Document:

Exhibit

Exhibit 10.54

AMENDMENT TO THE
POST HOLDINGS, INC. SENIOR MANAGEMENT BONUS PROGRAM

As originally effective May 4, 2015

WHEREAS, Post Holdings, Inc. (the “Company”) established, upon approval by the Corporate Governance and Compensation Committee of the Board of Directors of the Company (the “Committee”), the Senior Management Bonus Program (the “Program”) effective May 4, 2015; 

WHEREAS, the Committee reserved the right to amend the Program pursuant to Section 6.1
thereof; 

WHEREAS, the Committee desires to amend the Program to provide, effective September 30, 2019, including without limitation, for avoidance of doubt, with respect to any Program bonuses that may become payable with respect to performance periods beginning with the Company’s 2019 fiscal year, that such Program bonuses may be payable in cash, shares of the Company’s common stock, and/or equity and equity-based awards made under the Company’s long-term incentive plan, or a combination of any of the foregoing; and 

WHEREAS, the Committee further desires to amend the Program to clarify, effective September 30, 2019, that awards under the Program may be structured as “performance-based compensation” under Section 409A of the Internal Revenue Code, as amended. 

NOW, THEREFORE, the Program is amended as follows:

		
	1.
	Section 2.1 is deleted and restated in its entirety as follows:

““Award” means any bonus payable under the terms of the Program. An amount of an Award may be expressed as a percentage of a Participant’s Base Salary, a specific dollar amount, or such other measure or terms the Committee may determine for each Participant for any Program Year. Bonuses may be payable in (a) cash, (b) shares of the Company’s common stock, (c) in the form of an equity or equity-based award issued under the Company’s long-term incentive plan in effect from time to time, or (d) a combination of any or all of (a), (b) and (c).” 

		
	2.
	The second sentence of Section 2.8 is amended to read as follows:

“Notwithstanding the foregoing, except with respect to any Award that is intended to qualify as “performance-based compensation” for purposes of Section 409A of the Code, the Determination Date may be later if the Committee determines that the outcome of any Performance Goal established on the Determination Date is substantially uncertain at the time established by the Committee.”

		
	3.
	Section 2.10 is amended to add the following sentence to the end thereof:

“Notwithstanding anything in this Program document or otherwise to the contrary, the Performance Goals applicable to any Award that is intended to qualify as “performance-based compensation” for purposes of Section 409A of the Code will be established and administered in accordance with the requirements of Section 1.409A-1(e) of the regulations promulgated under Section 409A of the Code.”

		
	4.
	Section 3.2 is amended to add the following sentences to the end thereof:

“Additionally, in the writing which establishes the Performance Goals for a particular Program Year, the Committee may, in its discretion, identify extraordinary, non-recurring events (in addition to those contained in Section 5.3 of this Program document) which may cause the Committee to adjust the formulae for calculating 

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the Performance Goals after they are established.  Notwithstanding anything to the contrary in this Program document or otherwise, with respect to any Award that is intended to qualify as “performance-based compensation” for purposes of Section 409A of the Code, the Performance Goals and the determination of achievement will be done in accordance with the requirements of Section 1.409A-1(e) of the regulations promulgated under Section 409A of the Code.”

		
	5.
	Section 3.3 is amended to add the following sentence to the end thereof:

“Notwithstanding anything to the contrary in this Program document or otherwise, with respect to any Award that is intended to qualify as “performance-based compensation” for purposes of Section 409A of the Code, the provisions of this Section 3.3 shall be administered in accordance with the requirements of Section 1.409A-1(e) of the regulations promulgated under Section 409A of the Code so as to preserve such treatment.”

		
	6.
	Section 4.1 is deleted and restated in its entirety as follows:

“4.1   Right to Receive a Payment.  No Participant or other person shall have any rights with respect to the Program, or to any Potential Award prior to: (a) the completion of the Program Year with respect to such award, (b) the Committee’s certification as to the attainment of any applicable Performance Goals, and (c) if applicable, prior to the satisfaction of any additional vesting conditions contained in an equity or equity-based award issued under the Company’s long-term incentive plan as payment for an Award.  Notwithstanding anything to the contrary herein, the Committee, in its sole discretion, may eliminate, reduce or, solely with respect to Awards not intended to qualify as “performance-based compensation” for purposes of Section 409A of the Code, increase an Award payable to any Participant below or above, as applicable, that which would otherwise be payable under the terms of the Participant’s Potential Award. Furthermore, in the event of a Participant’s death, the Committee may, in its sole discretion, determinate an amount payable under an Award prior to the certification or to the attainment of any applicable Performance Goals.” 

