Document:

exv10w3

Exhibit 10.3

WAIVER

TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

THIS WAIVER TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Waiver”) is made and
entered into effective as of November 3, 2010 (the “Effective Date”), by and among (a)
GLOBAL INDUSTRIES, LTD., a Louisiana corporation (the “Parent”), GLOBAL OFFSHORE MEXICO, S.
DE R.L. DE C.V., a Mexican sociedad de responsabilidad limitada de capital variable (the
“Mexican Borrower”), and GLOBAL INDUSTRIES INTERNATIONAL, L.L.C., a Louisiana limited
liability company, in its capacity as general partner of GLOBAL INDUSTRIES INTERNATIONAL, L.P., a
Cayman Islands exempted limited partnership (the “Cayman Borrower” and together with the
Parent and the Mexican Borrower, each a “Borrower” and collectively, the
“Borrowers”), (b) the financial institutions parties hereto which are Lenders party to the
Credit Agreement (as defined below); and (c) CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
(formerly known as Calyon New York Branch), as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”).

PRELIMINARY STATEMENTS

     A. The Parent, the Mexican Borrower, the Cayman Borrower, the Administrative Agent and the
lenders signatory thereto (the “Lenders”) are parties to that certain Third Amended and
Restated Credit Agreement dated as of June 30, 2006 as amended by Amendment No. 1 thereto dated as
of October 6, 2006, Amendment No. 2 thereto dated as of July 26, 2007, Amendment No. 3 thereto
dated as of October 18, 2007, Amendment No. 4 and Waiver thereto dated as of November 7, 2008,
Amendment No. 5 thereto dated as of February 25, 2009, and Amendment No. 6 thereto dated as of June
16, 2010 (as so amended, the “Credit Agreement”).

     B. The Borrowers have failed to comply with Section 6.15 (Minimum Fixed Charge
Coverage Ratio) and Section 6.16 (Minimum Consolidated EBITDA) for the fiscal quarter
ending September 30, 2010 (the “Waiver Defaults”).

     C. The parties hereto wish to enter into this Waiver to provide for a waiver of the Waiver
Defaults as set forth herein.

     NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending
to be legally bound, agree as follows:

ARTICLE I

DEFINITIONS

     1.01 Capitalized terms used in this Waiver are defined in the Credit Agreement, unless
otherwise stated.

 

 

ARTICLE II

WAIVER

     The Borrowers hereby acknowledge the existence of the Waiver Defaults. The Administrative
Agent and the Lenders hereby agree, subject to the terms and conditions of this Waiver, to waive
the Waiver Defaults. The waiver by the Administrative Agent and the Lenders described in this
Article II is contingent upon the satisfaction of the conditions precedent set forth below and is
limited to the Waiver Defaults. Such waiver is limited to the extent described herein and shall
not be construed to be a consent to or a permanent waiver of
Section 6.15 or Section
6.16 of the Credit Agreement or any other terms, provisions, covenants, warranties or
agreements contained in the Credit Agreement or in any of the other Credit Documents. The
Administrative Agent and the Lenders reserve the right to exercise any rights and remedies
available to them in connection with any other present or future Defaults or Events of Default with
respect to the Credit Agreement or any other provision of any Credit Document. The description
herein of the Waiver Defaults is based upon the information available to the Administrative Agent
and the Lenders on the date hereof and shall not be deemed to exclude the existence of any other
Events of Default. The failure of the Lenders to give notice to the Borrowers or the Guarantors of
any such other Events of Default is not intended to be nor shall be a waiver thereof.

ARTICLE III

CONDITIONS PRECEDENT

     3.01 Conditions to Effectiveness. This Waiver shall become effective as of the
Effective Date upon the satisfaction of the following conditions precedent.

     (a) Documentation. The Administrative Agent shall have received the following,
each dated on or before the Effective Date, in form and substance satisfactory to the
Administrative Agent:

     (i) this Waiver duly executed by the Borrowers, the Administrative Agent and
the Majority Lenders; and

     (ii) (A) the attached Acknowledgment and Reaffirmation of the US Guaranty duly
executed by each US Guarantor and (B) the attached Acknowledgment and Reaffirmation
of the Foreign Guaranty duly executed by each Foreign Guarantor.

