Document:

znga-ex101_111.htm

 

Exhibit 10.1

 

	
	
699 Eighth Street

San Francisco

California 94103

company.zynga.com

 

 

 

 

 

September 8, 2017

 

VIA EMAIL

Phuong Phillips

 

 

Re:Offer of Employment by Zynga Inc.

 

Dear Phuong:

 

I am very pleased to confirm our offer to you of employment with Zynga Inc., a Delaware corporation (the “Company”), in the position of Chief Legal Officer, reporting to the Company’s Chief Executive Officer.  The terms of our offer and the benefits currently provided by the Company are as follows:

 

1. Starting Salary. Your starting salary will be three hundred fifty thousand dollars ($350,000) per year, less deductions required by law, and will be subject to periodic review and adjustment in accordance with the Company's then-current policies. Salaried employees are paid on the 15th and the last day of each month. 

 

2. Annual Company Bonus. You will be eligible to participate in the Company's annual bonus program, subject to the terms, conditions, and eligibility requirements of that program. Your target bonus is equal to 60% of your annual base salary (your "Target Bonus").  For the 2017 fiscal year, if you begin employment prior to October 1, 2017, you will be eligible to receive the Target Bonus, pro-rated for the number of days you are employed by the Company in the 2017 fiscal year. For future years, and conditioned upon your continued employment, you will be eligible to participate in the Company's then-applicable bonus program, if any, subject to the terms, conditions, and eligibility requirements of that program. Whether you receive an annual bonus for any given bonus period, and the amount of any such bonus, will be determined by the Company in its sole discretion based upon the terms and conditions set forth in the applicable bonus program.

 

3. Start Date and Location.  Your anticipated start date is September 25, 2017. The date on which you commence employment, however, shall be your “Start Date” for purposes of this offer letter.  You will be located in our San Francisco, California office.

 

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4. Benefits.  You will be eligible to participate in the regular health insurance and other employee benefit plans established by the Company for its employees as amended from time to time, subject to the terms and conditions of those plans and programs.   

 

5. Zynga Stock Units. Subject to approval of the Board of Directors of the Company (or a committee appointed by the Board of Directors) (the “Board”) and the terms and conditions of the Company’s applicable equity incentive plan in effect at the time of grant (the “Plan”), you will be eligible to receive an award of Zynga stock units (“ZSUs”) representing the opportunity to acquire seven hundred and fifty thousand (750,000) shares of the Company’s Class A common stock (the “ZSUs”). The right to vesting and settlement of the ZSUs will be subject to your continued service, the restrictions set forth in the Plan, the terms of the ZSU agreement between you and the Company as approved by the Board, compliance with applicable securities and other laws, and satisfaction of the ZSU Vesting Criteria. For purposes of the foregoing, the “ZSU Vesting Criteria” means a four (4) year vesting term with the following conditions: (x) if your Start Date is on or before the 15th day of a month, then the vesting commencement date will occur on the 15th day of the month in which your Start Date falls, or if your Start Date is after the 15th date of a month, then the vesting commencement date will occur on the 15th day of the month immediately following the month in which your Start Date falls; (y) the award vests as to twenty-five percent (25%) of the ZSUs (rounded down to the nearest whole ZSU) on the first anniversary of the vesting commencement date, with the balance vesting as to six and one quarter percent (6.25%) of the ZSUs (rounded down to the nearest whole ZSU except for the last vesting installment) each three (3) months thereafter; and (z) in each case subject to your continued service. Each installment of the ZSUs that vests is a “separate payment” for purposes of Section 409A of the Internal Revenue Code (the “Code”). Settlement of any vested ZSUs will occur as soon as practical after vesting occurs (but no later than two and one-half months thereafter), subject to the terms of the applicable equity incentive plan and ZSU agreement.

