Document:

ex_190161.htm

Exhibit 4.5

 

AMENDMENT NO. 5 TO CREDIT AGREEMENT 

 

AMENDMENT NO. 5 TO CREDIT AGREEMENT, dated as of May 25, 2020 (this “Agreement”), by and among LIBBEY INC., a Delaware corporation (“Holdings”), LIBBEY GLASS INC., a Delaware corporation (the “Borrower”), each of the other Loan Parties (as defined in the Credit Agreement referred to below) and the Lenders (as defined below) party hereto. Unless otherwise indicated, all capitalized terms used herein but not otherwise defined shall have the respective meanings provided to such terms in the Credit Agreement (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, Holdings, the Borrower, each lender from time to time party thereto (the “Lenders”), Cortland Capital Market Services LLC, as administrative agent (as successor to Citibank, N.A., as administrative agent) (in such capacity, the “Administrative Agent”) and the other agents party thereto have entered into that certain Senior Secured Credit Agreement, dated as of April 9, 2014 (as amended, restated, amended and restated, modified or supplemented from time to time, the “Credit Agreement”);

 

WHEREAS, Section 2.05(b)(i) of the Credit Agreement requires the Borrower to prepay the Loans from Excess Cash Flow for the fiscal year of the Borrower ending December 31, 2019 in the amount set forth in Section 2.05(b)(i) of the Credit Agreement on the 2019 ECF Prepayment Extension Date;

 

WHEREAS, pursuant to Section 10.01 of the Credit Agreement, including clause (iii) thereof, the Borrower has requested that the Lenders consent to modify the 2019 ECF Prepayment Extension Date as set forth in this Agreement, and the Lenders party hereto (constituting the Required Lenders) are willing to so consent to such amendments on the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of all of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.      Amendment to Credit Agreement. Effective as of the Effective Date (as defined below), the definition of “2019 ECF Prepayment Extension Date” set forth in Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(a)     amending and restating clause (i) thereof in its entirety to read as follows:

 

“(i)     the occurrence of any Default or Event of Default, other than any Default or Event of Default arising as a result of a failure to deliver (A) quarterly financial statements for the fiscal quarter ended March 31, 2020 in accordance with the deadline set forth in Section 6.01(ii) of this Agreement, (B) a Compliance Certificate signed by a Responsible Officer of Borrower for the fiscal quarter ended March 31, 2020 in accordance with the deadline set forth in Section 6.02(i) of this Agreement, (C) any other document or deliverable required to be delivered in connection or substantially simultaneously with the delivery of the quarterly financial statements for the fiscal quarter ended March 31, 2020 under this Agreement or any other Loan Document and (D) written notice of the occurrence of any Default under Section 6.03(i) of this Agreement in connection any Default set forth in this clause (i)(A) through (i)(C);”

 

(b)     amending and restating clause (v) thereof in its entirety to read as follows:

 

“(v)     the failure of the Loan Parties to have Liquidity at any time of at least $5,000,000;

 

(c)     amending and restating clause (xv) thereof in its entirety to read as follows:

 

“(xv)     May 31, 2020.”

 

SECTION 2.      Conditions of Effectiveness. This Agreement shall become effective as of the first date on which each of the following conditions is satisfied (such date being referred to as the “Effective Date”):

 

(a)     The Lender Advisors and the Borrower shall have received executed counterparts (which may include a facsimile or other electronic transmission) to this Agreement from each of the Loan Parties and Lenders constituting the Required Lenders.

 

(b)     The representations and warranties of each Loan Party contained in Section 3 hereof shall be true and correct in all material respects.

 

 

 

 

(c)     The Loan Parties shall have paid all reasonable fees, costs and expenses of the Lender Group, including (i) the reasonable fees and expenses of Arnold & Porter Kaye Scholer LLP and (ii) all accrued and unpaid fees of Ankura, in each case invoiced at least one Business Day prior to the Effective Date.

