Document:

non-uspsuagreement

PSU Non-US Page 1 of 1  5/2022                              Participant agrees to execute this Award Agreement and return one copy to Noelle Weber at Federal Signal Corporation, by one of the means prescribed by the Company within 45 days of Award Agreement notification or forfeit the performance share unit award.    Note:  If there are any discrepancies in the name or address shown above, please make the appropriate corrections on this form.  Federal Signal Corporation  2015 Executive Incentive Compensation Plan  Performance Share Unit Award Agreement    You have been selected to receive this Performance Share Units ("PSUs") award ("Award") pursuant to the Federal Signal Corporation 2015 Executive Incentive Compensation Plan as amended (the "Plan"), as specified below:  PARTICIPANT:      FEDERAL SIGNAL CORPORATION  This Award is subject to the terms and conditions prescribed in the Plan and in the Federal Signal Corporation Performance Share Unit Award Agreement No. 2022 attached hereto and incorporated herein.  Together, this Award and the attached award agreement shall be referred to throughout each as the "Award Agreement."    Calculations of performance versus target, threshold and maximum values set forth in Appendix A are made by the Committee  in accordance with the terms of the Plan and are final and binding.    IN WITNESS WHEREOF, the parties have caused this Award Agreement to be executed as of the Date of Grant.         Participant: ###PARTICIPANT_NAME###   ###HOME_ADDRESS###     Grant Number: ###EMPLOYEE_GRANT_NUMBER###     Date of Grant: ###GRANT_DATE###     Number of PSUs Subject to this Award  Agreement: ###TOTAL_AWARDS###     Performance and Vesting Periods:  January 1, 2022 to December 31, 2024    By:  ____________________________________________ ____________________________________________  

 

Page 2 of 9  PSU Non-US  5/2022  This document constitutes part of the prospectus covering  securities that have been registered under the Securities Act of 1933, as amended.    FEDERAL SIGNAL CORPORATION  PERFORMANCE SHARE UNIT  AWARD AGREEMENT NO. 2022    This Award Agreement, which includes the attached cover page and Appendix A, effective as of the Date  of Grant, represents the grant of PSUs by the Company to Participant, pursuant to the provisions of the Federal  Signal Corporation 2015 Executive Incentive Compensation Plan, as amended (the “Plan”).     The Company established the Plan pursuant to which, among other things, options, stock appreciation rights,  restricted stock and stock units, stock bonus awards, dividend equivalents and/or performance compensation awards  may be granted to eligible persons.  The Plan and this Award Agreement provide a complete description of the terms and conditions governing  the PSUs. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the  Plan’s terms shall completely supersede and replace the conflicting terms of this Award Agreement. All capitalized  terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.  The Board of Directors and the Committee have determined that the interests of the Company will be  advanced by encouraging and enabling certain of its employees to own shares of Stock, and that Participant is one of  those employees.  NOW, THEREFORE, in consideration of services rendered and the mutual covenants herein contained, the  parties agree as follows:  Section 1.  Certain Definitions  As used in this Award Agreement, the following terms shall have the following meanings:  A. “Affiliate” means with respect to any Person, any other Person (other than an individual) that  controls, is controlled by, or is under common control with such Person. The term “control,” as used in this Award  Agreement, means the power to direct or cause the direction of the management and policies of such Person, directly  or indirectly, whether through the ownership of voting securities, by contract or otherwise. “Controlled” and  “controlling” have meanings correlative to the foregoing.  B. “Award” means the award provided for in Section 2.  C. “Board of Directors” means the board of directors of the Company.  D. “Code” means the Internal Revenue Code of 1986, as amended.  E. “Committee” means the Compensation and Benefits Committee of the Board of Directors or a  subcommittee or other committee appointed to administer the Plan in accordance with the Plan.  F. “Company” means Federal Signal Corporation, a Delaware corporation.  G. “Date of Grant” means the date set forth on this Award Agreement.   H. “Disability” shall have the meaning ascribed to that term in the Company’s long-term disability plan  applicable to Participant, or if no such plan exists, at the discretion of the Committee and as determined by the  Committee.  I. “Fair Market Value” shall have the meaning set forth in the Plan.  J. “Participant” means the individual shown as the recipient of an award of PSUs, as set forth on this  Award Agreement.  K.  “Performance Period” means the consecutive three-year calendar year period set forth in this Award  Agreement.   L. “Performance Share Units” or “PSUs” means the obligation of the Company to transfer the number  of shares of Stock to Participant determined under Section 2, Section 4A (in the case of death or termination of  employment by Disability), Section 4B (in the case of Change-in-Control), or Section 5 (in the case of Divestiture of  

