Document:

Exhibit 10.4

MODINE MANUFACTURING COMPANY

2008 INCENTIVE COMPENSATION PLAN

NON-QUALIFIED STOCK OPTION

AWARD AGREEMENT

We are pleased to inform you that you have been granted an Option to purchase shares of Common Stock of Modine Manufacturing Company (the “Company”), subject to the terms and conditions of the Modine Manufacturing Company 2008 Incentive Compensation Plan (the “Plan”) and of this Award Agreement.  Unless otherwise defined herein, all terms used in this Award Agreement shall have the same meanings as set forth in the Plan.

	
Full name of Grantee:

	 
	 	 
	
Date of Award:

	
May 31, 2016

	 	 
	
Exercise price per share:

	 
	 	 
	
Total number of shares:

	 
	 	 
	
Total exercise price:

	 

1. Option.  Pursuant to the Plan, you are hereby granted the option to purchase shares of Common Stock on the terms and conditions set forth in this Award Agreement.  The Option granted hereunder shall be a Non-Qualified Stock Option.

2.  Vesting Schedule.  The Option granted pursuant to this Award will vest according to the following schedule, provided, however, that, except as otherwise provided in Section 12.02 of the Plan or in this Award Agreement, you must be employed by the Company or a Subsidiary on each vesting date for that portion of the Option to vest.  If you separate from service due to Disability (as defined below), death or your retirement after age 60 with Committee approval prior to May 31, 2020, the Option shall become fully and immediately exercisable.  For purposes of this Award Agreement, “Disability” shall mean “permanent and total disability” as defined in Section 22 (e)(3) of the Code.

	
Number of Shares of Common Stock

	
Vesting Date

	
25% of the total number of shares

	
May 31, 2017

	
25% of the total number of shares

	
May 31, 2018

	
25% of the total number of shares

	
May 31, 2019

	
25% of the total number of shares

	
May 31, 2020

3.  Time of Exercise; Exercise Limitation.  Vested Options may be exercised (in the manner provided in paragraph 4 hereof) in whole or in part, from time to time after the Vesting Date, subject to the following limitations:

 

		(a)	Because you are an executive officer of the Company subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934, the Option may not be exercised by you within six (6) months after the Grant Date; and

		(b)	The Option may only be exercised, at any one time, exclusively in multiples of twenty‐five (25) shares with a one hundred (100) share exercise minimum, except for the purchase of all shares then remaining subject to these options.

4.  Method of Exercising Option.  Subject to the limitations stated elsewhere in this Award Agreement or in the Plan, this Option will be exercisable as to all or a portion of the Common Stock in accordance with the vesting schedule above in Paragraph 2.  In no event will the Option be exercisable if it would result in a violation of federal or state securities laws or would occur later than ten (10) years from the date of grant.  The Option may be exercised in whole or in part by delivery to the Company or its designee (a) of written notice identifying the Option and stating the number of shares with respect to which it is being exercised, and (b) payment in full of the exercise price of the shares then being acquired; provided, however, that you may pay the exercise price either in cash, by transferring to the Company shares of stock of the Company at their Fair Market Value as of the date of exercise of the Option ("Delivered Stock"), a combination of cash and Delivered Stock, or such other forms or means that the Company determines are consistent with the Plan's purpose and applicable law.  Notwithstanding the foregoing, the Company may arrange for or cooperate in permitting broker-assisted cashless exercise procedures.  No person shall acquire any rights or privileges of a shareholder of the Company with respect to any shares of Common Stock until such shares have been duly issued.  The Company shall have the right to delay the issue or delivery of any shares to be delivered hereunder until (a) the completion of such registration or qualification of such shares under federal, state or foreign law, ruling or regulation as the Company shall deem to be necessary or advisable, and (b) receipt from you of such documents and information as the Company may deem necessary or appropriate in connection with such registration or qualification or the issuance of shares hereunder.

5.  Expiration Date.  Upon a termination of your employment for any reason (except termination of employment for Cause), this Option shall expire one (1) year from the date of termination of your employment.  Upon your termination of employment for Cause, this Option shall immediately expire. Notwithstanding anything herein contained to the contrary, this Option shall not be exercisable subsequent to ten (10) years after the date of grant.

6.  Transfer.  The Option shall be nontransferable and shall, except in the case of death or Disability, be exercisable only by you during your lifetime.  Notwithstanding the foregoing, you shall have the right to transfer the Option upon your death, either by the terms of your will or under the laws of descent and distribution.  In the case of your Disability, the Option shall be exercisable by your personal representative.  Upon your death, the Option shall be exercisable by your personal representative, administrator, or other representative of your estate, or the person or persons to whom this Option shall pass by will or under the laws of descent and distribution.

7.  No Unlawful Issue of Shares.  If, in the opinion of its counsel, the issue or sale of any shares of its stock hereunder pursuant to the Option shall not be lawful for any reason, including the inability of the Company to obtain, from any regulatory body having jurisdiction, authority deemed by such counsel to be necessary to such issuance or sale, the Company shall not be obligated to issue or sell any such shares pursuant to the exercise of the Option.