 

SECTION 3.      Representations and Warranties. Each Loan Party hereby represents and warrants to the Administrative Agent and the Lenders as follows (which representations and warranties are continuing and shall survive the execution and delivery hereof):

 

(a)     the execution, delivery and performance of this Agreement by each of the Loan Parties has been duly authorized by all necessary corporate or other organizational action, and do not (i) contravene the terms of the organizational documents of such Loan Party; (ii) conflict with or result in any breach or contravention of, or require any payment to be made under (1) any material contractual obligation to which such Loan Party is a party or affecting such Loan Party or its properties or (2) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Loan Party or its property is subject; (iii) violate any law to which such Loan Party or its property is subject; or (iv) result in the creation of any Lien on any property of such Loan Party;

 

(b)     no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, such Loan Party of this Agreement, other than those obtained prior to the Effective Date or being obtained in connection herewith;

 

(c)     no Default or Event of Default has occurred and is continuing; and

 

(d)     there has been no change since the Closing Date (i) in any Loan Party’s legal name or (ii) in the location of any Loan Party’s chief executive office, its principal place of business, any office in which it maintains books or records relating to Collateral owned by it or any of its offices or facilities at which Collateral owned by it is located (including the establishment of any such new office or facility), in each instance other than changes which have previously been disclosed in writing to the Administrative Agent.

 

SECTION 4.      Reaffirmation. Each Loan Party hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other Loan Documents represent the valid, enforceable and collectible obligations of the Loan Parties, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document. Each Loan Party hereby agrees that this Agreement in no way acts as a release or relinquishment of the Liens and rights securing payments of the Obligations. The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by each Loan Party in all respects. This Agreement shall not constitute a novation of the Credit Agreement or any other Loan Document.

 

SECTION 5.      Release.

 

(a)     In consideration of the agreements of the Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower and each other 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 Agents and the Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (each Agent, each Lender and all such other Persons being hereinafter referred to collectively as the “Releasees”), of and from all demands, actions, causes of action, suits, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any such Loan Party or any of their respective 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 in relation to, or in any way in connection with any of the Credit Agreement or any of the other Loan Documents or transactions thereunder or related thereto which arises at any time on or prior to the Effective Date.

 

 

 

 

(b)     The Borrower and each other Loan Party understands, acknowledges and agrees that the 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)     The Borrower and each other Loan Party agrees that no fact, event, circumstance, evidence or transaction existing or arising on or prior to the date hereof 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.

 

SECTION 6.      Reference to and Effect on the Credit Agreement and the other Loan Documents.

 

(a)     On and after the Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Agreement.

 

(b)     The Credit Agreement and each of the other Loan Documents, as specifically amended by this Agreement, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

(c)     The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. On and after the Effective Date, this Agreement shall for all purposes constitute a Loan Document.

 

SECTION 7.      Costs and Expenses. Each of Holdings and the Borrower hereby agree to pay and reimburse the Lender Group for all reasonable costs and expenses incurred on or prior to the date hereof reasonably promptly after the invoicing thereof.

 

SECTION 8.      Execution in Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement.

 

SECTION 9.      Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the conflicts of laws principles thereof, but including Section 5-1401 of the New York General Obligations Law.

 

SECTION 10.      Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE AGREEMENT OF THEIR RIGHT TO TRIAL BY JURY.

 

 

 

 

SECTION 11.      Headings. Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.

 

SECTION 12.      Notice of 2019 ECF Prepayment Extension Date. The Borrower hereby agrees that, if any of the events specified in clauses (i) through (xii) of the definition of 2019 ECF Prepayment Extension Date occurs prior to May 31, 2020, it shall promptly notify the Administrative Agent in writing of the occurrence thereof.

 

[Signature Pages Follow]

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	
			 

				
			LIBBEY INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer

				
			 

			

 

 

 

	
			 

				
			LIBBEY GLASS INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			SYRACUSE CHINA COMPANY

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			WORLD TABLEWARE INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			LGA4 CORP.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			LGA3 CORP.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			THE DRUMMOND GLASS COMPANY

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

 

[Signature Page to Amendment No. 5] 

 

 

 

	
			 

				
			LGC CORP

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			LIBBEY.COM LLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			LGFS INC.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			LGAC LLC

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer  

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

	
			 

				
			LGAU CORP.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael P. Bauer

				
			 

			
	
			 

				
			Name:

				
			Michael P. Bauer 

				
			 

			
	
			 

				
			Title:

				
			Chief Executive Officer 

				
			 

			

 

 

[Signature Page to Amendment No. 5] 

 

 

 

	
			 

				
			[ ● ], as a Lender

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			Name:

				
			 

				
			 

			
	
			 

				
			Title:

				
			 

				
			 

			

 

 

[Signature Page to Amendment No. 5]ex_190564.htm

Exhibit 10.2

 

INDEPENDENT DIRECTOR AGREEMENT

 

THIS INDEPENDENT DIRECTOR AGREEMENT (the “Agreement”) is made as of May 12, 2020, by and between Libbey Inc., a Delaware corporation (the “Company”), and [NAME] (“Director”).

