Document:

exhibit10-1.htm

    Exhibit
10.1

    

     

    ELEVENTH AMENDMENT TO
REVOLVING CREDIT AGREEMENT

     

    

    This
Eleventh Amendment to Revolving Credit Agreement (“Amendment”) is made as of
February 17, 2010 (“Effective Date”) among WCA WASTE CORPORATION, a
Delaware corporation (“Borrower”) and COMERICA BANK, a Texas banking
association (“Comerica”), in its capacity as Agent under the Credit Agreement,
as defined below (in such capacity, “Agent”), and in its capacity as a Lender
under the Credit Agreement and the “Lenders” from time to time party thereto
(the “Lenders”).

     

    PRELIMINARY
STATEMENT

     

     

    The
Borrower and Agent entered into a Revolving Credit Agreement dated July 5, 2006,
as amended by Amendment to Revolving Credit Agreement dated as of July 28, 2006,
Second Amendment to Revolving Credit Agreement dated as of September 25, 2006,
Third Amendment to Revolving Credit Agreement dated as of November 20, 2006,
Fourth Amendment to Revolving Credit Agreement dated as of January 24, 2007,
Fifth Amendment to Revolving Credit Agreement dated as of March 13, 2007, Sixth
Amendment to Revolving Credit Agreement dated as of July 27, 2007, Seventh
Amendment to Revolving Credit Agreement dated as of December 27, 2007, Eighth
Amendment to Revolving Credit Agreement dated as of October 22, 2008, Ninth
Amendment to Revolving Credit Agreement dated as of February 19, 2009, and Tenth
Amendment to Credit Agreement dated as of December 31, 2009 (“Credit Agreement”)
providing terms and conditions governing certain loans and other credit
accommodations extended by the Agent to Borrower (“Indebtedness”).

     

    Borrower,
Agent and the Lenders constituting the Required Lenders have agreed to
amend the terms of
the Credit Agreement as provided in this Amendment.

     

    AGREEMENT

     

    1. Defined
Terms.  In this Amendment, capitalized terms used without
separate definition shall have the meanings given them in the Credit
Agreement.

     

    2. Amendments.

     

    a. The
following definitions are hereby added to Section 1.01 of the Credit
Agreement:

    

    “ ‘2006 Interest Rate Hedging
Agreement’ means that certain Hedging Agreement by and between Borrower
and Agent, effective as of July 11, 2006, covering a notional amount of
$150,000,000 of the Obligations, with a final maturity date of November 1,
2010.”

    

    “ ‘2006 Interest Rate Hedging
Agreement Termination Expense’ means any cash expense associated with the
Borrower’s termination and prepayment of its obligations under the 2006 Interest
Rate Hedging Agreement prior to the stated maturity thereunder.”

    

      “
‘Consolidated Net
Interest Expense’ means, with respect to the Borrower and its
Consolidated Subsidiaries, for any period, the sum of (a) all cash interest
expense less cash interest income, if applicable, as defined per GAAP, plus (b) cash paid
less cash received, if applicable, associated with Interest Rate Hedging
Agreements.”

    

    “ ‘Interest Rate Hedging
Agreements’ means any forward contract, futures contract, swap, cap,
floor, collar, option or other financing agreement or arrangement, the value of
which is dependent upon interest rates, but excludes the 2006 Interest Rate
Hedging Agreement.”

    

    b. The
definition of “Hedging Agreements” in Section 1.01 of the Credit Agreement is
hereby amended and restated in its entirety as follows:

    

    “ ‘Hedging Agreements’
means any Interest Rate Hedging Agreements, and/or any forward contract, futures
contract, swap, cap, floor, collar, option or other financing agreement or
arrangement, the value of which is dependent upon currency exchange rates,
commodities or other indices.

