Document:

ftsi_Ex10_36

		
			Exhibit 10.36
		

		
			 
		

		
			FTS INTERNATIONAL, INC.
		

		
			 
		

		
			2018 EQUITY AND INCENTIVE COMPENSATION PLAN
		

		
			 
		

		
			DIRECTOR RESTRICTED STOCK UNIT AGREEMENT
		

		
			 
		

		
			THIS AGREEMENT (this “Agreement”) is made as of  [], 2018 (the “Date of Grant”), by and between FTS International, Inc., a Delaware corporation (the “Company”), and []  (the “Grantee”).
		

		
			 
		

		
			1.         Certain Definitions.  Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to such terms in the Company’s 2018 Equity and Incentive Compensation Plan (the “Plan”).
		

		
			2.         Grant of RSUs.  Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee [Restricted Stock Units (the “RSUs”).  Each RSU shall represent the right of the Grantee to receive one share of Common Stock subject to and upon the terms and conditions of this Agreement.
		

		
			3.         Restrictions on Transfer of RSUs.  Neither the RSUs evidenced hereby nor any interest therein or in the shares of Common Stock underlying such RSUs shall be transferable prior to payment to the Grantee pursuant to Section 7 hereof, other than as described in Section 15 of the Plan.
		

		
			4.         Vesting of RSUs.  Subject to the terms and conditions of Sections 5 and 6 hereof, the RSUs covered by this Agreement shall become nonforfeitable and payable to the Grantee pursuant to Section 7 hereof on the first anniversary of the Date of Grant (the  “Vesting Date”), conditioned upon the Grantee’s continuous service on the Board through the Vesting Date.
		

		
			5.         Accelerated Vesting of RSUs.  Notwithstanding the provisions of Section 4 hereof, the RSUs covered by this Agreement will become nonforfeitable and payable to the Grantee pursuant to Section 7 hereof upon the occurrence of any of the following events at a time when the RSUs have not been forfeited (to the extent the RSUs have not previously become nonforfeitable) as set forth below.
		

		
			(a)        All of the RSUs shall become nonforfeitable and payable to the Grantee pursuant to Section 7 hereof if the Grantee should die or become Disabled prior to the Vesting Date while the Grantee is continuously serving on the Board.
		

		
			(b)        In the event of a Change in Control that occurs prior to the Vesting Date, and while the Grantee is continuously serving on the Board, the RSUs shall become nonforfeitable and payable to the Grantee pursuant to Section 7 hereof.
		

		
			(c)        For purposes of this Agreement, the following definitions apply:
		

		
			(i)        “Change in Control” shall have the meaning set forth in Section 12 of the Plan, except that a Change in Control shall not be deemed to have occurred
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			if either (A) Temasek Holdings (Private) Limited and each of its Affiliates (but not including any of its portfolio companies) or (B) Chesapeake Energy Corporation and each of its controlled Affiliates become, or continue to be, the beneficial owner of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities.
		

		
			(ii)       “Disabled” shall have the meaning set forth under applicable state or federal law, and no reasonable accommodation can be provided without undue hardship to the Company.
		

		
			6.         Forfeiture of Awards.  Except to the extent the RSUs covered by this Agreement have become nonforfeitable pursuant to Sections 4 or 5 hereof, the RSUs covered by this Agreement shall be forfeited automatically and without further notice, and shall no longer be considered covered by this Agreement, on the date that the Grantee ceases to serve continuously on the Board.
		

		
			7.         Form and Time of Payment of RSUs.  Payment in respect of the RSUs, after and to the extent they have become nonforfeitable, shall be made in the form of shares of Common Stock.  Payment shall be made within ten days following the date that the RSUs become nonforfeitable pursuant to Section 4 or 5 hereof.  Elections by the Grantee to defer receipt of the shares of Common Stock when the RSUs become nonforfeitable beyond the date of payment provided herein may be permitted in the discretion of the Committee pursuant to procedures established by the Committee in compliance with the requirements of Section 409A of the Code.
		

		
			8.         Dividend Equivalents; Other Rights.
		

		
			(a)        The Grantee shall have no rights of ownership in the shares of Common Stock underlying the RSUs and no right to vote the shares of Common Stock underlying the RSUs until the date on which the shares of Common Stock underlying the RSUs are issued or transferred to the Grantee pursuant to Section 7 hereof.
		