 

Page 3 of 9  PSU Non-US  5/2022  a Business Segment) of this Award Agreement, as applicable, at the time provided in Section 6 of this Award  Agreement, to the extent that the rights to such shares are vested at such time.   M. “Person” means a “person” as such term is used for purposes of 13(d) or 14(d), or any successor  section thereto, of the Securities Exchange Act of 1934, as amended, and any successor thereto.  N. “Stock” means the common stock of the Company.  O. “Vesting Period” means the consecutive three-year calendar year period set forth in this Award  Agreement.  Section 2.  Award  Subject to the terms of this Award Agreement, the Company awarded to Participant the number of PSUs set  forth on this Award Agreement, effective as of the Date of Grant set forth on such instrument.   Subject to the applicable modifier described herein, this Award entitles Participant to receive a whole number  of shares of Stock as set forth on this Award Agreement equal to a percentage (the “PSU Payout %”), from zero  percent (0%) to two hundred percent (200%), based on the Company’s performance as compared to the performance  goals set forth, and as calculated in, Appendix A. The PSU Payout % is further subject to adjustment equal to a factor  of plus or minus 20% depending upon the Company’s performance as compared to a relative metric as set forth, and  as calculated in, Appendix A (the “modifier”).      The number of shares of Stock determined, if any, based on the Company’s performance as compared to the  performance goals and modifier set forth in Appendix A (or, if applicable, the formula set forth in Section 4A (in the  case of death or termination of employment by Disability), the formula set forth in Section 4B (in the case of a Change- in-Control), or Section 5 (in the case of Divestiture of a Business Segment)), shall be distributable as provided in  Section 6 of this Award Agreement, but only to the extent the rights to such shares are vested under either Section 4  or Section 5 of this Award Agreement.   This grant of PSUs shall not confer any right to Participant (or any other participant) to be granted PSUs or  other awards in the future under the Plan.  Notwithstanding anything to the contrary in this Award Agreement, the number of shares of Stock that may  be earned under this Award Agreement cannot exceed the maximum number of shares of Stock provided for under  the Plan.  Section 3.  Bookkeeping Account  The Company shall record the number of PSUs subject to this Award Agreement to a bookkeeping account  for Participant (the “Performance Share Unit Account”), subject to adjustment based on performance as set forth in  Section 2 above. Participant’s Performance Share Unit Account shall be reduced by the number of PSUs, if any,  forfeited in accordance with Section 4 and by the number of PSUs with respect to which shares of Stock were  transferred to Participant in accordance with Section 6.  Section 4.  Vesting  Subject to the accelerated vesting provisions provided below, the number of PSUs determined under Section  2 above shall vest on the last day of the Vesting Period, if Participant remains employed by the Company or its Affiliate  through such date.  For the avoidance of doubt, if the Company fails to achieve a performance goal at the threshold level,  Participant shall be entitled to receive no shares of Stock subject to such performance goal, unless the deemed  performance provisions in this Section specifically modify such result.   If, during the Performance and Vesting Periods, while employed by the Company or its Affiliates:   A. Participant dies or his or her employment terminates by reason of Disability, the number of vested  PSUs subject to the Award shall be equal to the product of: (1) the number of full and partial months of Participant’s  employment during the Performance Period divided by thirty-six (36) and (2) the greater of (a) one hundred percent  (100%) of the PSUs subject to this Award Agreement, regardless of the Company’s actual performance as compared  to the performance goals and modifier or (b) the number of PSUs that would have been payable to Participant at the  end of the Performance Period based on actual Company performance during the entire Performance Period as  compared to the performance goals and modifier.   