    

    c. The
definition of “Proforma Adjusted EBITDA Debt Service Ratio” in Section 1.01 of
the Credit Agreement is hereby amended and restated in its entirety as
follows:

    

    “  ‘Pro Forma Adjusted EBITDA
Debt Service Ratio’ means, with respect to the Borrower and its
Consolidated Subsidiaries, the ratio of (i) Pro Forma Adjusted EBITDA for
the four fiscal quarters ending on such date minus cash income tax
expense for such period, to (ii) Consolidated Net Interest Expense, plus (x) all
scheduled payments on capitalized leases paid or payable during such period,
plus (y) all
scheduled principal payments of Debt paid or payable during such period,
excluding payments made on the Revolving Credit Loans, financed insurance
premiums paid, and any principal payments paid in advance of maturity which have
been previously waived by the Lenders during such period.”

    

    d. The
definition of “Pro Forma Adjusted EBITDA” in Section 1.01 of the Credit
Agreement is hereby amended and restated in its entirety as
follows:

    

    “  ‘Pro Forma Adjusted
EBITDA’ means, for any period, the sum of, without duplication,
(a) EBITDA for such period, plus
(b) non-recurring non-cash expenses or charges during such period, plus (c) historical
results for any acquisitions which are consummated on or after the Closing Date,
adjusted for the lesser of:  (x) the sum of (without duplication): (i)
add-backs permitted pursuant to Article 11, Regulation S-X of the Securities Act
of 1933 for the 12-month period then ended, plus (ii) the
effect of Additional Volume and/or Increased Use, as applicable, and itemized
direct cost savings that will be achieved as a result of, or in connection with,
any acquisitions consummated after the Closing Date, plus (iii) the Prior
Acquisition Add-Back, or (y) fifteen percent (15%) of the Pro Forma Adjusted
EBITDA before the inclusion of items (x)(i), (x)(ii), and (x)(iii), plus
(d) non-cash charges for increases in closure and post-closure obligations,
plus
(e) non-cash charges associated with the disposal contract between Waste
Management, Inc. and WCA Waste Systems, plus (f) 
non-cash charges (or minus non-cash
benefits, if applicable) reflecting the adoption of SFAS No. 123 (and all
amendments thereto), plus (g) all non-cash
charges related to restricted stock and redeemable stock interests granted to
officers, directors and employees, plus (h) expense
(or minus
income, if applicable) associated with any Hedging Agreements and/or the 2006
Interest Rate Hedging Agreement, plus
(i) non-cash losses on asset sales in an aggregate amount not to exceed
$500,000, plus
(j) 2006 Interest Rate Hedging Agreement Termination Expense.”

     

    3. Applicable
Margin.   Notwithstanding anything to the contrary in the
Agreement, Level IV Applicable Margins shall be in effect under the Agreement
from the date of this Amendment until the determination thereof based upon
Borrower’s Compliance Certificate for the fiscal quarter ending June 30, 2010,
unless (prior to such date), Borrower’s Total Leverage Ratio is greater than
4.50:1.00, in which case, Level V Applicable Margins shall be in effect under
the Agreement.

     

    4. Representations and
Warranties.  The Borrower represents, warrants, and agrees
that:

     

    a. This
Amendment may be executed in as many counterparts as Agent, the Lenders and the
Borrower deem convenient, and shall become effective upon delivery to Agent of
all executed counterparts hereof from Lenders constituting the Required Lenders
and from Borrower and each of the Guarantors.

     

    b. Except as
expressly modified in this Amendment, the representations, warranties, and
covenants set forth in the Credit Agreement and in each related document,
agreement, and instrument remain true and correct, continue to be satisfied in
all respects, and are legal, valid and binding obligations with the same force
and effect as if entirely restated in this Amendment.

     

    c. When
executed, the Agreement, as amended by this Amendment will continue to
constitute a duly authorized, legal, valid, and binding obligation of the
Borrower enforceable in accordance with its terms.

     

    d. There is
no Default or Event of Default existing under the Credit Agreement, or any
related document, agreement, or instrument.

     

    e. The
Certificate of Incorporation, Amended and Restated Bylaws and Resolution and
Incumbency Certificate of the Borrower delivered to Agent in connection with the
Credit Agreement on or about July 5, 2006, have not been repealed, amended or
modified since the date of delivery thereof and that same remain in full force
and effect; provided however that the
Amended and Restated Bylaws have been amended and restated by the Second Amended
and Restated Bylaws of the Borrower dated as of June 18, 2007.