 

BACKGROUND

 

WHEREAS, the Company desires and has requested that Director serve as an independent Director of the Company.

 

WHEREAS, the Company and Director are entering into this Agreement to induce the Director to serve in the capacity set forth above and to set forth certain understandings between the parties.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual agreements and promises contained herein, and other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, Company and Director hereby agree as follows:

 

1.     DUTIES. Director agrees to serve as an independent Director of the Company in Class [I/II] and to be available to perform the duties consistent with such position pursuant to the Certificate of Incorporation, Bylaws, Code of Business Ethics and Conduct and Corporate Governance Guidelines of the Company (collectively, the “Governance Documents”) and the laws of the state of Delaware. The Company acknowledges that Director currently holds other positions (“Other Employment”) and agrees that Director may maintain such positions, provided that such Other Employment shall not materially interfere with Director’s obligations under this Agreement. Director confirms that he expects he will be able to devote sufficient time and attention to the Company as is necessary to fulfill his responsibilities as a Director of the Company and that he expects the Other Employment will not in any way impact Director’s independence, and if he determines that is no longer the case, he will promptly notify the Company. Such time and attention shall include, without limitation, participation in telephonic and/or in-person meetings of the Company’s board of directors; provided, that he is given reasonable advance notice of such meetings and they are scheduled at times when he is available. Director also represents that the Other Employment shall not materially and unreasonably interfere with Director’s obligations under this Agreement. Without limiting the generality of the foregoing, Director confirms that he is independent (as such term has been construed under Delaware law with respect to directors of Delaware corporations and the New York Stock Exchange). Director also confirms that, to his knowledge, (a) he does not possess material business, close personal relationships or other affiliations, or any history of any such material business, close personal relationships or other affiliations, with the Company’s significant equity or debt holders or any of their respective corporate affiliates that would cause Director to be unable to (i) exercise independent judgment based on the best interests of the Company or (ii) make decisions and carry out his responsibilities as a Director of the Company, in each case in accordance with the terms of the Governance Documents and applicable law, and (b) he has no existing relationship or affiliation of any kind with any entity he knows to be a competitor of the Company. By execution of this Agreement, Director accepts his appointment or election as an independent Director of the Company, and agrees to serve in such capacity, subject to the terms of this Agreement, until his successor is duly elected and qualified or until Director’s earlier death, resignation or removal. The parties hereto acknowledge and agree that Director is being engaged to serve as an independent Director of the Company only and is not being engaged to serve, and shall not serve, the Company in any other capacity.

 

 

 

 

2.     TERM. The term of this Agreement shall continue until the earliest of (a) such time as Director resigns or is removed in accordance with the Governance Documents, (b) the date of the next annual stockholders meeting at which Directors in Class [I/II] are elected and (c) the death of the Director.

 

3.     COMPENSATION. For all services to be rendered by Director hereunder, and so long as Director remains a Director of the Company, the Company agrees to pay Director a monthly fee of $50,000.00, with the first monthly fee due upon execution of this Agreement (which first payment will be prorated for only that portion of the month remaining after the date hereof) and thereafter payable in advance on the first of each calendar month; provided, that the Company agrees that the compensation payable to the Director shall be no less than $300,000.00 in the aggregate. Any portion of the $300,000 that theretofore has not been paid shall be payable to Director promptly upon conclusion of his service as a Director. Additionally, the Company agrees to pay Director a daily fee of $5,000.00 for each day that the Director is being deposed, testifying in court and/or spending more than five hours on such day preparing for a deposition or a court appearance. For the avoidance of doubt, other than as set in this Section 3 and Section 4 below, Director shall be entitled to no other compensation or fees from the Company.

 

4.     EXPENSES. In addition to the compensation provided in Section 3 hereof, the Company will reimburse Director for reasonable business related expenses incurred in good faith in the performance of Director’s duties for the Company. Such payments shall be made by the Company upon submission by Director of a written statement (in a form satisfactory to the Company) itemizing the expenses incurred. Such statement shall be accompanied by sufficient documentary matter to support the expenditures.

