Document:

Exhibit 10(b)

		

			 

		

		
			Exhibit 10(b)
		

		
			PGIM, Inc. and the Noteholders signatory hereto
		

		
			c/o Prudential Capital Group
		

		
			2029 Century Park East, Suite 715
		

		
			Los Angeles,  CA 90067
		

		
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			As of February 23, 2018
		

		
			WD-40 Company
		

		
			9715 Businesspark Avenue
		

		
			San Diego, CA 92131
		

		
			Re:First  Amendment to Note Purchase and Private Shelf Agreement
		

		
			Ladies and Gentlemen:
		

		
			Reference is made to that certain Note Purchase and Private Shelf Agreement, dated as of November 15, 2017 (as amended or otherwise modified from time to time, the “Agreement”), by and between WD-40 Company, a Delaware corporation,  on the one hand, and PGIM, Inc. and the other Purchasers, on the other hand.  Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Agreement.
		

		
			1.Amendment to Agreement.  Pursuant to the provisions of Section 17 of the Agreement, and subject to the terms and conditions of this letter agreement, the undersigned holders of Notes (the “Noteholders”) and the Company hereby agree that Section 10.15 of the Agreement is hereby amended (i) to delete the “and” at the end of clause (a) thereof, (ii) to delete the period at the end of clause (b) thereof and to replace such period with “; and”, and (iii) to insert a new clause (c) thereto, as follows:
		

		
			“(c)up to $15,000,000 of expenditures for the purchase and improvement of a building in the United Kingdom will not be applied to reduce the annual amount of permitted Consolidated Capital Expenditures pursuant to this Section 10.15 so long as such expenditures are made during fiscal year 2018 and/or fiscal year 2019.”
		

		
			2.Limitation of Modifications.  The modifications effected in this letter agreement shall be limited precisely as written and shall not be deemed to be (a) an amendment, consent, waiver or other modification of any other terms or conditions of the Agreement or any other document related to the Agreement, or (b) a consent to any future amendment, consent, waiver or other modification.  Except as expressly set forth in this letter agreement, each of the Agreement and the documents related to the Agreement shall continue in full force and effect.  The parties hereto acknowledge and agree that this letter agreement constitutes a Transaction Document.
		

		
			3.Representations and Warranties.  The Company hereby represents and warrants as follows:  (i) No Default or Event of Default has occurred and is continuing (both immediately before and immediately after giving effect to the effectiveness of this letter agreement); (ii) the Company’s entering into and performance of the Agreement, as modified by this letter agreement, has been duly authorized by all necessary corporate and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including any Governmental Authority) in order to be effective and enforceable; (iii) the Agreement, as modified by this letter agreement, constitutes the legal, valid and binding obligation of the Company, 
		

		 

		

			 

		

 

		enforceable against the Company in accordance with its respective terms except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity; and (iv) immediately after giving effect to this letter agreement, each of the representations and warranties of the Company set forth in the Agreement is true and correct as of the date hereof (except to the extent such representations and warranties expressly relate to another date, in which case such representations and warranties are true and correct as of such other date).
		

		
			4.Effectiveness.This letter agreement shall become effective, as of the date hereof, on the date on which (i) the Noteholders shall have received a fully executed counterpart of this letter agreement from each Credit Party, (ii) the Noteholders shall have received a copy of a fully executed amendment to the Bank Credit Agreement in form and substance reasonably satisfactory to the Required Holders, and (iii) the Company shall have paid, by wire transfer of immediately available funds, all reasonable fees, charges and disbursements of counsel to the Noteholders in connection with this letter agreement.
		

		
			5.Miscellaneous.
		

		
			(a)This document may be executed in multiple counterparts, which together shall constitute a single document.  Delivery of executed counterparts of this letter agreement by telefacsimile or other secure electronic format (pdf) shall be effective as an original.
		

		
			(b)This letter agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the internal laws of New York, excluding choice-of-law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.
		

