Document:

EX-10.1

 

Exhibit 10.1

FORM
OF CONSENT AND FIFTH AMENDMENT TO CREDIT AGREEMENT

     THIS
CONSENT AND FIFTH AMENDMENT TO CREDIT AMENDMENT (this “Amendment”) is made and entered into as of
April 1, 2008, by and among VOLUME SERVICES AMERICA, INC., a Delaware corporation (“VSA”), VOLUME
SERVICES, INC., a Delaware corporation (“VS”), SERVICE AMERICA CORPORATION, a Delaware corporation
(“SAC”) (VSA, VS and SAC are sometimes collectively referred to herein as the “Borrowers” and
individually as a “Borrower”), CENTERPLATE, INC., a Delaware corporation (“Holdings”), the Lenders
signatory hereto, and GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender and as the Administrative
Agent (“Administrative Agent”).

Statement of Facts

     A. Borrowers, Holdings, the Lenders, and the Administrative Agent are parties to that certain
Credit Agreement, dated as of April 1, 2005, as amended by that certain First Amendment to Credit
Agreement, dated as of April 15, 2005, as further amended by that certain Consent and Amendment,
dated as of September 30, 2005, as further amended by that certain Third Amendment to Credit
Agreement, dated as of June 8, 2007, and as further amended by
that certain Waiver and Fourth Amendment to
Credit Agreement, dated as of March 10, 2008, (as so amended, the “Credit Agreement”; capitalized
terms used but not defined in this Amendment have the meanings given in the Credit Agreement, as
amended by this Amendment), whereby the Lenders have made certain extensions of credit to
Borrowers.

     B. Borrowers and the other Loan Parties seek the Lenders’ consent to amend certain provisions
of the Credit Agreement as provided for herein.

Statement of Terms

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

     1. Consent.

          (a) Subject to the terms and conditions of this Consent, the Administrative Agent and the
Lenders hereby consent to Borrowers’ and/or any other Loan Party’s entering into that New Service
Contract with respect to the parties and venue as identified in a writing making reference to this
Consent and dated on or prior to the date hereof by Holdings addressed and delivered to the
Administrative Agent and identified as “New Service Contract C” (such proposed New Service Contract
referred to herein as the “New Service Contract C”), provided the following conditions are
satisfied at the time such contract is entered into: (i) the New Service Contract C must constitute
a Permitted Service Contract in all respects, and the terms and provisions of the New Service
Contract C must not violate any of the terms of the Credit Agreement
(as amended by this Amendment),
(ii) Capital Expenditures made or to be made by any of the Loan Parties under the New Service
Contract C must not exceed the limits set forth in the Credit
Agreement (as amended by this Amendment), and (iii) immediately prior to entering into such

 

 

New Service Contract C, the Borrowers shall have demonstrated to the reasonable satisfaction of the
Administrative Agent that immediately prior to and after giving effect to all of the Capital
Expenditures required to be made by any of the Loan Parties under the New Service Contract C, the
Borrowers are in compliance with each of the financial covenant tests set forth in Section 6.19 (as
amended by this Amendment).

          (b) The consent provided in Section 1(a) above relates solely to the specific
transaction described therein, and nothing in this Consent is intended (or shall be construed) to
be an approval, consent or waiver by the Lenders or the Administrative Agent of any other
covenants, terms or provisions of the Credit Agreement or of the other Loan Documents. Without
limiting the generality of the foregoing, nothing in this Consent is intended to be, nor shall be
construed as (i) a consent or approval by any Lender or the Administrative Agent to any increase or
modification, now or hereafter, in any of the Commitments of any Lender or in the Total Revolving
Loan Commitment Amount or the Term Loan Commitments, or (ii) an amendment or modification to
Section 6.15 as it relates to the Dollar limits on Capital Expenditures made in connection with the
Material Service Contract as in effect on the Closing Date and prior to the termination of such
Service Contract and the replacement thereof with the New Service Contract C.

     2. Amendment. Subject to the terms and conditions of this Amendment, the Credit
Agreement shall be amended as follows:

          (a) Section 1.1 of the Credit Agreement is hereby amended by inserting the following
new definitions in proper alphabetical order:

     “Fifth Amendment” shall mean that certain Consent and Fifth Amendment to Credit
Agreement dated as of April 1, 2008 by and among Holdings, the Borrowers, the Lenders party
thereto and the Administrative Agent”.

     “Fifth Amendment Effective Date” shall have the meaning given to such term in the
Fifth Amendment.

     “New Service Contract C” shall have the meaning set forth in the Fifth Amendment.