 

Page 4 of 9  PSU Non-US  5/2022  B. A Change-in-Control occurs, the number of vested PSUs subject to this Award shall be the greater  of (1) one hundred percent (100%) of the PSUs subject to this Award Agreement, regardless of  the Company’s actual  performance as compared to the performance goals and modifier or (2) the number of PSUs that would have been  payable to Participant for the Performance Period based on the Company’s best estimate of projected Company  performance through the end of the Performance Period as compared to the performance goals and modifier,  determined at the date of the Change-in-Control. In the event of a Change-in-Control following an event that would  otherwise enable vesting at the end of the Performance and Vesting Periods under Section 4A, the provisions of this  Section 4B shall control. For the avoidance of doubt, vesting under this Section 4B is not calculated on a pro-rata  basis.  C. Except as provided in Section 5 below, and in certain limited instances where the Committee may  exercise its discretion in determining the vesting implications of PSUs, if Participant’s employment with the Company  and its Affiliates terminates for any other reason before the end of the Performance and Vesting Periods, all PSUs that  are not vested at the time of such termination of employment (after first taking into account the accelerated vesting  provisions of this Section 4) shall be forfeited. In the event of termination of employment (whether or not in breach  of local labor laws), the Company shall have the exclusive discretion to determine the date of termination of  employment for purposes of this Award. Such termination date shall be the date that Participant is no longer actively  employed and will not be extended by any notice period mandated under local law (e.g., active employment would  not include a period of “garden leave” or similar period pursuant to local law).   Section 5.  Acceleration of Vesting of Shares in the Event of Divestiture of Business Segment  If the “Business Segment” (as that term is defined in this Section) in which Participant is primarily employed  as of the “Divestiture Date” (as that term is defined in this Section) is the subject of a “Divestiture of a Business  Segment” (as that term is defined in this Section) during the Performance and Vesting Periods, and such divestiture  results in the termination of Participant’s employment with the Company and its Affiliates for any reason during the  Performance Period, the number of vested PSUs subject to the Award shall be equal to the product of: (1) the number  of full and partial months of Participant’s employment during the Performance Period before the Divestiture Date,  divided by thirty-six (36) and (2) one hundred percent (100%) of the PSUs subject to this Award Agreement, regardless  of the Company’s actual performance as compared to the performance goals and modifier.   For purposes of this Award Agreement, the term “Business Segment” shall mean a business line which the  Company treats as a separate operating segment under the segment reporting rules under U.S. generally accepted  accounting principles, which currently includes the following: Safety and Security Systems Group and Environmental  Solutions Group. Likewise, the term “Divestiture Date” shall mean the date that a transaction constituting a Divestiture  of a Business Segment is finally consummated.  For purposes of this Award Agreement, the term “Divestiture of a Business Segment” means the following:  A. When used with a reference to the sale of stock or other securities of a Business Segment that is or  becomes a separate corporation, limited liability company, partnership or other separate business entity, the sale,  exchange, transfer, distribution or other disposition of the ownership, either beneficially or of record or both, by the  Company or one of its Affiliates to “Nonaffiliated Persons” (as that term is defined in this Section) of one hundred  percent (100%) of either (i) the then-outstanding common stock (or the equivalent equity interests) of the Business  Segment or (ii) the combined voting power of the then-outstanding voting securities of the Business Segment entitled  to vote generally in the election of the board of directors or the equivalent governing body of the Business Segment;  B. When used with reference to the merger or consolidation of a Business Segment that is or becomes  a separate corporation, limited liability company, partnership or other separate business entity, any such transaction  that results in Nonaffiliated Persons owning, either beneficially or of record or both, one hundred percent (100%) of  either (i) the then-outstanding common stock (or the equivalent equity interests) of the Business Segment or (ii) the  combined voting power of the then-outstanding voting securities of the Business Segment entitled to vote generally  in the election of the board of directors or the equivalent governing body of the Business Segment; or  C. When used with reference to the sale of the assets of the Business Segment, the sale, exchange,  transfer, liquidation, distribution or other disposition of all or substantially all of the assets of the Business Segment  necessary or required to operate the Business Segment in the manner that the Business Segment had been operated  prior to the Divestiture Date.  For purposes of this Award Agreement, the term “Nonaffiliated Persons” shall mean any persons or business  entities which do not control, or which are not controlled by or under common control with, the Company.  

