Document:

EX-4.20

 

Exhibit 4.20

AMENDMENT NO. 14 TO

AMENDED AND RESTATED CREDIT AGREEMENT

     This Amendment No. 14 to Amended and Restated Credit Agreement (this “Amendment”), dated as of
February 10, 2006, is entered into by and between SIFCO INDUSTRIES, INC. (the “Borrower”) and
NATIONAL CITY BANK (the “Bank”) for the purposes amending and supplementing the documents and
instruments referred to below.

WITNESSETH:

     WHEREAS, Borrower and Bank are parties to an Amended and Restated Credit Agreement made as of
April 30, 2002, as amended from time to time (as amended, the “Credit Agreement” providing for
$6,000,000 of revolving credits; all terms used in the Credit Agreement being used herein with the
same meaning); and

     WHEREAS, Borrower and Bank desire to further amend certain provisions of the Credit Agreement
to, among other things, amend and/or waive certain financial covenants applicable thereto;

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

SECTION I — Amendments to Credit Agreement

A. Subsection 2A.02 of the Credit Agreement is hereby amended to extend the Expiration Date
from December 31, 2006 to March 31, 2007.

B. Subsection 2B.16(i) of the Credit Agreement is hereby amended in its entirety to read as
follows:

2B.16
BORROWING BASE — (i) Borrower and Bank agree that the granting of Subject
Loans shall be subject to a Borrowing Base (defined below) pursuant to a borrowing
base report to be in form and substance satisfactory to Bank and submitted to Bank,
together with a receivables and payables report, on a monthly basis by the 20th day
of each month from the date of this Amendment through the date on which the aggregate
outstanding principal amount of the Subject Loans equals or exceeds $3,750,000.00,
after which such reports for the Forge division shall be submitted on a weekly basis
by noon on Tuesday for the preceding week. Weekly reporting shall continue
regardless of any subsequent decrease in the outstanding principal amount of the
Subject Loans.

No Subject Loan shall be made if, after giving effect thereto, the aggregate unpaid
principal balance of the Subject Loans would exceed the lesser of (x) the amount of
the Borrowing Base then in effect or (y) $6,000,000. Commencing May 1, 2006, no
Subject Loan shall be made if, after given effect thereto, the aggregate unpaid
principal balance of the Subject Loans would exceed the lesser of (x) the amount of
the Borrowing Base then in effect minus $1,000,000 or (y) $6,000,000.

C. Subsection 3B.01 of the Credit Agreement is hereby amended in its entirety to read as
follows:

3B.01 TANGIBLE NET WORTH — Borrower shall not suffer or permit the Tangible Net
Worth of the Reporting Group, as of the end of any month, to be less than the
required minimum amount. The required minimum amount shall be $19,500,000. The
required minimum amount shall increase as of the last day of each fiscal year of
Borrower, commencing with fiscal year ending September 30, 2006, by an amount equal
to 50% of the consolidated Net Income of the Reporting Group for such fiscal year as
measured by Borrower’s annual audited financial statements for such fiscal year. If
Net Income is less than $0 for any fiscal year, the required minimum amount shall not
be reduced as of the end of that fiscal year.

D. Subsection 3B.03 is hereby added to the Credit Agreement:

3B.03 EBITDA — Borrower shall not, at the end of each EBITDA Measurement Period,
permit the aggregate of the Reporting Group’s Net Income for that period, plus the
Reporting Group’s interest expense for that period, plus the Reporting Group’s
federal, state, and local income tax expense, if any, for

 

 

that period, plus the Reporting Group’s depreciation and amortization charges for
that period, minus (plus) Ireland profit (loss) before taxes and Ireland depreciation
expense for that period, minus the Reporting Group’s foreign currency translation
adjustment to fall below the following amounts for the EBITDA Measurement Periods
ending on the following dates:

