Document:

Exhibit

EXECUTION VERSION
Exhibit 10-l-9

NINTH AMENDMENT TO THE 
RECEIVABLES PURCHASE AGREEMENT
This NINTH AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of October 4, 2018 (the “Amendment Date”), is entered into by and among the following parties:
		
	(i)
	ARVINMERITOR RECEIVABLES CORPORATION, a Delaware corporation, as Seller;

		
	(ii)
	MERITOR, INC. (“Meritor”), an Indiana corporation, as Servicer; and

		
	(iii)
	PNC BANK, NATIONAL ASSOCIATION (“PNC”), as a Related Committed Purchaser, as an LC Participant, as a Purchaser Agent, as LC Bank and as Administrator.

Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Purchase Agreement described below.
BACKGROUND
A.The parties hereto have entered into a Receivables Purchase Agreement, dated as of June 18, 2012 (as amended, restated, supplemented or otherwise modified through the date hereof, the “Receivables Purchase Agreement”), and desire to amend the Receivables Purchase Agreement as set forth herein.
B.Concurrently herewith, the Seller, the Servicer, the Administrator and PNC Capital Markets LLC are entering into that certain Amended and Restated Fee Letter, dated as of the date hereof (the “Amended and Restated Fee Letter”)
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Amendments to the Receivables Purchase Agreement. Effective as of the Amendment Date, the Receivables Purchase Agreement is hereby amended as follows:
(a)    The following new Section 1.23 is added to the Agreement immediately following the existing Section 1.22 thereof:
Section 1.23    Successor Euro-Rate or LMIR.
(a)    If the Administrator determines (which determination shall be final and conclusive, absent manifest error) that either (i) (A) the circumstances set forth in Section 1.9 have arisen and are unlikely to be temporary, or (B) the circumstances set forth in Section 1.9 have not arisen but the applicable supervisor or administrator (if any) of the Euro-Rate or LMIR or a Governmental Authority 

having jurisdiction over the Administrator has made a public statement identifying the specific date after which the Euro-Rate or LMIR shall no longer be used for determining interest rates for loans (either such identified specific date or such date of determination by Administrator that the circumstances set forth in Section 1.9 have arisen and are unlikely to be temporary, a “Euro-Rate Termination Date”), or (ii) a rate other than the Euro-Rate or LMIR, as applicable, has become a widely recognized benchmark rate for newly originated loans in Dollars in the U.S. market, then the Administrator may (with the consent of the Seller, such consent not to be unreasonably withheld, conditioned or delayed) choose a replacement index for the Euro-Rate or LMIR, as applicable, and make adjustments to applicable margins and related amendments to this Agreement as referred to below such that, to the extent practicable, the all-in Discount based on the replacement index will be substantially equivalent to the all-in Discount based on the Euro-Rate or LMIR, as applicable, in effect prior to its replacement.
(b)    The Administrator and the Seller shall enter into an amendment to this Agreement to reflect the replacement index, the adjusted margins and such other related amendments as may be appropriate, in the determination of the Administrator (with the consent of the Seller, not to be unreasonably withheld, conditioned or delayed), for the implementation and administration of the replacement index-based rate.  Notwithstanding anything to the contrary in this Agreement or the other Transaction Documents (including, without limitation, Section 5.1), such amendment shall become effective without any further action or consent of any other party to this Agreement (other than Seller) at 5:00 p.m. New York City time on the tenth (10th) Business Day after the date a draft of the amendment is provided to the Purchaser Agents, unless the Administrator receives, on or before such tenth (10th) Business Day, a written notice from the Majority Purchaser Agents stating that such Majority Purchasers Agents object to such amendment.
(c)    Selection of the replacement index, adjustments to the applicable margins, and amendments to this Agreement (i) will be determined with due consideration to the then-current market practices for determining and implementing a rate of interest for newly originated loans in the United States and loans converted from a rate based on Euro-Rate or LMIR, as applicable, to a replacement index-based rate, and (ii) may also reflect adjustments to account for (A) the effects of the transition from Euro-Rate or LMIR, as applicable, to the replacement index and (B) yield- or risk-based differences between Euro-Rate or LMIR, as applicable, and the replacement index.
(d)    Until an amendment reflecting a new replacement index in accordance with this Section 1.23 is effective, any Portion of Capital for which Discount is determined by reference to the Euro-Rate or LMIR will continue to accrue Discount with reference to the Euro-Rate or LMIR, as applicable, provided however, that if the Administrator determines (which determination shall be final and conclusive, absent manifest error) that a Euro-Rate Termination Date has 