 

6. Stock Options.  Subject to approval of the Board, you will receive an option to purchase two hundred and fifty thousand (250,000) shares of the Company’s Class A common stock in the aggregate (the “Options”). If approved, the Options will be granted on (i) if your Start Date is on or before the 15th day of a month, the 15th day of the month in which your Start Date falls, or (ii) if your Start Date is after the 15th date of a month, the 15th day of the month immediately following the month in which your Start Date falls, and will have an exercise price equal to the fair market value on the date of grant.  The Options will have a ten (10) year term from their date of grant in which they can be exercised (subject to your continued service and the vesting provisions described below) and will be subject to the terms and conditions of the Plan, and option agreement(s) between you and the Company in the form approved by the Board.  The Options will have a four (4) year vesting schedule with the following conditions: (x) if your Start Date is on or before the 15th day of a month, then the vesting commencement date will occur on the 15th day of the month in which your Start Date falls, or if your Start Date is after the 15th date of a month, then the vesting commencement date will occur on the 15th day of the month immediately following the month in which your Start Date falls; (y) the Options will vest as to twenty-five percent (25%) of the shares subject to the Options (rounded down to the nearest whole share) on the first anniversary of the vesting commencement date, with the balance vesting as to six and a quarter (6.25%) of the shares subject to the Options (rounded down to the nearest whole share except for the last vesting installment) each three (3) months thereafter; and (z) in each case subject to your continued service.

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7. Severance Benefit Plan. Subject to approval of the Board, you will be eligible to participate in the Zynga Inc. Change in Control Severance Benefit Plan (or any successor thereto) (the “Severance Benefit Plan”), subject to the terms and conditions thereof; provided, however, that if the severance benefits you would receive under Section 8 are greater than the severance benefits you would receive under the Severance Benefit Plan, you will receive the severance benefits outlined Section 8 in lieu of any severance benefits under the Severance Benefit Plan. 

 

8. Severance for Non-Change in Control.  If you suffer a Separation from Service (within the meaning of Treasury Regulation Section 1.409A-1(h)) due to: (i) the Company terminating your employment without Cause, or (ii) your Constructive Termination, then subject to your (A) continuing to comply with your obligations under this letter and your Employee Invention Assignment and Confidentiality Agreement, and (B) delivering to the Company an effective general release of claims in favor of the Company, as to which the seven (7)-day revocation period has expired (without your having revoked) within 60 days following your Separation from Service (the date on which such revocation period expires, the “Release Revocation Date”), then the Company will provide you with the following severance benefits:

 

a.The Company will pay you an amount equal to one times (1x) your annual base salary at the time of your termination, plus a pro-rated bonus for the fiscal year in which your termination occurs (based on (i) your Target Bonus for the fiscal year in which you have a Separation from Service and (ii) the portion of such fiscal year during which you were employed by the Company) (collectively, the “Separation Payments”).  The Separation Payments will be subject to applicable payroll deductions and tax withholdings and paid in a lump sum on the first regular payroll date which is (A) on or following the Release Revocation Date, if the 60th day following your Separation from Service falls in the same calendar year as your Separation from Service, or (B) in the calendar year following your Separation from Service, if the Release Revocation Date occurs in the same calendar year as your Separation from Service and the 60th day following your Separation from Service falls in the calendar year following your Separation from Service, the Company will pay you in a lump sum the Separation Payments that you would have received on or prior to such regular payroll date under the original schedule but for the delay while waiting for such payment, with the balance of the Separation Payments being paid as originally scheduled.

 

b.If you timely elect continued coverage under COBRA, the Company will pay the COBRA premiums to continue your coverage (including coverage for your eligible dependents, if applicable) for twelve (12) months following your Separation from Service (with such payments to end if you become eligible for group health insurance coverage through a new employer or you cease to be eligible for COBRA continuation coverage for any reason), provided that the cost of such coverage will be reported to the tax authorities as taxable income to you. 

 

c.The Company will accelerate the vesting of the ZSUs and the Options such that the ZSUs and Options that would have vested in the twelve (12) months following your Separation from Service had your employment not been terminated, if any, shall be deemed fully vested on your termination date, and you shall have three months following your Separation from Service to exercise your vested Options. 

