Document:

lxu-ex103_337.htm

Exhibit 10.3

THIRD AMENDMENT TO
THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

THIS THIRD AMENDMENT TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this "Amendment") is entered into as of April 20, 2020 (the "Effective Date"), by and among WELLS FARGO CAPITAL FINANCE, LLC, a Delaware limited liability company, as the arranger and administrative agent ("Agent") for the Lenders (as defined in the Credit Agreement referred to below), the Lenders party hereto, LSB INDUSTRIES, INC., a Delaware corporation ("Parent"), certain Subsidiaries of Parent designated on the signature pages hereto as borrowers (together with Parent, such Subsidiaries are collectively referred as the "Borrowers") and certain Subsidiaries of Parent designated on the signature pages hereto as guarantors (such Subsidiaries are collectively referred to as the "Guarantors" and together with the Borrowers, such Guarantors are collectively referred to as the "Loan Parties").

WHEREAS, the Borrowers, Agent, and the Lenders are parties to that certain Third Amended and Restated Loan and Security Agreement dated as of January 17, 2017 (as amended, restated, modified or supplemented from time to time, the "Credit Agreement"); and

WHEREAS, the Borrowers have requested that the Lenders agree to amend the Credit Agreement in certain respects as set forth herein, and the Lenders have agreed to the foregoing, on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows:

1.Defined Terms.  Unless otherwise defined herein, capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

2.Amendments to Credit Agreement.  In reliance upon the representations and warranties of the Borrowers set forth in Section 6 below, and subject to the satisfaction of the conditions set forth in Section 5 below, the Credit Agreement is hereby amended, which amendments shall first take effect as of the date the conditions set forth in Section 5 below are satisfied, as follows:

(a)The definitions of each of the terms "Consolidated Net Interest Expense," "Fixed Charge Coverage Ratio," and "Maximum Revolver Amount," set forth in Section 1.1 of the Credit Agreement are hereby amended and restated in their entirety as follows:

"Consolidated Net Interest Expense" means, with respect to any Person for any period, gross interest expense of such Person and its Subsidiaries for such period determined in conformity with GAAP (including, without limitation, interest expense paid to Affiliates of such Person other than a Subsidiary of Parent, less the sum of interest income and non-cash accretion expense and non-cash amortization of debt origination cost for such period, each determined on a consolidated basis and in accordance with GAAP for such Person and its Subsidiaries; provided that 

 

 

in no event shall Consolidated Net Interest Expense include any interest expense attributable to any CARES Debt other than CARES Unforgiven Debt.

"Fixed Charge Coverage Ratio" means, for any period, the ratio of (i) EBITDA for such period minus Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period, to (ii) the sum of (A) all principal of Indebtedness of Parent and its Subsidiaries scheduled to be paid during such period (not including (w) the final scheduled payment of the Obligations at the Maturity Date, (x) the LSB Notes at the final maturity date applicable thereto, (y) principal payments on CARES Debt other than CARES Unforgiven Debt, or (z) Indebtedness consisting of the financing of insurance premiums in the ordinary course of business not in excess of the amount of such premiums to the extent that such amounts are expensed and therefor reduce EBITDA), plus (B) Consolidated Net Interest Expense of Parent and its Subsidiaries for such period, plus (C) all amounts required to be paid by Parent and its Subsidiaries on Capitalized Lease Obligations having a scheduled due date during such period (this clause (ii), "Fixed Charges").

"Maximum Revolver Amount" means $65,000,000.

(b)Section 1.1 of the Credit Agreement is hereby further amended to add definitions of the terms "CARES Act Permitted Purposes," "CARES Act – Title I," "CARES Debt," "CARES Forgiveness Date", "CARES Unforgiven Debt," "Small Business Administration" and "Third Amendment Date," thereto, in appropriate alphabetical order, as follows:

"CARES Act Permitted Purposes" means, with respect to the use of proceeds of any CARES Debt, the purposes set forth in Section 1106(b) of the CARES Act – Title I and otherwise in compliance with all other provisions or requirements of the CARES Act – Title I applicable in order for the entire amount of the CARES Debt to be eligible for forgiveness. 

"CARES Act - Title I" means Title I of the Coronavirus Aid, Relief and Economic Security Act, as amended (including any successor thereto), and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, regardless of the date enacted, adopted, issued or implemented. 

"CARES Debt" has the meaning set forth in Section 7.1(e).

"CARES Forgiveness Date" means five (5) Business Days after the date that the Borrowers obtain a final determination by the lender of the CARES Debt (and, to the extent required, the Small Business Administration) (or such longer period as may be approved in writing by Agent) regarding the amount of CARES Debt, if any, that will be forgiven pursuant to the provisions of the CARES Act - Title I. 

