Document:

Exhibit 4.3

 

 

2019 MANAGEMENT SHARE OPTION PLAN

 

 

Brookfield Asset Management Inc.

 

September 13, 2019

 

 

TABLE OF CONTENTS

 

 

	
GENERAL PROVISIONS
    	
1
    
	
 
    	
 
    
	
PURPOSE
    	
1
    
	
ADMINISTRATION
    	
1
    
	
INTERPRETATION
    	
1
    
	
SHARES   RESERVED
    	
4
    
	
NON-EXCLUSIVITY
    	
5
    
	
AMENDMENT   AND TERMINATION
    	
5
    
	
COMPLIANCE   WITH LEGISLATION
    	
7
    
	
RIGHT   OF SERVICE
    	
7
    
	
 
    	
 
    
	
OPTIONS
    	
7
    
	
 
    	
 
    
	
GRANTS
    	
7
    
	
OPTION   EXERCISE PRICE
    	
8
    
	
EXERCISE   OF OPTIONS
    	
8
    
	
CHANGE   IN EMPLOYMENT STATUS
    	
10
    
	
 
    	
 
    
	
APPROVAL AND AMENDMENTS
    	
11
    
	
 
    	
 
    
	
APPROVAL
    	
11
    
	
AMENDMENTS
    	
11
    
	
 
    	
 
    
	
APPENDIX A
    	
12
    

 

i

 

2019  MANAGEMENT SHARE OPTION PLAN

 

SECTION 1.  GENERAL PROVISIONS

 

1.1                               Purpose

 

The purpose of the 2019 Management Share Option Plan (the “Plan”) of Brookfield Asset Management Inc. (herein called the “Corporation”) is to advance the interests of the Corporation by (i) providing Eligible Persons (defined below) with additional incentive; (ii) encouraging stock ownership by Eligible Persons; (iii) increasing the proprietary interest of Eligible Persons in the success of the Corporation; (iv) encouraging Eligible Persons to remain with the Corporation and its Affiliates; and (v) attracting new employees and officers.

 

1.2                               Administration

 

(a)                                 The Plan shall be administered by the Board of Directors of the Corporation (the “Board”).

 

(b)                                 Subject to the limitations of the Plan, the Board shall have the authority (i) to grant options (“Options”) to acquire Class A Limited Voting Shares of the Corporation (“Class A Shares”) to Eligible Persons; (ii) to determine the terms, limitations, restrictions and conditions upon such grants, including vesting, exercise and hold periods; (iii) to determine whether an Eligible Person will receive a benefit under, or in respect of, an Option even if the Option has Vested and been exercised; (iv) to interpret the Plan and to adopt, amend and rescind such administrative guidelines and other rules and regulations relating to the Plan as it shall from time to time deem advisable; and (v) to make all other determinations and to take all other actions in connection with the implementation and administration of the Plan as it may deem necessary or advisable.  The Board’s guidelines, rules, regulations, interpretations and determinations shall be conclusive and binding upon the Corporation and all other persons.

 

1.3                               Interpretation

 

For the purposes of this Plan, the following terms have the following meanings:

 

(a)                                 “Affiliate” means any entity which is an “affiliate” of the Corporation for the purposes of Ontario Securities Commission National Instrument 45-106 — Prospectus Exemptions, as amended from time to time, or any related body corporate.

 

(b)                                 “Australian Participant” means each Participant who is resident in Australia at the time of grant of an Option, provided that the Board may deem any Participant to be an Australian Participant or may provide that a Participant who is resident in Australia at the time of grant of an Option is not an Australian Participant.

 

(c)                                  “Blackout Period” means the period imposed by the Corporation, during which specified individuals, including Insiders of the Corporation, may not trade in the Corporation’s securities (including, for greater certainty, where specific individuals are restricted from

 

1

 

trading because they have material non-public information), but does not include any period when a regulator has halted trading in the Corporation’s securities.

 

(d)                                 “Board” has the meaning set out in Section 1.2(a).

 

(e)                                  “Brazilian Participant” means each Participant who is subject to taxation in Brazil in respect of Options.

 

(f)                                   “Brookfield Group” means Brookfield Asset Management Inc., and any of its Subsidiaries or Affiliates.

 

(g)                                  “Cause” means

 

(i)                                     A Participant’s willful failure or refusal to perform his or her employment duties after being given notice and a reasonable opportunity to remedy such failure or refusal;

 

(ii)                                  A Participant’s gross misconduct in connection with the Participant’s employment;

 

(iii)                               A Participant’s act of dishonesty or breach of trust in connection with the Participant’s employment;

 

(iv)                              A Participant’s conviction of, or a plea of guilty or no contest to, any indictable criminal offence or any other criminal offence involving fraud, dishonesty or misappropriation;

 

(v)                                 A Participant’s conduct which is likely to injure the reputation or business of the Brookfield Group, including, without limitation, any breach of the Corporation’s Code of Conduct or the willful violation by the Participant of any of the Brookfield Group’s policies;

 

(vi)                              A Participant’s breach of confidentiality, non-solicitation or non-competition obligations; or

 

(vii)                           Any other conduct of a Participant which would be treated as cause under the laws of the jurisdiction in which the termination occurs.

 

(h)                                 “Code” means the U.S. Internal Revenue Code.

 

(i)                                     “Consultant” has the meaning given to such term in Ontario Securities Commission National Instrument 45-106 — Prospectus Exemptions, as amended from time to time.

 

(j)                                    “Eligible Persons” means (i) officers, employees or Consultants of the Corporation; (ii) officers, employees or Consultants of any Subsidiary or of any Affiliate; or (iii) any other persons (other than a non-employee director of the Corporation) so designated by the Board of Directors, subject to applicable laws and regulations.

 

(k)                                 “Exercise Price” has the meaning set out in Section 2.2(a).

 

2

 

(l)                                     “Expiry Period” has the meaning set out in Section 2.3(b).

 

(m)                             “Fair Market Value” means, for any Option or Class A Share,  the closing price of a Class A Share on the NYSE immediately preceding the notice of exercise. For clarity, if the notice of exercise is received on a trading day before the NYSE closes, the prior trading day’s closing price will apply; if the notice of exercise is received after the NYSE closes on a trading day, that day’s closing price will apply.

 

(n)                                 “Hold Period” has the meaning set out in Section 2.1(a).

 

(o)                                 “Insider” has the meaning given to such term in the Toronto Stock Exchange Company Manual in respect of the rules governing Security-Based Compensation Arrangements, as amended from time to time.

 

(p)                                 “NYSE” means the New York Stock Exchange or successor thereto.

 

(q)                                 “Option Agreement” has the meaning set out in Section 2.1(c).

 

(r)                                    “Participants” means Eligible Persons to whom Options have been granted and remain outstanding.

 

(s)                                   “Retirement” means the resignation of a Participant who is determined by the Board, in its discretion, to be retiring.

 

(t)                                    “Security-Based Compensation Arrangement” has the meaning given to such term in the Toronto Stock Exchange Company Manual, as amended from time to time.

 

(u)                                 “Specified Maximum” has the meaning set out in Section 1.4(b).