     (b) Payment of Fees. The Borrowers shall have paid all costs and expenses
which have been invoiced and are payable pursuant to Section 11.04 of the Credit
Agreement.

ARTICLE IV

NO OTHER WAIVER

     Except as expressly provided in Article II, nothing contained herein shall be construed as a
waiver by the Administrative Agent or any Lender of any covenant or provision of the Credit
Agreement, the other Credit Documents, or of any other contract or instrument between any

2

 

Borrower and the Administrative Agent or any Lender, and the failure of the Administrative
Agent or any Lender at any time or times hereafter to require strict performance by each Borrower
of any provision thereof shall not waive, affect or diminish any right of the Administrative Agent
or any Lender to thereafter demand strict compliance therewith. The Administrative Agent and each
Lender hereby reserves all rights granted under the Credit Agreement, the other Credit Documents
and any other contract or instrument between any of them.

ARTICLE V

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

     5.01 Ratifications. The terms and provisions set forth in this Waiver shall modify
and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other
Credit Documents, and, except as expressly modified and superseded by this Waiver, the terms and
provisions of the Credit Agreement and the other Credit Documents are ratified and confirmed and
shall continue in full force and effect. Each Borrower hereby agrees that all liens and security
interests securing payment of the Obligations under the Credit Agreement are hereby collectively
renewed, ratified and brought forward as security for the payment and performance of the
Obligations. Each Borrower, the Administrative Agent and the Lenders agree that the Credit
Agreement, as modified hereby, and the other Credit Documents shall continue to be legal, valid,
binding and enforceable in accordance with their respective terms.

     5.02 Representations and Warranties. Each Borrower hereby represents and warrants to
the Administrative Agent and the Lenders that (a) the execution, delivery and performance of this
Waiver have been authorized by all requisite corporate action on the part of such Borrower and will
not violate the applicable organization or governing documents of any Borrower; (b) after giving
effect to this Waiver, the representations and warranties contained in the Credit Agreement, as
modified hereby, and the other Credit Documents are true and correct on and as of the date hereof
and on and as of the date of execution hereof as though made on and as of each such date; (c) after
giving effect to this Waiver, no Default or Event of Default under the Credit Agreement, as
modified hereby, has occurred and is continuing; (d) after giving effect to this Waiver, each
Borrower is in full compliance with all covenants and agreements contained in the Credit Agreement,
as modified hereby, and the other Credit Documents; and (e) no Borrower has amended its applicable
organizational or governing documents since the date of the Credit Agreement.

ARTICLE VI

MISCELLANEOUS PROVISIONS

     6.01 Survival of Representations and Warranties. All representations and warranties
made in the Credit Agreement or the other Credit Documents, including, without limitation, any
document furnished in connection with this Waiver, shall survive the execution and delivery of this
Waiver, and no investigation by the Administrative Agent or any Lender shall affect the
representations and warranties or the right of the Administrative Agent and Lenders to rely upon
them.

3

 

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

     6.03 Expenses of the Administrative Agent. Each Borrower agrees to pay on demand all
reasonable costs and expenses incurred by the Administrative Agent in connection with any and all
amendments, modifications, and supplements to the Credit Documents, including, without limitation,
the reasonable costs and fees of the Administrative Agent’s legal counsel, and all costs and
expenses incurred by the Administrative Agent in connection with the enforcement or preservation of
any rights under the Credit Agreement, as modified hereby, or any other Credit Documents,
including, without, limitation, the costs and fees of the Administrative Agent’s legal counsel.

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

     6.05 Successors and Assigns. This Waiver is binding upon and shall inure to the
benefit of the Administrative Agent, the Lenders and Borrowers and their respective successors and
assigns, except that no Borrower may assign or transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent.

