Document:

Exhibit

Exhibit 10.12        

SEVENTH AMENDMENT TO CREDIT AGREEMENT
SEVENTH AMENDMENT (this “Amendment”), dated as of May 7, 2019, to the Term Loan Credit Agreement dated as of June 30, 2015 (as amended, supplemented, amended and restated or otherwise modified from time to time, including by this Amendment, the “Credit Agreement”), among Horizon Global Corporation (the “Borrower”), the several banks and other financial institutions party hereto (the “Lenders”), and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).
W I T N E S S E T H :
WHEREAS, the parties hereto are parties to the Credit Agreement; and
WHEREAS, the Borrower and the Required Lenders wish to amend the Credit Agreement as described herein.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, which include all Loan Parties as of the date hereof, agree as follows:
SECTION 1.DEFINITIONS.  Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement are used herein as therein defined.
SECTION 2.AMENDMENTS.  Section 2.10(b) of the Credit Agreement is hereby amended and restated as follows:

“(b)    In addition to the scheduled repayments specified in Section 2.10(a) above, the Borrower shall repay the Loans prior to May 15, 2020 in an aggregate principal amount of not less than $100,000,000 from the Net Proceeds of sales or dispositions permitted under Section 6.05(j), Qualified Borrower Preferred Stock or issuance of Indebtedness permitted under Section 6.01(a)(xxv).”
SECTION 3.CONDITIONS PRECEDENT. This Amendment shall become effective as of the date of the satisfaction or waiver of each of the conditions precedent set forth in this Section 3. 
(a)Execution and Delivery. The Administrative Agent shall have received originals, facsimiles or copies in .pdf format unless otherwise specified, of counterparts of this Amendment duly executed by each Loan Party, the Required Lenders, and the Administrative Agent.
(b)No Default.  Both prior to and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing on the date hereof.

For the purpose of determining compliance with the conditions specified in this Section 3, each Lender that has signed this Amendment shall be deemed to have accepted, and to be satisfied with, each document or other matter required under this Section 3.

SECTION 4.CONTINUING EFFECT.  Except as expressly amended, waived or modified hereby, the Loan Documents shall continue to be and shall remain in full force and effect in accordance with their respective terms.  This Amendment shall not constitute an amendment, waiver or modification of any provision of any Loan Document not expressly referred to herein and shall not be construed as an amendment, waiver or modification of any action on the part of the Borrower or the other Loan Parties that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further amend, waive or modify any provision of any Loan Document amended, waived or modified hereby for any other period, circumstance or event.  Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents are ratified and confirmed and are, and shall continue to be, in full force and effect in accordance with their respective terms.  Except as expressly set forth herein, each Lender and the Administrative Agent reserves all of its rights, remedies, powers and privileges under the Credit Agreement, the other Loan Documents, applicable law and/or equity.  Any reference to the “Credit Agreement” in any Loan Document or any related documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment and the term “Loan Documents” in the Credit Agreement and the other Loan Documents shall include this Amendment.  

SECTION 5.GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
SECTION 6.SUCCESSORS AND ASSIGNS.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties, the Administrative Agent, the other Agents and the Lenders, and each of their respective successors and assigns, and shall not inure to the benefit of any third parties.  The execution and delivery of this Amendment by any Lender prior to the Effective Date shall be binding upon its successors and assigns and shall be effective as to any Loans or Commitments assigned to it after such execution and delivery.
SECTION 7.ENTIRE AGREEMENT.  This Amendment, the Credit Agreement and the other Loan Documents represent the entire agreement of the Loan Parties, the Administrative Agent, the Agents, the Lenders and the Lenders, as applicable, with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, any other Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the Credit Agreement or the other Loan Documents.  
SECTION 8.LOAN DOCUMENT.  This Amendment is a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions of the Credit Agreement.
SECTION 9.COUNTERPARTS.  This Amendment may be executed by the parties hereto in any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  An executed signature page of this Amendment may be delivered by facsimile transmission or electronic PDF of the relevant signature page hereof.
SECTION 10.HEADINGS.  Section headings used in this Amendment 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.

