Document:

exh10_5apr302011.htm

  

 

  

EXHIBIT 10.5

 

CHARMING SHOPPES, INC.

2003 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN

(A Subplan under the 2010 Stock Award and Incentive Plan)

Restricted Share Units Agreement – Share Settled

Agreement (the "Agreement") dated as of ______________________ (the "Grant Date") between Charming Shoppes, Inc. (the "Company") and _____________________ ("Participant").

The Company hereby confirms the grant, under Section 6(b) of the 2003 Non-Employee Directors Compensation Plan, as amended  (the “Subplan”), a subplan implementing the 2010 Stock Award and Incentive Plan  (the “2010 Plan” and, together with the Subplan, the “Plans”), on the Grant Date, of _________________ Restricted Share Units ("RSUs").  The RSUs are Share-Settled RSUs and are subject to the terms and conditions of the Plans and the provisions of this Agreement, including the Terms and Conditions of RSUs which are included as part of this Agreement.

Subject to the terms and conditions of the Plans and this Agreement, each RSU represents the right to receive one Share of the Company's Common Stock at the applicable settlement date under Section 4 of this Agreement (which may include deferred settlement upon an elective deferral).  RSUs are subject to a risk of forfeiture and other conditions during the period from the Grant Date to the vesting date (the "Restricted Period"; an elective deferral will not extend the risk of forfeiture).  RSUs will vest on June 1, 2012, subject to earlier vesting as specified in Section 6(b) of the Subplan.

By accepting this grant of RSUs, Participant agrees to be bound by all the terms and provisions of the Agreement and the Plans (as presently in effect or hereafter amended), and by all decisions and determinations of the Board or the Administrator of the Subplan.  Participant acknowledges and agrees that, until the end of the applicable Restricted Period, RSUs will be forfeitable, and until settlement the RSUs will be  nontransferable as provided in Section 13(a) of the Subplan, and that sales of Shares after settlement will be subject to the Company's policies regulating trading by directors and affiliates as may then be in effect.

	
CHARMING SHOPPES, INC.

	  
	  
	  
	
By: ___________________________________

	
Colin D. Stern

	
Executive Vice President

	  
	  
	
PARTICIPANT

	  
	  
	  
	
___________________________________

	  

 

  

 

  

Term and Conditions

of RSUs

1.  Incorporation of Plans by Reference.

The RSUs have been granted to Participant under the 2010 Plan and the Subplan, a copy of each of which has been previously provided to Participant (copies are available upon request to the Company's Secretary).  All of the terms, conditions, and other provisions of the Plans are hereby incorpor­ated by reference into this Agreement.  Capitalized terms used in this Agreement but not defined herein shall have the same meanings as in the Plans.  If there is any conflict between the provisions of this Agreement and the provisions of the Plans, the provisions of the Plans shall govern.

2.  Participant's Account.

RSUs are bookkeeping units, and do not constitute ownership of Shares or any other equity security.  The Company shall maintain an Account for Participant reflecting the number of RSUs then credited to Participant hereunder as a result of this grant of RSUs and any crediting of additional RSUs to Participant pursuant to payments equivalent to dividends paid on Shares under Sections 6(c) and 9(a) of the Subplan ("Dividend Equivalents").

	
3.  Risk of Forfeiture; Non-Transferability; Insider Trading Policy

(a)           Risk of Forfeiture.  The risk of forfeiture of the RSUs is specified in Section 6(b)(ii) of the Subplan.  The portion of RSUs that would be forfeited upon Participant's voluntary termination of service on December 31 of the year of grant and the portion of RSUs that would not be so forfeited each shall be deemed a separate payment for purposes of Code Section 409A.

(b)           Nontransferability.  The RSUs are non-transferable and subject to the other terms specified in Section 13(a) of the Subplan.

(c)           Insider Trading Policy.  After settlement of RSUs and delivery of Shares under Section 4, Participant will be subject to restrictions on selling such Shares or otherwise disposing of them under the Company's policies regulating trading by directors and affiliates, as such policies may then be in effect.  Such policies may restrict the times at which such Shares may be sold or otherwise restrict such sales.

4.  Settlement.

(a)             Generally.  RSUs granted hereunder, together with RSUs credited as a result of Dividend Equivalents under Sections 6(c) and 9(a) of the Subplan, shall be settled by delivery of Shares in accordance with the Subplan.  Settlement of each RSU granted hereunder shall occur as provided under Section 6(e) of the Subplan (but in no event more than 30 days after the applicable vesting date), except that settlement shall be deferred in accordance with Section 6(e) of the Subplan if Participant has filed a valid "Election Form -- For Deferral of Restricted Stock Units" (the “Election Form”) until the deferred settlement date specified in the Election form or at such other settlement date as may be applicable under the Subplan.  The Election Form must be filed by December 31 of the year preceding the year of grant or otherwise as permitted under Section 6(e)(ii) of the Subplan.  Any elective deferral shall be subject to Section 409A of the Internal Revenue Code, and the terms of the RSUs and deferral shall conform to the requirements thereunder in all respects.  If an election to defer does not meet the requirements of Section 409A, it shall be ineffective hereunder and shall be disregarded.

