Document:

Exhibit

Exhibit 10.1

THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT
This Third Amendment to Revolving Credit and Security Agreement (this "Third Amendment") is dated this 14th day of June, 2018, by and among Oregon Metallurgical, LLC, an Oregon limited liability company, Allegheny Ludlum, LLC, a Pennsylvania limited liability company, TDY Industries, LLC, a California limited liability company, International Hearth Melting, LLC, an Oregon limited liability company, ATI Precision Finishing, LLC, a Pennsylvania limited liability company, Titanium Wire Corporation, a Pennsylvania corporation, Environmental, Inc., a California corporation, ATI Titanium LLC, a Delaware limited liability company, ATI Flowform Products, LLC, a Delaware limited liability company, ATI Ladish LLC, a Wisconsin limited liability company, ATI Ladish Machining, Inc., a Nevada corporation, Chen-Tech Industries, Inc., a Nevada corporation, Pacific Cast Technologies, Inc., a Nevada corporation, ATI Powder Metals LLC, a Pennsylvania limited liability company, and ATI FLAT ROLLED PRODUCTS HOLDINGS, LLC, a Pennsylvania limited liability company and each Person joined hereto as a borrower from time to time, collectively, the "Borrowers", and each a "Borrower"), the Guarantors (as defined therein) party hereto, the LENDERS (as defined therein) party hereto, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as agent for the Lenders (hereinafter referred to in such capacity as the "Agent").
W I T N E S S E T H:
WHEREAS, the Borrowers, the Guarantors, the Lenders and the Agent entered into that certain Revolving Credit and Security Agreement, dated effective as of September 23, 2015, by and among the Borrowers, the Guarantors, the Lenders and the Agent, as amended by that certain:  (i) First Amendment to Revolving Credit and Security Agreement, dated May 13, 2016, by and among the Borrowers, the Guarantors, the Lenders and the Agent; and (ii) Second Amendment to Revolving Credit and Security Agreement, dated June 21, 2017, by and among the Borrowers, the Guarantors the Lenders and the Agent (as further amended, modified, supplemented, extended, renewed or restated from time to time, the "Credit Agreement"); and
WHEREAS, the Borrowers desire to amend certain provisions of the Credit Agreement which provisions require Required Lenders approval and the consent of the affected Lenders, and the Required Lenders and such affected Lenders and the Agent agree to permit such amendments pursuant to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:
1.All capitalized terms used herein which are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement unless the context herein clearly indicates otherwise.

2.Section 1.2 of the Credit Agreement is hereby amended by inserting the following new definition in its appropriate alphabetical order:

"Third Amendment Closing Date" shall mean June 14, 2018.
3.Section 1.2 of the Credit Agreement is hereby amended by deleting the following definitions in their entirety and inserting in their stead the following:

"Applicable Margin" shall mean:  (a) the percentage spread to be added to Revolving Advances and Swing Loans consisting of Domestic Rate Loans based upon the Average Undrawn Availability for the most recently ended fiscal quarter according to the pricing grid set forth below under the heading "Applicable Margins for Domestic Rate Loans"; (b) the percentage spread to be added to Revolving Advances consisting of LIBOR Rate Loans and Swing Loans consisting of Daily LIBOR Rate Loans based upon the Average Undrawn Availability for the most recently ended fiscal quarter according to the pricing grid set forth below under the heading "Applicable Margins for LIBOR Rate Loans/Daily LIBOR Rate Loans"; and (c) with respect to the Term Loan, two and one-half of one percent (2.50%). 
Effective as of the date on which the Borrowing Base Certificate required under Section 9.9 for the applicable month-end corresponding with the applicable most recently completed fiscal quarter-end of each fiscal year (each such Borrowing Base Certificate referred to herein as the "Quarter-End Borrowing Base Certificate") is due to be delivered (each day on which such delivery is due, an "Adjustment Date"), the Applicable Margin for each type of Advance (other than the Term Loan) shall be adjusted, if necessary, to the applicable percent per annum set forth in the pricing table below corresponding to the Average Undrawn Availability for the most recently completed fiscal quarter prior to the applicable Adjustment Date:
	
					
	LEVEL
	AVERAGE UNDRAWN AVAILABILITY
	APPLICABLE MARGINS FOR DOMESTIC RATE LOANS
(Revolving Advances, Swing Loans)
	APPLICABLE MARGINS FOR LIBOR RATE LOANS/DAILY LIBOR RATE LOANS
(Revolving Advances, Swing Loans)
	LETTERS OF CREDIT FEE