 

(v)                                 “Termination Date” means the last day of a Participant’s active employment with the Corporation, or an Affiliate of the Corporation, as the case may be, as further clarified below:

 

(i)                                     in the event a Participant’s employment is terminated by the Corporation or an Affiliate for any reason, the last day of active employment will be the date and time notice of termination is delivered to the Participant and will not include any period of statutory, contractual, common law, civil law or reasonable notice, deemed employment, pay in lieu of notice or salary continuance provided or required to be provided by the Corporation to the Participant;

 

(ii)                                  in the event of a continuous leave of absence (including for disability), the Participant’s Termination Date will be the earlier of the date of termination of employment and two years from the start of the Participant’s leave;

 

(iii)                               in the event of a Participant’s resignation or Retirement, the last day of active employment will be the effective date of resignation or Retirement;

 

(iv)                              in the event of a Participant’s death, the last day of active employment means the date of the Participant’s death; and

 

3

 

(v)                                 in the case of Consultants, the Termination Date means the date notice of termination of the consulting relationship is effective.

 

(w)                               “TSX” means the Toronto Stock Exchange or any successor thereto.

 

(x)                                 “Underlying Share” means a Class A Share issuable upon the exercise of an Option.

 

(y)                                 “US Participant” means each Participant who is a United States citizen or resident.

 

(z)                                  “Vested” means the Vesting Period has expired and the Option is exercisable.

 

(aa)                          “Vesting Period” means any period imposed by the Board before a granted option becomes Vested and exercisable.

 

(bb)                          “Withholdings” means all taxes and any other source deductions or amounts which the Corporation is required by applicable law to withhold from any amounts to be paid or credited under this Plan.

 

Words importing the singular number only shall include the plural and vice versa and words importing the masculine shall include the feminine.

 

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

1.4                               Shares Reserved

 

(a)                                 All shares of the Corporation issued under the Plan shall be Class A Shares in the capital stock of the Corporation. Options may be granted in respect of authorized and unissued Class A Shares.

 

(b)                                 The maximum number of Class A Shares (“Specified Maximum”) that may be reserved for issuance for all purposes under the Plan shall be 15,000,000 Class A Shares.  Where upon exercise of an Option, the number of Class A Shares issued to, or for the benefit of, the Participant as determined in accordance with Section 2.3(d) of the Plan will be deducted from the Specified Maximum. The Specified Maximum is subject to adjustment in accordance with the provisions of the Plan.

 

(c)                                  The maximum number of Class A Shares that may be reserved for issuance to any one person under the Plan shall not exceed 5% of the outstanding Class A Shares (on a non-diluted basis), less the aggregate number of Class A Shares reserved for issuance to such person under any other Security-Based Compensation Arrangement of the Corporation.

 

(d)                                 The maximum number of Class A Shares that are issuable to Insiders of the Corporation at any time pursuant to the exercise of Options granted under the Plan and issuable under all other Security-Based Compensation Arrangements of the Corporation shall not exceed 10% of the Corporation’s issued and outstanding Class A Shares.

 

4

 

(e)                                  The maximum number of Class A Shares that are issued to Insiders of the Corporation within a one-year period pursuant to the exercise of Options granted under the Plan and issued under all other Security-Based Compensation Arrangements of the Corporation shall not exceed 10% of the Corporation’s issued and outstanding Class A Shares.

 

(f)                                   Any Class A Share which is subject to an Option which has been granted under the Plan and for any reason is cancelled or terminated without having been exercised shall again be available for grant under the Plan. For clarity, Class A Shares underlying Options disposed of pursuant to Section 2.3 (d)(ii) or 2.3 (d)(iii) will be deducted from the Specified Maximum and will not again be available for grant under the Plan.  No fractional shares shall be issued, and the Board may determine the manner in which fractional share value shall be treated.

 

(g)                                  In the event of any change in the outstanding Class A Shares by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares, or other corporate change, the Board shall make, subject to applicable law and the prior approval of the relevant stock exchanges, appropriate substitution or adjustment in (i) the number or kind of shares or other securities reserved for issuance pursuant to the Plan; (ii) the number and kind of shares subject to unexercised Options theretofore granted; and (iii) the Exercise Price of such Options; provided, however, that no substitution or adjustment shall obligate the Corporation to issue or sell fractional shares.

 

(h)                                 In the event of the reorganization of the Corporation or the amalgamation, merger or consolidation of the Corporation with another corporation, or the payment of a special or extraordinary dividend, the Board shall, subject to applicable law, make such provision for the protection of the rights of Participants as the Board in its discretion deems appropriate.

 

1.5                               Non-Exclusivity

 

Nothing contained herein shall prevent the Board from adopting other or additional compensation arrangements, subject to any required approval.

 

1.6                               Amendment and Termination

 

(a)                                 The Board may amend, suspend or terminate this Plan, any portion thereof or any Option, at any time, subject to those provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX) if any, that require the approval of shareholders or any governmental or regulatory body, regardless of whether any such amendment or suspension is material, fundamental or otherwise, and notwithstanding any rule of common law or equity to the contrary.  However, except as expressly set forth herein, no action of the Board, or shareholders may adversely alter or impair the rights of a Participant without the consent of the affected Participant, under any Option previously granted to the Participant.  Without limiting the generality of the foregoing, the Board may make the following types of amendments to the Plan or any Option without seeking shareholder approval:

 

5

 

(i)                                     amendments of a “housekeeping” or administrative nature including, without limiting the generality of the foregoing, any amendment for the purpose of curing any ambiguity, error or omission in the Plan or any Option or to correct or supplement any provision of the Plan or any Option that is inconsistent with any other provision of the Plan or any Option;

 

(ii)                                  amendments necessary to comply with the provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX and the NYSE);

 

(iii)                               amendments necessary for awards to qualify for favorable treatment under applicable tax laws;

 

(iv)                              any amendment to the vesting provisions of the Plan or any Option;

 

(v)                                 any amendment to the termination or early termination provisions of the Plan or any Option, whether or not such Option is held by an Insider, provided such amendment does not entail an extension beyond the Expiry Period;

 

(vi)                              the addition or modification of a cashless exercise feature, payable in cash or Class A Shares, which provides for a full deduction of the number of underlying Class A Shares from the Plan reserve;

 

(vii)                           amendments necessary to suspend or terminate the Plan.

 

(b)                                 Shareholder approval will be required for the following types of amendments:

 

(i)                                     amendments to the number of Class A Shares issuable under the Plan, including an increase to a fixed maximum number of Class A Shares or a change from a fixed maximum number of Class A Shares to a fixed maximum percentage;

 

(ii)                                  any amendment to the Plan that increases the length of the period after a Blackout Period during which Options may be exercised;

 

(iii)                               any amendment which would result in the Exercise Price for any Option granted under the Plan being lower than the fair market value of the Class A Shares at the time the Option is granted;

 

(iv)                              any amendment which reduces the Exercise Price or purchase price of an Option or any cancellation and reissuance of an Option, in each case, other than pursuant to Section 1.4(g) and 1.4(h) of the Plan;

 

(v)                                 any amendment expanding the categories of Eligible Person which may permit the introduction or reintroduction of non-employee directors on a discretionary basis or any amendment to remove or exceed the Insider participation limit;

 

(vi)                              any amendment extending the term of an Option beyond its Expiry Period, except as provided in Section 2.3(b);

 

6

 

(vii)                           any amendment which would permit Options to be transferable or assignable other than for normal estate planning purposes;

 

(viii)                        any amendment to the amendment provisions; and

 

(ix)                              amendments required to be approved by shareholders under applicable law (including, without limitation, the rules, regulations and policies of the TSX).

