Document:

citi-exhibit 10.01-6.30.2014

Exhibit 10.01

Omnibus Nonqualified Plan Amendment

WHEREAS, Citigroup Inc. and its consolidated subsidiaries (the “Company”) sponsor nonqualified deferred compensation plans for their U.S. employees that qualify as “top hat plans” under section 201(2) or “excess benefit plans” under section 201(7) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including but not limited to, the Supplemental ERISA Compensation Plan of Citibank, N.A. and Affiliates and the Citicorp Deferred Compensation Plan (all such nonqualified plans are hereinafter collectively referred to as a “Plan” or the “Plans”); and

WHEREAS, the Company desires to amend the Plans, effective as of June 2, 2014, to provide that benefits may be forfeited or subject to recovery, in whole or in part, in the circumstances specified in this Omnibus Nonqualified Plan Amendment, to the extent not already so provided by a Plan, provided, however, that this Omnibus Nonqualified Plan Amendment shall not apply to the extent it would cause a Plan to lose its grandfathered status under section 409A of the Internal Revenue Code of 1986, as amended (“Code”);

NOW, THEREFORE, each Plan is hereby amended to add the following section to each Plan, effective as of June 2, 2014: 

“Forfeiture Provisions, Including Forfeiture for Cause and Clawbacks
Notwithstanding any provision of the Plan to the contrary: 
(a)     Material Adverse Outcome. A participant will forfeit all or a portion of his or her Plan benefit if the Company determines, in its sole discretion, that the participant has had “significant responsibility” for a “material adverse outcome” for the Company or any of its businesses or functions. 
(b)     General Clawback.  A participant’s Plan benefit, in whole or in part, will be forfeited if the Company determines, in its sole discretion, that the participant (1) engaged in behavior constituting misconduct or exercised materially imprudent judgment that caused harm to any of the Company’s business operations, or that resulted or could result in regulatory sanctions (whether or not formalized), (2) failed to supervise or monitor individuals engaging in, or failed to properly escalate behavior constituting, misconduct (whether or not gross misconduct) in accordance with the Company’s policies regarding the reporting of misconduct, or who exercised materially imprudent judgment that caused harm to any of the Company’s business operations, or 

(3) failed to supervise or monitor individuals engaging in, or failed to properly escalate, behavior that resulted or could result in regulatory sanctions (whether or not formalized). 
(c)    Citi Clawback.  A participant’s Plan benefit, in whole or in part, will also be forfeited if the Company, in its sole discretion, determines that the participant (1) is responsible, in whole or in part, for the preparation or issuance of materially inaccurate publicly reported financial statements, (2) knowingly engaged in providing materially inaccurate information relating to publicly reported financial statements, (3) materially violated any risk limits established or revised by the Company’s senior management and/or risk management, (4) engaged in competition during employment by the Company with the Company’s business operations, (5) breached any obligation that the participant owes to the Company, or his or her duty of loyalty to the Company, (6) engaged in an act that is determined to be materially injurious to the Company, or (7) engaged in “gross misconduct” under the Company’s guidelines.
(d)      Administrative Provisions.  Notwithstanding the foregoing or anything herein to the contrary, distribution to the participant (or in the event of his or her death, his or her beneficiary), of his or her Plan benefit will be suspended pending an investigation and determination into whether there may be circumstances that could result in forfeiture pursuant to the preceding paragraphs. If it is determined subsequent to a distribution being made to a participant (or in the event of his or her death, his or her beneficiary), that a distribution should not have been made pursuant to this section, the participant or his or her beneficiary will be obligated to return or repay to the Company the amount of the distribution plus interest thereon.  The Company has the exclusive discretionary authority to determine and define “significant responsibility”, “material adverse outcome”, “gross misconduct” and all other undefined terms in this section, and to make all other decisions regarding the interpretation and application of this section, including but not limited to, determining the amount of the participant’s Plan benefit that will be forfeited and the rate of interest to be applied to the amount to be repaid to the Plan.  The forfeiture provisions set forth in this section shall be enforceable as to benefits accrued prior to June 2, 2014 to the extent permissible under applicable law.  In no event shall this amendment be applied to the extent it would cause the Plan to lose its grandfathered status under Code section 409A.”Exhibit 10.1

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT TO CREDIT AGREEMENT dated as of July 28, 2014 (the “Agreement”) is entered into among GFI GROUP INC., a Delaware corporation (“GFI”), GFI HOLDINGS LIMITED, a company incorporated under the laws of England and Wales (the “Foreign Borrower”; together with GFI, the “Borrowers”), the Guarantors, the Lenders party hereto and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”).  All capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative Agent entered into that certain Second Amended and Restated Credit Agreement dated as of December 20, 2010 (as amended by that certain First Amendment to Credit Agreement and Consent dated as of March 6, 2013 and as further amended or modified from time to time prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the Borrowers have requested and the Required Lenders have agreed to amend certain terms of the Credit Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                      Amendment to the Credit Agreement.  Section 8.11(a) of the Credit Agreement is hereby amended to read in its entirety as follows:

 

(a)                                 Consolidated Capital.  Permit Consolidated Capital at any time to be less than $375,000,000; provided that such minimum amount shall be increased at the end of each fiscal quarter of GFI, commencing with the fiscal quarter ending June 30, 2013, on a cumulative basis by an amount equal to 35% of Consolidated Net Income (to the extent positive) for such period; provided, further, that, (x) notwithstanding the foregoing, in no event shall Consolidated Capital be required to be greater than $450,000,000 under this Section 8.11(a) and (y) the minimum amount of Consolidated Capital required pursuant to this Section 8.11(a) shall be reduced by any goodwill or asset impairment charge of GFI in an aggregate amount not to exceed $160,000,000 contained in the financial statements of GFI and its Subsidiaries delivered pursuant to Section 7.01(b) in any of the fiscal quarters ending June 30, 2014, September 30, 2014 or December 31, 2014.

