Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FIRST
AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this
“Agreement”) is dated as of February 1, 2019, by and among: 
 (A) H&E EQUIPMENT SERVICES, INC., a Delaware
corporation (“Parent”); 
 (B) GREAT NORTHERN EQUIPMENT, INC., a Montana corporation (“Great Northern”);

 (C) H&E EQUIPMENT SERVICES (MID-ATLANTIC), INC., a Virginia corporation (“Mid-Atlantic”); 
 (D) H&E EQUIPMENT SERVICES (CALIFORNIA), LLC, a Delaware limited liability
company (“H&E California”; Parent, Great Northern, Mid-Atlantic, and H&E California, each, a “Borrower” and, collectively, the “Borrowers”); 

(E) the banks, financial institutions, or other entities party hereto as a “Lender” (each, a “Lender”); 

(F) WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company (“WFCF”), as successor to General Electric Company,
successor-by-merger to General Electric Capital Corporation, as Agent (in such capacity, together with its successors and assigns in such capacity,
“Agent”) and as Retiring Agent (as defined below); and 
 (G) WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
banking association (“WFBNA”), as Successor Agent (as defined below). 
 R E C I T
A L S: 
 WHEREAS, reference is made to that certain Fifth Amended and Restated Credit Agreement dated as of
December 22, 2017, by and among the Parent and the other Borrowers, the Lenders party thereto, the Agent, and the other agents party thereto (as the same may have been amended, restated, supplemented, or otherwise modified from time to time
before the date hereof, the “Existing Credit Agreement”); 
 WHEREAS, the parties hereto desire to (a) effect the
resignation of the Retiring Agent as Administrative Agent under the Credit Agreement and the other Loan Documents, and appoint the Successor Agent as Administrative Agent under the Credit Agreement and the other Loan Documents, (b) effect the
resignation of the Retiring Issuing Bank (as defined below) as Issuing Bank under the Credit Agreement and the other Loan Documents, and appoint the Successor Issuing Bank (as defined below) as Issuing Bank under the Credit Agreement and the other
Loan Documents, and (c) effect the resignation of the Retiring Swing Lender (as defined below) as Swing Lender under the Credit Agreement and the other Loan Documents, and appoint the Successor Swing Lender (as defined below) as Swing Lender
under the Credit Agreement and the other Loan Documents; and 
 WHEREAS, Parent and the other Borrowers have requested that the Agent and
the Lenders agree to certain amendments to the Existing Credit Agreement as set forth in this Agreement, and the Agent and the Lenders party hereto have agreed to such amendments, subject to the terms and conditions of this Agreement. 

 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and
covenants herein contained, and subject to the terms and conditions hereof, the Borrowers, the Lenders party hereto, and the Agent agree as follows: 

Section 1. 
 DEFINITIONS

 Unless otherwise specifically defined herein (including the preamble and recitals hereto), each term used herein which is defined in
the Existing Credit Agreement shall have the meaning assigned to such term in the Existing Credit Agreement. As used herein, “Credit Agreement” means the Existing Credit Agreement, as amended hereby. 

Section 2. 
 AMENDMENTS

 The Existing Credit Agreement is amended as follows: 

(a) Amendment to Section 1.1. Section 1.1 of the Existing Credit Agreement is amended to include the following new
definitions in appropriate alphabetical order: 
 “First Amendment Effective Date” means February 1,
2019. 
 “Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA
or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. 
 (b) Amendment to Section 1.1. The definition of “Applicable Margin” in
Section 1.1 of the Existing Credit Agreement is amended so that it reads, in its entirety, as follows: 

“Applicable Margin” means, as of any date of determination and with respect to Base Rate Loans or LIBOR Rate
Loans, as applicable, the applicable margin set forth in the following table that corresponds to the Average Availability of Borrowers for the most recently completed calendar quarter; provided, that for the period from (and including) the
First Amendment Effective Date through and including the last day of the first full calendar quarter following the calendar quarter in which the First Amendment Effective Date occurs, the Applicable Margin shall be set at the margin in the row
styled “Level I”; provided further, that any time an Event of Default has occurred and is continuing, the Applicable Margin shall be set at the margin in the row styled “Level III”:  

  
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	 Level
	  	 Average Availability
	  	 Applicable Margin for Base Rate Loans
(the “Base Rate
Margin”)
	  	 Applicable Margin for LIBOR Rate Loans
(the “LIBOR Rate
Margin”)

	I	  	Greater than 66 -2/3% of the Maximum Revolver Amount	  	0.25%	  	1.25%
				
	II	  	Less than or equal to 66 - 2/3% of the Maximum Revolver Amount and greater than 33—1/3% of the Maximum Revolver Amount	  	0.50%	  	1.50%
				
	III	  	Less than or equal to 33 - 1/3% of the Maximum Revolver Amount	  	0.75%	  	1.75%

 The Applicable Margin shall be re-determined as of the
first day of each calendar quarter.  
 (c) Amendment to Section 1.1. The definition of “Capital Lease” in
Section 1.1 of the Existing Credit Agreement is amended so that it reads, in its entirety, as follows: 
 “Capital
Lease” means a lease that is required to be classified and accounted for as a capital lease or a finance lease in accordance with GAAP. 

(d) Amendment to Section 1.1. The definition of “Capital Lease Obligations” in Section 1.1 of the Existing
Credit Agreement is amended so that it reads, in its entirety, as follows: 
 “Capitalized Lease Obligation” means that portion of
the obligations under a Capital Lease that is required to be classified and accounted for as capital leases or finance leases in accordance with GAAP. 