	 	 	 	 	 
	01/31/06
	 	$	150,000.00	 
	02/28/06
	 	$	300,000.00	 
	03/31/06
	 	$	600,000.00	 
	04/30/06
	 	$	900,000.00	 
	05/31/06
	 	$	1,200,000.00	 
	06/30/06
	 	$	1,500,000.00	 
	07/31/06
	 	$	1,800,000.00	 
	08/31/06
	 	$	2,200,000.00	 
	09/30/06
	 	$	2,500,000.00	 
	10/31/06
	 	$	2,800,000.00	 
	11/30/06
	 	$	3,100,000.00	 
	12/31/06 and thereafter
	 	$	3,400,000.00	 

Each “EBITDA Measurement Period” shall be a period of twelve (12) consecutive monthly
fiscal periods of Borrower ending on the last day of the twelfth such period; EXCEPT
that the EBITDA Measurement Periods ending in 2006 shall consist of the period from
January 1, 2006 through and including that date. Commencing with the EBITDA
Measurement Period ending January 31, 2007, the EBITDA Measurement Period shall be
the previous twelve (12) months. Borrower shall provide Bank with its EBITDA figure
on a monthly basis within fifteen (15) days of month end.

SECTION II — Waiver

     Bank hereby waives all violations of the Tangible Net Worth covenant (contained in subsection
3B.01 of the Credit Agreement) and the EBITDA covenant (contained in subsection 3B.03 of the Credit
Agreement) which occurred prior to the date hereof. The execution, delivery and effectiveness of
this Amendment and the specific waiver set forth herein shall not operate as a waiver of any other
right, power or remedy of Bank under the Credit Agreement or constitute a continuing waiver of any
kind.

SECTION
III — Representations and Warranties

     Borrower hereby represents and warrants to Bank, to the best of Borrower’s knowledge, that

(A) none of the representations and warranties made in the Credit Agreement or any Related
Writing, (collectively, the “Loan Documents”) has ceased to be true and complete in any
material respect as of the date hereof; and

(B) as of the date hereof no “Default” has occurred that is continuing under the Loan
Documents.

SECTION
IV — Acknowledgments Concerning Outstanding Loans

     Borrower acknowledges and agrees that, as of the date hereof, all of Borrower’s outstanding
loan obligations to Bank are owed without any offset, deduction, defense, claim or counterclaim of
any nature whatsoever. Borrower authorizes Bank to share all credit and financial information
relating to Borrower with each of Bank’s parent company and with any subsidiary or affiliate
company of such Bank or of such Bank’s parent company.

SECTION V — References

     On and after the effective date of this Amendment, each reference in the Credit Agreement to
“this Agreement”, “hereunder”, “hereof”, or words of like import referring to the Credit Agreement
shall mean and refer to the Credit Agreement as amended hereby. The Loan Documents, as amended by
this Amendment, are and shall continue to be in full force and effect and are hereby ratified and
confirmed in all respects. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of Bank under the Loan Documents or constitute a
waiver of any provision of the Loan Documents except as specifically set forth herein.

 

 

SECTION VI — Counterparts and Governing Law

     This Amendment may be executed in any number of counterparts, each counterpart to be executed
by one or more of the parties but, when taken together, all counterparts shall constitute one
agreement. This Amendment, and the respective rights and obligations of the parties hereto, shall
be construed in accordance with and governed by Ohio law.

     IN WITNESS WHEREOF, Borrower and Bank have caused this Amendment to be executed by their
authorized officers as of the date and year first above written.

	 	 	 	 	 	 	 	 	 
	SIFCO INDUSTRIES, INC.	 	NATIONAL CITY BANK	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank A. Cappello
	 	By:
	 	/s/ Christian S. Brown	 	 
	 

	 	 
	 	 	 	 	 	 
	Name:

	 	Frank A. Cappello
	 	Name:
	 	Christian S. Brown	 	 
	Title:

	 	V.P. Finance and CFO
	 	Title:
	 	Vice PresidentEX-10.1

 

Exhibit 10.1

AIRCRAFT SUBLEASE AGREEMENT

          THIS AIRCRAFT SUBLEASE AGREEMENT, made and entered into as of the 13th day of February 2006,
by and between CORPORATE AIR, LLC, a Pennsylvania limited liability company with its principal
offices at 15 Allegheny County Airport, West Mifflin, Pennsylvania 15122 (hereinafter referred to
as “Corporate Air”)

	 	 	 	 	 	 	 	 	 
	 

	 	A	 	 	 	 	 	 
	 

	 	 	 	N
	 	 	 	 
	 

	 	 	 	 	 	D	 	 

          DICK’S SPORTING GOODS, INC., a Pennsylvania corporation, with its principal offices at 300
Industry Drive, Pittsburgh, Pennsylvania 15275 (hereinafter referred to as “DSG”).