 

2.                                      Conditions Precedent.  This Agreement shall be effective upon satisfaction of the following conditions precedent:

 

(a)                                 receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrowers, the Guarantors and the Required Lenders; and

 

(b)                                 receipt by the Administrative Agent of an amendment fee, for the account of each Lender that provides the Administrative Agent with an executed counterpart of this Agreement on or before 5 p.m. Eastern time on July [    ], 2014, in the amount of $100,000 to be allocated pro rata among such Lenders.

 

 

3.                                      Miscellaneous.

 

(a)                                 The Credit Agreement, and the obligations of the Loan Parties thereunder and under the other Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.

 

(b)                                 Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Credit Agreement or the other Loan Documents.

 

(c)                                  The Borrowers and the Guarantors hereby represent and warrant as follows:

 

(i)                                     Each Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Agreement.

 

(ii)                                  This Agreement has been duly executed and delivered by the Loan Parties and constitutes each of the Loan Parties’ legal, valid and binding obligations, enforceable against it in accordance with its terms, except as such enforceability may be subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (B) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

 

(iii)                               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 any Loan Party of this Agreement other than those which have been obtained and are in full force and effect.

 

(iv)                              The representations and warranties of the Loan Parties set forth in Article VI of the Credit Agreement and in each other Loan Document are true and correct in all material respects as of the date hereof with the same effect as if made on and as of the date hereof, except to the extent such representations and warranties expressly relate solely to an earlier date.

 

(v)                                 No event has occurred and is continuing which constitutes a Default or an Event of Default.

 

(d)                                 This Agreement 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 an executed counterpart of this Agreement by telecopy or other electronic means shall be effective as an original and shall constitute a representation that an executed original shall be delivered.

 

(e)                                  THIS AGREEMENT 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 NEW YORK.

 

[remainder of page intentionally left blank]

 

2

 

Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

 

	
 
    	
 
    
	
GFI:
    	
GFI   GROUP INC.,
    
	
 
    	
a   Delaware corporation, as a Borrower and, with
   respect to the Foreign Obligations, as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
FOREIGN   BORROWER:
    	
GFI   HOLDINGS LIMITED,
    
	
 
    	
a   company incorporated under the
   laws of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
DOMESTIC   GUARANTORS:
    	
GFI   GROUP LLC,
    
	
 
    	
a   New York limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GFINET   INC.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GFI   MARKETS LLC,
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
FENICS   SOFTWARE INC.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
				

 

GFI GROUP INC.

SECOND AMENDMENT TO CREDIT AGREEMENT

 

 

	
FOREIGN   GUARANTORS:
    	
FENICS   LIMITED,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
FENICS   SOFTWARE LIMITED,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GFINET   EUROPE LIMITED,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GFI   TP LTD.,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GFI   MARKETS LTD.,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
GFI   NEWGATE LIMITED,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    

 

GFI GROUP INC.

SECOND AMENDMENT TO CREDIT AGREEMENT

 

 

	
 
    	
TRAYPORT, LTD.,
    
	
 
    	
a   company incorporated under the
    
	
 
    	
laws   of England and Wales
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James A. Peers
    
	
 
    	
Name:
    	
James A. Peers
    
	
 
    	
Title:
    	
Chief Financial Officer
    

 

GFI GROUP INC.

SECOND AMENDMENT TO CREDIT AGREEMENT

 

 

	
ADMINISTRATIVE
    	
 
    
	
AGENT:
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Denise Jones
    
	
 
    	
Name:
    	
Denise   Jones
    
	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
LENDERS:
    	
BANK   OF AMERICA, N.A.,
    
	
 
    	
as   a Lender and an L/C Issuer
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shubhashis De
    
	
 
    	
Name:
    	
Shubhashis   De
    
	
 
    	
Title:
    	
Assistant   Vice President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BANK   OF MONTREAL,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    
	
 
    	
By:
    	
Bank   of Montreal — Chicago Branch
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Nicholas Buckingham
    
	
 
    	
Name:
    	
Nicholas   Buckingham
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
By:
    	
Bank   of Montreal — London Branch
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   A.L. Ebdon 
    	
/s/   L. Rodriguez
    
	
 
    	
Name:
    	
A.L.   Ebdon 
    	
L.   Rodriguez
    
	
 
    	
Title:
    	
Managing   Director
    	
Managing   Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   ROYAL BANK OF SCOTLAND PLC,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Nick Armstrong
    
	
 
    	
Name:
    	
Nick   Armstrong
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
JPMORGAN   CHASE BANK, N.A.,
    
	
 
    	
as   a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Leo Lai
    
	
 
    	
Name:
    	
Leo   Lai
    
	
 
    	
Title:
    	
Executive   Director
    

 

GFI GROUP INC.

SECOND AMENDMENT TO CREDIT AGREEMENT

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