     

    5. Successors and
Assigns.  This Amendment shall inure to the benefit of and be
binding upon the parties and their respective successors and
assigns.

     

    6. Other
Modification.  In executing this Amendment, the Borrower is not
relying on any promise or commitment of Agent or the Lenders that is not in
writing signed by Agent and the Lenders.

     

    7. Acknowledgment and Consent
of Guarantors.  By signing below, each of the Guarantors
acknowledges and consents to the execution, delivery and performance of this
Amendment.

     

    8. Fees.  The
Borrower shall pay to Agent, for distribution to the Lenders, as applicable, all
fees set forth in the Fee Letter from Agent to Borrower dated February 17, 2010,
in the manner and on the dates specified therein, including, but not limited, to
a 5 basis points working and consent fee based upon such Lender’s commitments
under the Agreement.

     

    9. Expenses.  Borrower
shall promptly pay all out-of-pocket fees, costs, charges, expenses, and
disbursements of Agent and the Lenders incurred in connection with the
preparation, execution, and delivery of this Amendment, and the other documents
contemplated by this Amendment.

     

    [Signature Page
Follows]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
Eleventh Amendment to the Revolving Credit Agreement is executed and delivered
on the Effective Date.

     

    
      	
               
      

            	
              COMERICA
      BANK, as Administrative Agent

            

    

    
      	
               
      

            	
              and
      Collateral Agent

            

    

     

    By:           /s/ Michael R.
Schmidt                                                                

    Michael
R. Schmidt

    Its:           Vice
President

    

    

    ALLIED
IRSH BANKS, p.l.c.,

    as a
Lender

     

    By:           /s/ Jean Pierre
Knight                                                                

    Jean
Pierre Knight

    Its:           Vice
President

     

    By:           /s/ David
Smith                                                      

    David
Smith

    Its:           Assistant
Vice President

    

     

    COMPASS
BANK, as a Lender

     

    By:           /s/ Andrew
Widmer                                                      

    Andrew
Widmer

    Its:           Vice
President

    

    

    UNION
BANK, as a Lender

     

    By:           /s/ Stephen W.
Dunne                                                                

     Stephen
W. Dunne

    Its:           Vice
President

    

    

    BANK OF
TEXAS, NATIONAL ASSOCIATION,

    as a
Lender

     

    By:           /s/ Jeremy
Jackson                                                      

    Jeremy
Jackson

    Its:           Vice
President

    

     

    

    WACHOVIA
BANK, NATIONAL ASSOCIATION,

    as a
Lender

     

    By:           /s/ Diane
Felker                                                                

    Diane
Felker

    Its:           Senior
Vice President

    

    

    WEBSTER
BANK, NATIONAL ASSOCIATION,

    as a
Lender

     

    By:           /s/ Karen L.
Flanders                                                      

    Karen L.
Flanders

    Its:           Vice
President

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WCA WASTE
CORPORATION, as Borrower

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA
HOLDINGS CORPORATION, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA WASTE
SYSTEMS, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA OF
ALABAMA, L.L.C., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA
SHILOH LANDFILL, L.L.C., as a Guarantor

    

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WASTE
CORPORATION OF KANSAS, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WASTE
CORPORATION OF TENNESSEE, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    

    WCA OF
FLORIDA, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Continuation of Signature Page of
the Acknowledgement and Consent of Guarantors]

     

    WCA OF
CENTRAL FLORIDA, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    TRANSIT
WASTE, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WASTE
CORPORATION OF MISSOURI, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    EAGLE
RIDGE LANDFILL, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA TEXAS
MANAGEMENT GENERAL, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WASTE
CORPORATION OF TEXAS, L.P., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    TEXAS
ENVIRONMENTAL WASTE SERVICES, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA
MANAGEMENT LIMITED, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Continuation of Signature Page of
the Acknowledgement and Consent of Guarantors]