"CARES Unforgiven Debt" means that amount of the CARES Debt that (x) has been determined by the lender of the CARES Debt (or the Small Business Administration) to be ineligible for forgiveness pursuant to the provisions of the 

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CARES Act - Title I; provided that if such determination has not been made on or before the date that is twelve (12) months after the date of incurrence of the CARES Debt (or such longer period as may be approved in writing by Agent), all such CARES Debt shall be deemed "CARES Unforgiven Debt" until such time as a final determination is made by the lender of the CARES Debt (and, to the extent required, the Small Business Administration) or (y) is not included in any application for such forgiveness submitted in accordance with the CARES Act - Title I within the time period specified in Section 6.18(b).

"Small Business Administration" means the U.S. Small Business Administration. 

"Third Amendment Date" means April 20, 2020.

(c)Section 2.1 of the Credit Agreement is hereby amended by amending and restating clause (i) thereof in its entirety as follows:

	
(i)
	
Increase in Revolver Commitments.
	
 

	
(i)
	
At the option of the Borrowers (but subject to the conditions set forth in clause (ii) below), the Total Commitments and the Maximum Revolver Amount may each be increased by an aggregate amount after the Third Amendment Date not to exceed $10,000,000, less the aggregate principal amount of the CARES Unforgiven Debt outstanding at such time (each such increase, an "Increase").  The Agent shall invite each Lender to increase its Pro Rata Share of the Total Commitments (it being understood that no Lender shall be obligated to increase its Pro Rata Share of its Revolver Commitment) in connection with a proposed Increase, and if sufficient Lenders do not agree to increase their Pro Rata Share of the Total Commitments in connection with such proposed Increase, then the Agent or the Borrowers may invite any prospective lender who is reasonably satisfactory to the Agent and the Borrowers to become a Lender in connection with a proposed Increase.  Any Increase shall be in a principal amount of at least $5,000,000 and integral multiples of $1,000,000 in excess thereof.  The Total Commitments and the Maximum Revolver Amount may be increased pursuant to this Section 2.1(i) after the Third Amendment Date on no more than 2 occasions. 
	
 

	
(ii)
	
Each of the following shall be conditions precedent to any Increase of the Total Commitments and the Maximum Revolver Amount: 
	
 

	
(A)
	
the Agent or the Borrowers shall have obtained the commitment of one or more Lenders (or other prospective lenders) reasonably satisfactory to the Agent and the Borrowers to provide such Increase and such lenders, each Borrower and the Agent have signed an amendment/joinder agreement to this Agreement, in form and substance reasonably satisfactory to the Agent, to which such lenders, the Borrowers, and the Agent are party, 
	
 

	
(B)
	
no Default shall have occurred and be continuing or would result from the borrowings to be made on the effective date of such Increase, 
	
 

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(C)
	
the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such Increase, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date), and 
	
 

	
(D)
	
the Borrower shall deliver or cause to be delivered officer's certificates and legal opinions of the type delivered on the Restatement Effective Date to the extent reasonably requested by, and in form and substance reasonably satisfactory to, the Agent.
	
 

	
(iii)
	
The terms and conditions of Advances made pursuant to new Revolver Commitments shall be identical to terms and conditions the Advances, unless otherwise agreed in writing by the Required Lenders. 
	
 

(d)Section 6 of the Credit Agreement is hereby amended by adding the following Sections 5.23 at the end thereof as follows:

	
5.23
	
CARES Debt. All applications, documents and other information submitted to any Governmental Authority with respect to the CARES Debt shall be true and correct in all material respects. 
	
 

(e)Section 6 of the Credit Agreement is hereby amended by adding the following Sections 6.18 at the end thereof as follows:

	
6.18
	
CARES Debt.
	
 

	
(a)
	
The Loan Parties shall provide to Agent (i) a copy of their application for CARES Debt promptly (and in any event within three (3) Business Days) upon submission thereof and (ii) copies of the definitive loan documentation for CARES Debt promptly (and in any event within three (3) Business Days) upon execution and delivery thereof by the parties. 
	
 

	
(b)
	
The Loan Parties shall timely submit all applications and required documentation necessary or desirable for the lender of the CARES Debt and/or the Small Business Administration to make a determination regarding the amount of the CARES Debt that is eligible to be forgiven.  
	
 

	
(c)
	
The Loan Parties shall provide to Agent copies of any amendments, modifications, waivers, supplements or consents executed and delivered with respect to CARES Debt promptly (and in any event within three (3) Business Days) upon execution and delivery thereof, and copies of any notices of default received by any Loan Party with respect to the CARES Debt.  
	
 

	
(d)
	
[Reserved]. 
	
 

	
(e)
	
The Loan Parties shall apply the proceeds of the CARES Debt for CARES Act Permitted Purposes before using any other cash on hand to pay 
	
 

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expenses that are CARES Act Permitted Purposes. The Loan Parties shall cause the proceeds of the CARES Debt to be deposited in a Deposit Account that is not subject to the cash dominion of Agent.
	