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

	
		
	 
	HORIZON GLOBAL CORPORATION

	 
	as the Borrower

	 
	By:  /s/ Jay Goldbaum

	 
	Name:  Jay Goldbaum

	 
	Title:  General Counsel, Chief Compliance Officer

	 
	and Corporate Secretary

	
		
	 
	JPMORGAN CHASE BANK, N.A., as

	 
	Administrative Agent

	 
	By: /s/ Krys Szremski

	 
	Name: Krys Szremski

	 
	Title:  Executive Director

	 
	 

	
		
	 
	CORRE OPPORTUNITIES QUALIFIED MASTER FUND, LP, as a Lender

	 
	 

	 
	By:  /s/ John Barrett

	 
	Name:  John Barrett

	 
	Title:  Authorized Signatory

	 
	 

	
		
	 
	CORRE OPPORTUNITIES II MASTER FUND, LP,

	 
	as a Lender

	 
	By:  /s/ John Barrett

	 
	Name:  John Barrett

	 
	Title:  Authorized Signatory

	 
	 

	
		
	 
	CORRE HORIZON FUND, LP,

	 
	as a Lender

	 
	By:  /s/ John Barrett

	 
	Name:  John Barrett

	 
	Title:  Authorized Signatory

	 
	 

[Signature Page to Seventh Amendment]

	
		
	 
	ATRIUM VIII

	 
	MADISON PARK FUNDING X, LTD.

	 
	MADISON PARK FUNDING XI, LTD.

	 
	MADISON PARK FUNDING XII, LTD.

	 
	MADISON PARK FUNDING XIII, LTD.

	 
	MADISON PARK FUNDING XIV, LTD.

	 
	MADISON PARK FUNDING XV, LTD.

	 
	MADISON PARK FUNDING XVI, LTD.

	 
	MADISON PARK FUNDING XVII, LTD.

	 
	MADISON PARK FUNDING XVIII, LTD.

	 
	MADISON PARK FUNDING XX, LTD.

	 
	MADISON PARK FUNDING XXI, LTD.

	 
	MADISON PARK FUNDING XXII, LTD.

	 
	MADISON PARK FUNDING XL, LTD.

	 
	MADISON PARK FUNDING XLI, LTD.

	 
	MADISON PARK FUNDING XLIII, LTD.

	 
	ONE ELEVEN FUNDING I, LTD.

	 
	ONE ELEVEN FUNDING II, LTD.

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC, as portfolio manager

	 
	 

	 
	BENTHAM HIGH YIELD FUND

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC, as agent (sub-advisor) for Challenger Investment Services Limited, the Responsible Entity for Bentham High Yield Fund

	 
	 

	 
	CREDIT SUISSE FLOATING RATE HIGH INCOME FUND

	 
	CREDIT SUISSE STRATEGIC INCOME FUND

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC, as investment advisor

	 
	 

	 
	THE CITY OF NEW YORK GROUP TRUST

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC, as its manager

	 
	as Lenders

	 
	By:  /s/ Thomas Flannery

	 
	Name:  Thomas Flannery

	 
	Title:  Managing Director

	 
	 

[Signature Page to Seventh Amendment]

	
		
	 
	CREDIT SUISSE NOVA (LUX)

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC or Credit Suisse Asset Management Limited, each as a Co-Investment Adviser to Credit Suisse Fund Management S.A., management company for Credit Suisse Nova (Lux)

	 
	 

	 
	MADISON PARK FUNDING XIX, LTD.

	 
	MADISON PARK FUNDING XXIII, LTD.

	 
	MADISON PARK FUNDING XXIV, LTD.

	 
	MADISON PARK FUNDING XXV, LTD.

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC, as collateral manager

	
		
	 
	DOLLAR SENIOR LOAN FUND, LTD.

	 
	DOLLAR SENIOR LOAN FUND II, LTD.