		
			(b)        From and after the Date of Grant and until the earlier of (i) the time when the RSUs become nonforfeitable and are paid in accordance with Section 7 hereof or (ii) the time when the Grantee’s right to receive shares of Common Stock in payment of the RSUs is forfeited in accordance with Section 6 hereof, on the date that the Company pays a cash dividend (if any) to holders of shares of Common Stock generally, the Grantee shall be paid cash per RSU equal to the amount of such dividend.
		

		
			(c)        The obligations of the Company under this Agreement will be merely that of an unfunded and unsecured promise of the Company to deliver shares of Common Stock in the future, and the rights of the Grantee will be no greater than that of an unsecured general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement.
		

		
			(d)        If the Grantee ceases to serve as a director of the Company before the time when the RSUs become nonforfeitable, the Company shall have the right to be repaid by Grantee the amount of any dividend equivalents previously paid to Grantee under Section 8(b) of this Agreement with respect to any RSUs that remain forfeitable as of the date Grantee ceases to serve as a director.
		

		
			9.         No Right to Future Awards or Board Membership.  The grant of the RSUs under this Agreement to the Grantee is a voluntary, discretionary award being made on a one-time
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			basis, and it does not constitute a commitment to make any future awards.  Nothing contained in this Agreement shall confer upon the Grantee any right to continued service as a member of the Board.
		

		
			10.       Taxes.  The Grantee will be solely responsible for the payment of all taxes that arise with respect to the granting and payment of the RSUs, including the payment of any Common Stock.
		

		
			11.       Adjustments.  The number of shares of Common Stock issuable for each RSU and the other terms and conditions of the grant evidenced by this Agreement are subject to adjustment as provided in Section 11 of the Plan.
		

		
			12.       Compliance With Law.  The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided,  however, notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated to issue any of the shares of Common Stock pursuant to this Agreement if the issuance thereof would result in violation of any such law.
		

		
			13.       Amendments.  Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided,  however, that (a) no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s written consent, and (b) the Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act and any applicable rules or regulations promulgated by the Securities Exchange Commission or any national securities exchange or national securities association on which the Common Stock may be traded, including as a result of the implementation of any recoupment policy the Company adopts to comply with the requirements set forth in Section 10D of the Exchange Act.
		

		
			14.       Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
		

		
			15.       Relation to Plan.  This Agreement is subject to the terms and conditions of the Plan.  In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.  The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.
		

		
			16.       Successors and Assigns.  Without limiting Section 3 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company.
		

		
			17.       Governing Law.  This Agreement shall be governed by and construed in accordance with the internal substantive laws of the State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			18.       Notices.  All notices, demands and other communications required or permitted hereunder or designated to be given with respect to the rights or interests covered by this Agreement shall be deemed to have been properly given or delivered when delivered personally or sent by certified or registered mail, return receipt requested, U.S. mail or reputable overnight carrier, with full postage prepaid and addressed to the parties as follows:
		

			
					
						If to the Company, at:

					
					
						777 Main Street, Suite 2900

				
	
					
						 

					
					
						Fort Worth, TX  76102

				
	
					
						 

					
					
						Attention:  General Counsel

				
	
					
						 

					
					
						 

				
	
					
						If to Grantee, at:

					
					
						Grantee’s last known address reflected on the

				
	
					
						 

					
					
						records of the Company

				

		
			 
		

		
			The Company may change the above designated address by notice to the Grantee.  The Grantee will maintain a current address with the payroll records of the Company.
		

		
			19.       Electronic Delivery.  The Company may, in its sole discretion, deliver any documents related to the RSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
		

		
			20.       Compliance With Section 409A of the Code.  To the extent applicable, it is intended that any amounts payable under this Agreement and the Plan, and the Company’s and the Grantee’s exercise of authority or discretion hereunder, be exempt from or comply with the provisions of Section 409A of the Code so as to not subject the Grantee to the payment of the additional tax, interest and any tax penalty which may be imposed under Section 409A of the Code.  In furtherance of this intent, to the extent that any provision hereof would result in the Grantee being subject to payment of the additional tax, interest and tax penalty under Section 409A of the Code, the parties agree to amend this Agreement in order to bring this Agreement into compliance with Section 409A of the Code; and thereafter interpret its provisions in a manner that complies with Section 409A of the Code.  Each payment under this Agreement shall be considered a separate payment and not one of a series of payments for purposes of Section 409A of the Code.  Notwithstanding the foregoing, no particular tax result for the Grantee with respect to any income recognized by the Grantee in connection with this Agreement is guaranteed, and the Grantee shall be responsible for any taxes, penalties and interest imposed on the Grantee under or as a result of Section 409A of the Code in connection with this Agreement.
		