WITNESSETH:

          WHEREAS, Corporate Air operates and manages a Gulfstream G550 Aircraft, Serial Number 5085,
which is owned by EWS, LLC, a Delaware limited liability company (the “Owner” or “EWS”);

          WHEREAS, Owner has entered into an Aircraft Agreement with Corporate Air to provide all
operational aspects of the Aircraft (as defined below) including charter services to third parties.

          WHEREAS, Corporate Air and DSG desire to enter into an Agreement for use of the Aircraft in
DSG’s business;

          WHEREAS, DSG’s Board of Directors, including the non-employee members thereof, have reviewed
and approved matters related to entering into this arrangement with Corporate Air with respect to
the use of the Aircraft in connection with DSG’s business; and

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

ARTICLE I

Identification of Aircraft; Use

          1.01 Aircraft Defined. For purposes of this Agreement, the term Aircraft means that
certain Gulfstream G550 aircraft, serial number 5085 and bearing FAA registration number N235DX
together with all logs and records pertinent thereto; Rolls-Royce Deutschland GmbH BR 700-710 C4-11
engines, Serial Numbers 15269 (left) and 15268 (right); and all appurtenant

 

 

avionics, electronics,
appliances, instruments, accessories, appurtenances, furnishings, spare parts,
contract and warranty rights and other items of equipment and property of whatsoever kind and
character attached to, incorporated in, installed in or on otherwise made a part of said aircraft
and engines.

               1.02 Use of Aircraft. Subject to the terms and conditions of this Agreement,
Corporate Air agrees to rent to DSG and DSG agrees to rent from Corporate Air the Aircraft. In
connection therewith, subject to the remaining terms and conditions hereof, subject only to
instances where the Aircraft is unavailable due to maintenance DSG shall have absolute priority to
utilize the Aircraft over all other users except for the Owner (i.e., shall have priority over
Corporate Air’s commercial aircraft operations other than for EWS). If Corporate Air fails to
provide the Aircraft pursuant to the terms of this Section 1.02, in addition to any remedies DSG
may be entitled to hereunder or under applicable law, DSG shall be entitled to as damages an amount
equal to the per day cost incurred by DGS for a comparable replacement aircraft for every day the
Aircraft is not available or at Corporate Air’s election it may make available to DSG a substitute
comparable replacement Aircraft that is reasonable acceptable to DSG. Corporate Air agrees that
the Aircraft shall at all times be operated according to its FAA approved operations manual and
that all members of the flight crew shall be fully competent and experienced, duly licensed, and
qualified in accordance with the requirements of applicable law and regulation and all insurance
policies covering the Aircraft. All members of the flight crew who are pilots shall be fully
trained in accordance with an FAA-approved training program and manufacturer required or
recommended training, including initial and recurrent training and, where appropriate,
contractor-provided simulator training. Corporate Air agrees to abide by all applicable laws and
regulations and by all duly adopted rules of which it has been given notice. At all times
Corporate Air shall operate the Aircraft under and maintain the Aircraft on its FAA Part 135
Certificate and it shall be responsible for all costs of such compliance. Notwithstanding the
forgoing, DSG’s use of the Aircraft pursuant to this Agreement shall in accordance with FAR Part
91 rules and regulations, if applicable, provided, however, that Corporate Air shall be responsible
as part of its operational control over the Aircraft to assure that DSG is in compliance with such
rules and regulations.

ARTICLE II

Term; Termination

          2.01 Term. The term of this Agreement shall commence effective as of February 1, 2006
(the “Commencement Date”) and shall end at 5:00 o’clock p.m. (Pittsburgh time) on January 31, 2011
(the “Term”).

          2.02 Termination. If DSG fails to make any payment as required under this Agreement
for a period of thirty (30) days after receipt of written notice, then Corporate Air may, in
addition to any other rights and remedies it may have hereunder or otherwise at law, in equity or
by statute, terminate this Agreement.