	 
	RENAISSANCE INVESTMENT HOLDINGS LTD.

	 
	By:  Credit Suisse Asset Management, LLC, as investment manager

	 
	 

	 
	DAVINCI REINSURANCE LTD.

	 
	By:  Credit Suisse Asset Management, LLC, as investment manager for DaVinci Reinsurance Holdings, Ltd., the owner of DaVinci Reinsurance Ltd.

	
		
	 
	KP FIXED INCOME FUND

	 
	 

	 
	By:  Credit Suisse Asset Management, LLC, as Sub-Adviser for Callan Associates Inc., the Adviser for the KP Funds, the Trust for KP Fixed Income Fund

	 
	as Lenders

	 
	By:  /s/ Thomas Flannery

	 
	Name:  Thomas Flannery

	 
	Title:  Managing Director

	
		
	 
	NEWPORT GLOBAL CREDIT FUND LP,

	 
	as Lender

	 
	By:  /s/ Anthony L. Longi, Jr.

	 
	Name:  Anthony L. Longi, Jr.

	 
	Title:  COO, Newport Global Advisers LP

	
		
	 
	NEWPORT GLOBAL OPPORTUNITIES FUND I-A LP,

	 
	as a Lender

	 
	By:  /s/ Anthony L. Longi, Jr.

	 
	Name:  Anthony L. Longi, Jr.

	 
	Title:  COO, Newport Global Advisers LP

[Signature Page to Seventh Amendment]

	
		
	 
	FIDELITY NATIONAL TITLE INSURANCE COMPANY,

	 
	as a Lender

	 
	By:  /s/ Anthony L. Longi, Jr.

	 
	Name:  Anthony L. Longi, Jr.

	 
	Title:  COO, Newport Global Advisers LP

	
		
	 
	COMMONWEALTH LAND TITLE INSURANCE COMPANY,

	 
	as a Lender

	 
	By:  /s/ Anthony L. Longi, Jr.

	 
	Name:  Anthony L. Longi, Jr.

	 
	Title:  COO, Newport Global Advisers LP

	
		
	 
	SOLUS SENIOR HIGH INCOME FUND LP,

	 
	as a Lender

	 
	 

	 
	By:  Solus Alternative Asset Management LP, its Investment Advisor

	 
	 

	 
	By:  /s/ Gordon J. Yeager

	 
	Name:  Gordon J. Yeager

	 
	Title:  Executive Vice President

	
		
	 
	PW FOCUS FUND LLC,

	 
	as a Lender

	 
	 

	 
	By:  Parkwood LLC, Managing Member

	 
	 

	 
	By:  /s/ Karen A. Vereb

	 
	Name: Karen A Vereb

	 
	Title:  Secretary

	
		
	 
	By:  /s/ Mark A. Madeja

	 
	Name: Mark A. Madeja

	 
	Title:  Vice President

	
		
	 
	SIMON CHARITABLE PRIVATE LLC,

	 
	as a Lender

	 
	 

	 
	By:  /s/ Karen A. Vereb

	 
	Name: Karen A Vereb

	 
	Title:  Secretary

[Signature Page to Seventh Amendment]

	
		
	 
	By:  /s/ Mark A. Madeja

	 
	Name: Mark A. Madeja

	 
	Title:  Vice President

	
		
	 
	SIMON MARKETABLE, L.P.

	 
	as a Lender

	 
	 

	 
	By:  Parkwood LLC, General Partner

	 
	 

	 
	By:  /s/ Karen A. Vereb

	 
	Name: Karen A Vereb

	 
	Title:  Secretary

	
		
	 
	By:  /s/ Mark A. Madeja

	 
	Name: Mark A. Madeja

	 
	Title:  Vice President

	
		
	 
	ULYSSES PARTNERS, L.P.

	 
	as a Lender

	 
	By:  /s/ Joshua Nash

	 
	Name:  Joshua Nash LLC, a General Partner

	 
	Title:  Joshua Nash, its Member

	
		
	 
	Crown Point CLO II Ltd.