          (b) Section 1.1 of the Credit Agreement is hereby amended by deleting the definitions
of “EBITDA”, “Net Senior Debt” and “Term Loan Applicable Margin” and
substituting in lieu thereof the following new definitions to read in their entirety as follows:

     “EBITDA” shall mean, for any Fiscal Period, consolidated net income (or loss), as the
case may be, of Holdings and its Subsidiaries determined on a consolidated basis in accordance with
U.S. GAAP for such Fiscal Period (excluding all extraordinary gains or losses), and adding back to
the extent deducted in determining such consolidated net income (or loss) for such Fiscal Period:
(a) Interest Expense, (b) Depreciation, (c) Amortization, (d) Closing Costs in an amount not to
exceed $8,000,000, (e) Tax Provisions, and (f) solely for the purpose of determining the Senior
Leverage Ratio under Section 6.12, clause (iii) of
Section 6.18 and

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clause
(iii) of Section 6.19, (ii) the Total Leverage Ratio under
Section 6.11, clause (ii) of Section 6.18 and
clause (ii) of Section 6.19 and (iii) the Interest
Coverage Ratio under Section 6.10, clause (i) of
Section 6.18 and clause (i) of Section 6.19, in each
case for the Monthly Fiscal Periods ending December 31, 2007, January
31, 2008, February 29, 2008 and March 31, 2008, the IDS Secondary Offering Expenses, in each case
for such Fiscal Period, provided that in the event Holdings or any of its Subsidiaries makes a
Permitted Business Acquisition during such period, EBITDA for such period shall be calculated on a
pro forma basis, based on the results of such acquired person as if such Permitted Business
Acquisition had occurred on the first day of such period; and provided, further, that with respect
to any such Permitted Business Acquisition, EBITDA may be further adjusted for post-acquisition
cost savings so long as any and all such adjustments are satisfactory to the Administrative Agent
and the Administrative Agent has received from the Borrowers all supporting financial information
as the Administrative Agent may reasonably request in order to properly consider its approval of
such adjustments.

     “Net Senior Debt” shall mean, (a) all Indebtedness of Holdings and its Subsidiaries on
such date, measured on a consolidated basis (provided that with respect to the portion thereof
represented by the Revolver Commitments, such amount shall be calculated as the weighted average
principal balance of Revolving Credit Exposure outstanding during the immediately preceding twelve
Monthly Fiscal Periods), plus (b) without duplication, the principal amount of the outstanding Term
Loan, less (c) the amount of cash of Holdings and its Subsidiaries on the balance sheet on such
date in excess of $7,500,000 to the extent such excess cash consists of immediately available,
unrestricted funds in deposit accounts (which deposit accounts either (1) are swept on a daily
basis to the Concentration Account or (2) constitute Blocked Accounts or the Concentration Account
and are subject to a Control Agreement, in either case (1) or (2) above pursuant to Section 5.17
hereof, or (3) solely for the purpose of determining the Senior
Leverage Ratio under Section 6.12, clause (iii)
of Section 6.18 and clause (iii) of Section 6.19 for the Monthly Fiscal Period ending December 31, 2007, January 31, 2008, February
29, 2008 and March 31, 2008, constitute the
Canadian Cash Deposit Accounts (or constituted the Canadian Cash
Deposit Accounts but were swept into Blocked Accounts prior to the
Fifth Amendment Effective Date), excluding for all
purposes of this clause (c) all cash in the Cash Collateral Account and all cash held for the
benefit of third parties pursuant to Service Contracts other than, solely for purposes of clause
(3) above, a Service Contract with Vancouver Convention & Exhibition Centre (whether or not such
cash is held in deposit accounts in the name of Holdings or any of its Subsidiaries). “Net Senior
Debt” shall not include (i) the outstanding principal amount of any Holdings Subordinated Notes and
any Deferred Subordinated Note Interest, (ii) any early termination payments that would be owed if
all outstanding interest rate protection agreements, foreign currency exchange agreements or other
interest or exchange rate hedging arrangements were terminated, (iii) obligations of Holdings or
any of its Subsidiaries to make minimum payments or to provide minimum or guaranteed commissions
under any Service Contract or any reasonable and customary indemnification obligation incurred by
Holdings or its Subsidiaries, and (iv) the principal amount of Loans outstanding hereunder equal to
the cumulative amount of Consolidated Service Contract Capital Expenditures under New Service
Contract B made by the Loan Parties after the effective date of such Service Contract to the extent
such Capital Expenditures were permitted hereunder.

3

 

          “Term Loan Applicable Margin” shall mean (a) on and after the Closing Date and at all
times prior to the Fifth Amendment Effective Date, (i) in the case of all or any portion of the
Term Loan comprising an ABR Borrowing, 1.25% per annum and (ii) in the case of all or any portion
of the Term Loan comprising a Eurodollar Borrowing, 3.25% per annum; and (b) at all times on and
after the Fifth Amendment Effective Date, (i) in the case of all or any portion of the Term Loan
comprising an ABR Borrowing, 1.75% per annum and (ii) in the case of all or any portion of the Term
Loan comprising a Eurodollar Borrowing, 3.75% per annum.