 

Page 5 of 9  PSU Non-US  5/2022  Section 6.  Distribution of Shares  A. Except as specifically provided to the contrary in Section 6B, the number of shares of Stock payable  with respect to PSUs, as determined under Section 2 above, that become vested under this Award shall become  distributable as of the end of the Vesting Period and shall be paid not later than March 15 in the year following the  end of the Performance Period; provided however, that if it is impracticable to pay such shares of Stock by such date  (e.g., due to the unavailability of audited financial statements or a Form S-8 registration statement for the shares), then  the Committee may delay payment until it becomes administratively practicable to do so later that same year.  B. The number of shares of Stock payable with respect to PSUs, as determined under Section 2 above,  that vest prior to the end of the Vesting Period under either Section 4B or Section 5 of this Award Agreement shall  become distributable on an accelerated basis as follows:  (1) If a Change-in-Control occurs at any time before the end of the Vesting Period, then the  number of earned shares of Stock with respect to PSUs that become vested under Section 4B of this Award Agreement  shall become distributable on the date of the Change-in-Control.  (2) If a Divestiture of a Business Segment occurs at any time before the end of the Vesting  Period, and such divestiture results in the termination of Participant’s employment with the Company and its Affiliates  for any reason, then the number of earned shares of Stock with respect to PSUs that become vested under this Award  Agreement shall become distributable on the Divestiture Date, but only if that payment on that date is permissible  under Section 409A of the Code.  Section 7.  Stockholder Rights  Participant shall not have any of the rights of a stockholder of the Company with respect to PSUs until shares  of Stock are issued to Participant. No dividend equivalent rights are provided under this Award Agreement.  Section 8.  Beneficiary Designation  Participant may designate a beneficiary or beneficiaries (contingently or successively) to receive any benefits  that may be payable under this Award Agreement in the event of Participant’s death and, from time to time, may  change his or her designated beneficiary (a “Beneficiary”). A Beneficiary may be a trust. A Beneficiary designation  shall be made in writing in a form prescribed by the Company and delivered to the Company while Participant is alive.   Each such designation shall revoke all prior designations by Participant with respect to Participant’s award under this  Award Agreement. If Participant fails to so designate a beneficiary, or if no such designated beneficiary survives  Participant, the beneficiary shall be deemed to be Participant’s spouse or, if Participant is unmarried at the time of  death, Participant’s beneficiary shall be his or her estate. In lieu of payment to Participant, a Beneficiary shall be paid  shares of Stock under Section 6 at the same time and in the same form as Participant would have been paid but for  Participant’s death.  Section 9.  Restrictions on Transfer  PSUs awarded hereunder shall not be transferable by Participant. Except as may be required by the federal  income tax withholding provisions of the Code or by the tax laws of any state or foreign sovereign, the interests of  Participant and his or her Beneficiary(ies) under this Award Agreement are not subject to the claims of their respective  creditors and may not be voluntarily or involuntarily sold, assigned, transferred, alienated, pledged, attached,  encumbered or charged. Any attempt by Participant or a Beneficiary to sell, assign, transfer, alienate, pledge, attach,  encumber, charge or otherwise dispose of any right to benefits payable hereunder shall be void.  Section 10.  Adjustment in Certain Events  If there is any change in the Stock by reason of stock dividends or other distribution (whether in the form of  securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,  split-up, split-off, combination, repurchase or exchange of Stock or other securities of the Company, or other similar  corporate transaction or event, or changes in applicable rules, rulings, regulations or other requirements of any  governmental body or securities exchange, the Committee may, in its sole discretion, make such adjustments to the  number of PSUs credited to Participant’s Performance Share Unit Account that it deems necessary or appropriate and  as it may deem equitable in Participant’s rights.  

