Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

EIGHTH AMENDMENT TO THE 

THIRD AMENDED AND RESTATED 

RECEIVABLES PURCHASE AGREEMENT 

This EIGHTH AMENDMENT TO THE THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT, dated as of March 23, 2016 (this
“Amendment”), is among: 
  

	 	(i)	RADNOR FUNDING CORP., as Seller (the “Seller”); 

  

	 	(ii)	AIRGAS, INC. (in its individual capacity, “Airgas”), as Servicer (in such capacity, the “Servicer”); 

 

	 	(iii)	VICTORY RECEIVABLES CORPORATION (“Victory”), as a Conduit Purchaser; 

  

	 	(iv)	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Administrator (in such capacity, the “Administrator”), as Purchaser Agent (in such capacity, the “Victory Purchaser Agent”)
and as Related Committed Purchaser for the Purchaser Group that includes Victory (the “Victory Purchaser Group”); 

  

	 	(v)	WORKING CAPITAL MANAGEMENT CO., LP (“Working Capital”), as a Conduit Purchaser and as Related Committed Purchaser for the Purchaser Group that includes Working Capital (the “Working Capital
Purchaser Group”); 

  

	 	(vi)	MIZUHO BANK, LTD. (f/k/a Mizuho Corporate Bank, Ltd.), as Purchaser Agent (in such capacity, the “Working Capital Purchaser Agent”) for the Working Capital Purchaser Group; 

 

	 	(vii)	ATLANTIC ASSET SECURITIZATION LLC (“Atlantic”), as a Conduit Purchaser; 

  

	 	(viii)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK NEW YORK BRANCH, as Purchaser Agent (in such capacity, the “Atlantic Purchaser Agent”) and as Related Committed Purchaser for the Purchaser Group that
includes Atlantic (the “Atlantic Purchaser Group”); 

  

	 	(ix)	REGENCY ASSETS LIMITED (“Regency”), as a Conduit Purchaser; 

  

	 	(x)	HSBC BANK USA, NATIONAL ASSOCIATION (“HSBC Bank USA”), as Related Committed Purchaser for the Purchaser Group that includes Regency (the “Regency Purchaser Group”); and

  

	 	(xi)	HSBC SECURITIES (USA) INC. (“HSBC Securities”), as Purchaser Agent (in such capacity, the “Regency Purchaser Agent”) for the Regency Purchaser Group. 

 The foregoing entities are herein collectively referred to as the “Parties”, and
capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings set forth in the Receivables Purchase Agreement (as defined below). 

BACKGROUND 
 WHEREAS, the
Parties have entered into that certain Third Amended and Restated Receivables Purchase Agreement, dated as of March 17, 2010 (as amended, supplemented or otherwise modified through the date hereof, the “Receivables Purchase
Agreement”); and 
 WHEREAS, the Parties desire to amend the Receivables Purchase Agreement as set forth herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows: 
 SECTION 1. Amendments to the Receivables Purchase Agreement. The Receivables Purchase Agreement is amended as follows:

 (a) The definition of “Change in Control” set forth in Exhibit I to the Receivables Purchase
Agreement is hereby replaced in its entirety with the following: 
 “Change in Control” means the occurrence
of any of the following: (i) with respect to Seller, that at any time Airgas and/or AMACAR INVESTMENTS, L.L.C. shall fail to own, directly free and clear of any Adverse Claim, 100% of the shares of outstanding voting stock of the Seller on a
fully diluted basis, (ii) with respect to any Originator, that at any time Airgas shall fail to own, directly free and clear of any Adverse Claim, 100% of the share of outstanding voting stock of such Originator on a fully diluted basis, or
(iii) with respect to Airgas, the acquisition by any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) of 20% or more of the shares of outstanding voting stock of Airgas
on a fully diluted basis, excluding for purposes of this clause (iii), each of (x) Peter McCausland and (y) L’Air Liquide, S.A. and each Subsidiary thereof. 

(b) The definition of “GAAP” set forth in Exhibit I to the Receivables Purchase Agreement is hereby
replaced in its entirety with the following: 
 “GAAP” means the generally accepted accounting principles
and practices in the United States or international financial reporting standards, in each case, as the Seller or Airgas may elect and consistently applied after such election. 

