Document:

glp_Ex_10-1_LTIP Grant

		

			 

		

		
			Exhibit 10.1
		

		
			Global Partners LP
		

		
			Long-Term Incentive Plan 
Grant of Phantom Units

		

		
			Grantee:    ____________ (the “Grantee”)
		

		
			Grant Date:    ____________ (the “Grant Date”)
		

			
	
			
				 1.
			Grant of Phantom Units.   Global GP LLC (“GPLLC”) hereby grants to you ____________________  (______)  Phantom Units under the Global Partners LP Long-Term Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan, which is incorporated herein by reference as a part of this agreement (“Agreement”). For the avoidance of doubt, this grant of Phantom Units does not include a tandem grant of distribution equivalent rights.  

			
	
			
				 2.
			Vesting/Forfeitures.  Except as otherwise provided in this Agreement, the Phantom Units will vest in accordance with the vesting schedule set forth in the following table, provided that your service as a director does not terminate from the Grant Date through each vesting date set forth below (each, a “Vesting Date”):

			
					
						Vesting Date

					
					
						 

					
					
						Cumulative Vested Percentage

				
	
					
						_______, 20__

					
					
						 

					
					
						 331⁄3%

				
	
					
						_______, 20__

					
					
						 

					
					
						662⁄3%

				
	
					
						_______, 20__

					
					
						 

					
					
						100%

				
	
					
						 

					
					
						 

					
					
						 

				

		
			If, on any Vesting Date, the application of the vesting schedule set forth above results in a fractional Phantom Unit becoming vested, the number of Phantom Units vesting on such date shall be rounded up to the next whole number of Phantom Units.
		

			
	
			
				 3.
			Events Occurring Prior to Vesting.  Notwithstanding Paragraph 2 to the contrary,

			
	
			
				 (a)
			Death or Disability.   If your service as a director of GPLLC terminates as a result of your death or a “disability,” as defined in Section 409A(a)(2)(C) of the Code, the Board, in its sole discretion, shall determine whether any or all of the Phantom Units granted to you that have not yet vested shall become vested, shall be forfeited, or shall continue to vest pursuant to their terms as if your service as a director of GPLLC had continued through the date upon which the last Phantom Units granted hereunder are vested and paid.

			
	
			
				 (b)
			Resignation and Other Terminations of Service.   If you voluntarily resign from your service as a director with GPLLC, fail to be nominated for re-election as a director with GPLLC, or are otherwise not re-elected as a director with GPLLC, the Board, in its sole discretion, shall determine whether any or all of the Phantom Units granted to you that have not yet vested shall (i) remain outstanding and continue to vest on each remaining Vesting Date in 

		 

		

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	accordance with the vesting schedule set forth in Paragraph 2 as if you continued to serve as a director, (ii) become immediately vested, or (iii) be forfeited.

			
	
			
				 (c)
			Change of Control.   All outstanding Phantom Units held by you automatically shall become fully vested upon a Change of Control.

		
			“Change of Control” means, and shall be deemed to have occurred upon the occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer or disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of GPLLC or of Global Partners LP (the “Partnership”) to any Person and/or its Affiliates, other than to GPLLC, the Partnership and/or any of their Affiliates;  the consolidation, reorganization, merger or other transaction pursuant to which more than 50% of the combined voting power of the outstanding equity interests in GPLLC cease to be owned by the Persons (including Affiliates thereof) who own such interests as of the effective date of the initial public offering of Units (each such Person, an “Original Holder”); provided that, any transaction involving a transfer from an Original Holder to another Original Holder shall be disregarded for purposes of Paragraph 3(c)(ii) and shall not be considered in determining whether a Change of Control has occurred; or (iii) GPLLC (or an Affiliate thereof) ceasing to be the general partner of the Partnership.
		

		
			For purposes of this Paragraph 3, “service as a director” shall include being a Director of, or a Consultant to, GPLLC or an Affiliate.
		

			
	
			
				 4.
			Payments.  As soon as administratively practicable after a Vesting Date, or, if vesting occurs upon a Change of Control as provided in Paragraph 3(c) above, as soon as administratively practicable on or following such Change of Control, but in all events not later than 21⁄2 months following the vesting of the Phantom Unit, you shall be paid a cash payment equal to the Fair Market Value of one Common Unit representing a limited partner interest in Global Partners LP on the day immediately preceding the payment date for each vested Phantom Unit that is to be settled.  Notwithstanding the foregoing, in the event that any Phantom Units vest pursuant to Paragraph 3(b)(i), you shall receive payment for each such vested Phantom Unit on the originally scheduled Vesting Date, subject to Paragraph 6.    