		
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		If you are in agreement with the foregoing, please sign this letter agreement in the space indicated below whereupon, subject to the conditions expressed herein, it shall become a binding agreement among each party named as a signatory hereto.
		

		
			Sincerely,
		

		
			PGIM, INC.
		

		
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						By:

					
					
						/s/ BRAD WIGINTON

				
	
					
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						Vice President

				

		
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			THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		

		
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						By:

					
					
						/s/ BRAD WIGINTON

				
	
					
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						Vice President

				

		
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			FARMERS INSURANCE EXCHANGE
		

		
			By:Prudential Private Placement Investors, L.P. (as Investment Advisor)
as Investment Manager
		

		
			By:Prudential Private Placement Investors, Inc. (as its General Partner)
as Sub-Advisor
		

			
					
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						By:

					
					
						/s/ BRAD WIGINTON

				
	
					
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						Vice President

				

		
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			MID CENTURY INSURANCE COMPANY
		

		
			By:Prudential Private Placement Investors, L.P. (as Investment Advisor)
as Investment Manager
		

		
			By:Prudential Private Placement Investors, Inc. (as its General Partner)
as Sub-Advisor
		

			
					
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						By:

					
					
						/s/ BRAD WIGINTON

				
	
					
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						Vice President

				

		
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		Accepted and agreed to as of the date first appearing above:
		

		
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			WD-40 COMPANY, a Delaware corporation
		

			
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
						Name:

					
					
						Jay W. Rembolt

				
	
					
						Title:

					
					
						Chief Financial Officer

				

		
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			Each of the Guarantors hereby (a) consents to the amendments and other modification effected by this letter agreement and the other transactions contemplated hereby, (b) reaffirms its obligations under the Multiparty Guaranty and its waivers, as set forth in the Multiparty Guaranty, of each and every one of the possible defenses to such obligations, and (c) reaffirms that its obligations under the Multiparty Guaranty are separate and distinct from the obligations of the Company under the Agreement and the Notes.
		

		
			WD-40 MANUFACTURING COMPANY, a California corporation
		

			
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
						Name:

					
					
						Jay W. Rembolt

				
	
					
						Title:

					
					
						Chief Financial Officer

				

		
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			HPD LABORATORIES INC., a Delaware corporation
		

			
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
						Name:

					
					
						Jay W. Rembolt

				
	
					
						Title:

					
					
						Chief Financial Officer

				

		
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			HEARTLAND CORPORATION,  a Kansas corporation
		

			
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
						Name:

					
					
						Jay W. Rembolt

				
	
					
						Title:

					
					
						Chief Financial Officer

				

		
			﻿Exhibit 10(c)

		

			 

		

		
			Exhibit 10(c)
		

		
			SIXTH AMENDMENT TO CREDIT AGREEMENT
		

		
			THIS SIXTH AMENDMENT TO CREDIT AGREEMENT dated as of February 23, 2018 (this “Amendment”), is entered into among WD-40 COMPANY, a Delaware corporation (the “Borrower”), the Guarantors identified on the signature pages hereto (together with the Borrower, each a “Loan Party” and collectively the “Loan Parties”)  and BANK OF AMERICA, N.A. (the “Lender”).  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (defined below).
		

		
			RECITALS
		

		
			A.The Loan Parties and the Lender entered into that certain Credit Agreement dated as of June 17, 2011 (as amended and modified from time to time, the “Credit Agreement”).
		

		
			B.The parties hereto have agreed to amend the Credit Agreement as provided herein.
		

		
			C.In consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows.
		

		
			AGREEMENT
		

		
			1.Amendments.
		

		
			(a)Section 8.03(i) of the Credit Agreement is hereby amended to read as follows:
		

		
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			(i)Indebtedness arising under the Note Purchase Agreement (including any amendments thereto) in an aggregate principal amount not to exceed $35,000,000.
		