 

1.7                               Compliance with Legislation

 

The Board may postpone any exercise of any Option or the issue of any Underlying Shares pursuant to the Plan for such time as the Board in its discretion may deem necessary in order to permit the Corporation to effect or maintain registration of the Plan or the Class A Shares issuable pursuant thereto under the securities laws of any applicable jurisdiction, or to determine that such shares and the Plan are exempt from such registration.  The Corporation shall not be obligated by any provision of the Plan or grant thereunder to sell or issue Class A Shares in violation of the law of any government or regulatory body having jurisdiction therein.  In addition, the Corporation shall have no obligation to issue any Class A Shares pursuant to the Plan unless such Class A Shares shall have been duly listed, upon official notice of issuance, with a stock exchange on which such Class A Shares are listed for trading.

 

Compensation payable under the Plan to US Participants is intended not to be subject to U.S. federal income tax under Section 409A of the Code and the Plan shall be construed, interpreted and administered in compliance with such intent. The Board is hereby authorized to amend the Plan or any award under the Plan to achieve such intent.

 

With respect to any Australian Participants, or Participants to which Australian legislation applies, if this Plan provides for a payment or benefits that is greater than permitted under the Corporations Act 2001 (Cth), without the need to obtain any form of shareholder approval, then the payment or benefit will be reduced to the greatest amount permitted without the need for such shareholder approval and there will be no need for such shareholder approval and there will be no obligation on any entity in the Brookfield Group to seek shareholder approval.

 

1.8                               Right of Service

 

Neither participation in the Plan nor any action under the Plan shall be construed to give any Participant a right to be retained in the services of the Corporation, or Affiliate as the case may be.

 

SECTION 2.  OPTIONS

 

2.1                               Grants

 

(a)                                 Subject to the provisions of the Plan, the Board shall have the authority to determine the limitations, restrictions and conditions, if any, in addition to those set forth in Sections 2.2, 2.3 and 2.4 hereof, applicable to the exercise of an Option, including, without limitation, the nature and duration of the restrictions, if any, to be imposed upon the sale or other disposition of the Underlying Shares, and the nature of the

 

7

 

events, if any, and the duration of the period in which any Participant’s rights in respect of the Underlying Shares may be forfeited (the “Hold Period”).

 

(b)                                 An Eligible Person may receive Options on more than one occasion under the Plan and may receive separate Options on any one occasion.

 

(c)                                  Each grant of an Option shall be confirmed by an agreement (an “Option Agreement”) executed by the Corporation and by the Participant.

 

(d)                                 The effective grant date of Option awards shall be (i) in the case of a grant of Options approved by the Board during a Blackout Period, no earlier than the sixth trading day following the end of such Blackout Period and (ii) in the case of all other grants of Options, no earlier than the sixth trading day following the date such grant is approved by the Board, provided in all cases, that if a subsequent Blackout Period is imposed prior to the grant date, the grant date shall be deferred until no earlier than the sixth trading day following the end of such subsequent Blackout Period.

 

2.2                               Option Exercise Price

 

(a)                                 The Board shall establish the exercise price (the “Exercise Price”) of each Option at the time such Option is granted, which shall be awarded in US dollars and shall not be less than the volume-weighted average price of a Class A Share on the NYSE for the five trading days preceding the effective grant date, and in all cases shall not be less than such amount required by applicable regulatory authorities from time to time.

 

(b)                                 The Exercise Price shall be subject to adjustment in accordance with the provisions of Section 1.4(g) and 1.4(h) hereof.

 

2.3                               Exercise of Options

 

(a)                                 The Board may determine when any Option shall become Vested and exercisable (the “Vesting Period”) and may determine that the Option shall be Vested in installments. Unless otherwise specified in the Option Agreement or other agreement with the Participant, Options become Vested as to 20% at the first anniversary date after the grant and as to 20% at the end of each subsequent anniversary date up to and including the fifth anniversary date of the grant.

 

(b)                                 The Board may determine the maximum period following the grant date during which a Vested Option may be exercised (the “Expiry Period”), subject to the provision that Options shall not be exercisable later than 10 years after the date of grant, provided that, if an Option would otherwise expire during a Blackout Period or within 10 days after the end of the Blackout Period, the term of such Option shall automatically be extended until 10 days after the end of the Blackout Period.

 

(c)                                  The Board may establish the minimum Hold Periods for Class A Shares acquired pursuant to the exercise of Options under the Plan for designated senior executives.

 

(d)                                 Subject to (a), (b) and (c) above, the discretion of the Board, the applicable provisions of Section 2.4 below and Appendix A (with respect to Brazilian Participants), a Vested

 

8

 

Option may be exercised or disposed of at the election of a Participant by one of the following three methods:

 

(i)                                     the purchase of the Underlying Shares by delivery of a cheque to the Corporation in the amount of the Exercise Price and applicable Withholdings, under the terms of the Option;

 

(ii)                                  the disposition of Options by the Participant in exchange for an amount equal to (A) the aggregate Fair Market Value of the Options, minus (B) the aggregate Exercise Price of the Options, minus (C) applicable Withholdings. The Corporation shall satisfy the payment of such amount by issuing to the Participant such number of Class A Shares (rounded down to the nearest whole number) with an aggregate Fair Market Value equal to the amount, provided that the Participant may direct that such Class A Shares be sold in the capital markets by Brookfield Securities Corp., or such other securities dealer as designated by the Corporation, and the proceeds received from such sale be delivered to the Participant. The transfer costs incurred to sell the Class A Shares will be deducted from the net proceeds payable to the Participant; or

 

(iii)                               the delivery of a cheque payable to the Corporation in the amount of the applicable Withholdings and the disposition of Options by the Participant in exchange for an amount equal to (A) the aggregate Fair Market Value of the Options, minus (B) the aggregate Exercise Price of the Options. The Corporation shall satisfy the payment of such amount by issuing to the Participant such number of Class A Shares (rounded down to the nearest whole number) equal to the amount.

 

(e)                                  The Corporation may withhold applicable Withholdings on the payment of an amount to a Participant pursuant to Appendix A or require a Participant, as a condition of exercise of an Option, to pay or reimburse the Corporation for any applicable Withholdings in connection with the exercise of such Option.

 

(f)                                   A Participant entitled to receive Underlying Shares as a result of the exercise of an Option shall not be deemed for any purpose to be, or to have rights as, a shareholder of the Corporation by such exercise of an Option, except to the extent such shares are issued therefor and then only from the date such shares are issued. No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date such shares are issued to a Participant pursuant to the exercise of Options.

 

(g)                                  If, as and when any Underlying Shares have been duly issued upon the exercise of an Option and in accordance with the terms of such Option and the Plan and any regulations made hereunder, such Underlying Shares shall be conclusively deemed allotted as fully-paid and non-assessable shares of the Corporation.

 

(h)                                 Options granted pursuant to the Plan may be assigned by the Participant, at the Participant’s request and subject to the Participant obtaining written acknowledgement of the assignment from the Corporation, to: (i) the Participant’s spouse, descendants or any other immediate family member (child, stepchild, grandchild, parent, stepparent, grandparent, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-

 

9

 

in-law, brother-in-law or sister-in-law, including adoptive relationships); (ii) a trust, the beneficiaries of which are one or more of the Participant and the Participant’s spouse, descendants and/or immediate family members; (iii) a corporation or limited liability company controlled by the Participant or by one or more of the Participant and the Participant’s spouse, descendants  and/or immediate family members, the shares  or interests of which are held directly or indirectly by the Participant, the Participant’s spouse and/or immediate family members; or (iv) such other transferees for estate planning purposes as may be permitted by the Board in its sole discretion.  Notwithstanding a permitted assignment under the Plan, an assigned Option shall be deemed, for the purposes of administering the Plan, to be held by the Participant to whom the Option was initially granted.