		
	7.
	Section 4.2 is deleted and restated in its entirety as follows:

“4.2   Timing and Form of Payment.  Except as provided above in connection with a Participant’s death, or unless deferred under Section 4.3 below, payment of each Award shall be made no sooner than the date the Committee certifies that applicable Performance Goals for a Program Year (or series of Program Years) and/or otherwise determines the amount of each Award and otherwise no later than March 15 of the year following the Program Year during which the Award was earned, subject to the Committee’s right to determine that all or a portion of any Award shall be paid on a deferred basis in accordance with the requirements of Section 409A of the Code. Unless otherwise specified by the Committee, if an Award is to be paid in cash (or its equivalent), it shall be paid in a single lump sum.”

		
	8.
	Section 4.3 is deleted and restated in its entirety as follows:

“4.3   Deferral of Bonus.  A Participant who is eligible to participate in the Post Holdings, Inc. Deferred Compensation Plan for Key Employees may defer all or a portion of any Award under this Program subject to the rules of that deferred compensation plan, any additional rules established by the Committee, and in any event in a manner that complies with the requirements of Section 409A of the Code.”

		
	9.
	Section 4.4 is amended to add the following sentence to the end thereof:

“Notwithstanding anything in this Program document to the contrary, the beneficiary or beneficiaries of any portion of an Award that is paid in the form of an equity or equity-based award issued under the Company’s long-term incentive plan shall be designated in accordance the procedures specified in the applicable long-term incentive plan.”

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	10.
	Section 4.5 is amended to add the following sentence to the end thereof:

“Notwithstanding the foregoing, if at the time of death, the Committee has made a determination that any Award payable would be paid in shares of the Company’s common stock or in the form of an equity or equity-based award issued under the Company’s long-term incentive plan and such shares or equity or equity-based award have not been issued to a Participant, any Award that may become payable to the Beneficiary may be made in cash (or its equivalent) based upon the fair market value of the Company’s common stock and otherwise in accordance with the terms of the long-term incentive plan, if applicable.” 

		
	11.
	Section 7.4 is deleted and restated in its entirety as follows:

“7.4    Code Section 409A. The payments hereunder are intended to comply with or be exempt from Section 409A of the Code (“Code Section 409A”). Any installment payment hereunder shall be treated as a separate payment for purposes of Code Section 409A. Notwithstanding anything herein to the contrary, to the extent applicable, if the Participant is a “specified employee” within the meaning of Code Section 409A, and to the extent necessary to avoid the adverse tax consequences under Code Section 409A, no portion of his or her Award shall be paid on account of a “separation from service,” as defined by Code Section 409A, before the earlier of (a) the date which is six months following the date of the Participant’s separation from service, or (b) the date of death of the Participant. Amounts that would have been paid during such delay will be paid on the first business day following the six-month delay.” 

Effective:    September 30, 2019

3EX-10.1

 Exhibit 10.1 

AMENDMENT NUMBER THREE TO BUSINESS FINANCING AGREEMENT 

This AMENDMENT NUMBER THREE TO BUSINESS FINANCING AGREEMENT (this “Amendment”), dated as of November 21, 2019, is
entered into by and between WESTERN ALLIANCE BANK, an Arizona corporation Lender”), one the one hand, and, ORION ENERGY SYSTEMS, INC., a Wisconsin corporation (“Parent”), the Subsidiaries of Parent listed
on Schedule 1 attached to the Agreement defined below, and such other direct or indirect Subsidiaries of Parent that may hereafter become parties hereto (collectively with Parent, “Borrowers” and each a
“Borrower”), on the other hand, with reference to the following facts: 

A.        Borrowers and Lender previously entered into that certain Business Financing Agreement,
dated as of October 26, 2018, as amended by that certain Amendment Number One to Business Financing Agreement, dated as of June 3, 2019, and that certain Amendment Two to Business Financing Agreement, dated as of August 2, 2019 (as so
amended, the “Agreement”). 
 B.        Borrowers and Lender desire to amend
the Agreement in accordance with the terms and conditions set forth herein. 
 C.        Orion
Shared Services, LLC, a Wisconsin limited liability company, Orion Aviation, LLC, a Wisconsin limited liability company, and Orion Operations, LLC, a Wisconsin limited liability company, have each been dissolved. 

