Document:

Exhibit 10.2

 

THIRD AMENDMENT, dated as of March 27, 2012 (the “Third Amendment”), to the RECEIVABLES PURCHASE AGREEMENT, dated as of March 31, 2011, as amended by the First Amendment, dated as of June 30, 2011 and the Second Amendment, dated as of December 28, 2011 (prior to the effective date of the Third Amendment, the “Original Agreement”; as amended by the Third Amendment and as further amended, supplemented or modified from time to time, the “Agreement”), among (i) WORLD FUEL SERVICES, INC., a Texas corporation, WORLD FUEL SERVICES EUROPE, LTD., a company organized under the laws of England and Wales (together with its successors and assigns, “WFSE”), WORLD FUEL SERVICES (SINGAPORE) PTE LTD, a company organized under the laws of Singapore (together with its successors and assigns, “WFSS”), WORLD FUEL SERVICES TRADING DMCC, a company organized under rules and regulations of the Dubai Multi Commodities Center and the laws of Dubai (together with its successors and assigns, “WFST”), and WORLD FUEL SERVICES AVIATION LIMITED a private limited liability company organized under the laws of England and Wales (together with its successors and assigns “WFSA”; WFSI, WFSE, WFSS, WFST and WFSA, together with its and their successors and assigns, each individually, “Seller”, and also collectively, as applicable, “Seller”), (ii) WORLD FUEL SERVICES CORPORATION, a Florida corporation (together with its successors and assigns, “Parent”), and (iii) WELLS FARGO BANK, NATIONAL ASSOCIATION, a U.S. national banking association (together with its successors and permitted assigns, “Wells”).  Terms not otherwise defined herein shall have the meanings set forth in the Original Agreement.

 

Seller and Wells wish to add two DLA Contracts to the receivables program under the Agreement.

 

Accordingly, the parties to the Third Amendment hereby agree to amend the Original Agreement as follows.

 

1.             Amendments.

 

(a)           Section 1 of the Original Agreement is hereby amended by (i) deleting the defined term “DLA Contracts” in its entirety, and (ii) substituting therefor the following new defined term:

 

“DLA Contracts” shall mean each of the following Contracts:  (i) Contract SP0600-09-D-1012 between the DLA and WFSS, (ii) Contract SP0600-10-D-0051 between DLA and WFST, (iii) Contract SP0600-11-D-1013 between the DLA and WFSS, and (iv) Contract SP0600-12-D-1002 between the DLA and WFSE, including any written modifications, supplements, amendments, substitutions or replacements thereof.

 

(b)           Section 1.18(d) (the defined term “Eligible Receivable”) of the Original Agreement is hereby amended by adding the following new phrase at the end of subclause (d) thereof:

 

 

“with regard to the DLA Contracts, risk of loss has passed to DLA for the goods and services reflected by the invoice of such Receivable, and payment on such Receivable has become an obligation subject to the full, faith and credit of the United States Government;”

 

(c)           Exhibit A of the Original Agreement is hereby amended by (i) deleting such Exhibit in its entirety, and (ii) substituting therefor Exhibit A attached hereto.

 

2.             Conditions Precedent.  The Third Amendment shall become effective on the date and time that Wells shall have received the agreements, documents, instruments and payments set forth on Exhibit D-3 hereto, each in form, substance and date reasonably satisfactory to Wells.

 

3.             Confirmation of Parent Guaranty.  By its execution of the Third Amendment, Parent hereby consents and acknowledges the additional terms set forth in the Third Amendment, and further acknowledges the continuing validity of the Parent Guaranty and reaffirms all of the terms and obligations contained in the Parent Guaranty, which shall remain in full force and effect for all obligations of Seller now or hereafter owing to Wells and acknowledges, agrees, represents and warrants that no oral or other agreements, understandings, representations or warranties exist with respect to the Parent Guaranty or with respect to the obligations of the undersigned thereunder, except those specifically set forth herein.  Parent further acknowledges and agrees that neither further notice to, nor consent of, Parent with respect to the modifications effected by the Third Amendment is required under the terms of the Parent Guaranty.

 

4.             Governing Law; Consent to Jurisdiction.  The Third Amendment, and the Agreement as so amended by the Third Amendment, shall be interpreted in accordance with and governed by the laws of the State of New York without giving effect to conflicts of law principles that would cause the application of the law of any jurisdiction other than the laws of the State of New York. Each party hereto irrevocably consents and submits to the non-exclusive jurisdiction of the Supreme Court of New York in New York County and the United States District Court for the Southern District of New York and waives any objection based on venue or forum non conveniens with respect to any action instituted therein arising under or in connection with the Third Amendment.