	 
	Crown Point CLO III, Ltd.

	 
	as a Lender

	 
	By:  /s/ Sajedur Rahman

	 
	Name:  Sajedur Rahman

	 
	Title:  Authorized Signatory

[Signature Page to Seventh Amendment]tvty-ex1010_11.htm

Exhibit 10.10

[Healthways logo] 

 

August 25, 2016

Steve Janicak

Address on file

 

Dear Steve,

 

We are delighted to confirm the offer to join Healthways as Chief Growth Officer! We anticipate your start date to be September 13, 2016.  In your new position with us, you will report directly to me and play a pivotal role as a member of the Healthways Executive Leadership Team and in delivering on our purpose − − to create a healthier world one person at a time. We are excited about adding your talent to our team.

 

As you have undoubtedly experienced in the hiring process, our culture is one that fosters well−being improvement. Well−being improvement is not only what we do, it's who we are. We are the Living Lab for what we take to market and we expect our colleagues to proactively engage in improving your personal and our collective well−being in all five elements; physical, financial, social, community, and purpose. Our collective commitment to well−being improvement for our members and ourselves is foundational to our culture. It makes us strong, unique, and even somewhat quirky. Our culture envelopes us, connects us, and makes Healthways a magical place to work.

 

As part of this commitment to our culture, you'll be expected to follow all Healthways policies and procedures including our Code of Business Conduct.

 

Steve, we are convinced you are going to bring your A−game and we look forward to changing the world together.

 

Now, the good stuff:

 

Compensation and Benefits

 

	
 
	
•
	
Your base salary will be $345,000.00 or $13,269.23 payable bi−weekly.

	
 
	
•
	
Your role also makes you eligible for our Colleague Bonus program. Your bonus award target is 50% of your eligible base earnings this fiscal year. Payout is contingent upon achievement of specific company performance targets and your individual performance objectives. All colleagues must be actively employed on the payout dates to be eligible. 

	
 
	
•
	
A one-time grant of 25,000 restricted stock units (“RSUs”), vesting over three (3) years in equal annual installments.  

	
 
	
•
	
A one-time grant of 25,000 market stock units (“MSUs”), vesting at the end (cliff vesting) of three (3) years.

	
 
	
•
	
You will receive a one-time signing bonus of $5,000.00 (grossed up for taxes) payable after 30 days of employment.  Your signing bonus is contingent upon the execution of the Bonus Repayment Agreement.   

	
 
	
•
	
As a full−time, exempt employee, you will be eligible to receive our full complement of benefits following your eligibility waiting period for each of the plans. New colleagues have 30 days from hire date to make elections in order to activate your benefits.  Your benefit elections become effective on your 31st day of employment.  We have enclosed a summary of our Be Well benefits for your review.

	
 
	
•
	
If you're at least 21 years old, you are eligible to participate in our 401(k) program on your first day of employment. In support of your financial well−being you will automatically be enrolled in the plan after 90 days of employment if you haven't already made elections. You may enroll at www.401k.com to select or change your deferral rate at any time.

	
 
	
•
	
Eligibility for our Capital Accumulation Plan (CAP).

 

Steve Janicak

Chief Growth Officer

 

 

Like all responsible companies, Healthways has a few conditions that come along with this offer.  See below for the fine print.

 

Prior Employment

You represent that you are not subject to any non−competition provisions or restrictive covenants that would prevent or affect your acceptance of this offer of employment and the performance of your employment obligations at Healthways. You further represent that the performance of your employment obligations will not violate or breach any other agreement or arrangement with a prior employer. In your work for the company, you will be expected not to use or disclose any confidential or proprietary information or trade secrets of any prior employer or other person to whom you have an obligation of confidentiality.

 

Restrictive Covenants

Upon acceptance of this offer, you understand and agree that your employment is contingent upon your execution of and delivery to the company of a Trade Secret and Proprietary Information Agreement enclosed. To translate, that means you need to protect our proprietary information.