2

 

          This Agreement shall automatically terminate, without further notice, if (x) Corporate Air
loses its right to operate the Aircraft under Corporate Air’s lease with the Owner and/or (y)
Corporate Air can no longer operate the Aircraft under its FAA Part 135 Certificate or is
otherwise prohibited under law, rule or regulation from operating the Aircraft.

          In the event Corporate Air shall breach any provision of this Agreement or default in the
performance of its obligations hereunder, which breach or default shall not have been cured or
waived in writing by DSG within thirty (30) days of receipt by Corporate Air of written notice from
DSG setting forth in detail the nature of such breach or default, then DSG may, in addition to any
other rights or remedies it may have hereunder or otherwise at law, in equity or by statute,
terminate this Agreement. Notwithstanding the forgoing, if DSG is unable to utilize the Aircraft
as set forth under Section 1.02 hereunder for any reason, then DSG may terminate this Agreement by
notice to Corporate Air.

          Either party may terminate this Agreement immediately, without the need for written notice or
other action on its part, in the event that a receiver or trustee shall be appointed over the whole
or any part of the assets of the other party, if the other party shall make an assignment for the
benefit of creditors or declare its inability to pay its debts generally as they become due, or a
petition shall be filed by or against the other party initiating any bankruptcy or insolvency
proceeding.

ARTICLE III

Monthly Rental Rate and Financial Responsibility

          3.01 Monthly Rental Rate. During the term of this Agreement, DSG will pay to
Corporate Air a monthly rental payment of One Hundred Fifty Thousand Dollars ($150,000.00) per
month (the “Base Payment”). This Base Payment will be due and payable by the 5th day of
each appropriate month without demand or invoicing. DSG will have the right to utilize the
Aircraft for up to one thousand five hundred (1,500) hours during the Term, at a cost (in
addition to the Base Payment) of One Thousand Nine Hundred Dollars ($1,900.00) per block hour
actually used. As used herein “block hour” shall mean actual flight time plus (i) .1 of an hour
for each take-off and (ii) .1 of an hour for each landing for such DSG use. Any payments hereunder
by DSG to Corporate Air for any “block hour” usage or any expenses owed by DSG (as set forth in the
last sentence of Section 3.03 hereof, if any) shall be paid by DSG to Corporate Air on the
5th day the second calendar month following the month in which they were incurred. Upon
any termination of the Agreement, DSG is only obligated to pay the Base Payment for the
proportionate amount of any month in which the Agreement is in effect up to the date of
termination.

          3.02 Corporate Air Responsibility. During the term of this Agreement DSG will not be
responsible for any capital improvements, interior renovation and maintenance or other costs,
charges, fees, taxes or expenses required for or associated with the Aircraft, except for those
set forth in the last sentence of Section 3.03 below.

3

 

          3.03 Corporate Air Responsibility. Corporate Air shall be responsible for all
expenses relating to the operation of the Aircraft during the term of this Agreement. These
expenses include all operating expenses such as fuel, routine maintenance, pilot service,
landing fees, ground transportation, etc. DSG shall only be responsible for deicing expenses,
airway and navigation charges for international flights, international handling fees and out of
town hangar fees.

          3.04 Fuel Adjustment. The parties acknowledge that it is difficult to project the
future cost of fuel during the term of this Agreement. Accordingly, the parties agree to adjust the
hourly rate to reflect an increase or decrease in the cost of fuel as calculated below and in
accordance with Exhibit A hereto. Each month Corporate Air shall prepare a Fuel Purchase
Summary, a sample of which is attached as part of Exhibit A. This report will identify the
Combined Average Cost of Fuel per Gallon (hereinafter CACFG) over the last month. The average cost
includes fuel purchased and reflects the underlying cost of the product, any flowage fee, federal
excise taxes, and a fixed margin charged by Corporate Air. The parties agree to track the change in
the CACFG during the term of the Agreement beginning with February 2006. In the event the CACFG as
reflected in the most current Fuel Purchase Summary increases or decreases by at least $1.00 per
gallon then the parties agree to adjust the hourly rate effective the 1st day of the month
subsequent to the month covered by the Fuel Purchase Summary in accordance with Exhibit A.
The adjustment will be calculated based on a fuel consumption rate of 500 gallons per hour
multiplied times the increase or decrease in the CACFG as illustrated Exhibit A. Corporate
Air shall also provide DSG the detail of any calculation of the Fuel Purchase Summary it reasonably
requests.