 

5.             Costs and Expenses. Seller agrees to reimburse Wells for all reasonable costs and expenses, including attorneys’ fees and expenses and Wells’ due diligence expenses, in connection with the preparation, negotiation and documentation of the Third Amendment. Seller also agrees to pay, on demand, all stamp and other similar taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of the Third Amendment, and agrees to indemnify each Indemnified Party against any liabilities with respect to or resulting from any delay in paying or omission to pay such taxes and fees.

 

6.             Execution in Counterparts.  The Third Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of the Third Amendment by PDF copy, telefacsimile or other electronic means shall have the same force and effect as the delivery of an original executed counterpart of the Third Amendment.  Any party

 

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delivering an executed counterpart of the Third Amendment by PDF copy, telefacsimile or other electronic means shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity, enforceability or binding effect of the Third Amendment or the Agreement as so amended by the Third Amendment.

 

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IN WITNESS WHEREOF each Seller, Wells and Parent have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

 

	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Purchaser
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Barbara Van Meerten
    
	
 
    	
 
    	
Name:   Barbara Van Meerten
    
	
 
    	
 
    	
Title:   Director
    

 

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WORLD   FUEL SERVICES, INC.,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrienne B. Urban
    
	
 
    	
 
    	
Name:   Adrienne B. Urban
    
	
 
    	
 
    	
Title:   Vice President, Treasurer
    

 

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WORLD   FUEL SERVICES EUROPE, LTD.,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrienne B. Urban
    
	
 
    	
 
    	
Name:   Adrienne B. Urban
    
	
 
    	
 
    	
Title:   Director
    

 

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WORLD   FUEL SERVICES (SINGAPORE) PTE LTD,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Francis Lee
    
	
 
    	
 
    	
Name:   Francis Lee
    
	
 
    	
 
    	
Title:   Managing Director
    

 

7

 

	
 
    	
WORLD   FUEL SERVICES TRADING DMCC,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Timothy R. Bingham
    
	
 
    	
 
    	
Name:   Timothy R. Bingham
    
	
 
    	
 
    	
Title:   Director and General Manager
    

 

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WORLD   FUEL SERVICES AVIATION LIMITED,
    
	
 
    	
as a Seller
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Anthony Key
    
	
 
    	
 
    	
Name:   Anthony Key
    
	
 
    	
 
    	
Title:   Director
    

 

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WORLD   FUEL SERVICES CORPORATION,
    
	
 
    	
as Parent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Adrienne B. Urban
    
	
 
    	
 
    	
Name:   Adrienne B. Urban
    
	
 
    	
 
    	
Title:   Vice President, Treasurer
    

 

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Exhibits A-D-3 have been intentionally omitted.Exhibit 10.1

 

OSI SYSTEMS, INC
 NONQUALIFIED DEFINED BENEFIT PLAN

 

Retirement Benefit Award Agreement

 

THIS AMENDED AND RESTATED AWARD AGREEMENT (“Award Agreement”) is made effective as of January 1, 2012, (the “Effective Date”) by and between OSI Systems, Inc. (the “Company”), and Deepak Chopra (the “Eligible Employee”).

 

WHEREAS, the Company has adopted the OSI Systems, Inc. Nonqualified Defined Benefit Plan, effective May 9, 2008, as amended (the “Plan”) and designated the Eligible Employee as a participant in the Plan;

 

WHEREAS, the Company now desires to accelerate vesting and change the timing of the Eligible Employee’s current Retirement Benefit to delay commencement by five (5) years consistent with the requirements of Section 409A of the Internal Revenue Code (the “Code”) and to add additional benefits payable to the Eligible Employee under the terms of the Plan;

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.           Participant.  The Eligible Employee shall continue as a Participant in the Plan.

 

2.           Incorporation of Plan.  The Plan, a copy of which has been reviewed by the Eligible Employee and his/her advisors prior to execution of this Award Agreement is made a part hereof as though set forth in full herein. Terms and phrases used herein shall have the same definitions or usage as in the Plan. The parties shall be bound by, and have the benefit of, each and every provision of the Plan.

 

3.           Retirement Benefit.  The Eligible Employee’s new Normal Retirement Date as such term is used under the terms of the Plan shall be the first day of January following the date the Eligible Employee attains age 68.  The Eligible Employee shall be entitled to a normal Retirement Benefit equal to the previously promised benefit of Six Million Dollars ($6,000,000 — previously 10 installments of $600,000 each) commencing on the January 1st following the fifth (5th) anniversary of the previously scheduled commencement date (the prior commencement date was the month following age 65 and the new commencement date for the prior benefits is January 1st following age 70). The prior benefit shall be payable at a rate of One Million Dollars per year for a period of six (6) years following attainment of ages 70, 71, 72, 73, 74 , and 75, in quarterly installments on the first day of each calendar quarter.

