Document:

Document

EXHIBIT 4(f)   

December 14, 2021
Bank of Montreal
115 South LaSalle Street
Chicago, Illinois  60603
Attention: John Armstrong
Re:                LIBOR Cessation
Ladies and Gentlemen:
Reference is made to that certain Sixth Amended and Restated Credit Agreement dated as of March 2, 2020, by and among EMCOR Group Inc., a Delaware corporation (the “Company”), and EMCOR Group (UK) plc, a United Kingdom public limited company (“EMCOR UK”; together with the Company, the “Borrowers”), the several financial institutions party to the Credit Agreement, as Lenders, and Bank of Montreal, as administrative agent (the “Agent”) for the Lenders (the “Credit Agreement”). Capitalized terms not otherwise defined herein shall the meaning ascribed to them in the Credit Agreement.  
The Borrowers acknowledge that they have received the public announcement from the ICE Benchmark Administration (the “LIBOR Administrator”) and its regulatory supervisor that December 31, 2021 shall be the final publication or representativeness date for the London interbank offered rate for: (a) Sterling, Yen, Swiss Francs and Euros and (b) U.S. Dollars for 1-week and 2-month tenor settings. The Borrowers further understand that no successor administrator for such currencies or tenors has been identified (the foregoing being referred to herein as the “LIBOR Cessation”).  
As a result of the LIBOR Cessation, the Borrowers agree that they will not request any (i) Eurodollar Loan in U.S. Dollars with an Interest Period of 1-week or two months or (ii) Multicurrency Loan notwithstanding anything contained in the Credit Agreement to the contrary, and any such request shall be of no force or effect. Additionally, the Borrowers are not requesting at this time that the Agent make an Early Opt-in Election to transition to the prevailing Benchmark Replacement or that the Credit Agreement be amended to allow for Multicurrency Loans; provided, the Borrowers reserve the right to request that the Credit Agreement be amended at a future date to restore the ability of the Multicurrency Lenders to make Multicurrency Loans.  

Bank of Montreal, as Agent
Page 2 

Except for the LIBOR Cessation, the Credit Agreement and the other Loan Documents shall remain unchanged and in full force and effect, and the Agent and the Lenders expressly reserve the right to require strict compliance with the terms of the Credit Agreement and the other Loan Documents. Except as expressly set forth herein, the Credit Agreement and each other Loan Document is hereby ratified, approved and confirmed in each and every respect. The Borrowers hereby acknowledge and agree that (i) the liens created and provided for by the Loan Documents continue to secure, among other things, all obligations, indebtedness and liabilities of the Borrowers owing to the Lenders, and (ii) the Loan Documents and the rights and remedies of the Agent and Lenders thereunder, the obligations of each Borrower and each Guarantor thereunder, and the liens created and provided for thereunder, remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Loan Documents as to the indebtedness which would be secured thereby prior to giving effect to this letter. 
[Remainder Left Intentionally Blank]

Bank of Montreal, as Agent
Page 3 

Reference to this specific consent letter need not be made in the Credit Agreement, the Loan Documents, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement. 
Very truly yours,
EMCOR GROUP, INC.

By ______________________________ 
Its _____________________________ 
Name __________________________ 
EMCOR GROUP (UK) plc

By ______________________________ 
Its _____________________________ 
Name __________________________ 

Accepted and agreed to this ____ day of December, 2021
BANK OF MONTREAL
By ______________________________
    Its: ____________________________ 
    Name: _________________________Document

EXHIBIT 10(l-9)

SEVENTH AMENDMENT
TO THE
LONG TERM INCENTIVE PLAN
OF EMCOR GROUP, INC.

WHEREAS, the EMCOR Group, Inc. Long Term Incentive Plan was adopted in 2005 and has since been amended (as amended, the LTIP);
    
WHEREAS, Section 8.1 of the LTIP provided that the Board of Directors of EMCOR Group, Inc. (the “Board”) may amend the LTIP, subject to the terms of Section 8.1; and 

WHEREAS, the Board has determined that the LTIP shall be further amended as provide below.

