Document:

EXHIBIT 10.2

 

 

EXECUTION VERSION

 

 

AMENDMENT NO. 1 TO
LOAN AGREEMENT,

dated as of December 11, 2022 (this “Amendment”),

among WEBER-STEPHEN PRODUCTS LLC,

a Delaware
limited liability company

(the “Borrower”), and the LENDERS party hereto.

 

WHEREAS, reference is made to
that certain Loan Agreement, dated as of November 8, 2022 (the “Loan Agreement”), among the Borrower and the Lenders
from time to time party thereto.

 

WHEREAS, pursuant to Section
7.06(b) of the Loan Agreement, the Loan Agreement may be amended to extend the Maturity Date of the Initial Loans with the prior
written consent of each Lender directly adversely affected thereby.

 

NOW, THEREFORE, in consideration
of the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

SECTION 1. Definitions.
Capitalized terms used herein without definition (including in the recitals hereto) shall have the meanings ascribed to them in the Loan
Agreement. The rules of construction specified in Section 1.02 of the Loan Agreement also apply to this Amendment, mutatis mutandis.

 

SECTION 2. Amendment.
Effective as of the Effective Date (as defined below), the definition of the term “Maturity Date” set forth in Section
1.01 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

“Maturity Date”
shall mean (a) with respect to the Initial Loans, January 29, 2028 and (b) with respect to any Incremental Loans, January 29, 2028 or
such later date as may be agreed between the Borrower and the Lenders providing such Incremental Loans.

 

SECTION 3. Representations
and Warranties. The Borrower represents and warrants that on and as of the Effective Date:

 

(a) The representations and
warranties of the Borrower set forth in Article III of the Loan Agreement are true and correct in all material respects on and as of the
Effective Date, other than representations and warranties that relate solely to an earlier date; provided that where such representations
and warranties are already qualified by materiality, such representations and warranties are true and correct in all respects as of such
earlier date.

 

(b) No Default or Event of Default
has occurred and is continuing or shall occur immediately after giving effect to this Amendment.

 

SECTION 4. Effectiveness
of this Amendment. This Amendment shall become effective on the first date (the “Effective Date”) on which each
of the following conditions shall have been satisfied:

 

    	 

    	 

    

(a) The Lenders shall have received
from the Borrower a counterpart of this Amendment signed on behalf of the Borrower, and the Borrower shall have received from the Lenders
counterparts of this Amendment signed on behalf of the Lenders.

 

(b) The Lenders shall have received
such customary documents and certificates in connection with the effectiveness of this Amendment as the Designated Lender may reasonably
request relating to the organization, existence and good standing of the Borrower and the authorization of this Amendment, all in form
and substance reasonably satisfactory to the Designated Lender.

 

(c) The Lenders shall have received
a written opinion (addressed to the Lenders and dated the Effective Date) of each of (i) Davis Polk & Wardwell LLP, special New York
counsel to the Borrower, and (ii) Morris Nichols Arsht & Tunnell LLP, special Delaware counsel to the Borrower, in each case in form
and substance reasonably satisfactory to the Designated Lender.

 

(d) All reasonable and documented
out-of-pocket expenses of the Lenders (limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket
fees, charges and disbursements of Cravath, Swaine & Moore LLP) incurred in connection with this Amendment shall have been paid by
the Borrower.

 

The Designated Lender
shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

SECTION 5. Effect of
this Amendment. (a) Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of the Designated Lender or any Lender under the Loan Agreement,
and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained
in the Loan Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle the Borrower to any other consent to, or any other waiver, amendment, modification or other change
of, any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement in similar or different
circumstances.

 

(b) On and after the Effective
Date, each reference in the Loan Agreement to “this Agreement”, “herein”, “hereof”, “hereunder”
and words of similar import shall, unless the context otherwise requires, refer to the Loan Agreement, as modified hereby, and each reference
to the Loan Agreement shall be deemed to be a reference to the Loan Agreement, as modified hereby.

 

SECTION 6. Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Amendment
by facsimile or other customary means of transmission (e.g., “PDF”) shall be as effective as delivery of a manually signed
counterpart of this Amendment. The words “execution”, “signed”,

 

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“signature”, “delivery”
and words of like import in or relating to this Amendment and/or any document to be signed in connection with this Amendment and the transactions
contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be.