     6.06 Counterparts. This Waiver may be executed in one or more counterparts, each of
which when so executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument. This Waiver may be executed by facsimile signature
and all such signatures shall be effective as originals.

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

     6.08 Headings. The headings, captions, and arrangements used herein are for
convenience only and shall not affect the interpretation of this Waiver.

     6.09 Applicable Law. THIS WAIVER SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE
PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

[Remainder of page intentionally left blank. Signatures on following pages.]

4

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Waiver as of the date first
above-written.

	 	 	 	 	 
	 	PARENT:

GLOBAL INDUSTRIES, LTD.

 	 
	 	By:  	/s/ C. Andrew Smith
 	 
	 	Name:  C. Andrew Smith 	 
	 	Title:    CFO 	 
	 
	 	MEXICAN BORROWER:

GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V

 	 
	 	By:  	/s/ Russell Robicheaux
 	 
	 	Name:  Russell Robicheaux 	 
	 	Title:    CAO & General Counsel 	 
	 
	 	CAYMAN BORROWER:

GLOBAL INDUSTRIES INTERNATIONAL, L.P.

 	 
	 	By:  Global Industries International, L.L.C., its general 
partner 	 
	 	 	 
	 	By:  	                              /s/ C. Andrew Smith
 	 
	 	Name:  C. Andrew Smith 	 
	 	Title:    CFO 	 
	 

Signature Page to Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 
	 	CRÉDIT AGRICOLE CORPORATE AND
INVESTMENT BANK (formerly known as Calyon New York Branch), as
Administrative Agent, Issuing Bank, Swingline Bank and as a Lender

 	 
	 	By:  	/s/ Page Dillehunt
 	 
	 	Name:  Page Dillehunt 	 
	 	Title:    Managing Director 	 
	 	 	 
	 	By:  	/s/ Michael Willis
 	 
	 	Name:  Michael Willis 	 
	 	Title:    Managing Director 	 

Signature Page to Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDERS:

WHITNEY NATIONAL BANK

 	 
	 	By:  	/s/ Mark S. McCullough
 	 
	 	Name:  Mark S. McCullough 	 
	 	Title:    Vice President 	 
	 

Signature Page to Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 
	 	BNP PARIBAS

 	 
	 	By:  	/s/ Guillaume Deve
 	 
	 	Name:  Guillaume Deve 	 
	 	Title:    Managing Director 	 
	 	 	 
	 	By:  	/s/ Kevin O’Hara 	 
	 	Name:  Kevin O’Hara 	 
	 	Title:    Director 	 
	 

Signature Page to Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

ACKNOWLEDGMENT AND REAFFIRMATION OF

SECOND AMENDED AND RESTATED US GUARANTY

Each of the undersigned (each a “US Guarantor” and collectively the “US
Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing Waiver to Third Amended
and Restated Credit Agreement dated as of November 3, 2010 among (a) GLOBAL INDUSTRIES, LTD., a
Louisiana corporation, GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican sociedad de
responsabilidad limitada de capital variable, and GLOBAL INDUSTRIES INTERNATIONAL, L.L.C., a
Louisiana limited liability company, in its capacity as general partner of GLOBAL INDUSTRIES
INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership, (b) the financial institutions
parties thereto; and (c) CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK (formerly known as Calyon
New York Branch), as administrative agent (in such capacity, the “Administrative Agent”) and (ii)
reaffirms its obligations under the Second Amended and Restated US Guaranty dated as of
June 30, 2006 by the US Guarantors in favor of the Administrative Agent for the benefit of the
Beneficiaries (as defined therein).

	 	 	 	 	 
	 	GLOBAL INDUSTRIES, LTD.

 	 
	 	By:  	/s/ C. Andrew Smith
 	 
	 	Name:  C. Andrew Smith 	 
	 	Title:    CFO 	 
	 
	 	GIL HOLDINGS, L.L.C.

GLBL HOLDINGS, L.L.C.

GLOBAL DIVERS AND CONTRACTORS, L.L.C.