NOW, THEREFORE, in consideration of the foregoing, the parties hereto hereby agree as follows: 

1.        Defined Terms. All initially capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Agreement. 
 2.        Amendment to
Section 2.2(a). Section 2.2(a) of the Agreement is hereby amended in its entirety as follows: 
  

	 	(a)	 Termination Fee. In the event this Agreement is terminated on or before October 26, 2020, Borrowers
shall pay the Termination Fee to Lender; provided that if this Agreement, following Borrowers’ request and the consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed), is transferred to another operating
division of Lender, the transfer will not be deemed a termination resulting in the payment of the Termination Fee; provided that Borrowers agree, at the time of transfer, to the payment of comparable fees in an amount not less than that set forth in
this Agreement, and provided further that such transfer is not as a result of an Event of Default. 

3.        Amendments to Sections 4.8(e) and (f). Sections 4.8(e) and (f) of the
Agreement are hereby amended in their entirety as follows: 
  

	 	(e)	 Annual projections by month shall be provided to Lender no later than 60 days after the beginning of each
fiscal year, specifying the assumptions used in creating the projections. 

  

	 	(f)	 Reserved. 

  
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 4.        Amendment to
Section 4.9. Section 4.9 of the Agreement is hereby amended in its entirety as follows: 
  

	 	4.9	 Maintain its primary depository and operating accounts with Lender and, in the case of any deposit accounts not
maintained with Lender, grant to Lender a first priority perfected security interest in and “control” (within the meaning of Section 9104 of the UCC) of such deposit account pursuant to documentation acceptable to Lender. Borrowers
shall close all deposit accounts maintained with Wells Fargo Bank and Investor’s Community Bank as soon as possible but in no event later than 60 days following the date hereof; provided that. notwithstanding the foregoing, Borrowers shall be
permitted to maintain cash in deposit accounts at Investor’s Community Bank, provided that the aggregate cash on deposit in all of such deposit accounts does not exceed $50,000, in the aggregate, at any time. 

5.        Amendment to Section 4.12. Section 4.12
of the Agreement is hereby amended by adding the following at the end thereof: 
 Borrowers agree that Lender may amend the financial
covenants set forth in this Section 4.12 upon receipt of Borrowers’ annual financial projections pursuant to Section 4.8(e). 

6.        Amendment to Section 4.13. Section 4.13
of the Agreement is hereby amended in its entirety as follows: 
  

	 	4.13	 Not make or contract to make, without Lender’s prior written consent, capital expenditures, including
leasehold improvements, in any fiscal year in excess of $1,000,000. 

 7.        
Amendments to Section 12.1. 
 (a)        Clause
(i) of the definition of “Eligible Inventory” set forth in Section 12.1 of the Agreement is hereby amended in its entirety as follows: 
  

	 	(i)	 the Inventory is located at one of Borrowers’ locations within the United States, and for each such
location, either (i) Lender has received a collateral access agreement covering such location, duly executed and otherwise in form and substance satisfactory to Lender, in its sole discretion, or (ii) a rent reserve under the Borrowing
Base and the Credit Limit has been established in an amount equal to 3 months future rent due to the landlord for such location; 

(b)        Clause (d) of the definition of “Permitted Indebtedness” set forth in
Section 12.1 of the Agreement is hereby amended in its entirety as follows: 
  

	 	(d)	 Other indebtedness in an aggregate amount not to exceed $4,500,000 at any time outstanding; provided that such
indebtedness is junior in priority (if secured) to the Obligations and provided that the incurrence of such Indebtedness does not otherwise cause an Event of Default hereunder. 

  
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 (c)        The following defined terms set forth in
Section 12.1 of the Agreement are s hereby amended in their entirety as follows: 
 “Credit Card Limit” means
the lesser of (a) the credit limit stated in the applicable credit card agreements for business credit cards issued by Lender for the account of Borrowers, or (b) $300,000. 

“FX Sublimit” means $2,000,000. 

“Maturity Date” means October 26, 2021 or such earlier date as Lender shall have declared the Obligations
immediately due and payable pursuant to Section 7.2. 
 8.        Replacement Schedule
1. Schedule 1 attached to the Agreement is hereby replaced with Schedule 1 attached to this Amendment. 

9.        Conditions Precedent to Effectiveness of Amendment. The effectiveness
of this Amendment is subject to and contingent upon the fulfillment of each and every one of the following conditions to the satisfaction of Lender: 

(a)        Lender shall have received this Amendment, duly executed by Borrowers; 

(b)        No Event of Default or Default shall have occurred and be continuing; and 

(c)        All of the representations and warranties set forth herein and in the Agreement shall be
true, complete and accurate in all respects as of the date hereof (except for representations and warranties which are expressly stated to be true and correct as of the date of the Agreement). 