NOW, THEREFORE,     the LTIP is hereby amended as follows:

1.    Section 2 of the LTIP is hereby amended to add the following paragraph to the definition of Earnings Per Share:

“Earnings Per Share” for a Three Year Applicable Period commencing on or after January 1, 2022 shall mean the aggregate of the diluted earnings per share of the Company’s Common Stock for each of such three years, as reported in the Company’s “Consolidated Statements of Operations” for such years in accordance with generally accepted accounting principles; provided, however, that in computing net income to arrive at any such year’s earnings per share there shall be excluded from the calculation of such net income (a) non-cash charges associated with the write-down of balance sheet values of assets, (b) investment banking, consulting, legal, and accounting fees and related disbursements directly associated with any proposed or consummated (i) acquisition or investment or (ii) sale or disposition of Company assets or securities, (c) the effect of any changes in statutory tax rates from those in effect on the date that the EPSO is established, (d) restructuring charges due to sale or closure of a subsidiary’s business, (e) the cumulative effect of any change in accounting principles, (f) charges associated with withdrawal liabilities relating to multi-employer pension plans and lump sum type surcharges (as opposed to increases in hourly contribution rates) assessed by multi-employer pension plans, to ameliorate underfunding in their respective plans, (g) income or loss from discontinued operations, and (h) costs and expenses related to COVID-19 diagnostic testing; and provided further, however, that the Compensation Committee may, within the first 90 days of an Applicable Three Year Period, adjust any such period’s Earnings Per Share to omit the impact on such Earnings Per Share of extraordinary items, gains or losses on the acquisition or disposal of a business, and/or unusual or infrequently occurring events and transactions.”

2.      Except as hereinabove amended, the LTIP, as previously amended, shall remain in full force and effect.

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the 23rd day of February, 2022.
                            															
				EMCOR GROUP, INC.
					
				By: 	/s/ Anthony J. Guzzi
					Chairman, President and CEOEX-4.1

   

  Exhibit 4.1

  DESCRIPTION OF THE REGISTRANT’S SECURITIES

  REGISTERED PURSUANT TO SECTION 12 OF THE

  SECURITIES EXCHANGE ACT OF 1934

  General

  The following description of our capital stock is intended as a summary only and is qualified in its entirety by reference to our articles of organization and bylaws, the Annual Report on Form 10-K to which this description is an exhibit, any and all of which may be amended from time to time, and to the applicable provisions of the Massachusetts Business Corporation Act (“MBCA”).

  Our authorized capital stock consists of 400,000,000 shares of our common stock and 100,000,000 shares of our preferred stock, all of which preferred stock is undesignated. As of March 5, 2020, there were 27,754,894 shares of common stock outstanding and no shares of preferred stock outstanding.

  Common Stock

  Dividend Rights

  Subject to preferences that may apply to shares of preferred stock outstanding, holders of outstanding shares of common stock are entitled to receive dividends out of assets legally available at the times and in the amounts as our board of directors may from time to time determine.

  Voting Rights 

  Each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of shareholders. Holders of shares of our common stock have no cumulative voting rights. 

  Preemptive Rights.

  Our common stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities.

  Conversion or Redemption Rights 

  Our common stock is neither convertible nor redeemable. 

  Liquidation Rights

  Upon our liquidation, the holders of our common stock will be entitled to receive pro rata our assets which are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding. 

  Listing 

  Our common stock is listed on the Nasdaq Global Select Market under the trading symbol "CYCN."

  Anti-takeover Effects of Our Articles of Organization and Our Bylaws

  Our articles of organization and bylaws contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors but which may have the effect of delaying, deferring or preventing a future takeover or change in control of us unless such takeover or change in control is approved by our board of directors. These provisions include: 

   

  

   

  Action by Written Consent and Special Meetings of Shareholders

  Our articles of organization provide that shareholder action can be taken only at an annual or special meeting of shareholders or by the unanimous written consent of all shareholders in lieu of such a meeting. Our articles of organization and the bylaws also provide that, except as otherwise required by law, special meetings of the shareholders can only be called pursuant to a resolution adopted by a majority of our board of directors or holders of at least 40% of our then outstanding common stock. Except as described above, shareholders are not permitted to call a special meeting or to require our board of directors to call a special meeting.

  Advance Notice Procedures

  Our bylaws contain an advance notice procedure for shareholder proposals to be brought before an annual meeting of our shareholders, including proposed nominations of persons for election to the board of directors. Shareholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a shareholder who was a shareholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice, in proper form, of the shareholder's intention to bring that business before the meeting. Although our bylaws do not give our board of directors the power to approve or disapprove shareholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.

  Proxy Access

  Our bylaws provide that a shareholder or a group of shareholders meeting certain conditions may nominate candidates for election as a director at an annual meeting of our shareholders using "proxy access" provisions. These provisions allow one or more shareholders (up to 20, collectively), owning at least 3% of our outstanding common stock continuously for at least three years, to nominate for election to our board of directors and to be included in our proxy materials up to the greater of two individuals or 20% of our board of directors, subject to the provisions included in our bylaws, including the provision of timely written notice to our Secretary. 