	I
	Greater than or equal to 66.66% of the Maximum Revolving Advance Amount
	.75%
	1.75%
	1.75%

	II
	Less than 66.66% but greater than or equal to 33.33% of the Maximum Revolving Advance Amount
	1.00%
	2.00%
	2.00%

	III
	Less than 33.33% of the Maximum Revolving Advance Amount
	1.25%
	2.25%
	2.25%

The Applicable Margin as of the Third Amendment Closing Date shall be based upon the percentages associated with Level I pricing in the pricing grid above, and such Applicable Margin shall remain in effect until the first Adjustment Date following the Third Amendment Closing Date. 
If Borrowers shall fail to deliver a Quarter-End Borrowing Base Certificate required under Section 9.9 by the dates required pursuant to such section, the Applicable Margin for each type of Advance (other than the Term Loan) shall be conclusively presumed to equal the percentages associated with Level III of the pricing grid set forth above until the date of delivery of such Quarter-End Borrowing Base Certificate, at which time the rate will be adjusted based upon the Average Undrawn Availability reflected on such Quarter-End Borrowing Base Certificate.  Notwithstanding anything to the contrary contained herein, no downward adjustment in any Applicable Margin for each type of Advance (other than the Term Loan) shall be made on any Adjustment Date on which any Event of Default shall have occurred and be continuing. Notwithstanding anything to the contrary contained herein, immediately and automatically upon the occurrence of any Event of Default, the Applicable Margin for each type of Advance (other than the Term Loan) shall increase to and equal the percentages associated with Level III of the pricing grid set forth above and shall continue at such highest Applicable Margin until the date (if any) on which such Event of Default shall be waived in accordance with the provisions of this Agreement, at which time the rate will be adjusted based upon the Average Undrawn Availability reflected on the most recently delivered Quarter-End Borrowing Base Certificate delivered by Borrowers to Agent pursuant to Section 9.9. Any increase in interest rates and/or other fees payable by Borrowers under this Agreement and the Other Documents pursuant to the provisions of the foregoing sentence shall be in addition to and independent of any increase in such interest rates and/or other fees resulting from the occurrence of any Event of Default (including, if applicable, any Event of Default arising from a breach of Section 9.9 hereof) and/or the effectiveness of the Default Rate provisions of Section 3.1 hereof or the default fee rate provisions of Section 3.2 hereof.
If, as a result of any restatement of, or other adjustment to, the Quarter-End Borrowing Base Certificate or for any other reason, Agent determines that (a) the Average Undrawn Availability as previously calculated as of any applicable date for any applicable period was inaccurate, and (b) a proper calculation of the Average Undrawn Availability for any such period would have resulted in different pricing for such period, then (i) if the proper calculation of the Average Undrawn Availability would have resulted in a higher interest rate and/or fees (as applicable) for such period, automatically and immediately without the necessity of any demand or notice by Agent or any other affirmative act of any party, the interest accrued on the applicable outstanding Advances and/or the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall be deemed to be retroactively increased by, and Borrowers shall be obligated to immediately pay to Agent for the ratable benefit of Lenders an amount equal to the excess of the amount of interest and fees that should have been paid for 

such period over the amount of interest and fees actually paid for such period; and (ii) if the proper calculation of the Average Undrawn Availability would have resulted in a lower interest rate and/or fees (as applicable) for such period, then the interest accrued on the applicable outstanding Advances and the amount of the fees accruing for such period under the provisions of this Agreement and the Other Documents shall be deemed to remain unchanged, and Agent and Lenders shall have no obligation to repay interest or fees to the Borrowers; provided, that, if as a result of any restatement or other event or other determination by Agent a proper calculation of the Average Undrawn Availability would have resulted in a higher interest rate and/or fees (as applicable) for one or more periods and a lower interest rate and/or fees (as applicable) for one or more other periods (due to the shifting of income or expenses from one period to another period or any other reason), then the amount payable by Borrowers pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest and fees that should have been paid for all applicable periods over the amounts of interest and fees actually paid for such periods.
4.Article III of the Credit Agreement is hereby amended to insert therein as a new Section 3.12 the following:
3.12    Successor LIBOR Rate Index.
(a)    If the Agent determines (which determination shall be final and conclusive, absent manifest error) that either (a) (i) the circumstances set forth in Section 3.8 have arisen and are unlikely to be temporary, or (ii) the circumstances set forth in Section 3.8 have not arisen but the applicable supervisor or administrator (if any) of the LIBOR Rate or a Governmental Body having jurisdiction over the Agent has made a public statement identifying the specific date after which the LIBOR Rate shall no longer be used for determining interest rates for loans (either such date, a “LIBOR Termination Date”), or (b) a rate other than the LIBOR Rate has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market, then the Agent may (in consultation with the Borrowing Agent) choose a replacement index for the LIBOR Rate and make adjustments to applicable margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in interest rate based on the replacement index will be substantially equivalent to the all-in LIBOR Rate-based interest rate in effect prior to its replacement.
(b)    The Agent and the Borrowers shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the discretion of the Agent, for the implementation and administration of the replacement index-based rate.  Notwithstanding anything to the contrary in this Agreement or the Other Documents (including, without limitation, Section 16.2), such amendment shall become effective without any further action or consent of any other party to this Agreement at 5:00 p.m. on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Lenders, unless the Agent receives, on or before such tenth (10th) Business Day, a written 