     

    WCA
MANAGEMENT GENERAL, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA
MANAGEMENT COMPANY, LP, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA OF
NORTH CAROLINA, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    MATERIAL
RECOVERY, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA WAKE
TRANSFER STATION, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA OF
HIGH POINT, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    MATERIAL
RECLAMATION, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA
CAPITAL, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Continuation of Signature Page of
the Acknowledgement and Consent of Guarantors]

     

    WASTE
CORPORATION OF ARKANSAS, INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    TRANSLIFT,
INC., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA OF
ST. LUCIE, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    AMERICAN
WASTE, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    N.E.
LANDFILL, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    PAULS
VALLEY LANDFILL, LLC, as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    SOONER
WASTE, L.L.C., as a Guarantor

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    [Continuation of Signature Page of
the Acknowledgement and Consent of Guarantors]

    RUFFINO
HILLS TRASNFER STATION, LP

    

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    FORT BEND
REGIONAL LANDFILL, LP

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA OF
MASSACHUSETTS, LLC

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    WCA OF
OHIO, LLC

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    CHMAPION
CITY RECOVERY, LLC

    

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    BOXER
REALTY REDEVELOPMENT, LLC

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    SUNNY
FARMS LANDFILL, LLC

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
President

     

    NEW
AMSTERDAM & SENECAE RAILROAD COMPANY, LLC

     

    By:           /s/ Joseph J. Scarano,
Jr.                                                      

    Joseph J.
Scarano, Jr.

    Its:           Vice
PresidentEX-10.A

Exhibit 10.A

VIAD CORP

2007 OMNIBUS INCENTIVE PLAN

INCENTIVE STOCK OPTION AGREEMENT

Effective as of February 25, 2010

(ISO)

Viad Corp (Corporation), a Delaware corporation, grants to        (Grantee) the option
(Option) to purchase from the Corporation, pursuant to the Viad Corp 2007 Omnibus Incentive Plan
(Plan), at the price of $    per share (Option Price)        Shares of its Common Stock, par
value $1.50 (Common Stock) through the exercise of this Option in accordance with the terms and
conditions hereinafter set forth.

1. Option Period and Termination of Employment of Grantee. The period during which
this Option may be exercised (Option Period) is the period beginning on the date hereof and ending
ten (10) years from such date, subject to Section 2 below, and during this period this Option may
be exercised only by the Grantee personally and while an employee of the Corporation or a
subsidiary or division thereof (Affiliate), except that:

(a) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation for any reason, excluding death, disability, retirement and termination of employment
for Cause (as defined in the Plan), the option rights hereunder (as they exist on the day the
Grantee ceases to be such an employee) may be exercised only within a period of three (3) months
thereafter, subject to the notice requirements and forfeiture provisions set forth below, or prior
to the expiration of the Option Period, whichever shall occur sooner. If the employment of the
Grantee is terminated for Cause, all the option rights hereunder shall expire immediately upon the
giving to the Grantee of notice of such termination. As used herein, the term “Cause” means (1)
the conviction of a participant for committing a felony under federal law or the law of the state
in which such action occurred, (2) dishonesty in the course of fulfilling a participant’s
employment duties, (3) willful and deliberate failure on the part of a participant to perform his
employment duties in any material respect, or such other events as will be determined by the
Committee. The Committee will have the sole discretion to determine whether “Cause” exists, and
its determination will be final.

(b) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation due to disability or death, or dies within the three month or five year periods
referred to in Sections (a) and (c) of this Section 1, the option rights hereunder (as they exist
immediately prior to the Grantee’s death) may be exercised by the Grantee or by the Grantee’s
personal representative only during a period of twelve (12) months thereafter in the case of death
and only during a period of three (3) years thereafter in the case of disability, provided, if the
Grantee dies within such three-year period, any unexercised option held by the Grantee will,
notwithstanding the expiration of such three-year period, continue to be exercisable to the extent
to which it was exercisable at the time of death for a period of twelve (12) months from the date
of such death, subject in each case to the notice requirements set forth below, or prior in each
case to the expiration of the Option Period, whichever shall occur sooner.