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occurred, then following the Euro-Rate Termination Date, all Portions of Capital for which Discount would otherwise be determined with reference to the Euro-Rate or LMIR, as applicable, shall automatically begin accruing Discount with reference to the Base Rate until such time as an amendment reflecting a replacement index and related matters as described above is implemented.
(e)    Notwithstanding anything to the contrary contained herein, if at any time the replacement index is less than zero, at such times, such index shall be deemed to be zero for purposes of this Agreement.
(b)    The definition of “Purchase Limit” set forth in Exhibit I to the Receivables Purchase Agreement is hereby amended by deleting the amount “$100,000,000” where it appears therein and substituting “$110,000,000” therefor.
(c)    The definition of “Scheduled Commitment Termination Date” set forth in Exhibit I to the Receivables Purchase Agreement is hereby amended by deleting the date “December 7, 2020” where it appears therein and substituting the date “December 7, 2021” therefor. 
(d)    Section (1)(r) set forth in Exhibit IV to the Receivables Purchase Agreement is hereby amended by adding the following sentence at the end thereof:
The Seller will provide to the Administrator and each Purchaser such information and documentation as may reasonably be requested by the Administrator and each Purchaser from time to time for purposes of compliance by the Administrator and each Purchaser with applicable laws (including without limitation the USA Patriot Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrator and each Purchaser to comply therewith.
(e)    Section (2)(o) set forth in Exhibit IV to the Receivables Purchase Agreement is hereby amended by adding the following sentence at the end thereof:
The Servicer will provide to the Administrator and each Purchaser such information and documentation as may reasonably be requested by the Administrator and each Purchaser from time to time for purposes of compliance by the Administrator and each Purchaser with applicable laws (including without limitation the USA Patriot Act and other “know your customer” and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrator and each Purchaser to comply therewith.
(f)    Schedule IV to the Receivables Purchase Agreement is hereby replaced in its entirety with Schedule IV attached hereto. 

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SECTION 2.    Representations and Warranties of the Seller and Servicer. Each of the Seller and the Servicer hereby represents and warrants, as to itself, to the Administrator, each Purchaser and each Purchaser Agent, as follows:
(a)    Representations and Warranties. As of the date hereof and immediately after giving effect to this Amendment, the representations and warranties made by such Person in the Transaction Documents to which it is a party are true and correct as of the date hereof (unless stated to relate solely to an earlier date, in which case such representations or warranties were true and correct as of such earlier date).
(b)    Enforceability. This Amendment and each other Transaction Document to which it is a party, as amended hereby, constitute the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law.
(c)    No Termination Event. No event has occurred and is continuing, or would result from the transactions contemplated hereby, that constitutes a Purchase and Sale Termination Event, an Unmatured Purchase and Sale Termination Event, a Termination Event or an Unmatured Termination Event.
SECTION 3.    Effect of Amendment. All provisions of the Receivables Purchase Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall 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 “this Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect 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, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Purchase Agreement other than as set forth herein.
SECTION 4.    Effectiveness. This Amendment shall become effective as of the Amendment Date upon the satisfaction of the following conditions precedent:
(a)    Execution of Amendment. The Administrator shall have received counterparts hereto duly executed by each of the parties hereto.
(b)    Execution of Amended and Restated Fee Letter. The Administrator shall have received counterparts of the Amended and Restated Fee Letter duly executed by each of the parties thereto.
(c)    Receipt of Fees. The Administrator shall have received confirmation that the “Amendment Fee” under and as defined in the Amended and Restated Fee Letter has been paid in full in accordance with the terms of the Amended and Restated Fee Letter.

