Document:

Exhibit 10.1

  

  

  

  
    Twelfth Amendment to Credit and Security Agreement

    

    

    This Twelfth Amendment to Credit and Security Agreement
      (herein, the “Amendment”) is entered into as of September 23, 2020 (the “Effective

        Date”), among Martin Marietta Funding LLC, a Delaware limited liability company (“Borrower”), Martin Marietta Materials, Inc., a North Carolina
      corporation, as initial Servicer (the “Servicer”), each commercial paper conduit and financial institution from time to time a party to the Credit and Security
      Agreement (as defined below) as lenders (the “Lenders”), and Truist Bank, successor by merger to SunTrust Bank (“Truist”), a North Carolina banking corporation, in its capacity as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”).

    

    

    Preliminary Statements

    

    

    Whereas, the Borrower, the Servicer, the Lenders and
      the Administrative Agent entered into a certain Credit and Security Agreement, dated as of April 19, 2013 (the Credit and Security Agreement, as the same has been amended prior to the date hereof, being referred to herein as the “Credit and Security Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit and
      Security Agreement;

    

    

    Whereas, the Borrower and the Servicer have requested
      that the Administrative Agent and the Lenders agree to amend the Credit and Security Agreement and the Administrative Agent and the Lenders are willing to do so under the terms and conditions set forth in this Amendment;

    

    

    Now, Therefore, for good and valuable consideration,
      the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

    

    

    	Section 1.	
            Amendment.

          

    

    

    Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit and Security Agreement shall be amended as follows:

    

    

    1.1.         Section 1.7 of the Credit and
        Security Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:

    

    

    Section 1.7.          Suspension of the Eurodollar Rate.  (a) If any Lender hereunder determines that (i) funding any of its Loans at the Eurodollar Rate would
        violate any applicable law, rule, regulation, or directive of any governmental or regulatory authority, whether or not having the force of law, (ii) deposits of a type and maturity appropriate to match fund its Loan at such Eurodollar Rate are not
        available or (iii) such Eurodollar Rate does not accurately reflect the cost of acquiring or maintaining such Loan, then, with prior written notice to the Administrative Agent and the Borrower, such Lender may suspend the availability of the
        Eurodollar Rate, and such Lender’s Principal shall thereafter accrue Interest at the rate that is one‐half of one percent (0.50%) above the Federal Funds Rate.  Any conversion of any outstanding Loan bearing interest at the Eurodollar Rate which is
        required under this Section 1.7(a) shall be effected immediately.

    

    

    
      
        

    

    
    

    

    (b)          Notwithstanding

        anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the
        Eurodollar Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to
        all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in
        Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of the Eurodollar Rate with a
        Benchmark Replacement pursuant to these provisions will occur prior to the applicable Benchmark Transition Start Date.

    

    

    (c)          In connection
        with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction
        Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

    

    

    (d)          The
        Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date,
        (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election
        that may be made by the Administrative Agent or Lenders pursuant to this Section 1.7(b)-(e), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any
        decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
        pursuant to this Section 1.7(b)-(e).

    

    

    
      2

      
        

    

    

    

    (e)          Upon the
        Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Loan that bears interest at a rate determined by reference to the Eurodollar Rate, conversion to or continuation of
        Loans bearing interest at a rate determined by reference to the Eurodollar Rate to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a
        request for a Loan of, or conversion to a Loan, that accrues Interest at the rate that is one‐half of one percent (0.50%) above the Federal Funds Rate. During any Benchmark Unavailability Period, the component of Alternate Base Rate based upon the
        Eurodollar Rate will not be used in any determination of Alternate Base Rate.

    

    

    (f)           As used in
        this Section:

    

    

    “Benchmark Replacement”
      means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the
      mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurodollar Rate for U.S. dollar-denominated syndicated credit
      facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.0%, the Benchmark
      Replacement will be deemed to be 0.0% for the purposes of this Agreement.