          (c) Section 6.12 of the Credit Agreement is hereby amended by deleting the table
appearing in such Section in its entirety and substituting in lieu thereof the following:

	 	 	 	 	 
	 	 	Maximum Senior
	Applicable Period	 	Leverage Ratio
	As of the Closing Date and for all Monthly Fiscal Periods ending
on March 31, 2005 and thereafter through and including the Annual
Fiscal Period 2007
	 	 	2.50 to 1.00	 
	Monthly Fiscal Period ending on January 31, 2008
	 	 	2.40 to 1.00	 
	Monthly Fiscal Periods ending on February 29, 2008 and March 31,
2008
	 	 	2.50 to 1.00	 
	All Monthly Fiscal Periods ending on April 30, 2008 and thereafter
	 	 	2.40 to 1.00	 

          (d) Section 6.15(a) of the Credit Agreement is hereby amended by (1) deleting the word
“and” at the end of clause (i) thereof; (2) deleting the “.” at the end of clause (ii) thereof; (3)
replacing it with “and”; and (4) adding the following new clause (iii) at the end thereof:

     (iii) upon the delivery to the Administrative Agent of a certificate of a Responsible Officer
required pursuant to Section 5.4(h) hereof certifying entry of Holdings or any of its Subsidiaries
of the entry into New Service Contract C and confirming that New Service Contract C is a Permitted
Service Contract after giving effect to the Fifth Amendment, in addition to the Capital Expenditures
otherwise permitted to be made under this Section 6.15(a), the Loan Parties may make additional
Capital Expenditures in connection with New Service Contract C after the effective date of such
Service Contract in an aggregate amount for all such Capital Expenditures not to exceed $12,200,000
(the “Maximum New Service Contract C Amount”). Notwithstanding anything to the contrary in
the limitation on the Carry Over Amount set forth above, the entire unused portion of Capital
Expenditures for Fiscal Year 2007 shall be permitted to be carried over for use in Fiscal Year 2008
in an amount not to exceed $8,200,000.

          (e) Section 6.15(c) of the Credit Agreement is hereby amended by (1) adding “(i)”
after the phrase “provided, further, however, that,”; (2) deleting the “.”
after the phrase “Maximum New Service Contract A Amount”; (3) replacing it with “and”; and (4)
adding the following new clause (iii) at the end thereof:

4

 

     (ii) notwithstanding the foregoing and subject to the terms and conditions set forth in the
Fifth Amendment, Holdings and Subsidiaries may enter into and make Capital Expenditures under the
New Service Contract C so long as the Capital Expenditures made or required to be made thereunder
do not exceed the Maximum New Service Contract C Amount.

     (f) Section 6.18(i) of the Credit Agreement is hereby amended by deleting such Section in
its entirety and substituting in lieu thereof the following:

     (i) The Interest Coverage Ratio is less than:

	 	 	 	 	 
	 	 	Minimum Interest
	Applicable Period	 	Coverage Ratio
	As of the Closing Date and for all
Monthly Fiscal Periods ending on
March 31, 2005 and thereafter
through and including the Monthly
Fiscal Period ending on January 31,
2008

	 	 	1.90 to 1.00	 
	Monthly Fiscal Periods ending on
February 29, 2008 and March 31, 2008

	 	 	1.85 to 1.00	 
	All Monthly Fiscal Periods ending on
April 30, 2008 and thereafter

	 	 	1.90 to 1.00	 

          (g) Section 6.18(iii) of the Credit Agreement is hereby amended by deleting the table
appearing in such Section in its entirety and substituting in lieu thereof the following:

	 	 	 	 	 
	 	 	Maximum Senior
	Applicable Period	 	Leverage Ratio
	As of the Closing Date and for all Monthly Fiscal Periods ending
on March 31, 2005 and thereafter through and including the Annual
Fiscal Period 2007
	 	 	2.40 to 1.00	 
	Monthly Fiscal Period ending on January 31, 2008
	 	 	2.30 to 1.00	 
	Monthly Fiscal Periods ending on February 29, 2008 and March 31,
2008
	 	 	2.50 to 1.00	 
	All Monthly Fiscal Periods ending on April 30, 2008 and thereafter
	 	 	2.30 to 1.00	 

          (h) Section 6.19(i) of the Credit Agreement is hereby amended by deleting the table
appearing in such Section in its entirety and substituting in lieu thereof the following:

	 	 	 	 	 
	 	 	Minimum Interest
	Applicable Period	 	Coverage Ratio
	As of the Closing Date and for all Monthly Fiscal Periods
ending on March 31, 2005 and thereafter through and
including the Annual Fiscal Period 2006
	 	 	2.05 to 1.00	 
	Monthly Fiscal Period ending on January 31, 2008
	 	 	2.00 to 1.00	 
	Monthly Fiscal Periods ending on February 29, 2008 and
March 31, 2008
	 	 	1.85 to 1.00	 
	All Monthly Fiscal Periods ending on April 30, 2008 and
thereafter
	 	 	2.00 to 1.00	 

          (i) Section 6.19(ii) of the Credit Agreement is hereby amended by deleting such
Section in its entirety and substituting in lieu thereof the following:

          (ii) The Total Leverage Ratio is greater than:

5

 

	 	 	 	 	 
	Applicable Period	 	Total Leverage Ratio
	As of the Closing Date and for all Monthly Fiscal
Periods ending on March 31, 2005 and thereafter
through and including the Monthly Fiscal Period
ending on January 31, 2008
	 	 	4.65 to 1.00	 
	Monthly Fiscal Periods ending on February 29, 2008
and March 31, 2008
	 	 	4.95 to 1.00	 
	All Monthly Fiscal Periods ending on April 30, 2008
and thereafter
	 	 	4.65 to 1.00	 

          (j) Section 6.19(iii) of the Credit Agreement is hereby amended by deleting the table
appearing in such Section in its entirety and substituting in lieu thereof the following:

	 	 	 	 	 
	 	 	Maximum Senior
	Applicable Period	 	Leverage Ratio
	As of the Closing Date and for all Monthly Fiscal Periods ending
on March 31, 2005 and thereafter through and including the Annual
Fiscal Period 2007
	 	 	2.25 to 1.00	 
	Monthly Fiscal Period ending on January 31, 2008
	 	 	2.15 to 1.00	 
	Monthly Fiscal Periods ending on February 29, 2008 and March 31,
2008
	 	 	2.50 to 1.00	 
	All Monthly Fiscal Periods ending on April 30, 2008 and thereafter
	 	 	2.15 to 1.00	 

     3. Representations and Warranties. Each Borrower hereby represents and warrants to
the Administrative Agent and the Lenders that (a) this Amendment and the Confirmation attached
hereto have been duly authorized, executed and delivered by such Borrower and any other Loan Party
signatory thereto, (b) no Default or Event of Default has occurred and is continuing on and as of
the date of this Amendment and after giving effect to this Amendment, and (c) all of the
representations and warranties made by Holdings, Borrowers or any of the other Loan Parties in the
Credit Agreement are true and correct in all material respects on and as of the date of this
Amendment and after giving effect to this Amendment (except to the extent that any such
representations or warranties (i) expressly referred to a specific prior date, or (ii) have changed
based upon events expressly permitted by the Credit Agreement).

     4. Ratification. Each Borrower hereby ratifies and reaffirms each and every term,
covenant and condition set forth in the Credit Agreement and all other documents delivered by such
Borrower in connection therewith (including without limitation the other Loan Documents to which
such Borrower is a party), effective as of the date hereof and after giving effect to this
Amendment.

6

 

     5. Release. (a) Each Loan Party, on behalf of itself and its successors, assigns, and
other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises
and forever discharges the Administrative Agent and Lenders, in their respective capacities as
Administrative Agent and Lenders under the Credit Agreement, and their successors and assigns, and
their present and former shareholders, affiliates, subsidiaries, divisions, predecessors,
directors, officers, attorneys, employees, agents and other representatives (the Administrative
Agent, each Lender and all such other Persons being hereinafter referred to collectively as the
“Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action,
suits, controversies, sums of money, accounts, bills, reckonings, damages and any and all other
claims, counterclaims, defenses, rights of set off, demands and liabilities whatsoever
(individually, a “Claim” and collectively, “Claims”) of every name and nature, known or unknown,
suspected or unsuspected, both at law and in equity, which such Loan Party or any of its
successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim
to have against the Releasees or any of them for, upon, or by reason of any circumstance, action,
cause or thing whatsoever which arises at any time on or prior to the date that this Amendment is
executed by all parties, in each case solely for or on account of or relating to the Credit
Agreement, any of the other Loan Documents or the transactions thereunder or related thereto, but
not including any Claims based on (i) any unfulfilled Borrowing request that remains outstanding as
of the date of this Amendment and for which a request for Borrowing has been properly given by
Borrower Representative under the Credit Agreement but not yet funded by Lenders, or (ii) checks,
wire transfers or other matters which are ancillary to the credit transactions contemplated by the
Credit Agreement.

