received counterparts hereto duly executed by each of the parties hereto.
(b)    Execution of Amended and Restated Fee Letter. The Administrator shall have received counterparts of the Amended and Restated Fee Letter duly executed by each of the parties thereto.
(c)    Receipt of Fees. The Administrator shall have received confirmation that the “Amendment Fee” under and as defined in the Amended and Restated Fee Letter has been paid in full in accordance with the terms of the Amended and Restated Fee Letter.
SECTION 5.    Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.
SECTION 6.    Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 7.    GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5‐1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
SECTION 8.    Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Purchase Agreement or any provision hereof or thereof.

3

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.
ARVINMERITOR RECEIVABLES CORPORATION,  
as Seller 
 
 
By: /s/ Carl D. Anderson II     
Name:     Carl D. Anderson II 
Title:    President and Treasurer 
 

MERITOR, INC., 
as Initial Servicer 
 
 
By: /s/ Carl D. Anderson II     
Name:     Carl D. Anderson II 
Title:     Treasurer

PNC BANK, NATIONAL ASSOCIATION,
as a Related Committed Purchaser, 
as an LC Participant, as a Purchaser Agent, 
as LC Bank and as Administrator 

By: /s/ Michal Brown    
Name: Michael Brown
Title: Senior Vice President

4Exhibit

Exhibit 10-c

To:  VIKING ASSET PURCHASER No 7 IC (the “Purchaser”) and Citicorp Trustee Company Limited
23 January 2018
Dear Sirs,
Extension of a receivables purchase agreement between the Purchaser and ourselves as Seller dated 2 February 2012 as amended and extended from time to time (the “Receivables Purchase Agreement”).
We refer to the Receivables Purchase Agreement. We write to record the terms and conditions upon which the parties have agreed to extend the Receivables Purchase Agreement. 
In the definition of Termination Event, sub-clause (a) which appears in Clause 1 of the Receivables Purchase Agreement, the reference to “six (6) years“ shall be replaced by “ten (10) years”, which, for the avoidance of doubt, means that the Receivables Purchase Agreement will terminate on 2 February 2022. 
Please acknowledge your acceptance of the terms and conditions contained in this Letter of Agreement by signing and returning the enclosed duplicate.
Yours faithfully,
for and on behalf of

MERITOR HEAVY VEHICLE BRAKING SYSTEMS (UK) LIMITED

By: /s/ Scott McGregor             
Name: Scott McGregor 
Title: Director
For and on behalf of
VIKING ASSET PURCHASER No 7 IC

By: /s/ Cheryl Heslop             
Name: Cheryl Heslop 
Title: Director 

We accept the terms and conditions set out in the Letter of Agreement of which the foregoing is the duplicate.
for and on behalf of 
Citicorp Trustee Company Limited
By: /s/ David Mares             
Name: David Mares 
Title: Directorhayn_Ex_10-2

		
			 
		

		
			Exhibit 10.2
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						

					
					
						 

				

		
			 
		

		
			RESTRICTED STOCK
AWARD AGREEMENT
		

		
			 
		

		
			This Restricted Stock Award Agreement is entered into by and between Haynes International, Inc., a Delaware corporation ("Company"), and «Director_Name», a member of the Company's Board of Directors ("Grantee"), effective as of «Date of Grant» ("Effective Date").
		

		
			Background
		

		
			The Company wishes to provide incentives to recognize and reward the Grantee, whose performance, contributions and skills will be critical to the Company's success, by aligning his/her interests more closely with those of the Company's stockholders.  For this purpose, the Compensation Committee of the Company's Board of Directors ("Committee") has granted the Grantee restricted shares of common stock of Company, subject to the terms and conditions provided in this Restricted Stock Award Agreement ("Agreement") and the Haynes International, Inc. 2016 Incentive Compensation Plan (the "Plan"). All capitalized terms not herein defined shall have the meaning set forth in the Plan.  In the event of any conflict between the provisions of the Plan and the provisions of this Agreement, the terms, conditions and provisions of the Plan shall control, and this Agreement shall be deemed to be modified accordingly.
		