(c) Section 2(f) of Exhibit III to the Receivables Purchase Agreement is hereby replaced in its entirety
with the following: 

  
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 (f) Except as disclosed in the most recent annual financial statements of Airgas
furnished to the Administrator and each Purchaser Agent, there is no pending or, to its best knowledge, threatened action or proceeding affecting it or any of its Subsidiaries before any Governmental Authority or arbitrator (i) that could have
a Material Adverse Effect, (ii) asserting the invalidity of any Transaction Document, or (iii) seeking to prevent the servicing of the Receivables or the consummation of the purposes of the Transaction Documents. 

(d) Section 2(i) of Exhibit IV to the Receivables Purchase Agreement is hereby amended by replacing
clauses (i) and (ii) therein with the following: 
 (i) [Reserved]; 

(ii) as soon as available and in any event within 120 days after the end of each fiscal year of Airgas, balance sheets of
Airgas and its consolidated Subsidiaries as of the end of such fiscal year and statements of income and cash flow of Airgas and its consolidated Subsidiaries for such fiscal year, certified by the chief financial officer of such Person; 

(e) Section 3(j) of Exhibit IV to the Receivables Purchase Agreement is hereby replaced in its entirety with
the following: 
 (j) All financial statements of Airgas will contain detailed notes clearly stating that: (i) a special
purpose corporation exists as a Subsidiary of Airgas, and (ii) the Originators have sold receivables and other related assets to such special purpose Subsidiary that, in turn, has sold undivided interests therein to certain financial
institutions and other entities. 
 SECTION 2. Certain Representations, Warranties and Covenants. Each of the Seller, Airgas and the
Servicer hereby represents, warrants and covenants to each of the other Parties that: 
 (a) the representations and
warranties of such Person contained in Exhibit III to the Receivables Purchase Agreement are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and
correct as of such earlier date); 
 (b) the execution and delivery by such Person of this Amendment, and the performance of
its obligations under this Amendment and the Receivables Purchase Agreement (as amended hereby) are within its corporate powers and have been duly authorized by all necessary corporate action on its part, and this Amendment and the Receivables
Purchase Agreement (as amended hereby) are its valid and legally binding obligations, enforceable in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally; and 

  
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 (c) no Termination Event or Unmatured Termination Event has occurred, is
continuing, or would occur as a result of this Amendment. 
 SECTION 3. Effectiveness. This Amendment shall become effective as of
the date hereof upon receipt by the Administrator of the following, in each case, in form and substance satisfactory to the Administrator: 

(a) counterparts of this Amendment, duly executed by each of the Parties; and 

(b) such other documents, certificates and instruments as the Administrator may reasonably request. 

SECTION 4. Effect of Amendment. Except as expressly amended and modified by this Amendment, all provisions of the Receivables Purchase
Agreement remain in full force and effect. After this Amendment becomes effective, all references in the Receivables Purchase Agreement (or in any other Transaction Document) to “the Receivables Purchase Agreement,” “this
Agreement,” “hereof,” “herein” or words of similar effect, in each case referring to the Receivables Purchase Agreement, shall be deemed to be references to the Receivables Purchase Agreement as amended by this Amendment.
This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Receivables Purchase Agreement other than as set forth herein. 

SECTION 5. Ratification. After giving effect to this Amendment and each of the transactions contemplated by this Amendment, all of the
provisions of the Parent Undertaking Agreement shall remain in full force and effect and Airgas, as parent under the Parent Undertaking Agreement, hereby ratifies and affirms the Parent Undertaking Agreement and acknowledges that the Parent
Undertaking Agreement has continued and shall continue in full force and effect in accordance with its terms. 
 SECTION 6.
Counterparts. This Amendment may be executed in any number of counterparts and by different Parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart. 

SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New
York without regard to any otherwise applicable conflict of law principles which would require the application of the laws of any jurisdiction other than those of the state of New York. 