     (b) Each Loan Party understands, acknowledges and agrees that its release set forth above may
be pleaded as a full and complete defense and may be used as a basis for an injunction against any
action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the
provisions of such release.

     (c) Each Loan Party agrees that no fact, event, circumstance, evidence or transaction which
could now be asserted or which may hereafter be discovered shall affect in any manner the final,
absolute and unconditional nature of the release set forth above.

     6. Reimbursement of Expenses. Additionally, Borrowers hereby agree, on a joint and
several basis, to reimburse the Administrative Agent and the Lenders on demand for all reasonable
costs and expenses (including without limitation reasonable attorney’s fees) incurred by such
parties in connection with the negotiation, documentation and consummation of this Amendment and
the other documents executed in connection herewith and therewith and the transactions contemplated
hereby and thereby.

     7. Conditions to Effectiveness. This effectiveness of this Amendment shall be
subject to satisfaction of each of the following conditions precedent:

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

7

 

     (b) the Administrative Agent shall have received payment from Borrowers of all fees and
expenses payable to it for its own account in connection with this Amendment;

     (c) the Administrative Agent shall have received counterparts of the Confirmation attached to
this Amendment, duly executed, completed and delivered by each Loan Party party thereto; and

     (d)
the Administrative Agent shall have received payment by 3:00 P.M. (New York time), April 3, 2008 from Borrowers of the Amendment Fee (defined below) for the account of the Lenders that
have duly executed and delivered a counterpart of this Amendment to the Administrative Agent on or
prior to 5:00 P.M. (New York time), April 1, 2008.

     8. Amendment Fee. Borrowers hereby agree to pay to each Lender (including General
Electric Capital Corporation) that executes and delivers a counterpart of this Amendment to the
Administrative Agent on or prior to 5:00 P.M. (New York time), April 1, 2008 (such Lender referred
to herein as a “Consenting Lender”), an amendment fee (the “Amendment Fee”) an amount equal to the
sum of (1) the product of 0.375% multiplied by the amount of such Lender’s Revolving Credit
Commitment as of the date of this Amendment plus the (2) the product of 0.375% multiplied by the
outstanding principal amount of such Lender’s Term Loans as of the date of this Amendment.
Borrower shall pay the Amendment Fee in immediately available funds to the Administrative Agent for
distribution to the Consenting Lenders on or prior to 3:00 P.M. (New York time), April 3, 2008;
provided, however, that the Amendment Fee shall not be due and payable by Borrowers (or distributed
by the Administrative Agent) to Consenting Lenders unless and until all of the conditions precedent
set forth in Sections 7(a), (b) and (c) of this Amendment shall have been
satisfied. Any such Amendment Fees shall be distributed by the Administrative Agent to Consenting
Lenders within five (5) Business Days after receipt thereof from Borrower, provided that all
conditions precedent in Sections 7(a), (b) and (c) have been satisfied.

     9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK FOR CONTRACTS TO BE PERFORMED ENTIRELY WITHIN SAID STATE.

     10. Severability of Provisions. Any provision of this Amendment which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction. To the
extent permitted by applicable law, each Borrower hereby waives any provision of law that renders
any provision hereof prohibited or unenforceable in any respect.

     11. Counterparts. This Amendment may be executed in any number of counterparts, all
of which shall be deemed to constitute but one original and shall be binding upon all parties,
their successors and permitted assigns.

8

 

     12. Entire Agreement. The Credit Agreement as amended by this Amendment embodies the
entire agreement between the parties hereto relating to the subject matter hereof and supersedes
all prior agreements, representations and understandings, if any, relating to the subject matter
hereof.

     13. No Other Amendments, Waivers or Amendments. Except for the amendments set forth
in Section 1 above and the waiver set forth in Section 2 above, the Credit
Agreement and the other Loan Documents shall remain unchanged and in full force and effect.
Nothing in this Amendment is intended, or shall be construed, to constitute a novation or an accord
and satisfaction of any of the Obligations or to modify, affect or impair the perfection or
continuity of the Administrative Agent’s and the Lenders’ security interests in, security titles to
or other Liens on any Collateral.

[Remainder of page intentionally left blank]

9

 

     IN WITNESS WHEREOF, the parties have caused this Consent and Fifth Amendment to Credit
Agreement be duly executed by their respective duly authorized officers, as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	VOLUME SERVICES AMERICA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	VOLUME SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	SERVICE AMERICA CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	CENTERPLATE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Consent and Fifth Amendment to Credit Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender and

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

[Signature Page to Consent and Fifth Amendment to Credit Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	                                                            
            
                                               , as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name: 
	 

	 	 
	 

	 	Title: 
	 

	 	 
	 

	 	 	 

	 	 

[Signature Page to Consent and Fifth Amendment to Credit Agreement]

 

 

CONFIRMATION

          Each of the undersigned Loan Parties hereby acknowledges, consents and agrees to the terms of
the foregoing Amendment and agrees and confirms that its obligations under each Loan Document to
which it is a party will continue in full force and effect after giving effect to such Amendment.