(c) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation by reason of retirement, the option rights hereunder (as they exist on the day the
Grantee ceases to be such an employee) may be exercised only within a period of five (5) years
thereafter, subject to Section 1(d) and Section 2(c) below and further subject to the notice
requirements and non-compete and forfeiture provisions set forth below, or prior to the expiration
of the Option Period, whichever shall occur sooner.

(d) If this Option is exercised after the expiration of the exercise periods that apply for
purposes of Section 422 of the Code, it will thereafter be treated as a Nonqualified Stock Option.

2. Method of Exercise of this Option. This Option may be exercised in the manner
hereinafter prescribed, in whole or in part, at any time or from time to time, during the Option
Period as follows.

	 	(a)	 	One-third (1/3) of the Shares hereby optioned at any time after one year from
the date hereof,

	 	(b)	 	One-third (1/3) of the Shares hereby optioned at any time two years from the
date hereof, and

(c) the balance of the Shares hereby optioned at any time after three (3) years from the date
hereof, provided that 100 Shares, or the total number of Shares remaining unpurchased hereunder, if
less than 100 Shares, is the minimum number which may be purchased hereunder at any one time. This
Option shall not be exercisable prior to the expiration of one year from the date of grant, except
as otherwise specified in the Plan. All purchases hereunder must be completed within the time
periods prescribed herein for the exercise thereof.

(d) Notwithstanding Sections (a), (b), and (c) of this Section 2 if the Grantee ceases to be
an employee of the Corporation by reason of death, disability or retirement, this Option (to the
extent valid and outstanding as of the date such Grantee ceases to be an employee) if not then
exercisable shall become fully exercisable to the full extent of the original grant; provided,
however, that if such date such Grantee ceases to be an employee is within six months of the date
of grant of a particular Stock Option held by a Grantee who is an officer or director of the
Corporation and is subject to Section 16(b) of the Exchange Act this Option shall not become fully
exercisable until six months and one day after such date of grant.

On or before the expiration of the Option Period specified herein, written notice of the
exercise of this Option with respect to all or a part of the Common Stock hereby optioned may be
mailed or delivered to the Corporation by the Grantee in substantially the form attached hereto or
in such other form as the Corporation may require, properly completed and among other things
stating the number of Shares of Common Stock with respect to which the Option is being exercised,
and specifying the method of payment for such Common Stock. The notice must be mailed or delivered
prior to the expiration of this Option.

Before any stock certificates shall be issued, the entire purchase price of the Common Stock
purchased shall be paid to the Corporation. Certificates, registered in the name of the purchaser
for the Common Stock purchased, will be issued to the purchaser as soon as practicable thereafter.
Failure to pay the purchase price for any Common Stock within the time specified in said notice
shall result in forfeiture of the Grantee’s right to purchase the Common Stock at a later date and
the number of Shares of Common Stock which may thereafter be purchased hereunder shall be reduced
accordingly.

The purchase price may be paid either entirely in cash or in whole or in part with
unrestricted Common Stock already owned by the Grantee. If the Grantee elects to pay the purchase
price entirely in cash, he will be notified of the purchase price by the Corporation. If the
Grantee elects to pay the purchase price either substantially all with Common Stock or partly with
Common Stock and the balance in cash, he will be notified by the Corporation of the fair market
value of the Common Stock on the exercise date and the amount of Common Stock or cash payable.
Within five business days after the exercise date, the Grantee shall deliver to the Corporation
either cash or Common Stock certificates, in negotiable form, at least equal in value to the
purchase price, or that portion thereof to be paid for with Common Stock, together with cash
sufficient to pay the full purchase price. Only full Shares of Common Stock shall be utilized for
payment purposes.