 

	
(f)
	
On or prior to the CARES Forgiveness Date, the Loan Parties shall deliver to Agent a written notice of the CARES Debt that will be forgiven pursuant to the provisions of the CARES Act - Title I, together with supporting documentation in respect thereof.
	
 

(f)Section 7.1 of the Credit Agreement is hereby amended by amending and restating clause (e) thereof in its entirety as follows:

	
(e)
	
unsecured Indebtedness advanced in an aggregate amount not to exceed $10,000,000 by (i) any Governmental Authority (including the Small Business Administration) or any other Person  acting as a financial agent of a Governmental Authority or (ii) any other Person to the extent such Indebtedness under this clause (ii) is guaranteed by a Governmental Authority (including the Small Business Administration), in each case under this clause (e), pursuant to the CARES Act - Title I (such unsecured Indebtedness, "CARES Debt"); provided that, unless otherwise approved by Agent (such approval not to be unreasonably withheld, conditioned and delayed, and which shall be granted to the extent in accordance with any amendments or modifications of the CARES Act or any acts of any Governmental Authority in connection therewith), CARES Debt shall (1) have a maturity date not less than two (2) years after the date of incurrence of the CARES Debt and (2) bear interest at a non-default rate not greater than one percent (1%) per annum (subject to any provisions of such CARES Act Debt that expressly permit any Governmental Authority to modify such rate in accordance with the CARES Act);  
	
 

(g)Section 7.8 of the Credit Agreement is hereby amended by inserting a new sentence at the end thereof as follows:

For the avoidance of doubt, nothing in this Section 7.8 shall restrict or prohibit the forgiveness of any CARES Debt or the payment thereof (to the extent unable to be forgiven) in accordance with its terms.

(h)Section 12 of the Credit Agreement is hereby amended to amend and restate in their entirety the notice addresses for Administrative Borrower as set forth below:

	
If to Administrative
Borrower:
	
LSB INDUSTRIES, INC.
3503 NW 63rd Street, Suite 500
Oklahoma City, Oklahoma  73116
Attn:Cheryl Maguire
Kristy Carver
Fax No. (405) 235-5067

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with copies to:
	
LSB INDUSTRIES, INC.
3503 NW 63rd Street, Suite 500
Oklahoma City, Oklahoma  73116
Attn:Michael J. Foster, Esq.
Fax No. (405) 235-5067

	
with a copy (not constituting notice) to:
	
ROPES & GRAY LLP
1211 Avenue of the Americas
New York, New York  10036
Attn:Leonard Klingbaum
Andrea Hwang
Fax No. (646) 728-2694
  (646) 728-2695

3.Continuing Effect.  Except as expressly set forth in Section 2 of this Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby.

4.Reaffirmation and Confirmation.  Each Loan Party hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other Loan Documents to which it is a party represent the valid, enforceable and collectible obligations of such Loan Party, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document.  Each Loan Party hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of the Obligations.  The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by each Loan Party in all respects.

5.Conditions to Effectiveness.  This Amendment shall become effective, and the amendments to the Credit Agreement set forth in Section 2 above shall become operative, as of the date hereof upon Agent's receipt of a copy of this Amendment executed and delivered by Agent, the Lenders and the Loan Parties.

6.Representations and Warranties.  In order to induce Agent and the Lenders to enter into this Amendment, each Loan Party hereby represents and warrants to Agent and the Lenders that:

(a)after giving effect to this Amendment, all representations and warranties contained in the Loan Documents to which such Loan Party is a party are true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties 

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that already are qualified or modified by materiality in the text thereof) on and as of such earlier date);

(b)no Default or Event of Default has occurred and is continuing or will exist after this Amendment becomes effective; and

(c)this Amendment and the Loan Documents, as amended hereby, constitute legal, valid and binding obligations of such Loan Party and are enforceable against such Loan Party in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally.

7.Miscellaneous.

(a)Expenses.  The Borrowers jointly and severally agree to pay, promptly after demand therefor is made by Agent, all reasonable and documented out-of-pocket costs and expenses of Agent (including reasonable attorneys' fees of a single firm of counsel to Agent) incurred in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith.  All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.

(b)Choice of Law and Venue; Jury Trial Waiver; Reference Provision.  Without limiting the applicability of any other provision of the Credit Agreement or any other Loan Document, the terms and provisions set forth in Section 13 of the Credit Agreement are expressly incorporated herein by reference.

(c)Counterparts.  This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.

[Signature Page Follows]

 

 

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

 

	
 
	
BORROWERS:

LSB INDUSTRIES, INC.
CHEMEX I CORP.
CHEROKEE NITROGEN LLC
EDC AG PRODUCTS COMPANY L.L.C.
EL DORADO AMMONIA L.L.C.
EL DORADO CHEMICAL COMPANY
EL DORADO NITROGEN, L.L.C.
LSB CHEMICAL L.L.C.
PRYOR CHEMICAL COMPANY
TRISON CONSTRUCTION, INC.