     This
1st day of April 2008.

	 	 	 	 	 
	 	SERVICE AMERICA CONCESSIONS CORPORATION,

a Maryland corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	SERVICE AMERICA OF TEXAS, INC., a Texas corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	V.S.I. OF MARYLAND, INC.,

a Maryland corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Consent and Fifth Amendment to Credit Agreement]

 

 

	 	 	 	 	 
	 	CENTERPLATE OF KANSAS, INC.,

a Kansas corporation

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Consent and Fifth Amendment to Credit Agreement]EX-10.1

 

Exhibit 10.1

Stock Option Agreement

Pursuant To

The Hain Celestial Group, Inc. Amended and Restated

2002 Long Term Incentive and Stock Award Plan

	 	 	 	 	 	 	 
	(A)

	 	Optionee:
	 	                                                            
	 	Employee ID                                         
	 
	 	 	 	 	 	 
	(B)

	 	Grant Date:
	 	[              ]	 	 
	 
	 	 	 	 	 	 
	(C)

	 	Shares:
	 	                                        	 	 
	 
	 	 	 	 	 	 
	(D)

	 	Vesting Schedule:
	 	[              ]                                        	 	 
	 

	 	 	 	[              ]                                        	 	 
	 

	 	 	 	[              ]                                        	 	 
	 

	 	 	 	[              ]                                        	 	 
	 
	 	 	 	 	 	 
	(E)

	 	Expiration Date:
	 	[              ]	 	 
	 
	 	 	 	 	 	 
	(F)

	 	Exercise Price:
	 	$                                         	 	 
	 
	 	 	 	 	 	 
	(G)

	 	Option Type:
	 	Non Qualified Stock Option (NQSO)	 	 

The Hain Celestial Group, Inc. (“Company”) has granted you an option to purchase the number of
shares of Common Stock of the Company shown in item (C) above (the “Shares”) at the Exercise Price
per share shown in item (F) above. This option is subject to the terms of the Company’s 2002
Amended and Restated Long Term Incentive and Stock Award Plan (“Plan”) and to the terms and
conditions set forth in this Stock Option Agreement under the Plan (“Agreement”). Unless otherwise
defined herein, capitalized terms shall have the meanings assigned to them in the Plan.

The details of your option are as follows:

	1.	 	Term:

The term of this option commences on the Grant Date shown in item (B) above and, unless it expires
earlier due to your termination of service as provided in Section 4 below, the option will expire
at the close of business on the Expiration Date shown in item (E) above.

	2.	 	Exercise Schedule:

	 	(a)	 	This option will vest and become exercisable in installments on the schedule
indicated in item (D) above.
	 
	 	(b)	 	However, if one or more of the following events occurs:

-1-

 

	 	(i)	 	any merger, consolidation, recapitalization, reorganization,
acquisition or other business combination involving the Company, other than (A)
any transaction in which the Company is the surviving entity and the holders of
the outstanding voting securities of the Company immediately prior to the
transaction receive or retain securities representing more than 50% of the
voting power of all of the securities of the Company outstanding immediately
after the transaction (with each holder’s voting power relative to other holders
remaining substantially unchanged) or (B) any transaction the purpose of which
is to change the jurisdiction of organization of the Company and in which
outstanding options under the Plan are assumed by the surviving entity or
replaced with comparable options, as determined by the Committee, or
	 
	 	(ii)	 	any person, group or entity is or becomes the beneficial owner,
directly or indirectly, of 50% or more of the voting power of all of the
then-outstanding securities of the Company, or
	 
	 	(iii)	 	the sale, transfer or other disposition of all or substantially
all of the assets of the Company, or the approval by the stockholders of the
Company of a plan of complete liquidation,

	 	 	 	then any portion of the option which has not yet vested and become exercisable shall,
immediately prior to the record date for distribution with respect to such event, or
if there is no such record date, then immediately prior to such event, become
immediately vested and exercisable.
	 
	 	(c)	 	If your service is terminated by the Company without “cause” (as defined in
Section 4(c) below), due to your death, or due to your disability (as defined in
Section 22(e)(3) of the Code), then any portion of the option which has not yet vested
shall become immediately vested and exercisable in full.
	 
	 	(d)	 	If you elect to terminate your service on or after the earliest date upon which
you are eligible for social security retirement benefits (such a termination,
“Retirement”), then any portion of the option which has not yet vested shall become
immediately vested and exercisable in full.