		
			In consideration of the premises, the Company and the Grantee agree as follows:
		

		
			Agreement
		

			
	
			
				 1.
			Grant.  The Company hereby grants the Grantee «No_of_Shares» shares of common stock of the Company ("Award Shares"), which Award Shares shall be subject to the terms, conditions and restrictions specified in this Agreement and the Plan.  Although the Compensation Committee awarded the Grantee the Award Shares as of the Effective Date, the Grantee has elected to defer «No_of_Shares» of such Award Shares ("Deferred Shares") pursuant to the terms of the Haynes International, Inc. Deferred Compensation Plan ("Deferred Compensation Plan") and the Grantee's deferral election under such Deferred Compensation Plan.  The Award Shares that are not Deferred Shares are referred to herein as "Restricted Shares".  The right to receive the Deferred Shares shall be subject to the same vesting and forfeiture provisions that otherwise apply (or would apply in the case where all of the Award Shares are Deferred Shares) to the Restricted Shares herein as if the Deferred Shares were granted as Restricted Shares on the date hereof.  The Deferred Shares will be settled at the time provided for under the Deferred Compensation Plan (and the applicable deferral election) in the form of shares of the Company's common stock issued under the Plan.  The Committee has determined that (disregarding 

		 

		

			 

		

		

			 

		

 

	restrictions imposed by this Agreement and the Plan that lapse upon the Grantee's interest becoming vested) the Award Shares have a per-share fair market value of «Fair_Market_Value_» as of the Effective Date. 

			
	
			
				 2.
			Closing.  The transfer of the Restricted Shares ("Closing") shall occur simultaneously with the execution of this Agreement.  Concurrently with the execution of this Agreement, (i) the Company shall deliver to the Grantee a certificate, registered in the Grantee's name, representing the Restricted Shares, and (ii) the Grantee shall deliver to the Company a duly executed stock power, endorsed in blank, relating to the Restricted Shares.

			
	
			
				 3.
			Custody.  The Grantee understands that, although the certificates representing the Restricted Shares shall be registered in the Grantee's name, all such certificates (other than for Restricted Shares that have vested) shall be deposited, together with the stock power executed by the Grantee, in proper form for transfer, with the Company.  The Company is hereby authorized to effectuate the transfer into its name of all certificates representing the Restricted Shares that are forfeited to the Company pursuant to Section 6 of this Agreement.  Following the vesting of all Restricted Shares subject to this Agreement, or earlier, if requested by the Grantee, the Company shall issue an appropriate certificate for those Restricted Shares that have become vested. 

			
	
			
				 4.
			Nontransferability of Restricted Shares.  Until such time as the Restricted Shares become vested, the Grantee shall not have any right to sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares.  The Grantee represents and warrants to the Company that he/she shall not sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares in violation of applicable securities laws, the Plan or the provisions of this Agreement.

			
	
			
				 5.
			Vesting.  The Grantee's interest in the Restricted Shares shall vest and become nonforfeitable as follows:  Except as otherwise provided herein or in the Plan, the Grantee's interest in the Restricted Shares shall vest upon the earlier of (a) the first anniversary of the Effective Date, or (b) the failure of the Grantee to be re-elected at an annual meeting of the stockholders of the Company as a result of being excluded from the nominations for any reason other than Cause.

		
			Notwithstanding the preceding paragraph of this Section 5, the Grantee's interest in the Restricted Shares not previously vested or forfeited shall become 100% vested upon (x) the occurrence of a Change in Control or (y) the cessation of Grantee’s service on the Board of Directors by reason of the Grantee’s death or Disability.
		

			
	
			
				 6.
			Forfeiture.  Except as set forth herein or in the Plan, if the Grantee should cease to be a director of the Company for any reason (other than that described in Section 5(b)) before becoming 100% vested in the Restricted Shares, the Restricted Shares shall not vest, and the Grantee's interest in the unvested portion of the Restricted Shares shall be immediately forfeited (effective as of the date of such termination of service).

			
	
			
				 7.
			Voting and Other Rights.  The Grantee shall have absolute beneficial ownership of the Restricted Shares, including the right to vote any and all Restricted Shares and to receive dividends or other distributions thereon, subject to the vesting restrictions set forth in Section 5, 

		 

		

			2

		

		

			 

		

 

	until the earlier of the date on which such Restricted Shares shall be forfeited as provided herein or the date on which the Grantee ceases to own such shares. 