notice from the Required Lenders stating that such Lenders object to such amendment.
(c)    Selection of the replacement index, adjustments to the applicable margins, and amendments to this Agreement (i) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from a LIBOR Rate-based rate to a replacement index-based rate, and (ii) may also reflect adjustments to account for (x) the effects of the transition from the LIBOR Rate to the replacement index and (y) yield- or risk-based differences between the LIBOR Rate and the replacement index.
(d)    Until an amendment reflecting a new replacement index in accordance with this Section 3.12 is effective, each advance, conversion and renewal of any LIBOR Rate Loan will continue to bear interest with reference to the LIBOR Rate; provided however, that if the Administrative Agent determines (which determination shall be final and conclusive, absent manifest error) that a LIBOR Termination Date has occurred, then following the LIBOR Termination Date, all LIBOR Rate Loans shall automatically be converted to Domestic Rate Loans until such time as an amendment reflecting a replacement index and related matters as described above is implemented.
(e)    Notwithstanding anything to the contrary contained herein, if at any time the replacement index is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement.
5.Section 9.11 of the Credit Agreement is hereby deleted in its entirety and in its stead is inserted the following:
9.11    Additional Information.  (i) Furnish the Agent and the Lenders such information and documentation as may reasonably be requested by Agent or any Lender from time to time for purposes of compliance by Agent or such Lender with applicable laws (including without limitation the USA Patriot Act and other "know your customer" and anti-money laundering rules and regulations), and any policy or procedure implemented by Agent or such Lender to comply therewith; and (ii) furnish Agent with such additional information as Agent shall reasonably request in order to enable Agent to determine whether the terms, covenants, provisions and conditions of this Agreement and the Other Documents have been complied with by Loan Parties party thereto including, without the necessity of any request by Agent, (a) at least twenty (20) days prior thereto, notice of any Loan Party’s opening of any new office or place of business or any Loan Party’s closing of any existing office or place of business where Collateral is located, (c) promptly upon any Loan Party’s learning thereof, notice of any labor dispute to which any Loan Party may become a party, any strikes or walkouts relating to any of its plants or other facilities, and the expiration of any labor contract to which any Loan Party is a party or by which any Loan Party is bound where such events would reasonably be expected to result in a Material Adverse Change, and (d) promptly upon any Loan Party’s learning thereof, notice of any Designated Customer’s failure to maintain a rating of either "Baa3" or higher from 

Moody's, "BBB-" or higher from Standard & Poor's, or "BBB-" or higher from Fitch.
6.The provisions of Section 2 through Section 5 of this Third Amendment shall not become effective until the Agent shall have received: 

(a)     this Third Amendment, duly executed by the Borrowers, the Guarantors, the affected Lenders and, without duplication, the Required Lenders and the Agent; 
(b)     payment of all fees and expenses owed to the Agent, and the Agent's counsel in connection with this Third Amendment and the Credit Agreement (including, without limitation, any such fees and expenses payable pursuant to any fee letter entered into between the Borrowers and the Agent in connection herewith); and 
(c)     such other documents in connection with such transactions as the Agent or said counsel may reasonably request. 
7.Each Loan Party hereby reconfirms and reaffirms all representations and warranties, agreements and covenants made by it pursuant to the terms and conditions of the Credit Agreement, except as such representations and warranties, agreements and covenants may have heretofore been amended, modified or waived in writing in accordance with the Credit Agreement, and except any such representations or warranties made as of a specific date or time, which shall have been true and correct in all material respects as of such date or time.