GLOBAL INDUSTRIES INTERNATIONAL, L.L.C.

GLOBAL INDUSTRIES OFFSHORE, L.L.C.

GLOBAL PIPELINES PLUS, L.L.C.

GLOBAL MOVIBLE OFFSHORE, L.L.C.

NORMAN OFFSHORE PIPELINES, L.L.C.

PIPELINES, L.L.C.

SUBTEC MIDDLE EAST LIMITED

 	 
	 	By:  	/s/ C. Andrew Smith
 	 
	 	Name:  C. Andrew Smith 	 
	 	Title:    CFO 	 
	 

Acknowledgment and Reaffirmation of

Second Amended and Restated US Guaranty

 

 

ACKNOWLEDGMENT AND REAFFIRMATION OF

SECOND AMENDED AND RESTATED FOREIGN GUARANTY

Each of the undersigned (each a “Foreign Guarantor” and collectively the “Foreign
Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing Waiver to Third Amended
and Restated Credit Agreement dated as of November 3, 2010 among (a) GLOBAL INDUSTRIES, LTD., a
Louisiana corporation, GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican sociedad de
responsabilidad limitada de capital variable, and GLOBAL INDUSTRIES INTERNATIONAL, L.L.C., a
Louisiana limited liability company, in its capacity as general partner of GLOBAL INDUSTRIES
INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership, (b) the financial institutions
parties thereto; and (c) CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK (formerly known as Calyon
New York Branch), as administrative agent (in such capacity, the “Administrative Agent”) and (ii)
reaffirms its obligations under the Second Amended and Restated Foreign Guaranty dated as of
June 30, 2006 by the Foreign Guarantors in favor of the Administrative Agent for the benefit of the
Beneficiaries (as defined therein).

	 	 	 	 	 

	 	 	GLOBAL INDUSTRIES INTERNATIONAL, L.P.
	 
	 	 	 	 
	 	 	By: Global Industries International, L.L.C., its
general partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ C. Andrew Smith
	 

	 	 	 	 
	 

	 	Name:
	 	C. Andrew Smith
	 

	 	Title:
	 	CFO
	 
	 	 	 	 
	 	 	GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Russell Robicheaux
	 

	 	 	 	 
	 

	 	Name:
	 	Russell Robicheaux
	 

	 	Title:
	 	CAO & General Counsel
	 
	 	 	 	 
	 	 	GLOBAL INTERNATIONAL VESSELS, LTD.
	 	 	GLOBAL OFFSHORE INTERNATIONAL, LTD.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ C. Andrew Smith
	 

	 	 	 	 
	 

	 	Name:
	 	C. Andrew Smith
	 

	 	Title:
	 	CFO

Acknowledgment and Reaffirmation of

Second Amended and Restated Foreign Guaranty

 

	 	 	 	 	 
	 	GLOBAL INDUSTRIES OFFSHORE NETHERLANDS, BV

 	 
	 	By:  	 	/s/ C. Andrew Smith

 	 
	 	Name:  	C. Andrew Smith 	 
	 	Title:  	CFO 	 
	 
	 	 	 
	 	By:  	 	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	GIL MAURITIUS HOLDINGS, LTD.

 	 
	 	By:  	 	/s/ C. Andrew Smith
 	 
	 	Name:  	C. Andrew Smith 	 
	 	Title:  	CFO 	 
	 
	 	GLOBAL INDUSTRIES MEXICO HOLDINGS, S. DE R.L. DE C.V.

GLOBAL VESSELS MEXICO, S. DE R.L. DE C.V.

GLOBAL INDUSTRIES OFFSHORE SERVICES, S. DE R.L. DE C.V.

GLOBAL INDUSTRIES SERVICES, S. DE R.L. DE C.V.

 	 
	 	By:  	 	/s/ Russell Robicheaux
 	 
	 	Name:  	Russell Robicheaux 	 
	 	Title:  	CAO & General Counsel 	 
	 

Acknowledgment and Reaffirmation of

Second Amended and Restated Foreign Guarantyexv10w45

Exhibit 10.45

OUTDOOR CHANNEL HOLDINGS, INC.