 

SECTION 7. No Novation.
The Borrower has requested, and the Lenders party hereto have agreed, that the Loan Agreement be, effective from the Effective Date, amended
as set forth in this Amendment. Such amendment shall not constitute a novation of any Indebtedness or other obligations owing to the Lenders
under the Loan Agreement.

 

SECTION 8. APPLICABLE
LAW. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON,
ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, INCLUDING BUT NOT LIMITED TO THE
VALIDITY, INTERPRETATION, CONSTRUCTION, BREACH, ENFORCEMENT OR TERMINATION HEREOF AND THEREOF, AND WHETHER ARISING IN CONTRACT OR TORT
OR OTHERWISE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAWS THEREOF (OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401 AND SECTION 5-1402).

 

SECTION 9. Successors
and Assigns. This Amendment shall bind and inure to the benefit of the parties hereto and their respective permitted successors and
assigns.

 

SECTION 10. Headings.
The headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction
of, or to be taken into consideration in interpreting, this Amendment.

 

SECTION 11. Severability.
In the event any one or more of the provisions contained in this Amendment should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby
(it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal
or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

 

SECTION 12. Entire
Agreement. This Amendment and the Loan Agreement constitute the entire contract among the parties hereto relative to the subject matter
hereof. Any other previous agreement among the parties hereto with respect to the subject matter hereof is superseded by this Amendment.

 

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SECTION 13. Incorporation
by Reference. The provisions of Sections 7.04, 7.08, 7.12 and 7.13 of the Loan Agreement are hereby incorporated by reference as if
set forth in full herein, mutatis mutandis.

 

[Remainder of page
intentionally left blank]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first
above written.

 

	 	
    WEBER-STEPHEN PRODUCTS LLC,

     

    as the Borrower

     
	 
	 	By	 
	 	 	/s/ William J. Horton	 
	 	 	Name: William J. Horton	 
	 	 	Title:Chief Financial Officer	 

 

	 	
    BDT Capital Partners Fund I,
    L.P., 

     

    as the Designated Lender and as a Lender

     
	 
	 	By	 
	 	 	/s/ Mary Ann Todd	 
	 	 	Name: Mary Ann Todd	 
	 	 	Title:Secretary & General Counsel	 

 

	 	
    BDT Capital Partners Fund I-A,
    L.P., 

     

    as a Lender

     
	 
	 	By	 
	 	 	/s/ Mary Ann Todd	 
	 	 	Name: Mary Ann Todd	 
	 	 	Title:Secretary & General Counsel	 

 

[Signature Page to Amendment No. 1 to Loan Agreement]

    5Exhibit 10.3

 

amendment
NO. 1 to the TAX RECEIVABLE AGREEMENT 

 

This
AMENDMENT NO. 1 (this “Amendment”) to that certain Tax Receivable Agreement, dated as of August 9, 2021 (the “Tax
Receivable Agreement”), by and among Weber Inc., a Delaware corporation (the “PubCo”), Weber HoldCo, LLC,
a Delaware limited liability company (and a continuation of the Weber-Stephen Products, LLC partnership for U.S. federal income tax purposes)
(“OpCo”), BDT WSP Holdings, LLC, a Delaware limited liability company (“Holdings”), and the other
parties identified thereto (each, excluding PubCo, a “TRA Party” and together the “TRA Parties”),
is made and entered into by the Requisite Parties (as defined below) on December 11, 2022. Capitalized terms used but not defined herein
shall have the meaning ascribed to such terms in the Tax Receivable Agreement.

 

WHEREAS,
PubCo and the TRA Parties entered into the Tax Receivable Agreement as of August 9, 2021;

 

WHEREAS,
concurrently herewith, PubCo has entered into an Agreement and Plan of Merger, dated as of the date hereof, by and among PubCo, Ribeye
Parent, LLC and Ribeye Merger Sub, Inc. (“Merger Sub”), whereby Merger Sub shall merge with and into PubCo;

 

WHEREAS,
pursuant to Section 7.6(b) of the Tax Receivable Agreement, (a) the Tax Receivable Agreement may be amended or modified by a written
instrument signed by each of PubCo and the TRA Parties who would be entitled to receive at least a majority of the total amount of the
Early Termination Payments payable to all TRA Parties under the Tax Receivable Agreement if PubCo had exercised its right of early termination
on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any TRA
Party pursuant to the Tax Receivable Agreement since the date of such most recent Exchange) (the “Requisite Parties”)
and (b) PubCo, Holdings and Byron D. Trott are the Requisite Parties as of the date hereof; and

 

WHEREAS,
the Requisite Parties wish to amend and modify the Tax Receivable Agreement as set forth herein.