3. Restrictive Covenant, Forfeiture and Repayment Provisions. Unless a Change of
Control (as defined in the Plan) shall have occurred after the date hereof:

(a) Certification. The right to exercise this Option shall be conditional upon certification
by the Grantee at time of exercise that the Grantee has read and understands the forfeiture and
repayment provisions set forth in this Section 3, that the Grantee has not engaged in any
misconduct or acts contrary to the Corporation as described below, and that Grantee has no intent
to leave employment with the Corporation or any of its Affiliates for the purpose of engaging in
any activity or providing any services which are contrary to the spirit and intent of Section 3(b).

(b) Non-Compete. Unless a Change of Control (as defined in the Plan) shall have occurred
after the date hereof:

(i) In order to better protect the goodwill of the Corporation and its Affiliates and to
prevent the disclosure of the Corporation’s or its Affiliates’ trade secrets and confidential
information and thereby help insure the long-term success of the business, the Grantee, without
prior written consent of the Corporation, will not engage in any activity or provide any services,
whether as a director, manager, supervisor, employee, adviser, agent, consultant, owner of more
than five (5) percent of any enterprise or otherwise, for a period of eighteen (18) months
following the date of the Grantee’s termination of employment with the Corporation or any of its
Affiliates, in connection with the manufacture, development, advertising, promotion, design, or
sale of any service or product which is the same as or similar to or competitive with any services
or products of the Corporation or its Affiliates (including both existing services or products as
well as services or products known to the Grantee, as a consequence of the Grantee’s employment
with the Corporation or one of its Affiliates, to be in development):

(1) with respect to which the Grantee’s work has been directly concerned at any time during
the two (2) years preceding termination of employment with the Corporation or one of its
Affiliates, or

(2) with respect to which during that period of time the Grantee, as a consequence of the
Grantee’s job performance and duties, acquired knowledge of trade secrets or other confidential
information of the Corporation or its Affiliates.

(ii) For purposes of the provisions of Section 3(b), it shall be conclusively presumed that
the Grantee has knowledge of information he or she was directly exposed to through actual receipt
or review of memos or documents containing such information, or through actual attendance at
meetings at which such information was discussed or disclosed.

(iii) In addition to any other remedy at law or in equity, including injunctive relief, the
Corporation is authorized to suspend or terminate this Option and any other outstanding stock
option or stock appreciation right held by the Grantee prior to or after termination of employment
if the Grantee engages in any conduct agreed to be avoided pursuant to the provisions of Section
3(b) at any time within the eighteen (18) months following the date of the Grantee’s termination of
employment with the Corporation or any of its Affiliates.

(iv) In addition any other remedy at law or in equity, including injunctive relief, if, at any
time within eighteen (18) months after the date of the Grantee’s termination of employment with the
Corporation or any of its Affiliates, Grantee engages in any conduct agreed to be avoided pursuant
to the provisions of Section 3(b), then any gain (without regard to tax effects) realized by
Grantee from the exercise of this Option, in whole or in part, shall be paid by Grantee to the
Corporation. Grantee consents to the deduction from any amounts the Corporation or any of its
Affiliates owes to Grantee to the extent of the amounts Grantee owes the Corporation hereunder.

(c) Misconduct. Unless a Change of Control shall have occurred after the date hereof:

(i) The Corporation is authorized to suspend or terminate this Option and any other
outstanding stock option or stock appreciation right held by the Grantee prior to or after
termination of employment if the Corporation reasonably determines that during the Grantee’s
employment with the Corporation or any of its Affiliates:

(1) Grantee knowingly participated in misconduct that causes a misstatement of the
financial statements of Viad or any of its Affiliates or misconduct which represents a
material violation of any code of ethics of the Corporation applicable to the Grantee or of
the Always Honest compliance and ethics program or similar program of the Corporation; or

(2) Grantee was aware of and failed to report, as required by any code of ethics of the
Corporation applicable to the Grantee or by the Always Honest compliance program or similar
program of the Corporation, misconduct that causes a misstatement of the financial
statements of Viad or any of its Affiliates or misconduct which represents a material
knowing violation of any code of ethics of the Corporation applicable to the Grantee or of
the Always Honest compliance program or similar program of the Corporation.