 

(i)                                     Unless otherwise determined by the Board, the Corporation will not provide financial assistance in respect of the exercise of an Option.

 

2.4                               Change in Employment Status

 

Except as otherwise determined by the Board in accordance with applicable laws and regulations, the following provisions apply to the exercise and cancellation of Options on or following a change in the employment status of a Participant.  For greater certainty, no Option shall be exercisable after its stated Expiry Period, except as set out in Section 2.3(b).

 

(a)                                 In the event of termination of the employment of a Participant by the Corporation or an Affiliate other than with Cause, each of the Vested Options held by the Participant shall cease to be exercisable 60 days after the Participant’s Termination Date. Each Option held by a Participant that is Vested but not exercised by such time shall be cancelled and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise. Each Option held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise.

 

(b)                                 In the event of termination of the employment of a Participant by the Corporation or an Affiliate for Cause, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise.

 

(c)                                  In the event of resignation by a Participant, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise.

 

(d)                                 In the event of Retirement by a Participant, each of the Vested Options held by the Participant shall continue to be exercisable until the end of its original Expiry Period. Each Option held by a Participant that is Vested but not exercised by such time shall be cancelled and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise. Each Option held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise.

 

10

 

(e)                                  In the event of a Participant being on a continuous leave of absence other than as a result of disability, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise.

 

(f)                                   In the event of a Participant being on an authorized continuous leave of absence as a result of disability, each of the Vested Options held by the Participant shall cease to be exercisable 60 days after the Participant’s Termination Date. Each Option held by a Participant that is Vested but not exercised by such time shall be cancelled and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise. Each Option held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date and no amount shall be payable to the Participant in respect thereof as compensation, damages or otherwise.

 

(g)                                  In the event of the death of a Participant, the legal representatives of such Participant may exercise each of the Vested Options held by such Participant for six months after the Participant’s Termination Date to the extent such Options are by their terms Vested and exercisable by the Termination Date or become so within a period of six months following the Participant’s death. Each Option held by a Participant that is Vested but not exercised by the legal representatives of such Participant by such time shall be cancelled and no amount shall be payable to the legal representatives of such Participant in respect thereof as compensation, damages or otherwise.

 

(h)                                 In the case of a Consultant ceasing to be a Consultant, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(i)                                     If an Option would otherwise cease to be exercisable during a Blackout Period pursuant to Section 2.4 (a), (c), (d), (e), (f) or (g), the term of such Option shall automatically be extended until 10 days after the end of the Blackout Period.

 

SECTION 3.  APPROVAL AND AMENDMENTS

 

3.1                               Approval

 

The Plan was approved by the directors of the Corporation on February 11, 2019 and by the Corporation’s shareholders at the Annual and Special Meeting of Shareholders held on June 14, 2019.

 

3.2                               Amendments

 

The Plan was amended by the directors of the Corporation on Septmeber 13, 2019 to provide that the Exercise Price for a grant of Options shall be calculated for the period of five trading days immediately preceding the grant date, regardless of whether the grant is approved by the Board during a Blackout Period or not.

 

11

 

Appendix A

 

Brazilian Participants

 

The provisions of this Appendix A apply to Options held by a Brazilian Participant. All capitalized terms used in this Appendix A have the meanings attributed to them in the Plan. This Appendix A shall have no other effect on any other terms and provisions of the Plan except as set forth below.

 

Section 2.3(d) of the Plan is deleted in its entirety and replaced with the following:

 

“Subject to Section 2.3(a), (b) and (c) above, the discretion of the Board and the applicable provisions of Section 2.4 below, a Vested Option may be exercised at the election of a Participant by one of the following two methods:

 

(i)                                     the purchase of the Underlying Shares by delivery of a cheque to the Corporation in the amount of the Exercise Price and applicable Withholdings, under the terms of the Option; or

 

(ii)                                  the receipt of an amount per Option equal to the difference between the Exercise Price of the Option and the price at which Brookfield Securities Corp., or such other securities dealer as designated by the Corporation, is able to sell the Underlying Shares in the capital markets, selected by such dealer in its discretion, or otherwise, on the trading day that notice is given of the Exercise of the Option. The transfer cost incurred to sell the Underlying Shares will be deducted from the net proceeds payable to the Participant.”

 

12Document

Executed Version

FIRST AMENDMENT TO 
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated to be effective as of September 19, 2019 (the “Amendment Effective Date”), is entered into by and among CARDTRONICS plc, an English public limited company (the “Parent”), the other Obligors (as defined in the Credit Agreement defined below) party hereto, the Lenders (as defined below) party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”).
PRELIMINARY STATEMENT
WHEREAS, the Parent, the other Obligors party thereto, the lenders party thereto (the “Lenders”) and the Administrative Agent are parties to that certain Second Amended and Restated Credit Agreement dated as of November 19, 2018 (as amended, the “Credit Agreement”); and
WHEREAS, the Parent has now asked the Administrative Agent and the Lenders to amend certain provisions of the Credit Agreement;
WHEREAS, the Administrative Agent and the Lenders are willing to do so subject to the terms and conditions set forth herein, provided that the Obligors ratify and confirm all of their respective obligations under the Credit Agreement and the other Loan Documents; and
NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
21. Defined Terms.  Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to them in the Credit Agreement.
22. Amendments to Credit Agreement.  
(a) The cover page and the preamble of the Credit Agreement are hereby amended to show Capital One, N.A., BBVA USA and PNC Bank, National Association as Co-Documentation Agents.
(b) Section 1.01 is hereby amended to restate the following definitions in their entirety:
“Administrative Agent” means JPMorgan, in its capacity as administrative agent for the Lenders hereunder, together with any designated Affiliate or branch of JPMorgan acting in such capacity.

-1-

“Maturity Date” means the fifth anniversary of the First Amendment Effective Date.
(c) Section 1.01 is hereby amended to add the following new definitions in proper alphabetical order:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:
(i)a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Covered Party” has the meaning set forth in Section 10.21.
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“First Amendment Effective Date” means September 19, 2019.
“Incremental Term Loan” has the meaning set forth in Section 2.19.
“Incremental Term Loan Amendment” has the meaning set forth in Section 2.19.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning set forth in Section 10.21.
“Supported QFC” has the meaning set forth in Section 10.21.
“U.S. Special Resolution Regime” has the meaning set forth in Section 10.21.
(d) Section 1.01 is hereby amended to restate the last sentence of the definition of “CFC Guarantor” in its entirety as follows:

-2-

“Schedule 1.01(a) sets forth the CFC Guarantors as of the First Amendment Effective Date.”
(e) Section 1.01 is hereby amended to restate the last sentence of the definition of “Commitment” in its entirety as follows:
“As of the First Amendment Effective Date, the aggregate amount of the Lenders’ Commitments is $750,000,000.”
(f) Section 1.01 is hereby amended to restate the last sentence of the definition of “Credit Facility Guarantor” in its entirety as follows:
“Schedule 1.01(b) sets forth the Credit Facility Guarantors as of the First Amendment Effective Date.”
(g) Section 1.01 is hereby amended to delete the phrase “Thompson Reuters Corp.” and insert in its place the phrase “Thomson Reuters Corp., Refinitiv, or any successor thereto” in clause (b) of the definition of “Equivalent Amount”.
(h) Section 1.01 is hereby amended to delete the definition of “New Lender Agreement” in its entirety.
(i) Section 1.01 is hereby amended to substitute the phrase “First Amendment Effective Date” in place of the two instances of the phrase “Effective Date” in the definition of “Non-Pro Rata Alternative Currency”.
(j) Section 2.13 is hereby amended to restate the second sentence of subsection (c) thereof in its entirety as follows:
“Notwithstanding anything to the contrary in Section 10.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Majority Lenders stating that such Majority Lenders object to such amendment.”
(k) Section 2.19 is hereby amended and restated in its entirety as follows:
“Section 2.19 Expansion Option.  Provided there exists no Event of Default, the Parent may, during the period commencing on the First Amendment Effective Date to and including the date that is six months prior to the Maturity Date, elect to increase the Commitments or enter into one or more tranches of term loans (each, an “Incremental Term Loan”), in each case, in minimum increments of $25,000,000, so long as, after giving effect thereto, the aggregate amount of the Commitments and all such 
-3-

Incremental Term Loans does not exceed $850,000,000.  The Parent may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, a “New Lender”; provided that no Person described in Section 10.04(b)(ii)(F) may be an New Lender), which agree to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new Commitments, as the case may be; provided that (a) each New Lender shall be subject to the consent of the Parent and the Administrative Agent and, in the case of a new Commitment, each Issuing Lender and each Swingline Lender, in each case, such consent not to be unreasonably withheld or delayed and (b) (i) in the case of an Increasing Lender, the Parent and such Increasing Lender execute an agreement substantially in the form of Exhibit 2.19A hereto and (ii) in the case of a New Lender, the Parent and such New Lender execute an agreement substantially in the form of Exhibit 2.19B hereto.  No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Commitments or Incremental Term Loans pursuant to this Section 2.19.  Increased and new Commitments or Incremental Term Loans created pursuant to this Section 2.19 shall become effective on the date agreed by the Parent, the Administrative Agent and the relevant Increasing Lenders or New Lenders, and the Administrative Agent shall notify each Lender thereof.  Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this Section 2.19 unless, on the date of such increase or Incremental Term Loans, the Administrative Agent shall have received a certificate, dated as of the effective date of such increase or Incremental Term Loans and executed by a Financial Officer, to the effect that the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied (with all references in such paragraphs to a Borrowing being deemed to be references to such increase or such Incremental Term Loans and attaching resolutions of the Borrowers approving such increase or Incremental Term Loans).  On the effective date of any increase in the Commitments, Schedule 2.01(a) shall be deemed to have been amended to reflect the Commitments of the Increasing Lenders and/or New Lenders and Schedule 1.01(c) shall be deemed to have been amended to reflect the Non-Pro Rata Alternative Currencies (if any) in which any New Lender has agreed to fund Revolving 
-4-

Loans and/or any changes in the allocations and Applicable Percentages set forth thereon as a result of such increase in Commitments.  Following any increase in the Commitments pursuant to this Section 2.19, any Revolving Loans outstanding prior to the effectiveness of such increase shall continue to be outstanding until the ends of the respective Interest Periods applicable thereto, and shall then be repaid and, if the relevant Borrowers shall so elect, refinanced with new Revolving Loans made pursuant to Section 2.01 ratably in accordance with the Commitments in effect following such increase.  Any Incremental Term Loans (a) shall rank equal to right of payment with the Revolving Loans, (b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably then) the Revolving Loans; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after the Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans.  Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Obligors, each Increasing Lender participating in such tranche, each New Lender participating in such tranche, if any, and the Administrative Agent.  The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.19.  Nothing contained in this Section 2.19 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder, or to provide Incremental Term Loans at any time.”
(l) Article VIII is hereby amended to delete the word “not” immediately after the phrase “or such Lender has” in the last paragraph thereof.
(m) Section 10.02 is hereby amended to restate subsection (b) thereof in its entirety as follows:
“(b) Except as provided in (x) Section 2.13(c) with respect to an alternate rate of interest and (y) Section 2.19 with respect to an Incremental Term Loan Amendment, neither this Agreement nor 
-5-

any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrowers and the Majority Lenders or by the Borrowers and the Administrative Agent with the consent of the Majority Lenders; provided that no such agreement shall (i) increase any Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.20(a)(ii), without the written consent of each Lender directly affected thereby, (vi) change any of the provisions of this Section 10.02 or the definition of “Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.19 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Majority Lenders on substantially the same basis as the Commitments and Revolving Loans are included on the Effective Date), (vii) release all or a material portion of the Collateral without the written consent of each Lender, provided, that nothing herein shall prohibit the Administrative Agent from releasing any Collateral, or require the consent of the other Lenders for such release, in respect of items sold, leased, transferred or otherwise disposed of to the extent such transaction is permitted hereunder, (viii) release all or substantially all of the Guarantees (other than in connection with any transactions permitted by this Agreement) without the written consent of each Lender or (ix) change Section 2.08(c) in a manner that would alter the ratable reduction of Commitments required thereby, without the written consent of each Lender directly affected thereby; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Alternative Currency Agent, the Issuing Lenders or the Swingline Lenders 
-6-

hereunder without the prior written consent of the Administrative Agent, the Alternative Currency Agent, the Issuing Lenders or the Swingline Lenders, as the case may be.”
(n) Section 10.04(b)(i) is hereby amended to restate clause (B) thereof in its entirety as follows:
“(B) the Administrative Agent, each Issuing Lender and each Swingline Lender; provided that no consent of any such Person shall be required for an assignment to an Affiliate of the assigning Lender if such Lender determines in its sole discretion that such assignment is required by Law;”
(o) Section 10.04(b)(ii) is hereby amended to restate clause (E) thereof in its entirety as follows:
“(E) prior to any assignment to an assignee that is neither a Lender nor an Affiliate of the assigning Lender, the Lender making such an assignment shall first offer the assignment to the other Lenders who shall have five (5) Business Days to purchase the assignment on the same terms as are proposed to the non-Lender or non-Affiliate Lender assignee; and”
(p) Article X is hereby amended to add the following new Section 10.21 at the end of said Article:
“Section 10.21 Acknowledgment Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported 
-7-

QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.  In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.  Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.”
(q) Schedules 1.01(a), 1.01(b), 1.01(c) and 2.01(a) to the Credit Agreement are hereby amended to read in their entirety as set forth on Schedule 1.01(a), 1.01(b), 1.01(c) and 2.01(a) attached hereto, respectively.
(r) Exhibit 1.1B to the Credit Agreement is hereby amended to read in its entirety as set forth on Exhibit 1.1B attached hereto.
(s) Exhibit 1.1C to the Credit Agreement is hereby deleted in its entirety.
(t) Exhibit 2.19A and Exhibit 2.19B are hereby added to the Credit Agreement in the forms attached hereto as Exhibit 2.19A and Exhibit 2.19B, respectively.
23. Limitation as to the South African Guarantor.  Notwithstanding anything to the contrary contained in the Credit Agreement, the other Loan Documents or this Amendment, until such time as the South African Guarantor has received written approval from the Financial Surveillance Department of the South African Reserve Bank (the “SARB”) to the increase in the principal amount of the Obligations to be guaranteed by the South African Guarantor under the Guarantee and the extension of the Maturity Date, in each case, as set forth in this Amendment, (a) the liability of the South African Guarantor under the Guarantee shall not exceed the Obligations (as approved by the SARB on March 8, 2019 and without giving effect to this Amendment) and (b) the obligations of the South African Guarantor under the Guarantee shall terminate on the Maturity Date (as approved by the SARB on March 8, 2019 and without giving effect to this Amendment).  The Parent shall cause the South African Guarantor to use 
-8-

commercially reasonably efforts to obtain such SARB approval within 150 days after the Amendment Effective Date (or such longer period as may be agreed to by the Administrative Agent in its reasonable discretion) and provide notice to the Administrative Agent promptly upon receipt thereof.
24. Conditions Precedent.  This Amendment shall be effective as of the Amendment Effective Date upon satisfaction of the following conditions precedent:
(a) no Default or Event of Default shall exist;
(b) the Administrative Agent shall have received counterparts of this Amendment, duly executed by the Borrowers, the other Obligors party hereto, the Lenders and the New Lender (as defined in Section 7 below); 
(c) the Administrative Agent shall have received for the New Lender and each Lender whose Commitment shall be increased upon the Amendment Effective Date (other than any such Lender that has notified the Administrative Agent that is does not require a new promissory note), a promissory note reflecting the New Lender’s and each such Lender’s Commitment; 
(d) the Administrative Agent shall have received a certificate, dated as of the Amendment Effective Date and executed by a Financial Officer, to the effect that the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement are satisfied (with all references in such paragraphs to a Borrowing being deemed to be references to the increase of the Commitments effected hereby and attaching resolutions of the Borrowers approving such increase); and
(e) the Administrative Agent shall have received (i) all fees required to be paid pursuant to that certain Fee Letter, dated as of the date hereof, by and among the Parent and the Administrative Agent and as otherwise agreed in writing and (ii) all other amounts due and payable on or prior to the date hereof (including the reasonable fees and expenses of legal counsel required to be paid pursuant to the Credit Agreement and for which invoices have been presented at least one Business Day prior to the Amendment Effective Date).
25. Ratification.  Each Obligor hereby ratifies all of its Obligations under the Credit Agreement and each of the Loan Documents to which it is a party, and agrees and acknowledges that the Credit Agreement and each of the other Loan Documents to which it is a party are and shall continue to be in full force and effect as amended and modified by this Amendment.  Nothing in this Amendment extinguishes, novates or releases any right, claim, lien, security interest or entitlement of any of the Lenders or the Administrative Agent created by or contained in any of such documents nor is any Obligor released from any covenant, warranty or obligation created by or contained herein or therein.
26. Representations and Warranties.  Each Obligor hereby represents and warrants to the Lenders and the Administrative Agent that (a) this Amendment has been duly executed and delivered on behalf of such Obligor, (b) this Amendment constitutes a valid and 
-9-

legally binding agreement enforceable against such Obligor in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (c) the representations and warranties contained in the Credit Agreement and the other Loan Documents to which it is a party are true and correct on and as of the date hereof in all material respects as though made as of the date hereof, except for such representations and warranties as are by their express terms limited to a specific date, in which case such representations and warranties were true and correct in all material respects as of such specific date; provided that, in either case, to the extent any such representation and warranty is qualified by Material Adverse Effect or materiality qualifier, such representation and warranty is true and correct in all respects, (d) no Default or Event of Default exists under the Credit Agreement or under any other Loan Document or will result immediately upon giving effect to this Amendment and (e) the execution, delivery and performance of this Amendment has been duly authorized by such Obligor.
27. New Lender.  By execution and delivery of this Amendment, U.S. Bank National Association (the “New Lender”) shall become a party to the Credit Agreement as of the Amendment Effective Date and shall have all of the rights and obligations, severally and not jointly, of a Lender thereunder for all purposes and to the same extent as if originally a party thereto, and shall agree, and does hereby agree to be bound by the terms and conditions thereof as if it were an original signatory thereto.  The New Lender confirms, for the benefit of the Administrative Agent, that it is a U.K. Treaty Lender and a German Treaty Lender.
28. Counterparts.  This Amendment may be signed in any number of counterparts, which may be delivered in original, facsimile or electronic form each of which shall be construed as an original, but all of which together shall constitute one and the same instrument.
29. Governing Law.  This Amendment shall be construed in accordance with and governed by the Law of the State of New York without regard to any choice-of-law provisions that would require the application of the law of another jurisdiction.
210. Amendment is a Loan Document; References to the Credit Agreement.  This Amendment is a Loan Document, as defined in the Credit Agreement.  All references in the Credit Agreement to “this Agreement” mean the Credit Agreement as amended by this Amendment.
211. Final Agreement of the Parties.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[Signature pages follow]

-10-

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

CARDTRONICS PLC

						
	By:	/s/ Gary Ferrera
	Name:	Gary Ferrera
	Title:	Chief Financial Officer

        

CARDTRONICS HOLDINGS LIMITED

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	Director

CATM EUROPE HOLDINGS LIMITED

						
	By:	/s/ Jana Hile
	Name:	Jana Hile
	Title:	Director

CATM HOLDINGS LLC

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	President

CARDTRONICS USA, INC.

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	Treasurer

[Continued on following page]

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

CARDTRONICS UK LIMITED

						
	By:	/s/ Jana Hile
	Name:	Jana Hile
	Title:	Director

CARDTRONICS AUSTRALASIA PTY LTD

in accordance with section 127 of the Corporations Act 2001 (Cth) by a director and secretary/director:

						
	By:	/s/ Jana Hile
	Name:	Jana Hile
	Title:	Director

						
	By:	/s/ Andrew Wingrove
	Name:	Andrew Wingrove
	Title:	Director

CARDTRONICS CANADA HOLDINGS INC.

						
	By:	/s/ Patrick Moriarty
	Name:	Patrick Moriarty
	Title:	Senior Vice-President, North America, Accounting Operations

CARDPOINT GMBH

						
	By:	/s/ Jana Hile
	Name:	Jana Hile
	Title:	Director

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

CREDIT FACILITY GUARANTORS:

CARDTRONICS, INC.

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	President

ATM NATIONAL, LLC

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	Treasurer

CATM NORTH AMERICA HOLDINGS LIMITED

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	Director

CATM AUSTRALASIA HOLDINGS LIMITED

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	Director

SUNWIN SERVICES GROUP (2010) LTD.

						
	By:	/s/ Michael Pinder
	Name:	Michael Pinder
	Title:	Director

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

SPARK ATM SYSTEMS PROPRIETARY LIMITED

						
	By:	/s/ Marc Sternberg
	Name:	Marc Sternberg
	Title:	Director

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

CFC GUARANTORS:

CARDTRONICS HOLDINGS, LLC

						
	By:	/s/ E. Brad Conrad
	Name:	E. Brad Conrad
	Title:	President

CARDPOINT LIMITED

						
	By:	/s/ Jana Hile
	Name:	Jana Hile
	Title:	Director

CARDTRONICS CANADA LIMITED PARTNERSHIP

By: Cardtronics Canada Operations Inc., its General Partner

						
	By:	/s/ Patrick Moriarty
	Name:	Patrick Moriarty
	Title:	Senior Vice-President, North America, Accounting Operations

CARDTRONICS CANADA ATM PROCESSING PARTNERSHIP 

By: Cardtronics Canada Operations Inc., its Managing Partner

						
	By:	/s/ Patrick Moriarty
	Name:	Patrick Moriarty
	Title:	Senior Vice-President, North America, Accounting Operations

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

ADMINISTRATIVE AGENT AND LENDER:

JPMORGAN CHASE BANK, N.A.