2004 LONG-TERM INCENTIVE PLAN

 

Restricted Stock Unit Award Agreement

 

Award No.                    

     You are hereby awarded Restricted Stock Units (the “RSUs”) subject to the terms and
conditions set forth in this Restricted Stock Unit Award Agreement (“Award Agreement”), in
the Restricted Stock Unit Election (the “Election Form”), and in the Outdoor Channel
Holdings, Inc. 2004 Long-Term Incentive Plan (the “Plan”), which is attached hereto as
Exhibit A. A summary of the Plan appears in its Prospectus, which is attached as
Exhibit B. You should carefully review these documents, and consult with your personal
financial advisor, in order to fully understand the implications of this Award Agreement, including
your tax alternatives and their consequences.

     By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and
conditions as if they had been set out verbatim in this Award Agreement. In addition, you
recognize and agree that all determinations, interpretations, or other actions respecting the Plan
and this Award Agreement will be made by the Board of Directors (the “Board”) of Outdoor
Channel Holdings, Inc. (the “Company”), or the Committee pursuant to Section 4 of the Plan,
and that such determinations, interpretations or other actions are (unless arbitrary and
capricious) final, conclusive and binding upon all parties, including you, your heirs and
representatives. Capitalized terms are defined in the Plan or in this Award Agreement.

1. Specific Terms. Your RSUs have the following terms:

	 	 	 

	Name of Participant
	 	 
	Number of Restricted Stock Units Subject to Award
	 	 
	Purchase Price per Share (if applicable)

	 	Not applicable.
	Award Date
	 	 
	Settlement Date

	 	See Election Form.
	Vesting of Award

	 	See Vesting Appendix.

 

 

2. Termination of Continuous Service. This Award shall be canceled and become automatically
null and void immediately after termination of your Continuous Service for any reason, but only to
the extent you have not become vested.

3. Vesting and Settlement Date. Shares underlying the RSUs shall become vested pursuant to
the vesting schedule set forth in the Vesting Appendix of this Award Agreement. Shares will then
be issued (to the extent vested) as soon as practicable, but in no event later than thirty (30)
days after the Settlement Date specified in the Election Form. The Company will issue to you or
your duly-authorized transferee, free from vesting restrictions (but subject to such legends as the
Company determines to be appropriate), one Share for each vested RSU after the applicable
Settlement Date. Fractional shares will not be issued, and cash will be paid on the applicable
Settlement Date in lieu thereof.

4. Withholding. Certificates shall not be delivered to you unless you have made
arrangements satisfactory to the Committee to satisfy any applicable tax-withholding obligations.
If approved by the Company, in its discretion, you may, in your discretion, authorize the Company
to withhold a portion of the Shares that would otherwise be issued to you upon the lapse of the
applicable vesting restrictions to satisfy such withholding obligations (up to the minimum
statutorily required withholding obligations).

5. Investment Purposes. You acknowledge that you are acquiring your Shares underlying your
RSUs for investment purposes only and without any present intention of selling or distributing
them.

6. Designation of Beneficiary. Notwithstanding anything to the contrary contained herein
or in the Plan, following the execution of this Award Agreement, you may expressly designate a
beneficiary (the “Beneficiary”) to your interest, if any, in the RSUs awarded hereby. You
shall designate the Beneficiary by completing and executing a designation of beneficiary agreement
substantially in the form attached hereto as Exhibit C (the “Designation of
Beneficiary”) and delivering an executed copy of the Designation of Beneficiary to the Company.