SECTION 8. Section Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning
or interpretation of this Amendment or the Receivables Purchase Agreement or any provision hereof or thereof. 
 [Signatures begin on the
following page] 

  
 4 

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

			
	RADNOR FUNDING CORP., as Seller
		
	By: 	 	  /s/ W. Gary Murray

	Name: W. Gary Murray
	Title: President & Treasurer

  

					
		 	S-1	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	AIRGAS, INC., as Servicer
		
	By: 	 	  /s/ Joseph C. Sullivan

	Name: Joseph C. Sullivan
	Title: Vice President

  

					
		 	S-2	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	 THE BANK OF TOKYO-MITSUBISHI UFJ,

LTD., NEW YORK BRANCH, as Administrator

		
	By: 	 	  /s/ Christopher Pohl

	Name: Christopher Pohl
	Title: Managing Director
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Purchaser Agent for Victory’s Purchaser Group
		
	By:	 	  /s/ Christopher Pohl

	Name: Christopher Pohl
	Title: Managing Director
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as Related Committed Purchaser for Victory’s Purchaser Group
		
	By:	 	  /s/ Christopher Pohl

	Name: Christopher Pohl
	Title: Managing Director

  

					
		 	S-3	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	 VICTORY RECEIVABLES CORPORATION,
 as
a Conduit Purchaser

		
	By: 	 	  /s/ David V. DeAngelis

	Name: David V. DeAngelis
	Title: Vice President

  

					
		 	S-4	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	 WORKING CAPITAL MANAGEMENT CO.,

LP, as a Conduit Purchaser and as Related
Committed Purchaser for Working Capital’s
Purchaser Group

		
	By: 	 	  /s/ Richard Burke

	Name: Richard Burke
	Title: Attorney-in-Fact

  

					
		 	S-5	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	 MIZUHO BANK, LTD.,
 as
Purchaser Agent for Working Capital’s Purchaser
Group

		
	By: 	 	  /s/ Donna DeMagistris

	Name: Donna DeMagistris
	Title: Authorized Signatory

  

					
		 	S-6	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	ATLANTIC ASSET SECURITIZATION LLC,
as a Conduit Purchaser
		
	 By: 
	 	  /s/ Kostantina Kourmpetis

	 Name: Kostantina Kourmpetis

	 Title: Managing Director

		
	 By: 
	 	  /s/ Roger Klepper

	 Name: Roger Klepper

	 Title: Managing Director

  

					
		 	S-7	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK NEW YORK BRANCH, as Purchaser Agent and Related Committed Purchaser for Atlantic’s Purchaser Group
		
	By: 	 	  /s/ Kostantina Kourmpetis

	Name: Kostantina Kourmpetis
	Title: Managing Director
		
	By:	 	  /s/ Roger Klepper

	Name: Roger Klepper
	 Title: Managing Director

  

					
		 	S-8	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 
			
	REGENCY ASSETS LIMITED, as a Conduit Purchaser
		
	By:	 	  /s/ Michael Carroll

	Name: Michael Carroll
	Title: Director
	
	HSBC BANK USA, NATIONAL ASSOCIATION, as Related Committed Purchaser for Regency’s Purchaser Group
		
	By: 	 	  /s/ Nicholas Lotz

	Name: Nicholas Lotz
	Title: SVP RM
	
	HSBC SECURITIES (USA) INC., as Purchaser Agent for Regency’s Purchaser Group
		
	By:	 	  /s/ David J. Donofrio

	Name: David J. Donofrio
	Title: Director

  

					
		 	S-9	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase Agreement

 Acknowledge and Agreed: 
  

			
	AIRGAS, INC., as the Parent under the
	Parent Undertaking Agreement
		
	By: 	 	  /s/ Joseph C. Sullivan

	Name: Joseph C. Sullivan
	Title: Vice President

  

					
		 	S-10	  	 Eighth Amendment to Third Amended and

Restated Receivables Purchase AgreementExhibit

Exhibit 10(e)
DILLARD'S, INC. 
STOCK BONUS PLAN

THIS STOCK BONUS PLAN, adopted and effective as of December 20, 2004, by DILLARD'S, INC. (hereinafter called "Company").
WITNESSETH:

WHEREAS, the Company desires to provide to eligible "Highly Compensated Employees," as defined in Section 414(q) of the Internal Revenue Code of 1986 ("Code"), who are selected for participation a Nonqualified Stock Bonus Plan to which the Company shall contribute a percentage of each participant's compensation; 

         WHEREAS, the Company desires to adopt this Plan upon the following terms and conditions:

1.     Definitions.

As used herein, the following definitions shall apply:

a.     "Board" shall mean the Board of Directors of Dillard's, Inc.

		
	b. 
	"Bonus Grant Date" shall mean and refer to the Friday next preceding  the last day of the Company's fiscal year in which the Plan Year ends; provided, however, the first Bonus Grant Date shall not occur prior to the ratification and adoption of this Plan by stockholders of the Company.