By:/s/ K Carver
Name:Kristy Carver 

	
 
	
Title:Senior Vice President, Treasurer
and Assistant Secretary

 

 

 

 

 

 

Signature Page to Second Amendment to Third Amended and Restated Loan and Security Agreement

 

 

	
 
	
AGENT AND LENDERS:

WELLS FARGO CAPITAL FINANCE, LLC, as Agent

By:/s/ Mark Bradford
Name:Mark A. Bradford

	
 
	
Title:Senior Vice President

 

 

 

 

	
 
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By:/s/ Mark Bradford
Name:Mark A. Bradford
Title:Senior Vice President

 

Signature Page to Second Amendment to Third Amended and Restated Loan and Security Agreementecl_Ex10_1

		

			Exhibit (10.1)

		

		
			EMPLOYMENT TRANSITION AGREEMENT
		

		
			THIS EMPLOYMENT TRANSITION AGREEMENT (“Agreement”) is made and entered into as of 11 March 2020 (the “Effective Date”), by and among Ecolab Inc., a Delaware corporation (together with all present and former parents, subsidiaries, successors, assigns and affiliated corporations the “Company”), and Jill Wyant (“Executive”). In consideration of the mutual promises made below, Company and Executive agree as follows:
		

		
			WHEREAS, Executive is currently serving as the Executive Vice President Regions for the Company;
		

		
			WHEREAS,  in appreciation and recognition of Executive’s many contributions to the Company, in particular her positive leadership, partnership, and commitment to the Company, and based on Executive’s and Company’s mutual desire to provide for an orderly transition of Executive’s duties and responsibilities, we are entering into this Agreement whereby Executive and the Company have agreed that Executive will voluntarily separate from employment with the Company on March 31, 2021, and that Executive will receive certain compensation through such date pursuant to this Agreement;
		

		
			WHEREAS, in furtherance of the foregoing, Executive and the Company have mutually negotiated and reached an agreement with respect to all rights, duties and obligations arising between them, including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to Executive’s continued employment with the Company and the conclusion of that employment (other than as specifically provided in this Agreement).
		

		
			NOW, THEREFORE, in consideration of the covenants and mutual promises made below, the parties agree as follows:
		

			
	
			
				 1.
			Employment; Duties.

			
	
			
				 a.
			Transition Period. During the period beginning on the Effective Date and ending on the Separation Date (as defined in Section 1(c) below) (such period the “Transition Period”), Executive shall continue to serve the Company as its Executive Vice President of Global Regions and perform all duties and accept all responsibilities incident to such position as may be reasonably assigned to Executive by the Company’s Chief Executive Officer (“CEO”). During the Transition Period, the Executive shall (x) transition such duties and responsibilities to such individuals as the CEO may designate, including to Executive’s successor(s), (y) provide such assistance directly related to the successor(s) as may be requested by the CEO, and (z) have and perform such duties, responsibilities and authority directly related to Executive’s current role as may be assigned by the CEO from time to time. If the Company determines in its sole discretion that Executive has transitioned all of her duties and responsibilities prior to March 31, 2021, then Executive will hold the title of Executive Vice President of Innovation and Transformation (“EVP Innovation and Transformation”) and provide such transition assistance as may be requested by the Company through March 31, 2021, and during the period from such determination through March 31, 2021, shall have such duties, responsibilities and authority commensurate with an EVP title and Executive’s experience as may be assigned by the CEO.  

			
	
			
				 b.
			Employment Conditions.  During the Transition Period and through the Separation Date, Executive shall be able to perform her assigned duties remotely, except as reasonably directed to

		 

		

			VP/#27450535.2 

		

		

			 

		

	the contrary by the CEO, and shall be expected to work at least twenty hours per week during the Transition Period and through the Separation Date.

			
	
			
				 c.
			Separation Date. For the purposes of this Agreement, “Separation Date” means the first to occur of (i) the date on which Executive’s employment is terminated by the Company for Cause, (ii) the date Executive voluntarily terminates her employment with the Company or (iii) March 31, 2021. For the purposes of this Agreement, “Cause” has the same meaning as that term is defined in the Ecolab Inc. 2010 Stock Incentive Plan (“Stock Plan”).