  

- 2 -

  

(b)           Delivery of Shares.  The Company may make delivery of Shares by either delivering one or more certificates representing such Shares to the Participant, registered in the name of the Participant (and any joint name, if so directed by the Participant), or by depositing such Shares into an account maintained for the Participant (or of which the Participant is a joint owner, with the consent of the Partici­pant).  If the Company determines to settle RSUs by making a deposit of Shares into such an account, the Company may settle any fractional Share resulting from RSUs by means of such deposit.  In other circumstan­ces or if so determined by the Company, the Company shall instead pay cash in lieu of fractional Shares, on such basis as the Administrator may determine.  In no event will the Company in fact issue fractional Shares.

(c)           Effect of Settlement.  Upon settlement of the RSUs, all obligations of the Company in respect of such RSUs shall be terminated.

5.  Miscellaneous.

This Agreement shall be binding upon the heirs, executors, administrators, and successors of the parties.  This Agreement (including the Plans and any Election Form) constitutes the entire agreement between the parties with respect to the RSUs granted hereby, and supersedes any prior agreements or documents with respect to such RSUs.  No amendment, alteration, suspension, discontinuation, or termination of this Agreement which may impose any additional obligation upon the Company or materially and adversely affect the rights of Participant with respect to the RSUs shall be binding upon the party so affected unless such amendment, alteration, suspension, discontinuation, or termination is expressed in a written instrument duly executed in the name and on behalf of the party so affected.

 

 

  

- 3 -ex_43.htm

JOINING LENDER AGREEMENT

This JOINING LENDER AGREEMENT, dated as of May 26, 2011 (this “Joining Lender Agreement”), is made by and among ThermaClime, L.L.C. (“ThermaClime”), Cherokee Nitrogen Holdings, Inc., Northwest Financial Corporation, Chemex I Corp., Cherokee Nitrogen Company, ClimaCool Corp., ClimateCraft, Inc., Climate Master, Inc., EDC Ag Products Company L.L.C., El Dorado Chemical Company, International Environmental Corporation, Koax Corp., LSB Chemical Corp., The Climate Control Group, Inc., ThermaClime Technologies, Inc., Trison Construction, Inc., and XpediAir, Inc. (each of the foregoing, a “Borrower”, and collectively, the “Borrowers”), LSB Industries, Inc. (the “Parent”), Consolidated Industries Corp. (“Consolidated Industries”), Banc of America Leasing & Capital, LLC, as Administrative Agent, and The Huntington National Bank (the “Joining Lender”).  Capitalized terms used and not otherwise defined herein have the meanings given to them in the Amended and Restated Loan Agreement (as defined in Preliminary Statement I hereof), and the general interpretive provisions of Section 1.02 of the Amended and Restated Loan Agreement are hereby incorporated by reference into this Joining Lender Agreement.

RECITALS

I.           The Borrowers, the Parent, Consolidated Industries, the Administrative Agent, Banc of America Leasing & Capital, LLC, as Collateral Agent, and Bank of Utah, as Payment Agent, are parties to that certain Amended and Restated Term Loan Agreement, dated as of March 29, 2011, as amended by that certain Amendment Number One to the Amended and Restated Term Loan Agreement, dated as of April 21, 2011 (as so amended, and as may be further amended, supplemented, amended and restated, or otherwise modified from time to time, the “Amended and Restated Loan Agreement”).

II.           The Joining Lender is an Eligible Assignee.

III.           The Amended and Restated Loan Agreement requires, inter alia, that each Joining Lender execute and deliver to the Payment Agent this Joining Lender Agreement.

IV.           In light of the direct and indirect benefits to the Joining Lender of the becoming a Term Lender under the Amended and Restated Loan Agreement, the Joining Lender is willing to execute and deliver to the Payment Agent this Joining Lender Agreement.

V.           The Parent, Consolidated Industries, the Borrowers, the Administrative Agent, and the Joining Lender desire to enter into this Joining Lender Agreement.

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

SECTION 1.                      Subsequent Borrowing Date; Facility Increase Amount; and Interest Rate.  The Joining Lender’s Nominal Facility Increase Amount is $7,500,000.00.  On May 26, 2011 (the “Subsequent Borrowing Date”), the Joining Lender will advance $7,500,000.00 (its “Facility

 

  

  

  

Increase Amount”), in accordance with the terms of Section 2.01(h) of the Amended and Restated Loan Agreement.  The Joining Lender and each Loan Party hereby acknowledge and agree that since the Tranche A Loan that will be made available to the Borrowers by the Joining Lender will be funded during the initial Interest Period, it will bear interest on the outstanding principal amount thereof at same the rate per annum that the existing outstanding Tranche A Loans bear during that initial Interest Period, which rate equals to 3.3075% per annum.  The interest rate that Tranche A Loan made available to the Borrowers by the Joining Lender will bear during each subsequent Interest Period will be determined in accordance with the provisions of the Amended and Restated Loan Agreement.

SECTION 2.                      Joinder.