 

In addition to the previously promised installment benefits, the Eligible Employee shall be fully vested as of the Effective Date of this Agreement in four (4) additional separate individual annual benefits of One Million Dollars per year, payable in the calendar year following age 68, 69, 76 and 77.  For avoidance of doubt, the intent is to increase the total benefits to Ten Million Dollars ($10,000,000) payable over a period of ten (10) years commencing at age 68 in a manner that complies with Code Section 409A.  The benefits shall

 

 

be payable in quarterly installments of Two Hundred and Fifty Thousand Dollars ($250,000) on the first day of each calendar quarter commencing on the first day of January following the Eligible Employee’s specified birth date.  Thus the first quarterly benefit payment will be January 1, 2019 and the last quarterly payment will be October 1, 2028.

 

Commencing with the second year of benefit payments (in 2020), each benefit payment shall be adjusted upward for any calendar year in which the California CPI index for the greater Los Angeles area shall exceed two percent (2%) as follows: the benefit payment made in any calendar year commencing after age 69 shall be increased by the amount by which the CPI index for the prior calendar year exceed two percent (2%).  Thus, for example, if the CPI index for 2019 is 3%, commencing January 1, 2020, the amount of each benefit payment shall thereafter be increased by 1% and, if in 2020, the CPI index is 2.5%, then, commencing January 1, 2021, the amount of each benefit payment shall thereafter be increased by an additional .5%.

 

4.           Vesting.  The Eligible Employee shall be fully vested under all circumstances in both the prior and the new benefits on the Effective Date hereof.

 

5.           Death Benefit.  Notwithstanding Section 3 above and Section 5.1(b) or any other provisions of the Plan to the contrary, if the Eligible Employee’s death occurs prior to the Normal Retirement Date, the beneficiary shall receive the old and new portions of the normal Retirement Benefit, payable over ten (10) years at One Million Dollars ($1,000,000) per year, commencing within sixty (60) days following the Eligible Employee’s death.  Effective February 15, 2013, the death benefits shall be paid in four quarterly installments on the first day of each calendar quarter of the scheduled payment year.  If, either before or after the Normal Retirement Date, the Eligible Employee is receiving benefits at the time of his death, the unpaid balance of the Employee’s Retirement Benefit shall be paid to the Eligible Employee’s Beneficiary at the same time the benefit payments would have been paid to the Eligible Employee had he lived.

 

6.           Disability Benefit.  Notwithstanding Section 3 above and Section 5.1(a) and any other provisions of the Plan to the contrary, if the Eligible Employee incurs a Separation from Service prior to the Normal Retirement Date, by reason of the Eligible Employee’s Disability, as such term is defined under Code Section 409A, the Eligible Employee shall be entitled to receive the old and new portions of the normal Retirement Benefit, payable over ten (10) years at One Million Dollars ($1,000,000) per year, commencing within sixty (60) days following the Eligible Employee’s Separation from Service by reason of Disability. Effective February 15, 2013, the disability benefits shall be paid in four quarterly installments on the first day of each calendar quarter of the scheduled payment year.

 

7.           Change in Control.  Notwithstanding the forgoing, as provided in Section 5.2(c) of the Plan, in the event of the Eligible Employee’s Separation from Service pursuant to or for any reason within twenty-four (24) months following a Change in Control, the Eligible Employee shall receive (a) the net present value of the old portion of the Retirement Benefit (installments in years 3-8) payable in the form of a single lump sum within ninety (90) days following Separation from Service, subject to Section 8 below, and (b) the net present value of the new portion of the Retirement Benefit (installments in years 1, 2, 9 and 10) payable in the form of a single lump sum ninety (90) days following the first anniversary of the Eligible

 

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Employee’s Separation from Service, subject to Section 8 below.  In the event a Change in Control occurs after the Eligible Employee’s Separation from Service during the payout of benefits to the Eligible Employee or his Beneficiary, the present value of all remaining payments shall be paid in the form of a single lump sum within ninety (90) days following the Change in Control.

 

8.           Code Section 409A Compliance.  Notwithstanding any provision to the contrary in the Plan or this Award Agreement, in the event that the Eligible Employee is a “key employee” (as defined in Code Section 416(i) (without regard to paragraph (5) thereof)) of the Company (or any successor or other entity treated as the same employer under Code Section 409A) any stock in which is publicly traded on an established securities market, to the extent required under Code Section 409A to avoid excise taxes, the commencement of benefits payable on Separation from Service shall be delayed until the earlier of (i) the day after the end of the sixth (6th) complete calendar month following the Separation from Service, or (ii) the Eligible Employee’s death.

 

IN WITNESS WHEREOF, the parties hereto have entered into this amended and restated Award Agreement as of the day and year specified in the opening paragraph.

 

	
 
    	
OSI   Systems, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
By   
    	
/s/   Alan Edrick
    
	
 
    	
Title
    	
Executive   Vice President and CFO
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Deepak Chopra
    
	
 
    	
Deepak   Chopra
    

 

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