						
	By:	/s/ Min Park
	Name:	Min Park
	Title:	Vice President

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH

						
	By:	/s/ Deborah Booth
	Name:	Deborah Booth
	Title:	Executive Director

J.P. MORGAN EUROPE LIMITED 

						
	By:	/s/ Fatma Mustafa
	Name:	Fatma Mustafa
	Title:	Vice President

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

BANK OF AMERICA, N.A.

						
	By:	/s/ Adam Rose
	Name:	Adam Rose
	Title:	SVP

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

BARCLAYS BANK PLC

						
	By:	/s/ Gill Skala
	Name:	Gill Skala
	Title:	Director
	Executed in New York	

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

WELLS FARGO BANK, N.A.

						
	By:	/s/ Hannah Wolfert
	Name:	Hannah Wolfert
	Title:	Vice President

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

BBVA USA

						
	By:	/s/ Collis Sander
	Name:	Collis Sander
	Title:	Executive Vice President

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

CAPITAL ONE, N.A.

						
	By:	/s/ Sallye Cielencki
	Name:	Sallye Cielencki
	Title:	Senior Vice President/ Underwriter V

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

PNC BANK, NATIONAL ASSOCIATION

						
	By:	/s/ Andrea Kinnik
	Name:	Andrea Kinnik
	Title:	Senior Vice President

PNC BANK CANADA BRANCH

						
	By:	/s/ Caroline Stade
	Name:	Caroline Stade
	Title:	Senior Vice President

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

CITIBANK, N.A.

						
	By:	/s/ Bradley Peters
	Name:	Bradley Peters
	Title:	Director

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

U.S. BANK NATIONAL ASSOCIATION

						
	By:	/s/ Ken Gorski
	Name:	Ken Gorski
	Title:	Vice President

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

BANK OF MONTREAL

						
	By:	/s/ Andrew Berryman
	Name:	Andrew Berryman
	Title:	Vice President

BANK OF MONTREAL, LONDON BRANCH

						
	By:	/s/ Tom Woolgar
	Name:	Tom Woolgar
	Title:	Managing Director, Corporate Banking

						
	By:	/s/ Scott Matthews
	Name:	Scott Matthews
	Title:	Managing Director, CFO, EMEA, BMO Financial Group

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

CANADIAN IMPERIAL BANK OF COMMERCE

						
	By:	/s/ Mario Frison
	Name:	Mario Frison
	Title:	Authorized Signatory

						
	By:	/s/ Peter Holowach
	Name:	Peter Holowach
	Title:	Authorized Signatory

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

NATIONAL WESTMINSTER BANK PLC

						
	By:	/s/ Alex Pickering - Carter
	Name:	Alex Pickering - Carter
	Title:	Associate Director

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

GOLDMAN SACHS LENDING PARTNERS LLC

						
	By:	/s/ Ryan Durkin
	Name:	Ryan Durkin
	Title:	Authorized Signatory

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

LENDER:

HSBC BANK USA, N.A.

						
	By:	/s/ Michael Bustios
	Name:	Michael Bustios
	Title:	Senior Vice President

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

SCHEDULE 1.01(a)
CFC GUARANTORS
Cardtronics Holdings, LLC 
Cardpoint Limited 
Cardtronics UK Limited 
Cardtronics Canada Holdings Inc.
Cardtronics Canada ATM Processing Partnership
Cardtronics Australasia Pty Ltd
Cardtronics Canada Limited Partnership
Cardpoint GmbH

First Amendment to Second Amended and Restated Credit Agreement 
Schedule 1.01(a)

SCHEDULE 1.01(b)
CREDIT FACILITY GUARANTORS
Cardtronics plc
Cardtronics Holdings Limited
CATM Europe Holdings Limited
CATM Holdings LLC
Cardtronics USA, Inc.
CATM Australasia Holdings Limited
CATM North America Holdings Limited
Cardtronics, Inc.
Sunwin Services Group (2010) Limited
ATM National, LLC
Spark ATM Systems Proprietary Limited

First Amendment to Second Amended and Restated Credit Agreement 
Schedule 1.01(b)

SCHEDULE 1.01(c)
NON-PRO RATA ALTERNATIVE CURRENCIES AND LENDERS
															
	Currency	Available for Swingline Loans and Letters of Credit?	Lenders That Have Agreed to Fund Revolving Loans in Said Currency	Allocation of each Lender in Said Currency	Applicable Percentage of Revolving Loans in Said Currency
	Rand	Yes	JPMorgan Chase Bank, N.A.*
Bank of America, N.A.*
Barclays Bank plc*
Wells Fargo Bank, N.A.*
BBVA USA
Capital One, N.A.
PNC Bank, National Association
U.S. Bank National Association
Bank of Montreal, London Branch
National Westminster Bank plc
Goldman Sachs Lending Partners LLC
HSBC Bank USA, N.A.
	$85,000,000
$85,000,000
$85,000,000
$85,000,000
$70,000,000
$70,000,000
$70,000,000
$30,000,000
$30,000,000
$30,000,000
$25,000,000
$25,000,000	12.3%
12.3%
12.3%
12.3%
10.1%
10.1%
10.1%
4.3%
4.3%
4.3%
3.6%
3.6%

* Issuing Lenders that have agreed to issue Letters of Credit in said currency.  

First Amendment to Second Amended and Restated Credit Agreement 
Schedule 1.01(c)

SCHEDULE 2.01(a)

COMMITMENTS

						
	Lenders	Commitment
	JPMorgan Chase Bank, N.A.	$85,000,000 	 
	Bank of America, N.A.	$85,000,000 	 
	Barclays Bank plc	$85,000,000 	 
	Wells Fargo Bank, N.A.	$85,000,000 	 
	BBVA USA	$70,000,000 	 
	Capital One, N.A.	$70,000,000 	 
	PNC Bank, National Association	$70,000,000 	 
	Citibank, N.A.	$30,000,000 	 
	U.S. Bank National Association	$30,000,000 	 
	Bank of Montreal	$30,000,000 	 
	Canadian Imperial Bank of Commerce	$30,000,000 	 
	National Westminster Bank plc	$30,000,000 	 
	HSBC Bank USA, N.A.	$25,000,000 	 
	Goldman Sachs Lending Partners, LLC	$25,000,000 	 
	TOTAL	$750,000,000 	 

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 2.01(a) 