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d.Definitions.  For purposes of this Section 8, the definitions of “Cause” and “Constructive Termination” shall be as follows:

 

“Cause” means, with respect to you (i) any willful, material violation of any law or regulation applicable to the business of the Company, conviction for, or guilty plea to, a felony or a crime involving moral turpitude, or any willful perpetration of a common law fraud; (ii) commission of an act of personal dishonesty that involves material personal profit in connection with the Company or any other entity having a business relationship with the Company; (iii) any material breach of any provision of any agreement between the Company and you regarding the terms of service as an employee, officer, director, or consultant to the Company, including without limitation, the willful and continued failure or refusal to perform the material duties required an employee, officer, director or consultant of the Company, or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between the Company and you; (iv) willful disregard of a material policy of the Company so as to cause material loss, damage, or injury to the property, reputation, or employees of the Company; or (v) any other misconduct that is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the Company.  An event, action, or omission by you will not give the Company grounds to involuntarily terminate your employment for Cause unless (A) the Company gives you written notice within 30 days after the initial existence of such event, action, or omission that the event, action, or omission by you would give the Company grounds to terminate your employment for Cause, and (B) if capable of being reversed, remedied or cured, such event, action or omission is not reversed, remedied or cured, as the case may be, by you within 30 days of receiving such written notice from the Company.

 

“Constructive Termination” means the voluntary termination of employment with the Company by you resulting in a Separation from Service after one of the following is undertaken without your written consent: (i) the assignment to you of any duties or responsibilities that results in a material diminution in your employment role as the Chief Legal Officer of the Company as in effect immediately prior to the date of such actions; (ii) the Company changes its Chief Executive Officer within the first two anniversary years immediately following your Start Date; or (iii) a non-temporary relocation of your business office to a location that increases your one way commute by more than 35 miles from the primary location at which you perform duties as of immediately prior to the date of such action. An event or action by the Company will not give you grounds to voluntarily terminate employment as a Constructive Termination unless (A) you give the Company written notice within 30 days after the initial existence of such event or action that the event or action by the Company would give you such grounds to so terminate employment, (B) such event or action is not reversed, remedied or cured, as the case may be, by the Company as soon as possible but in no event later than within 30 days of receiving such written notice from you, and (C) you terminate employment within 90 days following the end of the cure period.

 

9.  Potential Code Section 280G Reductions.

 

a.Anything to the contrary herein notwithstanding, in the event that it shall be determined that any payment, distribution, or other action by the Company or any of its affiliates to or for your benefit (whether paid or payable or distributed or distributable 

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pursuant to the terms of this letter or otherwise) (a “Payment”), would result in an “excess parachute payment” within the meaning of Section 280G(b)(i) of the Code, and the value determined in accordance with Section 280G(d)(4) of the Code of the Payments, net of all taxes imposed on you (the “Net After-Tax Amount”) that you would receive would be increased if the Payments were reduced, then the Payments shall be reduced by an amount (the “Reduction Amount”) so that the Net After-Tax Amount after such reduction is greatest.  For purposes of determining the Net After-Tax Amount, you shall be deemed to (i) pay federal income taxes at the highest marginal rates of federal income taxation for the calendar year in which the Payment is to be made, and (ii) pay applicable state and local income taxes at the highest marginal rate of taxation for the calendar year in which the Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

 

b.Subject to the provisions of this Section 9(b), all determinations required to be made under this Section 9, including the Net After-Tax Amount and the Reduction Amount pursuant to Section 9(a), and the assumptions to be utilized in arriving at such determinations, shall be made by a nationally recognized accounting firm selected by the Company prior to a “Change in Control” as defined in the Severance Benefit Plan (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and you within fifteen (15) business days of the receipt of notice from you that there has been a Payment, or such earlier time as is requested by the Company.  Anything in this letter to the contrary notwithstanding, the Reduction Amount shall not exceed the amount of the Payments that the Accounting Firm determines reasonably may be characterized as “parachute payments” under Section 280G of the Code.  Payments with respect to ZSUs shall be reduced first, followed by Options and then any cash payments (with the reduction occurring first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that are). Any determination by the Accounting Firm shall be binding upon the Company and you.