 

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8.  No Obligation of Employment.  The Option shall not impose any obligation on the Company to continue your employment with the Company or a Subsidiary.

9.  Controlling Provisions; Plan Controls.  In the event of a conflict between the terms of this Award Agreement and any employment agreement or change in control agreement between you and the Company, this Award Agreement shall control.  This Option is qualified in its entirety by reference to the terms and conditions of the Plan under which it is granted, a copy of which you may request from the Company.  The Plan empowers the Committee to make interpretations, rules and regulations thereunder and, in general, provides that the determinations of such Committee with respect to the Plan shall be binding upon you.  The Plan is hereby incorporated herein by reference.

10.  Change in Control.  The vesting of the Option in the event of a Change in Control is governed by Section 12.02 of the Plan.  Involuntary termination of your employment by the Company would be termination of your employment by the Company without Cause and termination by you of your employment for Good Reason.   “Good Reason” means a material diminution in your base salary; material diminution in your annual target bonus opportunity; material diminution in your authority, duties or responsibilities; material diminution in authority, duties or responsibilities of the supervisor to whom you report; material diminution in the budget over which you retain authority; or material change in the geographic location at which you must perform services.

11.  Forfeiture Under Recoupment Policy.  The Company shall have the power and the right to require you to forfeit this Option, return the shares of Common Stock issued pursuant to an exercise of this Option or any proceeds therefrom consistent with any recoupment policy maintained by the Company under applicable law, as such policy is amended from time to time.

12.  Use of Words.  The use of words of the masculine gender in this Award Agreement is intended to include, wherever appropriate, the feminine or neuter gender and vice versa.

13.  Successors.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

14.   Taxes.  The Company may require payment of or withhold any minimum tax that it believes is required as a result of the grant or exercise of the Option, and the Company may defer making delivery with respect to shares issuable hereunder until arrangements satisfactory to the Company have been made with respect to such tax withholding obligations.

15.  Personal Information.  Solium Capital LLC and Wells Fargo Bank, N.A. assist the Company in the operation of the Plan and the administration of the Option granted pursuant to this Award Agreement.  If you choose to participate in the Plan, you acknowledge and consent to the Company sharing your name, email, and information regarding the grant of the Option under this Award Agreement with both Solium Capital LLC and Wells Fargo Bank, N.A.

SIGNATURES ON THE FOLLOWING PAGE

 

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By your signature and the signature of the Company’s representative below, you and the Company agree that the Option which has been awarded to you under this Award Agreement is subject to the terms and conditions of the Plan, a copy of which is available to you upon request.  As provided in the Plan, you hereby agree to accept as binding any decision of the Committee with respect to the interpretation of the Plan and this Award Agreement, or any other matters associated therewith.

IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed as of May 31, 2016.

	 	
MODINE MANUFACTURING COMPANY

	 	 	 
	 	
By:

	
/s/ Thomas A. Burke

	 	 	
Thomas A. Burke

	 	 	
President and Chief Executive Officer

 

 

 

4Exhibit

EXECUTION VERSION
CID #:  000016249

SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of April 8, 2016, is by and among DENNY’S, INC., a Florida corporation (“Denny’s” or the “Borrower”), DENNY’S CORPORATION, a Delaware corporation (“Parent”), each of those Subsidiaries of Parent party hereto (Parent and such Subsidiaries, each a “Guarantor” and collectively, the “Guarantors”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the “Administrative Agent”), and the Lenders party hereto.  

W I T N E S S E T H

WHEREAS, the Borrower, the Parent, the other Guarantors, certain banks and financial institutions from time to time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Second Amended and Restated Credit Agreement dated as of March 30, 2015 (as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of October 30, 2015 and as further amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement); 

WHEREAS, the Loan Parties have requested that the Required Lenders make certain amendments to the Credit Agreement as set forth herein; and

WHEREAS, the Required Lenders have agreed to amend the Credit Agreement, in each case, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I
AMENDMENTS TO CREDIT AGREEMENT

1.1    Amendment to “Consolidated EBITDA”.  Clause (a)(ix) of the definition of “Consolidated EBITDA” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(ix) cash payments in connection with the Advantica Pension Plan Termination in an aggregate amount not to exceed $15,000,000 for all Measurement Periods 

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1.2    Amendment to Section 8.01(i).  Section 8.01(i) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(i)    ERISA.  (i) An ERISA Event (other than the Advantica Pension Plan Termination) occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in a payment obligation of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, (ii) the Advantica Pension Plan Termination results or could reasonably be expected to result in a payment obligation of the Borrower under Title IV of ERISA in an aggregate amount in excess of $15,000,000, or (iii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or
1.3    Amendment to Exhibit C [Form of Compliance Certificate].  Item A(a)(10) on Schedule 2 to Exhibit C [Form of Compliance Certificate] to the Credit Agreement is hereby amended and restated in its entirety to read as follows:

10.    cash payments in connection with the Advantica Pension
Plan Termination in an aggregate amount not to exceed
$15,000,000:                                    $_________

ARTICLE II
CONDITIONS

2.1    Closing Conditions.  This Amendment shall be deemed effective as of the date set forth above upon receipt by the Administrative Agent of a copy of this Amendment duly executed by each of the Loan Parties, the Administrative Agent and the Required Lenders.