			
	
			
				 5.
			Limitations Upon Transfer.  All rights under this Agreement shall belong to you alone and may not be transferred, assigned, pledged, or hypothecated by you in any way (whether by operation of law or otherwise), other than by will or the laws of descent and distribution and shall not be subject to execution, attachment, or similar process. Upon any attempt by you to transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the provisions in this Agreement or the Plan, or upon the levy of any attachment or similar process upon such rights, such rights shall immediately become null and void.

			
	
			
				 6.
			Rights of the Grantee.  No Units shall be issued to the Grantee at the time the grant is made nor at the time of the settlement of the Phantom Units, and the Grantee shall not be, nor have any of the rights and privileges of, a unitholder with respect to the Phantom Units granted under this Agreement.  The Grantee shall have no voting rights with respect to the Phantom Units. 

		 

		

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				 7.
			Taxes and Withholding.  You are responsible for any federal, state, local or non-U.S. taxes that arise in connection with the Phantom Units.  GPLLC shall take no action to withhold such taxes.

			
	
			
				 8.
			Insider Trading Policy.  The terms of the Partnership’s Insider Trading Policy with respect to Units are incorporated herein by reference.

			
	
			
				 9.
			Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of GPLLC and upon any person lawfully claiming under you.

			
	
			
				 10.
			Entire Agreement.  The Plan and this Agreement constitute the entire agreement of the parties with regard to the subject matter hereof, and contain all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units granted hereby; provided, however, that this Agreement is in addition to and does not supersede or replace any prior or contemporaneous agreement between you and GPLLC, the Partnership, or any of their Affiliates relating to confidentiality, non-disclosure, non-competition, or non-solicitation.

			
	
			
				 11.
			Modifications.  Except as provided below, any modification of this Agreement shall be effective only if it is in writing and signed by both you and an authorized officer of GPLLC.

			
	
			
				 12.
			Conflicts and Governing Law.  In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control. Capitalized terms used in this Agreement but not defined herein shall have the meanings ascribed to such terms in the Plan, unless the context requires otherwise. This grant shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

		
			 
		

		
			GLOBAL GP LLC
		

		
			 
		

		
			By:_____________________________________________________
		

		
			Name:_____________________________________________________
		

		
			Title:_____________________________________________________
		

		
			 
		

		
			GRANTEE
		

		
			 
		

		
			By:_____________________________________________________
		

		
			Name:_____________________________________________________
		

		
			Title:_____________________________________________________
		

		
			 
		

		 

		

			3Exhibit

Exhibit 10.1

SECOND AMENDMENT TO 
AMENDED AND RESTATED CREDIT AGREEMENT
This Second Amendment to Amended and Restated Credit Agreement (this “Amendment”) dated as of September 3, 2015, is by and between UNIVERSAL ELECTRONICS INC., a corporation organized under the laws of the State of Delaware (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Lender”).
RECITALS
A.    The Borrower and the Lender have entered into an Amended and Restated Credit Agreement dated as of October 2, 2012, as amended by the First Amendment to Amended and Restated Credit Agreement dated as of October 9, 2014 (together, as amended, restated, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”).
C.    The Borrower has requested that the Lender make certain amendments to the Credit Agreement and the Lender is willing to do so, on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual promises herein set forth and for other good and valuable consideration, the Borrower and the Lender agree as follows:
Section 1.Capitalized Terms.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement, unless the context shall otherwise require.

Section 2.Amendments.  The Credit Agreement is hereby amended as follows:

2.1 Definitions.  Section 1.1 of the Credit Agreement is amended by amending and restating the definition of “Revolving Commitment Amount” contained therein, to read in its entirety as follows:

“Revolving Commitment Amount”:  $65,000,000, or such increased amount as agreed to between the Borrower and the Bank from time to time pursuant to Section 2.22 of this Agreement.
Section 3.Conditions and Effectiveness.  This Amendment shall become effective only upon satisfaction of the following conditions:

3.1The Borrower shall have duly executed and delivered to the Lender this Amendment.

3.2The Borrower shall have delivered to the Lender a certification by the Secretary or Assistant Secretary of the Borrower certifying as to (i) true and complete copies of the Borrower’s Restated Certificate of Incorporation and Amended and Restated Bylaws attached thereto, (ii) resolutions of the Borrower’s Board of Directors authorizing the execution, delivery and performance of this Amendment, and (iii) the incumbency, names, titles, and signatures of each officer of the Borrower authorized to execute this Amendment and any other instrument or agreement executed by the Borrower in connection with this Amendment.

3.3The Borrower shall have satisfied any other conditions as specified by the Lender, including payment of all unpaid legal fees and expenses incurred by the Lender through the date of this Amendment in connection with the Credit Agreement.