7. Income Taxes and Deferred Compensation. The Participant is solely responsible and
liable for the satisfaction of all taxes and penalties that may arise in connection with this Award
(including any taxes arising under Section 409A of the Code), and the Company shall not have any
obligation to indemnify or otherwise hold any Participant harmless from any or all of such taxes.
The Committee shall have the discretion to unilaterally modify this Award in a manner that (i)
conforms with the requirements of Section 409A of the Code, (ii) that voids any election of the
Participant to the extent it would violate Section 409A of the Code, and (iii) for any distribution
election that would violate Section 409A of the Code, to make distributions pursuant to the Award
at the earliest to occur of a distribution event that is allowable under Section 409A of the Code
or any distribution event that is both allowable under Section 409A of the Code and is elected by
the Participant, subject to any valid second election to defer, provided that the Committee permits
second elections to defer in accordance with Section 409A(a)(4)(C). The Committee shall have the
sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of
the Plan and this Award Agreement.

8. Notices. Any notice, payment or communication required or permitted to be given by any
provision of this Award Agreement shall be in writing and shall be delivered personally or sent by
certified mail, return receipt requested, addressed as follows: (i) if to the Company, at the
address set forth on the signature page, to the attention of: Board of Directors of Outdoor Channel
Holdings, Inc.; (ii) if to you, at the address set forth below your signature on the signature
page. Each party may, from

-2-

 

time to time, by notice to the other party hereto, specify a new address for delivery of notices
relating to this Award Agreement. Any such notice shall be deemed to be given as of the date such
notice is personally delivered or properly mailed.

9. Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan,
every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, legatees, legal representatives,
successors, transferees, and assigns.

10. Modifications. This Award Agreement may be modified or amended at any time, in
accordance with Section 15 of the Plan and provided that you must consent in writing to any
modification that adversely alters or impairs any rights or obligations under this Award Agreement.

11. Headings. Section and other headings contained in this Award Agreement are for
reference purposes only and are not intended to describe, interpret, define or limit the scope or
intent of this Award Agreement or any provision hereof.

12. Severability. Every provision of this Award Agreement and of the Plan is intended to
be severable. If any term hereof is illegal or invalid for any reason, such illegality or
invalidity shall not affect the validity or legality of the remaining terms of this Award
Agreement.

13. Counterparts. This Award Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument.

14. Governing Law. This Award Agreement shall be interpreted, administered and otherwise
subject to the laws of the State of Delaware (disregarding any choice-of-law provisions).

<Signature Page Follows>

-3-

 

     BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the
Company agree that the RSUs hereby awarded under and governed by the terms and conditions of this
Award Agreement and the Plan.

	 	 	 	 	 
	 	OUTDOOR CHANNEL HOLDINGS, INC.

 	 
	 	By:  	 	 
	 	 	Title: 	 

	 	 	 	 	 

	 

	 	Address:
	 	43445 Business Park Drive, Suite 103
Temecula, CA 92590

     The undersigned hereby accepts the terms of this Award Agreement and the Plan.

	 	 	 	 	 

	 
	 

	 	 

[DIRECTOR]
	 	 
	 
	 	 	 	 
	 

	 	Address:	 	 

-4-

 

Vesting Appendix

The Restricted Stock Units shall vest as provided below, and once vested, shall be settled by
the Company’s issuance of shares of Company common stock reflecting that number of vested
Restricted Stock Units on the Settlement Date as specified in the Election Form. To the extent
the following vesting provisions are not met, the Restricted Stock Units shall be immediately
forfeited and terminated.

The Restricted Stock Units shall become fully vested on [DATE THAT IS ONE YEAR FROM AWARD
DATE], so long as the Participant continued to serve on the Board of Directors of the Company
during the period beginning on the date of grant to [DATE THAT IS ONE YEAR FROM AWARD DATE];
provided, however, that upon a Change in Control (as defined in the Plan), the vesting of all
Restricted Stock Units shall accelerate, regardless of whether the aforementioned vesting
requirements have been satisfied.

 

 

OUTDOOR CHANNEL HOLDINGS, INC.