		
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			(b)The “.” at the end of Section 8.15(b) of the Credit Agreement is hereby deleted and replaced with “; and” and a new Section 8.15(c)  is hereby added to the Credit Agreement to read as follows:
		

		
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			(c)up to $15,000,000 of expenditures for the purchase and improvement of a building in the United Kingdom will not be applied to reduce the annual amount of permitted Consolidated Capital Expenditures pursuant to this Section 8.15 so long as such expenditures are made during fiscal year 2018 and/or fiscal year 2019.
		

		
			2.Effectiveness; Conditions Precedent.  This Amendment shall be effective, as of the date hereof, upon satisfaction of the following conditions precedent:
		

		
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			(a)The Lender shall have received (i) a copy of this Amendment duly executed by the Loan Parties and (b) a copy of an executed amendment to the Note Purchase Agreement in form and substance reasonably satisfactory to the Lender.    
		

		
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			(b)The Borrower shall have paid all reasonable fees, charges and disbursements of counsel to the Lender in connection with this Amendment (directly to such counsel if requested by the Lender).
		

		
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		3.Ratification of Loan Documents.  Each Loan Party acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Loan Documents.  This Amendment is a Loan Document.
		

		
			4.Authority/Enforceability.  Each Loan Party represents and warrants as follows:
		

		
			(a)It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.
		

		
			(b)This Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding obligations, enforceable in accordance with its terms.
		

		
			(c)No consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment, or, if such consent is required, it has been obtained.
		

		
			(d)The execution and delivery of this Amendment does not (i) violate, contravene or conflict with any provision of its Organization Documents or (ii) materially violate, contravene or conflict with any Laws applicable to it or any of its Subsidiaries.
		

		
			5.Representations and Warranties of the Loan Parties.  Each Loan Party represents and warrants that after giving effect to this Amendment (a) the representations and warranties of the Loan Party set forth in Article VI of the Credit Agreement are true and correct in all material respects as of the date hereof,  except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, and (b) no event has occurred and is continuing which constitutes a Default.
		

		
			6.Counterparts/Telecopy-pdf.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of executed counterparts of this Amendment by telecopy or pdf shall be effective as an original.
		

		
			7.Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be governed by and construed and interpreted in accordance with the laws of the state of California.
		

		
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		IN WITNESS WHEREOF,  the parties hereto have caused this Amendment to be duly executed as of the date first above written.
		

			
					
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						BORROWER:

					
					
						WD-40 COMPANY,

				
	
					
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						a Delaware Corporation

				
	
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
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						Name:

					
					
						Jay W. Rembolt

				
	
					
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						Title:

					
					
						Treasurer and Chief Financial Officer

				
	
					
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						 GUARANTORS:

					
					
						WD-40 MANUFACTURING COMPANY, 

				
	
					
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						a California corporation

				
	
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
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						Name:

					
					
						Jay W. Rembolt

				
	
					
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						Title:

					
					
						Treasurer and Chief Financial Officer

				
	
					
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						HPD LABORATORIES INC., 

				
	
					
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						a Delaware corporation

				
	
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
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						Name:

					
					
						Jay W. Rembolt

				
	
					
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						Title:

					
					
						Treasurer and Chief Financial Officer

				
	
					
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						HEARTLAND CORPORATION, 

				
	
					
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						a Kansas corporation

				
	
					
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						By:

					
					
						/s/ JAY W. REMBOLT

				
	
					
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						Name:

					
					
						Jay W. Rembolt

				
	
					
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						Title:

					
					
						Treasurer and Chief Financial Officer

				
	
					
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						LENDER:

					
					
						BANK OF AMERICA, N.A.,

				
	
					
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						as a Lender,

				
	
					
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						By:

					
					
						/s/ CHRISTOPHER D. PANNACCIULLI

				
	
					
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						Name:

					
					
						Christopher D. Pannacciulli

				
	
					
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						Title:

					
					
						Senior Vice President 

				
	
					
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			WD-40 COMPANY

		

		

			SIXTH AMENDMENT TO

		

		

			CREDIT AGREEMENT

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