		
			21.       Interpretation.  Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to Section 409A of the Code by the U.S. Department of the Treasury or the Internal Revenue Service.
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			22.       Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same agreement.
		

		
			[SIGNATURES ON FOLLOWING PAGE]
		

		
			 
		

		
			
		

		
			

		 

 

		

		
			 
		

		
			IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and the Grantee has executed this Agreement, as of the Date of Grant first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						FTS INTERNATIONAL, INC.

				

		
			 
		

			
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						GRANTEE’S SIGNATURE

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Print Name:gva-ex102_150.htm

Exhibit 10.2

 

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED 
CREDIT AGREEMENT 

This Amendment No. 1 to Second Amended and Restated Credit Agreement (this “Amendment”), dated as of February 23, 2018, is made by and among GRANITE CONSTRUCTION INCORPORATED, a Delaware corporation (the “Company” and a “Borrower”), GRANITE CONSTRUCTION COMPANY, a California corporation (“GCC” and a “Borrower”), GILC INCORPORATED, a California corporation (“GILC” and a “Borrower”, and together with the Company and GCC, collectively the “Borrowers”), each of the Guarantors (as defined in the Credit Agreement (as defined below)) signatory hereto, BANK OF AMERICA, N.A., a national banking association organized and existing under the laws of the United States (“Bank of America”), in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement) (in such capacity, the “Administrative Agent”), and each of the Lenders signatory hereto.

W I T N E S S E T H:

WHEREAS, each of the Borrowers, Bank of America, as Administrative Agent, and the Lenders from time to time party thereto have entered into that certain Second Amended and Restated Credit Agreement dated as of October 28, 2015 (as amended, modified, supplemented, restated, or amended and restated, from time to time the “Existing Credit Agreement,” and the Existing Credit Agreement as amended by this Amendment, the “Credit Agreement”); capitalized terms used in this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made available to the Borrowers a term loan facility and a revolving credit facility, including a letter of credit subfacility and a swing line loan subfacility; and

WHEREAS, each of the Guarantors has entered into a Guaranty pursuant to which it has guaranteed certain or all of the obligations of the Borrowers under the Credit Agreement and the other Loan Documents; and

WHEREAS, the Borrowers have requested that the Administrative Agent and the Lenders agree to amend the Existing Credit Agreement to permit the Company to acquire 100% of the equity interests of Layne Christensen Company (the “Target”) pursuant to that certain Agreement and Plan of Merger (the “Transaction Agreement”) by and among the Company, the Target and a newly created subsidiary of the Company into which the Target will merge (with the Target as the surviving corporation);

 

WHEREAS, the Administrative Agent and the Lenders are willing to amend the Existing Credit Agreement as set forth below on the terms and conditions contained in this Amendment;

 

NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

99231041_5

 

1.Amendments to Credit Agreement.  Subject to the terms and conditions set forth herein:

(a)General Amendments.  The body of the Existing Credit Agreement is hereby amended to delete the stricken text and to add the double-underlined text as set forth in Annex A attached hereto; it being understood that (except as set forth in clause (b) below) the Schedules and Exhibits to the Existing Credit Agreement shall remain as they were prior to the date hereof and shall continue as part of the Credit Agreement.

(b)Amendment to Exhibit D.  Exhibit D (Form of Compliance Certificate) to the Credit Agreement is hereby amended and restated in its entirety in the form of Exhibit D attached hereto.

2.Effectiveness; Conditions Precedent.  This Amendment and the amendments to the Existing Credit Agreement provided in Section 1 hereof shall be effective as of the date first written above upon the satisfaction of the following conditions precedent:

(a)the Administrative Agent shall have received counterparts of this Amendment, duly executed by each Borrower, the Administrative Agent, and the Required Lenders; and

(b)(i) fees in accordance with that certain Fee Letter by and among the Company, Bank of America and the Arranger dated as of February 13, 2018 shall have been paid in full to the extent such fees are due and payable thereunder, and (ii) all other fees and expenses of the Administrative Agent (including the fees and expenses of counsel to the Administrative Agent) to the extent due and payable under Section 10.04(a) of the Credit Agreement and for which invoices have been presented at least than two (2) Business Days prior to the effectiveness hereof shall have been paid in full (which fees and expenses may be estimated to date without prejudice to final settling of accounts for such fees and expenses).