 

10. 409A.  It is intended that all of the benefits and payments under this letter satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A 1(b)(9), and this letter will be construed to the greatest extent possible as consistent with those provisions.  If not so exempt, this letter (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by reference all required definitions and payment terms.  For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A 2(b)(2)(iii)), your right to receive any installment payments under this letter (whether severance payments, reimbursements or otherwise) will be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment.  Notwithstanding any provision to the contrary in this letter, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation”, then if delayed commencement of any portion of such payments is required to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, the timing of the payments upon a Separation from Service will be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after the 

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effective date of your Separation from Service, and (ii) the date of the your death (such earlier date, the “Delayed Initial Payment Date”), the Company will (A) pay to you a lump sum amount equal to the sum of the payments upon Separation from Service that you would otherwise have received through the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant to this paragraph, and (B) commence paying the balance of the payments in accordance with the applicable payment schedules set forth above. No interest will be due on any amounts so deferred.

 

11. Confidentiality.  As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company.  To protect the interests of the Company, this offer of employment is contingent upon your signing the Company’s standard Employee Invention Assignment and Confidentiality Agreement.  We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary information of any former employer or other entity or to violate any other obligations you may have to any former employer or other entity.  You represent that your signing of this offer letter, any agreements concerning ZSUs or stock options granted to you under the Plan, the Company’s Employee Invention Assignment and Confidentiality Agreement, and your employment with the Company, will not violate any agreement currently in place between you and current or past employers or other entities.

 

12. Conflict of Interest.  

 

a.During your employment, you will be required to comply with Zynga’s Conflict of Interest Policy, which means that you will not engage in any employment, business, or activity that is in any way competitive with or otherwise creates a conflict or potential conflict of interest with Zynga’s business or proposed business, which materially interferes with the performance of your job duties, or might lead to the disclosure of Zynga confidential information.  You also may not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company.  

 

b.Prior to starting employment, you will be asked to complete an Outside Activity Disclosure Form and to list any other employment, business, or activity that you are currently associated with or participate in and which you intend to engage in during your employment with Zynga. You will be required to update any such disclosures of such outside activities at all times during employment.

 

13. At Will Employment.  While we look forward to a long and productive relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice, and with or without cause. You will be expected to comply with all of the Company’s policies, including, but not limited to, its Employee Handbook and Code of Business Conduct and Ethics. In addition, the Company may change your compensation, benefits, duties, assignments, reporting line, responsibilities, location of your position (including any ability to work remotely), or any other terms and conditions of your employment at any time, to adjust to the changing needs of our dynamic company.  Any statements or representations to the contrary (and any statements contradicting any provision in this letter) are ineffective.  Further, your 

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participation in any stock incentive or benefit program is not to be regarded as assuring you of continued employment for any particular period of time.  Any modification or change in your at-will employment status may only occur by way of a written employment agreement signed by you and the Chief Executive Officer of the Company.

 

14. Board approvals and Background Check.  This offer of employment and the compensation terms contained herein are all contingent upon and subject to obtaining (i) all necessary approvals from the Board for your appointment to the office of Chief Legal Officer and your compensation therefor and (ii) successful completion of a background and reference check.  

 

15. Authorization to Work.  This offer is also contingent upon proof of identity and work eligibility. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States.  If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact your recruiter or People Ops.

 

16. Entire Agreement.  This offer letter and the documents referred to in it, including the Employee Invention Assignment and Confidentiality Agreement, constitute our entire agreement and understanding with respect to the terms and conditions of this offer and your employment with Zynga, and supersede any and all prior understandings and agreements, whether oral or written, between or among you and Zynga with respect to these subjects.  If any term in this offer letter is unenforceable in whole or in part, the remainder shall remain enforceable to the extent permitted by law. 

 

17. Acceptance. This offer will remain open until 5pm on September 11th, 2017. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me.     

 

 

 

 

 

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Should you have anything else that you wish to discuss, please do not hesitate to call me.  We look forward to the opportunity to welcome you to the Company.

 

 

Very truly yours,

 

 

ZYNGA INC.

 

 

			
	
By: 
	
 
	
/s/ Frank Gibeau

	
 
	
 
	
Frank Gibeau

	
 
	
 
	
Chief Executive Officer

 

 

 

I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth in this offer letter.