8.Each Loan Party acknowledges and agrees that each and every document, instrument or agreement, which secured the Obligations immediately prior to the entering into of this Third Amendment continues to secure the Obligations.

9.Each Loan Party represents and warrants to the Agent and each of the Lenders as follows: (i) such Loan Party has the full power to enter into, execute, deliver and carry out this Third Amendment and all such actions have been duly authorized by all necessary proceedings on its part, (ii) neither the execution and delivery of this Third Amendment by such Loan Party nor the consummation of the transactions herein contemplated or compliance with the terms and provisions hereof by any of them will conflict with, constitute a default under or result in any breach of (a) the terms and conditions of the certificate or articles of incorporation, bylaws or other organizational documents of such Loan Party or (b) any material Law or any material agreement or instrument or order, writ, judgment, injunction or decree to which such Loan Party is a party or by which it is bound or to which it is subject, or result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of such Loan Party, and (iii) this Third Amendment has been duly and validly executed and delivered by such Loan Party and constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except to the extent that enforceability of this Third Amendment may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the enforceability of creditors' rights generally or limiting the right of specific performance and general concepts of equity.

10.Each Loan Party represents and warrants that (i) no Default or Event of Default exists under the Credit Agreement, nor will any occur as a result of the execution and delivery of this Third Amendment or the performance or observance of any provision hereof or any transaction completed hereby, and (ii) the schedules attached to and made a part of the Credit Agreement, are true and correct in all material respects as of the date hereof, except as such schedules may have heretofore been amended or modified in writing in accordance with the Credit Agreement or pursuant to this Third Amendment.

11.Each reference to the Credit Agreement that is made in the Credit Agreement or any other document executed or to be executed in connection therewith shall hereafter be construed as a reference to the Credit Agreement as amended hereby.

12.The agreements contained in this Third Amendment are limited to the specific agreements made herein.  Except as expressly set forth herein, this Third Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Agent or the Lenders under the Credit Agreement or any Other Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any Other Document, 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 any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any Other Document in similar or different circumstances.  This Third Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.  This Third Amendment amends the Credit Agreement and is not a novation thereof.  Nothing expressed or implied in this Third Amendment or any other document contemplated hereby shall be construed as a release or other discharge of any Borrower or any Guarantor under the Credit Agreement or any Other Document from any of its obligations and liabilities thereunder.

13.This Third Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts each of which, when so executed, shall be deemed to be an original, but all such counterparts shall constitute but one and the same instrument.

14.This Third Amendment shall be governed by, and shall be construed and enforced in accordance with, the Laws of the Commonwealth of Pennsylvania without regard to the principles of the conflicts of law thereof.  Each of the Loan Parties hereto irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction and venue of the courts of the Commonwealth of Pennsylvania sitting in Allegheny County, Pennsylvania and the United States District Court for the Western District of Pennsylvania with respect to any suit arising out of or relating to this Third Amendment.

[INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, by their officers thereunto duly authorized, have executed this Third Amendment on the day and year first above written.
	
		
	 
	BORROWERS:

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Oregon Metallurgical, LLC, an Oregon limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Allegheny Ludlum, LLC, a Pennsylvania limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	TDY Industries, LLC, a California limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	International Hearth Melting, LLC, an Oregon limited liability company
By:  Oregon Metallurgical, LLC, its Sole Manager
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	BORROWERS (Continued)

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Precision Finishing, LLC, a Pennsylvania limited liability company
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Titanium Wire Corporation, a Pennsylvania corporation
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Environmental, Inc., a California corporation
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Titanium LLC, a Delaware limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	BORROWERS (Continued)

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Flowform Products, LLC, a Delaware limited liability company
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Ladish LLC, a Wisconsin limited liability company
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	 
	 

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Ladish Machining, Inc., a Nevada corporation
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    Executive Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	BORROWERS (Continued)

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Chen-Tech Industries, Inc., a Nevada corporation
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Pacific Cast Technologies, Inc., a Nevada corporation
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Powder Metals LLC, a Pennsylvania limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI FLAT ROLLED PRODUCTS HOLDINGS, LLC, a Pennsylvania limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	GUARANTORS:

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Funding Corporation, a Delaware corporation
By:_/s/ Rose Marie Manley_____
Name:  Rose Marie Manley
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	TDY Holdings, LLC, a Delaware limited liability company
By:_/s/ Rose Marie Manley_____
Name:  Rose Marie Manley
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Operating Holdings, LLC, a Delaware limited liability company
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Properties, LLc., a Delaware limited liability company
By:_/s/ Elliot S. Davis_________
Name:  Elliot S. Davis
Title:    Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	GUARANTORS (continued):

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ALC Funding Corporation, a Delaware corporation
By:_/s/ Rose Marie Manley_____
Name:  Rose Marie Manley
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Allegheny Technologies Incorporated, a Delaware corporation
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Senior Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Canada Holdings, Inc., a Delaware corporation
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Allegheny Technologies International, Inc., a California corporation
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	GUARANTORS (Continued):

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	AII Investment Corp., a Delaware corporation
By:_/s/ Rose Marie Manley______
Name:  Rose Marie Manley
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI Allegheny Ludlum, Inc., a Massachusetts corporation
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	TI Oregon, Inc., an Oregon corporation
By:_/s/ Patrick J. DeCourcy_____

Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Jessop Steel, LLC, a Pennsylvania limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	GUARANTORS (Continued):

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	Jewel Acquisition, LLC, a Delaware limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	AII Acquisition, LLC, a Pennsylvania limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	ATI FRP Properties, LLC, a Delaware limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    President

	WITNESS/ATTEST:

_/s/ Colleen A. Fox_________
	726 HOLDINGS, LLC, a Delaware limited liability company
By:_/s/ Patrick J. DeCourcy_____
Name:  Patrick J. DeCourcy
Title:    Executive Vice President

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	LENDERs:

	 
	PNC BANK, NATIONAL ASSOCIATION,
As Lender and as Agent

	 
	By:_/s/ Douglas Hoffman_______________
Name:Douglas Hoffman
Title:Senior Vice President
Three PNC Plaza, Sixth Floor
225 Fifth Avenue
Pittsburgh, PA 15222

Revolving Commitment Percentage:  21.2500000000%
Revolving Commitment Amount $85,000,000.00
Term Loan Commitment Percentage:  63.7500000000%
Term Loan Commitment Amount $63,750,000.00

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	BANK OF AMERICA, N.A.

	 
	By:_/s/ Kevin W. Corcoran_____
Name:Kevin W. Corcoran
Title:Vice President
Four Penn Center, 1600 JFK Blvd.
Philadelphia, PA 19103
Attention:  Kevin W. Corcoran, Vice President; AB Sr. Portfolio Specialist
Revolving Commitment Percentage:  17.5000000000%
Revolving Commitment Amount $70,000,000.00
Term Loan Commitment Percentage:  16.2500000000%
Term Loan Commitment Amount $16,250,000.00

 [SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	CITIBANK, N.A.

	 
	By:_/s/ Brendan Mackay_______
Name:Brendan Mackay
Title:Vice President and Director
390 Greenwich St.
New York, NY 10013
Revolving Commitment Percentage:  12.5000000000%
Revolving Commitment Amount $50,000,000.00
Term Loan Commitment Percentage:  20.0000000000%
Term Loan Commitment Amount $20,000,000.00

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	JPMORGAN CHASE BANK, N.A.

	 
	By:_/s/ James Shender________
Name:James Shender
Title:Vice President
383 Madison Avenue, Floor 24
New York, NY 10179
Revolving Commitment Percentage:  11.2500000000%
Revolving Commitment Amount $45,000,000.00
Term Loan Commitment Percentage:  0.00%
Term Loan Commitment Amount $0.00

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	MUFG UNION BANK, N.A.

	 
	By:_/s/ Adrian Avalon_________
Name:Adrian Avalon
Title:Director
445 South Figueroa Street
Los Angeles, CA 90071
Revolving Commitment Percentage:  12.5000000000%
Revolving Commitment Amount $50,000,000.00
Term Loan Commitment Percentage:  0.00%
Term Loan Commitment Amount $0.00

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	THE BANK OF NEW YORK MELLON

	 
	By:_/s/ William M. Feathers____
Name:William M. Feathers
Title:Director
500 Grant Street, 36th Floor
Pittsburgh, PA 15258-0001
Revolving Commitment Percentage:  8.7500000000%
Revolving Commitment Amount $35,000,000.00
Term Loan Commitment Percentage:  0.00%
Term Loan Commitment Amount $0.00

 

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	By:_/s/ Jake Elliot____________
Name:Jake Elliot
Title:Authorized Signatory
2450 Colorado Ave., Suite 3000 West
Santa Monica, CA 90404
Revolving Commitment Percentage:  11.2500000000%
Revolving Commitment Amount $45,000,000.00
Term Loan Commitment Percentage:  0.00%
Term Loan Commitment Amount $0.00

[SIGNATURE PAGE TO THIRD AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT]

	
		
	 
	 

	 
	HSBC Bank USA, N.A.