(e) Amendment to Section 1.1. The definition of “Fee Letter” in Section 1.1 of the Existing Credit Agreement
is amended so that it reads, in its entirety, as follows: 
 “Fee Letter” means, collectively, (a) that
certain letter dated as of the Fifth Restatement Effective Date from Agent to Borrower regarding certain fees payable in connection with this Agreement, as the same may be amended, restated, supplemented, or otherwise modified from time to time, and
(b) that certain letter dated as of the First Amendment Effective Date from Agent to Borrower regarding certain fees payable in connection with the amendment of this Agreement on the First Amendment Effective Date, as the same may be amended,
restated, supplemented, or otherwise modified from time to time. 

  
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 (f) Amendment to Section 1.1. The definition of “GAAP” in
Section 1.1 of the Existing Credit Agreement is amended so that it reads, in its entirety, as follows: 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States,
consistently applied; provided, however, that, any of the foregoing and any other term or provision of this Agreement or the other Loan Documents to the contrary notwithstanding, any obligations related to a lease (whether now or hereafter existing)
that would be accounted for by such Person as an operating lease in accordance with GAAP as of the First Amendment Effective Date (whether or not such lease exists as of the First Amendment Effective Date or is thereafter entered into) shall be
accounted for as an operating lease (and not as a Capital Lease) for all purposes under this Agreement and the other Loan Documents regardless of any change in GAAP that would otherwise require such lease to be
re-characterized (on a prospective or retroactive basis or otherwise) as a Capital Lease. 
 (g)
Amendment to Section 1.1. The definition of “Maturity Date” in Section 1.1 of the Existing Credit Agreement is amended so that it reads, in its entirety, as follows: 

“Maturity Date” means February 1, 2024. 

(h) Amendment to Section 1.1. Clause (s) of the definition of “Permitted Dispositions” in Section 1.1 of
the Existing Credit Agreement is amended so that it reads, in its entirety, as follows: 
 (s) [reserved], 

(i) Amendment to Section 1.1. Clause (s) of the definition of “Permitted Liens” in Section 1.1 of the
Existing Credit Agreement is amended so that it reads, in its entirety, as follows: 
 (s) [reserved], 

(j) Amendment to Section 1. The following new Section 1.8 is inserted into the Existing Credit Agreement: 

1.8 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division
under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed
to have been transferred from the original Person to the subsequent Person and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity
Interests at such time. 

  
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 (k) Amendment to Section 17. The following new Section 17.16 is
inserted into the Existing Credit Agreement: 
 17.16 Certain ERISA Matters.

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Agent and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other
Loan Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this
Agreement, 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE
84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between Agent, in its sole discretion, and
such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the
immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, Agent and not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Loan Party, that Agent is not a fiduciary with respect to the assets of such Lender involved in such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by Agent under this
Agreement, any Loan Document or any documents related hereto or thereto). 
 (l) Amendment to Schedule
C-1. Schedule C-1 to the Existing Credit Agreement is replaced by Schedule C-1 to this Agreement. 

  
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 Section 3. 

ADDITIONAL AMENDMENTS RELATING TO LKE PROVISIONS 

Any other term or provision of the Existing Credit Agreement or the other Loan Documents to the contrary notwithstanding: 

(a) On and after the date hereof, Parent shall not, nor shall it permit any Subsidiary to, enter into any LKE Transaction. 

(b) No later than March 1, 2019 (or such longer period of time which may be agreed to in writing by Agent) (such date, the “LKE
Date”), Parent shall, with respect to each LKE Joint Account, (i) cause all funds on deposit in such LKE Joint Account to be transferred to a Controlled Account; (ii) unless such LKE Joint Account is closed on or before the LKE
Date, cause all instructions of the type contemplated in Section 7(k)(v) of the Guaranty and Security Agreement respecting such LKE Joint Account to be rescinded or revoked (and Agent agrees to timely cooperate in the same); and
(iii) cause such LKE Joint Account either to be closed or to become subject to a Control Agreement as provided in Section 7(k)(ii) of the Guaranty and Security Agreement unless such Deposit Account is or would otherwise constitute an
Excluded Account (provided, however, that if such LKE Joint Account is to become subject to a Control Agreement, such Deposit Account shall also before the LKE Date become owned only by one or more Loan Parties and the LKE Qualified
Intermediary shall have no interest therein). 
 (c) At all times after the LKE Date, (i) no funds which, before the LKE Date, would
have constituted LKE Proceeds shall constitute Excluded Property under clause (d) of the definition thereof in the Guaranty and Security Agreement and (ii) no LKE Joint Account shall constitute Excluded Property under clause (d) of
the definition thereof in the Guaranty and Security Agreement. 
 (d) At all times after the LKE Date, each Loan Party shall cause all funds
which are for its or a Restricted Subsidiary’s account and which, before the date hereof, would have constituted LKE Proceeds to be directed to a Controlled Account in accordance with Section 7(k)(i). 

(e) After the date hereof, no Loan Party shall open or establish any LKE Joint Account. (f) Parent represents and warrants that the LKE
Master Exchange Agreement has expired or terminated and is of no further force and effect (other than any inchoate claims for indemnification (none of which have been asserted) and the winding-up of any LKE
Transactions entered into before the date hereof). 
 (g) Any failure by any Loan Party to perform any covenant in this Section 3
shall constitute an Event of Default under Section 8.2(a)(i) of the Credit Agreement. 
 Section 4. 