ARTICLE IV

Operations

          4.01 Operations. Corporate Air and DSG agree to abide by procedural guidelines for
the safe operation of the Aircraft provided by Corporate Air, the insurance carrier and the FAA. At
no time will the Aircraft be dispatched without the permission of Corporate Air (such permission
not to be unreasonably withheld).

          4.02 Truth in Leasing. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED BY CORPORATE
AIR UNDER FAR 135 FOR ALL CHARTER OPERATIONS TO BE CONDUCTED. DURING THE DURATION OF THIS
AGREEMENT, CORPORATE AIR WILL BE RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT IDENTIFIED IN
THIS AGREEMENT. THE PARTIES AGREE THAT THE OPERATIONAL CONTROL OF THE AIRCRAFT HAS BEEN ASSIGNED TO
CORPORATE AIR PURSUANT TO AGREEMENT BETWEEN CORPORATE AIR AND THE OWNER.

          AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT FEDERAL
AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARD DISTRICT OFFICE.

4

 

ARTICLE V

Insurance

          5.01 Basic Coverage. Corporate Air is requiring the Owner to secure and maintain in
effect throughout the Term hereof adequate insurance as provided for in the Agreement between
Corporate Air and the Owner (the “Insurance”). The coverage will include all operations by
Corporate Air and DSG. Such coverage will include all risk hull of Forty-Eight Million Dollars
($48,000,000.00) or fair market value, whichever is higher, and engine insurance (including,
without limitation, foreign object damage insurance. In addition, said insurance will provide (i)
combined single limit liability coverage totaling One Hundred Million Dollars ($100,000,000) for
bodily injury and property damage including passengers and (ii) such other coverages as Corporate
Air typically carries with respect to other aircraft it owns, operates, leases or manages). All
such policies of insurance shall designate Corporate Air and DSG as a named insured and provide
thirty (30) days notice of cancellation, termination or any change in the policy or any coverages,
such policy shall also require that DSG be provided such notice of cancellation, termination or
change at the same time as the Owner. Corporate Air shall promptly provide DSG with certificates of
insurance evidencing said coverages.

ARTICLE VI

QUIET ENJOYMENT/INDEMNIFICATION

          6.01 Quiet Enjoyment. So long as DSG shall properly perform all of the terms and
conditions on its part to be performed hereunder, DSG shall have the right to quietly enjoy the
Aircraft during it times of use without molestation or hindrance of any person or entity claiming
under Corporate Air. It being understood that if there damage and/or repairs required to the
Aircraft (outside of routine maintenance) which prohibits DSG from using the Aircraft as
contemplated by this Agreement, then DSG’s rights to quiet enjoyment hereunder will be impaired and
DSG shall have, in addition to any other rights hereunder, the right to terminate this Agreement.

          6.02 Indemnity. Corporate Air shall indemnify and save harmless DSG, its affiliates,
its successors and assigns, their directors, officers and employees (each, an “Indemnitee”), from
and against any and all losses, claims (including, without limitation, claims involving strict or
absolute liability in tort, damage, injury, death, liability and third party claims), suits,
demands, costs and expenses of every nature (including, without limitation, reasonable attorneys’
fees) arising directly or indirectly from or in connection with the possession, maintenance,
condition, storage, use, operation or return of the Aircraft under this Agreement or any tax, fee,
charge, or assessment related to the storage, use or operation or return of the Aircraft (each, a
“Claim”); provided, that the foregoing indemnity shall not extend to an Indemnitee with respect to
any Claim to the extent such Claim is directly related to one or more of the following: (1) any
default by DSG hereunder, or (2) the willful misconduct or the gross negligence of DSG, or (3)
any amount which DSG expressly agrees to pay hereunder. Corporate Air shall, upon request of DSG,
defend any actions based on or arising out of any of the Claims that Corporate Air is

5

 

responsible
for hereunder. DSG shall not pay or settle any Claim without the prior written consent of
Corporate Air, which shall not be unreasonably withheld or delayed, or conditioned.
Notwithstanding the forgoing, Corporate Air’s obligations under this Section 6.02 shall survive
termination of this Agreement and shall remain in effect until all required indemnity payments have
been made by Corporate Air to any Indemnitee.