10.        Representations and Warranties. In order to induce Lender to enter into this
Amendment, each Borrower hereby represents and warrants to Lender that: 
 (a)        No Event of
Default or Default is continuing; 
 (b)        All of the representations and warranties set forth
in the Agreement and in the Agreement are true, complete and accurate in all respects (except for representations and warranties which are expressly stated to be true and correct as of the date of the Agreement); and 

(c)        This Amendment has been duly executed and delivered by Borrowers, and the Agreement
continues to constitute the legal, valid and binding agreements and obligations of Borrowers, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, and similar laws and equitable principles
affecting the enforcement of creditors’ rights generally. 
 11.        Counterparts;
Electronic Execution. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which,
when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment electronically (including by e-mail delivery of a “.pdf” format data file)
shall be equally as effective as delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment electronically also shall deliver a manually executed counterpart of this Amendment but
the failure to deliver a manually executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment. 

12.        Integration. The Agreement as amended by this Amendment constitutes the
entire agreement and understanding between the parties hereto with respect to the subject matter hereof and thereof, and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof and thereof.

  
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 13.        No Waiver. The execution of
this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default, whether or not known to Lender and whether or not existing on the date of this Amendment.

 14.        Release. 

(a)        Each Borrower hereby absolutely and unconditionally releases and forever discharges Lender,
and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any
of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which such Borrower has had, now has
or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of
action are matured or unmatured or known or unknown. Each Borrower hereto certifies that it has read the following provisions of California Civil Code Section 1542: 

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the
time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party. 

(b)        Each Borrower understands and acknowledges that the significance and consequence of this
waiver of California Civil Code Section 1542 is that even if it should eventually suffer additional damages arising out of the facts referred to above, it will not be able to make any claim for those damages. Furthermore, each Borrower
acknowledges that it intends these consequences even as to claims for damages that may exist as of the date of this release but which it does not know exist, and which, if known, would materially affect its decision to execute this Agreement,
regardless of whether its lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause. 

15.        Reaffirmation of the Agreement. The Agreement as amended hereby and the Loan
Documents remain in full force and effect. 
 [remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment as of
the date first hereinabove written. 
  

			
	BORROWERS:	  	ORION ENERGY SYSTEMS, INC.,
		  	a Wisconsin corporation
		
		  	By:/s/ William T.
Hull                                         
                       
		  	Name: William T. Hull
		  	Title: Chief Financial Officer
		
		  	CLEAN ENERGY SOLUTIONS, LLC,
		  	a Wisconsin limited liability company
		
		  	By:/s/ William T.
Hull                                         
                        
		  	Name: William T. Hull
		  	Title: Chief Financial Officer
		
		  	GREAT LAKES ENERGY TECHNOLOGIES, LLC,
		  	a Wisconsin limited liability company
		
		  	By:/s/ William T.
Hull                                         
                       
		  	Name: William T. Hull
		  	Title: Chief Financial Officer
		
		  	ORION TECHNOLOGY VENTURES, LLC,
		  	a Wisconsin limited liability company
		
		  	By:/s/ William T.
Hull                                         
                       
		  	Name: William T. Hull
		  	Title: Chief Financial Officer
		
		  	ORION ASSET MANAGEMENT, LLC,
		  	a Wisconsin limited liability company
		
		  	By:/s/ William T.
Hull                                         
                       
		  	Name: William T. Hull
		  	Title: Chief Financial Officer

  
 Amendment Number Three to
Business Financing Agreement 

			
	LENDER:	  	WESTERN ALLIANCE BANK,
		  	an Arizona corporation
		
		  	By:/s/ Lisa
Chang                                        
                              
		  	Name: Lisa Chang
		  	Title: Vice President

  
 Amendment Number Three to
Business Financing Agreement 

 Schedule 1 

to 
 Amendment Number Three to
Business Financing Agreement 
  

							
	 Name of Borrower
	  	 Form of Organization
	  	 Location of Chief

Executive Office and

records
	  	 Location of Collateral

	Orion Energy Systems, Inc.	  	Wisconsin corporation	  		  	
	Clean Energy Solutions, LLC	  	Wisconsin limited liability company	  		  	
	Great Lakes Energy Technologies, LLC	  	Wisconsin limited liability company	  		  	
	Orion Technology Ventures, LLC	  	Wisconsin limited liability company	  		  	
	Orion Asset Management, LLC	  	Wisconsin limited liability company	  		  	

  
 Amendment Number Three to
Business Financing Agreement

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