 

 

	
/s/ Phuong Phillips
	
 
	
 
	
 
	
September 8, 2017

	
Phuong Phillips
	
 
	
 
	
 
	
Date signed

 

[Offer Letter – Chief Legal Officer]Exhibit

FIRST REFINANCING AMENDMENT 

Dated as of October 25, 2017

to the 

CREDIT AGREEMENT 

Dated as of June 6, 2014

among

COMPASS GROUP DIVERSIFIED HOLDINGS LLC,
as the Borrower,

BANK OF AMERICA, N.A.,
as Administrative Agent,

and

THE OTHER LENDERS PARTY HERETO

Arranged By:

BANK OF AMERICA MERRILL LYNCH,
SUNTRUST ROBINSON HUMPHREY, INC.
TD SECURITIES (USA) LLC,
US BANK, NATIONAL ASSOCIATION 
and
FIFTH THIRD BANK,
as Joint Lead Arrangers, 

and

BANK OF AMERICA MERRILL LYNCH
and
SUNTRUST ROBINSON HUMPHREY, INC.,
as Joint Bookrunners

FIRST REFINANCING AMENDMENT 

THIS FIRST REFINANCING AMENDMENT (this “Amendment”) dated as of October 25, 2017 to the Credit Agreement referenced below is by and among Compass Group Diversified Holdings LLC, a Delaware limited liability company (the “Borrower”), the Refinancing Lenders (defined below) and Bank of America, N.A., in its capacity as Administrative Agent (in such capacity, the “Administrative Agent”).

W I T N E S S E T H

WHEREAS, revolving credit and term loan facilities have been extended to the Borrower pursuant to that certain Credit Agreement dated as of June 6, 2014 (as amended, modified, supplemented, increased and extended from time to time, the “Credit Agreement”) by and among the Borrower, the Lenders identified therein and the Administrative Agent; and

WHEREAS, the Borrower has notified the Administrative Agent that pursuant to Section 2.16 of the Credit Agreement certain financial institutions and institutional lenders identified to the Administrative Agent (the “Refinancing Lenders”) have agreed to provide a Refinancing Loan in the aggregate principal amount of $561,393,750 (the “Refinancing Term Loan”) on the terms and conditions set forth herein to refinance in full the Term Loan.

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

		
	1.
	Defined Terms.  Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement (as amended by this Amendment).

		
	2.
	Establishment of Refinancing Term Loan.

2.1    This Amendment is a Refinancing Amendment.

2.2    Subject to the terms and conditions provided herein, the Refinancing Term Loan is established pursuant to Section 2.16 of the Credit Agreement.
2.3    Subject to the terms and conditions set forth herein and the Credit Agreement (as amended by this Amendment), each Refinancing Lender severally agrees to make its portion of the Refinancing Term Loan to the Borrower in Dollars in a single advance on the date hereof in the amount as set forth on the Register (immediately after giving effect to this Amendment) (including, in the case of those Lenders holding a portion of the Term Loan (each a “Converting Lender”) who have notified the Administrative Agent of their intention to convert some or all of the portion of the existing Term Loan held by such Converting Lender and reflected on the Register (immediately prior to giving effect to this Amendment) opposite such Converting Lender’s name into a portion of the Refinancing Term Loan, by effecting such conversion). 
2.4    Substantially concurrent with the advance of the Refinancing Term Loan, the Borrower shall prepay the Term Loan in full with the proceeds of the Refinancing Term Loan (or, to the extent of the portion of the Term Loan held by Converting Lenders, convert such portion of the Term Loan into the Refinancing Term Loan as allocated by the Administrative Agent) and shall pay any amount required pursuant to Section 3.05 of the Credit Agreement as a result of such prepayment of the Term Loan.
2.5    Immediately after the advance of the Refinancing Term Loan, the Refinancing Term Loan shall be deemed the “Term Loan” for all purposes of the Credit Agreement and the other Loan Documents, each reference to the Term Loan in the Credit Agreement and the other Loan Documents shall be deemed to mean Refinancing Term Loan and the Refinancing Term Loan shall be subject to all of the terms and conditions applicable to the Term Loan set forth in the Credit Agreement (as amended by this Amendment) and the other Loan Documents. 