			
	
			
				 2.
			Compensation. As compensation for Executive’s continuing employment and service pursuant to this Agreement (whether in Executive’s current position or EVP Innovation and Transformation as provided in Section 1), and the respective terms and conditions thereof, and the other promises of Executive contained in this Agreement, which shall be deemed to include Executive’s agreement to (A) remain in the employ of the Company as described above through the Separation Date, (B) comply with the Company’s Code of Conduct and other policies relating to conduct, as in effect from time to time and applicable to its executive officers, (C) comply with all covenants regarding arbitration, non-competition, non-solicitation, confidential information and any other restrictive covenants to which Executive has agreed as part of her employment with the Company (the covenants described in the immediately preceding clauses (A) through (C) of this Section 2 are collectively referred to as the “Covenants”); and provided, that Executive timely signs and returns this Agreement, complies with the Covenants, executes and does not revoke the Agreement, the Initial Release and/or Second Release, as applicable, and otherwise complies with this Agreement, Executive’s compensation and benefits shall be as follows:

			
	
			
				 a.
			Base Salary and Compensation and Benefit Plan Participation. From the Effective Date through the Separation Date, Executive will (i) receive her base salary as in effect on the Effective Date, which may be adjusted upwards (but not downwards) from time to time in the discretion of the Company, (ii) continue to participate in the Company’s Management Incentive Plan (“MIP”) for the 2020 fiscal year subject to the terms and conditions of the MIP, including the requirement that Executive remain employed through December 31, 2020, die, or become disabled, to be eligible for the 2020 MIP bonus, (iii) continue to participate in the Stock Plan subject to the terms and conditions of the Stock Plan and applicable award agreements, (iv) participate in the Company’s applicable pension or retirement plans in which Executive participates as of the Effective Date, (v) continue to participate in all health and welfare benefit plans in which Executive is enrolled as of the Effective Date, and (vi) continue to participate in other perquisite programs, and expense reimbursement and vacation policies, as all such foregoing plans, programs and policies may be in effect from time to time (each a “Plan” and collectively, the “Plans”). For clarity, nothing in this Agreement prevents the Company from amending or terminating any Plan in a manner that affects all eligible employees or senior executives of the Company, including Executive, in the same or substantially similar manner.

			
	
			
				 b.
			Tax Equalization Policy. Executive and Company agree that the terms of the Global Tax Equalization Policy (including the United States Addendum) that applies to similarly situated Company employees, continues to apply to Executive during the Transition Period and after the Separation Date until such time as Executive no longer has income from Company subject to the Tax Equalization Policy. For clarity, this includes Company’s obligation to provide the information needed for Executive’s personal tax returns for such tax years, and Executive’s and Company’s obligations to pay the required actual or hypothetical taxes as set forth in the policy. 

		
			

		 

		

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				 c.
			Additional Stock Plan Grants.  Executive shall not be eligible for any additional grants or awards under the Stock Plan after the Effective Date.

			
	
			
				 d.
			2021 MIP.  Executive shall not be eligible to earn a MIP bonus in the 2021 fiscal year.

			
	
			
				 e.
			Severance.  Executive shall not be eligible for any severance following the Separation Date, regardless of the reason for Executive’s termination of employment.

			
	
			
				 3.
			Administration of Compensation and Benefits Plans.  Executive understands and agrees that, except as expressly provided for in this Agreement, all compensation and benefit plans, policies and programs in which Executive participates because of employment with the Company shall be administered pursuant to their standard terms, provisions and administrative practices and policies that are then in effect, as interpreted and applied by the Company or the plan administrator(s) as applicable. 

			
	
			
				 4.
			No Additional Entitlements.  Executive understands and acknowledges that she will have no further entitlements, other than (a) those specifically recited in this Agreement and (b) accrued rights and entitlements that have vested as of the Separation Date under the Plans.  Executive hereby acknowledges that she has no interest in or claim of right to any severance benefits, reinstatement, reemployment or employment with the Company (except employment during the Transition Period), and Executive forever waives any interest in or claim of right to any severance benefits or future employment by the Company.

			
	
			
				 5.
			Withholding. All payments required to be made by the Company under this Agreement to Executive shall be subject to withholding of such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation.

			
	
			
				 6.
			Execution of Agreement; Release of Claims. Executive’s eligibility pursuant to this Agreement are contingent upon (a)  Executive executing and delivering to the Company this Agreement, including the general release of claims under Section 8 below (the “Initial Release”), by 8:00 p.m. (CST) on 11 March 2020, (b)  Executive executing and delivering to the Company within twenty-one (21) calendar days following the Separation Date, a release of claims in substantially the same form as Attachment A to this Agreement, effective as of that date (the “Second Release” and together with the Initial Release, the “Releases”) and (c) the Executive not revoking either of the Releases.

			
	
			
				 7.
			Consideration.   In consideration for the Agreement and the Initial Release (but not the Second Release, which has additional and different consideration as provided in Section 3 of the Second Release), and the mutual covenants contained herein, the Company is providing Executive good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, including continued employment on a reduced schedule for the same base salary as provided before the reduction in schedule and continued access to trade secrets and confidential information of the Company to which Employee would not have access nor been supplied but for Employee’s relationship with the Company.