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(d)    Opinion. The Administrator shall have received a favorable opinion, addressed to the Administrator, each Purchaser Agent and each Purchaser, in form and substance reasonably satisfactory to the Administrator, from counsel for the Seller and the Servicer covering such matters as the Administrator may reasonably request, including, without limitation, certain due authorization, no conflicts and New York enforceability matters.
(e)    The Administrator shall have received such officers’ certificates, board resolutions and other documents as it may reasonably request.
SECTION 5.    Severability. Each provision of this Amendment shall be severable from every other provision of this Amendment for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of any provision hereof, and the unenforceability of one or more provisions of this Amendment in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.
SECTION 6.    Counterparts. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.
SECTION 7.    GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5‐1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
SECTION 8.    Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Purchase Agreement or any provision hereof or thereof.
[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.
ARVINMERITOR RECEIVABLES CORPORATION,  
as Seller 
 
 
By: /s/ Mike Lei     
Name:     Mike Lei 
Title:    President and Treasurer 
 

MERITOR, INC., 
as Initial Servicer 
 
 
By: /s/ Mike Lei     
Name:     Mike Lei 
Title:     Treasurer

PNC BANK, NATIONAL ASSOCIATION,
as a Related Committed Purchaser, 
as an LC Participant, as a Purchaser Agent, 
as LC Bank and as Administrator 

By: /s/ Michael Brown     
Name: Michael Brown
Title: Senior Vice President

SCHEDULE IV
PURCHASER GROUPS AND MAXIMUM COMMITMENTS

	
			
	Purchaser Group of PNC Bank, National Association

	Party
	Capacity
	Maximum Commitment

	PNC Bank, National Association
	Related Committed Purchaser
	$110,000,000

	PNC Bank, National Association
	LC Participant
	$110,000,000

	PNC Bank, National Association
	LC Bank
	N/A

	PNC Bank, National Association
	Purchaser Agent
	N/A

5Exhibit

Exhibit 10.50

POST HOLDINGS, INC.
RESTRICTED STOCK UNIT AGREEMENT

POST HOLDINGS, INC. (the “Company”), hereby grants to the individual named below (the “Grantee”) an award of restricted stock units (the “RSUs”) set forth below, effective on the Date of Grant set forth below, subject to the Grantee timely executing and delivering to the Company, pursuant to such procedures as the Company will establish from time to time, this Restricted Stock Unit Agreement (this “Agreement”).  The RSUs shall vest and become payable in Shares according to the vesting schedule described below, subject to earlier termination of the RSUs, as provided in this Agreement and the terms and conditions of the Post Holdings, Inc. 2016 Long-Term Incentive Plan (the “Plan”).  Capitalized terms used but not defined in this Agreement shall have the same definitions as in the Plan.

	
		
	Grantee:
	 

	Number of RSUs:
	 

	Date of Grant:
	 

	Vesting Schedule: 
	[__]% of RSUs or __________ RSUs (“First Tranche RSUs”): Full vesting on the second (2nd) anniversary of the Date of Grant (“First Tranche Vesting Date”)

	 
	[__]% of RSUs or __________ RSUs (“Second Tranche RSUs”): Full vesting on the fifth (5th) anniversary of the Date of Grant (“Second Tranche Vesting Date”)

1.Grant Award.  Each RSU represents the right to receive one Share with respect to each RSU that vests on either the First Tranche Vesting Date or the Second Tranche Vesting Date or as otherwise set forth in Section 2 (such date, the “Vesting Date”, and the portion of the RSUs that vests on such date is hereafter referred to as the “Vested Units”).  
2.Vesting and Forfeiture.
(a)    Time of Vesting, First Tranche.  The vesting of the First Tranche RSUs is, in all cases, subject to the Grantee’s continued employment with the Company (or its Affiliates or Parent, as applicable) through the First Tranche Vesting Date.  Notwithstanding the foregoing:
		