(a)           The Joining Lender hereby acknowledges, agrees, and confirms that from and after the Subsequent Borrowing Date, it shall be bound by the provisions of the Amended and Restated Loan Agreement and other Loan Documents to which it is bound as a Lender thereunder and, to the extent of the Facility Increase Amount being advanced by it, shall have the obligations of a Lender thereunder.

(b)           The Amended and Restated Loan Agreement is hereby amended to add the Joining Lender as a “Lender” thereunder, and each reference therein to the “Lenders” or any of them is deemed to include or be applicable to, as relevant, the Joining Lender.

SECTION 3.                      Representations, Warranties, Agreements, Etc.

(a)           The Joining Lender represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Joining Lender Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Amended and Restated Loan Agreement, (ii) it meets all the requirements to be an assignee under the definition of “Eligible Assignee”, (iii) it is sophisticated with respect to decisions to advance its Facility Increase Amount and either it or the Person exercising discretion in making its decision to advance its Facility Increase Amount is experienced in providing financings of that type, (iv) it has received a copy of the Amended and Restated Loan Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Joining Lender Agreement and to advance its Facility Increase Amount, (v) it has, independently and without reliance upon any Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Joining Lender Agreement and to advance its Facility Increase Amount, and (vi) if it is a Foreign Lender, attached hereto is any documentation required to be delivered by it pursuant to the terms of the Amended and Restated Loan Agreement, duly completed and executed by it.

(b)           The Joining Lender agrees that (i) it will, independently and without reliance upon any Agent, the Arranger, or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform, in accordance

  

- 2 -

  

with their terms, all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

(c)           The Joining Lender acknowledges that it has reviewed and approved a copy of each of the proposed revised Schedules 2.01 and 2.03 to the Amended and Restated Loan Agreement.

 

(d)           The Loan Parties hereby acknowledge and agree that this Joining Lender Agreement shall be deemed to be a “Loan Document”.

SECTION 4.                      Effect of this Joining Lender Agreement; No Waiver.  Except as amended or modified hereby, all of the terms and provisions of the Amended and Restated Loan Agreement shall remain in full force and effect.  On and after the date hereof, any reference in the Amended and Restated Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Amended and Restated Loan Agreement as modified by this Joining Lender Agreement.  The execution, delivery, and effectiveness of this Joining Lender Agreement shall not operate as a waiver of any power, remedy, or right of any Agent or any Lender, or constitute a waiver of any provision of, or any past or future noncompliance with, any of the Loan Documents or any other documents, instruments, and agreements executed or delivered in connection therewith, and shall not operate as a consent to any further or other matter under the Loan Documents.  The Joining Lender expressly agrees and understands that by entering into and performing its obligations hereunder, this Joining Lender Agreement shall not constitute a novation, and shall in no way adversely affect or impair the priority of Liens of the Collateral Agent on the Collateral.

SECTION 5.                      Governing Law.  This Joining Lender Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflict of laws principles thereof (other than Section 5-1401 of the New York General Obligations Law) that would permit or require the application of the law of any other jurisdiction.

SECTION 6.                      Counterparts.  This Joining Lender Agreement may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument.

[The signature pages follow.  The remainder of this page is intentionally left blank.]

  

- 3 -  

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Joining Lender Agreement to be executed by their respective officers thereunto duly authorized as of the date first written above.

 

BORROWERS:

THERMACLIME, L.L.C.,

an Oklahoma limited liability company

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

CHEROKEE NITROGEN HOLDINGS, INC.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

NORTHWEST FINANCIAL CORPORATION,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

CHEMEX I CORP.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

  

- 4 -  

  

CHEROKEE NITROGEN COMPANY,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

 

CLIMACOOL CORP.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

CLIMATECRAFT, INC.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

CLIMATE MASTER, INC.,

a Delaware corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

EL DORADO CHEMICAL COMPANY,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

  

- 5 -  

  

INTERNATIONAL ENVIRONMENTAL 

CORPORATION, an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

 

KOAX CORP., an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

 

LSB CHEMICAL CORP.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

 

THE CLIMATE CONTROL GROUP, INC.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

THERMACLIME TECHNOLOGIES, INC.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

  

- 6 -  

  

TRISON CONSTRUCTION, INC.,

an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

XPEDIAIR, INC., an Oklahoma corporation

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

GUARANTORS:

 

LSB INDUSTRIES, INC.,

a Delaware corporation

 

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

 

CONSOLIDATED INDUSTRIES CORP.,

an Oklahoma corporation

 

By: /s/ Tony M. Shelby      

Name: Tony M. Shelby

Title: Vice President

  

- 7 - 

  

ADMINISTRATIVE AGENT:

 

BANC OF AMERICA LEASING & CAPITAL, LLC, 

not in its individual capacity but solely as Administrative Agent

By: /s/ Albert Z. Norona      

Name: Albert Z. Norona

Title: Senior Vice President

  

- 8 -

  

JOINING LENDER:

 

THE HUNTINGTON NATIONAL BANK

By: /s/ Kim J. Trombetta      

Name: Kim J. Trombetta

Title: Senior Vice President

  

- 9 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]