CONDITIONS TO EFFECTIVENESS 

None of the amendments set forth in Sections 2 or 3 of this Agreement nor the provisions of Section 6 of this
Agreement shall become effective until the satisfaction of each of the following conditions precedent (the date on which such conditions precedent are satisfied (or waived by the Required Lenders) is referred to as the “First Amendment
Effective Date”): 
 (a) Agent shall have received one or more counterparts of (i) this Agreement, executed and delivered by
Borrowers, all Lenders, Retiring Agent and Successor Agent and (ii) the Consent and Reaffirmation attached hereto, executed and delivered by all Guarantors (the “Reaffirmation”); 

  
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 (b) Agent shall have received a certificate from an Authorized Officer of each Loan Party
(i) certifying as to the resolutions of such Loan Party’s board of directors (or comparable governing body) authorizing its execution, delivery, and performance of this Agreement or the Reaffirmation, as applicable, and authorizing
specific officers of such Loan Party to execute the same and (ii) certifying as to the incumbency and signatures of the officers of such Loan Party executing this Agreement or the Reaffirmation, as applicable; 

(c) Agent shall have received copies of each Loan Party’s Governing Documents, as amended, modified, or supplemented to the First
Amendment Effective Date, which Governing Documents shall be (i) certified by an Authorized Officer of such Loan Party, and (ii) with respect to Governing Documents that are charter documents, certified as of a recent date (not more than
30 days prior to the First Amendment Effective Date) by the appropriate governmental official (or, solely with respect to H&E California Holding, Inc. (“CA Holdings”), a certification from an officer of CA Holdings to the effect
that CA Holdings’ charter has not been amended or otherwise modified since the Fifth Restatement Effective Date); 
 (d) Agent shall
have received a certificate of status with respect to each Loan Party, dated as of a recent date, such certificate to be issued by the appropriate authority of the jurisdiction of organization of such Loan Party, which certificate shall indicate
that such Loan Party is in good standing in such jurisdiction; 
 (e) Agent shall have received an opinion of Dechert LLP, special
counsel to the Borrower and each other Loan Party organized or formed in the State of Delaware or in the State of California, in each case, in form and substance satisfactory to Agent; 

(f) Borrowers shall have paid the fees set forth in that certain letter from Agent to Parent dated as of the date hereof and regarding
“First Amendment Fee Letter” (the “First Amendment Fee Letter”) and all Lender Group Expenses incurred in connection with the transactions contemplated in this Agreement (subject, in the case of Lender Group Expenses, to
receipt by Parent of an invoice therefor) (or Agent shall be satisfied with the arrangements made with Parent with respect to the payment of such fees); and 

(g) there shall be no continuing Default or Event of Default (after giving effect to this Agreement), and the representations and
warranties of the Borrowers contained in this Agreement shall be true and correct in all material respects. 
 Section 5. 

LIMITATION ON SCOPE 
 Except as expressly
provided herein, the Loan Documents shall remain in full force and effect in accordance with their respective terms. The amendments set forth herein shall be limited precisely as provided for herein and shall not be deemed to be amendments or
waivers of or consents to or modifications of any term or provision of the Loan Documents or any other document or instrument referred to therein or of any transaction or further or future action on the part of any Loan Party requiring the consent
of the Agent or the Lenders except to the extent specifically provided for herein. The Agent and the Lenders have not and shall not be deemed to have waived any of their respective rights and remedies against any Loan Party for any existing or
future Defaults or Events of Default, except as expressly set forth herein. 

  
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 Section 6. 

CERTAIN MATTERS RELATING TO RETIREMENT AND APPOINTMENT OF AGENCY; 

ASSIGNMENT OF CERTAIN RIGHTS AND DUTIES 

(a) Certain Definitions. As used in this Agreement: 

(i) “Effective Time” means the moment immediately following the effectiveness of the amendments set forth in Sections 2
and 3 of this Agreement. 
 (ii) “Retiring Agent” means WFCF, in its capacity as Agent under the Credit Agreement and
the other Loan Documents. 
 (iii) “Retiring Issuing Bank” means WFCF, in its capacity as an Issuing Bank under the Credit
Agreement and the other Loan Documents. 
 (iv) “Retiring Swing Lender” means WFCF, in its capacity as Swing Lender under
the Credit Agreement and the other Loan Documents. 
 (v) “Successor Agent” means WFBNA, in its capacity as successor Agent
under the Credit Agreement and the other Loan Documents. 
 (vi) “Successor Issuing Bank” means WFBNA, in its capacity as
successor Swing Lender under the Credit Agreement and the other Loan Documents. 
 (vii) “Successor Swing Lender” means
WFBNA, in its capacity as successor Swing Lender under the Credit Agreement and the other Loan Documents. 
 (b) Time of Effectiveness;
Certain Definitions. Each party hereto agrees that, subject to the satisfaction of the conditions precedent to the effectiveness of this Agreement, the following provisions of this Section 6 shall be deemed to be effective as of the
Effective Time. 
 (c) Resignation of Retiring Agent, Retiring Issuing Bank, and Retiring Swing Lender. As of the Effective Time,
(i) Retiring Agent resigns from its capacity as Agent under the Credit Agreement and the other Loan Documents; (ii) Retiring Issuing Bank resigns from its capacity as an Issuing Bank under the Credit Agreement and the other Loan Documents;
(iii) Retiring Swing Lender hereby resigns from its capacity as Swing Lender under the Credit Agreement and the other Loan Documents; and (iv) each of Retiring Agent, Retiring Issuing Bank, and Retiring Swing Lender shall be discharged
from its respective duties and obligations under the Credit Agreement and all other Loan Documents, except to the extent expressly set forth in this Section 6. 

(d) Appointment of Successor Agent, Successor Issuing Bank, and Successor Swing Lender. As of the Effective Time, (i) Successor
Agent is appointed as the successor to Retiring Agent in its capacity as Agent under the Credit Agreement and the other Loan Documents; (ii) Successor Issuing Bank is appointed as successor to Retiring Issuing Bank in its capacity as an Issuing
Bank under the Credit Agreement and the other Loan Documents; (iii) the Successor Swing Lender is appointed as the successor to Retiring Swing Lender in its capacity as Swing Lender under the Credit Agreement and the other Loan Documents; and
(iv) each of Successor Agent, Successor Issuing Bank, and Successor Swing Lender accepts the foregoing appointments, as applicable, and agrees to act, as applicable, as the Agent under the Credit Agreement and the other Loan Documents, an
Issuing Bank under the Credit Agreement and the other Loan Documents, and the Swing Lender under the Credit Agreement and the other Loan Documents. 