3.Representations and Warranties.  In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrowers represent and warrant to the Administrative Agent and the Lenders as follows:

(a)The representations and warranties made by the Borrowers in Article V of the Credit Agreement and in each of the other Loan Documents to which it is a party are, in each case, true and correct in all material respects on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date;

(b)The Persons appearing as Guarantors on the signature pages to this Amendment constitute all Persons who are required to be Guarantors pursuant to the terms of the Credit Agreement and the other Loan Documents, including without limitation all Persons who became Subsidiaries or were otherwise required to become Guarantors after the Closing Date and prior to the date hereof, except as explicitly noted in Section 6.14(e) of the Credit Agreement, and each of such Persons has become and remains a party to a Guaranty as a Guarantor;

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(c)This Amendment has been duly authorized, executed and delivered by the Borrowers and the Guarantors and constitutes a legal, valid and binding obligation of such parties, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting the rights of creditors, and subject to equitable principles of general application; and

(d)After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing; and no default or event of default under the Permitted Notes Documents exists, or would result from the effectiveness of this Amendment.

4.Consent of the Guarantors.  Each of the Guarantors hereby consents, acknowledges and agrees to the amendments set forth herein and hereby confirms and ratifies in all respects the Guaranty to which such Guarantor is a party (including without limitation the continuation of such Guarantor’s payment and performance obligations thereunder upon and after the effectiveness of this Amendment and the amendments and consents contemplated hereby) and the enforceability of such Guaranty against such Guarantor in accordance with its terms.

5.Entire Agreement.  This Amendment, together with all the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter.  No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty.  Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof.  None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.

6.Full Force and Effect of Credit Agreement.  Except as hereby specifically amended, waived, modified or supplemented, the Credit Agreement is hereby confirmed and ratified in all respects and shall be and remain in full force and effect according to its respective terms.

7.Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, facsimile or other electronic transmission (including .pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.

8.Governing Law.  This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of California applicable to contracts executed and to be performed entirely within such State, and shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.

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9.Enforceability.  Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto.

10.References.  All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement, as amended hereby.

11.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the Borrowers, the Administrative Agent and each of the Guarantors and Lenders, and their respective successors, legal representatives, and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement.

12.No Novation.  Neither the execution and delivery of this Amendment nor the consummation of any other transaction contemplated hereunder is intended to constitute a novation of the Credit Agreement or of any of the other Loan Documents or any obligations thereunder.

13.Use of Plan Assets.  Each Borrower represents and warrants as of the date hereof that each such Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.  As used in this Amendment, “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include “plan assets,” as defined by Section 3(42) of ERISA, of any such “employee benefit plan” or “plan”.

14.No Lender is an Employee Benefit Plan.  

(a)Each Lender (x) represents and warrants to, and (y) covenants, to the date such Person ceases being a Lender party to the Credit Agreement, for the benefit of, the Administrative Agent and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true:

(1)such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments;

(2)the transaction exemption set forth in one or more prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time (a “PTE”), such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and 

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performance of the Loans, the Letters of Credit, the Commitments and the Credit Agreement;

(3)(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and the Credit Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and the Credit Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and the Credit Agreement; or

(4)such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b)In addition, unless clause (a)(1) above is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in clause (a)(4) above, such Lender further (x) represents and warrants to, and (y) covenants, the date such Person ceases being a Lender party to the Credit Agreement, for the benefit of, the Administrative Agent and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that:

(1)none of the Administrative Agent or Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under the Credit Agreement, any Loan Document or any documents related to hereto or thereto);

(2)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and the Credit Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $5,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E);

(3)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and the Credit Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations);

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(4)the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and the Credit Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and the Credit Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder; and

(5)no fee or other compensation is being paid directly to the Administrative Agent or the Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or the Credit Agreement.

(c)The Administrative Agent and the Arranger hereby informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and the Credit Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

[Signature pages follow.]