			
	
			
				 8.
			General Release.  Except as expressly provided in this Agreement, Executive releases the Company (and its present and former affiliates, assigns, fiduciaries, insurers, owners, parents, predecessors, subsidiaries, successors and other entities related to it), and its and their past and present directors, employees, officers, benefit plans, and other entities or individuals acting for any of them, 

		
			

		 

		

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			from any known or unknown claims of any type to date regarding her employment, its end, or the Company. This means Executive waives (“gives up”) these claims, to the fullest extent allowed by law, such as claims for:
		

			
	
			
				 ·
			

			
	
			
			unlawful discrimination, harassment or retaliation, such as under the Age Discrimination in Employment Act (“ADEA”), and that any such unlawful activity affected any payment in this Agreement;

			
	
			
				 ·
			

			
	
			
			violation of any other federal, state, local, common law or foreign legal requirements, such as any regarding accommodations, background checks, consortium loss, constructive discharge, fiduciary duty, health/safety, indemnification, information/records requirements, leaves of absence, negligence, notice obligations, public policy, torts, and whistleblowing;

			
	
			
				 ·
			

			
	
			
			violation of any express or implied contract/covenant/duty/promise, and any intellectual property/proprietary right;

			
	
			
				 ·
			

			
	
			
			compensation, severance, benefits, insurance, damages, equitable relief, attorney fees, costs, interest and penalties; and

			
	
			
				 ·
			

			
	
			
			participation in any class or collective action.

			
	
			
				 9.
			Exclusions from General Release.   Excluded from the General Release in Section 8 above are (a) any claims arising after Executive signs this Agreement; (b) claims for breach of this Agreement; (c) claims or rights which cannot be waived by law, including Executive’s right to receive vested benefits under the terms of the Company’s benefit plans, and (d) claims relating to Executive’s right to receive indemnification from the Company as provided in the Company’s governing documents or in any agreement between Executive and the Company. Also excluded from the General Release is Executive’s right to file a charge with an administrative agency or participate in any agency investigation. Executive is, however, waiving her right to recover any money in connection with such a charge or investigation. Executive is also waiving her right to recover money in connection with a charge filed by any other individual or by the Equal Employment Opportunity Commission or any other federal or state agency, except that she may receive money properly awarded by the U.S. Securities and Exchange Commission as a securities whistleblower incentive.  Further, the Company is committed to compliance with applicable federal, state and local laws.  As such, nothing in the General Release in Section 8 prohibits Executive from reporting possible violations of law to any government agency if such report is made in confidence and good faith to a federal, state or local government official, either directly or indirectly, solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit relating to such report.  

			
	
			
				 10.
			Covenant Not to Sue.  A “covenant not to sue” is a legal term that means Executive promises not to file a lawsuit in court. It is different from the General Release of claims contained in Section 8 above. Besides waiving and releasing the claims covered by Section 8 above, Executive further agrees never to sue the Company or join any lawsuit against the Company in any forum for any reason, with respect to claims, laws or theories covered by the General Release language in Section 8 above, but excluding claims excluded from the General Release language in Section 9 and provided further that  Executive may bring a claim against the Company to enforce this Agreement or to challenge the validity 

		 

		

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	of this Agreement under the ADEA. If Executive sues the Company in violation of this Agreement, she shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. Alternatively, if Executive sues the Company in violation of this Agreement, the Company can require Executive to return all but $500 of the money paid to her pursuant to this Agreement. In that event, the Company shall be excused from making any further payments or continuing any other benefits otherwise owed to Executive under Section 2 of this Agreement or under Section 3 of the Second Release, it being acknowledged, that it would not violate any part of this Agreement for Executive to sue Company to enforce this Agreement, or to challenge the validity of this Agreement under the ADEA. 

			
	
			
				 11.
			Non-disparagement.  Executive agrees not to make statements that criticize or otherwise disparage the Company which, viewed objectively, materially disrupt or impair the Company’s normal, ongoing business operations, or materially harm the Company’s reputation with other employees, customers, suppliers, regulators or the general public, and Company agrees not to make statements (and agrees to instruct its officers and directors not to make statements) that criticize or otherwise disparage Executive which, viewed objectively, materially harm the Executive’s reputation with the general public.  This provision does not apply on occasions when Executive or Company (or any Company director, employee, officer, benefit plan or other entity or individual acting for any of them) is subpoenaed or ordered by a court or other governmental authority to testify or give evidence and must respond truthfully. This provision also does not apply on occasions when Executive is speaking with representatives of the Company as part of a Company investigation.  The Company is committed to compliance with applicable federal, state and local laws.  As such, nothing in this Agreement prohibits Executive from reporting possible violations of law to any government agency if such report is made in confidence and good faith to a federal, state or local government official, either directly or indirectly, solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit relating to such report.  