  
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 (e) Assignment of Rights and Duties. As of the Effective Time, (i) Retiring
Agent assigns, and the Successor Agent assumes and is vested with all the rights, powers, privileges, and duties of Retiring Agent under the Credit Agreement and the other Loan Documents and shall thereafter be Agent under the Credit Agreement and
the other Loan Documents; (ii) Retiring Issuing Bank assigns, and the Successor Issuing Bank assumes and is vested with all the rights, powers, privileges, and duties of Retiring Issuing Bank under the Credit Agreement and the other Loan
Documents and shall thereafter be an Issuing Bank under the Credit Agreement; and (iii) Retiring Swing Lender assigns, and Successor Swing Lender assumes and is vested with all the rights, powers, privileges, and duties of the Swing Lender
under the Credit Agreement and the other Loan Documents and shall thereafter be the Swing Lender under the Credit Agreement, in each case, including, without limitation, in Retiring Agent’s capacity as Agent, secured party, grantee, mortgagee,
beneficiary, assignee, and each other similar capacity, if any, in which Retiring Agent was granted under any Loan Document Liens on any real or personal property of any Borrower, any Loan Party, or any other Person, as collateral security for any
or all of the Obligations. Any other term or provision of this Agreement to the contrary notwithstanding, (A) none of Successor Agent, Successor Issuing Bank, nor Successor Swing Lender assumes any duties, obligations, or liabilities of
Retiring Agent, Retiring Issuing Bank, or Retiring Swing Lender for any period on or before the Effective Time (except as expressly set forth below with respect to Underlying Letters of Credit); (B) none of Successor Agent, Successor Issuing Bank,
nor Successor Swing Lender shall have any liabilities, duties, or obligations in respect of any acts or omissions by Retiring Agent, Retiring Issuing Bank, or Retiring Swing Lender for any period on or before the Effective Time (except as expressly
set forth below with respect to Underlying Letters of Credit); (C) none of Retiring Agent, Retiring Issuing Bank, nor Retiring Swing Lender assumes any duties, obligations, or liabilities of Successor Agent, Successor Issuing Bank, or Successor
Swing Lender for any period after the Effective Time; and (D) none of Retiring Agent, Retiring Issuing Bank, nor Retiring Swing Lender shall have any liabilities, duties, or obligations in respect of any acts or omissions by Successor Agent,
Successor Issuing Bank, or Successor Swing Lender for any period after the Effective Time. 
 (f) Certain Consents and Waivers;
Acknowledgement of Appointment. Each of the parties hereto (i) consents to the provisions of this Section 6; (ii) waives any consents or amendments to the Credit Agreement needed to effectuate the foregoing provisions of this
Section 6 (including, without limitation, the provisions of Sections 14 and 15.9 of the Credit Agreement); and (iii) waives any prior notice requirement or waiting period prior to the effectiveness of each of the
provisions of this Section 6 otherwise provided for in the Credit Agreement or any other Loan Document (including, without limitation, the provisions of Section 15.9 of the Credit Agreement). In furtherance of the foregoing,
each party hereto acknowledges and agrees that it appoints and consents to the appointment of Successor Agent as Agent, Successor Issuing Bank as an Issuing Bank, and Successor Swing Lender as Swing Lender, in each case, under the Credit Agreement
and the other Loan Documents. 
 (g) Certain Authorizations. Each party hereto authorizes Successor Agent to (i) prepare and file
or record or cause to be filed or recorded any and all UCC assignments, personal property security financing statements, assignments of intellectual property security agreements, assignments of mortgages, deeds of trust, security deeds, and the
like, assignments of pledges, pledge agreements, share charges, and the like, assignments of control agreements, and assignments of any other Loan Documents, as applicable, together with any and all amendments to any of the of the foregoing as many
be reasonably necessary or as may be reasonably requested by Successor Agent in connection with the matters contemplated in this Section 6 and (ii) take any and all further actions which Successor Agent determines is reasonably
necessary to establish Successor Agent as Agent under the Credit Agreement and the other Loan Documents with the same rights, powers, privileges, and duties enjoyed by Retiring Agent under the Credit Agreement and the other Loan Documents
immediately before giving effect to this Section 6. Each party hereto agrees to provide reasonable cooperation to Successor Agent, Successor Issuing Bank, and Successor Swing Lender in connection with the matters contemplated in this
clause (g). 

  
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 (h) Survival. Each party hereto acknowledges and agrees that, at all times after the
Effective Time, Retiring Agent, Retiring Issuing Bank, and Retiring Swing Lender and each Person who was an Agent-Related Person or a Letter of Credit Related Person before the Effective Time (each, a “Retiring Indemnitee”) shall
continue to enjoy the same quality and character of indemnification and right to reimbursement of costs, fees, and expenses under the Credit Agreement and the other Loan Documents from the Loan Parties and the Lenders that each of such Retiring
Indemnitees enjoyed under the Credit Agreement immediately before the Effective Time, but only to the extent arising from or relating to facts and circumstances existing or arising before the Effective Time and such Retiring Indemnitee’s acts
or omissions taken before the Effective Time. Additionally, each of the Retiring Indemnitees shall retain the benefit of all terms and provisions of the Credit Agreement and the other Loan Documents that are expressly stated therein to survive the
resignation of the Retiring Agent, Retiring Issuing Bank, or Retiring Swing Lender, as applicable, with respect to any actions taken or omitted to be taken before the Effective Time while Retiring Agent, Retiring Issuing Bank, or Retiring Swing
Lender was, or because Retiring Agent, Retiring Issuing Bank, or Retiring Swing Lender had been, acting as Agent, an Issuing Bank, or Swing Lender, as applicable, under the Credit Agreement and the other Loan Documents.     