ARTICLE III 
MISCELLANEOUS

3.1    Amended Terms.  On and after the date hereof, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment.  Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms.

3.2    Representations and Warranties of the Loan Parties.  Each of the Loan Parties represents and warrants as follows:

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(a)    Each Loan Party has all requisite power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment in accordance with its terms.  

(b)    This Amendment has been duly executed and delivered by the duly authorized officers of each Loan Party that is a party hereto and constitutes a legal, valid and binding obligation of each Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms.

(c)    No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required for the execution, delivery, performance, validity or enforceability of this Amendment.

(d)    The representations and warranties set forth in Article V of the Credit Agreement and in any other Loan Document are true and correct in all material respects as of the date hereof (except for (i) those which expressly relate to an earlier date, which shall be true and correct in all material respects as of such earlier date, (ii) those that are qualified by materiality or reference to Material Adverse Effect, which are true and correct in all respects and (iii) those contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement).

(e)    No event has occurred and is continuing which constitutes a Default or an Event of Default.

(f)    The Collateral Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other than Permitted Liens.

(g)    Each Guarantor affirms all of its obligations under the Loan Documents and agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.

(h)    The Obligations of the Loan Parties are not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims.

3.3    Reaffirmation of Obligations.  Each Loan Party hereby ratifies the Credit Agreement and each other Loan Document to which it is a party and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement and each other Loan Document to which it is a party applicable to it and (b) that it is responsible for the observance and full performance of its respective obligations under the Loan Documents.

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3.4    Loan Document.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

3.5    Expenses.  The Borrower agrees to pay all reasonable costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of the Administrative Agent’s legal counsel.

3.6    Entirety.  This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

3.7    Counterparts; Telecopy.  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 to this Amendment by telecopy or other electronic means shall be as delivery of a manually executed counterpart of this Amendment.

3.8    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

3.9    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

3.10    Consent to Jurisdiction; Service of Process; Waiver of Jury Trial.  The jurisdiction, services of process and waiver of jury trial provisions set forth in Sections 10.14 and 10.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

[Signature pages to follow]

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IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the date first above written.

BORROWER:    DENNY’S, INC.,
a Florida corporation
By: /s/  Ross B. Nell     
Name: Ross Nell 
Title:  Vice President, Tax and Treasurer
GUARANTORS:    DENNY’S CORPORATION,
a Delaware corporation
By: /s/  Ross B. Nell     
Name: Ross Nell 
Title:  Vice President, Tax and Treasurer
DENNY’S REALTY, LLC,
a Delaware limited liability company 

		
	By:
	DFO, LLC, its Sole Member

By:   Denny’s Inc., its Sole Member

By:/s/  Ross B. Nell      
Name:  Ross Nell 
Title:  Vice President, Tax and   
Treasurer

DFO, LLC,
a Delaware limited liability company
		
	By:
	Denny’s Inc., its Sole Member

By:/s/  Ross B. Nell     
Name:  Ross Nell 
Title:  Vice President, Tax and Treasurer

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AGENT AND LENDERS:            WELLS FARGO BANK, NATIONAL 
ASSOCIATION, as Administrative Agent, 
Issuing Lender and Lender

By: /s/  Maureen S. Malphus                
Name:     Maureen S. Malphus
Title: Vice President

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

REGIONS BANK
By: /s/  Jake Nash            
Name:  Jake Nash
Title:    Managing Director

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

CITIZENS BANK, N.A. 

By: /s/  John P. Dysart      
Name:  John P. Dysart
Title:    Managing Director, Relationship Manager

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

CADENCE BANK, N.A.
By: /s/  John M. Huss    
Name:  John M. Huss  
Title:    Managing Director

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

FIFTH THIRD BANK
By: /s/  Eugene Chang      
Name:  Eugene Chang
Title:    Vice President

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

BANK OF AMERICA, N.A.
By: /s/  Allan R, Watson, Jr.      
Name:  Allan Richard Watson, Jr.
Title:    Vice President

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

BANK OF THE WEST 
By: /s/  Mary King       
Name:  Mary King
Title:    Vice President & Relationship Manager

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

BRANCH BANKING & TRUST COMPANY
By: /s/  Stuart M. Jones       
Name:  Stuart M. Jones
Title:    Senior Vice President

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

MUFG UNION BANK, N.A. 
By: /s/  Christine A. Howatt       
Name:  Christine Howatt
Title:    Authorized Signatory

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

SYNOVUS BANK 
By: /s/  Michael Sawicki       
Name:  Michael Sawicki
Title:    Corporate Banking

DENNY’S, INC.
SECOND AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

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