ARTICLE VII

Miscellaneous Provisions

          7.01 Further Acts. The parties hereto shall, from time to time, do and perform such
other and further acts, and execute and deliver any and all such other and further instruments as
may be required by Law or reasonably requested by the other to establish, maintain and protect the
respective rights and remedies of the other, and to carry out and effect the intents and purposes
of this Agreement.

          7.02 Notices. Any notice provided for in this Agreement must be in writing and must
be either personally delivered, mailed by first class mail (postage prepaid and return receipt
requested) or sent by reputable overnight courier service (charges prepaid) at the addresses set
forth below or such other address or to the attention of such other person as the recipient party
shall have specified by prior written notice to the sending party. Any notice under this Agreement
shall be deemed to have been given when delivered.

	 	 	 
	To Corporate Air:

	 	Corporate Air, LLC
	 

	 	15 Allegheny County Airport
	 

	 	West Mifflin, PA 15122
	 

	 	Attention: Philip B. Ehrman, Vice President
	 
	 	 
	With copy to:

	 	EWS, LLC
	 

	 	300 Industry Drive
	 

	 	Pittsburgh, PA 15275
	 

	 	Attention: Edward W. Stack, Sole Member
	 
	 	 
	To DSG:

	 	Dick’s Sporting Goods, Inc.
	 

	 	300 Industry Drive
	 

	 	Pittsburgh, PA 15275
	 

	 	Attention: Chief Administrative Officer

          7.03 Arbitration. If any disagreement arises between Corporate Air and DSG which is
subject to settlement by arbitration as specifically provided in this Agreement, either party may
serve upon the other a written demand for arbitration. Within fifteen (15) days of the service of
the demand for arbitration, each party shall designate a person to act as its arbitrator, such
person to be selected from a list of qualified arbitrators prepared by the American Arbitration

6

 

Association
in Pittsburgh, Pennsylvania. The two designated arbitrators shall promptly select a third
arbitrator. If the two arbitrators are unable to select a third arbitrator, then either arbitrator,
on five (5) days prior written notice to the other, shall apply to the American Arbitration
Association in Pittsburgh Pennsylvania to designate the third arbitrator. If either party fails to
designate its arbitrator within thirty (30) days after service of the demand for arbitration, then
the arbitrator designated by the other party shall act as the sole arbitrator and shall be deemed
to be the mutually approved arbitrator to resolve the disagreement. The decision of a majority of
the arbitrators shall be final and binding upon the parties and judgment thereon may be entered in
any court having jurisdiction. The fees and expenses of the arbitrators incurred in connection with
any of the arbitration proceedings shall be borne equally by the Corporate Air on one hand, and in
proportion to their interests in the Aircraft and DSG on the other hand. Arbitration shall be held
in the City of Pittsburgh, Pennsylvania, unless the parties agree in writing that the arbitration
will be held elsewhere.

          7.04 Waiver of Breach. Waiver of any breach or default hereof shall not be a waiver
of any other or subsequent breach or default. Any failure or delay in exercising any rights granted
it hereunder upon any occurrence of any of the contingencies set forth herein shall not constitute
a waiver of any such right upon the continuation or reoccurrence of any such contingencies or
similar contingencies and any single or partial exercise of any particular right shall not exhaust
the same or constitute a waiver of any other right provided for in this Agreement.

          7.05 Binding Effect. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, executors, administrators, personal
representatives and successors in interest and assigns. Nothing in this Agreement, express or
implied, is intended to confirm on any person other than the parties hereto and/or their respective
successors or assigns, any rights, remedies, obligations or liabilities.