2.6    In connection with the establishment of the Refinancing Term Loan, the Credit Agreement is amended in the following respects:
2.6.1    Clause (a) of the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is amended to read as follows: 
(a)    with respect to the Term Loan, 2.25% per annum in the case of Eurodollar Rate Loans and 1.25% per annum in the case of Base Rate Loans.

2.6.2.    In Section 2.05(a)(iii) of the Credit Agreement the reference to “September 16, 2017” is amended to read “October 25, 2018”.

		
	3.
	Conditions Precedent.  This Amendment shall become effective as of the date hereof upon satisfaction of each of the following conditions precedent in each case in a manner reasonably satisfactory to the Administrative Agent:

3.1    Amendment.  Receipt by the Administrative Agent of executed counterparts of this Amendment properly executed by a Responsible Officer of the Borrower, the Administrative Agent on behalf of each Refinancing Lender holding a portion of the Refinancing Term Loan that delivers a consent to this Amendment in a form acceptable to the Administrative Agent and the Administrative Agent.

3.2    Opinion of Counsel.  Receipt by the Administrative Agent of customary opinions of legal counsel to the Borrower, addressed to the Administrative Agent and each Refinancing Lender, dated as of the date hereof, and in form and substance reasonably satisfactory to the Administrative Agent.

3.3    Closing Certificate; Resolutions.  Receipt by the Administrative Agent of a certificate of the Borrower (a) certifying and attaching resolutions adopted by the board of directors or equivalent governing body of the Borrower approving this Amendment and (b) certifying that, before and after giving effect to this Amendment, each of the conditions set forth in Section 4.02 of the Credit Agreement are satisfied.

3.4    Accrued Interest and Fees.  Receipt by the Administrative Agent from the Borrower of all accrued interest and fees owing on the Term Loan as of the date hereof for the benefit of the Lenders holding the Term Loan immediately before giving effect to this Amendment. 

3.5    Fees.  Receipt by the Administrative Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and the Lenders of any fees required to be paid on or before the date of this Amendment.

Without limiting the generality of the provisions of the last paragraph of Section 9.03 of the Credit Agreement, for purposes of determining compliance with the conditions specified in this Section 3, each Refinancing Lender that has consented to this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Refinancing Lender unless the Administrative Agent shall have received notice from such Refinancing Lender prior to the date of this Amendment specifying its objection thereto.

4.    Miscellaneous. 

4.1    The Credit Agreement (as amended hereby) and the obligations of the Borrower thereunder and under the other Loan Documents are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Amendment shall not be deemed or construed to be a satisfaction, reinstatement, novation or release of any Loan Document or a waiver by the Administrative Agent, any Lender or any L/C Issuer of any rights and remedies under the Loan Documents, at law or in equity.

4.2    This Amendment shall constitute a Loan Document for all purposes. 

4.3    This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by telecopy or other electronic means (such as by email in “pdf” or “tif” format) shall be effective as an original and shall constitute a representation that an executed original shall be delivered.  This Amendment constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Amendment will inure to the benefit of and bind the respective successors and permitted assigns of the parties hereto.

4.4    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  THE TERMS OF SECTIONS 10.14 AND 10.15 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS. 

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Refinancing Amendment to be duly executed and delivered as of the date first above written.

	
			
	BORROWER:
	 
	COMPASS GROUP DIVERSIFIED HOLDINGS LLC,

	 
	 
	a Delaware limited liability company

	 
	 
	 

	 
	 
	By:  /s/ Ryan Faulkingham

	 
	 
	Name:  Ryan Faulkingham

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

        

	
			
	ADMINISTRATIVE AGENT:     
	 
	BANK OF AMERICA, N.A., as Administrative Agent on

	 
	 
	behalf of itself and on behalf of each Refinancing Lender

	 
	 
	 

	 
	 
	By:  /s/ Charlene Wright-Jones

	 
	 
	Name:  Charlene Wright-Jones

	 
	 
	Title: Vice President

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