 

Page 6 of 9  PSU Non-US  5/2022  Section 11.  Tax Withholding   Regardless of any action the Company, any of its Affiliates and/or Participant's employer takes with respect  to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to  Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”), Participant  acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant’s responsibility and may  exceed the amount actually withheld by the Company or any of its affiliates. Participant further acknowledges that the  Company and/or its Affiliates: (i) make no representations or undertakings regarding the treatment of any Tax-Related  Items in connection with any aspect of the Performance Share Units, including, but not limited to, the grant, vesting  or exercise of the Performance Share Units, the delivery of shares of Stock, the subsequent sale of shares acquired  pursuant to such delivery and the receipt of any dividends; and (ii) do not commit to and are under no obligation to  structure the terms of any award to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any  particular tax result. Further, if Participant becomes subject to tax in more than one jurisdiction between the Date of  Grant and the date of any relevant taxable event, Participant acknowledges that the Company and/or its Affiliates may  be required to withhold or account for Tax-Related Items in more than one jurisdiction.  Prior to any relevant taxable or tax withholding event, as applicable, Participant will pay or make adequate  arrangements satisfactory to the Company and/or its Affiliates to satisfy all Tax-Related Items. In this regard,  Participant authorizes the Company and/or its Affiliates, or their respective agents, at their discretion, to satisfy the  obligations with regard to all Tax-Related Items by one or a combination of the following:  A. withholding from Participant’s wages or other cash compensation paid to Participant by the  Company and/or its Affiliates; or  B. withholding in shares of Stock to be delivered upon distribution of the Performance Share Units.  The Company and/or its Affiliates may withhold or account for Tax-Related Items by considering applicable  statutory withholding amounts or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied  by withholding in shares of Stock, for tax purposes, Participant is deemed to have been issued the full number of  shares attributable to the Performance Share Units, notwithstanding that a number of shares of Stock are held back  solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant’s participation in  the Plan.  Finally, Participant shall pay to the Company and/or its Affiliates any amount of Tax-Related Items that the  Company and/or its Affiliates may be required to withhold or account for as a result of Participant’s participation in  the Plan that are not satisfied by the means previously described. The Company may refuse to issue or deliver the  Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items.  Section 12.  Section 409A   This Award Agreement shall be construed consistent with the intention that it be exempt from Section 409A  of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder,  including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section  409A”). However, notwithstanding any other provision of the Plan or this Award Agreement, if at any time the  Committee determines that this Award (or any portion thereof) may be subject to Section 409A, the Committee shall  have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other person  for failure to do so) to adopt such amendments to the Plan or this Award Agreement, or adopt other policies and  procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the  Committee determines are necessary or appropriate either for this Award to be exempt from the application of Section  409A or to comply with the requirements of Section 409A.  Section 13.  Source of Payment  Shares of Stock transferable to Participant, or Participant’s Beneficiary, under this Award Agreement may  be either Treasury shares, authorized but unissued shares, or any combination of such stock. The Company shall have  no duties to segregate or set aside any assets to secure Participant’s right to receive shares of Stock under this Award  Agreement. Participant shall not have any rights with respect to transfer of shares of Stock under this Award  Agreement other than the unsecured right to receive shares of Stock from the Company.  

 