 

 

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99231041_5

Exhibit 10.2

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

 

BORROWERS:

 

GRANITE CONSTRUCTION INCORPORATED

 

By:_/s/ Jigisha Desai_______________________

Name:     Jigisha Desai

Title:     V.P. Treasurer

By:_/s/ Laurel J. Krzeminski________________

Name:     Laurel J. Krzeminski

Title:     Sr. V.P. and CFO

GRANITE CONSTRUCTION COMPANY

 

By:_/s/ Jigisha Desai________________________

Name:     Jigisha Desai

Title:     V.P. Treasurer

 

 

By:__/s/ Laurel J. Krzeminski________________

Name:     Laurel J. Krzeminski

Title:     Sr. V.P. and CFO

GILC INCORPORATED 

 

By:_/s/ Jigisha Desai________________________

Name:     Jigisha Desai

Title:     V.P. and CFO

 

 

By:_/s/ Laurel J. Krzeminski________________

Name:     Laurel J. Krzeminski

Title:     President and CEO

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

GUARANTORS:

GRANITE CONSTRUCTION INCORPORATED

 

By:_/s/ Laurel J. Krzeminski________________

Name:  Laurel J. Krzeminski

Title:    Sr. V.P. and CFO

 

 

By:_/s/ Jigisha Desai________________________

Name:  Jigisha Desai

Title:    V.P. Treasurer

 

GRANITE CONSTRUCTION COMPANY

 

By:_/s/ Laurel J. Krzeminski________________

Name:  Laurel J. Krzeminski

Title:    Sr. V.P. and CFO

 

 

By:__/s/ Jigisha Desai_______________________

Name:  Jigisha Desai

Title:    V.P. Treasurer

 

 

GRANITE CONSTRUCTION NORTHEAST, 

INC.

 

By:_/s/ Laurel J. Krzeminski________________

Name:  Laurel J. Krzeminski

Title:    Sr. V.P. and CFO

 

 

By:_/s/ Jigisha Desai_______________________

Name:  Jigisha Desai

Title:    V.P. Treasurer

 

 

 

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

INTERMOUNTAIN SLURRY SEAL, INC.

 

By:_/s/ Kathleen Schreckengost___________

Name:  Kathleen Schreckengost

Title:    V.P. Treasurer

 

 

By:_/s/ Darren S. Beevor _________________

Name:  Darren S. Beevor

Title:    V.P. Controller

 

 

GILC INCORPORATED

 

By:_/s/ Laurel J. Krzeminski________________

Name:  Laurel J. Krzeminski

Title:    President and CEO

 

 

By:_/s/ Jigisha Desai_______________________

Name:  Jigisha Desai

Title:    V.P. and CFO

 

KENNY CONSTRUCTION COMPANY

 

By:__/s/ Laurel J. Krzeminski_________________

Name:  Laurel J. Krzeminski 

Title:    SVP and CFO

 

By:_/s/ Jigisha Desai_______________________

Name:  Jigisha Desai

Title:    VP and Treasurer

 

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

ADMINISTRATIVE AGENT:

BANK OF AMERICA, N.A., 

as Administrative Agent 

 

 

By:_/s/ Bridgett J. Manduk Mowry_________

Name: Bridgett J. Manduk Mowry 

Title:Vice President

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

LENDERS:

BANK OF AMERICA, N.A., as a Lender, Swing 

Line Lender and L/C Issuer

 

By:_/s/ Mukesh Singh____________________

Name: Mukesh Singh

Title:Director

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

BANK OF THE WEST

 

 

By:_/s/ Adriana Collins_____________________

Name:  Adriana Collins

Title:Director, Senior Relationship Manager

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

BMO HARRIS BANK N.A.

 

 

By:_/s/  Michael Gift __________________

Name:  Michael Gift

Title:    Director 

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

COMPASS BANK

 

 

By:_/s/ Aaron Loyd________________________

Name:  Aaron Loyd

Title:Director

 

 

 

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

MUFG UNION BANK, N.A.

 

 

By:__/s/ Lauren Hom___________________

Name:  Lauren Hom

Title:    Director

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

U.S. BANK NATIONAL ASSOCIATION

 

 

By:__/s/ Matthew D Murry_____________

Name:  Matthew D Murray

Title:    Vice President

 

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

BRANCH BANKING AND TRUST COMPANY

 

 

By:_/s/ Sarah Salmon_____________________

Name:  Sarah Salmon

Title:    Senior Vice President

 

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

 

COMERICA BANK

 

 

By:_/s/ Mark C. Skrzynki Jr._______________

Name:  Mark C. Skrzynski Jr.

Title:    Vice President

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

Exhibit 10.2

ANNEX A

TO

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED 

CREDIT AGREEMENT

 

 

Credit Agreement

 

See attached.

Granite Construction Incorporated

Amendment No. 1 to Second Amended and Restated Credit Agreement

Signature Page

99231041

 

EXHIBIT D

TO

AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED 

CREDIT AGREEMENT

 

 

Form of Compliance Certificate

 

See attached.

 

99231041_5

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