 

NOW,
THEREFORE, the Requisite Parties agree as follows:

 

		1.	Amendment.
                                            The following is hereby added to Article IV of the Tax Receivables Agreement as a new Section
                                            4.4 of the Tax Receivables Agreement:

 

“Notwithstanding
the foregoing or anything else to the contrary in this Agreement (including the first proviso in the first sentence of Section 4.1(a)),
this Agreement shall automatically terminate in full without any payment (including any Tax Benefit Payment under Section 3.1 or any
Early Termination Payment under Section 4.1) to or from any party hereto, upon the consummation of the merger of Ribeye Merger Sub, Inc.
(“Merger Sub”) with and into PubCo (the “Merger”) pursuant to that certain

 

     

     

    

Agreement
and Plan of Merger, dated as of December 11, 2022, by and among PubCo, Merger Sub and Ribeye Parent, LLC, as may be amended from time
to time pursuant to its terms (the “Merger Agreement”). Notwithstanding anything in this Agreement to the contrary,
neither the execution of the Merger Agreement nor the consummation of the Merger shall constitute a Change of Control and no payment
(including any Tax Benefit Payment under Section 3.01 or any Early Termination Payment under Section 4.01) to or from any party hereto
shall be made as a result thereof.”

 

		2.	Effect of Amendment. Upon the
                                            execution and delivery of this Amendment by the Requisite Parties, this Amendment shall become
                                            effective as of the date hereof pursuant to Section 7.6(b) of the Tax Receivable Agreement,
                                            and binding upon and enforceable against the other TRA Parties. This Amendment shall not
                                            constitute an amendment or modification of any other provision of the Tax Receivable Agreement
                                            not expressly referred to in Section 1 of this Amendment. Except as specifically modified
                                            and amended hereby, the Tax Receivable Agreement shall remain unchanged and in full force
                                            and effect. References in the Tax Receivable Agreement to “this Agreement”, “herein”,
                                            “hereunder”, “hereto”, “hereof” and words of similar
                                            import shall refer to the Tax Receivable Agreement as amended hereby, and references to the
                                            date of the Tax Receivable Agreement, and references to the “date hereof”, “the
                                            date of this Agreement” or words of similar meaning in the Tax Receivable Agreement,
                                            shall continue to refer to August 9, 2021.

 

		3.	Miscellaneous. The provisions
                                            of Sections 7.1 (Notices), 7.2 (Counterparts), 7.3 (Entire Agreement; No
                                            Third Party Beneficiaries), 7.4 (Governing Law), 7.5 (Severability), 7.6
                                            (Successors; Assignment; Amendments; Waivers), 7.7 (Titles and Subtitles),
                                            7.8 (Resolution of Disputes) and 7.12 (Confidentiality) of the Tax Receivable
                                            Agreement are incorporated herein by reference, mutatis mutandis, and shall be binding
                                            upon PubCo and the TRA Parties.

 

[Signature Page
Follows]

 

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IN
WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the date first written above.

 

	 	WEBER inc.
	 	 
	 	 
	 	/s/ Alan Matula
	 	Name:  	Alan Matula  
	 	Title: 	 Interim Chief Executive Officer

 

 

[Signature Page
to Amendment to TRA]

 

     

     

    

IN
WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the date first written above.

 

	 	BDT WSP HOLDINGS, LLC,

    

    

    

	 	 
	 	 
	 	By: BDT Capital Partners, LLC, its
    managing member
	 	 
	 	 
	 	By:	/s/ Mary Ann Todd
	 	 	Name:Mary Ann Todd
	 	 	Title:Partner and General Counsel

 

 

[Signature Page
to Amendment to TRA]

 

     

     

    

IN
WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of the date first written above.

 

	 	BYRON D. TROTT
	 	 	 
	 	 	 
	 	By:	/s/ Byron D. Trott
	 	 	Name:Byron D. Trott

    

 

 

[Signature Page
to Amendment to TRA]

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