    

    

    “Benchmark Replacement
        Adjustment” means, with respect to any replacement of the Eurodollar Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment,
      (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining
      such spread adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment,
      or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

     

    

    
      3

      
        

    

    

    

    “Benchmark Replacement
        Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Interest Period,” timing and
      frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent reasonably determines, in consultation with the Borrower, may be appropriate to reflect the adoption and implementation of
      such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice
      is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent determines is reasonably
      necessary in connection with the administration of this Agreement).

    

    

    “Benchmark Replacement Date”
      means the earlier to occur of the following events with respect to the Eurodollar Rate:

    

    

    (a)         in the case of
        clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (x) the date of the public statement or publication of information referenced therein and (y) the date on which the administrator of the Eurodollar Rate permanently
        or indefinitely ceases to provide the Eurodollar Rate; or

    

    

    (b)          in the case of
        clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.

    

    

    “Benchmark Transition Event”
      means the occurrence of one or more of the following events with respect to the Eurodollar Rate:

    

    

    (a)        a public
        statement or publication of information by or on behalf of the administrator of the Eurodollar Rate announcing that such administrator has ceased or will cease to provide the Eurodollar Rate, permanently or indefinitely, provided that, at the time
        of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar Rate;

    

    

    
      4

      
        

    

    

    

    (b)           a public
        statement or publication of information by the regulatory supervisor for the administrator of the Eurodollar Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Eurodollar Rate, a
        resolution authority with jurisdiction over the administrator for the Eurodollar Rate, or a court or an entity with similar insolvency or resolution authority over the administrator for the Eurodollar Rate, which states that the administrator of
        the Eurodollar Rate has ceased or will cease to provide the Eurodollar Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar
        Rate; or

    

    

    (c)          a public
        statement or publication of information by the regulatory supervisor for the administrator of the Eurodollar Rate announcing that the Eurodollar Rate is no longer representative.

    

    

    “Benchmark Transition Start
        Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event,
      the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement
      or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required
      Lenders) and the Lenders.

    

    

    “Benchmark Unavailability
        Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Eurodollar Rate and solely to the extent that the Eurodollar Rate has not been replaced with a Benchmark Replacement,
      the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder in accordance with Section 1.7(b)-(e) and (y) ending at the
      time that a Benchmark Replacement has replaced the Eurodollar Rate for all purposes hereunder pursuant to Section 1.7(b)-(e).

    

    

    “Early Opt-in Election”
      means the occurrence of:

    

    

    (a)          (i) a
        determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities
        being executed at such time, or that include language similar to that contained in Section 1.7(b)-(e) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Eurodollar Rate, and

    

    

    
      5

      
        

    

    

    

    (b)          (i) the
        election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower
        and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

    

    

    “Relevant Governmental Body”
      means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

    

    

    “SOFR” with respect
      to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

    

    

    “Term SOFR” means the
      forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

    

    

    “Unadjusted Benchmark
        Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

    

    

    1.2.          The following defined terms
        appearing in Exhibit I to the Credit and Security Agreement are hereby amended and restated in their entirety and as so amended and restated shall read as follows:

    

    

    “Conduit Agent”
      means, with respect to any Conduit Lender or Liquidity Provider, the entity acting as Conduit Agent for such Conduit Lender or Liquidity Provider identified as such on Schedule C, which executes or joins as a party this Agreement, and any successor
      thereto or assignee thereof.

    

    

    “Facility Termination Date”
      means the earlier of (i) September 22, 2021, and (ii) the Amortization Date.

    

    

    
      6

      
        

    

    

    

    1.3.          Schedule A to the Credit and
        Security Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as set forth on Schedule A attached hereto.

    

    

    1.4.          A Schedule C is hereby added to
        the Credit and Security Agreement and shall read as set forth on Schedule C attached hereto.

    

    

    	Section 2.	
            Conditions Precedent.

          

    

    

    The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

    

    

                   2.1.        The Borrower, the Servicer, the
        Lenders and the Administrative Agent shall have executed and delivered this Amendment.

    

    

                   2.2.        The Administrative Agent shall have
        received a fully executed copy of that certain Fifth Amended and Restated Fee Letter, dated as of the date hereof, by and among the Borrower, the Administrative Agent, and the Lenders (the “Fee Letter”).

