Document:

Exhibit

Exhibit 10.1

AMENDMENT NO. 1
THIS AMENDMENT NO. 1, dated as of February 28, 2017 (this “Amendment”), of the Credit Agreement referenced below is by and among HURON CONSULTING GROUP INC., a Delaware corporation, as Borrower, the Guarantors identified herein, and BANK OF AMERICA, N.A., as Administrative Agent for and on behalf of the Lenders.  Capitalized terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement.
W I T N E S S E T H
WHEREAS, a credit facility has been established in favor of the Borrower pursuant to the terms of that certain Second Amended and Restated Credit Agreement dated as of March 31, 2015 (as amended and modified, the “Credit Agreement”) by and among Huron Consulting Group Inc., a Delaware corporation, as Borrower, certain subsidiaries of Huron Consulting Group Inc., as Guarantors, the Lenders identified therein and Bank of America, N.A., as Administrative Agent and Collateral Agent;
WHEREAS, the Borrower has requested an amendment of the Credit Agreement in certain respects; and
WHEREAS, the Required Lenders have agreed to the requested amendments on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
Section 1.Amendment.  The Credit Agreement is amended in the following respects:
1.1    In Section 1.01 (Defined Terms) the following terms are amended or added to read as follows:
“Applicable Percentage” means the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b):
	
						
	 
	 
	Revolving Loans and Term Loan
	 
	 

	Pricing Tier
	Consolidated Leverage Ratio
	Eurodollar Rate Loans
	Base Rate Loans
	Letter of Credit Fee
	Commitment Fee

	4
	> 3.25:1.0
	2.00%
	1.00%
	2.00%
	0.30%

	3
	> 2.75:1.0 but ≤  3.25:1.0
	1.75%
	0.75%
	1.75%
	0.25%

	2
	> 1.75:1.0, but ≤  2.75:1.0
	1.50%
	0.50%
	1.50%
	0.20%

	1
	≤  1.75:1.0
	1.25%
	0.25%
	1.25%
	0.15%

Any increase or decrease in the Applicable Percentage resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Tier 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the first Business Day immediately following the date on which such Compliance Certificate is delivered in accordance with Section 7.02(b).  The Applicable Percentage in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 7.02(b) for the fiscal quarter ending March 31, 2015 shall be determined based upon 

Pricing Tier 2.  Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Percentage for any period shall be subject to the provisions of Section 2.10(b).
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Defaulting Lender” means any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder, or (ii) pay to the Administrative Agent, the L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect, (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to the Borrower, the L/C Issuer, the Swing Line Lender and the Lenders.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“MLPF&S” means Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America 

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Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Agreement).
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
1.2    A new Section 6.24 is hereby added to read as follows:
6.24    EEA Financial Institutions.  No Loan Party is an EEA Financial Institution.
1.3    Section 8.11(b) is amended to read as follows:
(b)    Consolidated Leverage Ratio.  As of the end of each fiscal quarter, the Consolidated Leverage Ratio will be not greater than:
	
					
	 
	Fiscal Quarters

	Fiscal Years
	March 31
	June 30
	September 30
	December 31

	2015
	3.50:1.0
	3.50:1.0
	3.50:1.0
	3.50:1.0

	2016 
	3.50:1.0
	3.25:1.0
	3.25:1.0
	3.25:1.0

	2017 
	3.75:1.0
	3.75:1.0
	3.75:1.0
	3.75:1.0

	2018 
	3.75:1.0
	3.50:1.0
	3.25:1.0
	3.25:1.0

	2019 and thereafter
	3.50:1.0
	3.25:1.0
	3.25:1.0
	3.25:1.0

1.4    A new Section 11.22 is hereby added to read as follows:
11.22    Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Solely to the extent any Lender or L/C Issuer that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)     a reduction in full or in part or cancellation of any such liability;
(ii)     a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)     the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.

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Section 2.    Representations and Warranties, No Default.  Each of the Loan Parties hereby represents and warrants that as of the effective date of this Amendment, (i) no Default or Event of Default exists and is continuing, and (ii) all representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof, as though made on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date.
Section 3.    Effectiveness.  This Amendment shall become effective on the date that the following conditions have been satisfied:
3.1.Consents.  The Administrative Agent shall have received (a) signed consents to this Amendment from the Required Lenders, and (b) executed signature pages hereto from each Loan Party;
3.2.Fees and Expenses.   The Administrative Agent shall have received all fees required to be paid, and all expenses (including the reasonable fees and expenses of legal counsel), on or before the date hereof;
3.3.Legal Opinions.  The Administrative Agent shall have received a favorable legal opinion from Barnes & Thornburg, LLP, counsel to the Loan Parties, covering such matters as the Administrative Agent may reasonably request and otherwise reasonably satisfactory to the Administrative Agent; and
3.4.Closing Certificates.  The Administrative Agent shall have received from the Loan Parties certified copies of resolutions and Organization Documents, or “no change” certifications from the deliveries made on the Closing Date, and updated incumbency certificates and specimen signatures, as appropriate. 
Section 4.    Guarantor Acknowledgment.  Each Guarantor acknowledges and consents to all of the terms and conditions of this Amendment, affirms its Guaranteed Obligations under and in respect of the Loan Documents and agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge any Guarantor’s obligations under the Loan Documents, except as expressly set forth therein.
Section 5.Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
Section 6.Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS.
Section 7.Expenses.  The Borrower agrees to pay all reasonable costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of Moore & Van Allen PLLC.
Section 8.Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
Section 9.Effect of Amendment.  Except as expressly set forth herein, (i) this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders, the Administrative Agent, any other Agent, the Swing Line Lender or the L/C Issuer, in each case under the Credit Agreement or any other Loan Document, and (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of either such agreement or any other Loan Document.  Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the Credit Agreement or any other Loan 