 

5.     CONFIDENTIALITY. The Company and Director each acknowledge that for Director to perform his duties as an independent Director of the Company, Director shall necessarily be obtaining access to certain confidential information concerning the Company and its affiliates (the “Company Group”), including, but not limited to, the geological, geophysical, economic, financial or management aspects of the business, operations, properties or prospects of the Company Group, whether oral or in written form (“Confidential Information”). Director covenants that he shall not, either directly or indirectly, in any manner, utilize (other than to discharge his duties as a director of the Company) or disclose to any person, firm, corporation, association or other entity any Confidential Information, except: (a) to the members of the Company Group and their respective officers, directors, employees, stockholders, agents, attorneys, advisors and representatives, in each case to the extent reasonably necessary for Director to discharge his duties hereunder and, for the avoidance of doubt, in accordance with the Governance Documents; provided that, the Director shall not disclose any information marked “Not for Distribution – For Board Eyes Only” to any third party without the prior written consent of the Company; (b) as required by law or to voluntarily report a potential violation of law or regulation; (c) pursuant to a subpoena or order issued by a court, governmental body, agency or official; or (d) to the extent such information (i) is generally known to the public, (ii) was known to Director prior to its disclosure to Director by the Company, (iii) was obtained by Director from a third party which, to Director’s knowledge, was not prohibited from disclosing such information to Director pursuant to any contractual, legal or fiduciary obligation, (iv) was independently derived by Director without any use of Confidential Information or (v) with respect to sharing information with the Company’s lenders and their attorneys and advisors only, is known or has been previously provided to the Company’s lenders by the Company’s management, attorneys or advisors (without breach of this Agreement by the Director). This Section 5 shall continue in effect after Director has ceased acting as an independent Director of the Company.

 

2

 

 

6.     MISCELLANEOUS. Director confirms that the execution and performance of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that Director may have with or to any person or entity. In the event Director knows or has reason to know that any of the statements made herein is not true or will not be true in the future, Director shall immediately report such finding to the Company. Director hereby acknowledges and agrees that this Agreement shall be an obligation solely of the Company, and Director shall have no recourse whatsoever against the Company’s equity holders or any of their respective affiliates with regard to this Agreement. Director confirms completion and execution of the Company’s Outside Director Questionnaire and that such Outside Director Questionnaire remains true and accurate as of the date hereof.

 

7.     INFORMATION. The Company shall provide Director with quarterly financial information, and shall make its management available to discuss the business and operations of the Company upon Director’s reasonable request.

 

8.     EFFECT OF WAIVER. The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

 

9.     GOVERNING LAW. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the state of Delaware without reference to its conflicts of laws principles.

 

10.     ASSIGNMENT. The rights and benefits of the Company under this Agreement shall not be transferable except by operation of law without Director’s consent, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and assigns. The duties and obligations of Director under this Agreement are personal and therefore Director may not assign any right or duty under this Agreement without the prior written consent of the Company.

 

11.     BINDING EFFECT; SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of and be enforceable by each of the parties hereto and their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), heirs and personal legal representatives. The Company shall require and cause any successor (whether direct or indirect, and whether by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business or assets of the Company, by written agreement in form and substance reasonably satisfactory to Director, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

3

 

 

12.     SEVERABILITY; HEADINGS. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid as applied to any fact or circumstance, it shall be modified by the minimum amount necessary to render it valid, and any such invalidity shall not affect any other provision, or the same provision as applied to any other fact or circumstance. The headings used in this Agreement are for convenience only and shall not be construed to limit or define the scope of any Section or provision.

 

13.     COUNTERPARTS; AMENDMENT. This Agreement may be executed in one or more counterparts, each of which shall be considered one and the same agreement. No amendment to this Agreement shall be effective unless in writing signed by each of the parties hereto.

 

[Signature Page Follows]

 

4

 

 

The parties hereto have caused this Agreement to be executed on the date first above written.

 

	 	
			LIBBEY INC.  

			
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	
			 

			

	 	Name:	
			 

			

	 	Title:	
			 

			

 

 

[Signature Page to Independent Director Agreement]

 

 

	 	
			DIRECTOR

			
	 	 
	 	 
	 	 
	 	 
	 	 
	 	
			[___________]

			

 

 

[Signature Page to Independent Director Agreement]

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