	 
	By:________________________
Name:________________________
Title:________________________
425 Fifth Avenue
New York, NY 10018
Attention:  ______________________________
Revolving Commitment Percentage:  5.0000000000%
Revolving Commitment Amount $20,000,000.00
Term Loan Commitment Percentage:  0.00%
Term Loan Commitment Amount $0.00evri-ex102_49.htm

 

Exhibit 10.2

 

EVERI HOLDINGS INC.

RESTRICTED STOCK UNITS AGREEMENT – 2012 PLAN

 

Everi Holdings Inc. has granted to the Participant named in the Non-Employee Director Notice of Grant of Deferred Restricted Stock Units (the “Grant Notice”) to which this Restricted Stock Units Agreement (the “Agreement”) is attached an Award consisting of Restricted Stock Units (each a “Unit”) subject to the terms and conditions set forth in the Grant Notice and this Agreement.  The Award has been granted pursuant to and shall in all respects be subject to the terms conditions of the Everi Holdings Inc. 2012 Equity Incentive Plan, as amended to the Date of Grant (the “Plan”), the provisions of which are incorporated herein by reference.  By signing the Grant Notice, the Participant: (a) acknowledges receipt of and represents that the Participant has read and is familiar with the Grant Notice, this Agreement, the Plan and a prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the Shares issuable pursuant to the Award (the “Plan Prospectus”), (b) accepts the Award subject to all of the terms and conditions of the Grant Notice, this Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Grant Notice, this Agreement or the Plan.

1.Definitions and Construction.

1.1Definitions.  Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Grant Notice, the Plan, or in the Glossary at the end of this Agreement.

1.2Construction.  Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

2.Administration.

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award shall be determined by the Committee.  All such determinations by the Committee shall be final, binding and conclusive upon all persons having an interest in the Award, unless fraudulent or made in bad faith.  Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or the Award or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest in the Award.  Any officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the officer has apparent authority with respect to such matter, right, obligation, or election.

 

 

3.The Award.

3.1Grant of Units.  On the Date of Grant, the Participant shall acquire, subject to the provisions of this Agreement, the Total Number of RSUs set forth in the Grant Notice, subject to adjustment as provided in Section 9.  Each Unit represents a right to receive on a date determined in accordance with the Grant Notice and this Agreement one (1) Share.

3.2No Monetary Payment Required.  The Participant is not required to make any monetary payment (other than applicable tax withholding, if any) as a condition to receiving the Units or Shares issued upon settlement of the Units, the consideration for which shall be past services actually rendered or future services to be rendered to the Company or any Affiliate or for its benefit.  Notwithstanding the foregoing, if required by applicable law, the Participant shall furnish consideration in the form of cash or past services rendered to the Company or any Affiliate or for its benefit having a value not less than the par value of the Shares issued upon settlement of the Units.

4.Vesting of Units.

Units acquired pursuant to this Agreement shall become vested Units as provided in the Grant Notice.  For purposes of determining the number of vested Units following an Ownership Change Event, credited Service shall include all Service with any corporation which is an Affiliate at the time the Service is rendered, whether or not such corporation is an Affiliate both before and after the Ownership Change Event.

5.Company Reacquisition Right.

5.1Grant of Company Reacquisition Right.  Except to the extent otherwise provided by the Superseding Agreement, if any, in the event that the Participant’s Service terminates for any reason or no reason, with or without cause, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not, as of the time of such termination, vested Units (“Unvested Units”), and the Participant shall not be entitled to any payment therefor (the “Company Reacquisition Right”).

5.2Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments.  Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in Shares or other property, or any other adjustment upon a change in the capital structure of the Company as described in Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Shares pursuant to the Company’s dividend policy) to which the Participant is entitled by reason of the Participant’s ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms “Units” and “Unvested Units” for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be.  For purposes of determining the number of vested Units following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is an Affiliate at the time the Service is rendered, whether or not such corporation is an Affiliate both before and after any such event.

2

 

6.Settlement of the Award.