			
	
			
				 12.
			Severability.  If any provision of this Agreement is determined to be unenforceable, the parties agree that such provision should be modified so that it is enforceable or, if modification is not possible, that it should be severed, and the enforceability of the remaining provisions will not be affected by such modification or severance.

			
	
			
				 13.
			Non-Admissions.  The fact and terms of the Initial Release are not an admission by the Company of liability or other wrongdoing under any law.

			
	
			
				 14.
			Governing Law.  This Agreement shall be interpreted and enforced in accordance with the laws of the State of Minnesota, except insofar as an interpretation or enforcement issue is governed by federal law.  Executive agrees that a court of competent jurisdiction in the State of Minnesota will adjudicate any dispute under this Agreement.

			
	
			
				 15.
			Revocation.  After Executive signs this Agreement, she will have fifteen days to revoke it if she changes her mind. If Executive wants to revoke the Agreement, she should deliver a written revocation to the Company’s General Counsel within fifteen (15) days after she signs it.  

			
	
			
				 16.
			Additional Executive Acknowledgments.  Executive also agrees that:

			
	
			
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			She is entering this Agreement knowingly and voluntarily;

		
			

		 

		

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			She has been advised by this Agreement to consult with an attorney before signing this Agreement;

			
	
			
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			She is not otherwise entitled to the consideration provided in Section 7; 

			
	
			
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			She is not entitled to severance; and

			
	
			
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			This Agreement, the Initial Release and the Second Release are the entire agreement Executive and the Company regarding the transition of her duties through the Transition Period, and the terms of her continued employment through the Separation Date. 

		
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			IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.
		

			
					
						 

					
					
						 

					
					
						EXECUTIVE

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date

					
					
						                                

					
					
						Jill Wyant

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ECOLAB INC.

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date

					
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

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			Attachment A
		

		
			SECOND RELEASE AGREEMENT
		

		
			THIS SECOND RELEASE AGREEMENT (“Second Release”) is made and entered into between Jill Wyant (“Executive”) and Ecolab Inc., a Delaware corporation (together with all present and former parents, subsidiaries, successors, assigns and affiliated corporations the “Company”). In consideration of the mutual promises made below, Company and Executive agree as follows:
		

		
			1.Termination of Employment. Executive’s last day of employment with Company was [__________], 2021 (the “Separation Date”). 
		

		
			2.Payment Through Separation Date. The Company has paid Executive for all services rendered through the Separation Date, in accordance with Company’s regular payroll schedule or as otherwise permitted under applicable state law. Executive has received all her pay, benefits and paid/unpaid time-off due. Executive has been reimbursed for all business expenses consistent with the Company’s policies.
		

		
			3.Separation Consideration. In consideration for this Second Release, and the mutual covenants contained herein, the Company is providing Executive additional good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, including its agreement to permit Executive continued employment from the effective date of the Employment Transition Agreement entered into between the Company and Executive, and dated 11 March 2020 (“Agreement”) through the Separation Date on a reduced schedule in order for Executive to receive her 2020 bonus under the Company’s Management Incentive Plan (“MIP”) subject to the terms and conditions of the MIP and continue to participate in the Ecolab Inc. 2010 Stock Incentive Plan (“Stock Plan”) subject to the terms and conditions of the Stock Plan and applicable award agreements.
		

		
			4.General Release.  In addition to the initial release of claims in the Agreement (“Initial Release”), and except as expressly provided in this Second Release, Executive releases the Company (and its present and former affiliates, assigns, fiduciaries, insurers, owners, parents, predecessors, subsidiaries, successors and other entities related to it), and its and their past and present directors, employees, officers, benefit plans, and other entities or individuals acting for any of them, from any known or unknown claims of any type to date regarding her employment, its end, or the Company.  This means Executive waives (“gives up”) these claims, to the fullest extent allowed by law, such as claims for:
		

			
	
			
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			unlawful discrimination, harassment or retaliation, such as under the Age Discrimination in Employment Act (“ADEA”), and that any such unlawful activity affected any payment in this Second Release;

			
	
			
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			violation of any other federal, state, local, common law or foreign legal requirements, such as any regarding accommodations, background checks, consortium loss, constructive discharge, fiduciary duty, health/safety, indemnification, information/records requirements, leaves of absence, negligence, notice obligations, public policy, torts, and whistleblowing;

		
			

		 

		

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			violation of any express or implied contract/covenant/duty/promise, and any intellectual property/proprietary right;

			
	
			
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			compensation, severance, benefits, insurance, damages, equitable relief, attorney fees, costs, interest and penalties; and

			
	
			
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			participation in any class or collective action.