Page 7 of 9  PSU Non-US  5/2022  Section 14.  Continuation of Employment   This Award Agreement shall not confer upon Participant any right to continuation of employment by the  Company or its Affiliates, nor shall this Award Agreement interfere in any way with the Company’s or its Affiliates’  right to terminate t Participant’s employment at any time.  Section 15.  English Language  Participant acknowledges and agrees that it is Participant’s express intent that this Award Agreement, the  Plan and all other documents, rules, procedures, forms, notices and legal proceedings entered into, given or instituted  pursuant to the Award, be drawn up in English. If Participant has received this Award Agreement, the Plan or any  other rules, procedures, forms or documents related to the Award translated into a language other than English, and if  the meaning of the translated version is different than the English version, the English version will control.  Section 16.  Entire Award; Amendment  This Award Agreement and the Plan constitute the entire agreement between the parties with respect to the  terms and supersede all prior written or oral negotiations, commitments, representations and agreements with respect  thereto. The terms and conditions set forth in this Award Agreement may only be modified or amended in writing,  signed by both parties.  Section 17.  Severability  In the event any one or more of the provisions of this Award Agreement shall be held invalid, illegal or  unenforceable in any respect in any jurisdiction, such provision or provisions shall be automatically deemed amended,  but only to the extent necessary to render such provision or provisions valid, legal and enforceable in such jurisdiction,  and the validity, legality and enforceability of the remaining provisions of this Award Agreement shall not in any way  be affected or impaired thereby.  Section 18.  Miscellaneous  A. This Award Agreement and the rights of Participant hereunder are subject to all the terms and  conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the  Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions  on any Stock acquired pursuant to this Award Agreement, as it may deem advisable, including, without limitation,  restrictions under applicable federal securities laws, under applicable federal and state tax law, under the requirements  of any stock exchange or market upon which such Stock is then listed and/or traded, and under any blue sky or state  securities laws applicable to such Stock.  It is expressly understood that the Committee is authorized to administer, construe, and make all  determinations necessary or appropriate to the administration of the Plan and this Award Agreement, all of which shall  be binding upon Participant.  B. The Committee may terminate, amend, or modify the Plan; provided, however, that no such  termination, amendment, or modification of the Plan may materially and adversely affect Participant’s rights under  this Award Agreement, without the written consent of Participant.  C. Participant agrees to take all steps necessary to comply with all applicable provisions of federal and  state securities and tax laws in exercising his or her rights under this Award Agreement.  D. This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such  approvals by any governmental agencies or national securities exchanges as may be required.  E. This Award (including any proceeds, gains or other economic benefit actually or constructively  received by Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Stock underlying  the Award) shall be subject to the provisions of any clawback policy currently or subsequently implemented by the  Company to the extent set forth in such policy.   F. All obligations of the Company under the Plan and this Award Agreement, with respect to these  PSUs, shall be binding on any successor to the Company, whether the existence of such successor is the result of a  direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets  of the Company.  

 

Page 8 of 9  PSU Non-US  5/2022  G. To the extent not preempted by federal law, this Award Agreement shall be governed by, and  construed in accordance with, the laws of the State of Delaware, without giving effect to principles of conflict of law  H. This Award Agreement may be executed in one or more counterparts, all of which taken together  shall constitute one agreement and executed copies may be exchanged by .pdf to the other party by e-mail and accepted  and treated as originals for any and all purposes.                

 

Page 9 of 9  PSU Non-US  5/2022    FEDERAL SIGNAL CORPORATION  2022 PERFORMANCE SHARE UNIT  BENEFICIARY DESIGNATION    Participant:   Social Security No (Last 4-digits): (xxx-xx-________)    Address:   Date of Birth:         Participant hereby designates the following individual(s) or entity(ies) as his or her beneficiary(ies) pursuant  to the Federal Signal Corporation 2015 Executive Incentive Compensation Plan as amended (Insert Name, last 4- digits of Social Security Number, Relationship, Date of Birth and Address of Individuals and/or fully identify any  trust beneficiary by the Name of the Trust, Date of Execution of the Trust, the Trustee’s Name, the address of the  trust, and the employer identification number of the trust):    Primary Beneficiary(ies)        Contingent Beneficiary(ies)          No distribution shall be made to any beneficiary who is an individual unless he or she survives  Participant. Distribution shall be made to Contingent Beneficiaries if, but only if, no Primary Beneficiary survives  Participant.     Participant hereby reserves the right to change this Beneficiary Designation, and any such change shall be  effective when Participant has executed a new or amended Beneficiary Designation form, and the receipt of such form  has been acknowledged by the Company, all in such manner as specified by the Company from time to time, or on a  future date specified by any such new or amended Beneficiary Designation form. If this Form is being used to make  changes to Participant’s existing beneficiary designations for this award, all previous designations will be replaced.         IN WITNESS WHEREOF, the parties have executed this Beneficiary Designation on the date designated  below.    Date: _________________, ____     Signature of Participant    Received:   FEDERAL SIGNAL CORPORATION      Date: _________________, ____ By:secondamendmenttoseconda