  Number of Directors and Filling Vacancies and Election of Directors

  Our articles of organization provide that the number of directors is established by the board of directors. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office. The ability of our board of directors to increase the number of directors and fill any vacancies may make it more difficult for our shareholders to change the composition of our board of directors. Our bylaws provide that a majority of the votes properly cast for the election of a director shall effect such election unless there are more nominees than directorships, in which case a plurality standard shall apply.

  Authorized and Unissued Shares   

  Our authorized but unissued shares of common stock and preferred stock are available for future issuance without shareholder approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock and preferred stock could render more difficult or discourage an attempt to obtain control of a majority of our common stock by means of a proxy contest, tender offer, merger or otherwise.

  Exclusive Forum.

  Our articles of organization require, to the fullest extent permitted by law, that derivative actions brought in the name of Cyclerion, actions against our directors, officers and employees for breach of a fiduciary duty and other similar actions may be brought only in specified courts in the Commonwealth of Massachusetts. Although we believe this provision benefits us by providing increased consistency in the application of Massachusetts law in the 

   

  

   

  types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.

  Anti-Takeover Provisions under Massachusetts Law

  Provisions Regarding Business Combinations 

  We are subject to the provisions of Chapter 110F of the MBCA. In general, Chapter 110F prohibits a publicly held Massachusetts corporation from engaging in a "business combination" with an "interested stockholder" for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. A "business combination" includes, among other things, a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested stockholder status, five percent or more of the corporation's voting stock. 

  Under Chapter 110F, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions: before the stockholder became interested, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 90% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or at or after the time the stockholder became interested, the business combination was approved by our board of directors of the corporation and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

  A Massachusetts corporation may "opt out" of these provisions with an express provision in its original articles of organization or an express provision in its articles of organization or bylaws resulting from a stockholders' amendment approved by at least a majority of the outstanding voting shares. We have not opted out of these provisions. As a result, mergers or other takeover or change in control attempts of us may be discouraged or prevented.

  Provisions Regarding a Classified Board of Directors

  Section 8.06(b) of the MBCA provides that, unless a company opts out of such provision, the terms of directors of a public Massachusetts company shall be staggered by dividing the directors into three groups, as nearly equal in number as possible, with only one group of directors being elected each year. We plan to opt out of this default requirement for a classified board of directors, and expect that all of our directors serve for one-year terms and will be elected annually. 

  Pursuant to Section 8.06(c)(2) of the MBCA, however, our board of directors may unilaterally opt back into default requirements under Section 8.06(b) of the MBCA and become a classified board of directors without the approval of our stockholders. Sections 8.06(d) and (e) of the MBCA provide that when a board of directors is so classified, (i) stockholders may remove directors only for cause, (ii) the number of directors shall be fixed only by the vote of the board of directors, (iii) vacancies and newly created directorships shall be filled solely by the affirmative vote of a majority of the remaining directors and (iv) a decrease in the number of directors will not shorten the term of any incumbent director. If our board of directors opts into this classified structure in the future, these provisions are likely to increase the time required for stockholders to change the composition of our board of directors. For example, at least two annual meetings would generally be necessary for stockholders to effect a change in a majority of the members of our board of directors. As a result, the ability of our board of directors to adopt a classified structure in the future without the approval of our stockholders could have the effect of discouraging a potential acquirer from making a tender offer for a majority of the outstanding voting interest of our capital stock or otherwise attempting to obtain control of Cyclerion.

   

  

   

  Transfer Agent and Registrar 

  The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. 

  Indemnification of Directors and Officers

  Our articles of organization provide that the liability of our directors for damages for any breach of fiduciary duty shall be limited to the fullest extent permitted by law. Our bylaws also provide that we will indemnify, and advance funds to and reimburse expenses of, our directors and officers that have been appointed by our board of directors to the fullest extent permitted by law, and that we may indemnify, and advance funds to and reimburse expenses of, such other officers and employees as determined by our board of directors. The right of indemnification provided under our bylaws is in addition to and not exclusive of any other rights to which any of our directors, officers or any other persons may otherwise be lawfully entitled. We have also entered, or expect to enter, into indemnification agreements with our directors and officers, and we carry insurance policies insuring our directors and officers against certain liabilities that they may incur in their capacity as directors and officers. 

  Part 8 of the MBCA authorizes the provisions, described above, that is contained in our articles of organization and bylaws. In addition, Sections 8.30 and 8.42 of the MBCA provide that if an officer or director discharges his or her duties in good faith and with the care that a person in a like position would reasonably exercise under similar circumstances and in a manner the officer or director reasonably believes to be in the best interests of the corporation, he or she will not be liable for such action.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]