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Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect.  Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it pursuant to the Collateral Documents.  This Amendment shall constitute a Loan Document for purposes of the Credit Agreement and from and after the effective date hereof, all references to the Credit Agreement in any Loan Document and all references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as amended by this Amendment.  Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Credit Agreement as amended hereby.
[Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
	
		
	BORROWER:
	HURON CONSULTING GROUP INC.,
a Delaware corporation
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer

	GUARANTORS:
	HURON CONSULTING GROUP HOLDINGS LLC,
a Delaware limited liability company
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer

	 
	HURON CONSULTING SERVICES LLC,
a Delaware limited liability company
By:      /s/ JOHN D. KELLY   
Name: John D. Kelly
Title: EVP, CFO and Treasurer
 

	 
	HURON MANAGEMENT SERVICES LLC,
formerly known as WELLSPRING MANAGEMENT SERVICES LLC, a Delaware limited liability company
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer
 

	 
	HURON DEMAND LLC,
a Delaware limited liability company
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer
 

	 
	HURON TECHNOLOGIES INC.,
a Delaware corporation
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer
 

AMENDMENT NO. 1
HURON CONSULTING GROUP INC.

	
		
	 
	STUDER HOLDINGS, INC.,
a Delaware corporation
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer

THE STUDER GROUP, L.L.C.,
a Florida limited liability company
By:      /s/ JOHN D. KELLY    
Name: John D. Kelly
Title: EVP, CFO and Treasurer

AMENDMENT NO. 1
HURON CONSULTING GROUP INC.

	
		
	ADMINISTRATIVE
AGENT:
	BANK OF AMERICA, N.A.,
as Administrative Agent and Collateral Agent

By:      /s/ MARIA A. MCCLAIN    
 Name: Maria A. McClain
Title: Vice President

AMENDMENT NO. 1
HURON CONSULTING GROUP INC.novt-ex1019_917.htm

Exhibit 10.19

March 9, 2015

 

Brian Young

XXXXX

XXXXX

 

 

 

Dear Brian

 

On behalf of GSI Group Corporation ("GSI") and our Board of Directors, I am pleased to extend this offer to you to join GSI as Vice President, Human Resources, reporting directly to me. In this position, you will be based in our corporate headquarters in Bedford, Massachusetts, and you will have responsibility for our global HR team, located in GSI facilities around the world. I believe you are an exceptional fit for this role, and I would be very pleased to have you join the senior executive team at GSI.

 

In this role, you will be paid a base salary of $240,000 per year, payable on a bi-weekly basis. Your base salary will be reviewed on an annual basis. In addition to your base salary, you will participate in the company's Senior Management Incentive Plan (SMIP), with a bonus target of 45% of base salary. The SMIP bonus plan operates and pays out based on six-month cycles. For the 2015, you will be eligible for a full bonus payout, without pro-ration for the First Half 2015. You would be obviously also be fully eligibly for the Second Half 2015 bonus. The 2015 SMIP bonus payments for functional leaders are weighted such that 60% of the payout is based on GSI's attainment of target levels of Adjusted EBIIDA. The other 40% is based on your attainment of Individual Non-Financial Objectives, which we will work together to define. Your demonstrated leadership values, as well as your performance on any unplanned initiatives that arise, will also factor into the Individual Non-Financial portion of your bonus.

 

As a participant in the SMIP, you are also eligible for an annual equity grant. These grants occur in March of each year. Our annual equity grants currently take the form of Restricted Stock Units (RSU's) with three-year, time-based vesting (i.e. one third of the units vesting on each annual anniversary of the grant date). In the future, the form and terms and conditions of annual grants will be determined by the GSI Compensation Committee as part of the annual compensation planning process for senior executives in the company. Your future grants will be substantially the same as grants made to other senior executives during the same grant cycle.

 

At the time of your hire, you will also receive a 2015 RSU Grant valued at $100,000. At GSI, RSU's are formally granted on the first "15th calendar day" of the month that occurs after you join GSI. Assuming you start in early April, your RSU's would be granted on April15, 2015. The dollar amount will be converted to a specific number of RSU's based on the closing price of GSI shares on the date of grant. Going forward, beginning in March 2016, you will be eligible to receive additional equity grants each year as part of the normal SMIP compensation process. Based on your performance within the company, you will be considered for higher grant amounts from 2016 onward.