	3.	 	Limitation on Incentive Stock Options:

If this option is intended to be treated as an incentive stock option as defined in Section 422 of
the Code (see item (G) above), then to the extent that the aggregate fair market value (determined
at the time of grant) of shares of the Company with respect to which incentive stock options are
exercisable for the first time by you during any calendar year under all plans of the Company or
its parent or subsidiary corporations exceeds $100,000, the options or portions thereof which
exceed such limit (according to the order in which they were granted) shall be treated as
nonqualified stock options. It should be understood that there is no assurance that this option
will, in fact, be treated as an incentive stock option.

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	4.	 	Accelerated Termination of Option Term:

	 	(a)	 	Termination of Service Other Than for Cause. Except as set forth in
Section 4(b), if, prior to the Expiration Date of the option, your service is
terminated for any reason other than due to termination of your service for “cause” (as
defined in Section 4(c) below) you (or after your death, your estate or designated
beneficiary) can exercise the portion, if any, of the option that was vested and
exercisable at the time of such termination for three months following the termination
(or six months in the case of termination due to your death), but in no event beyond
the Expiration Date. Any portion of the option that is either not exercisable at the
time of termination or which is not exercised by the end of the three month period
after termination (or six month period in the case of termination due to your death)
will automatically terminate and be forfeited. Unless otherwise determined by the
Committee, no further vesting will occur after your termination of service for any
reason. Notwithstanding the foregoing, special exercise provisions will apply (in
accordance with Section 5(d)) if your death occurs within ninety (90) days before the
Expiration Date and your estate or designated beneficiary does not elect to exercise
your vested options on or before the first business day immediately preceding the
Expiration Date.
	 
	 	(b)	 	Termination Without Cause. If, prior to the Expiration Date of the
option, your service is terminated as a result of your Retirement or by the Company
without “cause” (as defined in Section 4(c) below), then any unvested portion of your
option shall become vested and exercisable in accordance with Section 3(c) or 3(d), as
applicable. In addition, your option shall remain exercisable for the remaining term
of the option through the Expiration Date.
	 
	 	(c)	 	Termination for Cause. If, prior to the Expiration Date of the option,
your service is terminated for cause, any unvested portion of the option will
immediately terminate and be forfeited; thereafter you will have three months following
such termination to exercise the vested portion of your option.
Any portion of your vested option which is not exercised by the end of this three month
period will automatically terminate and be forfeited. For purposes of this Agreement,
your service may be terminated for “cause” if it is determined, in good faith, that
there has been continued gross neglect or material failure in the performance of your
duties and obligations to the Company or willful and malicious misconduct on your part
in connection with the performance of your duties, including, but not limited to,
criminal acts, acts of malfeasance, dishonesty, or willful neglect in the performance
of your duties or other acts that adversely affect the business of the Company.
	 
	 	(d)	 	Death after Termination of Service. If you die after your service has
terminated and at a time when all or a portion of the option remains exercisable, your
estate or designated beneficiary can exercise that portion of the option that remains
exercisable for six months following your death (but not beyond the Expiration Date).
Any portion of the option that is not exercised by the end of the six month period will
automatically terminate and be forfeited. Notwithstanding the foregoing, special
exercise provisions will apply (in accordance with Section 5(d)) if your death

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	 	 	 	occurs within ninety (90) days before the Expiration Date and your estate or
designated beneficiary does not elect to exercise your options on or before the first
business day immediately preceding the Expiration Date.

	 	(e)	 	Service. For purposes of this Agreement, you will be treated as
continuing to provide “service” as long as you are an employee or consultant of the
Company or one or more of its Subsidiaries, and you will be treated as a consultant for
so long as you are actively rendering consulting services on a periodic basis to the
Company or one or more of its Subsidiaries.

	5.	 	Manner of Exercising Option:

	 	(a)	 	In order to exercise this option with respect to all or any part of the Shares
for which this option is at the time exercisable, you (or in the case of exercise after
your death, your executor, administrator, heir or beneficiary, as the case may be) must
take the following actions:

	 	(i)	 	Provide the Secretary of the Company with written notice of such
exercise, specifying the number of Shares with respect to which the option is
being exercised,
	 
	 	(ii)	 	pay the Exercise Price for the purchased Shares in one or more of
the following alternative forms: (A) full payment in cash or by check payable
to the Company’s order; (B) full payment in shares of Common Stock of the
Company held for at least six months and valued at fair market value on the
exercise date; (C) full payment in combination of shares of Common Stock of the
Company held for at least six months and valued at fair market value on the
exercise date and cash or check payable to the Company’s order; or (D) to the
extent the Committee expressly authorizes payment effected as a “cashless
exercise” through a broker-dealer sale and remittance procedure pursuant to
which you (I) will provide irrevocable written instructions to the designated
broker-dealer to effect the immediate sale of the purchased shares and remit to
the Company, out of the sale proceeds, an amount equal to the aggregate Exercise
Price payable for the purchased shares plus all applicable Federal, State and
local income and employment taxes required to be withheld by the Company by
reason of such purchase and (II) will provide written directives to the Company
to deliver the certificates for the purchased shares directly to such
broker-dealer, and
	 
	 	(iii)	 	furnish to the Company appropriate documentation that the person
or persons exercising the option, if other than you, have the right to exercise
this option.