2004 LONG-TERM INCENTIVE PLAN

 

Restricted Stock Unit Election Form

 

TO: Chief
Financial Officer, Outdoor Channel Holdings, Inc. (the “Company”)

FROM:
                                                            (the
“Participant”)

     I hereby elect to defer the settlement of my Restricted Stock Units that I would otherwise
receive from the Company, subject to the terms and conditions of the Company’s 2004 Long-Term
Incentive Plan (the “Plan”) and this Restricted Stock Unit Election Form (the “Election”). I
understand that my election is irrevocable. The terms of my election are as follows:

     1. Restricted Stock Units to which Election applies.

o
My Election applies to the Award of Restricted Stock Units granted on                      (the “Date of Grant”).

o
		 My Election applies to any Award that I may be granted in the calendar year
which begins after the date of this Election.

          2. Restricted Stock Units Deferred. I elect to defer settlement of [100% of my
Award.] or [the following portion of my Award (must be at a minimum of at least 10% and may
increase in 5% increments thereafter):

          ______ %]

     3. Restricted Stock Units Deferral Elections. I hereby make the following elections
with respect to the settlement of my vested Restricted Stock Units. I understand that if I fail to
make an election, or if the election is terminated, that I will be deemed to have elected
settlement of my Restricted Stock Units when such units vest as provided in the Restricted Stock
Units Notice of Grant.

Form of Settlement of Deferred Restricted Stock Units: I understand that my shares of Stock will
be payable in a single lump sum payment.

Settlement Date: Subject to the terms of the Plan and my deferred Restricted Stock Units Agreement
(the “Agreement”), I will receive shares of Stock in settlement of my Award (to the extent vested)
within 30 days of the earlier of (i) any Settlement Date I have elected below, (ii) the
date of my termination of Continuous Service or (iii) the date of any Change in Control.

     I understand that:

     A Settlement Date that I select may be no earlier than January 1 of the third calendar year

-2-

 

following the date of this Election.

     That I may (but am not required) to elect a Settlement Date, however, if I don’t select a
Settlement Date, but have completed this form and elected to defer settlement of the Award beyond
the date such award would have become vested, that I will have made an irrevocable election to
defer settlement of the Award until my termination of Continuous Service.

	 	 	 	 	 

	 

	 	o

	 	I elect a Settlement Date for 100%
of my Award on ________________.
(please select a date no earlier
than January 1 of the third calendar
year following the date of this
Election, however, remember that the
Award becomes vested on the date
provided in the Notice of Grant and
unless you elect to defer settlement
by completing this form, would be
settled on the vesting date)
	 
	 	 	 	 
	 

	 	o

	 	I do not elect a Settlement Date
(and I understand this means that
the Settlement Date will be the date
I terminate Continuous Service).

     Change of Settlement Date:

I understand that I may make, with the consent of the Company, a subsequent
election to further defer settlement of this Award, and that such an election
must be made at least one (1) year prior to my originally selected Settlement
Date and I further understand that my newly elected Settlement Date must be at
least five (5) years after the date of the originally selected Settlement Date.
I further understand that the ability to make such a subsequent deferral
election may not be available to me in the future if the Company changes its
administration policies to reflect any changes to the applicable law governing
deferred compensation.

     4. Filing of Election.

     If this Election is being completed for a specific Award, it must be filed with the Chief
Financial Officer of the Company no later than thirty (30) days after the Date of Grant. No
Election filed after this date will be effective.

     If instead this Election is being completed for an Award that might be granted in a future
year, it must be filed with the Chief Financial Officer of the Company no later than December
31st of the calendar year prior to the year such Award will be granted.

     5. Irrevocability of Election. This Election will become irrevocable after it has
been submitted to the Company’s Chief Financial Officer.

     6. Award is Unfunded. I understand that the Company has not formally funded my Award
and that I am considered a general unsecured creditor of the Company with respect to my rights
under the Award.

     7. Subject to Plan. This Election is in all respects subject to the terms and
conditions of the Plan. Should any inconsistency exist between this Election, the Plan, the
Restricted Stock Units Agreement, and/or any applicable law, then the provisions of either the
applicable law or the Plan will control, with the Plan subordinated to the applicable law.

			
	 	 	 
	 
	Participant Signature
	 	Date

-3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]