 

In recognition of your obligations to your former employer, the company will pay you a one-time sign-on bonus of $85,000, payable on the first regularly scheduled payroll date after your start date. If you voluntarily resign from GSI within the first twelve months of your employment, you will be required to repay 50% of your sign-on bonus ($42,500) to GSI.

 

As a regular, full-time employee of GSI, you will be eligible to participate in the company's full range of employee benefits, which currently include health, dental and vision plans, as well as insurance (life, accidental death and dismemberment, disability) and the 401(k) plan with a company match of 50% of employee contributions up to a limit of 6% (maximum match of 3%). As part of your benefits package you will be eligible for Paid Time Off (vacation and personal time, or PTO). You will be eligible for the Standard GSI PTO policy which is 15 paid days, plus an incremental 5 days. Your PTO will an accrued benefit and accrued balances will be paid out upon termination of employment. Your PTO may be taken at your discretion, with prior approval of the CEO, in accordance with the needs of the business. In addition to your PTO, in the USA, the Company observes eleven (11) paid holidays per year, plus one floating holiday, which you may take at your discretion. Should you have any questions regarding the benefits programs, please do not hesitate to contact Margaret Dondero, Benefits Manager, who can be reached at (781)266-5819.

 

If your employment with GSI is involuntarily terminated by the company, other than for Cause, you will be eligible for a severance benefit in the amount of twelve (12) months of base salary, payable over twelve (12) months in accordance with the company's customary payroll practices. The severance benefits described above are conditioned upon your execution and non-revocation of (and the expiration of any applicable revocation period related to) a release in the company's customary form within (60) days of the termination date. If that sixty (60) day period spans two calendar years, severance payments will not begin until the later year. This severance provision shall remain in effect in the event of change of control of GSI Inc., (change of ownership of more than 50% of the outstanding share of the company).

 

For purposes of this agreement, involuntary termination by the company, other than for Cause, shall Include: 1) a reduction in your base salary of more than 10% and/or a reduction in your bonus target of more than 10%, or 2) a requirement by the company for you to move your working location more than 50 miles from GSI's current headquarters at 125 Middlesex Turnpike, Bedford, Massachusetts.

 

For purposes of your employment with GSI, in connection with an involuntary termination, the term "Cause" shall mean 1) your willful failure to substantially perform the duties of your role, other  than such failure resulting from your Disability; 2) your willful failure to carry out or comply with any lawful and reasonable directive from your direct supervisor; 3) your commission of any act or omissions that results in, or may reasonably be expected to result in a conviction, plea of no contest, or imposition of unadjudicated probation for any felony or crime  involving moral turpitude; or 4) your unlawful use or possession of illegal drugs on the company's premises or while performing the executive's duties and responsibilities under this agreement.

 

All payments and benefits provided to you under this offer letter are intended to be exempt from or comply with section 409A of the Internal Revenue Code (so that the penalty taxes under Section 409A do not apply to you) and, if applicable, the payment of your severance payments will be delayed to the extent necessary to avoid the penalty taxes under Section 409A. In order to satisfy Section 409A requirements, the severance payments under this offer letter will only be made when your termination of employment is a separation from service under Section 409A and each salary continuation severance payment will be treated as a separate payment.

 

This offer is contingent on your passing of a standard background check as well as your ability to satisfy the requirements of the Immigration Reform and Control Act of 1986,as well as the absence of any non-compete or other agreement, which would limit your ability to perform your duties in this assignment. In order to receive your initial equity grant, and as a condition of employment, you will be required to sign an Invention Assignment, a Non-disclosure Agreement, a Non-compete Agreement, the Company's Code of Ethics and the company's Foreign Corrupt Practices Act Policy. You can find a copy of the Code of Ethics and Business Conduct at www.GSIG.com/about or you may obtain a written copy from the undersigned or any Human Resources representative.

 

Your employment with GSI will be at-will and not for any definite term or duration. Either you or GSI may terminate such employment at any time. Per the company's by-laws, which will be provided to you, as an officer of the company, you will receive indemnification from certain liabilities that may arise in connection with your duties, as well as payment by the company of your associated attorney's fees.

 

This offer is valid until the close of business on Friday, March 13, 2015.

 

Brian, I am excited to have you join the senior team at GSI. I believe you will make a substantial impact on the success of the company. You will have the opportunity to play a major role in shaping the future of GSI and in building a culture of excellence. Please let me know if you have any questions with respect to this offer. We anticipate that your start date will be on or about April 1, 2015, or other mutually agreeable date. You may indicate your acceptance of the offer by signing in the space provided, and indicating your intended Start Date with GSI.

 

Sincerely,

 

	
/s/ John A. Roush
	
 
	
 

	
John A. Roush
	
 
	
 

	
Chief Executive Officer
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
/s/ Brian Young
	
 
	
March 9, 2015

	
 Acceptance Signature – Brian Young
	
 
	
Date of Acceptance

	
 
	
 
	
 

	
April 6, 2015
	
 
	
 

	
Start Date

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