	 	(b)	 	In no event may this option be exercised for any fractional share.
	 
	 	(c)	 	You hereby agree to make appropriate arrangements with the Company or
subsidiary thereof by which you are employed or retained for the satisfaction of all
Federal,

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	 	 	 	State or local income tax withholding requirements and Federal social security
employee tax requirements applicable to the exercise of this option.

	 	(d)	 	Notwithstanding anything in this Agreement to the contrary, in the event of
your death within ninety (90) days before the Expiration Date, if your estate or
designated beneficiary does not exercise your vested options, then, provided the
exercise price of your vested options is less than the then fair market value of the
Common Stock on the first business day immediately preceding the Expiration Date, then
your estate or designated beneficiary will be deemed to have exercised the vested
options on such date and given permission to the Company to effectuate a “cashless
exercise” through a broker-dealer sale procedure pursuant to which a broker selected by
the Company will be provided irrevocable written instructions to effect the immediate
sale of all of the shares underlying these options and remit to the Company, out of the
sale proceeds, an amount equal to the aggregate Exercise Price payable for the
purchased shares plus all applicable Federal, State and local income and employment
taxes required to be withheld by the Company by reason of such purchase. The remaining
sales proceeds will be transferred to your estate or beneficiary, as applicable.

	6.	 	Transferability:

	 	(a)	 	Nontransferability for Incentive Stock Options. If this option is
intended to be an incentive stock option (see item (G) above), then the option may not
be assigned or otherwise transferred in any manner other than by will or by the laws of
descent and distribution (except pursuant to a beneficiary designation), and it may be
exercised during your lifetime only by you.
	 
	 	(b)	 	Limited Transferability for Nonqualified Stock Options. If this option
is intended to be a nonqualified stock option (see item (G) above), then this option
may be assigned or otherwise transferred by you in the following circumstances: (i) by
will or the laws of descent and distribution; (ii) by valid beneficiary designation
taking effect at death made in accordance with procedures established by the Board of
Directors of the Company or any committee thereof; or (iii) to members of your
immediate family, to a trust, partnership or other entity established for the exclusive
benefit, or whose owners are comprised, of solely one or more members of your immediate
family and/or you. Any option held by a transferee will continue to be subject to the
same terms and conditions that were applicable to the option immediately prior to the
transfer, except that the option will be transferable by the transferee only by will or
the laws of descent and distribution. For purposes of the above, “immediate family”
means your children, stepchildren, grandchildren, parents, stepparents, grandparents,
spouse, siblings (including half brother and sisters), nieces, nephews, in-laws and
relationships arising because of legal adoption. 

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	7.	 	Privilege of Stock Ownership:

You will not have any rights of a shareholder with respect to the Shares until you have exercised
the option, paid the Exercise Price and been issued a stock certificate for the purchased shares.

	8.	 	Notices:

Any notice required to be given or delivered to the Company under the terms of this Agreement will
be in writing and addressed to the Company in care of its Secretary at its corporate offices. Any
notice required to be given or delivered to you will be in writing and addressed to you at the
address indicated below your signature line herein. All notices will be deemed to be given or
delivered upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly
addressed to the party to be notified. In addition, the Company may prescribe or permit other
forms of notice (including, but not limited to electronic methods and overnight delivery services)
for the provision of any notice that is required to be given or delivered pursuant to this
Agreement.

	9.	 	Incorporation of Plan; Construction:

This Agreement and the option evidenced hereby are made and granted pursuant to the Plan and are in
all respects limited by and subject to the express terms and provisions of the Plan. The terms of
the Plan are incorporated herein by reference. Any dispute regarding the interpretation of this
Agreement will be submitted to the Committee for resolution. The decision of the Committee will be
final, binding and conclusive.

	 	 	 	 	 
	 	The Hain Celestial Group, Inc.

 	 
	 	By:  	 	 
	 	 	NAME/TITLE 	 
	 	Dated:  	 	 
	 	 	 	 
	 	 	 	 
	 

I hereby agree to be bound by the terms and conditions of this Agreement and the Plan.

	 	 	 	 	 
	 	 	 
	By:  	 	 	 
	 	 	 	 
	Dated:  	 	 	 
	 	 	 	 
	 	 	 	 
	 

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