	(i)
	If the Grantee’s employment with the Company or its Affiliates or Parent is involuntarily terminated without Cause (a “Qualifying Termination”) before the First Tranche Vesting Date, and the accelerated vesting provisions set forth in Section 2(c) hereof do not apply, a number of the First Tranche RSUs will vest and become Vested Units upon such Qualifying Termination, as follows: (A) if such Qualifying Termination occurs on or before the first anniversary of the Date of Grant, one-half of the total number of First Tranche RSUs will vest; and (B) if such  Qualifying Termination occurs after the first anniversary of the Date of Grant but before the First Tranche Vesting Date, all of the First Tranche RSUs will vest (by way of example, if such Qualifying Termination occurs 13 months following the Date of Grant, all of the First Tranche RSUs would vest under this Section 2(a)(i)); and

		
	(ii)
	All unvested First Tranche RSUs will become Vested Units as of the date of the Grantee’s death or Disability, if such events occur prior to the First Tranche Vesting Date.  

        

(b)    Time of Vesting, Second Tranche.  The vesting of the Second Tranche RSUs is, in all cases, subject to the Grantee’s continued employment with the Company (or its Affiliates or Parent, as applicable) through the Second Tranche Vesting Date.  Notwithstanding the foregoing:
		
	(i)
	If the Grantee has a Qualifying Termination before the Second Tranche Vesting Date, and the accelerated vesting provisions set forth in Section 2(c) hereof do not apply, a number of the Second Tranche RSUs will vest and become Vested Units upon such Qualifying Termination, equal to the number of Second Tranche RSUs that would have vested as of such Qualifying Termination had the Vesting Schedule for the Second Tranche provided for vesting in equal annual installments on each of the first, second and third anniversaries of the Date of Grant subject to the Grantee’s continued employment through each such anniversary (by way of example, if such Qualifying Termination occurs 13 months following the Date of Grant, one-third (1/3) of the Second Tranche RSUs would vest under this Section 2(b)(i)); and

		
	(ii)
	All unvested Second Tranche RSUs will become Vested Units as of the date of the Grantee’s death or Disability, if such events occur prior to the Second Tranche Vesting Date.  

(c)    Accelerated Vesting.  In addition to the accelerated vesting that may occur following a Change in Control pursuant to Section 6(g) of the Plan, in the event the Grantee’s employment with the Company or its Affiliates or Parent will terminate as a result of the Grantee being employed with a business unit or Subsidiary of the Company that is intended to be transferred to an unaffiliated person, and as a result such business unit or Subsidiary will cease to be a part or Affiliate of the Company or its Parent, and such unaffiliated person or its affiliates does not agree to assume in writing, on substantially the same terms, the RSUs and the obligations hereunder, the unvested RSUs shall become Vested Units as of immediately prior to the date such transfer is consummated and otherwise treated in accordance with the Agreement and the Plan and the requirements of Section 409A of the Code.
(d)    Forfeiture Upon Termination of Employment.
		
	(i)
	Except as specifically provided in Sections 2(a) and (c), in the event that the Grantee’s employment terminates for any reason or no reason, with or without Cause, voluntarily or involuntarily, the Grantee shall forfeit all First Tranche RSUs which are not, as of the time of such termination, Vested Units, and the Grantee shall not be entitled to any payment or other consideration with respect thereto.

		
	(ii)
	Except as specifically provided in Sections 2(b) and (c), in the event that the Grantee’s employment terminates for any reason or no reason, with or without Cause, voluntarily or involuntarily, the Grantee shall forfeit all Second Tranche RSUs which are not, as of the time of such termination, Vested Units, and the Grantee shall not be entitled to any payment or other consideration with respect thereto.  