(i) Loan Documents. Each party hereto agrees and acknowledges and confirms that, from and after the Effective Time, (i) Successor
Agent shall be, and shall be deemed to be, Agent under the Credit Agreement and the other Loan Documents (including each Fee Letter); (ii) all defined terms referring to WFCF or Wells Fargo Capital Finance or appointing WFCF as Agent in the Credit
Agreement or the other Loan Documents (including each Fee Letter) shall be deemed amended to refer, instead, to Successor Agent as Agent (or otherwise as the agent for the Lenders, the Issuing Lenders, and any and all other secured parties, as
applicable); (iii) Retiring Issuing Bank shall cease to be an Issuing Bank and shall not be required to issue any further Letters of Credit; (iv) Successor Issuing Bank shall have the full and unfettered right and power to vote as an Issuing
Bank with respect to matters which relate to any of the Underlying Letters of Credit arranged by Retiring Issuing Bank before the Effective Time; (v) all Underlying Letters of Credit shall, at all times after the Effective Time, be deemed to be
Letters of Credit issued by Successor Issuing Bank; and (vi) WFBNA shall be, and shall have all of the rights which WFCF had, in respect of its position as an arranger, bookrunner, or other agent or titled position under or in connection with
the Credit Agreement (excluding the position of Agent). 
 (j) Possessory Collateral. On and after the Effective Time, all Collateral,
if any, in the possession of the Retiring Agent for the benefit of the Secured Parties (the “Possessory Collateral”) shall be deemed to be held by the Retiring Agent as agent and bailee for the Successor Agent for the benefit and on
behalf of the Successor Agent and the Secured Parties until such time as such Possessory Collateral has been delivered by the Retiring Agent to the Successor Agent. The Retiring Agent agrees to deliver all Possessory Collateral, if any, to the
Successor Agent on or promptly following the Effective Time, and the Successor Agent agrees to take possession thereof upon such tender by the Retiring Agent. 

Section 7. 
 MISCELLANEOUS

 (a) Each Borrower hereby represents and warrants as follows: 

(i) this Agreement has been duly authorized and executed by such Borrower and is the legal, valid and binding obligation of such Borrower,
enforceable in accordance with its terms, except as (A) such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the rights of creditors in general and (B) the
availability of equitable remedies may be limited by equitable principles of general applicability; and 

  
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 (ii) such Borrower repeats and restates the representations and warranties of such Borrower
contained in the Credit Agreement as of the First Amendment Effective Date, except to the extent such representations and warranties relate to a specific date; provided that references to the “Credit Agreement” or “this
Agreement” in such representations and warranties shall be deemed to be references to the Credit Agreement as amended pursuant to this Agreement. 

(b) This Agreement is being delivered in the State of New York. 

(c) Each Borrower ratifies and confirms that all Loan Documents remain in full force and effect notwithstanding the execution and delivery of
this Agreement and that nothing contained in this Agreement shall constitute a defense to the enforcement of any Loan Document. 
 (d) This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. 

(e) This Agreement is a “Loan Document.” 

(f) Each of the following provisions of the Existing Credit Agreement is hereby incorporated herein by this reference with the same effect as
though set forth in its entirety herein, mutatis mutandis: Section 12 (CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION), Section 17.2 (Section Headings), Section 17.3
(Interpretation), Section 17.4 (Severability of Provisions), Section 17.12 (Integration), and Section 17.7 (Counterparts; Electronic Transmission). The preamble and recitals to this Agreement are incorporated
herein by this reference. 
 (g) The execution and delivery of this Agreement by any Lender which is also an Issuing Bank or a Swing Lender
shall also constitute the agreement of such Lender in such capacity or capacities to the terms of this Agreement. 
 (h) Each Lender party
hereto acknowledges and agrees that its Revolver Commitment, as of the First Amendment Effective Date and after giving effect to this Agreement, shall be as set forth on Schedule C-1 to the Credit
Agreement, and Agent and each Lender shall cooperate in good faith to make all payments and fundings which Agent and the Lenders must make to reallocate the Revolver Commitments and the Obligations in respect thereof among the Lenders in accordance
with their respective Revolver Commitments as set forth on such Schedule C-1. On the First Amendment Effective Date, all outstanding loans under the Existing Credit Agreement made by any Person that is
a “Lender” under the Existing Credit Agreement but who is not a Lender under the Credit Agreement after giving effect to this Agreement (each, an “Exiting Lender”) shall be repaid in full and the commitments and other
obligations and rights of such Exiting Lender shall be terminated (except that such Exiting Lender shall continue to be entitled to the benefits specified in the Credit Agreement and the other Loan Documents of a Lender which assigned 100% of its
interests under the Existing Credit Agreement, with respect to facts and circumstances occurring prior to the First Amendment Effective Date). 

(i) No later than 15 days after the Effective Date (or such longer period as may be agreed by the Agent in its reasonable discretion), CA
Holdings shall deliver to Agent a copy of CA Holdings’ charter, which shall be (i) certified by an Authorized Officer of CA Holdings and (ii) be certified on or about such date by the appropriate governmental official. 

[Continued on following page.] 

  
 11 

 Witness the due execution hereof by the respective duly authorized officers of the
undersigned of this Agreement as of the date first written above. 
  