          7.06 Force Majeure. Neither party shall be liable or be deemed in default under this
Agreement due to any failure or delay in performance of any of its obligations hereunder (other
than payment of money) due to causes beyond its reasonable control. Said causes include, but are
not limited to, delays due to weather conditions, strikes, fires, floods, the actions of the United
States Government or any other Government or Agent thereof, both foreign and domestic, or the
failure to receive essential parts or services from suppliers for reasons beyond such party’s
reasonable control.

          7.07 Entire Agreement. This Agreement contains the entire understanding of the
parties hereto with respect to the subject matter contained herein, and this Agreement may not be
amended or modified or any term or provisions hereof waived or discharged except in writing signed
by the party against whom such amendment, modification, waiver or discharge is sought to be
enforced.

          7.08 Section Headings. The Section headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement.

7

 

          7.09 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which together shall be deemed to be one in
the same instrument.

          7.10 Applicable Law. This Agreement shall in all respects be governed by the laws of
the Commonwealth of Pennsylvania. The venue of any action brought to enforce the provisions of this
Agreement shall lie in any court in Allegheny County, Pennsylvania having jurisdiction of the
subject matter of such action.

8

 

          IN WITNESS WHEREOF, the parties hereto have duly executed this Aircraft Sublease Agreement on
and as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	WITNESS:	 	 	 	CORPORATE AIR, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	By:     
Linda J. Book

	 	 	 	By:	 	/s/ Philip B. Ehrman 	 	 
	 

	 	 	 	 	 	 

	 	 
	Title:   Administrative Assistant

	 	 	 	Title:	 	Vice President 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	DICK’S SPORTING GOODS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:
    /s/ William R. Newlin
 

	 	 	 	By:
	 	/s/ William J. Colombo
 

	 	 
	 
	Title:
  EVP & CAO
 

	 	 	 	Title:
	 	President and Chief Operating Officer
 

	 	 

9

 

EXHIBIT A

Sample Fuel Purchase Summary

Exhibit A

Acct Group: 0000002632

CORPORATE AIR MANAGEMENT INC.

ALLEGHENY COUNTY AIRPORT

West Mifflin, PA

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Price	 
	 	 		 	 	 	 	 	 	 		 	 	 	 		 	 	 	 	 	 	Change/Delta	 
	 	 	Location	 	 	Account	 	 	 	 	 	 	 	 	 	 	New	 	 	to the	 
	St	 	City	 	 	Number	 	 	Product	 	 	Previous Price	 	 	Price/CACFG*	 	 	CACFG**	 
	 
	PA
	 	West Mifflin	 	 	7518148	 	 	JET A	 	 	2.052850	 	 	 	*	 	 	 	*	*

 

			
	*	 	The “New Price” or “Combined Average Cost of Fuel per Gallon” (CACFG) shall mean the averages
of the daily prices for Jet A for the preceding month.
	 
	**	 	“Price Change” or the “Delta to the CACFG” shall mean the New Price/CACFG less the Previous
Price.

     The fuel surcharge shall be calculated as follows:

	 	 	 
	Hourly Fuel Burn — Gulfstream G550
	 	500 gallons per hours
	Delta to the CACFG
	 	$1.00
	 
	 
	Change in rate per “block hour”
	 	$500 per hour

Note: All prices are quoted in US dollars per US gallon and are exclusive of all duties, taxes and
fees that may apply. All amounts in gallons. All prices quoted from West Mifflin.

          Corporate Air will only adjust the cost per “block hour” when the delta to the CACFG increases
or decreases at least $1.00 per gallon. The actual adjustment to the cost per “block hour” will be
limited to $500 increments as reflected above (i.e. adjustments are made only at delta to CACFG
increments of $1.00 or more).

          Therefore, in the way of example only, if (i) the Delta to the CACFG was $1.95 (or the
new price of Jet A was $4.00) then the surcharge per hour would be $500 (or 1.00 x 500) (or the
“new” rate per block hour would be $2,400) and (ii) if the delta to the CACFG was $2.45 (or the new
price of Jet A was $4.50)

 

 

then the surcharge per hour would be $1,000 (or 2.00 x 500) (or the “new”
rate per block hour would be $2,900). Both parties will use good faith and reasonable commercial
efforts in making these calculations.

11

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