Section 4.Representations, Warranties, Authority, No Adverse Claim.  

4.1Reassertion of Representations and Warranties, No Default.  The Borrower hereby represents that on and as of the date hereof and after giving effect to this Amendment (a) all of the representations and warranties contained in the Credit Agreement are true, correct and complete in all respects as of the date hereof as though made on and as of such date, except for changes permitted by the terms of the Credit Agreement, and (b) there will exist no Event of Default under the Credit Agreement as amended by this Amendment on such date which has not been waived by the Lender.

4.2Authority, No Conflict, No Consent Required, Enforceability.  The Borrower represents and warrants that the Borrower has the power and legal right and authority to enter into this Amendment and any other instrument or agreement executed by the Borrower in connection with this Amendment (collectively, the “Amendment Documents”) and has duly authorized as appropriate the execution and delivery of the Amendment Documents and other agreements and documents executed and delivered by the Borrower in connection herewith or therewith by proper company action, and none of the Amendment Documents 

nor the agreements contained herein or therein contravenes or constitutes a default under any agreement, instrument or indenture to which the Borrower is a party or a signatory or a provision of the Borrower’s articles of organization, Bylaws or any other agreement or requirement of law, or result in the imposition of any lien on any of its property under any agreement binding on or applicable to the Borrower or any of its property except, if any, in favor of the Lender.  The Borrower represents and warrants that no consent, approval or authorization of or registration or declaration with any entity, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Borrower of the Amendment Documents or other agreements and documents executed and delivered by the Borrower in connection therewith or the performance of obligations of the Borrower therein described, except for those which the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Lender.  The Borrower represents and warrants that this Amendment constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with its terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable remedies.

4.2No Adverse Claim.  The Borrower warrants, acknowledges and agrees that no events have taken place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lender with respect to the Borrower’s obligations under the Credit Agreement as amended by this Amendment.

Section 5.Affirmation of Credit Agreement, Further References, Affirmation of Security Interest.  The Lender and the Borrower each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and provisions of the Credit Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect.  All references in any document or instrument to the Credit Agreement are hereby amended and shall refer to the Credit Agreement as amended by this Amendment.  The Borrower confirms to the Lender that the Borrower’s obligations under the Credit Agreement, as amended by this Amendment, are and continue to be secured by the security interest granted by the Borrower in favor of the Lender under that certain Borrower’s Security Agreement dated as of October 2, 2012 and made by the Borrower in favor of the Lender, and all of the terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants and representations of the Borrower under such documents and any and all other documents and agreements entered into with respect to the obligations under the Credit Agreement are incorporated herein by reference and are hereby ratified and affirmed in all respects by the Borrower.

Section 6.Merger and Integration, Superseding Effect.  This Amendment, from and after the date hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment shall control with respect to the specific subjects hereof and thereof.

Section 7.Severability. Whenever possible, each provision of this Amendment and any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment, or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction only to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment, or any other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.

Section 8.Successors.  This Amendment shall be binding upon the Borrower and the Lender and their respective successors and assigns, and shall inure to the benefit of the Borrower and the Lender and the successors and assigns of the Lender.

Section 9.Legal Expenses.  As provided in Section 8.2 of the Credit Agreement, the Borrower agrees to pay or reimburse the Lender, upon execution of this Amendment, for all reasonable out-of-pocket expenses paid or incurred by the Lender, including filing and recording costs and fees, charges and disbursements of outside counsel to the Lender and/or the allocated costs of in-house counsel incurred from time to time, in connection with the Credit Agreement, including in connection with the negotiation, preparation, execution, collection and enforcement of the Amendment Documents and all other documents negotiated, prepared and executed in connection with the Amendment Documents, and in enforcing the obligations of the Borrower under the Amendment Documents, and to pay and save the Lender harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or delivery of the Amendment Documents, which obligations of the Borrower shall survive any termination of the Credit Agreement.

Section 10.Headings.  The headings of various sections of this Amendment have been inserted for reference
 only and shall not be deemed to be a part of this Amendment.

Section 11.Counterparts.  This Amendment may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and either party to the Amendment may execute any such agreement by executing a counterpart of such agreement.

Section 12.Governing Law.  THE AMENDMENT DOCUMENTS SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS, THEIR HOLDING COMPANIES AND THEIR AFFILIATES.

[The remainder of this page is intentionally left blank.]

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

	
			
	UNIVERSAL ELECTRONICS INC.

	 
	 
	 

	/s/ Bryan M. Hackworth

	Bryan M. Hackworth

	Senior Vice President and Chief Financial Officer

	
			
	U.S. BANK NATIONAL ASSOCIATION

	 
	 
	 

	/s/ Andrew Williams

	Andrew Williams

	Vice President

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