			
	H&E EQUIPMENT SERVICES, INC.
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer
	
	H&E EQUIPMENT SERVICES (CALIFORNIA), LLC
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer
	
	GREAT NORTHERN EQUIPMENT, INC.
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer
	
	H&E EQUIPMENT SERVICES (MID-ATLANTIC), INC.
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	WELLS FARGO CAPITAL FINANCE, LLC,
	as Agent, a Lender, Retiring Agent, Retiring Issuing Bank, and Retiring Swing Lender
		
	By:	 	/s/ Anthony Leadbetter
	Name: Anthony Leadbetter
	Title: Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Successor Agent, Successor Issuing Bank, and Successor Swing Lender
		
	By:	 	/s/ Anthony Leadbetter
	Name: Anthony Leadbetter
	Title: Vice President

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	Bank of America, N.A., as a Joint Lead Arranger, and Joint Book Runner, and as a Lender
		
	By:	 	 /s/ Hance VanBeber

	Name: Hance VanBeber
	Title: Senior Vice President

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	JPMorgan Chase Bank, N.A.,
	as a Lender
		
	By:	 	 /s/ Laura Woodward

	Name: Laura Woodward
	Title: Vice President

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	Capital One, National Association as a Lender
		
	By:	 	 /s/ Kevin Walder

	Name: Kevin Walder
	Title: Duly Authorized Signatory

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Marguerite Sutton

	Name: Marguerite Sutton
	Title: Vice President

  

			
	By:	 	 /s/ Alicia Schug

	Name: Alicia Schug
	Title: Vice President

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 
			
	PNC Bank, National Association,
	as a Lender
		
	By:	 	 /s/ Nelson Rauscher

	Name: Nelson Rauscher
	Title: Vice President

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 CONSENT AND REAFFIRMATION 

Each of the undersigned (the “Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing First Amendment to
Fifth Amended and Restated Credit Agreement (the “Agreement”); (ii) consents to the Borrowers’ execution and delivery of the Agreement and approves and consents to the transactions contemplated by such Agreement;
(iii) consents to and agrees to be bound by the Agreement (including, without limitation, Section 6 thereof); (iv) affirms that nothing contained in the Agreement shall modify or diminish in any respect whatsoever its obligations
under the Guaranty and Security Agreement and the other Loan Documents to which it is a party and reaffirms that such Guaranty and Security Agreement and the other Loan Documents are and shall continue to remain in full force and effect; and
(v) repeats and restates the representations and warranties of such Guarantor contained in the Credit Agreement as of the First Amendment Effective Date, except to the extent such representations and warranties relate to a specific date;
provided that references to the “Credit Agreement” or “this Agreement” in such representations and warranties shall be deemed to be references to the Credit Agreement as amended by the Agreement. The acknowledgements
contained herein by the Guarantors are made and delivered to induce Agent and the Lenders to enter into the Agreement, and the Guarantors acknowledge that Agent and the Lenders would not enter into the Agreement in the absence of such
acknowledgements. Although the Guarantors have been informed of the matters set forth herein and have acknowledged and agreed to same, the Guarantors understand that Agent and Lenders have no obligation to inform the Guarantors of such matters in
the future or to seek the Guarantors’ acknowledgment or agreement to future amendments or waivers, and nothing herein shall create such a duty. Capitalized terms used herein without definition shall have the meanings given to such terms in the
Agreement. 
 [Continued on following page.] 

 IN WITNESS WHEREOF, the undersigned have executed this Consent and Reaffirmation on and as
of the date of the Agreement. 
  

			
	GNE INVESTMENTS, INC.
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer

  

			
	H&E FINANCE CORP.
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer

  

			
	H&E CALIFORNIA HOLDING, INC.
		
	By:	 	 /s/ Leslie S. Magee

	Name: Leslie S. Magee
	Title: Secretary and Chief Financial Officer

 [H&E—FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT]ofix-ex101_11.htm

 

Exhibit 10.1

 

Employee Inducement Restricted Stock Unit Grant Agreement for Beth Stevenson

 

This Employee Stock Unit Grant Agreement (the “Agreement”) is made this 1st day of February, 2019 (the “Grant Date”) between Orthofix Medical Inc., a Delaware corporation (the “Company”), and Beth Stevenson (the “Award Recipient”).  

WHEREAS, as an inducement for the Award Recipient to accept employment with the Company or one of its subsidiaries, the Company desires to afford the Award Recipient the opportunity to acquire shares of Stock on the terms and conditions set forth herein;

WHEREAS, this Award, as defined below, is intended to be granted pursuant to the exception for inducement grants pursuant to Nasdaq Listing Rule 5635(c)(4) and therefore is not granted pursuant to the Amended and Restated Orthofix Medical Inc. 2012 Long-Term Incentive Plan (the “Plan”);

WHEREAS, though this Award is not granted pursuant to the Plan, certain capitalized terms used not but otherwise defined herein shall have the meanings attributed thereto in the Plan and the provisions of the Plan are incorporated in this Agreement in their entirety.

NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:

1.Grant of Restricted Stock Units.

(a)Number of Shares/Vesting.  The Company hereby grants to the Award Recipient, on the Grant Date, Restricted Stock Units relating to 25,478 shares of Stock, subject to the vesting schedule and terms and conditions set forth below (the “Award”).  Subject to earlier termination in accordance with the Plan or this Agreement and the terms and conditions herein, Restricted Stock Units granted under this Agreement shall vest with respect to 33-1/3% of the shares of Stock covered hereby on each of the first, second and third anniversaries of the Grant Date (each, a “Vesting Date”) provided that Award Recipient continues in Service and has not had a Separation from Service on each such date; provided further, however, for the avoidance of doubt, that there shall be no proportionate or partial vesting in the periods prior to or between each Vesting Date unless otherwise provided under this Agreement or the Plan; provided further, that for the avoidance of doubt, following Award Recipient’s Separation from Service, no additional Restricted Stock Units shall vest.