			
	
			
				 8.
			Grantee Representations.  The Grantee represents and warrants to the Company that he/she has not (a) directly or indirectly rendered services to or for an organization, or engaged in a business, that is, in the judgment of the Committee, in competition with the Company or (b) disclosed to anyone outside of the Company, or used for any purpose other than the Company's business, any confidential or proprietary information or material relating to the Company. 

			
	
			
				 9.
			Adjustments for Changes in Capitalization of the Company.  In the event of any merger, reorganization, consolidation, recapitalization, separation, split-up, liquidation or other change affecting the Shares, an adjustment shall be made to the Restricted Shares to the extent provided under the terms of the Plan.  

			
	
			
				 10.
			Securities Laws.  The Grantee understands that applicable securities laws may restrict the right of the Grantee to dispose of any Restricted Shares which the Grantee may acquire hereunder and govern the manner in which such Restricted Shares may be sold.  The Grantee shall not offer, sell or otherwise dispose of any of the Restricted Shares in any manner which would (a) require the Company to file any registration statement with the Securities Exchange Commission (the "SEC"), (b) require the Company to amend or supplement any registration statement which the Company may at any time have on file with the SEC, or (c) violate the 1933 Act or any other state or federal law.

			
	
			
				 11.
			Withholding Taxes.  If the grant or other transfer of the Restricted Shares, or the vesting of the Restricted Shares, results in taxable compensation income to the Grantee the Grantee agrees to make direct payment of the applicable taxes to the applicable taxing authority.

			
	
			
				 12.
			Integration.  This Agreement supersedes any and all prior and/or contemporaneous agreements, either oral or in writing, between the parties hereto, with respect to the subject matter hereof.  Each party to this Agreement acknowledges that no representations, inducements, promises, or other agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, pertaining to the subject matter hereof, which are not embodied herein, and that no prior and/or contemporaneous agreement, statement or promise pertaining to the subject matter hereof that is not contained in this Agreement shall be valid or binding on either party.

			
	
			
				 13.
			Impact of Agreement on Service. Nothing contained in this Agreement, the Deferred Compensation Plan or the Plan shall restrict the right of the Company or any of its Subsidiaries to terminate the Grantee’s service at any time with or without Cause.

			
	
			
				 14.
			Acknowledgments by Grantee. By signing this Agreement, the Grantee acknowledges that he/she (a) has received a copy of the Plan and is familiar with the terms and provisions of the Plan and the Agreement, and (b) agrees to accept as binding, conclusive and final all decisions and interpretations of the Company’s Board of Directors and Committee upon any questions arising under the Plan or this Agreement.

			
	
			
				 15.
			Successors.  This Agreement shall be binding upon and inure to the benefit of any successor of the Company and any successors, assigns or estate of the Grantee, including his/her executors, administrators and trustees.

		
			

		 

		

			3

		

		

			 

		

 

		

			
	
			
				 16.
			Amendment.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is in writing and signed by the party against whom such modification, waiver or discharge is sought to be enforced.

			
	
			
				 17.
			Governing Law.  The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the State of Indiana, without giving effect to the principles of conflict of laws of such State.

		
			 
		

		
			IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement, effective on the date specified in the first paragraph hereof.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						GRANTEE

					
					
						 

					
					
						Haynes International, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Daniel Maudlin

				
	
					
						«Director_Name»

					
					
						 

					
					
						 

					
					
						Daniel Maudlin

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Vice President - Finance and Chief

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Financial Officer

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			4

		

		

			 

		

 

		

		
			STOCK POWER
		

		
			 
		

		
			For Value Received, the undersigned hereby sells, assigns and transfers unto Haynes International, Inc., «Typed_No_of_Shares»  («No_of_Shares») shares of common stock, $0.001 par value, of Haynes International, Inc. (the "Company"), standing in his/her name on the books of the Company and does hereby irrevocably constitute and appoint the Secretary of the Company attorney-in-fact to transfer those shares on the books of the Company with full power of substitution in the premises.
		

		
			Dated and effective as of the     21st          day of   November    ,  2017    .
		

		
			 
		

		
			 
		

		
			By:_______________________________________
		

		
			    «Director_Name»
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			In the presence of:
		

		
			 
		

		
			 
		

		
			
		

		
			Witness Signature
		

		
			 
		

		
			
		

		
			Witness Printed Name

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]