6.1Issuance of Shares.  Subject to the provisions of Section 6.3, the Company shall issue to the Participant on the Settlement Date with respect to each vested Unit to be settled on such date one (1) Share.  The Settlement Date with respect to a Unit shall be the date provided by the Grant Notice; provided, however, that if the Settlement Date would occur on a date on which a sale by the Participant of the shares to be issued in settlement of the vested Units would violate the Trading Compliance Policy of the Company and federal securities laws as defined in Treasury Regulation 1.409A-2(b)(7)(ii) issued pursuant to Section 409A of the Code, the Settlement Date for such vested Units shall be deferred until the next day on which the sale of such shares would not result in such a violation.  Shares issued in settlement of Units shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to Section 6.3, Section 7 or the Company’s Trading Compliance Policy.  The six-month transfer restriction in Section VIII.B. of the Plan shall not apply.

6.2Beneficial Ownership of Shares; Certificate Registration.  The Participant hereby authorizes the Company, in its sole discretion, to deposit any or all shares acquired by the Participant pursuant to the settlement of the Award with the Company’s transfer agent, including any successor transfer agent, to be held in book entry form, or to deposit such shares for the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice.  Except as provided by the foregoing, a certificate for the shares acquired by the Participant shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

6.3Restrictions on Grant of the Award and Issuance of Shares.  The grant of the Award and issuance of Shares upon settlement of the Award shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities.  No Shares may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which Shares may then be listed.  The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any shares subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained.  As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company.

6.4Fractional Shares.  The Company shall not be required to issue fractional shares upon the settlement of the Award.

3

 

7.Tax Withholding.

7.1In General.  At the time the Grant Notice is executed, or at any time thereafter as requested by the Company or any Affiliate, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding obligations of the Company or Affiliate, if any, which arise in connection with the Award, the vesting of Units or the issuance of Shares in settlement thereof.  The Company shall have no obligation to deliver Shares until the tax withholding obligations of the Company or any Affiliate have been satisfied by the Participant.

7.2Assignment of Sale Proceeds.  Subject to compliance with applicable law and the Company’s Trading Compliance Policy, if permitted by the Company, the Participant may satisfy the Company’s or Affiliate’s tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the shares being acquired upon settlement of Units.

7.3Withholding in Shares.  The Company shall have the right, but not the obligation, to require the Participant to satisfy all or any portion of the Company’s or any Affiliate’s tax withholding obligations by deducting from the Shares otherwise deliverable to the Participant in settlement of the Award a number of whole shares having a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates.

8.Effect of Change in Control.

The Award shall be treated as set forth in the Grant Notice upon the occurrence of a Change in Control.

9.Adjustments for Changes in Capital Structure.

Subject to any required action by the stockholders of the Company and the requirements of Section 409A of the Code to the extent applicable, in the event of any change in Shares effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Shares (other than regular, periodic cash dividends paid on Shares pursuant to the Company’s dividend policy) that has a material effect on the Fair Market Value of Shares, appropriate and proportionate adjustments shall be made in the number of Units subject to the Award and/or the number and kind of shares or other property to be issued in settlement of the Award, in order to prevent dilution or enlargement of the Participant’s rights under the Award.  For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as 

4

 

“effected without receipt of consideration by the Company.”  Any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Shares pursuant to the Company’s dividend policy) to which the Participant is entitled by reason of ownership of Units acquired pursuant to this Award will be immediately subject to the provisions of this Award on the same basis as all Units originally acquired hereunder.  Any fractional Unit or share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number.  Such adjustments shall be determined by the Committee, and its determination shall be final, binding and conclusive.

10.Rights as a Shareholder, Director, Employee or Consultant.

The Participant shall have no rights as a stockholder with respect to any Shares which may be issued in settlement of this Award until the date of the issuance of such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date the Shares are issued, except as provided in Section 9.  If the Participant is an employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between the Company or Affiliate and the Participant, the Participant’s employment is “at will” and is for no specified term.  Nothing in this Agreement shall confer upon the Participant any right to continue in the Service of the Company or any Affiliate or interfere in any way with any right of the Company or any Affiliate to terminate the Participant’s Service at any time.

11.Legends.

The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Agreement.  The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing Shares acquired pursuant to this Award in the possession of the Participant in order to carry out the provisions of this Section.

12.Compliance with Section 409A.