		
	c.
	"Broker" shall mean and refer to the brokerage or other company selected to purchase Common Stock pursuant to the Plan.

d.     "Code" shall mean the Internal Revenue Code of 198 6, as amended.

		
	e. 
	"Committee" shall mean the Compensation Committee of the Board or any successor thereto or such other Committee designated by the Board.

		
	f 
	"Common Stock" shall mean the Common  Stock, Class A, par value $0.01, of the Company  which is issued and outstanding, treasury stock or authorized but unissued.

g.     "Company" shall mean Dillard's, Inc. and any wholly owned subsidiary thereof

		
	h. 
	"Compensation" shall mean the Employee's base salary, plus the April bonus, if any, for the applicable Plan Year, but excluding any commissions or compensation received as an employee of an employer prior to the Company acquiring a controlling ownership interest in the employer.

		
	i. 
	"Effective Date" shall mean December 20, 2004.

		
	j.
	"Eligible Employee" shall mean an Employee who is eligible to participate for the applicable Plan Year pursuant to the requirements of Paragraph 2.

k.     "Employee" shall mean any person actively employed on a full-time basis by the Company.

		
	1.
	"ESOP" shall mean the Dillard's, Inc. Investment & Employee Stock Ownership Plan for Full Time Employees.

		
	m. 
	"Highly Compensated Employee" shall mean any Employee who is a Highly Compensated Employee as defined in Section 414(q) of the Code.

n.     "Plan" shall mean the Dillard's, Inc. Stock Bonus Plan. 

o.     "Plan Year" shall mean the calendar year.

		
	p. 
	"Share or Shares" shall mean a single share or shares of Common Stock. The aggregate number of Shares which may be allocated under this Plan shall not exceed 1,600,000 Shares, or the equivalent number thereto in the event of a change in the number of the issued shares after the Effective Date.

2.      Eligible Employees.

a. The Employees eligible to participate in the Plan for a Plan Year shall be those Employees who are eligible participants in the ESOP during such Plan Year, are Highly Compensated Employees during such Plan Year and are employed by the Company  on the Friday next preceding  the last day of the Company's Fiscal Year in which the Plan Year ends.

b. Notwithstanding the foregoing Subparagraph a., an Employee who is participating in a plan providing deferred or incentive compensation or benefits which the Committee, in its discretion, determines to be a substitute for this Plan shall be ineligible to participate in this Plan.

3.      Payment.

For each Plan Year, the Compensation Committee shall select the participants in the plan from the Eligible Employees, and the Company will grant on the Bonus Grant Date and deliver thereafter as soon as practicable to each selected participant that number of Shares equal to Six Percent (6%) of the Eligible Employee's Compensation in excess of Fifteen Thousand Dollars ($15,000), less applicable withholding, divided by the current fair market value of the Shares on the Bonus Grant Date. In the event fractional shares would result from such calculation, the amount attributable to such fractional Shares shall be applied toward the Eligible Employee's tax withholding. Shares granted under the Stock Bonus Plan may be newly issued shares, shares held in treasury by the Company, or shares purchased in open market or other transactions.

4.      Discontinuance of Eligibility.
a. An Employee shall be no longer eligible to participate in the Plan immediately upon the occurrence of any of the following:
(1)   The termination for any reason from the active employment of the Employee from the Company. 
(2)   Death of the Employee.
(3)   The filing with or levying upon the Company  of any judgment, attachment, garnishment, or other court order affecting either the Employee's earnings or the payment  of his compensation provided  under this Plan.
(4)   The Employee commits an act which, in the opinion of the Committee, constitutes fraud, deceit, embezzlement or the commission of any criminal act.
(5)   The Employee shall enter into a business or employment which the Committee determines to be (i) detrimentally competitive with the business of the Company,  or (ii) substantially injurious to the Company's financial interest.

5.      Expenses.

The Company will pay the Broker for any commissions on Shares purchased pursuant  to the Plan. Broker's commissions and other charges in connection with sales, dividend reinvestments, or in connection with purchases not made with the compensation provided  by this Plan will be payable  by the Employee who orders the transactions for his or her account.