MCGUIREWOODS DRAFT: 4/7/22  1  158245193_3  SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT  AGREEMENT (this “Amendment”), dated as of April [__], 2022, among FEDERAL SIGNAL  CORPORATION, a Delaware corporation (“US Borrower”), FST CANADA INC., an Ontario corporation  (“FST Canada” and, together with the US Borrower, the “Borrowers”), each of the Lenders (as defined  below) party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent  (in such capacity, the “Administrative Agent”). Unless otherwise indicated, all capitalized terms used herein  and not otherwise defined herein shall have the respective meanings provided such terms in the Credit  Agreement referred to below.  The Borrowers, the lenders party thereto (the “Lenders”), and the Administrative Agent have  entered into that certain Second Amended and Restated Credit Agreement, dated as of July 30, 2019 (as  amended, restated, supplemented or modified from time to time, the “Credit Agreement”).  The Borrowers  have requested, and subject to the terms and conditions set forth herein, the Administrative Agent and the  Lenders party hereto have agreed to amend certain provisions of the Credit Agreement as more specifically  set forth herein.  In consideration of the foregoing and for other good and valuable consideration, the receipt and  sufficiency of which are hereby acknowledged, it is agreed as follows:   1. Amendments.  Subject to the terms and conditions set forth herein and the effectiveness of  this Amendment in accordance with its terms, the parties hereto agree that the definition of “Material  Domestic Subsidiary” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety  as follows:    “Material Domestic Subsidiary” means any Domestic Subsidiary of the US  Borrower that has either (a) revenues that represent more than 15% of the Consolidated  revenues of the US Borrower and its Subsidiaries for the most recently ended four-quarter  period for which financial statements have been delivered pursuant to Section 8.1(a) or  8.1(b), as applicable, or (b) assets that represent more than 15% of the Consolidated total  assets of the US Borrower and its Subsidiaries as of the end of such period; provided, that  to the extent all of the Domestic Subsidiaries not then party to the Subsidiary Guaranty,  shall have at any time in the aggregate (i) revenues in excess of 15% of the Consolidated  revenues of the US Borrower and its Subsidiaries for any such period or (ii) assets in excess  of 15% of Consolidated total assets of the US Borrower and its Subsidiaries as of the end  of any such fiscal quarter, then the US Borrower shall immediately designate as “Material  Domestic Subsidiaries” such number of such Domestic Subsidiaries as necessary to  eliminate such excess.  2. Conditions to Effectiveness.  This Amendment shall be deemed to be effective upon (a)  the Administrative Agent receiving counterparts of this Amendment executed by the Administrative Agent,  the Required Lenders and the Borrowers and  (b) unless otherwise agreed to by the Administrative Agent,  the Administrative Agent being paid or reimbursed for all reasonable fees and out-of-pocket charges and  other expenses incurred in connection with this Amendment, including, without limitation, the reasonable  documented fees of counsel for the Administrative Agent.   3. Effect of Amendments.  The execution, delivery and effectiveness of this Amendment shall  not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender  or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of  

 