(ii) If, at any time after the Grantee exercises this Option in whole or in part, the
Corporation reasonably determines that the provisions of Section 3(c) apply to the Grantee, then
any gain (without regard to tax effects) realized by the Grantee from such exercise shall be paid
by Grantee to the Corporation. The Grantee consents to the deduction from any amounts the
Corporation or any of its Affiliates owes to the Grantee to the extent of the amounts the Grantee
owes the Corporation under this paragraph 3.

(d) Acts Contrary to Corporation. Unless a Change of Control shall have occurred after the
date hereof:

(i) The Corporation is authorized to suspend or terminate this Option and any other
outstanding stock option or stock appreciation right held by the Grantee prior to or after
termination of employment if the Corporation reasonably determines that Grantee has acted
significantly contrary to the best interests of the Corporation, including, but not limited to, any
direct or indirect intentional disparagement of the Corporation.

(ii) If, at any time within two (2) years after the Grantee exercises this Option in whole or
in part, the Corporation reasonably determines that Grantee has acted significantly contrary to the
best interests of the Corporation, including, but not limited to, any direct or indirect
intentional disparagement of the Corporation, then any gain (without regard to tax effects)
realized by the Grantee from such exercise shall be paid by Grantee to the Corporation. The
Grantee consents to the deduction from any amounts the Corporation or any of its Affiliates owes to
the Grantee to the extent of the amounts the Grantee owes the Corporation under this Section 3.

(e) The Corporation’s reasonable determination required under Sections 3(c)(i) and (ii) and
3(d)(i) and (ii) shall be made by the Human Resources Committee of the Corporation’s Board of
Directors, in the case of executive officers of the Corporation, and by the Chief Executive Officer
and Corporate Compliance Officer of the Corporation, in the case of all other officers and
employees.

4. Non-Transferability of this Option. This Option may not be assigned, encumbered or
transferred, in whole or in part, except by the Grantee’s will or in accordance with the applicable
laws of descent and distribution or as otherwise provided under the Plan.

5. Limit on Grant. The aggregate fair market value (determined as of the time the
Option is granted) of Common Stock for which any Grantee may be granted one or more Incentive Stock
Options first exercisable in this year or in any calendar year thereafter shall not exceed
$100,000.

6. Adjustments for Changes in Capitalization of Corporation. The Common Stock covered
by this Option is, at the option of the Corporation, either authorized but unissued or reacquired
Common Stock. In the event of any merger, reorganization, consolidation, recapitalization, stock
dividend, stock split, extraordinary distribution with respect to the Common Stock or other change
in corporate structure affecting the Common Stock, during the Option Period, the number of Shares
of Common Stock which may thereafter be purchased pursuant to this Option and the purchase price
per share, shall be appropriately adjusted, or other appropriate substitutions shall be made, and
the determination of the Board of Directors of the Corporation, or the Human Resources Committee of
the Board of Directors (Committee), as the case may be, as to any such adjustments shall be final,
conclusive and binding upon the Grantee.

7. Notice of Sale. The Grantee or any person to whom the Option or the Shares shall
have been transferred by will or by the laws of descent and distribution or as otherwise provided
under the Plan promptly shall give notice to the Corporation in the event of the sale or other
disposition of Shares within two (2) years from the date of grant of such Option or within one year
after the transfer of the Shares to Grantee. Such notice shall specify the number of Shares sold
or otherwise disposed of, the date of disposition and the total proceeds received, and be directed
to the Tax Department, Viad Corp, Viad Tower, Phoenix, Arizona 85004-4545.

8. Effect of Change in Control. (a) In the event of a Change in Control (as defined
in the Plan), this Option (to the extent outstanding as of the date such Change in Control is
determined to have occurred) if not then exercisable and vested shall become fully exercisable and
vested to the full extent of the original grant.