(b)Additional Documents.  The Award Recipient agrees to execute such additional documents and complete and execute such forms as the Company may require for purposes of this Agreement.

(c)Issuance of Stock.  The shares of Stock underlying the Award Recipient’s vested Restricted Stock Units will be issued as soon as practicable following the earlier of (i) the date that the Restricted Stock Units vest pursuant to the vesting schedule, or (ii) the date of the Award Recipient’s termination of Service, but in no event later than March 15 of the calendar year that immediately follows the first of such events (the date or dates such shares of Stock are delivered, the “Settlement Date”).  The issuance of shares of Stock under this grant shall be evidenced in such a manner as the Company, in its discretion, will deem appropriate, including, without limitation, book-entry registration or issuance of one or more stock certificates.  On the Settlement Date, the Company shall also deliver to the Award Recipient the number of additional shares of Stock, the number of any other securities of the Company and the amount of any other property (in the case of cash dividends, assuming such dividends had been reinvested in shares of Stock as of the ex-dividend date thereof), in each case that the Company distributed per share of Stock to holders generally during the period commencing on the Grant Date and ending on the applicable Settlement Date, multiplied by the number of shares of Stock that are being delivered to the Award Recipient under this paragraph, without interest, and less any tax withholding amount applicable to such distribution.  To the extent that the Restricted Stock Units are forfeited prior to vesting, the right to receive such distributions shall also be forfeited.

 

 

(d)Shareholder Rights.  The Award Recipient has no rights as a shareholder with respect to the shares of Stock underlying the Restricted Stock Units unless and until the Stock relating to the Restricted Stock Units has been delivered.  No adjustments are made for dividends, distributions, or other rights if the applicable record date occurs before the certificate is issued (or appropriate book entry is made), except as described above.  

2.Incorporation of Plan. The Award Recipient acknowledges receipt of the Plan, a copy of which is annexed hereto, and represents that he is familiar with its terms and provisions and hereby accepts this grant of Restricted Stock Units subject to all of the terms and provisions of the Plan and all interpretations, amendments, rules and regulations which may, from time to time, be promulgated and adopted pursuant to the Plan. The Plan is incorporated herein by reference. In the event of any conflict or inconsistency between the Plan and this Agreement, the Plan shall govern and this Agreement shall be interpreted to minimize or eliminate any such conflict or inconsistency.

3.Restrictions on Transfer.  To the extent not yet vested, the Restricted Stock Units may not be sold, transferred, assigned, transferred, pledged, hypothecated, or otherwise encumbered or disposed of, whether by operation of law or otherwise, nor may the Restricted Stock Units be made subject to execution, attachment, or similar process.  If the Award Recipient attempts to do any of these things, he will immediately and automatically forfeit the Restricted Stock Units.

4.Termination of Service; Change in Control.

(a)Certain Terminations of Service.  If, prior to vesting, the Award Recipient’s Service is terminated for any reason other than (i) death, (ii) Disability, or (iii) termination by the Company without Cause, the unvested portion of the Restricted Stock Units shall be forfeited by the Award Recipient and cancelled by the Company as of the date of the Award Recipient’s termination of Service, and the Award Recipient shall have no further right or interest therein unless the Committee in its sole discretion shall determine otherwise.

(b)Termination of Service for Death or Disability. If the Award Recipient’s Service terminates by reason of death or Disability, the Restricted Stock Units shall automatically vest in full as of the date of the Award Recipient’s termination of Service.

(c)Termination of Service by Company without Cause. If the Award Recipient’s Service is terminated by the Company without Cause, the Restricted Stock Units shall automatically vest in full as of the date of the Award Recipient’s termination of Service.

(d)Certain Additional Corporate Transaction Circumstances. In the event that the unvested portion of this Award is assumed or continued, or substituted for new restricted stock units or another equity-based Award of a successor entity, or parent or subsidiary thereof (with appropriate adjustments as to the number of shares), in each case upon the consummation of any Corporate Transaction, and the employment of the Award Recipient with the Company or an Affiliate is terminated within 24 months following the consummation of such Corporate Transaction by the employer without Cause, the unvested portion of the Restricted Stock Units shall be fully vested on the date of such termination of employment with the Company.   In the event a Corporate Transaction occurs in which this Award is not being assumed, continued or substituted (as contemplated by the preceding sentence), the unvested portion of the Award shall be deemed to have vested and the shares of Stock subject thereto shall be delivered immediately prior to the consummation of such Corporate Transaction.

5.Withholding.

The Company shall have the right to require the Award Recipient to remit to the Company any and all amounts sufficient to satisfy any withholding or other taxes that may be due as a result of the issuance of shares of Stock subject to the Restricted Stock Units.  At the time of the Settlement Date (or, in the event that tax withholding is required as of an earlier date, then such earlier date), the Award Recipient shall pay in cash to the Company any amount that the Company may reasonably determine to be necessary to satisfy such withholding or other tax obligation. The Company may permit the Award Recipient to satisfy, in whole or in part, such obligation to remit withholding or other taxes, (a) by directing the Company to withhold shares of Stock that would otherwise become 

 

 

vested, (b) by delivering to the Company shares of Stock already owned by the Award Recipient and not then subject to any repurchase, forfeiture, unfulfilled vesting, or similar requirements, or (c) by permitting or requiring the Award Recipient to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby Award Recipient irrevocably elects to sell a portion of the shares of Stock to be delivered in connection with the Restricted Stock Units to satisfy withholding obligations and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the withholding obligations directly to the Company or any Affiliate in each case pursuant to such rules as the Committee may establish from time to time.  The Company shall also have the right to deduct from all cash payments made pursuant to, or in connection with, the Restricted Stock Units, the federal, state, or local taxes required to be withheld with respect to such payments.  The maximum number of shares of Stock that may be withheld to satisfy any federal, state, or local tax requirements may not exceed such number of shares of Stock having a Fair Market Value equal to the minimum statutory amount required by the Company to be withheld and paid to any such federal, state, or local taxing authority with respect to such vesting or payment; provided, however, for so long as Accounting Standards Update 2016-09 or a similar rule remains in effect, the Committee has full discretion to choose, or to allow the Award Recipient to elect, to withhold a number of shares of Stock having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding obligation (but such withholding may in no event be in excess of the maximum required statutory withholding obligation in such Award Recipient’s relevant tax jurisdiction).  