    

    

                   2.3.        The Lenders shall have received all
        fees due and payable under the Fee Letter.

    

    

                   2.4.        Such other documents and instruments
        incident to the execution and delivery of this Amendment, in a form reasonably satisfactory to the Administrative Agent and its counsel, as may be reasonably requested by the Administrative Agent.

    

    

    	Section 3.	
            Representations and Warranties.

          

    

    

    In order to induce the Lenders to execute and deliver this Amendment, each of the Borrower and the Servicer hereby represent to the Lenders that as of
      the date hereof (a) the representations and warranties set forth in Article III of the Credit and Security Agreement are and shall be and remain true and correct in all material respects (except to the extent such representations and warranties
      expressly relate to an earlier date, in which case such representations and warranties shall remain true and correct in all material respects as of such earlier date) and (b) each of the Borrower and the Servicer is in material compliance with the
      terms and conditions of the Credit and Security Agreement and no event has occurred and is continuing that would constitute an Amortization Event or a Potential Amortization Event under the Credit and Security Agreement or shall result after giving
      effect to this Amendment.

    

    

    	Section 4.	
            Miscellaneous.

          

    

    

                  4.1.         The Borrower hereby acknowledges and agrees that the Liens
        created and provided for by the Transaction Documents continue to secure, among other things, the Aggregate Unpaids and the performance of all of the Borrower’s obligations under the Transaction Documents and the Credit and Security Agreement as
        amended hereby; and the Transaction Documents and the rights and remedies of the Lenders thereunder, the obligations of each of the Borrower and Servicer thereunder, and the Liens created and provided for thereunder remain in full force and effect
        and shall not be affected, impaired or discharged hereby.  Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Transaction Documents as to the indebtedness
        which would be secured thereby prior to giving effect to this Amendment.

    

    

    
      7

      
        

    

    

    

                  4 .2.       Except as specifically amended herein, the Credit and
        Security Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit and Security Agreement, the Notes, or any other instrument or document executed
        in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit and Security Agreement, any reference in any of such items to the Credit and Security Agreement being sufficient to
        refer to the Credit and Security Agreement as amended hereby.

    

    

                4.3.     The Borrower agrees to pay on demand all reasonable
        out-of-pocket costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of counsel for the Administrative
        Agent.

    

    

                 4.4.     This Amendment may be executed in any number of counterparts,
        and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such
        counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile transmission or by e‐mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as
        delivery of a manually executed counterpart hereof.  This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York.

    

    

    [Signature Page to Follow]

    

    

    
      8

      
        

    

    

    

    This Twelfth Amendment to Credit and Security Agreement is entered into as of the date and year first above written.

    

      	 	Martin Marietta Funding LLC, as Borrower	 
	 	 	 	 
	

            	
              By: 

            	/s/ Roselyn Bar

            	 
	 	 	Name:	Roselyn Bar

            	 
	 	 	Title:	Vice President and Secretary 

            	 
	 	 	 	 

    

    

      	 	Martin Marietta Materials, Inc., as the Servicer	 
	 	 	 	 
	

            	
              By: 

            	/s/ James A. J. Nickolas

            	 
	 	 	Name:	James A. J. Nickolas

            	 
	 	 	Title:	Senior Vice President and Chief Financial Officer

            	 
	 	 	 	 

    

    
      

      

    

    
                     Accepted and agreed to:

      

       

      	 	
               Truist Bank, as successor
                by merger to SunTrust Bank,

                  individually as a Lender and as Administrative Agent

            	 
	 	 	 	 
	

            	
              By: 

            	/s/ Jason Meyer

            	 
	 	 	Name:	Jason Myer

            	 
	 	 	Title:	Managing Director

            	 
	 	 	 	 

    

    

    

    

    

    

    

     

    

     

    

    Signature Pages to Twelfth Amendment to Credit and Security Agreement

    
      
        

    

    
      

        	 	PNC Bank, National Association, as a Lender	 
	 	 	 	 
	

              	
                By: 

              	/s/ Christopher Blaney

              	 
	 	 	Name:	Christopher Blaney

              	 
	 	 	Title:	Senior Vice President

              	 
	 	 	 	 

      

      
        