		
			5.Exclusions from General Release.  Excluded from the General Release in Section 4 above are (a) any claims arising after Executive signs this Release; (b) claims or rights which cannot be waived by law, including Executive’s right to receive vested benefits under the terms of the Company’s benefit plans, and (c) claims relating to Executive’s right to receive indemnification from the Company as provided in the Company’s governing documents or in any agreement between Executive and the Company.  Also excluded from the General Release is Executive’s right to file a charge with an administrative agency or participate in any agency investigation. Executive is, however, waiving her right to recover any money in connection with such a charge or investigation.  Executive is also waiving her right to recover money in connection with a charge filed by any other individual or by the Equal Employment Opportunity Commission or any other federal or state agency, except that she may receive money properly awarded by the U.S. Securities and Exchange Commission as a securities whistleblower incentive.  Further, the Company is committed to compliance with applicable federal, state and local laws.  As such, nothing in the General Release in Section 4 prohibits Executive from reporting possible violations of law to any government agency if such report is made in confidence and good faith to a federal, state or local government official, either directly or indirectly, solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit relating to such report.  
		

		
			6.Covenant Not to Sue.  A “covenant not to sue” is a legal term that means Executive promises not to file a lawsuit in court. It is different from the General Release of claims contained in Section 4 above. Besides waiving and releasing the claims covered by Section 4 above, Executive further agrees never to sue the Company or join any lawsuit against the Company in any forum for any reason, with respect to claims, laws or theories covered by the General Release language in Section 4 above, but excluding claims excluded from the General Release language in Section 5 and provided further that  Executive may bring a claim against the Company to enforce the Agreement or to challenge the validity of the Agreement, the Initial Release and/or the Second Release under the ADEA. If Executive sues the Company in violation of this Section, she shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. Alternatively, if Executive sues the Company in violation of this Section, the Company can require Executive to return all but $500 of the money paid to her pursuant to the Agreement. In that event, the Company shall be excused from making any further payments or continuing any other benefits otherwise owed to Executive under Section 2 of the Agreement and Section 3 of the Second Release, it being acknowledged, that it would not violate any part of the Agreement or the Second Release for Executive to sue Company to enforce the Agreement, or to challenge the validity of the Agreement, the Initial Release and/or Second Release under the ADEA.
		

		
			7.Non-Admissions.  The fact and terms of this Second Release are not an admission by the Company of liability or other wrongdoing under any law.
		

		
			

		 

		

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			8.Company Property.  Executive returned, did not tamper with, and has no access to, any Company property such as equipment, credit cards, keys, software, work product, hard/soft document originals/copies, current/former/prospective customer lists, confidential information of the Company (including, but not limited to board materials, financial information, and trade secrets) and any other materials in any media.  Upon request, Executive will provide the Company access to any of her personal electronic document storage accounts or electronic devices to confirm or permit removal of any Company property. Nothing here interferes with Executive’s claims or rights in the Release Exclusions Section 5.
		

		
			9.Continuing Obligations of Agreement.   The execution of this Second Release does not supersede or otherwise relieve Executive from any continuing obligations owed by her to the Company under the terms of the Agreement.  
		

		
			10.Severability.  If any provision of this Second Release is determined to be unenforceable, the parties agree that such provision should be modified so that it is enforceable or, if modification is not possible, that it should be severed, and the enforceability of the remaining provisions will not be affected by such modification or severance.
		

		
			11.Governing Law.  This Second Release shall be interpreted and enforced in accordance with the laws of the State of Minnesota, except insofar as an interpretation or enforcement issue is governed by federal law. Executive agrees that a court of competent jurisdiction in the State of Minnesota will adjudicate any dispute under this Second Release.
		

		
			12.Revocation.  After Executive signs this Second Release, she will have fifteen days to revoke it if she changes her mind.  If Executive wants to revoke the Second Release, she should deliver a written revocation to the Company’s General Counsel within fifteen days after she signs it. If she does not revoke this Second Release, she will receive the separation consideration described in Section 3.
		

		
			13.Additional Executive Acknowledgments.  Executive also agrees that:
		

			
	
			
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			She is entering this Second Release knowingly and voluntarily;

			
	
			
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			She has been advised by this Second Release to consult with an attorney before signing this Second Release;

			
	
			
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			She understands she may take up to twenty-one (21) days to consider this Second Release before signing it;

			
	
			
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			She is not otherwise entitled to the separation consideration referenced in Section 3; 

			
	
			
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			She is not entitled to severance; and

		
			

		 

		

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				 ·
			

			
	
			
			The Agreement, the Initial Release and this Second Release are the entire agreement between her and the Company regarding the transition of her duties through the Separation Date, and the terms of her continued employment through the Separation Date. Executive understands that her failure to execute this Second Release will not relieve her of any continuing obligations owed by her under the terms of the Agreement and/or the Initial Release.

		
			[Signature Page Follows]
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the undersigned have executed this Second Release as of the date first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						EXECUTIVE

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date

					
					
						                                

					
					
						Jill Wyant

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						ECOLAB INC.

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date

					
					
						 

					
					
						By:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			5

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