6.No Employment or Other Rights.  This Award does not confer upon the Award Recipient any right to be continued in the employment of, or otherwise provide Services to, the Company or any Subsidiary or other affiliate thereof, or interfere with or limit in any way the right of the Company or any Subsidiary or other affiliate thereof to terminate such Award Recipient’s employment or other service relationship at any time.  For purposes of this Agreement only, the term “employment” shall include circumstances under which Award Recipient provides consulting or other Services to the Company or any of its Subsidiaries as an independent contractor, but such Award Recipient is not, nor shall be considered, an employee; provided, however, nothing in this Section 6 or this Agreement shall create an employment relationship between such person and the Company or its applicable Subsidiary, as the usages described in this Section are for convenience only.

7.Adjustment of and Changes in Shares of Stock. In the event of any merger, consolidation, recapitalization, reclassification, stock dividend, extraordinary dividend, or other event or change in corporate structure affecting the shares of Stock, the Committee shall make such adjustments, if any, as it deems appropriate in the number and class of shares subject to the Restricted Stock Units. The foregoing adjustments shall be determined by the Committee in its sole discretion.

8.Section 409A.   The grant of Restricted Stock Units under this Agreement is intended to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Code Section 409A.  Notwithstanding anything to the contrary in the Plan or this Agreement, neither the Company, its Affiliates, the Board, nor the Committee will have any obligation to take any action to prevent the assessment of any excise tax or penalty on Award Recipient under Code Section 409A, and neither the Company, its Affiliates, the Board, nor the Committee will have any liability to Award Recipient for such tax or penalty.  For purposes of this Agreement, a termination of Service occurs only upon an event that would be a Separation from Service within the meaning of Section 409A.  If, at the time of Award Recipient’s Separation from Service, (1) Award Recipient is a “specified employee” within the meaning of Code Section 409A, and (2) the Company makes a good faith determination that an amount payable on account of Award Recipient’s Separation from Service constitutes deferred compensation (within the meaning of Code Section 409A), the payment of which is required to be delayed pursuant to the six (6)-month delay rule set forth in Code Section 409A to avoid taxes or penalties under Code Section 409A (the “Delay Period”), then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first business day after the Delay Period (or upon Award Recipient’s death, if earlier), without interest.  Each installment of Restricted Stock Units that vest under this Agreement (if there is more than one installment) will be considered one of a series of separate payments for purposes of Code Section 409A.   

9.Miscellaneous Provisions.

 

 

(a)Applicable Law.  The validity, construction, interpretation and effect of this instrument will be governed by and construed in accordance with the laws of the State of Texas, without giving effect to the conflicts of law provisions thereof.

(b)Notice.  Any notice required by the terms of this Agreement shall be delivered or made electronically, over the Internet or otherwise (with request for assurance of recipient in a manner typical with respect to communications of that type), or given in writing.  Any notice given in writing shall be deemed effective upon personal delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, and shall be addressed to the Company at its principal executive office and to the Award Recipient at the address that he or she has most recently provided to the Company.  Any notice given electronically shall be deemed effective on the date of transmission.

(c)Headings. The headings of sections and subsections are included solely for convenience of reference and shall not affect the meaning of the provisions of this Agreement.

(d)Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

(e)Amendments. The Board and the Committee shall have the power to alter or amend the terms of the grant of Restricted Stock Units as set forth herein from time to time, in any manner consistent with the provisions of the Plan, and any alteration or amendment of the terms of this grant of Restricted Stock Units by the Board or the Committee shall, upon adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person. The Committee shall give notice to the Award Recipient of any such alteration or amendment as promptly as practicable after the adoption thereof. The foregoing shall not restrict the ability of the Award Recipient and the Board or the Committee by mutual written consent to alter or amend the terms of this grant of Restricted Stock Units in any manner which is consistent with the Plan.

(f)Binding Effect. This Agreement shall be binding upon the heirs, executors, administrators and successors of the Award Recipient and the Company.

(g)Entire Agreement.  This Agreement and the Plan constitute the entire agreement between the Award Recipient and the Company regarding the grant of Restricted Stock Units and supersede all prior arrangements or understandings (whether oral or written and whether express or implied) with respect thereto. 

10.Definitions. For purposes of this Agreement, the following capitalized words shall have the meanings set forth below.

  “Restricted Stock Units” means a bookkeeping entry representing the equivalent of one (1) share of common stock, par value $0.10 per share, of the Company, awarded to the Award Recipient pursuant to this Agreement.

“Separation from Service” shall have the meaning given such term in Code Section 409A.

 (Remainder of page intentionally left blank)

 

 

EXECUTED on the date first written above.

 

 

 

 

				
	
 
	
 
	
 
	
 

	
COMPANY:
	
 
	
ORTHOFIX MEDICAL INC.

	
 
	
 
	
 

	
 
	
 
	
By:  
	
 /s/     BRADLEY R. MASON

	
 
	
 
	
Name:  Bradley R. Mason

	
 
	
 
	
Title:  President and Chief Executive Officer, Director

	
 
	
 
	
 

	
AWARD RECIPIENT:
	
 
	
 

	
 
	
 
	
By:  
	
 

	
 
	
 
	
Name: Beth Stevenson

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