  2  158245193_3  any of the Loan Documents.  Except as expressly provided herein, the Credit Agreement and the other Loan  Documents shall remain unmodified and in full force and effect.   4. Representations and Warranties/No Default.  By its execution hereof,   (a) each Borrower represents and warrants that after giving effect to this Amendment  (i) the representations and warranties contained in the Credit Agreement and each other Loan  Document (including this Amendment) are true and correct in all material respects on and as of the  date hereof (except to the extent that any such representation and warranty is qualified by  materiality or reference to Material Adverse Effect, in which case such representation and warranty  shall be true, correct and complete in all respects), other than any such representations or warranties  that, by their express terms, refer to an earlier date, in which case they shall have been true and  correct in all material respects on and as of such earlier date (except to the extent that any such  representation and warranty is qualified by materiality or reference to Material Adverse Effect, in  which case such representation and warranty shall be true, correct and complete in all respects),  and (ii) no Default or Event of Default has occurred and is continuing as of the effective date hereof  or will occur after giving effect to this Amendment; and  (b) each Borrower hereby certifies, represents and warrants to the Administrative  Agent, for the benefit of the Secured Parties, that (a) it is duly authorized to execute and deliver  this Amendment, and to perform its obligations under this Amendment; (b) this Amendment has  been duly executed and delivered on behalf of its duly authorized representative; (c) this  Amendment constitutes its legal, valid, and binding obligation, enforceable against it in accordance  with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency,  reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors’ rights  generally and general principles of equity (regardless of whether such enforceability is considered  in a proceeding at law or in equity); and (d) its execution, delivery and performance of this  Amendment do not violate or constitute a breach of (i) any of its articles of incorporation (or  corporate charter or other similar organizational documents) or its bylaws (or similar document),  (ii) any material agreement or instrument to which such party is a party, or (iii) any Applicable Law  to which it or its properties or operations is subject.   5. Acknowledgment and Consent.  By its execution hereof, each Borrower (a) acknowledges  and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under  the Loan Documents and acknowledges that the covenants, representations, warranties and other  obligations set forth in the Credit Agreement, the Notes and the other Loan Documents to which it is a party  remain in full force and effect, (c) affirms that each of the Liens granted in or pursuant to the Loan  Documents are valid and subsisting, (d) agrees that this Amendment shall in no manner impair or otherwise  adversely affect any of the Liens granted in or pursuant to the Loan Documents and (e) agrees that this  Amendment and all documents executed in connection herewith do not operate to reduce or discharge such  Person’s obligations under the Loan Documents.   6. Miscellaneous.  THIS AMENDMENT SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF ILLINOIS.  This Amendment  may be executed in any number of counterparts and by the different parties hereto on separate counterparts,  each of which counterparts when executed and delivered shall be an original, but all of which shall together  constitute one and the same instrument. Delivery by facsimile or electronic transmission of an executed  counterpart of a signature page to this Amendment shall be effective as delivery of an original executed  counterpart of this Amendment.  The words “execution,” “signed,” “signature,” and words of like import  in this Amendment shall be deemed to include electronic signatures or electronic records, each of which  shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a  paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable  law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York  

 

  3  158245193_3  State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform  Electronic Transactions Act.  This Amendment is the entire agreement, and supersedes any prior  agreements and contemporaneous oral agreements, of the parties concerning its subject matter.  This  Amendment is a Loan Document and is subject to the terms and conditions of the Credit Agreement.  This  Amendment shall be binding on and inure to the benefit of the parties and their heirs, beneficiaries,  successors and permitted assigns.  [The remainder of this page is intentionally left blank.]  

 

  Federal Signal Corporation  Second Amendment to Second Amended and Restated Credit Agreement  Signature Page  IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute  and deliver this Amendment as of the date first above written.      BORROWERS:  FEDERAL SIGNAL CORPORATION, as US Borrower  By:       /s/ Ian Hudson                                                     .  Name:  Ian Hudson  Title:  SVP, Chief Financial Officer    By:       /s/ Lauren Elting                                                  .                             Name:  Lauren Elting  Title:  VP, Corporate Controller      FST CANADA INC., as a Non-US Borrower  By:       /s/ Ian Hudson                                                     .  Name:  Ian Hudson  Title:  SVP, Chief Financial Officer      [Signature Pages Continue] 

 

  Federal Signal Corporation  Second Amendment to Second Amended and Restated Credit Agreement  Signature Page  WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative Agent, Swingline Lender, Issuing  Lender and a Lender      By:       /s/ Brett T. Rausch                                               .  Name:  Brett T. Rausch  Title:  Senior Vice President     

 

  Federal Signal Corporation  Second Amendment to Second Amended and Restated Credit Agreement  Signature Page    JPMORGAN CHASE BANK, N.A., as a Lender      By:   /s/ Jonathan M. Deck                                  .  Name: Jonathan M. Deck         Authorized Officer      JPMORGAN CHASE BANK, N.A. TORONTO  BRANCH, as a Lender      By:   /s/ Bassam Hammoud                                   .  Name: Bassam Hammoud         Authorized Officer           

 

  Federal Signal Corporation  Second Amendment to Second Amended and Restated Credit Agreement  Signature Page    KEYBANK NATIONAL ASSOCIATION, as a Lender      By:   /s/ Thomas. A Crandall                                     .  Name: Thomas A. Crandall  Title: SVP               

 

  Federal Signal Corporation  Second Amendment to Second Amended and Restated Credit Agreement  Signature Page  PNC BANK, NATIONAL ASSOCIATION, as a Lender      By:   /s/ Debra Hoffenkamp                                  .  Name:  Debra Hoffenkamp  Title: Assistant Vice President

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