It is intended that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in deferred compensation subject to Section 409A of the Code shall comply in all respects with the applicable requirements of Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Committee in good faith) to avoid the unfavorable tax consequences provided therein for non‐compliance.  In connection with effecting such compliance with Section 409A, the following shall apply:

12.1Separation from Service; Required Delay in Payment to Specified Employee.  Notwithstanding anything set forth herein to the contrary, no amount payable pursuant to this Agreement on account of the Participant’s termination of Service which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A Regulations”) shall be paid unless and until the Participant has incurred a “separation from service” within the meaning of the 

5

 

Section 409A Regulations.  Furthermore, to the extent that the Participant is a “specified employee” within the meaning of the Section 409A Regulations as of the date of the Participant’s separation from service, no amount that constitutes a deferral of compensation which is payable on account of the Participant’s separation from service shall be paid to the Participant before the date (the “Delayed Payment Date”) which is first day of the seventh month after the date of the Participant’s separation from service or, if earlier, the date of the Participant’s death following such separation from service.  All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

12.2Other Changes in Time of Payment.  Neither the Participant nor the Company shall take any action to accelerate or delay the payment of any benefits under this Agreement in any manner which would not be in compliance with the Section 409A Regulations.

12.3Amendments to Comply with Section 409A; Indemnification.  Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A Regulations without prior notice to or consent of the Participant.  The Participant hereby releases and holds harmless the Company, its directors, officers and stockholders from any and all claims that may arise from or relate to any tax liability, penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A.

12.4Advice of Independent Tax Advisor.  The Company has not obtained a tax ruling or other confirmation from the Internal Revenue Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the application of Section 409A to the Award.  The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the Company or any of its agents as to the effect of or the advisability of entering into this Agreement.

13.Miscellaneous Provisions.

13.1Termination or Amendment.  The Committee may terminate or amend the Plan or this Agreement at any time; provided, however, that except as provided in Section 8 in connection with a Change in Control, no such termination or amendment may have a materially adverse effect on the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply with applicable law or government regulation, including, but not limited to, Section 409A.  No amendment or addition to this Agreement shall be effective unless in writing.

6

 

13.2Nontransferability of the Award.  Prior to the issuance of Shares on the applicable Settlement Date, neither this Award nor any Units subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution.  All rights with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative.

13.3Further Instruments.  The parties hereto agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

13.4Binding Effect.  This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors and assigns.

13.5Delivery of Documents and Notices.  Any document relating to participation in the Plan or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by the Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

(a)Description of Electronic Delivery.  The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically.  In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time.  Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

(b)Consent to Electronic Delivery.  The Participant acknowledges that the Participant has read Section 13.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 13.5(a).  The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing.  The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails.  Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a 

7

 

paper copy of any documents if the attempted electronic delivery of such documents fails.  The Participant may revoke his or her consent to the electronic delivery of documents described in Section 13.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail.  Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 13.5(a).

13.6Integrated Agreement.  The Grant Notice, this Agreement and the Plan, together with the Superseding Agreement, if any, shall constitute the entire understanding and agreement of the Participant and the Company (and any Affiliates) with respect to the subject matter contained herein or therein and supersede any prior agreements, understandings, restrictions, representations, or warranties among the Participant and the Company and its Affiliates with respect to such subject matter.  To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan shall survive any settlement of the Award and shall remain in full force and effect.

13.7Applicable Law.  This Agreement shall be governed by the laws of the State of Nevada as such laws are applied to agreements between Nevada residents entered into and to be performed entirely within the State of Nevada.

13.8Counterparts.  The Grant Notice may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

8

 

GLOSSARY

Change in Control has the definition provided in the Company’s Amended and Restated 2014 Equity Incentive Plan, as may be amended from time to time.

Ownership Change Event means the occurrence of any of the following with respect to the Company:  (i) the direct or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company representing more than fifty percent (50%) of the total combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company).

Service means a Participant’s employment or service with the Company and Affiliates, whether as an employee, a director or a consultant.  Unless otherwise provided by the Committee, a Participant’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders Service or a change in the Participating Company for which the Participant renders Service, provided that there is no interruption or termination of the Participant’s Service.  A Participant’s Service shall be deemed to have terminated either upon an actual termination of Service or upon the business entity for which the Participant performs Service ceasing to be an Affiliate.  Subject to the foregoing, the Company, in its discretion, shall determine whether the Participant’s Service has terminated and the effective date of and reason for such termination.

Trading Compliance Policy  means the written policy of the Company pertaining to the purchase, sale, transfer or other disposition of the Company’s equity securities by directors, officers, employees or other service providers who may possess material, nonpublic information regarding the Company or its securities.

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