6.      Authority of Committee.
 
a. The Plan shall be administered by the Committee. A majority vote of the Committee at which a quorum is present, or acts reduced to or approved in writing by a majority of the members of the Committee, shall be the valid acts of the Committee for the purposes of the Plan.

b. The Committee shall have plenary authority in its discretion, but subject to the express provisions of the Plan, to determine the terms of all payments granted under the Plan, including, without limitation, the amounts of payments to be made under the Plan; the participants to whom and the time or times at which payments shall be made; to interpret the Plan; and to make all other determinations deemed advisable for the administration of the Plan. All determinations of the Committee shall be made by not less than a majority of its members. The Committee may designate Employees of Dillard's to assist the Committee in the administration of the Plan and may grant authority to such persons to execute agreements or other documents or to take other actions  on behalf of the Committee.

c. The Committee may make such rules and regulations and establish such procedures as it deems appropriate for the administration of the Plan.

d. In the event of a disagreement as to the interpretation of the Plan or any amendment  hereto or any rule, regulation or procedure thereunder or as to any right or obligation arising from or related to the Plan, the decision  of the Committee shall be final and binding. No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any benefit granted under it.

7.      Plan Amendment.

The Board may amend any or all provisions of this Plan at any time by written instrument identified as an amendment of the Plan effective as of a specified date. The Committee may amend the Plan as deemed appropriate to facilitate effective and efficient administration of the Plan, provided that no amendment adopted by the Committee shall become effective which has the effect of materially increasing Company contributions or which creates a significant risk of liability  for the Company.

8.      Plan Termination.

The Company expects to continue the Plan indefinitely. However, the Company shall have the right at any time to terminate the Plan in whole or in part by suspending or discontinuing contributions hereunder, or to terminate the Plan.

9.      Plan Not a Contract of Employment.

The adoption and maintenance of the Plan shall not be deemed  to constitute or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          modify a contract  between any Company and any Employee or to be a consideration or inducement for or condition of the performance of service by any person. Nothing herein contained shall be deemed to give to any Employee the right to continue in any service of any Company or to interfere with any right of any Company to discharge any Employee at any time, nor to give any Company the right to require an Employee to remain in its service or to interfere with the Employee's right to terminate his service at any time.

10.    Taxation.

Any compensation received by an Eligible Employee pursuant to the Plan is taxable to the Employee in the tax year in which the payment is made by the Company, and shall be reported as wages on the Employee's W-2 statement.

11.     Other Benefit  Plans.

Nothing contained herein shall in any way limit an Employee's right to participate in or benefit from any current or deferred compensation plan for which he is currently eligible by reason of his employment.

12.     Alienation of Benefits.

None of the payments provided for by this Plan shall be subject to seizure for payment of any debts or judgments against the Employee; nor shall the Employee have any right to transfer, modify, anticipate or encumber any rights or benefits hereunder.

13.     Minors, Incompetents or Lost Persons.

In the event a payment  is to be made to the account of a minor or a person declared to be incompetent, then the Committee may in its discretion make such payment  to the legal guardian or, if none, to a parent of a minor with whom the minor maintains his residence. Such a payment  to the legal guardian or parent of a minor shall fully discharge the Company and Committee from further liability  or account thereof  In the event a benefit is payable  under this Plan to a person who cannot be located, the Committee may declare that such payment is forfeited.

14.     Headings and Captions.

Subject headings and captions are included for convenience purposes only and shall not affect the interpretation of the Plan.

15.     Gender and Pronouns.

Throughout this Plan, the masculine shall include the feminine and neuter and the singular shall include the plural and vice versa as the context requires.

16.     Severability.

If any portion of this Plan is held invalid, illegal or unenforceable, such determination shall not impair the enforceability of the remaining terms and provisions herein.

17.     Governing Law.

This Plan shall be governed by the laws of the State of Arkansas. Notwithstanding anything in this Plan to the contrary, it is the intention of Company that this Plan constitute a "Bonus Program" within the meaning of ERISA Regulation Section 251 0.3-2(c) and therefore is exempt from the requirements of the Employee Retirement Income Security Act of 1974, as amended, and the Committee and the Board are expressly  authorized to make any amendment  necessary to comply with this intent.

TIIIS PLAN IS HEREBY ADOPTED AND EXECUTED as of the date first above written.

DILLARD'S, INC.

By: /s/ James I. Freeman
James I. Freeman,
Senior Vice President and
Chief Financial Officer

ATTEST:

/s/ Phillip R. Watts
Phillip R. Watts

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