 

At−Will Employment

You understand that your employment with Healthways is for an unspecified duration that constitutes at−will employment and that either you or the company can terminate this relationship at any time, with or without cause.

 

Company Events and Activities

While here, you'll have the opportunity to participate in a number of engaging activities and events that help you optimize your well−being. We take pictures at events and share them across our sites. Sometimes those photos, stories, and videos are so great that we use them for other purposes, such as recruiting videos, sales or client meetings, and even Board meetings. You accept that your image may be used by Healthways.

 

Background Check and Drug Test

You understand that this offer is contingent upon the successful completion of our background check and drug testing process.

 

Please return a signed copy of this offer letter to Ross Scott. Feel free to contact him directly should you have any questions or need assistance with the enclosed materials.

 

 

Welcome home!

 

 

 

Donato Tramuto

 

 

 

Acknowledged and Agreed:

 

 

/s/ Steve Janicak 8/25/2016

Steve JanicakDate

 

 

 

 

Addendum to Offer Letter for Steve Janicak dated August 25, 2016

 

 

Termination Provisions:

 

If your employment is terminated at any time without Cause(1) or if you terminate your employment for Good Reason(2), you will be entitled to receive: 

 

All base salary and benefits due through the date of termination payable within thirty (30) days of the date of termination, with the date of such payment determined by the Company in its sole discretion. 

 

Upon your execution of a full release of claims in favor of the Company, provided that such release must be executed and become effective and any revocation period must expire within sixty (60) days of the date of termination, you will also be entitled to receive:

 

An amount equal to your base salary for a total of twelve (12) months following the date of termination.(3) 

 

Group medical benefits for twelve (12) months after the date of termination. The costs of the Company's portion of any premiums due will be included in your gross income to the extent the provision of such benefits is deemed to be discriminatory under Section 105(h) of the Internal Revenue Code of 1986, as amended.(3)

 

A pro-rata portion of any annual bonus for the year in which the termination occurs, based on actual Company performance, which pro-rata annual bonus amount will be determined after the end of the fiscal year for which the bonus plan was in place and paid in accordance with the terms of such bonus plan.

 

(1) The following events constitute “Cause” for termination:

 

Continued failure to substantially perform your duties after written notice and failure to cure within sixty (60) days;

Conviction of a felony or engaging in misconduct that is materially injurious to the Company, monetarily or to its reputation or otherwise, or that would damage your ability to effectively perform your duties;

Theft or dishonesty by you;

Intoxication while on duty; or 

Willful violation of Company policies or procedures after written notice and failure to cure within thirty (30) days.

 

(2) You may terminate your employment by written notice of your resignation delivered within sixty (60) days after the occurrence of any of the following events, each of which shall constitute "Good Reason" for resignation and together shall be "Good Reason Events":

 

a.            a material reduction in your base salary (unless such reduction is part of an across-the-board reduction affecting all Company executives with a comparable role or title); and

b.            a requirement by the Company to relocate your residence, unless such relocation is mutually agreed upon by you and the Company.

 

You shall give the Company written notice of your intention to resign for Good Reason within sixty (60) days after the occurrence of one of the Good Reason Events.  The notice must state with reasonable specificity the Good Reason Event. Thereafter, the Company shall have sixty (60) days (the "Cure Period") to rescind the Good Reason Event(s).  If the Company rescinds the Good Reason Event(s) within the Cure Period, you no longer shall have the right to resign for Good Reason. If the Company fails to rescind the Good Reason Event(s) before the expiration of the Cure Period, then you may resign for Good Reason as long as the resignation for Good Reason occurs within thirty (30) days following the expiration of the Cure Period; otherwise the right to resign on the basis of such Good Reason Event(s) shall be deemed to have been waived.

 

 

(3) These amounts will be paid to you periodically at the Company's regular payroll dates commencing within sixty (60) days following the date of termination (the commencement date will be determined by the Company, in its sole discretion).

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