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3.Settlement of the Vested Units.  
(a)    Settlement.  Subject to all the terms and conditions set forth in this Agreement and the Plan, the Company shall issue to the Grantee a number of Shares equal to the number of Vested Units no later than sixty (60) days after each applicable Vesting Date(s). For the sake of clarity, and subject to all terms and conditions set forth in this Agreement and the Plan, and absent any acceleration of vesting: (i) the Vested Units attributable to the First Tranche RSUs shall be settled within sixty (60) days after the First Tranche Vesting Date; and (ii) the Vested Units attributable to the Second Tranche RSUs shall be settled within sixty (60) days after the Second Tranche Vesting Date.  
(b)    Compliance with Laws.  The grant of the RSUs and issuance of Shares upon settlement of the Vested Units shall be subject to and in compliance with all applicable requirements of federal, state and foreign law with respect to such securities, other law or regulations and the requirements of any stock exchange or market system upon which the Stock may then be listed.  The Company’s inability to obtain permission or other authorization from any relevant regulatory body necessary to the lawful issuance of any Shares subject to the Vested Units shall relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority was not obtained.  As a condition to the settlement of the Vested Units, the Company may require the Grantee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto.
(c)    Registration.  Shares issued in settlement of the Vested Units shall be registered in the name of the Grantee.  Such Shares may be issued either in certificated or book entry form.  In either event, the certificate or book entry account shall bear such restrictive legends or restrictions as the Company, in its sole discretion, shall require.
4.Incorporation of the Plan by Reference.  The award of RSU pursuant to this Agreement is granted under, and expressly subject to, the terms and provisions of the Plan, which terms and provisions are incorporated herein by reference.  The Grantee hereby acknowledges that a copy of the Plan has been made and remains available to the Grantee.  
5.Committee Discretion.  This Award has been made pursuant to a determination made by the Committee.  Notwithstanding anything to the contrary herein, the Committee shall have the authority as set forth in the Plan.
6.No Right to Continued Employment.  Nothing in this Agreement shall be deemed to create any limitation or restriction on such rights as the Company or its Affiliates or Parent otherwise would have to terminate the employment of the Grantee at any time for any reason.
7.Withholding of Taxes.  In addition to any rights the Company may have pursuant to Section 13(d) of the Plan, the Company shall make such provisions for the withholding or payment of taxes as it deems necessary under applicable law and shall have the right to deduct from payments of any kind otherwise due to the Grantee or alternatively to require the Grantee to remit to the Company an amount in cash, by wire transfer of immediately available funds, certified check or such other form as may be acceptable to the Company, sufficient to satisfy at the time when due any federal, state, or local taxes or other withholdings of any kind required by law to be withheld with respect to the RSUs.
8.Entire Agreement.  This Agreement and the Plan contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations between the parties with respect to the subject matter hereof.
9.Governing Law.  To the extent federal law does not otherwise control, this Agreement shall be governed by the laws of the State of Missouri, without giving effect to principles of conflicts of laws.  The Grantee shall be solely responsible to seek advice as to the laws of any jurisdiction to which he or she may be subject, and participation by the Grantee in the Plan shall be on the basis of a warranty by the Grantee that he or she may lawfully so participate without the Company being in breach of the laws of any such jurisdiction.

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10.Not Assignable or Transferable.  RSUs shall not be assignable or transferable other than by will or by the laws of descent and distribution.  Notwithstanding the foregoing, the Grantee may request authorization from the Committee to assign his or her rights with respect to the RSUs granted herein to a trust or custodianship, the beneficiaries of which may include only the Grantee, the Grantee’s spouse or the Grantee’s lineal descendants (by blood or adoption), and, if the Committee grants such authorization, the Grantee may assign his or her rights accordingly.  In the event of any such assignment, such trust or custodianship shall be subject to all the restrictions, obligations, and responsibilities as apply to the Grantee under the Plan and this Agreement and shall be entitled to all the rights of the Grantee under the Plan.
11.Specified Employee Delay and Separation.  Notwithstanding anything herein to the contrary, in the event that the Grantee is determined to be a specified employee within the meaning of Section 409A of the Code, payment on account of termination of employment shall be made on the earlier of the first payroll date which is more than six months following the date of the Grantee’s termination of employment, or the Grantee’s death, in any event only to the extent required to avoid any adverse tax consequences under Section 409A of the Code.  References to termination of employment and similar phrases or terms under this Agreement shall mean a “separation from service” within the meaning of Section 409A of the Code, to the extent necessary to comply with Section 409A of the Code.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf, and the Grantee has signed this Agreement to evidence his or her acceptance of the terms hereof, all as of the Date of Grant.
	
				
	Post Holdings, Inc.
	 
	Grantee

	 
	 
	 
	 

	By:
	 
	 
	 

	Name:
	 
	 
	 

	Title:
	 
	 
	 

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