        

        

        

        

        

        

        

      

      

      

      
        Signature Pages to Twelfth Amendment to Credit and Security Agreement

      

    

    
      
        

    

    

      	 	
              Regions Bank, as a Lender

            	 
	 	 	 	 
	

            	
              By: 

            	/s/ Mark A. Kassis

            	 
	 	 	Name:	Mark A. Kassis

            	 
	 	 	Title:	Managing Director

            	 
	 	 	 	 

    

    
      
        
          

          

          

          

          

          

          

          

        

        

        

        
          Signature Pages to Twelfth Amendment to Credit and Security Agreement

        

      

    

    
      
        

    

    
      

        	 	
                MUFG Bank,
                    Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, LTD., New York Branch, as Conduit Agent for Gotham Funding Corporation

              	 
	 	 	 	 
	

              	
                By: 

              	/s/ Eric Williams

              	 
	 	 	Name:	Eric Williams

              	 
	 	 	Title:	Managing Director

              	 
	 	 	 	 

      

      

        	 	
                Gotham Funding Corporation, as a Conduit Lender

              	 
	 	 	 	 
	

              	
                By: 

              	/s/ Kevin J. Corrigan

              	 
	 	 	Name:	Kevin J. Corrigan

              	 
	 	 	Title:	Vice President

              	 
	 	 	 	 

      

      
        

        

        

        

        

        

        

        

      

      

      

      
        Signature Pages to Twelfth Amendment to Credit and Security Agreement

      

    

    
      
        

    

    Schedule A

      

      Commitments

     

    

    	
             Lender

          	
            Commitment

          
	 	 
	
            Truist Bank, as successor by merger to SunTrust Bank

          	
             $130,000,000.00

          
	 	 
	
            PNC Bank, National Association

          	
             $90,000,000.00

          
	 	 
	
            Regions Bank

          	
             $90,000,000.00

          
	 	 
	
            Gotham Funding Corporation

          	
             $90,000,000.00

          
	 	 
	
            Aggregate Commitment

          	
            $400,000,000.00

          

    

    

    
      
        

    

    

    

    Schedule C

      

      Conduit Agent

     

    

    	
             Conduit Agent

          	
             Conduit Lender

          
	 	 
	MUFG Bank, Ltd. f/k/a The Bank of Tokyo-Mitsubishi UFJ, LTD., New York Branch	Gotham Funding Corporationex_204572.htm

Exhibit 10.1

 

 

THIRD AMENDMENT TO THE 

SALARY CONTINUATION AGREEMENT

FOR

LAURA CLARK

 

THIS THIRD AMENDMENT (the “Amendment”) is adopted this September 21, 2020, by and between Opportunity Bank of Montana, located in Helena Montana (the “Employer”), and Laura Clark (the “Executive”).

 

The Employer and the Executive executed a Salary Continuation Agreement effective as of November 1, 2014 (as amended, the “Agreement”). The Company and the Executive now wish to increase the benefits provided to the Executive in the Agreement.

 

NOW, THEREFORE, the Employer and the Executive adopt the following amendments to the Agreement:

 

Section 2.1 of the Agreement shall be deleted in its entirety and replaced by the following:

 

2.1     Normal Retirement Benefit. Upon Separation from Service on or after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount shown on the table below in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing until the Executive’s death.

 

	
			Executive’s age at Separation from Service

				
			Annual Benefit

			
	
			65

				
			$12,872

			
	
			66

				
			$16,766

			
	
			67

				
			$21,398

			
	
			68 or later

				
			$26,500

			

 

Section 2.5 of the Agreement shall be deleted in its entirety and replaced by the following:

 

2.5     Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary an annual benefit in the amount of Twenty-Six Thousand Five Hundred Dollars ($26,500) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following the Executive’s death and continuing for fifteen (15) years.

 

 

 

 

IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below and as of the date above:

 

 

	Executive:	Employer:

 

	 	 	 	 
	/s/ Laura F. Clark	 	By:	/s/ Peter J. Johnson
	Laura F. Clark	 	 	Peter J. Johnson
	 	 	 	 
	 	 	Its:	President/CEO

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