EXHIBIT 1.1B
ASSIGNMENT AND ASSUMPTION
Reference is made to the Second Amended and Restated Credit Agreement dated as of November 19, 2018 (as amended and in effect on the date hereof, the “Credit Agreement”), among Cardtronics plc, the other Obligors party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders and J.P. Morgan Europe Limited, as Alternative Currency Agent for the Lenders.  Capitalized terms defined in the Credit Agreement are used herein with the same meanings.
The Assignor named below hereby sells and assigns, without recourse, to the Assignee named below, and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the Assignment Date set forth below, the interests set forth below (the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement, including, without limitation, the interests set forth below in the Commitments of the Assignor on the Assignment Date and Loans owing to the Assignor which are outstanding on the Assignment Date, together with the participations in Letters of Credit, LC Disbursements and Swingline Loans held by the Assignor on the Assignment Date, but excluding accrued interest and fees to and excluding the Assignment Date.  The Assignee hereby acknowledges receipt of a copy of the Credit Agreement.  From and after the Assignment Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent of the Assigned Interest, relinquish its rights and be released from its obligations under the Credit Agreement.
This Assignment and Assumption is being delivered to the Administrative Agent together with (i) any documentation required to be delivered by the Assignee pursuant to Sections 2.16(g) and (h) of the Credit Agreement, duly completed and executed by the Assignee, and (ii) if the Assignee is not already a Lender under the Credit Agreement, an Administrative Questionnaire in the form supplied by the Administrative Agent, duly completed by the Assignee.  The [Assignee/Assignor] shall pay the fee payable to the Administrative Agent pursuant to Section 10.04(b) of the Credit Agreement.
The Assignee confirms, for the benefit of the Administrative Agent, that it is [not a U.K. Qualifying Lender and/or not a German Qualifying Lender] [a U.K. Qualifying Lender (other than a U.K. Treaty Lender) and or a German Qualifying Lender (other than a German Treaty Lender] [a U.K. Treaty Lender and/or a German Treaty Lender].
This Assignment and Assumption shall be governed by and construed in accordance with the laws of the State of New York.
Date of Assignment:
Legal Name of Assignor:

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 1.1B

Legal Name of Assignee:
Assignee’s Address for Notices:
Effective Date of Assignment (“Assignment Date”):
									
	Facility	Principal Amount Assigned	Percentage Assigned of Commitment (set forth, to at least 8 decimals, as a percentage of the aggregate Commitments of all Lenders)

	Commitment Assigned:	$	%
	Loans:	$	

The terms set forth above are hereby agreed to:
________________________________, 
 
as Assignor

By:  
Name:  
Title:  

________________________________, 
 
as Assignee

By:  
Name:  
Title:  

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 1.1B

The undersigned hereby consent to the within assignment:
						
	Cardtronics plc

By: __________________________________
 
   Name:
 
   Title:
	JPMorgan Chase Bank, N.A., 
as Administrative Agent, an Issuing Lender and a Swingline Lender

By: __________________________________ 
   Name: 
   Title:

		
[Insert signature blocks for other Issuing Lenders and Swingline Lenders]

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 1.1B

EXHIBIT 2.19A
FORM OF INCREASING LENDER SUPPLEMENT
INCREASING LENDER SUPPLEMENT, dated ____________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Second Amended and Restated Credit Agreement, dated as of November 19, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Cardtronics plc, an English public limited company (the “Parent”), the other Obligors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
W I T N E S S E T H
WHEREAS, pursuant to Section 2.19 of the Credit Agreement, the Parent has the right, subject to the terms and conditions thereof, to effectuate from time to time an increase in the Commitments and/or one or more tranches of Incremental Term Loans under the Credit Agreement by requesting one or more Lenders to increase the amount of its Commitment and/or to participate in such a tranche;
WHEREAS, the Parent has given notice to the Administrative Agent of its intention to [increase the Commitments] [and] [enter into a tranche of Incremental Term Loans] pursuant to such Section 2.19; and
WHEREAS, pursuant to Section 2.19 of the Credit Agreement, the undersigned Increasing Lender now desires to [increase the amount of its Commitment] [and] [participate in a tranche of Incremental Term Loans] under the Credit Agreement by executing and delivering to the Parent and the Administrative Agent this Supplement;
NOW, THEREFORE, each of the parties hereto hereby agrees as follows:
1. The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement it shall [increase its Commitment by $[_______], thereby making the aggregate amount of its total Commitments equal to $[________]] [and] [participate in a tranche of Incremental Term Loans with a commitment amount equal to $[________] with respect thereto].  Upon execution hereof, this Supplement will be delivered to the Administrative Agent for recording in the Register.
2. The Parent hereby represents and warrants that the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement are satisfied as of the date hereof.
3. Terms defined in the Credit Agreement shall have their defined meanings when used herein.
4. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 2.19A

5. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.
IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.
															
				[INSERT NAME OF INCREASING LENDER]	
	
				
					
				By:	
					Name:
					Title:
					
	Accepted and agreed to as of the date first written above:
				
	CARDTRONICS PLC
				
					
	By:				
		Name:			
		Title:			
					
	
Acknowledged as of the date first written above:
				
	JPMORGAN CHASE BANK, N.A., 
as Administrative Agent 
				
					
	By:				
		Name:			
		Title:			

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 1.1B

EXHIBIT 2.19B
FORM OF NEW LENDER SUPPLEMENT
NEW LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Second Amended and Restated Credit Agreement, dated as of November 19, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Cardtronics plc, an English public limited company (the “Parent”), the other Obligors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”).
W I T N E S S E T H
WHEREAS, the Credit Agreement provides in Section 2.19 thereof that any bank, financial institution or other entity may [provide Commitments] [and] [participate in tranches of Incremental Term Loans] under the Credit Agreement subject to the approval of the Parent and the Administrative Agent (and, in the case of a new Commitment, each Issuing Lender and each Swingline Lender), by executing and delivering to the Parent and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and
WHEREAS, the undersigned New Lender was not an original party to the Credit Agreement but now desires to become a party thereto;
NOW, THEREFORE, each of the parties hereto hereby agrees as follows:
1. The undersigned New Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a [Commitment with respect to Revolving Loans of $[_________]] [and] [a commitment with respect to Incremental Term Loans of $[________]].  Upon execution hereof, this Supplement will be delivered to the Administrative Agent for recording in the Register.
2. The undersigned New Lender (a) represents and warrants that (i) it is legally authorized to enter into this Supplement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender and (iii) it is not Person described in Section 10.04(b)(ii)(F) of the Credit Agreement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof and has reviewed such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit 
First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 2.19B

Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender; and (f) confirms, for the benefit of the Administrative Agent, that it is [not a U.K. Qualifying Lender and/or not a German Qualifying Lender] [a U.K. Qualifying Lender (other than a U.K. Treaty Lender) and or a German Qualifying Lender (other than a German Treaty Lender] [a U.K. Treaty Lender and/or a German Treaty Lender].
3. The undersigned’s address for notices for the purposes of the Credit Agreement is as follows:
[_________________]
 
[_________________]
 
[_________________]
4. The Parent hereby represents and warrants that the conditions set forth in paragraphs (a) and (b) of Section 4.02 of the Credit Agreement are satisfied as of the date hereof.
5. Terms defined in the Credit Agreement shall have their defined meanings when used herein.
6. This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.
7. This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.
[remainder of this page intentionally left blank]

First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 2.19B

IN WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.
															
				[INSERT NAME OF NEW LENDER]	
	
				
					
				By:	
					Name:
					Title:
					
	Accepted and agreed to as of the date first written above:
				
	CARDTRONICS PLC
				
					
	By:				
		Name:			
		Title:			
					
	
Accepted and agreed to as of the date first written above:
				
	JPMORGAN CHASE BANK, N.A., 
as Administrative Agent 
				
					
	By:				
		Name:			
		Title:			

[Insert signature blocks for Issuing Lenders and Swingline Lenders in the case of a new Commitment]
First Amendment to Second Amended and Restated Credit Agreement 
Exhibit 2.19B

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]