(b) Notwithstanding any other provision of the Plan, during the 60-day period from and after a
Change in Control (the “Exercise Period”), the Grantee shall have the right, whether or not this
Option is fully exercisable and in lieu of the payment of the exercise price for the Shares of
Common Stock being purchased under the Option and by giving notice to the Corporation, to elect
(within the Exercise Period) to surrender all or part of the Option to the Corporation and to
receive cash, within 30 days of such notice, in an amount equal to the amount by which the Change
in Control Price (as defined in the Plan) per share of Common Stock on the date of such election
shall exceed the exercise price per share of Common Stock under the Option (the “Spread”)
multiplied by the number of Shares of Common Stock granted under the Option as to which the right
granted hereunder shall have been exercised; provided, however, that if the Change in Control is
within six months of the date of grant of a particular Option held by a Grantee who is an officer
or director of the Corporation and is subject to Section 16(b) of the Securities Exchange Act of
1934 no such election shall be made by such Grantee with respect to such Option prior to six months
from the date of grant. Notwithstanding any other provision hereof, if the end of such 60-day
period from and after a Change in Control is within six months of the date of grant of an Option
held by a Grantee who is an officer or director of the Corporation and is subject to Section 16(b),
such Option shall be canceled in exchange for a cash payment to the Grantee, effected on the day
which is six months and one day after the date of grant of such Option, equal to the Spread
multiplied by the number of Shares of Common Stock granted under the Option.

9. Plan and Plan Interpretations as Controlling. This Option and the terms and
conditions herein set forth are subject in all respects to the terms and conditions of the Plan,
which are controlling. The Plan provides that the Board may amend the Plan, and that the Committee
may interpret it and establish regulations for the administration thereof; provided that no such
amendment or regulation shall impair the rights of any Grantee under an Option without the
Grantee’s consent, except an amendment for purposes of compliance with the federal securities laws.
The Grantee, by acceptance of this Option, agrees to be bound by said Plan and such Board and
Committee actions.

10. Termination of the Plan; No Right to Future Grants. By entering into this Option
Agreement, the Grantee acknowledges: (a) that the Plan is discretionary in nature and may be
suspended or terminated by the Corporation at any time; (b) that each grant of an Option is a
one-time benefit which does not create any contractual or other right to receive future grants of
Options, or benefits in lieu of Options; (c) that all determinations with respect to any such
future grants, including, but not limited to, the times when the Option shall be granted, the
number of Shares subject to each Option, the Option price, and the time or times when each Option
shall be exercisable, will be at the sole discretion of the Corporation; (d) that the Grantee’s
participation in the Plan shall not create a right to further employment with the Grantee’s
employer and shall not interfere with the ability of the Grantee’s employer to terminate the
Grantee’s employment relationship at any time with or without cause; (e) that the Grantee’s
participation in the Plan is voluntary; (f) that the value of the Options is an extraordinary item
of compensation which is outside the scope of the Grantee’s employment contract, if any; (g) that
the Option is not part of normal and expected compensation for purposes of calculating any
severance, resignation, bonuses, pension or retirement benefits or similar payments; (h) that the
right to purchase Common Stock ceases upon termination of employment for any reason except as may
otherwise be explicitly provided in the Plan or this Option Agreement; (i) that the future value of
the Shares is unknown and cannot be predicted with certainty; (j) that if the underlying Shares do
not increase in value, the Option will have no value; and (k) the foregoing terms and conditions
apply in full with respect to any prior Option grants to Grantee.

11. Governing Law. This agreement is governed by and is to be construed and enforced
in accordance with the laws of Arizona.

This Option may not be exercised whenever such exercise or the issuance of any of the optioned
Shares would be contrary to law or the regulations of any governmental authority having
jurisdiction.

IN WITNESS WHEREOF, VIAD CORP has caused this Option to be duly executed in its name.

Dated:       , 20      

VIAD CORP

      

By: PAUL B. DYKSTRA

ATTEST: Chairman, President and Chief Executive Officer

     

Secretary or Assistant Secretary

This Incentive Stock Option Agreement shall be effective only upon execution by the Grantee and
delivery to and receipt by the Corporation.

ACCEPTED AND AGREED:

     

Grantee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]